12月29日，来自深圳的港股机器人企业越疆宣布，启动首次公开发行人民币普通股及于深交所上市计 划。 从已经登陆科创板的百奥赛图再到映恩生物、光大环境等港股企业启动A股上市计划，港股近期掀起一 股积极"回A"的浪潮。值得关注的是，光大环境、越疆均为粤港澳大湾区企业，伴随着企业"回A"进程 的推进，"H转深A"有望增添新的示范案例，进一步探索并完善该通道的具体实践路径。 今年以来，A股公司赴港上市的趋势仍在延续，与此同时，港股企业回归A股市场也在不断升温。 12月10日，百奥赛图正式登陆科创板，继2022年在港交所上市后，百奥赛图正式迈入"A+H"双上市通 道。除此以外，今年4月在港交所上市的映恩生物，于11月完成科创板上市辅导备案，正式启动回A进 程；全球最大垃圾发电投资运营商光大环境今年11月公告拟发行不超过8亿股，计划登陆深交所，公司 已经于12月25日正式启动上市辅导。 资料显示，越疆是专门从事协作机器人开发、制造及商业化的领先企业之一，是蓬勃发展的具身智能机 器人行业前沿参与者，产品已广泛应用于工业制造、医疗手术等领域，覆盖全球超过100个国家和地 区。记者了解到，目前，越疆已委聘上市前辅导机构，并已提 ...

Core Insights - Juhua Co., Ltd. has solidified its leadership position in the refrigerant sector during the 14th Five-Year Plan, achieving breakthroughs in high-end fluorinated polymers and green energy new materials [1][2] - The company has adopted a new development philosophy focusing on high-end, intelligent, and green industrialization, establishing a high-performance fluorine-chlorine new materials base [1] Financial Performance - From 2021 to 2024, Juhua's cumulative operating income is expected to grow by 38%, while total profit is projected to increase by 140% [1] - In the first three quarters of 2025, Juhua achieved an operating income of 20.393 billion yuan and a net profit attributable to shareholders of 3.248 billion yuan, representing year-on-year growth of 13.89% and 160.22%, respectively [1] Market Position - Juhua is the only domestic company with a complete series of fluorinated refrigerants from the first to the fourth generation, with a projected market share of 37.86% for third-generation refrigerants by 2025 [1] - The company has maintained a high dividend payout ratio, with cash dividends accounting for approximately 30% of net profit in recent years, totaling 5.973 billion yuan by June 2025 [2] Innovation and Sustainability - Juhua has made significant advancements in high-end new materials, achieving domestic substitution in several high-value sectors through independent research and investment [2] - The company has implemented a "zero manual" transformation in its main production facilities, achieving full automation and significantly reducing carbon emissions through the recycling of by-products [2] Future Outlook - Looking ahead to the 15th Five-Year Plan, Juhua aims to continue its focus on green development and digital transformation, striving to become a world-class manufacturer of high-performance fluorinated and chlorinated new materials [2]

2026年元旦将至 假期共3天 1月1日（周四）至3日（周六）放假 1月4日（周日）上班 此前，国务院办公厅发布了 关于2026年部分节假日安排的通知 春节、劳动节等节假日怎么休？ 2026年放假安排建议提前收藏备用↓ | | | III I | E | E | 六 | 日 | | --- | --- | --- | --- | --- | --- | --- | | | | | 休 | 休 | 休 | 那 | | | | | ㅣ 元旦 | tn | 3 | 4 十六 | | 5 小寒 | 6 十八 | 7 十九 | 8 二十 | の 甘一 | 10 廿二 | 11 廿三 | | 12 | 13 | 14 | 15 | 16 | 17 | 18 | | 甘四 | 甘五 | 甘六 | 甘七 | 廿八 | 甘九 | =+ | | 19 | 20 | 21 | 22 | 23 | 24 | 25 | | 腊月 | 大寒 | 初三 | 初四 | 初五 | 初六 | 初七 | | 26 | 27 | 28 | 29 | 30 | 31 | | | 初八 | 初九 | 初十 | +- | 十二 | 十三 | | 国务院客 ...

