长江商报消息 ●长江商报记者 徐靓丽 根据《实施方案》，中国将发布服务型制造关键共性技术清单，鼓励企业加大创新投入，推动融合需求 感知、集成研发设计、协同交付部署、智能运营监测管理等共性技术攻关，加强与面向生产制造过程的 工业智能技术攻关联动。面向重点场景、重点模式，推动攻关成果转化应用和迭代升级。发展科技服务 业，发展工业设计，加快推动基础软件和工业软件发展，体系化培育面向重点行业数字化转型场景的解 决方案和服务提供商。加大重点行业服务型制造发展力度，推动巩固提升新能源汽车、工程机械、通信 设备等产业优势地位，促进钢铁、石化、医药、船舶等产业提质增效。引导龙头企业加强与产业链上下 游合作，建立稳定的产供销等紧密型协作关系，构建"硬件+软件+服务"的产业发展模式。加强新型信 息基础设施建设，深化"5G+工业互联网"融合创新和规模化应用，按需布局算力基础设施，加速算力与 行业融合应用。 工信部等七部门10月11日发布关于印发《深入推动服务型制造创新发展实施方案（2025—2028年）》 （下称《实施方案》）的通知，要求加强新型信息基础设施建设，发布7项主要任务、3项专项行动深 化"5G+工业互联网"融合创新和规 ...

Core Points - The national railway system is implementing a new train operation schedule starting from October 11, increasing the daily passenger train services to 11,075, which is an increase of 449 trains compared to the current schedule [1] - The freight train services will also see an increase, with 22,224 trains scheduled daily, up by 42 trains from the current operation [1] Group 1: Southwest Region Developments - The Gui-Nan High-Speed Railway opened on August 31, leading to an increase of 20 daily train services, totaling 68 trains for the fourth quarter [1] - New fast train services between Nanning and Guiyang, Chengdu have been introduced, reducing travel times significantly [1] Group 2: Southeast Coastal Region Enhancements - The opening of the Yong-Guang High-Speed Railway and the Shanghai-Nanjing High-Speed Railway on September 28 has optimized the high-speed rail network in the Southeast coastal region [2] - The Fuzhou-Xiamen segment now has 285 daily train services, creating a one-hour economic circle and enhancing connectivity among cities in the Strait West Coast region [2] Group 3: Central Region Support - The Xiangyang-Jingmen High-Speed Railway, which opened on September 28, has 26 daily train services, supporting the rise of the central region [2] Group 4: Freight Transport Improvements - The new schedule includes 34 cross-railway freight trains, enhancing freight transport capabilities [2] - An increase of 15 rapid freight trains across railway groups has been arranged, expanding the railway logistics network [3] - The introduction of 173 multi-modal transport trains and additional freight trains on major transport corridors aims to improve the supply chain and support key material transportation [3]

Core Viewpoint - Jiangsu Yongda Chemical Machinery Co., Ltd. (Yongda Co.) is facing scrutiny from the Beijing Stock Exchange regarding its IPO application, particularly concerning its planned fundraising of 608 million yuan, with 558 million yuan allocated for capacity expansion and 50 million yuan for working capital [1][3]. Group 1: Fundraising and Financials - Yongda Co. plans to raise 608 million yuan through its IPO, with a significant portion aimed at expanding production capacity by 1.2 times [1][3]. - The company has distributed a total of 203 million yuan in cash dividends from 2021 to 2024, raising concerns about its fundraising strategy, as it simultaneously seeks to supplement working capital with IPO proceeds [7][9]. - As of December 31, 2024, Yongda Co. reported a cash balance of 81.66 million yuan, which is significantly lower than the industry average of 20.26% for cash as a percentage of current assets [5][6]. Group 2: Capacity Utilization and Expansion Plans - In 2024, Yongda Co. is projected to have a capacity utilization rate of 83.83%, indicating that there is still room for growth [20]. - The company plans to add 30,000 tons of pressure vessel capacity, increasing its current capacity of 25,000 tons by 1.2 times, despite concerns about the slow progress of downstream expansion projects [19][20]. - The Beijing Stock Exchange has raised questions about the feasibility of absorbing the new capacity given the current market conditions and the company's expansion plans [21]. Group 3: Governance and Ownership Structure - The ownership structure of Yongda Co. has raised concerns, particularly regarding the transfer of control from founder Li Jin to his father Li Changzhe, who is currently the controlling shareholder but does not hold a management position [12][13]. - Li Jin, despite being the actual controller, holds only 7.74% of the shares, while the family collectively holds 88.14% of the shares, leading to questions about the stability of control [9][12]. - The unusual succession plan, where Li Changzhe's shares are to be inherited solely by Li Jin, has prompted inquiries into potential hidden risks within the governance structure [15][16]. Group 4: Revenue Recognition and Performance Concerns - Yongda Co. has faced scrutiny regarding the accuracy of its revenue recognition, particularly in relation to its pressure vessel products and the timing of revenue recognition [18]. - The company reported revenues of 696 million yuan, 712 million yuan, and 819 million yuan for the years 2022 to 2024, with a notable decline in net profit in 2024 [16][17]. - Concerns have been raised about the sustainability of Yongda Co.'s performance, especially given the low operating rates in the downstream market, which may impact future revenue growth [19].

