来源：今日行长 2025年12月30日，中信银行发布公告显示，芦苇因工作调整辞去行长职务，同时该行董事会审议通过， 由方合英代为履行行长职责。 方合英现任职务为中信集团党委委员、副总经理，同时也是中信银行董事长，1966年6月出生的他还有5 个月将满60周岁，或许意味着中信银行还将面临更深层次的重要人事调整。 较之与大多数股份制银行，中信银行背靠部级金融央企中国中信集团（下称"中信集团"），其董事长、 行长的选拔机制相对特殊（与中国光大集团、招商局集团、中国人寿集团较为相似）。从以往经验看， 中信银行的"两长"人事补位存在两条核心路径：一是回归传统，即集团董事长兼任银行董事长，集团副 总担任银行行长；二是延续现状，即集团副总经理出任银行董事长（如方合英），行长从银行内部或集 团同级子公司选拔。 另外，中信集团董事长奚国华系1963年12月生人，这或意味集团层面同样面临代际交接的窗口期……下 文《今日行长》将结合中信银行发展历程，为您拆解此次中信银行高层补位的几大可能路径。 01 路径一：回归传统，银行董事长由集团董事长兼任、行长从集团副总中选拔 纵观中信银行38年历史，"集团董事长兼任银行董事长"是延续最久的 ...

Core Viewpoint - Huashu Holdings plans to raise up to 600 million yuan through a private placement to enhance liquidity and repay interest-bearing debts, with Hubei Hongtai Group as the sole subscriber, reflecting long-term confidence in the company's development [1][2] Group 1: Fundraising Details - The private placement will issue 208 million shares at a price of 2.88 yuan per share, accounting for no more than 30% of the company's total share capital [1] - Hubei Hongtai Group will fully subscribe to the shares in cash and commit to not transferring the shares for 36 months post-issuance [1] Group 2: Strategic Implications - The transaction constitutes a related party transaction, as Hubei Hongtai Group holds 57.52% of the controlling shareholder, Hubei Asset Management [1] - Post-transaction, Hubei Hongtai Group will directly hold 16.26% of Huashu Holdings, increasing the voting rights controlled by Hubei Provincial Finance Department from 29.08% to 40.61% [1] Group 3: Industry Insights - Huashu Holdings is focusing on electronic equipment manufacturing and carbon emission management, leveraging its subsidiaries to expand into electronic information display terminals and carbon emission governance [2] - Experts suggest that the involvement of Hubei Hongtai Group represents a deep resource integration within the state-owned system, optimizing Huashu Holdings' capital structure while avoiding equity dilution [2] - The cash infusion is expected to significantly enhance Huashu Holdings' net assets and reduce its debt ratio, while the three-year lock-up period emphasizes a long-term investment perspective [2]

一份提前一年预告、分四年执行的减持计划，将小米联合创始人林斌推至聚光灯下。这步涉及140亿人民币的资本棋局，是看空离场还是战略转型？市场与 消费者正试图从公告的字里行间寻找答案。 2025年12月28日晚，小米集团一则公告引发资本市场震荡。公司联合创始人、副董事长林斌计划自2026年12月起，每12个月出售不超过5亿美元的公司B类 普通股，累计减持金额上限达20亿美元（约140亿元人民币）。公告强调，林斌对小米业务前景"充满信心"并将长期服务集团，减持资金将主要用于成立投 资基金公司。 消息公布后，市场反应迅速。12月29日早盘，小米股价一度下跌超3%，最终收窄至0.5%。在微博平台，话题" #小米林斌减持20亿美元# "24小时内阅读量突 破8000万次，登上热搜榜第7位；抖音相关话题视频播放量累计超1200万，评论中"套现离场？""投资布局？"成为高频词。 减持计划：温和节奏下的战略转型信号 与常规高管减持不同，林斌此次计划呈现三大特殊性： 超长预告期：首次减持设定在13个月后（2026年12月），给予市场充分消化时间。 分步限额机制：每年不超过5亿美元，4年完成20亿美元目标，避免短期冲击股价。 明确资 ...

