【导读】远东股份十年前的并购，公司控股股东与被并购方的差额补偿纠纷仍无定论 中国基金报记者 南深 自证监会去年9月24日发布"并购六条"以来，A股市场并购重组交易如火如荼，延续至今。近日，一单发生在上一轮牛市（2015年）的并购重组及其衍生 的纠纷诉讼，引发市场关注。 这场诉讼发生在远东股份的控股股东远东控股和被并购标的福斯特公司（后更名为远东电池）的原实控人蔡道国、颜秋娥、蔡强（以下简称蔡道国方）之 间，源于远东控股未按双方签署的合同进行股份差额补偿。 这起案件一审在无锡市中级人民法院审理，蔡道国方胜诉，远东控股被判令支付本金及利息合计近4亿元。远东控股不服，于2023年7月上诉至江苏省高级 人民法院，江苏高院经过两年多审理、多次开庭仍未宣判，但在2024年9月曾召集双方，以口头释明方式认为案涉合同无效。 因该案时间跨度长、反复拉锯且过往没有类似判例，有法律界人士称其为"上市公司重大资产重组股票差额补偿第一案"。此前，认定差额补足条款无效的 判例均针对的是上市公司再融资中的定向增发保底行为，而本案为资产重组中的差额补足，因此其最终宣判结果及理由，对当下火热的并购重组市场无疑 极具借鉴意义。 广州一位证券律师 ...

Core Viewpoint - The 2026 Capital Market Summit and China-Saudi Investment Cooperation Forum hosted by CITIC Securities aims to explore investment opportunities and strengthen bilateral relations between China and Saudi Arabia, marking a significant milestone in their partnership [1][3]. Group 1: CITIC Securities' Strategic Focus - CITIC Securities aims to enhance its role as a "value investment bank," focusing on international market competition and customer value [3][4]. - The company plans to develop into a "new quality investment bank," emphasizing innovation and high-quality service across the entire investment lifecycle [4]. - CITIC Securities is committed to becoming a "digital investment bank," prioritizing digital transformation and data-driven strategies to meet client needs [4]. Group 2: Economic Outlook for 2026 - The chief economist of CITIC Securities, Huang Wentao, forecasts 2026 as a year of "dual easing" in fiscal and monetary policies, supporting economic stability and growth [5][6]. - GDP growth is expected to be around 5%, driven by policy support, stable domestic demand, and industrial upgrades [6]. - Huang identifies four key drivers for the A-share and Hong Kong markets: capital inflow, technological innovation, institutional reform, and consumption upgrades, which are expected to propel market growth [6]. Group 3: Investment Opportunities - In the commodities sector, Huang highlights gold as a long-term investment opportunity, driven by geopolitical concerns rather than traditional factors like interest rates [8]. - The recent volatility in gold prices should not deter investors, as the long-term outlook remains positive [8].

据中国青年报报道，近日，一条"白菜免费"的视频在网上广泛传播，导致内蒙古赤峰一菜地承包者近 200亩白菜被闻讯而来的人群"白采"，损失严重，相关话题登上热搜。 菜地承包者李先生说，较早前有网友在未经核实的情况下，发布了"白菜免费"的视频，起初只有附近村 民前来采摘，并未引起太大问题。当时来的人不多，见到有人摘白菜，李先生就劝说一下。但是，随着 视频大量转发，情况在6日上午失控，约有数百人涌入菜地。李先生表示，经初步估算，被采摘白菜面 积约200亩，每亩损失约5000元，总损失接近100万元。11月9日，一名知情人士表示，当地乡政府已与 李先生展开协调。 （原标题：松山区成立联合调查组） 近日，针对网民在网络平台反映"因网上传播免费采收白菜信息，致使自己菜地的白菜被他人采收"的问 题，松山区委、区政府高度重视，已经成立联合调查组，开展调查处置工作。后续情况将及时向社会发 布。 来源：政事儿 内蒙古赤峰市"今日松山"消息，赤峰市松山区联合调查组11月11日发布情况通报： ...

