中信证券：当下风险提前释放给了年末重新增配A股/港股、布局2026年的契机 11月23日，十大券商最新策略观点新鲜出炉，具体如下： | 券商 | 核心观点 | | --- | --- | | 中信证券 | 当下风险提前释放给了年末重新增配A股/港股、布局2026年的契机 | | 华安证券 | AI主线"至暗时刻" 但长期信心坚定不移 | | 国金证券 | 打铁还需自身硬 | | 信达证券 | 风格切换可能会越来越强 关注低位价值板块 | | 中泰证券 | 本轮科技行情远未结束 在短期回调后有望延续 | | 兴业证券 | 中国资产有望迎来修复 | | 非金证券 | 短期继续均衡配置补涨的成长和低估值价值行业 | | 申万宏源 | 调整是也只是"怀疑牛市级别" | | 浙商证券 | 切勿盲目杀跌 盯券商、等待弹性重扩张 | | 东吴证券 | 资金主线有望向AI应用等方向切换 | 全球风险资产的波动表面是流动性问题，本质是风险资产对于AI单一叙事过于依赖，当产业发展速度（尤其是商业 化）跟不上二级市场的节奏时，适当的估值修正也是一种纾解风险的方式。北京时间周四（11月20日）晚，美国非农 就业数据的公布以及年内美联 ...

中科软今年以来股价跌1.45%，近5个交易日跌1.87%，近20日涨1.06%，近60日涨2.24%。 11月19日，中科软盘中下跌2.01%，截至09:54，报21.00元/股，成交8384.08万元，换手率0.48%，总市 值174.52亿元。 资金流向方面，主力资金净流出1136.00万元，特大单买入0.00元，占比0.00%，卖出332.47万元，占比 3.97%；大单买入1309.02万元，占比15.61%，卖出2112.56万元，占比25.20%。 分红方面，中科软A股上市后累计派现17.28亿元。近三年，累计派现9.77亿元。 机构持仓方面，截止2025年9月30日，中科软十大流通股东中，香港中央结算有限公司位居第五大流通 股东，持股962.35万股，相比上期增加315.76万股。华宝中证金融科技主题ETF（159851）位居第六大 流通股东，持股942.31万股，为新进股东。南方中证500ETF（510500）位居第七大流通股东，持股 844.02万股，相比上期减少18.17万股。 责任编辑：小浪快报 资料显示，中科软科技股份有限公司位于北京市海淀区中关村新科祥园甲6号楼，成立日期1996年5 ...

Core Points - Zhengzhou Jiean High-tech Co., Ltd. has completed the registration change and obtained a new business license, with registered capital officially changed to 205.052707 million yuan (approximately 20.5 million) [1] - The change in registered capital was approved during the 19th meeting of the fifth board of directors on September 28, 2025, and subsequently ratified by the first extraordinary general meeting of shareholders on October 17, 2025 [1] - The company's core business remains focused on computer software, mechatronic equipment research and sales, and related technical services, with no changes to its operational scope or legal representative [2] Company Information - The company is a publicly listed limited liability company, established on June 3, 2002, with its registered address in Zhengzhou High-tech Industrial Development Zone [2] - The business scope includes computer network technology services, software development, mechatronic equipment sales, and various engineering services [2] - The adjustment in registered capital is expected to optimize the company's capital structure and support ongoing business development [2]

Company Overview - Zhongke Ruankong Technology Co., Ltd. is located in Haidian District, Beijing, and was established on May 30, 1996. The company was listed on September 9, 2019. Its main business involves computer software development, sales, and services [1]. - The company's revenue composition includes 71.83% from software development and services, 26.63% from system integration and services, 1.29% from software products, and 0.26% from other sources [1]. Financial Performance - As of September 30, 2025, Zhongke Ruankong achieved operating revenue of 4.415 billion yuan, representing a year-on-year growth of 7.04%. However, the net profit attributable to shareholders decreased by 40.18% to 173 million yuan [2]. - The company has distributed a total of 1.728 billion yuan in dividends since its A-share listing, with 977 million yuan distributed over the past three years [3]. Stock Market Activity - On November 6, Zhongke Ruankong's stock price increased by 2.24%, reaching 22.35 yuan per share, with a trading volume of 260 million yuan and a turnover rate of 1.42%. The total market capitalization is 18.574 billion yuan [1]. - Year-to-date, the stock price has risen by 4.88%, with a 3.33% increase over the last five trading days, a 5.23% increase over the last 20 days, and a 10.26% increase over the last 60 days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders is 65,100, a decrease of 2.19% from the previous period. The average number of circulating shares per person increased by 2.24% to 12,756 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fifth largest, holding 9.6235 million shares, an increase of 3.1576 million shares from the previous period. The Huabao CSI Financial Technology Theme ETF is the sixth largest shareholder, holding 9.4231 million shares as a new shareholder [3].

