Core Viewpoint - Lin Qingxuan (02657) is positioned as a high-end skincare brand focusing on camellia oil, experiencing rapid growth in 2023, with plans for an IPO by December 30, 2025, aiming to raise approximately HKD 9.97 billion (around RMB 8.97 billion) for channel expansion and brand development [1] Group 1: Company Overview - Lin Qingxuan, established in 2003, specializes in high-end skincare with a focus on anti-aging, leveraging its proprietary camellia oil [1] - As of H1 2025, Lin Qingxuan operates 554 offline stores, primarily located in high-end shopping malls, and is projected to rank first among domestic high-end skincare brands in 2024 [1] Group 2: Market Dynamics - The Chinese cosmetics market is expected to reach approximately RMB 688.6 billion in 2024, with skincare products accounting for 67% of sales [2] - The high-end skincare segment is projected to grow at a CAGR of 13.8% from 2024 to 2029, while the facial oil segment is anticipated to grow at a CAGR of 42.8% during the same period, reaching a market size of RMB 13.9 billion by 2029 [2] Group 3: Financial Performance - For 2024, Lin Qingxuan's revenue and net profit are projected to be RMB 1.21 billion and RMB 190 million, respectively, reflecting year-on-year increases of 50% and 121% [3] - In H1 2025, the company reported revenue of RMB 1.052 billion, a 98% increase year-on-year, with net profit reaching RMB 182 million, up 110% [3] - The core product, camellia oil essence, has maintained the top sales position in the facial oil category for 11 consecutive years, with H1 2025 sales increasing by 176% [3] Group 4: IPO and Future Strategy - The IPO proceeds will focus on brand enhancement, channel development, supply chain improvements, and multi-brand strategies [4] - Key long-term strategies include brand rejuvenation targeting younger consumers, synergistic channel development, and expanding product categories beyond anti-aging to include whitening and makeup [4] - Profit forecasts for 2025-2027 indicate net profits of RMB 382 million, RMB 578 million, and RMB 742 million, with respective growth rates of 104.24%, 51.50%, and 28.38% [4]

Core Viewpoint - Lin Qingxuan is positioned as a high-end skincare brand focusing on camellia oil, experiencing rapid growth in 2023, with plans for an IPO by December 30, 2025, aiming to raise approximately HKD 9.97 billion (RMB 8.97 billion) for channel expansion and brand development [1][5] Group 1: Company Overview - Lin Qingxuan, established in 2003, specializes in high-end skincare with a focus on anti-aging, leveraging its proprietary camellia oil [2] - As of the first half of 2025, Lin Qingxuan operates 554 offline stores, primarily located in high-end shopping malls, and is projected to rank first among domestic high-end skincare brands in 2024 [2] Group 2: Market Dynamics - The Chinese cosmetics market is projected to reach approximately RMB 688.6 billion in 2024, with skincare products accounting for 67% of sales, and high-end skincare expected to grow at a CAGR of 13.8% from 2024 to 2029 [3] - The facial essence oil segment is experiencing rapid growth, with a CAGR of 42.8% from 2019 to 2024, expected to reach a market size of RMB 13.9 billion by 2029 [3] Group 3: Financial Performance - In 2024, Lin Qingxuan's revenue and net profit are projected to be RMB 1.21 billion and RMB 190 million, respectively, reflecting year-on-year increases of 50% and 121% [4] - For the first half of 2025, revenue reached RMB 1.052 billion, a 98% increase year-on-year, with net profit of RMB 182 million, up 110% [4] - The core product, camellia oil essence, has maintained the top sales position in the facial essence oil category for 11 consecutive years, with a 176% year-on-year revenue increase in the first half of 2025 [4] Group 4: IPO and Future Strategy - The IPO proceeds will focus on brand enhancement, channel development, supply chain improvements, and multi-brand strategies [5] - Key long-term strategies include brand rejuvenation targeting younger consumers, synergistic channel development, and expanding product lines into whitening and makeup categories [5] - Profit forecasts indicate net profits of RMB 382 million, RMB 578 million, and RMB 742 million for 2025 to 2027, with corresponding year-on-year growth rates of 104.24%, 51.50%, and 28.38% [5]

