炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证券代码：601995 证券简称：中金公司 公告编号：临2026-009 ■ 1 本公告所述"担保金额""担保余额"及"担保总额"在计算时仅包含固定利率票据的本金及利息以及浮动 利率票据的本金；浮动利率票据利息需根据实际情况确定。本公告所载金额涉及汇率的，均按照2026年 1月31日人民币兑美元、人民币兑港币汇率折算。 ● 累计担保情况 ■ 中国国际金融（国际）有限公司（曾用名"中国国际金融（香港）有限公司"，以下简称"中金国际"）为 中国国际金融股份有限公司（以下简称"公司"或"中金公司"）直接持股的全资子公司。中金国际直接持 有CICC Hong Kong Finance 2016 MTN Limited（以下简称"发行人"或"被担保人"）100%的股权。发行人 于2016年5月5日设立了境外中期票据计划（以下简称"中期票据计划"）。截至本公告披露日，该中期票 据计划下可发行的票据本金最高额为100亿美元。中金国际作为发行人的唯一股东，为发行人在中期票 据计划下的发行提供担保。 中国国际金融股份有限公司 关于间接持股全资子公司发行中 ...

Summary of Key Points Core Viewpoint - The company, Tianjin TEDA Resource Recycling Group Co., Ltd., has announced that it will provide guarantees for its subsidiary, Caofeidian Run Electric Environmental Protection Co., Ltd., to secure financing from financial institutions for operational needs [3][13]. Group 1: Guarantee Overview - Caofeidian Run Electric Environmental Protection Co., Ltd. has applied for financing of 30 million yuan from TEDA Leasing Co., Ltd. for a term of 36 months, with the company providing a joint liability guarantee [3]. - The company will also provide a guarantee of 7 million yuan for financing from China Construction Bank for a term of 12 months, with its second-level subsidiary, Tianjin Run Tai Environmental Protection Co., Ltd., providing the guarantee [3]. Group 2: Guarantee Amount and Approval - The total guarantee amount approved for Caofeidian Run Electric Environmental Protection Co., Ltd. for 2026 is 36 million yuan, with a remaining balance of 10.06 million yuan after this guarantee [4]. - The total guarantee amount for Tianjin Run Tai Environmental Protection Co., Ltd. is 35 million yuan, with a remaining balance of 6.99 million yuan after this guarantee [4]. Group 3: Financial Data and Risk Assessment - The company has a total guarantee balance of 11.638 billion yuan, which accounts for 202.89% of the latest audited net assets [2][13]. - The board of directors believes that the risks associated with the guarantees are controllable, given the asset quality of the guaranteed subsidiary [13].

证券代码：600543 证券简称：莫高股份 公告编号：临2026-05 一、本次质量控制复核人变更基本情况 大信所为公司2025年度审计机构，原指派李洪先生作为质量控制复核人，为公司提供审计服务。因大信 所内部工作调整，现委派付勇先生担任公司2025年年报审计项目质量控制复核人。 二、变更后的质量控制复核人基本情况 1. 基本信息：付勇先生，2009年取得注册会计师执业资格，2015年开始从事上市公司审计工作，2014年 12月开始在大信所执业。承办过重庆港、远达环保等证券业务的审计工作。近三年复核过的上市公司包 括中设咨询。未在其他单位兼职。 甘肃莫高实业发展股份有限公司 关于2025年度审计机构变更项目质量控制复核人的公告 本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。 甘肃莫高实业发展股份有限公司（以下简称"公司"）于2025年4月25日召开第十一届董事会第二次会 议，审议通过了《关于续聘会计师事务所的议案》，同意续聘大信会计师事务所（特殊普通合伙）（以 下简称"大信所"）为公司2025年度财务报告和内部控制的审计机构（ ...

Core Viewpoint - The company has responded to the Shanghai Stock Exchange's inquiry regarding its 2025 performance forecast, emphasizing compliance with revenue recognition policies and providing detailed information on its business segments and customer transactions [1][2]. Group 1: Revenue Recognition - The company reported that its revenue from flooring products for 2024 and 2025 was 258.53 million RMB and 264.68 million RMB, accounting for 79.59% and 75.58% of total revenue respectively, with a slight increase in sales but a decrease in percentage due to higher sales from its subsidiary [2][4]. - The revenue recognition policy has remained unchanged during the reporting period, adhering to the relevant accounting standards, and there are no indications of premature or deferred revenue recognition to avoid delisting risk [3][4]. Group 2: Major Customers - The company provided a list of its top ten customers across its business segments, including flooring, cabinetry, and wood finishes, detailing customer names, relationships, contract dates, and payment statuses [4][6]. - Notably, some customers are identified as related parties due to their connections with the company's former actual controller, which may influence the company's interests [4][5]. Group 3: Engineering Projects - The company categorized its engineering projects into those with and without installation agreements, specifying that revenue recognition for projects with agreements is based on obtaining acceptance documents [6][7]. - The company confirmed that there are no instances of premature or deferred revenue recognition in its engineering projects, with all transactions documented and compliant with accounting standards [11]. Group 4: Related Party Transactions - The company disclosed details of transactions with its former actual controller and related entities, ensuring that the pricing and revenue recognition policies for these transactions are consistent with non-related business transactions [9][11]. - The company is undergoing an audit to verify the fairness and commercial substance of these related party transactions, with no anomalies reported thus far [11][12]. Group 5: Revenue Deductions - The company reported a total of 5.1994 million RMB in revenue deductions, primarily from non-core business activities, confirming that all deductions were accurately accounted for and compliant with regulatory guidelines [13][14]. - The auditing process has not revealed any inaccuracies or omissions in the reported revenue deductions, with further verification planned [14].

