（来源：中国市场监管报） 转自：中国市场监管报 《医疗保障信息平台便民服务相关技术规范》推荐性国家标准规定了医疗保障信息平台便民服务业务的 接入方式、接入功能要求、性能要求和安全要求等，持续提升医疗保障信息平台便民服务效能，提供更 多智能化、适老化服务，为医疗保障领域"放管服"改革和健康中国战略实施提供技术支撑。 本报讯 市场监管总局2025年12月31日发布消息，自2026年1月1日起，婴幼儿及儿童家具安全等一批重 要国家标准开始实施，将为规范新兴产业及未来产业的健康发展、营造良好的消费环境、保障人民群众 生命财产安全提供标准支撑。 《婴幼儿及儿童家具安全技术规范》强制性国家标准规定了供0岁—14岁婴幼儿及儿童使用家具在材 质、结构、阻燃性能、电气安全、有害物质限量和警示标识方面的通用安全要求，以及儿童高椅、双层 床、童床和折叠小床、婴儿床、软体家具等特定产品的安全要求。标准的实施将为提高婴幼儿及儿童家 具的安全性能、保护婴幼儿和儿童健康安全提供支撑。 《光伏组件报废技术要求》推荐性国家标准为判定建筑光伏组件是否报废提供科学依据，淘汰不满足安 全要求和使用功能的光伏组件，保障光伏组件的使用安全。 《汽车维护 ...

不过，实丰文化也在公告中称，鉴于保证人筹集资金需要时间，短期内支付业绩补偿款存在困难，保证 人向公司出具了《业绩承诺补偿保证函》，记者注意到，保证人制定了具体的分四期还款计划，各期还 款金额分别是200万元、100万元、200万元及1.1亿元，其中，最后一期的最晚还款时限为2025年12月30 日。 1月5日晚间，实丰文化（002862.SH，股价19.60元，市值33亿元）公告披露了此前投资标的安徽超隆光 电科技有限公司（以下简称超隆光电）相关人员的业绩补偿款支付进展情况，《每日经济新闻》记者注 意到，根据约定，业绩承诺方（以下简称保证人）应向实丰文化支付的业绩补偿金额为1.15亿元，但截 至目前，对方累计只支付了284.60万元。 实丰文化曾称，鉴于保证人筹集资金需要时间，短期内支付业绩补偿款存在困难，保证人向公司出具了 《业绩承诺补偿保证函》，约定1.15亿元分四期偿还，目前来看未能履约。 更让人感到诧异的是，记者查询到，早在2025年10月底，实丰文化披露支付进展公告中确认当时保证方 累计支付的金额便是284.60万元。这也意味着，最近两个多月，实丰文化未能进一步收到业绩补偿款。 去年10月底以来未继 ...

"为督促业绩承诺方切实履行业绩承诺补偿义务，公司已向保证人多次发出《催收函》，公司及公司管 理层多次通过电话、面谈等沟通方式，要求保证人及时履行本期业绩补偿承诺。"实丰文化在公告中提 到。 即便如此，《每日经济新闻》记者注意到，保证人在最近两个月内对业绩补偿款已是"不支一文"。根据 实丰文化2025年10月28日公告，彼时公司便已累计收到284.60万元业绩补偿款，而截至目前这一数额未 发生变化。 每经记者｜吴泽鹏 每经编辑｜魏官红 1月5日晚间，实丰文化（002862.SH，股价19.60元，市值33亿元）公告披露了此前投资标的安徽超隆光 电科技有限公司（以下简称超隆光电）相关人员的业绩补偿款支付进展情况，《每日经济新闻》记者注 意到，根据约定，业绩承诺方（以下简称保证人）应向实丰文化支付的业绩补偿金额为1.15亿元，但截 至目前，对方累计只支付了284.60万元。 实丰文化曾称，鉴于保证人筹集资金需要时间，短期内支付业绩补偿款存在困难，保证人向公司出具了 《业绩承诺补偿保证函》，约定1.15亿元分四期偿还，目前来看未能履约。 更让人感到诧异的是，记者查询到，早在2025年10月底，实丰文化披露支付进展公告 ...

