新京报贝壳财经讯 （记者袁秀丽）2025年12月31日晚，碧桂园控股集团董事局主席杨惠妍、董事局联 席主席莫斌、总裁程光煜在新年致辞中，回顾了2025年"保交房""债务重组"，以及展望企业未来发展战 略。 管理层指出，碧桂园将"保交房"作为企业生存与发展的底线，以"一楼一策"精准发力，全力冲刺交付节 点，同时，推进资产的盘活与处置，为"保交房"提供现金流支持。2025年，碧桂园完成房屋交付近17万 套；从2022年至今，累计完成房屋交付近185万套，在第三方榜单中持续稳居首位。 碧桂园强调，债务重组工作取得决定性进展，境内公开市场债券至今未出现违约情况，涉及规模约177 亿美元的境外债务重组方案也已正式生效。这不仅为公司削减了巨额债务，缓解了中期压力，更是迈向 新生的关键一步。 管理层在致辞中特别提到，控股股东家族始终与公司全力以赴共渡难关，不仅将公司视为事业，更看作 一份必须守护的责任与承诺。控股股东始终把"保交房"作为头等大事，坚守在化债与保交房的最前线， 亲自协调、全力奔走。 未来，"我们将以债务重组的阶段性成果为新起点，将公司的经营重心从'全力保交房'的攻坚阶段，稳 步转向债务结构的持续优化和正常经营 ...

初冬时节，寒意渐浓。在山东华鲁恒升化工股份有限公司气化平台优化升级项目施工现场，却是一派热 火朝天的建设场景。经过3个多月的紧张施工，土建基础工程已接近尾声，进入大规模钢结构施工阶 段。与此同时，在千里之外的湖北江陵，华鲁恒升(荆州)有限公司二期项目的收官之作——20万吨/年甲 酸项目、10万吨/年乙酸甲酯项目都进入扫尾调试阶段，企业高端转型、高质量发展取得新成果。 "十四五"期间，华鲁恒升战略布局取得重大突破，公司成功建成湖北荆州基地并迅速投产见效，形 成"德州本部+荆州基地""一体两翼"协同发展的"双航母"运营新格局。 "六位一体"统筹发展 "十四五"期间，华鲁恒升统筹创新、集约、安全、绿色、智慧、共享"六位一体"发展，成为新型煤化工 行业龙头和投资者公认的"蓝筹白马"，连续多年跻身中国上市企业500强、市值500强、中国品牌价值 500强。该公司还入选山东省"十强"产业领军企业、煤基精细化工链主企业、支柱型雁阵集群"头雁"企 业，被国务院国资委确定为国有重点企业管理标杆、创建世界一流专精特新示范企业、科改企业。他们 是怎么做的? 心无旁骛攻主业。华鲁恒升坚持精强主业、相关多元，最近5年项目投资260亿元 ...

Group 1 - The company held a specific object research meeting on December 30, 2025, attracting eight institutions including Guangfa Securities and Zhongou Fund, with company executives participating in discussions [1] - The company signed a significant order worth 3 billion yuan for equipment needed for an iron ore project, with an expected operational period of 10 years and corresponding operational costs of approximately 3 billion yuan [2] - The company is focusing on a "light asset operation" strategy for overseas business, emphasizing technology output and after-market services rather than heavy asset factory construction [3] Group 2 - The Brownhill gold mine project in Zimbabwe serves as a benchmark for the company's overseas light asset cooperation, with expected revenue sharing of approximately 27.3 million USD from gold sales [4] - Future growth is anticipated through the implementation of the "Three Transformations and One Optimization" strategy and the "One Body and Two Wings" strategic layout, focusing on after-market business and overseas light asset expansion [5]

