12月18日下午，内蒙古双欣环保（001369）材料股份有限公司（以下简称"双欣环保"，股票代码： 001369.SZ）首次公开发行股票并在主板上市网上路演在全景路演举行。 投资者交流环节，问及市场认可度，双欣环保董事长张飞雄介绍，公司产品在国内销往29 个省（自治 区、直辖市），部分产品出口欧洲、南美洲、东南亚等地的40余个国家和地区。公司的聚乙烯醇、特种 纤维、醋酸乙烯和电石产品均获评"内蒙古自治区名牌产品"，双欣牌聚乙烯醇和高强高模聚乙烯醇纤维 产品于2021年获得内蒙古自治区首份《中国出口商品品牌证明书》。公司与建滔集团、吉林化纤 （000420）、东方雨虹（002271）等聚乙烯醇及相关产品下游行业内具有较强影响力的厂家以及北元化 工、唐山三友氯碱有限责任公司等电石下游大型客户建立了长期稳定的合作关系。 天眼查信息显示，双欣环保是一家专业从事聚乙烯醇（PVA）、特种纤维、醋酸乙烯（VAC）、碳化钙 （电石）等PVA产业链上下游产品的研发、生产、销售的高新技术企业，拥有聚乙烯醇全产业链布局。 其中，PVA作为水溶性可降解高分子材料，广泛应用于精细化工、绿色建筑、可降解包装、汽车、光 电、医药等多个领域 ...

"江苏资本会客厅"的建立，为资本与产业深度对话、精准对接架设了高效桥梁。未来，这一平台将持续 汇聚各方资本力量与产业智慧，推动资本与实业深度融合。我们期待，"江苏资本会客厅"能真正成为激 发创新、促进合作的核心枢纽，为区域经济高质量发展注入源源不断的金融活水，助力江苏资本市场与 实体经济协同共进，迈向新高度。 仪式现场，证券时报社党委委员、副总编辑汤泳，苏州市委常委、常务副市长顾海东，苏州市委常委、 姑苏区委书记方文浜，苏州市委金融办常务副主任、市地方金融管理局局长曹晔，苏州市司法局局长王 益冰，苏州市保护区管委会主任、姑苏区政府区长陈羔，深圳市全景网络有限公司总经理陈伟，华贸集 团联席总裁王洪轮共同上台，移步至揭牌区，携手为"江苏资本会客厅"拉开序幕。随着红绸落下，"江 苏资本会客厅"正式亮相，现场响起热烈掌声。 在"2025年度资本市场卓越执业英才"活动期间，"江苏资本会客厅"揭牌仪式隆重举行。这不仅是物理空 间的落成，更标志着江苏资本领域一个集高端对话、资源对接与智慧共享于一体的综合性平台正式诞 生。 ...

12月17日晚间，回天新材（300041）（300041.SZ）发布公告称，为抢抓锂电池行业增长机遇与国产替 代窗口期，进一步巩固公司在锂电关键辅材领域的市场地位，公司控股子公司安庆华兰科技有限公司 （下称"安庆华兰"）拟以自筹资金9768万元，投资建设5万吨/年锂电负极用水性丁苯乳液粘合剂 （SBR）项目。 项目落地安庆高新区 24个月后产能将增6倍 根据公告披露，该项目选址于安徽省安庆高新技术产业开发区安庆华兰现有厂区预留空地，将新建生产 车间、仓库及配套公辅设施，核心建设5万吨/年锂电负极胶丁苯胶乳生产线，建设周期约24个月。项目 总投资全部为固定资产投资，资金来源为安庆华兰自筹。 值得注意的是，回天新材目前已具备锂电负极胶SBR系列产品的研发与生产能力，技术指标达到国际水 平，现有产能约8000吨/年，且已成功切入多家头部电池企业供应链。此次扩产完成后，公司锂电负极 胶SBR总产能将跃升至5.8万吨/年，较现有规模增长6.25倍，大幅提升对下游客户的需求响应能力。 契合"新能源+国产替代"战略 优化产品产能布局 当前，全球能源结构加速转型带动锂电池产业持续高速发展，负极粘结剂作为电池制造的关键辅材，市 ...

