新赛股份公告称，全资子公司新赛贸易长期亏损，资不抵债，公司于2022年启动其破产清算工作。2023 年，法院裁定受理破产清算申请；2025年，指定了破产管理人，后裁定其破产。近日，公司收到法院 《民事裁定书》，因破产财产分配方案执行完毕，符合终结条件，裁定终结新赛贸易破产程序。该破产 清算不影响公司现有业务经营，对当期合并报表利润无重大影响。 ...

（文章来源：证券日报） 证券日报网讯 12月16日晚间，新赛股份发布公告称，截至2025年12月15日，公司已累计归还临时补充 流动资金的闲置募集资金人民币32，000万元。 ...

新疆赛里木现代农业股份有限公司 证券代码：600540 证券简称：新赛股份 公告编号：2025-069 新疆赛里木现代农业股份有限公司 新疆赛里木现代农业股份有限公司（以下简称"公司"）于2024年12月20 日召开第八届董事会第九次会议、第八届监事会第八次会议，于2025年1月7日召 开2025年第一次临时股东大会，审议通过了《公司关于使用闲置募集资金暂时补 充流动资金的议案》，同意公司在确保不影响募集资金投资项目建设和正常生产 经营的前提下，结合公司生产经营情况以及财务状况，拟使用额度不超过人民币 32,000万元闲置募集资金暂时补充流动资金，使用期限自公司股东大会审议通过 之日起至2025年12月20日止，到期前归还至募集资金专用账户。公司监事会和保 荐机构均对该事项发表了明确同意的意见。 具体详见公司于2024年12月21日、2025年1月8日披露在《上海证券报》《证 券时报》及上海证券交易所官网（http://www.sse.com.cn）的2024-071号、2024-072 号和2025-001号公告。 | 发行名称 | 2021年非公开发行A股股票 | | --- | --- | | 募集资金 ...

