Core Viewpoint - The controlling shareholder of Pian Zai Huang, Jiulongjiang Group, plans to increase its stake in the company by investing between 300 million and 500 million yuan from February 1 to July 31, marking the first increase since the company's listing [1] Group 1: Shareholder Actions - Jiulongjiang Group currently holds approximately 308 million shares of Pian Zai Huang, accounting for 50.97% of the total share capital [1] - The increase in shareholding is based on Jiulongjiang Group's confidence in the company's long-term investment value and sustainable development [1] Group 2: Stock Performance - Pian Zai Huang's stock price has been in a continuous decline, falling for nearly seven consecutive trading days, with a closing price of 156.10 yuan per share on January 28, resulting in a market capitalization of 94.18 billion yuan [1] - The stock has dropped over 20% in 2025, significantly underperforming the market [1] Group 3: Financial Performance - For the first three quarters of 2025, Pian Zai Huang reported revenue of 7.472 billion yuan, a year-on-year decrease of 11.93%, and a net profit of 2.129 billion yuan, down 20.74%, marking the first negative growth in nearly a decade [1] - The overall gross margin of the company is 38.9%, a decline of 6.5 percentage points year-on-year [1] Group 4: Market Conditions and Future Prospects - The decline in revenue growth and gross margin is attributed to the impact of the consumption environment and rising costs of natural cow bile [2] - However, the price of natural cow bile has shown signs of recovery, dropping from a peak of 1.65 million yuan per kilogram to 800,000 yuan per kilogram as of January 27 [2] - There are indications of a recovery in consumer demand, with online prices for core products showing a noticeable increase compared to the previous month [2] - Pian Zai Huang is also increasing its investment in pharmaceutical research and development, with its self-developed innovative drug PZH2113 capsule having completed the first subject enrollment in Phase I clinical trials [2]

Core Viewpoint - Muxi Co., Ltd. is expected to achieve significant revenue growth in 2025, with projected revenues between 1.6 billion to 1.7 billion yuan, representing an increase of 857 million to 957 million yuan, or a growth rate of 115.32% to 128.78% compared to the previous year [1] Group 1: Company Performance - The company anticipates a substantial reduction in losses, with expected net profit losses between 650 million to 798 million yuan, narrowing by 43.36% to 53.86% year-on-year [1] - The revenue growth is attributed to reduced share-based payment expenses and increased recognition and continuous procurement of its products and services by downstream customers [1] - As of mid-2025, the cumulative sales of Muxi's GPU chips exceeded 25,000 units, with a backlog of orders amounting to 1.43 billion yuan, nearly double the total revenue for 2024 [1] Group 2: Industry Context - The company's performance is closely linked to the high demand in the AI computing and storage sectors, with a notable increase in price elasticity for related enterprises due to inflation [2] - A new wave of price increases in the chip industry has emerged due to tight product supply, with major companies like Samsung and SK Hynix announcing price hikes, some reaching up to 80% [2] - Muxi, as a leading domestic GPU manufacturer, is positioned to benefit significantly from the strong demand and rising product prices in the market [2] Group 3: Market Confidence - The capital market shows strong confidence in Muxi's development, with the company's stock price soaring by 692.95% on its first trading day [3] - As of the latest closing, Muxi's stock price stands at 577.20 yuan per share, maintaining a market capitalization of 230.9 billion yuan [3] - On the same day as the earnings forecast announcement, Muxi launched a new GPU brand and product line, the Xisuo X series, aimed at optimizing computing power for advanced scientific research [3]

1月26日，麦格米特发布了定增报告书。根据报告书显示，麦格米特本次发行价格为85.01元/股，为发 行底价70.3元/股的1.21倍；发行股数为3132.59万股，募集资金总额为26.63亿元。 此次定增的发行对象最终确定为10名，包含易方达基金、财通基金、国投瑞银等公募，以及UBS AG、 中汇人寿保险等外资和险资机构。其中，易方达基金获配金额最多，为16.29亿元，共计获配1916.61万 股。 值得一提的是，私募大佬葛卫东也出现在定增申购名单中，申购金额高达24亿元，但未中标。 实际上，葛卫东对麦格米特的关注早就有迹可循。根据麦格米特2025年半年报，王萍新进成为麦格米特 的第十大股东。随后通过不断增持，已在三季度末跃升为第四大股东，持股数量为1148.82万股，持股 占比为2.09%。与此同时，葛贵莲也新进成为麦格米特的第九大股东，持股占比为1.1%。 有报道称，王萍系葛卫东亲属，常常一起现身A股上市公司的股东名单；而葛贵莲与葛卫东均为混沌投 资的股东。 从持仓布局来看，葛卫东及关联人近年多聚焦于科技和消费零售领域，其名字多次出现在兆易创新、移 远通信、江淮汽车、会稽山等公司股东名单中。甚至，葛卫东及 ...

