Group 1 - The capital market serves as a barometer for the national economy, reflecting the vitality of the real economy and the trends in industrial structure adjustment [1] - During the "14th Five-Year Plan" period, the capital market in Henan has played a significant role in economic development, with an increase in the number of listed companies and the emergence of leading enterprises like Muyuan Foods and Shuanghui Development [2][3] - Henan's capital market is transitioning from "quantitative accumulation" to "qualitative improvement," injecting financial momentum into key industries such as grain production and advanced manufacturing [2] Group 2 - The number of A-share listed companies in Henan increased from 87 at the end of 2020 to 112, with 13 companies listed on the Beijing Stock Exchange, leading among the six central provinces [3] - Since 2021, Henan enterprises have consistently raised over 100 billion yuan in bond financing annually, with the total bond issuance reaching 495.8 billion yuan, doubling since 2021 [5] - The average cost of bond issuance has decreased to 2.66%, down 212 basis points from its peak [5] Group 3 - Leading companies like Muyuan Foods have achieved significant growth, with revenue increasing from 56.3 billion yuan in 2020 to 137.9 billion yuan in 2024 [5][6] - Muyuan Foods has invested heavily in R&D for smart farming and disease prevention, supported by capital market financing [6] - The company has filed 2,276 patents, with 138 new patents granted in 2024 alone [6] Group 4 - By August 2025, the number of A-share listed companies in Henan with a market capitalization exceeding 10 billion yuan reached 35, doubling from the previous year [8] - Nearly 80% of listed companies in Henan reported profits, with total revenue and net profit reaching record highs, and 13 companies exceeding 10 billion yuan in revenue [8][9] - R&D investment among listed companies in Henan increased, with an overall R&D intensity of 5.57% in 2024, up 2.5 percentage points year-on-year [9] Group 5 - The Zhengzhou Commodity Exchange has listed 27 futures and 20 options products, capturing 35.03% of the national futures market volume [11] - The exchange has attracted 2.2 trillion yuan in settlement funds and has introduced foreign investors to several products [11] - The use of futures for risk management has been demonstrated by local companies successfully hedging against price fluctuations [12] Group 6 - Henan has actively explored the issuance of Real Estate Investment Trusts (REITs) to support the development of the real economy, with successful issuances covering various sectors [13] - The province has implemented policies to support mergers and acquisitions among listed companies, aiming to enhance traditional industries and foster emerging sectors [14] - The government plans to deepen cooperation with major stock exchanges to facilitate more companies in raising funds through listings [14][15]

河南郑州郑东新区CBD郑州国际会展中心千玺广场"大玉米"。 图虫创意/供图 证券时报记者 赵黎昀 资本市场作为国民经济的晴雨表，既是观察实体经济运行活力和产业结构调整动向的重要窗口，也是通 过资源配置为行业企业提质升级赋能的源头活水。站在"十四五"末尾，回望过去五年中部大省河南的经 济发展脉络，资本市场的"助推器"作用愈发凸显。 "十四五"期间，从区域内上市公司数量稳步攀升，到牧原股份、双汇发展等龙头企业依托资本市场巩固 行业地位，再到仕佳光子、新强联等科技型企业借助上市融资突破技术瓶颈，河南资本市场正从"量的 积累"向"质的提升"跨越，不仅为粮食生产核心区、先进制造业强省建设注入了金融动能，更让"豫企军 团"在全国资本市场的版图中占据一席之地。 面向"十五五"，以"智能化、绿色化、高端化"为方向，河南"7+28+N"产业链集群将迎来更大发展空 间。围绕"两高四着力"精神内核，河南也将着力服务科技创新和产业创新融合，提升上市公司质量和产 业投融资，助力全省经济高质量发展。 资本赋能： 产业智能化加速升级 作为资本市场资源配置的基础性功能，场内资金活水正源源不断注入实体企业，助力豫企完成技术升 级，推动战略产业 ...

