他进一步表示，上述正向循环机制可以拆分为三个环节：首先是价值创造，提升企业的经营质量；其次是通过价值传播的方式和资本市场沟通，让资本市场 了解并认可企业；最后则是价值经营，即市值提升之后再用资本运作的手段反哺到生产经营，从而实现经营质量提升。也就是说，价值创造和价值经营的目 的都是为了提升企业的经营质量，其中价值创造是基础，价值经营是杠杆，基础要打牢，杠杆才有意义，价值传播才会顺理成章。 经济观察报记者 邹永勤 2025年12月1日，深圳价值在线信息科技股份有限公司联合创始人刘守卫在当天召开的"2025中国AI赛道与ESG可持续发展大会"上，发表了其对当前资本市 场市值管理现状的一些看法。 据刘守卫介绍，A股市场的市值管理是在2005年提出来的，经过20来年的发展，正统的市值管理方式包括并购、股权激励、投关、战略规划等，这几种方式 在各自的领域都起到了非常重要的作用，但亦存在一些不足，所以也有个别企业会铤而走险，寻求短平快的伪市值管理方式。 刘守卫认为，《上市公司监管指引第10号——市值管理》的发布，背后有着深刻含义。首先，除了要肃清伪市值管理，还要提高A股和国企的估值，提升国 际竞争力；其次，是要规范短期行 ...

Group 1: Company Overview and Investment - Suzhou Kede Education Technology Co., Ltd. holds a 5.53% stake in Zhonghao Xinying, a company specializing in TPU architecture AI chip technology and mass production [4][8]. - Zhonghao Xinying has initiated the process for its IPO and is currently undergoing a share reform [7][20]. - In 2024, Zhonghao Xinying is expected to contribute an investment income of 5.9299 million CNY to Suzhou Kede, based on its shareholding [20]. Group 2: Market Strategy and Value Management - The company emphasizes value management, having established a value management system to enhance corporate governance and improve information disclosure quality [3]. - Suzhou Kede aims to leverage AI technology in education, focusing on integrating new technologies and products to enhance competitiveness [10][16]. - The company is actively seeking to optimize its business operations and explore new market opportunities to ensure sustainable growth [15][16]. Group 3: Financial Performance and Investment Insights - The company's R&D expenses for the first three quarters of 2025 reached 18.7236 million CNY, reflecting a 52.03% increase compared to the previous year [21]. - The company reported a decrease in accounts receivable compared to the beginning of the year, while inventory saw a slight increase due to preparations for the National Day holiday [20]. - The company has a long-term investment strategy focused primarily on Zhonghao Xinying, which is expected to enhance its investment value [6][12].

证券日报网讯 12月2日，玲珑轮胎在互动平台回答投资者提问时表示，公司现阶段正在对标优秀同行， 全力提升研发、制造、营销、采购、服务等生产经营各环节的效率和效益，以促进盈利能力的不断增 强，同时通过全球产地和业务的均衡布局提升市场竞争力和抵御风险能力，并结合公司治理、信息披 露、投资者关系管理、ESG体系建设，持续稳定的分红等多重举措不断完善市值管理工作，努力用长期 持续的良好业绩回馈广大投资者。 （编辑 姚尧） ...

Core Viewpoint - The company emphasizes the importance of market value management and aims to enhance operational performance and sustainable profitability as its core objectives, committing to rewarding investors with better results [1] Group 1 - The company is focused on improving its operational performance and sustainable profitability [1] - The company will strictly adhere to relevant laws and regulations regarding information disclosure while continuously optimizing its market value management efforts [1] - The company aims to communicate its value to the market effectively [1]

Core Viewpoint - Emei Mountain A announced a shareholder reward program offering free benefits such as tickets and discounts for shareholders holding 500 shares or more, which has positively impacted its stock price, demonstrating a strong market response to the initiative [1][2]. Group 1: Shareholder Benefits - From December 1, 2025, to January 31, 2026, shareholders with 500 or more shares will receive free access to various attractions and discounts for family members, enhancing the appeal of the investment [1]. - The stock price surged to a limit up on the first trading day after the announcement, indicating strong market approval and investor interest in the reward program [1]. Group 2: Cost Management - The reward program is cost-effective for Emei Mountain A, as the marginal cost of accommodating additional visitors is nearly zero due to fixed operational costs, allowing for efficient utilization of idle capacity [2]. - The initiative is expected to drive additional revenue through secondary spending by shareholders and their families, rather than negatively impacting profits [2]. Group 3: Market Trends - Shareholder reward activities have become common in the A-share market, with other companies also offering various incentives to engage shareholders and enhance brand loyalty [2]. - These activities serve as a means of market management, transforming shareholders into customers and potentially increasing revenue [2]. Group 4: Long-term Relationship Building - Engaging shareholders through product and service experiences fosters a deeper understanding of the company's value proposition, leading to more informed investment decisions and a stable trust relationship [3]. - The ultimate goal of such initiatives should be to convey company value and ensure long-term shareholder retention, rather than merely boosting short-term stock prices [3][4].

