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Core Viewpoint - Hainan Mining (601969.SH) resumed trading today, initially hitting the daily limit up at 13.87 yuan, a rise of 9.99%, before falling to 12.33 yuan, down 2.22% by midday, with a trading volume of 1.136 billion yuan and a turnover rate of 4.48% [1] Group 1: Transaction Details - The company plans to acquire a 69.90% stake in Luoyang Fengrui Fluorine Industry Co., Ltd. through a combination of cash and share issuance to three parties: Wang Zhongxi, Wang Chen, and Bai Di Investment [1][2] - The share issuance price for the asset acquisition is set at 8.60 yuan per share, with the final transaction price to be determined based on an asset appraisal [4][5] - The company aims to raise up to 100% of the transaction price through a share issuance to no more than 35 specific investors, with the issuance amount not exceeding 30% of the total share capital post-transaction [5] Group 2: Financial Performance of Target Company - Luoyang Fengrui Fluorine Industry reported revenues of 608.99 million yuan, 668.14 million yuan, and 494.83 million yuan for the years 2023, 2024, and the first nine months of 2025, respectively, with net profits of 114.38 million yuan, 136.11 million yuan, and 130.38 million yuan for the same periods [3][4] - The total assets of Luoyang Fengrui as of September 30, 2025, are 1.8309 billion yuan, with net assets of 761.54 million yuan [4] Group 3: Hainan Mining's Financial Overview - Hainan Mining's revenues for 2022, 2023, and 2024 were 4.8299 billion yuan, 4.6759 billion yuan, and 4.0655 billion yuan, respectively, with net profits of 699.31 million yuan, 625.64 million yuan, and 649.16 million yuan [7] - For the first three quarters of 2025, Hainan Mining reported revenues of 336 million yuan, a year-on-year increase of 5.93%, but a net profit decline of 42.84% to 31.24 million yuan [8] Group 4: Strategic Implications - The acquisition is expected to enhance Hainan Mining's portfolio by adding fluorite mining operations, aligning with its strategy to focus on strategic resources [6] - The transaction is anticipated to improve the company's competitive edge and profitability without altering its control structure or core business focus [6]

中国经济网北京2月10日讯 市场今日早间横盘震荡，三大指数小幅下跌。截至午间收盘，上证指数报4122.34点，跌幅0.02%；深证成指报14206.26点， 跌幅0.02%；创业板指报3328.02点，跌幅0.14%。 板块方面，影视院线、文化传媒、游戏等板块涨幅居前，机场航运、贵金属、白酒等板块下跌。 A股市场板块涨跌幅排行 | 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 | 下跌多 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 影视院线 | 11.62 | 2635.34 | 312.24 | 39.28 | 20 | O | | 2 | 文化传媒 | 5.33 | 4926.09 | 737.97 | 54.94 | 79 | ব | | 3 | 游戏 | 4.45 | 1695.66 | 267.50 | 30.05 | 22 | 1 | | ব | 黑色家电 | 2.34 | 137.53 | 15.99 | -4.33 | ਰੇ | O | | 5 | ...

来源：经济参考报 张莫 叶健 陈旭 一边是商业航天突飞猛进，另一边是航天保险徐徐前行。《经济参考报》记者近日调研了解到，我国商 业航天保险需求呈爆发式增长，但不少企业仍面临费率高、保额低、定价难等现实挑战。 有人称，保险是商业航天的"隐形基础设施"。要让商业航天真正翱翔天际，离不开保险这双"安全之 翼"的护航。业内人士建议，推动航天保险发展，既需要政策支持与引导，也需要保险行业创新思路， 如采用共保体形式抱团发展，多方携手托起这片属于星辰大海的商业未来。 新需求爆发：万亿赛道呼唤更多保障 中商产业研究院数据显示，从2020年到2024年，我国商业航天行业产值由1万亿元增至2.3万亿元左右， 复合年增长率为22.9%，2026年有望突破3万亿元。2025年，我国共执行92次航天发射，其中商业发射 50次，占比首次超过50%。 "随着中国商业航天发射频率显著增加，保险需求呈现爆发式增长。"太保产险北京分公司相关负责人表 示，不仅投保及询报价项目增多，且单次发射保额需求也有所提升。 与此同时，商业航天企业的保险需求更加多样化。人保财险北京分公司相关负责人告诉记者，一是保险 需求逐渐延伸至产品研发和试验阶段；二是保险 ...

