Core Viewpoint - Guangdong Marubi Biotechnology Co., Ltd. plans to raise funds through H-share issuance to strengthen its core strategies, enhance its comprehensive competitiveness, and improve its operational capabilities [1][3] Group 1: Company Overview - Marubi has been focused on the anti-aging skincare industry for over 20 years, leveraging synthetic biology technology and core breakthroughs in recombinant collagen [2] - According to a Frost & Sullivan report, Marubi is the third largest beauty company in China in the recombinant collagen skincare segment based on retail sales in 2024 [2] Group 2: Fundraising Purpose - The funds raised will be used to enhance the company's multi-channel sales system, improve brand value, incubate new brands, strengthen R&D capabilities, optimize the supply chain, and supplement working capital [1][3] - Specific plans include building direct-to-consumer (DTC) capabilities, diversifying marketing activities, expanding the R&D team, and upgrading R&D facilities [3] Group 3: Brand Positioning - Marubi's brand has ranked first in China's eye care market for four consecutive years, while its "Lianhuo" brand ranks third among domestic makeup brands [3] - The company has developed over 80 proprietary ingredients, with more than 30 achieving large-scale production, establishing a closed-loop value chain from basic research to application [2] Group 4: Shareholder Return Strategy - Marubi emphasizes a shareholder return plan, prioritizing cash dividends, with a commitment to distribute at least 10% of the annual distributable profits in cash [4] - The company aims to leverage growth opportunities in the anti-aging skincare market, which is the fastest-growing segment in China's skincare industry [4] Group 5: Long-term Development Strategy - The H-share issuance is a strategic decision for long-term development, aligning with industry trends to enhance capital strength and core competitiveness [5] - Effective use of the raised funds will support product innovation and market expansion, laying a solid foundation for sustainable long-term growth [5]

Core Insights - Kunshan Longteng Optoelectronics Co., Ltd. has gained significant attention in the capital market due to its achievements in full-color electronic paper technology and industrialization, positioning itself as a model for the transformation and upgrading of China's manufacturing industry [1][4] - The company has developed a complete proprietary intellectual property system covering material synthesis, structural design, and driving algorithms, with over 80 patents related to electronic paper [1][3] - Longteng's full-color electronic paper products are rapidly being applied in various sectors, including education, transportation, advertising, retail, and healthcare, showcasing their versatility and market potential [2][3] Company Development - Longteng Optoelectronics has successfully broken through key core technologies in the electronic paper field by deeply binding with domestic supply chain enterprises and prioritizing the use of domestic products [2] - The company’s innovative 11.6-inch full-color electronic paper display won the "Display Device Innovation Gold Award" at the 2025 DIC EXPO International Display Technology Exhibition [1][3] - The company is positioned to benefit from the rapid growth of the global electronic paper market, with predictions indicating continued expansion in market size due to the integration of IoT and smart city initiatives [3] Environmental and Social Responsibility - Longteng's electronic paper technology aligns with China's "dual carbon" strategy, significantly reducing energy consumption compared to traditional display technologies [3] - The company aims to improve the visual environment for youth and assist in myopia prevention through its products, which do not require backlighting and rely on ambient light reflection [3][4] - The firm emphasizes a development philosophy that harmonizes technology with environmental and social needs, showcasing its commitment to societal welfare [3][4] Regional Advantages - Kunshan, as a leading economic benchmark county in China, provides a robust industrial ecosystem for Longteng, facilitating collaboration with core suppliers within an hour's drive [4] - The local government has played a crucial role in providing innovation resources and supporting the establishment of significant innovation platforms, accelerating the R&D and commercialization of key technologies [4] - Longteng's differentiated and high-value strategy in niche markets not only drives its own high-quality development but also presents a compelling value investment opportunity in the capital market [4]

