2025年12月19日至21日，以"智汇创享奔阜未来"为主题的2025阜阳投资贸易洽谈会、第二届RCEP企业家合作会议在阜阳会展中心举行。期间，由上海证 券报社组织的数十家上市公司、优强企业、金融机构的高管共赴阜阳，开展考察交流。20日下午，阜阳市委书记刘玉杰，阜阳市委副书记、市长胡明文与 上海证券报社党委书记、董事长叶国标率队参加大会的企业负责人举行工作会谈。与会嘉宾围绕产业协同与投资合作深入交流，共探发展新机遇。 投资对接交流座谈会现场 安徽省人民政府驻上海办事处党组成员、副主任李秋淮，阜阳市副市长黎成，以及来自沐曦股份、万朗磁塑、天力锂能、钛能化学、皖仪科技、中环新能 源、太力科技、佳华科技、南凌科技、迎驾贡酒等近五十家上市公司及部分金融机构、行业协会、研究机构、中介机构等近百名高管参加此次活动。 作为新华社直属机构和资本市场权威主流媒体，上海证券报积极搭建地方政府与市场经营主体之间的桥梁，此次已是自今年8月以来第六次组织企业家赴 安徽考察，持续助力地方"双招双引"和经济高质量发展。 据悉，阜阳投资贸易洽谈会已成功举办三届，2024年首届RCEP企业家合作会议成功举办并永久性落户阜阳，现已成为阜阳对外开 ...

2025年12月29日晚间，龙佰集团（002601）发布公告称，公司全资子公司河南佰利联新材料有限公司 （下称"佰利联新材料"）拟通过增资扩股方式引入7家战略投资者，合计增资规模达20亿元，此举旨在 进一步增强子公司资本实力，优化财务结构，巩固公司在氯化法钛白粉产业的领先优势。 增资完成后，佰利联新材料的注册资本将由17亿元增至24.78亿元，龙佰集团持有68.6%的股权，子公司 将继续纳入合并报表范围。 根据增资协议约定，龙佰集团将根据佰利联新材料的实际经营情况设立合理业绩预期值。自2026年起， 佰利联新材料每年将召开股东会审议上一年度利润分配方案并完成现金股利支付，保障投资者的回报权 益。此外，协议还设置了退出安排，龙佰集团或其指定第三方有权在交割日后5年内，经与投资者协商 一致后收购其所持股权，为投资安全提供多重保障。 龙佰集团表示，本次引入战略投资者符合国家相关政策导向及公司发展目标，不仅不会对公司财务状况 和经营状况产生不利影响，还将借助战略投资者的资源与优势，为子公司带来更多产业协同价值。随着 资金的注入和治理结构的优化，佰利联新材料的市场竞争力将进一步提升，助力龙佰集团在氯化法钛白 粉领域持续 ...

格隆汇12月29日丨龙佰集团(002601.SZ)公布，公司全资子公司河南佰利联新材料有限公司（简称"佰利 联新材料"）作为国家级高新技术企业，现有氯化法钛白粉产能40万吨/年，是国内单体最大的氯化法钛 白粉生产基地。佰利联新材料在规模、成本、技术及市场等多个维度行业领先。为进一步增强佰利联新 材料资本实力，优化财务结构，把握氯化法钛白粉发展机遇，持续巩固与提升公司在氯化法钛白粉产业 领先的综合竞争力，佰利联新材料拟引入战略投资者并实施增资扩股。 截至2025年6月30日，佰利联新材料经审计所有者权益为412,746.15万元。经以第三方评估机构出具的评 估报告为基础，综合考虑佰利联新材料市场竞争力、行业地位等因素，本次拟以增资扩股前佰利联新材 料股权估值437,041.22万元，引入战略投资者。本次引入的战略投资者向佰利联新材料合计增资 200,000.00万元，认购佰利联新材料77,795.8656万元新增认缴注册资本，预计合计取得佰利联新材料增 资后的股权比例31.40%，增资款项主要用于佰利联新材料偿还银行贷款。增资扩股完成后，佰利联新 材料认缴注册资本由170,000.00万元增加到247,795. ...

