2025年10月9日，中国突然甩出了一份稀土新规，不光管原材料，还把设备和技术人员也一块儿拉进了 禁区，这不是简单的加码，而是彻底换了个打法，新政一出，整个国际市场都跟着震了一下，尤其是美 国，反应非常激烈。 当天，特朗普情绪明显上来了，当场指派贝森特和卢特尼克全权处理这件事，用他的话说，这事儿"刻 不容缓"。 稀土是科技时代最重要的东西，只要是高精尖物件，都得用他，过去美国长期购买中国稀土，但这次中 国的新规等于直接把它的退路给堵上了。 中国这步棋，封得不只是矿 以前，大家都觉得中国的稀土政策只是限制原材料出口，可今非昔比，新规把上下游也纳入了管控，什 么意思，你美国就算有矿矿，也只能拿着原石，因为核心设备你买不到。 更关键的是，中国这次还拿捏相关技术服务，简单说，不仅不给你设备，还不让人过去教你怎么用，以 前美国一些稀土工厂还能靠中国技术人员"远程救火"，现在这条路也彻底断了。 这套组合拳打下来，美国自己搞稀土产业的希望几乎被压死了一半，别看它嘴上说得轻松，心里其实已 经开始犯嘀咕了。 新政出来不过几个小时，白宫那边就动了起来，特朗普在内阁会议上，直接点了两个人名：财政部长贝 森特和商务部长卢特尼克，让他 ...

Wind数据显示，10月9日，华南市场钛白粉报价1.33万元/吨，与9月末报价持平，仍处于价格周期低 谷。近年来，钛白粉价格震荡下行，从2021年6月份的2.04万元/吨降至目前价位，导致钛白粉行业企业 经营业绩承压，行业进入深度调整期。"尤其行业里的中小企业，在规模、成本、技术方面竞争力较 弱，面临不小经营压力。"一名钛白粉行业从业者的感慨，道出了钛白粉企业当前的困境。 多重挑战下，行业内部分企业积极突围，产业链并购整合提速。受访业内人士认为，并购整合有助于推 动钛白粉产业进一步向规模化、集约化发展，促进技术升级，提升产品质量与全球竞争力。 下游需求迎来边际好转 近年来，钛白粉行业企业业绩承压，以金浦钛业股份有限公司为例，2022年至2024年，该公司归属于上 市公司股东的净利润已连续3年为负，累计亏损超5亿元。2025年上半年，该公司仍未扭亏，归属于上市 公司股东的净利润为-1.86亿元。 对于亏损，该公司相关负责人在近期举行的业绩说明会上表示："受到包括成本高企、需求疲软、低价 竞争激烈等因素影响，钛白粉行业正面临内忧外困。" "近年来，由于供需失衡，钛白粉价格持续探底。"陕西巨丰投资资讯有限责任公司高 ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 10 月 09 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 五新隧装收购案获批,创远信科拟以 9 亿元内收购微宇天导 证券分析师 ——北交所收并购周跟踪第五期 （20250930） 投资要点： 联系人 科创板+创业板+北证并购跟踪：本期新披露 59 起股权交易事件，其中北交所 4 起。 本周期（指 2025.9.15-9.30）科创板+创业板+北证共发生 59 起新披露并购交易事件 （含收购股权、出售股权及增资事件等），交易总额为 94.5 亿元；25 项为收购事件， 其中 4 项是北交所公司发起；21 项为出售事件，13 项为增资事件。其中规模较大项 目包括：富临精工及宁德时代拟增资江西升华获其部分股权、新诺威拟收购巨石生物 29%股权、雅创电子拟收购欧创芯 40%股权及怡海能达 45%股权等等。从收购标的 业务领域来看，聚焦在新能源、生物医药、半导体、科学仪器等新兴产 ...

在全球医药研发行业加速变革的背景下，产业链整合正成为企业构建核心竞争力的关键路径。作为国内 CRO行业的领先企业，阳光诺和(688621)拟通过并购江苏朗研生命科技控股有限公司(以下简称"朗研生 命")100%股权，实现从CRO服务商向"研发+生产"一体化平台的战略升级，这标志着中国医药研发服务 行业正从传统的"外包模式"向"全链条整合模式"加速演进。 当前，全球CRO行业正经历深刻变革。随着医药研发成本持续攀升，企业对研发效率、研发风险控制 的需求日益迫切。传统CRO模式下，研发机构与生产制造环节存在"信息孤岛"，导致研发成果向商业化 转化的效率低下。 行业分析显示，医药研发产业链的整合是全球趋势。美国的CRO巨头如IQVIA、PPD已通过战略合作或 并购，逐步构建了涵盖研发、临床、生产、销售的全链条服务能力。阳光诺和此次并购，标志着中国 CRO企业开始向产业链纵深发展，有望在新一轮医药研发产业链整合中占据有利位置。 值得注意的是，阳光诺和此次并购着眼于长期战略布局。拟通过向不超过35名特定投资者发行股份募集 配套资金不超过8.65亿元，用于复杂注射剂微纳米制剂、小核酸药物生产线等关键项目，公司正为未来 的 ...

