Investment Rating - The report maintains an "Outperform" rating for the utility sector [3]. Core Viewpoints - The acceleration of solar thermal power construction, supported by scale enhancement and policy backing, is expected to secure returns [19]. - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the large-scale development of solar thermal power, aiming for a total installed capacity of approximately 15 million kilowatts by 2030, with investment expected to reach around 170 billion yuan [19][20]. Summary by Sections 1. Weekly Overview - From December 22 to December 26, the Shanghai Composite Index rose by 1.88%, the ChiNext Index increased by 3.9%, the utility index gained 0.83%, and the environmental index rose by 1.92% [27]. - In the utility sector, the thermal power segment increased by 2.45%, while the hydropower segment decreased by 0.77% [29]. 2. Utility Sector Dynamics 2.1. Electricity Tracking - In November 2025, the average transaction price in Jiangsu's centralized bidding was 355.95 yuan/MWh, up 4.45% month-on-month but down 13.60% year-on-year [39]. - The total electricity generation in November 2025 was approximately 779.2 billion kWh, a year-on-year increase of 3.96% but a month-on-month decrease of 2.62% [42]. 2.2. Water Conditions - As of December 26, the water level at the Three Gorges Reservoir was 170.95 meters, which is normal compared to 167.82 meters in the same period last year [55]. 2.3. Coal Price and Inventory Tracking - The CCI index for thermal coal was reported at 693 yuan/ton as of December 24, 2025, a decrease of 39 yuan/ton from December 17 [59]. - The inventory of thermal coal at Qinhuangdao Port was 7.02 million tons as of December 25, 2025, down by 110,000 tons from December 18 [65]. 2.4. Natural Gas Price Tracking - The LNG ex-factory price index in China was reported at 3937 yuan/ton as of December 25, 2025, a decrease of 3.39% from December 17 [70]. 3. Configuration Suggestions - Short-term recommendations include focusing on environmentally friendly public utility sectors that cater to residential demand, such as heating services and waste-to-energy projects [14]. - Long-term suggestions emphasize the importance of stable performance and attractive dividend yields in the current low-interest-rate environment, particularly for quality hydropower companies [14].

Group 1 - High-quality stocks have shown strong performance since October, with low P/E index rising over 8% and performance stocks index increasing over 6% [1] - Tianfeng Securities suggests focusing on three investment themes for the upcoming spring market: AI technology breakthroughs, economic recovery driven by internal and external resonance, and the rise of undervalued dividend stocks [1] - According to statistics, 12 stocks have a dividend yield exceeding 3% and have retraced over 30% from their yearly highs, excluding ST stocks [1] Group 2 - Aima Technology and Lianmei Holdings have reported significant year-on-year net profit growth in the first three quarters, with Aima's revenue increasing nearly 21% and net profit up nearly 23% [2] - Lianmei Holdings is positioned as a comprehensive energy service provider with significant growth potential, supported by its strategic location and successful investment ventures [2] - Institutions have shown interest in stocks like Transsion Holdings and Huali Group, with insurance funds holding over 100 million yuan in these stocks as of the end of Q3 [2] Group 3 - Companies like Ousheng Electric, Transsion Holdings, and Lianmei Holdings have demonstrated substantial dividend payouts over the past three years, with cumulative dividend rates exceeding 190% [3] - Ousheng Electric has maintained a dividend rate above 70% for four consecutive years, while Transsion Holdings and Lianmei Holdings have consistently exceeded 50% annually [3] - Lianmei Holdings has announced multiple shareholder return plans, highlighting its commitment to investor returns [3] Group 4 - The table lists high dividend yield stocks with significant cumulative dividends over three years, including Ousheng Electric (4.58% yield, 249.05% cumulative dividend), Transsion Holdings (4.46% yield, 214.61% cumulative dividend), and Lianmei Holdings (4.54% yield, 199.10% cumulative dividend) [4] - Other notable stocks include Ganyuan Food (5.02% yield), Huali Group (4.48% yield), and Aima Technology (3.09% yield) [4]

