中国经济网北京12月15日讯中环环保（300692）(300692.SZ)昨晚披露的2025年度向特定对象发行股票 预案显示，本次向特定对象发行股票募集资金总额不超过30,000.00万元(含本数)，扣除发行费用后的募 集资金净额将全部用于补充流动资金和偿还银行贷款。 本次向特定对象发行股票的对象为公司实际控制人刘杨。刘杨已与公司签订了《附条件生效的股份认购 协议》，拟以现金方式全额认购公司本次向特定对象发行的股票。刘杨系公司实际控制人。本次向特定 对象发行股票构成关联交易。 截至预案公告日，公司的控股股东为北京鼎垣，实际控制人为刘杨，刘杨通过北京鼎垣和嘉兴鼎康间接 控制公司70,541,359股股份，占公司总股本的15.32%。本次向特定对象发行股票完成后，按照本次发行 股票数量上限43,795,620股测算，实际控制人刘杨届时直接或间接控制公司股份比例合计将为22.68%。 本次向特定对象发行股票的价格为6.85元/股。本次向特定对象发行股票数量不超过43,795,620股(含本 数)，占本次发行前公司总股本的9.51%，未超过本次发行前公司总股本的30%。 公司于2025年12月4日召开第四届董事会第十 ...

Core Insights - The "M&A Six Guidelines" have significantly transformed the capital market in 2025, with over 800 asset mergers and acquisitions (M&A) recorded, marking an 11% year-on-year increase, and 90 major asset restructurings, a 55% increase from the previous year [1][2] Group 1: Market Activity - In 2025, the Shanghai Stock Exchange saw 806 new asset restructurings, with major asset restructurings accounting for 90 cases, reflecting a growing market activity and participation [2][3] - The number of major asset restructurings in the Shanghai market reached 1,177 since the introduction of the "M&A Six Guidelines," indicating a robust trend towards M&A as a primary channel for capital market activities [2] Group 2: Policy Impact - The revised "Management Measures for Major Asset Restructuring of Listed Companies" by the China Securities Regulatory Commission in May 2025 has shifted the focus from an "audit-oriented" to an "efficiency-oriented" and "industry-oriented" approach, enhancing the regulatory environment for M&A [2] - Local governments are actively promoting M&A, with cities like Shanghai implementing supportive policies that have led to a notable increase in both the quantity and quality of M&A activities [6] Group 3: Industry Trends - Over 50% of the major asset restructurings in 2025 were industry mergers, with a significant focus on sectors like semiconductors and the automotive industry, indicating a shift towards quality enhancement rather than mere scale expansion [3][7] - The trend of "stock optimization" is evident, with 77% of disclosed major asset restructurings involving industry mergers, reflecting a broader consensus on long-term value creation [6][7] Group 4: Notable Transactions - In 2025, significant transactions included the mergers of Guotai Junan with Haitong Securities and China Shipbuilding with China Shipbuilding Industry Corporation, each valued in the thousands of millions [5] - Innovative cross-border M&A transactions have emerged, such as the cash privatization of Hong Kong-listed companies and the cross-border share swap acquisitions, showcasing the evolving landscape of M&A strategies [5] Group 5: Future Outlook - The market is expected to deepen its understanding of M&A as a critical pathway for reshaping business structures and enhancing core competitiveness, contributing to a healthier M&A ecosystem [8]

Core Insights - The "M&A Six Guidelines" have significantly transformed the market in 2025, with over 800 asset mergers and acquisitions recorded, marking an 11% year-on-year increase, and 90 major asset restructurings, which is a 55% increase from the previous year [1][2] Group 1: Market Activity - In 2025, the Shanghai Stock Exchange saw 806 new asset restructurings, with major asset restructurings accounting for 90 of these, reflecting a growing market activity and participation [2][3] - The focus has shifted from scale expansion to quality improvement in mergers and acquisitions, with over 50% of major asset restructurings being industrial mergers and 20% involving shareholder injections [3][8] Group 2: Policy Impact - The revised "Major Asset Restructuring Management Measures" by the China Securities Regulatory Commission in May 2025 has facilitated a transition from an "audit-oriented" to an "efficiency-oriented" and "industry-oriented" approach, enhancing the regulatory environment for M&A activities [2][3] - Local governments are actively promoting M&A activities, with eight regions, including major cities, issuing supportive policies to accelerate mergers and acquisitions based on local industrial advantages [7] Group 3: Notable Transactions - In 2025, significant transactions included the merger of Guotai Junan and Haitong Securities, and China Shipbuilding's acquisition of China Shipbuilding Industry Corporation, both valued in the thousands of millions [5][6] - Innovative cross-border M&A transactions have emerged, such as the cash privatization of Guangdong Environmental Protection and the cross-border share swap acquisition by Zhizheng Co., marking a trend towards more complex deal structures [6][8] Group 4: Future Outlook - Industry experts anticipate that as more representative and innovative M&A cases are completed, the understanding of M&A as a key pathway for companies to reshape their business structures and enhance core competitiveness will deepen, fostering a positive M&A ecosystem [9]

