Core Insights - The railway transportation equipment sector experienced a 1.57% increase on January 12, with Langjin Technology leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Sector Performance - Langjin Technology (300594) closed at 23.72, up 12.15% with a trading volume of 105,800 shares [1] - Jinchuan Group (603680) closed at 17.82, up 6.83% with a trading volume of 145,500 shares [1] - Zhonghe Technology (000925) closed at 9.79, up 6.18% with a trading volume of 1,172,100 shares [1] - Shenzhou High-speed Railway (000008) closed at 3.21, up 4.22% with a trading volume of 1,807,900 shares [1] - Tianzhizhi New Materials (688033) closed at 8.69, up 3.58% with a trading volume of 646,800 shares [1] - Bidetech (605298) closed at 45.20, up 3.48% with a trading volume of 47,200 shares [1] - Xianghe Industrial (603500) closed at 12.56, up 2.87% with a trading volume of 94,100 shares [1] - Yonghui Electric (300351) closed at 19.09, up 2.52% with a trading volume of 224,300 shares [1] - Tongye Technology (300960) closed at 25.98, up 2.40% with a trading volume of 32,100 shares [1] - China Railway Signal & Communication (688009) closed at 5.68, up 2.16% with a trading volume of 451,200 shares [1] Capital Flow - The railway transportation equipment sector saw a net inflow of 85.024 million yuan from institutional investors, while retail investors experienced a net outflow of 38.8308 million yuan [1] - Major stocks like China CRRC (601766) had a net inflow of 81.3475 million yuan, while Shenzhou High-speed Railway (000008) had a net inflow of 66.1107 million yuan [2] - Retail investors showed significant outflows in several stocks, including Shenzhou High-speed Railway with a net outflow of 6.43381 million yuan [2]

Group 1 - The rail transit equipment sector increased by 0.61% on January 8, with Bidder Technology leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] - Bidder Technology's stock price rose by 9.99% to 44.14, with a trading volume of 65,900 shares and a transaction value of 285 million yuan [1] Group 2 - The rail transit equipment sector saw a net inflow of 20.55 million yuan from institutional investors, while retail investors had a net inflow of 9.55 million yuan [2] - Major stocks in the sector experienced varied capital flows, with Bidder Technology seeing a net inflow of 35.83 million yuan from institutional investors [3] - The overall trading activity in the sector indicated a mixed sentiment among retail and institutional investors, with some stocks experiencing significant outflows [3]

Group 1 - The U.S. President Trump threatened the acting President of Venezuela, Rodriguez, stating that if she does not act correctly, she may face a heavier price than President Maduro [1] - The Danish Prime Minister urged the U.S. to stop threatening to annex Greenland, asserting that such discussions are meaningless [1] Group 2 - The Chinese automotive exports to Venezuela increased by 130% in the first 11 months of 2025, with passenger car exports rising by 166% and truck exports by 99% [6] - The U.S. government has requested American oil companies to invest heavily in Venezuela to restore its oil extraction infrastructure, indicating a push for revitalization of the oil industry [9] Group 3 - The Ministry of Education in China announced plans to establish 15 new undergraduate higher education institutions [4] - The Ministry of Finance in China stated that the issuance of ultra-long-term general government bonds will start on January 14, 2026 [5] Group 4 - The Shanghai government released a plan with 26 measures to optimize the business environment, focusing on efficient government services and fair market competition [7] - The global protests against U.S. military intervention in Venezuela occurred in various countries, condemning U.S. actions and interventionism [8]

