Group 1: Capital Market Developments - Wu Qing emphasized the need to enhance the inclusiveness and attractiveness of the capital market to better serve high-quality economic development and modernization [1] - The China Securities Regulatory Commission (CSRC) is committed to implementing the "14th Five-Year Plan" for the capital market, focusing on risk prevention, strong regulation, and promoting high-quality development [1] Group 2: Economic Indicators - The U.S. November CPI increased by 2.7%, lower than the expected 3.1%, while the core CPI rose by 2.6%, against an expectation of 3% [2] - Initial jobless claims in the U.S. were reported at 224,000, slightly below the forecast of 225,000 [2] - Following the data release, the likelihood of a Federal Reserve rate cut in January rose from 26.6% to 28.8% [2][6] Group 3: IPO and Market Activities - Shenzhen Dapu Microelectronics is set to undergo an IPO review on December 25, marking the first IPO of an unprofitable company on the ChiNext board [3] - The company reported cumulative losses of 1.566 billion yuan from 2022 to the first half of 2025 [3] Group 4: Regulatory Updates - The State-owned Assets Supervision and Administration Commission (SASAC) has refined the accountability system for central enterprises, introducing compliance exemption clauses for due diligence in investment [5] - The State Administration for Market Regulation is focusing on optimizing the business environment and addressing "involution" competition to promote healthy market order [8] Group 5: Corporate Announcements - Guo An Quantum's chairman, Lv Pin, passed away at the age of 46, which may impact the company's strategic direction [22] - Feilong Co., Ltd. experienced a stock price surge of 29.02% following the announcement of a share reduction by its controlling shareholder [18] - Puyang Co. acquired a 15.28% stake in Xinjiang Qinxiong for 10 million yuan, increasing its ownership from 52.49% to 67.77% [20] - Chicheng Co. plans to invest up to 80 million yuan of idle funds in short-term cash management products to enhance capital efficiency [21] - Master Kong's CEO, Chen Yingrang, will retire, with Wei Hongcheng, the founder's son, taking over as CEO starting January 1, 2026 [22]

Group 1 - China's Hainan Free Trade Port officially launched its zero-tariff operation on December 18, expanding the range of zero-tariff goods to over 6,600 items, enhancing consumer experience for travel and shopping [2] - The Ministry of Commerce has reintroduced export license management for steel for the first time in 16 years to strengthen monitoring and analysis of steel product exports [2] - A giant underwater gold mine has been discovered in Shandong Province, with proven gold reserves of over 3,900 tons, accounting for approximately 26% of the national total [2] Group 2 - The State Administration for Market Regulation emphasizes the need to strengthen the construction of a unified national market and promote fair competition [3] - The U.S. has initiated a military sale to Taiwan valued at approximately $11 billion, marking one of the largest military sales [3] - The State-owned Assets Supervision and Administration Commission has issued guidelines for holding central enterprises accountable for investment violations, effective from January 1, 2026 [3] Group 3 - The China Securities Regulatory Commission is advancing the "14th Five-Year" plan for the capital market, focusing on comprehensive reforms and high-level opening-up [4] - A-share indices showed divergence, with the Shanghai Composite Index closing up 0.16% while the Shenzhen Component Index and ChiNext Index fell by 1.29% and 2.17%, respectively [4] - The Hong Kong stock market is undergoing a narrow consolidation, with the Hang Seng Index closing up 0.12% [4] Group 4 - Morgan Stanley predicts that chip stocks will remain one of the best-performing sectors in the U.S. stock market next year, highlighting Nvidia, Broadcom, and Astera Labs as top picks [5] - Insurance asset management institutions have registered 83 asset-backed plans this year, totaling approximately 344.56 billion yuan [5] - Domestic GPU companies, Moore Threads and Muxi Co., have recently listed on the STAR Market, attracting significant investment from insurance funds [5] Group 5 - A wave of IPOs is expected in the Hong Kong capital market, with several companies starting public offerings on December 18 [6] - The Ministry of Industry and Information Technology announced that the photovoltaic industry will enter a critical phase in 2026, focusing on capacity regulation [8] Group 6 - The State Council has issued guidelines to strengthen electronic cigarette regulation and combat illegal tobacco-related activities [9] - The upcoming New Year's holiday is projected to significantly boost the domestic tourism market, with flight bookings increasing by approximately 46% year-on-year [9] - The total scale of bank wealth management products reached a historical high of about 34 trillion yuan by the end of November [9] Group 7 - The People's Bank of China will issue 40 billion yuan in central bank bills in Hong Kong on December 22, with a maturity of six months [18] - The U.S. Treasury Department reported an increase in Japan's holdings of U.S. Treasury securities to $1.2 trillion in October [18]