10月10日，渤海银行发布公告称，宣布拟通过公开挂牌方式分批次转让经济资本占用较高、流动性较差 的债权资产，并计划向股东大会申请"建议授权"推进此事。 根据公告，渤海银行拟转让债权资产涉及174户，本金约499.37亿元，利息约104.36亿元，罚息约93.34 亿元，代垫司法费用约1.26亿元；扣除86.01亿元减值准备后，账面价值约483.10亿元。 长江商报记者注意到，渤海银行2025年上半年业绩表现较好，从增速上来看，在10家股份行中，仅有两 家实现了营业收入和归母净利润的双增，其中就有渤海银行，另一家是浦发银行。数据显示，2025年上 半年，渤海银行的营业收入同比增长8.14%至142.15亿元；归母净利润同比增长3.61%至38.3亿元。 长江商报消息 股份行渤海银行（09668.HK）继续优化资本结构。 非息收入增21.81% 需要注意的是，渤海银行的净息差水平在多家股份行中表现不好，8家股份行净息差低于1.8%，其中就 有渤海银行。但值得一提的是，渤海银行的净息差在2025年上半年逆势增长了0.01个百分点（1BP）至 1.32%，有所改善；除此之外，其余股份行的净息差均有所收窄。 拟分批挂牌 ...

Core Viewpoint - The leadership of China Resources Beer has been restructured with the appointment of Jin Hanquan as the new president and executive director, following the resignation of Hou Xiaohai, while the company continues to show stable performance in its financial results, surpassing Budweiser APAC in revenue for the first time in the Chinese market [2][4][10]. Leadership Changes - Jin Hanquan has been appointed as the executive director and president of China Resources Beer as of October 10 [2][5]. - Zhao Chunwu has transitioned from president to chairman of the board, following the resignation of Hou Xiaohai on June 27, who left to focus on personal matters [3][6]. - Since the beginning of 2025, the board of directors has seen three changes, excluding independent directors [4][7]. Financial Performance - For the first half of 2025, China Resources Beer reported a revenue of 23.942 billion yuan, a year-on-year increase of 0.83%, and a net profit attributable to shareholders of 5.789 billion yuan, up 23.04% [4][10]. - The company’s revenue has surpassed Budweiser APAC for the first time, which reported a revenue of approximately 22.45 billion yuan, a decline of 5.6% year-on-year [10]. - The gross profit margin increased by 2 percentage points to 48.9%, attributed to the high-end strategy and cost savings in raw material procurement [10]. Business Strategy - The company aims to continue expanding its high-end product strategy, with a focus on personalized and differentiated products to meet diverse consumer demands [11]. - New retail channels, including e-commerce and instant retail, are being leveraged to adapt to changing consumer preferences [11]. Challenges in Other Segments - The white liquor segment has faced significant challenges, with revenue dropping to 0.781 billion yuan, a decrease of 33.7% year-on-year [12][13]. - China Resources Beer plans to enhance price restructuring and cost control measures in response to market changes, focusing on mid-range and light bottle products to boost sales in the second half of the year [14].

