● 本报记者昝秀丽 证监会2月6日消息，1月7日，深圳市亚辉龙生物科技股份有限公司披露签署战略合作框架协议的公告， 涉嫌误导性陈述。近日，证监会已对亚辉龙立案调查。证监会表示，下一步，将在全面调查的基础上依 法处理，切实维护市场健康发展。 上交所于1月7日发布关于对深圳市亚辉龙生物科技股份有限公司及有关责任人予以监管警示的决定。 经查明，公司于1月6日收盘后披露《关于自愿披露签署战略合作框架协议的公告》称，公司与深圳脑机 星链科技有限公司签订《战略合作框架协议》，双方将在产品研发、市场推广以及股权投资等方面开展 合作，并称脑机星链是一家以人工智能为核心驱动力，深耕非侵入式与侵入式双技术路径的企业，已开 发脑电采集分析仪等产品。该公告披露后，引发媒体报道及市场关注。经上交所督促，公司于当晚又发 布《关于自愿披露签署战略合作框架协议的补充公告》称，脑机星链目前在研产品的技术路线为非侵入 式技术路径，尚无侵入式技术布局，且脑电采集分析仪等产品尚未进入注册申报阶段，有的产品尚处于 早期研发阶段或临床前阶段。 当前"脑机接口"为市场热点概念，为投资者高度关注。特别是，公司股价当日(1月6日)收盘上涨 6.52%、成交量 ...

Group 1: Transformer Industry - The transformer production capacity is fully utilized, with orders increasing significantly since June 2022, driven by a global "transformer shortage" [1][2] - China is the world's largest transformer producer, accounting for approximately 60% of global capacity, which supports domestic companies in securing international orders [2] - Major companies like Igor are expanding production capacity in multiple countries, with forecasts indicating a sustained industry recovery for 3-5 years [2] Group 2: Large Bore Engine Industry - Large bore engines are essential for ensuring continuous operation of AI data centers, with significant growth opportunities in the power supply sector [3][4] - Weichai Power has broken the monopoly of international giants in the large bore engine market, with a projected 259% increase in sales of data center power generation equipment by 2025 [4] - The company is expanding its product offerings to meet the stringent power requirements of data centers, including customized solutions [3][4] Group 3: Core Components Industry - The demand for core components is surging, particularly due to the explosion of self-supply power needs in North American data centers [6][7] - Tianrun Industrial is enhancing production capabilities with advanced automated lines, aiming to significantly increase output in the coming years [7] - The global market for data center generator sets is expected to double from $6 billion in 2023 to $12 billion by 2030, indicating strong growth potential [7]

在中国资本市场波澜壮阔的改革画卷中，地方券商始终是一股深耕区域、服务实体经济的坚韧力量。党 的二十届四中全会描绘了金融强国建设的宏伟蓝图，证监会"严监管、防风险、促发展"的鲜明导向，为 证券行业指明了转型升级的路径。在"十五五"开局之年，作为武汉市属国资控股的券商，华源证券如何 以全会精神为指引，走出一条兼具合规底色、地方特色与专业优势的高质量发展之路？华源证券党委书 记、董事长梅林日前接受了中国证券报记者的专访，分享了公司的实践与思考。 梅林表示，地方中小券商虽然没有头部机构的规模优势，但是拥有"深耕本土、贴近产业、响应敏捷"的 天然禀赋。华源证券始终将"国家兴衰、金融有责"的时代内涵融入发展理念，以合规为基、以特色为 翼、以服务为本，在服务区域经济转型升级与国家战略落地的征程中，奋力书写地方券商的责任与担 当。"我们坚信，只要坚守初心、聚焦主业、错位发展，地方券商就能在金融强国建设中展现不可替代 的价值。" ● 本报记者徐昭刘英杰 在服务大局中找准地方券商坐标 金融工作的政治性、人民性、专业性，是华源证券经营管理的根本遵循。梅林表示，党的二十届四中全 会明确提出要构建高水平社会主义市场经济体制，对金融体制 ...

● 本报记者昝秀丽 证监会2月6日发布2026年证监会省部级课题选题方向及申报指南，要求紧紧围绕"十五五"时期提高资本 市场制度包容性、适应性的六项重点任务，汇聚全社会研究力量，加强资本市场重大问题的前瞻性和基 础性研究，共同形成一批具有理论价值和实践意义的研究成果。 证监会明确了12个选题方向：新公司法下提升上市公司治理有效性、优化上市公司结构研究；公募基金 与投资者利益绑定机制研究；资本市场与养老金融投资机制创新研究；会计师事务所资本市场执业监管 研究；AI技术发展背景下投资者行为模式变化趋势、市场影响与监管研究；开放环境下我国资本市场 监管能力提升研究；证券执法领域共同违法问题研究；推动中长期资金入市配套政策研究；提升资本市 场定价效率研究；提高资本市场制度包容性适应性研究；资本市场支持传统产业上市公司提质增效研 究；人工智能等科技发展对资本市场的影响和挑战。 证监会表示，所有课题研究方向均不代表证监会监管导向，仅作为研究储备。 根据课题申报条件，证监会明确，课题原则上由一家或两家单位牵头，参与单位要保持多样性。其中， 课题牵头单位包括但不限于：国内外一流智库、高校和科研院所；国内外知名证券公司、期货公 ...