Core Viewpoint - *ST Changyao is facing multiple delisting risks due to its stock price falling below par value, suspected financial data falsification, and an expected negative net asset at the end of the period, which has attracted significant market attention [1] Group 1: Stock Price and Listing Rules - On December 30, 2025, *ST Changyao's stock closed at 0.95 yuan per share, marking the first instance of the closing price falling below 1 yuan [3] - According to the Shenzhen Stock Exchange's listing rules, if the stock price remains below 1 yuan for twenty consecutive trading days, it will face delisting [3] - The company is required to issue a risk warning announcement the day after the first occurrence of the stock price falling below 1 yuan and must continue to disclose risks if the situation persists [3] Group 2: Regulatory Investigations and Financial Irregularities - On November 7, 2025, *ST Changyao received a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation for suspected financial data falsification [3] - The CSRC issued a prior notice of administrative penalty on December 26, 2025, indicating that the company had inflated its revenue by 215 million yuan, 284 million yuan, and 234 million yuan for the years 2021, 2022, and 2023, respectively [4] - The inflated profits for the same years were reported as 56.4 million yuan, 63.4 million yuan, and 43.7 million yuan, representing 35.62%, 88.23%, and 6.42% of the disclosed profit totals [4] Group 3: Financial Condition and Risks - As of the end of 2024, the audited net assets attributable to shareholders were -433 million yuan, leading to a delisting risk warning [5] - By the end of the third quarter of 2025, the net assets further declined to -643 million yuan, with an expectation of negative net assets by December 31, 2025, which could trigger financial delisting conditions [5] - The company is involved in 152 litigation and arbitration cases, with a total amount of 1.932 billion yuan, which is 446% of the latest audited net assets [5] - The company has significant interest-bearing debts of 1.106 billion yuan, with overdue debts amounting to 390 million yuan, impacting its repayment capacity [5]

Core Viewpoint - Zhongneng Electric (300062) announced the termination of a major asset restructuring plan to acquire 65% equity of Shandong Dacheng Electric Co., Ltd. and related debts, as the bidding process concluded with other qualified buyers winning the auction [1][2]. Group 1: Announcement Details - The board of Zhongneng Electric held meetings on December 5 and December 23, 2025, to approve the proposal for participating in the auction of the equity and debts of Shandong Dacheng Electric and related companies [1]. - The company aimed to enhance its competitive position by expanding its product offerings from medium voltage to high voltage through this acquisition [1]. - The decision to terminate the restructuring was made after careful due diligence and discussions with intermediaries, concluding that the company would not participate in the bidding and had not paid any deposit [2]. Group 2: Impact and Future Plans - The termination of the asset restructuring will not adversely affect the company's normal business operations or the interests of minority shareholders [2]. - The company will continue to pursue its strategic objectives and manage its operations in an orderly manner [2]. - Zhongneng Electric committed to not planning any major asset restructuring within one month following the announcement [2]. Group 3: Market Performance - The latest stock price of Zhongneng Electric is reported at 9.08 CNY per share, with a total market capitalization of 5.72 billion CNY [3]. - The stock experienced a trading volume of 611,400 hands and a turnover rate of 13.34% [4].

12月30日，白银大幅反弹。截至发稿，伦敦银现涨幅扩大至6%附近，COMEX白银涨超8%，沪银期货主力合约涨超5%。 | W | COMEX白银 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | SI.CMX | | | | | | | | 76.260 | 70.460 | | | 总手 | | 5.90万 | | | +5.800 | +8.23% 开盘 | | 71.685 | 现手 | | 22 | | | 最高价 | 持 76.275 色 | | 11.09万 | A | | 2.89万 | | | 最低价 | 70.670 授 | 位 | -2861 | K | | 3.00万 | | | 分时 | HH EK | | ョイ | 目K | 申念 | | | | 叠加 | | | | 均价:73.912 | | | | | 76.275 | | | | 8.25% | 76.265 | | 1 2 | | | | | | | 76.255 | | | | | | | | | 8:04 76.225 | | 2 | ...

Group 1 - The company announced the termination of a major asset restructuring plan to acquire 65% equity of Shandong Dacheng Electric Co., Ltd. and related debts [2][3] - The decision to terminate the restructuring was made after careful due diligence and communication with relevant intermediaries, concluding that the company would not participate in the bidding process [3] - The company has not signed any agreements related to this major asset restructuring and does not face any breach of contract liabilities [3] Group 2 - The company's latest stock price is reported at 9.08 yuan per share, with a total market capitalization of 5.72 billion yuan [4]

Core Viewpoint - Zhongneng Electric has decided to terminate its major asset restructuring plan involving the acquisition of a 65% stake in Shandong Dacheng Electric Co., Ltd. and related debt claims, following a thorough due diligence process and communication with relevant intermediaries [1][2]. Group 1: Termination of Restructuring - The company announced the termination of the major asset restructuring plan on December 31, 2025, after previously approving the acquisition at board meetings on December 5 and December 23, 2025 [1]. - The decision to terminate was made after careful consideration and the conclusion that the company would not participate in the bidding for the target company's equity and debt claims, with no deposit paid [2]. - The public listing process for the target company has concluded, and the stake has been acquired by other qualified bidders [2]. Group 2: Impact on Business - The termination of the restructuring will not have a significant adverse impact on the company's normal business operations and production activities, nor will it harm the interests of the company and minority shareholders [2]. - The company remains committed to its strategic goals and will continue to carry out its operational management activities in an orderly manner [2]. Group 3: Market Information - As of the latest market data, Zhongneng Electric's stock price is reported at 9.08 yuan per share, with a total market capitalization of 5.72 billion yuan [3].