Core Insights - A series of technology innovation and industrial projects are set to launch in Hubei, injecting new momentum into the province's "51020" modern industrial cluster [1] - The projects planned for the fourth quarter of 2025 will cover various fields including optoelectronic information, automotive manufacturing, and high-end equipment, with industrial projects accounting for 62.5% of the total investment [1] Group 1: Major Projects - Hubei plans to initiate significant projects including the second phase of the Wuhan Advanced Packaging Comprehensive Experimental Platform and Industrialization Base, Shiyan Yuxin Intelligent Chassis Manufacturing, and Qianjiang Tailan New Energy Solid-State Battery R&D and Industrialization [1][2] - The Wuhan Advanced Packaging project aims to establish a high-density advanced packaging pilot platform and a mass production line for high-end chips, potentially creating a complete innovation and industrial ecosystem in the region [1][2] - The Qianjiang Tailan project has a total investment of 1.5 billion yuan, focusing on solid-state battery R&D and large-scale production, contributing to the establishment of a solid-state battery technology hub [2] Group 2: Automotive and Logistics Developments - The Shiyan Yuxin Intelligent Chassis Manufacturing project, with a total investment of 2 billion yuan, will produce 300,000 sets of line control braking systems and 900,000 sets of line control steering systems, enhancing key technologies in new energy vehicles [2] - The Ezhou Zhongtong Express Central Base project, with a total investment of 2.6 billion yuan, will serve as a core operational hub for Zhongtong Express in Central China, supporting the development of a global logistics hub [3] Group 3: Social and Educational Investments - Hubei is also increasing investments in social welfare sectors, with projects like the Central China Normal University Panlongcheng Campus and Tianmen Vocational College Industry-Education Integration Base set to commence [3] - The Central China Normal University project has a total investment of 5.57 billion yuan, which will include classrooms, laboratories, research facilities, libraries, and dormitories [3]

Core Insights - Runjian Co., Ltd. is expanding its energy network business in the renewable energy sector, recently winning a significant bid for a wind power project worth 1.753 billion yuan (including tax) [1][2] - The company is focusing on the application of AI technology in the renewable energy field, marking a successful transformation in its AI strategy [1][4] Group 1: Business Expansion - Runjian Co., Ltd. has been actively involved in the renewable energy sector, covering wind power, photovoltaic, charging infrastructure, and comprehensive energy services [2] - The company recently won multiple major projects in both renewable energy and telecommunications, showcasing strong market competitiveness [2] - The company is accelerating its energy network business, including new energy operation and virtual power plant services, in response to significant demand growth [2] Group 2: International Market Development - Runjian Co., Ltd. is also accelerating its expansion into overseas markets, achieving revenue of 96.91 million yuan in 2024, a year-on-year increase of 78.5% [3] - The company is focusing on the ASEAN market, with projects in the Philippines, Vietnam, and Indonesia, including data center upgrades and construction [3] Group 3: AI Technology and R&D - As a digital intelligent operation service provider, Runjian Co., Ltd. is pushing for a comprehensive transformation of its AI strategy, with multiple business segments including communication, digital, energy, and computing networks [4] - The company has established a joint venture with Zhifang to enhance its capabilities in public services, automotive manufacturing, and intelligent operations [4] - Runjian Co., Ltd. has invested a total of 1.561 billion yuan in R&D from 2020 to the first half of 2025, with over 27% of its workforce in R&D and more than 800 intellectual property rights [4] Group 4: Financial Strategy - To meet the funding needs for its computing and other businesses, Runjian Co., Ltd. plans to issue debt financing tools not exceeding 6 billion yuan, including short-term financing bonds and medium-term notes [5]

