登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002634 证券简称：棒杰股份 公告编号：2025-119 浙江棒杰控股集团股份有限公司 关于公司被债权人申请预重整的专项自查报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或者重大 遗漏。 2025年12月5日，浙江棒杰控股集团股份有限公司（以下简称"公司"）收到债权人苏州环秀湖逐光企业 管理合伙企业（有限合伙）（以下简称"环秀湖逐光"或"申请人"）的《告知函》，环秀湖逐光以公司不 能清偿到期债务且资产不足以清偿全部债务，但具备重整价值为由，向浙江省金华市中级人民法院（以 下简称"法院"）提交申请对公司进行预重整的材料。截至本公告披露日，公司尚未收到法院受理预重整 申请的文件，申请人的预重整申请能否被法院裁定受理，公司后续是否进入预重整或重整程序均存在重 大不确定性。 根据《深圳证券交易所股票上市规则》和《深圳证券交易所上市公司自律监管指引第14号一破产重整等 事项》规定，公司对是否涉及被深圳证券交易所强制退市行为的情况、控股股东、实际控制人及其他关 联方资金占用、对外担保、承诺履行情况等事项进行了全面自查 ...

尽管市场对美联储进一步降息的预期为白银涨势提供了助力，但激增的工业需求和持续的供应紧张，同 样是推动银价大幅走高的驱动力。 在AI基建中扮演着日益重要的角色 周二，白银价格首次突破每盎司60美元大关，延续了此前的涨势。今年以来，白银价格已经上涨了一倍 多，远远超过了黄金约60%的涨幅。 报告还称，数据中心越来越依赖下一代芯片，如配备高性能半导体的GPU和TPU，这些半导体在内部连 接和封装中均需使用白银。 除了数据中心和人工智能，该报告还聚焦太阳能光伏、电动汽车及其基础设施领域，明确指出白银凭借 优异的电导率和热导率，在这些高增长行业中发挥着关键作用。 报告指出，光伏产业17%的年复合增长率、电动汽车产业13%的年复合增长率，以及数据中心的爆发式 扩张，共同构成了白银需求增长的三大支柱。 报告还预计，这些行业将在2030年前持续推升工业领域对白银的需求。 供应紧张状况持续 白银在人工智能基础设施建设中扮演着日益重要的角色，是投资者竞相买入这种贵金属的重要理由之 一。 华尔街资深策略师埃德•亚德尼周二写道，若忽视白银在人工智能经济中愈发重要的地位，就无法理解 此番白银价格的暴涨行情。 他认为，随着人工智能数据中 ...

文 | 万联万象 据彭博经济研究预测，市场普遍预期联储将在此前降息的基础上，再次下调利率25个基点。这场会议的 关键看点，除了降息本身，还有主席鲍威尔如何应对内部成员的分歧——超过半数委员曾倾向于按兵不 动。 鲍威尔的每一次表态，都将关系到数万亿美元资产价格的走向。 01 美联储内部博弈 美联储利率决议公布前十几个小时，市场屏息凝神，白银按捺不住提前飙涨，黄金价格在4200美元/盎 司附近徘徊，港股恒生指数在窄幅区间内震荡，投资者等待着美联储发出的每一个微妙信号。 距离美联储决定公布进入以小时计的倒数区间，全球市场已经按下了暂停键。 美联储内部罕见的分歧正在考验鲍威尔的领导力。12名投票委员中，至少有5人倾向于暂停进一步降 息，而少数成员则主张更大规模的宽松措施。 如果本次决议出现3张以上反对票，这将创下自2019年以来首次先例，也是1990年以来的第九次此类事 件。 鲍威尔面临的不仅是政策决策，更是一场政治博弈。他必须平衡各方利益，以最小异议票数推动降息， 同时确保会议成果不被市场解读为政策混乱的信号。 更复杂的背景是，这位美联储主席的任期将于2026年年中结束。政治压力从未如此之大——特朗普政府 曾于20 ...

