今日聚焦 1、工业富联：回购股份价格上限由不超过19.36元/股调整至不超过75元/股 工业富联(601138.SH)公告称，公司将回购股份价格上限调整为不超过人民币75.00元/股，该价格不高于 董事会审议通过决议前30个交易日公司股票交易均价的150%。调整前回购价格上限为不超过19.36元/ 股。本次调整属于股东会授权董事会调整回购方案具体事项的范围，无需提交股东会审议。公司已累计 回购股份769.74万股，使用资金总额1.47亿元。此次调整旨在保障回购股份方案的顺利实施，符合相关 法律法规，不会对公司经营产生重大不利影响。 2、中金公司：鉴于本次重组相关事项存在重大不确定性，股票将继续停牌 中金公司(601995.SH)公告，公司与东兴证券股份有限公司、信达证券股份有限公司正在筹划由公司通 过向东兴证券全体A股换股股东发行A股股票、向信达证券全体A股换股股东发行A股股票的方式换股吸 收合并东兴证券、信达证券。鉴于本次重组相关事项存在重大不确定性，为保证信息公平披露，维护投 资者利益，避免造成公司股价异常波动，根据上海证券交易所相关规定，公司A股股票将继续停牌。 3、五连板实达集团：目前公司与阿里云之间 ...

以下是第一财经对一些重要公告的汇总，供投资者参考。 【品大事】 浙江医药：拟筹划控股子公司分拆上市 浙江医药公告，公司计划筹划分拆控股子公司浙江新码生物医药有限公司于香港联交所上市。本次分拆旨在促进药品生物制剂板块发展，拓宽融资渠道，提 升公司整体盈利能力和核心竞争力。公司已于2025年11月26日召开董事会，审议通过相关议案，授权管理层实施筹备工作。本次分拆尚在前期筹划阶段，具 体方案尚未形成，存在不确定性。 *ST广道：公司股票将终止上市 梅雁吉祥：全资子公司矿产资源储量评审备案申请获受理 梅雁吉祥公告，全资子公司梅州市梅雁矿业有限公司近日收到自然资源部出具的《受理通知书》，就《广东省梅州市梅县区嵩溪矿区锑银矿资源储量核实报 告》非油气矿产资源储量评审备案申请予以受理。 实达集团：网络传闻公司与阿里云合作不实，双方未开展业务合作 实达集团公告称，公司股票于2025年11月20 - 25日连续4个交易日收盘价格涨幅偏离值累计超40%，26日再次涨停，已连涨5日。公司提醒投资者注意二级市 场交易风险。此外，公司11月5日披露的收购福建数产名商科技95%股权相关正式协议未签署，交易存不确定性；截至三季度，公司营 ...

新筑股份公告称，公司拟向四川蜀道轨道交通集团等出售相关股权、债权、资产和负债，同时拟向蜀道 集团发行股份及支付现金购买四川蜀道清洁能源集团60%股权并募资。近日，公司收到四川省国资委批 复，原则同意上述资产出售、购资产及募资方案。本次交易尚需股东大会审议及有权监管机构批准，能 否实施存在不确定性。 ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 11月21日晚间，光通信核心器件龙头光库科技发布《发行股份、可转换公司债券及支付现金 购买资产并募集配套资金暨关联交易报告书（草案）》。 光库科技 拟通过发行股份、可转换公司债券及支付现金的方式向5名交易对方购买其合计所持 有的苏州安捷讯光电科技股份有限公司99.97%股份， 此次交易 构成重大资产重组和关联交 易，但不构成重组上市。 数据显示，11月21日，光库科技股价涨1.09%，收报110.50元/股，市值为275.34亿元。今 年以来，该股累计涨幅为127.84%。 拟收购安捷讯99.97%股权 值得注意的是，与光库科技此前发布的交易方案预案相比，本次发布的草案有所调整。 公告显示， 本次交易方案拟减少1名交易对方，减少所购买标的公司0.03%股份。公司 称， 因原定交易对方之一沙淑丽退出本次交易，故本次交易标的资产由 安捷讯100%股份 调整为99.97%股份。 上述方案调整未新增交易对方，减少标的资产交易股份比例未达到 20%，不影响标的资产及业务的完整性，上述交易方案调整不构成对本次重组方案的重大 调整。 ...

