Core Insights - The integration of panda culture and tea culture in Ya'an is highlighted as a unique cultural symbol, showcasing the city's tourism development and cultural confidence [1][3] - By October 2025, Ya'an received 17.56 million tourists, generating a tourism revenue of 11.744 billion yuan, reflecting a year-on-year growth of 19.6% and 22% respectively [1][3] Cultural Integration - The city features a high forest coverage rate of 98% in the Bifengxia area, which is home to one of the largest panda research and breeding bases globally, with over 20% growth in visitor numbers in the first half of 2025 [4] - The tea culture experience projects at Mount Mengding allow visitors to engage in tea picking and processing, deepening their understanding of the historical significance of the Tea Horse Road [6] Market Dynamics - The panda-themed hotel in Yucheng maintains an occupancy rate of over 90%, demonstrating the market value created through cultural tourism integration [8] - The development of a complete tea culture tourism industry chain in Mingshan District, including themed accommodations and unique products, revitalizes tea culture [10] Policy Support - The Ya'an government has established a comprehensive policy support system for cultural tourism development, including a special fund of 200 million yuan annually for tourism projects [11] - Infrastructure improvements, such as highway expansions and new airport projects, are being accelerated to enhance transportation capabilities [11] Future Goals - By the end of 2025, Ya'an aims to attract 50 million tourists and achieve a total tourism revenue of 50 billion yuan, positioning itself as a significant cultural tourism destination [12]

Group 1 - The core viewpoint is that Shanghai has made significant progress in enhancing its international trade center during the 14th Five-Year Plan period, improving its position in the global trade network and showcasing the effects of its open policy initiatives [1][4]. - The International Import Expo (CIIE) has been highlighted as a major platform for opening up, with its spillover effects continuing to expand [1][8]. - Shanghai's exhibition area is projected to reach 19.336 million square meters by 2025, with international exhibition space accounting for 80% [4][5]. Group 2 - The port trade scale has reached new heights, with total port trade volume increasing from 8.7 trillion yuan to over 11 trillion yuan, maintaining Shanghai's status as a leading global city [7]. - Shanghai's container throughput has ranked first in the world for 16 consecutive years, while its air cargo volume has jumped to third globally [7]. - The city is promoting the integration of culture, tourism, commerce, and sports, enhancing the international influence of large consumer festivals and continuously improving the capabilities of the international exhibition city [8].

Market Overview - The A-share market experienced a decline in the morning session, with the Shanghai Composite Index closing at 4101.52 points, down 0.60% [1] - The Shenzhen Component Index closed at 14186.11 points, down 0.44%, while the ChiNext Index closed at 3314.88 points, down 1.02% [1] Sector Performance Gainers - Precious metals, energy metals, and agricultural chemical products sectors showed the highest gains, with precious metals leading the way [1] - Specific sector performances include: - Audio-visual industry: +3.81% with a total trading volume of 803.81 million hands and a net inflow of 155.50 million [2] - Energy sector: +2.76% with a total trading volume of 366.18 million hands and a net inflow of 28.79 million [2] - Agricultural chemical products: +2.06% with a total trading volume of 1413.19 million hands and a net inflow of 30.78 million [2] Decliners - The internet e-commerce, military electronics, and cultural media sectors faced the largest declines, with internet e-commerce dropping by 5.26% [1] - Specific sector performances include: - Internet e-commerce: -5.26% with a total trading volume of 492.90 million hands and a net outflow of 10.42 million [2] - Military electronics: -4.14% with a total trading volume of 1752.83 million hands and a net outflow of 27.88 million [2] - Cultural media: -3.93% with a total trading volume of 4938.21 million hands and a net outflow of 73.92 million [2]

Core Viewpoint - *ST Songfa (603268.SH) has disclosed a plan to issue A-shares to specific investors, aiming to raise no more than 700 million yuan for various green shipbuilding projects, including integrated high-end ship manufacturing and upgrades to supporting facilities [1][2]. Group 1: Fundraising and Investment Projects - The total amount to be raised through the issuance of A-shares is capped at 700 million yuan, which will be allocated to projects such as the green intelligent high-end ship manufacturing integrated project and upgrades for supporting facilities at Henglai Shipbuilding (Dalian) Co., Ltd [1][2]. - The detailed allocation of the raised funds includes 500 million yuan for the green intelligent high-end ship manufacturing integrated project, 150 million yuan for the upgrade of supporting facilities, and 50 million yuan for the green high-end ship manufacturing project [2]. Group 2: Issuance Details - The pricing benchmark for the share issuance will be set on the first day of the issuance period, with the issue price not lower than 80% of the average trading price of the company's shares over the 20 trading days prior to the pricing benchmark [2][3]. - The number of shares to be issued will not exceed 30% of the total share capital before the issuance, amounting to a maximum of 291,233,490 shares [3]. Group 3: Shareholder Structure and Control - As of the announcement date, the controlling shareholder, Zhongkun Investment, holds 34,351,300 shares, accounting for 35.39% of the total share capital before the issuance [3]. - After the issuance, the proportion of shares controlled by the actual controller, Chen Jianhua and his spouse, will decrease but they will remain the actual controllers of the company [3]. Group 4: Previous Fundraising and Financial Performance - The previous fundraising report indicates that the company issued 109,080,992 shares at a price of 36.67 yuan per share, raising approximately 4 billion yuan, with a net amount of about 3.93 billion yuan after deducting issuance costs [4]. - The financial performance shows a trend of net losses in recent years, with net profits of -3.09 billion yuan in 2021, -1.71 billion yuan in 2022, and a recovery to 1.27 billion yuan in the first three quarters of 2025 [6].

