沧州明珠公告称，公司于2025年12月11日与交通银行沧州分行签署《保证合同》，为孙公司沧州锂电隔 膜5500万元授信业务债务提供连带责任保证。调剂后，沧州锂电隔膜担保额度为25亿元，本次担保后余 额为21.8亿元，剩余额度3.2亿元。截至公告日，公司对外担保余额37.29亿元，占2024年末经审计净资 产的72.40%。沧州锂电隔膜2025年1-9月营收3.24亿元，净利润7806.68万元。 ...

发布时间：2025-12-11 证券研究报告：宏观报告 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 近期研究报告 《全球流动性处于何种水平？---数量 篇》 - 2025.12.8 宏观研究 目录 鲜菜鲜果涨价支撑食品改善，服务价格相对稳固 核心观点 CPI 同比增速连续三个月呈现修复态势，虽然存在基数走低的影 响，但剔除基数效应，从两年复合增速来看，CPI 同比增速仍呈现边 际改善。（1）从结构来看，食品项价格边际改善明显，成为当月 CPI 价格改善的主要原因，其中，鲜菜和鲜果是主要贡献，两个分项对当 月食品项价格同比增速改善贡献度达到 54.29%，背后是低温阴雨+冷 冻灾害影响，短期供应不足，推升价格上涨，与此同时，因牛羊存栏 量下滑，出栏供给偏紧，2025 年下半年供给进入收缩通道，牛羊肉价 格同比增速保持稳定上涨；（2）从非食品分项价格来看，服务消费价 格保持相对坚挺，如教育文化和娱乐、医疗保健、家庭服务、 ...

Group 1 - The core viewpoint of the article highlights the financial performance of Ruihua Tai (688323.SH) for the first three quarters of 2025, showing a revenue increase but a net loss [1] - The company achieved an operating revenue of 283 million yuan, representing a year-on-year growth of 18.18% [1] - The net profit attributable to shareholders was a loss of 62.72 million yuan, with a net profit excluding non-recurring gains and losses also showing a loss of 62.96 million yuan [1] - The net cash flow from operating activities reached 108 million yuan, marking a significant increase of 158.34% year-on-year [1] Group 2 - In 2024, the company reported an operating revenue of 339 million yuan, which is a year-on-year increase of 22.88% [3] - The net profit attributable to shareholders for 2024 was a loss of 57.27 million yuan, compared to a loss of 19.60 million yuan in the previous year [3] - The net cash flow from operating activities for 2024 was 138 million yuan, reflecting a growth of 125.20% year-on-year [3] Group 3 - Ruihua Tai was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 28, 2021, with an initial public offering of 45 million shares at a price of 5.97 yuan per share [4] - The total amount raised from the IPO was 268.65 million yuan, with a net amount of 218.32 million yuan after expenses [4][5] - The company planned to use the raised funds for the Jiaxing high-performance polyimide film project [5]

南财智讯12月10日电，聚合顺公告，公司"合顺转债"募集资金净额33,166.52万元，用于"年产5.08万吨 尼龙新材料建设项目"和"年产8万吨尼龙新材料（尼龙66）项目"，其中后者计划投资42,447.71万元，拟 使用募集资金净额17,662.64万元，资金来源为可转换公司债券募集资金，用途为建设年产8万吨尼龙66 新材料项目。因参股股东出资审批流程较长及上游己二腈原材料本土化产能释放，公司审慎评估后决定 适当放缓建设进度，以保障原材料稳定供应并匹配下游高端化需求，故将"年产8万吨尼龙新材料（尼龙 66）项目"达到预定可使用状态日期由2025年12月延长至2026年12月。本次延期未改变项目内容、投资 总额、实施主体及募集资金用途，对公司主营业务和整体募资安排无实质性影响，不影响项目必要性与 可行性，不会损害股东利益。公司将继续推进项目实施，并加强进度监督与资金管理，确保项目按期完 成。 ...

格隆汇12月10日｜聚合顺公告称，公司"合顺转债"共计募集资金3.38亿元，净额3.32亿元。截至2025 年，累计投入1.88亿元，占比56.73%。公司拟将"年产8万吨尼龙新材料（尼龙66）项目"延期至2026年 12月，原预计2025年12月。延期原因是与参股股东协商及审批用时较长，且公司对上游产业评估后放缓 建设进度。经重新论证，项目必要性与可行性未变，预计收益不受重大影响。公司预计2026年完成剩余 募资投入，将采取措施保障项目按期完成。该延期已获董事会通过，保荐机构同意。 ...

（记者 曾健辉） 每经AI快讯，有投资者在投资者互动平台提问：董秘您好。请问：1、内蒙古项目投资前期对电费的估 算价格是多少？2、内蒙古项目现在的实际电费价格是多少？3、其中有差异吗，差异是什么原因导致 的，公司如何重新评估该项目的投资回报期？ 光威复材（300699.SZ）12月10日在投资者互动平台表示，您好！公司对内蒙古项目电费的前期估算与 目前的实际执行差异有限，差异原因主要是地方政策性调整，这个差异变化不足以对项目实施或运行或 者投资回收等带来重大影响。谢谢！ ...

Core Viewpoint - The company emphasizes that its product pricing strictly follows market principles, taking into account various factors such as production costs, technological value, market supply and demand, and the long-term strategic partnership value with customers [1] Group 1 - The company actively communicates with downstream customers to respond to market changes [1] - The pricing strategy is influenced by market conditions [1]

Core Viewpoint - The company Tongyi Zhong announced plans to invest approximately 198 million yuan in a project to produce 2,400 tons of ultra-high molecular weight polyethylene fiber annually, aiming to enhance its market competitiveness and diversify its product offerings [1] Group 1 - The project is expected to have a construction period of 10 months [1] - The implementation of the project will be carried out by the company's Xintai branch located in Xintai City, Shandong Province [1]

Core Insights - The chemical fiber manufacturing industry in China has seen an increase in the number of enterprises, with a total of 2,472 companies reported as of January to October 2025, marking a year-on-year growth of 2.45% [1] Group 1: Industry Overview - The number of chemical fiber manufacturing enterprises has increased by 59 compared to the same period last year [1] - The proportion of chemical fiber manufacturing enterprises in the total industrial enterprises stands at 0.47% [1] Group 2: Relevant Companies - Listed companies in the chemical fiber sector include Jilin Chemical Fiber, Hengtian Hailong, Meida Co., Huaxi Co., Xinxiang Chemical Fiber, Huafeng Chemical, Hailide, Taihe New Materials, Youfu Co., Youcai Resources, Montai High-tech, Baolidai, Huilong New Materials, Wanwei High-tech, Sanfangxiang, Shunma Co., and Nanjing Chemical Fiber [1]

Core Viewpoint - The company is focusing on the carbonization stage of its carbon fiber production line and has initiated trial operations for T800-grade carbon fiber process validation and optimization [1] Group 1 - The company is currently in the trial phase for T800-grade carbon fiber [1] - Future plans include progressing towards higher performance standards such as T1000-grade and M-grade products [1] - The company will fulfill its information disclosure obligations regarding related progress [1]