● 本报记者 杨梓岩 11月下旬，牧原股份赴港上市迎来关键进展，中国证监会已对其出具境外发行上市备案通知书，标志着 其国际化战略迈出实质性一步。 在行业周期波动趋缓、竞争步入成本决胜的新阶段，牧原股份凭借持续下降的养殖成本与稳健增长的业 绩，展现出穿越周期的强大韧性。牧原股份董事会秘书秦军日前在接受中国证券报记者专访时表示，公 司正通过持续研发投入与降本增效，推动可持续发展，期待通过自身业务发展以及对行业技术、产业链 的贡献，助力行业高质量发展。 全球化价值重塑 对于牧原股份而言，此次赴港上市是公司面向长远全球化发展的重要战略落子。秦军明确表示，发行H 股主要是为未来五到十年的国际化拓展铺路。 根据备案通知书，牧原股份拟发行不超过5.46亿股境外上市普通股，于香港联交所主板上市。募集资金 将主要用于拓展全球商业版图及研发投入。 港股上市被视为牧原全球化战略的关键助推器。秦军指出，上市过程本身有助于公司开拓海外业务，两 者相辅相成。 财务结构的优化是公司近期另一大亮点。随着大规模资本开支阶段结束，牧原现金流状况显著改善。秦 向"10元时代"迈进 如果说国际化布局着眼于未来增长空间，那么持续深化的成本控制能力则是 ...

Investment Rating - The report assigns a "Buy" investment rating to the company [2][6]. Core Insights - The company has completed adjustments in its governance structure and management team, marking a new development phase and focusing on high-quality growth [5][14]. - The company reported a significant increase in net profit for Q3 2025, with a year-on-year growth of approximately 29% [31]. - The dividend payout ratio is set to increase to 46% in 2024, with corresponding increases in dividend yields for both A-shares and H-shares [5][35]. Summary by Sections Governance Changes and Strategic Focus - The company has completed the adjustment of its senior management team, with new leadership expected to enhance operational quality [16][30]. - The new governance structure emphasizes internationalization, digital transformation, and innovation in research and development [30]. - The company is advancing its strategic planning for the "15th Five-Year Plan" while ensuring the completion of the "14th Five-Year Plan" [37][38]. Business Performance - The commercial segment remains a cornerstone of revenue, with a compound annual growth rate (CAGR) of approximately 6% from 2020 to 2024 [15][39]. - The traditional Chinese medicine segment is under short-term pressure, with a decline in revenue due to inventory adjustments and increased competition [15][41]. - The health segment is experiencing growth, with a revenue increase of over 7% in the first half of 2025 [15][45]. Financial Projections - Revenue projections for 2025-2027 are estimated at 790.01 billion, 840.61 billion, and 894.5 billion respectively, with corresponding net profits of 37.35 billion, 39.63 billion, and 44.27 billion [6][7]. - The company anticipates a net profit growth of approximately 31.7% in 2025, followed by more moderate growth in subsequent years [6][7]. Dividend Policy - The company plans to increase its dividend payout ratio to 46% in 2024, significantly higher than the 30% range maintained from 2019 to 2023 [5][35]. - The expected dividend yield for A-shares is approximately 2.81%, while H-shares are projected to yield around 4.83% [5][35].

深圳商报记者 谢惠茜 李佳佳 半年营收138.8亿元，净利润47.1亿元，双双超过2024年全年业绩……潮玩头部企业泡泡玛特2025年的半年报 曾展现了一幅强劲的增长图景。然而，与这份亮眼财报形成鲜明对比的是，泡泡玛特近期在资本市场上却经 历了明显的波动。 12月8日，泡泡玛特股价大幅调整，盘中下跌近9%；12月9日，泡泡玛特延续跌势。截至12月10日收盘，泡泡 玛特虽勉强收红，但其当日盘中最低点184.6港元较8月份时最高点339.8港元，股价已累计跌超45%，市值累 计蒸发超2000亿港元。 这与近期市场对泡泡玛特的看空情绪升温有关。尤其是12月8日当天，港交所数据显示，泡泡玛特沽空金额达 10.92亿港元，创下两年来新高。 机构报告也开始转向谨慎。在德意志银行最新发布的报告中，将泡泡玛特的评级下调为"持有"。报告指出， 泡泡玛特的核心IP产品Labubu月产量已从上半年1000万只升至年底5000万只，对于依赖独特设计与稀缺性驱 动的潮流玩具品牌而言，大规模量产往往是热度消退的前兆。 摩根士丹利近期报告则指出，泡泡玛特正在从过去两年的"爆发式增长"阶段，逐步过渡至未来的"可持续增 长"阶段。该机构预测， ...