本次佰利联新材料增资扩股引入的战略投资者包括交银金融资产投资有限公司（以下简称"交银投 资"）、中国中信金融资产管理股份有限公司（以下简称"中信金融资产"）、兴银金融资产投资有限公 司（以下简称"兴银资产"）、信银金融资产投资有限公司（以下简称"信银资产"）、河南资产管理有限 公司（以下简称"河南资产"）、中银金融资产投资有限公司（以下简称"中银资产"）、深圳中鑫鹏翔科 创私募股权投资基金合伙企业（有限合伙）（以下简称"中鑫科创"）。 格隆汇12月29日丨龙佰集团(002601.SZ)公布，公司全资子公司河南佰利联新材料有限公司（简称"佰利 联新材料"）作为国家级高新技术企业，现有氯化法钛白粉产能40万吨/年，是国内单体最大的氯化法钛 白粉生产基地。佰利联新材料在规模、成本、技术及市场等多个维度行业领先。为进一步增强佰利联新 材料资本实力，优化财务结构，把握氯化法钛白粉发展机遇，持续巩固与提升公司在氯化法钛白粉产业 领先的综合竞争力，佰利联新材料拟引入战略投资者并实施增资扩股。 截至2025年6月30日，佰利联新材料经审计所有者权益为412,746.15万元。经以第三方评估机构出具的评 估报告为基础，综合考虑 ...

Group 1 - The article highlights that 39 out of 360 industry/theme ETFs reached new highs in December, with established sectors like telecommunications and non-ferrous metals reflecting North American AI infrastructure and resource logic, while new sectors like commercial aerospace ETFs are gaining attention during market fluctuations [2] - The focus on sectors such as chemicals and engineering machinery indicates a shift in China's manufacturing competitiveness towards pricing power, while sectors related to anti-involution, like new energy and steel, are also showing signs of recovery [2] - The investment strategy suggests a preference for sectors with low heat and concentration but potential for long-term ROE improvement, such as chemicals, engineering machinery, and new energy, alongside a keen observation of the trend of RMB appreciation [3] Group 2 - The article discusses the favorable conditions for the spring market rally, emphasizing liquidity-driven characteristics in the A-share market, with expectations for a surge in the CSI A500 ETF towards year-end [3] - It notes that the spring market is supported by loose liquidity, with private equity making concentrated purchases and the RMB's appreciation benefiting market liquidity [3] - The potential for a spring rally is further supported by upcoming events like the Spring Festival and the Two Sessions, which may enhance risk appetite [3] Group 3 - The article indicates that the RMB's appreciation post "breaking 7" is expected to have a positive impact on both the currency and capital markets, with a potential for a spring rally [4][5] - It outlines four key logic points regarding the impact of RMB appreciation on industry allocation, including benefits for industries with high import reliance, those with significant foreign currency liabilities, and domestic demand-driven sectors [5] - The article suggests that the current market conditions do not show clear signs of a bull market peak, with internal policies remaining supportive and external risks easing [6] Group 4 - The article identifies new investment themes emerging in the commodity market and real industry chains, highlighting the increasing consumption of physical goods in manufacturing sectors and the strengthening of China's manufacturing advantages [7] - It recommends focusing on industrial resource products that resonate with AI investment and global manufacturing recovery, as well as sectors like equipment exports and domestic manufacturing recovery [7] - The article emphasizes the importance of capital market expansion and the potential for non-bank financial sectors to benefit from improving asset returns [7] Group 5 - The article states that the A-share market's cross-year rally has begun, driven by positive signals from the Shanghai Composite Index and optimistic institutional investor expectations [8] - It highlights the importance of sectors like non-ferrous metals and AI computing, with commercial aerospace being a primary market focus [8] - The article suggests that the spring market may see a structural and rapid rotation of sectors, with a recommendation for investors to adopt a low-buying strategy [12]

