Core Insights - The year 2025 marked significant transformations in China's capital market, characterized by index breakthroughs and ecological restructuring, including the Shanghai Composite Index surpassing 4000 points and the handling of the Dongxu Group's 600 billion yuan fraud case [1][10] Group 1: Major Transformations - The most important ideological shift was from "heavy financing" to "coordinated investment and financing," emphasizing a balanced ecosystem and investor returns through improved systems for dividends, buybacks, and mergers [2][12] - A strong consensus emerged around market value management, transitioning from a niche practice to a standard across the market, with 1001 A-share companies disclosing value management systems by November, a fivefold increase from earlier in the year [2][12] Group 2: Key Market Trends - The hottest sectors were AI and hard technology, with the launch of DeepSeek-R1 in January triggering a massive influx of capital into the AI industry chain, leading to a significant revaluation of related stocks [2][13] - A major shift in funding structures occurred, with insurance and social security funds increasing equity asset allocations, and a "deposit migration" trend among residents as savings rates fell below 1% [2][14] Group 3: Regulatory Environment - 2025 was marked by stringent regulatory enforcement, highlighted by the forced delisting of major companies like Dongxu Group for significant fraud, with over 60 companies delisted throughout the year [3][5] - The year also saw a focus on mergers and acquisitions as a strategic solution for asset revaluation, with notable transactions including Guotai Junan's acquisition of Haitong Securities [3][15] Group 4: Notable Reforms - The launch of the "1+6" reform series for the Sci-Tech Innovation Board aimed to enhance the inclusivity and adaptability of the capital market, facilitating the listing of unprofitable companies [5][16] Group 5: Market Performance - The Shanghai Composite Index reached a ten-year high, crossing the 4000-point mark for the first time since August 2015, reflecting a significant recovery in market confidence [6][16] - The total trading volume of A-shares reached a record 29.92 trillion shares, with a total transaction value exceeding 419.86 trillion yuan, marking a 63% increase from 2024 [6][16] Group 6: Unexpected Developments - Hong Kong's stock market made a remarkable comeback, becoming the world's best-performing market with IPO fundraising returning to the top globally and the Hang Seng Index achieving its best annual performance since 2017 [7][17] - The most profitable new stocks were the domestic GPU companies, Moer Thread and Muxi Co., with record profits from initial public offerings, indicating strong market support for domestic GPU alternatives [8][18]

12月25日至30日，久立特材（002318）密集接待中信证券、南方基金、易方达基金等合计17家机构调 研。调研过程中，公司就机构重点关注的市场开拓进展、主营业务布局及未来发展战略规划等核心议题 与调研机构展开深度沟通与专业交流。近来久立特材密集接受机构调研，显示资本市场对公司业务发展 潜力及行业赛道景气度的高度关注与认可，也反映出市场对公司长期投资价值的积极预期。 合金材料业务领域，公司控股子公司凭借覆盖冶炼、锻造、热加工至冷加工的全流程生产管控体系，以 及产品在高精度、高强度、耐高温高压及耐腐蚀等方面的卓越性能，成功匹配油气、核电、航空等高端 行业的严苛要求。久立特材将持续支持其产能爬坡，并助力其开拓新市场、巩固客户关系，推动其实现 业务转型升级。 油井管业务方面，久立特材通过积极开发新客户、探索新应用场景，并深化与关键客户的合作及材料认 证工作，有效提升了相关生产线的产能利用率和产品销量。展望未来，公司将继续聚焦国际市场，加大 渠道拓展力度，致力于提升该类产品的全球市场份额。 作为全国工业用不锈钢管领域的标杆企业，久立特材产品矩阵丰富，涵盖DSS/SDSS、CRA-OCTG、 HRB/MLP/WOL、S ...

Group 1 - The A-share merger and acquisition market remains active, with several companies announcing significant developments on December 30 [1] - Zhongneng Electric announced the termination of its plan to acquire 65% of Shandong Dachai Electric Co., Ltd. and related debts [2][4] - Dongjie Intelligent also decided to terminate its plan to acquire the controlling stake in Aobo (Beijing) Intelligent Technology Co., Ltd. [4] Group 2 - Mingde Biological announced a cash acquisition of 100% equity in Wuhan Bikaier Rescue Supplies Co., Ltd., which is expected to constitute a significant asset restructuring [5][7] - The transaction is in the preliminary planning stage and will not involve share issuance or change in control of the company [7] - Mingde Biological aims to focus on the critical care business segment through this acquisition, as the target company specializes in emergency rescue products and services [7] Group 3 - Yanhai Co. plans to acquire 51% of Wenkang Yanhai Co., Ltd. for 4.605 billion yuan, making it a subsidiary post-transaction [1] - Shengxin Lithium Energy intends to acquire 30% of Sichuan Qicheng Mining Co., Ltd. for 2.08 billion yuan, resulting in full ownership after the deal [1]