Core Viewpoint - The acceleration of national subsidies recovery will enhance the cash flow value of the environmental protection sector, particularly in the waste incineration segment, which is expected to see improved cash flow and dividend potential due to reduced capital expenditures and increased operational cash flow [1][2]. Group 1: National Subsidy Recovery - The average account period for national subsidies in waste incineration enterprises remains stable at around two years, with a slowdown in the growth of outstanding payments [2]. - The national subsidy recovery rate has significantly accelerated in Q3 2025, improving cash flow and reversing credit impairment losses [2]. - The estimated national subsidy recovery rate for enterprises in Q1-Q3 2025 is approximately 40% to 199%, with an average of about 89%, a notable increase from the 39% average in 2024 [2]. Group 2: Renewable Energy Subsidy Fund - The renewable energy development fund's income is expected to achieve a balance around 2025, with historical outstanding payments projected to reach a maximum of 4,355 billion yuan [3]. - The fund's income has been increasing annually, while expenditures have reached their limit due to the decline in benchmark electricity prices and the acceleration of new energy installations [3]. Group 3: Dividend Potential Calculation - The potential for dividends in the waste incineration sector is projected to increase from 114% to 141% as capital expenditures decrease to maintenance levels and the national subsidy recovery rate improves from 40% to 100% [4].

北京商报讯（记者 宋亦桐）12月29日，苏州银行发布公告称，2025年7月1日至2025年12月26日，该行 大股东苏州国际发展集团有限公司（简称"国发集团"）及其一致行动人东吴证券股份有限公司以自有资 金通过深圳证券交易所交易系统以集中竞价交易的方式累计增持该行股份4905.9456万股，占该行总股 本的1.0974%，增持资金合计40295.9623万元，本次增持计划实施完毕。 ...

格隆汇12月29日丨苏州银行(002966.SZ)公布，2025年7月1日至2025年12月26日，国发集团及其一致行 动人东吴证券股份有限公司（简称"东吴证券"）以自有资金通过深圳证券交易所交易系统以集中竞价交 易的方式累计增持本行股份4,905.9456万股，占本行总股本的1.0974%，增持资金合计40,295.9623万 元，本次增持计划实施完毕。 ...

格隆汇12月29日丨苏州银行(002966.SZ)公布，2025年7月1日至2025年12月26日，国发集团及其一致行 动人东吴证券股份有限公司（简称"东吴证券"）以自有资金通过深圳证券交易所交易系统以集中竞价交 易的方式累计增持本行股份4,905.9456万股，占本行总股本的1.0974%，增持资金合计40,295.9623万 元，本次增持计划实施完毕。 ...

苏州银行公告，自2025年7月1日至2025年12月26日，大股东苏州国际发展集团及一致行动人东吴证券通 过集中竞价累计增持4905.95万股，占总股本1.0974%，使用资金4.03亿元；截至2025年12月26日，两者 合计持股7.2亿股，占总股本16.0974%；本次不少于4亿元人民币的增持计划已实施完毕。 ...

据了解，梁溪科技城是一家植根无锡的产业园区综合服务运营商。公司秉持"服务赋能园区、创新驱动 产业"的使命，通过专业化运营和系统化管理，为园区企业提供全方位支持，持续助力区域产业升级与 经济高质量发展。 中小企业是推动创新、促进就业、改善民生的重要力量，也是金融服务实体经济的重要体现。本次债券 募集资金将用于置换和投资中小微企业的股权投资和基金投资，重点投向人工智能、低空经济、生物医 疗、航空航天等战略性新兴领域，旨在精准赋能科技型中小微企业，促进产业链创新链深度融合。 新华财经上海12月29日电（记者杨溢仁） 12月29日，由东吴证券承销的无锡市梁溪科技城园区发展集 团有限公司（以下简称"梁溪科技城"）2025年中小微企业支持可续期公司债券在上交所发行。 本期债券是江苏省首单中小微企业支持可续期公司债券，发行规模3.5亿元，募集资金用于支持中小微 企业发展。 作为本期债券的牵头主承销商，东吴证券的相关负责人表示，将充分发挥其在债券市场的专业优势与创 新能力，积极响应国家关于金融服务实体经济、支持中小微企业发展的政策导向，通过"中小微+可续 期"债权创新条款设计，充分发挥其在地方国企转型、创新金融产品等领域的专 ...

