Group 1: Macroeconomic Insights - In September, industrial enterprises' profits improved year-on-year to 21.6%, up from 20.4% in August, driven by a low base effect and strong export performance [3] - Revenue growth for industrial enterprises also increased to 3.1% in September from 2.3% in August, indicating a positive trend in cash flow due to anti-involution policies [3] Group 2: Fixed Income Market Analysis - The bond market has shown signs of recovery in October, influenced by trade tensions and a loose liquidity environment, with expectations for a better fourth quarter compared to the third [5] - The market anticipates a controlled impact from new redemption regulations, with a focus on short to medium-term credit bonds as a primary investment strategy [5] Group 3: Oil and Gas Sector - Oil prices have entered a downward trend due to OPEC+ increasing production targets and seasonal demand decline, with Brent crude expected to average $68 in 2025 and $62 in 2026 [9] - Despite short-term volatility from geopolitical tensions, the long-term outlook suggests limited impact from sanctions on oil prices, with high-dividend energy companies presenting investment opportunities [9] Group 4: Real Estate and Construction - The real estate market is experiencing a decline in transaction volumes for both new and second-hand homes, attributed to high base effects and seasonal factors [8] - The construction sector shows mixed signals, with some recovery in cement supply and demand, while asphalt production rates have decreased [8] Group 5: Key Company Performances - Beike-W (2423 HK) is projected to benefit from a gradual market recovery, with a target price of HKD 65.64 based on a 26x PE ratio for 2026 [11] - Zhiou Technology (301376 CH) reported a revenue of CNY 60.8 billion for the first three quarters, with a year-on-year growth of 6.2%, and is expected to improve profitability as tariff risks ease [12] - Tianhai Defense (300008 CH) showed significant growth in Q3, with a revenue increase of 57.27% year-on-year, driven by strong orders in shipbuilding and defense sectors [14] - Kuka Home (603816 CH) reported steady revenue growth of 6.5% in Q3, with a focus on global expansion and brand strength [15] - Weixing New Materials (002372 CH) experienced a revenue decline of 9.83% in Q3, but is expected to see margin recovery as product prices stabilize [16] Group 6: Consumer Goods and Services - Salted Fish (002847 CH) reported a revenue increase of 14.7% year-on-year, with a focus on optimizing product categories and channels to enhance profitability [27] - Petty Co. (300673 CH) continues to see strong growth in its domestic brand, with a focus on single product strategies despite challenges in overseas markets [18] - Jiangsu Bank (601009 CH) reported a steady growth in net profit and revenue, driven by stable interest income and effective cost management [32]

重要内容提示： 回购注销原因：江中药业股份有限公司（以下简称"公司"）2021 年限 制性股票激励计划中，1 名激励对象因辞职已不符合激励条件，8 名激励对象年 度个人绩效考核不符合第三个解除限售期全部解锁要求，公司对前述 9 名激励 对象相关已授予但尚未解除限售的限制性股票进行回购注销。 本次注销股份的有关情况 | 回购股份数（股） | 注销股份数量（股） | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | | 42,733 | 42,733 | 2025 年 | 10 | 月 | 30 日 | 一、本次限制性股票回购注销的决策与信息披露 证券代码：600750 证券简称：江中药业 公告编号：2025-056 江中药业股份有限公司 股权激励限制性股票回购注销实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 1、2025 年 8 月 20 日，第十届董事会第七次会议和第十届监事会第七次会 议，审议通过了《关于回购注销部分激励对象已获授但尚未解除限售的限制性 股 ...

江中药业股份有限公司 2021 年限制性股票激励计划 部分限制性股票回购注销实施 国浩律师（上海）事务所 关 于 的 法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China T. +86 21 52341668 F. +86 21 52341670 E. grandallsh@grandall.com.cn W. www.grandall.com.cn 2025 年 10 月 | 释 义 | | | 2 | | --- | --- | --- | --- | | 第一节 | 律师声明事项 | | 4 | | 第二节 | 正文 | | 5 | | | | 一、本次回购注销的批准与授权 | 5 | | | | 二、本次回购注销的具体情况 11 | | | 三、结论意见 | | 12 | | 国浩律师（上海）事务所 法律意见书 释 义 以下词语如无特殊说明，在本文中具有如下含义： | 江中药业、公司 | 指 | 江中药业股份 ...