非横向经营者集中类型多样，对竞争的影响也更为复杂深远。近年来，全球主要司法辖区加大了对非横 向经营者集中执法的关注力度，制定或修订相应指南。制定出台《指引》，有利于及时总结我国丰富的 执法实践，提升我国经营者集中反垄断监管的科学性和有效性，为各类经营主体投资并购提供更可预期 的制度环境；有利于积极对接国际高标准经贸规则，稳步扩大制度型开放，进一步提升我国反垄断执法 国际化水平和影响力。 12月16日，市场监管总局发布《非横向经营者集中审查指引》。《指引》根据《中华人民共和国反垄断 法》《国务院关于经营者集中申报标准的规定》《经营者集中审查规定》等制定，共9章、82条，并穿 插设置34个案例，对部分重要条款进行解释说明。 《指引》起草过程中，市场监管总局扎实开展理论研究、全面总结我国审查实践、广泛征求并充分吸收 各方意见建议。《指引》保留了《横向经营者集中审查指引》的基本框架，并聚焦纵向和混合经营者集 中的封锁效应等竞争问题，详细阐释具体评估思路和考察因素，帮助经营主体进一步明晰并购活动的竞 争风险，积极回应企业关切。 ...

中证报中证网讯（记者 孟培嘉）常宝股份（002478）在12月15日披露的投资者关系活动记录表中表 示，公司锅炉管产品主要聚焦两大应用领域，包括燃煤发电机组用锅炉管与燃气轮机联合循环发电用 HRSG（余热锅炉）管。 "在燃气轮机联合循环发电用HRSG管领域，近几年国际市场燃气发电机组装机规模正稳步提升，HRSG 管市场需求稳健。"常宝股份相关负责人表示，目前综合行业政策导向、下游需求支撑及当前市场需 求，预计锅炉管市场整体将保持景气态势。公司将加大锅炉管产能潜力挖掘与产品结构升级优化力度。 ...

Core Viewpoint - The company, Yapu Co., Ltd. (603013), has successfully commercialized its high-pressure fuel systems for hybrid vehicles, benefiting from the booming hybrid vehicle market, which has led to a significant increase in orders for new energy hybrid fuel systems compared to traditional fuel systems [1] Group 1: Company Developments - Yapu Co., Ltd. has reported that its high-pressure fuel systems for plug-in hybrid (including range-extended) vehicles have been commercially promoted and applied [1] - The company has optimized product design, developed key components in-house, and continuously improved production processes to reduce costs and enhance efficiency for hybrid high-pressure fuel systems, thereby increasing market competitiveness [1] Group 2: Industry Insights - The complexity of fuel storage, supply, and vapor management in hybrid vehicles is greater than in traditional fuel vehicles due to their multiple driving modes (electric, oil, and hybrid) [1] - Plug-in and range-extended models require fuel tanks to withstand high pressure, necessitating increased rigidity and fuel vapor control functions, resulting in more complex structures and processes, as well as higher unit values compared to traditional fuel systems [1]

Core Viewpoint - Beijing Angrui Microelectronics Technology Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant advancement in the domestic RF chip sector [1][2] Company Overview - Founded in 2012, Angrui Micro is a national-level "little giant" enterprise focused on the design of RF and analog integrated circuits, specializing in RF front-end chips, RF SoC chips, and other analog chip development, design, and sales [1] - The company has developed high-integration 5G L-PAMiD products that meet international advanced and domestic leading standards, breaking the long-standing monopoly of international manufacturers [1] Market Position and Growth - Angrui Micro's RF front-end chips are now part of the supply chains for major terminal brands such as Honor, Samsung, Vivo, Xiaomi, and OPPO, while its RF SoC chips have entered the supply chains of Alibaba, Pinduoduo, BYD, and others [2] - The company anticipates a revenue of approximately 2.1 billion yuan in 2024, with a compound annual growth rate of over 50% in revenue over the past three years [2] IPO and Fund Utilization - The IPO is expected to raise a total of 2.067 billion yuan, which will primarily be used for the R&D and industrialization of 5G RF front-end chips and modules, RF SoC chips, and the construction of headquarters and R&D centers [2] - Notable investors participating in the strategic placement include Lenovo, BAIC, and several well-known financial institutions [2]