"A级认证的核心价值在于为市场提供了可靠的筛选机制。"伍德麦肯兹全球光伏供应链负责人Yana Hryshko指出，"在行业整合期，投资者和开发商更需要识别那些具备长期可持续性的合作伙伴。这一评 级体系将帮助市场焦点从价格竞争转向质量与可靠性竞争。" 值得注意的是，所有非中国籍的十大制造商在上半年均保持了盈利，这主要得益于其对高端市场和受保 护区域市场的专注。这一现象表明，在全球化贸易政策收紧的背景下，市场多元化战略正成为企业抵御 风险的关键。 展望2026~2027年，光伏组件行业将进入深度转型阶段，技术升级将成为淘汰落后产能的核心驱动力。 随着TOPCon 3.0和背接触等先进技术的规模化应用，主流组件效率将突破25%门槛，这将加速低效产能 的退出，推动行业向高技术附加值方向演进。 近日，伍德麦肯兹发布2025年上半年全球光伏组件制造商排名，晶澳太阳能与天合光能以91.7和91.6的 综合评分首次并列榜首。这一排名凸显了在行业产能过剩与价格持续下行的背景下，领先企业正通过技 术升级、产能优化与市场多元化构建竞争优势。值得关注的是，尽管前十名制造商占据了全球62%出货 量，但上半年合计净亏损高达22亿美元，反 ...

Core Insights - In December, 39 out of 360 industry/theme ETFs reached new highs, primarily in the communication, non-ferrous metals, and military (aerospace) sectors, indicating strong market consensus on these areas [2][11] - Established sectors like communication and non-ferrous metals are seen as core investment themes, while emerging sectors such as commercial aerospace are gaining traction amid market volatility [1][3] Group 1: Performance of ETFs - The communication ETFs saw an average increase of 10% since October, with an annual average increase of 91.5% [2][12] - Non-ferrous metal ETFs experienced an average increase of 20.1% since October, with an annual average increase of 95.2% [2][12] - Military and aerospace ETFs had an average increase of 18.7% since October, with satellite ETFs rising by an average of 34.5% [2][12] Group 2: Emerging Investment Themes - Commercial aerospace is viewed as an active investment choice during market fluctuations, similar to previous low-altitude themes, driven by narratives around US-China space infrastructure competition [3][4] - The commercial aerospace sector, while promising, does not match the scale of humanoid robotics or low-altitude economies, indicating a more modest growth potential [4][14] Group 3: Under-the-Radar Sectors - Sectors like chemicals and engineering machinery are quietly rising and have reached new annual highs, reflecting China's manufacturing competitiveness and pricing power [5][15] - These sectors are characterized by low media attention and fragmented industry discussions, making them susceptible to being overlooked despite their potential for profit margin improvement [5][15] Group 4: Anti-Inflation Trends - Sectors related to anti-inflation, such as new energy and steel, are showing signs of recovery, with market sensitivity to supply dynamics increasing [6][16] - Recent supply chain disruptions in the new energy sector have led to positive stock price reactions, indicating market expectations for tangible supply reductions [6][16] Group 5: Investment Strategy - The current market strategy emphasizes structural opportunities in a volatile market, focusing on sectors with low heat and concentration but increasing attention and potential for long-term ROE improvement, such as chemicals, engineering machinery, and new energy [7][17] - The strategy also includes monitoring the trend of RMB appreciation, with sectors like brokerage and insurance being positioned as both offensive and defensive choices [7][17]

