经济观察网12月29日，由杭州碧澄能源发展有限公司作为原始权益人，洛能(杭州)股权投资有限公司担 任资产管理顾问和财务管理顾问的首单分布式清洁能源资产机构间REITs(以下简称"碧澄能源机构间 REITs")在深圳证券交易所成功设立，产品名称为"兴证基实-碧澄能发新能源持有型不动产资产支持专 项计划(碳中和)"。 该产品的期限为24年，底层资产为工商业分布式光伏项目。产品认购方包括保险、信托、证券和资产管 理公司等专业投资机构，体现了资本市场机构投资者对优质绿色基础设施资产的广泛认可、长期信心与 价值共识。在"双碳"目标持续推进、能源结构转型步入深水区的背景下，如何为巨量的绿色能源基础设 施注入金融活水，成为行业与监管共同面对的课题。碧澄能源机构间REITs的落地，提供了一种新的解 题思路。该产品的底层资产穿透后，直接对应碧澄能源多个已稳定运营的工商业分布式光伏项目所产生 的收益权。这重设计，让此次设立超越了单纯的融资行为。 碧澄能源联席总裁兼CFO严驰晨透露，此次碧澄能源机构间REITs成功设立，是公司成立之初规划的关 键战略落地，标志着新能源资产正式进入标准化、证券化阶段，实现了从"项目开发"到"资产上市 ...

在全党全国深入学习贯彻党的二十届四中全会精神，收官"十四五"、开局"十五五"的关键时期，12月30 日，国家电网有限公司蒙西—京津冀±800千伏特高压直流输电工程（以下简称蒙西—京津冀工程）正 式开工建设。工程建成投运后，将进一步服务内蒙古"沙戈荒"新能源基地开发利用，为京津冀协同发展 注入更多绿色动能。 能源保障和安全事关国计民生，是须臾不可忽视的"国之大者"。《中共中央关于制定国民经济和社会发 展第十五个五年规划的建议》提出"着力构建新型电力系统，建设能源强国"。中央经济工作会议对"制 定能源强国建设规划纲要，加快新型能源体系建设，扩大绿电应用"等作出部署。当前，我国正加大力 度规划建设"沙戈荒"新能源基地，优化能源资源开发利用布局，促进区域协调发展，加快建设全国统一 电力市场，推动能源电力高质量发展。 作为履行国家战略使命的国有重点企业、保障国家能源安全的电力骨干企业、服务国计民生的公用事业 企业，国家电网公司深入贯彻党的二十大和二十届历次全会精神，充分认识肩负的职责使命，聚焦主责 主业，发挥央企在国民经济中的骨干和支柱作用，在迈向"十五五"新征程的关键时期，开工建设蒙西— 京津冀工程，以实际行动服务国 ...

江西证监局认为，赣锋锂业的上述行为涉嫌违反了《证券法》第五十三条第一款的规定，构成《证券 法》第一百九十一条第一款所述内幕交易行为。 经济观察网程久龙实习生雷宇12月29日晚间，赣锋锂业（002460）(002460.SZ)对外公告，公司于2025 年12月29日收到宜春市公安局的移送起诉告知书：因涉嫌内幕交易罪单位犯罪，该案件已移送检察机关 审查起诉。 公告披露，赣锋锂业因上述事项于2024年7月收到中国证券监督管理委员会江西监管局(以下简称"江西 证监局")下发的《行政处罚决定书》([2024]2号)。本次事项系在江西证监局行政处罚的基础上，依法开 展的后续正常司法程序。 据前述公告的《行政处罚决定书》显示，赣锋锂业在筹划收购江特电机（002176）的内幕信息敏感期 内，受时任赣锋锂业董事长李良彬决策安排，由时任赣锋锂业董秘欧阳明具体负责，证券部员工具体操 作，"赣锋锂业"证券账户在内幕信息敏感期内交易"*ST江特"股票。2020年6月22日，赣锋锂业转入3000 万元至"赣锋锂业"证券账户。2020年6月23日至7月2日，"赣锋锂业"证券账户买入"*ST江特"股票 15,677,700股，买入金额26, ...

合新高铁作为京港高铁与京沪二通道的关键连接线，全线建成后将大幅提升区域交通效率，向南可快速 通达粤港澳大湾区，向北衔接京津冀，对完善铁路路网布局、促进区域协调发展具有重要作用。 经济观察网 据央视新闻客户端消息，经过4年建设，今天（12月30日），连接安徽合肥至江苏新沂的合 新高铁合肥至泗县段正式开通运营，安徽合肥西站也同步投入使用。今天上午，G9500次列车从安徽合 肥西站出发，标志着这一重要交通工程进入运营阶段。 合新高铁合泗段线路全长198公里，设合肥西站、定远东站、明光西站、五河站及泗县东站五座新建车 站。 ...

