投资者关系活动 类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 其他 （中信证券 2026 年资本市场年会） 参与单位名称及 人员姓名 中信证券股份有限公司陆昊先生，建信基金管理有限责任公司 曾文琦先生，富国基金管理有限公司徐健荣先生 时间 2025 年 11 月 13 日 13:30-14:30 地点及形式 深圳福田香格里拉大酒店 上市公司 接待人员姓名 董事会秘书董曼女士，董事会办公室投资者关系工作人员 投资者关系活动 主要内容介绍 1.请介绍一下公司 2025 年前三季度经营情况。 答：2025 年以来，公司坚持以"三一五三"战略为引领， 聚焦主责主业，扎实做好金融"五篇大文章"，积极把握市场 机遇，加快业务模式转型升级，全力推进大财富、大投行、大 投资三大业务条线优化举措加速落地，强化数字赋能和科技引 领，提升资产配置效率，打造差异化核心竞争优势，为经营业 绩的稳步提升奠定了坚实基础。2025 年前三季度，公司实现营 业收入 38.61 亿元，同比增长 38.83%；实现归母净利润 10.67 亿元，同比增长 125.21%，主要是公司 ...

Group 1 - The consumer sector is showing signs of stabilization and rebound, with significant capital inflow through ETFs, indicating a potential turning point for the sector [1][2] - Fund companies are shifting their investment logic from "adapting to demand" to "creating demand," focusing on companies that emphasize innovation and consumer experience [1][4] - Several consumer-themed ETFs have reached new highs in terms of shares, reflecting increased investor interest and confidence in the sector [2] Group 2 - The recent performance of the consumer sector is supported by a combination of policy, capital, industry fundamentals, and consumption trends, suggesting a structural recovery after a deep adjustment [1][3] - The third-quarter earnings reports indicate that many segments within the consumer sector are still struggling, with net profits not yet turning positive, highlighting a potential mismatch between valuation and earnings [3] - New consumption trends are emerging, where consumption is seen as a form of self-expression, prompting supply-side upgrades that align with the core demands of the new generation of consumers [4]

Core Viewpoint - The ongoing outflow of residents' deposits is likely to continue, leading to a preference for equities over bonds in the long term [1] Group 1: Market Trends - A breakthrough in the stock market indicates an increase in risk appetite, while a downturn suggests a higher probability of bond price increases [1] - In uncertain market conditions characterized by low volatility and range-bound trading, bonds may also experience similar range-bound movements [1] Group 2: Central Bank Influence - Both stocks and bonds may respond to liquidity operations by the central bank, potentially leading to a dual bullish scenario for both asset classes in the short term [1]

中证报中证网讯(记者张凌之)11月13日，建信基金数量投资部副总经理朱金钰在中国证券报"金牛来 了"直播间表示，黄金自2022年以来已经连续多年上涨，但由于美国仍然处于降息周期，且全球央行持 续购买黄金作为储备资产，黄金中长期或仍然有一定上涨空间。影响黄金的因素多且复杂，且黄金价格 突破历史新高后波动加剧，投资者可长期配置黄金资产，而非短线交易。 ...

Core Viewpoint - Haopeng Technology's stock rose by 5.2% to 75.66 CNY per share, with a trading volume of 232 million CNY and a turnover rate of 3.95%, resulting in a total market capitalization of 7.562 billion CNY [1] Group 1: Company Overview - Haopeng Technology, established on October 8, 2002, and listed on September 5, 2022, is located in Longgang District, Shenzhen, Guangdong Province [1] - The company specializes in the research, design, manufacturing, and sales of lithium-ion batteries and nickel-hydrogen batteries [1] - The revenue composition of Haopeng Technology includes 88.37% from consumer application scenario new energy solutions, 9.12% from energy storage application scenario new energy solutions, and 2.51% from other sources [1] Group 2: Fund Holdings - According to data, one fund under Jianxin Fund has a significant holding in Haopeng Technology, specifically the Jianxin Minfeng Return Regular Open Mixed Fund (004413), which held 1,400 shares, accounting for 0.19% of the fund's net value, ranking as the ninth largest holding [2] - The fund has generated an estimated floating profit of approximately 5,236 CNY today [2] - Jianxin Minfeng Return Regular Open Mixed Fund was established on April 18, 2017, with a latest scale of 55.142 million CNY, yielding a return of 3.66% year-to-date, ranking 7,243 out of 8,145 in its category [2]

