Group 1 - Hubei Yihua has received acceptance from the Shenzhen Stock Exchange for its application to issue convertible bonds to unspecified objects [1] - Tongye Technology plans to acquire 91.69% of Beijing Silingke Semiconductor Technology Co., Ltd. for a total price of 561 million yuan [2] - Heng Rui Medicine has signed an exclusive licensing agreement with Hansoh Pharmaceutical, which includes a payment of 30 million yuan and potential milestone payments up to 190 million yuan [3] Group 2 - Jun Da Co. announced that its strategic cooperation framework agreement with Shangyi Optoelectronics will not significantly impact its current operating performance [4] - Jinchuan Group's wholly-owned subsidiary is jointly investing in a venture capital partnership to invest in Shanghai Gesi Information Technology Co., Ltd. [5] - Baili Tianheng plans to apply for the registration of debt financing tools not exceeding 10 billion yuan [6] Group 3 - Yuanda Environmental Protection announced the resignation of its chairman Chen Bin due to work changes [7] - Aerospace Development reported that its subsidiary's revenue accounted for less than 1% of the total revenue in the first three quarters of 2025 [8] - ST Huluwawa and its chairman Liu Jingping are under investigation by the China Securities Regulatory Commission for information disclosure violations [10] Group 4 - Jia Mei Packaging confirmed that it has no plans for significant changes to its main business or for a reverse merger in the next 36 months [11] - Wangfujing has won the bid for the duty-free project at Beijing Capital International Airport, with a guaranteed operating fee of 113 million yuan for the first year [12] - Siwei Liekong has suspended trading due to potential changes in control [13] Group 5 - Zhongchao Holdings announced a tax payment and late fee totaling 8.2881 million yuan [14] - Yongshuntai plans to conduct foreign exchange derivative trading with a total amount not exceeding 1.7 billion yuan in 2026 [15] - Guojin Securities has been approved to publicly issue company bonds not exceeding 25 billion yuan [16] Group 6 - Jincheng Pharmaceutical's subsidiaries are required to pay a total of 21.5968 million yuan in taxes and late fees [17] - China Shenhua's subsidiary has successfully completed the trial operation of its power generation unit [19] - Yijing Optoelectronics has received a hearing notice regarding the inability to advance its photovoltaic project [20] Group 7 - Jiga Development has received debt waivers totaling 378 million yuan from its controlling shareholder and related parties [21] - ST Lutong plans to apply to the Shenzhen Stock Exchange to revoke other risk warnings after a shareholder repaid funds [22] - Xin'ao Co. is progressing with the privatization of Xin'ao Energy and has completed significant asset restructuring foreign exchange registration [23]

登录新浪财经APP 搜索【信披】查看更多考评等级 【头条要闻】 国务院国资委：国有企业要带头抵制"内卷式"竞争 带动产业链上下游企业融通发展 其中提到，确保进一步深化国资国企改革取得新成效。党的二十届三中全会明确的各项改革任务需要在 2029年完成。国资国企改革是经济体制改革的重要内容，是做强做优做大国有企业和国有资本的关键一 招，必须以实施新一轮深化国资国企改革为抓手，以构建新型生产关系为重点，完善中国特色现代企业 制度，健全公司治理结构，推动党的领导融入公司治理各环节，差异化推进董事会建设，深化三项制度 改革，持续提升经理层成员任期制契约化管理水平，健全市场化用工模式，按照"规范、激励、倾斜"一 体推进要求，进一步加强薪酬管理。优化企业管理运营体系，加快组织形态和管理流程变革，持续推动 扁平化、智能化改造，不断压缩管理层级、缩短决策链条，提升企业对市场环境变化和产业发展趋势的 敏锐度，大力推动效率革命。完善国有资产管理监督体制机制，研究制定国有企业履行战略使命评价制 度，完善国有企业增加值核算方法，深化"一企一策"分类考核，进一步加强和改进出资人监督，推进穿 透式监管，确保既"放得活"又"管得好"。 明年 ...

