近期，药明康德持续受到资本市场关注，一系列股东减持与资产优化举措引发了市场讨论。然而，深入 分析其战略逻辑与行业地位不难发现，公司长期价值根基依然稳固，投资者对其未来发展的信心并未动 摇。 10月29日，药明康德发布公告称，17家股东因自身资金需求计划减持不超过公司总股本2%的A股股 份，比例可控。随后在11月26日，公司进一步披露了阶段性减持进展：2025年11月20日至25日期间，相 关股东合计减持1182.79万股，占总股本的0.3963%。值得关注的是，在此期间公司股价逆势上涨 1.19%，截至11月25日收盘报94.31元。这一市场表现表明，尽管面临股东减持带来的情绪波动，更多投 资者仍看好公司的长期发展前景。 股东减持作为资本市场中的常见行为，应在合理监管框架下理性看待。对药明康德这类已步入成熟发展 阶段的规模化企业而言，股东适度减持多属于正常的资产配置调整。从药明康德此次减持计划的披露情 况来看，整个过程符合监管要求，规范且透明。 另外，公告也指出，大宗交易的买方在受让后6个月内不得转让，这种"锁定期"约束也能降低二级市场 快速抛售的风险，确保减持节奏温和可控，压抑缓解冲击。 自2018年实现" ...

研究报告 Research Report 30 Nov 2025 新东方-S New Oriental (9901 HK) 首次覆盖：多元化的教培龙头；目标 FY26 利润率提升；未来股东回报将进一步提升 A diversified education leader targeting FY26 margin expansion and higher shareholder returns ahead: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$40.30 目标价 HK$49.00 HTI ESG 5.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$65.90bn / US$8.46bn 日交易额 (3 个月均值) US$29.15mn 发行股票数目 1,635mn 自由流通股 (%) 88% 1 年股价最高最低 ...

11月28日上午，茅台为股东们安排了一场特别体验。漫步于中国酒文化城，古老的酿酒器具、源远流长的历史故事带来一场沉浸式的文化体验；在制酒车 间参观，目睹了工匠们对酿酒工艺的极致把控；亲手为茅台酒系上红丝带，深度体验茅台"非遗"技艺所带来的乐趣；品鉴茅台佳酿的甘美醇香；聆听茅台 酒的真伪识别…… 今年的茅台股东会备受投资者、市场和行业关注。冬日暖阳中"归家"的茅台股东们，在感受到茅台精心营造的温馨氛围之后，又收获了一份"惊喜"。 从细节的精心策划到环节的丰富体验，今年的贵州茅台2025年第一次临时股东大会体现出茅台管理层高度重视股东们的感受。茅台以实际行动向全体投资 者传递了清晰明确的信号：其一，股东大会不只是投资者与企业共商事宜的平台，更是茅台与股东之间维系情感的桥梁；其二，茅台与股东之间是超越了 短期利益考量，而是"鱼水相依"的共生关系。 股东们的"归家"体验 "富有细节、饱含温度，今年的活动更为丰富。"这是众多股东的真切感受。 11月27日，茅台国际大酒店处处弥漫着"欢迎股东回家"的温暖气息。酒店外的巨型屏幕、院内的路灯旗帜，甚至隐蔽处的电梯显示屏，皆传递出茅台对股 东们的重视。 不仅是细节，这种重视还体 ...

符合条件的个人股东和法人股东代表享受温泉免费回馈；个人股东的随行家属享受温泉成人票挂牌价4- 5折优惠。1.红珠山森林温泉成人票优惠价128元/人（挂牌价268元/人，网络价138元/人）。2.峨眉山温 泉饭店灵秀温泉成人票优惠价118元/人（挂牌价248元/人，网络价138元/人）。3.峨眉山大酒店瑜伽温 泉成人票优惠价68元/人（挂牌价168元/人，网络价98元/人）。符合条件的个人股东和法人股东代表享 受免费滑板滑雪回馈（1小时/人/天）；个人股东的随行家属享受滑板滑雪5折优惠（60元/小时）。符合 条件的个人股东（及随行家属）和法人股东代表享受峨眉雪芽专享产品"买一送一"优惠。符合条件的个 人股东（及随行家属）和法人股东代表享受"峨眉记忆"文创产品零售价8.5折优惠。 符合条件的个人股东和法人股东代表享受峨眉山景区进山门票免票回馈；个人股东的随行家属享受峨眉 山景区进山门票成人票当期执行价5折优惠。符合条件的个人股东和法人股东代表享受免费乘坐万年索 道回馈；个人股东的随行家属享受万年索道成人票当期执行价5折优惠。符合条件的个人股东（及随行 家属）和法人股东代表享受以下酒店住宿专享优惠（挂牌价2折起）。 ...