Core Viewpoint - The company announced plans to acquire 100% equity of Rongpai Semiconductor (Shanghai) Co., Ltd. through a combination of share issuance and cash payment, while also raising supporting funds for the transaction [2] Group 1: Transaction Details - The transaction is expected not to constitute a major asset restructuring as defined by the "Measures for the Administration of Major Asset Restructuring of Listed Companies" [2] - The transaction does not involve related party transactions and will not lead to a change in the actual controller of the company [2] - The company is actively communicating with all parties involved in the transaction and is progressing with related work such as auditing and evaluation [2] Group 2: Compliance and Disclosure - The company will adhere to relevant laws, regulations, and normative documents regarding information disclosure as the transaction progresses [2]

Core Viewpoint - The audit opinion from Zhongxinghua Accounting Firm on OFILM Group's acquisition of assets and fundraising indicates that the performance of the target asset, OFILM Microelectronics, has shown volatility, with a significant decline in net profit in 2023 compared to the previous two years, while overseas revenue continues to increase and customer and supplier concentration is in line with industry norms [1][6]. Group 1: Performance Analysis - OFILM Microelectronics reported net profits of 237 million yuan, 279 million yuan, and 36.61 million yuan for 2023 to Q1 2025, while the listed company reported net profits of 769.05 million yuan, 583.82 million yuan, and -589.49 million yuan, indicating a divergence in performance [2]. - The audit confirmed that there are no other entities within the listed company's consolidated financial statements engaged in the same business as the target asset, making OFILM Microelectronics the sole entity for the listed company's fingerprint recognition module and machine vision camera business [2]. Group 2: Procurement and Sales Model - The procurement model of the target asset primarily includes designated procurement, customer-specified suppliers, Buy&Sell, and customer-supplied materials, with designated procurement and Buy&Sell accounting for 85.19%, 85.72%, and 82.80% of total procurement during the reporting period [2]. - In Q1 2025, designated procurement amounted to 241 million yuan, accounting for 47.99%, while Buy&Sell procurement was 175 million yuan, accounting for 34.81%, mainly covering key materials such as ICs and sensors [2]. Group 3: Revenue Recognition and Payment Performance - The audit confirmed the reasonableness of revenue recognition under the Buy&Sell model, stating that the target company bears risks related to material storage, damage, and price fluctuations, and has pricing power over the final products [3]. - The revenue share from the Buy&Sell model was 35.01%, 36.04%, and 44.07% from 2023 to Q1 2025, with the procurement material cost consistently representing 53%-55% of revenue [3]. - The consignment model showed a decrease in revenue share from 21.74% to 12.84%, with a Q1 2025 sales price of 9.63 yuan per unit and a gross margin of 18.02%, outperforming the non-consignment model [3]. Group 4: International Revenue and Concentration - The overseas sales revenue of the target asset increased, accounting for 44.94%, 49.45%, and 57.48% from 2023 to Q1 2025, primarily from ultrasonic and capacitive fingerprint recognition modules [4]. - Customer concentration remained high, with sales to the top five customers exceeding 78% and purchases from the top five suppliers exceeding 58%, consistent with the high concentration in the consumer electronics industry [4]. Group 5: Related Party Transactions and Internal Controls - The audit indicated that over 60% of sales revenue and more than half of procurement amounts were through related party transactions, with pricing determined through market negotiation, showing minimal differences from non-related transactions [5]. - The target company’s borrowing from the listed company and its subsidiaries was primarily for operational purposes, with a borrowing amount of 2.518 billion yuan in 2024 and a recovery of 3.233 billion yuan, with no interest accrued [5].

本次交易完成后，上市公司的主要产品将新增溴系列精细化工产品，包括四溴双酚A、溴化环氧树脂、 溴化聚苯乙烯、十溴二苯乙烷、氢溴酸等，以及标的公司新材料板块、钾盐板块、膜材料板块的各项产 品。本次交易有助于公司完善产品布局，增强盈利能力，为公司的持续发展和行业地位的巩固奠定坚实 基础。 亚星化学（600319）(600319.SH)发布公告，公司拟通过发行股份及支付现金的方式购买天一控股等24 名股东持有的天一化学100%股权。同时，上市公司拟向包括潍坊市城投集团在内的不超过35名符合条 件的特定投资者发行股份募集配套资金。 经向上海证券交易所申请，公司股票将于2025年11月18日开市起复牌。 ...