证券时报记者 刘艺文 当下，中资券商国际化步伐正不断加快。作为国际化布局较早的中资券商，中信证券在国际资本市场的地位愈发 突出。 中信证券执行委员、中信证券国际董事长李春波向证券时报记者表示，新征程对金融工作提出新要求，投行应进 一步优化全球金融服务，讲好中国故事、展现中国机遇。中信证券将依托中国香港的全球金融中心独特地位，以 及中信证券国际的全球业务平台，搭建起连通世界与中国的桥梁，引入更多国际资本活水。 独特的境内外协同机制 近年来，依托开放包容的政策环境，中信证券坚持推进国际化战略，不断增强差异化的国际竞争力。2024年，国 际业务营业收入贡献占比提升至17.2%，收入和净利润创历史最好水平。2025年以来，中信证券国际依靠广泛的境 内外客户基础、专业化的人才队伍以及多元化、完善的业务体系等独特优势，国际业务经营质效持续提升，境外 业务盈利能力不断提高。 李春波向记者表示，海外业务的发展得益于公司全球一体化管理理念的贯彻与执行，离不开境内外客户市场、产 品服务、IT系统以及中后台管理等多个维度的协同。 "通过纵横交织的立体布局，向国际投资者展示中国市场的独特魅力与投资价值，帮助他们深入了解中国市场的投 ...

（编辑 丛可心 王雪儿） 证券日报网12月10日讯 杰瑞股份在12月9日回答调研者提问时表示，近年来，公司坚定执行国际化战 略，海外战略布局取得显著成效，业务遍布70多个国家和地区，海外业务收入占比不断提升，近期，公 司入局数据中心发电领域，推动公司在全球高端数据中心能源赛道的纵深发展与战略布局的同时，进一 步促进海外业务结构多元化。公司持续推动各业务板块在海外市场的协同配合、相互赋能，聚焦全球战 略客户并在各板块持续取得新的突破。工程类订单的获取可以识别并拉动海外客户对公司高端装备的需 求，公司高端装备的应用和工程类订单的高质量交付又进一步提升公司品牌知名度，公司产品市场占有 率和市场认可度不断提升。同时，公司也不断通过整合资源、加大投入、加速海外产能建设，强化海外 市场能力和品牌影响力，推动本土化建设和运营。 ...

Group 1: Company Overview and Strategy - The company has established a significant international presence, operating in over 70 countries and regions, with increasing revenue contribution from overseas business [3][4] - The company is focusing on diversifying its overseas business structure and enhancing brand recognition through high-quality delivery of engineering orders [3][4] Group 2: Natural Gas Market Insights - The global natural gas market has diversified supply networks, with countries prioritizing natural gas development as a strategic energy security goal [5][6] - The demand for natural gas is increasing due to its role as a clean energy source in the transition to low-carbon energy, making it a preferred option for filling electricity gaps and ensuring grid stability [5][6] Group 3: Data Center Power Generation - The company is entering the data center power generation sector, leveraging its reliable and flexible power generation equipment to meet high standards in various industries [7][8] - The establishment of the Jerry Min Electric Energy Group aims to accelerate breakthroughs in the power generation business, supported by successful sales and leasing cases in the North American market [7][8] Group 4: Future Outlook for Power Generation - The company plans to deepen its involvement in data centers, industrial energy, and new power systems, focusing on technological innovation and integrated solutions for clean energy equipment [9] - The company aims to enhance its capabilities in providing comprehensive energy solutions, ensuring efficient collaboration from energy production to electricity supply [9] Group 5: Oil and Gas Engineering Orders - The company offers integrated solutions across the oil and gas value chain, which has led to successful project implementations and increased market recognition [10] - Recent project wins include significant contracts in Southeast Asia, demonstrating the company's strong project management and delivery capabilities [10] - The company prioritizes profitable projects with positive cash flow and strategic significance, ensuring that selected orders promote collaboration across various business segments [10]

Group 1: Recent Business Performance - The company has seen an improvement in order intake due to winter clothing replenishment, although overall industry sentiment remains cautious [2] - Sports and outdoor brands are performing better among the company's clients, with winter clothing brands also showing positive results [2] - The company maintains a prudent outlook on industry recovery in the short term, focusing on its core business of apparel accessories and aiming to enhance brand influence and product competitiveness in the long term [2] Group 2: Profitability and Margins - The company's gross margin is influenced by various factors including raw materials, product structure, and production-sales scale, with a commitment to sustainable profit levels rather than solely pursuing high margins [2][3] - Other apparel accessories, such as webbing, currently have lower gross margins due to being in the cultivation stage and not fully realizing economies of scale [3] Group 3: International Operations - The Vietnam industrial park has shown significant improvement in operations this year, although ramping up capacity and increasing orders will take time [4] - Major clients in Vietnam include apparel brands and designated processing factories, covering sectors like sports, outdoor, and fast fashion [4] Group 4: Customer Base and Growth Strategy - Historical data indicates that new brand clients require years of effort to establish deep cooperation, with annual growth primarily coming from existing client share increases [5] - The company is pursuing both existing client share enhancement and new brand client development as part of its international strategy for stable long-term growth [5] Group 5: Competitive Landscape - Major competitors include YKK and other suppliers serving mid-to-high-end apparel brands, with YKK's strengths in brand recognition and manufacturing capabilities [6] - The company differentiates itself through a "product + service" approach, emphasizing quality products and comprehensive service, alongside strong capabilities in product diversity, fashion, and innovation [6] Group 6: Sales and Capital Expenditure - The company's sales model is direct, primarily through subsidiaries selling to global apparel brands and their designated processing factories [7] - Future capital expenditures will focus on smart manufacturing improvements and overseas capacity expansion, with a commitment to sustainable development and shareholder returns in profit distribution [7]

