Core Viewpoint - Shandong Guoxin's "CCER Carbon Asset Income Rights Project" has been recognized as one of the "Top Ten Green Trust Cases for 2025," showcasing its role in supporting the dual carbon strategy and the green transformation of the real economy [1] Group 1: Project Overview - The project was established before the restart of China's CCER market, addressing challenges faced by environmental enterprises such as carbon asset confirmation difficulties, financing issues, and long monetization cycles [1] - The project utilizes the trust system's advantages in asset isolation, transaction structure, and income distribution to transform future CCER carbon asset income rights into manageable financial assets [1] Group 2: Innovative Mechanisms - The project incorporates specific carbon asset income rights transfer, forward transfer arrangements, entrusted development management, and profit-sharing mechanisms [2] - A dual-layer betting exit mechanism is introduced to ensure the safety of trust funds, allowing for repurchase and differential compensation if the CCER market does not restart or assets are not confirmed [2] Group 3: Economic and Environmental Benefits - The trust funds have enabled enterprises to realize carbon asset income earlier, facilitating capacity expansion, technological upgrades, and improved environmental standards [2] - During the project implementation, the revenue from enterprises' environmentally friendly waste treatment services increased by 85% year-on-year, promoting a virtuous cycle in the green industry [2] Group 4: Future Plans - As of November 2025, Shandong Guoxin's green trust business has reached a scale of 8.532 billion yuan, an increase of approximately 3.3 billion yuan since the beginning of the year [3] - The company plans to continue focusing on the trust's core functions, deepening its commitment to green finance, and providing diverse, professional, and sustainable financial solutions to support the achievement of dual carbon goals and high-quality economic development [3]

转自：中国证券报·中证网 域潇锆钛矿业是一家集矿产品加工、进出口贸易、科研与专利创新于一体的综合型企业，是全国最大的 锆钛产品供应商之一，拥有多项专利技术和省市级荣誉。其母公司济南域潇集团是全球一流的锆钛等矿 产资源开采企业，尤其在莫桑比克持有的锆钛矿采矿权已探明的金属资源量合计超过1亿吨。 作为资源循环利用领域的科技创新标杆企业，恒誉环保此次合作域潇锆钛矿业，打造尾矿资源化示范项 目，提供了可复制、可推广的行业样板，是其拓展固废处理高端应用场景的关键布局。据介绍，该项目 采用恒誉环保自主研发的前沿技术，实现了钛铁高效分离与高端富钛材料的绿色制备，填补了行业空 白，并大幅降低了能源消耗，高度契合环保产业绿色低碳发展要求。双方合作项目的落地有望形成示范 效应，进一步展示恒誉环保在技术与高端装备方面的硬核实力，为恒誉环保打开金属矿综合利用领域的 市场空间，显著提升公司产品技术附加值，为公司可持续高质量发展注入新动力。 展望未来，恒誉环保将继续强化技术研发，提高产品的科技含量和公司的核心竞争力，为环保产业的绿 色低碳高质量发展注入新动能。公司将凭借自主研发的核心技术，推动行业深耕和产能建设，深化"设 备销售+项目运 ...

Core Viewpoint - The company, Weili, is transitioning from an "organic waste resource expert" to a "sustainable development service provider in the industrial sector," focusing on biogas and biofuel to tap into the green energy market [1] Group 1: Business Transformation - Weili is accelerating its business transformation towards biogas and biofuel, driven by the need to adapt to intensified competition and slow growth in traditional environmental protection services [1] - The company has a strong foundation for this transition, leveraging over 20 years of project experience and resources in municipal and agricultural sectors [1] Group 2: Project Experience and Capacity - Weili has completed over 400 leachate treatment projects, more than 70 kitchen waste treatment projects, and hundreds of biogas projects, establishing a solid operational management capability [2] - The company currently has biogas projects with a total design capacity exceeding 200,000 cubic meters per day [2] Group 3: Premium Opportunities - Weili identifies two main pathways for achieving premium pricing: leveraging carbon reduction attributes and converting biogas into green fuels [2] - The company anticipates that green LNG and green methanol will become mainstream clean fuels in the shipping industry, aligning with stricter carbon emission standards [2] Group 4: Emerging Business Areas - In addition to its core environmental business, Weili is actively exploring emerging fields such as liquid cooling and robotics to expand its sustainable development services [3] - The company is leveraging its subsidiaries' technologies to address the growing demand for cooling solutions in data centers and industrial sectors [3] - Weili has signed a strategic cooperation framework agreement with Primech Holdings Ltd. to innovate in industrial robotics, focusing on applications in high-risk and complex environments [3]

