固定收益 | 动态跟踪 保持短久期、高流动性策略 信用债市场周观察 研究结论 风险提示 政策变化超预期；货币政策变化超预期；经济基本面变化超预期；信用风险暴露超预 期；数据统计可能存在遗误 报告发布日期 2025 年 10 月 13 日 | 齐晟 | 执业证书编号：S0860521120001 | | --- | --- | | | qisheng@orientsec.com.cn | | | 010-66210535 | | 杜林 | 执业证书编号：S0860522080004 | | | dulin@orientsec.com.cn | | | 010-66210535 | | 王静颖 | 执业证书编号：S0860523080003 | | | wangjingying@orientsec.com.cn | | | 021-63326320 | | 徐沛翔 | 执业证书编号：S0860525070003 | | | xupeixiang@orientsec.com.cn | | | 021-63326320 | | 估值小幅修复，底仓品种价值显现：可转 | 2025-09-29 | | --- | --- ...

Summary of New Stock Offerings from October 13 to October 17 Core Viewpoint A total of five new stocks will be available for subscription in the upcoming week, covering industries such as home furnishings, pharmaceutical manufacturing, and computer communication equipment. Notable companies include Marco Polo, a leader in the domestic ceramic tile industry, and Heyuan Bio, a pioneer in the large-scale production of pharmaceutical proteins using rice embryo cell bioreactors. Group 1: Marco Polo - Marco Polo is the leading company in the domestic ceramic tile industry, with its "Marco Polo Tile" brand value ranking first in the industry for over a decade [2] - The company has a total market value of 14.79 billion, with an issuance price-to-earnings ratio of 14.27, significantly lower than the industry average of 32.2 [2] Group 2: Heyuan Bio - Heyuan Bio is recognized as the first in China to utilize rice embryo cell bioreactors for the large-scale production of pharmaceutical proteins, referred to as "rice hematopoiesis" [3] - The company is set to have its human albumin injection HY1001 approved by July 2025 [3] Group 3: Super Electronics - Super Electronics is a major global supplier of automotive electronic PCBs, covering the demand for PCBs across various parts of vehicles [4] - The company operates in the computer, communication, and other electronic equipment manufacturing sector [4] Group 4: Xi'an Yicai - Xi'an Yicai has developed into the largest producer and seller of 12-inch silicon wafers in mainland China, ranking sixth globally [4] - The company operates in the computer, communication, and other electronic equipment manufacturing sector [4] Group 5: Bibet - Bibet focuses on the independent research and development of innovative drugs, targeting major diseases such as tumors, autoimmune diseases, and metabolic diseases [4] - The company operates in the pharmaceutical manufacturing industry [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002737 证券简称：葵花药业 公告编号：2025-059 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、董事会会议召开情况 葵花药业集团股份有限公司（以下简称"公司"或"本公司"）第五届董事会第十一次会议于2025年10月10 日上午9时30分以通讯方式召开。会议由公司董事长关玉秀女士召集，会议通知及议案于2025年9月26日 通过电子邮件形式发出。会议应参加表决董事9人，实际参加表决董事9人。 本次会议召集、召开程序符合《公司法》及相关法律法规以及《公司章程》之规定，会议决议合法有 效。 二、董事会会议审议情况 1、审议通过《关于授权葵花集团及其下属企业使用公司部分注册商标暨关联交易的议案》 《关于授权控股股东及下属企业使用公司部分注册商标暨关联交易的公告》披露于本公司指定信息披露 媒体《证券日报》、《上海证券报》、巨潮资讯网（http://www.cninfo.com.cn）。 同意授权控股股东葵花集团有限公司（含其合并报表范围内子公司）使用公司第45649037号"葵花"文字 商标（核 ...

Group 1 - The core point of the announcement is that Nanjing Qihe Venture Capital Partnership holds approximately 23.1 million shares of Xuantai Pharmaceutical, accounting for 5.1% of the total share capital, and has pledged 10 million shares, which is 43.28% of its holdings and 2.21% of the total share capital [1] - After the pledge, the total pledged shares amount to 22 million, representing 95.22% of Nanjing Qihe's holdings and 4.85% of the total share capital [1] - For the fiscal year 2024, Xuantai Pharmaceutical's revenue composition is heavily weighted towards the pharmaceutical manufacturing sector, which accounts for 99.89% of total revenue, while other businesses contribute only 0.11% [1] Group 2 - The current market capitalization of Xuantai Pharmaceutical is 4.9 billion yuan [2]