中金主要观点如下： 中金发布研报称，预计潼关黄金(00340)2025-2026年EPS分别为0.16港元、0.23港元，2024-2026CAGR为 121%。对应当前分别为17.3倍、11.6倍市盈率。该行首次覆盖潼关黄金给予跑赢行业评级，目标价3.52 港元，对应2026年15.0倍市盈率，较当前股价有30%的上涨空间。该行认为公司具有重视勘探增储的基 因，黄金产量增长潜力有望超出市场预期。 勘探见长的黄金企业，内生增长动能强劲 资源方面，公司重视勘探增储的战略意义，在潼关和肃北矿区合计拥有黄金资源量55.0吨，平均品位高 达8.26克/吨。产量方面，潼关矿区探转采带动产量增长，该行预计公司2025-2026年的黄金销量分别为 2.8吨、3.4吨。成本方面，公司于2025年1月收购矿山工程供应商西安宏尚，有望通过产业链整合降低黄 金开采业务的生产成本。 潜在催化剂：黄金价格持续上行，潼关矿区探转采顺利推进，进一步整合产业链降低成本。 风险提示：黄金价格波动；金矿探转采不及预期；金矿成本超预期上行。 2025年4月，紫金矿业通过全资子公司紫金金属收购公司3.82%的股份，与公司开展金属流合作并将预 付25 ...

声明：市场有风险，投资需谨慎。本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 2025年9月30日，渤海汽车（sh600960）触及涨停，涨停价5.1元，涨幅9.91%，总市值48.48亿元，流通 市值48.48亿元，截止发稿，总成交额1.03亿元。 根据喜娜AI异动分析，渤海汽车涨停原因可能如下，重大资产重组+产业链整合+业务扩张： 1、公司正 处业务转型和资产重组关键阶段，拟27.28亿元收购4家汽车零部件企业股权，能显著扩大业务规模。交 易对方签署业绩补偿协议，降低业绩不达预期风险，且交易对方为控股股东海纳川，显示大股东对公司 发展的支持。 2、此次收购新增汽车外饰件、座椅骨架等业务，完善产业链布局，还募集13.79亿元用于 产线更新、研发能力建设等， ...

实施本次收购事项可提升公司煤炭储运和供应能力，贯通煤电化产业链，解决同业竞争问题。 储运公司成立于2022年9月，位于甘肃省酒泉市玉门市新市区街道新市区经济开发区公铁联运智能物流 园，主要负责酒泉玉门100万吨储配煤基地建设、运营等，经营范围为普通货物仓储服务，装卸搬运， 煤炭洗选、加工，煤制品制造，煤炭及制品销售，电子过磅服务，机械设备租赁服务，运输设备租赁服 务等。 甘肃能化（000552）(000552.SZ)公告，公司拟收购关联方甘肃能源（000791）化工贸易有限公司(简 称"贸易公司")所持甘肃能化煤炭储运有限公司(简称"储运公司")100%股权，煤炭储运公司将成为公司 全资子公司，确定储运公司的收购价格为1.02亿元。 ...

Investment Rating - The report does not explicitly state an investment rating for the dairy products industry Core Insights - The dairy products industry in China has experienced rapid growth due to economic development and a large population, evolving through six distinct phases from its inception to the present recovery period post-pandemic [12][15] - The overall fast-moving consumer goods (FMCG) market is recovering, but the dairy products segment is projected to decline by 3.1% in sales in 2024 [15][18] - The market size of the dairy products sector is expected to reach approximately 5,216.70 billion yuan by 2022, with projections of 5,966.60 billion yuan by 2026 [26][20] Summary by Sections Industry Overview - The dairy products industry connects agriculture and food processing, producing various products such as liquid milk, milk powder, cheese, butter, and ice cream [9][11] Historical Development - The industry has evolved from a period of scarcity (1949-1978) to a recovery phase (2020-present), with significant milestones including the introduction of UHT technology and the impact of the melamine scandal [12][13] Current Industry Status - The FMCG market is stabilizing, but the dairy segment is facing a decline, with a projected sales drop of 3.1% in 2024 [15][16] Market Size - The retail scale of the dairy products market has shown fluctuations, with a slight decline in production expected due to overcapacity and reduced demand [20][22] Policy Environment - Recent policies focus on quality improvement and consumption stimulation, aiming to address overcapacity and promote high-value-added products [27][29] Industry Chain - The dairy industry features a long supply chain, including raw milk supply, processing, and retail, with strong interdependencies among various segments [31] Upstream Supply - China relies on imported milk powder to supplement its domestic raw milk production, which is insufficient to meet demand [34][36] Midstream Processing - The processing segment is the most profitable, with significant value addition through technology and innovation [39][41] Downstream Retail - Traditional retail channels dominate, but online sales are growing, reflecting changing consumer preferences [42][44] Consumption Patterns - Per capita dairy consumption in China is low compared to developed countries, indicating substantial growth potential in the market [47][51] Competitive Landscape - The market is primarily dominated by two major players, Yili and Mengniu, which together hold over 50% of the market share [60][62] Case Study: Yili Group - Yili Group is a leading player with a diverse product range and significant market presence, achieving substantial revenue from liquid milk and milk powder [64][66] Future Challenges - The industry faces challenges such as supply chain risks, changing consumer perceptions, and technological limitations in deep processing [70][72] Future Opportunities - There are growth opportunities in the B2B dairy market, driven by increasing demand for cheese and butter in various sectors [76][78]

