金风科技精准"押中"蓝箭航天。 1月5日，金风科技A股盘中触及涨停，收涨6.96%，报21.82元/股，最新市值达921.9亿元。自今年4月股 价低点以来，公司股价累计涨超80%，同期，公司港股更是累计涨超280%。 消息面上，近期商业航天板块十分活跃，12月31日，上交所官网显示，蓝箭航天科创板IPO获受理，正 式冲刺"商业航天第一股"，公司估值200亿元。据蓝箭航天招股书，金风科技旗下江瀚资产持有公司 4.14%的股权，是其第六大股东。或因此，金风科技受到资本市场热捧。 值得一提的是，金风科技对蓝箭航天的投资并非孤例。通过旗下投资平台，金风科技的投资版图已经横 跨新能源、装备制造、新材料、农林牧渔等多个行业，曾投资金力永磁、中材科技、德力佳、维赛新材 等多家上市公司。此前公司还曾"押中"20倍大牛股上纬新材。 金风科技投中蓝箭航天 资料显示，金风科技的主营业务为风机制造、风电服务、风电场投资与开发及水务等，此次能"蹭上"商 业航天热度，主要是因为旗下公司是蓝箭航天的股东。 公开资料显示，金风科技在2018年便参与了蓝箭科技的B+轮融资。据蓝箭航天招股书，目前，金风科 技旗下江瀚（宁波）资产管理有限公司（简 ...

具体来看，去年12月初，国家金融监管总局发布通知，下调保险公司投资相关股票的风险因子，鼓励险 资"长钱长投"。中泰证券测算，若险资将释放资本全部增配权益资产，2026年或撬动5500亿元至6000亿 元长期资金进入市场。 此外，相关部门还陆续出台了扩大保险资金长期投资试点、推动健康保险高质量发展、《保险公司资产 负债管理办法（征求意见稿）》等政策。据了解，该《意见稿》优化了指标计算口径，将利好引导保险 公司长期稳健经营。 对于保险板块的后续走势，市场普遍持乐观态度。中金公司在展望中表示，2026年寿险行业有望再次进 入黄金发展期，保险股投资逻辑将从"存量业务重估修复"转向"成长能力估值溢价"。 有多位分析师指出，2026年，针对保险公司强化资产负债管理的政策支持力度有望持续加大。叠加居民 对保险产品热情延续以及资本市场表现可期，保险行业的负债端、资产端将持续改善，预计保险板块估 值仍有较大向上空间。 回顾2025年，保险股行情不断升温。同花顺数据显示，2025全年保险板块累计上涨约19.23%，跑赢银 行和券商板块。其中，新华保险表现尤为亮眼，年内多次刷新历史高点，全年涨幅高达46.03%，领涨 保险板块。 ...

1月5日，脑机接口板块领涨A股。截至发稿，板块涨幅超13%，个股方面，倍益康30CM涨停，三博脑 科、博拓生物、美好医疗、翔宇医疗等近20股涨停。 消息面上，马斯克日前在社交媒体上表示，其脑机接口公司Neuralink将于2026年开始对脑机接口设备 进行"大规模生产"，并转向"更加精简和几乎完全自动化的外科手术流程"。其最新技术的设备电极丝可 直接穿过硬脑膜，而无需将其切开。 据悉，Neuralink的产品重点仍集中在治疗神经系统疾病，包括瘫痪、肌萎缩、帕金森、老年痴呆和视力 障碍。 同时，国内医疗企业在该领域不断实现技术突破。三博脑科旗下的福建三博已帮助受试者偏瘫上肢恢复 自由抓握功能；"北脑二号"也有望在2026年进入临床验证。博拓生物参股公司的植入式脑深部神经刺激 系统已进入科研性临床，产品拟2026年末启动注册。 不仅如此，资本市场对该领域的投资也较为火热，据动脉橙数据库不完全统计，2025年1—11月，我国 脑机接口领域共完成24起融资，同比增长30%。 中信建投在研报中分析称，脑机接口是医疗投资也是科技投资，短期来看主要应用于疾病治疗，长期来 看若能实现增强人、并与AI和机器人融合，有望打开万亿 ...

