回购增持是信心的体现。在《指引》落地一年间，326家上市公司进行回购，累计金额达489.36亿元， 较上年同期增长13.85%；216家上市公司重要股东及董监高合计增持657.36亿元，同比增幅高达 72.88%。 来源：环球网 过去一年，A股市值管理工作取得了显著进展。据不完全统计，目前已有1001家A股公司披露了市值管 理制度（包括估值提升计划），数量是今年初的5倍左右，较前两年仅10余家的零星情况呈现出爆发式 增长。 在这千余家公司中，已有619家实施了并购重组（包括完成、预案等进展），占比高达61.84%；回购增 持与现金分红的现象也"蔚然成风"，实施数量与金额均同比显著增长；信息披露与投资者关系管理同步 升级，ESG报告与业绩说明会在数量和质量上都有提升。 市场是最客观的评判者。自发布市值管理制度以来，这批上市公司股价平均涨幅达20.63%，较同期沪 深300指数高5.9个百分点。有分析人士表示，《指引》明确了市值管理应基于提升上市公司质量与投资 者回报，而非短期股价操纵，有效遏制了部分伪市值管理行为。上市公司对市值管理的理解从"管股 价"向"管价值"转变，合规意识显著增强。 在多元工具运用方面，上 ...

在渤海湾畔，500千伏辽滨输变电工程也投入使用，这项服务盘锦辽滨沿海经济技术开发区的重点 工程，将为辽宁石化产业转型升级的"新引擎"——华锦阿美精细化工及原料工程项目储备充足动能，显 著提升辽东湾地区供电可靠性与负荷承载能力，解决化工等高耗能产业冬季满负荷生产的用电瓶颈。 一系列重点工程的密集投运，正重塑辽宁电力供应格局。这些工程不仅为盘锦、营口等用电负荷较 大地区提升供电能力170万千瓦，更让铁岭、葫芦岛等新能源富集地区的接入能力提升330万千瓦，进一 步优化了全省电力能源结构，让清洁电力在保暖保供中发挥更大作用。 初冬时节，辽宁电网建设热潮涌动。500千伏徐大堡核电送出线路一期工程、西泉变等12项主网重 点工程全速推进，8座220千伏新能源场站、总计270万千瓦装机同步加快并网步伐，为全省迎峰度冬、 经济高质量发展注入稳定可靠的电力动能。 国网辽宁电力聚焦重点工程建设与省间资源统筹，持续打通供电堵点、拓宽输送通道，确保电力供 应。"我们紧盯时间节点，确保11月30日前实现12项主网重点工程投运，并推动270万千瓦新能源装机并 网，实现主网与配网协同升级。"国网辽宁电力相关负责人表示。 备受关注的500千伏 ...

Core Viewpoint - Binhai Energy has announced the termination of its plan to acquire 100% equity of Cangzhou Xuyang Chemical Co., Ltd. through a share issuance and related fundraising due to changes in market conditions and failure to reach consensus on commercial terms with transaction parties [1][3]. Group 1: Termination of Acquisition - The company held a board meeting on November 14, where it approved the termination of the asset acquisition and fundraising plan [1][3]. - The initial announcement regarding the acquisition was made on April 30, 2025, with subsequent meetings and disclosures leading up to the termination [3]. Group 2: Financial Performance - For the first three quarters of 2025, Binhai Energy reported a revenue of 374 million yuan, a year-on-year increase of 2.03%, while the net profit attributable to shareholders was a loss of approximately 49.44 million yuan [4][5]. - In Q3 2025, the company achieved a revenue of 139 million yuan, reflecting a 14% year-on-year growth, but still reported a net loss of about 12.33 million yuan [4][5]. Group 3: Current Operations and Market Position - Binhai Energy is actively engaged in the research, production, and sales of lithium battery anode materials, with ongoing projects aimed at market expansion and product development [4]. - The termination of the acquisition is not expected to adversely affect the company's existing operations or strategic development [4]. Group 4: Stock Performance - The company's stock has shown strong performance recently, with an increase of nearly 30% in the week leading up to November 14, closing at 14.51 yuan per share, resulting in a total market capitalization of 3.223 billion yuan [6].