Core Insights - The investment landscape in A-shares is showing signs of strength as 2025 approaches its conclusion, with investors seeking opportunities amid market fluctuations [1] - Looking ahead, it is crucial to grasp relative certainty in the face of changing market dynamics, with a positive long-term outlook for A-share investments despite various disruptive factors [1] Dividend Assets - In a low interest rate environment, dividend assets exhibit significant appeal due to their high dividend yields, which are attractive compared to declining returns from other interest-sensitive products [3][4] - The dividend yield for the CSI Dividend Index and the CSI Hong Kong Stock Connect High Dividend Investment Index stands at 4.29% and 5.75%, respectively, both exceeding the yields of the Shanghai Composite Index and the Hang Seng Index [3][4] Long-term Performance - Dividend assets have not only attracted attention recently but have also demonstrated strong long-term performance, with the CSI Dividend Index rising 465.17% since 2005, significantly outperforming the Shanghai Composite Index and the Shenzhen Component Index during the same period [5][7] New Fund Launch - The newly launched Jianxin Dividend Select Mixed Fund aims to capitalize on dividend asset opportunities, with a stock allocation of 60-95% and a minimum of 80% of non-cash fund assets invested in dividend-related stocks [7][8] - The fund will adopt a dual-market strategy, investing in both A-shares and Hong Kong stocks to leverage the advantages of each market, particularly in terms of dividend yield and valuation [8] Investment Strategy - The fund will utilize a quantitative investment strategy, focusing on high-quality stocks with stable historical dividends or strong future dividend potential, while also considering growth and valuation metrics [8][9] - The fund manager, Jiang Yanze, emphasizes a top-down investment research framework that incorporates macroeconomic factors, liquidity conditions, and market sentiment to identify investment opportunities [9]

Group 1 - The core viewpoint of the article emphasizes the importance of identifying relative certainty in investment opportunities amidst market fluctuations, with a positive long-term outlook for A-shares and a focus on dividend assets as essential investment options [1][2][3]. Group 2 - In a low interest rate environment, dividend assets exhibit significant advantages due to their high dividend yields, making them attractive to investors seeking better returns [2][3]. - The 10-year government bond yield has fallen below 1.9%, leading to a decline in returns for interest rate-sensitive products, prompting investors to explore dividend investments [3]. - The dividend yield of the CSI Dividend Index and the CSI Hong Kong Stock Connect High Dividend Investment Index stands at 4.29% and 5.75%, respectively, both higher than the Shanghai Composite Index and the Hang Seng Index [3][5]. Group 3 - Dividend assets have shown excellent long-term performance, with the CSI Dividend Index increasing by 465.17% since 2005, significantly outperforming the Shanghai Composite Index and the Shenzhen Component Index during the same period [7][10]. - The performance of the CSI Dividend Index from 2020 to 2025 shows fluctuations, with returns of 3.49%, 13.37%, -5.45%, 0.89%, 12.31%, and -3.07%, compared to the Shanghai Composite Index's returns of 13.87%, 4.80%, -15.13%, -3.70%, 12.67%, and 2.76% [10]. Group 4 - The article highlights the launch of the Jianxin Dividend Select Mixed Fund, which focuses on dividend assets, aiming for a stock allocation of 60-95% and investing at least 80% of non-cash fund assets in dividend-related stocks [10][11]. - The fund will adopt a quantitative investment strategy, utilizing a quantitative stock selection framework and factor models for portfolio construction, emphasizing quality and growth while considering volatility and valuation for timing [11]. - The fund will be managed by Jiang Yanze, who has a master's degree in financial engineering and 10 years of experience in the securities industry [11].

Core Viewpoint - Zhongsheng Pharmaceutical experienced a 5.08% increase in stock price, reaching 22.33 CNY per share, with a trading volume of 1.919 billion CNY and a turnover rate of 11.62%, resulting in a total market capitalization of 18.979 billion CNY [1] Company Overview - Zhongsheng Pharmaceutical Co., Ltd. is located in Dongguan, Guangdong Province, established on December 31, 2001, and listed on December 11, 2009. The company focuses on the research, production, and sales of pharmaceuticals [1] - The revenue composition of the company includes: Traditional Chinese Medicine sales at 53.03%, chemical drug sales at 38.12%, Chinese medicinal materials and decoction pieces at 6.13%, raw materials and intermediates at 2.14%, and other (supplementary) at 0.58% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Jianxin Fund has a significant position in Zhongsheng Pharmaceutical. Jianxin High-end Medical Stock A (004683) held 403,600 shares in the third quarter, accounting for 5.61% of the fund's net value, ranking as the fifth largest holding [2] - The estimated floating profit from this position is approximately 435,900 CNY [2] Fund Manager Information - The fund manager of Jianxin High-end Medical Stock A (004683) is Pan Longling, who has been in the position for 9 years and 230 days. The total asset size of the fund is 162 million CNY, with the best fund return during the tenure being 47.31% and the worst being -33.31% [3]

