登录新浪财经APP 搜索【信披】查看更多考评等级 2月9日，沪深北交易所宣布推出优化再融资一揽子措施，进一步提高再融资便利性和灵活性，更好服务 科技创新和新质生产力发展。 在更好适应科创企业再融资需求方面，沪深交易所研究推出交易所主板上市公司"轻资产、高研发投 入"认定标准；优化再融资间隔期要求，按照未盈利标准上市且尚未盈利的科技型上市公司再融资，前 次募集资金基本使用完毕或未改变募集资金投向的，融资间隔期调整为不少于6个月。同时，沪深北交 易所明确，存在破发情形的上市公司，可以通过定增、发行可转债等方式合理融资，募集资金需投向主 营业务。 在提升再融资灵活性、便利度方面，沪深北交易所明确，上市公司披露再融资预案时，应当同时简要披 露前次募集资金使用情况以及下一步使用进度考虑，申报时前次募集资金使用进度原则上应当达到基本 使用完毕的标准。 在加强再融资全过程监管方面，沪深北交易所提出，完善再融资预案公告相关要求，对于以取得上市公 司控制权为目的的锁价定增，发行对象应当公开承诺在批文有效期内完成发行。加大事中事后监管力 度，从严处理再融资违法违规行为。 记者注意到，同一天，沪深交易所就主板上市公司"轻资产、高研 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2月12日下午，双良节能（600481）快速直线涨停，最高封单金额达11亿元，当天成交金额达17.62亿 元。 就在公司股价涨停前，双良集团官方微信在13时02分发布市场快讯，宣布双良节能近日先后获得3个海 外订单，共计12台高效换热器设备，将用于SpaceX星舰发射基地扩建配套的燃料生产系统。 （具体报道：利好突袭，午后直线涨停！600481，宣布获得SpaceX星舰发射基地订单！） 2月12日晚间，双良节能发布关于海外订单的说明公告，称上述订单供货标的为高效换热器，合计总金 额约170万欧元（约为人民币1392.3万元），订单总金额对公司经营业绩无重大影响。 双良节能方面在市场快讯中表示："该系列订单不仅体现了国际市场对双良节能技术实力与交付体系的 高度认可，也为中国高端制造进一步融入全球商业航天产业链注入强劲动力。未来，双良节能将依托高 端装备硬核实力，持续加强与世界500强企业的紧密合作，撬动更广阔的海外市场。" 在2月12日晚间披露的说明公告中，双良节能表示，公司目前主营业务产品包括节能节水产品、新能源 装备和光伏产品，主要下 ...

聚焦科技创新与产业发展深度融合，国资央企再出重磅部署。 国资委党委日前召开专题党委会议，对国资央企科技创新工作作出新一轮部署，强调促进科技创新与产 业创新深度融合，发挥国资央企优势，以科技创新重塑产业链、以产业发展牵引创新链，加快向现实生 产力转化。 中国企业联合会特约高级研究员刘兴国对《华夏时报》记者表示，2026年国企改革将持续深化"三项制 度"改革，健全多元有效激励机制，完善创新体系、优化创新环境、创新发展模式，加快科技成果转 化，全面激发企业创新动能。同时，将针对科技型企业特点优化激励政策，让科研骨干共享发展成果， 持续释放创新创造活力。 近期密集召开的央企年度工作会议上，"科技创新"成为高频词与硬任务。 中国五矿集团2026年度工作会议强调，"十五五"高质量发展的成败关键在于科技创新，现代化产业体系 建设的关键在于科技创新，提质增效转型升级的机遇在于科技创新。国家能源集团总经理冯来法在2026 年全国能源工作会议上强调，强化创新驱动发展。充分发挥新组建的集团科研总院作用，突出企业创新 主体地位，推进科技创新与产业创新深度融合，加快高水平科技自立自强。 中国石油集团去年在科技创新方面着力高水平科技自立 ...

