摩尔线程科创板IPO上会； 2025人工智能计算大会在北京举办； 2025·青岛创投风投大会举办。 机构预计，节前上证指数围绕3800点进行窄幅震荡。 【财经日历】 COMEX黄金期货上涨0.08%，报3771.1美元/盎司。 ►►商务部获得的初步证据和信息显示，根据墨西哥《国会公报》2025年9月9日刊登的关于调整多项进口税的提案，墨西哥政府拟对中国等非自贸伙伴的产 品提高进口关税税率，该措施将严重损害中国企业的贸易投资利益。依据《中华人民共和国对外贸易法》第三十六条、第三十七条及《对外贸易壁垒调查规 则》第十二条、第三十五条的规定，商务部决定自2025年9月25日起对墨西哥相关涉华限制措施启动贸易投资壁垒调查。 ►►9月25日，农业农村部召开全国粮油作物大面积单产提升暨"三秋"生产视频会，部党组书记、部长韩俊出席会议并讲话。会议要求，要抓实抓好"三 秋"生产重点工作，毫不放松抓好秋粮收获，确保"颗粒归仓"，着力抓好冬小麦生产，持续巩固冬油菜扩种成果，确保冬小麦、冬油菜种足种满。要稳定"菜 篮子"产品生产供给，抓好冬春蔬菜稳产保供，强化生猪产能综合调控，持续抓好肉牛奶牛产业纾困，切实做好保供稳价工作。要严抓 ...

9月25日晚，"20倍牛股"上纬新材(688585)公告称，公司股票自2025年7月9日至9月25日期间多次触及股 票交易异常波动及严重异常波动情形，最近两个交易日连续涨停。 上纬新材当前主营为复合材料，市场资金因此对"借壳"抱有高度预期。但此前智元机器人方面回应，上 述收购是出于对上纬新材主业复合材料在机器人轻量化结构件中应用前景的看好，旨在进行产业链上下 游整合，并通过"协议转让+主动要约"方式进行了上市公司控制权转移，而非借壳上市。 盘面上，9月25日，上纬新材再度20CM涨停，触及132.10元的历史新高，继年内首只10倍股之后，又成 为年内首只20倍股，年内最大涨幅已达21.63倍。 上纬新材在9月23日公告，智元恒岳和致远新创以协议转让方式受让公司股份事宜已完成过户登记手 续。智元恒岳和致远新创合伙合计拥有公司29.99%的股份及该等股份对应的表决权，上市公司控股股 东变更为智元恒岳，邓泰华成为实际控制人。 公司公告显示，智元恒岳已于要约收购报告书摘要公告前将2.32亿元存入中国证券登记结算有限责任公 司上海分公司指定的银行账户，作为本次要约收购的履约保证金。 上纬新材表示，公司关注到近期市场存在 ...

Core Viewpoint - The article discusses the strategic move by Zhiyuan Robotics to initiate a tender offer for the acquisition of 149 million shares of Shuangwei New Materials at a significantly low price of 7.78 yuan per share, which is nearly 15 times lower than the market price of 112.7 yuan per share, indicating a targeted approach to the acquisition process [1][4][6]. Group 1: Acquisition Details - Zhiyuan Robotics, through its holding platform Zhiyuan Hengyue, plans to acquire 37% of Shuangwei New Materials' total shares at a price of 7.78 yuan per share [1][4]. - The acquisition price of 7.78 yuan per share is the minimum allowed under the regulations, as it matches the price paid by Zhiyuan Robotics to gain control of Shuangwei New Materials [4][6]. - The tender offer is described as "active" and not a fulfillment of mandatory tender offer obligations, as it aims to increase Zhiyuan Robotics' control over the company [6][9]. Group 2: Strategic Implications - The purpose of the tender offer is to enhance Zhiyuan Robotics' control over Shuangwei New Materials and to support the long-term value of the company in the A-share market [9][10]. - Following the completion of the tender offer, Zhiyuan Robotics could hold up to 67% of Shuangwei New Materials' shares, providing a strong foundation for future capital operations such as refinancing or mergers [11][12]. - The concentration of shareholding is expected to facilitate market management and reduce the volatility associated with smaller float stocks, making it easier for Zhiyuan Robotics to manage its investments [12][13]. Group 3: Market Context - The stock price of Shuangwei New Materials has seen significant volatility, with a reported increase of over ten times in a short period, attributed to Zhiyuan Robotics' strategic acquisition moves [14]. - The trading volume of Shuangwei New Materials has been high, with turnover rates reaching as high as 61% when considering external float, indicating strong market interest [15]. - Recent actions by major shareholders, such as Goldwind Investment's reduction of approximately 1% of its holdings at a peak price of 88.87 yuan per share, reflect the dynamic nature of the stock's trading environment [16].

