证券日报网讯1月5日，重药控股（000950）在互动平台回答投资者提问时表示，公司非常重视数据治理 工作，组建专业化的数据管理团队，建设企业数据中台，进一步强化数据质量与数据安全，为公司的数 智化转型升级提供了坚实可靠的底层支撑。 ...

投资者关系活动记录表 编号：2025-035 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | √现场参观 □其他： | | 参与单位名称及 人员姓名 | 摩根基金：邢达 | | 时间 | 2025 年 12 月 25 日 | | 地点 | 临海 | | 上市公司接待人 | 黄志强、郑婷燕、邱逸远 | | 员姓名 | | | | 1、公司从什么时候开始做拉链？主要的发展过程？ | | | 答：公司 2000 年左右开始涉足拉链业务。依靠钮扣业务所积累的影响力和营 | | | 销渠道，公司切入服装用条装拉链，并实现了快速发展，特别是持续推进国际化 | | | 战略、数智化转型升级等重点工作，推动公司拉链业务核心竞争力进一步提升， | | | 从而推动拉链业务快速发展。 | | | 2、公司在智能制造方面的进展？ | | | 答：智能制造是公司的核心战略之一。公司以智慧工厂为目标，以数字化转 | | | 型为契机，全面推行生产标准化、设备智能化、管理数据化，打造产业协同平台， | | 投资 ...

证券日报网讯 12月25日，振华科技在互动平台回答投资者提问时表示，2024年高新电子元器件领域市 场出现阶段性量价齐跌，导致公司2024年经营业绩有所下降。2025年，公司不断加大运营管控效率，持 续推进成本管控工程；加快推动数智化转型升级，提高生产效率和产品质量，打造低成本、高质量、规 模化的盈利模式；积极向商业航天、低空经济、民用航空及新能源汽车等战略性新兴领域延伸，不断挖 掘新的增长点。募投项目延期是公司结合实际经营情况、整体市场变化和客户需求，从谨慎使用募集资 金角度，对募投项目建设进度相应作出调整，稳步推进项目实施，详见《关于部分募集资金投资项目计 划进度延期的公告》。 （编辑 丛可心 王雪儿） ...

Group 1 - The core message emphasizes the importance of reform and innovation, as highlighted in the speech by the General Secretary on November 21, which calls for a commitment to ideals and the need for continuous self-revolution within the party [2][8] - The speech also stresses the necessity of enhancing the people's sense of gain, happiness, and security, aiming for substantial progress in common prosperity [8] - The focus on utilizing both domestic and international resources for development is reiterated, along with the need for a comprehensive and planned approach to reform [8] Group 2 - Recent high-level inspections by government officials, including Ding Xuexiang and He Lifeng, indicate a strong emphasis on maintaining reasonable investment growth and improving investment efficiency across various sectors [3][9][10] - The inspections covered advanced manufacturing, smart manufacturing, and the development of new-generation information technology, highlighting the importance of optimizing traditional industries and nurturing emerging sectors [9] - The government is actively addressing external pressures on foreign trade and promoting a modern logistics system to enhance competitiveness [10] Group 3 - The State-owned Assets Supervision and Administration Commission (SASAC) held a meeting on November 21 to promote the specialization and integration of central enterprises, focusing on key areas such as new materials and artificial intelligence [13] - The Ministry of Industry and Information Technology launched a commercial trial for satellite IoT services, indicating a push towards integrating industrial internet and artificial intelligence [14] - The education sector is also being reformed to support modernization efforts, with initiatives aimed at enhancing talent cultivation and integrating technology with industry [15]

Group 1: Key Insights on Consumer Retail - In October 2025, the total retail sales of consumer goods reached 46,291 billion yuan, with a year-on-year growth of 2.9%, exceeding the consensus expectation of 2.7% [5][6] - Urban retail sales amounted to 40,021 billion yuan, growing by 2.7% year-on-year, while rural retail sales reached 6,270 billion yuan, with a growth rate of 4.1% [5][6] - Online retail maintained rapid growth, with a cumulative year-on-year increase of 9.6% for online goods and services, and 6.3% for physical goods [5][6] Group 2: Insights on Semiconductor Industry - Semiconductor company SMIC reported a third-quarter revenue of 171.62 billion yuan, a year-on-year increase of 9.9%, with a net profit of 15.17 billion yuan, up 43.1% [12] - The capacity utilization rate reached 95.8%, with an average selling price (ASP) increasing by 3.8% due to product structure optimization [12][11] - The demand for AI and semiconductor equipment is recovering, with significant opportunities in AI computing, AIOT, and storage chip price increases [11][15] Group 3: Economic and Market Trends - The Consumer Price Index (CPI) rose by 0.2% year-on-year in October, while the Producer Price Index (PPI) fell by 2.1%, indicating a widening gap between PPI and CPI [7] - The market is concerned about Japan's fiscal stimulus plan exceeding expectations, leading to a rise in Japanese bond yields [16][17] - The A-share market showed mixed performance, with the Shanghai Composite Index slightly up by 0.18% and the Shenzhen Component Index showing minor fluctuations [19][20]

