哈喽，大家好，今天小睿这篇评论，主要来分析11月27日，君亭酒店的公告中显示，公司股票从11月28 日起继续停牌，最多停3个交易日，原因还是81岁创始人吴启元要转让控制权。 上市后吴启元开始发力扩张。2022年收购君澜、景澜部分股权，一下子把酒店规模拉到300家以上，客 房超6万间，同年还定增5.17亿元，要在北京、深圳等城市建15家直营店。到2024年末，君亭规模涨到 452家酒店、91440间客房，但跟锦江的13416家、华住的11147家比，还是差了一大截。 早在11月25日，这个消息就放了出来，现在各方还在谈方案，没签正式协议。 81岁创始人退场 吴启元这个名字，在中高端酒店圈算是"老炮"级别的，1944年出生的他，2007年才创办"君亭"和"君 澜"两个品牌，当时已经63岁。我翻了早期行业报道，他那会儿就认准了中高端市场，专做商务客，在 杭州开的第一家店，连床品都选的是五星级酒店同款，价格却比五星低三成，很快就火了。 他持股33.93%，是绝对的大股东，2016年带君亭上新三板，2021年闯深交所成功，去年5月卸任董事 长，成了终身名誉董事长。公司工作人员说得直接："就是年龄大了，想交棒"，还提到新 ...

Core Viewpoint - Tianfeng Securities is under investigation by the China Securities Regulatory Commission (CSRC) for alleged violations related to information disclosure and illegal financing, which may be linked to past issues involving fund misappropriation by a former major shareholder [1][2]. Group 1: Investigation and Regulatory Actions - On November 28, Tianfeng Securities announced it received a notice from the CSRC regarding the initiation of an investigation due to suspected violations of information disclosure and illegal financing [1]. - The investigation is speculated to be connected to fund misappropriation issues disclosed in the company's 2022 annual report, involving the former major shareholder, Contemporary Technology Industry Group [1][3]. - In 2023, Tianfeng Securities faced multiple regulatory penalties for compliance issues, including warnings from the Shanghai Securities Regulatory Bureau and other regional regulators [2]. Group 2: Historical Fund Misappropriation Issues - In May 2023, Tianfeng Securities acknowledged receiving a regulatory letter from the Shanghai Stock Exchange regarding non-operational fund misappropriation, revealing that the former major shareholder had misappropriated funds through third parties [3]. - The total amount misappropriated included 1.475 billion yuan in 2020, 695 million yuan in 2021, and a beginning balance of 1.918 billion yuan at the start of 2022, with all funds and interest returned by the end of 2022 [3][4]. - The company stated that it had internal control deficiencies related to fund management and identified the need for improved oversight of related party transactions [4]. Group 3: Changes in Ownership and Management - In 2023, Hubei Hongtai Group officially became the controlling shareholder of Tianfeng Securities, marking a significant shift in the company's ownership structure [6]. - Following the change in control, the management team from the former major shareholder resigned, indicating a new phase for Tianfeng Securities [7]. - By the third quarter of 2025, Tianfeng Securities reported a revenue of 2.112 billion yuan, a year-on-year increase of 57.53%, and a net profit of 153 million yuan [7][8]. Group 4: Future Prospects and Support - Hubei Hongtai Group has provided substantial support for Tianfeng Securities' development, including a 4 billion yuan capital increase fully subscribed by the group [8]. - The combined shareholding of Hubei Hongtai Group and Wuhan State Capital Investment Operation Group reached 35.64%, positioning them as the largest shareholders [8]. - Market analysts suggest that the ongoing investigation may help clear historical issues, paving the way for future growth [8].

中证报中证网讯(记者张韵)11月27日，国信证券医药分析师陈益凌在中国证券报"中证点金汇"直播间表 示，创新药板块近两个多月的调整，既有前期涨幅较大、市场预期较高的内在原因，也有其他板块表现 突出、资金分流、热点轮动等外部原因。展望未来，创新药板块很有可能呈现分化的行情走势，核心变 量是BD交易授权后的临床推进情况。临床进展较快的公司有望收获更好的表现。 展望未来，创新药板块或呈现分化行情，海外三期临床试验成功的产品估值仍有较大提升空间，而对外 授权合作难以落地或落地后临床推进速度过慢的品种可能很难在当前估值水平上进一步大幅上涨。关注 拥有丰富的研发管线、体系化的国内商业化销售能力、全球性临床价值的潜在重磅品种的公司。 他表示，回顾今年创新药板块的强势表现，主要有国内产品销售企稳回暖、创新药出海打开估值天花板 的多方面因素。这些驱动因素并没有发生实质性的改变。 ...

