来源：上海证券报·中国证券网 浙江证监局相关负责人通报了今年以来辖区上市公司监管重点工作开展情况，分析了当前辖区资本市场发展形势、存在不足和问题，表示，面对复杂严峻的 国内外经济形势，年初以来，浙江证监局认真贯彻落实中国证监会要求，立足"强监管"，聚焦"防风险"，着眼"促发展"，坚守监管主责主业，不断提升监管 效能，从严打击各类违法违规行为，净化资本市场生态，积极拓宽融资渠道、支持并购重组、优化治理结构，助力上市公司高质量发展。今年前三季度，辖 区上市公司经营业绩持续回升向好，现金分红金额及家数创下新高，回购增持持续发力，为全省经济社会发展大局提供了有力支撑。 下一步，浙江证监局将深入学习贯彻落实党的二十届四中全会精神，认真按照中国证监会的要求，提高资本市场制度的包容性适应性，补齐辖区资本市场的 短板。一是大力支持上市公司用好并购重组、回购增持再贷款等资本市场"1+N"政策工具，持续助力上市公司提高发展质量；二是持续引导上市公司开展中 期分红、一年多次分红，提高投资者回报力度，增强投资者获得感；三是持续推动上市公司优化治理结构，增强独立董事独立性，推进监事会改革，建立健 全薪酬管理制度；四是着力提升财务信息质 ...

Group 1 - Lu Kang Pharmaceutical plans to increase capital by 109 million yuan to its wholly-owned subsidiary Bio-Pesticide Company and 27 million yuan to Ze Run Company, aiming to expand its pesticide and sales sectors [1] - Hui Green Ecology intends to sell two properties in Ningbo for 12.52 million yuan, expecting a net profit impact of approximately 6.23 million yuan from the transaction [2] - Tianyuan Co., Ltd. plans to invest 185 million yuan in an intelligent upgrade project for its titanium dioxide production facilities [3] Group 2 - Metro Design has received approval from the Shenzhen Stock Exchange for its share issuance to acquire 100% equity of Guangzhou Metro Engineering Consulting Co., Ltd. for 511 million yuan [4] - South Network Energy announced a mid-term profit distribution plan for 2025, proposing a cash dividend of 0.07 yuan per 10 shares [5] - Qibin Group plans to establish two wholly-owned subsidiaries in Shenzhen with a registered capital of 100 million yuan each [6] Group 3 - All New Good received an administrative regulatory decision from the Shenzhen Securities Regulatory Bureau due to issues in financial accounting and information disclosure [7] - Luokai Co., Ltd. announced that its shareholders plan to reduce their holdings by up to 3% of the company's shares [8][9] - Jincheng Pharmaceutical's actual controller received an administrative penalty from the CSRC for stock manipulation, leading to the resignation of the chairman [10] Group 4 - Yicheng New Energy intends to acquire a 7.69% stake in Kaifeng Times for 10 million yuan, enhancing its strategic development [11] - Yujing Co., Ltd. signed a sales contract worth approximately 28.6 million USD with an overseas photovoltaic company [12] - Nuocheng Jianhua's TRK inhibitor, Zoltracitinib, has been approved for market entry in China [13] Group 5 - Nandu Power announced that its controlling shareholder is planning a change in control, leading to a temporary suspension of its stock [14] - Xinxing Casting plans to acquire 100% equity of China Resources Steel for 1.244 billion yuan to focus on special steel development [15] - Xinlitai is planning to issue H-shares and list on the Hong Kong Stock Exchange [16] Group 6 - Blue Fan Medical's subsidiary received approval for a new medical device, the coronary artery scoring balloon dilation catheter [18] - China Iron & Steel plans to establish a joint venture with several companies to provide new energy transportation solutions with a registered capital of 500 million yuan [19] - Jifeng Technology intends to sign a cooperation framework agreement with Dongtai Lianfei for a total transaction amount not exceeding 100 million yuan [20] Group 7 - Zhongwei Electronics announced a change in its actual controller, with stock resuming trading [21] - Weihong Co., Ltd. plans to reduce its holdings by up to 1.15% of the company's shares [22] - Te Fa Information received a criminal judgment related to a fraud case involving the acquisition of Shenzhen Te Fa Dongzhi Technology Co., Ltd. [23] Group 8 - Sunshine Dairy's controlling shareholder's concerted action plans to reduce holdings by up to 3% of the company's shares [24] - Meikailong reported that Taobao Holdings and New Retail Fund collectively reduced their H-shares by 30.616 million shares [25] - Xinjubang plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [26] Group 9 - Beite Technology's application for issuing A-shares to specific objects has been approved by the Shanghai Stock Exchange [28] - Victory Energy's controlling shareholder is planning a change in control, with stock resuming trading [29] - Jiutian Pharmaceutical signed a patent and technology transfer agreement for a small molecule analgesic drug project, with a total transfer fee not exceeding 400 million yuan [29]