Core Viewpoint - 2025 is a pivotal year for the Chinese securities industry, focusing on deepening functional positioning and high-quality development, with an emphasis on mergers and acquisitions, international expansion, and technological innovation [2][4]. Group 1: Industry Development Strategy - The industry development strategy is projected in two dimensions: internally, to create a first-class investment bank through mergers and acquisitions; externally, to recommend the value of Chinese assets to global markets [2]. - High-quality development is the main theme, requiring securities firms to act as both market participants and builders, as well as to become "boosters" of technological innovation and "guardians" of residents' wealth [2]. Group 2: Mergers and Acquisitions - 2025 marks a critical year for mergers and acquisitions in the Chinese securities industry, with major firms merging and smaller institutions seeking transformation [4]. - Notable mergers include the formation of "Guotai Haitong Securities" from Guotai Junan and Haitong Securities, and the merger of Guolian Securities and Minsheng Securities, which has significantly improved their profitability rankings [4][5]. - The merger wave is reshaping the competitive landscape, with the top firms now dominating profit rankings [4]. Group 3: Classification Evaluation - The classification evaluation of securities firms is undergoing significant revisions in 2025, emphasizing the need for firms to enhance their functional roles and professional capabilities [6]. - New regulations remove the revenue bonus while increasing the emphasis on return on equity (ROE), guiding firms to focus on operational efficiency rather than mere scale [6][7]. Group 4: Margin Trading and Financing - The margin trading market is heating up, with a record balance of 2.54 trillion yuan, reflecting a 36.6% increase from the beginning of the year [9]. - Competition among firms has intensified, with some lowering financing rates below 4% to attract clients, indicating a shift towards long-term client retention strategies [9][10]. Group 5: Investment Banking and Technology - The securities industry is adapting to the "hard technology" era, with reforms aimed at providing more inclusive financing paths for tech companies [11]. - Firms are establishing research institutes focused on emerging industries and enhancing their service capabilities through collaboration and talent development [13]. Group 6: AI Integration - The adoption of AI technologies is rapidly transforming the securities industry, with firms implementing AI across various business functions, significantly improving efficiency [15]. - The shift towards AI-driven services is seen as a critical factor in maintaining competitive advantage, with some firms fully committing to AI integration [15]. Group 7: Internationalization - Chinese securities firms are deepening their internationalization efforts, expanding their service offerings beyond traditional roles to include cross-border wealth management and derivatives trading [17]. - The internationalization process is driven by both market demand and strategic goals, positioning firms as key players in the global market [17][18]. Group 8: Asset Management Transformation - The public offering process for asset management is reaching a turning point, with firms reassessing their roles in the broader asset management landscape [19]. - The transition of collective investment products is a priority, with many firms adapting to regulatory changes and focusing on private equity and other specialized products [20][21]. Group 9: Capital Space Optimization - Regulatory changes are encouraging firms to optimize capital management, with a focus on enhancing capital utilization efficiency [25]. - The average leverage ratio of listed securities firms is currently at 3.45 times, indicating room for improvement compared to other financial institutions [25]. Group 10: Name Changes Reflecting Strategic Shifts - A wave of name changes among securities firms signals strategic realignments and resource restructuring following mergers and acquisitions [26]. - The name changes often reflect deeper integration and new strategic directions, indicating a shift in focus and operational capabilities [26][28].

Core Viewpoint - Dongfang Cable has won significant contracts for the Asian energy interconnection submarine cable project, which is expected to enhance its performance in Southeast Asia [1] Group 1: Contract Wins - The company secured a total of 9.55 billion yuan in green transmission facility orders from State Grid and Southern Grid [1] - It also won 1.35 billion yuan for high-voltage land cables, 270 million yuan for offshore wind supporting cables, and a total of 1.9 billion yuan for the Asian regional marine energy interconnection project, which includes ultra-high voltage submarine cables and EPCI construction [1] Group 2: Profit Contribution - The Asian marine energy interconnection project is anticipated to contribute over 500 million yuan in profit, based on conservative estimates of a 45% gross margin and a 30% net margin [1] Group 3: Industry Trends - The demand for electricity interconnection among Southeast Asian countries is gradually increasing, highlighted by the memorandum of understanding signed between Indonesia and Singapore in 2025 to develop a solar manufacturing supply chain and transmit electricity via submarine cables [1] - It is expected that leading submarine cable companies will experience stronger performance elasticity during the 14th Five-Year Plan period [1]