Core Viewpoint - The company emphasizes that stock price fluctuations are influenced by multiple factors and is committed to enhancing its core competitiveness through comprehensive strategies in brand image building, investor relations management, and social responsibility fulfillment [1] Group 1 - The company places high importance on market value management [1] - The company aims to achieve high-quality development results to give back to society and investors [1]

（编辑 任世碧） 证券日报网讯 1月5日，中国交建在互动平台回答投资者提问时表示，公司正深入学习四中全会会议精 神，针对重大会议提及的2026年财政货币及基建政策开展深度研究，并结合行业发展趋势与公司实际， 科学研讨制定生产经营计划及全面预算。2026年，公司将依托核心竞争力稳步推进经营举措、持续完善 市值管理工作，相关具体内容敬请关注公司后续公开披露信息。 ...

证券日报网讯1月5日，中铁装配（300374）在互动平台回答投资者提问时表示，公司始终高度重视市值 管理工作，严格遵循《上市公司监管指引第10号——市值管理》等监管要求，积极落实国资委《提高央 企控股上市公司质量工作方案》相关部署。公司坚持聚焦主营业务，持续提升公司内在价值与投资回报 能力，致力于为股东创造长期、稳定的价值。 ...

Core Insights - The report by the China Listed Companies Association highlights the transition of China's market value management system from advocacy to institutionalization and practice by 2025, reflecting national strategic guidance and a more systematic policy approach [1][3] Market Performance - As of December 31, 2025, the Shanghai Composite Index increased from 3351.76 points at the beginning of the year to 3968.84 points, representing an 18.4% year-on-year growth [1][3] - The total number of A-share listed companies reached 5469, with a total market capitalization of 123 trillion yuan, including 116 new listings in 2025 [1][3] - The total market capitalization of existing companies (5353 companies listed before January 1, 2025) grew by 22.5% year-on-year [1][3] - The average price-to-book ratio of A-share listed companies rose from 3.3 at the beginning of the year to 4.4 by year-end [1][3] - The proportion of A-shares in public funds increased by 2.4 percentage points, indicating investor recognition of China's high-quality economic transformation and technological innovation [1][3] Industry Insights - Technology-driven industries saw significant market value increases, with the total market capitalization of high-tech enterprises in manufacturing and scientific research and technical services growing by 33.3% and 32.1% respectively, increasing their share of A-share market capitalization by 4.2 and 0.1 percentage points [2][4] - Nearly half of the listed companies in manufacturing and scientific research and technical services achieved a return on equity (ROE) greater than 5% in 2025, providing support for valuations [2][4] - Public funds showed increased investment in information transmission, software, and information technology services, with a 0.6 percentage point rise in fund allocation to these sectors by the third quarter of 2025 [2][4] - Private technology innovation companies performed actively, with an overall market capitalization growth of 37.0%, raising their share of A-share market capitalization from 33.6% at the beginning of the year to 37.5% [2][4] - State-owned companies accounted for nearly 50% of A-share market capitalization [2][4]

证券日报网讯1月5日，中国电建（601669）在互动平台回答投资者提问时表示，当前股价受宏观环境、 行业周期等多重复杂因素影响。公司高度重视市值管理工作，将解决长期"破净"问题作为一项核心工 作，制定《估值提升计划》，围绕"价值创造、价值经营、价值传递"三个环节，聚焦提升经营质量和核 心竞争力，以稳健的业绩和规范的治理回报广大投资者的信任。 ...

（文章来源：证券日报） 证券日报网讯 1月5日，维科技术在互动平台回答投资者提问时表示，二级市场股价波动受宏观经济、 行业政策、市场情绪等多种因素综合影响。公司始终密切关注股票市场的变化，并且十分重视公司的市 值管理。 ...

Overall Market Performance - In 2025, the A-share market saw a significant increase, with the Shanghai Composite Index rising from 3351.76 points at the beginning of the year to 3968.84 points by year-end, reflecting an 18.4% year-on-year growth [4][18] - The total number of A-share listed companies reached 5469 by the end of 2025, with a total market capitalization of 123 trillion yuan, marking a 22.5% increase for existing companies compared to the previous year [4][18] - The average price-to-book ratio of A-share companies increased from 3.3 at the beginning of the year to 4.4 by year-end, indicating a steady rise in market valuation [4][18] Industry Performance - Technology-driven industries, particularly high-tech manufacturing and scientific research, experienced substantial market capitalization growth, with total market values increasing by 33.3% and 32.1% respectively [5][18] - Nearly half of the listed companies in manufacturing and scientific research sectors reported a return on equity (ROE) greater than 5%, providing a solid foundation for valuation support [5][18] - Private technology companies showed remarkable performance, with an overall market capitalization growth of 37.0%, increasing their share of the A-share market from 33.6% to 37.5% [5][18] Company-Specific Performance - The top 150 companies by absolute market capitalization growth included major players such as Agricultural Bank of China, Industrial Fulian, and Contemporary Amperex Technology, indicating strong performance across various sectors [20] - The financial sector, represented by companies like Agricultural Bank and Industrial Bank, played a significant role in the overall market growth, reflecting investor confidence in the banking industry [21] - Companies in the manufacturing sector, such as Industrial Fulian and Contemporary Amperex Technology, demonstrated significant market value increases, highlighting the sector's contribution to the overall market performance [21]

