Core Viewpoint - Shaanxi Tourism (603402.SH) has successfully listed on the Shanghai Stock Exchange, with a closing price of 132.00 yuan, marking a 64.10% increase on its first day of trading, and a total market capitalization of 10.208 billion yuan [1]. Group 1: Company Overview - Shaanxi Tourism integrates tourism performances, cable cars, and dining services, leveraging premium tourism resources such as Huaqing Palace and Mount Huashan to provide high-quality tourism products and services [1]. - The controlling shareholder, Shaanxi Tourism Group, holds 47.59% of the company, with the actual controller being the Shaanxi Provincial State-owned Assets Supervision and Administration Commission [1]. Group 2: Financial Performance - The company reported revenues of 23.19 million yuan, 108.83 million yuan, and 126.27 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of -10.26 million yuan, 52.95 million yuan, and 62.16 million yuan during the same period [5]. - For the first half of 2025, the company achieved a revenue of 51.65 million yuan and a net profit of 24.71 million yuan [7]. Group 3: Fundraising and Investment Plans - The company plans to raise approximately 155.52 million yuan through the issuance of 19.33 million shares at a price of 80.44 yuan per share, with net proceeds expected to be 152.19 million yuan after deducting issuance costs [3]. - The raised funds will be allocated to various projects, including the construction of the second phase of Taishan Xiucheng, acquisition of Shaanxi Taihua Tourism Cableway, and other related projects [4]. Group 4: Future Projections - For the first nine months of 2025, the company anticipates revenues between 95.1 million yuan and 111.7 million yuan, representing a year-on-year decline of approximately 24.69% to 11.54% [10]. - The projected net profit for 2025 is expected to be between 37.1 million yuan and 43.6 million yuan, reflecting a decrease of 27.50% to 14.80% compared to 2024 [10].

| 序号 | 板块 | 涨跌幅(%)▼ | | 总成交量（万手） = 总成交额（亿元）▼ | 净流入 (亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 小金属 | 4.77 | 1378.28 | 460.18 | 32.34 | 26 | 1 | | 2 | 保 | 4.22 | 444.17 | 206.11 | 16.87 | ട | 0 | | 3 | 化学原料 | 3.94 | 2310.25 | 211.18 | 26.42 | 54 | ഗ | | র্ব | 能源金属 | 3.69 | 543.46 | 272.28 | 21.77 | 12 | 1 | | 5 | 证券 | 3.65 | 6984.44 | 932.45 | 157.41 | 50 | 0 | | 6 | 工业等選 | 3.45 | 6088.45 | 843.90 | 39.79 | 56 | N | | 7 | 农化制品 | 2.82 | 1766.89 | 276.20 | 24.16 | રેટ | র্ণ | ...

Core Viewpoint - China's high-speed rail (HSR) network is set to expand from over 10,000 kilometers in 2013 to 50,000 kilometers by 2025, showcasing significant technological advancements and becoming a vital driver of national development and public welfare [1][2]. Group 1: Technological Innovation - The transition from "Harmony" to "Fuxing" trains illustrates China's unique path of technological breakthroughs, moving from technology absorption to full independent innovation [1]. - The CR450 train set a new record with a relative meeting speed of 896 kilometers per hour, and China has led the establishment of 13 international railway union (UIC) high-speed rail system standards [1]. - The 12306 ticketing system has a daily ticket sales capacity exceeding 20 million, highlighting the technological prowess of China's HSR [1]. Group 2: Social Impact - High-speed rail has transformed people's perception of time and space, creating a "1-4 hour transportation circle" that facilitates daily travel across long distances [1]. - Regions like Fuping and Badong have experienced accelerated development due to the opening of high-speed rail, enhancing growth in revolutionary old areas, ethnic regions, and border areas [1]. - The integration of features such as electronic ticketing, senior-friendly modifications, and efficient "high-speed rail express" services reflects a commitment to user convenience and care [1]. Group 3: Economic Development - High-speed rail connects key urban clusters such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area, promoting efficient movement of talent, capital, and technology [2]. - The rapid transport of regional products, such as lychees and lamb, to major cities enhances market access and supports regional coordinated development [2]. - Internationally, projects like the Jakarta-Bandung high-speed rail serve as flagship initiatives for the Belt and Road Initiative, showcasing China's technological integration with European standards through projects like the Hungary-Serbia railway [2]. Group 4: Future Outlook - As China enters a new development phase, the high-speed rail system aims to become safer, faster, smarter, and greener, continuing to fulfill the public's aspirations for a better life [2]. - The expansion of the high-speed rail network is seen as a milestone and a new starting point for further advancements in China's modernization journey [2].