Core Insights - The capital market in Henan province has played a crucial role in enhancing the quality and efficiency of local enterprises during the "14th Five-Year Plan" period, transitioning from quantity accumulation to quality improvement [1][2] - The number of A-share listed companies in Henan has increased from 87 at the end of 2020 to 112, leading the central region of China [2] - Major companies like Muyuan Foods and Shuanghui Development have leveraged capital markets to solidify their industry positions and drive technological advancements [2][3] Capital Empowerment - The number of A-share listed companies in Henan has grown rapidly, with 13 companies listed on the Beijing Stock Exchange, making it the leader among six central provinces [2] - From 2021 onwards, Henan enterprises have consistently raised over 100 billion yuan through bond financing, with the total bond stock reaching 495.8 billion yuan, doubling since 2021 [2] - The average cost of bond issuance has decreased to 2.66%, down 212 basis points from its peak [2] - Since 2022, 18 listed companies in Henan have engaged in mergers and acquisitions, with 12 occurring in 2025 alone, involving over 30 billion yuan [2] Industry Development - Muyuan Foods has seen its revenue grow from 56.3 billion yuan in 2020 to 137.9 billion yuan in 2024, driven by significant investments in technology and innovation [3] - The company has filed 2,276 patents, with 138 granted in 2024 alone, reflecting its commitment to R&D [3] - The capital market has supported the development of high-end materials companies like DuPont and Longbai Group, which have invested over 10 billion yuan in technology upgrades [4][5] Performance and Returns - By August 2025, the number of A-share listed companies in Henan with a market value exceeding 10 billion yuan reached 35, doubling from the previous year [5] - Nearly 80% of listed companies reported profits in the first half of the year, with total revenue and net profit hitting record highs [5] - R&D investment among listed companies in Henan has increased, with an overall R&D intensity of 5.57% in 2024, up 2.5 percentage points year-on-year [5] Financial Tools and Services - The Zhengzhou Commodity Exchange has become a significant player in the futures market, with 27 futures and 20 options listed, capturing 35.03% of the national market share [7] - The exchange has attracted 107 futures institutions and 2.2 trillion yuan in settlement funds [7] - The province has also implemented various financial initiatives, including private equity funds and REITs, to support the development of local enterprises [9][10] Policy Support - The Henan provincial government has introduced policies to support mergers and acquisitions, aiming to enhance traditional industries and foster emerging sectors [10] - The government plans to deepen cooperation with major stock exchanges to facilitate more companies in listing and financing [10]

Group 1 - Gansu Province's Federation of Industry and Commerce released the 2025 list of the top 100 private enterprises, with eight companies from Baiyin City making the list, three of which are in the top 10, ranking third among all cities [1][2] - Among the listed companies, they have shown significant growth in scale and profitability, contributing to the high-quality development of the local private economy [1] Group 2 - China Nuclear Huayuan Titanium Dioxide Co., Ltd. is recognized as a leading enterprise in the titanium dioxide industry, known as the "Whampoa Military Academy" of titanium dioxide in China, ranking 7th on the list [1] - Gansu Zhongrui Aluminum Industry Co., Ltd. is a key project in Gansu's "12th Five-Year Plan," with an expected annual output value of 27.413 billion yuan, ranking 8th [1] - Gansu Zhongheng Industrial Investment Group Co., Ltd. is a comprehensive private enterprise group involved in real estate, education, modern agriculture, and trade, ranking 9th [2] Group 3 - Gansu Dongfang Titanium Industry Co., Ltd., a wholly-owned subsidiary of China Nuclear Titanium Dioxide, focuses on the production and R&D of titanium dioxide and lithium iron phosphate, ranking 26th [2] - Jingyuan High Energy Environmental New Materials Technology Co., Ltd. specializes in the recycling of valuable metals, with an annual production of 20,000 tons of electrolytic lead, ranking 32nd [2] - Baiyin Zhongtian New Materials Co., Ltd. is a national high-tech enterprise with a market share of approximately 12% in aluminum fluoride, ranking 41st [3] Group 4 - Gansu Pingao Food Co., Ltd. has developed into a comprehensive import-export trade enterprise in the meat processing industry, ranking 53rd [3] - Gansu Xinjiji Engineering Construction Co., Ltd. focuses on quality engineering projects and has set benchmarks in urban renovation projects, ranking 86th [3]

