Core Viewpoint - Shandong Zhaochuang Information Co., Ltd. (Zhaochuang) is a leading provider of commodity information services in China, focusing on market data monitoring, price assessment, and market research analysis for various commodities. The company is preparing for an IPO on the Hong Kong Stock Exchange with Ping An Securities (Hong Kong) as the exclusive sponsor [1]. Group 1: Company Overview - Zhaochuang was established in April 2004 and is recognized as the second-largest player in China's commodity information service industry, holding a market share of 10.6% based on projected 2024 revenue [1]. - The company operates across 25 commodity sectors, leveraging over 120,000 global information sources to build a substantial and structured data asset [1]. - Zhaochuang manages more than 800 comprehensive and vertical industry research pages, covering approximately 1,200 types of commodities and publishing around 95 commodity industry indices [1]. Group 2: Leadership and Management - The founder, Jiang Hulin, has a diverse career background, having worked in various companies before establishing Zhaochuang. He currently serves as the Chairman and Executive Director [2]. - Jiang Hulin's salary has significantly increased over the past three years, rising from 1.375 million yuan in 2022 to 2.521 million yuan in 2024, marking an increase of 114.6 thousand yuan [2]. - Other executive directors include Ye Qiujun, who became General Manager in December 2023, and Sun Liwu, the youngest executive director, who has been with the company since 2009 [3]. Group 3: Shareholder Activity - Recent shareholder activities include the reduction of shares by executive director and vice general manager Lu Hua, who sold 38,800 shares for 2.2217 million yuan [4]. - Additionally, founding shareholder Lü Chunjiang reduced his holdings by a total of 1,054,700 shares, realizing 61.5931 million yuan [4].

■ 保荐代表人：周巍 阙雯磊 国联民生证券承销保荐有限公司 2026年1月7日 ...

Market Performance - The digital media sector increased by 4.87% on January 9, with "Zhi De Mai" leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] Individual Stock Performance - "Zhi De Mai" (300785) closed at 52.20, up 12.14%, with a trading volume of 411,300 shares and a transaction value of 2.06 billion [1] - "Xin Hua Wang" (603888) closed at 22.24, up 7.91%, with a trading volume of 386,500 shares and a transaction value of 830 million [1] - "Mango Super Media" (300413) closed at 26.34, up 5.15%, with a trading volume of 430,300 shares and a transaction value of 1.11 billion [1] - "Ren Min Wang" (603000) closed at 21.05, up 4.88%, with a trading volume of 413,400 shares and a transaction value of 855 million [1] - "Shi Jie Zhong Guo" (000681) closed at 26.02, up 4.50%, with a trading volume of 1,395,300 shares and a transaction value of 3.56 billion [1] Capital Flow Analysis - The digital media sector saw a net inflow of 219 million from institutional investors, while retail investors experienced a net outflow of 111 million [2] - "Zhi De Mai" had a net inflow of 99.46 million from institutional investors, but a net outflow of 61.19 million from retail investors [3] - "Mango Super Media" experienced a net inflow of 72.86 million from institutional investors, with a net outflow of 41.86 million from retail investors [3]

国联民生证券承销保荐有限公司 关于山东卓创资讯股份有限公司 持续督导 2025 年培训情况的报告 山东卓创资讯股份有限公司（以下简称"卓创资讯"或"公司"）首次公开 发行股票并于 2022 年 10 月 19 日在深圳证券交易所创业板上市交易。国联民生 证券承销保荐有限公司（以下简称"保荐机构"或"国联民生承销保荐"）作为 其保荐机构，指定周巍、阙雯磊担任保荐代表人。 根据《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳 证券交易所创业板股票上市规则》以及《深圳证券交易所上市公司自律监管指引 第 2 号——创业板上市公司规范运作》等有关规定， 国联民生承销保荐保荐代表 人周巍于 2025 年 12 月 29 日对卓创资讯控股股东、实际控制人、董事、高级管 理人员等相关人员进行了专项培训，现将相关情况报告如下： 一、培训基本情况 1、培训时间：2025 年 12 月 29 日 2、培训人员：卓创资讯控股股东、实际控制人、董事、高级管理人员等相 关人员 3、培训主题：关联方违规占用上市公司资金案例分析 二、培训主要内容 本次培训通过法规与案例相结合的方式，重点向培训对象介绍了关联交易、 资金占 ...

关于山东卓创资讯股份有限公司 国联民生证券承销保荐有限公司 2025 年定期现场检查报告 国联民生证券 保存有限 2026 阙雯磊 (本页无正文,为《国联民生证券承销保荐有限公司关于山东卓创资讯股 份有限公司 2025年定期现场检查报告》之签章页 ) 保荐代表人: 周 巍 | 保荐机构名称：国联民生证券承销保荐有限公司 被保荐公司简称：卓创资讯 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 保荐代表人姓名：周巍 联系电话：0531-82596870 | | | | | | | | 保荐代表人姓名：阙雯磊 联系电话：0531-82596870 | | | | | | | | 现场检查人员姓名：周巍 | | | | | | | | 年度 现场检查对应期间：2025 | | | | | | | | 现场检查时间：2025 年 月 月30 12 12 | 29 | 日至 | 2025 | 年 | 日 | | | 一、现场检查事项 现场检查意见 | | | | | | | | （一）公司治理 是 否 | | | | | | 不适用 | | 现场检 ...

