格隆汇12月26日丨桂冠电力(600236.SH)公布，按照国家部署，为提升广西红水河通航能力，促进流域 经济发展，根据国家发改委及广西、贵州发改委等文件批复精神，广西桂冠电力股份有限公司下属全资 子公司龙滩水电开发有限公司（简称龙滩公司）近期拟开工建设1000吨级通航建筑物。 龙滩枢纽通航建筑物是红水河航运重要的基础设施，对发展西江航运、打通贵州出海通道、促进流域经 济发展具有重要意义，有助于进一步促进流域经济协调，实现区位优势互补，建立现代综合交通运输体 系，符合国家提出的建设资源节约型、环境友好型社会的可持续发展战略，符合国家整体战略目标。为 助力建设西南陆海新通道，适应船舶大型化的发展趋势，发挥西江水运优势，促进西江上游沿江地区经 济社会发展，龙滩水电站通航建筑物由通航500吨级船舶调整为1000吨级是必要的。 ...

12月2日，"踔厉奋发新征程投教服务再出发"东方证券走进上市公司中颖电子（300327）(股票代码：300327)活动在上海顺利举行。此次活动由深圳证券交 易所、中证中小投资者服务中心、中证指数有限公司、上海市证券同业公会指导，东方证券、东方证券投资者教育基地主办，中颖电子、全景投资者教育上 海基地协办，吸引了众多投资者及市场关注。 中颖电子成立于1994年，2012年在深交所创业板上市，总部位于上海，在西安、合肥、深圳、香港设有分子公司。公司采用Fabless商业模式，主营工控级微 控制芯片(MCU)、锂电池管理芯片(BMIC)和显示屏驱动芯片(AMOLED)三大产品线。 具体来看，MCU产品广泛应用于家电领域，包括大家电如冰箱、空调、洗衣机，以及小家电如电饭煲、电吹风等；BMIC产品在消费端主要用于手机、笔记 本电脑及智能穿戴领域的锂电池计量与保护，在动力端则应用于电动工具和电动自行车；AMOLED显示屏驱动芯片主要用于智能手机、移动穿戴和智能家 电屏幕的显示驱动。 中颖电子公共事务部总监黄杜介绍，市场份额方面，中颖电子在智能家电MCU大中华区厂商排名居前，动力电池管理MCU市场占有率处于头部位置， AM ...

Financial Data and Key Metrics Changes - For Q3 2025, the company achieved an adjusted EBITDA of $150.5 million and a net profit of $91.5 million, marking the best quarterly result of the year [4][17] - The net loan-to-value (LTV) ratio improved from 24.1% in Q2 to 20.5% in Q3, supported by strong operational cash flows [6][19] - The company declared a cash dividend of $73.2 million, corresponding to a payout ratio of 80% for the quarter, marking 15 consecutive quarters of dividend payments [7] Business Line Data and Key Metrics Changes - The fee-based business in pools contributed $7.1 million in fee income, maintaining steady performance [17] - The average time charter equivalent (TCE) income was reported at $26,040 per day, with total TCE incomes reaching $247 million [18] Market Data and Key Metrics Changes - The product tanker market showed significant strength in Q3, driven by higher trading volumes and strong refinery margins, particularly from increased export flows out of the Middle East and Asia [4][8] - Clean petroleum product volumes on water for 2025 continued to track above the four-year average, with Q3 showing an unseasonal increase compared to previous years [8][9] Company Strategy and Development Direction - The company is focused on fleet renewal, having sold four older vessels and announced a preliminary agreement to acquire 14.45% of TORM shares [5][6] - Hafnia aims to maintain a transparent and consistent dividend policy while pursuing strategic opportunities to enhance its competitive position [6][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong earnings environment and operational dynamics heading into Q1 2026, supported by rising refinery margins and increased transportation demand [14][24] - The company highlighted the importance of maintaining safety standards in the industry, particularly concerning the dark fleet, as geopolitical tensions evolve [24] Other Important Information - The company has been actively managing its liquidity position, ending the quarter with over $630 million in total available liquidity [20] - The company expects to complete another 14 dry dockings in Q4, with off-hire days anticipated to decline, positioning the company for stronger utilization and earnings momentum [19] Q&A Session Summary Question: Coverage of LR2 fleet in 2026 - The company has covered more of its LR2 fleet for three years, with three ships on three-year deals and one on a two-year deal [26][27] Question: Impact of Russian CPP exports decline - The decline in Russian clean petroleum product exports has been beneficial for increased liftings, with no significant competition from the dark fleet observed [28][29] Question: Details on Red Sea reopening impact - The analysis indicated that the reopening of the Red Sea would have a limited impact on fleet supply, with a net effect of approximately 43 MR units [31][32] Question: Purchase options on vessels under sale and leaseback - The exercise of purchase options has improved cash flow break-even significantly, expected to be below $13,000 per day for the next year [39] Question: Future fleet renewal or growth strategy - The company is cautious about new builds at current pricing levels and is focusing on larger projects with forward cover [40][41] Question: Net LTV forecast and dividend policy - The net LTV is expected to remain around 20% at the end of Q4, which will influence the dividend payout ratio depending on market values [44][45]

（文章来源：证券日报） 证券日报网讯亿帆医药11月26日在互动平台回答投资者提问时表示，公司坚定可持续发展战略，坚持创 新与国际化，对未来发展坚定信心。 ...