Core Viewpoint - Shengyi Technology has signed an investment intention agreement with the Dongguan Songshan Lake High-tech Industrial Development Zone Management Committee to invest approximately 4.5 billion RMB in a high-performance copper-clad laminate project, responding to the strong global demand for high-performance materials in advanced technologies such as AI and 6G [1][2] Group 1: Investment and Project Details - The project will cover an area of approximately 198,667.66 square meters with a usage period of 50 years, funded by the company's own or self-raised funds [1] - This strategic investment is aimed at supporting key technologies in AI, cloud computing, 6G communication, and smart automotive electronics [1] Group 2: Market Demand and Growth - TrendForce forecasts that global capital expenditure for the eight major CSPs will grow by 40% to over 600 billion USD by 2026, driving demand for high-end PCB materials and technological upgrades in the supply chain [1] - The global shipment of AI servers is expected to increase by 20.9%, leading to higher requirements for AI hardware products [1] Group 3: Company Performance and R&D Investment - Shengyi Technology plans to increase its R&D expenditure to 1.157 billion RMB in 2024, a year-on-year increase of 37.57%, with further increases in the first half of 2025 [2] - The company’s core business, copper-clad laminates, accounts for over 60% of its revenue, with sales of 76.2753 million square meters in the first half of 2025, up 8.82% year-on-year [2] - Shengyi Technology ranks second globally in rigid copper-clad laminate sales with a market share of 13.7% [2] Group 4: Financial Performance - For the first three quarters of 2025, Shengyi Technology reported revenue of 20.614 billion RMB, a year-on-year increase of 39.80%, and a net profit attributable to shareholders of 2.443 billion RMB, up 78.04% [2] - In the third quarter alone, the company achieved revenue of 7.934 billion RMB, a 55.10% increase year-on-year, and a net profit of 1.017 billion RMB, reflecting a 131.18% growth, both setting historical records [2]

2026年开年，PCB资本圈就迎来了重磅动作。 1月1日，深耕PCB赛道33年的景旺电子正式向港交所递交招股书，正式启动A+H资本平台搭建。 景旺电子作为全球第一大汽车电子PCB供应商，近几年不断向全球化迈进。为了承接海外订单需求，景 旺电子自2023年便开始在泰国建厂，并计划在2026年初投产，与此次港股募资的时点卡的恰到好处。 赴港的底气 随着AI算力与新能源汽车的爆发，PCB行业正在被推向风口。而景旺电子此次赴港恰好赶上PCB企业扎 堆赴港的行业热潮。 冲刺港股 1月1日，景旺电子正式向港交所递交招股书，标志着这家扎根A股9年的PCB龙头，正式开始搭建A+H 资本平台。 作为深耕PCB领域33年的企业，景旺电子目前是全球第一大汽车电子PCB供应商，同时在AI服务器的 PCB领域也处于行业领先地位。而公司之所以赴港上市，一是贴合自身业务发展需求，其次也顺应了行 业发展趋势。 财报显示，景旺电子近几年海外收入占比始终处于40%，海外客户主要集中在欧洲及亚洲。其客户覆盖 全球多家头部汽车供应商，包括海拉、天马、博世等；同时，其也为英伟达等北美头部算力企业提供产 品支持。 为了进一步承接海外客户的订单需求，景旺 ...

Group 1 - Baidu Group announced that Kunlun Chip submitted a listing application to the Hong Kong Stock Exchange on January 1, with the split expected to maintain Kunlun Chip as a subsidiary of Baidu Group [1] - The split aims to better reflect Kunlun Chip's value, as the company is deemed large enough to seek a listing status [1] - If successful, Kunlun Chip's valuation increase will directly impact Baidu's long-term equity investment value, potentially leading to a revaluation of Baidu's overall market value [1] Group 2 - Following the announcement, Baidu Group's stock price rose over 9% in Hong Kong, with a total market capitalization reaching HKD 395.5 billion, while its US stock also saw a significant increase of 15% [2] - Kunlun Chip, originally part of Baidu's internal smart chip and architecture department, is a supplier of AI computing chips and related integrated hardware and software systems, covering data centers, cloud computing, and autonomous driving [2] - Since starting its independent financing process in 2021, Kunlun Chip has completed seven rounds of financing, with the latest round in July 2025, achieving a post-investment valuation of CNY 21 billion [2] Group 3 - Kunlun Chip has released and mass-produced three generations of products, including K100/K200, R200 series, and P800, with plans to launch new products annually for the next five years [2] - In the 2024 Chinese GPU market, Kunlun Chip ranks third, with Nvidia holding 70% market share and Huawei's Ascend at 23% [2]

Core Viewpoint - Huahong Company plans to acquire a 97.4988% stake in Huali Microelectronics for a total transaction amount of 8.268 billion yuan through a share issuance, which reflects a significant discount compared to its current stock price [1] Group 1: Transaction Details - The share issuance price is set at 43.34 yuan per share, representing a discount of approximately 44.79% compared to the A-share price of 78.5 yuan [1] - Huahong Company intends to raise up to 7.556 billion yuan from no more than 35 specific investors to support technology upgrades, micro-special process R&D, and to supplement working capital and repay debts [1] - This acquisition is part of Huahong Group's commitment to resolve industry competition issues made during its IPO [1] Group 2: Business Operations and Synergies - Both Huahong Company and Huali Microelectronics are part of Huahong Group's integrated circuit manufacturing business, with Huahong focusing on non-volatile memory and Huali on logic and RF processes, allowing for capacity enhancement and technological complementarity [1] - Huahong Company and Huali Microelectronics both possess 65/55nm and 40nm process foundry capabilities, with Huali operating the first fully automated 12-inch IC foundry line in mainland China [1] Group 3: Financial Performance - Huali Microelectronics has shown stable profitability with revenues of 2.579 billion yuan, 4.988 billion yuan, and 3.431 billion yuan for the years 2023, 2024, and the first eight months of 2025, respectively [2] - The net profit for Huali Microelectronics was -372 million yuan, 522 million yuan, and 515 million yuan for the same periods, with a gross margin increase from 6.87% to 23.79% [2] - As of August 2025, Huali Microelectronics' assessed value is 8.48 billion yuan, reflecting an increase of approximately 6.478 billion yuan, with a valuation increase rate of 323.59% [2] Group 4: Projected Growth Post-Acquisition - Following the acquisition, Huahong Company's monthly production capacity for 65/55nm and 40nm processes will increase by 38,000 wafers [2] - The company's revenue is projected to rise from 10.996 billion yuan to 14.360 billion yuan, while net profit is expected to grow from 191 million yuan to 705 million yuan, with total assets increasing to 93.363 billion yuan [2]