Group 1 - The core point of the article is that Dinglong Co., Ltd. plans to acquire a 70% stake in Haofei New Materials for 630 million yuan, valuing Haofei at 900 million yuan, which will allow Dinglong to enter the high-growth lithium battery materials sector [1] - After the acquisition, Haofei New Materials will become a subsidiary of Dinglong, contributing to the company's consolidated financial statements [1] - Haofei New Materials is a leading domestic producer of lithium battery dispersants, with key products including dispersants and binders, holding a dominant market position in the supply chain [1] Group 2 - The revenue of Haofei New Materials is projected to grow steadily, with expected revenues of 290 million yuan, 345 million yuan, and 481 million yuan from 2023 to November 2025, respectively [2] - As of November 2025, Haofei's total assets are approximately 390 million yuan [2] - Dinglong Co., Ltd. has diversified its business from printing consumables to semiconductor materials, currently operating in three main segments: semiconductor CMP materials, wafer photoresists, and advanced packaging materials [2] Group 3 - Dinglong's revenue for the first three quarters of 2025 reached 2.698 billion yuan, an increase of 11.23% year-on-year, with a net profit attributable to shareholders of 519 million yuan, up 38.02% [2] - The company expects a full-year net profit of approximately 700 million to 730 million yuan for 2025, representing a year-on-year growth of about 34.44% to 40.20% [2]

从单季度表现来看，三生国健2025年前三季度净利润为3.99亿元。据此测算，其第四季度净利润或高达 25.01亿元，是前三季度总和的六倍之多。 对于此次业绩的暴涨，三生国健解释称，这是因为2025年公司与辉瑞达成授权合作，收到对方就707项 目支付的授权许可首付款约28.90亿元所致。 据悉，双方这一合作于去年5月达成，三生国健及关联方三生制药和沈阳三生共同授予辉瑞在除中国大 陆以外区域的独家开发、生产和商业化707项目的权利。 根据协议，辉瑞需支付12.5亿美元不可退换首付款，以及最高可达48亿美元的里程碑付款和两位数百分 比的销售分成，款项分配比例为三生国健30%、沈阳三生70%。值得一提的是，该交易还刷新了国产创 新药对外授权的最高首付款纪录。 股权结构显示，三生国健隶属于港股上市公司三生制药，与沈阳三生均由沈阳医药"大佬"娄竞控制。其 中，三生国健专注于单抗、双抗、多抗及多功能重组蛋白等新技术研究，目前四款后期自免产品均临近 商业化。 此次合作的资产707，则是其基于CLF2专利平台开发的靶向PD-1/VEGF双特异性抗体，具有免疫治疗和 抗血管生成的协同抗肿瘤作用。目前，正在国内开展多项临床研究，单 ...

对于此次收购，安踏体育创始人丁世忠表示，"彪马是具有标志性意义的全球知名品牌，有着深厚的品 牌资产。收购彪马的股权成为最大股东，是集团深入推进'单聚焦、多品牌、全球化'发展战略的重要里 程碑。" 而安踏体育也一直在通过收购进行全球化布局。自2009年起，先后将亚玛芬体育及始祖鸟、萨洛蒙和迪 桑特、狼爪等品牌纳入麾下，公司业务已覆盖了大部分运动场景。此外，有消息称安踏还是锐步、加拿 大鹅、猛犸象等运动品牌的潜在买家。 1月27日早间，安踏体育在港交所公告，宣布已与Pinault家族的投资公司Groupe Artémis 达成购股协 议，将收购收购运动品牌彪马所属公司PUMA SE 29.06%的股权，现金对价为15.05亿欧元。 据悉，安踏体育此次收购预计于2026年底前完成，所需资金全部来源于安踏集团的内部自有现金储备， 且目前没有对彪马发起要约收购的计划。 资料显示，彪马总部位于德国，Pinault家族是其控股股东。目前，公司旗下拥有Cobra Golf、stichd等品 牌，业务覆盖足球、跑步、综合训练、篮球和赛车等运动品类，市场版图涉及120多个国家和地区。 然而，这家老牌运动品牌近年的业绩表现较为低迷 ...

