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 （请文字说明其他活动内容） 参与单位名称及 人员姓名 中信证券 王喆、裘科 时间 2025 年 11 月 15 日 14:00-15:00 地点 线上会议室 上市公司接待人 员姓名 投资者关系 孙旭东；证券部 赖嫣珩 投资者关系活动 主要内容介绍 一、问答 1、公司在未来如何保持竞争力？ 答：首先公司每年投入大量的研发费用与东华大学一直致 力于迭代更新"物理化学法"，可以使原料从单组分单次再生 纯涤纶变为包容一定杂质的多组分多次再生原材料。在实际应 用场景中，包括氨纶、锦纶等杂质的原料也可以被优彩使用。 因此优彩可利用他人不能利用的原材料，将"垃圾"视为放错 了的资源，做到环保效益最大化。同时也降低了原料成本，做 到了经济效益最大化。其次，我们依旧在积极研发新型材料替 代传统材料，进一步丰富公司产品矩阵的同时在细分领域中做 到极致的定制化，差异化，功能化。最后，我司生产线可以柔 性切换，客户种类和数量极其分散，不会出现因为客户集中度 太高而造成毛利率和业绩的大幅波动。 公司已经做了"开 ...

尊敬的王总裁、陈主任、李扬院长、刘教授、各位领导、各位嘉宾、各位企业家朋友大家上午好！很高 兴应邀参加本次会议，今天的主题是科技赋能上市公司，价值回馈耐心资本。我想这个主题非常重要， 也很契合当下的中国经济。那么根据会议安排我就这个主题跟大家分享一些看法、想法。 大家知道前不久刚刚结束的党的二十届四中全会应该说是一个在非常关键的时候召开了一个非常重要的 会议，那么这个会议的重要成果就是审议通过了中共中央关于制定国民经济和社会发展第15个五年规划 的建议，这个建议非常重要，是指方向定政策的重要纲领性文件，关系到下一个五年。所以说这个建议 是一个乘势而上，中国式现代化又一次总动员，所以我们说必将对我们党和国家事业的发展产生重大的 深远影响。 那么今天跟大家分享三方面的内容，首先是"十四五"时期我国上市公司应该说高质量发展还是取得了非 常重要的成就，那么大家都知道，"十四五"是一个非常重要的五年，是全面开启建设社会主义现代化国 家新征程向第二个百年奋斗目标进军的第一个五年。这五年大家经历过极不平衡和极不寻常。就是在这 样的情况下，总的来讲国家的发展取得了历史性成就。 上市公司在这五年以来也是同样取得了非常重要的成就 ...

然而，与火热的业绩形成鲜明对比的是，券商板块的股价表现却远未跟上步伐。Wind数据显示，截至11月12日，上 证指数、深证成指、创业板指年内分别上涨19.34%、27.14%和45.78%，而同期Wind券商指数的涨幅仅为6.02%，走 势明显落后于大盘。这种"业绩涨、股价滞涨"的现象，导致了板块估值与盈利能力之间出现了显著的"剪刀差"。 中信证券非银金融联席首席分析师陆昊指出，预计2026年行业ROE（净资产收益率）有望提升至7.2%左右，这一水 平将达到2016年以来的70%分位数以上，但当前行业估值却仅位于2016年以来40%分位数，仍处于明显偏低位置，为 板块未来的弹性释放保留了充足空间。 机构的持仓数据也印证了板块的"冷遇"。开源证券统计显示，2025年三季度末，主动型基金重仓股中券商板块占比 仅为0.86%，相对A股标准配置比例低配3.21个百分点，机构持仓位于近五年来的历史低位。截至11月12日，券商板 块整体PB（市净率）仅为1.52倍，无论是从时间维度还是与自身盈利能力对比，都具备显著的安全边际。 【环球网财经综合报道】近日，各大券商机构已开始密集发布对证券行业2026年的展望报告。一个普遍 ...

Group 1: Conference Insights - The Shanghai Stock Exchange International Investor Conference highlighted the attractiveness of Chinese asset valuations and significant investment value across three main directions [1] - The conference featured discussions on new opportunities in AI, pharmaceuticals, energy, and high-end manufacturing [1] Group 2: Market Developments - The Shanghai Stock Exchange's Vice President Fu Hao emphasized that the Sci-Tech Innovation Board has strong international characteristics and is evolving into an international market, with increasing foreign participation and a focus on communication with international investors [2] - 360's CFO Zhang Hailong stated that the company aims to enhance safety in the AI world and is fully committed to the "ALL IN AGENT" strategy, positioning itself as a leading digital security enterprise [3] Group 3: Medical Device and Pharmaceutical Industry - Aotai Bio's CEO Gao Fei argued that the strength of a world-class medical device company lies in its niche capabilities rather than sheer size, emphasizing the importance of intellectual property, innovation, and product quality [4] - Optum's Chairman Xiao Zhihua stressed the need for Chinese companies to carve out unique paths to internationalization, focusing on quality and innovation to gain market recognition [4] - Heng Rui Pharma's Global R&D President Zhang Lianshan noted that a truly international pharmaceutical company should achieve $1 to $2 billion in overseas sales from innovative drugs within 15 years [5] Group 4: AI and Robotics - Green Harmonic's CEO Zhang Yuwen highlighted that robots are becoming crucial carriers for AI, requiring deep integration with AI to serve human society effectively [6] - Optum's Deputy General Manager Xu Xueliang discussed how AI is reshaping industrial manufacturing logic, with 2025 seen as a pivotal year for this transformation [7] - Guodian NARI's Secretary Hu Shunjing pointed out that the synergy between vision and brain is key to industrial intelligence, with AI driving advancements in machine vision [8]