长江商报记者注意到，中芯北方是中芯国际旗下重要的12英寸晶圆代工厂。在当前资本市场为并购重组提供良好 环境以及国家大力支持半导体行业发展的背景下，通过本次重组，中芯国际将持有中芯北方100%股权，进而提高 上市公司资产质量、增强业务上的协同性。 同日，中芯国际披露另一家重要子公司增资扩股计划，包括中芯控股、国家集成电路基金三期、上海集成电路基 金二期等在内的投资方将向中芯南方集成电路制造有限公司（以下简称"中芯南方"）增资77.78亿美元，以降低中 芯南方的资产负债率，构建集团更为稳健的财务结构。 拟收购中芯北方剩余49%股权 中芯国际重组中芯北方取得新进展。 长江商报消息 ●长江商报记者 徐佳 作为中国大陆集成电路制造领军企业，中芯国际（688981.SH、00981.HK）持续推进旗下核心业务整合与财务结 构优化。 12月29日晚间，中芯国际披露重组草案。公司拟作价406亿元，向国家集成电路基金等5名交易对手方购买中芯北 方集成电路制造（北京）有限公司（以下简称"中芯北方"）49%股权。 截至2025年8月末，中芯北方资产总额452.83亿元，负债总额34.75亿元，归母净资产418.08亿元。 12月2 ...

Mergers and Acquisitions - Yilong Co. plans to acquire 51% stake in Wenkong Salt Lake from its controlling shareholder for a cash consideration of 4.605 billion yuan, making Wenkong Salt Lake a subsidiary and included in the consolidated financial statements [1] - Shengxin Lithium Energy intends to acquire 30% stake in Qicheng Mining for 2.08 billion yuan, which will result in 100% ownership of Qicheng Mining, enhancing control over Huirong Mining, known for its high-grade lithium mine with an annual production capacity of 3 million tons [2] - Mingde Bio plans to acquire 100% stake in Wuhan Bikaier Rescue Supplies for cash, which is expected to constitute a major asset restructuring [3] - CITIC Special Steel's wholly-owned subsidiary plans to acquire 100% stake in Fujing Special for 1.51 billion yuan, which will support the company's global strategy and optimize its industrial chain [4] Shareholding Changes - Su Shi Testing's controlling shareholder plans to reduce its stake by up to 2%, equating to a maximum of 10.17 million shares, representing 6.26% of its holdings [5] - Hongxun Technology's controlling shareholder intends to reduce its stake by up to 3%, totaling a maximum of 1.21266 million shares through various methods [6] - Youbuxun's controlling shareholder and its concerted action party plan to reduce their combined stake by up to 2.96%, amounting to a maximum of 950.22 million shares [7]

"2025地方国资上市公司并购重组与高质量发展论坛暨第42期国资大讲坛（特别专场）"12月29日在上海 交通大学上海高级金融学院举办。来自全国地方国资监管部门、国有资本投资运营公司、地方国资上市 公司高管及部分专业机构代表、专家等近200名嘉宾齐聚会议现场，就持续提高地方国资上市公司发展 质量和效益，实现高质量发展等话题进行了深入研讨交流。 上海国有资本运营研究院院长罗新宇表示，国资上市公司存在"重并购，轻整合"、科技含量与产业契合 度有待提升、区域发展不均衡以及市值管理与并购后的价值兑现衔接不够紧密的挑战。并购重组是资源 优化配置的市场工具，更是国资国企深化改革的重要路径，要让并购重组成为地方国资上市公司高质量 发展的"金钥匙"。 上实资本执行董事、上海生物医药基金总裁刘大伟认为，国资并购基金是地方发展战略新兴产业的重要 抓手，是龙头链主企业转型升级的资本纽带，是链接政策导向和产业需求的有机载体。上实资本将继续 聚焦两大核心赛道，秉持"市场化、国际化、专业化"运作原则，探索融产结合、创新发展的上海方案。 申能股份（600642）副总裁兼董秘杨波说，面对全球气候治理和人工智能革命，能源行业迎来了史诗级 的投资 ...