Group 1 - Zhang Guoqing emphasized the need for state-owned enterprises to enhance independent innovation capabilities and integrate technological and industrial innovation to cultivate new productive forces and competitive advantages [2] - The focus is on increasing R&D investment in basic research and accelerating the layout and construction of original technology sources, aiming for breakthroughs in key core technologies and frontier technologies [2] - State-owned enterprises are encouraged to collaborate with universities, research institutions, and private enterprises to address technological challenges and build innovation platforms [2] Group 2 - The signing of the "Beijing-Tianjin-Hebei Free Trade Zone Full Industry Chain Collaborative Innovation Action Plan" marks a significant step in collaborative innovation across three regions, focusing on advanced manufacturing, digital economy, and modern logistics [3] - Tianjin will lead the collaborative innovation in advanced manufacturing, Beijing in digital economy, and Hebei in modern logistics, leveraging their respective functional positions [3] Group 3 - The Ministry of Industry and Information Technology forecasts that China's AI toy market will grow to 29 billion yuan by 2025, up from approximately 24.6 billion yuan in 2024 [5] - The rise in AI toys is attributed to advancements in materials, processes, and technologies, enhancing product quality and variety, with a notable trend towards interactive and intelligent toys [5] Group 4 - The Ministry of Industry and Information Technology plans to develop an implementation plan to promote the adaptation of supply and demand in consumer goods, encouraging toy companies to leverage AI technology to create new demands [6] - The focus will also be on product innovation and ensuring data and network security for AI toys, with the aim of integrating traditional culture into toy design [6] Group 5 - The State Administration for Market Regulation aims to effectively address quality safety hazards in children's and student products by 2027, enhancing safety levels through stringent quality supervision and compliance with national standards [7] - The initiative includes increased oversight of toy production and a focus on online sales channels to ensure compliance with safety standards [7] Group 6 - The Hong Kong Financial Services and the Treasury Bureau and Shenzhen's local financial management authority are exploring mechanisms for cross-border financial data flow, aiming to enhance cooperation in financial technology [8] - This initiative includes the development of a cross-border credit verification platform to assist enterprises in reducing financing costs [8] Group 7 - The Dutch government has suspended an administrative order against Anshi Semiconductor, returning control of the company to its Chinese owners, which may impact the semiconductor market dynamics [10] - Counterpoint Research predicts a 50% increase in memory prices by the second quarter of 2026 due to a shortage of key chips, particularly affecting traditional LPDDR4 [11]

Group 1 - The core viewpoint emphasizes that traditional industries are not necessarily sunset industries, especially in the context of digital transformation and upgrading [1] - The focus is on how industrial companies can develop new productive forces to actively pursue growth [1] - The program "Following the Future 20: Growth Potential of Chinese A-share Listed Companies" investigates how SanDe Technology is initiating its second growth curve [1]

Core Viewpoint - The development of rural characteristic cultural industries is crucial for promoting comprehensive rural revitalization, supported by recent policies aimed at enhancing these industries and integrating production, life, and ecology [1][2][3]. Group 1: Policy Support and Development - The 20th Central Committee's Fourth Plenary Session emphasizes the need to cultivate and expand rural characteristic industries during the "14th Five-Year Plan" period [1]. - The "Accelerating the Construction of an Agricultural Power Plan (2024-2035)" issued in April 2023 highlights the deep development of rural characteristic cultural industries [1]. - The "Cultural Enrichment of Villages Work Plan (2025-2027)" released in September 2023 aims to promote the development of rural cultural industries as a key requirement [1]. Group 2: Challenges in Development - Many regions face challenges such as insufficient product innovation, incomplete industrial chains, low market share, and low cultural added value, which hinder innovation and value realization in rural characteristic cultural industries [1]. - There is a need for continuous efforts in deepening content, segmenting markets, and co-creating value to address these challenges [1]. Group 3: Strategies for Growth - Cultivating rural cultural IP by leveraging cultural relics, historical buildings, and intangible cultural heritage can create unique stories, images, brands, and products [2]. - Emphasizing innovation in industrial chain clusters, focusing on collaboration between enterprises, and extending innovation chains can enhance the effectiveness of cultural industry growth [2]. - Promoting cross-industry integration of rural characteristic culture with agriculture, manufacturing, tourism, and other sectors can invigorate industry development [2]. Group 4: Digital Transformation - The traditional characteristic cultural industries are encouraged to undergo digital transformation, enhancing cultural product innovation and integrating culture with technology [3]. - Collaborations, such as that between Suzhou embroidery inheritors and Tsinghua University's Future Lab, showcase innovative applications of technology in traditional crafts [3].

