长江商报消息 ●长江商报记者 江楚雅 煤炭行业龙头兖矿能源（600188.SH）再启战略布局。 近日，兖矿能源公告称，全资附属公司兖矿东华重工拟以3.45亿元收购山东能源装备集团高端支架制造 有限公司（下称"高端支架公司"）100%股权。此次收购不仅将有效破解同业竞争，加速装备制造业一 体化布局，更与公司2025年产能增长、成本管控的核心目标形成协同，为煤矿智能化建设与高质量发展 注入新动能。 前三季度，该公司商品煤产量达1.36亿吨，同比增加882万吨，增幅6.9%，创同期历史新高。兖矿能源 预计全年商品煤产量将历史性突破1.8亿吨。 3.45亿关联收购解决同业竞争 兖矿能源公告称，全资附属公司兖矿东华重工有限公司拟收购山东能源集团重型装备制造（集团）有限 公司持有的高端支架公司100%股权，交易价格为3.45亿元。 此次收购的核心标的高端支架公司，是控股股东山东能源集团旗下山能装备的全资子公司，主营业务涵 盖矿山机械制造、通用设备修理、特种设备销售等，与兖矿能源全资附属公司东华重工存在业务同质 化，构成同业竞争关系。从交易性质来看，因交易对手方为控股股东关联方，此次交易构成关联交易， 但未达到《上市公司重 ...

12月2日，雀巢方面向《消费钛度》证实称，雀巢将迎来新的组织架构调整：在大中华区市场，惠氏营 养品业务和雀巢婴儿营养品业务计划合并，并于2026年1月1日正式成立雀巢营养品业务，深耕母婴市场 多年的老将谢国耀（Joel Seah）将成为该业务的负责人。 这一整合动作，不仅标志着两大外资营养品巨头在华业务的深度融合，更被视作外资品牌应对中国市场 变局的关键落子。这场"联合作战"能否改写行业格局，成为市场关注的核心焦点。在业内人士看来，雀 巢与惠氏的合并具有显著的协同效应，新业务单元有望通过品牌、产品、渠道的三重整合打开增长空 间。 从收购到合并 作为雀巢旗下定位于高端奶粉的品牌，惠氏于2012年被雀巢以118.5亿美元从辉瑞旗下收购，收购完成 后，惠氏保持独立运营，雀巢对其进行"嵌入式"管理，让惠氏保留品牌、渠道、团队独立性，雀巢与其 共享渠道、供应链资源。 目前，惠氏旗下主要有惠氏启赋、S-26等品牌。而雀巢自身婴儿营养品旗下品牌则包括雀巢能恩、嘉宝 等，主要聚焦于婴幼儿营养和特殊医学用途配方奶粉。 此次合并的核心掌舵者谢国耀，其履历背景为这场整合增添了更多确定性。据悉，谢国耀拥有超过20年 快消品行业经验， ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 有投资者在互动平台向福耀玻璃提问："您好，近日获悉，商务部提及将推进汽车流通消费改革试点， 全链条扩大汽车消费。咨询一下贵司，政策的助力东风已经吹起来了，在该政策下，预计会有哪些积极 行动配合，进一步扩大营收和利润？非常感激。" 针对上述提问，福耀玻璃回应称："您好，感谢您的提问，公司将一如既往强化经营管理，降本增效， 加大研发投入，推动产品结构升级，提升产品附加值，并致力于提升公司综合竞争力，提升公司价值， 给投资者提供可靠的回报。" ...

Group 1: Company Overview and Investor Relations - The company is Suzhou Tianlu Technology Co., Ltd., with stock code 301045 and stock abbreviation Tianlu Technology [1] - The investor relations activity took place on December 2, 2025, via the "Investor Relations Interactive Platform" [2] Group 2: TAC Film Project Progress - The TAC film project has completed the procurement of major production equipment, with the factory construction nearing completion [3][5][8] - Major equipment is expected to arrive in the first half of 2026 [4][5][8] Group 3: Financial Performance and Challenges - The company's net profit for the first three quarters of 2025 was 25.27 million yuan, a year-on-year increase of 26.56% [10] - Revenue for the same period declined due to the downstream panel industry's performance and the company's strategy to optimize production [10] - The negative profit for minority shareholders is attributed to the construction phase of the subsidiary Anhui Jiguang, which has not yet generated revenue [6] Group 4: Research and Development Focus - R&D expenses have slightly increased, focusing on optical materials and TAC film technology [7] - Successful development of prism-type light guide plate technology has improved display panel brightness by 5%-12% without increasing energy consumption [7] Group 5: Market and Stock Performance - The company is aware of its stock price decline and is considering market management strategies [11][22] - As of November 28, 2025, the number of shareholders was 8,742 [13]

