根据2025年12月19日披露数据，狮腾控股（02562）、长飞光纤光缆（06869）、龙蟠科技（02465）港 股通持股占比增加值最大，分别增加3.23%、2.30%、1.42%；大唐新能源（01798）、山东墨龙 （00568）、天齐鋰业（09696）港股通持股占比减少值最大，分别减少-1.10%、-0.85%、-0.77%。 在最近有统计数据的5个交易日内，红星美凯龙（01528）、狮腾控股（02562）、南方恆生科技 （03033）港股通持股占比增加值最大，分别增加5.73%、5.03%、3.63%；长飞光纤光缆（06869）、招 商证券（06099）、山东墨龙（00568）港股通持股占比减少值最大，分别减 少-6.95%、-4.28%、-2.73%。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新日占比增持榜（前20名） | 公司名称 | 占比值变动 | 最新持股比例 | | --- | --- | --- | | 狮腾控股(02562) | +3.23% | 42.11% | | 长飞光纤光缆(06869) | +2.30% | 53.77% | | 龙蟠科技(02465) | +1 ...

Group 1 - The Shandong Provincial Big Data Bureau has officially announced the list of innovative achievements for the 2025 provincial data element market-oriented allocation reform, marking a key initiative in advancing the construction of the national data element comprehensive pilot zone and accelerating data element market-oriented allocation reform [1][2] - Data is recognized as a new production factor and the core engine for the development of the digital economy, making the promotion of data element market-oriented allocation reform significant for activating data potential, driving industrial transformation, and enhancing governance efficiency [1] - The Shandong Provincial Big Data Bureau has focused on key bottlenecks and challenges in data element market-oriented allocation, leading to a series of innovative achievements in areas such as data rights confirmation, data circulation and trading, data security governance, and data value transformation [1][2] Group 2 - The announcement of the innovative achievements aims to build a platform for exchanging and promoting results, encouraging the replication and dissemination of quality innovative experiences across the province [2] - The next steps include deepening data element market-oriented allocation reform, enhancing tracking and application promotion of innovative achievements, and improving the data element market system to address challenges related to data usage [2] - A list of innovative projects has been compiled, covering various aspects such as data property protection, data governance, public data resource practices, and data circulation and trading technology innovations [3][4]

12月18日晚间，四川路桥（600039）发布公告称，中邮保险于2025年12月17日通过二级市场买入股票的方式增持公司11.43万股，占公司总股本的 0.0013%。增持后，中邮保险持有四川路桥4.35亿股，占公司总股本的5.00%。此次权益变动不触及要约收购，且不会导致公司控股股东、实际控制人发生 变化。 险资举牌上市公司年内已近40次 值得注意的是，险资举牌今年持续升温。据不完全统计，年内险资举牌接近40次，创2016年以来新高。其中，险资对H股公司举牌次数超30次。 在此次举牌四川路桥之前，中邮保险年内已进行过三次举牌。分别是东航物流（601156.SH）、绿色动力环保（01330.HK）和中国通号（03969.HK），涉 及基建、环保和交通板块。 中邮保险有关负责人此前曾表示，展望"十五五"，险资需在长期资本入市、科技攻关、城市更新、养老保障等领域当好"稳定器"。中邮保险将从锻造跨资 产、跨周期主动管理能力；健全长期资本运作机制；聚焦国家急需领域深化布局；塑造"稳健透明、专业可信"的长期资本品牌等四方面持续发力。 除中邮保险外，还包括平安人寿年内举牌了招商银行H股、邮储银行H股、农业银行H股等，长城 ...

12月18日晚间，四川路桥（600039）发布公告称，中邮保险于2025年12月17日通过二级市场买入股票的方式增持公司11.43万股，占公司总股本的 0.0013%。增持后，中邮保险持有四川路桥4.35亿股，占公司总股本的5.00%。此次权益变动不触及要约收购，且不会导致公司控股股东、实际控制人发生 变化。 业绩表现或为险资举牌原因之一 据披露，对于此次变动，中邮保险是基于自身发展投资需求和支持上市公司持续健康发展的规划安排进行长期投资。 公开信息显示，四川路桥主要从事工程建设、矿业及新材料、清洁能源等产业的投资、开发、建设和运营业务。工程建设板块，业务覆盖公路、铁路、市 政、房建、港航等"大土木"领域，具备投融资、设计、建设、运营、养护全产业链一体化发展能力。 今年以来，四川路桥整体业绩表现良好。财报显示，今年前三季度，四川路桥实现营收732.81亿元，同比增长1.95%；归母净利润53.00亿元，同比增长 11.04%；单三季度归母净利润25.20亿元，同比增长59.72%。 公司半年报披露，报告期内，其发布2024年度利润分配方案，现金分红32.84亿元，2024年度累计分红金额占当年归属于上市公司股 ...

智通财经APP获悉，香港联交所最新资料显示，12月15日，长城人寿保险股份有限公司增持大唐新能源 (01798)500万股，每股作价2.1661港元，总金额为1083.05万港元。增持后最新持股数目为4.05亿股，最 新持股比例为16.19%。 ...

