中原证券股份有限公司 信息披露事务管理制度 第一章 总 则 第一条 为加强中原证券股份有限公司（以下简称"公 司"）信息披露工作的管理，建立健全信息披露事务管理制 度，提高信息披露事务管理水平和信息披露质量，保护投资 者合法权益，根据《中华人民共和国公司法》《中华人民共 和国证券法》（以下简称《证券法》）《上市公司信息披露 管理办法》《上海证券交易所股票上市规则》（以下简称"上 交所《股票上市规则》"）《上海证券交易所上市公司自律 监管指引第 2 号—信息披露事务管理》，以及香港《公司条 例》《证券及期货条例》《香港联合交易所有限公司证券上 市规则》（以下简称"香港联交所《证券上市规则》"）等 法律、法规和规范性文件的规定，结合《中原证券股份有限 公司章程》（以下简称"公司章程"），制定本制度。 第二条 办公室（董事会办公室）应在董事会审议通过 本制度的五个工作日内，将本制度报公司注册地证券监管局 和上海证券交易所（以下简称"上交所"）备案，并同时在 上交所网站上披露。本制度的修订，应当履行上述所规定的 审议、报备和网上披露程序。 - 1 - 第三条 本制度所称"信息"是指对公司股票及其衍生 品种（以下统称" ...

中原证券股份有限公司 投资者关系管理制度 第一章 总 则 第一条 为规范中原证券股份有限公司(以下简称"公 司")投资者关系管理工作，加强公司与投资者之间的有效 沟通，促进公司完善治理，提高公司质量，切实保护投资者 特别是中小投资者合法权益，根据《中华人民共和国公司法》 《中华人民共和国证券法》《国务院关于进一步提高上市公 司质量的意见》《关于进一步加强资本市场中小投资者合法 权益保护工作的意见》《关于全面推进证券期货纠纷多元化 解机制建设的意见》《上海证券交易所股票上市规则》《上市 公司投资者关系管理工作指引》《香港联合交易所有限公司 证券上市规则》等境内外监管规定和《中原证券股份有限公 司章程》（以下简称"《公司章程》"），结合公司实际情况， 制定本制度。 第二条 本制度适用于公司各部门、分支机构及子公司。 第三条 公司投资者关系管理是指通过便利股东权利行 使、信息披露、互动交流和诉求处理等工作，加强与投资者 及潜在投资者之间的沟通，增进投资者对公司的了解和认同， - 1 - 以提升公司治理水平和企业整体价值，实现尊重投资者、回 报投资者、保护投资者目的的相关活动。 第四条 投资者关系工作的基本原则： （ ...

证券代码：601375 证券简称：中原证券 公告编号：2026-002 中原证券股份有限公司 关于公司独立董事离任的公告 二、 离任对公司的影响 中原证券股份有限公司（以下简称"公司"）董事会及全体董事保证本公 告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、 准确性和完整性承担法律责任。 曾崧先生向公司董事会确认其与公司董事会不存在意见分歧，亦无其它需要 向公司股东、债权人及交易所说明的事项。其辞任不会影响公司董事会依法规范 运作和公司的正常经营。 一、 提前离任的基本情况 曾崧先生在担任公司独立董事期间恪尽职守、勤勉尽职，为推进公司健康发 展和规范运作发挥了积极作用。公司董事会谨对曾崧先生为公司所做出的贡献表 示衷心感谢。 公司董事会于 2025 年 12 月 31 日收到独立董事曾崧先生提交的书面辞职报 告。由于工作原因，曾崧先生申请辞去第七届董事会独立董事和董事会下属专门 委员会委员职务。曾崧先生的离任不会导致公司第七届董事会中独立董事人数少 于董事会成员的三分之一，根据《公司章程》及相关规定，曾崧先生辞职报告自 送达董事会之日起生效。 | | | | 原定任期 | | 是否继续 ...

财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：钟离 格隆汇12月31日丨中原证券(601375.SH)公布，公司董事会于2025年12月31日收到独立董事曾崧先生提 交的书面辞职报告。由于工作原因，曾崧先生申请辞去第七届董事会独立董事和董事会下属专门委员会 委员职务。曾崧先生的离任不会导致公司第七届董事会中独立董事人数少于董事会成员的三分之一，根 据《公司章程》及相关规定，曾崧先生辞职报告自送达董事会之日起生效。 ...