Core Viewpoint - Anada's stock has experienced fluctuations, with a notable decline of 4.94% on December 29, 2023, reflecting a complex market situation and investor sentiment [1]. Company Overview - Anhui Anada Titanium Industry Co., Ltd. is located in Tongling City, Anhui Province, and was established on March 11, 1994. The company was listed on May 30, 2007, and primarily engages in the production and sale of titanium dioxide and related chemical products [1]. - The main revenue composition of the company includes titanium dioxide (65.61%), iron phosphate (30.65%), and other products (3.74%) [1]. Stock Performance - As of December 29, 2023, Anada's stock price was 12.71 yuan per share, with a total market capitalization of 2.733 billion yuan. The stock has increased by 30.36% year-to-date, with a recent 6.81% rise over the last five trading days [1]. - The stock has appeared on the "龙虎榜" (a trading board for stocks with significant trading volume) eight times this year, with the latest appearance on November 11, 2023, where it recorded a net buy of -52.6591 million yuan [1]. Financial Performance - For the period from January to September 2025, Anada reported an operating income of 1.31 billion yuan, a year-on-year decrease of 6.03%. The net profit attributable to shareholders was -46.369 million yuan, reflecting a significant year-on-year decline of 213.57% [2]. - Cumulatively, Anada has distributed 194 million yuan in dividends since its A-share listing, with 64.506 million yuan distributed over the past three years [3]. Shareholder Information - As of December 20, 2023, Anada had 24,500 shareholders, a decrease of 3.15% from the previous period. The average number of circulating shares per shareholder increased by 3.26% to 8,748 shares [2]. - Notably, as of September 30, 2025, the eighth largest circulating shareholder is the Nuoan Multi-Strategy Mixed A Fund, which holds 1.2954 million shares as a new shareholder [3].

Group 1 - The core viewpoint of the article highlights that the basic chemical sector is expected to show significant growth, with a year-to-date increase of +41.4% as of December 26, 2025, ranking it fifth among all industries [3] - The basic chemical industry experienced a cyclical pattern in 2025, characterized by weak performance in the first half, a rebound driven by improved expectations in the middle, and active structural trends in the latter part of the year [3] - The performance of the basic chemical sector varied significantly across sub-industries, with lithium battery materials and phosphate chemicals benefiting from better-than-expected production and supply-demand improvements, leading to substantial price increases [3] Group 2 - The macroeconomic environment is gradually recovering, establishing a bottoming trend for the chemical industry, with downstream companies in a replenishment phase, which is expected to improve profitability [4] - The agricultural chemicals sector performed relatively well, with high prices for phosphate and potash fertilizers, while the pesticide industry is entering an initial recovery phase [4] - The lithium battery materials sector is seeing a significant recovery in profitability due to strong terminal demand and orderly expansion by leading companies [4] Group 3 - Emerging application areas such as AI, OLED, and robotics are becoming new growth engines for the basic chemical industry, driving strong demand for new materials [5] - The semiconductor industry is expanding due to increased AI computing power and data center construction, which in turn boosts demand for key materials like photoresists and electronic chemicals [5] - The rapid development of the humanoid robot industry is creating new demand for high-performance materials, with specific materials like PEEK and MXD6 showing high application potential due to their lightweight and high-strength characteristics [5]

Group 1 - The core viewpoint is that the A-share market is experiencing a cross-year rally, driven by liquidity and positive policy expectations, with a focus on sectors like AI, commercial aerospace, and materials [9][10][11] - 39 out of 360 industry/theme ETFs reached new highs in December, with established sectors like telecommunications and non-ferrous metals leading, while new sectors like commercial aerospace are gaining traction [1] - The market consensus is shifting towards sectors representing competition in next-generation infrastructure between China and the US, with a focus on manufacturing and pricing power in the global market [1][2] Group 2 - The strategy emphasizes structural opportunities in a volatile market, with a preference for sectors with low concentration but rising attention and long-term ROE potential, such as chemicals and engineering machinery [2] - The outlook for the RMB is positive, with expectations of appreciation driven by improved domestic conditions and external factors, which could lead to significant capital inflows and asset revaluation [4][5] - The spring market is expected to benefit from favorable conditions, including liquidity support and upcoming policy events, with a focus on technology and cyclical sectors [3][10][12] Group 3 - The investment focus is on sectors that benefit from RMB appreciation, such as those with high import material dependency and those that can leverage increased domestic purchasing power [5] - The market is characterized by a structural rotation, with a focus on technology themes and sectors like commercial aerospace, nuclear power, and robotics [12][14] - The overall sentiment is optimistic, with expectations of a continued upward trend in the market leading up to the Spring Festival, supported by strong institutional buying and favorable policy expectations [11][13][14]

