证券日报网讯 1月9日，星网锐捷在互动平台回答投资者提问时表示，股价受宏观经济环境、行业整体 趋势、资本市场波动等多种复杂因素综合影响。强化公司治理水平是市值管理的基础保障，公司认真落 实估值提升计划，全面加强规范化管理，制定《市值管理制度》等，为投资者创造良好回报。公司会根 据实际情况制定相应的发展策略。 （文章来源：证券日报） ...

证券日报网讯1月9日，天原股份（002386）在互动平台回答投资者提问时表示，公司已制定并披露《宜 宾天原股份有限公司估值提升计划》，旨在持续提升公司竞争力并积极回报股东。宜宾市国资委作为实 际控制人，在对公司的年度考核中包含市值管理内容，总体要求是实现国有资产保值增值。公司将会持 续做好经营业绩提升，优化信息披露和加大投资者交流，给予投资者更多回报。 ...

证券日报网讯 1月9日，魅视科技（001229）在互动平台回答投资者提问时表示，公司一直高度重视市 值管理，并将其作为一项长期工作来抓。公司觉得，市值是公司价值的综合体现，需要通过持续提升公 司经营业绩、加强投资者关系管理、规范信息披露等多种手段来实现。在具体推进方面，公司将重点关 注以下几个方面：一是持续提升公司盈利能力和核心竞争力；二是加强与投资者的沟通交流，增进投资 者对公司的了解和信任；三是规范信息披露，提高信息透明度。 ...

Core Viewpoint - The company emphasizes that solid operating performance and sustained growth are fundamental to enhancing intrinsic value, with management focusing on core business development and implementing various measures to achieve this [1]. Group 1: Business Strategy - The current strategic focus is on deepening cooperation with large multinational pharmaceutical companies to optimize the customer structure [1]. - Revenue from MNC clients is expected to show significant growth by the third quarter of 2025, with an overall stabilization in gross margin and a substantial improvement in operating cash flow [1]. Group 2: Innovation and Efficiency - The company aims to systematically build long-term pricing power through green and intelligent chemical technology innovations, deepening customer relationships, focusing on high-value new molecular businesses such as peptides and ADCs, and enhancing operational efficiency [1]. Group 3: Market Communication and Value Management - In terms of market value management, the company will strengthen communication with the market through information disclosure and investor relations management [1]. - The company will prudently evaluate various measures, including share buybacks, equity incentives, and mergers and acquisitions, to enhance company quality and intrinsic value, and will announce any significant matters that meet disclosure standards in a timely manner [1].

Core Viewpoint - The quality of the acquisition target, Yongqiang Technology, by Yanjing Co., is under scrutiny as the actual output value significantly lags behind the planned target of 1.8 billion yuan, with last year's output barely exceeding 300 million yuan. This raises questions about whether Yanjing Co. is facing growth bottlenecks in its main business as the domestic sanitary napkin market reaches saturation and the number of newborns declines [1][9][10]. Group 1: Acquisition Details - Yanjing Co. plans to acquire control of Yongqiang Technology through a combination of issuing shares and cash payments, with the transaction expected to constitute a major asset restructuring. The stock will be suspended for up to 10 trading days [1][13]. - Yongqiang Technology, established in December 2019, aims to enhance China's ICT supply chain and produce high-end integrated circuit interconnection materials. The company has a production base of 3,000 square meters and plans to expand to 30,000 square meters, with a projected output value of 1.8 billion yuan and a net profit of 400 million yuan upon reaching full capacity [2][15]. Group 2: Performance Discrepancies - According to local media, Yongqiang Technology's actual output value was over 300 million yuan last year, with a target of exceeding 600 million yuan this year, indicating a 78% shortfall from the projected 1.8 billion yuan [6][14]. - The company has seen significant growth in its client base, expanding from one to over 80 strategic partners, and has increased its production capacity from 1 million square meters to over 10 million square meters [6][15]. Group 3: Industry Context - The sanitary products industry is experiencing a downturn, with the penetration rate of sanitary napkins reaching its peak and a decline in the number of newborns, leading to increased competition and price pressure [9][10][21]. - The disposable sanitary products market in China is projected to grow steadily, with the market size for absorbent sanitary products expected to reach approximately 132.13 billion yuan in 2024, reflecting a 13.8% increase from 2023 [10][21]. Group 4: Financial Performance - Yanjing Co. reported a total revenue of 1.295 billion yuan for the third quarter, a year-on-year increase of 22.99%, with a net profit of 42.5 million yuan, marking a 27.95% increase. However, the net profit margin remains below 5% [12][23]. - The company faces challenges in maintaining competitive advantage in a saturated market, emphasizing the need for differentiation in its product offerings [12][23].