要闻速递 4、工信部人形机器人与具身智能标准化技术委员会成立 1、沪深交易所：降费！ 12月26日，中国资本市场迎来政策利好，沪深交易所同步发布通知，宣布推出2026年度系列降费措施。 这不仅是资本市场落实中央经济工作会议精神的具体行动，更是一场"真金白银"的及时雨。 据初步测算，两大交易所预计降费总金额将超过19亿元人民币（其中上交所约11.13亿元，深交所超8亿 元）。政策覆盖了股票、基金、债券等主要品种，贯穿了上市、交易、服务等全环节。 2、官方明确：明年继续"国补" 全国财政工作会议12月27日至28日在北京召开。会议指出，2026年继续实施更加积极的财政政策。财政 部部长蓝佛安表示，明年财政将大力提振消费。深入实施提振消费专项行动，继续安排资金支持消费品 以旧换新，调整优化补贴范围和标准。 3、央行：显著提高各类中长期资金实际投资A股的规模和比例 近日，中国人民银行发布了《中国金融稳定报告（2025）》。报告提出，下一步，中国证监会、财政 部、人力资源社会保障部、中国人民银行、金融监管总局等相关部门将立足大局，加强协作，形成合 力，在中央金融办统筹协调下，进一步提升工作的前瞻性、主动性和针对性，着力 ...

Core Viewpoint - The article highlights significant developments in various companies and industries, focusing on advancements in battery technology, production plans, and strategic business decisions that may impact market dynamics and investment opportunities. Group 1: Battery Technology and Automotive Industry - CATL announced that sodium-ion batteries will be widely applied in battery swapping, passenger cars, and commercial vehicles next year, marking the commercialization of sodium-ion battery technology and potentially reducing the industry's reliance on lithium resources [2] - LG Energy Solution terminated a battery supply contract with Ford worth approximately 9.6 trillion KRW and another with FBPS valued at about 3.9 trillion KRW, which together account for over half of the company's projected sales in 2024, indicating a strategic shift to optimize customer structure and mitigate operational risks [2] - Toyota plans to set its global production target for 2026 at over 10 million vehicles to meet the strong demand for hybrid vehicles, with an expected production of around 10 million vehicles in 2025, while also recalling certain models due to safety concerns [3] Group 2: Chinese Companies Developments - Geely Auto officially sued Xinwanda over a contract dispute, seeking compensation of up to 2.3 billion CNY, which involves issues related to the performance of battery supply agreements, with potential implications for the electric vehicle supply chain [5] - Xiaomi's co-founder plans to sell up to 2 billion USD of B-class common stock starting December 2026, with proceeds aimed at establishing an investment fund, while expressing confidence in the group's business outlook [5] - XPeng Motors and others have introduced tax rebate or equivalent subsidy schemes to counteract the impact of declining new energy vehicle purchase tax policies, aiming to stabilize end-user prices and support sales in the year-end market [5] Group 3: Other Notable Developments - Wangfujing successfully won a 113 million CNY duty-free project at the capital airport, which will enhance its revenue share from the duty-free business and accelerate project implementation to capitalize on consumer recovery opportunities [6] - Aerospace Development reported that its low-orbit satellite business accounted for less than 1% of total revenue in the first three quarters, emphasizing that this segment is still in the cultivation phase with plans for future investment based on development conditions [6] - Kweichow Moutai's chairman emphasized the need for market stability and reasonable pricing strategies at the 2026 distributor conference, aiming to prevent price speculation and ensure a balanced product supply based on market demand [6]

Market News - The Ministry of Finance announced that a more proactive fiscal policy will continue in 2026, focusing on expanding fiscal expenditure, optimizing government bond tools, enhancing transfer payment efficiency, and improving expenditure structure [3] - The National Bureau of Statistics will release the December PMI data on December 31, with November's manufacturing PMI at 49.2%, a slight increase of 0.2 percentage points from October [4] - The People's Bank of China aims to significantly increase the scale and proportion of various long-term funds invested in A-shares, promoting a virtuous cycle between capital market stability and high-quality economic development [6] - The Shanghai and Shenzhen Stock Exchanges announced a series of fee reduction measures for 2026, expected to save over 1.9 billion yuan in total [7] Sector Developments - The Ministry of Industry and Information Technology established a standardization committee for humanoid robots and embodied intelligence, focusing on key technologies and industry standards [11] - The 2025 Shenzhen Brain Conference aims to create a platform for industry integration and innovation [13] - The 2025 China Green Hydrogen Industry Conference will discuss policies and technological breakthroughs that will impact the green hydrogen industry chain [14] Individual Stock Events - CATL plans to apply sodium batteries on a large scale in various sectors including battery swapping and energy storage in 2026 [17] - Xiaomi's co-founder plans to reduce holdings of up to $2 billion in B-class common stock [17] - ST Huluwawa and its chairman are under investigation for information disclosure violations [17] Lock-up Expiration - A total of 34 companies will have lock-up shares released this week, amounting to 3.697 billion shares with a total market value of approximately 58.895 billion yuan [18] - The peak lock-up expiration date is December 30, with 13 companies releasing shares worth a total of 27.645 billion yuan [18] Institutional Outlook - CITIC Securities highlights that 39 out of 360 industry/theme ETFs reached new highs in December, with a focus on communication and resource-related ETFs [25] - Guojin Securities identifies new investment themes emerging in 2026, emphasizing the importance of AI investments and the recovery of global manufacturing [26] - Zhongtai Securities believes there is still upward potential in the market before the Spring Festival, with opportunities for low-cost positioning [27]