Core Insights - In the past five trading days (October 20 to October 24), a total of 9 companies saw significant shareholder increases, with a cumulative increase of 242 million shares and a total investment of 2.994 billion yuan [1] - During the same period, 107 companies experienced shareholder reductions, amounting to a total reduction of 9.443 billion yuan [1] Summary by Category Shareholder Activity - The top three companies with the highest increase in shareholder investment are Sichuan Road and Bridge, with an increase of 174 million shares and an investment of 1.530 billion yuan; followed by Changjiang Electric Power, with an increase of 49.56 million shares and an investment of 1.366 billion yuan; and Wuzhou Transportation, with an increase of 3.826 million yuan [1][2] - The main board accounted for 9 stocks in the shareholder increase category, with a total increase amount of 2.994 billion yuan [1] Industry Distribution - The significant shareholder increases were primarily concentrated in the steel and construction decoration industries, with 2 stocks each [1] Market Performance - The average increase in stock prices for companies with shareholder increases over the past five days was 1.86%, which was weaker than the overall performance of the Shanghai Composite Index during the same period [1] - Notable stock price increases were observed in Huamao Technology (10.62%), Wuzhou Transportation (2.84%), and China Communications Design (2.63%), while declines were seen in Vanadium Titanium Shares (-1.01%) and Xingfa Group (-0.56%) [1][2] Fund Flow - Among the stocks with shareholder increases, 6 experienced net inflows of main funds, with Changjiang Electric Power leading at a net inflow of 171 million yuan [2] - The stocks with the highest net outflows included Vanadium Titanium Shares and Jiangzhong Pharmaceutical, with outflows of 67 million yuan and 6 million yuan, respectively [2] Performance Metrics - Of the stocks with significant shareholder increases, 2 have released their third-quarter reports, with Jiangzhong Pharmaceutical showing the highest net profit growth of 5.54% year-on-year [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The market's shock digestion may be nearing its end. With the positive factors such as policy support and incremental funds, the mid - term outlook for stock index is bullish. It is recommended to hold existing long positions, set stop - profits, and add positions opportunistically. Also, buy put options to protect long positions [9] 3. Summary According to Relevant Catalogs 3.1 Fundamental View - **Market Performance**: Last week, the broader market oscillated upwards to a new high, with all four major indices rising. Among the style indices, the growth style index had the largest increase, followed by the cyclical and financial indices. In the Shenwan industries, most sectors rose, with TMT sectors such as communication, electronics, electrical equipment, machinery, and media leading the gains, with the former's increase exceeding 11%. Only agriculture and food and beverage sectors closed down [4][16][19] - **Economic Data**: In September 2025, the manufacturing PMI was 49.8%, up 0.4 percentage points from the previous month; the non - manufacturing PMI was 50.0%, down 0.3 percentage points from the previous month. The economy showed a recovery trend but was still in the contraction phase. In terms of sub - items, both supply and demand of the manufacturing PMI continued to recover slightly in September, with production rising by 1.1% and new orders rising by 0.2%. However, raw material and finished product prices fell again after a sharp rise last month, down 0.9% and 0.1% respectively. The growth rate of medium - and long - term credit has been falling for 28 consecutive months to 6.30% as of September 2025 [4][28] - **Policy**: The Political Bureau set the tone for the real estate market to stop falling and stabilize, and boost the capital market. The central bank created two new monetary policy tools, cut the reserve requirement ratio, and reduced interest rates on existing mortgages. The CSRC proposed mergers, acquisitions, and market value management to enhance market activity. The implementation plan for promoting the entry of medium - and long - term funds into the market was officially released, which is expected to add 800 billion yuan of long - term funds to the A - share market annually [4] - **Performance**: A - share performance showed signs of stabilization in the first quarter. After the implementation of the reciprocal relationship with the US in April, which increased by 30%, the performance declined in the second quarter. After the rush to export in the second and third quarters, A - share performance is still under test. In the second quarter of 2025, the performance of the IH index slightly rebounded, while the performance of the other three major indices declined [4][58] - **Valuation**: The Shanghai Composite Index's valuation is 16.9474, with an upper - bound value of 15.58, at the 91.92 percentile since 2010, indicating