Core Viewpoint - ZTE Commercial announced the dismissal of Vice President Wang Tiangang, effective immediately following the board meeting on November 26, 2023, due to operational management needs [1][3]. Group 1: Company Management Changes - The board of directors approved the dismissal of Wang Tiangang, who will not hold any position in the company post-dismissal [1][3]. - Wang Tiangang's original term was set to last until the end of the ninth board's term, and he will complete the work handover and undergo an exit audit as per company regulations [3]. Group 2: Company Background - ZTE Commercial was listed on the Shenzhen Stock Exchange in 1997, focusing on retail business, including department stores, supermarkets, and online shopping platforms, primarily in Shenyang and surrounding cities [3]. Group 3: Financial Performance - For the first three quarters of 2025, ZTE Commercial reported revenue of 562 million yuan, a year-on-year decrease of 0.77%, while net profit attributable to shareholders increased by 23.81% to 68.41 million yuan [4]. - The gross profit margin for the same period was 55.12%, reflecting a year-on-year decline of 1.78% [4]. - On the secondary market, ZTE Commercial's stock rose by 6.56% to 6.50 yuan per share, with a total market capitalization of 3.513 billion yuan as of the close on November 26 [4].

消息传出后，不少网友感到惋惜，纷纷"回忆杀"起来："可惜了一个好不容易建立的品牌。" 不过，11月25日，"富贵鸟FUGUINIAO"通过官方微信公众号立刻对注销传闻进行了澄清，并作出正式回应，称目前品牌运营一切正常，各项业务有序推 进。 近日有媒体消息称，天眼查APP显示，日前，富贵鸟股份有限公司（下称"富贵鸟"）登记状态由存续变更为注销，注销原因为宣告破产。 富贵鸟在2019年8月26日曾发布公告表示，公司收到法院民事裁定书显示，驳回富贵鸟有限公司管理人的申请，终止富贵鸟重整程序，宣告富贵鸟破产。 图片来源 "富贵鸟FUGUINIAO"公众号截图 回应称："富贵鸟"系列品牌商标及相关知识产权，已于2019年通过合法、公开的司法拍卖程序，由我方母公司盛悦晟（厦门）资产管理有限公司成功竞得 并完成权利转移。自此，"富贵鸟"品牌已由全新的运营主体承接，并持续开展设计、生产与销售等全部经营活动。目前公司业务健康、运营正常，线上线 下（300959）销售渠道畅通，持续为市场与消费者提供优质的产品与服务。 回应表示，现品牌与原注销主体无关联。"媒体报道中提及的'富贵鸟股份有限公司'的破产注销，系其独立的企业行为。该主 ...

Core Viewpoint - The acquisition of Shanghai Leyou by Angli Education is primarily aimed at achieving strategic and business synergies, particularly in catering to the aging population and enhancing the company's core education business [1][2]. Group 1: Acquisition Details - Angli Education plans to acquire 100% equity of Shanghai Leyou for 38 million yuan, despite the latter's net asset value being -9.1295 million yuan, resulting in a premium rate of 516.23% [1]. - The acquisition is expected to provide personalized travel services to the elderly demographic, which aligns with the company's strategy to tap into the silver economy [1]. - Shanghai Leyou has a significant customer base of elderly clients, with over 70% of its offline store clientele being seniors, which can drive traffic to Angli Education's "Happy Community" initiative [2]. Group 2: Board and Governance - During the board's review of the acquisition, 4 out of 11 directors abstained from voting, which is noted as unusual in M&A cases [2]. - The reasons for the abstentions included concerns over the small scale of the target company and insufficient clarity regarding its operational status [3]. Group 3: Financial Performance and Projections - The acquisition includes performance commitments, requiring Shanghai Leyou to achieve a total revenue of no less than 480 million yuan and a net profit of at least 5 million yuan from 2025 to 2028, which poses a significant challenge given the company's current losses [3][4]. - Angli Education's revenue for the first three quarters of 2025 reached 1.081 billion yuan, marking a year-on-year increase of 12.03%, while net profit rose by 141.11% to 45.9309 million yuan [5].