证券研究报告 | 宏观专题报告 2025 年 12 月 10 日 通胀回归——2026 年国内经济展望 就 2026 年而言，随着"反内卷"政策的强力纠偏，猪周期与库存周期的自然 触底，财政发力的累积效应显现，中国经济将迎来"通胀回归、盈利改善"， 经济发展将从"增速情结"转向"质量优先"，政策重心从规模扩张转向提升 发展的含金量。"反内卷"代表供给侧的理性回归，通过限制恶性竞争修复受 损的资产负债表；"猪油共振"代表价格周期的自然反转，猪周期触底回升与 原油价格中枢的坚挺将共同推动 CPI 与 PPI 剪刀差收敛，进而带动 GDP 平减 指数在 2026 年下半年转正。 专题报告 相关报告 1、《2026 年 CPI 和 PPI 展望— —"猪油"共振的可能性推 演》2025-11-28 | 张静静 | S1090522050003 | zhangjingjing@cmschina.com.cn | | --- | --- | --- | | 罗丹 | S1090524070004 | luodan7@cmschina.com.cn | | 赵兴举 | 研究助理 | zhaoxingju@cmschina. ...

从持有人结构看，机构投资者持有份额平均占比为10.55%，机构投资者持有份额占比居前的有国联安 港股通科技ETF、华宝中证港股通信息技术综合ETF、博时中证银行ETF，机构投资者持有比例分别为 31.99%、29.99%、22.72%，机构投资者持有比例较低的有天弘国证港股通科技ETF、易方达中证A500 红利低波动ETF、鹏华恒生生物科技ETF，机构投资者持有比例分别为0.59%、2.91%、2.92%。（数据 宝） 近期成立的股票ETF基金建仓期仓位 | 基金代 | 基金简称 | 基金成立 | 募集规模 | 上市公告数据 | 上市公告书披露股 | 上市日期 | | --- | --- | --- | --- | --- | --- | --- | | 码 | | 日 | （亿份） | 截止日期 | 票仓位（%） | | | 159253 | 博时中证银行ETF | 2025.11.27 | 2.03 | 2025.12.01 | 30.14 | 2025.12.08 | | 159130 | 鹏华恒生生物科技 | 2025.11.19 | 7.58 | 2025.11.20 | 1.49 | 2025.1 ...

Core Insights - The narrative of "decoupling from China" promoted by Western media has not yielded significant results, as evidenced by the 2024 export data showing a different reality [1] - The rise of China's central and western regions is notable, with foreign investment in manufacturing in these areas increasing by 23% year-on-year in Q1 [1] Investment Trends - Cities like Chongqing, Chengdu, and Zhengzhou are experiencing a surge in orders for electronic manufacturing, with some orders extending into the next year [1] - The cost-effectiveness and stable power supply in China's western regions are attracting companies to establish factories there, offering better value than relocating abroad [1] Comparative Analysis - In contrast, Vietnam's manufacturing PMI fell below the growth line in Q4 of last year, and India's manufacturing faced significant losses due to power outages, amounting to $18 billion [3][5] - Apple's supplier, Luxshare Precision, has struggled with product quality in Vietnam, leading to a return of high-end production lines to Anhui [3] Cost Considerations - While labor costs in India are lower, the overall cost advantage diminishes when considering logistics and supply chain inefficiencies, such as shipping delays and port congestion [5] - China's western regions offer lower industrial electricity prices and better infrastructure, making them more attractive for manufacturing compared to India and Vietnam [6] Supply Chain Dynamics - China's complete industrial system allows for efficient production within short distances, contrasting with India and Vietnam's reliance on imported components [6] - The opening of the Chengdu-Chongqing high-speed rail has reduced logistics costs by 20%, further enhancing the competitiveness of western regions [6] Future Outlook - By 2025, foreign investment projects in regions like Chongqing, Sichuan, and Anhui are expected to increase, as companies prefer to expand production domestically rather than relocate [8] - The return of foreign enterprises is driven by the reliability of China's supply chain and the ability to meet domestic market demands [8] Competitive Landscape - The future competition will focus on creating smarter and more resilient supply chains, with China's dual strategy of high-end R&D in coastal areas and large-scale production in the interior [12] - Companies are adopting a "China 1" strategy, retaining core production in China while selectively outsourcing non-core activities [13]

