Core Viewpoint - The photovoltaic industry is expected to accelerate supply-demand restructuring driven by the "anti-involution" trend, leading to gradual profit recovery by 2026 [1] Group 1: Supply-Demand Restructuring - The "anti-involution" spirit is deeply penetrating the photovoltaic industry, with main chain prices recovering from the top down, and auxiliary material leading companies showing significant profit recovery by Q3 2025 [1] - The rapid development of energy storage, alongside the implementation of grid parity for solar storage in key markets like China, the US, and Europe, is expected to alleviate the impact of increased photovoltaic installations on the grid [1] - The long-term demand outlook is optimistic due to rising computing power needs and breakthroughs in core photovoltaic technologies for space stations, which will open new application scenarios [1] Group 2: Technology Iteration and Profit Recovery - The penetration rate of low-silver and silver-free technologies is expected to rise quickly, with leading companies likely to recover profits faster than the industry average due to rapid cost reduction in component production [2] - The introduction of low-silver solutions by JinkoSolar and silver-free technologies by LONGi Green Energy is highlighted as key developments in this technology iteration [2] Group 3: Auxiliary Material Companies - Auxiliary material companies are expected to accelerate profit recovery through diversified business layouts, as the pressure on the photovoltaic main chain has been ongoing for over three years [3] - Leading companies in auxiliary materials are preparing for a second growth phase, with non-photovoltaic business proportions expected to increase, contributing to revenue and profit reversals [3] Group 4: Beneficiary Analysis - Companies leading in low-silver and silver-free technology iterations, such as LONGi Green Energy, JinkoSolar, Aiko Solar, and Tongwei Co., are expected to benefit from cost advantages [4] - Companies actively integrating energy storage with photovoltaic operations, like Trina Solar, JinkoSolar, LONGi Green Energy, and JA Solar, are likely to see profit recovery [4] - Leading companies in supporting facilities, such as DKE Holdings, Juhua Materials, and Foster, are expected to continue profit recovery through new technology breakthroughs and business expansions [4]

Core Viewpoint - The company, Cornerstone Holdings (01592.HK), has been notified of a winding-up petition against its indirect wholly-owned subsidiary, Pacific Stone Limited, due to its inability to pay debts, with a hearing scheduled for February 11, 2026 [1] Group 1: Winding-Up Petition Details - The winding-up petition was filed by Hangzheng Yunshi Engineering Co., Ltd., citing that Pacific Stone Limited is unable to repay a judgment amount totaling approximately HKD 9 million, including interest [1] - The petition also includes legal costs awarded to the petitioner from a lawsuit against Pacific Stone Limited under High Court Arbitration HCCT2019 No. 9 [1] Group 2: Company Response and Impact - The company is currently seeking legal advice regarding the winding-up petition [1] - Despite the petition being filed, the board believes that the claims involved will not have any significant adverse impact on the group's operational or financial status [1]

Core Viewpoint - The company has received a winding-up petition from Hangzhong Yunshi Engineering Co., Ltd. against its wholly-owned subsidiary, Pacific Stone Limited, due to insolvency and inability to pay debts [1] Group 1: Legal and Financial Implications - The winding-up petition is based on the failure to pay a judgment amount and associated legal costs, totaling approximately HKD 9 million [1] - A hearing for the winding-up petition is scheduled for February 11, 2026 [1] - The company is seeking legal advice and believes that the claims involved in the winding-up petition will not have any significant adverse impact on the group's operational or financial status [1]

