证券日报网讯12月15日，维尔利（300190）在互动平台回答投资者提问时表示，截至11月底公司股东人 数约为18400户。 ...

金科环境发行费用总计6617.21万元，其中，支付给保荐机构招商证券的承销及保荐费用4804.95 万元，支付北京市君合律师事务所的律师费用460.00万元，支付大信会计师事务所（特殊普通合伙） 的审计、验资费用783.02万元。 中国经济网北京12月15日讯 金科环境（688466.SH）今日收报15.93元，跌幅9.54%。 金科环境于2020年5月8日在上交所科创板上市，发行价格为24.61元/股。上市首日，金科环境开 盘报46.00元，涨幅86.92%，盘中最高价报58.88元，最低价报45.20元，当日收盘报52.30元，涨幅 112.52%。目前该股处于破发状态。 金科环境首次公开发行新股2569.00万股，保荐机构为招商证券股份有限公司。上市公告书显示， 金科环境最终募集资金净额较原计划少1.73亿元。金科环境此次募集资金总额为6.32亿元，扣除发行费 用后募集资金净额为5.66亿元。金科环境2020年4月29日发布的招股说明书显示，公司计划募集资金 7.39亿元，分别用于南堡污水零排放及资源化项目、研发中心建设项目、补充流动资金。 金科环境2023年7月11日公布分红方案显示，每10股送2股， ...

Investment Rating - The report maintains a positive outlook on the power sector, particularly following the increase in coal power capacity pricing in Yunnan, which is expected to stabilize revenue for coal power companies [6][8]. Core Insights - Yunnan has announced an increase in the coal power capacity price recovery of fixed costs to 100%, effective from 2026, which will enhance the stability of coal power revenues and support the integration of renewable energy sources [6][7]. - The report highlights a significant drop in natural gas prices in the U.S. and Northeast Asia, with the latter reaching a 20-month low, indicating a favorable environment for gas companies [10][24]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity, capacity, and ancillary service revenues [8]. Summary by Sections 1. Power Sector - Yunnan's new policy sets the coal power capacity price at 330 RMB per kilowatt per year, allowing full recovery of fixed costs, which is expected to improve the profitability of coal power plants [6][7]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% being green energy, necessitating coal power for peak load support [7]. - The report recommends several companies, including Guodian Power and Inner Mongolia Huadian, for their integrated coal power operations [8]. 2. Natural Gas Sector - U.S. Henry Hub spot prices fell to $4.07/mmBtu, a decrease of 21.56% week-on-week, while Northeast Asia LNG prices dropped to $10/mmBtu, down 6.19% [10][11]. - The report notes that strong supply and high inventory levels in Northeast Asia are contributing to the price decline, with expectations of further price sensitivity from buyers as prices approach $10/mmBtu [24][26]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower costs and improved margins [31][32]. 3. Market Performance - The report indicates that the power and equipment sectors outperformed the Shanghai Composite Index during the review period, while the gas and environmental sectors lagged [34]. - It provides a detailed valuation table for key utility companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios [46]. 4. Company and Industry Dynamics - Recent government policies emphasize the development of a clean, low-carbon energy system, with a target of 25% non-fossil energy consumption by 2030 [40][41]. - The report discusses the ongoing transition in the energy sector towards market-driven growth, particularly in new energy storage solutions [41].

（记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：现在垃圾发电厂为了提高收益在对外进行供热，请问 公下的几座垃圾发电厂有没有对外供热的计划（管道供热和移动供热）？ 兴蓉环境（000598.SZ）12月15日在投资者互动平台表示，目前公司尚未开展垃圾焚烧发电厂对外供热 业务，但公司积极关注相关市场机会。目前，公司万兴环保发电厂一期和二期均建有污泥掺烧生产线， 通过垃圾焚烧产生的蒸汽余热协同污泥干化处置，促进资源循环，并进一步提升公司盈利能力。 ...

格隆汇12月15日丨兴蓉环境(000598.SZ)在投资者互动平台表示，目前公司尚未开展垃圾焚烧发电厂对 外供热业务，但公司积极关注相关市场机会。目前，公司万兴环保发电厂一期和二期均建有污泥掺烧生 产线，通过垃圾焚烧产生的蒸汽余热协同污泥干化处置，促进资源循环，并进一步提升公司盈利能力。 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power Investment Corporation, Inner Mongolia Huadian, and China Resources Power [48]. Core Insights - Yunnan Province has increased the coal power capacity price recovery of fixed costs to 100%, which is expected to stabilize revenue for coal power companies and enhance their role in supporting renewable energy integration [7][8]. - The report highlights a significant drop in natural gas prices, with Northeast Asia LNG prices reaching a 20-month low, driven by strong supply and mild weather conditions [12][26]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity revenue, capacity income, and ancillary service income [9]. Summary by Sections 1. Power: Yunnan Increases Coal Power Capacity Price - Yunnan has announced a new mechanism for coal power capacity pricing, allowing for full recovery of fixed costs starting in 2026, set at 330 RMB per kilowatt per year [7][8]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% from green energy sources, necessitating coal power for peak load support [8]. 2. Gas: Global Gas Price Trends - As of December 12, the Henry Hub spot price in the U.S. was $4.07/mmBtu, down 21.56% week-on-week, while Northeast Asia LNG prices fell to $10/mmBtu, a decrease of 6.19% [12][13]. - The report notes that the overall supply of natural gas remains robust, contributing to lower prices in Northeast Asia [26][28]. 3. Weekly Market Review - The power and power equipment sectors outperformed the CSI 300 index, while the public utility, gas, and environmental protection sectors lagged behind [36]. 4. Company and Industry Dynamics - Recent government meetings and policy announcements emphasize the importance of a clean, low-carbon energy system and the development of a new energy system by 2030 [40][43]. - The report includes updates on major companies, such as China Resources Power and Longyuan Power, highlighting their financial activities and operational performance [44][46].