Group 1 - The core point of the announcement is that Taiji Group's shareholder, Chongqing Taiji Medicinal Plant Resources Development Co., Ltd., plans to absorb and merge its wholly-owned subsidiary, Chongqing Fuling Xilan Biotechnology Co., Ltd., with no impact on the company's control and operational independence [1][2] - The merger involves the transfer of shares: Xilan Biotechnology currently holds 11.8953 million unrestricted circulating shares, accounting for 2.157% of the total share capital of Taiji Group, which will be fully inherited by the resources company after the merger [1] - Post-merger, the resources company's shareholding in Taiji Group will increase from 367,300 shares to 12.2626 million shares, raising its ownership percentage from 0.067% to 2.224% [1] Group 2 - The merger does not involve any changes in equity increase or decrease, and the controlling shareholder, Taiji Group Co., Ltd., along with its concerted parties, will maintain a total shareholding of 1.661 billion shares, representing 30.118% [1] - The announcement clarifies that the transaction will not affect the personnel, assets, finances, business, or institutional independence of Taiji Group, and there are no circumstances that would harm the interests of the company and all shareholders [1] - Both the resources company and Xilan Biotechnology are wholly-owned subsidiaries within the Taiji Group system, with the former focusing on traditional Chinese medicine cultivation and research, while the latter is dedicated to the development and research of biopharmaceutical products [2]

转自：中国证券报·中证网 作为国内微纤维玻璃棉领域领军企业，再升科技拥有国家级技术中心及200项有效专利，核心产品技术 领先且广泛应用于空气过滤、航空航天、绿色建筑等领域，2024年研发投入占营收比重超6%。2024年 公司归母净利润同比大增137.99%，2025年业绩保持稳增态势，此次可转债提前赎回将进一步改善公司 现金流状况，为研发创新与新兴领域布局提供更充足的资金支持。 公告显示，自2025年12月8日至12月26日，再升科技股票已有15个交易日收盘价不低于"再22转债"当期 转股价的130%（即5.486元/股），触发《可转换公司债券募集说明书》中约定的有条件赎回条款。公司 董事会经审慎评估当前市场情况及自身发展规划，认为提前赎回可转债有利于减少财务费用和资金成 本，降低资产负债率，为后续业务发展夯实资本基础。 根据公告安排，公司将按债券面值加当期应计利息的价格实施赎回，董事会已授权管理层及相关部门办 理本次赎回全部事宜，授权期限至赎回相关工作完成之日止。具体赎回登记日、赎回价格、付款日等细 节将由公司后续发布的赎回实施公告明确。值得注意的是，"再22转债"此前曾出现连续3个交易日收盘 价格涨幅偏离 ...

Core Viewpoint - The management of Lino Pharmaceutical has explained the recent adjustments in leadership, performance fluctuations, and shareholder reductions, emphasizing the company's commitment to long-term development and strategic transformation [1][2]. Group 1: Management Adjustments - The management changes at Lino Pharmaceutical occurred mainly in October and December, including the resignation of the former chairman and other board members, with a focus on optimizing governance and enhancing organizational vitality [1][2]. - The adjustments are described as proactive, considering personal intentions and the need for governance structure improvement, aligning with new legal requirements [2]. Group 2: Performance and Strategic Investments - The company acknowledges that short-term performance pressures are a result of a "growing pains" phase during its transformation, reflecting significant strategic investments in high-barrier products [3][4]. - Lino Pharmaceutical is focusing on high-tech pharmaceutical packaging, particularly in innovative products like borosilicate molded bottles and pre-filled syringes, which are essential for enhancing core competitiveness and long-term positioning [3][4]. Group 3: Long-term Vision and Shareholder Dynamics - The company is committed to bearing the costs of transformation, including increased investments in market expansion, R&D, and talent acquisition, viewing these as necessary for future growth despite short-term profit pressures [4]. - The recent shareholder reductions are attributed to normal market behavior related to fund cycles and employee stock plans, with the core management team not participating in the reductions, indicating a strong alignment of interests between management and the company's long-term goals [4][5].