Core Viewpoint - Pacific Securities experienced a decline of 2.09% in stock price on January 7, closing at 4.21 yuan per share, with a total market capitalization of 28.697 billion yuan [1]. Group 1: Stock Performance - As of January 7, the stock price of Pacific Securities has increased by 2.43% year-to-date, with a 1.45% rise over the last five trading days and a 0.72% increase over the last twenty days, while it has decreased by 7.47% over the last sixty days [1]. - The trading volume on January 7 was 600 million yuan, with a turnover rate of 2.07% [1]. Group 2: Financial Performance - For the period from January to September 2025, Pacific Securities reported a revenue of 1.037 billion yuan, representing a year-on-year growth of 19.88%, and a net profit attributable to shareholders of 246 million yuan, which is an increase of 80.26% year-on-year [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders of Pacific Securities reached 365,200, an increase of 2.59% from the previous period, while the average circulating shares per person decreased by 2.52% to 18,666 shares [2]. - The top ten circulating shareholders include significant increases in holdings by various ETFs, with notable increases from Guotai Zhongzheng All Index Securities Company ETF and Hong Kong Central Clearing Limited [3].

Core Viewpoint - The "Xiangyanghong 03" research vessel has embarked on a mission to conduct a comprehensive resource and environmental survey in the western Pacific, marking the beginning of the second five-year phase of a contract with the International Seabed Authority for polymetallic nodule exploration [2] Group 1: Mission Details - The mission is part of the China Ocean 91 voyage, organized by the Second Institute of Oceanography and the Third Institute of Oceanography under the Ministry of Natural Resources [2] - The voyage involves 21 research and technical support units, ensuring comprehensive operational and safety measures [2] Group 2: Environmental Commitment - Beijing Pioneer High Technology Development Co., Ltd. is committed to being a responsible contractor in the international seabed mining area, focusing on deep-sea environmental protection [2] - The company has received formal approval from the International Seabed Authority for its Environmental Impact Statement Report, which outlines the seabed collection and relay trial in the polymetallic nodule contract area [2] Group 3: Research Focus - The current voyage will focus on resource exploration and supplementary environmental baseline surveys in the Beijing Pioneer mining area [2] - The findings will support subsequent collection relay trial tasks and environmental impact assessments, adhering to the review opinions of the International Seabed Authority [2]

2025年，A股资本市场迎来了再融资市场的结构性复苏，其中定增作为上市公司重要的股权融资方式，呈现出大幅增长态势。一方面，继续优化审核流程， 支持符合国家战略的优质项目；另一方面，对信息披露、募投项目合理性、承诺履行的监管将更加严格和精细化。 登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：IPO再融资组/郑权 2025年，A股定增市场回暖，合计有 172个项目发行（按上市日统计，含定增收购，收购、募集配套资金分别算一个项目，下同），累计募资8877.318亿 元，发行数量及募资金额分别较2024年增长18.62%、412.99%。 审核层面，2025年合计有130家纯定增项目上会，全部过会，过会率为100%。2025年共有41家并购重组项目上会接受审核40家顺利过会，名义过会率为 97.56%。 尽管2025年纯定增项目全部过会，并购重组过会率高达97.56%，但仍有220家项目终止定增过程。其中，华创证券、太平洋纯定增项目的撤否率高达100%。 定增发行情况：10家企业募资不及预期中信证券承销占 ...

Core Viewpoint - The "Xiangyanghong 03" research vessel has embarked on a mission to conduct a comprehensive resource and environmental survey in the western Pacific, marking the start of the second five-year phase of a polymetallic nodule exploration contract with the International Seabed Authority [1][4] Group 1: Mission Details - The mission is organized and implemented by the Second Institute of Oceanography and the Third Institute of Oceanography under the Ministry of Natural Resources, with participation from 21 research and technical support units [1] - This voyage is the first of its kind for Beijing Pioneer High-Tech Development Co., Ltd. in the new phase of the exploration contract [1] Group 2: Environmental Commitment - Beijing Pioneer is committed to being a "pioneer in deep-sea environmental protection," having received formal approval from the International Seabed Authority for its Environmental Impact Statement Report [4] - The current mission will focus on resource exploration and supplementary environmental baseline surveys, which will support future collection linkage experiments and environmental impact assessments [4]