Core Viewpoint - The Hong Kong residential market is experiencing a long-awaited "volume and price increase" in 2025 after years of price adjustments, with both property prices and rents recovering simultaneously. The outlook for the market in 2026 is generally optimistic among market institutions [1][2]. Group 1: Market Performance - The Hong Kong secondary private residential price index reached 297.3 points in November, marking a 0.92% increase from October and the highest level in nearly 16 months, with a cumulative increase of 3.77% over six consecutive months [2]. - The rental index has risen for 12 consecutive months, with an annual increase of approximately 4.26%, reaching a historical high of 200.7 points [2]. - The number of residential transactions in Hong Kong approached 57,000 in the first 11 months of the year, representing a year-on-year increase of about 16%, while property prices rose by approximately 3% and rents by about 4% [2]. Group 2: Factors Influencing the Market - The easing of housing policies has prompted some buyers to accelerate their market entry decisions, while the global interest rate decline and strong performance in the Hong Kong IPO market have contributed to improved market sentiment [3]. - The phenomenon of "supply exceeding rent" is becoming more common, with rising rental yields encouraging mainland buyers to invest in the Hong Kong market [3]. - The synergy from lower transaction and loan costs has stimulated housing demand, with rental yields exceeding loan rates, enhancing the financial attributes of the Hong Kong real estate market [4]. Group 3: Future Outlook - The residential market is expected to see a significant recovery in 2026, with projected price increases between 5% and 8% according to international real estate consultancy Knight Frank [5]. - J.P. Morgan forecasts a further rebound of about 5% in Hong Kong property prices by the end of 2026, supported by pent-up demand, declining interest rates, rising rents, stable interest from mainland buyers, and a recovering financial sector [5]. - The ability of local purchasing power to sustain the market will be a key factor influencing the trajectory of the Hong Kong real estate market in 2026 [4].

Group 1: Automotive Industry - The National Development and Reform Commission and the Ministry of Finance announced a policy to support vehicle scrapping and replacement starting in 2026, providing subsidies for consumers who scrap their cars and purchase new energy vehicles or fuel-efficient vehicles [1] - Consumers will receive a subsidy of 12% (up to 20,000 yuan) for purchasing new energy vehicles and 10% (up to 15,000 yuan) for purchasing fuel-efficient vehicles with an engine size of 2.0 liters or less [1] Group 2: Aviation Industry - Hainan's three major airports achieved a record annual passenger throughput of over 50 million for the first time, marking a significant milestone in the development of Hainan's aviation sector [2] - This achievement is seen as a strong impetus for the construction of an aviation hub as Hainan Free Trade Port progresses [2] Group 3: Trade and Export - The Ministry of Commerce released the list of state-owned enterprises authorized to export tungsten, antimony, and silver for the 2026-2027 period, including 15 companies for tungsten, 11 for antimony, and 44 for silver [3] Group 4: Automotive Market Share - China's share of the global automotive market reached 40% in November 2025, an increase of 1 percentage point from the previous year [4] - In 2024, China's automotive market share is projected to be 34.2%, with a rise to 35.4% in the first 11 months of 2025 [4] - BYD, Geely, and Chery are among the top 10 global automakers, with BYD ranking 6th, Geely 8th, and Chery 10th [4] Group 5: Aerospace Industry - The first aircraft of the new generation of commercial unmanned transport systems, the HH-200, was assembled and launched by Aviation Industry Corporation of China, marking a breakthrough in low-altitude logistics [5] Group 6: Banking Sector - Citic Bank announced the resignation of its Executive Director and President, Lu Wei, due to work adjustments, with Fang Heping appointed as the acting president [6] - The former Party Secretary and President of the China Industrial and Commercial Bank in Zibo, Wang Shiming, is under investigation for serious violations of discipline and law [7][8] Group 7: Market Data - The Shanghai Composite Index recorded a 10-day winning streak, with significant gains in humanoid robot concepts and other sectors, while the total market turnover exceeded 2 trillion yuan [9][10] - The financing balance of both stock exchanges increased by 8.346 billion yuan, indicating a positive trend in market liquidity [10] Group 8: Corporate Developments - Changjiang Electric Power announced a mid-term profit distribution plan for 2025, proposing a cash dividend of 2.10 yuan per 10 shares, totaling 5.138 billion yuan [13] - Baiwei Storage plans to acquire a 0.8446% stake in Niu Xin Semiconductor for 20 million yuan, involving related party transactions [14]