一、市场表现 二、重要新闻 1、据巴基斯坦媒体《黎明报》报道，1月26日，巴基斯坦国家银行(巴央行)发表声明，将本国关键政策利率维持在10.5%不变。声明同时指出，2025年12月 巴基斯坦的总体通胀率为5.6%，核心通胀率稳定在7.4%的较高水平附近，外部经常账户出现2.44亿美元的赤字，导致2026财年上半年出现12亿美元的赤字。 2、据巴基斯坦媒体《国民报》1月26日报道，2025至2026财年上半年(2025年7月至2025年12月)，美国仍为巴基斯坦最大商品出口目的地，其次为中国和英 国。巴基斯坦国家银行(巴央行)公布数据显示，统计期间，巴基斯坦对美出口总额为31.77亿美元，对华出口总额为12.16亿美元，对英出口总额为10.96亿美 2026年2月2日 元。 3、巴基斯坦财政部1月27日发布了《2025年12月月度经济更新及展望》，报告指出2025至2026财年上半年(2025年7月至2025年12月)巴基斯坦宏观经济持续 稳定，消费者物价指数为5.2%，去年同期为7.2%；大规模制造业增长6.0%；政府总收入增长了7.8%，总开支减少6.2%；经常账户在统计期间出现了12亿美 元赤字，而去年为 ...

Core Viewpoint - The announcement reveals that the shareholder, Lianyungang Yiweida Enterprise Management Partnership, plans to reduce its holdings in Lidin Optoelectronics by up to 12 million shares, which represents a strategic move by the controlling shareholders to liquidate part of their investment [1][2]. Group 1: Shareholder Reduction Plan - Lianyungang Yiweida plans to reduce its holdings by a maximum of 12,000,000 shares within three months after the announcement, with up to 8,000,000 shares through block trades and 4,000,000 shares through competitive bidding [1]. - The estimated cash-out amount from the reduction, based on the previous closing price of 40.52 yuan per share, is approximately 486,240,000 yuan [1]. - As of the announcement date, Yiweida holds 76,556,900 shares, accounting for 18.64% of the total share capital of the company [1]. Group 2: Shareholder Structure - The controlling shareholder, Xiamen Yiweida Investment Co., Ltd., along with its concerted actors, holds a total of 353,865,900 shares, representing 86.17% of the company's total share capital [2]. - The concerted action relationship is due to control by the same party, specifically the actual controller Wu Fubao [1][2]. Group 3: Previous Share Reduction Activities - In the previous year, the controlling shareholders liquidated over 200 million yuan, with specific reductions including 3,403,100 shares by Yiweida and others [3]. - The average reduction price for Yiweida ranged from 28.27 yuan to 35.19 yuan per share, totaling 100,487,609 yuan [3]. - The total cash-out amount from the previous reductions by all controlling shareholders and their concerted actions was approximately 218,782,546 yuan [3].

2026年1月28日，招商证券股份有限公司发布研报《浙矿股份："业务结构+运营模式"升级共振并购铅银 矿打造第二成长曲线》，研究员为郭倩倩、刘伟洁、高杨洋、张洵伊、朱鹏丞。研报称，看好浙矿股份 在砂石矿山和金属矿山、资源回收利用主业的发展前景，同时公司并购海外铅银矿有望在未来增厚业 绩。公司对应25/26/27年的PE分别为65.4、53.9、48.1，首次覆盖给予"增持"投资评级。 中国经济网北京2月2日讯浙矿股份（300837）(300837.SZ)今日收报45.10元，跌幅13.14%，总市值45.10 亿元。 ...

Core Viewpoint - Zhenbaodao Pharmaceutical is experiencing robust production growth across its manufacturing bases, driven by strong market demand and a well-structured supply chain that enhances its competitive edge in the industry [1][5]. Group 1: Production and Supply Chain - The company's core formulation production lines are operating at full capacity, with a fully booked production schedule for Q1 2026, particularly for cardiovascular and respiratory products [1]. - Zhenbaodao has established GAP cooperative planting bases in Heilongjiang, Gansu, and Shandong, ensuring consistent quality and cost control of key raw materials through standardized processes and a comprehensive quality traceability system [1]. - The modern logistics system facilitates the efficient transportation of raw materials to the company's processing facilities, where advanced automated production lines operate under centralized control, ensuring precision and efficiency [2]. Group 2: Technological Integration - The integration of SCADA systems allows for real-time monitoring of production processes, ensuring that any deviations from standard values trigger alerts, thus maintaining high consistency across product batches even during full-capacity operations [3]. - The use of MES systems records every batch's process data and quality inspection results, creating a complete digital archive that enhances traceability from raw materials to finished products [2][3]. Group 3: Research and Development - Zhenbaodao is investing in R&D to build a future-oriented product pipeline, focusing on deep development of existing major products and exploring new clinical values [4]. - The company is actively involved in the development of innovative traditional Chinese medicine, biopharmaceuticals, and classic formulations, with recent breakthroughs in antibody-drug conjugates (ADC) for non-Hodgkin lymphoma [4]. Group 4: Competitive Advantage - The company's deep control over key raw materials and standardized production and quality systems provide it with strong operational certainty and profitability resilience amid macroeconomic uncertainties [5]. - Zhenbaodao's comprehensive supply chain model enhances its risk resistance and cost advantages, forming a "moat" that secures market supply and quality safety, laying a foundation for sustainable growth in future industry competition [5].