Core Viewpoint - In 2025, the Chinese A-share market is showing a steady upward trend supported by favorable policies, with the China Securities Regulatory Commission urging listed companies to increase dividends, buybacks, and shareholdings to solidify their value foundation [1] Group 1: Executive Buybacks - Since 2025, 27 companies in the A-share market have seen significant executive buybacks, particularly in high-growth sectors like healthcare, new energy, and semiconductors [2] - For instance, Kelly Tai's executives increased their holdings by 2.3 million shares, a 14% increase, benefiting from the growing orthopedic medical demand due to an aging population [2] - DeYe shares' executives bought 120,000 shares, while Tuojing Technology's executives increased their holdings by 210,000 shares, a 12% rise, aligning with national policies on technological self-reliance [2] Group 2: Policy Support - Multiple significant policies in 2025 have led to a surge in positive announcements from listed companies, with 14 companies benefiting from adjustments in the national medical insurance catalog and the encouragement of private investment [3][5] - The national medical insurance catalog added 114 new drugs, including 50 innovative drugs, significantly enhancing the market accessibility and sales scale for companies like Junshi Biosciences and Hengrui Medicine [5] - The release of 13 opinions by the State Council encourages private capital participation in key sectors like railways and nuclear power, with companies like China Railway Construction benefiting from substantial project contracts [5] Group 3: Performance Support - Many of the 14 companies have solid operational performance, signing significant contracts or achieving key technological breakthroughs that underpin their investment value [6][7] - For example, JinkoSolar's TigerNeo 3.0 components achieved a production efficiency of 24.8% and secured global orders worth 15 GW, showcasing its competitive edge in the solar market [7] - Research and development investments in A-shares reached 745.69 billion yuan in the first half of 2025, with sectors like electronics and biomedicine leading the way, indicating a strong foundation for future growth [7] Group 4: Investment Opportunities - Investors should focus on companies with executive buybacks in high-growth sectors, those benefiting from policy adjustments, and firms with significant contracts or R&D breakthroughs [8][9][10] - The combination of internal confidence from executives and favorable industry trends creates a strong investment rationale [8] - Companies directly benefiting from long-term policy releases, such as those in the medical and infrastructure sectors, present stable investment opportunities [9]

当一家连续五年亏损、主业挣扎在盈亏线边缘的光伏企业，其股价却在寒冷的11月一路狂飙，摘下"妖 股"的帽子。 然而，层层剥开孚悦科技的"外壳"，看到的是一条盘根错节的旧资产链条。孚悦科技的控股股东是铜陵 正豪科技有限公司。公开资料显示，正豪科技于2017年落户铜陵，长期从事电容器配件生产。其注册地 址指向"安徽省铜陵市义安区义安经济开发区（江威电子）1栋"。"江威电子"是一个关键线索。这家公 司及其实际控制人江豪，曾卷入铜峰电子集团的原董事长受贿案，并因行贿罪获刑。此后，江威系公司 陷入一系列破产清算、资产被执行和税务欠缴的纠纷中。 一个耐人寻味的承接关系浮出水面。在江威系资产陷入困境后，其原有的厂区、设备乃至部分业务，似 乎通过正豪科技这一新主体得以延续。正豪科技在电容器技术基础上，拓展了新能源电池外壳业务，并 为此专门设立了孚悦科技作为运营平台。这意味着，国晟科技耗费巨资收购的，并非一个凭空出现的行 业新秀，而是一条附着于旧有工业资产、历经债务与法律风险洗牌后，重新包装并切入热门赛道的老产 线。 标的公司内部人士对高溢价的解释是，行业景气度高，产品毛利率可达30%-40%。但这无法回答核心问 题：评估报告是 ...

Industry Insights - The low-altitude economy market in China is expected to reach 1.5 trillion yuan by 2025, with potential to exceed 2 trillion yuan by 2030, indicating strong growth in the industry [1] - As of now, the annual box office for Chinese films in 2025 has surpassed 46 billion yuan, with over 50 new films expected to be released in November [1] Company News - Zhongshui Fishery has experienced a stock price increase with a cumulative deviation of over 20% in closing prices over two trading days, indicating potential irrational trading behavior and risks of price correction [3] - Jiahua Technology is planning to acquire a controlling stake in Shudun Technology, which may constitute a major asset restructuring, leading to a suspension of trading for up to five days [3] - CITIC Bank has received approval for its subsidiary to commence operations, focusing on market-oriented debt-to-equity swaps and equity investments in strategic emerging industries [3] - Jinfu Technology is planning to acquire at least 51% of Guangdong Lanyuan Technology, which is expected to enhance the company's profitability and risk resistance [4] - Zhongding Co. is entering a strategic cooperation with Shanghai Fourier Intelligent Technology to develop humanoid robot components [4] - JinkoSolar has announced the mass production of its Tiger Neo 3.0 solar module, achieving a production efficiency of over 24.8% and a power output of up to 670W [4] - Zhongjin Lingnan plans to acquire stakes in Zhongjin Copper and Zhongjin Rongsheng for a total consideration of 742 million yuan [5] - Qingmu Technology's subsidiary is set to acquire a 65.83% stake in Vitalis, becoming its controlling shareholder [5]