Core Viewpoint - The black futures market experienced a strong upward trend due to favorable macroeconomic news, with coking coal and coke main contracts hitting the limit up, leading to increased market purchasing sentiment and speculative demand for coking coal [1] Market Dynamics - The current transaction of coking coal at the pit has shown slight improvement, indicating a potential stabilization in prices, while the cost support for coke has increased [1] - Coking plants are maintaining stable operating loads, but some local coking enterprises still have inventory, focusing on active shipments in the short term [1] Supply and Demand Analysis - Downstream steel mills have seen a temporary rebound in pig iron production; however, there are upcoming maintenance schedules for blast furnaces before the Spring Festival, which will keep pig iron production at low levels, limiting support for coke demand [1] - Most steel mills are currently maintaining just-in-time purchasing without concentrated stockpiling, leading to a slightly loose supply-demand balance for coke in the short term, with prices expected to remain stable [1]

Core Viewpoint - The black futures market experienced a strong upward trend influenced by positive macroeconomic news, with coking coal and coke main contracts hitting the limit up [1] Group 1: Market Sentiment and Demand - Market purchasing sentiment has improved, leading to increased speculative demand for coking coal and heightened procurement enthusiasm from steel mills for coke [1] - Expectations for coke price reductions have weakened as a result of the improved market conditions [1] Group 2: Supply and Production Dynamics - In the spot market, coking coal pit transactions have shown slight improvement, indicating a potential stabilization in prices [1] - Coking coal supply remains relatively sufficient, with coking plants maintaining stable operational loads and some local coking enterprises still holding inventory [1] - Downstream steel mills have seen a temporary increase in pig iron production; however, upcoming maintenance of blast furnaces before the Spring Festival is expected to limit support for coke demand [1] Group 3: Price Outlook - The overall supply-demand balance for coke is expected to remain slightly loose in the short term, with coke prices anticipated to stabilize [1]

Group 1 - The core viewpoint of the articles indicates that the domestic copper market is experiencing a significant price increase, with expectations of a new upward trend in copper prices for 2026 due to supply concerns and strong demand forecasts [1][4][6] - As of January 7, 2025, the domestic electrolytic copper price reached 103,535 yuan/ton, a year-on-year increase of 39.17%, breaking the 100,000 yuan/ton mark by the end of December 2025 [2][3] - The long-term contract negotiations for 2026 are characterized by heightened pricing enthusiasm, reflecting market concerns about supply tightness and demand resilience [2][3] Group 2 - The copper concentrate processing fee (TC/RC) negotiations are currently at a stalemate, with expected prices for 2026 ranging from -11 to 0 USD/ton, indicating a significant drop compared to previous years [2][3] - The long-term contract prices for copper in various regions show substantial increases, with some areas reporting price hikes of at least 50 yuan/ton compared to the previous year [3] - The external trade long-term contracts for 2026 show a price increase of 100 USD/ton compared to the previous year, indicating optimism about overseas demand, particularly in Southeast Asia [3] Group 3 - Supply-side concerns are supported by predictions of marginal growth in global copper mine production of only 300,000 to 450,000 metric tons for 2026, influenced by various systemic risks [4] - Despite traditional consumption shrinking, global copper consumption is expected to grow by 3.4% year-on-year in 2026, driven by rapid growth in AI and energy storage consumption [5] - The macroeconomic environment and industry trends are expected to support a long-term upward trend in copper prices, with projections for the LME three-month copper price to range between 10,800 USD/ton and 15,000 USD/ton in 2026 [6]

Group 1 - The stock price of Zhuochuang Information (301299) closed at 55.61 yuan on January 6, 2026, with a slight decrease of 0.13% and a turnover rate of 1.47% [1] - The trading volume was 8,849 lots, resulting in a total transaction amount of 49.21 million yuan [1] Group 2 - The company has maintained steady revenue growth and has a strong focus on investor returns, having implemented cash dividends multiple times since its listing [2] - Zhuochuang Information provides data analysis for bulk commodity futures and serves clients that include financial institutions, having completed the domestic financial information service institution filing with the registration number "鲁金信备〔2023〕1号" [2][2] Group 3 - On January 6, the net outflow of main funds was 182.38 thousand yuan, while retail investors saw a net inflow of 512.14 thousand yuan [3][4] - The net outflow from speculative funds was 329.76 thousand yuan on the same day [4]

Core Viewpoint - The domestic refined oil retail price adjustment on January 6, 2026, resulted in no changes, maintaining stable fuel costs for residents and logistics in the short term [1][2]. Group 1: Price Adjustment and Market Impact - The first price adjustment of 2026 was suspended due to the average price change being less than 50 yuan per ton, as per the current pricing mechanism [1]. - The next price adjustment window is set for January 20, 2026, with expectations of a slight decrease based on current international oil prices [2]. Group 2: Supply and Demand Dynamics - During the current pricing cycle, both gasoline and diesel wholesale prices showed a downward trend, influenced by a decline in international oil prices and stable supply [3]. - Analysts predict that 2026 will see a primary focus on inventory reduction in the refined oil market, with increased pressure on refineries due to declining consumption and the need to manage inventory risks [4]. Group 3: International Oil Price Trends - The international oil market is experiencing a weak and fluctuating trend, with geopolitical tensions providing temporary support, but overall supply excess continues to weigh on prices [5][6]. - The U.S. is currently in a demand slump, leading to rising oil inventory levels, which further contributes to the bearish outlook for international oil prices [5][6].