Group 1 - The company emphasizes the importance of market value management [1] - The company will continue to focus on its optical main business [1] - The company aims to enhance its operational management level and strengthen its core competitiveness [1]

Core Viewpoint - The company, Dongfang Tantalum, aims to focus on its core business of tantalum and niobium, emphasizing a development philosophy that includes full wet processing, optimizing tantalum powder, stabilizing tantalum wire, expanding pyrometallurgy, strengthening products, and enhancing supply chain development [2] Group 1 - The company will continue to optimize its industrial development layout [2] - The company plans to strengthen technological innovation and lean management [2] - The goal is to achieve industrial scale and quality efficiency [2]

证券日报网讯1月13日，华测检测（300012）在互动平台回答投资者提问时表示，华测检测在全球90多 个城市设立160多间实验室和260多个服务网络，服务能力全面覆盖到纺织服装及鞋包、婴童玩具及轻工 产品、电子电器、医药及医学、食品及农产品、化妆品及日化用品、石油化工、环境、建材及建筑工 程、工业装备及制造、轨道交通、汽车和航空材料、芯片及半导体，绿色低碳和ESG服务、海事服务、 数字化认证等相关行业及其供应链上下游产业的服务。"覆盖全球80%领域的各类检测"的相关说法与华 测实际情况不符，敬请投资者以公司公开披露信息为准。华测始终坚定专注第三方检测主业。公司深耕 检测领域多年，已构筑起深厚的技术、品牌与运营壁垒，这是公司立足行业、实现长期发展的根本。检 测行业市场空间广阔，公司的核心战略是聚焦主业深耕细作，通过强化技术研发、优化服务能力、拓展 高附加值赛道，持续巩固行业优势地位，提升主业盈利能力与核心竞争力。 ...

Core Viewpoint - The company emphasizes that its stock price fluctuations are influenced by multiple factors and reassures that its production and operations are normal, with no undisclosed significant matters [1] Group 1: Company Operations - The company is focused on enhancing quality and efficiency in its core business [1] - There will be an increased emphasis on innovation and research and development of core products [1] Group 2: Shareholder Engagement - The company plans to continue rewarding shareholders through cash dividends [1] - It aims to strengthen communication with investors through roadshows, performance briefings, and research receptions to convey company value and seek better investment returns [1]

（编辑 任世碧） 证券日报网讯 1月12日，中盐化工在互动平台回答投资者提问时表示，公司持续聚焦主业，推进优势板 块规模化、高端化、差异化，提升优势产品的产业引领力、标准影响力、价格主导力和价值创造力；推 动传统产业优化升级，绿色化数字化智能化发展；积极布局新业务领域，拓展新发展空间，塑造新的竞 争优势，推动企业高质量发展。 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Insights - The company, as the first publicly listed mineral water company in China, is expected to benefit from national expansion, which will provide significant growth opportunities [6][68]. - The company has a strong strategic focus on its core business of natural mineral water, with plans to reduce losses in non-core segments [27][28]. - The mineral water industry is projected to grow steadily, with the company positioned to capture market share due to its unique water source and regional brand strength [60][66]. Financial Performance Summary - Revenue projections for the company are as follows: 2023A at 1,122 million CNY, 2024A at 1,198 million CNY, 2025E at 1,274 million CNY, 2026E at 1,450 million CNY, and 2027E at 1,722 million CNY, with growth rates of -12%, 7%, 6%, 14%, and 19% respectively [2]. - The net profit forecast shows a significant turnaround from a loss of 457 million CNY in 2023A to a profit of 30 million CNY by 2027E, with growth rates of -900%, 101%, 137%, 40%, and 47% respectively [2]. - Earnings per share (EPS) are expected to improve from -0.64 CNY in 2023A to 0.04 CNY in 2027E [2]. Market Position and Competitive Landscape - The company holds a 5% market share in the national mineral water market, with a strong presence in the Northeast region, where it has a reputation for high-quality water [6][69]. - The mineral water market in China is characterized by high concentration, with the leading brand holding an 80% market share, while the company is the only one among the top five brands to achieve sales growth in the past year [60][63]. - The overall packaging water market is expected to reach 224.23 billion CNY in 2025, with a growth rate of 3% [54]. Strategic Initiatives - The company is focusing on expanding its production capacity, with plans to increase output by 400,000 tons from its core water source and an additional 2 million tons from a secondary strategic source, potentially leading to a revenue increase of 2.633 billion CNY [6][68]. - A new logistics model combining rail, sea, and road transport is set to enhance cost efficiency and improve profit margins [6][28]. - The company is actively pursuing partnerships and collaborations to enhance its market reach, including significant contracts with major airlines and retail platforms [6][68].