证券代码：600167 证券简称：联美控股 公告编号：2025-056 联美量子股份有限公司 2025年第三次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 419 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,508,817,768 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 66.6780 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 公司董事长苏壮强先生主持本次股东会，会议由现场投票和网络投票相结合的方 式进行表决，符合《公司法》及《公司章程》的规定。 (一) 股东会召开的时间：2025 年 12 月 22 日 (二) 股东会召开的地点：辽宁省沈阳市浑南新区远航中路 1 号公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： (五) ...

北京德恒律师事务所 关于联美量子股份有限公司 2025 年第三次临时股东会的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于联美量子股份有限公司 2025 年第三次临时股东会的法律意见 北京德恒律师事务所 关于联美量子股份有限公司 2025 年第三次临时股东会的 （五）公司本次会议股东表决情况凭证资料； 法律意见 德恒 01G20250647 号 致：联美量子股份有限公司 联美量子股份有限公司（以下简称"公司"）2025 年第三次临时股东会（以 下简称"本次会议"）于 2025 年 12 月 22 日（星期一）召开。北京德恒律师事 务所公司委托，指派李哲律师、王冰律师（以下简称"德恒律师"）出席本次会 议。根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共 和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简 称"《股东会规则》"）、《联美量子股份有限公司公司章程》（以下简称"《公 司章程》"）的规定，德恒律师就本次会议的召集、召开程序、现场出席会 ...

Core Viewpoint - Unimproved performance and continuous losses of Fulin Thermal Power lead to its recent shutdown, impacting the financial health of Unimee Holdings [2][3][5] Group 1: Company Performance - Fulin Thermal Power, a subsidiary of Unimee Holdings, has been unable to meet its expected economic benefits due to a decrease in local steam customers, resulting in ongoing losses [2][3] - For the first nine months of 2024 and 2025, Fulin Thermal Power reported revenues of 41.82 million and 17.37 million respectively, with net losses of 109 million and 204 million [5] - As of September 2025, Fulin Thermal Power's total assets were 233 million, total liabilities were 293 million, and net assets were -60.12 million, indicating a debt-to-asset ratio of approximately 126% [5] Group 2: Acquisition and Performance Commitments - Unimee Holdings acquired 66% of Fulin Thermal Power for 1.03 billion in May 2019, with a commitment for the company to sell no less than 1 million tons of industrial steam within a year, which was only partially fulfilled at 341,800 tons [7][8] - The acquisition was based on the expectation of stable demand from local timber processing enterprises and the unique operating rights of Fulin Thermal Power, which were anticipated to provide high investment returns [8] - Legal actions have been initiated by Unimee Holdings against the sellers for failing to meet performance commitments, seeking a buyback of shares [6][9] Group 3: Financial Impact on Unimee Holdings - Unimee Holdings has experienced declining revenues and profits over the past four years, with revenues of 3.468 billion, 3.450 billion, 3.412 billion, and 3.509 billion from 2021 to 2024, reflecting a downward trend [10] - The net profit for the same period decreased from 1.046 billion to 659 million, marking a continuous decline [10] - The decline in profit for 2024 was attributed to asset impairment losses related to Fulin Thermal Power, increased advertising costs, and previous subsidies received [11]