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the cotton futures market was in a bottom - building phase, with the annual trend mainly influenced by Sino - US trade relations, a significant decline in imports, and a notable increase in Xinjiang's cotton production. The price reached a low due to Sino - US trade tensions, rose due to supply concerns from import decline, and then fell back due to higher - than - expected new cotton production [1]. - In 2026, whether cotton prices continue to build the bottom or rebound depends on supply - side drivers. There is a risk of reduced planting globally, and the price is expected to move upward. The operating range of the cotton 2601 contract is expected to be 13200 - 14000, and that of the 2605 contract is estimated to be 13400 - 14500. It is recommended to focus on buying opportunities at low prices, and downstream industrial customers can consider buying hedging opportunities at the lower end of the range [2][127]. 3. Summary by Relevant Catalogs 3.1 Long - term Cotton Trends and 2025 Market Review 3.1.1 Long - term Historical Review - Since the listing of Zhengzhou cotton futures in 2004, its price has fluctuated greatly, with a historical low of around 9800 and a high of 34870. The price is affected by economic cycles, weather, and policies. The long - term trend can be divided into ten stages, including supply - demand balance, bull and bear markets, and periods affected by events such as the European debt crisis, Sino - US trade frictions, and weather disturbances [11]. 3.1.2 2025 Futures Market Summary - In 2025, domestic cotton futures showed a typical range - bound pattern. From January to April, the price declined due to unmet demand expectations and Sino - US trade frictions. From May to August, it rose due to supply concerns and eased trade relations. From September to November, it fell back as new cotton production pressure emerged [20][21]. 3.1.3 2025 Spot Market Summary - In 2025, the domestic cotton spot market showed a pattern of "range - bound with a slight shift in the center of gravity." The annual average price of 3128B cotton was 14791 yuan/ton, slightly up from the beginning of the year but down year - on - year. The price declined from January to April due to trade frictions, rose from May to July due to improved expectations and supply concerns, and fell again from August to November due to new cotton production expectations and weak demand [22][23]. 3.1.4 Futures Trading Volume and Open Interest - In 2025, the trading volume and turnover of cotton futures decreased. From January to October, the cumulative trading volume was 61340818 lots, a 24.41% year - on - year decline, and the cumulative turnover was 41646 billion yuan, a 31.3% year - on - year decline. The open interest was relatively stable, with a slight increase in October. As of the end of October, the open interest was 918452 lots, higher than the same period last year [25]. 3.2 Global Cotton Market Fundamental Analysis 3.2.1 Global Cotton Supply Market Analysis - **2025/26 Annual Global Cotton Production Growth**: In 2025/26, global cotton production is expected to reach 120 million bales (about 26.13 million tons), a 0.67% year - on - year increase. The growth mainly comes from Brazil and China, while the production of other major cotton - producing countries such as the US and India is flat or slightly declining. The final output of Australia is the main uncertainty [32][33]. - **2026/27 Annual Global Cotton Production Forecast**: In 2026/27, global cotton planting enthusiasm is generally expected to be average, and the area expansion motivation is limited. The core variable of future production will focus on yield performance. Brazil's production is expected to be stable but slightly decreased [38][39]. 3.2.2 Global Cotton Demand Market Analysis - **2026/27 Global Economic Growth Forecast**: The global economic growth is expected to slow down in 2026. Although the growth in 2025 was slightly higher than expected, factors such as high tariffs, public debt, and geopolitical tensions pose threats to the global economy in 2026 [46]. - **Textile and Apparel Markets in Developed Countries**: In 2025, the US textile and apparel market showed some resilience, with moderate growth in consumption and imports. The EU market had strong import growth, and the Japanese market had a moderate increase in both volume and value. However, in 2026, high tariffs will pose challenges to the US consumer market [47][52][55]. - **Asian Textile Markets**: In 2025, India's clothing exports increased by diversifying markets, Bangladesh's exports were stable but faced some challenges, and Vietnam's textile industry had a complex situation of "upstream production increase, downstream production decrease, and export value increase" [57][60][62]. 3.2.3 Performance of US Cotton Prices during the Fed's Interest - Rate Cut Cycle - Since 2000, during the Fed's four major interest - rate cut cycles, the impact of interest - rate cuts on US cotton prices was limited. Cotton prices are mainly determined by supply - demand fundamentals, and macro - monetary policies only have an indirect impact [67][69]. 3.2.4 US Cotton Futures Prices Continue to Build the Bottom - In 2026, the pressure on the global cotton supply side will weaken. The planting enthusiasm for global cotton is decreasing, and the US cotton price has fallen below the production cost line. The demand side has high uncertainty due to economic growth slowdown and trade policies. The trend of US cotton futures prices in 2026 will focus on "bottom - building," and weather conditions will be the key factor [72][74]. 3.3 Domestic Cotton Market Fundamental Analysis 3.3.1 Domestic Cotton Supply Situation Analysis - **This Year's Production Expansion and Next Year's Policy Impact**: This year, domestic cotton production has significantly increased, mainly due to the expansion of planting area. Next year, the planting area is expected to remain stable. The key factors affecting production will be policies and weather [75][78]. - **2025/26 Import Volume Forecast**: In 2025, China's cotton imports decreased significantly. In 2026, the import volume is expected to remain low, with the estimated range between 1.1 million and 1.4 million tons [81][83]. 3.3.2 Domestic Cotton Demand Situation Analysis - **2025 Textile Industry Performance**: In 2025, the Chinese textile industry showed a trend of "stable production but reduced profits." The production was stable, but the profit margin shrank due to weak market demand and high costs [87][92]. - **2025 Domestic Sales Market**: In 2025, the domestic textile and apparel sales market was "stable in retail but under pressure in profits." The retail sales increased moderately, but the production enterprises faced operational pressure. In 2026, the market is expected to run smoothly under policy support [98][100]. - **2025 Textile and Apparel Exports**: In 2025, textile and apparel exports were under pressure due to factors such as global economic slowdown and US tariff policies. In 2026, the export situation will still be challenging, although the tariff advantage of Southeast Asian countries to the US is narrowing [103][105]. - **Substitution Competition of Polyester Staple Fiber and Viscose Staple Fiber**: The substitution competition between polyester staple fiber, viscose staple fiber, and cotton is still strong. In 2026, the substitution pressure is expected to continue, and the price difference between cotton and chemical fibers will be the key factor [110][111]. 3.3.3 Domestic Cotton Supply - Demand Balance Sheet - In the 2025/26 period, the domestic cotton market is expected to maintain a general supply - demand balance, with a slight increase in total supply and a slight decrease in consumption, resulting in a small inventory accumulation [112]. 3.4 Arbitrage Opportunity Analysis - It is recommended to focus on short - selling opportunities for the 5 - 9 spread. Based on the expected decline in imports, the support for the far - month price is gradually strengthening [116]. 3.5 Seasonal Analysis - According to the seasonal chart of the cotton futures index, the probability of price increases is relatively high in April and December, and the probability of price declines is relatively high in February and May [121]. 3.6 Cotton Market Viewpoint Summary and Operation Suggestions - In 2026, the supply side pressure is not significant, and the focus is on processing rhythm, planting area and yield expectations, and import market changes. The demand side faces challenges, mainly from the export market and substitution pressure. The price trend depends on supply - side drivers, and it is recommended to focus on buying opportunities at low prices [124][127]. 3.7 Cotton Option Market Analysis and Operation Strategies - For upstream enterprises, it is recommended to sell out - of - the - money call options. For downstream enterprises, it is recommended to sell out - of - the - money put options. For speculators, it is recommended to sell a wide - straddle combination strategy [134]. 3.8 Related Stock Price Changes - The report lists the price changes of some cotton - related stocks from January 2, 2025, to December 12, 2025, with different stocks showing varying degrees of increase or decrease [136].

