Core Viewpoint - Zhejiang's capital market has achieved significant growth during the "14th Five-Year Plan" period, focusing on high-quality development through the "Phoenix Action" plan, enhancing enterprise cultivation, industrial empowerment, and ecological optimization, leading to a dual increase in scale and quality [1] Group 1: Capital Market Development - Zhejiang's capital market has seen a substantial increase in the number of listed companies, with 192 new domestic IPOs, bringing the total to 607, ranking second in the country [2] - The total market capitalization of listed companies in Zhejiang grew from 5.51 trillion yuan at the end of 2020 to 7.54 trillion yuan by the end of 2025, marking a 36.8% increase [2] - The coverage rate of listed companies in county areas increased from 71% at the end of the "13th Five-Year Plan" to 85% [2] Group 2: Financing Growth - From early 2021 to October 2025, Zhejiang's capital market generated a total of 24,364.5 billion yuan in new equity and debt financing, accounting for 7% of the national total [3] - New IPO financing in Zhejiang reached 1,647.3 billion yuan, representing 10.1% of the national new IPO financing total [3] - The merger and acquisition market in Zhejiang has been active, with 308 listed companies completing 532 mergers and acquisitions, disclosing a total amount of 1,294.10 billion yuan [3] Group 3: Strategic Emerging Industries - By December 2025, Zhejiang had 194 listed companies in strategic emerging industries, ranking second nationally [5] - The proportion of new listed companies in strategic emerging industries increased from 55.71% in 2021 to 100% by 2025 [5] - Strategic emerging industry companies in Zhejiang achieved a total revenue of 2,960.88 billion yuan and a net profit of 202.71 billion yuan in the first three quarters of 2025, with a net profit growth rate of 12.15% [6] Group 4: Financial Ecosystem - The bond market in Zhejiang expanded steadily, with a cumulative issuance of corporate bonds and asset-backed securities (ABS) reaching 22,771.6 billion yuan during the "14th Five-Year Plan" [7] - By the end of November 2025, the outstanding scale of bonds and ABS in Zhejiang reached 15,743.23 billion yuan, ranking fourth nationally [7] - The development of public REITs in Zhejiang has made significant progress, with five REITs issued, raising 12.62 billion yuan, accounting for approximately 6.5% of the national total [9] Group 5: Future Outlook - The "15th Five-Year Plan" emphasizes the need to enhance the financial service system to support technological innovation and industrial transformation [9] - Zhejiang aims to leverage its capital market to cultivate high-quality listed companies in emerging industries and promote active mergers and acquisitions [9]

清 上市公司到 江赏本市 增长 42.8% HE+ "十四五"时期 新增境内IPO 607 家 上市公司 L 192家 主题成 2020年末 2025年 12月底 市公司总市值 == 7.54 端长 36.8% 万亿元 5.51 万亿元 上市公司总市值 2025年12月末 2020年末 直接融资 7% "十四五"时期(截至2025年10月末) 24364.5 浙江辖区资本市场 新增股债融资总额达 亿元 全国同期总额 上市公司总收人 4.41 月亿元 2.8 te K 万亿元 2020年 2024年 上市公司海外收 3922.36亿元 增长 2020年 103.08% 2024年 0017 = 作为中国资本市场的重要增长极与组成部分，浙江资本市场上市公司群体庞大、新兴产业占比高，多元资本服务 生态协同模式成熟，债券、REITs等金融工具创新成效显著。"十四五"时期的成果不仅筑牢了浙江特色现代化产业 体系的资本根基，更为全国地方资本市场服务新质生产力、打通"资本—实体"循环提供了示范性经验。展望"十五 五"，浙江将进一步精准有效发挥资本市场服务功能，为因地制宜大力发展新质生产力、加快构建浙江特色现代化 产业体系提 ...