Core Viewpoint - The controlling shareholder of Xusheng Group, Xu Xudong, along with his concerted parties, is planning to transfer shares, which may lead to a change in the company's control [4][5]. Group 1: Share Transfer and Suspension - Xusheng Group announced that it will suspend trading starting from December 19, 2025, for a period not exceeding two trading days [1][6]. - This is the second time in over a year that Xu Xudong and his concerted parties are planning a control transfer [6][5]. Group 2: Shareholding Structure - As of the end of the third quarter of 2025, the top three shareholders of Xusheng Group are Xusheng Holdings (26.03%), Hong Kong Sunrise Industrial Co., Ltd. (19.60%), and Xu Xudong (11.84%) [6][8]. - Xu Xudong is the actual controller of both Xusheng Holdings and Hong Kong Sunrise Industrial, holding 51% and 100% of their shares, respectively [8]. Group 3: Financial Performance - Xusheng Group's revenue for 2022, 2023, and 2024 was 4.454 billion, 4.833 billion, and 4.409 billion yuan, respectively, with net profits of 701 million, 714 million, and 416 million yuan [9][10]. - For the first three quarters of 2025, the company reported a revenue of 3.226 billion yuan, a year-on-year decrease of 1.48%, and a net profit of approximately 300 million yuan, down 7.16% [11][12]. - The third quarter of 2025 showed improvement, with revenue and net profit increasing by 0.41% and 70.43% year-on-year, respectively [13].

【导读】旭升集团控股股东又筹划控制权变更事项，自12月19日开市起停牌 中国基金报记者 闻言 12月18日晚间，旭升集团发布公告称，公司控股股东、实际控制人徐旭东及其一致行动人正在筹划涉及所持公司股份转让事宜，可能导致公司控制权变 更。 旭升集团计划自12月19日开市起停牌，预计停牌时间不超过2个交易日。截至12月18日收盘，旭升集团股价报14.56元/股，总市值为168.3亿元。 控股股东时隔一年又筹划控制权转让事项 12月18日，旭升集团接到徐旭东的通知，徐旭东及其一致行动人宁波梅山保税港区旭晟控股有限公司（以下简称旭晟控股）、香港旭日实业有限公司（以 下简称旭日实业），正在筹划涉及所持旭升集团股份转让事宜，可能导致旭升集团控制权变更。 | | | 这是时隔一年多，徐旭东及其一致行动人再次筹划相关事项。 2024年10月29日，旭升集团接到徐旭东的通知，徐旭东及旭晟控股正在筹划涉及所持旭升集团股份转让事宜，可能导致旭升集团控制权变更。11月5日， 旭升集团接到徐旭东的通知，徐旭东与交易对方针对某些核心条款始终未能达成一致意见，决定终止控制权变更事项。 截至2025年第三季度末，旭晟控股、旭日实业、徐旭东是 ...

Group 1 - Zhongwei Company is planning to acquire the controlling stake in Hangzhou Zhonggui through a share issuance and will suspend trading from December 19, 2025, for up to 10 trading days. This acquisition aims to enhance its semiconductor equipment platform and provide competitive process solutions [2] - The acquisition will create significant strategic synergies and marks a key step towards Zhongwei's goal of becoming a "group" and "platform" company, aligning with its strategy of expanding the integrated circuit coverage through both organic growth and mergers [2] Group 2 - Sichuan Road and Bridge has seen an increase in shareholding by China Post Insurance, which now holds 5% of the company's total shares after purchasing 114,300 shares [3][4] - The change in shareholding will not affect the company's controlling shareholder or actual controller [4] Group 3 - Guoao Technology's former controlling shareholder, Chen Chongjun, was sentenced to six years in prison for manipulating the securities market, with a fine of 4 million RMB. This ruling is a first-instance judgment and is not expected to significantly impact the company's operations [5] Group 4 - Xizang Pharmaceutical plans to repurchase shares at a price not exceeding 55 RMB per share, with a total repurchase amount between 170 million RMB and 200 million RMB [9] - Nandu Power has decided to terminate its control change discussions after failing to reach consensus on key terms, with its stock resuming trading on December 19, 2025 [9] Group 5 - Guangha Communication received approval from the Shenzhen Stock Exchange for its application to issue shares to specific investors, meeting all necessary conditions [7] - Haishi Pharmaceutical also received similar approval for its share issuance application [7] Group 6 - Jingye Technology signed contracts for the procurement of X-ray equipment worth a total of 120 million RMB with Yichang Chuneng and Xiangyang Chunan [10] - Jiangnan New Materials plans to invest approximately 300 million RMB in a high-end copper-based core material R&D and industrialization project [12]

