长江商报奔腾新闻记者 李璟 剑指全球金融科技中心。 此外，《行动方案》提出，加快打造特色应用场景。深入推进数字人民币应用推广工作，参与多边 央行数字货币桥项目研究与应用，加强国际交流合作。发挥香港作为首个数字人民币跨境试点地区优 势，便利香港居民开立和使用数字人民币软钱包和硬钱包，进一步扩大数字人民币在两地零售、交通及 贸易等领域试点范围。深入开展数字人民币智能合约应用，推动数字人民币使用规模不断扩大、应用场 景持续创新、行业生态不断完善，探索打造示范性全域应用场景。 据介绍，此次《行动方案》的发布，标志着港深金融科技合作进入系统化、常态化新阶段。两地将 通过资源互补、优势叠加，加速金融科技要素集聚，提升全球资源配置能力，为全国金融科技创新发展 提供可复制、可推广的"港深经验"。 11月19日，香港特别行政区政府财经事务及库务局与深圳市地方金融管理局联合发布《携手打造港 深全球金融科技中心的行动方案（2025—2027年）》（简称《行动方案》），明确未来3年，两地将从 六大维度发力，深化金融科技领域协同合作，共同构建具有全球竞争力的金融科技产业生态，为粤港澳 大湾区金融高质量发展注入强劲动力。 责编：ZB 在 ...

Core Viewpoint - Xiamen Tungsten New Energy plans significant expansion by investing in two new projects, totaling 1.762 billion yuan, to enhance production capacity for high-performance battery materials and hydrogen energy materials [1][2][4] Investment Projects - The company intends to invest 1.525 billion yuan in a project to produce 50,000 tons of high-performance battery materials, with construction expected from November 2025 to December 2029 [2][3] - A second project will focus on producing 5,000 tons of hydrogen energy materials and 7,000 tons of functional materials, with an estimated investment of 237 million yuan [2][3] Financial Health - As of September 2025, the company reported cash and cash equivalents of 1.546 billion yuan and trading financial assets of 500 million yuan, indicating a strong financial position [4] - The company's asset-liability ratio stands at 45.86%, suggesting manageable debt levels [4] Market Position and Sales Performance - Xiamen Tungsten New Energy is a leading player in the lithium cobalt oxide market, achieving a revenue of 13.059 billion yuan in the first three quarters of 2025, a year-on-year increase of 29.80% [5] - The company sold 99,900 tons of lithium battery cathode materials, marking a 40.41% increase year-on-year, with cobalt acid lithium sales reaching 46,900 tons, up 45.38% [5] Strategic Partnerships - The company has secured long-term supply agreements with major industry players, including a strategic cooperation framework with Zhongwei Co., which anticipates a supply of approximately 115,000 tons of various battery materials annually from 2025 to 2028 [6] - Another agreement with Greenme aims to supply 150,000 tons of battery raw materials annually from 2026 to 2028, further ensuring raw material availability [6]

Core Points - The chairman of China First Heavy Industries, Lu Wenjun, has been arrested for bribery after being expelled from the party, marking a significant development in the company's governance issues [1][2][4] - Under Lu's leadership since April 2022, the company has reported a cumulative net loss of 63.4 billion yuan, with ongoing financial struggles [5][6] - The company is attempting to turn around its financial situation by divesting non-core assets and focusing on its main business operations, but has yet to achieve profitability [7][8] Financial Performance - In 2022, China First Heavy Industries achieved a revenue of 23.886 billion yuan, a year-on-year increase of 3.28%, but the net profit attributable to shareholders was only 104 million yuan, down 38.28% [4] - The company reported revenues of 17.167 billion yuan and 16.617 billion yuan in 2023 and 2024, respectively, with significant declines in net profit, leading to cumulative losses of 64.44 billion yuan over two years [4][8] - For the first three quarters of 2025, the company reported revenues of 6.530 billion yuan, a year-on-year decrease of 51.99%, and a net loss of 78.5995 million yuan, although the losses have narrowed compared to the previous year [7][8] Debt and Asset Management - As of the end of the third quarter of 2025, the company's asset-liability ratio reached 82.54%, remaining above 82% for four consecutive quarters, indicating a high level of financial leverage [9] - The company is actively seeking to improve its financial position by divesting from non-core businesses and focusing on enhancing its manufacturing capabilities [7][9]

公告称，该项目是高能环境中标的第一个海外垃圾焚烧发电项目，有助于拓展"一带一路"国家的垃圾焚 烧发电业务。 经过多年发展，高能环境已形成以固废危废资源化利用、环保运营服务、环境治理工程为核心业务板块 的综合型环保服务平台，在市场上具有卓越竞争力。 长江商报记者注意到，高能环境积极回购，提振市场信心。19日晚间，高能环境发布公告，宣布公司股 份回购方案实施完毕。本次回购累计斥资约1.48亿元，回购股份1923.27万股，占公司总股本的1.26%， 回购股份将用于后续股权激励计划或员工持股计划。 中标海外垃圾焚烧发电项目 11月18日晚间，高能环境发布公告，近日，公司控股孙公司北大年府清洁合资企业收到泰国北大年府亚 穆乡行政办公室发出的中标公告，北大年府清洁合资企业为"亚穆乡行政办公室（北大年府亚灵县）社 区生活垃圾焚烧发电项目"的中标单位。据悉，高能环境通过高能环境（泰国）有限公司持有北大年府 清洁合资企业80%股权。 长江商报消息 ●长江商报记者 徐阳 A股固废行业的龙头企业高能环境（603588.SH）获好消息。 11月18日晚，高能环境公告称，中标4.27亿元泰国垃圾焚烧发电项目，处理规模为500吨/天， ...