Market Overview - The planting industry sector increased by 0.22% on December 8, with Shennong Seed Industry leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Stock Performance - Shennong Seed Industry (300189) closed at 6.15, up 2.33%, with a trading volume of 1.6188 million shares and a transaction value of 999.7 million yuan [1] - Hainan Rubber (601118) closed at 5.92, up 1.02%, with a trading volume of 601,100 shares and a transaction value of 358 million yuan [1] - Hualu Biological (300970) closed at 17.47, up 0.98%, with a trading volume of 22,200 shares and a transaction value of 38.796 million yuan [1] - Other notable stocks include Bowan Technology (600883) at 8.45 (+0.96%), Wanxiang Deno (600371) at 9.26 (+0.87%), and Kangnong Seed Industry (920403) at 21.31 (+0.76%) [1] Capital Flow - The planting industry sector experienced a net outflow of 5.5312 million yuan from main funds, while retail funds saw a net inflow of 17.8913 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2] Individual Stock Capital Flow - Zhuoyin High-Tech (300087) had a main fund net outflow of 46.7684 million yuan, with retail outflows of 32.6352 million yuan [3] - Beidahuang (600598) saw a main fund net inflow of 14.3215 million yuan, while retail funds experienced a net outflow of 2.6344 million yuan [3] - Nuo Puxin (002215) had a main fund net inflow of 10.074 million yuan, but retail funds saw a significant outflow of 11.8112 million yuan [3]

Group 1: SAIC Motor Corporation - In November, SAIC Motor's total vehicle sales reached 460,800 units, a year-on-year decrease of 3.75% [1] - New energy vehicle sales were 209,400 units, showing a year-on-year increase of 19.75% [1] - Cumulative vehicle sales from January to November reached 4,108,100 units, a year-on-year increase of 16.38% [1] - SAIC's subsidiary plans to establish a private equity fund focused on the smart electric vehicle industry with an initial subscription size of 1.09 billion yuan [1] Group 2: Top Group - Top Group is planning to issue H-shares and list on the Hong Kong Stock Exchange [2] - The company is in discussions with relevant intermediaries regarding the specifics of the H-share listing [2] Group 3: Ningbo Fuda - Ningbo Fuda's subsidiary intends to publicly sell 100% equity of its subsidiary, Hekou Yingzhou Cement Company, with an assessed value of 1.5752 million yuan [4] Group 4: Fuguang Co., Ltd. - Fuguang Co., Ltd. plans to sell a 25% stake in its associate company, Xiaotunpai, for 67.2636 million yuan [5] Group 5: Puluo Pharmaceutical - Puluo Pharmaceutical's subsidiary received a drug registration certificate for Amoxicillin and Clavulanate Potassium Tablets, used for various infections [6][7] Group 6: Fosun Pharma - Fosun Pharma's subsidiary received approval to conduct Phase I clinical trials for a dual-specific antibody injection for treating advanced solid tumors [8] Group 7: Far East Group - Far East Group's subsidiaries won contracts totaling 2.383 billion yuan in November [9] Group 8: Samsung Medical - Samsung Medical's subsidiary is expected to win a procurement project from the State Grid worth approximately 124 million yuan [10] Group 9: Changhua Group - Changhua Group received a development notification from a domestic automaker, with an expected total sales amount of approximately 732 million yuan over five years [12] Group 10: Xinbang Intelligent - Xinbang Intelligent's application for issuing shares to acquire Wuxi Yindichip Microelectronics has been accepted by the Shenzhen Stock Exchange [14] Group 11: Jinjing Development - Jinjing Development's subsidiary won a residential and commercial land bid in Tianjin for 474 million yuan [16] Group 12: Guohong Holdings - Guohong Holdings signed an investment framework agreement to develop a strategic emerging industry park in Tanzhou Town [17] Group 13: Hanma Technology - Hanma Technology reported a 149.94% year-on-year increase in truck sales in November, totaling 2,002 units [22] Group 14: Yufeng Group - Yufeng Group decided to terminate its plan to issue A-shares due to the expiration of authorization and market conditions [24] Group 15: Zhenhua Electric - Zhenhua Electric's subsidiary plans to invest up to 201 million yuan in a private equity fund focused on specific industries, including new energy [28] Group 16: Fuao Co., Ltd. - Fuao Co., Ltd. completed the transfer of 40% equity in Fuao Wan'an for 26.222 million yuan [29] Group 17: Baotailong - Baotailong plans to acquire an additional 2.83% stake in its subsidiary, totaling 15 million yuan [31] Group 18: Zhongchao Holdings - Zhongchao Holdings' subsidiaries won projects totaling 1.318 billion yuan [32] Group 19: Annie Co., Ltd. - Annie Co., Ltd. announced a potential change in control, leading to a temporary suspension of its stock [34] Group 20: Ganfeng Lithium - Ganfeng Lithium's subsidiary plans to issue $100 million in exchangeable notes [38]