Group 1 - Dongjie Intelligent is planning a major asset restructuring and will suspend trading from December 17, 2025, as it aims to acquire controlling stakes in Aobo (Beijing) Intelligent Technology Co., Ltd. through a share issuance and cash payment [2] - Jiamei Packaging's controlling shareholder is set to change to Zhuyue Hongzhi, with trading resuming on December 17, 2025, after signing a share transfer agreement involving 279 million shares, representing 29.9% of the total share capital, at a price of 4.45 yuan per share, totaling 1.243 billion yuan [3][4] - After the completion of the equity change, the controlling shareholder will be Zhuyue Hongzhi, and the actual controller will be Yu Hao [5] Group 2 - Several companies, including Shanghai Port Group, have undergone leadership changes, with new appointments made for board chairman positions [7][8] - Dongfang Zhizao is planning to transfer approximately 14.33% of its shares, which may lead to a change in control, and its stock has been suspended since December 15, 2025 [10] - Zhonghang Chengfei is planning to invest approximately 422 million yuan in a space equipment assembly base project, which is crucial for the production of aerospace equipment [11] Group 3 - Zhongke Electric is set to invest approximately 7 billion yuan in a lithium-ion battery anode material project in Sichuan, with the first phase aiming for an annual production capacity of 200,000 tons [12] - Woler Nuclear Materials plans to invest up to 1.5 billion yuan in expanding its production base in Guangdong and Vietnam, focusing on new facilities and equipment [13] - China General Nuclear Power has commenced construction on the Ningde Unit 6, utilizing the Hualong One nuclear technology with a capacity of 1210 MW [14] Group 4 - The company Jiayuan Technology has received a notice of lifting the investigation order against its chairman, indicating normal operations [17] - Huayou Cobalt has signed a binding memorandum with a well-known international client for the supply of 79,600 tons of ternary precursor products, which is expected to positively impact future performance [17] - Tianfulong plans to increase its investment in its wholly-owned subsidiary by 580 million yuan to enhance its capital structure [18]

Group 1 - Action Education plans to repurchase shares worth between 20 million to 25 million yuan at a price not exceeding 45 yuan per share for employee stock ownership plans or equity incentives [1] - Fulin Technology's shareholders plan to reduce their holdings by up to 2% of the company's total shares, amounting to a maximum of 24.44 million shares starting from December 22, 2025 [2] - Huashu shares' shareholders intend to reduce their holdings by up to 1% of the company's total shares, which is a maximum of 35.94 million shares [3] Group 2 - Silan Microelectronics has obtained a filing certificate for its 12-inch high-end analog integrated circuit chip manufacturing production line project, with an investment of 10 billion yuan and a monthly production capacity of 20,000 wafers [4] - Aerospace Information confirms that its main business does not involve commercial aerospace and that its operations are normal without significant changes [5] - Qinglong Pipe Industry signed a supply contract worth 294 million yuan for PCCP and pressure steel pipes, accounting for 10.43% of its 2024 revenue [6] Group 3 - Huaxin Precision plans to invest up to 1 billion yuan of idle funds in low-risk financial products [7] - Hainan Rubber received insurance compensation totaling approximately 26.65 million yuan for rubber income and tree insurance [8] - Lianmei Holdings announced the suspension of its subsidiary Fulin Thermal Power due to economic slowdown and reduced customer demand [9] Group 4 - Ruifeng Bank has been approved to issue up to 2.5 billion yuan in secondary capital bonds to enhance its capital and risk resistance [11] - China Pacific Insurance reported a 9.4% year-on-year increase in premium income for its life insurance subsidiary, totaling 250.32 billion yuan [12] - Sunshine Nuohuo signed an agreement with Peking University to establish a joint laboratory for innovative drug development [13] Group 5 - Century Huatong completed the cancellation of 56.12 million repurchased shares, reducing its total share capital from 7.428 billion to 7.372 billion shares [14] - Yaxin Security received a government subsidy of 3 million yuan [15] - Haili Biology's subsidiary received registration certification for a bone repair material in Indonesia [16] Group 6 - Yian Technology's subsidiary secured a major project for magnesium alloy components worth 430 million yuan, expected to start production by the end of March 2026 [17] - Jiangte Electric plans to contest the proposed cancellation of its lithium-containing mining rights [18] - COFCO Technology announced the resignation of its deputy general manager due to work changes [19] Group 7 - Fangsheng Pharmaceutical passed the GMP compliance inspection for its raw material production lines [21] - Bohai Ferry announced the resignation of two deputy general managers for personal and age-related reasons [22] - ST Fuhua appointed a new general manager [23] Group 8 - Huazhong CNC received project funding of 17.7 million yuan, accounting for 31.97% of its audited net profit for 2024 [24] - Oppein Home used 15 million yuan of idle funds to purchase a large time deposit with a 0.9% annual yield [25] - China General Nuclear Power's Ningde Unit 6 has begun full construction, utilizing Hualong One technology with a capacity of 1210 MW [26] Group 9 - Jiayuan Technology's chairman has had the investigation order lifted, and the company is operating normally [27] - Fulaixin Materials' application for a specific stock issuance has been approved by the Shanghai Stock Exchange [28] - Shuhua Sports plans to invest up to 500 million yuan in a health industry park project [29] Group 10 - Rhine Biology's stock will continue to be suspended due to ongoing control change and asset acquisition plans [30] - Haishi Science received approval for clinical trials for four innovative drugs targeting various diseases [31] - Hangcai Co. plans to repurchase shares worth between 50 million to 100 million yuan at a price not exceeding 80 yuan per share [32] Group 11 - Yinxin Technology received a cash dividend of 18 million yuan from its subsidiary [33] - Tianfulong plans to increase its wholly-owned subsidiary's capital by 580 million yuan [34] - Poly United's subsidiary won a bid for a stripping project worth 1.528 billion yuan [35] Group 12 - Minglida's deputy general manager resigned due to health reasons [36] - ST Guohua appointed a new deputy general manager [37] - China Xidian's subsidiaries won contracts totaling 1.005 billion yuan for Southern Power Grid projects [38]

