转自：中国证券报·中证网 中证报中证网讯（记者 王婧涵）近日，启明星辰发布2025年业绩预告显示，公司预计实现营业收入23 亿元至24.2亿元。2025年公司净利润亏损，但第四季度业绩已展现出企稳向好的韧性，公司经营性净现 金流约2.9亿元，同比增长约190%，连续三个季度保持净流入态势。 公告显示，利润空间收窄主要源于毛利额的显著下滑。为把握重点行业的安全能力建设机遇，启明星辰 前瞻性地承担了科研类重大项目。因此类项目前期资源投入整体较高，因而对公司整体毛利水平产生阶 段性影响。 报告期内，网络安全市场需求仍待复苏，启明星辰表示，由于部分下游行业客户网络安全支出收紧，公 司整体业务与经营业绩产生阶段性压力。然而随着市场需求逐步筑底，公司第四季度收入降幅已呈现环 比收窄的积极信号。 面对外部挑战，启明星辰表示公司积极优化业务布局，着力培育新兴增长点，稳步推动业务结构调整。 公司在"AI+安全"技术方向，基于"安星人工智能安全运营系统"打造多智能体协同防御体系，实现威胁 全生命周期精准管控；在工业互联网安全方向，打造"京津冀产业协同与工业互联网网络安全平台"，构 建"六位一体"工业安全防护体系；在个人隐私保护方 ...

此外，公司于1月30日召开2026年第一次临时股东会，选举产生了5名非独立董事和3名独立董事，并于 当天召开董事会，完成了新一届董事长、专门委员会及高级管理人员的选举及聘任。本次换届后，荃银 高科董事长更换为现任中种集团执行董事姜业奎，新任总经理宋维波曾任中种集团总经理等职，新任财 务总监刘俊茹曾任中种集团财务负责人。 中证报中证网讯(记者乔翔)荃银高科（300087）日前发布2025年业绩预告，预计2025年业绩出现亏损。 对此，公司表示，2025年种子行业仍然面临着高库存、同质化严重的激烈市场竞争环境，同时受到自然 灾害的影响，导致公司种子销售价格下行、毛利率下降。公司根据《企业会计准则》以及会计政策的相 关要求，结合市场及行业情况并基于谨慎性原则对应收款项、存货以及商誉等计提了充分的减值准备。 ...

Group 1 - The core point of the article is that Yinglian Co., Ltd. has initiated the second phase of its long-term equity incentive plan to further bind its core team with business development and accelerate the industrialization of new energy vehicle power lithium battery materials [1] - The company approved an investment of 3.089 billion yuan to construct a composite copper foil and composite aluminum foil project, which is expected to achieve an annual production capacity of 500 million square meters of composite copper foil and 100 million square meters of composite aluminum foil [1] - A new subsidiary, Jiangsu Yinglian, was established in February 2023 to implement the composite fluid project, supported by a technical team with expertise in vacuum physics and optical films [1] Group 2 - Jiangsu Yinglian has established five production lines for composite aluminum foil and five for composite copper foil, and is preparing for mass production [2] - The subsidiary has developed composite aluminum foil and composite copper foil products, which are currently in the testing phase with downstream customers in power batteries, consumer batteries, and energy storage batteries [2] - The second phase of the equity incentive plan involves a total incentive scale of 5 million yuan, with the first grant corresponding to 1.4568 million yuan for two core strategic execution personnel [2]

中证报中证网讯（记者 徐金忠）1月30日，施罗德绿衣（Schroders Greencoat）与宁德时代（300750） 及Lochpine Capital签署战略合作备忘录，各方将共同探索、发展和投资于欧洲电池储能项目。 此次合作将充分发挥各方在绿色能源基础设施与技术领域的综合优势，秉持共同愿景，支持在未来新增 达10GWh的可再生能源储能的潜在发展，为实现欧洲净零转型做出贡献。根据备忘录，各方拟就发展 欧洲电池储能平台开展合作，宁德时代将为项目供应电池。 此合作关系将充分借力施罗德绿衣（Schroders Greencoat）在能源转型领域的丰富专业经验，它是欧洲 最大的专业可再生能源基础设施管理机构之一，隶属于施罗德投资旗下的施罗德资本，施罗德资本的私 募市场资产管理规模总额达1110亿美元。宁德时代在2025年于香港上市，此次合作也将进一步支持拓展 其国际化布局。 施罗德资本基础设施主席Richard Nourse表示："加速欧洲能源转型，需要大量资本的投入。期待与 Lochpine携手合作，为投资者提供创新方式，进一步拓宽电池储能以及其他能源转型相关基础设施领域 的投资渠道与参与机会。" 宁德时代首 ...