Group 1 - The A-share market has seen a continuous rise, indicating the gradual initiation of a year-end rally, with global risk assets recovering amid easing liquidity tightening expectations [3][12] - The market is shifting focus from a single narrative around AI to a broader range of themes, including domestic demand, price increase chains, and new industrial themes like commercial aerospace [3][12] - The current market rally is characterized by industry rotation and the emergence of new investment themes for 2026, driven by the interplay between AI investment and global manufacturing recovery [3][12] Group 2 - Recent price increases across various industries have become a focal point, with raw material price hikes being a primary driver, leading to passive price increases in many sectors [4][17] - The effects of anti-involution policies are becoming evident, as some companies opt for voluntary production cuts and joint price increases to maintain competitive order amid rising upstream costs and downstream price pressures [4][17] - The sustainability of price increases varies by sector, with strong demand in some areas like lithium battery and wafer manufacturing, while sectors with weaker demand, such as titanium dioxide, may face challenges in sustaining price hikes [4][24] Group 3 - A new cycle of RMB appreciation is emerging, primarily driven by the weakening dollar and seasonal capital inflows, with medium-term support from improved China-U.S. relations and resilient export performance [5][33] - Historical trends indicate that during RMB appreciation periods, companies with high overseas exposure often experience a temporary increase in sales margins, followed by a decline, suggesting a complex relationship between currency strength and export competitiveness [5][34] - The current RMB appreciation is expected to alleviate cost pressures from rising prices of commodities and integrated circuits, benefiting sectors such as communication equipment, environmental governance, and lithium batteries [5][40] Group 4 - The new investment themes for 2026 are beginning to manifest across commodity markets, real industry chains, and foreign exchange markets, with a focus on industrial resource products that resonate with AI investment and global manufacturing recovery [6][12] - Recommended sectors include industrial resource products like copper, aluminum, and lithium, as well as equipment export chains with global comparative advantages, and consumer sectors benefiting from inbound recovery and rising household income [6][12]

申港证券作为道恩股份发行股份及支付现金购买资产并募集配套资金事项的独立财务顾问，近日对深圳 证券交易所的审核问询函进行了回复并出具核查意见。核查结果显示，道恩股份本次交易符合相关法律 法规要求，标的资产道恩钛业经营模式稳定，评估定价公允，交易方案具备可行性。 标的资产经营模式与行业地位稳固 道恩钛业主营钛白粉研发、生产与销售，产品广泛应用于涂料、塑料、造纸、油墨等领域。报告期内， 其外销收入占比分别为43.23%、52.53%和50.24%，境外市场覆盖亚洲、欧洲、非洲等多个地区。2023 年至2025年1-6月，标的资产实现营业收入分别为16.16亿元、15.56亿元和8.06亿元，毛利率保持在 13.91%至14.81%之间，高于同行业平均水平。 钛白粉作为基础化工原料，下游行业需求稳定增长。全球涂料市场规模2024年达2020亿美元，预计2027 年需求量将达530亿升；油墨市场规模预计2028年增至286亿美元。道恩钛业凭借渣矿混合生产工艺、进 口钛渣成本优势及全球化销售网络，在行业竞争中占据有利地位。2024年，其钛白粉产量11.81万吨， 产能利用率90.85%，产销率95.77%，主要客户包括S ...