Macroeconomic Insights - December CPI year-on-year growth expanded, primarily due to a low base and rising food prices[8] - PPI year-on-year decline narrowed, influenced by rising non-ferrous metal prices and the ongoing effects of "anti-involution" policies[8] - The price environment may continue to improve in 2026, with PPI supported by deepening "anti-involution" policies and tightening competition for key minerals[8] Market Trends - In December, the top 100 real estate companies achieved a total sales amount of CNY 341.5 billion, a month-on-month increase of 39.7%[33] - For the full year 2025, the cumulative sales amount for the top 100 real estate companies was CNY 3.36 trillion, a year-on-year decrease of 19.8%[33] - The new stock market saw 18 new listings in December, raising over CNY 30 billion, with average first-day gains of 214% for the main board and 296% for the dual innovation board[18] Industry Performance - The credit bond issuance volume increased seasonally, with a total of 332 bonds issued, amounting to CNY 312.27 billion, a week-on-week increase of 306%[22] - The domestic electrolytic aluminum price reached CNY 23,300 per ton, the highest since March 2022, with the aluminum-to-copper price ratio hitting a 20-year high[42] - The solid-state battery industry is entering a new phase of industrialization, with expectations for mass production by 2026-2027[47]

| 证券代码：688001 | 证券简称：华兴源创 | 公告编号：2026-003 | | --- | --- | --- | | 转债代码：118003 | 转债简称：华兴转债 | | 苏州华兴源创科技股份有限公司 关于"华兴转债"转股结果暨股份变动的公告 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。 根据《募集说明书》约定，历次对转股价格调整情况如下： ●累计转股情况：截至2025年12月31日，"华兴转债"累计有人民币 89,109,000元已转换为公司股票，转股数量为3,400,370股，占"华兴转债"转 股前公司已发行股份总额的0.7739%； ●未转股可转债情况：截至2025年12月31日，"华兴转债"尚未转股的可 转债金额为710,891,000元，占"华兴转债"发行总量的88.8614%。 一、可转债发行上市及转股价格调整情况 经中国证券监督管理委员会证监许可[2021]3553 号文同意注册，苏州华兴 源创科技股份有限公司（以下简称"公司"）于 2021 年 11 月 29 日向不特定对象 发行可转换公 ...

Group 1 - The core point of the news is the completion of the employee stock ownership plan by Suzhou Huaxing Yuanchuang Technology Co., Ltd., which involves the transfer of shares to employees and the establishment of a management committee for the plan [1][4][8]. Group 2 - The employee stock ownership plan was approved during meetings held on September 23, November 19, and December 31, 2025, with a total of 100 participants and a maximum stock quantity of 1.743 million shares [2][3][8]. - The total amount of funds raised through the plan is capped at 26.999 million yuan, with each share priced at 15.49 yuan [2][4]. - The stock transfer was completed on December 30, 2025, with the shares representing 0.39% of the company's total share capital [4][6]. Group 3 - The plan has a duration of up to 48 months, with a lock-up period of 12 months for the acquired shares [6]. - A management committee was established to oversee the plan, consisting of three members, and was authorized to handle various administrative tasks related to the plan [9][11]. - The management committee's responsibilities include managing the plan's assets, conducting meetings, and executing decisions made by the participants [11][12].

证券代码：688001 证券简称：华兴源创 公告编号：2026-001 苏州华兴源创科技股份有限公司 关于 2025 年员工持股计划完成非交易过户的公告 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、准确性和完整性承担法律责任。 重要内容提示： | 本次员工持股计划草案 | 时间：2025 | 年 | 9 | 月 | 24 | 日 | | --- | --- | --- | --- | --- | --- | --- | | 披露时间及公告名称 | 公告名称：《华兴源创：2025 年员工持股计划（草 | | | | | | | | 案）》 | | | | | | | 购买/过户完成时间 | 2025-12-30 | | | | | | | 购买/过户价格、数量及 | 购买/过户价格：15.49 | | | | | 元/股 | | 占总股本比例 | 购买/过户数量：1,743,000，占总股本比例：0.39% | | | | | | 2025 年 11 月 21 日，根据公司 2025 年第一次临时股东大会的授权及公司 《2025 年员工持股计划》《202 ...

证券代码：688001 证券简称：华兴源创 公告编号：2026-002 苏州华兴源创科技股份有限公司 2025 年员工持股计划第一次持有人会议决议公告 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。 一、持有人会议召开情况 苏州华兴源创科技股份有限公司（以下简称"公司"）2025 年员工持股计划第一次 持有人会议（以下简称"本次会议"）于 2025 年 12 月 31 日在公司会议室以现场结合 通讯方式召开，全体持有人均出席会议，代表公司 2025 年员工持股计划份额 26,999,070 份，占公司 2025 年员工持股计划总份额的 100%。会议由公司董事会秘书召集和主持。 会议的召集、召开和表决程序符合公司 2025 年员工持股计划的有关规定。 二、持有人会议审议情况 3、审议通过《关于授权公司 2025 年员工持股计划管理委员会办理本次员工持股计 划相关事宜的议案》 为保证公司 2025 年员工持股计划的顺利进行，根据公司《2025 年员工持股计划》 及公司《2025 年员工持股计划管理办法》等相关规定，持有人会议 ...