Core Viewpoint - The company, Jinjia Group, is facing significant financial challenges, including a series of judicial auctions of its shares due to legal disputes and declining performance metrics [1][3]. Group 1: Share Auction and Ownership - Jinjia Chuangtou, the controlling shareholder, had 43.4 million shares (2.99% of total shares) go unsold in a judicial auction held from November 25 to 26, 2025 [1]. - Prior to this, 37.27 million shares (2.57% of total shares) were successfully auctioned for a total of 156 million yuan [1]. - A total of 95.67 million shares (6.59% of total shares) are subject to judicial auction, with 37.27 million shares sold, 43.4 million shares unsold, and 15 million shares scheduled for auction on December 2, 2025 [1]. Group 2: Financial Performance - The company's revenue has been declining, with figures of 5.189 billion yuan in 2022, 3.945 billion yuan in 2023 (down 23.96%), and 2.857 billion yuan in 2024 (down 27.58%) [3]. - Net profit has also decreased significantly, from 197 million yuan in 2022 to 71.985 million yuan in 2024, marking a decline of 80.64% and 39.19% respectively [3]. - For the first three quarters of 2025, the company reported revenue of 1.894 billion yuan (down 13.43%) and a net profit of 144 million yuan (down 39.23%) [3]. Group 3: Company Overview - Jinjia Group specializes in the production and sale of premium paper packaging, laser paper/membrane, electronic materials, and new tobacco products [2].

Core Viewpoint - The trend of large-denomination certificates of deposit (CDs) disappearing from the market is evident, with major banks removing five-year CDs and some private banks discontinuing all terms of large CDs [1][2][4]. Group 1: Current Market Situation - Major state-owned banks and national joint-stock banks have removed five-year large CDs from their mobile banking and official websites [2]. - The remaining large CDs available are primarily short-term, with most banks offering only three-month, six-month, or one-year products [3]. - Some private banks still offer high-interest CDs above 2%, but these are limited in availability and sell out quickly [4]. Group 2: Reasons for Discontinuation - The primary reason for banks discontinuing long-term large CDs is to alleviate the increasing pressure on net interest margins [4]. - As loan rates decline to support the real economy, banks' asset yields have decreased, making high-cost liabilities from large CDs less favorable [4]. - Reducing long-term, high-cost liabilities helps banks optimize their liability structure and manage interest rate risks in a declining rate environment [4]. Group 3: Future Outlook - Large CDs will not completely disappear, but their market role and form are changing significantly, with a shift towards shorter-term offerings [5]. - The interest rate advantage of large CDs is expected to diminish, aligning more closely with regular fixed-term deposits [5]. - The long-term trend in the deposit market indicates a downward trajectory for interest rates, driven by monetary policy and banks' efforts to reduce funding costs [5][6].

11月25日晚，*ST苏吴（600200）（600200）、*ST东通（300379）（300379）分别公告称，收到中国 证监会《行政处罚决定书》，因涉嫌财务造假双双触及重大违法强制退市情形。 根据相关规定，*ST苏吴、*ST东通股票自11月26日开市起停牌。截至11月25日收盘，*ST苏吴涨停，报 1.24元/股，总市值8.81亿元。*ST东通上涨7.86%，报3.02元，总市值16.85亿元。 今年以来，沪深交易所已有13家公司因为财务造假被证监会行政处罚（或行政处罚事先告知）触及（或 涉嫌触及）重大违法强制退市，创历年新高。分别是*ST卓朗、*ST普利、*ST东方（600811）、*ST中 程、*ST苏吴、*ST恒立、*ST龙宇、*ST元成（603388）、*ST高鸿（000851）、*ST锦港、*ST东通、 *ST紫天、*ST九有。 据*ST苏吴公告，经查明，公司及相关人员存在以下违法事实：未如实披露实际控制人，2018年至2023 年年度报告存在虚假记载；虚增营业收入、营业成本和利润，2020年至2023年年度报告存在虚假记载； 未按规定披露关联方非经营性占用资金情况，2020年至2023年年度报 ...

Core Viewpoint - Dalian Wanda's subsidiary, Dalian Wanda Commercial Properties, is set to delist from the Hong Kong Stock Exchange after a buyback of shares, marking the end of its 12-year presence in the market [1][2]. Group 1: Company Overview - Dalian Wanda Commercial Properties was listed on the Hong Kong Stock Exchange in 2013 and is a commercial real estate platform under COFCO Group, primarily engaged in the development, operation, sales, leasing, and management of commercial properties [2]. - As of the end of 2024, Dalian Wanda Commercial Properties has established a presence in five major city clusters in China, managing 32 commercial projects, including Dalian Wanda Plaza and luxury hotels [2]. Group 2: Financial Performance - In the first half of the year, Dalian Wanda Commercial Properties reported total revenue of 8.124 billion yuan, a year-on-year decrease of 5.8%, and a net profit of 105 million yuan, down 26.6% year-on-year [2]. Group 3: Privatization Details - The buyback plan involves a total cost of approximately 29.32 billion Hong Kong dollars, with the aim to enhance the governance framework and optimize the organizational structure post-privatization [2][3]. - Following the completion of the privatization, Dalian Wanda's ownership in Dalian Wanda Commercial Properties will increase from 64.18% to 96.13%, effectively giving it near-total control [3]. Group 4: Industry Context - The trend of privatization and delisting among real estate companies has been notable, with 23 companies being forced to delist and 7 opting for voluntary privatization in recent years [4]. - Factors driving this trend include market pressures, lack of liquidity, and the need for strategic flexibility amid a challenging real estate environment [5].

