上市银行"村改支"整合中再现股东分歧。 日前，苏农银行（603323）（603323.SH）发布的股东会决议显示，该行吸收合并张家港渝农商村镇银 行并设立分支机构的议案反对票占比13.0821%，特别是持股5%以下中小股东反对票比例达到18.415%。 无独有偶，近半年以来，已有贵阳银行（601997）、张家港行（002839）等上市银行"村改支"方案出现 中小股东意见分歧。这也反映出在市场与监管环境变化下，中小股东对于银行资本消耗型并购的态度日 趋审慎。 长江商报记者注意到，此次"村改支"是苏农银行进一步优化区域布局的重要举措。随着区域布局的持续 推进，截至2025年末，苏农银行总资产2311.03亿元，较年初增长8.00%。 但另一方面，苏农银行同时面临营收增长放缓的挑战。2025年全年，苏农银行实现营业收入41.91亿 元，同比仅增长0.41%；归母净利润20.29亿元，同比增长7.58%；加权平均净资产收益率为10.84%，同 比下降0.83个百分点。 二级市场上，截至1月23日收盘，苏农银行A股股价5.02元/股，较2025年6月6.26元/股的高点回撤近 20%。2025年全年，苏农银行股价累计涨 ...

Core Insights - The National Development and Reform Commission has released the "Management Measures for National Emerging Industry Innovation Centers," which outlines eight main tasks for these centers, focusing on strategic industry development and collaboration among leading enterprises, academia, and research institutions [2][3] - By 2025, the added value of high-tech manufacturing in China is projected to account for 17.1% of the total industrial added value, indicating a significant shift towards new productive forces and technological advancements [2][6] Group 1: Innovation Center Framework - The innovation centers are positioned as platforms for technological innovation, aimed at nurturing future industries and enhancing new productive forces, forming a crucial part of the national innovation system [3] - The measures emphasize the integration of innovation ecosystems, promoting collaboration among government, industry, academia, and research to tackle key technological challenges [3][5] - The centers will also encourage local and social capital participation, establish stable R&D funding mechanisms, and support the establishment of investment funds for innovation and entrepreneurship [3][5] Group 2: Economic Growth and Industry Development - In 2025, the number of newly established enterprises in the "8+9" emerging and future industries reached 1.01 million, a 9.0% increase from the previous year, reflecting strong entrepreneurial enthusiasm in innovation-driven sectors [6] - The added value of high-tech manufacturing and equipment manufacturing reached 17.1% and 36.8% of the total industrial added value, respectively, showcasing the growth of high-tech and strategic emerging industries [7] - The production of new energy vehicles exceeded 16 million units in 2025, maintaining a global leadership position for 11 consecutive years, driven by supportive policies and market demand [7]

长江商报消息 ●长江商报记者 徐靓丽 责编：ZB 2025年以来，湖北省金融运行总体平稳，金融总量持续增长，信贷结构更加优化，改革创新不断深化， 政策落实有力有效，为湖北省"十四五"圆满收官提供了坚实金融支撑。 统计数据显示，2025年末，湖北省金融机构资产规模总额达12.9万亿元，同比增长7.27%。信贷投放持 续加力，本外币各项贷款余额9.38万亿元，同比增长7.73%，增速高于全国平均水平1个百分点以上，与 湖北名义经济增速更好匹配；全年累计新增贷款6732亿元，同比多增987亿元。银行间市场融资功能显 著提升，全年债务融资工具发行规模突破万亿元，中长期债券占比稳步提高。截至2025年11月末，湖北 省社会融资规模存量同比增长9.4%，高于全国0.9个百分点，增量累计为1.09万亿元，连续四年超万亿 元。社会综合融资成本保持低位运行，2025年湖北省企业贷款平均利率3.09%，同比下降43个BP。 截至2025年11月末，湖北省金融"五篇大文章"贷款余额3.91万亿元，同比增长15.9%，比年初新增5129 亿元，占全部新增贷款的80.1%。科技贷款、绿色贷款、普惠贷款、养老产业贷款和数字经济产业贷款 ...

Core Insights - The Chinese exhibition industry is transitioning from scale expansion to quality enhancement, playing an increasingly significant role in empowering industrial upgrades and promoting international economic and trade cooperation [1][2]. Group 1: Industry Growth - In 2025, the number of trade exhibitions in China is expected to exceed 4,000, with a total exhibition area nearing 160 million square meters, achieving a "double growth" target [2]. - The exhibition industry demonstrates strong resilience, maintaining steady growth in the context of the "14th Five-Year Plan" [1]. Group 2: International Influence - The international influence of China's exhibition industry continues to rise, with the China Council for the Promotion of International Trade approving 1,259 exhibitions in 57 countries, covering a net exhibition area of 684,000 square meters and involving 47,700 participating companies, marking a year-on-year growth of 7.98% [3]. Group 3: Regional Development - The share of exhibitions in the central and western regions of China has increased to 30%, with events like the Wuhan Optics Valley Expo and Chengdu Western Expo becoming new engines for regional economic development [2]. Group 4: Government Support - Local governments are actively implementing policies to support the exhibition industry, enhancing financial support, industry linkage, brand cultivation, and standardized management to stimulate market vitality and promote social consumption [2]. Group 5: Major Exhibition Platforms - National-level large exhibition platforms are becoming significant windows for international engagement, with the third China International Supply Chain Promotion Expo attracting participation from 75 countries and regions, showcasing concentrated innovative achievements and highlighting the collaborative effects of the industrial chain [2].