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the significant potential of private capital in driving economic growth and innovation, particularly in the context of the newly released measures to promote private investment [1][2]. Group 1: Private Investment Growth - Private investment is a crucial indicator of economic activity, with a 2.1% year-on-year growth in private project investment excluding real estate in the first three quarters of the year [1]. - Infrastructure private investment has increased by 7% year-on-year, while manufacturing private investment has grown by 3.2%, indicating a stable growth trend [1]. Group 2: Encouragement for High-Value Sectors - The NDRC plans to encourage private enterprises to enter high-value sectors such as technology services, focusing on areas like industrial design and quality certification [3]. - The integration of technological and industrial innovation is highlighted as a critical area for private enterprises to excel [2]. Group 3: Support for Investment Projects - The NDRC aims to facilitate more private investment projects to go public, having already recommended 18 projects to the China Securities Regulatory Commission (CSRC), with 14 successfully listed, raising nearly 30 billion yuan [5]. - A comprehensive service platform for investment and financing will be established to enhance the efficiency of capital allocation to private enterprises [7]. Group 4: Government Procurement and Support for SMEs - The NDRC has reinforced policies to support small and medium-sized enterprises (SMEs) through government procurement, mandating that over 40% of certain project budgets be reserved for SMEs [6]. - Local governments are encouraged to increase the reserved share for SMEs in procurement projects [6]. Group 5: Financial Support and Credit Access - Banks are instructed to optimize approval processes and enhance direct access to credit for small and micro enterprises, with a focus on improving financial service levels [7]. - The NDRC is promoting a "credit innovation points system" to better allocate financial resources to technology-driven enterprises [7]. Group 6: Infrastructure REITs and Investment - The NDRC has recommended a total of 105 infrastructure REITs projects to the CSRC, with 83 already listed, raising a total of 207 billion yuan, which is expected to drive over 1 trillion yuan in new project investments [9]. - The introduction of private capital into major projects, such as nuclear power, has seen participation rates of up to 20% [8]. Group 7: Policy Financial Tools - As of October 29, 2023, the NDRC has fully allocated 500 billion yuan in new policy financial tools to support eligible private investment projects [10].

（原标题：两名金融干部，被"双开"） 【导读】中纪委最新通报，两名金融干部被开除党籍和公职 中国基金报记者 晨曦 金融反腐最新通报来了！ 11月11日，中央纪委国家监委官网通报：吉林省委金融委员会办公室（省地方金融管理局）原副主任 （副局长）张巍被开除党籍和公职，四川农村商业联合银行股份有限公司原党委委员、副行长刘杰被开 除党籍和公职。 来看详情—— "靠企吃企" 为他人在企业融资方面谋利 日前，经吉林省委批准，吉林省纪委监委对吉林省委金融委员会办公室（省地方金融管理局）原副主任 （副局长）张巍严重违纪违法问题进行了立案审查调查。 经查，张巍存在以下问题： 丧失理想信念，背离初心使命，对抗组织审查；无视中央八项规定精神，违规收受礼品，接受可能影响 公正执行公务的宴请； 组织观念淡漠，在职务晋升方面为他人谋取利益；违反廉洁纪律，违规经商办企业；"靠企吃企"，将手 中的公权力作为谋私敛财的工具，利用职务便利，侵吞国有资产；滥权妄为，致使国家利益遭受特别重 大损失； 与私营企业主搞权钱交易，利用职务便利，为他人在企业融资方面谋利，并非法收受财物。 通报指出，张巍严重违的政治纪律、组织纪律、廉洁纪律、生活纪律，构成严 ...