Core Insights - The release of the "China Listed Companies D&O Insurance Market Report (2026)" marks a significant development in the D&O insurance sector, highlighting trends and future directions in the market [1][3] Group 1: Market Trends - As of December 2025, a total of 1,753 listed companies in the A-share market have announced plans to purchase D&O insurance, representing a 16% increase from 1,509 companies the previous year [3] - In 2025, 643 A-share listed companies disclosed plans to purchase D&O insurance, a 19% increase compared to the previous year, with a penetration rate of 32% among all listed companies [3] - The number of listed companies that faced lawsuits from investors after purchasing D&O insurance has risen, with 85 companies involved over the past four years, indicating a clear upward trend [3] Group 2: Claims and Financial Data - In 2024, there were 26 claims made against D&O insurance policies, totaling 390 million yuan, while in the first three quarters of 2025, 13 claims were made, amounting to 89.47 million yuan [3] - The total disclosed claims amount for D&O insurance from Q1 2022 to Q3 2025 has exceeded 850 million yuan [3] Group 3: Professional Insights - The report was collaboratively developed by legal, insurance, and technology professionals, utilizing advanced data analysis techniques to provide a comprehensive view of the D&O insurance landscape [1][4] - The importance of D&O insurance as a risk management tool and its role in enhancing corporate governance was emphasized, alongside a call for improved disclosure obligations regarding D&O insurance [4][6] Group 4: Future Outlook - The collaboration between Mingya, Jianwei Law Firm, and Xianlv Technology aims to enhance the D&O insurance ecosystem, promoting rational and stable development in the market [8]

中国经济网北京1月6日讯 智飞生物(300122.SZ)昨日晚间发布关于公司控股股东部分股份解除质押 的公告。公司近日接到公司控股股东、实际控制人蒋仁生的通知，获悉蒋仁生所持有公司的部分股份解 除质押。 | 股东名称 | | | 累计被质押股份 | 合计占其所 | 合计占公 | | --- | --- | --- | --- | --- | --- | | | 持股数量(股) | 持股比例(%) | 数量(股) | 持股份比例 (%) | 司总股本 比例(%) | | 蒋仁生 | 1, 159, 573, 500 | 48. 44 | 119, 250, 000 | 10. 28 | 4.98 | | 蒋凌峰 | 129.600.000 | 5.41 | 0 | 0 | 0 | | 蒋喜生 | 16. 800. 000 | 0. 70 | 0 | 0 | 0 | | 合计 | 1, 305, 973, 500 | 54. 56 | 119, 250, 000 | 9. 13 | 4. 98 | (责任编辑：田云绯) 蒋仁生本次解除质押股数为65,450,000股，占其所持股份比例5.64%，占公司总股本比例2 ...

此前，长川投资于2025年12月22日至2025年12月26日通过证券交易所的集中交易及大宗交易方式合 计减持长川科技股份5,350,000股，导致其及其一致行动人累计持有长川科技股份比例由26.4660%变动 为25.6227%，权益变动触及1%的整数倍。长川科技于2025年12月22日至2025年12月26日的加权均价为 99.938元/股，以此计算，长川投资减持金额约为53,466.83万元。 中国经济网北京1月6日讯 长川科技(300604.SZ)昨日晚间发布关于控股股东、实际控制人及其一致 行动人合计持股比例触及5%整数倍暨权益变动的提示性公告。 公司于近日收到控股股东、实际控制人及其一致行动人出具的《简式权益变动报告书》，获悉公司 控股股东、实际控制人赵轶及其一致行动人杭州长川投资管理合伙企业（有限合伙）（以下简称"长川 投资"）合计持有公司股份比例下降至25.0000%，权益变动后持股比例触及公司总股本5%的整数倍。 长川投资自上述公司限制性股票回购注销、资本公积转增股本、向特定对象发行股票、限制性股票 授予、持股比例被动增加、持股比例被动稀释、减持及减持计划披露日至报告书签署之日，通过证券交 ...