Core Viewpoint - Petrobras has slightly reduced its five-year investment plan by 2% to $109 billion to safeguard cash flow amid declining international oil prices [1] Investment Plan Summary - The total investment expenditure includes $91 billion allocated to ongoing projects, with an additional $10 billion pending budget confirmation based on financing analysis. The remaining funds are still in the "lower maturity" analysis stage [1] - This marks the first reduction in the five-year budget since President Lula took office in 2023, highlighting the political significance of the spending plan as a key source of federal budget funding [1] Production and Exploration Goals - Petrobras plans to add eight offshore production platforms by 2030 and is considering an additional ten production vessels post-2030. The company aims to drill 15 wells in the equatorial region of Brazil, recently receiving its first drilling permit [2] - Oil production is expected to peak at 2.7 million barrels per day by 2028, an increase from the previous upper limit. The short-term production target for next year has been raised from 2.4 million barrels per day to 2.5 million barrels per day [3] Financial and Strategic Investments - Approximately $20 billion will be invested in refining, fertilizers, and logistics over the next five years. The company is developing a biofuel portfolio to support decarbonization in shipping and aviation, explicitly stating no new refineries will be built [3] - Investments in natural gas and low-carbon projects are projected at $4 billion, with a focus on strategic minority partnerships or shared control with relevant companies [3] - Petrobras proposes to maintain a total regular dividend payout of at least $45 billion during 2026-2030, consistent with the previous plan, while keeping the debt ceiling at $75 billion. However, no special dividends are committed during this period [3]

其他要点：受益于伦敦人第二期的全面投入服务和新的推广策略，集团的市场份额已有所回升。随着行 业的增长和伴随着集团的新策略，预计市场占有率和EBITDA将能继续提升。短期来看，预计集团的 EBITDA将能达27-28亿美元。过去几个月，贵宾板块的增长主要是受益于超级贵宾客户的出现和市场流 动性的增加。集团也重新开展中介人业务；但其利润率还是较低，其博彩收入占比也大概在12-15%左 右。博彩旁边投注的参与度还是较低，但在提升中，而且对赢率是有正面帮组。中场业务的智能赌台已 安装好，贵宾业务的安装将逐步完成。集团重视股东回报，期内回购了3.4亿美元的股份，持股比例提 升到74.76%。 维持买入评级,目标价25.11港元: 25年第三季度业绩良好。随着伦敦人第二期的投入及新的推广活动政策 的执行，我们相信集团的收入和利润将能继续提升。集团作为澳门最大规模综合娱乐度假村的经营者, 在中场和非博彩领域拥有领先地位；我们对集团的长期发展充满信心。我们维持买入评级，目标价为 25.11 港元, 对应2025 年12 倍EV/EBITDA。 风险因素：我们认为以下是一些比较重要的风险:宏观不确定性、访澳的需求低于预期、伦敦 ...

