登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000758 证券简称：中色股份 公告编号：2025-091 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、误导性陈述或重大遗 漏。 一、召开会议的基本情况 1. 股东会届次：2026年第一次临时股东会 2. 股东会的召集人：董事会 3. 本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市规则》《深圳证券 交易所上市公司自律监管指引第1号——主板上市公司规范运作》等法律、行政法规、部门规章、规范 性文件及《公司章程》的有关规定。 4. 会议时间： （1）现场会议召开时间：2026年01月16日14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为2026年01月16日9:15-9:25， 9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为2026年01月16日9:15 至15:00的任意时间。 6. 会议的股权登记日：2026年01月13日 7. 出席对象： （1）在股权登记日持有公司股份的普通股股东或其代理人 于股权登记日2026年0 ...

Macro Strategy - The report suggests that despite expectations of a slowdown in marginal fiscal funding for 2026, fiscal spending may still exceed expectations due to two main factors: a rebound in prices leading to increased fiscal revenue and a significant amount of fiscal "surplus" carried over from 2025. Specifically, a 1.8 percentage point increase in PPI could generate approximately 260 billion yuan in additional tax revenue, equivalent to a 0.2 percentage point increase in the deficit ratio. Additionally, the fiscal surplus may exceed 500 billion yuan, potentially enhancing the growth rate of general public budget expenditure by about 2.6 percentage points [1][19]. Industry Insights Electronic Industry - The report highlights that the domestic computing power industry is expected to experience significant growth, particularly in 2026, with domestic computing chip leaders likely entering a performance realization phase. The demand for domestic GPUs is anticipated to benefit from capacity releases due to advanced process expansions. The competition among domestic computing chip participants for market share is expected to drive the importance of AI ASIC service providers within the supply chain. Key recommendations include companies like Cambricon and Shengke Communication [9]. 3D DRAM - The report indicates that 2026 will be a pivotal year for 3D DRAM, driven by the rapid increase in storage demand from AI hardware deployment. The technology is expected to support various applications, including robotics, AIoT, and automotive sectors. The report recommends companies such as GigaDevice and Beijing Junzheng as key players in this space [10]. Insurance Industry - The insurance sector is projected to see improvements in both liabilities and assets, with significant upward valuation potential. The demand for insurance remains strong, and the shift towards dividend insurance is expected to optimize liability costs. The report notes that the current valuation of the insurance sector is at historical lows, suggesting a "buy" rating for the industry [12]. Environmental Industry - The report emphasizes the value of the waste incineration sector, driven by declining capital expenditures and improving operating cash flows. The acceleration of national subsidies is expected to enhance cash flow, with projections indicating that the sector's dividend potential could increase significantly as capital expenditures normalize [16]. Computer Industry - The report discusses the intersection of state-owned enterprise reform and local revenue enhancement, predicting that 2026 will see intensified management of local state-owned enterprises, leading to accelerated capital operations [13][14]. Space Computing - The report identifies the space computing industry as a rapidly evolving field, crucial for addressing global computing resource bottlenecks. It highlights the strategic importance of this sector and recommends focusing on companies with technological advantages in key areas [15]. Green Bonds - The report tracks the issuance of green bonds, noting an increase in issuance and a decrease in trading volume in the secondary market. This reflects the growing interest in sustainable finance and the potential for investment opportunities in this area [4][8]. Capital Market Trends - The report outlines trends in the capital markets, including the performance of various commodities and the impact of macroeconomic factors on pricing. It notes that the copper market is experiencing upward pressure due to supply constraints and demand fluctuations, while aluminum prices are also on the rise due to production capacity increases [11]. AI and Technology - The report forecasts that 2026 will mark the beginning of a new era for AI terminals, with major tech companies expected to launch innovative products. The integration of AI into consumer electronics is anticipated to create new market opportunities [9][18].

证券代码：002532 证券简称：天山铝业 公告编号：2025-097 天山铝业集团股份有限公司 关于完成工商变更登记并取得新营业执照的公告 类型：其他股份有限公司（上市） 成立日期：1997年11月03日 注册资本：肆拾陆亿伍仟壹佰捌拾捌万伍仟肆佰壹拾伍元整 住所：新疆石河子市开发区北工业园区北二三路1号 一、本次变更的基本情况 天山铝业集团股份有限公司（以下简称"公司"）分别于2025年12月2日、2025年12月18日召开了第六届 董事会第十九次会议、2025年第三次临时股东会，审议通过了《关于变更公司住所并修订〈公司章程〉 的议案》，同意公司将住所由"浙江省温岭市大溪镇大洋城工业区"变更为"新疆石河子市开发区北工业 园区北二三路1号"，并对《公司章程》的相关条款进行修订，修订后的条款以主管市场监督管理局核准 的为准。详情请见公司于2025年12月3日、2025年12月19日在巨潮资讯网（http：//www.cninfo.com.cn） 上披露的《第六届董事会第十九次会议决议公告》（公告编号：2025-091）《关于修订《公司章程》的 公告》（公告编号：2025-093）《2025年第三次临时股东会决 ...