Core Viewpoint - Unisoc plans to acquire 100% equity of Ruin Semiconductor through a combination of issuing shares and cash payment, making Ruin a wholly-owned subsidiary after the transaction [1] Group 1: Transaction Details - The transaction involves 14 counterparties, including Nanchang Jianen, Beijing Guangmeng, and Tianjin Ruixin, who collectively hold 100% of Ruin Semiconductor [1] - The final transaction price will be determined based on an evaluation by a qualified asset appraisal agency, as per the Securities Law [1] - Unisoc intends to raise funds through a private placement to no more than 35 specific investors, with the total amount not exceeding 100% of the transaction price [1][2] Group 2: Fund Utilization - The raised funds will be used for cash consideration, intermediary fees, taxes, project construction, loan repayment, and working capital, with a cap of 25% of the transaction price for debt repayment and working capital [2] - If the fundraising does not meet expectations, the company will cover the shortfall through its own or self-raised funds [2] Group 3: Related Party Transactions - The transaction constitutes a related party transaction, as the counterparties hold a combined 71.11% stake in Ruin Semiconductor [2][3] - The indirect controlling shareholder of Unisoc, New Ziguang Group, has connections to Ruin Semiconductor's board, indicating potential conflicts of interest [3] Group 4: Company Background - Unisoc is a major integrated circuit company in China, focusing on special integrated circuits and smart security chips, while also expanding into quartz crystal frequency devices [4] - Ruin Semiconductor specializes in power semiconductor products, including thyristors and silicon carbide devices, which are used in various industries such as consumer electronics and renewable energy [5] Group 5: Financial Performance - Ruin Semiconductor's projected revenues for 2023, 2024, and the first half of 2025 are 832.71 million, 785.73 million, and 440.99 million respectively, with net profits of 101.46 million, 20.36 million, and 30.32 million [5] - Unisoc's revenue for 2022, 2023, 2024, and the first three quarters of 2025 are 7.12 billion, 7.58 billion, 5.51 billion, and 4.90 billion respectively, with net profits of 2.63 billion, 2.53 billion, 1.18 billion, and 1.26 billion [6]

中国经济网北京1月15日讯 北京证券交易所上市委员会2026年第3次审议会议于昨日上午召开，审 议结果显示，明光瑞尔竞达科技股份有限公司（简称"瑞尔竞达"）符合发行条件、上市条件和信息披露 要求。这是2026年过会的第5家企业（其中，上交所和深交所一共过会2家，北交所过会3家）。 瑞尔竞达的保荐机构为开源证券股份有限公司，保荐代表人张冯苗、郑媛。这是开源证券今年保荐 成功的第1单IPO项目。 瑞尔竞达作为一家专业为高炉炼铁系统提供长寿技术方案及关键耐火材料的高新技术企业，主要从 事炼铁高炉高效、长寿、节能、绿色、环保等技术与所需耐火材料的研发、生产和销售。 截至招股说明书签署日，顺之科技直接持有公司60.1299%股权，为公司持股比例超过50%的单一股 东，其所享有的表决权足以对股东大会的决议产生重大影响，因此，顺之科技系公司控股股东。徐瑞 图、徐潇晗分别直接持有公司22.5487%、3.0065%的股份，通过顺之科技、龙骧合伙、竞达合伙间接控 制公司62.7606%的表决权，徐瑞图、徐潇晗直接、间接合计控制公司88.3158%的表决权。因此，公司 实际控制人为徐瑞图、徐潇晗父女二人。 | 序号 | 公司名称 ...