Core Insights - Tianshan Aluminum has demonstrated robust growth in the first three quarters of 2025, with total revenue reaching 22.321 billion yuan, a year-on-year increase of 7.34%, and a net profit attributable to shareholders of 3.340 billion yuan, up 8.31% year-on-year [1] - The company achieved a quarterly net profit of 1.256 billion yuan in Q3, reflecting a quarter-on-quarter increase of approximately 34%, driven by stable aluminum prices and effective cost management [1] - The company is advancing a green low-carbon transformation project for 1.4 million tons of electrolytic aluminum capacity, which is expected to increase total production by nearly 20% [2] Financial Performance - In the first three quarters, the net profit after deducting non-recurring gains and losses was 3.200 billion yuan, also showing an 8.08% year-on-year growth [1] - Financial expenses decreased by 30.8% year-on-year, contributing to profit growth [1] - The company has implemented a mid-term dividend plan for 2025, distributing 920 million yuan in dividends, with a commitment to maintain a cash dividend ratio of no less than 50% of net profit for 2025 [2] Shareholder Returns - The company has completed a share buyback of 23.7052 million shares, accounting for 0.51% of total shares, with a total expenditure exceeding 200 million yuan [3] - The recent decision to cancel 23.148 million shares from earlier buybacks, amounting to 150 million yuan, is viewed as a "quasi-dividend" operation, enhancing shareholder value [3] - The shareholder return strategy is reinforced by high dividends and share buybacks, reflecting the company's confidence in its value [3] Industry Position and Future Outlook - Tianshan Aluminum is strategically enhancing its upstream resource layout with projects in Guangxi, Guinea, and Indonesia, which are expected to improve self-sufficiency in bauxite and strengthen cost advantages [3] - The company has established a three-dimensional development framework characterized by stable profitability, growth potential, and substantial returns, positioning it as a high-value investment target in the non-ferrous sector [4] - The combination of green capacity expansion, optimized resource layout, and a high dividend policy is expected to enhance the company's defensive capabilities and growth potential amid industry cycles [4]

Core Viewpoint - The company, Marubi Biotechnology Co., Ltd., is planning a secondary listing in Hong Kong to enhance its capital strength and overseas financing capabilities, despite facing cash flow pressures and regulatory scrutiny [1][2][9]. Financial Performance - Marubi reported total revenue of 686 million yuan for Q3 2025, a year-on-year increase of 14.28%, and total revenue of 2.45 billion yuan for the first three quarters, up 25.51% year-on-year [1]. - The net profit attributable to shareholders for Q3 was 69.48 million yuan, a year-on-year increase of 11.59%, while the first three quarters saw a net profit of 240 million yuan, up 2.13% year-on-year [1][4]. - However, the company's non-recurring net profit fell by nearly 20% in Q3 and 5.42% in the first three quarters, indicating a potential decline in the contribution of core business to profits [4][5]. Cost Structure - Sales expenses for the first three quarters reached 1.41 billion yuan, a 32% increase year-on-year, accounting for 57.6% of total revenue [5]. - The company's gross margin remained high at around 75%, which is above the industry average for domestic beauty brands [4]. Cash Flow and Investments - The net increase in cash and cash equivalents turned negative, dropping from 270 million yuan in the previous year to -390 million yuan this year, with total cash funds decreasing from 2.03 billion yuan to 1.59 billion yuan [9]. - Fixed asset investments nearly doubled, rising from 4.76 billion yuan to 9.97 billion yuan, indicating significant property acquisitions that have impacted cash flow [9]. Dividend Policy - Despite cash flow pressures, Marubi announced a dividend of 100 million yuan, with a per-share payout of 0.25 yuan, primarily benefiting the founding couple who hold over 80% of the shares [10][11]. - The high dividend payout raises questions about the company's financial strategy, especially in light of its upcoming secondary listing [10][11]. Regulatory Issues - The company received a warning from the China Securities Regulatory Commission for irregular financial accounting, including issues with revenue recognition and improper management of raised funds [16]. - These regulatory concerns may affect investor perception and valuation during the upcoming listing [17].

证券日报网讯云南铜业11月26日在互动平台回答投资者提问时表示，公司注重股东回报，在2024年9月 制定了质量提升行动方案，核心目标是通过提升公司质量来回报投资者，通过 "提升内在质量"和"强化 现金分红" 回报投资者的长期信任。 （文章来源：证券日报） ...

证券日报网讯 大元泵业（603757）11月26日在互动平台回答投资者提问时表示，公司始终坚持与投资 者共同成长，坚定奉行稳定的、一贯的分红政策，公司将在保证业务投入需求的同时兼顾股东回报需 求，根据实际生产经营情况制定具体分红方案。 ...