Core Viewpoint - Huatai Securities indicates that the State Council's emphasis on promoting consumption and stabilizing investment reflects ongoing positive policy factors, with short-term market focus on new technologies and themes such as perovskite and asset restructuring [1] Group 1: Market Trends - The market is currently showing high attention to new technologies and themes, particularly in the perovskite and asset restructuring sectors [1] - The energy storage industry chain is expected to benefit from price increases in new materials, with a notable reduction in inventory in the carbon fiber industry [1] Group 2: Investment Opportunities - Three main investment lines for 2026 are identified: companies benefiting from overseas expansion that are not yet fully priced in, real estate chain companies with cleared risks and potential turning points in revenue or profitability, and new material companies likely to benefit from high-end manufacturing replacements [1] Group 3: Industry Index - The Building Materials ETF (159745) tracks the Building Materials Index (931009), which selects listed companies involved in the manufacturing and sales of cement, glass, ceramics, and other building materials [1] - The index reflects the overall performance of listed companies in the building materials sector, which is closely related to the real estate and infrastructure industries, with a primary focus on traditional manufacturing [1]

Investment Rating - The report maintains a "Buy" rating for several companies in the construction and building materials sector, including China Chemical, Fuyao Glass, Jinggong Steel Structure, Dongfang Yuhong, China Jushi, Yaxiang Integration, Tubaobao, and Huaxin Cement, while maintaining an "Overweight" rating for Zhongfu Shenying [10][39]. Core Insights - The short-term fundamentals of the industry remain subdued, with a focus on price increases, new technologies, and long-term potential. Investment in infrastructure, real estate, and manufacturing has shown mixed results, with infrastructure investment declining by 0.1% year-on-year, real estate down by 14.7%, and manufacturing up by 2.7% [1][16]. - The report suggests three main investment themes for 2026: companies benefiting from overseas expansion that are not fully priced in, companies in the real estate chain that have cleared risks and are seeing income or profitability turning points, and domestic replacement new material companies benefiting from high-end manufacturing [1][14]. - The report highlights the importance of policy support for consumption and investment, with recent government meetings emphasizing the need for project construction and funding allocation [16][18]. Summary by Sections Industry Overview - The construction and building materials sector is experiencing a mixed performance, with infrastructure investment showing a decline and real estate facing significant challenges. However, there are positive signals from government policies aimed at boosting consumption and investment [1][16]. Company Dynamics - Dongfang Yuhong announced plans to sell part of its real estate assets to improve its financial structure, expecting a loss of approximately 25.81 million yuan from the asset disposal [3]. Price Trends - As of November 14, national cement prices increased by 0.3% week-on-week, while the average price of float glass decreased by 2.6% [2][31]. The report notes that the cement market is expected to continue its upward trend due to seasonal demand [30]. Recommended Companies - The report recommends several companies for investment, including: - China Chemical (Target Price: 12.05) - Fuyao Glass (Target Price: 98.21) - Jinggong Steel Structure (Target Price: 5.75) - Dongfang Yuhong (Target Price: 17.19) - China Jushi (Target Price: 19.80) - Yaxiang Integration (Target Price: 64.65) - Tubaobao (Target Price: 16.01) - Huaxin Cement (Target Price: 26.70) - Zhongfu Shenying (Target Price: 31.80) [10][39].

真爱美家(003041.SZ)发布股票交易异动公告称，11月11日，公司控股股东真爱集团有限公司、实控人 郑期中与收购方签署《关于浙江真爱美家股份有限公司之股份转让协议》。截至目前，收购方不存在未 来十二个月内的资产重组计划。截至目前，公司主营业务仍为毛毯为主的家用纺织品研发、设计、生产 与销售，未发生重大变化。收购方截至目前不存在未来12个月内对上市公司及其子公司的资产和业务进 行出售、合并、与他人合资或合作的计划，或上市公司拟购买或置换资产的重组计划。截至目前，收购 方不存在未来36个月内通过上市公司借壳上市的计划或安排。 ...