装备制造业保持较快增长。1-10月，全省规模以上装备制造业增加值增长11.9%，上拉全省工业增长3.0 个百分点。其中，汽车、铁路船舶、电气机械、电子、仪器仪表等行业增加值增速分别为17.8%、 14.3%、12.4%、14.7%、11.1%，保持两位数增长，对全部规上工业增长贡献率合计达26.8%。 工业效益延续回升态势。前三季度，全省规上工业企业营业收入增长3.3%，与1-8月持平。利润总额增 长2.6%，较1-8月提高1.2个百分点；营收利润率为3.8%，较1-8月提高0.1个百分点，为今年以来最高水 平。分行业看，电子、有色、汽车等行业收入增长较快，增速为22.1%、15.7%、15.5%，分别高于全部 规上工业18.8、12.4、12.2个百分点。 工业生产运行平稳。1-10月，全省规模以上工业增加值同比增长7.7%。三大门类中，采矿业增长5.5%， 制造业增长8.7%，电力、热力、燃气及水的生产和供应业增长0.4%。从行业看，全省41个大类行业中 有36个行业实现正增长，增长面为87.8%，较前三季度提高2.4个百分点。 12月7日，新黄河记者从山东省统计局获悉，今年以来，山东持续深化实施工业经济 ...

每经记者｜范芊芊 每经编辑｜段炼 董兴生 并购重组 濮阳惠成：拟收购雷佰瑞新材料不高于37.0051%股权 濮阳惠成公告称，公司拟以现金方式收购濮阳荣安企业管理合伙企业等持有的河南雷佰瑞新材料科技有限公司不高于37.0051%的股权。本次交易预计不 构成重大资产重组，不构成关联交易。标的公司主营特种胺系列固化剂产品，与公司长远战略规划高度契合。 渤海化学：筹划出售渤海石化100%股权并购买泰达新材控制权 渤海化学公告称，公司正在筹划出售天津渤海石化有限公司100%股权、通过发行股份及支付现金的方式购买安徽泰达新材料股份有限公司的控制权。本 次交易预计构成重大资产重组，不会导致公司实际控制人变更，不构成重组上市。 中能电气：拟收购山东达驰电气等三家公司股权及债权 中能电气公告称，公司计划以支付现金方式购买山东达驰电气有限公司65%股权及9631.69万元债权、山东达驰高压开关有限公司65%股权及1.14亿元债 权、水发驰翔电气（山东）有限公司65%股权及8168.71万元债权。本次交易可能构成重大资产重组，但不涉及发行股份，不构成关联交易，也不会导致 公司控制权变更。 增减持 新媒股份：股东横琴红土融耀拟清仓减 ...