关于控股子公司停产的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为了减少亏损，维护股东利益，联美量子股份有限公司（以下简称"公司"） 的控股子公司山东菏泽福林热力科技有限公司（以下简称"福林热力"）已于近 日停产，后续将根据市场情况决定是否恢复生产。现将有关情况公告如下： 证券代码：600167 证券简称：联美控股 公告编号：2025-055 联美量子股份有限公司 一、本次停产原因 受整体经济形势放缓、以及当地用汽客户减少等因素影响，福林热力无法达 到预期经济效益，导致其持续亏损。为避免损失的进一步扩大，维护股东利益， 福林热力决定于近日起停产，未来将根据市场情况决定是否恢复生产。 二、福林热力基本情况 1、公司名称：山东菏泽福林热力科技有限公司 2、法定代表人：夏希亮 3、成立日期： 2015-10-12 4、注册资本：10,000 万人民币 5、注册地址：山东省菏泽市曹县庄寨工业园内南段 四、风险提示 截至本公告披露日，除福林热力处于停产状态外，公司及其他子公司的经营 业务处于正常开展中，不会影响到公司的主 ...

Core Viewpoint - The company has announced the suspension of production at its subsidiary, Shandong Heze Fulin Thermal Technology Co., Ltd., to reduce losses and protect shareholder interests [1] Financial Impact - As of the end of 2024, the total assets of Fulin Thermal will account for 1.60% of the company's most recent audited total assets [1] - The revenue from Fulin Thermal for the year 2024 will represent 1.19% of the company's consolidated revenue [1] - The net profit for Fulin Thermal in 2024 is projected to be -109.4487 million yuan, which constitutes -16.61% of the company's attributable net profit of 659.0183 million yuan for the same year [1]

Core Viewpoint - The company, Lianmei Holdings (600167.SH), announced that its subsidiary, Shandong Heze Fulin Thermal Technology Co., Ltd. (referred to as "Fulin Thermal"), has recently ceased production due to an inability to achieve expected economic benefits amid a slowing overall economic environment and a reduction in steam customers [1] Group 1 - Fulin Thermal has decided to suspend production to prevent further losses and protect shareholder interests [1] - The decision to halt production will be reassessed based on future market conditions [1] - The subsidiary has been experiencing continuous losses, prompting the need for this action [1]