● 本报记者 吴科任 北交所上市公司生物谷近日公告称，公司资金占用案追款工作取得进展，被冻结在案的款项已全额发还 上市公司账户。从执行程序启动到资金划转至上市公司，全程历时不足一个月。 二审裁定生效后，执行法院快速将冻结资金发还生物谷，把判决书上的"白纸黑字"迅速转化为上市公司 账上的"真金白银"，对于协助生物谷惩首恶、追损失具有重要意义。目前，生物谷经营状况正常，并对 林艳和及相关主体提起民事诉讼，已被相关法院受理。资金占用案件带来的影响正在逐渐消除。 投资者是资本市场发展的根基。保护投资者特别是中小投资者的合法权益，是资本市场一切工作的出发 点和落脚点。业内人士表示，当前，我国多层次资本市场改革发展正不断深化，法治化、市场化进程持 续推进。展望未来，随着监管效能的持续提升和司法保障的日益强化，安全、规范、透明、开放、有活 力、有韧性的资本市场必将更好服务实体经济高质量发展，也让每一位投资者都能更安心分享上市公司 发展成果。 非经营性占用上市公司资金是严重损害上市公司利益和股东权益的违法行为。2021年8月至2022年3月， 生物谷创始人、前实际控制人林艳和安排时任公司董事会秘书兼财务总监贺元违反财务制度非 ...

Core Viewpoint - Delijia has achieved rapid growth since its establishment in 2017, becoming a leading player in the domestic wind power gearbox industry, with a projected net profit of 816 million yuan in 2025, representing a year-on-year increase of approximately 52.8% [1] Group 1: Company Development and Strategy - Delijia plans to invest 5 billion yuan in a research and manufacturing project for wind power gearboxes over 10 megawatts in Wuxi, aimed at supporting its business development in high-performance wind power gearboxes [3] - The company has established strong partnerships with major clients such as Sany Heavy Energy and Envision Energy, which has helped it secure a solid market position [1][2] - Delijia is focusing on optimizing its customer structure and expanding its business in offshore wind power and overseas markets to contribute to the high-quality development of the wind power industry [1][3] Group 2: Technological and Quality Advantages - Delijia has built a strong technological and quality moat, with over 60 authorized patents, including more than 20 invention patents, and a research team with over 70% holding master's degrees or higher [2] - The company’s self-developed 10MW-12MW offshore gearbox has been recognized as a major technological equipment project by the National Energy Administration, achieving breakthroughs in key technologies such as torque density and transmission efficiency [2] - Delijia's products have a reliability and quality control standard that exceeds industry norms, earning long-term trust from major clients through a comprehensive preventive quality management system [2] Group 3: Market Trends and Future Outlook - The wind power gearbox market is expected to maintain a strong supply-demand balance in 2026, with domestic new installations projected to exceed 120GW and overseas markets experiencing accelerated growth due to global energy transformation [3][4] - The replacement demand in the existing market is estimated to be between 15GW and 20GW annually during the 14th Five-Year Plan period, providing a stable growth opportunity for Delijia [4] - Delijia is actively expanding its offshore large-megawatt gearbox business, with ongoing projects in Shantou and Wuxi to enhance production capacity and support rapid growth in this segment [5][6] Group 4: International Expansion - Delijia is making strides in overseas market layouts, having engaged in technical exchanges and collaborations with multiple international clients, laying a solid foundation for entering global supply chains [5][6] - The company’s products are increasingly recognized by overseas customers, with a focus on validating and achieving bulk deliveries, indicating a promising future for international business growth [6]

● 本报记者 罗京 此外，1月14日晚，鼎通科技公告称，拟向不特定对象发行可转换公司债券，募集资金不超9.3亿元，其 中部分资金将用于高速通讯及液冷生产建设项目，进一步夯实公司在液冷领域的产能基础。 商业化应用提速 与此同时，液冷技术项目的商业化落地正在加速。近日，优刻得全浸没式液冷机柜在乌兰察布智算中心 正式上架，服务器被直接浸没于环保冷却液中，通过直接接触实现高效散热，可使GPU温度降低15℃， 保障硬件长期稳定运行在最佳区间。 AI算力需求爆发带动液冷赛道快速升温。近期，多家上市公司密集抛出并购、扩产计划，加速抢占数 据中心液冷业务高地。业内人士指出，随着数算中心规模与功率的双重提升，传统风冷方案逐渐难以满 足高功率密度设备的散热需求，而液冷技术凭借低能耗成本、高散热效率的突出优势，正逐步取代风 冷，成为新一代数据中心的主流冷却方案。 抢占产业先机 在液冷赛道加速升温的背景下，上市公司通过并购优质标的、募资扩产等方式，快速补齐技术短板，扩 充产能规模，抢占市场先机。 2月5日晚，金富科技发布公告，拟以现金方式收购佛山市卓晖金属制品有限公司、佛山市联益热能科技 有限公司各51%股权，交易对价预计不超过7. ...