长江商报消息 ●长江商报记者 沈右荣 中国量贩零食连锁巨头湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）启动招股，将于1 月28日登陆港股上市。 鸣鸣很忙的前身零食很忙成立于2017年，2023年11月与赵一鸣零食联合重组，由此跃升为行业龙头。 只差临门一脚，鸣鸣很忙将在港交所主板上市。 根据鸣鸣很忙公告，公司拟全球发售1410.11万股H股，中国香港发售股份141.02万股，国际发售股份 1269.09万股。 根据安排，鸣鸣很忙2026年1月20日至1月23日公开招股，预期定价日为1月26日；发售价229.60—236.60 港元/股，高盛及华泰国际为联席保荐人。预期H股将于1月28日开始于联交所主板买卖。届时，鸣鸣很 忙将成为港股市场上"量贩零食第一股"。 鸣鸣很忙本次发售，获得了大量知名资本支持。 根据已经订立的基石投资协议，基石投资者将合计出资约1.95亿美元（或约15.199亿港元）参与认购， 预计认购的发售股份总数为651.98万股。 依托加盟模式，瞄准下沉市场，鸣鸣很忙实现了高歌猛进式扩张。截至2025年11月30日，公司门店数达 2.1万家，不到两年净增1.44万家。 疯狂扩张，鸣鸣 ...

Core Viewpoint - Shanghai Suiruan Technology Co., Ltd. (Suiruan Technology), the only unlisted company among the "Four Little Dragons" of domestic GPUs, has officially submitted its IPO application to the Science and Technology Innovation Board, aiming to raise 6 billion yuan for R&D and industrialization projects [1][4]. Company Overview - Suiruan Technology was co-founded by semiconductor experts Zhao Lidong and Zhang Yalin, both with extensive experience at AMD, and has developed four generations of architecture and five AI chips over nearly eight years [2][3]. - The company has established a complete product system covering AI chips, AI acceleration cards, intelligent computing systems, and AI software platforms, positioning itself as a leading player in China's cloud AI chip sector [3]. Financial Performance - Suiruan Technology has not yet achieved profitability, with total revenues from 2022 to the first nine months of 2025 amounting to 1.653 billion yuan and cumulative net losses reaching approximately 5.179 billion yuan [5]. - The company's R&D expenses totaled 4.419 billion yuan over the same period, accounting for 267.31% of its total revenue [5]. Market Position - In 2024, the overall shipment of AI acceleration cards in China is expected to exceed 2.7 million units, with Suiruan Technology projected to sell 38,800 units, capturing about 1.4% of the market share [3]. - Suiruan Technology's largest customer is Tencent, which accounted for 71.84% of its revenue in the first nine months of 2025 [6][7]. Investment and Financing - Tencent has been a significant investor in Suiruan Technology, participating in multiple funding rounds, including a total investment of 4.5 billion yuan in a recent round [8]. - As of the latest funding round, Suiruan Technology's pre-investment valuation was 17.5 billion yuan, with a total of 102 shareholders, and Tencent being the largest shareholder with 20.258% of the shares [8][9].

Core Viewpoint - The company "Mingming Hen Mang" is set to launch its IPO on January 28, 2026, aiming to become the first stock of its kind in the Hong Kong market, despite facing challenges related to its rapid expansion and low profit margins [1][4]. Group 1: Company Overview - "Mingming Hen Mang" was established in 2017 and has rapidly expanded through a franchise model, targeting lower-tier markets, resulting in a significant increase in store count to 21,000 by November 2025, with a net addition of 14,400 stores in less than two years [2][15]. - The company operates on a model similar to a middleman, with a gross margin of less than 10%, but has achieved high revenue growth due to its large scale, reporting revenues of 46.371 billion yuan and an adjusted net profit of 1.81 billion yuan for the first three quarters of 2025 [3][8]. Group 2: Financial Performance - From 2022 to 2025, the company reported revenue growth from 4.286 billion yuan to 46.371 billion yuan, with compound annual growth rates of 203% over three years [8]. - The adjusted net profit increased from 81 million yuan in 2022 to 1.81 billion yuan in 2025, with a compound annual growth rate of 234.6% during the same period [8]. Group 3: IPO Details - The company plans to raise approximately 3.3 billion HKD (about 2.97 billion yuan) through its IPO, with a share price range set between 229.60 and 236.60 HKD [6][4]. - Major investors, including Tencent and Temasek, have committed around 195 million USD (approximately 1.52 billion HKD) to participate in the IPO [5]. Group 4: Market Competition - The company faces significant competition from "Wancheng Group," which has a higher gross margin and is also expanding rapidly, with reported revenues of 36.562 billion yuan for the first three quarters of 2025 [9][10]. - As of September 2025, "Mingming Hen Mang" had over 180 million registered members, while "Wancheng Group" had 15,365 stores and over 110 million active members [11][10]. Group 5: Operational Challenges - The company relies heavily on franchise stores, which account for 99.9% of its outlets, leading to governance challenges and quality control issues, as evidenced by numerous consumer complaints regarding product quality [13][16]. - The average monthly profit per store has decreased to approximately 5,500 yuan, and the payback period for franchisees has extended from 12 months to an average of 29 months [15][14].