Group 1: Financial Performance - The company achieved a revenue of 30 billion in Q3 2025, aiming for a target of 60 billion by the end of the year [1] - The sales net profit margin decreased from 8.79% in 2021 to 1.31% in 2024, indicating a decline in profitability despite revenue growth [3] - The weighted return on net assets fell from 10.06% to 2.49% over the same period, reflecting challenges in maintaining profitability [3] Group 2: Product Development and Market Strategy - The company is actively working on the mass production of third-generation semiconductor products, responding to market demand [1] - The company has achieved a 10% silver content in its silver-copper products, maintaining a technological edge in the photovoltaic slurry industry [3] - The company is exploring potential collaborations in the electric vehicle sector, leveraging its existing product advantages [2] Group 3: Investor Relations and Future Outlook - The company is enhancing investor communication and engagement through various activities to build investor confidence [3] - The current capital increase plan is under review by the exchange, with no specific timeline for completion provided [2] - The company is committed to optimizing product structure and enhancing competitiveness to improve overall profitability and shareholder returns [3]

Core Viewpoint - Emei Mountain A announced a shareholder reward program offering free benefits such as tickets and discounts for family members, which led to a significant increase in stock price, indicating strong market approval of the initiative [2][3]. Group 1: Shareholder Benefits - From December 1, 2025, to January 31, 2026, shareholders holding 500 shares or more will receive various free benefits, including tickets and discounts on services [2]. - The stock price surged to a limit up on the first trading day after the announcement, reflecting investor enthusiasm for the reward program [2]. Group 2: Cost Efficiency - The reward program is cost-effective for Emei Mountain A, as the marginal cost of accommodating additional visitors is nearly zero due to fixed operational costs [3]. - The free benefits are seen as an efficient use of "idle capacity," which can potentially increase revenue through additional spending by shareholders and their families [3]. Group 3: Market Trends - Shareholder reward activities have become common in the A-share market, with other companies also offering various incentives to engage shareholders [3]. - These activities aim to transform shareholders into consumers of the company's products and services, enhancing market visibility and driving revenue growth [4]. Group 4: Long-term Relationship Building - The primary goal of shareholder reward programs should be to convey company value and foster long-term relationships with investors, rather than merely boosting short-term stock prices [4][5]. - By allowing shareholders to experience the company's offerings, a more stable and trusting relationship can be established, promoting value and long-term investment [4][5]. Group 5: Strategic Implementation - Companies should leverage these opportunities to showcase their products and services while actively collecting shareholder feedback [5]. - The ultimate aim of these activities is to create a closed loop of operational improvement, market value growth, and enhanced governance [5].

Core Points - The 20th "Golden Roundtable Award" ceremony for Chinese listed companies was held in Jiangyin, attended by over 200 guests including executives, scholars, and media representatives, highlighting achievements in corporate governance [1][2][3] - The event recognized over 100 listed companies with a total market value exceeding 10 trillion, including 16 companies with market values over 100 billion [1][2] Group 1 - The opening speech by Li Zhenqiang emphasized the importance of the "Golden Roundtable Award" as a platform for consensus and wisdom, aiming to support the transformation and upgrading of Chinese listed companies [2][3] - Jiangyin's Vice Mayor Ji Zhen highlighted the city's achievements as a manufacturing hub, with 66 listed companies and a total market value exceeding 300 billion, positioning Jiangyin as a leader among county-level cities [5][6] Group 2 - Liu Yunhong, a professor, discussed the development of corporate governance rules in China, identifying six key issues in current practices and advocating for a shift from "formal compliance" to "substantive effectiveness" [12] - Zhu Zhengyi shared insights from Longji Technology's acquisition of Xingke Jinpeng, emphasizing the strategic role of corporate secretaries in governance [12][13] - Su Mei analyzed the trends in the A-share market under the registration system, stressing the importance of value management for high-quality development [15] Group 3 - The award ceremony recognized outstanding companies and individuals in various categories, including "Most Influential Independent Director" and "Excellent Board of Directors," showcasing achievements in governance and value creation [18][20][33] - The "Best Board of Directors" award was presented to leading companies such as Weichai Power and China Ping An, reflecting their exemplary governance practices and strategic foresight [33][36]

□四川日报全媒体记者 彭瑀珩 11月28日晚，记者获悉，四川上市公司峨眉山旅游股份有限公司（峨眉山A）公告开展股东回馈 活动，活动期间，持有"峨眉山A"股票500股及以上的个人股东和法人股东代表可享受景区门票、 索道、免费泡温泉等福利，引发市场和广大股民关注。 记者初步统计，今年以来，已有30余家上市公司通过赠送核心产品、折扣券、文旅权益等形式与 投资者互动。 文旅影视企业主推场景化福利。浙江金华的横店影视推出"2025股东回馈"活动，向持股500股以上 的股东赠送观影券、旅游门票及会员卡优惠；安徽的黄山旅游推出股东专属福利，提供旗下景区 免票及餐饮、文创折扣；浙江杭州的宋城演艺主打沉浸式体验，邀请股东免费观看演出并走进后 台，近距离感受品牌魅力。 消费制造企业偏向以实物馈赠传递品牌温度。湖南的水羊集团按持股数分级送福利，持股5000股 以上即可获赠相关美妆产品礼盒；辽宁的盖世食品在夏季推出"消暑礼盒"，在回馈股东的同时又 征集产品改进建议。此外，新疆汇嘉时代向股东赠送自有品牌有机食用油、北京全聚德向股东发 放自营商品折扣券、浙江嘉兴五芳斋也于今年端午期间向股东赠送粽子礼盒…… 记者梳理发现，资本市场"宠股东 ...

证券日报网讯12月1日，珍宝岛（603567）在互动平台回答投资者提问时表示，公司高度重视和关注公 司价值及股东利益，将持续聚焦主业，优化经营管理，积极探索更多的发展机会，同时通过增强信息披 露透明度、持续加强与各市场主体的沟通交流等方式积极开展市值管理工作，传递经营理念和投资价 值，更好地实现公司的长远发展和股东回报。关于股份回购或增持计划，公司将结合市场环境、资金状 况及监管要求统筹考量，如有具体计划将按规定及时披露。 ...