证券日报网讯1月5日，安孚科技（603031）在互动平台回答投资者提问时表示，公司始终明确以实业经 营为核心的发展定位，坚持将产业深耕作为长远发展的根基。在战略推进过程中，公司一方面将继续做 大做强南孚电池主营业务，通过内生优化与外延整合不断提升其产业竞争力，夯实持续发展的基础；另 一方面，在开拓第二曲线的过程中，公司依托多年积累的实业经验与行业洞察，以审慎研判为基础开展 布局，通过投资、并购和共同开发等方式赋能实体业务拓展，力求在把握产业机遇的同时做好风险管 控，实现稳健增长。公司始终致力于成为以实业为体、以资本为用的产业经营者，未来将在聚焦主业与 探索新方向之间动态优化资源配置，推动公司实现高质量发展，切实回报投资者信任。 ...

作 者：刘溪 来 源：正和岛（ID：zhenghedao） 海洋最深处的马里亚纳海沟，-11000米，可以轻松吞没整座珠穆朗玛。 从海面一路向下，当阳光消失，微生物形态没变，却从吸光者变成了发光者。当深海压力增至千倍以上，鱼还是鱼，但骨头已悄悄进化至半透明。 深海的考验，只留给进化出系统性差异的深潜者。 商业社会也一样。 回看那些穿越时代风浪的企业：当外形的差异被压力碾平，胜出的是具有内在差异的企业。 ABB的变频器与其他品牌看起来并无二致，却是众多国家顶尖项目的必选项；卡尔·蔡司的镜片在外观上并不奇特，却能得到达尔文、爱因斯坦的偏爱。 正是相似背后的"不一样"，让这些企业穿越周期。 南孚的37年，正是一场同样的商业深潜。 如果没有南孚，中国电池市场很可能已同胶卷市场一样，成为美国品牌的天下。而南孚通过产品和技术创新市场份额逐年攀升，使金霸王等一众国际品牌 份额低至个位数，甚至直接退出中国市场。 价值和认知差异——"聚能环"的心智战场 当一节电池被国家标准锁死直径与高度，市场竞争，就从产品表面的差异，潜入了用户心智差异的深海。 段永平说：差异化的本质从不是"不同"，而是回归用户价值、解决真实的问题。苹果卖的不 ...

作者：顺安 中国家庭的抽屉里，往往有许多"压箱底"的储备，如：针线、胶带、医用品等。 当然也少不了各种型号的电池。如果仔细回忆一下，你会发现，这些电池的品牌竟会惊人地一致。 这就是"一节更比六节强"的南孚电池。 不约而同的选择背后，其实隐藏着一节南孚的"中国式信任"。 从客厅到车库，南孚电池的"中国式信任" 在中国家庭的角落，你可能都见过一抹熟悉的金色。 从小朋友的玩具车到父母的血氧仪，再从玄关的智能门锁到客厅的电视遥控器，一节小小的南孚电池似乎无处不在。 这种不可或缺的背后，源于实打实的耐用体验，一节南孚，"服役"于无线鼠标、玩具车、电子钢琴、电子秤和电视遥控器，依然电力充沛，值得信赖。 南孚，早已经成为 "靠谱耐用"家用电池的代名词。 南孚聚能环系列链接着无数家庭的记忆，如今，已升级至第5代，聚能环5代凭借突破性的立体扩容技术，实现了电池容量的大幅提升，刷新用户对电池耐用 性认知的同时，赢得了更多用户的认可。 这种认可并非来自华丽营销的造势，而是源于千万家庭日复一日的耐用见证。 在社交平台上，不少用户分享其使用的经历。"我家智能门锁换了三次电池，只有南孚撑过一年，其他两个月就报警低电量。" （图片来源：微 ...

Investment Rating - The report maintains a positive outlook on the paper and light industry sectors, highlighting high dividend safety margin assets and companies with strong growth potential [1][2]. Core Insights - The report emphasizes the importance of focusing on high dividend safety margin assets in the packaging and home furnishing sectors, benefiting from the appreciation of the RMB and the expected decrease in paper procurement costs [2][4]. - It identifies key companies in the packaging sector such as Yongxin Co., Yutong Technology, Huawang Technology, and Meiyingsen, as well as home furnishing leaders like Kuka Home, Mousse, Oppein, and Sophia [2][4]. - The paper industry is expected to benefit from rising wood pulp prices and seasonal demand, with companies like Sun Paper, Nine Dragons Paper, and Bohui Paper being highlighted for their potential [2][4]. - The report also discusses the export sector, noting the impact of RMB appreciation and the importance of supply chain and brand expansion for companies like Jiangxin Home, Yongyi Co., Jiayi Co., and Zhongxin Co. [2][4]. Summary by Sections Packaging Sector - The packaging industry is characterized by a mature competitive landscape, with leading companies reducing capital expenditures and demonstrating advantages in overseas markets [5][6]. - Yongxin Co. is noted for its stable high dividend policy and strong performance in soft packaging and film business, with a dividend rate of 84% to 81% from 2020 to 2024 [5]. - Yutong Technology has expanded its global supply chain, enhancing its operational efficiency and increasing its dividend rate to 70% by 2025 [6]. - Huawang Technology is positioned well in the decorative paper market, with expectations of improved profitability due to limited new supply and rising demand [7]. - Meiyingsen is recognized for its strategic overseas expansion and high dividend yield, with a focus on emerging markets [8]. Home Furnishing Sector - The home furnishing industry is experiencing accelerated consolidation, with a positive outlook driven by supportive real estate policies and improving consumer confidence [9][10]. - Companies like Kuka Home and Sophia are expected to benefit from the increasing demand for home renovation and the implementation of "old-for-new" policies [10][23]. - The report highlights the importance of retail capabilities and supply chain improvements for companies to enhance their market share and profitability [23][24]. Paper Industry - The paper industry is anticipated to see a recovery in demand and pricing, supported by strong control over production by overseas pulp mills [11][13]. - Companies such as Sun Paper and Nine Dragons Paper are expected to benefit from the stabilization of pulp prices and improved supply-demand dynamics [11][13]. - The report notes that the industry has been at a low point for several years, but a mid-term recovery is expected as demand gradually increases [11][13]. Export Sector - The export sector is influenced by the global economic environment, with a focus on companies that are expanding their international presence and brand recognition [14][15]. - Jiangxin Home is noted for its innovative product offerings and strong growth in customer numbers, while Yongyi Co. is positioned to capitalize on the growing demand for ergonomic chairs [15][16]. - Jiayi Co. is recognized for its strategic expansion in the insulated cup market, while Zhongxin Co. is highlighted for its growth potential in the pulp molding sector [16][17]. Pet Products Sector - The pet products sector is experiencing robust growth, with companies like Yiyi Co. and Yuanfei Pet benefiting from strong export performance and brand development [18]. - Yiyi Co. is expected to see significant revenue growth due to its acquisition strategy and strong sales performance [18]. - Yuanfei Pet is noted for its rapid growth in the domestic market and expansion of its product offerings [18]. Light Industry Sector - The report emphasizes the importance of monitoring changes in the light industry, with companies like Anfu Technology and Jianlin Home focusing on strategic acquisitions and technological advancements [19][20]. - Anfu Technology is expected to enhance its profitability through increased ownership in Nanfeng Battery and expansion into new business areas [19]. - Jianlin Home is transitioning towards smart robotics, leveraging its existing technology and market position [20].