Core Insights - The importance of social organizations in Beijing has significantly increased since the "14th Five-Year Plan," contributing to the capital's economic and social development [1][3] - The Beijing Municipal Civil Affairs Bureau emphasizes the integration of party building with the high-quality development of social organizations, implementing over 20 institutional norms and establishing a comprehensive organizational system [3][6] - Many social organizations in Beijing are innovating and adapting to new challenges, focusing on talent acquisition and digital transformation to enhance their impact [4][5] Group 1: Development and Impact - As of now, there are 4,454 registered social organizations in Beijing, with 1,580 rated 3A or above, accounting for over 35% of the total [1] - During the "14th Five-Year Plan," social organizations have transitioned from quantity growth to quality improvement, creating a significant impact in various sectors [1][5] - Social organizations have implemented over 2,500 public welfare projects related to rural revitalization and collaboration, totaling approximately 1.1 billion yuan [7] Group 2: Innovation and Modernization - The Beijing Rainrun Social Work Service Center exemplifies the innovative path of social organizations, adopting new models such as "public welfare venture capital" and enhancing service capabilities [4][5] - Over 73.5% of personnel in municipal social organizations hold a bachelor's degree or higher, with more than 20,700 professionals obtaining relevant qualifications, strengthening the professional capacity of these organizations [5] - The integration of digital tools and platforms is becoming crucial for social organizations, with many adopting smart solutions for project management and member services [5][6] Group 3: Governance and Regulation - The Beijing Municipal Civil Affairs Bureau has strengthened regulatory measures and service support for social organizations, implementing various policies to enhance the credit system and promote healthy development [6] - A total of 698 social organizations have received B-level or higher credit ratings, reflecting the effectiveness of the regulatory framework [6] - Continuous training initiatives have been conducted, with over 55,000 participants, to improve the standardization and innovative capabilities of social organizations [6] Group 4: Future Directions - The Beijing Municipal Civil Affairs Bureau aims to guide social organizations in maintaining a correct development direction and adhering to public welfare principles as they enter the "15th Five-Year Plan" [8]

Core Insights - The 2025 China Petroleum and Chemical Industry Green High-Quality Development Conference was successfully held in Guangzhou, focusing on the theme of building a new pattern for green transformation and cultivating new quality power for industrial development [1] - The conference gathered over 600 representatives from government agencies, industry associations, leading enterprises, and academic institutions to explore the comprehensive green transformation and high-quality development paths for the petrochemical industry during the 14th Five-Year Plan period [1][2] Group 1: Industry Development Direction - The 20th Central Committee's Fourth Plenary Session emphasized the need to focus economic development on the real economy, with a direction towards intelligent, green, and integrated development for the petroleum and chemical industry [2] - The main theme for the petrochemical industry during the 14th Five-Year Plan is to optimize capacity structure, with core development paths including high-end, internationalization, and avoiding "involution" [14] Group 2: Technological and Ecological Initiatives - Guangzhou Industrial Control Group has established seven national-level green factories and is working on key technologies such as electronic special gases and carbon dioxide, aiming to create a cluster-style green manufacturing matrix [5] - The Ministry of Ecology and Environment highlighted the importance of managing new pollutants and accelerating the green substitution of toxic and harmful substances as a critical mission for the petrochemical industry [8] Group 3: Collaborative Efforts and Strategic Partnerships - A strategic cooperation agreement was signed between Guangzhou Industrial Control Group and the China Petroleum and Chemical Industry Federation to deepen collaboration in industrial synergy, technological innovation, and green development [19] - The conference also released significant outcomes, including typical case practices, industry blue papers, and ESG evaluation reports, providing essential data support and practical references for the industry's green development [19] Group 4: Future Outlook and Forums - The conference included discussions on the development paths for green petrochemicals and new materials, with a focus on transforming the industry from "scale expansion" to "value enhancement" [19] - Following the conference, several parallel forums will be held, covering topics such as green innovation in new materials, safety and emergency industry development, ESG investment, and sustainable development [19]