Core Viewpoint - China Energy Engineering Corporation (中国能建) plans to invest in a 1GW photovoltaic project in Uzbekistan, which includes two 500MW projects in Bukhara and Kashkadarya regions, with total investments of approximately RMB 47.11 billion [1][2] Group 1: Project Details - The Bukhara project (布州项目) has an investment amount of approximately RMB 23.34 billion, while the Kashkadarya project (卡州项目) has an investment amount of approximately RMB 23.77 billion [1] - The company established two wholly-owned subsidiaries, Energy China Dutch Investment B.V. and Oasis Renewable Energy Investment B.V., to facilitate the project development [1] Group 2: Financing Arrangement - The project companies have signed financing agreements with a syndicate of banks, including China Construction Bank, Bank of China, Export-Import Bank of China, and China Minsheng Bank, securing loan amounts of RMB 16.54 billion for the Bukhara project and RMB 16.84 billion for the Kashkadarya project [2] - The loans have a term of 15 years, with the project companies pledging all their assets, contract rights, bank accounts, and equity as collateral to the financing banks [2] - The upper-tier Dutch companies' equity and shareholder loan rights are also pledged to the financing banks, and the project is insured under China Export & Credit Insurance Corporation [2]

格隆汇12月10日丨广立微(301095.SZ)公布，根据发展战略规划和整体业务发展布局，公司拟在新加坡 投资设立全资子公司，专注负责应用研发和全球销售业务，拟投资总额不超过1000万美金。经审议，董 事会认为：本次境外投资事项是基于公司整体发展战略做出的决策，有利于提升公司综合竞争力，促进 公司持续健康发展，不会对公司的经营情况及财务状况产生重大不利影响，不存在损害公司及全体股东 利益的情形。 ...

Core Viewpoint - The company, Kunshan Kesen Technology Co., Ltd., held its 23rd meeting of the 4th Board of Directors on November 25, 2025, where significant resolutions were passed regarding the appointment of a board secretary and a foreign investment project in Malaysia [2][5][15]. Group 1: Board Meeting Details - The board meeting was conducted in a hybrid format, combining in-person and communication methods, and was chaired by Chairman Xu Jingen [2]. - All 7 directors participated in the voting, with no dissenting or abstaining votes recorded [3][4]. - The meeting's convening and proceedings complied with relevant laws and the company's articles of association, ensuring the legality and validity of the resolutions [4]. Group 2: Resolutions Passed - The board approved the appointment of Ms. Wang Yaqian as the board secretary, with unanimous support from all directors [5][11]. - The board also approved a foreign investment proposal to establish a wholly-owned subsidiary in Malaysia, with unanimous support [7][13]. Group 3: Foreign Investment Overview - The company plans to invest $30 million to establish a subsidiary named Sentronics Precision Industry (M) Sdn. Bhd. in Johor, Malaysia, to meet overseas customer demands [15][16]. - The investment will be funded through the company's own resources, and the actual investment amount will depend on approvals from Chinese and local authorities [16][19]. - The subsidiary will focus on the research, production, and sales of precision metal components and related products [18]. Group 4: Operational and Structural Details - The Malaysian subsidiary will occupy approximately 21,486 square meters of land, which includes two existing factory buildings [18]. - The company will appoint or hire management personnel for the new subsidiary from within the company or externally [18]. - The investment does not constitute a related party transaction or a significant asset restructuring as per regulatory definitions [17].

Core Viewpoint - The company plans to establish a wholly-owned subsidiary in Johor, Malaysia, to engage in precision metal structural components business, with an investment of $30 million sourced from internal funds [1] Group 1: Company Expansion - The company has approved the establishment of the subsidiary through its board of directors, eliminating the need for a shareholders' meeting [1] - The investment is not classified as a related party transaction or a major asset restructuring [1] Group 2: Financial Implications - The planned investment amount is $30 million, subject to approval, which aims to enhance the company's risk resilience [1] Group 3: Operational Considerations - There are uncertainties related to approvals and operations associated with the new subsidiary [1]