香港联交所最新资料显示，12月15日，长城人寿保险股份有限公司增持大唐新能源(01798)500万股，每 股作价2.1661港元，总金额为1083.05万港元。增持后最新持股数目为4.05亿股，最新持股比例为 16.19%。 ...

Core Insights - The capital market is experiencing a resurgence in insurance capital acquisitions, with a record 38 instances of shareholding increases in listed companies in 2025, marking the highest level since 2016 [1][2] - Insurance capital is increasingly favoring H-shares due to their high dividend yields and lower valuations compared to A-shares, with 32 out of 38 acquisitions targeting H-shares [2][4] - Regulatory scrutiny has intensified, as evidenced by a warning issued to Changcheng Life for non-compliance during a shareholding increase, highlighting the need for improved internal compliance processes within insurance firms [6][7] Group 1: Insurance Capital Trends - Insurance capital is shifting towards high-dividend, low-valuation equity assets due to declining interest rates, which make traditional fixed-income returns insufficient to cover liabilities [1][4] - The trend of insurance capital acquisitions is characterized by multiple increases in shareholding for favored targets, with companies like Hongkang Life and Ping An Life making significant investments in H-shares [2][4][5] - The total investment balance of the insurance industry exceeded 37 trillion yuan by September 2025, with stock and securities investment funds accounting for approximately 5.57 trillion yuan, providing ample resources for acquisitions [8] Group 2: Regulatory Environment - The regulatory environment has become more stringent, as demonstrated by the warning issued to Changcheng Life for failing to comply with reporting obligations during a shareholding increase [6][7] - Experts suggest that the industry needs to establish unified internal control standards for acquisitions, including mandatory pre-warning thresholds and third-party compliance audits [7] - The ongoing low-interest-rate environment and supportive regulatory policies are expected to sustain the active trend of insurance capital acquisitions into 2026 [8]

交银国际研究 行业剖析 行业评级 领先 2025 年 12 月 5 日 新能源与公用事业行业 2026 年展望：行业"反内卷"之下多晶硅初见曙光，大储需求超预期 行业与大盘一年趋势图 资料来源： FactSet 12/24 4/25 8/25 12/25 -20% -10% 0% 10% 20% 30% 40% 行业表现 恒生指数 郑民康 wallace.cheng@bocomgroup.com (852) 3766 1810 文昊, CPA bob.wen@bocomgroup.com (86) 21 6065 3667 估值概要 | 公司名称 | 股票代码 | 评级 | 目标价 | 收盘价 | | -----每股盈利----- | ----市盈率---- | | | ----市账率---- 股息率 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | FY25E | | | FY26E FY25E FY26E FY25E FY26E | | | FY25E | | | | | | ...

Investment Rating - The report maintains a "Buy" rating for the public utility sector [5] Core Views - The report emphasizes the importance of green electricity consumption and solid waste management in the context of the "dual carbon" goals set for 2026, suggesting a focus on the green electricity sector for potential valuation recovery [4][8] - The report highlights the ongoing decline in electricity prices and the need for adjustments in the installation rhythm of new green electricity projects based on regional supply and demand [4][3] - The report suggests that the electricity market reform is progressing, with a focus on expanding the electricity spot market and auxiliary services, while also noting the transformation of thermal power's functional positioning [4] Summary by Sections Market Review - The SW public utility sector experienced a slight decline of 0.09% this week, ranking 11th among 31 SW sectors, while the Shanghai Composite Index fell by 0.34% [23] - Among sub-sectors, thermal power increased by 0.22%, while hydropower decreased by 0.26% [23] - The top five performing stocks in the public utility sector this week were: Jiaze New Energy (+9.71%), Yinxing Energy (+8.58%), Zhongtai Co. (+7.79%), Xichang Power (+5.38%), and Chenzhou International (+4.14%) [29] Price Updates - The report notes a significant drop in thermal coal prices, with Qinhuangdao port's 5500 kcal thermal coal price decreasing by 39 CNY/ton this week [2][9] - The average settlement price for electricity in Guangdong was reported at 292.88 CNY/MWh, down from 354.64 CNY/MWh the previous week [10] Key Events - Various provinces have begun releasing results for the "136" document's incremental project bidding, with significant volumes of green electricity being auctioned at varying prices [3][7] - The Central Economic Work Conference reiterated the commitment to the "dual carbon" goals, emphasizing the need for a comprehensive green transition and the expansion of green electricity applications [8]

简雪艮女士已获委任为联席公司秘书、授权代表及香港法律程序文件代理人，自2025年12月12日起生 效。同时邹敏女士将继续担任另一名联席公司秘书。 大唐新能源(01798)发布公告，联交所已确认邹敏女士于豁免期间届满后，符合上市规则第3.28条项下担 任公司公司秘书的资格。 邝燕萍女士已辞任联席公司秘书上市规则第3.05条项下公司授权代表以及上市规则第19A.13(2)条及公司 条例(香港法例第622章)第16部项下代表公司于香港接收法律程序文件及通知的授权代表(香港法律程序 文件代理人)职务，自2025年12月12日起生效。 ...