Investment Rating - The industry is rated as "stronger than the market," indicating an expected increase of over 10% relative to the CSI 300 index in the next six months [17]. Core Views - The A-share market experienced slight fluctuations with a small upward trend, with notable performance in the aerospace, software development, non-ferrous metals, and internet services sectors, while sectors like pharmaceutical commerce, precious metals, shipbuilding, and batteries underperformed [2][3]. - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are 16.28 times and 50.28 times, respectively, which are above the median levels of the past three years, suggesting a favorable environment for medium to long-term investments [3][16]. - The recent Central Economic Work Conference emphasized a shift in macro policy focus from total expansion to a balance of quality and sustainability, highlighting future industries such as artificial intelligence, commercial aerospace, quantum technology, and 6G as key investment directions [3][16]. - The market anticipates a continuation of a "moderately loose" domestic monetary policy, with expectations of the Federal Reserve maintaining a rate-cutting cycle in 2026, contributing to a more favorable global liquidity environment [3][16]. - The strengthening of the RMB is expected to enhance the attractiveness of RMB-denominated assets, facilitating capital inflows [3][16]. Summary by Sections A-share Market Overview - On December 31, the A-share market showed a slight upward trend, with the Shanghai Composite Index closing at 3968.84 points, up 0.09%, while the Shenzhen Component Index fell by 0.58% [7][8]. - The total trading volume for the day was 20,659 billion, which is above the median of the past three years [3][7]. Future Market Outlook and Investment Recommendations - The report suggests that investors should closely monitor macroeconomic data, changes in overseas liquidity, and policy developments, with a short-term focus on investment opportunities in aerospace, software development, non-ferrous metals, and internet services sectors [3][16].

Economic Overview - In November 2025, the national industrial added value increased by 4.8% year-on-year, showing a slight decline of 0.1 percentage points from the previous month[11] - The total retail sales of social consumer goods reached 43,898 billion yuan, with a year-on-year growth of 1.3%, a decrease of 1.6 percentage points from the previous month[15] - Fixed asset investment (excluding rural households) decreased by 2.6% year-on-year, with real estate development investment down by 15.9%[18] Henan Province Economic Performance - In November 2025, Henan's industrial added value grew by 8.0% year-on-year, outperforming the national average by 3.2 percentage points[25] - The total retail sales of social consumer goods in Henan reached 269.2 billion yuan, with a year-on-year growth of 4.4%, exceeding the national average by 3.1 percentage points[27] - Fixed asset investment in Henan increased by 4.3% year-on-year, significantly higher than the national average[29] Sector-Specific Insights - In November, the manufacturing sector in Henan saw significant growth, particularly in electronic equipment manufacturing, which grew by 24.9%[26] - The real estate sector in Henan continued to face challenges, with a decline in development investment by 8.5% year-on-year[29] - The retail sector showed strong performance in basic necessities, with food and beverage sales increasing by 19.0% and 13.8% respectively[27] Risks and Challenges - The central economic work conference highlighted the prominent contradiction of strong supply and weak demand, indicating potential risks in economic recovery[24] - Ongoing trade frictions and slower-than-expected policy implementation could further impact economic recovery[34]

Core Insights - The report highlights the steady growth of the animation film industry, with animated films accounting for nearly 50% of total box office revenue in 2025, showcasing a significant shift from a niche category to a major player in the market [36][37] - The gaming industry is also noted for its robust growth, with a focus on AI applications enhancing operational efficiency and product innovation, suggesting a positive outlook for companies in this sector [15][17] - The report emphasizes the importance of policy improvements and technological advancements in driving the performance of various sectors, including media and entertainment, as well as new materials [17][29] Market Performance - The A-share market has shown slight upward movement, with various sectors such as financials, petrochemicals, and aerospace leading the gains, while energy metals and pharmaceuticals lagged behind [6][10][11] - The report indicates that the average P/E ratios for the Shanghai Composite Index and the ChiNext Index are above their three-year median levels, suggesting a favorable environment for medium to long-term investments [9][10] Industry Analysis - The animation film sector has seen a significant increase in box office contributions, with top films like "Nezha 2" and "Zootopia 2" leading the charge, indicating a growing consumer preference for animated content [36][37] - The gaming industry is projected to continue its upward trajectory, driven by a combination of market demand and technological integration, particularly in AI [15][17] - The new materials sector is expected to benefit from increasing demand in manufacturing and technological innovation, with a strong emphasis on sustainable practices [21][29] Investment Recommendations - The report suggests focusing on companies within the gaming and animation sectors that are leveraging AI technologies for growth, as well as those in the new materials industry that are positioned to capitalize on market trends [17][29] - Specific companies such as Jiubite, Perfect World, and Light Media are highlighted as potential investment opportunities due to their strong market positions and growth prospects [17][18]