Core Viewpoint - Chongqing Machinery and Electric (02722.HK) stock price reached a new high of 2.85 HKD on February 12, 2026, closing at 2.78 HKD, with a daily increase of 4.51% driven by strong performance in revenue and profit growth [1] Business Performance - In 2025, the group reported a revenue increase of 10.15% year-on-year, with total profit rising by 10.88%. Operating profit, reflecting core profitability, surged by 161.28%. All business segments, including high-end equipment, transportation equipment, and electronic information, achieved double-digit growth, with the electronic information segment seeing a revenue increase of 135.4% [1] - The asset quality improved, with the return on equity rising to 4.12% and labor productivity reaching 267,300 CNY per person [1] Institutional Insights - Industrial insights indicate that Chongqing Cummins, in which the company holds a stake, benefits from the growing demand for backup power in data centers. Additionally, Chongqing Hitachi Energy is experiencing strong orders due to overseas high-voltage grid construction and investments in distributed grids driven by AI computing power [2] - In the first half of 2025, Chongqing Hitachi Energy contributed an investment return to the machinery and electric sector that increased by 156.6%, while Chongqing Cummins saw steady sales growth [2] Business Developments - The group revitalized assets worth 1.757 billion CNY through the "three attacks and one revitalization" reform and turned around loss-making enterprises like Sagumi Company. In terms of technological innovation, 84 new invention patents were authorized in 2025, and the development of 60 new platform-level products, including the fourth-generation nuclear power lead-bismuth main pump, was advanced [3] - Subsidiaries like Xiji Company are expanding into new fields such as low-altitude economy and emergency command, with significant contributions from innovative business orders [3] Funding Trends - The company was included in the MSCI Global Small Cap Index in November 2025, which is expected to enhance funding attention. Additionally, policy support for new productive forces and green transformation provides external backing for the company's initiatives in clean energy and intelligent manufacturing [4]

Core Viewpoint - Rifa Precision Machinery (002520.SZ) is actively divesting low-efficiency assets and related businesses to improve its financial performance and focus on high-end equipment manufacturing [2][6]. Group 1: Asset Divestiture - Rifa Precision has completed the sale of certain assets to related parties, including the 100% equity transfer of its overseas subsidiary, MCM in Italy, for €1, and the sale of industrial land and buildings in Zhejiang for approximately ¥155 million [3]. - The company has received the first payment of approximately ¥46.48 million from the sale to Zhejiang Rifa Textile Machinery Co., Ltd., with the relevant asset transfers completed [3]. - The revenue from the aerospace component processing business, which was part of the divested assets, was over ¥47 million in 2020 but has significantly declined to less than ¥800,000 in 2024, representing only 0.04% of total revenue [3]. Group 2: Financial Performance Outlook - Rifa Precision expects its net profit attributable to shareholders to narrow its losses in 2025, projecting a loss between ¥260 million and ¥380 million, a reduction of 43.73% to 61.50% compared to the previous year [6]. - The company anticipates that its non-recurring net profit will increase its losses by 62.04% to 135.70%, estimating a loss between ¥1.1 billion and ¥1.6 billion for 2025 [6][7]. - The divestiture of MCM and Airwork has allowed Rifa Precision to confirm investment gains, which will help reduce the overall loss margin for the current reporting period [6][7]. Group 3: Management and Strategic Focus - The chairman of Rifa Precision has recently taken on the role of general manager, focusing on operational improvements, cost reduction, and efficiency enhancement [2]. - The company plans to concentrate on its core business of high-end equipment manufacturing while actively exploring more niche markets [2].

