Core Viewpoint - The company, Suzhou Green Control Transmission Technology Co., Ltd. (referred to as "Green Control Transmission"), is making a renewed attempt to enter the capital market by targeting the ChiNext board after previously withdrawing its application for the Sci-Tech Innovation Board. The fundraising amount has increased from 1.072 billion yuan to 1.58 billion yuan, supported by significant revenue and profit growth from 2022 to mid-2025 [1][2]. Financial Performance - Revenue is projected to grow from 712 million yuan in 2022 to 1.219 billion yuan in the first half of 2025, while net profit is expected to shift from a loss of 99.4282 million yuan to a profit of 68.2955 million yuan during the same period [1][3]. - The company attributes its performance improvement to national strategies promoting carbon neutrality, enhanced emission standards for traditional fuel vehicles, and technological advancements that lower costs and expand market opportunities [1]. Customer Dependency - The top five customers contribute approximately 60% of the company's revenue, indicating a high level of customer dependency [2][4]. - Major clients include industry giants SANY Group and XCMG Group, which together accounted for over 40% of revenue in 2024 [1][3]. Market Position - Green Control Transmission holds the leading market share in the new energy heavy-duty truck motor supply market from 2022 to 2024, benefiting from the strong sales performance of its major clients [4][5]. - The dual role of major clients as shareholders provides a stable sales channel but also poses risks related to customer concentration [4][5]. Accounts Receivable and Cash Flow - As of June 30, 2025, accounts receivable reached 833 million yuan, constituting 27.13% of total assets, which has more than doubled from 269 million yuan at the end of 2022 [2][6]. - The company has faced challenges with cash flow, reporting negative net cash flow from operating activities in multiple years, highlighting a discrepancy between revenue growth and cash generation [6][7]. Debt and Inventory - The company's short-term borrowings increased from 390 million yuan in 2022 to 587 million yuan in mid-2025, with total liabilities rising, leading to an increase in the debt-to-asset ratio from 69.54% to 73.41% [7]. - Inventory levels have also risen, reaching 613 million yuan by mid-2025, which may lead to liquidity issues and increased risks related to inventory depreciation [7][8]. IPO Plans - The company plans to raise 1.58 billion yuan through its IPO, with 1.38 billion yuan allocated to expand production capacity for new energy commercial vehicle drive systems [8].

日前，中邮理财发布代销合作公告，与包括北京中关村银行、梅州农商银行等在内的60家国有大行、股 份行及中小地方银行签订代销协议。渤银理财近日也宣布，与厦门银行签署代销协议。农银理财日前也 发布公告称，与赣州银行已签订《理财产品代理销售服务合同》，主要内容为农银理财委托赣州银行代 理销售农银理财管理发行的理财产品。 联合智评在理财代销周报中指出，截至2026年1月10日—16日，共有31家理财公司共拓展代销渠道2422 家，较2026年1月3日—1月9日增加2家。 实际上，自2025年以来，理财公司拓展跨行代销方面热度持续上升。银登中心最新发布的《中国银行业 理财市场年度报告（2025年）》（以下简称《报告》）显示，2025年，理财公司持续拓展母行以外的代 销渠道，已开业的32家理财公司中，1家理财公司的理财产品仅由母行代销，31家理财公司的理财产品 除母行代销外，还打通了其他银行的代销渠道。2025年12月，全市场有593家机构跨行代销了理财公司 发行的理财产品，较2025年年初增加31家。 中经记者 秦玉芳 广州报道 不过，在娄飞鹏看来，当前理财公司拓展中小银行代销面临产品适配难、风控标准不一、服务协同弱等 ...

Group 1 - The Hong Kong IPO market has been thriving since January 2026, with 12 companies successfully listed and raising nearly 35 billion HKD as of January 27, 2026 [1] - UBS and Deloitte China predict that the total financing scale of Hong Kong IPOs in 2026 is expected to exceed 300 billion HKD, indicating a strong recovery in the market [4] - The competitive landscape of the Hong Kong investment banking sector is transforming, with both Chinese and international investment banks actively participating, making it a key driver for growth in intermediary institutions [1][2] Group 2 - In 2025, the top ten equity underwriting positions were evenly split between Chinese and international institutions, with Chinese firms holding six positions after mergers [2] - As of January 27, 2026, Chinese institutions occupy seven of the top ten positions in equity underwriting, commanding over 70% of the market share [2] - The demand for Chinese companies to go global is strong, and Chinese brokers are becoming dominant players in the Hong Kong IPO market [2] Group 3 - Morgan Stanley has emerged as the leading equity financing underwriter in the Asia-Pacific region for 2025, significantly benefiting from the resurgence of Hong Kong equity financing [3] - UBS's involvement in major IPOs, including CATL and Heng Rui Medicine, highlights its strong position in the Hong Kong market [4] - The anticipated number of new listings in Hong Kong for 2026 is projected to reach between 150 and 200 companies, with a significant number of large-scale projects expected in the first quarter [4] Group 4 - Hu Zhizhe, President of UBS China, emphasizes Hong Kong's role as a "bridgehead" for connecting Chinese enterprises with global capital, facilitating a two-way flow of investment [4] - Hu also notes that UBS is capturing new opportunities by assisting Chinese companies in accessing international capital markets while helping global capital engage with China's growth story [4] - Recent announcements from Chinese securities firms, such as Huatai Securities and GF Securities, indicate a trend of increasing capital investment to support overseas business development [5][6]