Core Viewpoint - The article emphasizes the importance of a clear and actionable investment framework for fund managers to navigate market cycles and capture growth trends, exemplified by the performance of the Southern Fund managed by Fan Jialiang, which achieved a cumulative return of 130.09% since December 1, 2023, outperforming the benchmark by 31.07% [1] Investment Framework - Fan Jialiang prioritizes "quality" in his investment philosophy, focusing on a balance between beta and alpha, and believes that selecting the right assets is crucial [2] - His approach aims to enhance the overall risk-return profile of the portfolio, optimizing the Sharpe ratio [2] - The investment framework is built on long-term research into cycles and trends, leveraging experience from both venture capital and market research across various sectors [2] Macro Insights - Fan Jialiang predicts that tight supply conditions will support potential long-term central interest rates, particularly in the upstream resource sector, which faces constraints due to lack of capital expenditure and ESG policies [3] - The restructuring of global supply chains prioritizing safety over efficiency is expected to negatively impact overall manufacturing efficiency, even during a U.S. interest rate cut cycle [3] Investment Strategy - The investment strategy is centered around three core directions: 1. Focusing on the opportunities for Chinese enterprises in emerging market manufacturing, which can enhance local economies and reduce inflationary pressures [4] 2. Capitalizing on supply bottlenecks in the upstream resource sector, as developing countries become the main drivers of global commodity demand [4] 3. Identifying structural opportunities within the domestic economy, particularly in consumer goods and technology sectors [5] Long-term Investment Approach - The investment practice reflects a commitment to "aligning with major trends," avoiding short-term fads while dynamically optimizing portfolio layouts based on macro cycles and industry logic [6] - Regular reports maintain a transparent and pragmatic style, emphasizing investment decisions based on industry logic and valuation matching [6] Future Outlook - The products managed by Fan Jialiang are characterized by long-term stability and controlled risk, making them attractive for investors seeking to capitalize on cyclical opportunities [7] - The focus will continue on structural opportunities in both emerging markets and the domestic economy [7]

公告显示，本次权益变动涉及协议转让，协议转让事项需经深圳证券交易所出具股份转让申请的确认意见书，并经中国证券登记结算 有限责任公司深圳分公司办理股份过户登记手续。本次权益变动是否能够最终完成尚存在不确定性，请广大投资者注意投资风险。 本次协议转让完成后，智德龙腾持有公司股份14,610,000股，占公司总股本的5.00%，成为持有公司5%以上股份的股东。 科大国创2025年业绩预告显示，公司预计归属于上市公司股东的净利润亏损14,000万元至19,000万元，预计扣除非经常性损益后的净 利润亏损19,000万元至25,000万元，预计营业收入130,000万元至160,000万元。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股东的 浄利润 | 亏损: 14,000 万元—19,000 万元 | 亏损:823.22 万元 | | 扣除非经常性损益后的 浄利润 | 亏损:19,000 万元—25,000 万元 | 亏损:4.660.15 万元 | | 营业收入 | 130,000 万元—160,000 万元 | 190,001.29 万元 | | 扣除后营 ...

Core Viewpoint - Jieqiang Equipment (300875.SZ) has faced legal challenges due to the involvement of its actual controller, Pan Feng, in criminal activities, leading to penalties and potential impacts on the company's future development and reputation [1][2]. Group 1: Legal Issues and Penalties - The company was found guilty of unit bribery and fined RMB 1.5 million, which has been paid by the controlling shareholder [1]. - Pan Feng was sentenced to one year and nine months in prison for unit bribery and also fined RMB 1.5 million, which has been paid [1]. - The company believes that these legal issues do not trigger mandatory delisting under the Shenzhen Stock Exchange's rules [2]. Group 2: Financial Performance - Jieqiang Equipment's revenue for 2022, 2023, and 2024 was RMB 240 million, RMB 293 million, and RMB 138 million, respectively [3]. - The net profit attributable to shareholders for the same years was -RMB 17.43 million, -RMB 67.90 million, and -RMB 278 million, respectively [3]. - The estimated net profit for 2025 is projected to be between -RMB 90 million and -RMB 120 million, with the net profit excluding non-recurring items estimated between -RMB 100 million and -RMB 130 million [3][4]. Group 3: Initial Public Offering and Fundraising - Jieqiang Equipment raised a total of RMB 1.019 billion, with a net amount of RMB 927 million after deducting issuance costs [3]. - The company initially planned to raise RMB 700 million for various projects, including military cleaning and disinfection equipment production [3]. - The underwriting fees for the IPO amounted to RMB 70.81 million, paid to China International Capital Corporation [3].

