Core Insights - Zhejiang Jiaokao (002061.SZ) reported a total contract amount of 254.557 billion yuan for ongoing projects as of the end of Q4 2025, with confirmed revenue of 106.024 billion yuan and remaining uncompleted amount of 148.533 billion yuan [1] - The company secured 220 new signed projects in Q4 2025, amounting to 7.496 billion yuan, and a total of 1,014 new signed projects for the year, totaling 68.678 billion yuan [1] - The company has a strong regional advantage and brand influence, operating in 20 countries overseas and undertaking projects in over 30 provinces in China, showcasing robust engineering capabilities and market competitiveness [2] Project Progress and Financial Performance - Key projects are progressing well, with timely payments and stable performance from counterparties, including the completion of the Rui Cang Expressway and significant progress on the Yongjin Expressway expansion [2] - The company’s maintenance business has shown good growth in revenue and new orders, focusing on county-level maintenance and expanding local markets through partnerships [3] - The company plans to enhance its core business through mergers and acquisitions related to upstream and downstream industries, aiming to strengthen its industrial chain and explore new profit growth points [3] Industry Context and Future Outlook - The Zhejiang Provincial Transportation Work Conference outlined ambitious infrastructure goals for the "14th Five-Year Plan," with a focus on modernizing transportation networks and investing 350 billion yuan in comprehensive transportation projects [4] - Long-term investment strategies emphasize the importance of infrastructure investment, particularly in economically significant provinces, highlighting Zhejiang Jiaokao as a potential investment opportunity due to its low valuation and high dividend yield [4] - The company has established a three-year dividend plan, with a cash dividend of 1.25 yuan per 10 shares for 2024, representing 25.48% of the consolidated net profit attributable to shareholders [4]

财务方面，公司收入从2022年的5020万元人民币快速增长至2024年的4.73亿元人民币。2025年前三季 度，其智能汽车产品与边缘AI推理产品的销售收入同比增幅均超过250%。截至2025年9月末，公司累计 交付的SoC芯片已超过1.65亿颗；截至2025年底，智能汽车SoC累计出货量接近100万颗。 本次IPO募集资金计划用于优化技术平台以提升产品性能、开发新技术以拓展业务范围、扩大销售网 络，以及进行股权投资或收购等用途。市场分析指出，在全球AI算力需求持续增长、计算模式向边缘 侧迁移的背景下，爱芯元智的上市为投资者提供了参与边缘AI芯片领域的机会。 爱芯元智成立于2019年，专注于边缘计算与终端设备的AI芯片研发。公司建立了涵盖多项核心技术的 完整技术平台，包括其AI图像信号处理器"爱芯智眸AI-ISP"、自研的混合精度神经网络处理器"爱芯通 元NPU"，以及配套的Pulsar2工具链与软件开发套件，形成从感知、计算到软件部署的技术闭环。 根据行业报告，以2024年出货量计算，爱芯元智在全球中高端视觉端侧AI推理芯片市场占有24.1%的份 额，位列第一；同时在中国边缘AI推理芯片市场排名第三，市场份 ...

世界黄金协会最新数据显示，2025年黄金投资需求呈现井喷式发展，受ETF巨额资金流入以及金条需求 攀升的推动，2025年全球黄金投资需求激增84%，达到2175吨。金价走势同样表现强劲，继2025年涨幅 超60%后，2026年以来金价延续上行态势，涨幅进一步扩大至逾20%，本周更逼近每盎司5600美元关 口。金价持续走高大幅抬升黄金资产价值，同时显著增厚黄金企业盈利水平。 1月28日，宝鼎科技（002552）（002552）发布业绩预增公告，2025年公司实现扣非净利润1.10亿 元-1.42亿元，同比大幅增长535.18%-661.78%。公告明确，本期业绩高增的核心原因系黄金价格持续走 高，直接带动公司成品金业务营业收入与毛利率同步提升。 2025年10月16日，宝鼎科技全资子公司河西金矿"河西矿区资源整合开发工程（一期）项目"顺利完成竣 工验收，并正式取得年产30万吨《安全生产许可证》。扩建项目通过安全设施竣工验收且完成《安全生 产许可证》换发标志河西金矿"30万吨/年"项目正式进入投产阶段。项目投产后将进一步释放公司金矿 石开采产能，助力成品金产量与销售收入稳步提升，有效增厚公司盈利水平、增强综合竞争 ...

