责编|亿亿 编辑|阿苓 知风云："竹外桃花三两枝，春江水暖鸭先知。" 作者|知本咨询国企投资与运营研究院 2024年股市寒意不断，但随着2025年过去，A股市场已然春色料峭，上证指数从年初的3211点逐步攀 升，一度突破4000点，目前稳定在3900点附近整理，全年累计涨幅约25%。 在这一背景下，不少企业的股价随市上扬，市值压力有所缓解。于是，一些企业开始 这诗句用在2025年的股市和上市公司，还比较妥帖。 ...

Core Viewpoint - The company, Steady Medical (300888), is experiencing a decline in stock price despite the overall market performance, indicating potential concerns regarding its market perception and investor confidence [2][3]. Group 1: Stock Performance - As of December 31, 2025, Steady Medical's stock closed at 37.84 yuan, down 0.58%, with a turnover rate of 0.42% and a trading volume of 24,600 shares, amounting to a transaction value of 93.56 million yuan [1]. - The company’s stock has decreased by 8% this year, contrasting with a 50% increase in the ChiNext index, leading to concerns about its market valuation [2]. Group 2: Management Responses - The management acknowledges that stock price fluctuations are influenced by various external factors and emphasizes their commitment to enhancing shareholder returns and market recognition through solid operations and performance improvements [2][3]. - The company maintains a dual-driven strategy of "medical + consumer" to enhance its competitive edge and is focused on improving operational performance and shareholder value [2][3]. Group 3: Investor Concerns - Investors have expressed concerns about the company's stock structure, noting that the major shareholder holds a significant portion, while institutional ownership remains low, questioning the company's appeal to institutional investors [2]. - There are worries that the prolonged low stock price may affect the company's market expansion and customer trust, potentially leading to a negative feedback loop impacting overall business performance [2]. Group 4: Market Activity - On December 31, the main funds experienced a net outflow of 10.58 million yuan, accounting for 11.3% of the total transaction value, while retail investors saw a net inflow of 5.66 million yuan, representing 6.05% of the total [4].

本报讯 （记者王镜茹）2025年，广东泰恩康医药股份有限公司（以下简称"泰恩康"）秉持"以投资者为本"的核心理念，扎 实推进信息披露、公司治理、市值管理、社会责任等各项工作，以专业高效的履职成效筑牢泰恩康的合规经营根基，推动企业 价值稳步提升。 与此同时，泰恩康在资本市场及行业领域捷报频传，凭借在创新研发、市值管理、公司治理、ESG实践等多维度的卓越表 现，斩获多项权威大奖；董事、副总经理兼董事会秘书李挺亦荣膺多项个人殊荣，彰显泰恩康高质量发展所获得的广泛市场认 可。 2025年泰恩康以精准的信息披露、高效的治理体系、创新的市值管理及扎实的ESG实践，为公司高质量发展筑牢根基。未 来，将继续深化投资者沟通、优化资本运作策略，助力泰恩康在医药创新赛道持续领跑，为股东创造长期价值，为资本市场健 康发展贡献更多力量。 （编辑 张昕） 值得关注的是，泰恩康于2025年12月15日被纳入中证1000指数拟生效样本范围。在业内人士看来，泰恩康被纳入中证1000 指数，不仅体现了公司基本面稳健经营与市场流动性良好，也标志着其投资价值获得指数编制机构的权威认可；同时，泰恩康 有望纳入相关ETF的被动配置范畴，从而为股价带来进 ...