Core Viewpoint - Hunan Warner Pharmaceutical Co., Ltd. has participated in the national organized procurement of drugs and has announced that several of its products are proposed to be selected for the continuation of procurement after the expiration of the previous agreement [1][3]. Group 1: Proposed Selected Products - The company has a total of 12 products proposed for selection in this procurement process [3]. - The procurement cycle for the selected products will last until December 31, 2028, starting from the actual execution date of the selection results [2]. Group 2: Financial Impact - The projected sales revenue from the selected products is estimated to be 176.18 million yuan for 2024, accounting for 12.47% of the company's total revenue for that year [3]. - For the period from January to September 2025, the expected sales revenue is 192.05 million yuan, representing 17.69% of the company's revenue for that period [3]. - The selected products are expected to enhance the company's market share and brand influence as medical institutions will prioritize these products during the procurement cycle [3].

Group 1 - The company held its sixth board meeting on October 10, 2025, where it approved the proposal for a simplified procedure to issue shares to specific targets for the year 2025 [2][10] - A revised proposal for the share issuance was approved in a subsequent board meeting on February 12, 2026, and the related documents were disclosed on the Shanghai Stock Exchange website [2][10] - The issuance plan does not imply any substantive judgment or approval from regulatory bodies, and its effectiveness is subject to approval from the Shanghai Stock Exchange and registration by the China Securities Regulatory Commission [2][10] Group 2 - The company announced a change in its sponsor institution and representatives, appointing Guolian Minsheng Securities as the new sponsor for the 2025 share issuance [4][6] - The previous sponsor, Shenwan Hongyuan, will transfer its ongoing supervisory responsibilities to Guolian Minsheng due to the new appointment [6][7] - The company expressed gratitude to Shenwan Hongyuan and its representatives for their work during the supervision period [7] Group 3 - The company will hold its first extraordinary general meeting of 2026 on March 3, 2026, with both on-site and online voting options available for shareholders [11][14] - The meeting will discuss several proposals, including the revised plan for the share issuance and measures to mitigate the dilution of immediate returns for shareholders [14][45] - Shareholders must register to attend the meeting, and specific voting procedures are outlined for different types of shareholders [19][20]

Core Viewpoint - The article highlights the rapid development and competitive landscape of domestic AI chip companies in China, particularly focusing on the six emerging players in Shanghai, which are poised for significant growth and innovation in the AI sector [2][10]. Group 1: Company Developments - Hanbo Semiconductor has completed its guidance for an IPO on the Sci-Tech Innovation Board and is progressing steadily towards its public offering [2]. - Suiruan Technology's IPO application has been accepted, indicating a growing interest in AI chip companies [2]. - The six domestic AI chip companies, including Hanbo Semiconductor, are collectively referred to as the "Six Little Dragons," with a strong emphasis on technological advancements and product development [2][4]. Group 2: Market Position and Strategy - The "Six Little Dragons" are primarily cloud-based AI chip manufacturers, with five of them focusing on GPGPU architecture to compete with global giants like NVIDIA and AMD [2][4]. - Hanbo Semiconductor specializes in cloud AI inference and has achieved commercial success in both general AI and rendering applications, positioning itself as a leader in the domestic market [3][4]. - The companies are actively updating their technology and product lines, with significant launches such as the new GPU brand by Muxi Co., which aims to enhance scientific research capabilities [3][4]. Group 3: Financial Performance and Projections - Muxi Co. anticipates a revenue of 1.6 billion to 1.7 billion yuan in 2025, reflecting a year-on-year growth of 115.32% to 128.78% [9]. - Moer Thread expects a revenue of 1.45 billion to 1.52 billion yuan in 2025, with a projected year-on-year increase of 230.70% to 246.67% [9]. - The domestic general GPU market share is expected to rise from 8.3% in 2022 to over 50% by 2029, indicating a structural transformation in the market [10]. Group 4: Government and Investment Support - Shanghai has been proactive in nurturing the AI chip industry through financial support and favorable policies, positioning itself as a leader in the integrated circuit sector [5][7]. - The Shanghai Sci-Tech Innovation Fund has been involved in early-stage investments in companies like Muxi, demonstrating strong government backing for local tech firms [6]. - Hanbo Semiconductor has received significant investments from local state-owned enterprises, benefiting from various policy supports aimed at fostering high-quality development in the tech sector [7].