【导读】旭升集团控股股东又筹划控制权变更事项，自 12 月 19 日开市起停牌 中国基金报记者 闻言 旭升集团计划自 12 月 19 日开市起停牌，预计停牌时间不超过 2 个交易日。截至 12 月 18 日收盘，旭升集团股价报 14.56 元 / 股，总市值为 168.3 亿元。 12 月 18 日晚间， 旭升集团 发布公告称，公司控股股东、实际控制人徐旭东及其一致行动 人正在筹划涉及所持公司股份转让事宜，可能导致公司控制权变更。 控股股东时隔一年又筹划控制权转让事项 12 月 18 日，旭升集团接到徐旭东的通知，徐旭东及其一致行动人宁波梅山保税港区旭晟控 股有限公司（以下简称旭晟控股）、香港旭日实业有限公司（以下简称旭日实业），正在筹 划涉及所持旭升集团股份转让事宜，可能导致旭升集团控制权变更。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 603305 | 旭升集团 | A 股 停牌 | 2025/12/19 | | | | 这是时隔一年多，徐旭东及其一 ...

Group 1 - Haitai Flavor Industry plans to distribute cash dividends of no less than 80% of the net profit attributable to shareholders for the next three years (2025-2027) [2] - Haitai will implement a special dividend plan for 2025, distributing 3.0 yuan (including tax) for every 10 shares [2] Group 2 - Xusheng Group's controlling shareholder is planning a change in control, leading to a suspension of trading for the company's stock starting December 19, 2025 [3] Group 3 - Guandong Quantum's chairman, Lü Pin, has passed away, and the company expresses deep condolences [4] Group 4 - Former controlling shareholder of Guao Technology, Chen Chongjun, has been sentenced to six years in prison for manipulating the securities market, with a fine of 4 million yuan [5] - The company states that this judgment will not significantly impact its operations [5] Group 5 - Tianfeng Securities plans to extend a 4 billion yuan subordinated debt for one year and reduce the interest rate from 5% to 4% [6] Group 6 - Zhongwei Company is planning to acquire controlling stakes in Hangzhou Zhonggui Electronic Technology Co., Ltd., leading to a stock suspension starting December 19, 2025 [7] Group 7 - Shandong Highway intends to provision for a long-term equity investment impairment of approximately 690 million yuan related to Dongxing Securities, which will reduce the company's consolidated profit for 2025 by the same amount [8] Group 8 - HeFu China has experienced a significant stock price increase of 349.25% from October 28 to December 18, 2025, despite being in a loss position [9] - The company warns of risks related to high valuation and operational performance [9] Group 9 - Xizang Pharmaceutical plans to repurchase shares worth between 170 million and 200 million yuan, with a maximum repurchase price of 55 yuan per share [11] Group 10 - Junshi Biological's major shareholder, Shanghai Tanying, plans to reduce its stake by up to 2% through block trading [12] Group 11 - Dazhong Mining's major shareholders and executives plan to reduce their holdings by up to 1.44% due to personal financial needs [13] Group 12 - Ruicheng Environmental Protection's shareholder plans to reduce its stake by up to 3% [14] Group 13 - Allianz Vision's actual controller Xu Jin plans to reduce his stake by up to 0.9609% [15] Group 14 - Yidong Electronics' controlling shareholder's concerted action reduced their holdings by 1% from December 10 to December 17 [16] Group 15 - Ningbo Construction won a project bid worth 747 million yuan for infrastructure enhancement [18] Group 16 - Qinglong Pipe Industry signed a sales contract worth 55.27 million yuan for a water diversion project [19] Group 17 - Zhongfutong received a selection notice for a procurement project with estimated amounts of 411 million yuan and 162 million yuan [20] Group 18 - Shikong Technology won a bid for a smart cultural tourism integration project worth 141 million yuan [21]

