经济观察网证监会网站显示，成都星拓微电子科技股份有限公司2026年1月5日向四川证监局办理辅导备 案登记，辅导机构为中国国际金融股份有限公司。 ...

经济观察网证监会网站显示，天津七一二（603712）移动通信股份有限公司2026年1月5日向天津证监局 办理辅导备案登记，辅导机构为中国银河（601881）证券股份有限公司。 ...

今日看点 1月5日重点关注的财经要闻与资本市场大事： 2、国新办将举行新闻发布会 介绍长江经济带发展十年工作进展和成效 1月5日上午10时，国新办将举行新闻发布会，国家发展改革委副主任王昌林和生态环境部、交通运输部、水利部、农业农村部有关负责人介绍长江经济带发 展十年工作进展和成效，并答记者问。 3、415.35亿元市值限售股今日解禁 从解禁量来看，6家公司解禁股数超千万股。国联民生、建设工业、烽火电子解禁量居前，解禁股数分别为17.71亿股、6.3亿股、1.14亿股。从解禁市值来 看，6家公司解禁市值超亿元。国联民生、建设工业、天和磁材解禁市值居前，解禁市值分别为180.08亿元、168.95亿元、24.48亿元。 1、国内航线燃油附加费今起下调 自1月5日起，国内航线燃油附加费下调。根据最新标准，800公里（含）以下航段，每位旅客收取人民币10元；800公里以上航段，每位旅客收取人民币20 元。此次调整较此前收费标准分别下调了10元和20元。 1月5日，共有12家公司限售股解禁，合计解禁量为27.03亿股，按最新收盘价计算，合计解禁市值为415.35亿元。 4、59家公司披露回购进展 1月5日，59家公司 ...

Core Viewpoint - Qingyan Environment Technology Co., Ltd. is undergoing significant changes, including leadership adjustments and a strategic shift towards a diversified business model to address challenges in the environmental protection industry [2][4][6]. Leadership Changes - On December 30, 2025, the chairman and general manager Liu Shujie resigned from the general manager position, and Chen Jun was appointed as the new general manager, bringing a strong financial background and management experience [2]. - Liu Shujie will focus on the company's strategic planning and development direction, while Chen Jun is expected to enhance revenue, profit, and cash flow growth through refined management [2]. Strategic Initiatives - On December 22, 2025, the company announced a global agent recruitment plan, allowing agents with market resources to participate in the application of its biological wastewater treatment technology globally under a "light asset, zero risk" cooperation model [2][8]. - The "New Partner" strategy, launched at the end of 2024, aims to collaborate with excellent teams in niche fields to quickly enter new markets, reversing the performance decline caused by shrinking traditional municipal projects [3][8]. Industry Challenges - The company faces significant challenges due to external environmental changes, including a reduction in large municipal projects and longer payment cycles, leading to increased uncertainty in its traditional project-based model [4][5]. - The environmental protection industry has shifted from rapid growth to deep adjustment, with the company's revenue declining to below 100 million yuan in 2024, resulting in a risk warning for delisting [4][5]. Business Transformation - Starting in 2025, the company is moving away from reliance on a single municipal market to explore diversified scenarios and customer bases [6][7]. - The acquisition of a 51% stake in Tonghai Nickel Industry, a leading hazardous waste disposal company, exemplifies the company's strategy to enter the hazardous waste resource utilization sector [8]. Financial Performance - The company's third-quarter report for 2025 indicated a revenue of 101 million yuan, a year-on-year increase of 92.97%, while the net profit attributable to shareholders was -5.1752 million yuan, a 60.22% improvement [9]. Future Outlook - The company aims to enhance its operational management and optimize its business structure to promote growth and profitability, focusing on integrating technology innovation with market networks [10]. - Liu Shujie emphasizes the importance of delivering optimal technology and services to various environmental governance scenarios across different industries and regions [10].

Core Insights - Zhuoyu Technology celebrated its 10th anniversary in Shenzhen, unveiling a new multimodal end-to-end world model as a "data-driven spatial intelligent mobility foundation" for the future [2] - The company, founded in 2016 and spun off from DJI in 2023, has transitioned to an independent player in the driver assistance solutions market [2] - CEO Shen Shaojie emphasized the shift from a "rule-driven" approach to an end-to-end model, which has improved the company's situation amid financial pressures [2] Technology and Market Position - Zhuoyu's end-to-end approach draws inspiration from Tesla's philosophy, breaking down the VLA into interpretable, modular components, effectively addressing industry challenges like causal reasoning and low-frequency data generation [3] - The company boasts a competitive edge in computational power and sensor optimization, achieving performance comparable to dual Orin X chips while maintaining lower computational requirements [3] - Zhuoyu has successfully implemented L2+ driver assistance using a mid-computational power visual solution, launching the world's first high Qualcomm 8775 integrated cockpit solution, which enhances cost efficiency in the industry [3] Client Base and Industry Strategy - Zhuoyu has secured nine major clients, serving 15 brands and covering over 50 vehicle models in the passenger car sector [3] - The company targets the mass-market passenger vehicle segment, offering affordable driver assistance solutions, which has earned it the nickname "price butcher" [4] - Zhuoyu aims to transition from L2+ to L3 driver assistance, believing that consumer trust in fully developed products will shift pricing logic from BOM cost to value in time savings and attention release [4] Future Expansion and Business Model - The company plans to extend its business beyond passenger vehicles into heavy-duty trucks and unmanned logistics vehicles, indicating a shift towards a more comprehensive mobility technology enterprise [5] - Zhuoyu has initiated a heavy-duty truck highway NOA project to enhance logistics safety and efficiency, collaborating with leading industry players for mass production by mid-2026 [6] - Despite diversifying, Zhuoyu expects that the majority of its revenue will continue to come from passenger vehicles in the near term, with any new ventures being carefully evaluated for resource allocation [6]