2025年，广发银行扎实推进中国人寿集团"333战略"，推动高质量发展取得新进展新成效。广发银行科 技贷款、绿色信贷快速增长，在粤港澳大湾区存贷款增速保持较快增长；个人综合AUM突破万亿元， 对公贷款增势良好，资本充足率保持较好水平；围绕业务转型、客群经营、机制建设等组织推动重点专 题，积极探索错位发展和高质量发展新路径；调整改革授信审批体制，优化合规架构，加强全面风险管 理能力建设，资产质量不断改善，不良贷款余额和不良贷款率持续"双降"。 广发银行表示，2026年是"十五五"开局之年，也是推动广发银行转型发展的关键之年。全行上下将锚定 目标任务，提速改革转型，推动"333战略"落地突破，努力实现"十五五"开好局、起好步。发挥 EVA/RAROC价值导向和"指挥棒"作用，打造公司金融综合经营模式，提升金市同业专业经营能力，深 化零售金融转型发展，筑牢风控合规立体防线，全面推进数智变革，书写广发银行"十五五"高质量发展 新篇章。 中证报中证网讯（记者 万宇）中国人寿（601628）集团成员单位广发银行近日召开2026年工作会议。 广发银行将按照中国人寿集团"333战略"和2026年工作要求，坚定不移推动高质量发 ...

Group 1 - The Beijing Financial Regulatory Bureau recently disclosed administrative penalties, revealing that China Cinda Asset Management Co., Ltd. Beijing Branch was fined 1.1 million yuan due to inadequate due diligence, improper risk assessment, and errors in risk-weighted asset calculations [1] - China Cinda has previously faced penalties for similar violations, including a fine of 400,000 yuan in January for inadequate due diligence and post-management practices by its Henan Branch [1] - As a national asset management company listed on the Hong Kong Stock Exchange since December 2013, China Cinda's core business includes distressed asset management and financial services, with distressed asset management being the primary focus [1] Group 2 - China Cinda manages several subsidiaries involved in distressed asset management and financial services, including Nanyang Commercial Bank, Cinda Securities, and Jingu Trust [1] - As of the end of 2024, China Cinda reported total assets of 1.64 trillion yuan [1]

Core Insights - The domestic new energy vehicle market experienced a significant decline in January 2026, with all nine major manufacturers reporting a month-on-month drop in deliveries averaging 38%, with the highest decline exceeding 47% [1][2] - However, year-on-year performance showed a stark contrast, with leading brands like Zeekr and NIO nearly doubling their deliveries, while brands like Xpeng and Li Auto faced declines of 34.1% and 7.6% respectively, highlighting a widening gap between top and smaller brands [1][2] Group 1: Market Performance - The nine major manufacturers saw month-on-month delivery declines ranging from 21.2% to 47.0%, indicating market volatility due to policy adjustments and changes in consumer behavior [2][5] - Leading brand Homologous Intelligence maintained the highest delivery volume at 57,915 units, despite a 35.4% month-on-month decline, showcasing a year-on-year growth of 65.6% [2][3] - Xiaomi's deliveries exceeded 39,000 units, with a month-on-month drop of 22.3% but a year-on-year surge of 70%, indicating strong market acceptance [2][3] Group 2: Brand-Specific Insights - NIO and Zeekr emerged as the "dual engines" of year-on-year growth, both exceeding 95% growth, with NIO delivering 27,182 units (up 96.1% year-on-year) and Zeekr delivering 23,852 units (up 99.7% year-on-year) [3][4] - Li Auto and Xpeng faced challenges with year-on-year declines, with Li Auto delivering 27,668 units (down 7.6%) and Xpeng delivering 20,011 units (down 34.1%) [4][5] - Leap Motor and Lantu maintained steady growth, with Leap Motor delivering 23,591 units (up 63.9% year-on-year) and Lantu delivering 10,515 units (up 31.3% year-on-year) [4][5] Group 3: Market Dynamics and Future Outlook - The decline in January sales is attributed to short-term factors such as policy changes, seasonal demand fluctuations, and inventory management by dealers, with a forecasted 40% month-on-month drop in national retail sales of new energy vehicles [5][6] - Despite short-term pressures, the long-term growth trajectory for the new energy vehicle industry remains intact, with projections of 19 million units sold in 2026, representing a 15.2% year-on-year increase [6] - The market is expected to stabilize post-policy transition, with new product launches and supportive measures from local governments anticipated to drive recovery in February and March [6]