Group 1 - The core viewpoint of the article is that ST Nuotai (SH 688076) expects a net profit of 130 million to 140 million yuan for the third quarter of 2025, representing a year-on-year increase of 5.62% to 13.74% [1] - The increase in net profit is attributed to the company's implementation of the "time-leading, technology-leading" business philosophy, which has led to steady growth in its main business operations [1] - For the year 2024, ST Nuotai's revenue composition is heavily weighted towards the pharmaceutical manufacturing industry, accounting for 99.88% of total revenue, with other businesses making up only 0.12% [1] Group 2 - As of the report, ST Nuotai has a market capitalization of 12.7 billion yuan [2]

Core Insights - During the National Day and Mid-Autumn Festival, companies in Lanzhou New Area are maintaining high production levels, emphasizing a commitment to continuous operation and order fulfillment [1][3][5] Group 1: Production Activities - Lanzhou Heavy Industry Superalloy Company is accelerating the production of critical special steel products, including Incoloy825 and Inconel625, during the holiday period [1] - The company has implemented a dynamic management system to optimize production organization and ensure continuous operation for key orders [3] - The pharmaceutical sector, represented by Lanzhou Pharmaceutical Company, is also maintaining production to ensure a steady supply of clinical medications [5][7] Group 2: Safety and Maintenance - Safety management plans have been established to ensure orderly production during the holidays, with responsibilities assigned to individuals [3] - Key equipment maintenance is being conducted during production breaks to ensure zero-failure operation [3] Group 3: Employee Commitment - Employees across various companies are demonstrating dedication by working through the holidays to meet production targets and support supply chains [5][9] - The commitment of workers is highlighted as they prioritize production over personal time, contributing to the stability of the industry during peak demand periods [11]

Core Viewpoint - 博瑞医药 plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and overseas business layout, aiming to improve its capital strength and competitiveness [1] Group 1: H-share Issuance and Listing - 博瑞医药 has announced its intention to issue H-shares and list on the Hong Kong Stock Exchange, with the board approving relevant proposals [1] - The company is currently discussing the issuance with relevant intermediaries, but specific details are yet to be finalized [1] - The timing and window for the issuance will be chosen based on market conditions and shareholder interests within a 24-month period after shareholder approval [1] Group 2: Stock Price Volatility - 博瑞医药's stock has experienced significant volatility, with a cumulative drop of 50% over 10 consecutive trading days, qualifying as severe abnormal trading [2] - As of October 9, 2025, the closing price was 57.57 yuan per share, down 53.04% from its peak of 122.59 yuan on August 6, 2025 [2] - The company's rolling P/E ratio is 243.45, significantly higher than the industry average of 30.82 [2] Group 3: Fundraising Activities - 博瑞医药 has raised a total of 1.213 billion yuan through three fundraising activities since its listing [5] - The latest fundraising involves issuing shares to specific investors, with a total amount not exceeding 50 million yuan, aimed at replenishing working capital and repaying bank loans [2][3] - The issuance price for the new shares is set at 22.36 yuan per share, with the controlling shareholder participating in the cash subscription [3] Group 4: Product Development and Market Competition - 博瑞医药 is focusing on the development of its core product BGM0504 for type 2 diabetes and obesity, which is currently in phase III clinical trials [7] - The competitive landscape for GLP-1 receptor agonists in China is intensifying, with several companies developing similar products, leading to concerns about product differentiation [8] - Currently, there are 11 GLP-1 drugs approved globally for type 2 diabetes, with five available in China, indicating a crowded market [8]

Group 1: Upcoming IPOs - Three new stocks on the Sci-Tech Innovation Board are set to be issued, with a total expected fundraising of 9.737 billion yuan [1][2] - He Yuan Bio is scheduled for issuance on October 14, aiming to raise 2.557 billion yuan by offering 89.4514 million shares [1] - Xi'an Yicai will issue shares on October 16, with an expected fundraising of 5.033 billion yuan from 538 million shares [2] - Biobetter is set to issue shares on October 17, targeting 2.147 billion yuan from 90 million shares [2] Group 2: Company Profiles - He Yuan Bio focuses on innovative biopharmaceuticals and has a leading plant bioreactor technology platform, with projected net profits of -187 million yuan in 2023 and -151 million yuan in 2024, reflecting a year-on-year change of -30.22% and 19.04% respectively [1] - Xi'an Yicai specializes in the research, production, and sales of 12-inch silicon wafers, with projected net profits of -578 million yuan in 2023 and -738 million yuan in 2024, showing a year-on-year change of -40.35% and -27.63% respectively [2] - Biobetter is a biopharmaceutical company focused on innovative drug development for major diseases, with projected net profits of -173 million yuan in 2023 and -55.998 million yuan in 2024, indicating a year-on-year change of 8.27% and 67.59% respectively [2]