Core Viewpoint - ST HuLuWa Pharmaceutical Group Co., Ltd. is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws, impacting its operations and financial reporting [1] Group 1: Company Overview - ST HuLuWa, established in 2005, focuses on the research, production, and sales of pediatric medicines, with notable products including pediatric cough and asthma granules and intestinal inflammation capsules [1] - The company aims to establish itself as the "first brand of children's medicine in China" and was listed on the Shanghai Stock Exchange in July 2020 [1] Group 2: Financial Performance - From 2020 to 2024, ST HuLuWa reported stable annual revenues of over 1 billion yuan and approximately 100 million yuan in net profit [1] - However, in 2025, the company faced scrutiny for inaccurate financial disclosures, leading to a correction of its 2023 net profit to only 10.85 million yuan, a reduction of 89.81% from previously reported figures [2] - The 2024 financial report revealed a significant decline, with total revenue of 1.414 billion yuan, down 21.26% year-on-year, and a net loss of 274 million yuan, a staggering decrease of 2629.23% [2] Group 3: Regulatory Actions - Prior to the formal investigation, ST HuLuWa received disciplinary actions from the Shanghai Stock Exchange due to accounting errors and failure to timely disclose its 2024 earnings forecast [3] - The company and its executives faced public reprimands, which were recorded in the securities and futures market integrity database [3] Group 4: Current Operations - Despite the ongoing regulatory issues, ST HuLuWa reported that its production and operational activities continue to function normally [1] - The company's third-quarter report for 2025 indicated a revenue of approximately 683 million yuan, a year-on-year decline of 33.88%, with a loss of 11.21 million yuan [4] Group 5: Market Reaction - Following the announcement of the investigation, ST HuLuWa's stock experienced a significant drop, hitting the daily limit down for two consecutive days, with a current share price of 7.99 yuan and a total market capitalization of around 3.2 billion yuan [5]

Core Insights - The article highlights the journey of Zhang Chaoyang, the founder of Sohu, emphasizing his transformation from a rebellious student to a prominent figure in the internet industry, and his recent efforts to revitalize the company through personal engagement and innovative strategies [2][3][12]. Group 1: Early Life and Education - Zhang Chaoyang grew up in a factory area in Xi'an and was initially a reluctant student, later excelling at Tsinghua University and pursuing a PhD at MIT, where he developed an interest in the internet [3][4]. - His exposure to the internet at MIT, particularly through a physics lab, sparked his passion for technology and set the stage for his future entrepreneurial endeavors [3][5]. Group 2: Entrepreneurial Journey - In the mid-1990s, Zhang recognized the potential of the internet in China and returned to start Sohu, facing significant challenges in securing funding as the concept of venture capital was not well established in China at the time [5][6]. - After overcoming initial funding difficulties, Sohu became the first Chinese startup to attract venture capital, with investments from notable figures like Nicholas Negroponte [6][7]. Group 3: Business Development and Challenges - Sohu launched its strategic product "Sohu" and positioned itself as a navigation tool for the Chinese internet, successfully going public on NASDAQ in 2000 [8][9]. - Despite initial success, Sohu faced challenges in monetizing its services due to inadequate payment infrastructure, leading to a focus on SMS services and online gaming for revenue generation [9][10]. Group 4: Crisis and Reflection - Zhang experienced a personal and professional crisis during the rapid growth of Sohu, leading to a period of self-reflection and a reevaluation of his values and business practices [10][12]. - He acknowledged that his detachment from product details and overemphasis on personal fame contributed to missed opportunities, particularly in the social media space [10][11]. Group 5: Return and Transformation - After a hiatus from the public eye, Zhang returned to Sohu with a renewed focus on product engagement, conducting live English classes and emphasizing the importance of direct user feedback [12][13]. - He has shifted Sohu's strategy towards video content and social media, aiming to leverage his personal brand to drive the company's transformation [13][14]. Group 6: Future Outlook - Zhang remains cautious about the AI trend, opting for a measured approach rather than following industry fads, while focusing on enhancing Sohu's video social platform [14][15]. - His commitment to ethical business practices and self-improvement reflects a significant shift in his leadership style, prioritizing employee motivation and sustainable growth over aggressive expansion [15].