Core Viewpoint - Pacific Securities has shown a positive stock performance with a 3.65% increase year-to-date and a 2.16% rise in the last five trading days, despite a 7.19% decline over the past 60 days [2]. Group 1: Stock Performance - As of January 6, Pacific's stock price increased by 2.16% to 4.26 CNY per share, with a trading volume of 2.59 billion CNY and a turnover rate of 0.90%, resulting in a total market capitalization of 29.038 billion CNY [1]. - The stock has experienced a 3.65% increase since the beginning of the year, with a 2.16% rise over the last five and twenty trading days, but a decline of 7.19% over the last sixty days [2]. Group 2: Financial Performance - For the period from January to September 2025, Pacific achieved a revenue of 1.037 billion CNY, representing a year-on-year growth of 19.88%, and a net profit attributable to shareholders of 246 million CNY, marking an 80.26% increase [2]. - The company has distributed a total of 956 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 2.59% to 365,200, with an average of 18,666 shares held per shareholder, a decrease of 2.52% [2]. - The top ten circulating shareholders include notable entities such as Guotai Junan CSI All-Share Securities Company ETF, which holds 176 million shares, and Hong Kong Central Clearing Limited, holding 141 million shares, both showing significant increases in holdings [3].

Core Viewpoint - The report from Pacific Securities suggests that the food and beverage sector, particularly frozen food, is expected to recover due to low base effects and reduced competition, leading to improved profitability. The sector's low valuation may benefit from a "Davis Double" effect as demand recovers and leading companies explore new product opportunities [1][3]. Group 1: Industry Performance and Trends - In 2025, consumer demand is under pressure, with the liquor and restaurant chains lagging behind. The overall consumption has been flat, with retail sales and CPI data at low levels, impacting traditional consumption [2]. - The liquor sector has shown a decline in performance, with major brands like Moutai experiencing a drop in prices from 2200 yuan to 1550 yuan. Most liquor companies, except for a few leaders, have reported declining revenues and profits [2]. - The snack and beverage sectors have shown resilience, characterized by high-frequency consumption and low average transaction values. New products and channels have positively impacted their performance [2][3]. Group 2: Future Outlook and Recommendations - The central economic work conference has prioritized boosting domestic demand, with expectations for policy support to stimulate recovery. There is potential for improvement in consumer spending if housing prices stabilize and supportive policies are implemented [3]. - For 2026, the focus is on the recovery of the restaurant chain sector, particularly frozen foods, as competition eases and profitability improves. The beverage sector, especially low-cost and high-frequency items, is also expected to perform well [3][4]. - Investment opportunities are identified in four areas: overseas demand, cost benefits, new product launches, and value-for-money consumption. Companies like Moutai, Anqi Yeast, and various beverage brands are highlighted for their potential [4].

将亮相CES 2026现场的创新奖获奖技术Skinsight™由爱茉莉太平洋和美国麻省理工大学研究团队共同研 发，是一款能够实时分析皮肤老化原因并向用户个人提供针对性解决方案的次世代"电子皮肤(electronic skin)"平台。Skinsight™由贴在皮肤上的超薄感应贴片、超小型蓝牙模块和AI手机应用程序组成。贴片 搭载了可精确探测微米级（μm）皮肤细微动作的超精密传感器，同时检测皮肤内部紧绷、紫外线/蓝 光、温度和水分这四大皮肤老化因素。贴片检测的皮肤数据通过蓝牙模块实时传送，由AI手机应用程 序结合24小时生活数据建立老化因子模型。用户由此可了解自己皮肤老化加速的原因，预测今后出现皱 纹或弹性下降的部位以及程度，并可获得针对性皮肤护理方案和产品建议。参观者将在金沙会展中心 (Venetian Expo)的创新奖展区看到这项能在不同环境中追踪观察皮肤变化的技术。 另外，爱茉莉太平洋还将展出应用于三星电子"AI Beauty Mirror"上的AI皮肤分析技术。该方案运用摄影 机光学诊断技术，能精确分析皮肤的毛孔、红斑、色素、皱纹状态，基于超过45万条的数据提供个人针 对性皮肤护理方案。分析结果联动到 ...