Group 1: Sales Performance - In December 2025, GAC Group's vehicle sales exceeded 187,400 units, representing a month-on-month increase of 4.3% [1] - For the entire year of 2025, total vehicle sales reached 1.7215 million units, with terminal sales at 1.8135 million units [1] - The fourth quarter of 2025 saw sales surpassing 537,800 units, a 25.56% increase compared to the third quarter, marking three consecutive quarters of positive month-on-month growth [1] Group 2: Product Development and Innovation - GAC Group has accelerated the speed of innovation and new product launches, with Aion's December sales reaching 42,000 units, a 10% month-on-month increase [1] - The company has implemented an integrated product development (IPD) and strategy-to-execution (DSTE) reform, reducing new car development cycles to 18-21 months and cutting R&D costs by over 10% [2] - The ADiGO GSD intelligent driving assistance system now covers 99.9% of road scenarios, and the new ADiGO intelligent cockpit has tripled interaction response speed and increased service richness by 50% [2] Group 3: International Expansion - In 2025, GAC introduced five new models to overseas markets and expanded into 16 new markets, including Brazil, Poland, and Australia [3] - The company's overseas sales of its own brands reached nearly 130,000 units, a year-on-year increase of 47% [3] - By the end of 2025, GAC's business operations spanned 86 countries and regions, with over 630 outlets established [3] Group 4: Technological Advancements - GAC has accelerated its layout in advanced technology applications, including solid-state batteries, with a pilot production line established in November 2025 [3] - The company has developed a complete automotive chip matrix and launched 12 high-safety automotive-grade chips in collaboration with domestic chip companies [2] - GAC's intelligent safety protection system has served nearly 2 million users, preventing potential accidents 5.51 million times [2]

在海底，蕴藏着数万亿吨富含锰、铜、钴、镍等关键金属的多金属结核。它们躺在几千米深的海床上， 外观像密密麻麻的土豆。 随着全球对镍、钴、铜等关键金属的需求激增，拾起海底"土豆"正成为各国科技与战略竞争的新领域。 近年来，"奋斗者"号深潜器、深海采矿试验系统等重大装备陆续投入使用，中国已迈入深海作业能力的 第一梯队。找矿，正走向深蓝。 海底宝藏多 如何定义深海采矿？ 看高端装备与智能制造——深海机器人、耐高压材料、精密传感、智能控制系统等技术，将提升我国高 端装备的可靠性与智能化水平； 中国人民大学公共管理学院教授、国家社科基金重大专项首席专家刘大海接受记者专访时表示，深海采 矿活动既包括沿海国在其大陆架上行使主权权利的资源勘探开发，也包括在国际海底区域这一国际公域 内、经由国际海底管理局规范的矿产资源开采。 首先，我国一些金属矿产的对外依存度较高，这是发展深海找矿的重要动因。深海金属矿藏主要分为四 类：多金属结核、富钴结壳、金属硫化物和深海稀土。这些复杂的名称背后，往往蕴含着生产、生活所 必需的金属元素。 "比如多金属结核所含的锰、钴、镍、铜，是新能源产业发展需要的金属元素。"中国海洋大学教授陈旭 光介绍，深海 ...

证券日报网12月22日讯东方钽业（000962）在12月22日回答调研者提问时表示，公司实际控制人中国有 色矿业集团有限公司旗下中色经贸有限公司完成了巴西Taboca(塔博卡矿业公司)的约束性股权收购事 项。塔博卡矿业公司拥有一座在产的锡钽铌多金属矿山、锡冶炼厂、钽铌铁合金冶炼厂和一座为矿山供 电的UHE水电站等资产；其中，锡钽铌多金属矿山和钽铌铁合金冶炼厂位于巴西亚马逊州。2025年4 月，公司已与塔博卡矿业公司签署了《铁钽铌合金采购合同》，拟采购约3000吨铁铌钽合金原材料，采 购金额预计为5.4亿元人民币，为钽铌矿石原料供应链的稳定可控提供有力保障，基本实现原材料供应 自主可控。同时公司拥有矿石湿法冶炼到钽铌制品生产加工的全流程生产线，形成从原材料到产品的全 供应链保障，并不断向高端产品突破的全链条进行升级改造。 ...

