近日，海南自由贸易港正式启动全岛封关运作。作为自贸港建设的核心参与者，深耕海南十六载的东方 雨虹不仅以优质产品和专业服务为其建设筑牢根基，更借封关政策东风加速推进海外战略布局。 自2009年入琼以来，东方雨虹始终与自贸港建设发展同频共振。通过与海南省发展控股有限公司、三亚 崖州湾科技城控股集团成立合资公司，与海南农垦建工集团、海南新海陆岛物流集团、五指山城投集 团、儋州城投集团等关键建设单位缔结战略合作，东方雨虹深入嵌入海南建设生态，以建筑建材系统服 务为支撑，为海南建设赋能添力。其中，东方雨虹联合海南省设计院、海南大学组建海南省建筑行 业"创新联合体"，聚焦高温高湿高盐环境下的材料技术研发，为自贸港高质量建设提供技术支撑。 依托覆盖全省的服务网络与产能落地，东方雨虹深度参与了海口美兰机场、三亚凤凰国际机场、海南中 心等多个省级重点标杆项目，为自贸港交通枢纽、城市地标打造提供全方位防水防腐解决方案。三亚凤 凰机场三期改扩建这一自贸港关键交通工程中，东方雨虹针对海南高温、高湿、高盐蚀的严苛环境，量 身定制了2.0mm厚织物内增强型TPO卷材、PSD-520预铺防水卷材等核心产品，以优异的耐老化性、抗 穿刺性及绿 ...

瑞财经 吴文婷12月14日，安博通发布公告称，公司于2025年12月12日召开第三届董事会第二十一次会议，审议通过了《关于授权公司管理层启动公司境外 发行股份(H股) 并在香港联合交易所有限公司上市相关筹备工作的议案》。 | 最高:76.49 | 今开:74.80 | 涨停:90.00 | 成交量：1( | | --- | --- | --- | --- | | 最低:73.01 | 昨收:75.00 | 跌停:60.00 | 成交额： 78 | | 换手:1.35% | 盘后量:0 | 量比： 1.12 | 总市值:58 | | 振幅: 4.64% | 盘后额:0.00 | 委比：55.72% | 流通值:58 | | 市盈率(动)： 亏损 | 市盈率(TTM)： 亏损 | 每股收益: -2.18 | 股息(TTM): | | 市盈率(静)：亏损 | 市净率:5.87 | 每股净资产:12.93 | 股息率(TTN | | 52周最高: 112.98 | 总股本:7685.51万 | 表决权:无差异 | 注册制:是 | | 52周最低:34.28 | 流通股:7685.51万 | 盈利情况: -- | 货币 ...

证券日报网12月9日讯博盈特焊在12月9日回答调研者提问时表示，公司基于海外战略布局、拓展国际市 场的需要，在越南投资建设生产基地，捕捉北美HRSG的市场机遇，进一步开拓海外市场，发展海外业 务，提升公司的整体竞争力和盈利能力。目前，越南生产基地一期已投产，二期工程已经开始建设，预 计二期工厂会在明年二季度投产；公司与威尔汉姆公司共同成立国内合资公司，依托国内成立的合资公 司，积极开拓油气市场及海外市场，在海外（前期是中东地区）择机、择地，设立海外制造基地，拓展 产品应用市场；公司将继续坚定践行"一个平台，三条路径"的战略与路径，通过"拓展产品种类、拓展 应用领域、拓展国际市场"扩大产品的应用领域与客户的覆盖范围，不断提高公司的综合竞争力。 （文章来源：证券日报） ...

11月25日，耀才证券金融(01428)发布公告指出，耀才证券金融与蚂蚁集团方面签订修订协议，将收购 要约的时间延长4个月，最终截止日期更新为2026年3月25日。同时，加付按金的金额由1.41亿港元(占 销售股份总代价的5%)更改为1.64亿港元，截至公告发布之日，蚂蚁集团方面已经支付1.64亿港元。 2025年4月，耀才证券金融公告表示，蚂蚁集团全资子公司上海云进计划以3.28港元/股的价格，收购耀 才证券控股股东新长明控股持有的50.55%股份，总对价约28.14亿港元。随后在11月11日，耀才证券金 融再度公告表示，要约人正考虑可能延长最终截止日期。 据悉，按照两地监管规定，蚂蚁收购耀才证券金融需获得香港证监会和国家发展改革委的审批。香港证 监会已于9月23日审批通过，国家发展改革委的报备则显示按计划推进中。 近两年，蚂蚁持续加大在香港的战略投入，香港成为蚂蚁及旗下多家公司的全球化战略支点。10月17 日，蚂蚁宣布和阿里巴巴集团合资购置铜锣湾商业写字楼，作为香港总部所在地。该要约收购被认为是 蚂蚁补充海外券商牌照的关键一步。 ...

