Core Viewpoint - The company, Zhonghuan Environmental Protection, is undergoing a significant transformation following a change in its controlling shareholder and actual controller, with plans to raise up to 300 million yuan through a private placement and rebrand itself to reflect a strategic shift towards technology and biomedicine [1][4]. Group 1: Fundraising and Shareholder Changes - The company plans to issue shares to its new actual controller, Liu Yang, raising no more than 300 million yuan, which will be used to supplement working capital and repay bank loans [2][3]. - Following the change in control, Liu Yang will increase his stake in the company to approximately 22.68%, further solidifying his position as the actual controller [3]. Group 2: Strategic Transformation - The company intends to change its name from "Anhui Zhonghuan Environmental Protection Technology Co., Ltd." to "Anhui Zhongfu Yuanchuang Technology Group Co., Ltd." to better align with its evolving business strategy [4][5]. - The strategic shift includes maintaining its core environmental protection business while exploring investment opportunities in the biomedicine sector, leveraging the strengths of its new controlling shareholder [5]. Group 3: Business Outlook - The company has experienced fluctuations in its main business revenue, with 2022 revenue reaching 1.405 billion yuan, but projected declines in 2023 and 2024, indicating challenges in profitability [2]. - The company aims to enhance its core competitiveness and create new profit growth points by investing in high-quality projects in the biomedicine field while still focusing on its environmental protection operations [5].

在水泥行业步入存量竞争的当下，上峰水泥的ROE（净资产收益率）连续五年行业领先，这并非规模扩 张的结果，而是一场深刻的效率革命。 公司依托长三角区位优势、自有石灰石矿山、长江码头直达的物流体系，构建起成本护城河。上峰水泥 董事长俞锋在接受中国证券报记者专访时直言："水泥业务是我们的现金流堡垒，但绝不盲目扩张。"俞 锋这样解释公司近年来的发展脉络：主业做"现金牛"，投资当"探路者"。这一定位的核心逻辑是：在行 业减量时代，通过极致运营效率维持造血能力，为战略转型储备弹药。 主业根基：水泥行业的"效率冠军" 上峰水泥转型的底气，根植于其在水泥这一高度成熟的行业中，所构建的难以复制的竞争优势。 数据显示，在行业总量收缩的背景下，公司凭借一系列精细化运营举措，实现了远超同行的盈利能力和 造血功能。公司近五年的平均ROE达到17.83%，销售毛利率连续五年位居行业上市公司前列，在规模 不占优的情况下，其净利润率、人均营业利润等核心指标均稳居行业前三。 谈及如何实现行业领先，俞锋用"人无我有，人有我优"对公司布局进行了生动概括。 这八个字背后是公司多年来积累的深厚资源与成本护城河。俞锋告诉记者，公司拥有超过9亿吨的石灰 ...

在水泥行业步入存量竞争的当下，上峰水泥（000672）的ROE(净资产收益率)连续五年行业领先，这并 非规模扩张的结果，而是一场深刻的效率革命。 公司依托长三角区位优势、自有石灰石矿山、长江码头直达的物流体系，构建起成本护城河。上峰水泥 董事长俞锋在接受中国证券报记者专访时直言："水泥业务是我们的现金流堡垒，但绝不盲目扩张。"俞 锋这样解释公司近年来的发展脉络：主业做"现金牛"，投资当"探路者（300005）"。这一定位的核心逻 辑是：在行业减量时代，通过极致运营效率维持造血能力，为战略转型储备弹药。 ● 本报记者何昱璞 主业根基：水泥行业的"效率冠军" 上峰水泥转型的底气，根植于其在水泥这一高度成熟的行业中，所构建的难以复制的竞争优势。 数据显示，在行业总量收缩的背景下，公司凭借一系列精细化运营举措，实现了远超同行的盈利能力和 造血功能。公司近五年的平均ROE达到17.83%，销售毛利率连续五年位居行业上市公司前列，在规模 不占优的情况下，其净利润率、人均营业利润等核心指标均稳居行业前三。 谈及如何实现行业领先，俞锋用"人无我有，人有我优"对公司布局进行了生动概括。 这八个字背后是公司多年来积累的深厚资源与 ...