Core Viewpoint - The launch of the 53%vol 500ml Flying Moutai (2026) on the iMoutai platform marks a significant step in Moutai's marketing system transformation towards a fully market-oriented approach, despite the stock price not reflecting this change positively [1][8][10]. Group 1: Product Launch and Sales Performance - The 53%vol 500ml Flying Moutai (2026) was officially launched on iMoutai at a retail price of 1499 yuan per bottle, with a purchase limit of 12 bottles per person per day [1]. - Following the launch, the product quickly sold out within approximately half an hour due to high demand, with the purchasing page displaying "sold out" shortly after [5]. Group 2: Marketing Strategy and Channel Transformation - Moutai's marketing strategy for 2026 includes a comprehensive adjustment of its product matrix, featuring six major series, including classic, premium, zodiac, aged, cultural, and low-alcohol products [8]. - The company aims to shift from a traditional distribution model to a more market-oriented approach, focusing on consumer needs and creating a new market ecosystem that balances supply and demand [10][11]. Group 3: Investor Sentiment and Stock Performance - Investor sentiment regarding Moutai's strategic adjustments appears mixed, with concerns about the impact of online sales on traditional distributors and potential price fluctuations [10]. - On December 31, 2025, Moutai's stock price fell by 0.9% to 1377.18 yuan per share, indicating a lack of confidence in the company's new marketing strategy [8]. Group 4: Future Outlook and Value Management - Moutai's chairman emphasized the importance of adapting to market changes and the broad market potential for Moutai products, despite the overall industry facing challenges [10][14]. - The company has also announced a significant cash dividend of 23.957 yuan per share and a share buyback plan, reflecting its commitment to value management and shareholder returns [14].

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]

证券日报网讯12月31日，保利联合（002037）在互动平台回答投资者提问时表示，公司股价受宏观经 济、行业特性、市场估值偏好、市场情绪、阶段性业绩波动等多重因素的影响。公司将进一步按照市值 管理的相关要求，一手抓价值创造强化公司经营管理及市场拓展，提升公司内在价值；一手抓价值实 现，重视市场反馈，传递公司价值。公司目前中标的项目皆按照企业相关管理规定进行施工。公司也将 持续关注全国其他重点项目情况，如涉及披露事项将及时履行披露义务。 ...

2025年即将谢幕，回顾这一年，安徽资本市场交出了一份亮眼答卷。从年初星图测控登陆北交所实 现"开门红"，到奇瑞汽车、金岩高岭新材相继叩响港交所大门；从在全国率先出台"市值管理十条"稳预 期，到富乐德创下省内最大规模再融资纪录，安徽资本市场在企业上市、融资扩容、政策创新等多领域 实现突破。境内上市公司数量稳居中部地区第一，优化营商环境指标得分跻身全国前三，再叠加"十五 五"规划建议对未来产业的前瞻布局，多重利好共振下，安徽资本市场活力持续迸发。 12月30日，《每日经济新闻》记者结合公开资料梳理2025年安徽资本市场的关键节点，回望这一年的成 长与突破。 一、星图测控登陆北交所，实现2025年资本市场"开门红" 1月2日，安徽迎来2025年资本市场发展"开门红"，中科星图测控技术股份有限公司（星图测控）公开发 行股票并在北交所成功上市，成为2025年整个A股市场第一家新增上市公司，同时也是北交所商业航天 第一股。 四、奇瑞汽车港交所挂牌上市 9月25日，奇瑞汽车股份有限公司在香港联合交易所主板正式挂牌上市，填补了中国自主品牌"五大车 企"资本版图的最后一块拼图。上市首日，奇瑞汽车开盘价34.2港元/股，较发行 ...

证券日报网讯12月30日，三友化工（600409）在互动平台回答投资者提问时表示，公司管理层始终将股 东利益放在重要位置，任何决策都会在合法合规的前提下，以维护公司整体利益和股东权益为出发点。 公司将继续努力，依法合规运用好市值管理各项举措，充分有效地向市场传递公司的内在价值和未来发 展潜力。 ...

证券日报网讯 12月30日，立讯精密在互动平台回答投资者提问时表示，公司股价波动受到宏观经济环 境、行业政策、市场情绪等多重因素的影响，公司密切关注股价的市场波动，未来将持续以提升公司经 营质量作为市值管理的核心，通过稳健经营和高质量发展，努力实现企业价值和市值的动态平衡，并力 争以持续、稳定的良好业绩回报广大股东，与投资者共享公司发展成果。 （文章来源：证券日报） ...

证券日报网讯12月30日，三友化工（600409）在互动平台回答投资者提问时表示，公司自上市以来通过 资本市场股权融资总额约50亿元(含发行股份购买资产)，全部用于主业发展，同时，公司高度重视对投 资者的合理回报，已累计现金分红43.76亿元。今年以来公司聚焦主业提质增效与技术创新突破，稳步 推进重点项目建设，扎实开展各项经营管理工作，公司市值已有所提升，公司将继续努力，依法合规运 用好市值管理各项举措，积极向市场传递公司价值信息。 ...