Core Insights - The Shunde District is promoting itself as a "capital-strong area" through the launch of the "Yunlu Listing Town" development plan and the release of supportive policies for companies aiming to go public [1][5]. Group 1: Conference Highlights - The Shunde District held its annual enterprise listing conference, marking the tenth consecutive year of high-profile events focused on empowering companies for listing and high-quality development [1]. - The conference emphasized the importance of capital markets for companies, with leaders indicating a favorable market environment for the year ahead [3]. Group 2: Company Perspectives - Companies expressed optimism about the new policies, particularly the "Yunlu Listing Town" measures, which aim to attract more intermediary institutions and enhance collaboration between supply and demand [5]. - A company representative highlighted the need for capital market resources to support their global expansion strategy, indicating a reliance on external financing due to the long investment cycles in the equipment manufacturing industry [4]. Group 3: Future Plans and Goals - Companies like Cardwa Technology aim to leverage capital markets to strengthen their business, with plans to list on the A-share market within the next 3-4 years [6][7]. - Another company, Megke, plans to initiate its capital market layout after achieving a revenue target of 10 billion yuan, with a focus on expanding its market presence and enhancing its governance structure [17][19]. Group 4: Supportive Policies - The "Yunlu Listing Town" policies include targeted administrative support and solutions for compliance issues, which are seen as beneficial for companies preparing for listing [9]. - The Shunde District government has committed 600 million yuan to support enterprises in their listing efforts, which is expected to provide significant assistance to companies during their capital market journey [18].

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。 有投资者在互动平台向德尔玛提问："致德尔玛董秘： 1.股价长期破发，现有市值管理外，后续稳定方 案及长效规划？2.2026国补不含小家电，公司如何对冲政策影响保障业绩？3.专利授权下滑，核心研发 方向、投入重点及技术转化计划？4.如何完善股东回报机制，保障投资者利益？ 投资者：马建平。" 针对上述提问，德尔玛回应称："您好，公司高度重视市值管理，在股东权益维护方面，我们已综合运 用股份回购、股权激励、分红政策等工具组合，兼顾股东短期收益与长期价值增长。公司将密切关注国 内政策导向与市场动态，结合自身战略布局与实际条件，灵活调整经营策略。为保持技术和产品的竞争 力，公司会紧跟市场发展趋势，及时了解客户的需求及变化情况，确保技术研发方向符合市场及行业发 展方向，以此保持技术竞争优势。未来，我们将一如既往聚焦主业创新，强化核心竞争力，以高质量发 展的实绩回应市场期待。感谢您的关注。" 来源：市场资讯 ...

Core Viewpoint - The A-share market in 2025 shows a positive trend, with the Shanghai Composite Index returning to 4000 points and nearly 80% of listed companies experiencing stock price increases, supported by a record total transaction amount of 42 trillion yuan [1] Group 1: Market Performance - In 2025, a total of 1494 listed companies in the A-share market conducted buybacks, with a total amount reaching 142.736 billion yuan [1] - Additionally, 534 companies announced shareholding increases, with a maximum proposed increase amount of 83.922 billion yuan [1] - The total scale of buybacks and increases in 2025 reached 226.658 billion yuan [1] Group 2: Major Companies' Actions - Among the companies that conducted buybacks, 293 had buyback amounts exceeding 100 million yuan, with 15 companies exceeding 1 billion yuan, and one company surpassing 10 billion yuan [5] - Midea Group led the buybacks with a total amount of 11.545 billion yuan, being the only company to exceed 10 billion yuan in 2025 [5] - Guizhou Moutai followed with a total buyback amount of 6 billion yuan, marking its first-ever cancellation buyback since its listing [6] Group 3: Financing Support - The special refinancing loans for buybacks and increases provided significant support, with a total of 789 companies or major shareholders disclosing buyback and increase refinancing loan situations, amounting to 160.62 billion yuan [9] - The People's Bank of China optimized the refinancing policy, reducing the self-funding ratio requirement from 30% to 10% and extending the maximum loan term from 1 year to 3 years [9] - The refinancing loan interest rate is approximately 2.25%, providing a low-cost funding source for companies to conduct buybacks and increases [10] Group 4: Recommendations for Future Actions - Suggestions for banks to expand the coverage of refinancing loans to include more quality enterprises and to support diverse needs such as mergers and acquisitions [11] - Emphasis on improving policy precision, optimizing pricing mechanisms, and enhancing service efficiency to transition refinancing from a temporary tool to a normalized mechanism [11]

Core Viewpoint - The company emphasizes its commitment to focusing on its core business and prioritizing investor interests while maintaining stable operations [2] Group 1: Company Strategy - The company is dedicated to enhancing investor returns through improved corporate governance and operational quality [2] - The company is actively working on systematic value management by utilizing diverse capital operation tools such as cash dividends and stock transfers [2] Group 2: Investor Relations - The company places high importance on information disclosure and investor relations management [2] - Shareholders have reduced their holdings based on personal needs and have fulfilled their disclosure obligations as per the prospectus [2]

证券日报网讯1月8日，中粮资本（002423）在互动平台回答投资者提问时表示，公司始终高度重视包括 市值表现和投资者回报在内的各项资本市场反馈。二级市场股价受宏观经济、行业政策、市场情绪及公 司基本面等多重复杂因素共同影响。公司始终关注市值表现与投资者回报，如有股份回购或分红安排等 相关计划，将结合资金状况与发展战略统筹考虑，并严格履行信息披露义务。 ...