中证报中证网讯(记者刘杨)国家能源局市场监管司副司长王云波1月30日在例行新闻发布会上表示， 2025年全国电力市场交易电量规模再创新高，累计完成交易电量6.64万亿千瓦时，同比增长7.4%。市场 化交易电量占比持续提升，占全社会用电量比重达64%，同比提高1.3个百分点，相当于"全社会用电量 中，每三度就有两度是通过市场化交易完成的"。同时，新能源全面参与市场，在交易中心注册的经营 主体数量稳步扩容，突破100万家，市场活跃度持续攀升。 ...

中证报中证网讯（记者 刘杨）国家能源局发展规划司副司长邢翼腾1月30日在例行新闻发布会上表示， 2025年，能源行业有序发展成效显著。2025年，国家能源局深入推进光伏行业"内卷式"竞争综合整治， 截至2025年底，多晶硅、硅片价格分别达到53.86元/千克、1.329元/片，较年度最低点分别提高52.0%、 35.6%。综合施策实现煤炭稳产稳供稳价，引导现货价格运行在合理区间，2025年底环渤海港口5500大 卡动力煤现货价格达到690元/吨，较年度最低点上升75元/吨。 ...

Group 1 - The China Securities Index Free Cash Flow Index rose by 2.15% on January 28, with a year-to-date increase of 8.71%, and several constituent stocks such as Silver Nonferrous, China Aluminum, and others reached their daily limit [1] - The index has a significant representation from the non-ferrous metals, basic chemicals, and oil and petrochemicals sectors, each accounting for over 8% [1] - Since December 2024, the index has undergone five adjustments, maintaining a strong focus on the oil and petrochemical and non-ferrous metal sectors, with the basic chemicals sector seeing a notable increase in weight during the last three adjustments [1] Group 2 - China National Offshore Oil Corporation (CNOOC) has been a core constituent in all five adjustments, representing about 10% of the index, with net cash flow from operating activities exceeding 200 billion yuan annually from 2022 to 2024 [1] - China Aluminum has also consistently been a significant constituent, with a weight exceeding 3% in the index [1] - The index shows a preference for the consumer manufacturing sector, with the home appliance sector consistently above 8%, and automotive becoming a major weight in the December 2025 adjustment, while the food and beverage sector's weight has decreased [1][2]

Group 1 - The Guotou Ruijin Fund announced that the Guotou Silver LOF will be suspended from trading starting January 30 until market close [1] - Oil LOFs such as E Fund and Jiashi will also be suspended for one hour starting January 30 [1] Group 2 - On January 29, US stock indices closed mixed, with most large tech stocks rising [2] - Microsoft, a major US tech giant, saw its stock price drop nearly 10% [2] Group 3 - International gold and silver spot prices experienced a sharp decline but quickly rebounded, indicating a divergence in futures and spot price trends [3]

Core Viewpoint - Xuantai Pharmaceutical expects to achieve revenue between 394 million and 473 million yuan and a net profit attributable to shareholders between 45.07 million and 54.08 million yuan for the year 2025, emphasizing a strategy focused on "R&D-driven and global layout" amidst increasing market competition and domestic procurement normalization [1] Group 1: Financial Performance - For 2025, Xuantai Pharmaceutical forecasts revenue of 3.94 billion to 4.73 billion yuan and a net profit of 45.07 million to 54.08 million yuan [1] - The company invested 42.89 million yuan in R&D in the first three quarters of 2025, accounting for 12.94% of its revenue [1] Group 2: Product Development and Market Expansion - In 2025, the company achieved significant registration results, with multiple products receiving approvals from the FDA and other regulatory bodies, covering various therapeutic areas including diabetes and oncology [2] - Xuantai Pharmaceutical has submitted registration applications for 8 products in 6 countries, enhancing its market presence [2] - The company has successfully penetrated the domestic market with products like Olaparib tablets and has expanded its international market reach, including a partnership with Kalbe Farma in Indonesia [2] Group 3: Shareholder Returns and Future Outlook - The company maintains a stable dividend policy, distributing 0.25 yuan per 10 shares in the first half of 2025, following a distribution of 0.37 yuan per 10 shares for the 2024 fiscal year [3] - The controlling shareholder has committed not to reduce their stake for two years starting from August 25, 2025, to support market stability [3] - Looking ahead to 2026, Xuantai Pharmaceutical plans to continue its dual strategy of "R&D-driven and globalization," focusing on core technologies and quality systems to ensure sustainable value creation for investors [3]

在"买"与"改"层面，公司持续推进小儿肺热咳喘口服液用于儿童急性支气管炎的应用研究，并于2025年 10月获临床试验批准；葵花药业旗下全资子公司拟受让美沙拉秦肠溶片上市许可及相关生产技术，进一 步丰富消化系统疾病治疗领域的产品储备。 随着数字经济蓬勃发展和健康消费持续升级，医药即时零售已从补充渠道演进为行业重要基础设施，即 时零售正成为医药行业新的确定性增长渠道。为此，葵花药业积极拓展销售渠道，探索新营销场景，在 新零售领域的布局取得了阶段性进展。 2025年，葵花药业深耕电商渠道，实现传统电商、社交电商、兴趣电商产品全覆盖，完成平台大药房、 品牌旗舰店的店铺全布局。公司全品类产品在美团买药、京东、淘宝都获得双位数的增长，在渠道结构 优化方面取得了实质性突破。日前，葵花药业还与美团买药、淘宝闪购、京东秒送签署战略合作协议， 宣布共同探索医药即时零售新模式。 与此同时，葵花药业坚定推进"买、改、联、研"组合研发策略，在新产品上取得一系列进展。 自主研发层面，公司洛芬混悬滴剂、聚乙二醇3350散、复方聚乙二醇（3350）电解质散相继获得药品注 册证书，逐步完善消化及呼吸系统产品线；双醋瑞因胶囊、维生素K1滴剂、克 ...

