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]

Group 1 - The company, Guangdong Zhongqi New Materials Co., Ltd., and its subsidiaries have recently obtained invention patent certificates from the National Intellectual Property Administration of China [1] - The company currently holds a total of 34 invention patents in China, 2 invention patents in the United States, and 68 utility model patents [1] - The patents include titles such as "A Man-Made Quartz Stone Conveying Platform" and "An L-Type Heating Chlorination Device" [1] Group 2 - The news highlights advancements in China's chip technology, specifically mentioning a new type of chip that can be produced using mature processes of 28 nanometers and above [1] - The development aims to bypass restrictions related to photolithography machines, which are critical in chip manufacturing [1] - The innovation is expected to support AI training and embodied intelligence applications [1]

Core Viewpoint - The company Zhongqi New Materials has announced the receipt of three invention patent certificates from the National Intellectual Property Administration of China, indicating a focus on innovation and development in the materials sector [1] Group 1: Patent Achievements - The patents awarded include "A Feeding Platform for Artificial Quartz Stone," "An L-shaped Heating Chlorination Device," and "A Dryer for Producing Silica Powder," showcasing the company's advancements in technology [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广东中旗新材料股份有限公司（以下简称"公司"）、公司控股子公司中旗 (广西)硅晶新材料有限公司及公司全资子公司中旗（湖北）新材料有限公司，近 日取得国家知识产权局颁发的《发明专利证书》。截至目前，公司及子公司现有 中国发明专利 34 项，美国发明专利 2 项，实用新型专利 68 项。 二、对上市公司的影响 证券代码：001212 证券简称：中旗新材 公告编号：2025-114 广东中旗新材料股份有限公司 关于公司及子公司取得发明专利证书的公告 广东中旗新材料股份有限公司董事会 2025 年 12 月 31 日 序号 颁发证书 机构 专利名称 专利号 申请时间 专利权人 专利权期限 1 国家知识 产权局 一种人造石英石 输料平台 ZL 2025 1 0200390.5 2025 年 02 月 24 日 广东中旗新 材料股份有 限公司 20 年，自授权 公告日起算。 2 国家知识 产权局 一种 L 型加温氯 化装置 ZL 2024 1 0922589.4 2024 年 07 月 10 日 中旗（湖北） 新材料有限 公 ...

| 证券代码：001212 | 证券简称：中旗新材 | | --- | --- | | 转债代码：127081 | 债券简称：中旗转债 | | | 公告编号：2025-113 | 广东中旗新材料股份有限公司 关于"中旗转债"摘牌的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、赎回日：2025 年 12 月 22 日 2、赎回款到达"中旗转债"持有人资金账户日：2025 年 12 月 29 日 3、摘牌日：2025 年 12 月 30 日 本次发行的可转债转股期限自可转债发行结束之日（2023 年 3 月 9 日）起 满六个月后的第一个交易日起至可转债到期日止，即 2023 年 9 月 11 日至 2029 年 3 月 2 日止（如遇法定节假日或休息日延至其后的第 1 个工作日；顺延期间付 息款项不另计息）。 （四）可转换公司债券转股价格的调整情况 中旗转债初始转股价格为 30.27 元/股。 1、公司于 2023 年 6 月 10 日披露了《2022 年年度权益分派实施公告》（公 告编号：2023-030），根据相关法规和《募集说明书》 ...

| 证券代码：001212 | 证券简称：中旗新材 | 公告编号：2025-112 | | --- | --- | --- | | 转债代码：127081 | 债券简称：中旗转债 | | 广东中旗新材料股份有限公司 关于"中旗转债"赎回结果的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、"中旗转债"基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会《关于核准广东中旗新材料股份有限公司公开发 行可转换公司债券的批复》（证监许可〔2023〕249 号）核准，公司于 2023 年 3 月 3 日公开发行了可转换公司债券（以下简称"可转债"）540.00 万张，每张面 值人民币 100 元，发行总额 54,000.00 万元，债券期限为 6 年。 （二）可转换公司债券上市情况 经深圳证券交易所（以下简称"深交所"）"深证上〔2023〕327 号"文同 意，公司 54,000.00 万元可转债已于 2023 年 4 月 25 日起在深交所挂牌上市交易， 债券简称"中旗转债"，债券代码"127081"。 1、公司于 2023 年 6 月 10 日 ...