Group 1 - Elon Musk highlighted that the insufficient power supply in the U.S. may soon lead to a situation where there is an "oversupply of chips that cannot be activated," indicating a critical constraint on AI development in the country [1] - Musk noted that China has addressed these power supply issues earlier and is significantly ahead of the U.S. in power generation capacity, particularly in solar energy [1] Group 2 - Hubei province is leveraging its geographical advantages and network infrastructure to develop data centers, with direct connections to major computing hubs and plans for a 400G transmission channel [2] - The local government is constructing a national-level low-carbon data center in Yichang, supported by the Three Gorges and Danjiangkou hydropower stations, which allows for low electricity costs at 0.35 yuan per kilowatt-hour [2] - Hubei is also utilizing deep cold water from reservoirs for liquid cooling technology to reduce energy consumption for server cooling [2] Group 3 - Inner Mongolia is focusing on its abundant renewable energy resources to support the national computing network, encouraging long-term agreements between renewable energy producers and computing centers [3] - The region is planning to reserve approximately 25 million kilowatts of capacity and is exploring various power supply models, including direct green electricity supply [3] - Inner Mongolia aims to convert its computing and green energy advantages into cost benefits for computing enterprises through ongoing projects and innovative cooling technologies [3]

Core Viewpoint - The recent strong performance of the non-ferrous metal sector in A-shares is attributed to the resonance of global macroeconomic and industrial trends, with a focus on long-term benefits rather than short-term price fluctuations [1][2]. Group 1: Market Performance - The non-ferrous metal sector has become one of the most prominent sectors in A-shares since 2026, with related ETFs recording significant gains, most exceeding 25% [2]. - On January 26, 2026, several ETFs, including the China Securities Non-ferrous Metal Mining Theme ETF, saw increases of over 6% [2]. - Despite some fluctuations on January 27, the sector did not experience significant declines that would erase previous gains [2]. Group 2: Driving Factors - Two main factors are driving the strength of the non-ferrous sector: a recovery in manufacturing and a long-term demand reshaping due to green and technological trends [2][3]. - The recovery in manufacturing, particularly in the U.S. and emerging economies, has led to increased demand for traditional industrial metals, while low inventory levels have amplified price elasticity [2]. - The demand for metals like copper and aluminum is being supported by stable needs from sectors such as electric vehicles, photovoltaics, and wind power, alongside new growth opportunities from AI infrastructure [3]. Group 3: Investment Strategy - Investors are advised to view industrial non-ferrous metals as strategic resource assets benefiting from global liquidity easing and future electrification and digitalization, rather than merely as cyclical commodities [4]. - Fund managers have identified key metals for 2026, including copper, aluminum, lithium carbonate, gold, and minor metals like tungsten, while also considering opportunities in sectors like chemicals and steel [4]. - Adjustments in portfolio allocations are being made based on industry conditions, with a focus on maintaining high positions in precious metals and copper while reducing exposure to overvalued sectors [4]. Group 4: Supply and Demand Dynamics - The current tight supply-demand balance in the non-ferrous sector necessitates close attention to the supply-demand balance sheet and macroeconomic influences on metal prices, including monetary policy and geopolitical factors [5].

中经记者 秦玉芳 广州报道 1月份以来，工银理财、农银理财、中银理财、信银理财等多家理财机构密集上新一年期以内的ESG主 题理财，业绩比较基准普遍降至2%左右。2026年开年以来，理财机构在ESG领域的产品布局愈加积 极。 据国泰海通证券最新研报，截至2026年1月17日，本月（1月）发行ESG理财产品57只，主要为纯ESG和 社会责任。 从认购客群来看，余丰慧进一步指出，当前购买ESG产品的主力客群主要包括具有高度社会责任感的机 构投资者和个人高净值客户。"这些投资者在做出投资决策时，既看重ESG理念的认同，也重视财务回 报。不过，随着市场教育的深入和社会责任感的增强，越来越多的投资者将ESG因素作为其投资决策的 重要考量之一，而非单一追求财务回报。" 展望未来，余丰慧强调，理财公司在ESG主题产品的布局将会更加细分化和专业化，向碳中和、生物多 样性等特定领域深化拓展。同时，封闭期限更长、权益属性更强的产品也将逐步增多，以满足不同投资 者的需求。 此外，余丰慧还表示，为了突破当前同质化和低收益的困境，理财公司需要加强投研能力，深化对ESG 领域的研究，并通过创新产品设计来实现差异化竞争。"这包括但不限于开发 ...