公司表示，合同的履行预计将对公司未来的业绩产生积极影响，有利于提高公司中长期市场竞争力和盈 利能力，进一步巩固公司的市场竞争优势。(王珞) *ST松发（603268）1月29日发布公告称，其下属公司恒力造船(大连)有限公司近日与欧洲知名船东签订 2艘30.6万吨VLCC(超大型原油运输船)建造合同，合同金额合计2亿-3亿美元，预计于2028年下半年交 付。 ...

中证报中证网讯（记者 连润）中国金融四十人论坛（CF40）宏观政策季度报告（2025年四季度） 发布会日前在北京举行。CF40资深研究员、中国社科院世界经济与政治研究所副所长张斌在发布会上 表示，我国宏观经济在2025年出现了诸多经济复苏早期阶段特征，2026年，要以货币政策激发扩大内需 的内生动力。 对于2025年我国宏观经济，张斌表示，2025年宏观经济出现了一系列经济复苏早期特征。股票市 场、人民币汇率、社融增速、企业存款等金融指标明显改善，企业盈利止住连续下跌势头，消费、劳动 力市场总体运行平稳。 对于2026年如何扩大内需，张斌表示，2026年逆周期政策力度是关键，财政政策有望比2025年更积 极，此外，要通过更积极的货币政策来实现内生增长动力的改善。宽松的货币政策要通过"改变价格预 期"和"让企业居民算得过来账"发挥作用。具体而言，可通过更加明确的通胀预期管理和降低政策利 率，让企业投资和居民买房能"算过来账"，激活经济持续复苏的内生增长动力。此外，要坚定对货币政 策发挥扩大内需作用的信心，打消货币政策使用中的各种疑虑。 ...

Core Viewpoint - The company, Qunxing Toys, anticipates a significant increase in net profit loss for the year 2025, projecting a loss between 25 million to 37 million yuan, which is a wider loss compared to the previous year [1] Financial Performance - The expected net profit loss attributable to shareholders is projected to be between 25 million to 37 million yuan, indicating a deterioration in financial performance compared to the prior year [1] - The anticipated net profit loss after excluding non-recurring gains and losses is estimated to be between 27 million to 40 million yuan [1] - Basic earnings per share are expected to range from -0.04 yuan to -0.06 yuan [1] Operational Challenges - The decline in net profit is primarily attributed to high initial investment costs in the intelligent computing business, which are amortized monthly [1] - Delays in sales realization have negatively impacted current profitability [1]

Core Viewpoint - The financial system is becoming a key support for energy resource security, with China Galaxy Securities innovating financial tools and optimizing capital allocation to enhance financial services for energy and resource sectors [1] Group 1: Energy Security and Financial Support - China Galaxy Securities has established a comprehensive financial service system covering the entire energy and resource industry chain, supporting energy supply and resource security [1] - The company played a crucial role in the restructuring project of Huadian International, which is the largest restructuring project in the thermal power industry for 2025, involving over 16 million kilowatts of operational capacity [2] - The restructuring project aims to stabilize the power grid by enhancing the peak-shaving capabilities of thermal power, thus ensuring national electricity security [2] Group 2: Financing and Investment Activities - In 2025, China Galaxy Securities assisted multiple energy companies in direct financing to strengthen national energy security, including helping Jiadeng Co. complete over 1.1 billion yuan in refinancing [3] - The company also supported State Grid New Energy in completing a 36.5 billion yuan capital increase project, which is significant for the pumped storage sector [3] - China Galaxy Securities customized financing solutions for these projects, achieving record cash fundraising in state asset transactions [3] Group 3: Resource Development and International Cooperation - China Galaxy Securities acted as the lead underwriter for Jinchengxin's convertible bond issuance, raising 2 billion yuan to enhance copper mining efficiency in Zambia [4] - The project aligns with China's status as the largest refined copper producer and consumer, aiming to deepen economic and resource cooperation with Belt and Road Initiative countries [4] - The company also supported the listing of leading tungsten mining company Jiaxin International in Hong Kong and facilitated the issuance of a pioneering bond for Xibu Mining [5] Group 4: Global Expansion and Market Integration - As Chinese energy companies expand internationally, China Galaxy Securities has been instrumental in facilitating overseas financing, including a significant share placement for Ruipu Lanjun in Hong Kong [6] - The company successfully led the underwriting of a panda bond for Shandong-based Water Development Energy, marking a significant entry into the interbank bond market [6] - Overall, China Galaxy Securities has developed a comprehensive service capability across private equity, A-shares, H-shares, and bond markets, demonstrating its role in supporting the national energy resource security system [6]