Core Viewpoint - Hunan Hualian Ceramics Co., Ltd. (referred to as "Huaci Co.") has responded to the Shenzhen Stock Exchange's inquiries regarding the sustainability of its overseas revenue, customer concentration, inventory management, and the feasibility of its investment project in Vietnam, confirming the viability of these aspects [1] Group 1: Overseas Revenue - The proportion of overseas sales revenue for Huaci Co. was 67.20%, 62.84%, 71.06%, and 65.27% during the reporting periods, with major clients including IKEA, Guizhou Moutai, and Wuliangye [2] - The top five overseas clients contributed 76.47% of the overseas revenue for the period from January to September 2025, with the largest client accounting for 65.27% [2] - The company maintains long-term cooperation agreements with major clients, with most partnerships exceeding 10 years, mitigating significant dependency risks [2] Group 2: Authenticity of Overseas Revenue - The report indicates a strong correlation between customs data and overseas sales revenue, with a discrepancy rate of less than 0.4% from 2022 to 2024 [3] - The VAT refund rates for the years 2022 to 2024 were 14.04%, 12.82%, and 12.20%, aligning closely with the standard refund rate of 13% [3] - The impact of exchange rate fluctuations on operating performance was minimal, with the highest exchange gain or loss accounting for only 0.57% of overseas revenue [3] Group 3: Inventory Management - As of September 2025, the book value of inventory was 182.49 million yuan, representing 13.37% of current assets, with 81.07% of inventory aged less than one year [4] - The inventory turnover ratio for Huaci Co. was consistently higher than that of comparable companies, reaching 4.72 times in 2024 [4] - The provision for inventory depreciation was in line with industry peers, with rates of 10.44%, 11.21%, 9.84%, and 9.59% from 2022 to September 2025, lower than the average of comparable companies [4] Group 4: Vietnam Investment Project - Huaci Co. plans to invest 1.438 billion yuan in establishing a daily-use ceramics production base in Vietnam, aiming for an annual production capacity of 165 million pieces [5] - The project is expected to generate annual sales revenue of 1.405 billion yuan and a net profit of 272 million yuan, with an internal rate of return of 14.25% [5] - The project has completed necessary approvals and has established cooperation intentions with local suppliers, with existing clients showing interest in purchasing approximately 60% of the new capacity [5]

Core Insights - The "Togo Investment and Trade Exchange Conference" held in Chongqing aims to establish a trade cooperation bridge between Chongqing and Togo, facilitating international collaboration for local enterprises [1][5]. Group 1: Conference Objectives and Significance - The conference focuses on market opportunities in Togo and West Africa, promoting deeper and broader economic cooperation [1][3]. - Togo is positioned as an ideal entry point for Chongqing enterprises due to its strategic location at the Lomé Port and favorable import policies [3][4]. Group 2: Investment Environment and Opportunities - Togo's government is actively implementing a 2025 national development strategy to enhance its role as a regional economic hub, offering attractive investment policies and services to Chongqing businesses [3][4]. - The conference highlighted key procurement needs in West Africa, including sectors like noodle manufacturing, beverage bottling, and textile processing, indicating strong market demand [4]. Group 3: Business Engagement and Future Steps - Several enterprises from Chongqing expressed interest in exploring investment opportunities in Togo's GSEZ economic zone, with initial discussions on equipment exports and local production [4][5]. - The Chongqing Private Economy International Cooperation Chamber plans to continue tracking cooperation progress and establish a regular communication platform to foster mutual benefits [5][6].

Core Viewpoint - Nomura Asset Management has been awarded the "Overseas Investment Institution - Business Potential" recommendation by the China Insurance Asset Management Association (IAMAC) for the third consecutive year, highlighting its professional capabilities and service quality in the insurance asset management sector [1][3][5]. Group 1: Recognition and Awards - The award was presented at the "2025 Insurance Asset Management Industry Investment Business Exchange and IAMAC Recommendation Event" organized by IAMAC, which aims to promote long-term cooperation between insurance institutions and various financial entities [3]. - Liu Zheng, Chairman and Managing Director of Nomura Asset Management Hong Kong, expressed gratitude for the recognition, emphasizing the deepening trust and collaboration with Chinese insurance partners [5][6]. Group 2: Commitment to the Industry - Nomura Asset Management is committed to providing high-quality investment solutions and professional services to Chinese insurance institutions, aiming to create long-term investment returns and promote the healthy development of the insurance asset management industry in China [6]. - The company will continue to serve as a member of IAMAC's International Expert Advisory Committee, which consists of 30 global asset management firms, to enhance its advisory role [7]. Group 3: Company Overview - Established in 1959, Nomura Asset Management is Japan's largest independent investment management company and a leading global firm, with headquarters in Tokyo and offices in major financial hubs including Singapore, Hong Kong, Shanghai, Malaysia, Frankfurt, London, and New York [8]. - As of June 2025, Nomura Asset Management employs 1,360 staff globally, including 354 investment professionals, managing assets totaling $619 billion across various investment fields such as equities, bonds, ETFs, and multi-asset strategies [8].

