宁波长阳科技股份有限公司 章程 | 第一章 | 总则 2 | | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 3 | | 第三章 | 股份 4 | | | 第一节 | 股份发行 | 4 | | 第二节 | 股份增减和回购 | 5 | | 第三节 | 股份转让 | 6 | | 第四章 | 股东和股东会 | 7 | | 第一节 | 股东 | 7 | | 第二节 | 股东会的一般规定 | 11 | | 第三节 | 股东会的召集 | 13 | | 第四节 | 股东会的提案与通知 | 15 | | 第五节 | 股东会的召开 | 16 | | 第六节 | 股东会的表决和决议 | 19 | | 第五章 | 董事和董事会 | 23 | | 第一节 | 董事 | 23 | | 第二节 | 董事会 | 26 | | 第三节 | 独立董事 | 34 | | 第四节 | 董事会专门委员会 | 37 | | 第六章 | 高级管理人员 | 39 | | 第七章 | 党的建设 | 40 | | 第八章 | 财务会计制度、利润分配和审计 | 41 | | 第一节 | 财务会计制度 | 41 | | 第二节 | ...

第一条 为健全和规范公司股东会议事规则和决策程序，提升公司的治理 水平及工作效率，维护股东的合法权益，规范公司的组织和行为，根据《中华人 民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》、《上市公 司股东会规则》、《上市公司治理准则》、《宁波长阳科技股份有限公司章程》（以 下简称"《公司章程》"）等及其他有关法律、法规、规范性文件、中国证券监督 管理委员会和上海证券交易所的有关规定，制定本规则。 第二条 本规则所涉及到的术语和未载明的事项均以《公司章程》为准， 不以公司的其他规章作为解释和引用的条款。 第三条 股东会应当在《公司法》等法律法规、规范性文件以及《公司章 程》规定的范围内行使职权，不得干涉股东对自身权利的处分。 宁波长阳科技股份有限公司 股东会议事规则（2025 年修订） 第一章 总 则 第二章 股东会的一般规定 第四条 股东会是公司的权力机构，是股东依法行使权力的主要途径。 第五条 股东会依法行使下列职权： （一）选举和更换非职工代表董事，决定有关非职工代表董事的报酬事项； （八）对公司聘用、解聘承办公司审计业务的会计师事务所作出决议； （九）审议批准本规则第六条规定的担保事 ...

Investment Rating - The report maintains an investment rating of "Outperform" with a rating of A [5] Core Insights - The report highlights the significant performance of domestic new drugs showcased at the ESMO 2025 conference, with several companies presenting excellent clinical data [3][21] - The report emphasizes the importance of academic conferences as key catalysts for the innovative drug sector, particularly mentioning ESMO, ASCO, and WCLC as critical events for Chinese pharmaceutical companies [20] Weekly New Drug Market Review - From October 20 to October 26, 2025, the top five gainers in the new drug sector were: - 欧康维视 (+8.87%) - 君圣泰 (+8.21%) - 诺思兰德 (+7.07%) - 友芝友 (+4.42%) - 海创药业 (+3.73%) - The top five losers were: - 康宁杰瑞 (-17.72%) - 北海康成 (-14.42%) - 创胜集团 (-14.29%) - 宜明昂科 (-13.40%) - 来凯医药 (-12.40%) [16][17] Recommended Focus Stocks - The report suggests focusing on several stocks with potential catalysts, including: 1. Products with high overseas volume certainty after MNC certification: - PD-1 upgraded product: 三生制药 - GLP-1 asset: 联邦制药 - ADC assets: 科伦博泰, 百利天恒 2. Potential heavyweights for overseas MNC authorization: - PD-1 upgraded products: 康方生物, 信达生物 - Breakthroughs in autoimmune fields: 益方生物, 中国抗体 - Innovative target ADC: 复宏汉霖, 石药集团 3. Stocks likely to benefit from medical insurance negotiations and commercial insurance innovative drug directories: - Beneficiaries of medical insurance directory: 恒瑞医药, 康诺亚, 迈威生物, 智翔金泰, 海创药业 - Beneficiaries of commercial insurance innovative drug directory: 药明巨诺, 科济药业 [2][20] New Drug Approval and Acceptance - This week, four new drug or new indication applications were approved, and five new drug or new indication applications were accepted in the domestic market [9] - A total of 46 new drug clinical applications were approved, and 31 new drug clinical applications were accepted [10] Key Domestic Market Events - 信达生物 announced a global strategic partnership with Takeda to accelerate the development of new generation tumor immunotherapy and antibody-drug conjugate therapies [11] - 康宁杰瑞 and 石药集团 announced that their HER2 bispecific antibody-drug conjugate JSKN003 received breakthrough therapy designation from the CDE [11] - 和黄医药 presented clinical data for HMPL-A251 at the AACR-NCI-EORTC conference [11] Key Overseas Market Events - 罗氏 received FDA approval for Gazyva/Gazyvaro for the treatment of active lupus nephritis in adult patients [12] - Electra Therapeutics announced that its therapy ELA026 received breakthrough therapy designation from the FDA and PRIME qualification from the EMA [12] - 安斯泰来 announced that the FDA accepted its supplemental biologics license application for the antibody-drug conjugate Padcev in combination with Keytruda [12]