Core Viewpoint - The sale of Wolman Company may not impact the construction investment of the solar project in Hungary, as the project is currently progressing steadily [2] Company Summary - Chengfa Environment (000885.SZ) confirmed on November 5 that the 30 MW solar power project in Hungary has commenced construction, with the groundbreaking ceremony held on October 31 in the northeastern city of Borsod [2] - The Hungarian solar project is a crucial part of the company's overseas strategic layout and is currently in the construction phase [2]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company achieved a revenue of 251 million yuan in the first three quarters of 2025, representing a year-on-year growth of 7.10%. The net profit attributable to the parent company was 47.43 million yuan, up 3.09% year-on-year. The company is actively expanding its overseas strategy by establishing subsidiaries with several leading overseas enterprises [2][4] - The revenue forecast for the company from 2025 to 2027 is projected to be 650 million yuan, 900 million yuan, and 1.08 billion yuan respectively, with corresponding EPS of 0.56 yuan, 0.78 yuan, and 0.93 yuan. The current stock price corresponds to P/E ratios of 34.4, 25.0, and 20.7 times for the years 2025, 2026, and 2027 respectively [2][6] Summary by Sections Financial Performance - In the first three quarters of 2025, the company reported a revenue of 251 million yuan, a year-on-year increase of 7.10%, and a net profit of 47.43 million yuan, which is a 3.09% increase year-on-year. The non-recurring net profit was 46.28 million yuan, up 4.92% year-on-year [2] - The financial summary indicates that the company expects revenues to grow from 276 million yuan in 2023 to 669 million yuan in 2027, with a compound annual growth rate (CAGR) of 19.6% [6][9] Strategic Initiatives - The company has established subsidiaries with leading overseas enterprises, including a joint venture with MARK Metallwarenfabrik GmbH in Austria, to enhance its international market presence and supply chain stability [4] - The company is also collaborating with European partners to develop a third-generation welding ring production line, which is expected to achieve mass production in 2025 [4] Market Outlook - The automotive industry in China has shown significant growth, with production and sales reaching 24.33 million and 24.36 million vehicles respectively in the first nine months of 2025, marking year-on-year increases of 13.3% and 12.9% [3] - The automotive parts market is projected to expand, with revenues in the passenger car parts manufacturing industry expected to reach 403.78 billion yuan in 2024, growing by 5.75% year-on-year, and potentially reaching 520.89 billion yuan by 2029 [3]

Core Viewpoint - The announcement indicates that the company's Vietnam production base has officially commenced operations, focusing on the production of waste heat recovery devices for gas turbines, which is expected to enhance its international order capacity and delivery capabilities [1] Group 1: Production and Capacity - The Vietnam production base's first phase has officially started operations [1] - The facility primarily produces waste heat recovery devices for gas turbines [1] - The commencement of operations is expected to alleviate capacity bottlenecks for the company [1] Group 2: Strategic Impact - The new production base will improve the company's ability to undertake and deliver international orders [1] - The expansion of product lines and multi-site capacity layout is anticipated to enhance the overall competitiveness and profitability of the company [1] Group 3: Market Considerations - The Vietnam production base is currently in its initial operational phase, which may expose the company to risks such as market demand fluctuations and intensified competition [1]