中国经济网北京1月6日讯 国家金融监督管理总局网站今日公布的大同监管分局行政处罚信息公开 表（同金管罚决字〔2025〕45号）显示，中国光大银行股份有限公司大同分行贷后管理不到位；福费廷 业务管理不审慎。国家金融监督管理总局大同监管分局依据《中华人民共和国银行业监督管理法》第二 十一条、第四十六条及相关审慎经营规则，对其罚款40万元。 康玉灵（时任中国光大银行股份有限公司大同分行零售部产品经理）对中国光大银行股份有限公司 大同分行贷后管理不到位的违法违规行为负有责任。国家金融监督管理总局大同监管分局依据《中华人 民共和国银行业监督管理法》第二十一条、第四十八条及相关审慎经营规则，对其警告。 刘文平（时任中国光大银行股份有限公司大同分行营业部总经理）对中国光大银行股份有限公司大 同分行福费廷业务管理不审慎的违法违规行为负有责任。国家金融监督管理总局大同监管分局依据《中 华人民共和国银行业监督管理法》第二十一条、第四十八条及相关审慎经营规则，对其警告。 以下为原文： | 序 | 当事人 | 行政处罚 | 主要违法 | 行政处罚 | 行政处 | 作出决 | 作出 | | --- | --- | --- | --- ...

徐培健在华宝证券股份有限公司苏州苏州大道西证券营业部从业期间，存在委托证券经纪人以外的 第三方进行客户招揽活动的情形，违反了《证券经纪人管理暂行规定》(证监会公告〔2020〕20号)第十 二条第八项、《证券经纪业务管理办法》(证监会令第204号)第八条第七项、第四十八条的规定。 中国经济网北京1月6日讯 中国证监会网站近日公布江苏证监局关于对徐培健采取出具警示函行政 监管措施的决定。 根据《证券经纪人管理暂行规定》(证监会公告〔2020〕20号)二十四条第一款,《证券经纪业务管理 办法》(证监会令第204号)第四十四条的规定，江苏证监局决定对徐培健采取出具警示函的行政监管措 施，并记入证券期货市场诚信档案。 此前，湖南证监局2025年9月17日发布关于对华宝证券股份有限公司长沙茶子山东路证券营业部采 取出具警示函行政监管措施的决定、关于对陈叶丽采取出具警示函行政监管措施的决定。经查，华宝证 券股份有限公司长沙茶子山东路证券营业部存在以下问题：开户招揽不规范，合规管理不到位，未能积 极配合现场检查工作开展。 湖南证监局决定对华宝证券股份有限公司长沙茶子山东路证券营业部采取出具警示函的行政监管措 施，并记入证券期 ...

中国经济网北京1月6日讯 中国证监会网站近日公布深圳证监局关于对中泰期货股份有限公司深圳 分公司采取出具警示函措施的决定、深圳证监局关于对卢宗健采取出具警示函措施的决定。 经查，中泰期货股份有限公司深圳分公司存在个别客户经理指导客户填写风险测评问卷，对客户回 访管理不到位，对互联网营销第三方合作机构尽调不充分等问题，反映出该分公司对交易者适当性管 理、互联网营销业务管理不完善、内部控制存在不足。 以下为原文： 深圳证监局关于对中泰期货股份有限公司深圳分公司采取出具警示函措施的决定 卢宗健作为分公司负责人，对上述违规行为负有管理责任。 上述行为违反了《期货公司监督管理办法》（证监会令第155号，下同）第五十一条、第五十六 条，《证券期货投资者适当性管理办法》（证监会令第202号，下同）第二十九条第二款的相关规定。 根据《期货公司监督管理办法》第一百零九条、《证券期货投资者适当性管理办法》第三十七条的 规定，深圳证监局决定对中泰期货股份有限公司深圳分公司采取出具警示函的监管措施；对卢宗健采取 出具警示函的监管措施。 中泰证券(600918.SH)年报显示，中泰期货股份有限公司为上市公司持股63.10%的控股子公司 ...

中国经济网北京1月6日讯 中国证监会青岛监管局网站近日公布关于对华创期货有限责任公司山东 分公司采取出具警示函监管措施的决定。 以下为全文： 关于对华创期货有限责任公司山东分公司采取出具警示函监管措施的决定 〔2025〕24号 华创期货有限责任公司山东分公司： 经查，你分公司（统一社会信用代码：91370212MA94Y1X647）存在以下问题： 一、在向客户提供服务的过程中，未科学有效评估投资者风险承受能力。上述行为违反了《证券期 货投资者适当性管理办法》（证监会令第202号）第三条的规定。 经查，华创期货有限责任公司山东分公司存在以下问题： 一、在向客户提供服务的过程中，未科学有效评估投资者风险承受能力。上述行为违反了《证券期 货投资者适当性管理办法》（证监会令第202号）第三条的规定。 二、在客户外接系统接入管理的过程中，对外接系统尽职调查不到位。上述行为违反了《期货公司 监督管理办法》（证监会令第155号）第五十六条、第九十七条的规定。 依照《证券期货投资者适当性管理办法》第三十七条、《期货公司监督管理办法》第一百零九条的 规定，青岛证监局决定对华创期货有限责任公司山东分公司采取出具警示函的监督管理措 ...