Group 1 - The core viewpoint of the news is that Zhongke Titanium White has seen a significant increase in stock price, rising by 5.42% to 5.83 CNY per share, with a trading volume of 742 million CNY and a turnover rate of 3.51%, resulting in a total market capitalization of 22.193 billion CNY [1] - Zhongke Titanium White, established on February 23, 2001, and listed on August 3, 2007, primarily engages in the production and sales of rutile titanium dioxide products, with its main business revenue composition being: titanium dioxide 80.17%, yellow phosphorus 7.30%, logistics 4.96%, new energy materials 3.40%, others 2.84%, and phosphorus ore 1.32% [1] Group 2 - From the perspective of major circulating shareholders, Southern Fund's Southern CSI 1000 ETF (512100) increased its holdings by 4.698 million shares in the second quarter, now holding 25.0034 million shares, which accounts for 0.67% of the circulating shares [2] - The Southern CSI 1000 ETF (512100), established on September 29, 2016, has a latest scale of 64.953 billion CNY, with a year-to-date return of 27.27% and a one-year return of 47.41% [2] - The fund manager, Cui Lei, has been in position for 6 years and 329 days, with a total fund asset scale of 94.976 billion CNY, achieving the best fund return of 145.53% and the worst return of -15.93% during the tenure [2]

Core Viewpoint - The titanium dioxide sector has seen a notable increase of 2.73% as of the market close on September 29, ranking it as the 10th highest gaining sector, with significant contributions from stocks like Donghua Technology and Vanadium Titanium Co., which hit the daily limit up [1]. Group 1: Sector Performance - The titanium dioxide concept sector experienced a rise of 2.73%, with 13 stocks advancing, including Donghua Technology and Vanadium Titanium Co., which reached their daily limit up [1]. - The top gainers in the sector included China Nuclear Titanium Dioxide, Jinpu Titanium Industry, and Anning Co., with respective increases of 4.54%, 3.47%, and 2.10% [1]. Group 2: Capital Flow - The titanium dioxide sector attracted a net inflow of 293 million yuan from main funds, with seven stocks receiving net inflows, led by Vanadium Titanium Co. with a net inflow of 302 million yuan [1]. - The main capital inflow ratios for leading stocks were 41.69% for Vanadium Titanium Co., 13.51% for Lubek Chemical, and 9.33% for Donghua Technology [2]. Group 3: Individual Stock Performance - Vanadium Titanium Co. had a daily increase of 10.00% with a turnover rate of 2.62% and a main capital flow of 301.90 million yuan [2]. - Donghua Technology also saw a rise of 10.02% with a turnover rate of 3.56% and a main capital flow of 23.99 million yuan [2]. - China Nuclear Titanium Dioxide increased by 4.54% with a turnover rate of 3.64% and a main capital flow of 17.07 million yuan [2].

Group 1 - The chemical sector experienced a rise on September 29, with the chemical ETF (516020) showing a price increase of 0.68% during trading, reflecting a positive market sentiment [1] - Key stocks in the sector, such as Multi-Fluorine and Tianqi Lithium, saw significant gains, with Multi-Fluorine hitting the daily limit and Tianqi Materials rising over 7% [1] - The Ministry of Industry and Information Technology, along with six other ministries, issued a new growth plan for the petrochemical industry covering 2025-2026, following a previous plan for 2023-2024 [1][3] Group 2 - Tianfeng Securities noted that the new growth plan indicates a shift from an "expansion-focused" development model to one emphasizing optimization and high-quality growth in the chemical sector, presenting good investment opportunities [3] - The chemical ETF (516020) is currently at a low valuation, with a price-to-book ratio of 2.26, indicating a favorable long-term investment position [3] - Debon Securities highlighted that core assets in the chemical sector are entering a long-term value zone, with potential for both valuation and profit recovery [4] Group 3 - Donghai Securities pointed out that domestic policies are frequently addressing supply-side requirements, while international uncertainties in chemical supply chains are increasing due to geopolitical tensions [4] - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors and concentrating nearly 50% of its holdings in large-cap stocks, which allows investors to capitalize on strong market leaders [5]