元立光电近年来保持着稳健的盈利能力。根据公司已披露的最近两年审计报告，2023年度及2024年度， 公司经审计的归属于挂牌公司股东的净利润（以扣除非经常性损益前后孰低者计算）分别为2,395.64万 元和2,901.03万元，呈现出良好的增长态势。 随着全球显示技术迭代和智能终端、智能汽车产业的持续发展，作为背光模组核心部件的导光板市场需 求稳定增长，并对光学性能、轻薄化及可靠性提出了更高要求。元立光电凭借其在中大尺寸领域的领先 地位和优质的客户合作基础，正处于行业发展的有利位置。 此次完成北交所上市辅导，是公司发展历程中的关键一步。若成功上市，元立光电将借助资本市场的力 量，进一步扩大产能、加强研发创新、拓展应用市场，巩固并提升其在光学材料细分领域的龙头地位， 为我国高端制造和供应链自主可控贡献力量。 12月19日，中国证监会披露了《东莞证券股份有限公司关于东莞市元立光电股份有限公司向不特定合格 投资者公开发行股票并在北京证券交易所上市辅导工作完成报告》。这意味着元立光电已顺利完成上市 辅导环节，即将向北交所正式递交上市申请，国内光学材料领域有望迎来又一家具备技术实力的上市公 司。 作为本次发行的辅导机构， ...

Core Viewpoint - The article emphasizes the importance of enhancing economic resilience in the face of global uncertainties and challenges, particularly in the context of a new round of technological revolution and industrial transformation [1][2]. Group 1: Economic Resilience - Economic resilience refers to a country's ability to withstand external shocks and internal structural pressures, adapting quickly and recovering effectively [2]. - The current global supply chain restructuring highlights the need for self-sufficiency and control over critical supply chains, as geopolitical tensions rise [3]. - The concept of economic resilience is closely tied to national security, with issues like energy, food, and data security becoming integral to economic decision-making [3]. Group 2: China's Economic Transition - China's shift towards high-quality development necessitates enhanced economic resilience to mitigate the pains of transition and prevent systemic risks [4]. - The central economic work conference outlines five key imperatives, including maximizing economic potential and balancing policy support with reform innovation [4]. - The focus on technological self-reliance is crucial, particularly in overcoming "choke point" technologies in sectors like integrated circuits and core seed sources [4]. Group 3: Advantages of China's Economy - China's super-large market, with over 1.4 billion people and a significant middle-income group, provides a robust foundation for domestic demand resilience [5]. - The complete industrial system in China supports supply chain resilience, allowing for rapid response to market demands and mitigating disruptions [6]. - Strong innovation capabilities, backed by substantial R&D investments, position China to achieve self-sufficiency in critical technology areas [7]. Group 4: Governance and Institutional Strength - The centralized leadership of the Communist Party enables effective governance, which has been demonstrated in crisis management, such as during the COVID-19 pandemic [8]. - Current policies aim to enhance the business environment and ensure rapid responses to economic shocks, thereby strengthening governance resilience [8]. Group 5: Global Economic Integration - China's deep integration into the global economy, through initiatives like the Belt and Road Initiative, reduces reliance on single markets and enhances economic resilience [9]. - The focus on expanding high-standard trade agreements and optimizing free trade zones supports a dual circulation strategy, leveraging both domestic and international markets [9]. Group 6: Pathways to Enhance Economic Resilience - Strengthening supply chain resilience involves focusing on key industries and ensuring a modernized industrial system that can withstand global competition [10]. - Enhancing technological innovation requires collaboration between government, academia, and industry to foster a robust innovation ecosystem [11]. - Promoting domestic consumption and effective investment strategies is essential for sustaining economic growth and resilience [12].

SK海力士警告称，DRAM供应短缺状况将持续至2028年。此前，包括瑞银，摩根大通，野村证券在内 的国际大行均预测，DRAM短缺将持续至2027年。 在AI引爆存储需求以及行业产能调整等多重因素的影响下，过去几个月，全球存储荒愈演愈烈。据全 球存储三巨头之一，韩国SK海力士的一份意外曝光的内部分析文件，揭示了存储市场供需严重失衡的 局面。 研究机构认为，目前国内相关设备厂商经过长时间的发展，产品性能不断迭代，可覆盖制程以及工艺节 点不断优化，已经在多个领域实现了国产替代。在AI存储需求爆发与供应链自主可控的双重驱动下， 国内半导体设备与材料企业有望持续受益于这一轮超级周期，实现技术突破与市场扩张的良性循环。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 瑞银上周预计，DRAM供应短缺预计将持续至2027年第一季度，其中DDR内存的需求料增长20.7%，远 超供应增速。NAND闪存的短缺态势则预计将持续至2026年第三季度。 ...