Core Viewpoint - The article discusses the upcoming IPOs in the A-share market, highlighting five new stocks available for subscription this week, including companies in various high-tech and specialized sectors. Group 1: Upcoming IPOs - Five new stocks are set for subscription in the A-share market from December 15 to December 19, including companies like Jianxin Superconducting, Qiangyi Co., Yufan Technology, Shuangxin Environmental Protection, and Jiangtian Technology [1] - Jianxin Superconducting, a leading supplier of MRI core components, will open subscriptions on Monday, while Jiangtian Technology will do so on Tuesday [1] - Shuangxin Environmental Protection has an issuance quantity of 28.7 million shares, with a subscription limit of 60,000 shares, indicating a potentially high winning rate for investors [1] Group 2: Company Profiles - Jianxin Superconducting focuses on the R&D, production, and sales of MRI core components, with a significant cost contribution of around 50% to MRI devices [1][3] - The company has developed a comprehensive product matrix in the superconducting field, becoming the top independent supplier of superconducting magnets globally [2] - Jianxin Superconducting's revenue projections for 2022-2024 are 359 million, 451 million, and 425 million yuan, with net profits of 34.63 million, 48.73 million, and 55.78 million yuan respectively [3] Group 3: Jiangtian Technology - Jiangtian Technology's IPO price is set at 21.21 yuan per share, with a subscription limit of 594,600 shares [4] - The company specializes in label printing products and has established long-term partnerships with major global brands [4][5] - Revenue forecasts for Jiangtian Technology from 2022 to 2024 are 384 million, 508 million, and 538 million yuan, with net profits of 74 million, 96 million, and 102 million yuan respectively [5] Group 4: Qiangyi Co. - Qiangyi Co. focuses on semiconductor probe cards, with a subscription limit of 7,500 shares [6] - The company ranks among the top ten global semiconductor probe card manufacturers, breaking the monopoly of foreign firms in this sector [6] - Revenue projections for Qiangyi Co. for 2022-2024 are 254 million, 354 million, and 641 million yuan, with net profits of 16 million, 19 million, and 233 million yuan respectively [7] Group 5: Yufan Technology - Yufan Technology specializes in smart diagnostics and maintenance of drainage systems, with a subscription limit of 8,500 shares [8] - The company has established a strong brand presence in the drainage maintenance market and is involved in numerous significant projects across various regions [8] - Revenue forecasts for Yufan Technology from 2022 to 2024 are 513 million, 630 million, and 730 million yuan, with net profits of 81 million, 100 million, and 127 million yuan respectively [9] Group 6: Shuangxin Environmental Protection - Shuangxin Environmental Protection has a subscription limit of 60,000 shares and focuses on the PVA industry chain [9] - The company is the third-largest PVA producer in China, with a projected production of 116,900 tons in 2024, accounting for approximately 13% of the national total [9] - Revenue projections for Shuangxin Environmental Protection for 2022-2024 are 5.061 billion, 3.783 billion, and 3.486 billion yuan, with net profits of 808 million, 559 million, and 521 million yuan respectively [9]

证券代码：002255 证券简称：海陆重工 苏州海陆重工股份有限公司 投资者关系活动记录表 编号：2025-008 | 投资者关系活动类 | √特定对象调研 □分析师会议 | | --- | --- | | 别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及人 | 兴业证券：祁佳仪、周登科 | | 员姓名 | 景领投资：王胜 | | | 太平养老保险：张凯 | | | 东北证券：刘俊奇 | | 时间 | 2025 年 12 月 9 日 10:00-11:30 | | 地点 | 董事会秘书办公室 | | 上市公司接待人员 | 董事会秘书张郭一 | | 姓名 | 一、公司主营业务简单介绍 | | | 公司主营业务未发生变化，为工业余热锅炉、大型 | | | 及特种材质压力容器及核安全设备的制造销售；固废、 | | | 废水等污染物处理及回收利用的环境综合治理服务；光 | | | 伏电站运营。 | | 投资者关系活动主 | 二、核电业务介绍 | | 要内容介绍 | 公司从 1998 年起即开始核电设备 ...