Group 1: Industry Recovery and Trends - In 2025, China's venture capital industry emerged from a two-year downturn, showing signs of recovery across the entire investment chain, driven by a combination of funding and project highlights, as well as supportive policies [1] - The year-end activities of venture capitalists indicate a strong return to the industry, fueled by a new wave of technological changes and ongoing policy benefits [1] Group 2: Government Investment Fund Policies - The State Council issued a significant document aimed at promoting the high-quality development of government investment funds, focusing on stricter controls on new fund establishments and optimizing investment policies [2] - Various local governments have responded by issuing supporting policy documents, further regulating the operation of government investment funds to promote high-quality industry development [2] Group 3: Banking Sector Involvement - Since the announcement of expanded pilot programs for bank-affiliated financial asset investment companies (AICs), banks have accelerated their entry into the primary market, with several major banks successfully establishing AICs [3] - As of now, AICs from six major state-owned banks and three national joint-stock banks have been established, with total investments reaching 45.272 billion yuan, a year-on-year increase of approximately 37.7% [3] Group 4: Special Bonds for Government Guidance Funds - Several local governments have issued special bonds to support government guidance funds, breaking the previous norm that prohibited such investments [4] - A total of 52 billion yuan in special bonds have been issued by nine provinces and cities, significantly enhancing the funding pool for the venture capital industry [4] Group 5: Long-Term Government Guidance Funds - New government guidance funds established this year have extended their duration beyond the typical 10 years, with some lasting up to 20 years, providing long-term support for projects [5] - This trend of extending fund durations is expected to create a more patient investment environment, allowing for better exit strategies [5] Group 6: Mergers and Acquisitions - The introduction of policies supporting private equity funds in acquiring listed companies has led to a surge in related acquisition cases, with several venture capital firms actively pursuing stakes in public companies [6][7] - The trend of startups acquiring listed companies is also on the rise, indicating a new strategy for both startups and venture capital firms to explore exit routes [7] Group 7: Domestic PE Firms Acquiring Foreign Brands - Domestic top-tier private equity firms have increasingly acquired the Chinese operations of overseas consumer brands, highlighting a trend of local capital participating in the localization of foreign brands [8] - This trend is driven by the combination of ample funding, local operational expertise, and the stable cash flow of established foreign brands [8] Group 8: Technology Innovation Bonds - The introduction of technology innovation bonds has opened new fundraising channels for venture capital institutions, with several private firms successfully issuing bonds at competitive interest rates [9] - The issuance of these bonds has significantly boosted market confidence and marked a transition towards a more normalized support phase for private venture capital institutions [9] Group 9: Mainland VC/PE Expansion into Hong Kong - Several mainland investment institutions have established offices in Hong Kong, attracted by the region's supportive environment for technological innovation [10] - The Hong Kong government's initiatives, including the establishment of a significant innovation and technology fund, have further encouraged mainland VC/PE firms to expand into the market [10] Group 10: Return of Dollar LPs to China - Multiple venture capital firms have successfully raised dollar-denominated funds, indicating a renewed interest from international investors in the Chinese market [11][12] - The return of dollar LPs coincides with the rapid growth of China's AI industry, highlighting the potential undervaluation of Chinese assets [11][12] Group 11: National Entrepreneurship Investment Fund - The establishment of a "carrier-level" national entrepreneurship investment fund aims to support startups across key economic regions in China, with a focus on early-stage investments [13] - This fund features a long duration of 20 years and aims to provide substantial financial backing to venture capital institutions and startups, enhancing the overall investment landscape [13]

Core Viewpoint - Bidet Technology announced the approval of the second unlock condition for its 2023 restricted stock incentive plan during the 11th meeting of the 4th Board of Directors [2] Group 1 - The Board of Directors approved the proposal regarding the achievement of the second unlock conditions for the restricted stock incentive plan [2]

PARTNERS ·律师事务所 江 苏世 纪 同 仁 律 师 事 务 所 关于江苏必得科技股份有限公司 2023 年 限 制 性 股 票 激 励 计 划 第 二 个 解 除 限 售 期 解除限售相关事项之法律意见书 苏同律证字(2025)第【349】号 致:江苏必得科技股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")《中华人民共 和国证券法》(以下简称"《证券法》")《上市公司股权激励管理办法》(以 下简称"《管理办法》")等有关法律、法规、规范性文件,以及《江苏必得科 技股份有限公司章程》(以下简称"《公司章程》")规定,本所作为江苏必得 科枝股份有限公司(以下简称"必得科技"或"公司")特聘专项法律顾问,就 公司 2023 年限制性股票激励计划(以下简称"本次激励计划")第二个解除限 售期解除限售(以下简称"本次解除限售")相关事项出具本法律意见书。 为出具本法律意见书,本所特作以下声明: 苏 同 律 证 字 (2025) 第 【 349】 号 南 京 市 建 邺 区 贤 坤 路 江 岛 智 立 方 C 座 4 层 F4, Building C, Jiangdao Intelligen ...