Investment Overview - The company plans to invest up to 1.4 billion RMB to build four 2700 TEU container ships to optimize fleet structure and enhance service capabilities [1][2] - The investment will be executed through a wholly-owned subsidiary in Singapore, with a total investment amount of approximately 1.194 billion RMB for the project [1][2] Investment Progress - As of the announcement date, the company has obtained necessary certificates for overseas investment and completed registration for the Singapore subsidiary [2] - Contracts for the construction of the four container ships have been signed with two shipbuilding companies, with a total contract value of 1.184 billion RMB [2][10] Company Information - The newly established Singapore subsidiary is named Ningbo Ocean Shipping (Singapore) Longitude Pte. Ltd., with a registered capital of 5 million SGD [3][4] - The subsidiary will focus on shipping operations, including ship chartering and management services [5] Contractual Details - Each shipbuilding contract is valued at 296 million RMB, with fixed pricing that does not fluctuate with market prices [11] - The delivery of the ships is scheduled to be completed by April 30, 2028, with specific payment terms outlined across multiple stages [11][15] Strategic Impact - This investment aligns with the company's strategic goals and is expected to strengthen its core competitiveness in the shipping industry [16] - The company will monitor various external factors that may impact the investment's progress and outcomes [16]

Group 1: Company Overview and Production Capacity - The company has two production bases located in Kunming and Fangchenggang, with a total designed capacity for various phosphate products [2][3] - Kunming base's designed capacities include: 100,000 tons/year of dicalcium phosphate, 150,000 tons/year of calcium hydrogen phosphate, 150,000 tons/year of calcium phosphate type III, 150,000 tons/year of heavy (rich) calcium, and 10,000 tons/year of sodium fluorosilicate [2] - Fangchenggang base's designed capacities include: 140,000 tons/year of heavy (rich) calcium, 150,000 tons/year of industrial wet-process phosphoric acid (after technical transformation), and 15,000 tons/year of sodium fluorosilicate [2] Group 2: Financial Performance and Forecast - The company reported a year-on-year performance increase for the first three quarters of 2025, attributed to strong market demand and flexible production adjustments [3] - The company plans to gradually increase the dividend payout ratio, responding to actual performance and national policy [3] - The projected annual revenue from the Egypt project upon reaching full capacity is expected to exceed 2 billion yuan, with a net profit exceeding 300 million yuan and an internal rate of return of 22.30% [4] Group 3: Future Projects and Investments - The Egypt project has a construction scale of 800,000 tons of sulfuric acid production, 300,000 tons of industrial wet-process crude phosphoric acid, and other products, with a total investment of 1.933861 billion yuan [4] - The construction period for the Egypt project is estimated to be 3 years, with an expected production start date in July 2028 [4] - The strategic significance of the Egypt project includes establishing an overseas processing center, optimizing cost structure, and enhancing market competitiveness and profitability [4] Group 4: Resource Security Measures - The Kunming base sources phosphate mainly from surrounding areas, utilizing low-grade phosphate ore to produce high-quality phosphate concentrate, which offers a price advantage [4] - The Fangchenggang base sources phosphate from overseas and northern China, leveraging port advantages for optimal procurement based on domestic and international price fluctuations [4]

Core Viewpoint - Jiangxi Naipu Mining Machinery Co., Ltd. is responding to the Shenzhen Stock Exchange's inquiry regarding its application for issuing convertible bonds, focusing on its new materials mining wear parts manufacturing project in Peru, which has an annual production capacity of 12,000 tons [1][2]. Group 1: Project Approval and Compliance - The company has obtained all necessary approvals from domestic regulatory authorities and is progressing with the required qualifications for overseas construction, with expectations to secure all operational permits before production starts, indicating low overall uncertainty risk [1]. - The project does not fall under restricted or prohibited categories of overseas investment as per relevant guidelines, and it does not involve any export control issues outlined in the technology export restriction catalog [2]. Group 2: Risk Management and Mitigation - The company believes its sales of mining wear parts are less affected by global economic cycles, and the political stability in the project country and main sales regions helps mitigate risks from international trade tensions [1]. - In response to potential extreme scenarios, the company has implemented measures such as establishing overseas production bases, developing domestic business, enhancing technological research, and adapting to policy changes to improve operational stability and risk resilience [1]. Group 3: Financial Projections and Market Position - The company provided detailed explanations regarding the investment amount estimation, benefit forecasts, production timelines, capacity absorption risks, product advantages, and market share enhancement rationality, all of which were deemed reasonable by intermediary institutions [2]. - The previous changes in the use of raised funds were justified as necessary and reasonable, with no significant change risks identified for the current fundraising project [2].