Core Viewpoint - Ningbo Likun Resource Technology Co., Ltd. (hereinafter referred to as "Likun Resources" or "the Company") is planning to go public on the Shenzhen Stock Exchange, with CICC as the sponsor. The Company has shown steady revenue growth due to increasing nickel product production and strong market demand, although net profit has experienced fluctuations. The reliance on Indonesian partners for raw materials and the rapid growth of inventory pose potential risks to the Company's performance [2][3][6]. Group 1: Business Overview - Likun Resources was established in 2009 and is headquartered in Ningbo, Zhejiang. The Company started with nickel ore and nickel pig iron trading and has expanded into a vertically integrated business covering nickel product trading, production, and sales [3]. - The Company acquired production capabilities after purchasing Huiran Industrial in 2017 and has since developed wet and pyrometallurgical projects in Indonesia, becoming the first domestic service provider to extend its product service system from trading to production in the nickel industry [3][5]. - From 2022 to the first half of 2025, the Company's revenue figures were 18.319 billion yuan, 21.286 billion yuan, 29.846 billion yuan, and 18.497 billion yuan, with net profits of 1.73 billion yuan, 1.05 billion yuan, 1.768 billion yuan, and 1.428 billion yuan respectively [3][5]. Group 2: Market Position and Performance - In the first half of 2025, the revenue from nickel product trading was 7.822 billion yuan, accounting for 44.73% of total revenue, while nickel product production revenue was 9.666 billion yuan, making up 55.27% [5]. - According to a report by Zrinsight, Likun Resources is projected to be the largest nickel product trader globally in 2024, capturing 10.4% of the global nickel product market demand, and is the largest nickel ore supplier in China with a market share of approximately 35.8% [5]. - As of the end of 2024, Likun Resources ranks second in the global market share for stable operations using HPAL technology in wet metallurgy projects, with a market share of 19.7%, and 25.1% in Indonesia [5]. Group 3: Supply Chain and Inventory Risks - Likun Resources relies heavily on Indonesian partners for its raw material supply, with the proportion of nickel ore purchased from these partners being 54.52%, 70.51%, 64.32%, and 58.89% from 2022 to the first half of 2025 [6]. - The Company has long-term supply agreements with Indonesian partners to ensure stable access to nickel ore, but uncertainties such as partner production halts or regulatory changes could disrupt supply [6]. - The Company's inventory has been growing rapidly, with values of 1.151 billion yuan, 2.189 billion yuan, 3.369 billion yuan, and 4.396 billion yuan from the end of 2022 to June 2025, representing a rising proportion of current assets [9].

据了解，先正达植保中国创新中心建成并投入运行后，研发团队将分阶段发展，涵盖化学研究、生物制 剂、生物科学、产品技术与工程等多个专业方向，形成从基础研究到应用验证的综合研发能力体系，并 逐步建设成为面向中国与全球的国际化农业科技创新与人才交流平台。 根据项目建设安排，该项目计划于2027年完成工程建设，并于2028年投入运营。 （文章来源：新华财经） 新华财经上海1月25日电（记者李荣）25日，先正达集团全球植保中国创新中心（下称"先正达植保中国 创新中心"）项目在上海市金山区启动建设，标志着先正达集团在中国的植保研发能力建设迈入新阶 段。 该项目定位为先正达集团在全球布局的植保研发体系的重要组成部分，将与瑞士、英国研发中心形成协 同互补，共同构成其全球植保创新网络的重要支点。 先正达集团首席执行官洛文杰 (Jeff Rowe) 表示，提升农业生产效率、保障粮食增产同时降低碳排放与 环境足迹，是全行业需要携手攻克的共同课题。中国农业正经历规模与速度兼具的转型，多元复杂的自 然条件和发展挑战叠加，为农业科技创新提供了广阔试验场与应用场景。 先正达集团是由中国中化控股有限责任公司控股的全球农业科技企业。先正达植保中 ...

Key Points - The Chinese government emphasizes high-quality development, implementing proactive fiscal policies and moderately loose monetary policies to enhance reform measures and macroeconomic policy coordination [1][3] - The Supreme People's Procuratorate stresses strict punishment for financial fraud and market manipulation to maintain capital market security [2] - The Ministry of Finance and other departments have released multiple notifications to implement a comprehensive set of fiscal and financial policies [3][6] - New policies have been introduced to support urban renewal actions, encouraging the overall operation of resource asset combinations [7] - The China Securities Regulatory Commission (CSRC) has issued guidelines for public offering securities investment fund performance benchmarks, linking performance to compensation [5] - International gold prices have surpassed $4,900, reaching a new historical high [1][10] Domestic News - The People's Bank of China plans to continue implementing moderately loose monetary policies to support stable economic growth and reasonable price recovery [3] - The CSRC has announced the extension of tax policies for innovative enterprise CDRs, exempting personal income tax on capital gains from CDR transfers until the end of 2027 [3] - Major banks have announced the implementation of personal consumption loan fiscal subsidy policies, extending the policy period and expanding support areas [3][6] - The Ministry of Industry and Information Technology is seeking public opinion on the national standard for digital identity identification in the metaverse [6] - The CSRC is intensifying scrutiny of private equity fund violations, with significant administrative measures taken against numerous institutions [8] International News - International precious metal prices have surged, with gold and silver prices reaching historic highs [10] - The U.S. real estate market shows a significant decline in home sales, with the index dropping 9.3% month-on-month and 3% year-on-year [11] - The UK inflation rate has risen to 3.4%, exceeding expectations, while the Bank of England is set to make a decision on interest rates [12] - The IMF has slightly adjusted the global economic growth forecast for 2026, citing ongoing uncertainties from trade tensions and geopolitical conflicts [12]