来源：滚动播报 （来源：北京商报） 伴随上海机场、首都机场免税项目中标人的尘埃落定，日上免税时代正式落下帷幕。12月28日，王府井 发布公告称，王府井中标首都机场T2航站楼免税项目。此前，中免集团也公布中标首都机场T3航站楼 的免税项目，加之此前上海机场免税项目经营权的易主，至此，日上免税正式撤出京沪两地机场。在日 上免税全面离场的同时，上海机场方面也对免税项目的经营规模与收入模式做了新的布局，其中两机场 免税项目经营面积较原协议扩大超1500平方米；收益模式也从原先的月保底销售提成和月实际销售提成 两者取高的模式，变为"固定租金+提成"的形式。在业内人士看来，如今，各免税企业入局机场免税板 块，打破了此前日上免税趋于垄断性的布局，行业竞争态势日渐多元。 日上出局 随着首都机场免税项目经营权敲定，曾在京沪两大枢纽占据主导的运营商日上免税，如今将正式出局。 根据王府井发布的公告，确定王府井成为首都机场免税项目02标段（T2航站楼）中标人。同时，首年 保底经营费1.13亿元，首年销售额提成比例为5%。王府井方面表示，如该项目签订正式合同并正常实 施，将实现公司在国内超大型国际枢纽机场的首次布局，有利于提升公司免税 ...

Core Viewpoint - The article discusses various companies' recent announcements regarding stock price fluctuations, operational updates, and strategic partnerships, highlighting potential investment opportunities and risks in the market. Group 1: Company Announcements - Aerospace Development reported a revenue of 1.697 billion yuan for the first three quarters of 2025, with a significant increase attributed to ship deliveries, while its subsidiary's revenue contribution remains below 1% [3] - Victory Energy announced that it may apply for a trading suspension if its stock price continues to rise, indicating potential risks for investors [4] - Jia Mei Packaging also warned of possible trading suspension due to significant stock price deviations from its fundamentals, urging investors to be cautious [5][6] - Fenglong Co. stated that its acquirer, UBTECH, has no plans to change its main business or conduct significant asset transactions in the next 12 months [7] - ST Huluwa is under investigation by the China Securities Regulatory Commission for information disclosure violations, but its operations continue normally [8] Group 2: Project Updates - Yijing Optoelectronics announced delays in its photovoltaic project in Anhui due to industry-wide capacity mismatches, leading to a halt in production and potential financial liabilities [9] - Tongyu Communication cautioned about the risks of irrational market speculation following a significant stock price increase [10] - Junda Co. clarified that its strategic cooperation with Shangyi Optoelectronics will not have a major impact on its current financial performance due to the preliminary nature of the agreement [12] Group 3: Strategic Partnerships and Acquisitions - Hengrui Medicine signed an exclusive licensing agreement with Hansoh Pharmaceutical, which includes a 30 million yuan upfront payment and potential milestone payments totaling up to 190 million yuan [13] - Tongye Technology plans to acquire a 91.69% stake in Beijing Silingke Semiconductor Technology for 561 million yuan, focusing on power IoT communication chips [14] - ST Lutong intends to apply for the removal of risk warnings after a shareholder's commitment to repay funds misappropriated by the actual controller [15] Group 4: New Contracts and Market Expansion - Wangfujing won a bid for the Beijing Capital International Airport duty-free project, with a guaranteed operating fee of 113 million yuan for the first year and a sales commission of 5%, marking its entry into a major international hub [17]