Core Viewpoint - Guosheng Technology announced plans to acquire 100% equity of Tongling Fuyue Technology Co., Ltd. for approximately 241 million yuan, raising regulatory concerns regarding the fairness of the transaction and the company's stock price volatility [1][4]. Group 1: Transaction Details - The acquisition involves Guosheng Technology, Tongling Zhenghao Technology Co., Ltd., and Lin Qin, with a total transaction value of 241 million yuan [1]. - Fuyue Technology, established in June 2024, specializes in high-precision new lithium battery shell materials, primarily serving new energy battery manufacturers [2]. - The valuation of Fuyue Technology was based on the income approach, with an estimated equity value of approximately 241 million yuan and a valuation increase of about 222 million yuan, resulting in a valuation rate of 1167.27% [3][4]. Group 2: Regulatory Scrutiny - The Shanghai Stock Exchange has requested Guosheng Technology to disclose the main parameters used in the income approach valuation and the rationale behind them, as well as any potential relationships between the transaction parties and the company's management [4][5]. - Guosheng Technology is required to provide details on the acquisition process, including key milestones and personnel involved, and to ensure compliance with insider information management [5]. Group 3: Performance and Financial Impact - Fuyue Technology reported revenues of 5.09 million yuan in 2024 and 74.83 million yuan from January to August 2025, with a net profit of 1.01 million yuan during the latter period [3]. - The transaction includes performance guarantees, with commitments for annual net profits of 20 million yuan, 30 million yuan, and 40 million yuan from 2026 to 2028 [5]. - Guosheng Technology plans to finance part of the acquisition through a merger loan, with cash reserves of 273 million yuan as of September 2025 [5][6]. Group 4: Strategic Intent - The acquisition is part of Guosheng Technology's strategic plan to expand its business and seek new profit growth points, with intentions to integrate Fuyue Technology into its consolidated financial statements [6]. - The company emphasizes that the transaction does not constitute a related party transaction or a major asset restructuring [6].

11月25日晚间，君亭酒店（301073）公告，公司控股股东筹划控制权变更。 | 今 开 26.58 最 高 28.43 | | --- | | 昨 收 25.95 最 低 26.26 | | 成交额 4.59亿 | | 换手率 9.31% | 公开资料显示，君亭酒店集团股份有限公司是深交所创业板上市公司，专注住宿业务27年，是中国领先的高端商务酒店和度假酒店运营商及中高端清选酒 店和生活方式酒店的开拓者。主营业务包含酒店的投资、运营和管理。 此前，君亭酒店刚刚宣布，拟控股浙江君澜酒店管理有限公司（简称"君澜管理"）。 根据公告，公司拟收购君澜管理剩余的21%股权，收购价格为7980万元，交易完成后，公司将持有君澜管理100%股权，标的公司将成为公司全资子公 司。 君亭酒店称，本次收购剩余21%股权，标志着公司对"君澜"品牌体系的整合进入深化阶段，进一步巩固了在中高端酒店管理服务领域的战略主导地位。 连续大动作背后，君亭酒店盈利持续承压。2022年至2024年，归母净利润分别为2974.59万元、3051.99万元、2519.97万元，同比变动幅度分别 为-19.43%、2.60%、-17.43%，整体呈下跌 ...

Core Insights - The public fund industry in China is undergoing a significant transformation, focusing on high-quality development and investor returns rather than just scale [1][2] - Shenzhen is leading the reform efforts, with strong market vitality and innovation capabilities, contributing to the construction of a financial powerhouse [1] Group 1: Reform and Development - The China Securities Regulatory Commission (CSRC) has initiated an action plan to promote high-quality development in the public fund industry, with Shenzhen's regulatory body actively driving comprehensive reforms [1] - As of the end of September, Shenzhen public fund companies have issued 14 floating-rate products with a total scale of 14.872 billion yuan, and the self-purchased stock of these companies reached 21.981 billion yuan [1] Group 2: Market Performance and Growth - The scale of pension products managed by Shenzhen public fund companies exceeded 2 trillion yuan, marking a growth of over 10% compared to the end of last year [2] - As of September, the scale of equity funds in Shenzhen reached 21.3 trillion yuan, growing by 23% this year, while index funds saw a remarkable growth of 31% this year and 267% since the end of 2020 [2] Group 3: Focus on Innovation - Shenzhen public fund companies are directing funds towards key sectors, particularly technology innovation, with 495 technology-themed funds totaling 506.09 billion yuan, a 60.94% increase since the second quarter [2] - The first batch of sci-tech bond ETFs raised over 11 billion yuan, effectively supporting technological innovation and industrial upgrading [2]