a relatively high valuation. The ChiNext valuation is relatively low [5][70] 3.2 Capital Flow - **Margin Trading**: In 2024, the net inflow was 274.8 billion yuan. As of October 23, 2025, the net inflow in 2025 was 634.9 billion yuan, with a net outflow of 6.2 billion yuan in the previous five trading days [6][73] - **Private Funds**: The total scale of private funds increased by 718.2 billion yuan this year, with an increase of 325.4 billion yuan in July and 47 billion yuan in August. The newly registered scale this year was 306.2 billion yuan, with a registration scale of 79.2 billion yuan in July and 42.8 billion yuan in August [6][75] - **Insurance Funds**: In the second quarter of 2025, the market value of A - share stocks and funds held by insurance funds increased by 251.3 billion yuan, while the CSI 300 index rose by 1.28%. In the first half of 2025, the market value increased by 641.9 billion yuan, while the CSI 300 index rose by 0.03% [6][76] - **ETF**: From April 7 to October 24, 2025, the ETF scale increased by 97.9 billion yuan; last week, the ETF scale decreased by 30.7 billion yuan. As of October 24, the net inflow of ETF funds this year was 900 million yuan [6][81] - **Newly Established Funds**: As of September 30, 2025, the share of newly established stock - type funds was 323.3 billion yuan, with 137 billion yuan in the third quarter; the share of newly established hybrid funds was 103.6 billion yuan, with 53 billion yuan in the third quarter [6][84] 3.3 Index and Industry Trends Review - **Index Performance**: Last week, all four major indices rose. The Shanghai Composite Index, SSE 50, CSI 300, CSI 500, and CSI 1000 increased by 2.88%, 2.63%, 3.24%, 3.46%, and 3.25% respectively. Among international indices, the Dow Jones, Nasdaq, Nikkei, Hang Seng, and Hang Seng Tech increased by 2.20%, 2.31%, 3.61%, 3.62%, and 5.20% respectively [11][15] - **Industry Performance**: Most Shenwan industry sectors rose, with TMT sectors leading the gains, and only agriculture and food and beverage sectors closing down. Among the style indices, the growth style index had the largest increase, followed by the cyclical and financial indices [4][19] 3.4 Main Contract and Basis Trends - **Index and Basis**: The four major indices stabilized and rebounded. The IM basis fluctuated at a high level [22] - **Arbitrage of Main Contracts**: The ratios of IC/IF and IC/IH stopped falling and stabilized, IH/IF oscillated, and the ratios of IM/IF and IM/IH stopped falling [24] 3.5 Policy and Economy - **PMI**: In September 2025, the manufacturing PMI was 49.8%, up 0.4 percentage points from the previous month; the non - manufacturing PMI was 50.0%, down 0.3 percentage points from the previous month. The economy showed a recovery trend but was still in the contraction phase [28] - **PPI and Inventory Cycle**: Generally, PPI leads the inventory cycle. PPI bottomed out and rebounded in June 2023, weakened after two months, and has seen changes in its decline rate since then. In July, industrial enterprise revenue fell for five consecutive months to 2.3%, and inventory fell for five consecutive months to 2.4%, entering the active de - stocking phase [30] - **Social Financing and Credit**: In September 2025, China's social financing scale was 3.7635 trillion yuan, a year - on - year decrease of 229.7 billion yuan. Newly added RMB loans were 1.608 trillion yuan, a year - on - year decrease of 366.2 billion yuan [33] - **Medium - and Long - Term Credit Growth Rate**: The growth rate of medium - and long - term credit has been falling for 28 consecutive months to 6.30% as of September 2025 [36] - **Policy for Medium - and Long - Term Funds**: The implementation plan for promoting the entry of medium - and long - term funds into the market aims to increase the investment scale and proportion of medium - and long - term funds in A - shares, extend the assessment cycle, and form a joint force for policy implementation [38] - **Other Policies**: The central bank created new monetary policy tools, cut the reserve requirement ratio, reduced interest rates, and carried out debt - to - equity swaps to support the capital market and the real economy [42][44][46] 3.6 Revenue and Net Profit of Each Index - **Revenue Growth**: In the 2025 semi - annual report, the revenue growth rates of the Shenzhen Component Index, ChiNext, Science and Technology Innovation Board, and CSI 500 rebounded, while the growth rates of other indices declined or turned negative [55] - **Net Profit Growth**: Except for the SSE 50 index, the growth rates of the Shanghai Composite Index, Shenzhen Component Index, CSI 300, CSI 500, CSI 1000, ChiNext, and Science and Technology Innovation Board rebounded [55] 3.7 Other Aspects - **Technical Analysis**: Not provided in detail in the given content - **Restricted Stock Unlocking**: The unlocking volume was relatively large in mid - October [103] - **Secondary Market Shareholder Transactions**: Last week, major shareholders in the secondary market significantly net - sold 10.1 billion yuan [102]