Core Insights - The pre-prepared food market is transitioning from an efficiency solution in the restaurant industry to a regular choice for family daily and festive needs, driven by the younger generation's changing consumption habits [1] - The market penetration of pre-prepared foods in China is currently only 10%-15%, compared to over 60% in mature markets like the US and Japan, indicating significant growth potential [1] Industry Overview - The development of the pre-prepared food industry is driven by both supply and demand sides, with the industrialization and standardization of restaurant kitchens and the rising demand for convenient cooking at home [1] - The upcoming national standards for pre-prepared foods signify a speeding up of industry normalization, benefiting leading companies with strict quality control systems [1][4] Company Strategy - Qianwei Central Kitchen (千味央厨) has established a dual-driven development strategy focusing on strengthening its B-end business while expanding into the C-end market through e-commerce and new retail channels [2] - The company has successfully introduced its products into mainstream new retail channels such as Hema, Walmart, and Yonghui, positively impacting its overall revenue [2] Financial Performance - In the first three quarters of 2025, Qianwei Central Kitchen achieved total revenue of 1.378 billion yuan, a year-on-year increase of 1%, with the third quarter revenue reaching 492 million yuan, up 4.27% year-on-year [2] - The performance of direct and new retail channels has outperformed distribution channels, with significant contributions from new retail clients like Hema [2] Market Positioning - Qianwei Central Kitchen is leveraging a multi-brand matrix to segment and cover the market, with brands like "Xingkefang" and "Yuzhicao" establishing flagship stores on major e-commerce platforms [3] - The company has the potential to enter high-end membership supermarkets like Sam's Club, which require high product differentiation and stable quality [3] Future Outlook - With the impending implementation of national standards, the trend towards industry normalization and increased concentration is expected to become clearer, enhancing Qianwei Central Kitchen's competitive advantages in the C-end market [4] - The company's growth potential is anticipated to be further released as it expands into more C-end new channels, indicating promising long-term growth opportunities [4]

值得关注的是，该模式精准契合国家"美丽河湖"建设战略导向，以"AI+环保"为核心构筑差异化竞争 力，成为其赢得市场的关键。依托"美人鱼——智慧化诊断平台"与"富营养化湖库中宇宙数字孪生诊验 系统"，公司实现湖泊状态"全息透视"，精准模拟治理效果，结合"河口清"入湖河口增量淤泥智能精准 清除平台，精准落地"一湖一策"科学治理，破解行业治理痛点。 模式落地离不开核心技术支撑，公司明星产品"深潜式高压灭藻成套装备"2025年加速放量，全年验收交 付13套，直接驱动收益大幅增长。该装备凭借自主研发的加压控藻技术，以物理方式抑制蓝藻活性，兼 具大通量、低能耗、无二次污染优势，技术集成度行业领先，规模化应用有效拉动营收攀升、优化盈利 结构，提升了公司整体毛利水平。 治理成效的持续落地，更印证了模式价值。2025年，云南省异龙湖、杞麓湖全湖水质双双"脱劣"，德林 海凭技术治理成果，获石屏县、通海县政府的锦旗与感谢信表彰；同年10月，云南省委副书记、省长王 予波调研异龙湖时，实地肯定了公司高压控藻试点项目的成效。此外，公司圆满完成上海世艇赛蓝藻应 急治理任务，彰显技术硬实力与应急处置能力。 2026年1月29日，国内蓝藻治理 ...

作为全球领先的锂产品供应商，天齐锂业的资源布局一直在不断优化和强化。公司拥有的全球顶级锂资 源资产发挥了"压舱石"作用，格林布什锂矿的稳定供应和成本优势，为公司在行业下行阶段维持健康的 毛利空间提供了坚实保障。天齐锂业通过一系列举措成功将资源优势转化为成本优势，展现了卓越的运 营管理能力。过去一年里，公司坚定地推进内部流程优化和产业链协同，迎来了经营质量的实质性改 善。 展望未来，随着全球能源转型和电动汽车普及的长期趋势持续，储能市场的快速发展将为锂需求打开新 的增长空间。同时，行业调整期间，高成本产能的逐步出清有望优化供给格局，将进一步巩固天齐锂业 作为行业龙头企业的市场地位。 公司通过优化控股子公司的定价机制，显著缩短了锂矿的定价周期，公司全资子公司的化学级锂精矿定 价机制与公司锂化工产品销售定价机制在以前年度存在的时间周期错配的影响已大幅减弱。随着国内新 购锂精矿陆续入库及库存锂精矿的逐步消化，公司各锂化工产品生产基地的生产成本得以显著优化，有 效对冲了产品销售价格下滑带来的压力。同时公司抓住了2025年澳元走强带来的汇兑收益，成功在行业 筑底阶段巩固了自身的盈利韧性。 另外，值得关注的是，公司扣除非经 ...

2026年1月29日，深圳市龙岗区人工智能(机器人)署、深圳润六尺科技有限公司(以下简称"深圳润六尺")联合深圳天顿数据科技有限公司(以下简称"天顿数 据")，在深圳龙岗成功举办"深圳龙岗AI产业生态合作发布会暨深圳润六尺落地盛典及推理算力基地启航仪式"。本次大会以"智算筑基，理赢未来"为核心主 题，聚焦AI推理算力生态构建与产业协同创新，共探AI技术赋能千行百业的新路径、新机遇，也正式宣告润六尺在粤港澳大湾区的算力布局迈出关键一 步，彰显了其深耕AI算力领域、助力数字经济发展的坚定决心。 依托全链条核心优势与资源整合能力，润六尺科技已在算力布局上率先发力。为打破传统集中式供给限制，公司创新采用去中心化模式，聚合分散的闲置算 力资源(如智算中心的夜间算力)，通过科学调度实现算力高效利用——白天优先保障推理等自用需求，夜晚则开放给AI训练等高强度任务，既让用户得以更 优价格直接从供应方获取算力，也帮助企业盘活闲置资产，有效激活了整个算力生态，进一步彰显了其在算力领域的专业实力。 在长三角算力布局成效显著的基础上，润六尺顺势拓展粤港澳大湾区市场，此次启航的深圳润六尺推理算力基地，正是其完善全国算力布局、实现区域协 ...