Market Overview - The renovation and building materials sector experienced a decline of 0.41% compared to the previous trading day, with Jingxue Energy leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Notable gainers in the renovation and building materials sector included: - Yangzi New Materials (002652) with a closing price of 4.86, up 9.95% [1] - Huali Co., Ltd. (603038) with a closing price of 16.59, up 4.87% [1] - ST Nachuan (300198) with a closing price of 2.55, up 3.24% [1] - Conversely, significant decliners included: - Jingxue Energy (301010) with a closing price of 22.42, down 3.28% [2] - Lezhishun Group (002398) with a closing price of 5.90, down 3.28% [2] - Zhongqi New Materials (001212) with a closing price of 51.65, down 2.55% [2] Capital Flow - The renovation and building materials sector saw a net outflow of 178 million yuan from institutional investors, while retail investors experienced a net inflow of approximately 89.27 million yuan [2] - Key stocks with significant capital flow included: - Huali Co., Ltd. (603038) with a net inflow of 22.13 million yuan from institutional investors [3] - Gongyuan Co., Ltd. (002641) with a net inflow of 16.95 million yuan from institutional investors [3] - Jingxue Energy (301010) with a net outflow of 12.6 million yuan from institutional investors [3]

Market Performance - The renovation and building materials sector increased by 1.06% compared to the previous trading day, with Yangzi New Materials leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Stock Highlights - Yangzi New Materials (002652) closed at 4.02, up 10.14%, with a trading volume of 372,200 shares and a transaction value of 141 million yuan [1] - Zhongqi New Materials (001212) closed at 54.23, up 10.00%, with a trading volume of 144,800 shares and a transaction value of 759 million yuan [1] - Wanli Stone (002785) closed at 35.30, up 4.31%, with a trading volume of 87,400 shares and a transaction value of 30.4 million yuan [1] Capital Flow - The renovation and building materials sector saw a net inflow of 59.26 million yuan from institutional investors, while retail investors contributed a net inflow of 66.90 million yuan [2] - Speculative funds experienced a net outflow of 126 million yuan [2] Individual Stock Capital Flow - Zhongqi New Materials (001212) had a net inflow of 156 million yuan from institutional investors, but a net outflow of 68.64 million yuan from speculative funds [3] - Wanli Stone (002785) recorded a net inflow of 23.52 million yuan from institutional investors, with a net outflow of 19.78 million yuan from speculative funds [3] - Yangzi New Materials (002652) had a net inflow of 21.42 million yuan from institutional investors, while speculative funds saw a net outflow of 9.99 million yuan [3]

Group 1 - The core viewpoint of the news is that Zhongqi New Materials has seen a significant increase in its stock price, rising 3.66% to 49.29 CNY per share, with a total market capitalization of 9.88 billion CNY and a cumulative increase of 11.19% over three days [1] - Zhongqi New Materials, established on March 27, 2007, and listed on August 23, 2021, specializes in the research, production, and sales of artificial quartz stone decorative materials, with main revenue sources being slabs (79.86%), countertops (19.58%), and other income (0.37%) [1] - The trading volume for Zhongqi New Materials reached 368 million CNY, with a turnover rate of 4.33% [1] Group 2 - Zhonghai Fund has a significant holding in Zhongqi New Materials, with its fund Zhonghai Haiyi Mixed A (013581) holding 5,600 shares, representing 0.73% of the fund's net value, making it the largest holding [2] - The fund has generated a floating profit of approximately 9,744 CNY today and a total of 27,800 CNY during the three-day increase [2] - Zhonghai Haiyi Mixed A was established on November 16, 2021, with a latest scale of 20.84 million CNY, and has reported a year-to-date return of 0.16% [2]

| 证券代码：001212 | 证券简称：中旗新材 | 公告编号：2025-111 | | --- | --- | --- | | 转债代码：127081 | 债券简称：中旗转债 | | 广东中旗新材料股份有限公司 关于变更签字会计师的公告 立信为公司 2025 年度财务报表及内部控制的审计机构，原委派熊宇先生为 项目签字合伙人、徐婷女士为签字注册会计师，由于立信内部工作安排调整，现 委派蔡晓丽女士为项目签字合伙人、签字注册会计师未变化，完成公司 2025 年 度财务及内部控制报告审计的相关工作。变更后财务及内部控制报告审计项目签 字合伙人为蔡晓丽、签字注册会计师为徐婷。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 广东中旗新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日、 2025 年 5 月 14 日分别召开第三届董事会第四次会议和 2024 年年度股东大会， 审议通过了《关于公司 2025 年续聘会计师事务所的议案》，同意续聘立信会计 师事务所（特殊普通合伙）（以下简称"立信"）为公司 2025 年度财务审计和 内部控制审计机 ...