一、合作投资基本概述情况 2025 年 11 月 28 日，公司与普通合伙人上海卿云私募基金管理有限公司（以 下简称"卿云私募"）、有限合伙人上海静安产业引导股权投资基金有限公司、上 海卿云一号创业投资合伙企业（有限合伙）、上海未来启点私募投资基金合伙企 业（有限合伙）、安徽金扁担股权投资有限公司及特殊有限合伙人上海复瓴智辉 企业管理合伙企业（有限合伙）签署《上海相辉一号创业投资合伙企业（有限合 伙）之合伙协议》，共同投资设立上海相辉一号创业投资合伙企业（有限合伙） （以下简称"相辉一号"），本次募集资金 7.427 亿元，公司作为有限合伙人以自 有资金认缴出资 2 亿元，首次出资 8,000 万元，占合伙企业认缴出资额的 26.93%。 根据公司《章程》等有关规定，本次交易未达到董事会及股东会审议标准，无需 提交董事会或股东会审议。具体内容详见公司 2025 年 11 月 29 日披露于上海证 券交易所官网（www.sse.com.cn）的《浙江龙盛与私募基金合作投资公告》（公 告编号：2025-048）。 第 1页 共 4 页 二、投资私募基金的进展情况 公司于近日收到基金管理人卿云私募的通知，相辉一号所 ...

Group 1 - Zhejiang Longsheng Group Co., Ltd. is located in Shaoxing, Zhejiang Province, and was established on March 23, 1998, with its listing date on August 1, 2003 [1] - The company's main business involves dyes, intermediates, water-reducing agents, as well as inorganic chemical products like soda ash and synthetic ammonia. The revenue composition is as follows: dyes 55.83%, intermediates 23.14%, additives 7.33%, inorganic products 5.08%, real estate 3.48%, other businesses 1.88%, automotive parts 1.23%, color standards and sustainable development solutions 1.22%, and others 0.81% [1] Group 2 - The fund "Shangyin Value Growth 3-Month Holding Period Mixed A" (013284) holds 42,100 shares of Zhejiang Longsheng, accounting for 2.61% of the fund's net value, ranking as the seventh largest holding [2] - The fund has a total scale of 1.9204 million, with a year-to-date return of 24.56%, ranking 3769 out of 8087 in its category, and a one-year return of 24.17%, ranking 3616 out of 8085 [2] Group 3 - The fund manager Zhao Zhiyue has a tenure of 10 years and 235 days, with a total asset scale of 1.768 billion. The best fund return during his tenure is 138.78%, while the worst is -42.27% [3] - The co-manager Chen Bo has a tenure of 5 years and 333 days, with a total asset scale of 791 million. The best fund return during his tenure is 88.39%, while the worst is -8.38% [3]

Core Viewpoint - Zhejiang Longsheng announced that as of the date of the announcement, the company has not provided guarantees for its controlling shareholders, actual controllers, or their related parties, and there are no overdue guarantees for the company and its subsidiaries [2] Group 1 - The company confirmed the absence of guarantees provided to controlling shareholders and related parties [2] - There are no overdue guarantees reported for the company and its subsidiaries [2]

证券代码：600352 证券简称：浙江龙盛 公告编号：2025-052 浙江龙盛集团股份有限公司 关于为控股子公司提供担保及担保额度调剂的公告 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： 担保对象及基本情况 | | | | | 实际为其提供的 | 是否在前 | 本次担保 | | --- | --- | --- | --- | --- | --- | --- | | 被担保人名称 | | 本次担保金额 | | 担保余额（不含 | 期预计额 | 是否有反 | | | | | | 本次担保金额） | 度内 | 担保 | | DyStar Pte Ltd | Singapore | 2,000 | 万美元 | | | | | （德司达新加坡有限公司，以 | | （折人民币约 | | 77,611.30 万元 | 是 | 否 | | 下简称"德司达新加坡"） | | 14,071.60 万元） | | | | | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告 ...