Core Viewpoint - The article emphasizes the transformation of Rongtong Fund into a state-owned enterprise-controlled public fund company, focusing on leveraging its central enterprise characteristics to drive innovation and growth in the financial sector, particularly in serving state-owned capital operations and wealth management for residents [1][5]. Group 1: Transformation Achievements - Since merging with China Chengtong in 2022, Rongtong Fund has significantly enhanced its service to state-owned enterprises, achieved product innovation, and improved investment performance, marking a clear path of innovative development [5][6]. - The total asset scale of Rongtong Fund reached 339.8 billion yuan by June 2025, an increase of 107.9 billion yuan, representing a nearly 50% growth since the merger [5][6]. - The investment research system has been upgraded, with a focus on a platform-based, team-oriented, and integrated multi-strategy approach, leading to notable performance in active equity investments and fixed income [6][8]. Group 2: Future Strategic Blueprint - The core goal for the next five years is to achieve significant transformation and elevate the company’s status, focusing on developing benchmark central enterprise-themed index products to enhance investor returns [10][11]. - The company aims to strengthen its foundation through party leadership and governance, ensuring that political and organizational advantages translate into core competitive strengths for high-quality development [10][11]. - The strategic focus will include optimizing resource allocation in key national strategic areas such as technology finance, green finance, inclusive finance, pension finance, and digital finance [10][11]. Group 3: Global Asset Allocation - Rongtong Fund is actively building a dual-wing strategy for domestic and international business, with the establishment of its first Cayman-listed fund and successful issuance of a public fund in Hong Kong [16][17]. - The global investment strategy is centered around supporting state-owned capital "going out" and developing QDII funds that align with national strategies, such as technology self-reliance and green development [16][17]. - The company emphasizes long-term investment and aims to provide diversified asset allocation products to enhance participation and benefits for ordinary residents in financial openness [17][18]. Group 4: Investment Research System Iteration - The investment research capability is viewed as fundamental for the long-term development of the fund, transitioning from individual reliance to a systematic platform approach [19][20]. - Key iterations include breaking down asset silos, embedding investment decision processes into standardized workflows, and developing a multi-strategy collaborative approach to adapt to market cycles [20][21]. - The integration of AI technology into the investment research process has significantly improved efficiency, allowing fund managers to focus on in-depth research and decision-making [21][22]. Group 5: Inclusive Finance Practices - Rongtong Fund has implemented various practices to enhance investor experience, including the issuance of thematic ETFs that allow investors to share in the profits of state-owned enterprises [23][24]. - The company has been a pioneer in promoting systematic investment plans, conducting numerous educational activities to guide investors in long-term investment strategies [24][25]. - Efforts to reduce fees and enhance research capabilities are aimed at aligning with investor interests and improving overall investment returns [25].

◎记者黎灵希 "999感冒灵，暖暖的，很贴心。"这句家喻户晓的广告词，成就了"999"的医药健康品牌，也成为它守护 无数家庭日常健康的朴素情怀。华润三九由此出发，搭建了横跨全生命周期、纵贯全健康管理场景 的"1+N"品牌矩阵。 华润三九从靠几款OTC药品打开市场的企业，蜕变为中国医药行业的"多面手"——连续多年位列非处方 药生产企业综合排名榜首，在处方药领域构建了中药、化药、生物药协同发展的创新格局。 近日，上海证券报记者走进华润三九，探寻这家国民药企打通高质量发展"任督二脉"的故事。 "'十四五'期间，我们积极抓住行业和市场机遇，提前完成营收翻番的目标。"华润三九董事长邱华伟告 诉记者，"下一个五年，公司的自主研发能力及管线将呈现更强大的活力。" 引擎："创新+品牌"双轮驱动 2024年实现营收276亿元，较2020年增长超102%；近三年营收、利润总额年复合增长率分别达23.6%、 24.5%……采访伊始，邱华伟用一组关键数据开启了对话。 "公司一方面持续打造具有疗效优势、品质感强的差异化产品矩阵，另一方面通过和消费者保持长期沟 通，不断延伸品牌效应。"邱华伟说，公司始终贴近消费者的沟通语境，持续探索媒介 ...