Core Insights - The article provides an overview of the performance of various mutual funds, highlighting the top and bottom performers in terms of net asset value growth [1][4]. Fund Performance Summary Top Performing Funds - The top 10 funds with the highest net asset value growth include: 1. 创金合信全球医药生物股票发起(QDII)A with a net value of 1.5971 and a growth rate of 4.34% [2] 2. 创金合信全球医药生物股票发起(QDII)C with a net value of 1.5833 and a growth rate of 4.34% [2] 3. 华夏移动互联网混合人民币 with a net value of 1.7010 and a growth rate of 4.04% [2] 4. 华夏移动互联网混合美元现汇 with a net value of 0.2401 and a growth rate of 4.03% [2] 5. 华夏移动互联网混合美元现钞 with a net value of 0.2401 and a growth rate of 4.03% [2] 6. 建信新兴市场混合(QDII)C with a net value of 1.4320 and a growth rate of 3.84% [2] 7. 建信新兴市场混合(QDII)A with a net value of 1.4510 and a growth rate of 3.79% [2] 8. 华夏全球科技先锋混合(QDII)A with a net value of 2.2236 and a growth rate of 3.31% [2] 9. 鹏华港美互联网股票人民币 with a net value of 1.5738 and a growth rate of 3.31% [2] 10. 国富全球科技互联网混合(QDII)人民币A with a net value of 4.4227 and a growth rate of 3.21% [2] Bottom Performing Funds - The bottom 10 funds with the lowest net asset value growth include: 1. 红土创新新兴产业混合 with a net value of 2.4930 and a decline of 3.82% [3] 2. 宏利绩优混合A with a net value of 2.3344 and a decline of 3.35% [3] 3. 宏利绩优混合C with a net value of 2.3030 and a decline of 3.35% [3] 4. 宏利复兴混合A with a net value of 2.3890 and a decline of 3.28% [3] 5. 宏利复兴混合C with a net value of 2.3690 and a decline of 3.27% [3] 6. 财通成长优选混合A with a net value of 3.6690 and a decline of 3.24% [3] 7. 宏利成长混合 with a net value of 3.7248 and a decline of 3.24% [3] 8. 财通匠心优选一年持有混合A with a net value of 1.4289 and a decline of 3.22% [3] 9. 财通匠心优选一年持有混合C with a net value of 1.3884 and a decline of 3.21% [3] 10. 财通成长优选混合C with a net value of 2.1100 and a decline of 3.21% [3] Market Analysis - The Shanghai Composite Index opened high but closed lower, while the ChiNext Index also experienced a downward trend, with a total trading volume of 2 trillion [6]. - Leading sectors included trade agency, hotel and catering, gas and heating supply, and mineral products, while the telecommunications equipment sector saw a decline of over 3% [6].

Core Insights - The number of newly issued funds has significantly increased due to a recovering market sentiment, with 1,371 funds launched in 2023, the highest in three years [1] Fund Issuance Trends - The pace of fund issuance has accelerated, reflecting both improved market sentiment and proactive industry positioning [1] - A total of 1,235 funds have been established this year, with notable characteristics observed in the new offerings [2] Index Funds Dominance - Index funds continue to lead the market, with 727 index funds launched this year, accounting for 58.87% of total new funds [3] - The total fundraising for all established funds this year is 9,653.34 billion yuan, with index funds contributing 5,289.86 billion yuan [3] Breakdown of Index Funds - Passive index equity funds are the mainstream, with 526 funds launched and a total issuance of 2,682.66 billion yuan [4] - Passive index bond funds have emerged as "blockbuster makers," with 57 funds launched and a total issuance of 1,804.88 billion yuan, including 47 funds exceeding 2 billion yuan [5] - Enhanced index funds have also seen significant growth, with 144 funds launched and a total issuance of 802.32 billion yuan [5] Market Dynamics - The number of "one-day sold-out" funds has increased, with 96 funds achieving this status, including 39 with a fundraising scale exceeding 1 billion yuan [6] - The emergence of "mini funds" is notable, with 254 funds having an issuance scale of less than 200 million yuan, representing 20.57% of total new funds [6][7] Strategic Marketing - The rise of "initiated funds" is a marketing strategy for fund companies to quickly establish products in popular sectors, enhancing brand visibility [8] Competitive Landscape - The competition among leading fund companies remains intense, with the top firms dominating the number of new fund launches [9] - In terms of fundraising scale, the top ten fund companies each raised over 20 billion yuan this year [10] - Southern Fund leads in total issuance with 478.57 billion yuan, followed by Huaxia Fund and E Fund [11][12] Industry Polarization - A significant disparity exists in the market, with 59 out of 188 public fund managers not launching any new funds this year [12] - The top 30 fund companies captured 70.2% of the total fundraising, indicating a trend of resource concentration among leading firms [12]