中国基金报记者 嘉合 （原标题：4家金融机构，被罚超700万元） 【导读】4家金融机构被合计罚款722万元，相关责任人被禁业10年 11月11日，国家金融监督管理总局温州监管分局发布一则行政处罚公告，对辖区内4家金融机构累计罚 款722万元，同时多名涉事责任人被给予警告，1人遭禁业处罚。 此外，在本批罚单中，中国太平洋财产保险温州分公司及相关责任人也受到处罚。国家金融监督管理总 局温州监管分局指出，该公司因存在泄露业务活动中知悉的信息问题，对其罚款17万元；对责任人刘某 宇给予警告处罚，并罚款6 万元；另一位责任人陈某被禁止进入保险业10年。 编辑：杜妍 校对：纪元 制作：舰长 审核：木鱼 注：本文封面图由AI生成 浙江永嘉农村商业银行存在对员工行为管控不到位、统计数据报送不真实等问题，被国家金融监督管理 总局温州监管分局开具180万元罚单；对相关责任人袁某鹏给予警告处罚，并罚款5万元。 浙江瑞安农村商业银行存在违规设立存贷款考核指标、统计数据不准确等违法违规问题，被国家金融监 督管理总局温州监管分局给予165万元罚款，并对相关责任人万某给予警告处罚。 浙江乐清农村商业银行则因存在贷款"三查"不到位，导致信贷 ...

Core Points - Bangji Technology has announced the termination of its major asset restructuring plan due to failure to reach an agreement with Riverstone Farm Pte. Ltd. after multiple negotiations [1][3][8] - The company has committed not to plan any major asset restructuring for at least one month following the termination announcement [3][8] Stock Performance - Bangji Technology's stock price experienced significant declines of 8.91% and 7.45% on November 10 and 11, respectively, closing at 21.45 yuan per share with a total market capitalization of 3.664 billion yuan [5][9] - The stock was listed on the trading leaderboard, with the top five buyers being brokerage firms and four of the top five sellers being institutional accounts [10] Business Operations - The terminated transaction was intended to acquire 100% equity in several companies, including Shandong Beixi Agriculture and Animal Husbandry and Shandong Ruidong Agriculture, which would have represented a significant asset restructuring and related party transaction [6][11] - Despite the termination, Bangji Technology stated that its current operations and financial status would not be adversely affected, nor would it impact future development strategies [11] Financial Overview - As of the end of the third quarter of 2025, Bangji Technology reported total assets of 3.219 billion yuan and equity attributable to shareholders of 1.362 billion yuan [14][16] - The company has shown a net profit of 83.89 million yuan, 50.13 million yuan, and 106 million yuan for the years 2023, 2024, and the first three quarters of 2025, respectively [14][16]

Core Viewpoint - Bangji Technology has announced the termination of its major asset restructuring plan due to failure to reach an agreement with Riverstone Farm Pte. Ltd. after multiple negotiations [1][8]. Group 1: Stock Performance - On November 10 and 11, Bangji Technology's stock price fell by 8.91% and 7.45%, respectively, closing at 21.45 yuan per share, with a total market capitalization of 3.664 billion yuan [4][6]. - Prior to the official announcement of the termination, the stock experienced a significant decline, with intraday drops exceeding 9% on both days [8]. Group 2: Termination of Restructuring - The board of Bangji Technology approved the termination of the acquisition of shares in several agricultural and livestock companies from Riverstone, which were expected to constitute a related party transaction and a major asset restructuring [6][10]. - The terminated assets included 100% equity stakes in multiple companies, such as Shandong Beixi Livestock Co., Ltd. and Shandong Ruido Weili Livestock Co., Ltd., among others [6][10]. Group 3: Financial Impact and Future Strategy - Bangji Technology stated that the termination of the transaction will not have a significant adverse impact on its current operations or financial status, nor will it affect its future development strategy [10]. - The original plan aimed to extend the company's business from solely pig feed production to a vertically integrated industry chain involving feed production, pig farming, and sales [10]. - The financial data of Shandong Ruido Weili Livestock Co., Ltd., one of the targeted assets, indicated a total asset value of 374 million yuan and an owner's equity of 353 million yuan as of April 2025, with projected net profits of -13.16 million yuan, 72.40 million yuan, and 34.54 million yuan for the years 2023, 2024, and the first four months of 2025, respectively [10].