Core Viewpoint - Yunnan Tourism is focusing on its core business and aims to enhance sustainable operations and improve efficiency through increased R&D efforts, product and business model innovation, and lean management practices [2] Group 1 - The company is committed to sustainable operations in its existing business [2] - Yunnan Tourism plans to enhance efficiency through various initiatives [2] - The focus will be on innovation in products and business models [2]

Core Viewpoint - Yunnan Metallurgical Group is attempting to divest its 3.18% stake in Chengtai Insurance for a base price of 184 million yuan, marking the third attempt to sell this stake amid a cooling insurance equity market [2][3][4]. Group 1: Divestment Attempts - The stake has been listed for sale three times, with previous attempts in November 2023 and October 2024, where the base price dropped from 156 million yuan to 125 million yuan, both ending in failure [2][3]. - The current listing price of 184 million yuan is an increase from previous attempts, indicating a strategic shift in Yunnan Metallurgical's approach to divestment [2][3][4]. Group 2: Market Context - The insurance equity market has been generally sluggish, with many insurance companies struggling to attract investors for their equity offerings [4][5]. - The increase in listing price may reflect Yunnan Metallurgical's strategy to establish a higher value baseline and attract serious strategic investors rather than making a hasty sale [5][6]. Group 3: Regulatory Environment - The divestment aligns with the broader trend among state-owned enterprises to return to core business operations and divest non-core financial assets, as emphasized by recent government directives [3][4]. - The "退金令" (Return of Capital Order) from the State-owned Assets Supervision and Administration Commission mandates state-owned enterprises to focus on their primary business and restrict new investments in financial institutions [3][4]. Group 4: Chengtai Insurance's Financial Health - Chengtai Insurance, established in 2011, has a registered capital of 5.97 billion yuan and is the only national property insurance company headquartered in Yunnan [7][9]. - The company has faced significant financial challenges, reporting a net loss of 250 million yuan in 2023 and further losses in 2024, with a combined cost ratio exceeding 109.78% [9][10]. - However, there are signs of recovery in 2025, with a reported net profit of 19 million yuan in the first three quarters and a projected revenue of 1.997 billion yuan by November 2025 [10][20]. Group 5: Governance and Ownership Issues - A significant portion of Chengtai Insurance's shares, approximately 56.96%, are under pledge or freeze, which poses risks to corporate governance and decision-making efficiency [7][8][9]. - The high level of pledged shares indicates financial strain among shareholders, complicating the company's ability to raise additional capital for growth [19][20]. Group 6: Market Valuation Trends - The valuation of insurance equity is shifting from a focus on "license premiums" to a more rigorous assessment of profitability and capital efficiency, reflecting a broader market recalibration [21]. - The liquidity of insurance equity assets has decreased, indicating a re-evaluation of investment value in the insurance sector, which may lead to a concentration of capital in leading firms while smaller companies face long-term valuation pressures [21].

证券日报网讯1月5日，陇神戎发（300534）在互动平台回答投资者提问时表示，公司将持续聚焦主业， 依托国资控股平台优势，聚焦元胡止痛滴丸、宣肺止嗽合剂两大独家核心品种，巩固现有市场并大力拓 展OTC及空白区域；同时，积极拓展普药市场、大健康产品线与医疗器械等业务领域，培育新的业绩增 长点。研发方面，公司立足自身资源条件，持续加大研发投入、提升研发实力，全力构建内外部协同创 新的研发体系和研发投入长效机制，在持续推进主打产品二次开发的同时，加大新药、经典名方、大健 康等领域的产品研发力度，努力丰富产品管线，提升公司核心竞争力。 ...

Core Viewpoint - The company, Shengxing Group Co., Ltd., has decided to withdraw from participating in the establishment of Haixia Life Insurance Co., Ltd., citing changes in the investment environment and a focus on its core business development [1][4]. Group 1: Announcement Details - On December 31, 2025, the company held its 18th meeting of the fifth board of directors, where the proposal to withdraw from the establishment of the insurance company was approved with 7 votes in favor, 0 against, and 0 abstentions [1][4]. - The company will not invest in Haixia Life Insurance and has not made any actual contributions to it as of the announcement date [1][5]. Group 2: Reasons for Withdrawal - The company noted that Haixia Life has been in the approval process since August 2016 and has not yet received approval from the National Financial Regulatory Administration [1][5]. - The initial conditions for the investment assessment have changed significantly, prompting the company to reconsider its involvement in light of recent macroeconomic and financial policy changes [1][5]. - The decision aims to optimize resource allocation and focus on the company's main business development [1][5]. Group 3: Company Background - Shengxing Group was established in 1992 and is headquartered in Fuzhou Economic and Technological Development Zone, specializing in the food and beverage industry [2]. - The company operates as a multifunctional, composite group listed enterprise, involved in metal packaging production, beverage filling, marketing services, equipment R&D, supply chain services, and industrial services [2].