Core Viewpoint - Binhai Energy (000695) announced the termination of its plan to acquire 100% equity of Cangzhou Xuyang Chemical Co., Ltd. through a share issuance and to raise matching funds from specific investors due to changes in market conditions and failure to reach consensus on commercial terms with transaction parties [1][3]. Group 1: Termination of Acquisition - The company held its 25th meeting of the 11th Board of Directors on November 14, where it approved the termination of the acquisition of Cangzhou Xuyang Chemical Co., Ltd. [1][3]. - The initial plan for the acquisition was announced on April 30, 2025, with a subsequent board meeting on May 16, 2025, approving the related proposals [3]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 374.5 million yuan, a year-on-year increase of 2.03%, while the net profit attributable to shareholders was a loss of 49.4 million yuan [4][5]. - In the third quarter of 2025, the revenue was 139 million yuan, reflecting a 14% year-on-year increase, but the net profit attributable to shareholders was a loss of 12.3 million yuan [4][5]. Group 3: Market Position and Stock Performance - Binhai Energy is actively engaged in the research, production, and sales of lithium battery anode materials, with ongoing projects aimed at enhancing operational performance [4]. - The company's stock has shown strong performance recently, with an increase of nearly 30% in the week leading up to November 14, closing at 14.51 yuan per share, resulting in a total market capitalization of 3.22 billion yuan [6].

国家能源局发文集成融合发展撬动新产业，欧盟将与英国就碳市场联动展开谈 判 [Table_ReportDate] 2025 年 11 月 15 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 [Table_StockAndRank] ESG 投资评级 —— 上次评级 —— 郭雪 环保公用联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Industry] ESG 周报 [国家能源局发文 Table_Title] 集成融合发展撬动新产业，欧盟将与英国就碳市场 联动展开谈判 [Table_ReportDate] 2025 年 11 月 15 日 本期内容提要: [Table_S [Table_Summary 热点聚焦 ummary]：] 国内：国家能源局发文，集成融合发 ...

Core Viewpoint - The article highlights five categories of stocks that are at high risk of decline in the current market environment, driven by stricter delisting regulations, policy rollbacks, and valuation bubbles. Group 1: High Delisting Risk Stocks - The 2025 delisting rules are the strictest ever, with companies facing mandatory delisting if their market value falls below 500 million yuan for 20 consecutive trading days on the main board, or 300 million yuan on the ChiNext [2] - As of April 2025, 132 companies have issued delisting risk warnings, an increase of 45% from the previous year [2] - Companies like *ST Dongfang and *ST Xinhai have faced delisting due to financial fraud and continuous low stock prices, leading to significant losses for investors [2] Group 2: Stocks in Policy-Dependent Industries - The cancellation of subsidies for onshore wind power and the reduction of tax exemptions for electric vehicles will directly pressure the profits of related companies [4] - The onshore wind power sector will see a 0.5 percentage point decrease in capital IRR due to subsidy cuts, impacting already thin profit margins for small firms [4] - The automotive industry is facing overcapacity and reduced subsidies, with some second-tier car manufacturers reporting a 40% decline in net profits year-on-year [4] Group 3: Stocks with Severe Valuation Bubbles - Many popular sectors have inflated valuations, with the ChiNext 50 index at a P/E ratio of 159.31 and the semiconductor index at 126.46, indicating severe overvaluation [5] - The computer sector, driven by AI hype, has a P/E ratio of 91.55, while the average net profit growth in the industry is only 8% [5] - High valuation stocks have seen significant declines, with the ChiNext 50 index down 12% and the computer sector down 15% since October [5] Group 4: High Pledge and Debt Issues - Companies with high equity pledges (over 60%) and high debt ratios (over 80%) face significant risks, including potential stock price collapses [6] - As of April 2025, 89 companies have a pledge rate exceeding 60%, with 32 of them also having debt ratios above 80% [6] - Companies like Nanwei and ST Tiantian are struggling with financing difficulties due to high pledge rates and ongoing investigations [6] Group 5: Stocks with Outdated Production Capacity - The national industrial capacity utilization rate is only 74%, indicating significant overcapacity in traditional manufacturing sectors [7] - The steel industry continues to struggle with low-efficiency production, while the photovoltaic sector is eliminating 20% of low-efficiency capacity [7] - Traditional industries like chemicals and machinery are facing a 32% year-on-year decline in net profits, as they lack policy support and face shrinking market demand [7]

