20世纪60年代，人类学家格尔茨提出"内卷"（involution）这一概念，用以描述印尼爪哇岛农业中"劳动 力增加，效率不增反降"的发展困境。如今，"内卷式"竞争已成为舆论高度关注的社会现象。 事实上，整治"内卷式"竞争被"点名"，并非首次。在去年中央经济工作会议上，会议强调，综合整 治"内卷式"竞争，规范地方政府和企业行为。从"综合整治"到"深入整治"，从纳入产业任务到列为改革 攻坚任务之首，两相比较，"反内卷"措施不断加力、态度更加坚决、信号愈发鲜明。 举例来说，外卖大战中，部分商家被迫卷入低价竞争，陷入"赔本赚吆喝"的困境；储能行业装机量暴 增，均价却接近"腰斩"；有光伏胶膜企业卖出产品后，款项回收周期长达8个月；还有个别车企扣动"价 格战"扳机的同时，使出了十八般"武艺"，不惜造谣抹黑竞争对手掀起"舆论战"……"内卷"之下，竞争 失去节制，市场机制扭曲，长远来看更有碍经济高质量发展。 再看形势。当前，中国经济正处在新旧动能转换期，新产业新业态新模式竞相涌现，传统产业加快转型 升级。与此同时，外部环境变化带来的不利影响加深，我国经济运行仍面临不少困难和挑战，主要是国 内需求不足，部分企业生产经营困难， ...

证券日报网讯 12月16日晚间，海优新材发布公告称，公司将于2026年1月6日召开2026年第一次临时股 东会。 ...

每经头条（nbdtoutiao）——"一针两千，童颜针年销3亿元"背后：多家关联方注册地"查无此人"，股民 追问"钱呢"！钱氏姐弟几乎"掏空"江苏吴中，公司即将退市 （记者 王晓波） 截至发稿，*ST绿康市值为54亿元。 每经AI快讯，*ST绿康（SZ 002868，收盘价：34.7元）12月15日晚间发布公告称，公司第五届第二十九 次董事会临时会议于2025年12月15日在公司综合办公楼二楼第一会议室以现场结合通讯会议方式召开。 会议审议了《关于2023年员工持股计划预留第二部分受让股份第二个锁定期届满的议案》等文件。 2025年1至6月份，*ST绿康的营业收入构成为：兽药占比61.79%，光伏胶膜占比26.1%，生物农药占比 5.99%，其他占比2.83%，食品添加剂占比2.19%。 ...

Group 1 - The core point of the article is the announcement by *ST Lvkang regarding its board meeting and the composition of its revenue for the first half of 2025 [1] - The board meeting was held on December 8, 2025, to discuss the proposal for the temporary shareholders' meeting [1] - The revenue composition for *ST Lvkang in the first half of 2025 is as follows: veterinary medicine 61.79%, photovoltaic film 26.1%, biopesticides 5.99%, others 2.83%, and food additives 2.19% [1] Group 2 - As of the report, *ST Lvkang has a market capitalization of 5.7 billion yuan [1]

Investment Insights - The article emphasizes the importance of understanding the investment landscape in new materials, particularly in sectors like semiconductors and renewable energy [9][11]. - It highlights the potential for high returns in the new materials sector, especially for companies that are in the growth phase and have established sales channels [8]. Semiconductor Sector - The semiconductor industry is categorized into various segments, including advanced packaging, third-generation semiconductors, and semiconductor equipment [4][6]. - Key materials such as silicon wafers, photoresists, and etching chemicals are critical for semiconductor manufacturing [4]. Renewable Energy - The renewable energy sector is focused on lithium batteries, solid-state batteries, and hydrogen energy, which are essential for the transition to sustainable energy [4]. - Investment opportunities are identified in battery materials, including anode and cathode materials, as well as energy storage solutions [4]. New Materials - The article discusses various new materials, including advanced composites, high-performance polymers, and specialty chemicals, which are gaining traction in multiple industries [5][6]. - The demand for innovative materials is driven by trends in lightweighting, energy efficiency, and sustainability [5]. Notable Companies - The article lists prominent companies in the new materials and semiconductor sectors, such as ASML, TSMC, and Tesla, which are leading the way in technology and innovation [6]. - These companies are recognized for their contributions to advancements in materials science and their impact on the broader industry landscape [6]. Investment Strategies - Different investment stages are outlined, from seed funding to pre-IPO, with varying risk levels and investment focus areas [8]. - The article suggests that the best investment opportunities arise when companies have established products and are experiencing rapid sales growth [8].