Core Points - The company has obtained a total of 4 domestic patent certificates, including 2 invention patents and 2 design patents, as well as 2 foreign patents, 3 computer software copyright registration certificates, and 1 Class I medical device filing certificate from July 1, 2025, to September 30, 2025 [1][2][3] Group 1: Patent Certificates - The acquisition of the patents reflects the company's core technology and will enhance its intellectual property protection system, promoting technological innovation and improving core competitiveness [1][2] - The recent patent acquisitions are not expected to have a significant impact on the company's short-term operations [1][2] Group 2: Computer Software Copyright - The obtained computer software copyright registration certificates will help enhance the company's core competitiveness and support the establishment of a continuous innovation mechanism [2] Group 3: Medical Device Filing - The Class I medical device filing certificate will diversify the company's product offerings and meet market demand, thereby strengthening its core competitiveness [3] - The sales performance of the products post-launch will depend on future market promotion efforts, and the company cannot currently predict the specific impact on future revenue [3]

Group 1 - The core point of the article is that Haichuan Intelligent has announced that its subsidiary, Foshan Haichuan Intelligent Instrument Co., Ltd., has recently obtained two software copyright registration certificates from the National Copyright Administration of the People's Republic of China [2]

Group 1 - The report maintains an optimistic outlook on the market, predicting a "systematic slow bull" trend with the Shanghai Composite Index expected to challenge the 0.618 retracement level of the largest decline since 2015, indicating ample bullish potential [4][68][69] - The report emphasizes a market style rotation favoring mid to large-cap stocks, with a focus on growth-oriented valuations, particularly in the consumer, cyclical, and growth sectors [5][81] - The report identifies three key "expectation gaps" for industry allocation: the dominance of large financials in market height, the need for investment and consumption to meet GDP growth targets, and the potential shift in technology investments from hardware to software sectors [6][84] Group 2 - The report highlights that the macroeconomic environment is expected to improve for growth, consumption, and cyclical styles, while financial and stable styles may see a decline [84] - The report notes that the recent policy measures have been supportive, with a focus on technology, real estate, and consumption, aligning with the current economic characteristics [12][18] - The report suggests that the construction of new policy financial tools is likely to support infrastructure investment growth, which may positively impact related sectors [18][84]

Group 1 - The company has completed the change of its company type and registered capital, transitioning from a non-listed company to a listed company with a registered capital of 117 million yuan [1] - The company type has been changed from "Limited Company (Non-listed, Natural Person Investment or Control)" to "Limited Company (Listed, Natural Person Investment or Control)" [1] - The company is involved in various sectors including research, production, and sales of computer and external devices, IC card readers, software development, and electric power technology services [1] Group 2 - The company has filed the necessary documentation for the changes, including the updated company articles and business registration [2]