值得一提的是，自2024年6月份将上海嘉乐纳入合并报表范围以来，开润股份积极推进整合，围绕"同一 品类延展客户、同一客户延展品类"的战略，使上海嘉乐的服装业务与公司原有箱包业务形成良好协 同，运营效率与业绩持续攀升。 可以看到，本次全资控股上海嘉乐，将显著增强开润股份整体战略协同与资源整合能力，提高运营和决 策效率，降低管理成本，实现内部资源的优化配置与协同，符合公司长期发展战略。同时也显著增强开 润股份在服装领域的垂直一体化能力与发展潜力，有望为投资者创造更可持续和丰厚的价值回报。 此前，滁州米润已持有上海嘉乐71.85%股份，本次交易完成后，滁州米润将对上海嘉乐实现100%持 股，上海嘉乐正式成为开润股份的全资孙公司。此举标志着开润股份彻底完成对上海嘉乐的全资控股， 极大强化了整合深度与管控效率，为公司打造"面料+成衣"第二增长曲线奠定坚实基础。 本报讯 （记者徐一鸣）12月29日晚间，安徽开润股份（300577）有限公司（以下简称"开润股份"）发 布公告称，公司全资子公司滁州米润科技有限公司（以下简称"滁州米润"）拟收购上海嘉乐股份有限公 司（以下简称"上海嘉乐"）28.15%股份，交易对价为3.94亿 ...

公告显示，汉兴能源成立于2010年9月，是国内少数掌握从工艺设计、设备供货到整体交付的全流程实 施能力的企业，长期专注于石油化工、工业气体制备等工业领域，同时拥有石化、化工、医药领域全厂 规划设计能力，逐步在设计方案完善、工艺流程优化、核心装备集成、催化剂和吸附剂升级改良等领域 形成了系列核心技术，广泛应用于石化、可再生资源、合金、化工、光纤、通信、氢能、工业气体等行 业，在业内具有较强的技术认可度与市场基础。 建龙微纳表示，本次交易是公司根据自身发展战略进行的重要业务布局。通过本次交易，公司与汉兴能 源将形成良好的协同效益，推动公司实现从材料制造商向综合技术服务商的战略跃升。 具体而言，建龙微纳称，公司长期深耕分子筛材料领域，当前已在石油化工、能源化工、可再生能源、 可再生资源等四大领域积累技术储备与业务基础。通过本次股权收购，公司将引入汉兴能源在工艺工程 与系统集成方面的核心能力，补齐"材料+工艺+装置"的全链条解决方案能力，从而推动产业链向下游 延伸，拓宽业务边界，培育新的增长点。 建龙微纳认为，本次交易预计将为公司带来多层次的协同效益。产业上，双方可基于现有上下游关系， 以"产品+技术服务"组合模式， ...

Core Viewpoint - Haiguang Information and Zhongke Shuguang have announced the termination of their major asset restructuring due to significant changes in their stock prices since mid-August, influenced by various market factors [1] Group 1: Market Conditions - The stock prices of both parties have experienced considerable fluctuations and an overall increase since mid-August, driven by changes in domestic and international environments, the overall trend of the A-share market, the heat of the AI industry, and market expectations [1] Group 2: Strategic Collaboration - Both companies will enhance strategic collaboration while maintaining their independence, focusing on their core competencies [1] - Haiguang Information will concentrate on CPU and DCU chips, while Zhongke Shuguang will work on cutting-edge technologies such as super-node computing power, scientific large model development platforms, and cluster systems [1]

近日，天士力举办第三季度业绩说明会，据天士力总经理蔡金勇表示，目前公司正全面推进与华润三九 的首年融合工作，从"价值重塑"、"业务重塑"、"组织重塑"和"精神重塑"四个维度系统化升级管理体 系，实现强强联合的战略协同。 在运营管理方面，公司积极落实华润管理理念，加强财务、人力资源、EHSQ 及大监督体系的融合，开 展"焕新增效"等系列组织优化活动，优化运营管控模式，提升管理效率，为后续业务协同和战略落地奠 定了坚实基础；在战略规划方面，公司高效组织管理层与华润三九管理层进行多次战略融合研讨，通过 洞察行业变化趋势，并结合公司实际情况，启动了"十五五"战略规划的制订工作，力求为公司未来发展 指明方向，推动公司在创新求变新征程中实现高质量发展。 同时，公司加大与华润旗下商品以及华润医药商业和医药物流的协同，借助华润三九的品牌优势，提升 连锁药店的行业竞争力。 （上证路演） (编辑：杨燕 林辰)关键字： 医疗 在百日融合期内，公司与华润三九协同赋能，在营销领域整合线上线下渠道资源，创新医药零售新模 式。在营销领域积极与华润进行融合赋能，基于目前公司产品结构以及市场渠道特点，通过充分整合资 源、优势互补，达成米诺磷酸 ...