Core Viewpoint - China Nuclear Titanium White (中核钛白) has decided to divest its vanadium-titanium assets to focus on its core business areas, which include titanium chemicals, phosphorus chemicals, and new energy materials [1][4]. Group 1: Asset Sale Details - The company announced on September 24 that it is selling 100% of its stake in Hami Zhonghe Vanadium Titanium Co., Ltd. for a base price of 120.8 million yuan, which is the assessed value [1][5]. - Hami Zhonghe Vanadium Titanium was established in 2023 with a registered capital of 500 million yuan, focusing on mining and mineral processing [2]. - As of August 31, 2025, Hami Zhonghe had total assets of 123 million yuan and net assets of 120 million yuan, but reported zero revenue and losses of 273,000 yuan and 252,000 yuan for 2024 and the first eight months of 2025, respectively [2][5]. Group 2: Financial Performance - In the first half of 2025, China Nuclear Titanium White reported a revenue of 3.77 billion yuan, a year-on-year increase of 19.66%, but net profit fell by 14.83% to 259 million yuan due to declining titanium dioxide prices [6]. - The company’s main revenue source is titanium dioxide, which accounts for over 80% of its total revenue, but prices have been declining since 2022, leading to continuous pressure on profitability [1][7]. - In 2022, the company achieved a net profit of 643 million yuan, down 47.14% year-on-year, and in 2023, net profit further decreased to 419 million yuan, a decline of 34.84% [7]. Group 3: Market Context - The titanium dioxide market is facing challenges, with a projected 3% increase in domestic production capacity and a decrease in export trade volume due to trade policies, making profitability more difficult for domestic producers [7]. - The company has a production capacity of nearly 550,000 tons per year for titanium dioxide and has been impacted by changes in trade dynamics and tariffs, which have affected market sentiment [6][7].

Core Viewpoint - The titanium dioxide industry is experiencing a price increase, with companies raising prices by 500 RMB/ton for domestic customers since September 15, marking the fifth price hike this year [2][3]. Price Adjustments - Several companies, including Yibin Tianyuan and Ti Hai Technology, have announced price increases for titanium dioxide products, with domestic prices rising by 500 RMB/ton and international prices by 30-70 USD/ton [3][4]. - The price adjustments are driven by the traditional peak season and the need to stimulate downstream inventory demand, as well as to implement previous price increases from August [2][4]. Market Conditions - The current price hikes are cautious due to weak downstream demand and the potential for increased inventory levels as production rates rise [4]. - The titanium dioxide industry has faced a decline in prices due to reduced downstream market demand and increased production costs, leading to a situation of excess inventory [5][6]. Financial Performance - Major companies like Longbai Group reported a decline in revenue and net profit for the first half of 2025, with revenue dropping to 13.33 billion RMB, a decrease of 3.34% year-on-year, and net profit down by 19.53% [5]. - Other companies, such as Zhonghe Titanium and Huiyun Titanium, showed mixed results, with revenue increases but significant drops in net profit [5]. Industry Challenges - The titanium dioxide market is currently at a five-year low due to supply-demand mismatches, with rapid domestic capacity expansion and weakened demand linked to the real estate sector [6]. - Companies are responding to these challenges by seeking to expand into international markets, with Longbai Group and Huiyun Titanium actively pursuing overseas strategies to mitigate the impact of anti-dumping investigations [7]. Future Outlook - There are expectations of continued downward pressure on titanium dioxide prices due to weak domestic and international demand, with predictions of price declines by the end of October [7].

Core Insights - The article reflects on the life and contributions of Xu Meizheng, a prominent figure in China's financial reform and corporate restructuring, particularly in the context of the bankruptcy reorganization of Zhongke Titanium White [1][3][10] Group 1: Company Background - Zhongke Titanium White is a publicly listed company located in the nuclear industrial base of Jiayuguan, employing 1,200 workers, and was established to accommodate the "nuclear second generation" [2][3] - The company was founded with special central government funding and had the best technology and equipment in the titanium dioxide industry at the time of its establishment in 2007 [2][3] Group 2: Restructuring Process - Xu Meizheng played a crucial role in the bankruptcy reorganization of Zhongke Titanium White, advocating for a plan that balanced the interests of both shareholders and employees [5][8] - The restructuring plan faced significant challenges, including a low recovery rate for ordinary creditors, which was only about 40%, compared to nearly 70% for secured creditors [5][6] - A pivotal moment occurred when Xu proposed the establishment of a small creditor group to improve the recovery rate for suppliers, which ultimately led to the approval of the restructuring plan by over 90% of creditors [6][10] Group 3: Impact and Legacy - Xu Meizheng's approach to the restructuring emphasized the importance of protecting employee interests, which was a departure from the common practice of prioritizing shareholder benefits [8][10] - The documentary "Survival in Adversity," which features Xu and the story of Zhongke Titanium White, received multiple awards and recognition for its portrayal of the human side of corporate restructuring [10][11] - Xu continued to be active in discussions on bankruptcy law and corporate restructuring until her passing, leaving a lasting impact on the field [10][11]