根据早前披露的收购方案，该次收购完成后，智元机器人及相关方将合计持有上纬新材66.99%的股 权，控制权进一步增强。 9月25日晚，"20倍牛股"上纬新材(688585)公告称，公司股票自2025年7月9日至9月25日期间多次触及股 票交易异常波动及严重异常波动情形，最近两个交易日连续涨停。 上纬新材当前主营为复合材料，市场资金因此对"借壳"抱有高度预期。但此前智元机器人方面回应，上 述收购是出于对上纬新材主业复合材料在机器人轻量化结构件中应用前景的看好，旨在进行产业链上下 游整合，并通过"协议转让+主动要约"方式进行了上市公司控制权转移，而非借壳上市。 上纬新材表示，公司关注到近期市场存在部分媒体关于上纬新材与实际控制人邓泰华及其控制的智元创 新相关资产进行整合的讨论与报道。公司已发函核实，收购方智元恒岳及其一致行动人致远新创合伙不 存在在未来12个月内对上市公司及其子公司的资产和业务进行出售、合并、与他人合资或合作的明确计 划，或上市公司拟购买或置换资产的明确重组计划。公司股票将于9月26日开市起停牌，自披露核查公 告后复牌。 上纬新材在9月23日公告，智元恒岳和致远新创以协议转让方式受让公司股份事宜已完 ...

Core Viewpoint - The stock of Upwind New Materials has surged over 1800% year-to-date, becoming a standout "tenfold bull stock" in 2023, primarily due to the acquisition by Zhiyuan Robotics [1][3]. Group 1: Stock Performance and Acquisition - Upwind New Materials' stock price reached a closing price of 132.1 yuan per share on September 25, 2023, with a market capitalization exceeding 53 billion yuan [3]. - Zhiyuan Robotics plans to acquire approximately 149 million shares of Upwind New Materials at a price of 7.78 yuan per share, representing 37% of the total share capital, with a total funding requirement of 1.161 billion yuan [1][3]. - The acquisition price of 7.78 yuan per share is significantly lower than the market price, creating a price discrepancy of nearly 17 times [3]. Group 2: Company Background and Transition - Upwind New Materials, established in 2000, specializes in the research, production, and sales of environmentally friendly high-performance corrosion-resistant materials and composite materials [3]. - The company had a challenging IPO in 2020, raising only 108 million yuan, marking the lowest fundraising record on the Sci-Tech Innovation Board [3][4]. - The transition to a capital market star began with Zhiyuan Robotics' entry, which acquired a 29.99% stake in Upwind New Materials prior to the public offer [1][4]. Group 3: Zhiyuan Robotics and Market Potential - Zhiyuan Robotics, a unicorn in the field of embodied intelligence, was founded less than three years ago and has attracted significant investment from top-tier capital [6][8]. - The company has ambitious plans for mass production of humanoid robots, targeting 1,000 units by the end of 2024, with a focus on various application fields [8]. - Market forecasts predict that global humanoid robot sales could reach 12,400 units by 2025, with a market size of 6.339 billion yuan, and potentially exceed 500,000 units by 2035, with a market size surpassing 400 billion yuan [8].