Core Insights - CPI film, or transparent polyimide film, is a new type of functional film with excellent properties such as chemical stability, heat resistance, flame retardancy, and good ductility, making it suitable for applications in flexible displays, aerospace, and other industries [1][2][5] Industry Overview - The CPI film market in China is experiencing steady growth, with demand expected to reach nearly 4 million square meters by 2024, driven by rapid developments in downstream industries like electronics and aerospace [5][8] - The production of CPI films involves a complex supply chain, including upstream raw materials, midstream processing, and downstream applications [8] Market Dynamics - The CPI film market is characterized by high technical barriers, with few manufacturers primarily located in Japan and South Korea, such as KOLON and Sumitomo Chemical [5][8] - Chinese manufacturers, including Ruihua Tai and Changyang Technology, are relatively new entrants but have significant potential for domestic market replacement [5][8] Application Areas - The primary application of CPI films is in foldable smartphones, where the shift from LCD to OLED displays is driving demand for flexible display technologies [8][9] - In the solar energy sector, CPI films are used as substrate materials for solar cells, benefiting from their excellent heat and weather resistance [10] Industry Trends - Performance enhancement through molecular structure design and hybrid modifications is a key focus for future CPI film development [11] - Cost reduction strategies, including optimizing production processes and increasing local sourcing of raw materials, are essential for the industry's growth [11] - Expansion into new application areas such as 5G communication, IoT devices, and medical technology is anticipated, highlighting the versatility of CPI films [12]

Core Viewpoint - Changyang Technology (688299.SH) has developed a unique electrolyte composite membrane product with ultra-high porosity, large pore size, and high compressibility, which can be widely used in sulfide, oxide, and polymer electrolyte technology routes, securing orders from leading domestic and international clients in the industry [1] Group 1 - The company has independently developed a product with ultra-high porosity and large pore size [1] - The electrolyte composite membrane product has high compressibility [1] - The product is applicable to various technology routes including sulfide, oxide, and polymer electrolytes [1] Group 2 - The company has received orders from both leading and mid-tier clients in the industry [1]

长阳科技（688299.SH）10月21日在投资者互动平台表示，公司CPI项目正在建设中，公司将加快CPI薄 膜（透明聚酰亚胺薄膜）项目的开发与验证速度。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：董秘，你好！投资者们非常关注贵司所研发的CPI薄 膜，这是可以打破国外垄断的产品。请问贵司投资建设的首条CPI薄膜厂是否已竣工投产？每月的产量 可以达到多少呢？ ...