Group 1 - The industrial software sector is expected to benefit from multiple favorable opportunities, with the launch of the GF National Industrial Software Theme ETF aimed at providing investors with easy access to core assets in domestic "intelligent manufacturing" [1] - Industrial software is considered the "digital foundation" of modern industrial systems and a key indicator of a country's manufacturing strength, with policies targeting the update of approximately 2 million sets of industrial software by 2027 [1] - The current core industrial software market is dominated by international giants, while domestic companies are enhancing product capabilities through continuous R&D investment and mergers and acquisitions [1] Group 2 - The GF National Industrial Software Theme ETF closely tracks the National Industrial Software Theme Index, focusing on 50 listed companies involved in industrial R&D design, production informatization, and enterprise management [2] - The index has a high concentration of top components, with the top ten stocks accounting for nearly 58% of the total weight, and small-cap stocks under 5 billion yuan dominate the index [2] - The National Industrial Software Theme Index has seen a cumulative increase of over 200% since its inception, with a year-to-date return of 18.49% as of November 30 [2]

Core Viewpoint - The company GaoYu has raised a total of 500 million yuan in financing since 2025, with a recent Pre-A round of 200 million yuan completed in November, backed by several investment funds [1] Group 1: Financing and Investment - GaoYu's cumulative financing amount since 2025 has reached 500 million yuan [1] - The recent Pre-A round financing of 200 million yuan was jointly invested by Guotai Junan Fund, Sichuan Hongwei Fund, and Guangzhou Development Zone Low-altitude Fund [1] Group 2: Product Offerings - GaoYu has three different product configurations: the AirCar for land and air use, the multi-rotor AirCab for urban commuting, and the hybrid AirJet for intercity travel, covering all terminal scenarios of eVTOL (electric vertical takeoff and landing aircraft) [1] - The multi-rotor AirCar and AirCab can meet short-distance travel needs within 30 km, effectively connecting "economic islands" in local areas [1] - The hybrid AirJet is designed for intercity travel within 200 km, with future plans to incorporate GAC's all-solid-state battery, potentially extending its range beyond 400 km [1] Group 3: Production and Collaboration - The first phase of GaoYu's production line is about to be put into operation, and the company has begun deep collaboration with local governments, scenic areas, and travel platforms [1] - GaoYu was awarded a plaque for the "Flying Car Test Flight Detection Base" in collaboration with the Southern Experimental Field at the 2025 World Drone Conference held on December 11 [1]

Core Viewpoint - Chongqing Yinhai Financing Leasing Co., Ltd. has issued a 1 billion yuan bond to support small and micro enterprises, marking the first such bond in Chongqing [1][2] Group 1: Company Overview - Yinhai Leasing was established in 2005 and is the first domestic pilot financing leasing company in Southwest China [1] - The company is the president unit of the Chongqing Financing Leasing Industry Association and the vice president unit of the China Foreign Investment Leasing Committee [1] - Yinhai Leasing focuses on its core business of financing leasing, offering four main product categories: direct leasing, sale-leaseback, operational leasing, and commercial factoring [1] - The company primarily operates in five sectors: advanced manufacturing, aircraft logistics, energy and environmental protection, cultural tourism integration, and public health [1] - Yinhai Leasing has served over 300 clients, providing nearly 35 billion yuan in financing leasing funds and completing around 350 projects [1] Group 2: Bond Issuance and Impact - The bond proceeds will be directed towards financing leasing projects for small and micro enterprises in manufacturing, cultural tourism, and energy and environmental protection sectors [2] - This initiative aligns with national policies aimed at supporting the real economy and will effectively alleviate the issues of "difficult and expensive financing" for enterprises [2] - Guotai Junan emphasizes its commitment to serving the real economy by creating a comprehensive financial service system that promotes the deep integration of capital and industry for sustainable economic development [2]

本次减持完成后，肖争强及肖高强合计持股比例降至28.69%。新强联表示，本次减持计划的实施不会 导致公司控股股东及实际控制人发生变化，不会对公司治理结构及持续经营产生影响。 转自：中国证券报·中证网 根据公告，肖争强合计减持701.5363万股，占总股本1.69%；肖高强合计减持439.03万股，占总股本 1.06%。实际减持股份数量未超过计划减持股份数量。 中证报中证网讯（王珞）12月15日晚，新强联发布公告称，公司于近日收到控股股东、实际控制人肖争 强及肖高强出具的告知函，截至公告披露日，控股股东、实际控制人肖争强及肖高强本次减持计划期限 已届满。在2025年9月15日至12月14日的减持计划期限内，肖争强及肖高强合计减持公司股份1140.5663 万股，占公司总股本的2.75%，合计套现金额约5.16亿元。 ...