◎记者 王凯丰 临近春节，在逸豪新材无菌无尘的封闭式生产车间内，一条条自动化生产线正高速运转，工人们熟练地 操作着设备，开足马力完成订单。 "公司目前在手订单充足，铜箔产线持续处于满产状态。"逸豪新材总经理刘磊向上海证券报记者介绍， 公司是国内少数实现"铜箔—覆铜板—PCB"全产业链布局的企业，电解铜箔年产能位居行业前列。 近年来，随着AI服务器等应用领域的高速发展，铜箔下游需求稳步增长。刘磊表示，随着今年公司1万 吨高精度电解铜箔项目落地投产，公司将持续加码高端铜箔产能布局，充分发挥垂直一体化产业链的协 同效应，提升高附加值产品的比重，在新能源赛道加速卡位。 技术创新筑牢根基 产品矩阵适配市场需求 "当时全国铜箔企业不超过10家，逸豪新材便是其中之一。"刘磊介绍，成立于2003年的逸豪新材是国内 较早开展电子电路铜箔业务的企业，近年来构建起从电解铜箔、铝基覆铜板到印制电路板的全产业链布 局，并于2022年9月在创业板上市。 在高端铜箔领域，技术创新是企业核心竞争力的关键。作为行业内为数不多的具有PCB垂直一体化产业 链布局的企业，逸豪新材拥有电子电路铜箔、铝基覆铜板和PCB生产核心技术，形成了独特的技术协同 ...

Group 1: Core Insights - The rapid growth of AI applications is driving an increase in demand for computing power, providing cloud service providers with the justification to raise prices [1][4] - Multiple cloud computing service providers indicate that the price hikes are not temporary fluctuations but signify a structural turning point in the industry, with an impending wave of price increases across the sector [1][5] - The entire computing power industry is experiencing a high prosperity cycle, with related listed companies showing continuous growth in performance due to surging AI demand [1][4] Group 2: Price Increases and Market Reactions - On February 11, 2026, Youke De announced a price increase for all products and services starting March 1, 2026, citing significant and structural increases in infrastructure costs due to global supply chain disruptions [4][5] - Following the announcement, A-share computing power stocks surged, with significant increases in prices for CPOs and optical chips, indicating strong market reactions to the price hikes [4][5] - North American cloud computing leaders have already begun announcing price increases, with Amazon Web Services raising its EC2 machine learning capacity block prices by approximately 15% and Google Cloud planning increases of up to 100% [7] Group 3: Supply and Demand Dynamics - The surge in AI model training and inference demand is expected to increase global AI computing power demand to ten times that of 2025 by 2026, with significant increases in token consumption for single tasks [7] - Supply-side constraints, including skyrocketing storage and GPU hardware prices and extended delivery times for AI servers, are contributing to rising computing power costs [7] - The cloud computing rental service sector is entering a growth inflection point, driven by mismatched supply and demand alongside high energy costs [7] Group 4: Industry Outlook - The optical module sector is expected to remain a focal point in 2026, with strong demand, performance, and technological iterations supporting its growth [8] - The computing power industry chain consists of upstream core components like GPUs and high-performance CPUs, midstream data transmission and network-related components, and downstream computing service infrastructure [8] - Investment opportunities in the computing power industry are deemed significant, particularly in the midstream sector, as capital expenditures from major cloud providers continue to grow [8]

智谱日K线图 ◎记者 孙小程 国产大模型的角力点悄然转变。 2月12日，智谱盘中一度涨超40%，收盘涨幅回落至28%，最新总市值站上1700亿港元 。 行情的直接催化剂，是智谱当日发布的一则涨价声明：因市场需求持续强劲增长，用户规模与调用量快 速提升，为保障高负载下的稳定性与服务质量，公司决定对GLM Coding Plan套餐价格体系进行结构性 调整，整体涨幅自30%起。公司同时宣布，新一代旗舰模型GLM-5正式开源并上线。 据记者了解，GLM Coding Plan上线即售罄——国产AI编程模型的付费套餐被抢空，在行业中颇为罕 见。 与之形成鲜明对比的是，2024年下半年至2025年初，各家大模型厂商纷纷加入激烈的价格战。彼时，字 节豆包公开报价低至0.0008元/千tokens，阿里通义千问GPT-4级主力模型降价97%，智谱曾宣布上一代 大模型GLM-4-Plus降价90%。 背后的商业逻辑不难理解：供需规律显效。供给过剩阶段，企业不得不打价格战。如今，实用、好用的 大模型能带来生产力，用户愿为好体验买单，涨价自然水到渠成。 智谱敢于涨价的底气，来自GLM-5的技术突破。这款模型即匿名模型"Pony ...