Core Viewpoint - The company has demonstrated significant performance improvements through strategic transformation, achieving a remarkable increase in net profit and focusing on core technologies and high-value products [1][2][3] Financial Performance - In the first three quarters, the company reported revenue of 562 million, a year-on-year increase of 38.52% - The net profit attributable to shareholders reached 61.98 million, up 217.88% year-on-year - The net profit excluding non-recurring items surged to 59.80 million, reflecting a staggering growth of 793.57% [2] Strategic Transformation - The company has undergone a name change from "Tongxing Environmental Protection" to "Tongxing Technology" to emphasize its focus on technological innovation [2] - The strategic focus includes organizational restructuring and resource allocation towards core technologies and high-value products, moving away from low-margin projects [3][4] Business Structure - The company operates under a "one body, two wings" strategy, where the core business is air pollution control, while CCUS and sodium battery businesses are the new growth engines [4][5] - The CCUS business is a natural extension of the main business, providing carbon capture solutions alongside air pollution control services [4][6] Future Growth Plans - The company plans to invest approximately 3.2 billion in a project to produce 100,000 tons of sodium battery anode materials and 6 GWh of battery cells, which is expected to enhance profitability and market competitiveness [6][7] - The company aims to achieve digital and intelligent upgrades in its main business, become a leading carbon capture technology service provider, and scale up sodium battery production within the next 3-5 years [8] Internationalization Strategy - The international strategy focuses on expanding product exports, deepening market presence in Southeast Asia, Europe, and the Middle East, and establishing local service systems [7] - The company plans to pursue acquisitions to strengthen its position in the low-carbon industry ecosystem, particularly in the sodium battery and CCUS sectors [7][8]

Core Viewpoint - The company has demonstrated significant performance improvements through strategic transformation, achieving a remarkable increase in net profit and focusing on core technologies and high-value products [1][2][3] Financial Performance - In the first three quarters, the company reported revenue of 562 million, a year-on-year increase of 38.52% - The net profit attributable to shareholders reached 61.98 million, up 217.88% year-on-year - The net profit excluding non-recurring items surged to 59.80 million, reflecting a staggering growth of 793.57% year-on-year [2] Strategic Transformation - The company has transitioned from "Tongxing Environmental Protection" to "Tongxing Technology," emphasizing technology innovation as the core driving force for development [2] - The strategic focus is on digital and intelligent upgrades of core businesses, aiming to solidify its leading position in low-temperature flue gas governance and become a global leader in carbon capture technology [1][7] Business Structure - The company operates under a "one body, two wings" strategy, where the core business is air pollution control, while CCUS and sodium battery businesses are rapidly developing as new growth engines [2][3] - The CCUS business is a natural extension of the main business, providing carbon capture solutions alongside flue gas treatment services [3][4] Future Plans - The company plans to invest approximately 3.2 billion in a project to produce 100,000 tons of sodium battery anode materials and 6 GWh of battery cells, which will enhance future profitability and market competitiveness [5][6] - The internationalization strategy will focus on expanding product exports, deepening market presence in Southeast Asia, Europe, and the Middle East, and establishing local service systems [6] Industry Positioning - The company aims to become a recognized leader in the field of pollution reduction and carbon reduction by 2035, providing integrated solutions for low-carbon transformation and sustainable development [7]

Investment Rating - The report assigns a "Buy" rating to China Tower Corporation Limited (0788.HK) [9] Core Views - China Tower is positioned as a global leader in communication infrastructure, focusing on a "one body, two wings" strategy that enhances its growth potential [9][11] - The company has shown steady revenue growth and strong cash flow, with a projected increase in net profit from 10,729 million yuan in 2024 to 17,435 million yuan in 2027 [5][15] - The company benefits from a high market share and a diversified business model, with significant contributions from its tower, indoor distribution, smart connection, and energy businesses [11][15] Summary by Sections 1. Company Overview - China Tower was established in July 2014 by three major telecom operators and has since become a key player in the communication infrastructure sector, achieving over 97% market share in China [11][15] - The company has diversified its operations into smart connection and energy sectors, enhancing its service offerings and market reach [11][15] 2. Financial Performance - The company reported a revenue of 97,772 million yuan in 2024, with a growth rate of 4%, and a net profit of 10,729 million yuan, reflecting a 10% increase [5][15] - For the first three quarters of 2025, the company achieved a revenue of 743.19 billion yuan, up 2.6%, and a net profit of 87.08 billion yuan, up 6.8% [15][18] 3. Business Segments - The tower business accounted for approximately 76% of total revenue, while the smart connection and energy businesses contributed 9.5% and 4.6%, respectively [11][15] - The company has established a robust energy business, becoming a leading player in the light electric vehicle battery swap market with over 50% market share [11][15] 4. Market Position and Strategy - China Tower's strategy of resource sharing and infrastructure specialization has led to significant economic and social benefits, with a focus on enhancing operational efficiency [11][33] - The company is well-positioned to capitalize on the growing demand for communication infrastructure driven by urbanization and technological advancements [11][33] 5. Future Outlook - The report forecasts a substantial increase in net profit, projecting 11,629 million yuan in 2025 and 16,097 million yuan in 2026, driven by the completion of depreciation on existing towers [5][15] - The company is expected to maintain a high dividend payout ratio, averaging 60.9% since its listing, reflecting its commitment to returning value to shareholders [9][15]