Core Insights - The meeting in Zhengzhou highlighted the importance of agricultural cooperation between Henan and ASEAN countries, emphasizing mutual benefits and complementary strengths in agricultural resources and industry development [1][2] - The event aims to deepen collaboration in agricultural trade, technology, and sustainable development, contributing to food security and the construction of a closer China-ASEAN community [1][2] Group 1: Key Points from the Meeting - Henan is recognized as a significant agricultural province in China, focusing on modernizing its agricultural systems and increasing farmers' income [1] - The representatives from ASEAN countries acknowledged Henan's rich agricultural resources and its role in ensuring food security and promoting agricultural trade [2] - The meeting emphasized the need for practical cooperation in the entire agricultural value chain, including smart agriculture and green development [2]

Core Points - The signing of a strategic cooperation agreement between Boehringer Ingelheim and the Macau University of Science and Technology Clinical Trial Center marks the initiation of the first new drug clinical trial in Macau, focusing on the efficacy and safety of nerandomilast for SARD-ILD [1][3][14] - This trial represents a significant milestone for Macau's clinical research landscape, transitioning from no clinical trials to the establishment of a structured clinical trial system [5][11][16] Group 1: Strategic Importance - The collaboration is seen as a pivotal step in completing the clinical research network of the Guangdong-Hong Kong-Macau Greater Bay Area, enhancing its position as an international hub for pharmaceutical innovation [3][8] - Boehringer's initiative aligns with its "Sustainable Development for Generations" strategy, emphasizing increased investment in research and development in China [7][8] Group 2: Challenges and Solutions - Macau has historically lacked the infrastructure and management systems for clinical trials, necessitating a comprehensive approach to build these from the ground up [5][12] - The collaboration involves multiple stakeholders, including Boehringer, MUST-CTC, and HKU-CTC, to address regulatory challenges and establish necessary frameworks for clinical trials [11][12] Group 3: Training and Capacity Building - A key focus of the project is on training personnel to ensure high-quality clinical trial execution, which is crucial for the development of Macau's clinical research capabilities [9][15] - The establishment of a compliant ethics committee and the development of standard operating procedures (SOPs) are essential steps taken to meet international clinical trial standards [12][13] Group 4: Long-term Vision - The project is not just about the immediate clinical trial but aims to lay the groundwork for future clinical research in Macau, enhancing local capabilities and attracting more pharmaceutical companies [14][16] - Public education on clinical trials is also emphasized to ensure community understanding and engagement, which is vital for the success of future research initiatives [15][16]

Core Viewpoint - Shenzhen plans to issue a total of no more than 5 billion RMB offshore local government bonds in Macau and Hong Kong, with a focus on sustainable development and climate change initiatives [1] Group 1: Bond Issuance Details - The issuance will be listed in Macau and Hong Kong, with maturities set for 2, 3, 5, and 10 years [1] - The total amount of bonds to be issued is capped at 5 billion RMB [1] Group 2: Fund Allocation - Funds from the green bonds issued in Macau will primarily target projects related to clean transportation [1] - In Hong Kong, the sustainable development bonds will focus on clean transportation and water governance projects [1] - Social responsibility bonds will allocate funds to healthcare, education, affordable housing, and urban village renovation projects [1] Group 3: Strategic Goals - The issuance aims to promote green, circular, and low-carbon development [1] - The initiative aligns with the sustainable development strategy to enhance the well-being of the population through high-quality development [1]