Core Insights - The event marked the launch of a new chapter in the "15th Five-Year Plan" for the Ejiao industry, emphasizing the integration of technological innovation and industrial development [1][2] - The collaboration between China Agricultural University and Dong'e Ejiao aims to enhance the entire industry chain through technological empowerment and sustainable practices [2][5] Group 1: Event Overview - The innovation achievement release conference was held on January 25, showcasing key technological advancements in the Ejiao industry [1] - Over 600 participants attended, including experts from various fields, media representatives, and Dong'e Ejiao management [2] Group 2: Key Technological Advancements - The conference highlighted breakthroughs in areas such as industry economics, donkey cell cloning, precision nutrition, and the high-value utilization of donkey milk [3][4] - Research reports presented included global trends in the donkey industry, health food innovations, and nutritional analysis of donkey milk, providing a comprehensive view of the industry's future [3][4] Group 3: Strategic Goals - Dong'e Ejiao aims to strengthen its position in technological innovation and enhance its competitive advantages during the "15th Five-Year Plan" [2][5] - The company plans to integrate the four chains of industry, supply, innovation, and value to build a sustainable global donkey industry ecosystem [2][5]

Primary Market - A total of 7 offshore bonds were issued this week (January 19-23, 2026), including 2 RMB bonds, 2 USD bonds, 1 HKD bond, and 2 AUD bonds [2] - The largest single issuance in the offshore RMB bond market was 1.092 billion RMB with a maximum coupon rate of 3.15%, issued by Ganzhou Urban Investment Holding Group [2] - In the USD bond market, the largest single issuance was 300 million USD by Panzhihua Panxi Technology City Development Co., with the highest coupon rate of 9.75% issued by Ruian Real Estate Co. [2] Secondary Market Overview - The yield on Chinese USD bonds slightly increased this week, with the Markit iBoxx Chinese USD Bond Composite Index rising by 0.11 to 252.07 [3] - The investment-grade USD bond index increased by 0.1% to 244.95, while the high-yield USD bond index rose by 0.21% to 243.79 [3] - The real estate USD bond index increased by 0.26% to 180.79, and the city investment USD bond index rose by 0.07% to 154.74 [3] Benchmark Spread - As of January 23, the spread between the 10-year benchmark government bonds of China and the U.S. widened to 240.9 basis points, an increase of 2.1 basis points from the previous week [4] Rating Changes - Moody's withdrew the "Ca" corporate family rating for Hailong Holdings Co., Ltd. at the company's request on January 19 [6] - Fitch downgraded the long-term foreign currency issuer ratings of Wanda Commercial Properties (Hong Kong) Co., Ltd. to "RD" on January 19 [6] Defaults and Extensions - Vanke successfully passed a bond extension plan for 1.1 billion RMB with a high approval rate of 92.11% on January 21, marking its first successful extension since facing difficulties in late 2025 [7] Domestic News - In December 2025, over 10 trillion RMB worth of debt financing instruments were issued in the interbank market, with a total of 11,531 instruments issued throughout the year amounting to 10.09 trillion RMB [8] - Since the launch of the green foreign debt pilot in Shandong, approximately 330 million RMB in cross-border financing has been achieved, involving key green sectors [9] - The panda bond market reached a record issuance of 163.31 billion RMB in 2025, a year-on-year increase of 15.6%, with a total outstanding amount of 318.78 billion RMB [10] Overseas News - The Bank of Japan maintained its benchmark interest rate at 0.75% on January 23, to assess the impact of last month's rate hike on the economy [11] Offshore Debt Alerts - Vanke withdrew its application for the listing of the Huaxia Wanwei Warehousing Logistics Closed-End Infrastructure Securities Investment Fund on January 23 [12] - Luoyang Molybdenum Co. plans to issue 1.2 billion USD zero-coupon convertible bonds with a conversion premium of 28.7% [13] - Hongyi Culture extended the maturity date of its 60 million HKD convertible bonds to April 21, 2028 [14]

25日上午，重庆市两江新区正式挂牌，这是我国中西部地区首个实现行政化的国家级新区。两江新区辖 31个街道、11个镇，面积约1360平方公里、人口约352万。 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 资讯编辑：乐卫扬 021-26093827 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 ...