| 序号 | 项目名称 | 投资总额 | 拟投入募集资金 | | --- | --- | --- | --- | | | 面向人工智能的先进算力集群系统项目 | 350,000.00 | 350,000.00 | | 7 | 下一代高性能 AI 训推一体机项目 | 250,000.00 | 250,000.00 | | 3 | 国产化先进存储系统项目 | 200,000.00 | 200,000.00 | | | 合计 | 800,000.00 | 800,000.00 | 中国经济网北京2月10日讯中科曙光（603019）(603019.SH)昨晚披露向不特定对象发行可转换公司债券 预案，本次发行证券的品种为向不特定对象发行可转换为公司A股股票的可转债。该等可转债及未来转 换的A股股票将在上海证券交易所上市。本次发行的可转债每张面值为人民币100.00元，按面值发行。 本次发行的可转债期限为自发行之日起六年。 本次发行的可转债票面利率的确定方式及每一计息年度的最终利率水平，由公司股东会授权公司董事会 (或由董事会授权人士)在发行前根据国家政策、市场状况和公司具体情况与保荐人(主承销商)协商确 定。本次可转债 ...

中国经济 新亮点= 国新办近日举行国务院政策例行吹风会,介绍《加快 培育服务消费新增长点工作方案》有关情况。当前冰 雪经济火热,各地积极打造多元冰雪消费场景,"冷 资源"正在转化为"热动力"。体育总局相关负责人 表示,在各部门、社会各界的推动下,2025-2026 冰雪季呈现三个亮点。 亮点1 7线 人气和消费热度不减 2025年11月1日 - 2026年1月31日 全国滑雪场 滑雪场及周边 消费总额 累计接待客流量 691.5亿元 1.18亿人次 其中入境客流量 125.5万人次 同比增长89.2% 交易笔数 8.9亿笔 同比增长0% 目前,北京延庆、河北崇礼、吉林省吉林 市、黑龙江哈尔滨亚布力、新疆阿勒泰等 地,正积极推动建设冰雪主题的高质量 户外运动目的地 5冰雪运动更方便 吉林省、内蒙古呼伦贝尔、 新疆阿勒泰与乌鲁木齐 其中吉林义务教育阶段学生可到指定 滑雪场、滑冰场,享受每日1次3小时 的免费上冰雪活动 亮点2 放"雪假" 东北地区部分车站、列车试点推出 "雪具便利行"服务,旅客线上预约 成功后,可随车携带雪具 哈尔滨、长白山等多家机场推出雪具托运、 雪板"门对门"运送等服务产品 去滑雪热点城市的航 ...

Financial Performance - The company expects to report a loss for the fiscal year 2025, with net profit projected to decline by over 50% compared to the previous year [1] - Estimated net profit attributable to shareholders for 2025 is projected to be between -39.85 million and -26.79 million yuan, a decrease of 174.56 million to 187.62 million yuan year-on-year, representing a decline of 118.13% to 126.97% [1] - The net profit after deducting non-recurring gains and losses for 2025 is expected to be between -68.73 million and -45.82 million yuan, a decrease of 171.21 million to 194.12 million yuan year-on-year, reflecting a decline of 136.54% to 154.82% [1] - In 2024, the company achieved operating revenue of 1.142 billion yuan, a year-on-year increase of 9.94%, while net profit attributable to shareholders decreased by 24% to 148 million yuan [1] IPO and Fundraising - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 3, 2024, issuing 35.24 million shares at a price of 19.06 yuan per share, representing 25% of the total share capital post-issuance [2] - Total funds raised from the IPO amounted to 671.77 million yuan, with a net amount of 609.65 million yuan after deducting issuance costs, which was 992.36 million yuan less than the original plan [2] - The company intended to raise 1.602 billion yuan for projects including the headquarters and innovation transformation center, a high-quality non-clinical innovative drug comprehensive evaluation platform expansion, and to supplement working capital [2]