（文章来源：证券日报） 证券日报网讯 12月15日晚间，中航重机公告称，公司第七届董事会第二十四次临时会议审议通过《关 于对中航天地激光科技有限公司进行增资的议案》等多项议案。 ...

Mergers and Acquisitions - Company Baina Qiancheng plans to acquire 100% equity of Xiamen Zhonglian Century Co., Ltd. through a combination of share issuance and cash payment, with a transaction plan to be disclosed within 10 trading days [1] - TCL Technology intends to purchase 10.7656% equity of Shenzhen Huaxing Semiconductor for 6.045 billion yuan, increasing its total control from 84.2105% to 94.9761%, which is expected to enhance the company's profitability [2] - Zhongtai Chemical plans to acquire 15.173% equity of Huatai Company for 1.2 billion yuan, with funding sourced from its own or raised capital, and this acquisition will not change the scope of the company's consolidated financial statements [3] - Jiadu Technology's wholly-owned subsidiary intends to acquire 60% equity of Hisense Micro-Link for 79.2 million yuan, focusing on rail transit signal business [4] Shareholding Changes - AVIC Heavy Machinery announces that some directors and senior management plan to increase their shareholdings by a total amount between 4.3 million to 8.6 million yuan [5] - Baida Group reports that shareholder Xizi United has terminated its share reduction plan, having reduced 1.3994 million shares, changing its holding from 15.37% to 15.00% [6] - Demei Chemical states that shareholder Changlianrong Investment plans to reduce its holdings by no more than 3% of the total shares, equating to a maximum of 14.4635 million shares [7] Risk Matters - Zhuojin Co., Ltd. announces that its controlling shareholder and actual controller, along with a director, received a "Decision on Bail Pending Trial" from the Hangzhou Public Security Bureau, related to previous administrative penalties [8]

Core Insights - The report emphasizes the importance of "globalization and AI+" in advancing high-quality development in the defense and military industry, highlighting the need for modernization and efficiency improvements in military systems [5][30][34] - The investment strategy focuses on balancing value and growth, with traditional sectors entering an S-curve evolution phase while new demands and replacements coexist [5][30] Section Summaries 1. Current Development Stage from the S-Curve Perspective - The defense and military industry is in a growth phase, with traditional sectors experiencing rapid development during the previous five-year plan, but not yet entering a slowdown [16][26] - The S-curve model indicates that the industry lifecycle includes multiple product lifecycles, with the current focus on extending product lifespans through innovation [23][24] 2. S-Curve Cycle Expansion - Global military trade remains robust, emphasizing the importance of lifecycle management from equipment to services [9][18] - The report anticipates that the demand for large aircraft and low-altitude economic activities will accelerate due to supportive policies [9][28] 3. S-Curve Cycle Evolution - Supply chain reforms are crucial for reducing costs and complexity, enhancing the focus on maintenance and repair services [9][33] - The integration of unmanned systems and intelligent technologies is expected to drive significant advancements in military capabilities [9][51] 4. New Cycle of the S-Curve: Emerging Industries - The report identifies commercial aerospace, AI, controllable nuclear fusion, quantum information, and deep-sea technology as key areas for future growth [9][57][65] - The acceleration of technological advancements and policy support is expected to unlock new market opportunities in these sectors [9][58] 5. Investment Recommendations - The report recommends focusing on companies that align with the evolving S-curve, particularly those involved in supply chain reform, maintenance, and unmanned systems [5][30] - Specific companies highlighted for investment include 航发动力, 中航高科, and 国睿科技, among others, which are positioned to benefit from these trends [6][9]

Core Viewpoint - On December 15, several A-share listed companies disclosed their share repurchase and reduction plans, indicating varying levels of confidence among management and shareholders in their respective companies [1][4]. Summary of Buyback Situations - Rongchang Bio plans to repurchase shares worth between 20 million to 40 million yuan [5]. - Digital Video intends to buy back shares valued at 80 million to 120 million yuan [5]. - AVIC Heavy Machinery's directors and senior management plan to increase their holdings in the company [5]. Summary of Reduction Situations - Baoming Technology's directors and supervisors plan to reduce their holdings by no more than 0.0469% [6]. - Shifeng Culture's shareholder Cai Junquan and his concerted parties intend to reduce their holdings by no more than 3% [6]. - Shengong Co., Ltd. shareholders Wenzhou Jingli and Xujie Investment plan to reduce their holdings by no more than 1.98% [6]. - Demai Chemical's shareholder Chang Lianrong plans to reduce by no more than 3% [6]. - Hualong Aluminum's shareholder You Xiaohua plans to reduce by no more than 2.17% [6]. - Zhangjiang Hi-Tech's controlling shareholder has completed a reduction of 1% of the company's shares [6]. - Jixiang Airlines' shareholder Dongfang Chuantou plans to reduce by no more than 1% [6]. - Decai Co., Ltd.'s shareholder Cheng Gao Century plans to reduce by no more than 3% [6]. - Fujian Cement reduced its holdings by 280,200 shares on December 15 [6]. - Kehua Holdings' shareholder Zhang Yu plans to reduce by no more than 3% [6]. - Western Gold's shareholder Yang Shengrong reduced his holdings by 14.0725 million shares from November 10 to December 15 [6].