Group 1: Market Performance - The three major indices showed mixed results, with the Shanghai Composite Index up by 0.29%, while the Shenzhen Component Index and the ChiNext Index fell by 0.25% and 0.44% respectively [2] - Over 2,700 stocks rose in the two markets, with a total trading volume of approximately 1.71 trillion yuan [2] Group 2: Lithium Battery Sector - The lithium battery sector rebounded, with significant gains in stocks such as Huasheng Lithium Battery (up over 15%) and Penghui Energy (up over 14%) [2] - Prices of key lithium battery electrolyte components, including lithium hexafluorophosphate and ethylene carbonate, have been rising [2] - CITIC Construction Investment Securities predicts that excess profits in the energy storage downstream investment operation will be passed upstream through price increases, indicating a resilient lithium battery industry chain [2] Group 3: Paper Industry - The paper industry remains active, with companies like Qifeng New Materials and Bohui Paper experiencing substantial gains [2] - Driven by e-commerce stocking demands, the operating rates of paper companies are high, and prices for corrugated and boxboard paper continue to rise [3] - White cardboard prices have also been increasing, supported by high costs and low inventory levels [3] Group 4: Photovoltaic Sector - Photovoltaic concept stocks are performing well, with Mingguan New Materials rising by 20% and Saiwu Technology by 10% [4] - The outlook for the electric new industry remains positive, with expectations of supply-side adjustments and battery technology upgrades creating new opportunities [5] - The Chinese government's commitment to energy transformation is expected to accelerate demand improvements in the photovoltaic sector [5] Group 5: Consumer Electronics - The consumer electronics sector is showing strong performance, with companies like Yunzuka Technology rising by 20% [6] - Alibaba's launch of its first self-developed flagship AI glasses is seen as a significant step in integrating digital and physical worlds [6] Group 6: Weak Sectors - The film and cultural media sectors are experiencing declines, with Shanghai Film dropping over 7% [6] - Some pharmacy-related stocks are also weakening, indicating a broader trend of underperformance in these sectors [6]

- The provided content does not include any quantitative models or factors, nor their construction, evaluation, or backtesting results[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41]

Market Overview - A-shares experienced a slight decline with the Shanghai Composite Index closing at 4000.14 points, down 0.07%, while the Shenzhen Component Index and the ChiNext Index fell by 0.36% and 0.39% respectively [1] - The Hong Kong market saw the Hang Seng Index rise over 1% during the session [1] Sector Performance Banking and Insurance - The banking and insurance sectors showed strength, with Agricultural Bank of China rising over 3% to reach a historical high, and major insurance stocks like China Life and New China Life also posting gains [9][10] - Analysts suggest that the economic recovery is injecting new growth momentum into the financial sector, with insurance products gaining traction due to low interest rates and regulatory guidance [9] Storage Chip Sector - The storage chip sector remained active, with companies like Xiangnan Chip and Demingli seeing significant gains of 10.47% and 6.06% respectively [5] - Global supply chain issues have led to a tight balance in the storage chip market, with SanDisk raising NAND flash contract prices by 50% [5][7] - Analysts predict that the storage chip price increase will continue through 2026, driven by a structural demand surge and limited supply [7] Pharmaceutical Sector - The pharmaceutical sector was notably active, with stocks like Kaineng Health and Sanmian Gene hitting the daily limit up of 20% and over 12% respectively [12] - The domestic innovative drug industry is showing long-term growth potential, with increased licensing deals expected to enhance global market commercialization [14] Solar Industry - The solar industry faced a significant downturn, with stocks like Aters falling over 14% and Longi Green Energy dropping more than 6% [16] - The China Photovoltaic Industry Association issued a statement refuting false information circulating online, emphasizing the need for careful decision-making [16]

Market Overview - The A-share market experienced fluctuations, with the Shanghai Composite Index closing down 0.07% and the ChiNext Index down 0.39% [1] - The photovoltaic industry chain and nuclear fusion concepts saw significant declines, while the insurance, pharmaceutical, and banking sectors showed strength [1] Sector Performance - Agricultural Bank of China and Industrial and Commercial Bank of China both reached new highs, with Agricultural Bank's market value surpassing 3 trillion yuan [1] - The innovative drug sector rebounded across the board, with notable increases in ETFs such as the Jiashi Fund's S&P Biotechnology ETF (up 3.61%), Yinhua Fund's Hong Kong Innovative Drug ETF (up 3.14%), and Huatai-PB Fund's Hong Kong Stock Connect Innovative Drug ETF (up 3.1%) [1] - The Hong Kong dividend sector continued its recent upward trend, with Penghua Fund's Hang Seng Central Enterprise ETF rising 2.48% and GF Fund's Hong Kong Stock Connect Non-Bank ETF increasing by 2.35% [1] ETF Performance - The photovoltaic sector's decline narrowed, with the Kexin New Energy ETF, Photovoltaic ETF Index Fund, and Kexin Board New Energy ETF down 4.68%, 4.42%, and 4.32% respectively [1] - The new materials sector also followed the downward trend, with Kexin New Materials ETF and Kexin Materials ETF down 2.48% and 2.43% respectively [1]