菱电电控原拟通过发行股份及支付现金的方式向北京兰之穹等27名交易对方购买其合计持有的奥易 克斯98.4260%股份。本次交易预计不构成重大资产重组，不构成关联交易，不构成重组上市。 自本次交易事项筹划以来，公司严格按照相关法律法规及规范性文件要求，积极组织交易各相关方 推进本次交易相关工作。鉴于本次交易涉及相关方较多，使得交易方案事项推进时间较长，综合考虑市 场环境较交易筹划初期已发生一定变化等因素，为切实维护公司和广大投资者利益，经公司董事会审慎 研究，决定终止本次发行股份及支付现金购买资产事项，并向上海证券交易所申请撤回本次交易相关申 请文件。 中国经济网北京2月2日讯 菱电电控(688667.SH)披露公告，公司于2026年1月30日召开第四届董事会 第八次会议，审议通过了《关于终止发行股份及支付现金购买资产事项并撤回申请文件的议案》，同意 公司终止发行股份及支付现金购买资产事项并撤回申请文件。 菱电电控于2021年3月12日在上海证券交易所科创板上市，发行数量为12,900,000股，发行价格为 75.42元/股，保荐人（主承销商）为长江证券承销保荐有限公司，保荐代表人为梁彬圣、郭忠杰。该股 目前处于 ...

近日，有餐饮商家入驻美团外卖平台时，发现必须上传门店"一镜到底"视频，画面须连续、无剪辑，完 整展示门店门头、经营环境、后厨实况及资质等情况。 这是美团外卖率先推出的"一镜到底"门店真实性核验功能，目前已在金华、银川、青岛、哈尔滨、贵阳 等8个城市试点上线，主要面向新入驻商家，同时也是日常抽查的重要举措。该功能今年内将逐步推广 至全国，进一步提升门店真实性核验效果，未按照规定上传视频、视频造假将受到平台相应处置。 2025年12月4日，外卖平台推荐性国家标准《外卖平台服务管理基本要求》发布。针对"幽灵外卖"问 题，标准提出了平台内商户入驻条件，商户应提供带有门店定位的"一镜到底"视频，平台应根据视频核 验定位信息与商户证照的一致性。 证照和地址不符，就容易出现"虚假门店""无证经营"等食品安全隐患。对此，美团外卖自主研发并率先 试点"一镜到底"门店真实性核验功能，将证照地址一致纳入智能风险管控体系，推动食品安全风险的主 动发现和精准治理。 治理食品安全问题的关键并非有没有堂食，而是商家能否规范经营，愿不愿意公开透明地展示食安信 息。商户上传从门头到后厨的"一镜到底"视频，实现了经营场景的可视化、可追溯审查。 ...

Core Viewpoint - Minbao Optoelectronics (301362.SZ) resumed trading with a price increase of 20.01%, reaching 53.98 yuan, and a total market capitalization of 5.65 billion yuan, following the announcement of a share issuance to acquire 49% of Xiamen Xazhi Precision Technology Co., Ltd. and a cash purchase of 51% of the same company [1][2]. Group 1: Transaction Details - The company plans to issue shares to acquire 49% of Xiamen Xazhi Precision and will also make a cash purchase for 51% of the same company, with the final transaction price based on an evaluation report [1][2]. - The share issuance for raising matching funds will not exceed 100% of the transaction price and will involve issuing no more than 30% of the company's total shares before the issuance [1][2]. - The funds raised will be used for intermediary fees and project construction of the target company, with specific amounts disclosed in the restructuring report [2]. Group 2: Financial Performance - Xiamen Xazhi Precision's projected revenues for 2024 and 2025 are 124.95 million yuan and 135.18 million yuan, respectively, with net profits of 9.27 million yuan and 11.27 million yuan [4]. - Minbao Optoelectronics reported a revenue of 1.64 billion yuan in 2024, a year-on-year increase of 7.35%, and a net profit of 231 million yuan, reflecting a slight increase of 0.17% [5]. - For the first three quarters of 2025, the company reported revenues of 1.23 billion yuan, a decrease of 0.04%, and a net profit of 150 million yuan, down 19.75% year-on-year [6].