北京商报讯（记者 马换换 李佳雪）2月11日晚间，北交所官网显示，常州市龙鑫智能装备股份有限公司 （以下简称"龙鑫智能"）IPO当日上会获得通过。 另外，关于收入确认的合规性，上市委要求保荐机构及申报会计师说明对龙鑫智能收入确认的具体核查 方式，客户验收时间与业务实际情况的匹配性，公司收入确认依据的充分性及确认时点的准确性。 据悉，龙鑫智能是一家智能制造领域的国家级专精特新重点小巨人企业，致力于为新能源、精细化工、 食品医药、资源再生利用等行业客户提供智能化工厂整体解决方案及高端智能装备，推动传统行业与自 动化及物联网技术相融合，主要从事微纳米高端复合材料制备设备及自动化生产线的研发、生产、销售 和服务。公司IPO于2025年6月19日获得受理，当年7月15日进入问询阶段。本次冲击上市，公司拟募集 资金约4.58亿元。 在上市委会议现场，关于经营业绩的可持续性，上市委要求龙鑫智能结合下游行业景气度、公司技术先 进性及竞争优势、历史招投标、在手订单等情况，说明公司经营业绩增长的可持续性。 ...

文/梧桐兄弟 2月11日，常州市龙鑫智能装备股份有限公司IPO申请获得北交所上市委审核通过。 | 单位：万元 | | --- | | | 北交所 | | | | | | --- | --- | --- | --- | --- | --- | | 公司简称 | 主营业务 | 2024年营收 | 2024年净利润 | 审核结果 | 保荐/律所/审计 | | 龙鑫智能 | 纳米高端复合材料制 备设备及自动化生产 | 60,435.73 | 10,590.44 | 通付 | 中信建投/锦天城/ 大健 | | | 线 | | | | | 注：净利润为扣非归母净利润 常州市龙鑫智能装备股份有限公司 主要从事微纳米高端复合材料制备设备及自动化生产线的研发、生 产、销售和服务。公司控股股东为莫铭伟，实际控制人为莫铭伟、莫龙兴、金桂华,三人合计控制 62.3242%股份的表决权。报告期内，公司营业收入分别为 33,616.24 万元、58,230.16 万元、 60,435.73万元和 33,989.71 万元，扣非归母净利润分别为7,101.21万元、13,736.52万元、 10,590.44万元和6,107.31万元。 ...

Core Viewpoint - The article discusses the introduction of a comprehensive set of measures by the Shanghai and Shenzhen Stock Exchanges to optimize refinancing, focusing on enhancing support for high-quality listed companies and improving adaptability for technology innovation enterprises [2]. Group 1: Support for High-Quality Listed Companies - The measures aim to increase support for high-quality listed companies by optimizing refinancing reviews and improving efficiency, while emphasizing a selective approach to ensure quality [3]. - Adjustments have been made to the requirements for the use of raised funds, allowing high-quality companies to invest in new industries, new business formats, and new technologies that align with their main business [4]. Group 2: Introduction of "Light Asset, High R&D Investment" Standard - The Shanghai and Shenzhen Stock Exchanges plan to introduce a "light asset, high R&D investment" recognition standard for main board listed companies, following its successful implementation in the Sci-Tech Innovation Board [6]. - As of October 2024, 14 companies on the Sci-Tech Innovation Board have utilized this standard for refinancing, with a total intended financing of 35.12 billion, representing 37% of the number of companies and 76% of the financing amount for 2025 [6]. Group 3: Refinancing Interval for Unprofitable Enterprises - The new measures clarify that the refinancing interval for unprofitable companies is set at six months, allowing companies to initiate new rounds of refinancing once previous funds are fully utilized or unchanged in direction [8]. - This provision is particularly beneficial for technology companies that often face high R&D costs and uncertain profitability, providing them with a stable financing timeline [8]. Group 4: Strengthening Regulatory Oversight - The measures enhance regulatory oversight of refinancing processes, including stricter controls on refinancing plans and the use of raised funds, to prevent fraudulent activities and ensure compliance [10]. - Companies seeking to change control through refinancing must publicly commit to completing the issuance within the validity period of the approval, with increased penalties for non-compliance [9].