Major Events - Fenglong Co., Ltd. announced that after the change of control, the company will continue to focus on its original business, with no plans for significant adjustments or asset restructuring in the next 12 months [1] - The company aims to optimize management and resource allocation to enhance operational and profitability capabilities, although uncertainties remain regarding future business cooperation [1] Financial Transactions - Tongyi Technology plans to pay 561 million yuan to acquire 91.69% of Beijing Silin Technology Co., Ltd. through a cash transaction [9] - Hengrui Medicine signed an exclusive licensing agreement with Hansoh Pharmaceutical for the SHR6508 project, which includes an upfront payment of 30 million yuan and potential milestone payments up to 190 million yuan [2] Operational Updates - Yijing Optoelectronics received a hearing notice from the Quanjiao Economic Development Zone regarding potential administrative decisions due to failure to fulfill prior agreements related to a solar project [3] - China Shenhua's subsidiary successfully completed a 168-hour trial run of its new power generation unit, which will enhance regional power supply stability [5][6] Strategic Developments - Kingfisher Co., Ltd. won a bid for the duty-free project at Beijing Capital International Airport, which could enhance its market presence, although the project is still subject to contract finalization [10] - Jun Da Co., Ltd. stated that its strategic cooperation with Shangyi Optoelectronics will not significantly impact current operating performance due to the preliminary nature of the agreement [4] Revenue Insights - Aerospace Development reported a revenue of 1.697 billion yuan for the first three quarters of 2025, with a significant contribution from ship deliveries, while its satellite operations accounted for less than 1% of total revenue [7]

Core Viewpoint - The departure of Sunrise Duty Free marks the end of its dominance in the duty-free market at Beijing and Shanghai airports, with new operators taking over key projects, leading to increased competition in the industry [1][3][4]. Group 1: Company Developments - Wangfujing has won the bid for the duty-free project at Beijing Capital Airport's T2 terminal, with a guaranteed operating fee of 113 million yuan in the first year and a sales commission rate of 5% [3]. - China Duty Free Group has secured the T3 terminal project at Beijing Capital Airport, with a contract duration until February 10, 2034, enhancing its channel advantages in core domestic airports [3][4]. - The operating area for the duty-free projects at Shanghai airports has expanded significantly, with the total area at Pudong Airport increasing by approximately 1,181 square meters [5]. Group 2: Changes in Revenue Model - The revenue model for duty-free operations at Shanghai airports has shifted to a "fixed rent + commission" structure, moving away from the previous model of higher of minimum sales commission or actual sales commission [5][6]. - The fixed monthly fees for the new contracts at Pudong Airport range from 2,827 to 3,141 yuan per square meter, with commission rates varying between 8% and 24% depending on the product category [5][6]. Group 3: Market Dynamics - The duty-free market at Beijing and Shanghai airports is transitioning from a monopoly by Sunrise Duty Free to a "three-legged" competitive structure, allowing multiple operators to participate [9]. - The bidding process for airport duty-free projects has been designed to prevent any single operator from dominating, promoting a more market-oriented development in the industry [9][10]. - Experts believe that increased competition will enhance product offerings and service experiences for consumers, leading to a healthier development of the duty-free industry [10].

北京商报讯（记者 吴其芸）12月28日，王府井集团股份有限公司（以下简称"王府井"）发布的公告显 示，王府井于12月26日收到招标代理机构中招国际招标有限公司发来的《中标通知书》，确定公司成为 北京首都国际机场免税项目 02 标段中标人。 根据公告，王府井中标标段为北京首都国际机场免税项目02 标段，T2 航站楼；首年保底经营费1.13亿 元，首年销售额提成比例为5%。经营期限为自合同约定的起始日起至2034年2月10日止（不超过8 年）。 王府井方面表示，如本项目签订正式合同并正常实施，将实现公司在国内超大型国际枢纽机场的首次布 局，有利于提升公司免税业务的规模及市场份额。同时，本次中标事项不会对公司2025年度业绩产生影 响。由于本次中标项目尚未签订正式合同，合同条款尚存在不确定性，具体内容以最终签署的合同为 准。 ...