Group 1: Major Transactions - Bohai Chemical is planning to sell 100% equity of Tianjin Bohai Petrochemical and acquire control of Anhui Taida New Materials through a combination of share issuance and cash payment, leading to a significant asset restructuring [1] - Zhongneng Electric is set to acquire 65% equity and debt from three companies, which may constitute a major asset restructuring but will not involve share issuance or change in control [4] - Hai Tai Development has decided to terminate the acquisition of controlling interest in Zhixueyun Technology due to disagreements on key terms, ensuring no adverse impact on normal business operations [5] Group 2: Performance Updates - Wen's shares reported a sales revenue of 3.324 billion yuan from meat chickens in November, marking a year-on-year increase of 10.18% [6] - Shuguang shares saw a 71.07% year-on-year increase in vehicle sales, totaling 207 units in November [6] - Muyuan shares experienced a decline in sales revenue from commodity pigs, reporting 9.39 billion yuan, a decrease of 20.43% year-on-year [6] - Pengding Holdings reported a 5.58% year-on-year decrease in consolidated revenue for November [6] Group 3: Industry Developments - Xiangxi Dairy reported a 6.3% month-on-month increase in fresh milk production in November, although it saw a year-on-year decline of 6.47% [7] - Baisheng Intelligent plans to acquire 51% equity in Zhongke Shengu, which focuses on the research and application of core technologies for embodied intelligent robots [7]

Economic Performance - In the first three quarters of 2025, China's GDP grew by 5.2% year-on-year, exceeding last year's growth by 0.4 percentage points, indicating good progress towards the annual target of around 5%[8] - In Q3, GDP growth slowed to 4.8%, down 0.4 percentage points from Q2, reflecting a historical low in seasonally adjusted quarter-on-quarter growth[8] - Fixed asset investment decreased by 0.5% year-on-year in the first three quarters, with Q3 showing a significant decline to -6.2%, down 8.3 percentage points from Q2[12] Investment and Consumption - Real estate investment plummeted from -12.1% in Q2 to -19.2% in Q3, significantly dragging down overall fixed asset investment[12] - Social retail sales grew by 4.5% year-on-year in the first three quarters, but Q3 saw a slowdown to 3.5%, a drop of 1.9 percentage points from Q2, primarily due to reduced consumer income growth and insufficient internal demand[11] - Manufacturing investment fell to -1.2% in Q3, marking the first quarterly negative growth since Q3 2020, influenced by external trade uncertainties and the "anti-involution" policy[12] Trade and External Factors - Exports increased by 6.1% year-on-year in the first three quarters, with Q3 growth at 6.5%, supported by a 12.6% increase in exports to non-U.S. markets[13] - The average tariff imposed by the U.S. on China was reduced by 10% to 31%, positively impacting trade expectations for Q4[21] Fiscal and Monetary Policy - The government has implemented 500 billion yuan in policy financial tools and an additional 500 billion yuan in local government debt to support project construction and debt repayment[21] - Public fiscal revenue growth improved, with a cumulative year-on-year increase of 0.5% in the first three quarters, while public expenditure growth slowed to 2.4%[15] - The People's Bank of China emphasized a "moderately loose" monetary policy, with a focus on structural tools to support key sectors such as technology and green development[16]

此次小范围闭门座谈畅谈媒体如何做好全球化背景下的"中国叙事"和"文化叙事"。 2025年11月26日，第一财经全球中心（以下简称一财全球）与深圳创智云中心合作，在充满生态感的现 代社区中，完成了一场跨越时空主题的闭门分享会。在全球化的背景下，商业的共融和发展是文化传播 和交流的基础，而文化文明的多元与传承是经济可以可持续发展的内在力量。 政府工作报告连续第九年提及仅占国土面积0.6%的粤港澳大湾区，贡献了十分之一的经济总量，也被 明确要求"提升创新能力和辐射带动作用"。"十四五"收官与"十五五"开篇的此刻，大湾区正紧扣"一点 两地"的全新定位，加速建设高质量人文湾区，成为国家文化战略落地的重要支点。 也从第一财经的自身案例出发，列举与敦煌研究院旗下不同石窟寺的公益合作与国际传播的独特"化学 反应"：财经为何与炳灵寺石窟有所联动？商业如何构建新的文明，传承传统文化？具有反差感的话题 引起了公众的注意，同时，双方的专业背景也使得项目更可持续。 深圳职业技术大学数字传媒学院党委书记肖丽也带领学生代表参与了本次闭门沙龙。肖丽书记在头脑风 暴环节和大家分享了深职大在人才培养方面的尝试。作为教育部印发实施《本科层次职业学 ...