Core Viewpoint - The company is enhancing its market value management practices by implementing a new system to improve operational efficiency and investment value [1] Group 1: Market Value Management - The company has developed a "Market Value Management System" in compliance with relevant laws and regulations [1] - The company aims to strengthen its market value management and standardize related behaviors [1] Group 2: Operational Focus - The company will focus on its core business while improving operational efficiency and profitability [1] - The company plans to enhance its operational quality and investment value through high-quality information disclosure and multi-channel investor relations management [1] Group 3: Research and Development - The company is paying close attention to the application prospects of grain storage robots and is committed to actively expanding related research projects [1]

打击财务造假，提高规范运作水平 财务造假是资本市场的毒瘤，严重侵害投资者合法权益。近年来，辖区连续发生多起财务造假、违规担 保案件，给辖区资本市场生态造成负面冲击。大连证监局坚决落实监管"长牙带刺"，有棱有角的要求， 2025年3月对ST智云（300097）财务造假行为作出行政处罚，对造假行为组织者、纵容者、知情者全范 围处罚，合计罚款930万元。同时，压实资本市场看门人职责，同步启动对中介机构的追责。2025年9月 对*ST聆达（300125）资金占用、违规担保事项，对公司及时任董事长、副董事长合计罚款500万元， 以精准问责压实市场主体责任，持续传递严监严管信号。大连证监局在走访上市公司中，严促公司高管 提高合规意识，提升规范化运作水平，用案例警示企业，真正将《关于进一步做好资本市场财务造假综 合惩防工作的意见》落实到位。 化解上市公司风险，提高上市公司质量 大连证监局深入贯彻落实国务院关于走访上市公司、推动上市公司高质量发展的工作部署，联合地方政 府相关部门建立走访工作机制、细化走访流程、明确落实举措、开展政策宣导等，持续开展常态化走访 上市工作。在大连证监局推动下，大连市制定了有效运用资本市场支持企业 ...

Core Business and Strategic Implementation - The company focuses on its core business and cultural globalization as dual drivers for growth, with significant improvements in profitability and cost efficiency [2][3] - The overall operating gross margin reached 11.45%, an increase of 1.03 percentage points year-on-year, while the jewelry fashion segment saw a gross margin rise of 0.66 percentage points to 7.73% [2] - Cost control measures led to a 21% reduction in management expenses year-on-year, with a notable 28% decrease in the third quarter, allowing more funds for core business development [2] Cultural Globalization Breakthrough - 2025 is marked as a breakthrough year for the company's global expansion, with multiple cultural IPs successfully entering international markets [3] - The company's lantern festival showcased in Vietnam, Thailand, and Singapore, receiving extensive media coverage and recognition [3] - The opening of the first overseas store for Songhe Lou in London became a popular destination, while the company accelerated its duty-free and overseas channel expansion [3] Investor Relations and Shareholder Returns - The company upgraded its investor relations with over 1,000 communications with domestic and international investors, significantly enhancing market recognition [4] - The annual performance briefing included innovative formats, attracting over 90,000 views, a 30% increase year-on-year [4] - Shareholder returns are supported by a stable dividend policy, share buybacks, and an employee stock ownership plan, ensuring long-term alignment of interests [6][7] ESG and Corporate Governance - The company has maintained an MSCI ESG rating of A for three consecutive years, becoming an industry benchmark [8] - Environmental management practices have been enhanced, with four subsidiaries receiving six third-party certifications [8] - Governance structure improvements include the proposed cancellation of the supervisory board to enhance decision-making efficiency [9] Risk Management - The company is actively addressing challenges in the consumer and real estate sectors, with a focus on improving cash flow and reducing debt ratios [10] - The strategic emphasis on cultural leadership, financial stability, and reasonable valuation aims to enhance market capitalization [10]