Group 1: Market Overview - The Hong Kong stock market experienced slight gains, with the Hang Seng Index rising by 0.18% to close at 26,696.41 points, and the Hang Seng Technology Index increasing by 0.15% to 5,924.39 points [1][5] - The total market turnover was HKD 210.23 billion, a slight decrease from the previous trading day's HKD 214.79 billion [1] Group 2: Stock Performance - Among the Hang Seng Index constituents, 53 stocks rose while 31 fell, with notable gainers including China National Pharmaceutical Group, which rose by 3.98%, and China Resources Mixc Lifestyle, which increased by 3.88% [3][4] - Xpeng Motors saw a significant increase of 17.93%, closing at HKD 108.50 per share, with a total market capitalization of HKD 207.2 billion, surpassing competitors like Li Auto and NIO [6][5] Group 3: Xpeng Motors Developments - Xpeng Motors' recent "Technology Day" introduced four key applications centered around "Physical AI," including the second-generation VLA and the new Robotaxi, enhancing its positioning as a global leader in embodied intelligence [6][7] - The company is expected to see revenue growth, with projections of HKD 88.5 billion, HKD 128 billion, and HKD 147.2 billion for the years 2025 to 2027, respectively [7] Group 4: Real Estate Sector - The Hong Kong real estate sector index rose by 1.39%, with J.P. Morgan expressing optimism about the market's recovery [9][11] - Notable gainers in the real estate sector included Evergrande Group, which surged by 38.46%, and Japan's Kyoshin, which rose by 29.82% [10][9] - J.P. Morgan noted that since the low in March 2025, Hong Kong residential prices have rebounded by over 4%, with expectations of an additional 5% increase by the end of 2026 [11]

Core Viewpoint - The 2026 Capital Market Annual Conference hosted by CITIC Securities emphasizes the positive momentum in China's capital market, driven by enhanced international influence, improved corporate positioning in the global value chain, and a mature market ecosystem [3][9]. Group 1: Conference Overview - The conference took place from November 11 to 13 in Shenzhen, themed "Striving for a New Journey," featuring speeches from CITIC Securities' executives and over 100 guest speakers [3][6]. - The event attracted significant attendance, with over 4,000 participants on-site and 33,000 online viewers, highlighting its importance in the industry [6]. - The agenda included more than 20 sub-forums covering various topics such as global economic outlook, emerging market investments, and AI applications [6]. Group 2: Economic Outlook - CITIC Securities' Chief Economist predicts a GDP growth rate of approximately 5.0% for 2025 and 4.9% for 2026, with a "front low, back high" growth pattern expected [9][10]. - The fiscal policy for 2026 is anticipated to be more proactive, maintaining a deficit rate around 4%, with an increase in special bond quotas directed towards project construction [10]. - The global economic landscape is expected to rebalance, with both the US and China experiencing a "front low, back high" economic cycle [10][11]. Group 3: Capital Market Characteristics - The capital market is expected to face new characteristics during the 14th Five-Year Plan, influenced by global changes, technological advancements, and improved institutional environments [8][9]. - The market's adaptability and inclusiveness are highlighted as key factors supporting technological innovation and wealth effects [8][9]. Group 4: A-Share Market Insights - The A-share market is transitioning from local exposure to global exposure, with Chinese companies increasingly participating in the global value chain, which is foundational for a low-volatility, slow-bull market [13][14]. - The upcoming period is seen as a golden opportunity for equity markets, particularly between the signing of the US-China trade agreement and the US midterm elections [6][14]. - Key investment themes include upgrading traditional manufacturing, expanding global operations, and leveraging AI for competitive advantage [14].