Core Viewpoint - The People's Bank of China issued the 2026 version of the Chinese Dragon Silver Commemorative Coin on January 15, 2026, aimed primarily at overseas sales to meet diverse investment demands and promote cultural exchange [1]. Group 1: Coin Specifications - The 2026 Chinese Dragon Silver Commemorative Coin is a legal tender with a face value of 10 yuan, containing 31.104 grams of pure silver, a diameter of 38 mm, and a maximum issuance of 2,000,000 pieces [1]. - The coin features a bird's-eye view of the Great Wall on the front, while the back showcases a dragon design complemented by cloud elements, creating a vivid representation [1]. Group 2: Design and Cultural Significance - The dragon design on the back is inspired by the gilded dragon from the Tang Dynasty and the Nine-Dragon Wall in the Forbidden City, reflecting a blend of traditional culture and modern aesthetics [3]. - The design conveys a spirit of protection and progress, embodying the vibrant energy of the contemporary Chinese nation [3]. Group 3: Sales and Distribution - The issuance of the 2026 Chinese Dragon Silver Coin has commenced, with wholesale subscriptions for overseas markets starting soon and retail sales to follow [5]. - In the domestic market, the first batch of coins is expected to be available in March, with purchasing options through various platforms including the Coin Cloud Business platform and offline retail stores [5].

Core Viewpoint - Suzhou Lianxun Instrument Co., Ltd. has passed the IPO review by the Shanghai Stock Exchange, marking it as the fourth company to be approved for listing in 2026, with a focus on high-end testing instruments and semiconductor testing equipment [1]. Group 1: Company Overview - Lianxun Instrument specializes in the research, development, manufacturing, sales, and service of electronic measurement instruments and semiconductor testing equipment [1]. - The company plans to publicly issue no more than 25,666,667 new shares, accounting for no less than 25% of the total share capital after the issuance [2]. Group 2: Shareholding Structure - The actual controllers of Lianxun Instrument are Hu Haiyang, Huang Jianjun, and Yang Jian, who collectively control 54.79% of the company through direct and indirect shareholdings [2]. - Hu Haiyang directly holds 20.55% of the shares and has significant indirect control through employee stockholding platforms [2]. Group 3: Fundraising and Project Plans - The company aims to raise approximately 1.711 billion yuan (171,144.28 million yuan) for various R&D projects, including next-generation optical communication testing equipment and automotive chip testing equipment [2]. - The fundraising will support the development and industrialization of several testing equipment projects [2]. Group 4: IPO Review Insights - The IPO review committee raised questions regarding the revenue recognition of semiconductor testing equipment, emphasizing the need for clarity on sales contracts and income recognition timing [3]. - The committee also inquired about the sustainability of the company's performance in relation to industry cycles, technological advancements, and the expected benefits of the fundraising projects [3].

中国经济网北京1月15日讯 据上交所官网消息，上交所决定终止江苏亚电科技股份有限公司（以下简称"亚电科技"） 首次公开发行股票并在科创板上市审核。 日前，亚电科技和保荐人华泰联合证券有限责任公司向上交所提交了《江苏亚电科技股份有限公司关于撤回首次公开 发行股票并在科创板上市申请文件的申请》和《华泰联合证券关于撤回江苏亚电科技股份有限公司首次公开发行股票 并在科创板上市申请文件的申请》，申请撤回发行上市申请文件。根据《上海证券交易所股票发行上市审核规则》第 六十三条的有关规定，上交所决定终止对亚电科技首次公开发行股票并在科创板上市的审核。 亚电科技系国内领先的湿法清洗设备供应商，主要从事硅基半导体、化合物半导体及光伏领域湿法清洗设备的研发、 生产和销售。 截至招股说明书签署日，钱诚直接持有公司22.59%的股份，通过全资控股的无锡亚腾担任亚电合伙的执行事务合伙 人从而控制亚电合伙所持公司14.89%股份的表决权，通过全资控股的无锡亚腾担任止于至善的执行事务合伙人从而 控制止于至善所持公司3.81%股份的表决权，合计控制公司41.29%股份的表决权，并担任公司董事长兼总经理，系公 司的控股股东、实际控制人。杜建生 ...

中国经济网北京1月15日讯 彩讯股份(300634.SZ)昨晚披露向不特定对象发行可转换公司债券预案，本次 发行证券的种类为可转换为公司A股股票的可转换公司债券。该等可转换公司债券及未来转换的A股股票将在 深圳证券交易所创业板上市。本次发行可转换公司债券每张面值为100元，按面值发行。本次发行的可转换公 司债券的期限为自发行之日起六年。 本次发行的可转换公司债券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机构（主承销商） 协商确定。 本次向不特定对象发行可转债募集资金总额不超过人民币146,000.00万元（含本数），扣除发行费用后募 集资金净额将投资于智算中心建设项目、Rich AIBox平台研发升级项目、企业级AI智能体应用开发项目。 | 序号 | 项目名称 | 项目总投资 | 拟投入募集资 金 | | --- | --- | --- | --- | | 1 | 智算中心建设项目 | 148,472.10 | 103,500.00 | | 2 | Rich AIBox 平台研发升级项目 | 20,718. ...