Core Viewpoint - The article highlights the increasing environmental risks faced by listed companies in China, emphasizing the importance of transparency in environmental information and the potential impact on investors [4][6][12]. Group 1: Environmental Violations and Penalties - A total of 9 listed companies have recently been exposed to environmental risks, with 91.01 million shareholders potentially affected by these issues [5][8]. - Jianfa Heceng (SH603909) was fined three times within a month for noise pollution due to construction activities in noise-sensitive areas, totaling 28 million yuan [6][9]. - Zhejiang Construction Investment (SZ002761) was fined 200,000 yuan for illegally dumping construction waste [10]. - Nankuang Group (SZ001360) was penalized 100,000 yuan for improper storage of hazardous waste [11]. Group 2: Regulatory Framework and Public Awareness - The article discusses the evolution of environmental information disclosure in China, highlighting the legal framework that supports public access to environmental data [12]. - The increasing emphasis on ESG (Environmental, Social, and Governance) factors in investment decisions is noted, indicating a shift towards sustainable business practices among listed companies [11][12].

证券日报网12月19日讯顺博合金（002996）在回答调研者提问时表示，2025年安徽顺博一期40万吨铸造 铝合金产能释放，成功实现产能爬坡，进一步扩大了公司产能规模效应，带动了集团产品销量同比增 长。截至2025年三季度末，项目累计产能利用率86.54%。 ...

Report Overview This is a futures research report from Baocheng Futures, providing daily arbitrage data for various commodities on December 15, 2025. It covers multiple sectors including thermal coal, energy and chemicals, black metals, non-ferrous metals, agricultural products, and stock index futures. 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View The report presents detailed historical data on the basis, inter - period spreads, and inter - commodity spreads of different futures commodities, aiming to offer reference for market participants in analyzing price relationships and potential arbitrage opportunities among various futures contracts. 3. Summary by Commodity Category Thermal Coal - **Basis Data**: From December 8 to December 12, 2025, the basis of thermal coal was -22.4, -32.4, -40.4, -48.4, -56.4 yuan/ton respectively [2]. Energy and Chemicals - **Energy Commodities**: Data on basis, price ratios, and other indicators for fuel oil, crude oil, and asphalt are provided, such as the basis of INE crude oil on December 8, 2025, being 9.43 yuan/ton [7]. - **Chemical Commodities** - **Basis**: From December 8 to December 12, 2025, the basis of rubber was -365, -285, -365, -285, -280 yuan/ton respectively; for methanol, it was 11, 29, 42, 51, 40.5 yuan/ton respectively [9]. - **Inter - period Spreads**: For example, the 5 - month minus 1 - month spread of rubber was -20 yuan/ton, and the 9 - month minus 1 - month spread was -40 yuan/ton [10]. - **Inter - commodity Spreads**: On December 12, 2025, the LLDPE - PVC spread was 2276 yuan/ton, and the LLDPE - PP spread was 375 yuan/ton [10]. Black Metals - **Inter - period Spreads**: For example, the 5 - month minus 1 - month spread of rebar was -13 yuan/ton, and the 9 - month (10) minus 1 - month spread was 20 yuan/ton [19]. - **Inter - commodity Spreads**: On December 12, 2025, the rebar/iron ore ratio was 4.04, and the rebar/coke ratio was 20480 [19]. - **Basis**: From December 8 to December 12, 2025, the basis of rebar was 137, 161, 183, 181, 190 yuan/ton respectively [20]. Non - ferrous Metals - **Domestic Market Basis**: From December 8 to December 12, 2025, the basis of copper was -590, 730, -10, 170, -620 yuan/ton respectively [28]. - **London Market**: On December 12, 2025, the LME copper premium/discount was 20.69, and the Shanghai - London ratio was 7.92 [33]. Agricultural Products - **Basis**: From December 8 to December 12, 2025, the basis of soybean No.1 was -65, -69, -141, -153, -118 yuan/ton respectively [38]. - **Inter - period Spreads**: For example, the 5 - month minus 1 - month spread of soybean No.1 was 25 yuan/ton, and the 9 - month minus 1 - month spread was 32 yuan/ton [38]. - **Inter - commodity Spreads**: On December 12, 2025, the soybean No.1/corn ratio was 1.85, and the soybean oil/soybean meal ratio was 2.89 [38]. Stock Index Futures - **Basis**: On December 12, 2025, the basis of CSI 300 was 6.95, and the basis of SSE 50 was 7.84 [49]. - **Inter - period Spreads**: The next - month minus current - month spread of CSI 300 was -172, and the next - quarter minus current - quarter spread was -440 [49].