Core Viewpoint - The establishment of the "Common People Learn Finance" popular science base in Shenzhen aims to enhance financial education at the grassroots level, making financial knowledge accessible to the public in everyday settings [1][2]. Group 1: Project Overview - The project is guided by the China Fund Industry Association and supported by various financial institutions, officially launching in December 2025 [1]. - A total of 60 locations across 11 districts in Shenzhen will feature the "Common People Learn Finance" initiative, focusing on integrating financial education into daily life [1][2]. Group 2: Educational Focus - The initiative emphasizes a dual-dimensional popular science system focusing on "Preventing Fraud + Pension," which includes educating the public on identifying illegal fundraising and understanding personal pension systems [2]. - It aims to enhance the public's ability to discern risks and improve awareness of pension planning by combining traditional culture with investment concepts [2]. Group 3: Illegal Fundraising Awareness - Illegal fundraising is defined as the act of raising funds from unspecified individuals without legal permission, often promising high returns [5]. - Common tactics include high-interest temptations, false projects, and emotional manipulation to lure individuals into participating in illegal fundraising schemes [6][8]. Group 4: Personal Pension System - The personal pension system, launched in November 2022, is designed to supplement the existing pension insurance framework in China and will be expanded nationwide by December 2024 [8]. - Participants in the personal pension system can benefit from tax incentives, fee reductions, and dedicated fund management [9]. Group 5: Future Plans - The company plans to continuously optimize the educational content and explore more engaging methods to reach the public, contributing to a healthier financial ecosystem and improved pension financial services [9].

Core Insights - The year 2025 is viewed as the "globalization year" for China's biotech sector, with BD transaction volumes and values expected to significantly exceed those of 2024, prompting a reevaluation of innovative drug assets [1] Group 1: Industry Dynamics - Global recognition of asset quality: Multinational pharmaceutical companies are increasingly viewing China not just as a sales market but as a core source for R&D pipelines [1] - Reconstruction of cash flow models: Large upfront payments are improving the balance sheets of biotech companies, allowing them to maintain high R&D investments without relying on equity financing during capital downturns [1] - Establishment of differentiated competitive advantages: Chinese innovative pharmaceutical companies have formed a "group army" advantage in cutting-edge fields like bispecific antibodies and ADCs, demonstrating global Best-in-Class R&D capabilities [1] Group 2: Market Outlook - The understanding of BD transactions is shifting from "one-time income" to "long-term revenue sharing expectations," with industry valuation logic expected to transition from PS (Price-to-Sales) to PE (Price-to-Earnings) [1] - The current state of the innovative drug sector shows improving fundamentals due to the onset of the Fed's interest rate cut cycle, the confirmation of moderate domestic medical insurance negotiations, and the ongoing international expansion of innovative drugs [2] - Despite a significant rebound, the valuation of the innovative drug sector remains at historical low levels [3] Group 3: Future Catalysts - The market is expected to enter a stable upward channel characterized by dual increases in performance and valuation in 2026, with key catalytic phases identified [3] - The sentiment recovery phase (late December 2025 - January 2026) is anticipated to be marked by the J.P. Morgan Healthcare Conference, where numerous Chinese pharmaceutical companies are expected to disclose new clinical data and BD cooperation intentions [3] - The performance verification phase (Q1 - Q2 2026) will focus on two key indicators: whether BD upfront payments are recognized as revenue and the sales growth of core innovative drugs [3] - The valuation reshaping phase (second half of 2026) will see the first overseas Phase III clinical results from Chinese innovative drugs, potentially marking the emergence of China's first overseas marketed innovative drugs [4] Group 4: Investment Focus - The current adjustment in China's A-share and H-share innovative drug markets is nearly complete, with the industry at a historic turning point from "following innovation" to "global leadership" [4] - Future investment focus will be on leading innovative pharmaceutical companies with global intellectual property, differentiated clinical value, and strong cash flow, seizing historical opportunities for industrial upgrades and value reassessment [4]

自由交流环节成为本次座谈会的重点。专家们聚焦"资本市场趋势下中介责任的边界及服务新蓝海展 望"这一主题，既对当前中介机构的责任范畴进行辨析与梳理，也从实务角度对未来服务拓展的方向展 开前瞻探讨，现场观点交汇，互动热烈。 此次座谈会构建了跨领域、高层次的对话机制，不仅促进了不同机构之间的经验共享与思维碰撞，也为 资本市场的规范与创新提供了重要参考。通过厘清中介责任边界，有助于推动行业标准建设与市场秩序 完善；而对服务新机遇的探索，则为行业转型升级注入新动能，进一步激发市场活力，助力资本市场迈 向更可持续、更高质量的发展阶段。 12月18日，"2025年度资本市场卓越执业英才"盛典专家座谈会在苏州华贸中心全景江苏资本会客厅举 办。来自会计师事务所、证券公司、律师事务所及上市公司协会等领域的权威专家齐聚一堂，围绕行业 责任与发展前景展开深入交流。 本次活动流程紧凑、环节丰富。在主办方致辞拉开序幕后，现场举行了全景江苏资本会客厅揭牌仪式， 标志着这一面向资本市场专业人士的全新交流平台正式启用。随后，全景网为与会专家颁发顾问聘书， 进一步整合专业资源，凝聚行业共识。 ...