Group 1 - In 2025, China's foreign trade achieved a record high of 45.47 trillion yuan, marking a growth of 3.8% and maintaining its position as the world's largest goods trader for the ninth consecutive year [2][3] - The year 2025 posed significant challenges for Chinese foreign trade enterprises, including "reciprocal tariffs," geopolitical uncertainties, and increased supply chain "de-globalization" and regionalization [1][3] Group 2 - China's exports in 2025 showed remarkable performance, with high-tech product exports reaching 5.25 trillion yuan, a growth of 13.2%. Exports of specialized equipment, high-end machine tools, and industrial robots increased by 20.6%, 21.5%, and 48.7% respectively [3] - In the green energy sector, exports of lithium batteries and wind turbine generators grew by 26.2% and 48.7%, respectively, while electric motorcycles and bicycles saw an 18.1% increase, and electric locomotives grew by 27.1% [3] - The export of self-owned brand products increased by 12.9%, with their share of total exports rising by 1.4 percentage points. Cross-border e-commerce imports and exports reached 2.75 trillion yuan, a 69.7% increase compared to 2020 [3] Group 3 - The cross-border e-commerce industry is experiencing a divide, with Amazon's new seller count dropping to 165,000 in 2025, a significant decline of 44%, the lowest since 2015 [4] - Emerging e-commerce platforms are capturing global market share, with Temu achieving a 24% market share in cross-border e-commerce sales, equaling Amazon, while SHEIN and AliExpress hold 9% and 8% respectively [4] - Traditional sellers in the cross-border e-commerce sector face challenges due to tax compliance, the cancellation of overseas small tax exemption policies, and increasing intellectual property risks, while brands focusing on self-owned strategies show strong resilience [4]

Core Insights - The article discusses the development and policy environment of the high-end equipment manufacturing industry in Pengjiang District, which is positioned as a core area for advanced manufacturing in Jiangmen City, focusing on sectors like laser equipment, CNC machine tools, and industrial robots [1][3]. Policy Environment - Pengjiang District is designated as the core area for high-end equipment manufacturing, with a focus on developing laser equipment, CNC machine tools, and intelligent robots [1]. - The district aims to build a comprehensive industrial chain for laser and additive manufacturing, leveraging key enterprises like Haimeixing and Kejie Technology [1][3]. - The policy framework is structured as "1+N," with the "14th Five-Year Plan" as the main guideline, supported by specific measures for various stages of the industry lifecycle [3]. Development Pathways - The "14th Five-Year Plan" emphasizes the growth of key enterprises in high-end CNC machine tools, industrial robots, and laser equipment, with a focus on localizing critical components [2]. - Specific initiatives include the establishment of intelligent equipment manufacturing projects in Enping and the development of high-precision CNC machine tools [2]. Industry Chain Overview - The high-end equipment manufacturing industry in Pengjiang is characterized by a developing ecosystem with upstream component shortages, a growing midstream manufacturing cluster, and diverse downstream applications [6][19]. - The district has over 150 basic materials and components enterprises and more than 100 high-end equipment manufacturing and integration companies [8]. Industry Scale - By 2024, the output value of the high-end equipment manufacturing industry in Pengjiang is projected to exceed 10.638 billion yuan, with a year-on-year growth of 5.4% in the first half of 2025 [12][14]. - The district has attracted significant projects, including the Guangdong Kejie High-end Equipment Innovation Center and the Jiangmen Haimeixing Laser Intelligent Equipment project [14]. Financing Analysis - The financing activity in the high-end equipment manufacturing sector is primarily driven by equity financing events from leading enterprises [26][27]. Investment Opportunities - The district's investment strategy focuses on strengthening, supplementing, and extending the industrial chain, with specific emphasis on core components and downstream applications [32]. - Key areas for investment include laser equipment, CNC machine tools, industrial robots, and low-altitude economy applications [32].