Core Viewpoint - Liyang Chip (688135.SH) plans to raise up to 970 million yuan through a private placement of A-shares, with the funds allocated for various projects and working capital [1][3]. Fundraising Details - The total amount to be raised is capped at 970 million yuan, which will be used for the following projects: - East City Liyang Chip Integrated Circuit Testing Project: 70 million yuan out of a total investment of 131.52 million yuan - Wafer Laser Hidden Cutting Project (Phase I): 8 million yuan out of a total investment of 10 million yuan - Heterogeneous Stacking Advanced Packaging Technology R&D Project: 10 million yuan fully funded by the raised capital - Supplementing working capital and repaying bank loans: 9 million yuan fully funded by the raised capital [1][3][4]. Issuance Methodology - The shares will be issued as domestic listed ordinary shares (A-shares) with a par value of 1.00 yuan each, and the issuance will be conducted through a private placement to no more than 35 specific investors [3][4]. - The pricing will be set at no less than 80% of the average trading price over the 20 trading days prior to the pricing date [4]. Shareholder and Control Information - The issuance will not change the control of the company, as Huang Jiang remains the controlling shareholder and actual controller post-issuance [6][11]. - The shares subscribed by the specific investors will be subject to a six-month lock-up period after issuance [5][6]. Historical Context - Liyang Chip was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on November 11, 2020, with an initial public offering that raised approximately 536 million yuan [6][7]. - The company has faced financial challenges, with a projected net loss for 2025 between 85 million yuan and 115 million yuan, although this represents a reduction in losses compared to the previous year [8].

2024年，泰豪科技归属于上市公司股东的净利润-9.91亿元，归属于上市公司股东的扣除非经常性 损益的净利润-8.78亿元。2020年至2023年，泰豪科技归属于上市公司股东的扣除非经常性损益的净利 润分别为-3.57亿元、-4.12亿元、-2.73亿元、-7.75亿元。 中国经济网北京2月2日讯 泰豪科技(600590.SH)1月31日披露的关于终止发行股份购买资产暨关联交 易事项的公告显示，公司于2026年1月30日召开第九届董事会第九次会议，审议通过了《关于终止发行 股份购买资产暨关联交易事项的议案》，同意公司终止本次发行股份购买资产暨关联交易事项（以下简 称"本次交易"），并授权公司管理层办理本次终止及终止后续的相关事宜。 公司原拟通过发行股份的方式向北京国发航空发动机产业投资基金中心（有限合伙）、中兵国调 （厦门）股权投资基金合伙企业（有限合伙）、中兵投资管理有限责任公司、重庆泰和峰私募股权投资 基金合伙企业（有限合伙）、榆林市煤炭资源转化引导基金合伙企业（有限合伙）（以下合称"交易对 方"）购买其合计持有的江西泰豪军工集团有限公司（以下简称"标的公司"）27.46%股权（以下简称"本 次交易"）。 ...

商务部研究院副研究员 洪勇 当收入不再完全依靠临时补贴，而是与长期稳定贡献挂钩，骑士的安全感与归属感也随之增强。稳定预 期本身就是一种重要的保障。 从单点式关怀扩展为生态协同，支持网络不断向外延伸 春节期间，骑士面临的问题并不仅限于收入。返乡返岗成本、社区通行不畅、履约效率受限，往往共同 构成压力来源。如果关怀只停留在单一业务层面，很难触及结构性问题。 因此，越来越多的实践开始依托阿里的平台生态，通过跨业务协作来降低骑士的整体成本。在出行环 节，通过火车票等交通补贴减轻春运负担；在履约环节，通过"碰一碰"等数字化通行方式减少小区门禁 摩擦；在配送环节，通过"智能装备"、"免费存餐柜"等设施支持提升效率。 每年春节，城市运行都会进入一种"高负荷状态"。消费需求集中释放，物流与即时配送压力骤增，而真 正承压的，往往是那些穿行在街巷之间的一线劳动者。对外卖骑士而言，春节既意味着更高强度的工 作，也伴随着返乡成本、收入不稳定、生活保障不足等现实挑战。 长期以来，社会对新就业群体的关怀，多以节日慰问、集中发放物资等方式呈现。这些举措在情感层面 具有积极意义，却也存在持续时间短、覆盖面有限、难以形成长期预期等明显局限。随 ...