Group 1 - The National Internet Information Office is seeking public opinion on the "Financial Information Service Data Classification and Grading Guidelines," which categorizes financial data into four levels based on its importance and sensitivity [1] - By the end of 2025, the scale of China's bank wealth management market is expected to reach 33.29 trillion yuan, an increase of 11.15% from the beginning of the year, with 1.43 million investors holding wealth management products [1] - The industrial wind power generation in China is projected to exceed 1 trillion kilowatt-hours by 2025 [1] Group 2 - In 2025, the cultural and tourism market in Tibet is expected to receive 70.73 million domestic and international tourists, a year-on-year increase of 10.71%, with cultural industry output value reaching 15.01 billion yuan, up 35.29% [1] - The total amount of cross-border RMB payments in Yunnan Province is anticipated to reach 100.18 billion yuan in 2025, a 13% increase year-on-year, with significant growth in settlements with countries along the Belt and Road [1] - The number of national standards for traditional Chinese medicine is expected to increase significantly during the 14th Five-Year Plan period, with 34 national standards published, accounting for 65.4% of the total [1]

中经社上海总部国际事业部相关负责人表示，此次在静安发布的"一带一路"出海专业服务能力榜单既是对本土专业机构服务中企"走出去"能力的 一次梳理，也将为引导专业服务业高质量发展、健全海外综合服务体系提供重要助力。 新华财经上海1月24日电为支持中国企业更好参与共建"一带一路"，引领 "走出去"专业服务提质升级，由中经社上海总部与全球服务商理事会联 合编制的"一带一路"出海专业服务能力榜单24日在上海静安举办的2026全球服务商大会上正式发布。 本次发布的榜单聚焦法律服务与人力资源服务两大领域，参考国内外专业服务评价经验，依托中经社产业大数据平台"行业洞察"及出海风险监测 平台"全球感知"的数据能力及智能分析策略，辅以海外实地调研与专家评估，构建了定性与定量相结合的科学评价模型，在国内本土法律服务机 构及人力资源服务机构中各遴选出20家机构入围榜单。 2026全球服务商大会以"聚势共生，商通未来"为主题，由上海市发展改革委与静安区人民政府共同主办。近年来，作为上海对外开放的核心承载 区与现代服务业集聚区，静安区持续深化"全球服务商计划"，拓展全球服务网络，提升本地化服务能力，赋能企业深度参与全球产业分工合作。 据了 ...

Domestic News - The National Internet Information Office, in collaboration with relevant departments, has drafted the "Guidelines for the Classification and Grading of Financial Information Services Data" to enhance data security in financial services, now open for public consultation [1] - The State Administration for Market Regulation reported that by 2025, China will have established 1,139 new national standard substances, a year-on-year increase of 61.8%. Among these, 67 are first-level national standard substances, accounting for 5.8%, with a year-on-year growth of 21.8%, while 1,072 are second-level, making up 94.2%, with a year-on-year increase of 65.2% [1] Industry News - The China Coal Industry Association announced that by 2025, the national coal production from large-scale enterprises is expected to reach 4.83 billion tons, a year-on-year increase of 1.2%, setting a new historical record [2] - Beijing's measures to promote the development and utilization of commercial satellite remote sensing data from 2026 to 2030 aim to strengthen diverse business entities. The plan encourages internet and geographic information companies to develop value-added services based on commercial satellite data and supports mergers and acquisitions in the satellite data industry [2] - By 2025, Beijing is projected to open over 1.5 million square meters of new commercial space, enhancing consumer supply and establishing new consumption landmarks. This initiative includes the development of key commercial projects and unique pedestrian streets to balance commercial facility distribution across the city [3]

值得关注的是，二期项目引入了重要的战略合作方——香港汉基国际学校。该校标志性的"杭州十年级 寄宿项目"将整体入驻，实现课程体系、师资与管理模式的深度共享。此举强化了云谷在国际化教育领 域的品牌影响力，预期将间接带动周边区域价值与教育生态升级。 仪式现场，前淘天CEO、阿里巴巴创始人之一戴珊低调出席，引发市场对其未来是否更深入参与教育板 块的关注。分析人士指出，随着国内教育行业向高质量、特色化转型，企业办学尤其是科技企业赋能教 育的模式，正逐渐成为民间资本进入教育领域的重要路径。 （文章来源：新华财经） 新华财经北京1月24日电（记者刘旭阳）记者24日获悉，杭州云谷学校二期工程正式奠基开工，该项目 预计于2028年8月建成投用，标志着阿里巴巴集团在教育领域的战略性布局进一步深化。 云谷学校为阿里巴巴集团创办的15年制私立国际学校，总规划占地面积约14.6万平方米。此次开工的二 期项目建筑面积约8.2万平方米，设计容纳规模1200人。项目建成后，将与已投入使用的一期工程形成 协同，整体容纳量提升至约3000人，进一步巩固其在长三角地区高端教育市场中的资源配置优势。 ...