Core Viewpoint - Yuan Chuang Co., Ltd. has officially listed on the Shenzhen Stock Exchange, marking a significant milestone in its development and reflecting strong market confidence in its future growth [1][4]. Group 1: Company Overview - Yuan Chuang Co., Ltd. specializes in the design, research, production, and operation of various specifications of rubber tracks and rubber track plates for agricultural and engineering machinery [3]. - The company is recognized as a benchmark leader in the domestic rubber track industry, having established itself through a clear development strategy, advanced technology, and a diverse product range [3]. Group 2: Market Performance - The company’s initial public offering (IPO) price was set at 24.75 yuan per share, and on its first trading day, the stock opened at 79.00 yuan per share, reflecting a remarkable increase of 219.19% [1]. - This strong market performance is seen as a boost for investor confidence and highlights the company's growth potential [1]. Group 3: Future Development Strategy - Post-listing, the company aims to enhance its core business in rubber tracks while adapting to new industry trends such as intelligent manufacturing, green development, and internationalization [4]. - The company plans to expand production capacity, improve its product line, and strengthen its research and development system, with a focus on customer needs and leveraging capital market opportunities [4]. - The successful listing is expected to accelerate the advancement of the rubber track industry in Taizhou towards higher-end and international markets [4].

Core Viewpoint - The energy storage sector is experiencing significant market fluctuations, with optimistic expectations for demand and supply in the coming year, driven by supportive policies and a clearer business model for independent energy storage [1][2]. Demand Side - The introduction of independent energy storage policies and shared electricity pricing has led to a 2-3 times growth in independent energy storage [1]. - The domestic renewable energy consumption issue must be addressed through energy storage, as current renewable energy installations are close to 40%, but actual generation is only 20%, indicating a high long-term demand for energy storage [2]. - The demand for energy storage is also surging in overseas markets, particularly in the U.S. due to structural electricity shortages driven by AI developments and in Europe due to challenges in renewable energy consumption [2]. Supply Side - The past three years have seen profits in the renewable energy sector not favoring upstream companies, leading to weakened balance sheets and a lack of funds for capacity expansion [2]. - A tight supply situation for upstream materials, including lithium carbonate, is expected, which will help restore the financial health of these companies and enable them to gradually expand capacity to meet future demand [2]. Market Dynamics - The current energy storage market is characterized by a dual impact of demand and supply, with a strong sustainability in the fundamentals, potentially leading to a market explosion similar to that of 2019-2020 [3]. - Recent market fluctuations in lithium carbonate and lithium batteries are primarily driven by funding factors, with concerns about concentrated trading and profit-taking leading to adjustments in the sector [3]. - Despite potential minor adjustments, the probability of a significant downturn is low due to a strong supply-demand balance and a robust demand outlook [3]. Investment Opportunities - The most investment-worthy segments in the energy storage supply chain are those facing the tightest supply, such as lithium hexafluorophosphate, separators, lithium iron phosphate, and lithium carbonate, which are expected to exceed expectations [4]. - The supply chain dynamics indicate that upstream material segments are gaining increasing attention, and the focus should be on the most constrained supply areas [5].

Group 1 - The A-share non-ferrous metal sector has performed remarkably well this year, with the Shenwan Non-ferrous Metal Index showing an increase of nearly 77% as of December 11, and several stocks within the sector doubling in price [1] - The strong rise in the sector is driven by multiple sources of capital, including public funds, social security funds, and foreign investments [1] - The core factor behind the price increase in non-ferrous metals is the strong constraints on supply, particularly in copper and electrolytic aluminum, where production has been limited and often disrupted [1] Group 2 - The fundamental outlook for the non-ferrous metal sector is relatively stable, with major commodities remaining within a reasonable valuation range despite short-term volatility [2] - The upward trend driven by the production cycle is expected to continue in the medium to long term until a supply inflection point is reached [2] - The limited new production capacity and increasing demand for electricity, particularly for copper, suggest that the supply-demand gap may continue to widen [1]

Core Insights - Guangxi's first batch of high-tech enterprises for 2025 includes Zhonghong Medical's subsidiary, Guilin Hengbao Health Protection Co., Ltd, marking its entry into the national high-tech enterprise category [1][2] - Zhonghong Hengbao has a strong focus on R&D, investing over 15% of annual revenue into innovation, leading to breakthroughs in advanced materials and technologies [1][2] - The company has developed a brand matrix including "Medis," "Beili Le," and "Lifestyle," addressing industry pain points with innovative products [2] Company Achievements - Zhonghong Hengbao has accumulated over 60 patents, with several core technologies reaching international advanced levels [1] - The company has established advanced production lines, significantly increasing capacity and maintaining a leading position in the domestic industry [2] - The recognition as a high-tech enterprise is seen as a new starting point for the company to enhance R&D and drive product innovation [2][3] Future Directions - The company aims to focus on cutting-edge technology and enhance the intelligence and precision of medical protection products [2] - Zhonghong Hengbao plans to deepen cooperation across the industry chain and contribute to the development of regional high-tech industry clusters [2] - The company intends to expand its global market presence by developing segmented products tailored to various scenarios, promoting Chinese protection technology worldwide [2][3]