第四届董事会第十一次会议决议公告 证券代码：605298 证券简称：必得科技 公告编号：2025-053 江苏必得科技股份有限公司 公司 2023 年限制性股票激励计划第二个解除限售期条件已成就，符合解除 限售条件的激励对象共计 40 名，可解除限售的限制性股票数量 1,599,000 股。 本议案已经公司董事会薪酬与考核委员会审议通过，并同意将本议案提交公 司董事会审议。 本议案已经公司第四届董事会独立董事第三次专门会议审议通过，并同意提 交公司董事会审议。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 江苏必得科技股份有限公司（简称"本公司"、"必得科技"）于 2025 年 12 月 29 日在本公司会议室以现场和视频表决方式召开第四届董事会第十一次会 议，会议通知于 2025 年 12 月 26 日通过书面及电子邮件等方式送达至本公司所 有董事及高级管理人员。会议应参会董事 8 名，实际参会董事 8 名，高级管理人 员列席了会议。会议的召开符合《中华人民共和国公司法》等有关法律、行政法 规、部门 ...

江苏必得科技股份有限公司 董事会薪酬与考核委员会关于第四届董事会第十一 次会议有关事项的核查意见 江苏必得科技有限公司(以下简称"公司")董事会薪酬与考核委员会 依据《中华人民共和国公司法》(以下简称"《公司法》")《中华人民共和国证 券法》《上市公司股权激励管理办法》（以下简称"《管理办法》"及《公司章程》 等有关规定，对公司第四届董事会第十一次会议的有关事项进行了核查， 发表核查意见如下： 《关于公司 2023 年限制性股票激励计划第二个解除限售期解除限售 条件成就的议案》的核查意见，经核查，董事会薪酬与考核委员会认为： 1、公司符合《管理办法》《2023 年限制性股票激励计划》（以下简称 "《激励计划》"）规定的实施股权激励计划的条件，具备实施股权激励 计划的主体资格，符合《激励计划》中对第二个解除限售期可解除限售 条件的要求，未发生《激励计划》中规定的不得解除限售的情形。 2、第二个解除限售期解除限售的激励对象不存在《管理办法》《激 励计划》规定的不得成为激励对象的情形：（1）最近 12 个月内被证券交 易所认定为不适当人选；（2）最近 12 个月内被中国证监会及其派出机构 认定为不适当人选；（3）最 ...

证券代码：605298 证券简称：必得科技 公告编号：2025-054 江苏必得科技股份有限公司 关于 2023 年限制性股票激励计划第二个解除限售期限 制性股票解锁暨上市流通公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 1,599,000股。 本次股票上市流通总数为1,599,000股。 本次股票上市流通日期为2026 年 1 月 7 日。 2025 年 12 月 29 日，江苏必得科技股份有限公司（以下简称"公司"）召开第 四届董事会第十一次会议审议通过了《关于公司 2023 年限制性股票激励计划第二 个解除限售期解除限售条件成就的议案》，认为公司 2023 年限制性股票激励计划 （以下简称"本激励计划"）第二个解除限售期解除限售条件已经成就，同意公 司为 40 名符合解除限售条件的激励对象办理解除限售事宜，共计解除限售 159.90 万股限制性股票。现将相关事项说明如下： 一、股权激励计划限制性股票批准及实施情况 （一）已履行的审 ...

证券日报网讯 12月29日，必得科技发布公告称，公司2025年12月29日召开第二次临时股东大会，审议 通过《关于取消监事会、修订并授权办理工商变更登记的议案》《关于修订的议案》《关于修订的议 案》等多项议案。 （文章来源：证券日报） ...