Market Overview - On December 30, the A-share market opened lower but experienced a slight upward adjustment, with the Shanghai Composite Index facing resistance around 3979 points[2] - The total trading volume for both markets reached 21,617 billion yuan, above the median of the past three years[3] - The Shanghai Composite Index closed at 3965.12 points, unchanged, while the Shenzhen Component Index rose by 0.49% to 13,604.07 points[7] Sector Performance - Key sectors such as robotics, consumer electronics, cultural media, and energy metals performed well, while commercial retail, photovoltaic equipment, wind power equipment, and jewelry sectors lagged[3] - Over 60% of stocks in the two markets declined, with notable gains in industries like electric machinery and energy metals[7] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 16.28 times and 50.13 times, respectively, above the median levels of the past three years, indicating a suitable environment for medium to long-term investments[3] - The report emphasizes the importance of monitoring macroeconomic data, changes in overseas liquidity, and policy developments[3] Future Outlook - The central economic work conference has maintained a positive macro policy tone, shifting focus from total expansion to quality and sustainability[3] - The market anticipates that the Federal Reserve will continue its interest rate cut cycle in 2026, contributing to a more accommodative global liquidity environment[3] - The strengthening of the RMB is expected to enhance the attractiveness of RMB-denominated assets, facilitating capital inflows[3]

Core Viewpoint - Sifang New Materials (四方新材) has experienced a significant decline in stock price and financial performance, indicating potential challenges in its business operations and market conditions [1][2] Group 1: Stock Performance - Sifang New Materials' stock price fell to 13.30 yuan, marking a 10.01% decrease, and is currently in a state of decline since its initial public offering [1] - The company was listed on the Shanghai Stock Exchange on March 10, 2021, with an initial price of 42.88 yuan per share, reaching a peak of 61.75 yuan on its first trading day [1] - The stock is now trading below its initial offering price, indicating a loss of investor confidence [1] Group 2: Financial Performance - In 2024, Sifang New Materials reported an operating revenue of 1.412 billion yuan, a year-on-year decrease of 28.93% [2] - The net profit attributable to shareholders was -164 million yuan, a significant decline from a profit of 12.9645 million yuan in the previous year [2] - The net profit after deducting non-recurring gains and losses was -176 million yuan, compared to 9.6113 million yuan in the previous year [2] - The net cash flow from operating activities decreased by 87.50%, amounting to 11.8028 million yuan [2] Group 3: Capital and Dividend Distribution - Sifang New Materials raised a total of 1.324992 billion yuan through its initial public offering, with a net amount of 1.235123 billion yuan after deducting issuance costs [1] - The company distributed a cash dividend of 0.6 yuan per share and increased its capital stock by 0.4 shares per share, resulting in a total distribution of 738.66 million yuan in cash dividends and 492.44 million shares [2]

Core Insights - The report highlights the positive performance of various sectors in the A-share market, particularly in financial, petrochemical, and aerospace industries, indicating a slight upward trend in the market [5][9][10] - The central economic work conference emphasizes a shift in policy focus from total expansion to quality and sustainability, with a strong emphasis on technology and industry [8][12][14] - The report suggests that the average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are above their three-year median levels, indicating a favorable environment for medium to long-term investments [9][10][12] Domestic Market Performance - The Shanghai Composite Index closed at 3,965.28 with a slight increase of 0.04%, while the Shenzhen Component Index decreased by 0.49% to 13,537.10 [3] - The A-share market has shown resilience with a trading volume of 21,578 billion, indicating strong investor interest [8][10] - The report notes that various sectors such as banking, petrochemical, and software development have performed well, while sectors like energy metals and pharmaceuticals have lagged [5][9] Industry Analysis - The humanoid robot sector is expected to become a key focus in the U.S. technology strategy, with recommendations to continue monitoring humanoid robots and AIDC supporting equipment [14] - The power sector is experiencing a collaboration between the largest power company and Google for AI initiatives, although the sector's performance has been below market expectations [16] - The solar industry is witnessing significant price increases in silicon wafers and batteries, with a focus on leading companies in the segment [18][19] Investment Recommendations - The report suggests focusing on companies with stable fundamentals, high dividends, and strong growth potential in sectors such as engineering machinery and high-speed rail equipment [15] - In the animation film industry, the report recommends attention to companies like Light Chaser Animation, which have a strong project pipeline and IP management capabilities [26][28] - The automotive sector is advised to focus on companies with innovative driving technologies and those positioned for growth in the intelligent and connected vehicle market [31]