Group 1 - Jiangzhong Pharmaceutical reported a revenue of approximately 2.933 billion yuan for the first three quarters of 2025, a year-on-year decrease of 6.28% [1] - The net profit attributable to shareholders of the listed company was approximately 683 million yuan, reflecting a year-on-year increase of 5.54% [1] - Basic earnings per share were 1.08 yuan, which represents a year-on-year increase of 4.85% [1] Group 2 - As of the report date, Jiangzhong Pharmaceutical's market capitalization stood at 13.7 billion yuan [2]

Core Viewpoint - China Resources Pharmaceutical (03320.HK) reported a decline in total revenue for Jiangzhong Pharmaceutical, with a total revenue of RMB 2.933 billion for the nine months ending September 30, 2025, representing a year-on-year decrease of 6.28% [1] - The net profit for the same period was RMB 743 million, showing a year-on-year increase of 6.02% [1] - The cash and cash equivalents at the end of the period amounted to RMB 767 million [1] Financial Performance - Total revenue for Jiangzhong Pharmaceutical: RMB 2.933 billion, down 6.28% year-on-year [1] - Net profit: RMB 743 million, up 6.02% year-on-year [1] - Cash and cash equivalents: RMB 767 million at the end of the reporting period [1] Ownership Structure - China Resources Pharmaceutical holds approximately 43.14% equity in its non-wholly owned subsidiary, China Resources Jiangzhong Pharmaceutical Group Co., Ltd. [1] - The company has actual control over Jiangzhong Pharmaceutical at 26.12%, accounted for as a subsidiary [1]

证券代码：600750 证券简称：江中药业 公告编号：2025-055 江中药业股份有限公司 关于 2021 年限制性股票激励计划首次授予部分 第三个解锁期解锁条件成就的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 本次解锁股票数量：1,392,949 股 公司将在办理完毕相关解除限售申请手续后，股份上市流通前，发布限制性 股票解除限售暨股份上市公告。 江中药业股份有限公司（以下简称"公司"）第十届董事会第九次会议和第十 届监事会第八次会议审议通过了《关于公司 2021 年限制性股票激励计划首次授予部 分第三个解锁期解锁条件成就的议案》。根据《2021 年限制性股票激励计划（2022 年 11 月修订稿）》（以下简称"激励计划"）的有关规定和公司 2021 年第二次临 时股东大会的授权，公司董事会认为公司激励计划规定的首次授予部分限制性股票 第三个解除限售期解除限售条件已经成就。本次可解除限售的激励对象人数为 70 人，可解除限售的限制性股票数量为 1,392,949 股，约占公司目前股本总额的 ...

关 于 国浩律师（上海）事务所 江中药业股份有限公司 2021 年限制性股票激励计划首次授予部分 第三个解锁期解锁条件成就 的 法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China T. +86 21 52341668 F. +86 21 52341670 E. grandallsh@grandall.com.cn W. www.grandall.com.cn 2025 年 10 月 | 释 义 | | | 2 | | --- | --- | --- | --- | | 第一节 | | 律师声明事项 | 4 | | 第二节 | 正文 | | 5 | | | | 一、本次解除限售的批准与授权 | 5 | | | | 二、本次解除限售条件成就情况 | 9 | | 三、结论意见 | | 12 | | 国浩律师（上海）事务所 法律意见书 本法律意见书中部分合计数与各明细数直接相加之和在尾数上如有差异，是由 于四舍五入所造成。 ...

Core Viewpoint - China Resources Pharmaceutical (03320) reported the performance of Jiangzhong Pharmaceutical (600750) for the nine months ending September 30, 2025, showing a decline in total revenue but an increase in net profit [1] Financial Performance - Total revenue for Jiangzhong Pharmaceutical reached 2.933 billion RMB, representing a year-on-year decrease of 6.28% [1] - Net profit amounted to 743 million RMB, reflecting a year-on-year increase of 6.02% [1]