Core Viewpoint - Shenzhen Jieshun Technology Industrial Co., Ltd. has revised its articles of association as of August 2025, clarifying various aspects of its organizational structure, management, and share-related matters [1] Company Basic Information - Shenzhen Jieshun Technology Industrial Co., Ltd. was registered on June 17, 1992, and transformed into a joint-stock company on April 29, 2007. It was listed on the Shenzhen Stock Exchange on August 15, 2011, with an initial public offering of 30 million shares. The registered capital is RMB 643,438,841, and the legal representative is the chairman [2] Business Purpose and Scope - The company's business purpose is "Technology creates value, returns to society." Its business projects include import and export, domestic commerce, supply and marketing, installation and maintenance of electromechanical products, investment in parking projects, construction engineering, property management, and more. Licensed operations include smart card and software development, equipment production, financial intermediary services, and construction [3] Share Issuance and Status - The company issues shares in the form of stocks, with a par value of RMB 1 per share. The total number of issued shares is 645,442,841, all of which are ordinary shares. The founders, Tang Jian and Liu Cuiying, subscribed to 42 million shares and 28 million shares, holding 60% and 40% respectively, through net asset contributions [4] Share Increase and Repurchase - The company can increase capital through various methods, including issuing shares to unspecified or specific objects, distributing bonus shares, or transferring capital reserves to share capital, as decided by the shareholders' meeting. It can also reduce registered capital and repurchase shares under specific circumstances [5] Share Transfer Restrictions - Founders' shares cannot be transferred within five years from the company's establishment. Shares issued before the public offering cannot be transferred within 36 months after the stock is listed. Directors and senior management can only transfer up to 25% of their shares annually during their tenure and are restricted from transferring shares for 36 months post-listing and for six months after leaving [6] Shareholder Rights and Obligations - The company maintains a shareholder register based on certificates provided by the securities registration and settlement institution. Shareholders have rights to dividend distribution, participation in shareholder meetings, and supervision of company operations, while also adhering to laws and the company's articles of association [7] Shareholder Meeting Authority and Operation - The shareholder meeting is the company's authority body, responsible for electing and replacing directors, approving board reports, and profit distribution plans. Annual meetings are held once a year within six months after the end of the previous fiscal year, while temporary meetings must be convened within two months under specific circumstances [8][9] Board of Directors - Directors must be natural persons and cannot hold office under certain conditions. They are elected or replaced by the shareholders' meeting for a term of three years. Directors have fiduciary and diligence obligations to the company [10] Board Composition and Authority - The board consists of nine directors, including three independent directors and one employee representative. The board is responsible for convening shareholder meetings, executing resolutions, and determining business plans. It also has specialized committees like the audit committee [11] Senior Management - Senior management includes the general manager, deputy general managers, assistants, financial officers, and board secretaries. The general manager is appointed by the board and is responsible for managing the company's operations [12] Financial Accounting and Profit Distribution - The company establishes a financial accounting system according to regulations and submits financial reports. Profit distribution requires the allocation of statutory reserves, which can be used for loss compensation, business expansion, or capital increase. The company prioritizes cash dividends while ensuring normal operations and long-term development [13][14] Mergers, Divisions, Capital Increases, Reductions, Dissolution, and Liquidation - Mergers can be through absorption or new establishment, and must follow prescribed procedures. In case of dissolution, a liquidation team is formed to handle the process, ensuring compliance with regulations [15]

Group 1 - The company is established as a joint-stock limited company in accordance with the Company Law and Securities Law of the People's Republic of China [2][3] - The company was registered on April 25, 2023, and approved by the China Securities Regulatory Commission for the public issuance of 17 million shares, which were listed on the Shanghai Stock Exchange on July 19, 2023 [3] - The registered capital of the company is 68 million RMB [3] Group 2 - The company's business purpose is centered on intelligent vision, driving advanced manufacturing, pursuing perfection, and creating value [6] - The company's business scope includes research, production, sales, and maintenance of optoelectronic products, electronic information products, optical components, optoelectronic sensors, and computer software [6] Group 3 - The company has issued a total of 68 million shares, all of which are ordinary shares, with a par value of 1 RMB per share [8][21] - The company may increase its capital through various methods, including issuing shares to unspecified objects or existing shareholders, and may reduce its registered capital as per legal requirements [9][23] Group 4 - The company is a permanent joint-stock limited company, and the chairman represents the company in executing its affairs [5] - The legal representative of the company must be determined within 30 days after the resignation of the current legal representative [5] Group 5 - Shareholders have rights to dividends and other forms of profit distribution according to their shareholdings, and they can request the convening of shareholder meetings [13][34] - The company must maintain a shareholder register based on the records provided by the securities registration and settlement institution [32]