不过，联合黄金的财务状况并不理想。数据显示，2023年、2024年，联合黄金净利润分别亏损1.92亿美 元、1.20亿美元。2025年前三季度，净利润转正为0.17亿美元。 对此，紫金矿业在公告中表示，本次收购可以强化公司在非洲的资源联动体系，补强公司黄金板块的非 洲布局。同时，紫金黄金国际的资产规模、盈利水平也将进一步提升。 据悉，作为紫金矿业旗下专注海外黄金业务的平台，紫金黄金国际已进入全球前五大黄金上市公司。此 次交易完成后，紫金黄金国际资产布局将拓展至12个国家的12座大型金矿。 受消息提振，27日港股开盘，紫金黄金国际股价快速冲高，一度涨近19%；紫金矿业A、H股亦同步跟 涨。 除上述收购外，紫金系还在2025年完成加纳阿基姆金矿、哈萨克斯坦瑞果多金矿交割，实现规模扩容。 数据显示，2025年其境外9座矿山合计产金超55吨，占紫金矿业当年矿产金总量的比例超61%。 1月26日晚间，紫金矿业发布收购公告，宣布控股公司紫金黄金国际已与联合黄金签署协议，拟以44加 元/股的现金价格收购联合黄金全部已发行的普通股，收购对价共计约55亿加元，约合人民币280亿元。 资料显示，联合黄金是一家总部位于加拿大的黄金 ...

Group 1 - Shanghai AI unicorn Jumpshare has completed over 5 billion yuan in B+ round financing, setting a record for the largest single financing in China's large model sector in the past 12 months [1] - The investment round included prominent investors such as China Life Equity, Pudong Venture Capital, and Wuxi Liangxi Fund, with continued participation from existing shareholders like Tencent and Qiming [1] - The financing will be used for foundational model research and to accelerate the implementation of the AI + terminal strategy [1] Group 2 - Jumpshare, established in 2023, is one of the "six small tigers" of domestic large models, focusing on the development and commercialization of foundational large models [1] - The company has released over 30 large models, including Step-1 and Step-1V, with Step 3 achieving a new industry high in inference efficiency [1] - By the end of 2025, the terminal Agent API call volume is expected to grow nearly 170% over three consecutive quarters, with deep collaborations established with 60% of leading domestic smartphone brands [2] Group 3 - The company recently appointed Yin Qi as chairman, responsible for overall strategic direction and technology, joining CEO Jiang Daxin and other key team members [2] - Yin Qi has a strong background in AI, co-founding the AI unicorn Megvii and becoming the second-largest shareholder of Qianli Technology, focusing on AI applications in vehicles and future robotics [2] - The collaboration between Jumpshare and Qianli Technology is expected to create a coherent technological ecosystem, with Jumpshare providing foundational model capabilities [2]

1月23日，中国人寿发布公告称，公司将与国寿启远在今年9月30日前订立协议，共同设立北京国寿养老 产业股权投资基金二期(有限合伙)， 基金认缴出资总额为85亿元。其中，中国人寿出资额为84.915亿 元，国寿启远出资额为850万元，国寿股权将作为合伙企业的管理人。 据介绍，该合伙企业聚焦长三角地区人工智能领域科技创新、产业升级新机遇，投资于成长期股权类资 产。主要投向人工智能、集成电路和生物医药三大先导行业中的科技创新企业，且明确表示人工智能领 域投资占比不低于实缴出资额的70%。 实际上，近年中国人寿在持续加码科技创新领域的股权投资。目前，通过国寿投资已布局沐曦股份、长 鑫存储、MiniMax等多家科技公司。 截至2025年9月末，国寿投资科技自立自强累计投资规模已达到约430亿元，在管规模超360亿元，2025 年新增划款规模超80亿元，较年初增长24%。 有分析指出，保险资金作为典型的耐心资本，具有体量大、期限长、来源稳的主要特点，与股权投资基 金投早、投小、投长期、投科技的特征相匹配，逐渐成为服务科技创新、赋能新质生产力的动力源和破 解资产荒、利差损等行业共性难题的新引擎。 公告显示，该基金将采取轻重 ...

从业务布局来看，黄金天岳主要从事万古矿区的矿权整合、勘探，以及部分金矿的采选及销售，主要产 品为金精矿，拥有12宗矿业权，资源储备丰富。2025年实现营收2.21亿元、净利润6454.97万元。 据报道，2024年11月，湖南省地质院在万古金矿田地下2000米以浅发现超40条金矿脉，核心区累计资源 量300.2吨，专家预测其3000米以浅远景储量超1000吨，估值达6000亿元。 1月26日早间，现货黄金历史首次突破5000美元关口，盘中最高涨至每盎司5093.15美元，续创历史新 高。 对此，中信建投证券分析指出，押注美联储鸽派掌门人接班造成的美元信用弱化及地缘冲突风险抬升， 避险配置及央行购金行为延续，强化了贵金属牛市格局。高盛已在最新报告中，将黄金今年底目标价从 每盎司4900美元上调至5400美元。 在黄金格持续狂飙的带动下，A股贵金属板块热度同步攀升。今日早盘，该板块集体高开，湖南黄金涨 停，晓程科技、四川黄金盘中创新高，恒邦股份、湖南白银、中金黄金等纷纷跟涨。 值得一提的是，身处行业景气周期的湖南黄金，还在稳步推进并购扩产计划。 1月25日晚，湖南黄金宣布拟通过发行股份方式收购湖南黄金集团及天岳投 ...