● 本报记者 马爽 2025年以来，国际形势变幻莫测，叠加国内经济结构的调整，实体企业经营面临多重不确定性。永安期 货党委副书记、总经理马志伟日前在接受中国证券报记者采访时表示，在此背景下，期货市场凭借其发 现价格、管理风险、配置资源三大核心功能，正成为实体企业应对风险、稳定经营的关键支撑。从助力 钢铁企业对冲价格波动，到为中小微企业打造智能服务平台，永安期货通过全链条服务与技术创新，持 续为实体企业注入"期货动能"。 不过，马志伟也坦言，当前期货市场服务实体经济仍面临产业企业对期货市场的认知不够全面、缺乏复 合型人才、风控体系不够匹配等问题。未来，期货行业需进一步深化服务模式创新，加强投资者教育， 推动期货工具更广泛深入地融入实体企业经营，为国家相关战略落地提供坚实保障。 实体企业经营面临考验 期货工具成"稳盘器" 复杂多变的宏观环境下，实体企业正面临前所未有的经营挑战。从永安期货服务的客户情况来看，马志 伟表示，企业当前主要面临价格波动剧烈、产业链供应链重构、宏观政策分化三重冲击，这对中下游企 业的生产经营各环节形成全面考验。"地缘局势冲突、世界经济增速放缓、'黑天鹅'事件频出，持续扰 动全球大宗商品供应 ...

Group 1: Transformer Industry - The transformer orders have significantly increased since June 2022, with some production lines nearing full capacity due to a global "transformer shortage" [1][2] - China has become the world's largest transformer producer, accounting for approximately 60% of global production capacity, which supports domestic companies in securing international orders [2] - Companies like Igor are expanding production capacity in multiple countries, with projections of reaching 500 units per month in Mexico and 700 units in Thailand once fully operational [2] Group 2: Large Bore Engine Industry - Large bore engines are essential for ensuring the continuous operation of AI data centers, with a projected global electricity demand from data centers expected to double by 2030 [3][4] - Weichai Power has broken the monopoly of international giants in the large bore engine market, with a forecasted 259% increase in sales of data center power generation equipment by 2025 [4] - The company is expanding its production capacity and technological investments to cover critical scenarios in data centers, aiming to capture a significant share of the trillion-dollar market [4] Group 3: Core Components Industry - The core components sector is experiencing high demand, with companies like Tianrun Industrial operating "dark factories" that run 24/7 to meet production needs [5][6] - The demand for large engine core components is driven by the explosion of self-supply power needs in North American data centers, with orders from foreign brands extending to 2028 [5][6] - Tianrun Industrial is enhancing its production capabilities with new production lines and advanced equipment, aiming to become a leader in the global market for core components [6] Group 4: Market Outlook - The global market for data center generator sets is projected to grow from $6 billion in 2023 to $12 billion by 2030, indicating a doubling in size [6] - The Chinese market for large bore diesel engines for data centers is expected to approach 10 billion yuan by 2025, with the global market reaching 41.1 billion yuan by 2026 [6]

Core Viewpoint - Guohai Securities aims to integrate its development with national strategies, focusing on high-quality development and modern economic systems as outlined in the 14th Five-Year Plan [1][2] Group 1: Company Strategy and Vision - Guohai Securities emphasizes the importance of adhering to the Party's leadership as a fundamental principle for development, implementing a "dual brand party building" strategy to integrate party construction with corporate governance and culture [2][3] - The company is committed to serving the real economy and enhancing its capabilities in sectors like technology and green finance, adopting a comprehensive service model that includes investment banking, research, and risk management [3][4] - The firm plans to transform into a customer-centric organization during the 14th Five-Year Plan, enhancing its professional capabilities across various client segments, including retail, corporate, and institutional clients [4][5] Group 2: Differentiation and Competitive Advantage - Guohai Securities aims to establish a differentiated service system by focusing on wealth management, asset management, public and private fund management, and institutional services, each with unique strategies and product offerings [5][6] - The company leverages its regional advantages and partnerships to create a collaborative ecosystem that supports local economic development and meets the needs of the ASEAN market [6][7] Group 3: Compliance and Risk Management - The company prioritizes stable operations and financial risk prevention, continuously improving its compliance and risk management systems to address new business models and challenges [7][8] - Guohai Securities is enhancing its compliance culture and implementing proactive risk management measures, including real-time monitoring and intelligent early warning systems [7][8] Group 4: Corporate Culture and Values - The company is committed to fostering a healthy corporate culture that aligns with industry standards and emphasizes integrity, compliance, and social responsibility [8][9] - Guohai Securities integrates traditional Chinese culture and industry values into its corporate ethos, enhancing employee engagement and cultural cohesion through various initiatives [8][9] Group 5: Future Outlook - Looking ahead, Guohai Securities aims to become a leading comprehensive financial service provider, focusing on wealth management and institutional services while contributing to the development of a transparent and resilient capital market [9]