在水泥行业步入存量竞争的当下，上峰水泥的ROE（净资产收益率）连续五年行业领先，这并非规模扩 张的结果，而是一场深刻的效率革命。 公司依托长三角区位优势、自有石灰石矿山、长江码头直达的物流体系，构建起成本护城河。上峰水泥 董事长俞锋在接受中国证券报记者专访时直言："水泥业务是我们的现金流堡垒，但绝不盲目扩张。"俞 锋这样解释公司近年来的发展脉络：主业做"现金牛"，投资当"探路者"。这一定位的核心逻辑是：在行 业减量时代，通过极致运营效率维持造血能力，为战略转型储备弹药。 ● 本报记者 何昱璞 近年来，上峰水泥作为产业投资界翘楚在资本市场频频出圈。其投资的晶合集成2023年在科创板成功上 市，2025年，该笔股权投资成功退出。2023年至今，公司陆续有参投项目成功登陆科创板。2024年公司 股权投资业务对净利润贡献的比例超过22%，五年累计盈利5.3亿元。 "早在2020年，公司就开启了对半导体产业系统性、全链条的投资布局。"俞锋表示，这并非财务投机， 而是一场认知先行的战略渗透。截至2025年10月，公司在新经济领域累计投资额已超过20亿元，涉及项 目近30个，其中半导体企业达20家。 值得注意的是，在半导体 ...

Core Viewpoint - Chinese companies are increasingly selling off assets in Europe as a strategic response to rising political risks, exemplified by the recent sale of Fosber Group by Dongfang Precision to an American firm for €774 million, despite the company being highly profitable and a significant revenue contributor [5][12][34]. Group 1: Company Actions - Dongfang Precision sold its Italian subsidiary Fosber Group, a leader in corrugated cardboard production, to the American Brookfield Group for €774 million (approximately 6.3 billion RMB) [12][27]. - The sale occurred at a time when Fosber was generating nearly 70% of Dongfang Precision's revenue and experiencing significant profit growth [10][23]. - The decision to sell was influenced by the political climate in Europe, particularly following the "Anshi Incident" in the Netherlands, which raised concerns about potential government interventions in foreign-owned companies [16][21]. Group 2: Market Context - The sale reflects a broader trend of Chinese companies reassessing their investments in Europe due to increasing political risks and regulatory scrutiny [39][41]. - The transaction allowed Dongfang Precision to realize a significant return on investment, with the asset appreciating over seven times since its acquisition for €74 million a decade ago [29]. - The move is seen as a strategic shift for Dongfang Precision, redirecting funds into critical domestic sectors such as high-end power and robotics, aiming to reduce reliance on European manufacturing [32][34]. Group 3: Industry Implications - The political climate in Europe is causing a retreat of Chinese investments, with companies like Ningbo Huaxiang facing harsher consequences and opting for "tail-cutting" strategies [36][39]. - The exit of Chinese firms could lead to significant disruptions in European supply chains, particularly in the automotive sector, where companies like Volkswagen and BMW rely on Chinese suppliers [41][43]. - The European market may struggle to maintain its manufacturing capabilities without the technological and financial support from Chinese investments, raising concerns about the long-term viability of its industrial base [43][45].

证券日报网讯12月12日，立中集团（300428）在互动平台回答投资者提问时表示，公司拟在上海嘉定区 IRIC智能制造与机器人国际联创中心成立上海立中机器人科技有限公司(具体以工商核名为准)，目前相 关工作正在有序推进中。该公司将聚焦机器人轻量化材料及零部件的研发创新与市场销售，进一步深化 公司机器人产业布局，推进公司战略转型。同时，该公司将充分依托当地产业园区的优质资源，持续强 化公司在人形机器人领域的技术创新与市场响应能力，为公司后续拓展机器人客户资源奠定基础，助力 公司持续提升核心竞争力与行业影响力。 ...

Core Viewpoint - The company is leveraging its partnership with Asetek to transition from electronic manufacturing to a combined "electronics + liquid cooling solutions" strategy, capitalizing on Asetek's extensive experience and customer relationships in the liquid cooling sector [2]. Group 1 - The company has engaged in demand surveys within its existing customer base regarding the feasibility of liquid cooling products [2]. - Asetek is recognized as a leading enterprise in desktop liquid cooling technology, with over 20 years of industry experience [2]. - The company has established strong collaborations with major global PC brands and accessory manufacturers, including Dell Alienware, ASUS, and NZXT, providing high-performance cooling solutions [2].