博彩股早盘普跌。澳门预期明年赌收2360亿澳门元，小摩称11月赌收增幅或放缓。金沙中国(01928)跌 5.33%；永利澳门(01128)跌5.12%；美高梅中国(02282)跌4%。 智通财经APP获悉，港股恒生指数跌2.07%，跌535点，报25300点；恒生科技指数跌3.11%。港股早盘成 交1505亿港元。 科技股全线走低。拖累恒科指数跌超3%，降息预期降温叠加AI泡沫担忧冲击美股。华虹半导体(01347) 跌超5%；中芯国际(00981)跌超5%；阿里巴巴-W(09988)跌4%。 创新药概念股跌幅居前。创新药BD已有降温迹象，降息预期降温或冲击估值及投融资。和铂医药- B(02142)跌7%；腾盛博药-B(02137)跌超6%。 三生制药(01530)跌超8%，拟分拆蔓迪国际于联交所主板独立上市。 光伏股继续下跌。光伏整体需求表现偏弱，机构称组件环节顺价尚不明显。信义光能(00968)跌6.07%； 新特能源(01799)跌6.5%。 受美联储12月降息预期弱化的影响，美元指数再上100点关口。有色股全线承压。洛阳钼业(03993)跌超 4%，江西铜业股份(00358)跌超4%。锂矿股回调，赣锋锂 ...

Core Viewpoint - The recent tariff increases by the Trump administration are expected to reshape global trade dynamics, significantly impacting multinational companies in sectors such as semiconductors, electric vehicles, photovoltaics, communications, and advanced materials [3]. Group 1: Impact of Tariff Policies - The escalation of tariff policies poses a dual challenge to industry chain costs and market structures [4]. - Increased cost pressure is anticipated, with rising cross-border trade costs for key products like semiconductor equipment, power batteries, and photovoltaic components, thereby squeezing profit margins for companies [5]. - Accelerated supply chain restructuring is necessary as companies reassess regional and nearshore strategies to mitigate policy risks [5]. - Market competition is expected to become more polarized, with some countries potentially using domestic subsidy policies to protect their industries, leading to intensified global market share battles [5]. - The complexity of compliance is increasing due to overlapping multilateral trade rules and various countries' countermeasures, necessitating dynamic adjustments in compliance strategies by companies [5]. - The impact of tariff policies will vary significantly by industry characteristics, with the semiconductor equipment sector facing technology export restrictions and localization demands [5]. Group 2: QYResearch's Core Services - QYResearch provides data-driven, standardized, and customized services to help companies navigate market changes induced by tariff policies [6]. - Comprehensive industry chain data insights are offered, including industry research reports covering sensitive sectors like semiconductors, photovoltaics, and electric vehicles, along with supply-demand analysis, price trend forecasts, and policy impact assessments [6]. - Competitive dynamics monitoring is conducted to track major global companies' capacities, sales regions, product prices, revenues, and key customers, enabling market structure predictions [6]. Group 3: Strategic Consulting and Investment Support - Market entry strategies are developed to address tariff barriers and competitive environments in target countries, creating differentiated entry plans [7]. - Government affairs support is provided to assist companies in obtaining qualifications such as "specialized and innovative" and "single champion," allowing them to capture policy benefits to offset external risks [7]. - IPO consulting and compliance verification services are available, offering specialized analysis reports on the financial impacts of tariff policies for companies planning to go public, ensuring compliance with disclosure requirements [7]. Group 4: Company Background - QYResearch, established in 2007, is headquartered in Los Angeles, USA, and Beijing, China, and has evolved into a leading consulting firm providing detailed industry research services to global clients over 18 years [8]. - The service areas encompass various high-tech industry chains, including electronics, semiconductor, chemical raw materials, advanced materials, machinery manufacturing, electric vehicles, and photovoltaics [8].