2025年12月8日，中国再保险（集团）股份有限公司（下称"中国再保"）召开干部会议，宣布了一项关 键人事任命：原党委委员、副总裁朱晓云任集团公司党委副书记、拟任总裁；原总裁助理田美攀任集团 公司党委委员、拟任副总裁。待相关程序履行完毕后，朱晓云将成为中国再保成立近30年来的首位女性 总裁。 此次调整标志着中国再保核心管理层全面迈向年轻化与专业化。随着朱晓云与田美攀的履新，中国再保 从董事长、总裁、纪委书记、副总裁到总裁助理，已全部由"70后"担任，这也是目前中字头国有保险公 司中最年轻的一支管理团队。 新总裁的"中再之路" 27年深耕与多重历练 朱晓云的职业生涯与中国再保的发展深度绑定。1998年，保险科班出身的她加入公司国际业务部，此后 27年从未离开。她从基层起步，历经再保险业务、公司治理、综合管理、组织人事等多个关键岗位，逐 步进入集团核心管理层。 朱晓云的履历兼具业务深度与管理广度。她曾担任中国再保董事会办公室副主任、办公室（党委办公 室）主任、党委组织部部长、人力资源部总经理、董事会秘书等职务，并于2021年11月升任党委委员、 副总裁，2025年2月获任执行董事。在兼任党委组织部部长、人力资源部 ...

Group 1: Company Strategy and Development - The company has established two overseas production bases in Bangladesh and Vietnam to enhance its international strategy and cope with rising labor costs and intensified competition in the textile and apparel industry [2] - The company is focusing on automation and digital management to ensure sustainable business development and has achieved significant growth in recent years [2] - The company aims to maintain its core business in apparel accessories and is optimistic about its future development prospects [2] Group 2: Competitive Advantages - The company's core competitive advantage lies in its strong corporate culture and experienced management team, which emphasizes sustainable development and innovation [2] - Compared to YKK, the company offers a "product + service" business model, focusing on high-quality products and comprehensive service, which enhances its competitive edge [4] - The company has developed strong capabilities in product diversity, fashion, innovation, and responsiveness to market demands [4] Group 3: Market Dynamics and Pricing - The apparel accessories industry is characterized by a stable competitive landscape, with a shift towards increased concentration among leading companies due to accelerated international order migration [3] - The company employs a cost-plus pricing model, with product pricing being one of several factors considered by downstream customers, who prioritize product development capabilities and service [5] - The company anticipates maintaining a reasonable profit margin while focusing on revenue growth to sustain profitability [6] Group 4: Product Range and Future Outlook - The company specializes in a variety of products, including buttons, zippers, metal and plastic products, and labels, which are widely used in mid to high-end apparel [8] - The company expects zippers to have a broader application range and better growth prospects compared to buttons in the future [8] - The company adheres to a sustainable development and win-win philosophy in its dividend policy, considering annual profits and future development needs [8]

Group 1: Company Performance - In Q3 2025, the company achieved a revenue of 1.27 billion RMB, a year-on-year increase of 41.97% [1] - The net profit attributable to shareholders for Q3 2025 was 45.43 million RMB, up 90.85% year-on-year [1] - For the first three quarters of 2025, the company reported a revenue of 3.48 billion RMB, reflecting a year-on-year growth of 35.09% [1] - The net profit attributable to shareholders for the first three quarters was 101 million RMB, an increase of 32.41% year-on-year [1] Group 2: Production Capacity - The company has three production bases located in Changsha, Shanghai, and Dongguan, with an annual production capacity of over 600,000 tons for surfactants and approximately 250,000 tons for cleaning products [2] - The production capacity distribution for surfactants is approximately 2:4:4 across the three bases, while all cleaning product capacity is located in the Changsha base [2] Group 3: International Business - In the first half of 2025, the company achieved foreign sales revenue of 418 million RMB, marking a year-on-year increase of 53.07% [2] - The company is experiencing strong growth momentum in its overseas sales [2] Group 4: Pricing Strategy - The direct materials account for over 90% of the production costs for the main surfactant products [2] - The company has established strategic partnerships with core suppliers and employs a pricing strategy that links product sales prices to raw material procurement prices [2] - The company aims to effectively transmit raw material price fluctuations to product prices, enhancing overall profitability [2] Group 5: Market Share Enhancement - The company aims to strengthen its influence in the central, eastern, and southern regions of China through its three production bases [2] - It focuses on cost control and production efficiency to achieve product quality, cost optimization, and price competitiveness [2] - The company is committed to technological innovation and expanding its product matrix across multiple categories and fields [2] - The Shanghai production base is positioned as an international hub to enhance brand influence in international markets [2]