Group 1 - The company is actively advancing its H-share issuance and listing, having approved the draft of the Articles of Association and 27 governance system amendments to comply with Hong Kong Stock Exchange regulations [1] - Company executives, including the Vice President and CFO, have increased their shareholdings, demonstrating confidence in the company's future development and long-term investment value [1] - The company plans to expand into the mining sector, acquiring 45.2% stakes in three companies, which will enhance its resource capabilities and open a second growth curve [3] Group 2 - The company has been selected as a supplier for an environmentally friendly waste-to-energy project in Indonesia, indicating its commitment to expanding overseas operations [4] - The company has won a bid for a community waste incineration power generation project in Thailand, marking its first overseas waste incineration project [4] - The company's resource projects are expected to steadily improve, with profit forecasts for 2025-2027 set at 800 million, 910 million, and 1.05 billion yuan, respectively, maintaining a "buy" rating [4]

证券日报网讯 12月5日晚间，东珠生态发布公告称，公司中标图木舒克经开区达坂山工业园背压机组工 程—环保工程，投标报价39，715.40万元。 （文章来源：证券日报） ...

Group 1: Cash Dividends in Shanghai Stock Market - In the first eleven months, Shanghai-listed companies distributed a total of 1.81 trillion yuan in cash dividends, a year-on-year increase of 2% [2] - The overall dividend yield for Shanghai-listed companies reached 2.25% as of November 30 [2] - Notably, 193 companies had dividend payouts exceeding 1 billion yuan, with 28 companies distributing over 10 billion yuan [2] Group 2: Gold Market Outlook - According to a report by UOB, gold is expected to continue its strong upward trend into 2026, driven by its role as a safe-haven asset [2] - The report highlights strong accumulation of gold inventories across major exchanges and robust purchases of gold ETFs [2] - UOB forecasts gold prices to reach $4,300, $4,400, $4,500, and $4,600 per ounce in the first to fourth quarters of 2026, respectively [2] Group 3: DRAM Market Stability - The international DRAM spot market showed overall stability, with slight price increases primarily in DDR4 components [3] - DDR5 components experienced a small decline of 0.99%, with an average price of $26.667 [3] - DDR4 16Gb (2Gx8) 2666 saw a higher increase of 1.78%, averaging $36.348 [3] Group 4: Global Robotic Vacuum Market Growth - IDC reported an 18.7% year-on-year increase in global robotic vacuum shipments in the first three quarters of 2025, totaling 17.424 million units [3] - The third quarter alone saw shipments of 6.161 million units, marking a 22.9% increase [3] - Chinese manufacturers dominated the market, capturing the top five positions in global shipments [3] Group 5: BYD's Domestic Sales Decline - BYD's domestic sales have declined this year, attributed to a decrease in technological leadership and increasing industry homogenization [5] - The company faces user demand challenges, such as slow low-temperature charging speeds, which require technological breakthroughs [5] - BYD's chairman emphasized the importance of their 120,000-engineer team in regaining competitive advantages through future technological developments [5] Group 6: Legal AI Startup Valuation - Legal AI startup Harvey has confirmed a new funding round, raising its valuation to $8 billion [7] - The funding round was led by Andreessen Horowitz, following previous rounds that saw valuations of $5 billion and $3 billion earlier in the year [7] - Harvey's investor lineup includes notable firms such as EQT, Sequoia Capital, and Kleiner Perkins [7] Group 7: Financing and Project Announcements - Shanghai Aolu Biopharmaceutical announced successful completion of a $100 million Series A financing to enhance its R&D capabilities [8] - Jiangxi Hongcheng Environment won an EPC project for a sewage treatment plant in Nanchang, valued at approximately 853 million yuan [13] - Energy-saving Wind Power plans to issue bonds not exceeding 2 billion yuan for various corporate purposes [12]

格隆汇12月5日丨东珠生态(603359.SH)公布，公司近期参与了图木舒克经开区达坂山工业园背压机组工 程—环保工程(简称"图木舒克工业园环保工程")的投标，根据中国招标投标公共服务平台 (https://ctbpsp.com/)2025年12月4日发布的中标结果公示，公司中标图木舒克工业园环保工程，投标报价 39,715.40万元。 ...

东珠生态公告，公司近期参与了图木舒克经开区达坂山工业园背压机组工程—环保工程的投标，根据中 国招标投标公共服务平台2025年12月4日发布的中标结果公示，公司中标图木舒克工业园环保工程。项 目名称为图木舒克经开区达坂山工业园背压机组工程-环保工程，招标人为图木舒克市金山能源发展有 限责任公司，投标报价为3.97亿元。项目最终成交金额、项目履行条款等以正式合同为准。 ...