长江商报消息●长江商报记者 徐佳 上市银行"村改支"整合中再现股东分歧。 日前，苏农银行（603323.SH）发布的股东会决议显示，该行吸收合并张家港渝农商村镇银行并设立分 支机构的议案反对票占比13.0821%，特别是持股5%以下中小股东反对票比例达到18.415%。 无独有偶，近半年以来，已有贵阳银行、张家港行等上市银行"村改支"方案出现中小股东意见分歧。这 也反映出在市场与监管环境变化下，中小股东对于银行资本消耗型并购的态度日趋审慎。 长江商报记者注意到，此次"村改支"是苏农银行进一步优化区域布局的重要举措。随着区域布局的持续 推进，截至2025年末，苏农银行总资产2311.03亿元，较年初增长8.00%。 但另一方面，苏农银行同时面临营收增长放缓的挑战。2025年全年，苏农银行实现营业收入41.91亿 元，同比仅增长0.41%；归母净利润20.29亿元，同比增长7.58%；加权平均净资产收益率为10.84%，同 比下降0.83个百分点。 二级市场上，截至1月23日收盘，苏农银行A股股价5.02元/股，较2025年6月6.26元/股的高点回撤近 20%。2025年全年，苏农银行股价累计涨幅为10.75% ...

光鲜的业绩背后，光伏行业整体承压也给这家设备制造商带来严峻挑战。 最突出的问题是现金流恶化。2023年，公司经营活动现金流净额尚为3.93亿元，2024年急转直下为-1.18 亿元，2025年上半年为-3173.84万元。招股书解释称，这主要是由于2023年采购规模大幅增加的款项于 2024年集中支付，叠加新签订单下降导致预收款减少。 长江商报记者注意到，随着收入规模扩大，公司应收账款规模快速增长，在下游客户经营承压背景下， 回收风险凸显。2022年—2025年上半年，江松科技应收账款账面余额分别为2.97亿元、4.07亿元、6.01 亿元和8.23亿元，占当期总营收的比重分别为36.86%、32.91%、29.75%和69.68%。 深交所最新披露的信息显示，无锡江松科技股份有限公司(下称"江松科技")IPO的状态从中止变更为已 问询。这标志着这家国内光伏电池智能自动化设备领域头部企业，创业板IPO进程迈入关键阶段。 在光伏行业整体承压的2024年，多家光伏电池厂出现巨额亏损，江松科技却走出业绩独立行情，营收从 2022年的8.07亿元增长至2024年的20.19亿元，实现翻倍增长，同期归母净利润也从0.8 ...

Core Viewpoint - The company Xinqianglian (300850.SZ) is expected to achieve a significant increase in net profit for 2025, driven by a recovery in the wind power industry, with projected net profit ranging from 780 million to 920 million yuan, marking a year-on-year growth of 1093.07% to 1307.21% [1][2]. Group 1: Financial Performance - The projected net profit for 2025 is expected to exceed the company's previous record set in 2021, indicating a historical high for the company [1][2]. - The net profit excluding non-recurring gains is forecasted to be between 680 million and 820 million yuan, reflecting a year-on-year increase of 356.18% to 450.1% [2]. - In the first three quarters of 2025, the company reported net profits of 171 million yuan, 229 million yuan, and 264 million yuan, with year-on-year growth rates of 429.28%, 567.76%, and 308.57% respectively [3]. Group 2: Industry Context - The wind power industry is experiencing a demand recovery, with the national installed capacity reaching 3.79 billion kilowatts, a year-on-year increase of 17.1%, and wind power capacity growing by 22.4% to 600 million kilowatts [5]. - Xinqianglian's core business includes key components for wind power, such as main shaft bearings and yaw bearings, which are essential for the wind power sector [5]. Group 3: Strategic Initiatives - The company is actively raising funds to expand its wind power business, with a recent plan to raise up to 1.5 billion yuan for projects related to large-capacity wind power bearings and to supplement working capital [4][6]. - Xinqianglian's total assets have grown significantly from 1.012 billion yuan in 2019 to 11.47 billion yuan by the end of Q3 2025, marking an increase of 17.46% year-on-year [6].