Core Viewpoint - The company emphasizes its commitment to "focusing on core business, value creation, and prudent decision-making" in its future merger and acquisition plans [1] Group 1: Mergers and Acquisitions Strategy - The company identifies mergers and acquisitions as a crucial pathway for development amid the industry's transition to stock integration and high-quality growth [1] - Future acquisitions will focus on assets that are highly aligned with the company's strategic goals, enhance technical capabilities or regional layout, and are reasonably valued [1] - Any potential merger activities will strictly adhere to relevant laws and regulations, as well as the company's articles of association, ensuring the protection of the company and all shareholders' interests [1] Group 2: Core Business Focus - The company will continue to concentrate on its core areas of "water, solid waste, air, and energy" in its strategic pursuits [1]

孚腾资本总经理费飞表示，当前资本市场已进入产业并购战略窗口期，孚腾资本聚焦人工智能、生物医 药等硬科技赛道，构建"基金+直投+并购"多层次体系，通过补链强链、产业升级等并购方向，联动产 业资源与国资力量，为上市公司注入创新动能。 12月29日，"2025地方国资上市公司并购重组与高质量发展论坛暨第42期国资大讲坛（特别专场）"在上 海交通大学上海高级金融学院举办。现场发布的《全国地方国资上市公司年度发展报告（2025）》显 示，2024年，有27家上市公司被地方国资并购后实控人变更为地方国资委、人民政府、财政局等。其 中，湖北省国资并购非国资上市公司数量最多，2024年达5家。 在地方国资上市公司发展格局方面，报告还指出，广东以绝对优势在数量上独占鳌头，湖北的增量引人 注目，这背后映射出不同地区在国资布局和产业整合上的战略抉择与发展活力。同时，在资产规模、经 营效益以及市值等多维度方面，上海、福建、北京、浙江、江苏等地区表现突出，成为地方国资上市公 司中的佼佼者。 并购重组是国资国企深化改革的重要路径，直接影响着区域经济活力。上海国有资本运营研究院院长罗 新宇说，要让并购重组成为地方国资上市公司高质量发展的" ...

Core Viewpoint - Huaihe Energy's stock has experienced a decline of 14.61% this year, with a recent drop of 2.02% on December 30, 2023, reflecting ongoing challenges in the coal and energy sector [1][2]. Company Overview - Huaihe Energy (Group) Co., Ltd. is located in Huainan City, Anhui Province, and was established on November 29, 2000. The company was listed on March 28, 2003. Its main business activities include railway transportation, coal trading, thermal power generation, and electricity sales [1]. - The revenue composition of Huaihe Energy is as follows: logistics trade 68.73%, electricity 22.26%, coal sales 5.75%, railway transportation 2.61%, and others 0.65% [1]. Financial Performance - For the period from January to September 2025, Huaihe Energy reported an operating income of 21.303 billion yuan, a year-on-year decrease of 9.71%. The net profit attributable to shareholders was 752 million yuan, down 10.69% year-on-year [2]. - The company has distributed a total of 1.099 billion yuan in dividends since its A-share listing, with 466 million yuan distributed over the past three years [3]. Shareholder Information - As of December 20, 2023, Huaihe Energy had 58,300 shareholders, a decrease of 0.75% from the previous period. The average number of circulating shares per shareholder increased by 0.76% to 66,615 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 16.3387 million shares, and Southern CSI 1000 ETF, holding 14.1953 million shares, with changes in their holdings noted [3]. Market Activity - On December 30, 2023, Huaihe Energy's stock price was 3.39 yuan per share, with a trading volume of 124 million yuan and a turnover rate of 0.93%. The total market capitalization was 24.295 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on May 9, where it recorded a net purchase of 67.0857 million yuan [1].

"十四五"时期，江苏资本市场以服务实体经济为核心，多点突破实现跨越式发展，交出一份数据亮眼、 成色十足的硬核答卷。 记者从江苏证监局获悉，截至2025年12月29日，江苏上市公司家数达721家，数量占全国上市公司总量 的八分之一。五年来，江苏资本市场直接融资功能持续强化，累计实现首发融资2259.71亿元、再融资 3852.79亿元，融资规模位居全国第四，为实体经济发展注入强劲动能。截至目前，江苏现有上市公司 总市值达8.9万亿元，较"十三五"末增长46%。千亿市值上市公司由"十三五"末的7家增加到11家，资本 市场"江苏板块"的实力持续攀升。 硬科技成色逐步提升 产业根基愈发坚实 依托江苏雄厚的产业基础，江苏证监局全力推动上市公司结构优化升级，让"硬科技"成色在资本市场持 续彰显。 通富微电（002156）子股份有限公司(以下简称"通富微电")的成长轨迹同样印证了资本市场的赋能价 值。记者获悉，借助IPO、再融资等资本市场融资渠道，通富微电累计募集资金约107.56亿元，持续助 力产能建设与经营规模稳步扩大。截至2024年末，公司营收、净利润较2020年末均实现翻倍；客户布局 上，已覆盖国际巨头企业及各细分 ...