进入年尾，多家A股公司密集"换所"，部分遭立案的会计师事务所正在频繁"丢单"。 第一财经据公告统计，本月以来，平治信息（300571.SZ）、韩建河山（603616.SH）、荃银高科 （300087.SZ）等均公告称（拟）变更会计师事务所，原审计机构包括立信会计师事务所（下称"立信 所"）、中兴财光华会计师事务所（下称"中兴财光华"）等，拟改聘的新所涉及容诚会计师事务所等。 对于改聘理由，部分公司称，前任会计所已连续多年提供审计服务，为保证审计工作独立客观，更好匹 配公司后续发展需要，故做出变更。 这其中，近期遭立案的中兴财光华面临多家客户公司"出走"。上月底，因*ST立方（300344.SZ）被查明 存在长期财务造假，提供年审服务的中兴财光华被立案。"连锁反应"随即出现，上周末至今，珠海中富 （000659.SZ）、ST华扬（603825.SH）等均宣布改聘他所。 还有一些原拟与该所合作的公司，紧急叫停相关方案。航天宏图（688066.SH）最新披露，公司临时股 东大会取消审议聘任2025年年度会计师事务所的议案。11月下旬，该公司曾拟变更会计所，由致同会计 师事务所变更为中兴财光华。 "中介机构被调查，本 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has experienced a decline in stock price, attributed to reduced trading volume and a lack of significant IPOs, with expectations for recovery in 2026 due to favorable monetary policies and a pipeline of IPOs [2][3][6]. Group 1: Stock Performance - On December 3, HKEX's stock fell by 0.88%, closing at 406.6 HKD, marking a nearly 12% drop from its high of 460 HKD on October 9 [2]. - The trading volume has decreased significantly, with recent daily trading amounts falling below 2000 billion HKD, compared to over 4000 billion HKD earlier in the year [2][3]. Group 2: IPO Market - The IPO market remains active, with HKEX reporting a total financing amount of 188.3 billion HKD from 69 new listings in the first three quarters of 2025, which is more than three times the amount from the same period in 2024 [5][6]. - The number of IPO applications being processed stands at 297, indicating a robust pipeline despite recent market challenges [5][6]. Group 3: Future Outlook - Analysts expect that the HKEX will benefit from potential improvements in market conditions, including increased trading volume as the market stabilizes, continued interest in new listings, and sustained inflow of capital from mainland investors [6][3]. - The anticipated policies from the mainland, such as fiscal expansion and consumption stimulus, are expected to support the market and potentially enhance HKEX's performance in the coming years [3][6].

Group 1 - The stock of Jinfutech experienced a significant decline, reaching a limit down and forming a "Tian Di Ban" pattern, with a trading volume of nearly 1.4 billion yuan [1] - As of the report, Jinfutech's stock price dropped by 7.89%, trading at 22.87 yuan [1] - Notably, Jinfutech had previously seen a consecutive rise in stock price with limit up for seven trading days [1]

Core Viewpoint - The stock price of Haiwang Biological (000078.SZ), considered a "flu concept stock," has hit the limit up for six consecutive trading days due to the flu season, with a significant increase in demand for related medications [2][3]. Group 1: Market Context - The flu is currently widespread, with a positive detection rate exceeding 45% in 17 provinces, and a peak in flu cases is expected in mid-December [2]. - Haiwang Biological does not produce flu vaccines but distributes various vaccines through its subsidiaries and manufactures cold treatment medications such as Chlorpheniramine and Mebendazole [3]. Group 2: Business Performance - Haiwang Biological's largest revenue source is pharmaceutical distribution, which accounted for 88.96 billion yuan in revenue in the first half of 2025, making up 62.16% of total revenue, but with a low gross margin of 8.04% [4]. - The pharmaceutical manufacturing segment generated only 2.81 billion yuan in revenue, representing 1.96% of total revenue, with a higher gross margin of 36.14% [4]. - The company's profits in the pharmaceutical distribution sector have been compressed due to national and regional procurement policies, leading to continuous pressure on overall performance [4]. - The net profit attributable to shareholders for 2023 and 2024 is projected to be a loss of 1.69 billion yuan and 1.193 billion yuan, respectively [4]. - In the first three quarters of 2025, the net profit attributable to shareholders was 25.703 million yuan, a year-on-year decline of 44.39%, with a net loss of 77.6018 million yuan after excluding non-recurring gains and losses [4]. Group 3: Financial Health - Haiwang Biological has a high asset-liability ratio of 89.57%, the highest in the A-share pharmaceutical distribution sector [5].