Group 1 - The core viewpoint of the report is that China Tower Corporation (00788) is a global leader in communication infrastructure, focusing on a "one body, two wings" strategy, which highlights its scale advantages [1] - The company is expected to achieve net profits of 11.629 billion, 16.097 billion, and 17.435 billion for the years 2025-2027, with corresponding EPS of 0.66, 0.91, and 0.99 yuan, benefiting from the depreciation of existing towers by 2026 [1] - In Q1-Q3 2025, the company reported operating revenue of 74.319 billion, a 2.6% increase, and net profit of 8.708 billion, a 6.8% increase, with tower business revenue accounting for approximately 76% [1] Group 2 - The specialized construction of communication towers is supported by high initial investment and widespread distribution, leading to greater economic and social benefits [2] - The demand for intelligent connectivity is driven by the need for extensive and supplementary coverage, with significant rental income increases from adding tenants to existing sites [2] - The potential for edge computing is substantial, supported by the stable and low-latency characteristics of the computing network enabled by communication towers [2] Group 3 - As of June 2025, the company owns 2.119 million tower sites, a 2.4% increase, and 3.844 million tenants, a 3% increase, with a cumulative construction of 2.974 million 5G base stations [3] - The sharing level of newly built towers has increased from 14.3% at inception to 86.2%, saving the industry 220 billion in investments and reducing carbon emissions by 33 million tons [3] - The depreciation of 1.5 million existing towers will be completed by October 2025, leading to the release of depreciation benefits, with an average dividend payout ratio of 60.9% since the company's listing [3]

Group 1 - The core viewpoint of the report is that China Tower (00788) is a leading player in global communication infrastructure, focusing on a "one body, two wings" strategy, which highlights its scale advantages [1] - China Tower's projected net profits for 2025-2027 are estimated at 116.29 billion, 160.97 billion, and 174.35 billion respectively, with corresponding EPS of 0.66, 0.91, and 0.99 yuan, benefiting from the depreciation of existing towers by 2026 [1] - The company reported a revenue of 743.19 billion and a net profit of 87.08 billion for Q1-Q3 2025, with a year-on-year growth of 2.6% and 6.8% respectively, where tower-related business revenue accounts for approximately 76% [1] Group 2 - The specialized construction of communication towers is supported by high initial investment and widespread distribution, leading to greater economic and social benefits [2] - The demand for intelligent connectivity is driven by the need for extensive and supplementary coverage, with significant rental income increases from marginally adding tenants to existing sites [2] - The potential for edge computing is substantial, as communication towers support a stable and low-latency computing network, facilitating the penetration of emerging technologies like AI [2] Group 3 - As of June 2025, the company has 2.119 million tower sites and 3.844 million tenants, with a 5G base station construction of 2.974 million since its inception [3] - The sharing rate of newly built towers has increased from 14.3% to 86.2%, saving the industry 220 billion in investments and reducing carbon emissions by 33 million tons [3] - The depreciation of 1.5 million existing towers will be completed by October 2025, leading to an imminent release of depreciation benefits, with an average dividend payout ratio of 60.9% since the company's listing [3]