Core Insights - The industrial sector in Guizhou is significantly contributing to the province's economic growth, with its contribution rate increasing from 17.1% in 2020 to 36.7% by 2024 [1] - The province is focusing on developing six major industrial bases and promoting the "Electric Guizhou" initiative, which has led to high-quality industrial economic development [1] Industrial Contribution - Industrial investment's share of fixed asset investment rose from 17.9% to 34.2% during the same period [1] - Industrial tax revenue's proportion of total tax revenue increased from 34.6% to 48.7% [1] Industrial Development Strategy - The six major industrial bases account for 82.2% of the province's industrial output [3] - The integration of phosphate, coal, and fluorochemical industries is being promoted [3] - The "Electric Guizhou" initiative has established a complete industrial chain from ore to battery and vehicle production [3] Investment Trends - Annual industrial investment growth rate is 12%, shifting from infrastructure-focused to industry-focused investments [3] - Major projects from companies like Huawei Cloud and Ningde Times are being established in the region [3] Innovation and New Production Capacity - Guizhou has nurtured 1,587 innovative SMEs and 82 specialized "little giant" enterprises [4] - The province has achieved breakthroughs in the steel wire rope industry and established a national key laboratory in the phosphate industry [4] - Guizhou is recognized as a pilot city for the digital transformation of SMEs [4] Environmental and Sustainability Efforts - A total of 117 national-level green factories and 26 green industrial parks have been created [4] - Significant advancements in the comprehensive utilization of phosphogypsum and breakthroughs in using red mud for cement production have been made [4]

2025年11月15日，《上市公司监管指引第10号——市值管理》(下称《指引》)颁布满一年。《指引》 的"破茧而出"，标志着A股市值管理从此前朦胧的"隐性话题"，正式迈入系统化、阳光化的"显性规 范"新纪元。 一年实践，春华秋实。据上海证券报记者不完全统计，目前已有1001家A股公司披露市值管理制度(包 括估值提升计划)，是今年初的5倍左右，更较前两年仅10余家的零星数量呈现爆发式增长。 千余家公司中已有619家实施并购重组(包括完成、预案等进展)，占比高达61.84%；回购增持与现金分 红"蔚然成风"，实施数量与金额均同比显著增长；信息披露与投资者关系管理同步升级，ESG报告与业 绩说明会"量""质"齐升。 市场是最客观的评判者。自发布市值管理制度以来，这批上市公司股价平均涨幅达20.63%，较同期沪 深300指数高5.9个百分点。 "《指引》明确了市值管理应基于提升上市公司质量与投资者回报，而非短期股价操纵，有效遏制了部 分伪市值管理行为。"上海财经大学滴水湖高级金融学院教授陈欣表示，上市公司对市值管理的理解 从"管股价"向"管价值"转变，合规意识显著增强。 多元工具并举 价值创造初现峥嵘 千家上市公司挥 ...

原标题： 银税互动有力支持近50万户中小微企业 8000余亿元贷款畅通经济"毛细血管" "我们将纳税信用级别、纳税额等20项信息纳入数据共享范围，在信用融资中为企业精准'画像'。同时，引导国有商业银行、股份制商业银行等扩大银 税互动享受金融惠企财政贴息范围，将一年期贷款利率降至3%以下。"广西税务局纳税服务处副处长梁静介绍。 为缓解融资慢问题，广西税务部门不断优化政银税数据共享交互平台，精简认证授权环节，压缩审批时限，将企业完成授信审批时间缩短至5分钟内。 基于银税互动机制，区内多家银行特设绿色通道，为企业提供融资便利服务，兴业银行南宁分行便是其中之一。 "相比传统信贷模式，银税互动能让银行依据企业纳税信用记录和纳税情况来评估其信用状况，大幅缩短贷款审批时间，提高融资效率。"兴业银行南宁 分行普惠金融部经理赵媛介绍。 广西社会科学院金融研究中心主任吴坚分析指出，此举既降低了银行放贷风险，提升了信贷投放精准度，也激励企业依法纳税，有利于形成"诚信纳税 —融资便利—发展壮大"的良性循环。 "今年不用再为蚕茧原料和产能操心了。"11月13日，玉林市陆川县清湖村联昌茧丝有限公司负责人周振业，拍了拍一捆即将发往江浙的白 ...

Core Viewpoint - Zhejiang Jianye Chemical Co., Ltd. experienced a significant stock price fluctuation, with a cumulative price increase exceeding 20% over two consecutive trading days, which is classified as an abnormal trading situation according to Shanghai Stock Exchange regulations [2][3]. Group 1: Stock Trading Abnormality - The company's stock price increased by more than 20% cumulatively on November 13 and 14, 2025, indicating abnormal trading activity [2][3]. - This fluctuation is in accordance with the trading rules of the Shanghai Stock Exchange, which defines such price movements as abnormal [3]. Group 2: Company Operations and Information Verification - The company conducted a self-examination and confirmed that its production and operations are normal, with no significant changes in market conditions or internal operations [4]. - There are no undisclosed major events or transactions, such as asset restructuring or significant business collaborations, that could impact the stock price [4]. - The company found no media reports or market rumors that could significantly affect its stock price during the abnormal trading period [4]. Group 3: Board of Directors' Statement - The Board of Directors confirmed that there are no undisclosed matters that should be reported according to stock listing rules, and previous disclosures do not require correction or supplementation [5].