智通财经APP讯，象兴国际(01732)及要约人西井控股(香港)有限公司联合公布，要约人拟作出附带先决 条件的自愿现金部分要约，以要约价每股要约股份0.21港元向合资格股东收购公司已发行股本的3.712亿 股股份(相当于公司于本联合公告日期已发行股本的29%)。 要约价较股份于最后交易日联交所所报每股 股份收市价0.228港元折让约7.89%。公司已向联交所申请股份自2025年12月2日上午九时正起于联交所 恢复买卖。 要约人认为，投资于公司可提供具吸引力的平台，以补充要约人及上海西井的现有业务活动。部分要约 预期将汇集要约人及上海西井(主要从事提供智能物流解决方案及设备)与集团(主要在中国从事提供港内 服务、物流服务及供应链运营)的核心竞争力，并具有创造具有重大战略价值的协同效应的潜力。 ...

Core Insights - The article emphasizes the increasing role of industrial capital in the primary market, particularly in the application of new AI technologies, highlighting the complex relationship between industrial investors and project parties [2][3] - It discusses the balance between strategic collaboration and financial returns, with various industry leaders sharing their perspectives on how to achieve this balance [4][5] Group 1: Industrial Capital's Role - Industrial capital is becoming increasingly significant in the primary market, especially in AI technology applications [2] - The relationship between industrial investors and project parties is more complex than that of financial investors, requiring a careful balance to achieve win-win outcomes [2][3] Group 2: Strategic Collaboration vs. Financial Returns - High Hongqing outlines the "Four Board Logic" of Corporate Venture Capital (CVC), which includes extending strengths, filling gaps, solidifying foundations, and forging new paths, emphasizing the need for innovation alongside maintaining core business [3][13] - Cao Xiang stresses that investment profitability and strategic collaboration are core considerations, with strategic value being particularly crucial [4][17] - Hu Bin highlights the importance of trust responsibility starting from the fundraising stage, indicating that balancing various stakeholder demands should be planned early on [5][24] Group 3: Investment Decision-Making - Jiang Hongquan emphasizes the added value that investment can bring to enterprises, focusing on whether investments can provide actual value through existing or future business [5][14] - Ma Dongjun suggests that exit decisions should be made with respect for market principles, balancing value and risk, and should not overly focus on short-term market fluctuations [5][40] Group 4: Challenges and Opportunities - Hu Bin identifies the long-term decline in interest rates and inflation as providing a favorable funding environment for growth-oriented companies, which is crucial for technology investments [43] - He also points out the importance of technological confidence in driving innovation and entrepreneurship in China, moving from imitation to creation [44] - The challenges include the coexistence of scarcity in early-stage industries and intense competition in mature stages, necessitating deeper industry understanding from investment institutions [45]

Core Viewpoint - The appointment of Wang Ying as the new chairman of China Merchants Fund marks a strategic shift aimed at enhancing collaboration with shareholders and improving the company's operational capabilities in both active and passive management sectors [1][2]. Management Changes - Wang Ying will officially take over as chairman on November 27, 2025, succeeding Zhong Wenyue, who will no longer serve in this role [1]. - Zhong Wenyue has extensive experience in the industry, having held various positions within China Merchants Fund and its affiliated companies [2]. - The leadership transition is expected to strengthen the strategic alignment between the company and its shareholders, generating industry-wide anticipation [2]. Strategic Focus - The company aims to enhance its strategic execution capabilities under the new three-year plan, focusing on product diversification and improving active management capabilities [3][4]. - The current asset management scale of China Merchants Fund is reported at 957.37 billion, with non-monetary management assets at 570.7 billion [4]. Future Directions - The company will adopt a dual-driven approach focusing on "active management" and "passive index business" to drive high-quality development and strengthen its core business layout [5]. - Key strategic initiatives include customer-oriented operations, deepening research and investment platforms, digital empowerment, and scientific management upgrades [6]. - The company will also focus on six key support mechanisms to ensure the achievement of its strategic goals, including party leadership, internal control, mechanism innovation, talent support, shareholder integration, and corporate culture [6].