Group 1 - The company completed changes in registered capital, business scope, and legal representative, marking the effectiveness of recent governance optimization and business expansion measures [1] - The registered capital is adjusted to 513.173176 million yuan, and the legal representative is changed to Li Cili [1] - The business scope now includes "inspection and testing services" and expands into integrated circuit manufacturing, IoT device manufacturing, and sales of rail transit special equipment, aligning with high-end equipment manufacturing and domestic production trends [1] Group 2 - The company has maintained the largest market share in the domestic industrial automation instrument sector for 19 consecutive years, with a market share of 18.7% in 2024 and over 80% in high-end segments like nuclear power instruments [2] - The expansion of business scope and governance structure optimization will enhance the company's capabilities in emerging fields such as smart manufacturing, new energy, and rail transportation [2] - The strategic advantage from the change of actual controller to the State-owned Assets Supervision and Administration Commission (SASAC) will solidify the company's foundation for deep participation in domestic production and industrial chain upgrades [2]

Core Viewpoint - Beijing Vito Electric Co., Ltd. (referred to as "Vito") is set to have its IPO reviewed on December 30, with funds raised aimed at developing a research center and enhancing its product offerings in the electric connection market [1] Group 1: Company Overview - Vito specializes in the research, production, and sales of electric connection products, including hard connections, flexible connections, contact components, laminated busbars, and Cells Contact System (CCS) products [1] - The company is committed to providing high-performance electric connection solutions that are safe, reliable, green, and intelligent, serving industries such as electric power, new energy vehicles, wind and solar energy storage, and rail transportation [1] Group 2: Market Position and Strategy - In response to the rapid growth of the new energy vehicle and wind energy storage industries, Vito is actively developing its "three electric" systems and has launched integrated and lightweight CCS products to meet the modular structural needs of power and storage battery systems [1] - Vito established Vito (Smederevo) in early 2023 to expand its sales channels in the European market and achieved bulk supply of synchronous decomposers in the second half of the year, contributing to its performance growth [1] Group 3: Financial Performance - Vito's revenue and net profit attributable to shareholders have shown stable growth, with projected revenues of 1.437 billion yuan, 1.699 billion yuan, 2.39 billion yuan, and 1.41 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2] - The net profit attributable to shareholders is expected to be 114 million yuan, 187 million yuan, 271 million yuan, and 139 million yuan for the same periods, indicating strong growth and profitability [2] Group 4: Future Plans - Post-IPO, Vito plans to increase R&D investment, introduce advanced equipment and high-end talent, and explore the application of insulating materials and composite conductive metal materials in electric connection products [2] - The company aims to innovate production processes to enhance the electrical performance, safety, and reliability of its products, solidifying its leading position in the electric connection market [2]

与此同时，池浚作为时任的国泰海通黑龙江分公司负责人，对分公司合规运营应当承担责任，黑龙江证 监局也对其采取出具警示函的行政监管措施。崔刚在国泰海通黑龙江分公司任职期间违规操作客户证券 账户、向他人推介销售非原国泰君安发行或代销的金融产品，同样被黑龙江证监局出具警示函。 黑龙江证监局认为，国泰海通黑龙江分公司未能有效识别并防范上述行为，反映出该公司对合规管理不 到位，违反《证券公司和证券投资基金管理公司合规管理办法》（证监会令第166号修订）第六条第四 项的规定。 根据《合规管理办法》第三十二条第一款的规定，黑龙江证监局决定对国泰海通黑龙江分公司采取出具 警示函的行政监管措施，并要求国泰海通黑龙江分公司高度重视上述问题，采取有效措施进行整改，切 实提高合规管理水平，并在收到本决定书之日起30日内向黑龙江证监局书面报告整改情况。 中证报中证网讯（记者 林倩）12月26日，黑龙江证监局发布关于对国泰海通（601211）证券股份有限 公司黑龙江分公司采取出具警示函措施的决定。经黑龙江证监局调查，国泰海通黑龙江分公司（原国泰 君安黑龙江分公司）存在多项问题，一是员工违规买卖证券，二是员工违规操作客户证券账户，三是对 员 ...

Group 1 - The core point of the article is that Baiyunshan has received approval for the production of a freeze-dried human rabies vaccine (Vero cells), which will enhance the company's product portfolio and competitiveness in the vaccine market [1][2] - Baiyunshan Biological has been focused on the research, production, and sales of vaccines, and has established a research center for the freeze-dried human rabies vaccine [1] - The approval of the rabies vaccine is expected to provide new options for rabies prevention, especially as the pet economy in China is rapidly developing and the demand for human rabies vaccines remains strong [1] Group 2 - Baiyunshan Biological is a key member of the Guangzhou Pharmaceutical Group's biopharmaceutical sector, and the approval of the rabies vaccine is seen as a significant growth point for the group [2] - This approval marks a major breakthrough for Guangzhou Pharmaceutical Group in the industrialization of vaccines and further completes its full industry chain layout from traditional Chinese medicine to chemical drugs and biopharmaceuticals [2] - Baiyunshan Biological plans to focus on the vaccine field, steadily advance market layout, increase R&D investment, and actively pursue the development and technological upgrade of new vaccines [2]