Core Viewpoint - The strategic cooperation agreement signed between Ping An Property & Casualty Insurance, Shanghai Electric Leasing Co., Ltd., and Shanghai Electric Insurance Brokerage Co., Ltd. marks a significant milestone in the integration of insurance and financing leasing for embodied intelligent robots in China, representing the first successful implementation of this model in the industry [1] Group 1: Partnership and Innovation - The collaboration involves the signing of an insurance cooperation agreement for the financing leasing project of embodied intelligent robots, indicating a breakthrough in the commercial application of such technology [1] - Ping An Property & Casualty Insurance has innovatively designed comprehensive coverage that includes third-party liability, product quality liability, and information leakage liability, moving beyond traditional hardware insurance limitations [1] Group 2: Risk Management and Financial Services - The new "insurance + leasing" model addresses the issue of information asymmetry in insuring single embodied intelligent robot devices and establishes a full-chain risk control loop from manufacturing to usage to insurance [1] - This approach aims to shift insurance from a reactive "post-compensation" model to a proactive "prevention" and "intervention" model, providing sustainable financial support for the stable development of the intelligent manufacturing industry [1]

陈祎彬认为，真正的"让利"，是帮助投资者建立理性、长期的投资框架，从而获取可持续的回报。这依 赖于专业的买方投顾服务。(记者陈植) 经济观察网2025年12月31日，证监会修订发布《公开募集证券投资基金销售费用管理规定》(下称《新 规》)。 数据显示，过去十一年，陆基金平台累计为近千万投资者节省逾25亿元交易费用。 陆基金总经理陈祎彬表示，《新规》是推动基金销售行业从"卖方销售"向"买方服务"深度转型的关键一 步。降低显性费用是起点，通过专业服务提升投资者的长期回报与获得感，才是真正的落脚点。 "这是我们践行'买方立场'最基础的体现。费用做减法，服务与回报就必须做加法。"陈祎彬强调。过去 五年，陆基金打造买方服务体系，利用平安的大数据与金融科技能力，引导客户采用"目标配置法"，聚 焦个人长期生活目标。在陆基金平台，近两年逾90%投资者获得正收益，2025年非货公募持仓客户平均 收益超13%。 ...

Group 1 - The core issue of social security remains a hot topic in the public discourse, with significant developments in 2025 including the announcement of social security contributions for delivery workers and adjustments to contribution bases across various regions [1] - China has established the world's largest social security system, with basic pension insurance covering 1.012 billion people by 2024, including 535 million urban employees and 538 million rural residents [1] - The pension insurance system is designed to provide basic living security for workers upon retirement or loss of labor capacity, while also promoting social mutual assistance and risk-sharing [1] Group 2 - The compliance rate for China's employee pension insurance has declined from 85.2% in 2011 to 80.8% in 2022, indicating a rise in the proportion of individuals who have interrupted their contributions [2] - To encourage more flexible workers to participate in employee social security, targeted incentive measures are expected to be introduced in 2026, including income growth plans and adjustments to minimum wage standards in various regions [3] - The Ministry of Finance plans to improve the fiscal transfer payment distribution mechanism in 2026, addressing issues related to social insurance and education for children of migrant workers [3]

经济观察网三一重工（600031）1月4日公告，2025年4月3日，公司召开第八届董事会第二十五次会议， 审议通过《关于公司以集中竞价交易方式回购股份的议案》，公司将使用自有资金或自筹资金以集中竞 价交易方式回购公司A股股份，本次回购的资金总额不低于10亿元、不超过20亿元，本次回购股份的价 格上限为29.1元/股，不超过董事会审议通过本次回购决议前30个交易日公司股票交易均价的150%，回 购期限自公司董事会审议通过本次回购股份方案之日起不超过12个月，本次回购将用于员工持股计划。 截至2025年12月月底，公司累计回购7267.92万股，占公司A股总股本的比例为0.86%，回购价格区间为 17.39元/股至19.39元/股，累计使用资金13.55亿元(不含印花税、交易佣金等交易费用)。 ...

Core Viewpoint - Unisoc is planning to acquire the controlling or entire equity of Ruineng Semiconductor Technology Co., Ltd. through a combination of share issuance and cash payment, involving partners such as Nanchang Jianen, Beijing Guangmeng, and Tianjin Ruixin [1][4]. Group 1: Company Overview - Unisoc is a major integrated circuit listed company in China, focusing on special integrated circuits and smart security chips [4]. - Ruineng Semiconductor, established in 2015, has its roots in NXP's semiconductor power device division, which dates back to 1969 [5]. - Ruineng Semiconductor has transitioned to a 100% Chinese-owned enterprise since 2019, expanding its product lines to include silicon carbide devices and IGBTs [5][10]. Group 2: Market Position and Product Development - Ruineng Semiconductor is a leader in the power semiconductor sector, with significant market presence in consumer electronics and industrial applications, serving over 8,000 global customers [6][8]. - The company has developed advanced products, including sixth-generation silicon carbide diodes, which improve system efficiency and reduce conduction losses [7]. - Ruineng Semiconductor ranks first among Chinese brands in thyristors and fifth globally in silicon carbide rectifiers [8]. Group 3: Strategic Importance of the Acquisition - The acquisition of Ruineng Semiconductor is seen as a strategic move for Unisoc to enhance its position in the automotive electronics sector and strengthen the domestic semiconductor supply chain [10][12]. - Ruineng's capabilities in silicon carbide devices are crucial for applications in electric vehicles and renewable energy, aligning with industry trends [9][10]. - The integration of Ruineng Semiconductor into Unisoc is expected to create a strong synergy, enhancing both companies' competitive edge in the semiconductor market [11][12].