此外，他认为，随着国内外创新药研发和投融资的回暖，CXO(医药外包)研发服务板块的景气度也有望 持续保持较高水平，尤其是在近年来比较热门的ADC或广义XDC(各种偶联药物的统称)领域。 中证报中证网讯(记者张韵)11月27日，国信证券医药分析师陈益凌在中国证券报"中证点金汇"直播间表 示，就创新药细分领域而言，对肿瘤领域的双抗和ADC(抗体药物偶联物)产品较为关注。实体瘤适应症 纷繁复杂，双抗、ADC潜在治疗领域较为广阔，海外商业潜力较大。 不过，他也表示，创新药的研发和临床试验通常需要数年才能获得批准并实现销售，并非一蹴而就，因 此，创新药板块的表现应该更倾向于稳步前行，螺旋上升的趋势。投资者需要认识到风险和收益是一体 两面的，建议通过择时、选股或者采用组合投资思路进行风险控制。展望2026年，创新药重磅里程碑事 件有望更多、更加密集，捕捉阶段性交易机会和长期持有式投资这两种投资策略在创新药板块上可能都 会有不错的表现。 ...

2023年1月，瑞玛精密投资设立控股子公司普莱德科技，步入空气悬架业务领域。如今，普莱德科技智 能空气悬架产品已取得多个整车厂的项目定点，截至目前，公司共披露定点项目5个，合计金额约31.37 亿元。 国内新能源车的迅速发展是空气悬架行业爆发的核心驱动力。一方面，新能源汽车对续航里程较为敏 感，空气悬架能在一定程度上提升其续航里程。新能源汽车高速行驶时，需要消耗大量能源对抗风阻， 空气悬架可以调整汽车底盘高度，从而降低新能源汽车的风阻。 11月28日，瑞玛精密(002976)盘中涨停，报收于28.44元/股。 消息面上，11月29日上午，瑞玛精密控股子公司普莱德汽车科技（苏州）有限公司（以下简称"普莱德 科技"）全国首套三腔智能空气悬架产品下线仪式在苏州工业园区普莱德科技厂区成功举行，政府有关 部门领导、公司战略合作客户、瑞玛精密董事长陈晓敏等人出席并致辞。 智悬科技正成为行业的风向标，在团队的见证下，普莱德科技自主研发的三腔智能空气悬架产品亮相舞 台。 当前，国内乘用车应用空气悬架的车型大多采用的是单腔或双腔空气弹簧，但由于单腔、双腔空气弹簧 在刚度变化方面的局限性，进而出现了三腔空气弹簧。空气弹簧的腔室越 ...

交易终止公告发布 11月28日晚间，国科微发布公告，宣布终止发行股份及支付现金收购中芯宁波交易。 国科微公告称，该公司在11月28日举行的第四届董事会第十次会议、第四届监事会第九次会议上，审议 通过了《关于终止发行股份及支付现金购买资产并募集配套资金暨关联交易事项的议案》，同意公司终 止发行股份及支付现金购买资产并募集配套资金暨关联交易事项。 此前报道： 收购计划回顾 早在今年6月5日晚间，国科微就曾发布公告称，公司拟通过发行股份及支付现金的方式向宁波甬芯等11 名交易对方购买其合计持有的中芯集成电路（宁波）有限公司（以下简称"中芯宁波"）94.366%股权， 并拟向不超过35名符合条件的特定对象发行股票募集配套资金。 此后，国科微分别于今年7月5日、8月5日、9月5日、9月30日和10月30日，相继披露5份关于购买资产并 募集配套资金事项的进展公告。 中芯国际同步公告 中芯国际今日也同步发布公告称，11月28日，国科微已与中芯国际全资子公司中芯控股等交易各方，共 同签署了《发行股份及支付现金购买资产协议之终止协议》。 终止交易原因 上述终止的资产收购事项，指的正是收购中芯国际旗下子公司中芯宁波的计划。 对此 ...

日前，中国上市公司协会相继公布了"2025年上市公司可持续发展实践案例征集活动""2025年上市公司 董事会最佳实践案例征集活动"评选结果，韵达股份（002120）（股票代码：002120.SZ）凭借其在公司 治理、价值创造以及可持续发展方面的突出表现，成功入选"上市公司董事会优秀实践案例"与"可持续 发展最佳实践案例"双项榜单。这也是韵达股份连续第三次入选"上市公司董事会优秀实践案例"，继 2024年被评为"可持续发展优秀实践案例"后，首次入选"可持续发展最佳实践案例"。 此次入选，不仅体现了中国上市公司协会对韵达股份长期稳健经营和高质量发展成果的高度认可，也彰 显了韵达作为快递物流行业头部企业在追求经济效益与社会价值方面所树立的标杆形象。 近年来，随着可持续发展成为全球共识与物流行业的重要议题，韵达股份深刻认识到企业作为社会公民 所应承担的环境与社会责任。在追求自身发展的同时，公司将ESG理念深度融入企业基因，积极探索经 济效益与社会效益相统一的发展路径。 在环境保护（E）方面，韵达股份深入贯彻落实绿色发展理念，以绿色低碳转型推动企业高质量发展。 公司是行业内较早系统化推进包装绿色化的企业之一，通过推广使 ...