Core Viewpoint - Tianyi Ma (301178.SZ) is attempting to revitalize its performance through a high-premium acquisition of 98.5632% of Guangdong Xingyun Kaiwu Technology Co., Ltd. for 1.189 billion yuan, despite facing declining performance post-IPO [1][2]. Group 1: Acquisition Details - The acquisition will be executed through a combination of share issuance and cash payment, with a total valuation premium of 649.77% for Xingyun Kaiwu [3][4]. - The deal includes a performance commitment from Xingyun Kaiwu to achieve a cumulative net profit of no less than 290 million yuan over three years [1][8]. - Following the acquisition, Tianyi Ma will incur goodwill of 1.049 billion yuan, which will represent 37.19% of the company's total assets as of June 2025 [1][8]. Group 2: Financial Performance - Tianyi Ma has experienced a decline in revenue and profit from 2022 to 2024, with revenues of 439 million yuan, 410 million yuan, and 224 million yuan, reflecting decreases of 5.98%, 6.65%, and 45.46% respectively [7]. - In the first nine months of 2025, Tianyi Ma reported revenues of 228 million yuan, a year-on-year increase of 46.62%, and a net profit of 4.19 million yuan, up 119.8% [2][7]. - Post-acquisition, it is projected that Tianyi Ma's revenue and net profit will increase by 170.29% and 887.63% respectively, with total assets reaching 2.82 billion yuan, a 95.93% increase [7]. Group 3: Market Reaction and Shareholder Actions - Following the announcement of the restructuring plan, Tianyi Ma's stock price fell by 9.52% to 56.37 yuan per share [4]. - During the restructuring process, several shareholders have reduced their holdings, including a complete sell-off by a major shareholder, resulting in approximately 130 million yuan in cash [5].

Core Insights - The Hubei Ecological Environment Rights Trading Platform has successfully launched, facilitating the transformation of ecological resources into economic value, with over 2 million registered users and a total transaction volume of 65 billion yuan [1][2] - The platform integrates five core functions: carbon emission rights, pollutant discharge rights, ecological product value realization, solid waste resource utilization, and green financial services, positioning itself as a key driver for green and low-carbon transformation [1][2] Summary by Sections Platform Overview - The Hubei Ecological Environment Rights Trading Platform went live on October 18, showcasing significant market vitality and development potential [1] - The platform is built on Hubei's comparative advantages in resource and environmental factors, supported by a rich data accumulation [1] Market Performance - In its first month, the platform has achieved a cumulative transaction volume of 65 billion yuan and a financing scale of 257.6 billion yuan [1][2] - Hubei has the most diverse trading entities and the largest trading scale among national pilot carbon markets, maintaining an active carbon financial innovation landscape [1] Unique Features - The platform has established the first standardized trading module for ecological product value realization in the country, assigning prices to previously "priceless" ecological products [2] - A robust technical support system has been developed, including a unified database for ecological environment rights elements, ensuring efficient, transparent, and secure transactions [2] Future Outlook - The platform aims to enhance its role in resource allocation, supporting both intra-provincial and inter-provincial trading of ecological environment rights and value discovery [2]

Core Viewpoint - Hubei Energy has successfully completed a private placement of 2.9 billion yuan, increasing the stake of its controlling shareholder, Three Gorges Group, from 15.75% to 22.87% [1][2] Group 1: Fundraising and Shareholding Changes - The private placement raised 2.9 billion yuan, which will be fully invested in the Luotian Pingtan Yuan Pumped Storage Power Station project [1] - After the issuance, Three Gorges Group's shareholding increased from 1.021 billion shares to 1.619 billion shares, raising its stake from 15.75% to 22.87% [2] - The total share capital increased from 6.481 billion shares to 7.079 billion shares following the issuance [2] Group 2: Project Details - The Luotian Pingtan Yuan Pumped Storage Power Station is located in Hubei Province, with a planned total installed capacity of 1.4 million kilowatts [2] - The project involves the installation of four reversible pump turbine generator units, each with a capacity of 350,000 kilowatts, and has a total investment of 9.31 billion yuan [2] Group 3: Financial Performance - For the first three quarters of 2025, Hubei Energy reported operating revenue of 13.521 billion yuan and a net profit attributable to shareholders of 2.336 billion yuan, indicating operational pressure due to reduced hydropower generation and declining profits from new energy and coal trading [2] - The company aims to maintain a multi-energy complementary strategy, with expectations to add over 1 million kilowatts of new installed capacity in 2025, primarily from thermal and new energy projects [3]