Core Insights - The article highlights the journey of Zhang Chaoyang, the founder of Sohu, emphasizing his transformation from a rebellious student to a prominent figure in the internet industry, and his recent return to the forefront of the company after a period of personal and professional challenges [3][4][19]. Group 1: Early Career and Founding of Sohu - Zhang Chaoyang's early life was marked by a rebellious spirit during his studies at MIT, where he developed an interest in the internet and technology [5][6]. - In the mid-1990s, recognizing the potential of the internet in China, Zhang returned to China to establish Sohu, facing significant challenges in securing funding due to the lack of a venture capital culture at the time [8][10]. - Sohu became the first Chinese startup to attract venture capital, with investments from notable figures such as Nicholas Negroponte and Edward Roberts [11]. Group 2: Growth and Challenges - Sohu went public on NASDAQ in 2000, raising approximately $300 million, which marked a significant milestone for the company [13][14]. - Despite initial success, Sohu faced difficulties in monetizing its services due to inadequate payment infrastructure, leading to a focus on SMS services and online gaming for revenue generation [14][18]. - Zhang Chaoyang's leadership style evolved as he navigated the complexities of corporate governance and investor expectations, ultimately choosing to remain at the helm of the company despite pressures to step down [12][18]. Group 3: Personal Crisis and Recovery - Zhang experienced a personal crisis around 2011, which he described as a culmination of years of pressure and the challenges of maintaining success in a rapidly changing industry [19]. - His recovery involved a deep introspection and a shift in focus towards personal responsibility and a commitment to product quality, leading to a more hands-on approach in Sohu's operations [20][24]. - Since 2019, Zhang has re-engaged with the company, emphasizing the importance of product usage and innovation, particularly in video and social media [20][21]. Group 4: Current Strategy and Future Outlook - Sohu is now focusing on video content and self-media as a new strategic direction, with Zhang actively participating in content creation and product testing [21][23]. - The company aims to leverage Zhang's personal brand to enhance its video and live-streaming business, while maintaining a cautious approach towards emerging technologies like AI [23][24]. - Sohu's recent financial performance indicates a recovery, with gaming revenues contributing positively, and the company remains committed to ethical business practices amidst industry challenges [23][26].

新能源REITs底层资产正从单一的"风光场站"走向多元化。12月26日，全国首单光伏发电类REITs（不动产投资信托基金）——中航京能光伏封闭式基础设施 证券投资基金（下称"中航京能光伏REITs"）完成首次扩募。 本次扩募募集资金29.2215亿元，募集单价9.712元，扩募资产为苏家河口、松山河口两座水电站。扩容前，中航京能光伏REITs的底层资产为300MW（兆 瓦）榆林光伏项目和100MW晶泰光伏项目。 根据中航基金对上交所反馈意见的回复，扩募前基金内部收益率（IRR）为1.29%，扩募后IRR预计提升至3.94%，增加2.65个百分点，主要因水电资产带来 稳定收益。 中航基金不动产投资部总经理助理朱小东向经济观察报表示，扩募完成后，中航京能光伏REITs底层资产为"光伏+水电"，可以有效分散单一能源带来的气候 风险。 为何要扩容？ 新能源REITs通常以底层资产的电量收益作为未来现金流。在新能源发电全额保障时代，只需要计算发电量即可算出收益，但在新能源全面入市后，上网电 价、上网电量均有不确定性。 朱小东称，新能源电站政策敏感性高，受补贴、用地、电价政策影响显著，其中电价政策的调整，会直接影响资产收 ...

据经济观察报-经济观察网 12月26日晚，主营医药研发服务（CRO）的百花医药（600721.SH）公告披 露，公司当天收到控股股东、实际控制人米在齐、米恩华、杨小玲的通知，三位实控人正在筹划公司股 份协议转让事宜，该事项可能导致公司控制权发生变更。 ...

Group 1 - The core point of the article is the launch of the Fengxing brand's first pure electric SUV, the Xinghai T5, which is positioned to compete in the mainstream market against rivals like BYD Song PLUS and Leap Motor C11, marking a significant step in Dongfeng Fengxing's new energy transformation strategy [2][3] - The Xinghai T5 is priced at 153,900 to 161,900 yuan and aims to serve as a reliable family travel partner, targeting the popular 150,000 yuan compact electric SUV segment [3] - Dongfeng Fengxing has committed to a substantial investment of 20 billion yuan by 2030 to build core technological competitiveness, supported by a dedicated team of over 1,000 personnel [2] Group 2 - The Xinghai T5 features a 64.4 kWh lithium iron phosphate battery, offering a CLTC comprehensive range of 530 kilometers and an energy consumption of 13.8 kWh per 100 kilometers, which is competitive within its class [3] - The vehicle boasts a wheelbase of 2730 mm, providing ample interior space, and can achieve a flat storage space of 1214 liters with the rear seats folded down, enhancing its multifunctional attributes [3] - Despite facing intense competition in the MPV and mid-size sedan markets, Dongfeng Fengxing has reported a 67% year-on-year increase in total sales across its models, indicating positive market feedback for its product strategy [4]