Core Insights - The World Intellectual Property Organization (WIPO) has reported that China has successfully risen to the top ten in the global innovation index, highlighting significant progress in technology research and innovation ecosystem development [1] - The upcoming 20th Central Committee meeting is expected to focus on innovation as a key direction for the 14th Five-Year Plan, increasing market attention on companies' technological innovations and strategies [1] Group 1: Company Performance - Fosun International has demonstrated steady revenue and profit growth driven by its core capabilities in innovation and globalization, with a positive outlook from multiple securities firms [1][2] - The company has received "buy" or "hold" ratings from various institutions, with target prices ranging from 6.5 to 7.5 HKD [1] Group 2: Innovation and Drug Development - Fosun has made significant advancements in its health sector, with innovative drugs like HLX43, a PD-L1 antibody-drug conjugate, undergoing clinical trials in multiple countries [2] - The company has also achieved breakthroughs with its self-developed targeted drug, Fumainin, which has been approved for rare disease indications, filling treatment gaps in oncology [2] Group 3: Globalization Strategy - Fosun has built a global research, registration, and marketing capability over the past decade, with its biopharmaceutical products reaching nearly 60 countries and benefiting over 850,000 patients [3] - The company has established a leading platform for small molecule innovation and has completed over 800 regulatory applications globally, with more than 600 approvals [3] Group 4: AI and Digital Transformation - Fosun is leveraging AI across various business sectors, enhancing customer experiences in tourism and improving operational efficiency in insurance [4] - The company has partnered with Alibaba Cloud to develop an AI-driven tourism assistant, significantly enhancing customer service capabilities [4] Group 5: Financial Strength and Capital Operations - Fosun has shown robust financing capabilities and an optimized financial structure, with a recent syndicate loan agreement reaching a record high of 9.1 billion USD equivalent [5] - The company is expected to continue optimizing its asset structure following recent interest rate cuts by the Federal Reserve, maintaining financial stability [5]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the potential of Solid State Transformers (SST) in the Artificial Intelligence Data Center (AIDC) sector, with a projected global installation capacity nearing 40 GW by 2026, indicating a vast market opportunity with a price range of approximately RMB 5-7 per watt [1][3][8]. Core Insights and Arguments - **Market Potential**: SST is expected to play a crucial role in AIDC, with significant applications in electric vehicle charging, behind-the-meter energy storage, and industrial energy storage, which are more accepting of high-priced products, aiding in mass production and cost reduction [1][4]. - **NVIDIA's White Paper Impact**: NVIDIA's white paper has shifted market focus towards SST as a future power supply solution for data centers, enhancing interest in this technology and providing a market entry point for domestic companies [2][5]. - **Domestic Companies' Competitive Edge**: Companies like Zhongxi Electric, Sifang Co., and Zhongheng Electric have established early positions in the SST and Barma power supply sectors, showing competitive advantages and potential for increased market share [6][7]. Important but Overlooked Content - **AI Industry Influence**: The growth of the AI industry is expected to significantly impact AIDC investment, with increasing demand and competition among downstream enterprises likely to accelerate AIDC construction [8]. - **Technological Developments**: The white paper also mentions other technological solutions, including medium-voltage rectifier schemes, which have reached a certain level of maturity domestically, providing a competitive edge for local firms in international markets [5][6]. - **Investment Opportunities**: Key investment targets in the SST and Barma power supply sectors include Jinpan Technology and Zhongheng Electric, along with supply chain companies like Kereid and Sifang Co., which have demonstrated clear validation in relevant technologies [7]. Conclusion - The SST technology and its applications in AIDC represent a significant investment opportunity, driven by advancements in AI and supportive domestic policies. The competitive landscape is favorable for early movers in the sector, with a strong emphasis on performance over price sensitivity in international markets [2][6][8].

Core Insights - The report highlights a significant increase in the user penetration rate of generative AI applications, reaching 36.5% as of June 2025, with a user base of 515 million, indicating strong growth potential for AI applications in various sectors [33][34] - The report emphasizes the ongoing transformation in the retail sector during the Double 11 shopping festival, focusing on simplifying marketing strategies and enhancing the presence of domestic brands [37][38] - The solid-state battery industry is witnessing strategic collaborations and technological advancements, with notable projects aimed at increasing energy density and extending vehicle range, suggesting a promising outlook for the sector [45][46] Economic Overview - The report notes that the proportion of special bonds directed towards infrastructure has decreased compared to 2024, indicating a shift in fiscal policy priorities [3][4] - Public fiscal revenue showed a steady increase, with a year-on-year growth of 2.6% in September, driven by improved tax collection, particularly in value-added and personal income taxes [4][5] - Government fund revenues improved significantly, with a year-on-year increase of 5.6% in September, reflecting a recovery in fiscal health [6][7] Industry Analysis - The gaming industry is experiencing a resurgence with new game launches and operational activities, enhancing the sector's revenue potential [35][36] - The retail sector is adapting to consumer needs by simplifying promotional strategies and extending sales periods, which may lead to sustainable growth for domestic brands [37][38] - The solid-state battery sector is advancing towards mass production, with significant investments and collaborations aimed at enhancing battery technology and market penetration [45][46] Investment Recommendations - The report suggests focusing on high-potential sectors such as AI applications, gaming, and solid-state batteries, with specific companies recommended for investment based on their growth trajectories and market positioning [34][35][45] - In the retail sector, attention is drawn to companies that are effectively navigating the evolving consumer landscape, particularly those with strong brand identities and innovative marketing strategies [37][38]

Core Viewpoint - Fosun Pharma's subsidiary, Shanghai Fuhong Hanlin Biotechnology Co., Ltd., has received Orphan-drug Designation from the FDA for its investigational drug HLX43, a PD-L1 targeted antibody-drug conjugate for the treatment of thymic epithelial tumors (TETs) [1] Group 1 - The investigational drug HLX43 is specifically designed for the treatment of thymic epithelial tumors [1] - The FDA's Orphan-drug Designation is a significant milestone for the company, potentially facilitating the drug's development and commercialization [1]