Core Viewpoint - Mindray Medical (300760), a leading domestic medical device company, has submitted its application for a Hong Kong IPO, aiming for a dual listing in both A-share and H-share markets, with joint sponsors being Huatai International and JPMorgan [1] Group 1: IPO and Fundraising - The IPO will combine public offerings in Hong Kong with international placements, with the specific issuance scale to be determined based on market conditions [1] - The funds raised will primarily be used to enhance global R&D investment, innovate products and digital solutions, explore potential global mergers and collaborations, and improve global sales networks and supply chain capabilities [1] Group 2: Business Performance and Market Position - Mindray Medical is the only Chinese company among the top 30 global medical device firms, with a comprehensive product line that includes monitoring devices, anesthesia systems, ventilators, defibrillators, blood cell analyzers, and ultrasound equipment, all ranking in the top three globally [1] - The company is projected to achieve a revenue of 36.7 billion yuan in 2024, with a compound annual growth rate (CAGR) of over 18% from 2017 to 2024, and a net profit CAGR exceeding 24% [2] Group 3: Competitive Advantages - In the in-vitro diagnostics sector, Mindray is the largest provider in China and the second largest globally for blood cell diagnostics, as well as the largest domestic provider of chemical luminescence immunoassays [3] - The company holds significant market shares in various categories, including being the largest provider of monitoring devices in China and the second largest globally [3] Group 4: R&D and Innovation - Mindray has invested approximately 12.8 billion yuan in R&D, employing 5,200 specialized R&D personnel across 12 global centers, and has filed over 12,240 patents [4] - The company emphasizes its commitment to independent innovation, continuously increasing R&D investment to meet international standards [4] Group 5: Strategic Directions - Mindray is transitioning towards a sustainable growth model centered on recurring revenue from consumables and digital services, while maintaining its leadership in equipment sales [5] - The company plans to enhance its presence in minimally invasive surgery and intervention fields, aiming to shift from one-time equipment sales to a sustainable, repeat-purchase revenue model [5] Group 6: Future Growth and Market Expansion - By the first half of 2025, recurring revenue from consumables is expected to account for about 40% of total revenue, with significant growth potential in the domestic market [6] - The IPO is seen as a strategic move to bolster investments in digitalization, recurring revenue, and internationalization, which are critical for future growth [6]

Group 1 - The Hong Kong stock market opened high on November 12, with the consumer sector showing strong initial gains, particularly the Hong Kong Consumer ETF (513230) which rose nearly 1.5% [1] - Notable stocks within the consumer sector included Mixue Group, which led with over a 4% increase, while Shenzhou International, Zhongsheng Holdings, Nongfu Spring, and Xiaomi Group all rose over 3% [1] - The 8th China International Import Expo concluded on November 10, featuring over 36.7 million square meters of exhibition space and 4,108 participating companies, marking a historical high [1] Group 2 - The expo attracted 290 Fortune 500 and industry-leading companies, with 180 of them participating for the eighth consecutive year, highlighting China's market appeal [1] - The event registered over 460,000 attendees, a 7% increase year-on-year, and facilitated over 300 cooperation intentions through trade investment matchmaking [1] - The expo achieved a record intended transaction value of $83.49 billion, a 4.4% increase from the previous edition, demonstrating China's commitment to high-level openness amid global trade challenges [1] Group 3 - CITIC Securities suggests that short-term consumer trends may indicate a turning point, while long-term focus should be on structural changes within the industry [2] - The report emphasizes the importance of wealth effect transmission, supply-side optimization, and highlights four key long-term investment directions: new products/categories, new technologies, new channels, and new markets [2] Group 4 - Relevant popular ETFs include: Tourism ETF (562510) benefiting from holiday catalysts and the ice and snow economy, Food and Beverage ETF (515170) aimed at boosting domestic demand, and Hong Kong Consumer ETF (513230) focusing on e-commerce leaders and new consumption trends [3]