Group 1 - The core point of the article is the launch of Tencent's AI assistant "Yuanbao" and its new feature "Yuanbao Club," which aims to explore AI social interaction [1] - "Yuanbao Club" allows users to create or join a group where the Yuanbao AI can interact, collaborate, and entertain with users [1] - The public beta version integrates Tencent's content ecosystem, enabling users to enjoy music and movies together through QQ Music and Tencent Video [1] Group 2 - Users can participate in the public beta by updating the Yuanbao App to version 2.56.0 or higher and entering an invitation code [1] - The feature is built on Tencent Meeting's AI capabilities and aims to transform AI from an "efficiency tool" to a "social participant" [1] - The Yuanbao App also launched a Spring Festival event offering a total of 1 billion cash rewards, with users able to win up to 10,000 yuan [1]

Core Viewpoint - Wanbangde's subsidiary has developed a new drug, "Shisuanjianma Controlled-release Tablets," for treating mild to moderate Alzheimer's disease, which has completed the enrollment of 100 subjects in its critical II/III phase clinical trial [1] Group 1: Drug Development - The new drug is characterized by a dual-phase controlled-release technology that stabilizes the drug release curve, prolongs the release time in the body, and aims to reduce adverse reactions while enhancing dosage safety [1] - The clinical trial is led by the Capital Medical University Xuanwu Hospital, with Professor Jia Jianping, a leading expert in the field of neurology, overseeing the project in collaboration with over 50 top research centers nationwide [1] Group 2: Research and Collaboration - The drug has been selected for the National Science and Technology Major Project for Innovative Drug Development, highlighting its significance in utilizing local resources, as its active ingredient is derived from the traditional Chinese medicinal plant, Qianshengtang (Sarcandra glabra) [1] - Wanbangde is steadily advancing the subject enrollment process and will continue close collaboration with Xuanwu Hospital and other research institutions to further validate the drug's safety and efficacy, providing critical data support for future market application [1]

Company Summary - The company, GoerTek, announced an adjustment to its share repurchase plan, increasing the total repurchase fund from a minimum of 500 million yuan to a minimum of 1 billion yuan, while maintaining other terms unchanged [1] - As of January 31, 2026, GoerTek has repurchased 34.497 million shares, accounting for 0.97% of the total share capital, with a total payment of approximately 950 million yuan, nearing the original repurchase fund limit [1] - The increase in repurchase funds reflects the company's confidence in its development prospects and recognition of its intrinsic value, without significantly impacting daily operations, R&D investment, or cash flow [2] Financial Performance - For the first three quarters of 2025, GoerTek achieved total operating revenue of 68.107 billion yuan, a slight decrease of 2.21% year-on-year, while net profit attributable to shareholders increased by 10.33% to 2.587 billion yuan [2] - The gross profit margin improved to 13.19% in the third quarter, indicating a steady enhancement in profitability [2] Industry Context - The consumer electronics industry is transitioning from cyclical recovery to growth resonance, with a focus on destocking and asset optimization in 2024-2025 [3] - Starting in 2026, the emergence of new fields such as AI terminals and spatial computing is expected to lead to structural reshaping of the industry [3] - GoerTek, as a leader in precision manufacturing and smart hardware, is well-positioned to seize opportunities in XR devices and acoustic components, which are anticipated to see increased demand [3]