中证报中证网讯（记者 吴科任）12月15日晚，中航重机发布公告称，公司拟使用自有资金向控股子公 司中航天地激光科技有限公司增资8550万元。此举旨在加快激光科技增材主业研发能力建设，补齐主要 研发能力短板，同期解决场地购置和基础条件保障建设问题。 上述增资完成后，中航重机持有激光科技的股权比例将从61.95%上升至83.60%，中航投资控股有限公 司、北京新亦航资产经营有限公司、北京工业发展投资管理有限公司三位股东的持股比例分别为 10.92%、3.92%和1.56%。 激光科技于2011年成立，主要从事大型钛合金、高强钢等高性能金属结构件激光快速成型技术的研发、 生产加工及销售。根据公告，2024年，激光科技实现营业收入6308.53万元，净利润为145.58万元；截至 今年7月底，激光科技资产总额、所有者权益总额、资产负债率分别为1.48亿元、0.53亿元和64.12%。 公告显示，根据北京天健兴业资产评估有限公司出具的《资产评估报告》，激光科技以2025年7月31日 全部股东权益评估价值为6479.16万元，即本次增资价格约为1.1602元/注册资本。但前述《资产评估报 告》尚未完成国有产权管理部门评估 ...

Group 1 - Unicom Guowei has established a Central Research Institute focusing on the development of edge AI chips for applications in autonomous driving, embodied robots, and low-altitude flying vehicles [2] - The research will also include new types of storage devices based on two-dimensional materials and high-performance special sensor chips [2] - Aerospace Electronics plans to increase its investment in Aerospace Long March Rocket Technology Co., Ltd. by 728 million yuan, maintaining the existing shareholding structure [3] Group 2 - Aerospace Rainbow successfully completed the first flight test of its self-developed Rainbow-7 high-altitude, high-speed, long-endurance drone, achieving all preset parameters [4] - The project is still in the research and testing phase, with further rigorous testing and validation required before mass production [4] Group 3 - Changchun High-tech's subsidiary signed an exclusive licensing agreement for the GenSci098 injection project, potentially earning up to 1.365 billion USD in milestone payments [5] - The agreement includes an initial payment of 120 million USD and additional milestone payments related to development and commercialization [5] Group 4 - TCL Technology plans to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan, increasing its ownership from 84.2105% to 94.9761% [26] - This acquisition aims to enhance TCL's competitiveness and profitability in the semiconductor display industry [26] Group 5 - Zhongmin Resources announced the successful ignition of its Tsumeb smelting plant's multi-metal comprehensive recycling project, with an annual processing capacity of 80,000 tons [11] - The project will produce various products, including germanium ingots and zinc ingots, with a design capacity of 33 tons/year for germanium [11] Group 6 - Xinhua Insurance reported a 16% year-on-year increase in original insurance premium income, totaling 188.85 billion yuan from January to November 2025 [43] - This growth reflects the company's strong performance in the insurance market [43]

责任编辑：安东 格隆汇12月15日丨中航重机(600765.SH)公布，公司部分董事及高级管理人员拟自本公告披露之日起12 个月内，通过上海证券交易所系统集中竞价的方式增持公司A股社会公众股份。本次增持合计总金额不 低于人民币430万元且不超过人民币860万元。本次增持不设置固定价格、价格区间，增持主体将根据公 司股票价格波动情况择机逐步实施增持计划。 财经频道更多独家策划、专家专栏，免费查阅>> ...

Group 1 - The company, AVIC Heavy Machinery (600765.SH), has decided to terminate the implementation of its second phase of the restricted stock incentive plan due to significant changes in the internal and external operating environment compared to when the plan was formulated [1] - The company anticipates a deviation between its operational performance and the assessment indicators set in the incentive plan, making it difficult to achieve the intended motivational objectives and effects [1] - In light of the industry conditions and the company's actual operational situation, the decision to terminate the incentive plan was made after careful consideration [1]

Core Viewpoint - AVIC Heavy Machinery (600765.SH) aims to enhance its market competitiveness by focusing on the aviation industry and leveraging additive manufacturing as a key opportunity for structural optimization and manufacturing technology [1] Group 1: Strategic Initiatives - The company is implementing a strategic deployment to focus on its core aviation business and improve market competitiveness [1] - The goal is to ensure that additive manufacturing, particularly in forging and laser additive composite manufacturing, plays a significant role in integrated aircraft structure design and market share from the 14th Five-Year Plan to 2035 [1] Group 2: Investment and Development - AVIC Heavy Machinery plans to invest 85.5 million yuan to accelerate the development capabilities of its additive manufacturing business [1] - This investment aims to address major research and development capability gaps and simultaneously resolve issues related to site acquisition and infrastructure construction [1]

Core Viewpoint - The company, AVIC Heavy Machinery (600765.SH), is implementing a strategic plan to optimize its management structure and transition from a traditional manufacturing enterprise to a smart manufacturing and technology innovation enterprise by merging its wholly-owned subsidiary, AVIC Testing [1] Group 1: Corporate Actions - The company held its 24th temporary meeting of the 7th Board of Directors on December 14, 2025, where it approved the proposal to absorb and merge its wholly-owned subsidiary, AVIC Testing [1] - The management is authorized to handle all aspects of the merger, including signing relevant agreements, asset transfers, personnel arrangements, qualification changes, tax settlements, business changes, and deregistration [1] - Upon completion of the merger, AVIC Testing will be legally deregistered, and all its assets, debts, personnel, business, qualifications, and other rights and obligations will be inherited by the company [1] Group 2: Strategic Goals - The merger aims to break through the current business development bottleneck of AVIC Testing and to build a high-level testing platform that will support the company's transformation [1] - The merger does not involve changes to the company's registered capital and does not constitute a related party transaction or a major asset restructuring as defined by the regulations [1]