Core Viewpoint - The company, Limin Co., Ltd. (002734.SZ), has reported a significant increase in profitability for the first three quarters of 2025, with a projected net profit of 384 to 394 million yuan, representing a year-on-year growth of 649.71% to 669.25% due to rising sales volumes and prices of its main products, improved gross margins, and increased investment income from affiliated companies [1][2]. Financial Performance - For Q3 2025, the company expects a net profit of 115 to 125 million yuan, reflecting a year-on-year increase of 490.85% to 542.23%, with a non-recurring net profit growth of 1993.39% to 2192.79% [2]. - In the first half of 2025, the company's product sales gross margin was 26.13%, an increase of 8.11% year-on-year, while accounts receivable decreased by 8.01% to 599 million yuan, and the debt-to-asset ratio was 47.78%, down 11.75% year-on-year [3]. Product Performance - The company's agricultural fungicides and insecticides showed steady growth, with fungicide revenue at 1.24 billion yuan and a gross margin of 33.77%, up 7.70% year-on-year; insecticide revenue was 748 million yuan with a gross margin of 24.32%, up 11.72% year-on-year. However, herbicides underperformed, generating 208 million yuan in revenue with a gross margin decrease of 7.47% [4]. Market Expansion - Limin Co., Ltd. is actively pursuing international expansion, with a focus on strategic markets in Africa, Southeast Asia, and Latin America. In the first half of 2025, overseas revenue reached 848 million yuan, a 22.42% increase year-on-year, accounting for 34.57% of total revenue [5][6]. - The company has made significant progress in Brazil, obtaining multiple registrations for its products, including the key fungicide, Mancozeb, which is crucial for its growth in the Brazilian market [6][7]. Industry Trends - The company is positioned to benefit from the increasing demand for its products, particularly in Brazil, where the market for Mancozeb is expected to grow due to rising soybean planting areas. The company has signed a registration agreement for Mancozeb in Brazil, which is the largest market for this product globally [7].

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) of China is planning to reduce its stake in China Unicom after eight years of investment, aiming to optimize the capital structure and meet its own development needs [1][2][8]. Summary by Sections Shareholding Changes - The Structural Adjustment Fund plans to reduce its holdings in China Unicom by up to 375 million shares, representing 1.20% of the total share capital, within three months from November 3, 2025, to February 3, 2026 [2][8]. - Currently, the Structural Adjustment Fund holds approximately 1.9 billion shares of China Unicom, accounting for 6.08% of the total share capital [2]. Financial Performance - Since the mixed-ownership reform in 2017, China Unicom has seen significant growth in its financial performance, with net profit increasing over sevenfold from 2017 to the first half of 2025 [10][11][12]. - In the first half of 2025, China Unicom reported a net profit of 6.349 billion yuan, a year-on-year increase of 5.12% [10]. - The company has consistently improved its financial health, with a notable reduction in financial expenses from 38.55 billion yuan in 2016 to negative figures starting in 2020 [12]. Dividend Policy - China Unicom has increased its dividend payouts significantly since 2017, distributing a total of 206.74 billion yuan in dividends from 2018 to 2024, with a dividend of 3.477 billion yuan in the first half of 2025 [13][14]. - The dividend payout ratio has also improved, reaching 54.76% in the first half of 2025 [14]. Strategic Cooperation - Despite the planned reduction in shareholding, the Structural Adjustment Fund intends to continue deepening strategic cooperation with China Unicom across various fields [1][8].

Core Viewpoint - Guangdong Mingzhu is experiencing a strong rebound in performance, driven by significant increases in iron ore production and sales, as well as technological improvements in its mining operations [1][3][5]. Group 1: Financial Performance - The company expects to achieve a net profit of 215 million to 263 million yuan for the first three quarters of 2025, representing a year-on-year increase of 858.45% to 1071.44% [1][3]. - The expected net profit excluding non-recurring items is also projected to be between 215 million and 263 million yuan, with a year-on-year growth of 428.49% to 545.93% [3]. - Mingzhu Mining, a wholly-owned subsidiary, is anticipated to contribute a net profit of 244 million to 298 million yuan, marking a year-on-year increase of 280.43% to 364.98% [5]. Group 2: Operational Developments - The significant performance improvement is attributed to the successful implementation of the expansion project and technological upgrades at Mingzhu Mining, which began in late 2024 and fully completed by May 2025 [4][7]. - The expansion project has led to a substantial increase in iron concentrate production and sales, with an expected year-on-year sales volume increase of approximately 212.49% for the first three quarters of 2025 [4][6]. - Technological upgrades have optimized production processes, enhancing the competitiveness of iron concentrate products [7]. Group 3: Market Response - Following the positive earnings forecast, Guangdong Mingzhu's stock price surged, reaching a cumulative increase of 59.16% since the beginning of 2025 [2][8]. - The company has maintained a stable dividend policy, having distributed a total of 1.523 billion yuan in dividends since its market entry in 2001, which has contributed to its value reassessment in the market [8].