Core Insights - The AI large model has significantly boosted the high bandwidth memory (HBM) market, making the storage industry a focal point with a global market size reaching hundreds of billions of dollars [1][2] - Despite the challenges posed by international giants and internal price wars, there is optimism for the future of China's storage industry, which has achieved substantial domestic production capabilities [1][2] Industry Challenges - The domestic storage industry is facing a dual challenge: technological barriers from international competitors and intense price competition within China [1][2] - The lack of core technology in mechanical hard drives (HDD) positions the Chinese industry in a passive role within the global supply chain, despite a high annual consumption rate of nearly 60 billion yuan [4][5] Opportunities in AI - The rise of AI is creating two main opportunities: increased investment in global AI data infrastructure and the strategic importance of data preservation, driven by the establishment of the National Data Bureau [4][6] - The storage industry is undergoing a transformation, with a shift from processor-centric to data-centric IT architectures, necessitating high bandwidth storage solutions [6][7] Technological Advancements - Huawei is set to launch an AI data platform that integrates AI functionalities into storage, indicating a shift from traditional storage roles to intelligent data platforms [6][7] - The traditional data storage hierarchy is being simplified, with all data potentially needing to be accessed at any time, thus requiring storage solutions that offer both high capacity and cost-effectiveness [6][7] Industry Development - The Chinese storage industry has made significant strides, with advancements in key technologies and a complete industrial chain, allowing for competitive positioning in various critical sectors [2][5] - There is a call for domestic storage companies to move beyond price competition and focus on technological innovation to enhance their global competitiveness [5][7]

2025.12.03 本文字数：1270，阅读时长大约2分钟 作者 |第一财经 金叶子 封图 |受访者供图 全球气候变暖威胁全球粮食安全的根基，如何挖掘作物中的耐热基因，已成为农业科技领域的迫切任 务。中国科学家的最新研究，破译了水稻"热警报"双重密码。 北京时间12月3日凌晨，中国科学院分子植物科学卓越创新中心林鸿宣院士团队与上海交通大学林尤舜 研究员团队、广州国家实验室李亦学研究员团队合作在国际权威学术期刊《细胞》(Cell)上发表研究论 文。该成果破解了水稻感知并响应高温的双重密码锁，揭示了植物中的一个循序激活、协同串联的热信 号感知机制；通过对该机制的遗传改良，培育出具有梯度耐热性的水稻新株系，助力作物耐高温分子育 种，为应对全球变暖导致的粮食减产提供了新的解决方案。 这意味着，科学家不仅能增强作物的耐热性，更能像调节音量一样精准设计"梯度耐热"品种，以适应不 同地区的气候需求，维持作物在高温环境下的产量稳定。 林鸿宣对包括第一财经在内的媒体介绍，由于高温会损害作物花粉活力、阻碍授粉与灌浆过程，明显降 低产量和品质，直接削弱了主粮产区的生产潜能，已成为当下最严峻、最直接的粮食安全挑战之一。 当高温来袭 ...

2025.12.03 本文字数：825，阅读时长大约1.5分钟 作者 |第一财经 祝嫣然 12月3日，中国铀业股份有限公司正式登陆深圳证券交易所主板，股票代码为001280。 天然铀是国家重要的战略性矿产资源，其安全稳定供应是核能快速发展的基础，也是维护国家能源安全 的重要支撑。 微信编辑| 七三 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 中国铀业通过此次IPO，将进一步巩固其作为"核电粮仓"的战略地位，夯实国内天然铀供应保障体系， 更加深入参与全球天然铀资源的项目合作，为中国乃至全球核电发展提供坚实的资源保障。 中国铀业表示，公司通过上市筹集资金，将进一步加大国内天然铀产业的投资力度，加快推动规划产能 的快速落实，提升服务国家战略的能力。中国铀业将持续提升铀矿开发高水平科技自立自强的国家力 量，加快形成我国天然铀产业的新质生产力。 公开资料显示，中国铀业主要从事天然铀采冶、销售及贸易，以及放射性共伴生矿产综合利用等核心业 务，是我国铀矿开发的国家队和主力军，是我 ...