Group 1 - The core point of the article is that Shangwei New Materials has experienced an extraordinary stock price increase, leading to its suspension for verification starting September 26, 2025, after its stock price surged over 20 times this year [2] - From July 9 to September 25, the company's stock price increased by 1597.94%, and from January 6 to September 25, it rose by 2030.65%, marking it as the first stock to exceed a 10-fold and 20-fold increase since 2025 [2] - The stock price volatility began after the announcement on July 8 regarding a change in control to Shanghai Zhiyuan Hengyue Technology Partnership, which is associated with the leading humanoid robot company, Zhiyuan Robotics [2][8] Group 2 - Shangwei New Materials has encountered 15 instances of abnormal trading fluctuations, with 8 instances of abnormal volatility and 7 instances of severe abnormal volatility from July 9 to September 25 [4] - The Shanghai Stock Exchange has issued multiple announcements regarding the monitoring of Shangwei New Materials' stock, indicating heightened scrutiny [5] - The stock has appeared on the "Dragon and Tiger List" 18 times from July 9 to September 24, with significant trading activity from institutional accounts [5][7] Group 3 - As of September 25, 2025, the closing price of Shangwei New Materials was 132.10 yuan per share, with a total market capitalization of 53.28 billion yuan [2] - The company has confirmed that there are no asset restructuring plans within the next 12 months, despite market speculation regarding potential integration with Zhiyuan Robotics [8] - The controlling shareholder has changed to Zhiyuan Hengyue, and the actual controller is now Deng Taihua, with no plans for asset sales, mergers, or partnerships in the near future [8]

Core Viewpoint - *ST Tianmao's stock will be delisted from the Shenzhen Stock Exchange, with the decision effective immediately, and the stock will be removed within five trading days [1][2]. Group 1: Delisting Announcement - On September 25, *ST Tianmao received a notice from the Shenzhen Stock Exchange regarding the termination of its stock listing [1]. - The stock will not enter a delisting transition period and will be delisted within five trading days from the announcement [2]. Group 2: Shareholder Meeting and Cash Option - On August 25, *ST Tianmao held an extraordinary general meeting where shareholders approved the decision to voluntarily terminate the stock listing [5]. - The company initiated a cash option mechanism to protect investors, allowing eligible A-share shareholders to exercise cash options at a price of 1.60 yuan per share, with a total of 1,442,279,537 cash options effectively declared during the application period [5]. - The total funding required for the cash options is approximately 2.3 billion yuan [5]. Group 3: Post-Delisting Arrangements - After delisting, *ST Tianmao's shares will be transferred to the National Equities Exchange and Quotations system for trading [6]. - The company has appointed Changcheng Guorui as the agency to manage the share transfer services [6].

【导读】上纬新材9月26日开市起停牌核查，系今年以来首只涨幅超20倍股票 中国基金报记者 邱德坤 9月25日晚间，上纬新材发布公告称，7月9日至9月25日，公司股价多次触及股票交易异常波动及严重异常波动情形，并且最近两个交易日连续涨停，计划 自9月26日开市起停牌，直到披露核查公告后复牌。 7月9日至9月25日，上纬新材股价累计涨幅达1597.94%，1月6日至9月25日累计涨幅达2030.65%，成为2025年以来首只股价涨幅超10倍、20倍的股票。 上纬新材股价异动始于7月9日，而其在7月8日发布公告称，拟易主上海智元恒岳科技合伙企业（有限合伙）（以下简称智元恒岳），后者是智元机器人关 联公司上海智元新创技术有限公司及其核心团队出资设立的持股平台。 截至9月25日收盘，上纬新材股价报132.10元/股，涨幅达20%，总市值为532.8亿元。 已累计15次触及异常波动情形 上纬新材称，7月9日至9月25日，公司股票交易8次触及股票交易异常波动情形，7次触及股票交易严重异常波动情形。 目前，上纬新材累计发布15次异常波动、严重异常波动、交易风险提示公告，提示股票交易风险。 | 证券代码 | 证券简称 | 停复 ...

