公告指出，皇庭国际全资子公司深圳市瑞豪智芯科技有限公司（曾用名"深圳市皇庭基金管理有限公 司"，以下简称"瑞豪智芯"）直接持有意发功率27.8145%的股权。此外，瑞豪智芯与德兴意发半导体产 业投资基金（有限合伙）（简称"意发产投基金"）、德兴产融基金管理有限公司（以下简称"德兴产 融"）及杨仲夏签署《一致行动协议》，并与周炳、意发产投基金、意发功率共同签署《履行回购权的 协议》，约定公司有权在意发产投基金存续期（2018年11月26日至2025年11月25日）内回购意发产投基 金所持有的意发功率全部或部分股权。 登录新浪财经APP 搜索【信披】查看更多考评等级 事件概述 深圳市皇庭国际企业股份有限公司（以下简称"皇庭国际"）于近日发布公告，披露其未能履行对德兴市 意发功率半导体有限公司（以下简称"意发功率"）的股权回购义务。公告显示，公司当前因资金及财务 状况紧张，正积极与相关方沟通协商解决方案。 股权结构与回购背景 （完） 通过直接持股、一致行动及回购权安排，皇庭国际在意发功率的表决权比例累计达到85.5629%，意发 功率已纳入公司合并报表范围。上述股权安排的具体内容，公司曾于2022年6月18日发布的 ...

进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为2.49亿元。该股近5个交易日累计 上涨8.16%，主力资金合计净流入5461.71万元。 1月20日，三棵树收涨10.00%，收盘价为48.38元，发生2笔大宗交易，合计成交量315.72万股，成交金 额1.5亿元。 责任编辑：小浪快报 第1笔成交价格为47.51元，成交100.00万股，成交金额4,751.00万元，溢价率为-1.80%，买方营业部为机 构专用，卖方营业部为中信证券股份有限公司福建分公司。 第2笔成交价格为47.51元，成交215.72万股，成交金额10,248.86万元，溢价率为-1.80%，买方营业部为 国泰海通证券股份有限公司总部，卖方营业部为中信证券股份有限公司福建分公司。 ...

信贷投放：旺季"开门红"开局良好，全年增长有支撑 针对2026年"开门红"信贷投放情况，公司表示，截至目前旺季信贷投放实现较好开局。为保障投放效 率，公司较早启动旺季准备工作，推动项目储备高效审批落地。后续将继续全力推进信贷投放，积极拓 展市场份额，为全年信贷规模稳健增长提供有效支撑。 登录新浪财经APP 搜索【信披】查看更多考评等级 调研基本情况 苏州银行（以下简称"公司"）于2026年1月20日开展特定对象调研活动，中泰证券、景顺长城等机构参 与。本次调研在苏州银行总行10楼会议室以现场会议形式举行，公司董事会办公室副主任杨礼英、计划 财务部总经理助理沈若弢及风险管理部和董事会办公室相关人员接待了调研团队，双方就公司信贷投 放、存款成本控制及资产质量等核心经营议题展开深入交流。 核心经营议题交流要点 在资产质量趋势方面，公司表示将持续完善"全口径、全覆盖、全流程、全周期"风险管理体系，强化风 险前瞻研判与处置，力争全年资产质量继续保持平稳态势。 信息披露合规性说明 公司强调，本次接待过程中严格按照相关制度规定，与投资者充分交流沟通，未出现未公开重大信息泄 露等情况，符合信息披露监管要求。 声明：市场有风险 ...

1月20日，ST通脉（维权）收涨2.90%，收盘价为6.03元，发生12笔大宗交易，合计成交量595万股，成 交金额3419.1万元。 第1笔成交价格为5.88元，成交49.00万股，成交金额288.12万元，溢价率为-2.49%，买方营业部为西部 证券股份有限公司西安东大街证券营业部，卖方营业部为招商证券股份有限公司深圳超总基地深湾二路 证券营业部。 第2笔成交价格为5.88元，成交49.00万股，成交金额288.12万元，溢价率为-2.49%，买方营业部为华福 证券有限责任公司上海浦明路证券营业部，卖方营业部为招商证券股份有限公司深圳超总基地深湾二路 证券营业部。 第3笔成交价格为5.88元，成交49.00万股，成交金额288.12万元，溢价率为-2.49%，买方营业部为机构 专用，卖方营业部为招商证券股份有限公司深圳超总基地深湾二路证券营业部。 第4笔成交价格为5.88元，成交49.00万股，成交金额288.12万元，溢价率为-2.49%，买方营业部为机构 专用，卖方营业部为招商证券股份有限公司深圳超总基地深湾二路证券营业部。 第10笔成交价格为5.57元，成交50.00万股，成交金额278.50万元， ...