Core Insights - The DOTA2 International Invitational (TI 2026) will return to Shanghai in August 2024, marking a significant event in the esports industry after a seven-year hiatus [1][2] - Perfect World, which previously hosted TI9 in 2019, is once again collaborating with Shanghai, indicating an upgraded challenge for the upcoming event [2] Esports Ecosystem - Perfect World has established a pyramid-like esports event system since 2012, focusing on games like DOTA2 and CS, and has created a comprehensive competitive channel from professional to amateur levels [3] - The successful hosting of major events like TI9 and the 2024 CS Shanghai Major has built market trust and experience for Perfect World, solidifying its competitive edge in the esports sector [4] Strategic Importance of Esports - Major gaming companies, including Tencent and NetEase, are increasingly focusing on esports as a core business strategy, recognizing its potential to drive game growth and longevity [5][6] - Esports events not only attract new players but also enhance the sales of related merchandise, contributing to the overall gaming ecosystem [6] Financial Performance - Perfect World reported a revenue of 5.417 billion yuan in the first three quarters of 2025, a 33% year-on-year increase, and achieved a net profit of 666 million yuan, marking a turnaround from previous losses [6][7] - The company's esports products have consistently provided stable revenue, serving as a financial anchor amid industry growth challenges [7] Future Prospects - The upcoming TI 2026 will focus on innovating the event experience and revitalizing the DOTA2 ecosystem in China [7] - The esports industry is projected to continue growing, with China's esports market generating 12.761 billion yuan in sales revenue in the first half of 2025, a 6.1% increase year-on-year [8][9] Commercialization and Ecosystem Development - Esports is seen as a lucrative business, with leading companies extending their reach into various commercial and ecological aspects [8] - Perfect World aims to strengthen its market position by forming partnerships with hardware giants like NVIDIA and Intel, enhancing the technological integration of esports events [8][9] Integration with Broader Economy - The integration of esports with tourism and commerce is accelerating, with large-scale offline events driving urban consumption and providing new opportunities for growth [9] - TI 2026 is expected to showcase esports as a new force driving digital economic growth, beyond just the confines of sports venues [9]

Core Viewpoint - The company announced changes to its fundraising projects, including the completion and adjustment of certain projects, as well as the permanent allocation of surplus funds to working capital due to unmet market demand and increased competition in the pharmaceutical industry [1][4][6]. Fundraising Project Adjustments - The company plans to permanently allocate surplus fundraising of 45.7502 million yuan to working capital, which accounts for 6.20% of the net fundraising amount [2][4]. - The "Pharmaceutical Packaging Folding Box Expansion and Intelligent Manufacturing Project" will be concluded, with total investment reduced from 280.2 million yuan to 49.37 million yuan, and the use of fundraising decreased from 87.5326 million yuan to 42.0384 million yuan [3][4]. - The "Global Printing Expansion and Green Packaging Intelligent Manufacturing Industrial Park (Phase I) Project" has been postponed to December 2027 due to similar reasons of unmet demand and competition [5][6]. Financial Performance and Legal Issues - The company has faced two consecutive years of losses, with a significant decline in revenue and a net profit loss of 20.0619 million yuan in the first three quarters of the year, a 44.12% decrease in revenue year-on-year [8]. - The company is involved in a legal dispute concerning a claim of approximately 332.6 million yuan related to a subsidiary's loan default, which has added to its operational challenges [7][8].

龙旗科技、宁波韵升、宁波华翔三家上市公司相继公告称，公司或子公司拟参与投资上海瓴智新创创业投资合伙企业（有限合伙）（下称"瓴智新创"）， 该基金的管理人为珠海高瓴私募基金管理有限公司，将主要围绕具身智能产业链相关的创新企业进行投资。 聚焦创投圈投融资最新情报。 近日，杭州国资委发布《关于做强做优做大"3+N"杭州产业基金集群推动杭州特色现代化产业集群高质量发展的实施意见（征求意见稿）》（以下简称 《实施意见》），面向社会公开征求意见。 《实施意见》指出，聚焦重大战略、重点领域和市场不能充分发挥作用的薄弱环节，持续优化产业基金体系，力争"十五五"期间"3+N'杭州产业基金集群 规模突破5000亿元。围绕杭州特色现代化产业集群部署，发挥长期资本、耐心资本、战略资本作用，赋能科技创新与产业创新深度融合，支持优化提升传 统产业、培育壮大新兴产业、前瞻布局未来产业。坚持"政府引导、市场运作、科学决策、防范风险"原则，推动基金市场化、法治化、专业化运作。强化 不同类型、不同功能定位、不同投资阶段基金之间的投资协同，防止同质化竞争和对社会资本产生挤出效应。 中国第一汽车集团有限公司（简称"中国一汽"）宣布，完成对卓驭科技（ ...