Core Viewpoint - The company Kobalt has announced delays in two fundraising projects, which may increase short-term performance pressure due to a significant decline in net profit for 2025 [1][2]. Group 1: Project Delays - Kobalt has postponed the expected operational dates for the "Annual Production of 50,000 Tons of High-Performance Functional Composite Materials Project" and the "Research and Development Center Construction Project" to December 31, 2026 [1][2]. - The delays are attributed to various factors, including economic conditions and overall market demand, affecting the actual investment progress of the projects [1][2]. Group 2: Financial Performance - Since 2021, Kobalt's capacity utilization rate has remained high, but the company's net profit for the first three quarters has decreased by over 30% year-on-year, indicating a slowdown in growth for 2025 [1]. - The company aims to ensure the effective use of raised funds and protect the rights of shareholders while extending the project timelines without changing the intended use of the funds [2]. Group 3: Fundraising Details - Kobalt's initial public offering raised a total of approximately 143.99 million yuan, with a net amount of about 120.64 million yuan after deducting issuance costs [3]. - The company plans to use the raised funds for the two delayed projects and to supplement working capital [3].

一审法院认为,被告某银行锦州分行系案涉"汇添富稳健添盈一年持有期混合型证券投资基金"的代销 机构，原告王某通过被告购买上述理财产品,双方构成金融服务法律关系。 中国经济网北京1月23日讯 信网/信号新闻21日报道《推销基金时未充分告知风险光大银行锦州分 行被判承担客户一半损失》显示，王女士在中国光大银行股份有限公司锦州分行（以下简称"光大银行 锦州分行"）理财经理的推荐下，投入600万元购买了一款中风险基金，后续分两次赎回，但第二次赎 回时本金部分产生了14万余元的亏损，于是将光大银行锦州分行告上法庭。 近日，信号新闻获悉，一审法院审理后认为，光大银行锦州分行在销售该理财产品过程中，未对客 户进行书面风险告知、未履行风险评估义务，对客户投资损失存在过错，需承担50%本金损失的赔偿 责任。光大银行锦州分行提起上诉，被二审法院驳回。 裁判文书网发布的《辽宁省锦州市中级人民法院民事判决书》（（2025）辽07民终1743号）显 示，一审法院查明事实如下： 原告王某多次在被告某银行锦州分行购买金融理财产品，被告为原告指定专属理财经理裴超。被告 某银行锦州分行于2020年4月7日对原告王某进行购买理财产品进行了风险评估 ...

Core Viewpoint - AsiaInfo Security (688225.SH) has projected a significant increase in revenue for 2025, but anticipates a net loss compared to the previous year [1] Financial Performance - For 2025, AsiaInfo Security expects revenue between 740 million to 800 million yuan, an increase of 380.49 million to 440.49 million yuan year-on-year [1] - The company forecasts a net loss attributable to shareholders of 50 million to 38 million yuan for 2025, a decrease of 38.96 million to 50.96 million yuan compared to the previous year [1] - The projected net profit excluding non-recurring gains and losses for 2025 is expected to be between -40 million to -29 million yuan, down by 27.37 million to 38.37 million yuan year-on-year [1] - In 2024, AsiaInfo Security reported revenue of 3.595 billion yuan, a year-on-year increase of 123.56% [2] - The net profit attributable to shareholders in 2024 was 9.59 million yuan, recovering from a loss of 291.08 million yuan in the previous year [2] - The net profit excluding non-recurring gains and losses for 2024 was -16.26 million yuan, an improvement from -32.49 million yuan in 2023 [2] - The net cash flow from operating activities for 2024 was 1.145 billion yuan, a significant recovery from -379.34 million yuan in 2023 [2] IPO and Fundraising - AsiaInfo Security was listed on the Sci-Tech Innovation Board on February 9, 2022, with an initial public offering of 40.01 million shares at a price of 30.51 yuan per share [2] - The total amount raised from the IPO was 1.221 billion yuan, with a net amount of 1.123 billion yuan, which was 85.06 million yuan less than originally planned [3] - The funds raised are intended for various projects including cloud security operations, smart security products, and 5G cloud network security products [3] - The total issuance costs for the IPO were 98.19 million yuan, with underwriting fees amounting to 73.24 million yuan [4]

Core Viewpoint - The Chinese government is committed to maintaining a proactive fiscal policy in 2026 to promote high-quality economic and social development, ensuring that fiscal deficits, debt levels, and total expenditures remain at necessary levels while focusing on key areas of support [1][3]. Group 1: Fiscal Policy and Expenditure - The fiscal deficit, total debt scale, and total expenditure for 2026 will be maintained at necessary levels, ensuring that overall expenditure intensity "only increases and does not decrease," with a focus on strengthening key areas of support [3]. - The government plans to continue expanding the fiscal expenditure framework in 2026, building on the more proactive measures of 2025, indicating a very positive policy stance [3]. - There will be a continuous optimization of expenditure structure to ensure funds are allocated to critical areas, breaking the "base + growth" expenditure solidification pattern, and actively applying zero-based budgeting principles to reduce ineffective spending [3]. Group 2: Efficiency and Effectiveness of Fund Utilization - Every penny spent must generate the expected benefits, with plans to arrange super long-term special government bonds in 2026 for "two heavy" constructions and "two new" initiatives, while optimizing policy implementation [5]. - The government aims to enhance fiscal and financial collaboration, exploring innovative policy tools to amplify the effects of public funds and the spillover effects of public policies [5]. - There will be a focus on deepening fiscal and tax reforms to further stimulate the internal vitality of the economy, optimizing transfer payment structures, and enhancing local fiscal capabilities [5].