首次尝试，集采冲击导致估值基础动摇 朗研生命主要从事高端化学药品制剂及原料药的研发、生产与销售，核心产品包括缬沙坦氢氯噻嗪片、恩 替卡韦片、索磷布韦原料药等，2023年和2024年未经审计的归母净利润分别为3,671万元和5,388万元。 登录新浪财经APP 搜索【信披】查看更多考评等级 2026年1月27日，阳光诺和（688621.SH）发布公告，宣布正式终止以发行股份及可转换公司债券方式收购 朗研生命100%股权的重组计划，并撤回相关申请文件。这是自2022年以来，阳光诺和第二次对同一标的 发起收购并以失败告终。至此，该项目也成为国联民生证券今年以来已终止的第三个项目。 值得注意的是，两次交易，相隔三年，标的相同、实控人一致、中介机构未变——国联民生证券始终担任 独立财务顾问（其中第一次为合并前的民生证券）。从2022年16.11亿元的首次尝试，到2025年12亿元的 再度推进，阳光诺和始终试图打通"CRO（研发外包）+医药工业"一体化平台的战略构想，屡次在政策变 化与估值博弈的双重压力下受阻。 | 项目 | 第一次收购（2022–2023） | 第二次收购 (2025-2026) | | --- | - ...

Core Viewpoint - The company, Lei'ao Planning, has successfully turned a profit in 2025, with significant improvements in its financial performance, driven by strategic focus and operational efficiency [1][4]. Financial Performance - Lei'ao Planning expects a net profit attributable to shareholders of 17 million to 25 million yuan in 2025, representing a year-on-year increase of 137.52% to 155.17% [1]. - The company anticipates a non-net profit of 12 million to 17 million yuan, reflecting a growth of 121.04% to 129.81% year-on-year [1]. - In the first three quarters of 2025, Lei'ao Planning achieved a net profit of 11.28 million yuan, up 141.98% year-on-year, and a non-net profit of 4.03 million yuan, increasing by 111.20% [1]. Strategic Focus - The company is committed to becoming a "smart city planning and operation expert," enhancing internal management and maintaining stable business operations to support annual growth [2]. - Lei'ao Planning has successfully transitioned from a traditional planning design firm to a "city intelligent service provider," leveraging advanced technology and achieving a competitive edge [2]. Technological Innovation - The company has made significant advancements in AI, with the "Lei AI Planning Design Assistant" integrating multi-disciplinary knowledge and industry cases for intelligent process automation [3]. - The "Lei AI Planning Design Assistant" has been commercialized through various models, and it was recognized in December 2025 as a typical case for future city construction in Guangdong Province [3]. - Lei'ao Planning's URBANYX model provides comprehensive intelligent decision-making services for urban governance, aligning with policy requirements for county development [3]. Future Outlook - With a clear strategic layout, ongoing technological innovation, and efficient internal management, Lei'ao Planning is positioned for sustained growth and long-term returns for investors [4].

Core Viewpoint - Lisheng Sports (002858) has announced a positive performance forecast for the fiscal year 2025, indicating growth in key financial metrics and a strategic focus on expanding its sports event business [1] Financial Performance - The company expects to achieve an annual revenue of approximately 480 million to 530 million yuan for 2025, representing an increase of 39.3 million to 89.3 million yuan compared to the previous year's revenue of 440.7031 million yuan, which translates to a year-on-year growth of 8.92% to 20.26% [1] - The net profit attributable to shareholders is projected to be -6 million yuan, reflecting an increase of 84.56% compared to the previous year [1] Strategic Development - Lisheng Sports is implementing a development strategy centered around "event IP leadership, digital empowerment, and collaborative development across the entire industry chain," actively expanding its sports event business [1] - The company is optimizing internal organizational efficiency, leading to a significant reduction in management expenses compared to the previous year [1] Business Innovation - The company is embracing technological innovation and exploring the feasibility of integrated business models, including smart connected events, electric vehicle events, and collaborations in "sports + culture + tourism" and "events + travel" [1] - Lisheng Sports is focusing on emerging market opportunities in sports driven by technological advancements and new consumer trends, such as autonomous driving and robotic sports, and is pursuing external investments to facilitate business expansion [1] Company Overview - Lisheng Sports is recognized as a leading automotive sports operation service provider in China, specializing in sports event management, sports club operations, sports venue management, sports equipment manufacturing and sales, and marketing services [2]