Core Points - Hunan Nanxin Pharmaceutical Co., Ltd. has experienced a significant stock price decline, with a cumulative drop of 70% over the last 30 trading days, indicating severe abnormal trading fluctuations [2][4] - The company has confirmed that its daily operations are normal, with no significant changes in market conditions or industry policies, and no undisclosed major events [5][6] - As of October 9, 2025, the company's stock price was 9.10 yuan per share, and the rolling price-to-earnings ratio for the pharmaceutical manufacturing industry was 30.49 times, while the company's P/E ratio is negative due to a loss in audited net profit for 2024 [2][10] Abnormal Trading Situation - The stock price has deviated significantly, with a cumulative drop of 70% over 30 trading days, qualifying as severe abnormal trading according to Shanghai Stock Exchange regulations [4] Company Operations and Major Events - The company conducted a self-examination and confirmed that its daily operations are normal, with no major changes or undisclosed significant matters [5][6] - The company received a notice from the China Securities Regulatory Commission regarding a suspected violation of annual report disclosure laws, leading to an investigation [6] - The company has terminated a major asset restructuring agreement with several other pharmaceutical companies [6] Media and Market Rumors - The company has not identified any recent media reports or public rumors that could significantly impact its stock price [8] Sensitive Information - During the period of severe stock price fluctuations, there were no stock trades by the company's directors, supervisors, senior management, or controlling shareholders [9]

Core Insights - The article provides an overview of the performance of various mutual funds, highlighting the top and bottom performers based on net asset value updates as of October 9, 2025 [3][4]. Fund Performance Summary - The top 10 funds with the highest net value growth include: 1. China Europe Resource Selection Mixed Fund A (1.7106) 2. China Europe Resource Selection Mixed Fund B (1.7097) 3. Qianhai Kaiyuan Core Resource Mixed Fund C (5.1280) 4. Qianhai Kaiyuan Core Resource Mixed Fund A (5.1800) 5. Gold Stock ETF (2.1608) 6. Wanjia Cycle Vision Stock Fund A (1.1811) 7. Wanjia Cycle Vision Stock Fund C (1.1807) 8. Great Wall Value Selection One-Year Holding Mixed Fund A (1.3218) 9. Guotai Zhongzheng Gold Industry Stock ETF (1.7048) 10. Great Wall Value Selection One-Year Holding Mixed Fund C (1.2854) [3][4]. - The bottom 10 funds with the lowest net value growth include: 1. AVIC Preferred Navigation Mixed Fund C (1.8724) 2. AVIC Preferred Navigation Mixed Fund A (1.8814) 3. Great Wall Health Mixed Fund C (0.9919) 4. Great Wall Health Mixed Fund A (1.0224) 5. Great Wall Pharmaceutical Technology Six-Month Mixed Fund C (0.8284) 6. Great Wall Pharmaceutical Technology Six-Month Mixed Fund A (0.8466) 7. Ping An Hong Kong Stock Medical Innovation Selected Mixed Fund A (1.1783) 8. Ping An Hong Kong Stock Medical Innovation Selected Mixed Fund C (1.1767) 9. Yinhua Growth Smart Selected Mixed Fund C (1.0853) 10. Yinhua Growth Smart Selected Mixed Fund A (1.0871) [4]. Market Analysis - The Shanghai Composite Index opened high and showed a strong upward trend, while the ChiNext Index experienced a slight pullback. The total trading volume reached 2.67 trillion yuan, with a stock rise-to-fall ratio of 3115:2186 [6]. - The leading sectors included non-ferrous metals and mineral products, both showing gains exceeding 4%, while tourism, hotel catering, and media entertainment sectors faced declines of over 2% [6]. Fund Holdings Overview - The top holdings of the China Europe Resource Selection Mixed Fund include: 1. Zijin Mining (9.99% daily increase, 10.72% of net assets) 2. China Hongqiao (9.46% of net assets) 3. Shandong Gold (8.07% of net assets) 4. China Rare Earth (9.97% daily increase, 6.15% of net assets) 5. China Aluminum (6.00% of net assets) - The fund's top ten holdings account for 64.29% of total holdings, indicating a focus on resource industries [7]. - The top holdings of the AVIC Preferred Navigation Mixed Fund include: 1. Yiqi Hong (12.14% of net assets) 2. Rongchang Bio (11.63% of net assets) 3. Rejing Bio (11.33% of net assets) - The fund's top ten holdings account for 95.17% of total holdings, reflecting a clear focus on the pharmaceutical industry [7].