Group 1 - Blue Arrow Aerospace's IPO status has changed to "accepted" by the Shanghai Stock Exchange, with plans to issue 40 million shares and raise approximately 7.5 billion yuan [1] - The funds raised will be allocated to enhance the production capacity of reusable rockets (2.77 billion yuan) and improve reusable rocket technology (4.73 billion yuan) [1] - The Shanghai Stock Exchange has expanded the listing criteria for commercial rocket companies, which may benefit Blue Arrow Aerospace and other companies in the commercial space sector [1] Group 2 - Blue Arrow Aerospace has not yet achieved profitability, with revenues of 782,900 yuan in 2022, 3.95 million yuan in 2023, and projected 4.28 million yuan in 2024, while net losses were 800.4 million yuan, 1.188 billion yuan, and 876 million yuan respectively [2] - The company reported a total asset of 6.353 billion yuan and a debt-to-asset ratio of 40.36% as of June 30, 2025 [2] - The chairman, Zhang Changwu, is the largest shareholder with approximately 6.73% of shares and controls 75.2% of voting rights through various holding platforms [2]

Group 1 - The core point of the news is that Salt Lake Co. plans to acquire a 51% stake in Minmetals Salt Lake from its controlling shareholder, China Salt Lake, for approximately 4.605 billion yuan, which will make Minmetals Salt Lake a subsidiary of Salt Lake Co. [1] - This acquisition aims to resolve the competition issue between the listed company and its controlling shareholder, facilitating resource integration and enhancing the company's leadership role in the global salt lake industry [1] - Salt Lake Co. has set a "three-step" development strategy, targeting the establishment of a world-class salt lake industry by 2025 and aiming for production goals of 10 million tons/year of potash fertilizer and 200,000 tons/year of lithium salts by 2030 [1] Group 2 - Minmetals Salt Lake has shown stable profitability, with projected revenues of 2.084 billion yuan and a net profit of 690 million yuan for 2024, and a commitment from China Salt Lake for net profits of no less than 668 million yuan, 692 million yuan, and 745 million yuan for the years 2026 to 2028 [2] - Salt Lake Co. primarily relies on potash fertilizer and lithium carbonate, with a production capacity of 5 million tons/year of potash fertilizer, ranking fourth globally, and an increased annual capacity of 80,000 tons for lithium carbonate [2] - Following the consolidation with Minmetals Salt Lake, Salt Lake Co.'s production capacity for potash fertilizer and lithium carbonate is expected to increase by 6% and 18.8%, respectively [2] - Salt Lake Co. reported a strong recovery in performance, with Q3 revenues of 4.33 billion yuan, a year-on-year increase of 34.81%, and a net profit of 1.988 billion yuan, up 113.97% year-on-year [2]

近日，据北京产权交易所显示，新时代信托的100%股权再度挂牌转让，此次转让低价约为18.51亿元， 较首次挂牌的23.14亿元折价约20%。信息披露日期为2025年12月31日至2026年2月11日。 根据披露，此次股权出让方仍为四家原始股东，股权结构也与前两次挂牌一致。分别是新时代远景（北 京）投资有限公司、上海人广实业发展有限公司、潍坊科微投资有限公司、包头市鑫鼎盛贸易有限责任 公司，持股比例依次为58.54%、24.39%、14.63%、2.44%。 到了2024年5月，新时代信托二次挂牌，转让底价直接下调至18.51亿元，较首次挂牌折价约20%。据报 道，招商银行曾有意入局，却因注册地迁移诉求被当地监管否决，最终交易也未能落地。 有分析称，信托股权转让市场遇冷是常态，目前市场环境下，上市金融机构仍处于低估值状态。并且， 信托行业面临业务转型的关键时期，多数信托公司经营受到影响，业绩压力较大，且行业存量风险持续 暴露。 2020年7月，因存在违法违规经营行为导致产品大面积逾期，新时代信托被原中国银保监会依法接管两 年。在接管期间，新时代信托推出自然人投资者本金化解方案，按本金规模分四档受让信托受益权。截 ...