公开信息显示，截至2024年年底，联合黄金拥有金资源量533吨，平均品位1.48克/吨。联合黄金2023年 和2024年分别产金10.7吨和11.1吨，预计2025年产金量为11.7吨至12.4吨。随着Sadiola项目改扩建及 Kurmuk项目建成投产，预计2029年产金量将提升至25吨。 紫金矿业方面表示，此次收购将有效强化公司在非洲的资源联动体系。马里Sadiola金矿、科特迪瓦金矿 综合体与加纳阿基姆金矿相邻，将形成强协同效应，助力公司进一步深耕西非重要黄金成矿带；埃塞俄 比亚Kurmuk项目与厄立特里亚碧沙锌（铜）矿临近，东非区位联动优势显现。本次收购将快速补强公 司黄金板块的非洲布局，持续优化公司全球资源配置。#专家普遍看好黄金中长期走势##避险情绪集中 释放推升金价##紫金矿业# 中经记者 陈家运 北京报道 【#紫金矿业拟斥资280亿元收购联合黄金#】1月26日，紫金矿业（601899.SH、02899.HK）发布公告 称，其控股子公司紫金黄金国际（02259.HK）与在多伦多、纽约两地上市的联合黄金（Allied Gold Corporation，股票代码：AAUC）签署《安排协议》，拟以44 ...

公开信息显示，截至2024年年底，联合黄金拥有金资源量533吨，平均品位1.48克/吨。联合黄金2023年 和2024年分别产金10.7吨和11.1吨，预计2025年产金量为11.7吨至12.4吨。随着Sadiola项目改扩建及 Kurmuk项目建成投产，预计2029年产金量将提升至25吨。 紫金矿业方面表示，此次收购将有效强化公司在非洲的资源联动体系。马里Sadiola金矿、科特迪瓦金矿 综合体与加纳阿基姆金矿相邻，将形成强协同效应，助力公司进一步深耕西非重要黄金成矿带；埃塞俄 比亚Kurmuk项目与厄立特里亚碧沙锌（铜）矿临近，东非区位联动优势显现。本次收购将快速补强公 司黄金板块的非洲布局，持续优化公司全球资源配置。 （文章来源：中国经营报） 1月26日，紫金矿业（601899.SH、02899.HK）发布公告称，其控股子公司紫金黄金国际（02259.HK） 与在多伦多、纽约两地上市的联合黄金（Allied Gold Corporation，股票代码：AAUC）签署《安排协 议》，拟以44加元/股的现金价格，收购联合黄金全部已发行的普通股，交易对价共计约55亿加元（约 合人民币280亿元）。 联合黄金的 ...

险资在一级市场频频出手。 近日，中国人寿保险股份有限公司（601628.SH）公告显示，拟投资设立一只养老产业基金、一只科创 基金，认缴出资额合计约125亿元。 其中，中国人寿拟出资84.915亿元与关联方成立北京国寿养老产业股权投资基金二期（有限合伙）（以 下简称"国寿养老基金二期"），专注于养老产业领域投资；联合多方发起设立汇智长三角（上海）私募 基金合伙企业（有限合伙）（以下简称"汇智长三角基金"），认缴金额40亿元，重点投向人工智能、集 成电路和生物医药三大领域中的科技创新企业。 近年来，中国人寿正在加大力度发掘符合政策导向和未来产业方向的科技创新、战略性新兴产业投资机 会，已投资多家具有高精尖技术的明星公司。 对于此次大手笔布局，中国人寿相关负责人对《中国经营报》记者表示，一切以公司公告为准。 重点布局养老产业上下游 据公告，中国人寿拟与关联方国寿启远（北京）养老产业投资管理有限公司（以下简称"国寿启远"）于 2026年9月30日前订立合伙协议，成立国寿养老基金二期，合计认缴出资总额为85亿元，其中，中国人 寿认缴出资额为84.915亿元，国寿启远认缴出资额为850万元。国寿股权投资有限公司（"国寿 ...

油料产业既是保障国家食用油供给安全的战略支撑，更是推动乡村全面振兴、建设农业强省的重要抓 手。 在2026年河南两会期间，河南省政协委员、河南省淇花食用油有限公司董事长连建伟聚焦粮油产业，围 绕科技赋能、乡村振兴等提出诸多建议，助推高油料产业高质量发展。 河南油料产业正值"质量优势""产业优势"转型关键期 河南作为全国油料作物生产大省，花生、芝麻等资源优势显著，种植面积、产量均居全国首位。 连建伟表示，河南省粮油产业发展态势良好，主要粮油作物单产稳步提升，加工企业规模不断壮大。当 前，河南省油料产业正处于从"产量优势"向"质量优势""产业优势"转型关键期，但仍面临良种繁育滞 后、产业链融合不深、品牌影响力不足、中小企业发展受限等问题。 他建议，要聚焦良种攻坚，筑牢产业根基，夯实粮食安全底线。 一方面，构建"政产学研用"协同育种体系。设立省级油料良种繁育专项基金，重点支持高油酸花生、优 质芝麻、特色木本油料等品种研发，鼓励科研院校与龙头企业共建研发平台，加快培育适配河南气候、 高产优质、抗逆性强的新品种，推动品种更新换代。 另一方面，强化良种推广与基地建设。以"片区化推进、组团式发展"为路径，在黄河故道及其他主 ...