Financial Data and Key Metrics Changes - Yancoal reported a revenue of AUD 2.68 billion, a 15% decrease compared to the previous year, primarily due to lower average realized coal prices and delayed sales volumes [29][30] - Operating EBITDA was AUD 595 million, reflecting a 40% decrease, resulting in a margin of 23% [5][30] - Profit after tax was AUD 163 million, translating to AUD 0.02 per share, with a 50% payout ratio leading to an interim dividend of AUD 82 million [6][30] Business Line Data and Key Metrics Changes - Long coal production reached 32.2 million tonnes, with attributable sellable coal production at 18.9 million tonnes, indicating a strong operational performance [4][10] - Cash operating costs remained flat at AUD 93 per tonne, an 8% improvement over the previous year [11][14] - Attributable saleable coal was up 11% compared to the previous year, despite flat sales due to temporary disruptions [12][10] Market Data and Key Metrics Changes - The realized thermal coal price was AUD 138 per tonne, down 12% from the previous year, while metallurgical coal prices fell 35% to AUD 207 per tonne [22][23] - The company noted a stable customer mix, with significant contributions from China and Japan, although global demand for metallurgical coal remains sluggish [20][21] - Supply cuts from Indonesia (12%) and Colombia (24%) were observed, which could support a recovery in international thermal coal prices [22] Company Strategy and Development Direction - Yancoal aims to maintain production guidance of 35 to 39 million tonnes for the full year, with a focus on optimizing operational performance and cost management [34] - The company is committed to reinvesting in its assets to ensure productivity and cost-effectiveness, with capital expenditure guidance set between AUD 750 million and AUD 900 million [35] - Management remains open to M&A opportunities, evaluating both domestic and international prospects while being cautious in the current coal market conditions [89][91] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in recovering delayed shipments and optimizing inventory levels, targeting to catch up on first-half underperformance by the end of Q3 [19][53] - The company anticipates a potential recovery in coal prices, driven by geopolitical events and supply-demand dynamics, while acknowledging the need to navigate the current market cycle [25][113] - Management emphasized the importance of maintaining financial discipline and operational efficiency in the short term [113] Other Important Information - The company has no external debt and holds AUD 1.8 billion in cash, providing a strong financial position for future growth opportunities [6][30] - Yancoal's sustainability strategy includes initiatives for decarbonization and improving safety performance, with a commitment to reducing TRIFR [7][8] Q&A Session Summary Question: Why is the profit decline from certain mines more drastic than others? - Management attributed the decline to the drop in API five prices, which affected margins, particularly from low CV coal [39][41] Question: Is the year-over-year increase in coal royalty per sellable tonne due to the royalty rate change? - Management confirmed that the increase is due to both the royalty rate change and lower coal prices, resulting in relatively flat royalties across periods [44][47] Question: How likely is it that inventory will be digested by year-end? - Management indicated that they are on schedule to catch up on inventory by the end of August or early September [53] Question: What are the growth opportunities for coking coal outside of China? - Management highlighted significant growth opportunities in India and Southeast Asia, driven by infrastructure needs and economic growth [55] Question: Are there plans for further expansion in coal production volume? - Management stated that while there are conceptual projects under study, the current production profile is steady, focusing on optimizing existing assets [56][59] Question: Will Yancoal consider acquisitions in China? - Management noted that while they are open to M&A opportunities, competing against their majority shareholder in China may not be practical [105] Question: What is the expected sales mix for 2025? - Management indicated that while there may be a marginal difference in the thermal coal mix, it would not be substantial [84]

Group 1 - The company held its 37th meeting of the 6th Board of Directors, which was convened by Chairman Zhao Jian, with all 9 directors present, meeting legal and procedural requirements [1] - The Board unanimously approved the proposal for the investment in the "Annual Production of 350,000 Tons of Environmentally Friendly Polymer Materials Project" by its subsidiary, Wanma Polymer [1][2] - The project aims to enhance the company's core competitiveness and sustainable development, focusing on products such as silane cable materials, low-smoke halogen-free cable materials, PVC cable materials, and cable shielding materials [2]

Group 1: Leadership Change - Rio Tinto has appointed Simon Trott as the new CEO, effective August 25, 2025, succeeding Jakob Stausholm [1][9] - Trott is currently the CEO of Rio Tinto's iron ore business and has held various key positions over the past 25 years, focusing on performance culture and stakeholder relationships [1][10] - The selection process for the new CEO was led by the nomination committee and based on a two-year succession planning effort, evaluating both internal and external candidates [1][9] Group 2: Transition and Support - Jakob Stausholm will step down as CEO and exit the board upon Trott's official appointment [2] - Matt Holcz, President of the Pilbara mines, will provide transitional support until Trott takes over [2] Group 3: Production Performance - In Q2 2025, Rio Tinto reported record production levels in its bauxite and Oyu Tolgoi copper operations, with Oyu Tolgoi expected to become the fourth-largest copper mine globally by 2030 [2] - Pilbara iron ore shipments totaled 79.9 million tons, down 1% year-over-year but up 13% quarter-over-quarter [3] - Iron ore production was 83.7 million tons, up 5% year-over-year and up 20% quarter-over-quarter [3] Group 4: Company Overview and Challenges - Founded in 1873, Rio Tinto is one of the largest mining companies globally, with operations in Australia, Canada, and Africa, covering various sectors including iron ore, aluminum, copper, diamonds, and energy minerals [4] - The company has faced challenges, including a significant incident in 2020 involving the destruction of a 46,000-year-old Aboriginal site, which led to leadership changes and a focus on repairing its reputation [4][6] Group 5: Future Outlook - Trott's leadership is seen as a pivotal moment for Rio Tinto, with expectations for balancing sustainability, technological innovation, and social responsibility [12][14] - His experience in financial management and operations is expected to help navigate the complexities of the mining industry while continuing the sustainable development strategy initiated by his predecessor [12][14]