Core Viewpoint - Nanjing Hongtaiyang Co., Ltd. announced the repurchase and cancellation of 50,000 restricted stocks due to the termination of employment of one incentive recipient for personal reasons, with a repurchase price set at 4.30 yuan per share, funded by the company's own resources [1][2]. Group 1: Background and Reasons for Repurchase - The repurchase is part of the 2025 Restricted Stock Incentive Plan, which was approved by the company's board, supervisory board, and shareholders' meeting, granting a total of 5,131,200 restricted stocks to 214 incentive recipients at a price of 4.30 yuan per share [2]. - According to the plan, if an incentive recipient resigns or is terminated for personal reasons, the company will repurchase the unvested restricted stocks at the lower of the market price or the grant price [2]. Group 2: Specifics of the Repurchase - The repurchase involves 50,000 shares, representing approximately 0.97% of the total granted under the incentive plan [3]. - The repurchase price remains unchanged at 4.30 yuan per share, as no events affecting the total share capital or stock price occurred after the grant registration [3]. - The total amount for the repurchase is estimated at 215,000 yuan (50,000 shares × 4.30 yuan/share) [3]. Group 3: Subsequent Arrangements - The repurchase and cancellation have been approved by the company's board and will require further approval from the shareholders' meeting [4]. - The company must follow legal procedures for capital reduction and share cancellation registration, along with timely information disclosure [4]. - Legal opinions confirm that the reasons, quantity, price, and funding source for the repurchase comply with relevant regulations and the incentive plan [4].

核心观点：用友公司自第二季度起，合同签约金额恢复正增长，与此同时四季度已经扭亏，是否迎来困 境反转？需要注意的是，公司基本盘云业务营收疑似停滞增长，订阅相关的合同负债增速与订阅相关收 入增速双双下滑。此外，公司在大客户依赖背景下，公司现金流较为波动，与此同时账面资金难以覆盖 短期债务。 近日，用友网络发布25年业绩预告，公司仍然陷入持续亏损之中。 公告显示，用友网络预计2025年度实现归属于母公司所有者的净亏损为13亿元到13.9亿元，同比减亏 6.71亿元到7.61亿元。 对于亏损原因，公司给出如下解释，其一，尽管公司2025年度收入实现正增长，但因公司第一季度收入 同比降幅较大，同时更大力度推进向订阅业务模式转型，导致全年收入增速不高；其二，公司2025年度 的成本费用较高，其中无形资产摊销金额约12.4亿元（主要是公司面向数字化与智能化的新一代产品研 发形成的无形资产的摊销），同比增长约2.4亿元。 出品：新浪财经上市公司研究院 文/夏虫工作室 基本盘云业务营收停滞增长 用友近年业务大转型，其主要目标从传统的软件产品提供商，向全球领先的企业与公共组织云服务与软 件提供商等方向切入，商业模式也将由一次性销 ...

Group 1 - The stock of Victory Co. closed down by 0.82% on January 20, with a closing price of 4.85 yuan [1] - A block trade occurred, with a total transaction volume of 5.8 million shares and a transaction amount of 27.84 million yuan [1] - The first transaction price was 4.80 yuan for 5.8 million shares, resulting in a transaction amount of 27.84 million yuan, with a premium rate of -1.03% [1] Group 2 - In the last three months, the stock has recorded three block trades with a total transaction amount of 124 million yuan [1] - Over the past five trading days, the stock has declined by 3.96%, with a total net outflow of 136 million yuan from main funds [1]