Core Viewpoint - The report highlights the growth in China's sulfuric acid production, indicating a positive trend in the industry with a projected increase in output and a favorable investment outlook for the coming years [1]. Industry Summary - According to the National Bureau of Statistics, China's sulfuric acid production (calculated at 100%) reached 9.09 million tons in October 2025, reflecting a year-on-year growth of 1.5% [1]. - From January to October 2025, the cumulative production of sulfuric acid in China was 9.2601 million tons, marking a cumulative increase of 6.2% [1]. - The report provides a comprehensive analysis of the sulfuric acid market in China from 2025 to 2031, assessing investment prospects and market dynamics [1]. Company Summary - The companies mentioned in the report include Zijin Mining (601899), Jiangxi Copper (600362), Juhua Co. (600160), Zhongjin Gold (600489), Tongling Nonferrous Metals (000630), Longbai Group (002601), Yuntianhua (600096), Zhejiang Longsheng (600352), and Chuanfa Longmang (002312), which are key players in the sulfuric acid industry [1].

Core Viewpoint - The company Zhejiang Longsheng Group Co., Ltd. has announced a guarantee for its subsidiary, Desida Singapore, to facilitate financing with Hangzhou Bank, indicating a strategic move to support its subsidiary's operations and manage financial risks effectively [1][10]. Group 1: Guarantee Details - The company has signed a pledge contract with Hangzhou Bank to provide joint liability guarantees for Desida Singapore's financing needs, with no counter-guarantee involved [1][2]. - The total guarantee amount for the subsidiary is included within the overall guarantee limit approved for the year 2025, thus not requiring separate board or shareholder meetings for approval [2][5]. - As of December 25, 2025, the company has a total guarantee balance of RMB 917,668.79 million, which represents 26.77% of the company's net assets as of the end of 2024 [14]. Group 2: Internal Decision-Making Process - The board of directors approved the guarantee limits for subsidiaries during meetings held on April 11, 2025, and May 30, 2025, with unanimous support [1][13]. - The company has the authority to adjust guarantee limits among subsidiaries with an asset-liability ratio below 70%, optimizing the use of available guarantees [5]. Group 3: Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary and reasonable as the company maintains control over the subsidiary and assesses its ability to repay debts, ensuring that the guarantee aligns with the subsidiary's liquidity needs [10].

重要内容提示： 担保对象及基本情况 | | | | | 实际为其提供的 | 是否在前 | 本次担保 | | --- | --- | --- | --- | --- | --- | --- | | 被担保人名称 | | 本次担保金额 | | 担保余额（不含 | 期预计额 | 是否有反 | | | | | | 本次担保金额） | 度内 | 担保 | | DyStar Pte Ltd | Singapore | 3,500 | 万美元 | | | | | （德司达新加坡有限公司，以 | | （折人民币约 | | 53,028.60 | 是 | 否 | | 下简称"德司达新加坡"） | | 24,637.20 万元） | | | | | 累计担保情况 证券代码：600352 证券简称：浙江龙盛 公告编号：2025-051 浙江龙盛集团股份有限公司 关于为控股子公司提供担保及担保额度调剂的公告 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。 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市 ...

Group 1 - The core stock price of Zhejiang Longsheng (600352) closed at 10.77 yuan on December 24, 2025, with a market capitalization of 35.038 billion yuan, reflecting a 0.47% increase from the previous trading day [1] - The stock opened at 10.75 yuan, reached a high of 10.78 yuan, and a low of 10.66 yuan, with a trading volume of 1.66 billion yuan and a turnover rate of 0.48% [1] - The company announced that it provided guarantees for its wholly-owned subsidiary, Huasheng Co., Ltd., and its controlling subsidiary, Desida Singapore Co., Ltd., amounting to 400 million yuan and 5 million USD plus 220 million yuan, totaling approximately 572.615 million yuan [1] Group 2 - The guarantees have been approved through internal decision-making processes and fall within the guarantee limits for subsidiaries for the year 2025, thus requiring no further review [1] - The guarantee method is a joint liability guarantee without counter-guarantee [1] - As of December 23, 2025, the total amount of external guarantees provided by the company was 8.352 billion yuan, accounting for 24.36% of the latest audited net assets, with no overdue guarantees [1]