Core Insights - The planting industry sector experienced a slight increase of 0.07% on December 1, with Zhongxing Junye leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Sector Performance - Zhongxing Junye (002772) closed at 13.13, up 4.12% with a trading volume of 261,100 shares and a transaction value of 347 million yuan [1] - Nuofushin (002215) closed at 11.20, up 3.90% with a trading volume of 281,100 shares and a transaction value of 316 million yuan [1] - Yasheng Group (600108) closed at 3.17, up 1.93% with a trading volume of 679,700 shares and a transaction value of 216 million yuan [1] - Dunhuang Seed Industry (600354) closed at 6.60, up 1.54% with a trading volume of 126,860 shares and a transaction value of 178 million yuan [1] Capital Flow - The planting industry sector saw a net outflow of 236 million yuan from main funds, while retail investors contributed a net inflow of 175 million yuan [2] - The main funds showed a net inflow in Nuofushin (317.72 million yuan) and a net outflow in Zhongxing Junye (-33.90 million yuan) [3] - Retail investors showed significant net inflows in several stocks, including Zhongxing Junye (221.98 million yuan) and Dunhuang Seed Industry (1589.02 million yuan) [3]

新疆赛里木现代农业股份有限公司 证券代码：600540 证券简称：新赛股份 公告编号：2025-068 新疆赛里木现代农业股份有限公司 关于高级管理人员辞职的公告 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。 一、高级管理人员离任情况 特此公告。 新疆赛里木现代农业股份有限公司董事会 2025 年 12 月 2 日 1 新疆赛里木现代农业股份有限公司（以下简称"公司"）董事会于 2025 年 12 月 1 日收到副总经理张成年先生的书面辞职报告，张成年先生因工作调整， 辞去公司副总经理职务，同时辞去在所属子公司的任职。辞职后，张成年先生将 不再担任公司及子公司任何职务。截至本公告披露日，张成年先生未持有公司股 份，不存在应当履行而未履行的承诺事项。 | 姓名 | 离任职务 | | 离任时间 | | 原定任期到期日 | | | | 离任原因 | 是否继续在 上市公司及 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

格隆汇12月1日丨新赛股份(600540.SH)公布,公司董事会于2025年12 月1日收到副总经理张成年先生的书 面辞职报告，张成年先生因工作调整，辞去公司副总经理职务，同时辞去在所属子公司的任职。辞职 后，张成年先生将不再担任公司及子公司任何职务。 ...

人民财讯12月1日电，新赛股份（600540）12月1日公告，张成年因工作调整，辞去公司副总经理职务， 同时辞去在所属子公司的任职。辞职后，张成年将不再担任公司及子公司任何职务。 ...