Core Viewpoint - YX Energy has submitted an application for listing on the Hong Kong Stock Exchange, despite facing challenges such as declining product prices and high customer concentration, which raises questions about the authenticity of its transactions [1][2][3]. Financial Performance - YX Energy reported revenues of 435 million RMB, 1.144 billion RMB, and 881 million RMB for the years 2023, 2024, and the first three quarters of 2025, respectively, with net profits of 41 million RMB, 96 million RMB, and 71 million RMB [4]. - The company achieved a new independent energy storage installation capacity of 1.3 GWh in the first nine months of 2025, ranking first among global energy storage lifecycle solution providers [2]. Market Position and Competition - YX Energy's ranking as a leading provider is limited to a narrow category of "third-party lifecycle solution providers," lacking direct comparability with comprehensive leaders like Sungrow, which is expected to achieve a storage shipment volume of 40-50 GWh in 2025 [2]. - The average selling price of integrated energy storage system solutions has decreased significantly, with prices dropping from 1.26 RMB/Wh to 0.44 RMB/Wh over the reporting periods, reflecting a 38.89% and 45.68% decline in the last two periods [6][7]. Customer Concentration - The customer concentration for YX Energy exceeded 80% in both 2024 and the first three quarters of 2025, with significant revenue contributions from a few major clients, raising concerns about the sustainability and authenticity of these relationships [1][9]. - Notably, major clients such as Haode Energy and Hebei Junhe have minimal registered capital compared to their transaction volumes, indicating potential risks in the business relationships [9][11]. Governance and Management Concerns - Two executive directors of YX Energy previously held positions at Xuesong Holdings, which is under investigation for alleged fundraising fraud, raising governance concerns [3]. - The rapid establishment and dissolution of joint ventures with clients, such as Hebei Junhe, further complicate the assessment of YX Energy's operational integrity and business practices [15][17].

Group 1 - The core viewpoint of the news is that Anhui Wantuo Expressway Co., Ltd. has shown fluctuations in its stock price and financial performance, with a recent increase in stock price and a notable rise in revenue and net profit year-on-year [1][2][3] Group 2 - As of January 20, the stock price of Wantuo Expressway increased by 2.04% to 14.50 CNY per share, with a total market capitalization of 24.775 billion CNY [1] - The company has experienced a year-to-date stock price decline of 2.16%, with a 5-day drop of 1.56% and a 20-day increase of 0.55% [1] - For the period from January to September 2025, Wantuo Expressway achieved operating revenue of 5.386 billion CNY, representing a year-on-year growth of 6.78%, and a net profit attributable to shareholders of 1.477 billion CNY, up 20.98% year-on-year [2] Group 3 - The company has distributed a total of 10.189 billion CNY in dividends since its A-share listing, with 2.941 billion CNY distributed in the last three years [3] - As of September 30, 2025, the number of shareholders increased by 51.22% to 25,700, while the average circulating shares per person decreased by 33.95% to 45,545 shares [2][3] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, indicating a diversified institutional holding [3]

Core Viewpoint - Hengxuan Technology's stock has shown mixed performance, with a slight increase year-to-date but a significant decline over the past two months, indicating potential volatility in the market [1]. Financial Performance - For the period from January to September 2025, Hengxuan Technology achieved a revenue of 2.933 billion yuan, representing a year-on-year growth of 18.61% [2]. - The company's net profit attributable to shareholders reached 502 million yuan, marking a substantial year-on-year increase of 73.50% [2]. Stock Market Activity - As of January 20, Hengxuan Technology's stock price was 231.12 yuan per share, with a market capitalization of 38.988 billion yuan [1]. - The stock experienced a 2.05% decline during the trading session, with a trading volume of 839 million yuan and a turnover rate of 2.12% [1]. - Year-to-date, the stock price has increased by 1.84%, with a 0.14% rise over the last five trading days, a 9.28% increase over the last 20 days, but a 17.62% decline over the last 60 days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 20,600, up by 65.90% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 15.46% to 8,165 shares [2]. Dividend Distribution - Hengxuan Technology has distributed a total of 315 million yuan in dividends since its A-share listing, with 254 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 4.6851 million shares, a decrease of 164,000 shares from the previous period [3]. - E Fund's SSE STAR 50 ETF ranked sixth among the top circulating shareholders, increasing its holdings by 771,000 shares to 4.2489 million shares [3].