东方智造表示，目前涉及各方正就具体交易方案、协议等相关事项进行论证和磋商，但尚未签署相关协 议，具体情况以各方签订的相关协议为准。 公告显示，东方智造于12月14日收到控股股东科翔高新的通知，科翔高新正在筹划涉及其所持有公司股 份转让事宜，其拟将持有占公司总股本约14.33%的股份转让给广西现代物流集团有限公司（以下简 称"广西现代物流集团"）或其指定主体，前述股份转让事项可能导致公司控制权发生变更，本次权益变 动事项尚需履行协议转让相关程序，及尚需国有资产监督管理等有权部门的审批。 据了解，广西现代物流集团成立于2021年2月，前身是广西物资集团，集团公司聚焦物流、环保、机电 三大主业。 北京商报讯（记者 马换换 李佳雪）12月15日早间临时停牌的东方智造（002175），当日午间披露公告 称，公司控股股东科翔高新技术发展有限公司(以下简称"科翔高新"）正在筹划涉及其所持有公司股份 转让事宜，该事项可能导致公司控制权发生变更。公司股票自12月15日起停牌，预计停牌时间不超过2 个交易日。 ...

2025.12.15 本文字数：1158，阅读时长大约2分钟 作者 |第一财经 安卓 深圳证券交易所及深圳证券信息有限公司此前曾发布公告称，根据指数编制规则，将对深证成指、创业 板指、深证100、创业板50等深市指数实施样本定期调整。 深证100更换7只样本股，天山股份（000877.SZ）、山西焦煤（000983.SZ）等被调出；调入了主板公司 4家，创业板公司3家，如藏格矿业（000408.SZ）、胜宏科技（300476.SZ）、安克创新（300866.SZ） 等； 创业板50更换了5只样本股，调出了特锐德（300001.SZ）、芒果超媒（300413.SZ）等；调入长芯博创 （300548.SZ）、协创数据（300857.SZ）等。 整体来看，本次调整体现了推动新质生产力发展、筑牢实体经济基本盘以及引领长期价值投资的核心理 念。 在推动新质生产力发展方面，本次调整后，创业板指战略性新兴产业权重占比93%，新一期样本公司前 三季度研发费用同比增速为13%，研发费用占营业收入比重为5%，其中30家公司研发强度超10%。深证 100新质蓝筹属性更加突出，战略性新兴产业权重提升至81%，先进制造、数字经济、绿色 ...

Core Insights - The article discusses the increased activity in mergers and acquisitions (M&A) in the A-share market following the implementation of the "Six Merger Guidelines" in 2025, highlighting a year-on-year increase in M&A transactions and a significant rise in major asset restructurings [3][4]. Group 1: M&A Activity Overview - In 2025, over 800 M&A transactions were recorded in the Shanghai Stock Exchange, marking an 11% increase year-on-year, with 90 major asset restructurings, a 55% increase from the previous year [3][4][8]. - The majority of new major asset restructurings were driven by industrial mergers, accounting for over 50%, while large shareholder injections represented 20% of the transactions [4][12]. Group 2: Policy and Market Dynamics - The "Six Merger Guidelines" have led to a shift in the regulatory framework, moving from an approval-oriented approach to one focused on efficiency and industry orientation, enhancing market activity [7][8]. - The number of asset restructurings since the introduction of the guidelines has reached 1,177, with 125 major restructurings, indicating a robust market response [7][8]. Group 3: Notable Transactions and Trends - Significant transactions include the first cross-border mergers and acquisitions, as well as innovative payment structures, such as the acquisition of unprofitable assets and diversified payment methods [8][10]. - Major consolidations, such as Guotai Junan's acquisition of Haitong Securities and China Shipbuilding's merger with China Shipbuilding Industry Corporation, highlight the trend of large-scale mergers in the financial and industrial sectors [9][10]. Group 4: Long-term Value Focus - The current M&A landscape emphasizes quality over quantity, with a focus on long-term value creation and resource optimization, reflecting a shift in corporate strategies [5][12]. - Central state-owned enterprises are increasingly participating in industrial integration, aiming to enhance core competitiveness through strategic mergers [12][13].

产业并购和股东注资型交易成为最主要方向。 "并购六条"落地以来，A股并购重组活跃度提升了多少？ 行至年末，"并购六条"也即将走过第一个完整自然年度。以沪市为观测窗口，全年新增各类资产并购超 800单，同比增加11%，其中重大资产重组90单，同比增长55%。 产业并购和股东注资型交易，成为最主要方向。 上交所数据显示，2025年沪市新增的重大资产重组中，产业并购超五成、大股东注资占两成。同时，六 成标的属于新质生产力行业、硬科技属性较强，集中在半导体行业、汽车产业链等行业。 各类标志性、创新型、示范性案例也渐次落地：多个"首单"落地，包括首单跨界并购实现并表、首单收 购未盈利资产、首单多元化支付等；大规模吸收合并交易方兴未艾，A吸A、港吸A频现；创新型跨境 并购交易不断涌现。 "这一轮并购呈现出做优存量的态势，包括地方政府、标的公司、各类企业等各方都开始转变思路，更 注重质量提升和长期价值，这是我们观测到的一个生态的改变。"有业内人士称，并购的产业整合和转 型升级逻辑被不断强化，成为高质量发展的"硬抓手"；价值聚焦重于规模优先的市场共识不断凝聚，成 为良好并购生态的"催化剂"。 活跃度提升，产业并购成主力 站在 ...