从股权结构来看，公司创始人、技术领军人物姚力军先生直接持有同创普润17.61%的股权，为公司的控股股东。 启动IPO辅导，是同创普润发展历程中的一个重要里程碑。在全球半导体产业格局深刻调整、供应链自主可控需求日益迫切的背 景下，同创普润作为国内半导体材料领域的"排头兵"，其上市进程备受市场关注。 高纯金属材料是半导体芯片、显示面板、航空航天、新能源等战略性新兴产业的基石，其技术门槛极高，市场曾长期被少数美 日企业所垄断。同创普润凭借深厚的技术积累和持续的创新投入，实现了从追赶者到并跑者乃至部分领域领跑者的跨越。 作为江丰电子的重要合作伙伴与国内核心供应商，同创普润联合开发的多款超高纯金属溅射靶材，已成功导入全球顶尖的晶圆 制造厂供应链，广泛应用于AI芯片等高端电子产品制造。其中，由双方合作开发的超高纯铝、铜、锰等靶材，在全球市场份额 已超过40%，位居世界首位，彰显了强大的技术竞争力和市场认可度。 公司的快速发展也获得了资本的持续青睐。今年10月，同创普润成功完成了规模超过十亿元人民币的Pre-IPO轮融资，吸引了尚 颀资本、上汽金控（上汽集团战略直投基金）等知名产业投资方的联合参与。此次融资将为公司进一步加 ...

香港聯合交易所有限公司與香港證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準 確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 Chaozhou Three-Circle (Group) Co., Ltd. 潮州三環（集團）股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「交易所」）及香港證券及期貨事務監察委員會（「委 員會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，當中所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、其獨家保薦人、顧問或包銷銀團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處長 註冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據 本文件中的資料作出任何投資決定； (b) 在交易所網站登載本文件 ...

Core Viewpoint - The relative stability of the Chinese aviation fuel market has been disrupted, initiating a transformation led by industry giants that aims to reshape the rules and landscape of the sector [1][6]. Restructuring Announcement - On October 30, 2025, China Aviation Oil (Singapore) Corporation Limited announced that its controlling shareholder, China Aviation Oil Group, is undergoing a restructuring with another enterprise group [2][8]. - The restructuring involves comprehensive integration of assets, channels, and personnel, marking a significant shift from mere capital cooperation to a full industry chain reconstruction [3][4]. Market Dynamics and Reactions - The restructuring has prompted swift and complex reactions from various enterprises within the industry, with concerns about pricing power and supply stability being paramount among aviation companies and smaller refining firms [6][10]. - The restructuring aims to create a "super supply chain" that integrates distribution networks and refining capabilities, potentially enhancing efficiency from refining to refueling [9][10]. Competitive Landscape - The merger of China Aviation Oil Group and a major energy enterprise could significantly alter the competitive landscape of the domestic aviation fuel market, focusing on efficiency improvements across the entire supply chain [5][11]. - The restructuring is expected to elevate competition from channel-based to efficiency and cost-based competition across the entire industry chain [10][11]. Industry Structure and Market Share - Historically, the aviation fuel market in China has been characterized by a stable structure dominated by state-owned giants, with China Aviation Oil Group acting as a key intermediary [13][14]. - China Aviation Oil Group holds approximately 40% of the market share in the distribution and terminal service segments, while state-owned enterprises like Sinopec and PetroChina dominate the production side with about 81% market share [14]. Future Opportunities and Challenges - The restructuring is anticipated to create both pressures and opportunities for smaller players in the market, as they may face challenges in maintaining market share against a newly formed giant [14][21]. - The focus on sustainable aviation fuel (SAF) is emerging as a critical area, with China Aviation Oil Group actively investing in SAF production to align with future regulatory requirements [20][21]. Strategic Adjustments - Companies within the industry are reassessing their strategies in light of the restructuring, with some exploring partnerships or alternative supply channels to mitigate risks associated with the potential dominance of the new entity [16][18]. - The restructuring is seen as a catalyst for a new wave of differentiation and consolidation within the aviation fuel market, prompting companies to adapt to the evolving competitive landscape [11][21].

Core Viewpoint - The company is currently not planning to acquire Japanese-related businesses in China, but is maintaining vigilance regarding international geopolitical risks and has established risk assessment and response plans to ensure business continuity in extreme situations [1] Group 1: Company Strategy - The company management regularly conducts risk assessments of the supply chain to identify potential risks and develop response plans [1] - The company emphasizes its self-sufficiency in technology development, procurement, and sales, indicating no reliance on Japanese resources or markets [1] Group 2: Market Position - The company aims to leverage its existing overseas merger and acquisition experience, technological capabilities, and global market layout to navigate industry adjustments and enhance its competitive position [1]