Group 1: Market Overview - The overall sentiment in the Hong Kong stock market improved, with all three major indices closing higher. The Hang Seng Index rose by 0.42%, the Hang Seng China Enterprises Index increased by 0.2%, and the Hang Seng Tech Index gained 0.48% [2] - The total market turnover was approximately HKD 193.4 billion, with short selling on the main board amounting to about HKD 33.2 billion, representing an increase to approximately 21.93% of the total turnover of shortable stocks [2] - Southbound capital flow remained weak, with a net outflow of approximately HKD 1 billion from northbound trading [2] Group 2: Sector Performance - The property sector performed well, with Vanke Enterprises (2202.HK) reportedly meeting with onshore bondholders to propose three plans to avoid debt default, leading to a surge of over 13% in its stock price [2] - Other property stocks such as Sunac China (1918.HK) and China Jinmao (817.HK) also recorded significant gains, driven by increased investor confidence in fiscal policy support for stabilizing the housing market [2] - The consumer sector showed active performance, with stocks in home appliances, holiday concepts, and sports goods rising, indicating ongoing investor interest in domestic demand recovery [2] Group 3: Company Analysis - Bosideng (3998.HK) - Bosideng's revenue for the first half of the fiscal year ending September 30, 2025, was HKD 8.928 billion, a year-on-year increase of 1.4%, while net profit attributable to shareholders was HKD 1.189 billion, up 5.3% year-on-year, with a gross margin increase of 0.1 percentage points to 50.0% [6] - The brand's down jacket business saw revenue growth of 8.3% to HKD 6.568 billion, although gross margin declined by 2.0 percentage points to 59.1% due to faster growth in distribution channels compared to self-operated channels [7] - The women's wear segment experienced a decline in revenue by 18.6% to HKD 251 million, with a gross margin decrease of 1.9 percentage points to 59.9% due to a persistently sluggish market environment [8] Group 4: Investment Outlook - The company continues to focus on its main business and brand, with expectations for strong performance in the upcoming peak season. The forecasted EPS for the fiscal years 2026-2028 is HKD 0.35, 0.38, and 0.43 respectively, with a target price of HKD 6.0, maintaining a "Buy" rating [8]

Market Overview - The A-share market showed mixed performance on December 10, with the Shanghai Composite Index down 0.23% and the Shenzhen Component Index up 0.29% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.78 trillion yuan, a decrease of over 120 billion yuan compared to the previous day [1] Sector Performance - The real estate sector saw a significant rebound, with the only ETF tracking the CSI 800 Real Estate Index (159707) rising by 3.73%, leading the market [1][5] - The non-ferrous metals sector was also active, with the Non-Ferrous Metals Leading ETF (159876) increasing by 1.11% [1][6] - The agriculture, animal husbandry, and fishery sector experienced a surge, with the corresponding ETF (159275) rising by 1.03% [1] - The AI industry chain continued to perform well, with the AI ETF (159363) reaching a new high [1] - The commercial aerospace concept stocks were active, with the Defense and Military Industry ETF (512810) closing up 0.85%, marking a near one-month high [1][14] Economic Indicators - The National Bureau of Statistics reported that the Consumer Price Index (CPI) in November decreased by 0.1% month-on-month but increased by 0.7% year-on-year, marking the highest level in 21 months [2] - The increase in CPI was attributed to reduced tailing factors and rising food prices, indicating a steady recovery in demand [2] Future Outlook - Guotai Junan Securities predicts that the Chinese stock market may enter a new upward phase, with a window for policy, liquidity, and fundamentals to resonate from December to February [3] - Galaxy Securities maintains a long-term positive outlook for the A-share market, citing regulatory adjustments that will release more insurance funds into the market [4] Investment Strategies - Citic Securities suggests that 2026 may be a critical year for real estate companies to repair their balance sheets, recommending a focus on core areas and quality properties [6] - The Non-Ferrous Metals Leading ETF (159876) has seen significant net inflows, reflecting investor confidence in the sector's future performance [6][7] - The Defense and Military Industry ETF (512810) is highlighted as a key investment tool, covering various themes including commercial aerospace and low-altitude economy [18]

每经AI快讯，斯瑞新材（SH 688102，收盘价：27.32元）12月10日晚间发布公告称，公司第四届第七次 董事会会议于2025年12月9日在公司4楼会议室以现场结合通讯的方式召开。会议审议了《关于注销2023 年股票期权激励计划预留授予部分股票期权的议案》等文件。 2024年1至12月份，斯瑞新材的营业收入构成为：有色金属冶炼及压延加工占比85.86%，金属制品占比 7.72%，其他业务占比6.42%。 截至发稿，斯瑞新材市值为211亿元。 每经头条（nbdtoutiao）——最新1520元，飞天茅台批价两年跌了43%，经销商躺赢神话破灭，当潮水 退去谁在裸泳？ （记者 王瀚黎） ...

Group 1 - The core point of the article is that Baowu Magnesium Industry (SZ 002182) held its 13th meeting of the 7th board of directors on December 9, 2025, to review proposals including the increase of daily related transaction limits for 2025 [1] - For the first half of 2025, Baowu Magnesium's revenue composition shows that non-ferrous metal smelting and rolling processing accounted for 97.17%, while other businesses made up 2.83% [1] - As of the report date, Baowu Magnesium's market capitalization is 13.8 billion yuan [1]