Core Viewpoint - Chery Automobile has decided to exit the Russian market by 2027 due to sanctions, export controls, and increased tariffs, while simultaneously pursuing better growth opportunities as it lists in Hong Kong [1][4][15]. Group 1: Company Strategy and Financials - Chery raised HKD 91.4 billion (approximately RMB 83.8 billion) in its Hong Kong IPO, marking the largest automotive IPO in the Hong Kong market this year [1]. - The company's overseas revenue is projected to account for 37.4% of total revenue in 2024, highlighting its significant global presence [3]. - Chery's stock price surged by as much as 12.85% on its debut, driven by strong domestic operational quality and technological advancements [1][3]. Group 2: Market Dynamics and Challenges - Chery's decision to reduce operations in Russia is influenced by rising import taxes and a 26% decline in Russian auto sales in the first eight months of the year [4][5]. - The company plans to gradually reduce its brand and distribution channels in Russia by 2027, while clarifying that this does not equate to a complete market exit [4][5]. - The average price of imported vehicles in Russia has increased by nearly USD 8,000 (approximately RMB 57,000) due to new tariffs, impacting Chery's profitability [4]. Group 3: Future Outlook and Strategic Shifts - To compensate for the loss of exports to Russia, Chery is focusing on expanding its presence in Latin America, Africa, and the Middle East [7]. - Chery's overseas strategy has evolved from trade exports to local production, with successful models like the Tiggo 8 series in Brazil [9]. - The company is exploring flexible cooperation models in different markets, such as partnering with Spanish firm Ebro to produce localized electric vehicles [12]. Group 4: Competitive Landscape - Despite facing challenges, Chery remains the top exporter of Chinese passenger cars, with projected exports of 1.14 million units in 2024 [14]. - The company has achieved a milestone where its overseas sales have surpassed domestic sales for the first time [14]. - Increased competition from other Chinese automakers in overseas markets poses risks to Chery's market strategy and profitability [15].

Core Viewpoint - Shanghai Electric has become a strong performer in the new energy sector since early August, but it faced a setback with the termination of a nearly decade-long overseas asset acquisition plan [2][4]. Group 1: Termination of Acquisition - The termination of the acquisition is linked to changes in the local electricity pricing mechanism in Pakistan, which affected the profitability and valuation of K-Electric Limited [4][5]. - The acquisition plan dates back to October 2016, when Shanghai Electric announced a cash purchase of 66.40% of K-Electric for $1.77 billion, with potential additional payments of up to $27 million based on performance [4]. - The decision to terminate the acquisition was made after careful analysis, as the seller failed to meet the closing conditions and the business environment in Pakistan changed [4][5]. Group 2: Impact on Company Strategy - Despite the termination, Shanghai Electric stated that it would not affect its overseas strategic layout, highlighting its significant investments in Japan, Hungary, and Turkey [5]. - The company remains committed to its strategy of strengthening its domestic operations while pursuing international growth [5]. Group 3: Corporate Structure and Management - The establishment of a wholly-owned subsidiary, "Electric Power International," with a registered capital of 1 billion yuan, was announced by the controlling shareholder, State Power Investment Corporation [2][8]. - The management of Shanghai Electric clarified that its senior executives do not hold any administrative positions in "Electric Power International" beyond being directors or supervisors [10].

Core Viewpoint - Shanghai Electric has become a strong performer in the new energy sector since early August, but it faced a setback by terminating a nearly ten-year overseas asset acquisition plan [1][3]. Group 1: Termination of Acquisition - The termination of the acquisition is linked to changes in the local electricity pricing mechanism in Pakistan, which affected the profitability and valuation of K-Electric Limited [3][4]. - The acquisition plan, initiated in October 2016, involved a cash purchase of 66.40% of K-Electric for $1.77 billion, with potential additional payments based on performance [3][4]. - The decision to terminate was made after the seller failed to meet the conditions for closing the deal and due to adverse changes in the business environment in Pakistan [3][4]. Group 2: Impact on Company Strategy - Despite the termination, the company reassured investors that it would not affect its overseas strategic layout, highlighting its significant investments in Japan, Hungary, and Turkey [4]. - The company remains committed to its strategy of strengthening its domestic operations while pursuing international growth [4]. Group 3: Corporate Structure and Management - The establishment of a wholly-owned subsidiary, "Electric Power International," with a registered capital of 1 billion yuan, was noted, and its board includes members overlapping with Shanghai Electric's management [1][6]. - The management of Shanghai Electric confirmed that they do not hold any administrative positions in "Electric Power International" beyond their roles as directors or supervisors [6]. Group 4: Stock Performance - Following the announcement of the acquisition termination, Shanghai Electric's stock experienced a temporary drop but quickly rebounded, indicating continued investor interest [4][5].