Group 1 - The core strategy of Wanshun New Materials is to seek growth through overseas acquisitions despite facing financial challenges and ongoing losses [1][2] - The company announced plans to acquire 100% of Eurofoil Luxembourg for €1,238.89 million, approximately ¥102.29 million, indicating a significant investment in a loss-making entity [2][3] - The acquisition is seen as a critical step in the company's globalization strategy, aiming to enhance its brand influence and market share in the aluminum foil and aluminum plate industry [3][8] Group 2 - Wanshun New Materials is currently experiencing financial difficulties, with a high level of short-term debt (¥2.786 billion) compared to cash holdings (¥1.932 billion), reflecting a "high debt and high liquidity" situation [4] - The company's financial expenses have surged, with a 49.93% increase in financial costs to ¥76.42 million in 2024, further straining profitability [4] - The company has faced delays in key projects, such as the 100,000-ton battery foil project, which has been postponed to September 2026, contributing to idle funds and low capital efficiency [5][6] Group 3 - The domestic aluminum processing industry is under severe competitive pressure, with overcapacity and price wars leading to reduced profit margins [7][8] - Despite a 22.52% year-on-year revenue increase to ¥6.579 billion in 2024, Wanshun New Materials reported a net loss of ¥192 million, marking a historical low [8][10] - The company is focusing on high-value-added aluminum foil products and has made recent investments to enhance its strategic positioning in the new energy materials sector [10][11]

文 | 钱钱 编辑 | 阿景 12月8日，华盛顿的会议室里挺热闹，美澳第40届"2+2"磋商会议开得正欢。 两边一拍即合，要搞个"可靠、多元"的矿产供应链。 澳大利亚这下可算找着了新定位。 要知道，这国家在全球关键矿产供应链里的分量最近看涨。 锆矿产量全球第一，中国近四成的锆都得从它那儿进口。 稀土储量也不小，现在想借着美澳合作，把矿产从普通商品变成"战略筹码"。 美方来的是国务卿鲁比奥和国防部长赫格塞斯，澳方则是副总理兼国防部长马尔斯、外交部长黄英贤。 这场会选在美日"2+2"还没开的时候办，明眼人都看得出，有事要聊。 聊的啥呢？不是航母也不是军演，而是石头关键矿产。 鲁比奥在会上扯着嗓子说，这玩意儿对国防和科技产业太重要了，赫格塞斯也跟着帮腔，说军事运作离 了它不行。 以前卖矿就是卖资源，赚的是辛苦钱。 现在跟着美国混，把矿产和战略安全绑在一起，身价立马不一样。 美澳握手背后，矿产成了新"战略货币" 其实这事儿早有铺垫。 今年10月，特朗普和阿尔巴尼斯就签了个关键矿产框架协议。 黄英贤最近在公开场合说得很明白，这合作跟AUKUS一样，都是美澳战略协作的核心。 说白了，就是想把矿产当"硬通货"，在大国博弈里 ...

"这一同步操作将'债权让与+债务抵销'与'亏损主体剥离'形成闭环，法律实质是一次性确认债务清偿与 损失出表。"山东隆湶律师事务所主任李富民在接受《证券日报》记者采访时表示，此举直接消灭等额 负债，避免未来就资产减值进行漫长拉锯，实现"法律上干净切割、会计上立即见效"的快速脱困目标。 第二项操作是ST美晨拟以1元对价向潍坊创潍投资管理有限公司出售赛石园林持有的下属子公司海南美 晨生态发展有限公司（以下简称"海南美晨"）100%股权。截至2025年10月末，海南美晨净资产为-7931 万元（约合-0.79亿元），已严重资不抵债，此次出售将使其彻底脱离上市公司合并报表范围。 国家注册审核员、广东更佳昊国际认证有限公司总经理李锦堤对《证券日报》记者表示，ST美晨这套 组合策略堪称"外科式止血"，不仅将账龄偏长的应收款按面值冲抵了有息负债、立即压降了财务费用， 更一举切断持续亏损源头。 12月9日晚，山东美晨科技集团股份有限公司（以下简称"ST美晨"）接连发布两则公告，披露了公司为 加快剥离园林业务、聚焦汽车零部件主业而采取的一系列实质性举措，一次性化解近10亿元规模的债务 与资产难题。 根据公告，公司拟通过债权债务重 ...