Group 1 - Company plans to increase capital by $100 million to expand AI computing power high-end printed circuit board production in Thailand [2] - Bona Film Group states that the box office revenue for "Avatar 3" is currently unpredictable and the investment return rights ratio is low, which will not significantly impact short-term performance [3] - Zhongwei Electronics announces that its controlling shareholder is planning a change in company control, leading to a temporary stock suspension [4] Group 2 - Guotou Intelligent clarifies that its controlling shareholder has not established a subsidiary in Hubei, countering market rumors [5] - Junya Technology reports that its PCB products can be used in humanoid robots, but this segment contributes less than 0.05% to total revenue, thus not significantly affecting current performance [6] - Aerospace Machinery states that its main business does not involve commercial aerospace, confirming no undisclosed major information [7] Group 3 - Haike Xinyuan's second-largest shareholder plans to reduce its stake by up to 2.5% through asset management plans [9] - Sun Cable's third-largest shareholder intends to reduce its stake by up to 3% for operational needs [10] - Deyi Cultural's controlling shareholder plans to reduce its stake by up to 2% without affecting company control [11] Group 4 - China National Materials International signs a total contract worth 2.7 billion yuan for an engineering project [13] - Weiguang Biological plans to sign a technology cooperation contract for blood products worth approximately 113 million yuan [14]

2026年宏观与政策展望 万里豁晴川 杨帆 中信证券研究部 宏观与政策首席分析师 2025年11月10日 请务必阅读末页的免责条款和声明 目录 CONTENTS 2 一、塑造有利外部格局：中美关系阶段性平衡 二、构建现代化产业体系：夯实基础，向"新"而行 三、激活内需潜力：扩大服务消费，精准有效投资 四、2026年宏观经济展望 五、风险因素 中美关系维持阶段性平衡，聚焦中期选举节奏变化 2026年国际重要事件时间点 2026年二季度美国中期选举将进入白热化 5 1 11 22 16 4 51 2 0 10 20 30 40 50 60 3月 4月 5月 6月 8月 9月 11月3日 12月 1月 场 初选 终选 决选 任职 2026 2027 2026年4月 特朗普宣称将访华 2026年9月 联合国大会 2026年12月14日 G20峰会（美国） 2026年6月14日 G7峰会 2026年11月3日 美国中期选举 2026年11月 APEC峰会（中国） 资料来源：美国白宫官网，新华社，路透社，中信证券研究部。注：特朗普于2025年10月的元首会晤后自 行宣称将于2026年4月访华 资料来源：BallotRea ...

Core Viewpoint - The A-share market showed significant activity with 31 stocks hitting the daily limit up and 7 stocks hitting the limit down, indicating a volatile trading environment on December 4th [1] Group 1: Stock Performance - Aerospace-related stocks were notably active, with Aerospace Machinery achieving three limit ups in five days [1] - The reducer concept stocks strengthened, with Jiu Lun Intelligent and Ri Fa Precision both hitting the limit up [1] - The Moore Thread concept saw gains, with Lian Mei Holdings and Chu Ling Information also reaching the limit up [1] Group 2: Continuous Limit Up Stocks - Hai Wang Biological achieved seven consecutive limit ups [1] - Rui Neng Technology recorded five limit ups in six days [1] - Gao Le Co., Ltd. had four consecutive limit ups, while Tai Yang Cable and An Ji Food both achieved three consecutive limit ups [1] Group 3: Limit Down Stocks - ST Yuan Zhi faced three consecutive limit downs [1] - *ST Zheng Ping experienced two consecutive limit downs [1] - Other stocks such as *ST Ao Wei and *ST Jian Yi also hit the limit down [1]