Company Announcements - Guo Xin Technology's former actual controller Chen Chongjun was sentenced to six years in prison and fined 4 million yuan for manipulating the securities market [2] - Zhongwei Company is planning to acquire the controlling stake in Hangzhou Zhonggui, leading to a stock suspension [3] - Xusheng Group's controlling shareholder is planning a change of control, resulting in a stock suspension [4] - Yidong Electronics' major shareholders reduced their holdings by 2.3463 million shares between December 10 and December 17 [5] - Nandu Power's controlling shareholder has terminated plans for a change of control, leading to stock resumption [6] - Xibu Mining's subsidiary obtained a mining license for a site with 2.86 tons of gold metal [8] Financial Adjustments - Shandong Highway plans to provision for a long-term equity investment impairment of approximately 690 million yuan related to Dongxing Securities [8] - WuXi AppTec's third and fourth largest shareholders reduced their holdings by a total of 29.508 million shares between November 26 and December 17 [9] Investments and Partnerships - Weixinno plans to sign an investment cooperation agreement to advance the Hefei 8.6 generation AMOLED production line project with a capital of 9.443 billion yuan [10] - Jiangnan New Materials is investing 300 million yuan to build a high-end copper-based core material R&D and industrialization project [15] Shareholding Changes - Sichuan Road and Bridge received a stake increase from Zhongyou Insurance, raising its holding to 5% [11] - Lidasin's fifth largest shareholder reduced their holdings by 1.56% between December 10 and December 17 [12] - Ruicheng Environmental Protection's shareholder plans to reduce their holdings by up to 3% [17] Dividends and Profit Distribution - Haitian Flavoring plans to maintain a cash dividend ratio of no less than 80% for the next three years (2025-2027) [13] - CICC announced a cash dividend distribution of 434 million yuan for the first half of 2025, with a record date of December 26 [14] Financing and Listings - Baipusais plans to issue H-shares and list on the Hong Kong Stock Exchange [21]

Group 1 - New stock offerings include Qiangyi Co. with an issuance price of 85.09 CNY per share and a subscription limit of 0.75 million shares, Yufan Technology at 22.29 CNY per share with a limit of 0.85 million shares, and Shuangxin Environmental Protection at 6.85 CNY per share with a limit of 60 million shares [2] - The Ministry of Commerce announced that some Chinese exporters have met the basic requirements for applying for general licenses regarding rare earth export controls, with some applications already approved [3] - The Hong Kong Stock Exchange is proposing a new trading unit framework to enhance market efficiency and reduce investment thresholds, which includes lowering the minimum value for trading units from 2000 HKD to 1000 HKD [4] Group 2 - The State Council issued guidelines to combat illegal activities related to tobacco, aiming to address issues such as counterfeiting and smuggling [4] - The State-owned Assets Supervision and Administration Commission released measures for accountability in investment violations, categorizing asset losses and defining responsibilities based on severity [5] - The Ministry of Industry and Information Technology announced that the photovoltaic industry will enter a critical governance phase by 2026, focusing on capacity regulation and management of manufacturing projects [5] Group 3 - The Bank of England announced a reduction in the benchmark interest rate from 4% to 3.75%, marking the lowest rate since February 2023 [6] - Haitian Flavor Industry plans to distribute a special dividend of 3 CNY per share [8] - Sichuan Road and Bridge has been acquired by Zhongyou Insurance, reaching a 5% shareholding [8]

停牌期间，公司将根据事项进展情况，严格按照法律法规的规定和要求履行信息披露义务。待上述 事项确定后，公司将及时发布相关公告并申请复牌。 (责任编辑：田云绯) 中国经济网北京12月18日讯 旭升集团(603305.SH)今日晚间发布关于控股股东筹划控制权变更的停 牌公告。公司于2025年12月18日接到控股股东、实际控制人徐旭东通知，徐旭东及其一致行动人宁波梅 山保税港区旭晟控股有限公司、香港旭日实业有限公司正在筹划涉及所持有公司股份转让事宜，该事项 可能导致公司的控制权变更。 鉴于该事项正在洽谈中，存在重大不确定性，为保障公平信息披露，维护投资者利益，避免对公司 股价造成重大影响，根据《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 4号——停复牌》等有关规定，经公司向上海证券交易所申请，公司股票（证券代码：603305，证券简 称：旭升集团）自2025年12月19日（星期五）开市起停牌，预计停牌时间不超过2个交易日。 ...