Core Viewpoint - The transformation of Upwind New Materials from a struggling IPO to a market star is primarily attributed to the acquisition by Zhiyuan Robotics, which has significantly boosted the company's stock price and market valuation [2][3]. Group 1: Stock Performance - Upwind New Materials has seen a staggering increase in stock price, with a year-to-date gain exceeding 1800%, making it one of the most notable "tenfold stocks" of the year [2]. - The stock price reached 132.1 yuan per share as of September 25, with a total market capitalization surpassing 53 billion yuan, indicating a significant valuation increase [3]. - The offer price of 7.78 yuan per share from Zhiyuan Robotics represents a stark contrast to the market price, with a price difference of nearly 17 times [3]. Group 2: Acquisition Details - Zhiyuan Robotics plans to acquire approximately 149 million shares of Upwind New Materials, representing 37% of the total share capital, with a total funding requirement of 1.161 billion yuan [2]. - Following the acquisition, Zhiyuan Robotics will hold about 66.99% of Upwind New Materials, solidifying its control over the company [2][4]. - The acquisition is part of a three-step strategy by Zhiyuan Robotics, which has already secured a 29.99% stake through a prior agreement [2][4]. Group 3: Company Background - Upwind New Materials, established in 2000, specializes in the research, production, and sales of high-performance corrosion-resistant materials and composite materials for various applications [3]. - The company had a challenging IPO in 2020, raising only 108 million yuan, marking the lowest fundraising record on the Sci-Tech Innovation Board [3]. Group 4: Zhiyuan Robotics Overview - Zhiyuan Robotics, a relatively new player in the market, has quickly gained attention due to its strong founding team, including notable figures from Huawei [5]. - The company has attracted significant investment from top-tier venture capital and industry giants, indicating strong market confidence in its potential [5][6]. - Zhiyuan Robotics aims to produce 1,000 humanoid robots by the end of 2024, with plans for exponential growth in production capacity across various application fields [6]. Group 5: Market Outlook - The global market for humanoid robots is projected to reach 6.339 billion yuan by 2025, with significant growth expected in the Chinese market [6]. - Despite technological advancements, challenges remain in achieving low-cost, high-reliability mass production, which may affect the timeline for full commercialization [6]. Group 6: Future Considerations - As the deadline for the acquisition approaches, market attention will shift to how Zhiyuan Robotics integrates Upwind New Materials' existing business and leverages its manufacturing capabilities [8].

【导读】上纬新材9月26日开市起停牌核查，系今年以来首只涨幅超20倍股票 中国基金报记者 邱德坤 9月25日晚间， 上纬新材 发布公告称，7月9日至9月25日， 公司股价 多次触及股票交易异 常波动及严重异常波动情形，并且最近两个交易日连续涨停，计划自9月26日开市起停牌，直 到披露核查公告后复牌。 7月9日至9月25日，上纬新材股价累计涨幅达1597.94%，1月6日至9月25日累计涨幅达 2030.65%，成为2025年以来首只股价涨幅超10倍、20倍的股票。 上纬新材股价异动始于7月9日，而其在7月8日发布公告称，拟易主上海智元恒岳科技合伙企 业（有限合伙）（以下简称智元恒岳），后者是智元机器人关联公司上海智元新创技术有限 公司及其核心团队出资设立的持股平台。 截至9月25日收盘，上纬新材股价报132.10元/股，涨幅达20%，总市值为532.8亿元。 已累计15次触及异常波动情形 上纬新材称，7月9日至9月25日，公司股票交易8次触及股票交易异常波动情形，7次触及股 票交易严重异常波动情形。 目前，上纬新材累计发布15次异常波动、严重异常波动、交易风险提示公告，提示股票交易 风险。 7月14日、7月1 ...