| 项目 | 本报告期 | | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股 | | 2, 064. 02 | 14 | 2, 792. 49 | 6,809.09 | | 东的净利润 | 比上年同期下降 | 58. 99% | | 69.69% | | | 扣除非经常性损益 | | 2,035. 59 | 14 | 2, 754. 03 | 6,247.75 | | 后的净利润 | 比上年同期下降 | 55.92% | | 67. 42% | | 中国经济网北京1月23日讯 汇成真空(301392.SZ)昨晚披露2025年度业绩预告称，公司预计2025年归属于 上市公司股东的净利润2,064.02万元至2,792.49万元，比上年同期下降58.99%至69.69%；预计归属于上 市公司股东的扣除非经常性损益的净利润2,035.59万元至2,754.03万元，比上年同期下降55.92%至 67.42%。 汇成真空于2024年6月5日在深交所创业板上市，公开发行股票2,500.00万股，占发行后总股本的比例为 25.00%，发行价格为12 ...

Group 1 - The company Mingxin Xuteng (605068.SH) has forecasted a net loss for the year 2025, estimating a loss of between 130 million yuan and 90 million yuan attributable to the parent company [1] - For the year 2024, the company reported an operating revenue of 1.179 billion yuan, representing a year-on-year increase of 30.21%, but a net profit attributable to shareholders of the listed company was a loss of 172 million yuan, a decrease of 412.54% [1] - The net cash flow from operating activities for 2024 was 14.42 million yuan, down 74.82% year-on-year [1] Group 2 - The company raised a total of 962 million yuan from its initial public offering, with a net amount of 872 million yuan after deducting issuance costs, which were allocated to various projects including the upgrade of leather production and R&D center construction [2] - The issuance costs for the initial public offering amounted to 89.55 million yuan, with underwriting fees of 58.05 million yuan [2] Group 3 - In 2022, the company issued convertible bonds, raising 673 million yuan, with a net amount of 666.94 million yuan after deducting underwriting fees and other related costs [3] - The total amount raised from the two fundraising activities is 1.635 billion yuan [3]

中国经济网北京1月23日讯 今日，博时基金发布博时中证农业主题指数型发起式证券投资基金清算报 告。 报告称，博时中证农业主题指数型发起式证券投资基金《基金合同》于2022年12月13日正式生效，基金 合同生效日的基金份额总额为20,958,252.57份基金份额，其中认购资金利息折合4,044.57份基金份额。 根据《基金合同》"第五部分基金备案"之"三、基金存续期内的基金份额持有人数量和资产规模"约定： "该基金的基金合同生效之日起三年后的对应日，若基金资产净值低于两亿元的，该基金将根据基金合同 的约定进行基金财产清算并终止，无需召开基金份额持有人大会审议，且不得通过召开基金份额持有人大会 的方式延续基金合同。若届时的法律法规或中国证监会规定发生变化，上述终止规定被取消、更改或补充 时，则该基金可以参照届时有效的法律法规或中国证监会规定执行。 该基金在基金合同生效三年后继续存续的，基金存续期内，连续20个工作日出现基金份额持有人数量不 满200人或者基金资产净值低于5000万元情形的，基金管理人应当在定期报告中予以披露；连续50个工作日出 现前述情形的，该基金将根据基金合同的约定进行基金财产清算并终止，且无 ...

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中国经济网北京1月23日讯今日，天治基金公告，李申离任天治核心成长混合(LOF)，卓佳亮管理。 卓佳亮曾任兴证证券资产管理有限公司(原兴业证券资产管理部)研究员、投资经理；嘉实基金管理有限 公司投资经理。2025年8月加入天治基金管理有限公司，历任产品开发与金融工程部副总监，现任权益 投资部副总监、基金经理。 天治核心成长混合(LOF)成立于2006年01月20日，截至2026年01月22日，其今年来收益率为-0.59%，成 立来收益率为155.35%，累计净值为2.2445元。 | 基金名称 | 天治核心成长混合型证券投资基金(LOF) | | --- | --- | | 基金简称 | 天治核心成长混合(LOF) | | 基金主代码 | 163503 | | 基金管理人名称 | 天治基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基 | 卓佳亮 | | 金经理姓名 | | | 离任基金经理姓名 | 李申 | ...

Group 1 - The core announcement is about the change in fund management at Zhonggeng Fund, with Zhou Ru'ang being appointed as a new fund manager and Wu Chenggen leaving the position [1][2] - Zhou Ru'ang has been involved in securities research since July 2016 and has held positions at various asset management companies before joining Zhonggeng Fund in November 2018 [1] - The Zhonggeng Value Flexible Allocation Mixed Fund was established on July 16, 2019, and has achieved a year-to-date return of 10.43% and a cumulative return of 218.67% as of January 22, 2026, with a net asset value of 3.1867 yuan [1] Group 2 - The fund's name is Zhonggeng Value Flexible Allocation Mixed Securities Investment Fund, with the main code 007497 [2] - The change in fund management is classified as both an appointment and a resignation of fund managers [2] - The announcement is made in accordance with relevant laws and regulations regarding the disclosure of information for publicly raised securities investment funds [2]