Core Viewpoint - *ST Lvkang has completed a share transfer to Zongteng Network, changing its controlling shareholder and actual controller, which may impact its future strategic direction and operations [1] Group 1: Share Transfer Details - On November 24, 2025, *ST Lvkang announced that it received notification from Kangyi Investment regarding the completion of share transfer procedures related to Zongteng Network [1] - Following the share transfer, Zongteng Network holds approximately 46.61 million shares of *ST Lvkang, accounting for 29.99% of the total share capital [1] - The controlling shareholder has changed from Kangyi Investment to Zongteng Network, with the actual controller shifting from Lai Tanping to Wang Zuan [1] Group 2: Financial Performance - For the first half of 2025, *ST Lvkang's revenue composition was as follows: veterinary medicine 61.79%, photovoltaic film 26.1%, biopesticides 5.99%, others 2.83%, and food additives 2.19% [1] - As of the report date, *ST Lvkang's market capitalization is 6.2 billion yuan [1]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company reported a revenue of 870 million yuan for the first three quarters of 2025, a year-on-year decline of 57.62%. The net profit attributable to the parent company was -208 million yuan, showing a reduction in losses compared to the previous year. In Q3 2025, the revenue was 237 million yuan, down 58.03% year-on-year and down 25.44% quarter-on-quarter, with a net profit of -75 million yuan, which was stable compared to the previous quarter [2][6]. Financial Performance - Q3 gross margin was -6.67%, a decrease of 4.88 percentage points, attributed to price reductions in the domestic market following a decline in demand. The company’s operating cash flow for the first three quarters was 275 million yuan, a year-on-year increase of 144.69%. The balance of accounts receivable and inventory has significantly decreased since the beginning of the year, indicating a substantial reduction in operational risks. The asset-liability ratio at the end of Q3 was 51%, which is considered healthy [12][12]. Market Outlook - Since September, the price of photovoltaic films has increased multiple times. If the internal competition leads to a price increase for components, it will create opportunities for profit recovery in the film sector. The company has made significant progress in its PDCLC dimming film technology, securing contracts with major automotive manufacturers and expanding its application scenarios [12][12]. Future Projections - The company’s collaboration with H.B. Fuller on photovoltaic encapsulation film production lines has entered the installation and trial production phase. Equipment for the Turkish project has been shipped and successfully arrived at the port, which will enhance the company's influence in overseas markets. The PDCLC technology is expected to benefit from increased penetration rates in the automotive dimming film market, with further product line expansions anticipated [12][12].

Group 1 - The core point of the article indicates that Haiyou New Materials reported a significant decline in revenue and incurred substantial net losses in the third quarter and the first three quarters of the year [1] Group 2 - In the third quarter, the company's revenue was 237 million yuan, representing a year-on-year decrease of 58.03% [1] - The net profit for the third quarter was a loss of 74.58 million yuan [1] - For the first three quarters, the total revenue was 870 million yuan, showing a year-on-year decline of 57.62% [1] - The net profit for the first three quarters was a loss of 208 million yuan [1]

Summary of Key Points from Conference Call Records Industry Overview - The current market is in a volatile phase, with both stock and convertible bond funds tending to rest and recuperate, leading to significant market fluctuations [1][2] - The convertible bond index is experiencing range-bound fluctuations, suggesting that investors should adopt range trading or holding strategies [1][2] Key Insights and Arguments - High dividend strategies perform well when the Shanghai Composite Index is strong, while high ITN and dual-low strategies exhibit both elasticity and defensiveness during consolidation periods [1][5] - The probability of triggering strong redemption is currently high at 50%-60%, indicating potential valuation pressure on equity-linked convertible bonds during market corrections [1][5] - The premium rate is a crucial indicator for assessing strong redemption likelihood; a rate below 2% suggests a high probability of strong redemption, while above 6% indicates a low probability [1][7] - Dilution rate is key for evaluating stock market management; a dilution rate below 5% has minimal impact on the underlying stock, while rates above 5% can lead to significant downward pressure [1][8] Recommended Convertible Bonds - **Zhengfan Technology**: Engaged in semiconductor equipment, with a stable historical growth rate and new business expansions expected to contribute to profits. The stock is projected to have an upside potential to 140-150 RMB [3][9] - **Huate Gas**: Focused on gases for integrated circuits, with a reasonable valuation and potential for price recovery due to improved overseas demand and validation from major clients [3][9] - **Foster**: Benefits from the photovoltaic industry with strong market share and pricing power, expected to see profit recovery as material prices stabilize [11] - **Tianeng Wind Tower**: Anticipated profit recovery post-2025, benefiting from offshore wind power strategies [12] - **Songsheng**: Strong growth in energy storage inverters, with no strong redemption risk and significant elasticity [13] - **Pluwang**: Human-robot products entering delivery phase, with strong potential in the robotics sector [14] - **Huanxu Electronics**: Benefiting from Apple sales and AI glasses demand, with significant elasticity in convertible bonds [15] - **Youfa Steel**: Notable for its anti-involution strategy and high dividend policy, enhancing market share and revenue [16] - **Hebang and Newray Technology**: Focused on price increases in glyphosate and new capacity, with potential growth in robotics and liquid cooling [17][18] Additional Important Insights - The overall sentiment in the stock and convertible bond markets is cautious, with a need for time to exchange chips and adjust valuations [2] - The analysis emphasizes the importance of monitoring market conditions and adjusting strategies accordingly, particularly in a volatile environment [4][6]

Investment - The article discusses various investment opportunities in new materials, semiconductors, and renewable energy sectors, highlighting the potential for growth and innovation in these industries [1][3][4]. Semiconductor - The semiconductor industry is emphasized with a focus on materials such as photolithography, electronic specialty gases, and silicon wafers, which are critical for advanced packaging and manufacturing processes [1][3]. - Key players in the semiconductor space include ASML, TSMC, and SMIC, indicating a competitive landscape with significant technological advancements [4]. New Energy - The new energy sector is explored, particularly in lithium batteries, solid-state batteries, and hydrogen energy, showcasing the shift towards sustainable energy solutions [1][3]. - The article notes the importance of materials like silicon-based anodes and composite current collectors in enhancing battery performance [3]. New Materials - The article outlines the development of new chemical materials, including adhesives, silicones, and engineering plastics, which are essential for various applications across industries [1][3]. - Emerging technologies such as AI in new materials are also mentioned, indicating a trend towards integrating advanced technologies in material science [3]. Notable Companies - Companies like BYD, Tesla, and Huawei are highlighted as key players in the new materials and energy sectors, reflecting their roles in driving innovation and market growth [4]. - The article suggests that these companies are focusing on carbon neutrality and lightweight materials as part of their strategic initiatives [4].