受访者供图 林鸿宣对包括第一财经在内的媒体介绍，由于高温会损害作物花粉活力、阻碍授粉与灌浆过程，明显降 低产量和品质，直接削弱了主粮产区的生产潜能，已成为当下最严峻、最直接的粮食安全挑战之一。 全球气候变暖威胁全球粮食安全的根基，如何挖掘作物中的耐热基因，已成为农业科技领域的迫切任 务。中国科学家的最新研究，破译了水稻"热警报"双重密码。 当高温来袭，植物细胞如何"感知"并"响应"？高温会引发细胞膜的组分变化，触发"膜脂重塑"。然而， 这种变化如何被细胞"识别、转换和解读"，一直是未解之谜。 北京时间12月3日凌晨，中国科学院分子植物科学卓越创新中心林鸿宣院士团队与上海交通大学林尤舜 研究员团队、广州国家实验室李亦学研究员团队合作在国际权威学术期刊《细胞》(Cell)上发表研究论 文。该成果破解了水稻感知并响应高温的双重密码锁，揭示了植物中的一个循序激活、协同串联的热信 号感知机制；通过对该机制的遗传改良，培育出具有梯度耐热性的水稻新株系，助力作物耐高温分子育 种，为应对全球变暖导致的粮食减产提供了新的解决方案。 研究团队经过多年努力，成功鉴定到水稻中两个关键调控因子，DGK7（二酰甘油激酶）和MdPDE1 ...

Group 1 - The superhard materials sector experienced a significant surge on December 3, with notable stock price increases for several companies [1] - Sifangda's stock rose over 15%, Huifeng Diamond increased by more than 12%, and Huanghe Xuanfeng hit the daily limit [1] - Other companies such as Liliang Diamond, World, Guojijiangong, and Boyun New Materials also saw substantial gains [1] Group 2 - The superhard materials index reached 2821.80, marking a 5.02% increase [2] - Specific stock performances included Sifangda at 17.86 with a 15.82% rise, Huifeng Diamond at 37.38 with a 12.18% increase, and Huanghe Xuanfeng at 6.77 with a 10.08% rise [2] - Other notable stock performances included Liliang Diamond at 40.40 with an 8.02% increase, World at 68.00 with a 5.59% rise, and Guojijiangong at 34.32 with a 5.08% increase [2]

Core Viewpoint - Nvidia is significantly investing in partnerships with major AI companies like OpenAI and Anthropic, focusing on long-term collaborations to enhance computing infrastructure for AI models [1][3]. Group 1: Nvidia's Investments and Partnerships - Nvidia announced an investment of up to $100 billion in OpenAI, which includes deploying at least 10 gigawatts of data center capacity [1]. - The partnership with OpenAI is described as a collaboration lasting over ten years, with Nvidia projecting a demand of approximately $500 billion for its Blackwell and Rubin systems this year and next [1]. - Nvidia is also investing in Anthropic, with a focus on direct collaboration for computing resources, indicating a shift from reliance on cloud service providers [3]. Group 2: Market Dynamics and Competition - Nvidia's revenue is heavily reliant on large cloud service providers, with over 50% of quarterly income coming from these clients [3]. - The company is aware of the financial challenges faced by many AI startups, which require significant funding and computing resources to develop their models [3]. - Recent competition from Google's TPU has been noted, with Morgan Stanley increasing its 2027 production forecast for TPUs from approximately 3 million to 5 million units [4]. Group 3: Product Development and Performance - Nvidia's products are designed to be versatile, capable of handling various workloads, and the company emphasizes the importance of software optimization in enhancing hardware performance [4]. - The transition to new hardware is driven by advanced models migrating to the latest chip architectures while retaining existing infrastructure [5]. - Nvidia's Blackwell architecture is expected to generate increased profits as more tokens are produced and users engage with the models, leading to higher demand for computing resources [5]. Group 4: Market Position and Valuation - Nvidia became the first company to surpass a market capitalization of $5 trillion, although its stock has recently experienced a pullback amid investor skepticism regarding the actual demand for computing power [5]. - As of December 2, Nvidia's stock rose by 0.86%, bringing its market capitalization to $4.4 trillion [5].