Core Viewpoint - The company announced the first meeting of the 2025 Employee Stock Ownership Plan (ESOP) to be held on December 31, 2025, with all holders present, representing 26,999,070 shares, which accounts for 100% of the total shares [1] Group 1 - The meeting approved the establishment of a management committee for the 2025 Employee Stock Ownership Plan, consisting of three members [1] - Zhang Zhichao, Zuo Zhenying, and Zheng Xu were elected as committee members, with Zhang Zhichao being elected as the director during the first committee meeting held on the same day [1] - The management committee is authorized to handle matters related to the employee stock ownership plan, with the authorization effective from the date of approval until the plan's termination [1]

Group 1: Share Buybacks - Zhongju Gaoxin plans to repurchase shares worth between 300 million to 600 million yuan for cancellation and reduction of registered capital [3] - Baili Tianheng intends to buy back shares valued at 100 million to 200 million yuan, with a maximum price of 546 yuan per share [3] - Guangqi Technology aims to repurchase shares worth 50 million to 100 million yuan [3] - Proya plans to buy back shares valued at 80 million to 150 million yuan [3] Group 2: Share Reductions - Jiangbolong's senior management has completed the share reduction plan [3] - Hengda New Materials' shareholder Longyou Lianlong plans to reduce its stake by no more than 3% [3] - Guosen Securities' shareholder FAW Investment has reduced its holdings by 22 million shares, completing the reduction plan [3] - United Precision's controlling shareholder He Guijing has cumulatively reduced 319,000 shares from December 29 to 30 [3] - Gu Zhong Technology's senior management Zhou Xiaoqing plans to reduce no more than 0.01% of shares [3] - Huaxing Yuanchuang plans to reduce no more than 434,900 shares already repurchased [3] - Su Shi Testing's controlling shareholder Su Shi General Factory intends to reduce no more than 2% of shares [3] - Chaojie Co. has completed the reduction of 3,985,500 shares [3] - Hongxun Technology's shareholder Bangbangmang plans to reduce no more than 3% of shares [3] - Leiguang Co.'s Xinda Securities has reduced 14.3 million shares, bringing its holding below 5% [3] - Ruihua Tai's shareholder Guotou Gaoke plans to reduce no more than 1% of shares [3] - Meinong Biological's shareholder Quanyu plans to reduce no more than 1% of shares [3] - Youbuxun's controlling shareholder and its concerted parties plan to reduce a total of no more than 2.96% of shares [3] - Wuzhou Xinchun's third-largest shareholder Wuzhou Holdings reduced 10 million shares from November 3 to December 29 [3]

Group 1 - The company plans to reduce its holdings by a maximum of 434,900 shares through centralized bidding within six months from the announcement date [1] - The shares to be sold represent approximately 0.0977% of the company's total share capital [1]

关于集中竞价减持部分已回购股份的计划公告 本公司董事会、全体董事及相关股东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： 回购股份的基本情况 苏州华兴源创科技股份有限公司（以下简称"公司"）于 2024 年 2 月 7 日至 2024 年 5 月 6 日期间累计回购公司股份 434,946 股，占公司目前总股本 445,377,843 股的比例为 0.0977%。前述回购的股份用于维护公司价值及股东权 益，将在披露回购结果暨股份变动公告十二个月后采用集中竞价交易方式出售， 并在披露回购结果暨股份变动公告后三年内完成出售，公司如未能在上述期限内 完成出售，尚未出售的已回购股份将予以注销。上述具体内容详见公司于 2024 年 11 月 5 日在上海证券交易所网站（www.sse.com.cn）披露的《华兴源创：关 于股份回购实施结果暨股份变动的公告》（公告编号：2024-059）。截至本公告披 露日，公司尚未减持或转让前述股份。 证券代码：688001 证券简称：华兴源创 公告编号：2025-059 苏州华兴源创科技股份有限公司 公 ...

Group 1 - The company plans to reduce its repurchased shares by a maximum of 434,900 shares, which accounts for 0.0977% of the current total share capital [1] - The reduction period is set from January 23, 2026, to July 22, 2026 [1] - The shares to be reduced were repurchased between February 7, 2024, and May 6, 2024, totaling 434,900 shares, also representing 0.0977% of the total share capital [1]