Core Insights - Baidu's AI business shows strong growth, with total revenue reaching 96 billion RMB, a year-on-year increase of over 50%, becoming a key driver for long-term growth amid traditional business pressures [1][3] Financial Performance - Baidu reported total revenue of 312 billion RMB for Q3 2025, a year-on-year decline of 7%. The net profit attributable to Baidu under non-GAAP was 37.7 billion RMB, down 36% [2] - Core revenue was 247 billion RMB, also down 7% year-on-year, with non-GAAP net profit for core operations at 38 billion RMB, a decrease of 32% [2] AI Business Segments - The AI business consists of three categories, with revenue of 96 billion RMB, showing a year-on-year growth of over 50% [3] - AI infrastructure revenue reached 42 billion RMB, a 33% increase year-on-year, with high-performance computing subscription revenue growing by 128% [3] - AI applications generated 26 billion RMB in revenue, while AI-native marketing services achieved 28 billion RMB, a remarkable growth of 262% [3] User Engagement and Market Position - Baidu AI search has a monthly active user base of 3.82 billion, reflecting an 18.63% quarter-on-quarter increase, maintaining its leading position in the AI search industry [3] - The total monthly active users for Baidu's flagship AI applications, including Baidu Wenku and Baidu Wangpan, are nearing 300 million [3] Other Business Highlights - The "Luobo Kuaipao" service saw a significant increase in global ride service instances, reaching 3.1 million, a 212% year-on-year growth [4] - The service has expanded its global footprint, covering 22 cities and achieving over 1.4 billion kilometers in autonomous driving mileage [4] - Baidu's founder highlighted the transformative value of AI in business, emphasizing the robust growth of AI cloud and the rapid expansion of the "Luobo Kuaipao" service [5]

Core Insights - Longxin Group has officially established its headquarters in Wuhan, marking a significant step in its strategic layout and showcasing its "AI + Energy" integration innovations [2][8] - The company plans to invest 3 billion yuan in the East Lake High-tech Zone over the next five years to develop its energy integration business headquarters [3][8] Company Overview - Longxin Group, founded in 2003 and listed on the Shenzhen Stock Exchange in 2017, focuses on AI-driven energy technology strategies, utilizing digitalization, AI, IoT, and power electronics to promote green development [3][6] - The company reported a net profit of 106 million yuan for the first three quarters of 2025, a year-on-year decrease of approximately 34%, primarily due to rapid revenue recognition in the previous year [3] Technological Developments - The newly established "Longxin Jiugong Artificial Intelligence Laboratory" aims to develop AI technologies for energy systems, including virtual power plants and market trading [5][8] - The laboratory will collaborate with local universities to foster talent and innovation in AI and energy sectors [5] Regional Development - Wuhan has become a hub for various enterprises, including Longxin Group, due to its favorable business environment and abundant talent pool, with over 130,000 university students [6][7] - The East Lake High-tech Zone has optimized its business environment and introduced policies to support technological innovation, contributing to the growth of the AI and energy sectors [7][8] Strategic Goals - Longxin Group aims to leverage its Wuhan headquarters to focus on key areas such as renewable energy consumption, market trading, and carbon neutrality initiatives [8]

Core Viewpoint - Haida Group, a leading aquaculture feed company, has announced a significant share repurchase plan to boost investor confidence and recognize its stock value [1][2]. Financial Performance - For the first three quarters of 2025, Haida Group achieved revenue of 96.094 billion yuan, a year-on-year increase of 13.24%, and a net profit attributable to shareholders of 4.142 billion yuan, up 14.31% [4][5]. - The company has seen a two-digit growth in its core financial metrics, with a net profit margin increase of 18.71% for the same period [1][4]. Share Repurchase Plan - The company plans to repurchase shares worth between 1 billion and 1.6 billion yuan, with a maximum price set at 62.00 yuan per share, representing a premium of approximately 5.91% over the closing price of 58.54 yuan on November 19 [1][2]. - The repurchase will involve buying back at least 16.129 million shares, accounting for 0.97% of the total share capital, and up to 25.8065 million shares, which is 1.55% of the total share capital [2]. International Business Growth - Haida Group's international revenue share has increased to 13.97% in the first half of 2025, up from 9.42% in 2023, indicating a strong global expansion [5]. - The company's overseas revenue rose from 10.935 billion yuan in 2023 to 14.339 billion yuan in 2024, reflecting a growing international market presence [5]. Research and Development Investment - Over the past five years, Haida Group has invested a total of 3.589 billion yuan in R&D, establishing a leading research system in the industry [5]. - The R&D expenses have shown a consistent upward trend, with amounts of 605 million yuan, 711 million yuan, 785 million yuan, 860 million yuan, and 628 million yuan recorded from 2021 to the first three quarters of 2025 [5]. Long-term Strategy - The company aims to position its feed business as the primary core business, targeting a sales volume of 51.5 million tons by 2030 while enhancing domestic capacity utilization and market share [5].