Core Insights - Wujiang Shengze Town has established a complete textile industry chain, making it a significant silk textile production and export base in China [1] - The town is focusing on leveraging its industrial cluster advantages to promote transformation and sustainable development in the textile and apparel ecosystem [1] Industry Development - The cross-border e-commerce industrial park in Shengze has attracted 86 companies, including 37 cross-border e-commerce firms, achieving nearly $220 million in foreign trade import and export in the first half of the year [1] - Alibaba International Station has provided one-stop foreign trade solutions to over 400 local enterprises, with an average annual export growth of 25% for participating companies [2][4] - The Shengze Cross-Border E-commerce Selection Center showcases products from nearly 20 companies, highlighting the region's textile capabilities [3] Company Performance - Suzhou Xihe Textile Technology Co., established in 2021, has built a global smart supply chain and reported an export value exceeding 100 million yuan last year [4] - Wujiang Minsk Trading Co., established in 2011, has seen a year-on-year export growth of over 190% in the first seven months of this year, driven by simplified customs procedures [6] - The industrial park's supportive environment and complete supply chain have attracted businesses, enhancing the local economy [4] Economic Impact - Shengze Town reported an industrial output value of nearly 50.8 billion yuan and an import-export value of 10.961 billion yuan in the first half of the year, with cross-border e-commerce imports and exports reaching 2.464 billion yuan, a year-on-year increase of 292.5% [7] - The Dongfang Textile City, a key platform for the textile industry, has won multiple awards and is designed to integrate technology, fashion, and sustainability [7][8] Innovation and Leadership - Suzhou Roman Roland Fashion Group exemplifies innovation in the textile industry, developing unique materials that adapt to environmental changes [8] - The collaboration between leading companies and platforms like Dongfang Textile City is crucial for building a sustainable textile ecosystem [8]

Industry Overview - Chitosan, a natural polymer with biocompatibility, biodegradability, and antibacterial properties, is increasingly in demand across various sectors including medicine, food, textiles, and environmental protection [1][2] - The market size of the chitosan industry in China is projected to reach approximately 9.3 billion yuan in 2024, representing a year-on-year growth of 10.71% [1][6] - The medical sector is a significant driver of this growth, with applications in wound dressings and drug carriers becoming more widespread [1][6] Industry Chain - The upstream of the chitosan industry primarily includes raw materials such as shrimp, crab, and other crustacean shells, which contain 20%-30% chitosan [5] - The midstream involves the production and manufacturing of chitosan, while the downstream applications span medical health, pesticides, cosmetics, and fiber products [5] - The agricultural sector utilizes chitosan for insecticides and antiviral agents, while in cosmetics, it serves as a beauty agent and moisturizer [5] Market Dynamics - The production of crustaceans in China is expected to reach 7.85 million tons in 2024, a year-on-year increase of 6.29%, providing a rich source of raw materials for chitosan extraction [6] - The increasing awareness of environmental issues is driving the application of chitosan in water treatment and heavy metal adsorption, further expanding market opportunities [1][6] Key Companies - Zhejiang Jinkai Pharmaceutical Co., Ltd. focuses on marine biological research and offers a range of products including chitosan and its derivatives, exporting to over 30 countries [7] - Weifang Kehai Chitosan Co., Ltd. specializes in chitosan production, ensuring high product quality through the use of premium raw materials [9] Development Trends - The chitosan industry is expected to emphasize technological innovation and product diversification, enhancing extraction efficiency and product purity through advanced techniques [10][11] - There is a growing trend towards the development of chitosan derivatives with specialized functions to meet diverse market needs [10] - The industry is moving towards integrated supply chain collaboration, ensuring stable raw material supply and improved production efficiency [11]