Core Viewpoint - Dongwu Securities maintains a "Buy" rating for China Water Affairs (00855), highlighting stable growth in core water supply operations, absence of receivable risks, decreasing capital expenditures, and increasing free cash flow, which enhances cash flow value and dividend capacity [1] Financial Performance - For the first half of FY26, the company reported total revenue of HKD 5.183 billion and a net profit attributable to shareholders of HKD 571 million, with a reduction in sales and administrative expenses by 9.0% to HKD 437 million and financial expenses down by 17.6% to HKD 352 million [2] - The debt-to-asset ratio showed a downward trend, decreasing by 2.5 percentage points to 64.3% at the end of FY26H1 compared to the beginning of the period [2] Segment Performance - In FY26H1, revenue from urban water supply reached HKD 3.271 billion with segment profit of HKD 941 million, influenced by a reduction in installation, maintenance, and construction projects [2] - The pipeline drinking water segment generated revenue of HKD 263 million with a segment profit of HKD 75 million [2] - Environmental segment revenue was HKD 832 million, up 8.7% year-on-year, with segment profit increasing by 29.7% to HKD 367 million, primarily due to revenue growth from the Huizhou Daya Bay Mobil project [2] - Total construction contracting revenue was HKD 398 million with a segment profit of HKD 158 million, while property revenue was HKD 170 million with a segment profit of HKD 500,000 [2] Water Supply Operations - Water supply revenue for FY26H1 was HKD 1.801 billion, a year-on-year increase of 4.5% (5.6% in RMB terms), with water sales volume reaching 76 million tons, up 5.0% [3] - The average water price was HKD 2.37 per ton, with 8 projects completing price adjustments and over 20 projects initiating adjustment procedures, indicating a normalization of the pricing mechanism that is expected to boost profit margins [3] Direct Drinking Water Strategy - The direct drinking water segment's revenue included HKD 185 million from operations, HKD 7 million from installation and maintenance, and HKD 53 million from construction, with equipment sales revenue increasing by 34.1% to HKD 19 million and bottled water sales up 145.4% to HKD 4 million [4] - Capital expenditures continued to decline, totaling HKD 1.243 billion, down 31.8% year-on-year, while the total dividend remained stable at HKD 0.13 per share, maintaining a dividend yield of 4.8% [4]

Core Viewpoint - Dongwu Securities maintains a "buy" rating for China Water Affairs (00855), highlighting the robust growth of its core water supply operations, absence of receivable risks, decreasing capital expenditures, and increasing free cash flow, which enhances its dividend capacity [1] Financial Performance - For the first half of FY26, the company reported total revenue of HKD 5.183 billion and a net profit attributable to shareholders of HKD 571 million, with a reduction in sales and administrative expenses by 9.0% to HKD 437 million and financial expenses down by 17.6% to HKD 352 million [2] - The debt-to-asset ratio showed a downward trend, decreasing by 2.5 percentage points to 64.3% at the end of FY26H1 compared to the beginning of the period [2] Segment Performance - In FY26H1, revenue from urban water supply reached HKD 3.271 billion with a segment profit of HKD 941 million, influenced by a reduction in installation, maintenance, and construction projects [2] - The pipeline drinking water segment generated revenue of HKD 263 million with a segment profit of HKD 75 million [2] - The environmental segment saw revenue of HKD 832 million, up 8.7% year-on-year, with a segment profit of HKD 367 million, a 29.7% increase, primarily due to revenue growth from the Huizhou Daya Bay Mobil project [2] - Total construction contracting revenue was HKD 398 million with a segment profit of HKD 158 million, while the property segment generated revenue of HKD 170 million with a segment profit of HKD 500,000 [2] Water Supply Operations - The company achieved a 5% year-on-year increase in water supply volume, with revenue from water supply operations at HKD 1.801 billion, a 4.5% increase year-on-year [3] - The total water sales volume was 76 million tons, with an average water price of HKD 2.37 per ton; 8 projects completed price adjustments, and over 20 projects have initiated adjustment procedures [3] Direct Drinking Water Strategy - The direct drinking water segment reported revenue of HKD 185 million, with equipment sales increasing by 34.1% to HKD 19 million and bottled water sales soaring by 145.4% to HKD 4 million [4] - Capital expenditures decreased by 31.8% to HKD 1.243 billion, while the total dividend remained stable at HKD 0.13 per share, resulting in a dividend yield of 4.8% [4]