Group 1 - The domestic paper industry is experiencing a price increase trend, particularly in the packaging paper sector, driven by leading companies and downstream demand [1] - Companies like Shanying Paper have initiated price hikes for products such as corrugated paper, with increases ranging from 30 to 100 yuan per ton, while core products in Guangdong and Zhejiang have seen a rise of 50 yuan per ton [1] - The price of packaging paper is supported by increased demand from events like "Double Eleven," with a notable rise in order volumes for boxboard, corrugated paper, and white card paper [1] Group 2 - The paper industry is transitioning towards "high-end, international, and green" production, alleviating profit margin pressures caused by low-price competition among small enterprises [2] - Major companies are focusing on raw material control and environmental packaging advantages, with projects like Shanying's chemical pulp production and Yibin Paper's bamboo pulp molding [2] - Analysts are optimistic about the cyclical recovery of the paper sector, with expectations of continued price increases for raw paper and improved profitability during peak seasons [2]

Core Insights - The eighth China International Import Expo (CIIE) successfully showcased China's commitment to high-level openness and global cooperation, transforming the vast Chinese market into shared opportunities for the world [1][2] - Wuliangye, a leading Chinese liquor brand, participated for the eighth consecutive year, highlighting its cultural confidence and innovative approach to integrating into the global consumer market [1][2] Group 1: Event Overview - The CIIE serves as a crucial bridge connecting China with the world, facilitating a platform for global cooperation and economic certainty [2] - The number of participating enterprises reached a new high, reflecting a strong consensus on collaboration [2] Group 2: Wuliangye's Participation - Wuliangye showcased its cultural heritage through an upgraded experience center, featuring immersive storytelling and product experiences [4] - The exhibition included models of historical brewing sites and highlighted key products, emphasizing the depth and quality of "Great Country's Strong Aroma" [4] Group 3: Cultural and Product Innovation - Wuliangye launched a new series of collaborative cultural products, integrating the panda "Jinbao" and elements from five continents, promoting harmony and cross-regional friendship [6] - The brand engaged consumers through interactive activities at the expo, appealing to younger audiences and showcasing the modern appeal of traditional liquor [10] Group 4: Global Market Integration - Since its inception in 2018, the CIIE has allowed Wuliangye to expand its international cooperation and integrate into global supply chains [7] - Wuliangye has established partnerships with leading global retail chains, enhancing its presence in the Chinese market and fostering mutual benefits [9] Group 5: Internationalization Strategy - Wuliangye is actively building a global market presence, with a 23% year-on-year increase in exports in the first three quarters of 2025, leading the industry [9] - The company is innovating its approach by creating cocktails in collaboration with international partners and establishing restaurants in key global cities [9] Group 6: Cultural Exchange and Brand Development - Wuliangye is committed to cultural exchange, having initiated a global cultural outreach program that has reached 19 countries [10] - The brand's participation in major international events has enhanced its global influence and brand recognition [11]

Core Viewpoint - The development of financing leasing in China should focus on three directions: specialization, digitization, and internationalization [1] Group 1: Specialization - The need for specialization is driven by regulatory, market, technological, and risk control factors [1] - Regulatory drivers emphasize the importance of serving the real economy and returning to the essence of leasing [1] - Market competition necessitates companies to leverage their advantages in specialized fields to gain a competitive edge [1] - Technological advancements such as IoT, big data, and cloud computing are pushing the industry towards specialization [1] - Enhanced risk control capabilities can be achieved through specialization, allowing companies to develop risk management models tailored to specific industries [1] Group 2: Implementation of Specialization - Companies should focus on 1-3 specialized fields based on their resource endowments [2] - Development of tailored products and services is essential, with standard products created for different industries [2] - Specialized business systems, asset management systems, and data tools should be introduced or developed for specific operations [3] - Establishing professional teams with a combination of financial and industry knowledge is crucial for targeted product development [3] - The shift from "capable" to "refined" is necessary for financing leasing companies to build their unique professional characteristics and core competitiveness [4]

Core Insights - Hainan's unique natural resources and cultural characteristics create favorable conditions for the integration of agriculture, culture, and tourism, especially with the upcoming closure of the Hainan Free Trade Port [1][3] - The development of leisure agriculture is seen as a significant measure to promote modern agriculture, increase farmers' income, and build a new socialist countryside [1][2] Policy Support - The central and local governments have issued multiple supportive documents to promote Hainan's development in tropical efficient agriculture and establish an international tourism consumption center [1][2] - Recent policies include guidelines for developing shared farms and a three-year action plan for rural tourism development from 2024 to 2026 [1][2] Economic Impact - Hainan's leisure agriculture (including leisure fisheries) generates an annual revenue of 7.7 billion yuan and receives 37.71 million visitors each year [2] - The province has established 69 provincial-level shared farms and 12 beautiful fishing villages, along with various tourism routes [2] Future Opportunities - The full closure of the Hainan Free Trade Port on December 18 is expected to bring significant benefits to leisure agriculture, including zero tariffs on imported agricultural facilities and materials [3] - The integration of agriculture, ecology, and culture is emphasized, with a focus on creating high-value leisure agricultural ecosystems [3] Market Activity - A recent investment promotion event in Hainan saw numerous shared farms engaging in investment discussions, resulting in seven projects being signed on-site [4][6] - Companies are actively planning large-scale leisure agriculture projects, leveraging the favorable policies of the free trade port [6]