Core Viewpoint - The company held a performance briefing for Q3 2025, highlighting significant growth in revenue and profit, driven by optimized marketing strategies and cost management [1][2]. Group 1: Performance Overview - For the first three quarters of 2025, the company achieved operating revenue of 1.175 billion yuan, an increase of 8.15% year-on-year [2]. - The total profit reached 82.99 million yuan, reflecting a year-on-year growth of 105.69% [2]. - The net profit attributable to shareholders was 74.06 million yuan, up 102.43% compared to the previous year [2]. Group 2: Factors Influencing Profit Growth - The profit growth in Q3 was attributed to stable performance in the main business, enhanced marketing strategies, and improved sales volume [2][3]. - The company implemented cost reduction and efficiency enhancement measures, resulting in a decrease in unit costs that outpaced price adjustments, thereby increasing gross margins [2][3]. Group 3: Future Outlook and Shareholder Returns - The company plans to maintain a stable and sustainable dividend policy, having distributed a cash dividend of 0.08 yuan per share for the first half of 2025 [2][3]. - There are no immediate plans to expand into other business areas, as the company remains focused on its core competencies in organic synthetic resins and functional new materials [3].

2025年，全国快递量再次打破纪录。12月1日，国家邮政局监测数据显示，截至2025年11月30日，我国 快递年业务量首次突破1800亿件，超过2024年全年的1750.8亿件，创历史新高。不仅如此，京东、极 兔、中通等头部企业在近年来加速发力自动化投入，角逐新一轮无人机、无人车竞争高地。快递行业正 从"价格战"向"价值战"深入推进。 快递企业积极尝试无人车等智能设备，其核心在于进一步提升网点效率并降低人力成本。今年7月以 来，已有20台无人车在江西中通南昌县二部网点投入运营，每天可节约2小时配送时间。对比过往传统 货车派送，整体运输成本能降低50%。"网点目前直分直送线路近50条，其中无人车配送占比已增至 30%，无人车单次可满载1000票快递，每月可达30万票，未来计划再引入20台。"南昌县二部网点经理 李锋表示。 截至今年二季度，超2900台中通无人配送车每天在250多个城市运送超20万件包裹，累计运行里程已逾 2000万公里。 极兔也不甘落后。今年11月，极兔投入运营的无人车已突破1000台。极兔还提及，无人车的应用能使网 点单票成本下降超10%，人力成本节省超50%。 行业高质量发展 15分钟出库 ...

Core Viewpoint - The company announced the completion of the deregistration of its subsidiary, Hubei Zhixin Biotechnology Co., Ltd., as part of a strategic move to optimize its organizational structure and improve operational efficiency [1] Group 1: Company Actions - The subsidiary, Hubei Zhixin Biotechnology Co., Ltd., was established on May 22, 2017, with a registered capital of 600,000 RMB [1] - The decision to deregister was approved during a board and supervisory meeting held on October 24, 2024, with the announcement made on October 25 [1] - The deregistration process was confirmed by the Yichang High-tech Zone Market Supervision Administration through a notification letter [1] Group 2: Business Strategy - The deregistration is aimed at resource integration, organizational optimization, reduction of management costs, and enhancement of management efficiency and operational effectiveness [1]

调研活动基本信息 12月1日，盛达金属资源股份有限公司（下称"盛达资源"）在公司会议室以现场会议形式接待了特定对 象调研，中信证券（陈剑凡）、中信资管（焦天枨）2家机构参与。公司董事会秘书王薇、证券事务代 表孙梦瀛及投资者关系经理丛鹏出席，就公司矿山产能规划、产品产量、成本控制等核心问题与机构进 行深入交流。 核心调研要点解析 白银产能扩张：东晟矿业25万吨项目2026年力争投产 针对未来白银产量预期，公司介绍，东晟矿业巴彦乌拉银多金属矿25万吨/年采矿项目正在建设中，该 矿已取得《采矿许可证》，银金属平均品位达284.90克/吨。公司力争2026年完成建设，实现"早投资、 早收益"，投产后将显著提升公司银金属产量。此外，金山矿业生产能力将逐步递增至采矿许可证核准 的48万吨/年，并计划根据资源情况申请扩大生产规模；银都矿业正推进采矿权与外围1.43平方公里探 矿权整合，整合完成后白银产量亦有望获得补充。 关于营收结构，公司提到，因矿山位于内蒙古中东部受气候影响，一季度矿山产品产出较少，营收主要 依赖前一年未发货库存出售及已发货库存的跨期结算。产品计价方面，铅锌精粉含银、银精粉含金部 分，按上海黄金交易所、上 ...