（文章来源：证券日报） 证券日报网讯 12月5日，安孚科技在互动平台回答投资者提问时表示，公司在各期定期报告及公告中披 露的财务数据均严格遵守企业会计准则及信息披露相关规定，所关注的数据差异，主要是由于披露口径 不同所致：在安孚科技2022年年度报告中，所披露的南孚电池营业收入37.13亿元，为南孚电池主体及 其控股子公司合并报表口径的营业收入；而在亚锦科技2022年年度报告中，所披露的南孚电池营业收入 23.59亿元，为南孚电池单体报表口径的营业收入。两者均真实、准确，差异原因在于统计范围不同。 ...

华安证券 在"三地一区"建设的时代画卷上，华安证券以金融为笔，秉持"江淮潮涌奋楫先"的进取精神，既是区域 资本市场的"建设者"，也是产业升级的"合伙人"。从"三投联动"伴随企业全周期成长，到创新"基金+招 商"模式打造新兴产业聚集地，华安证券始终与国家战略同频、与安徽发展同向、与产业升级共进，在 服务实体经济中，尽显资本担当、金融力量。 扎根江淮大地，服务发展大局。面向"十五五"，华安证券奋进在路上…… 合肥市骆岗公园。 新华社图 "基金丛林"战略 截至目前，华安证券全资子公司华安嘉业累计管理基金33只，认缴规模超330亿元，实缴规模超200亿 元。公司通过管理基金及子基金共计投资项目近250个,投资金额近200亿元，共助力15家企业进入资本 市场，引入招引项目超40家，落地金额近300亿元 "三投联动"打法 "三投联动"是华安证券近年来部署科技金融的创新打法，即"投资引领，投行驱动，投研贯穿"，产业投 资给资金、产业投行帮上市、产业投研出主意。目前已累计摸排专精特新"小巨人"等企业超千家，储备 后备项目百余项 今日安徽，发展气势如虹。 这里是长三角一体化、长江经济带与中部崛起三大国家战略的交汇区。当前，安徽 ...

Core Viewpoint - The article discusses the integration of major securities firms led by CICC, highlighting its industry strength and the historical relationship between CICC and the investment firm Dinghui, particularly through the case study of Nanfu Battery [1][3][6]. Group 1: CICC and Industry Dynamics - CICC, despite losing several key figures this year, continues to lead the integration of securities firms, demonstrating its strength and position in the industry [2][3]. - The integration of CICC, Dongxing Securities, and Xinda Securities may signify a trend towards consolidation in the securities industry, following the previous merger of Guotai Junan and Haitong [1]. Group 2: Dinghui Investment and Nanfu Battery - Dinghui Investment, established in 1995 as CICC's direct investment department, has a long-standing relationship with Nanfu Battery, which dates back over 20 years [6][8]. - The history of Nanfu Battery includes its establishment in 1988 through a joint venture, and by 1999, it had achieved a 50% market share globally, prompting the Fujian government to consider its listing [12][14]. - CICC was invited by the Fujian government in 1999 to help facilitate Nanfu's potential listing, involving international investors like Morgan Stanley and the Singapore Government Investment Corporation [15][16]. Group 3: Acquisition and Sale of Nanfu Battery - Dinghui sold Nanfu Battery to Gillette in 2003 after initially acquiring it through a joint venture, which led to a series of challenges for the brand under foreign ownership [19][20]. - Under Gillette and later Procter & Gamble, Nanfu faced restrictions on exports and was forced to shift its sales strategy, which negatively impacted its development [22][23]. - In 2014, Dinghui reacquired Nanfu Battery for $580 million after Procter & Gamble decided to divest non-core brands, marking a significant turnaround for the company [26]. Group 4: Financial Maneuvering and Challenges - Following the reacquisition, Dinghui attempted to facilitate Nanfu's listing through a series of complex financial maneuvers involving the establishment of a shell company, which ultimately faced setbacks [30][33]. - The valuation of Nanfu Battery significantly decreased over the years, with a 2021 acquisition valuing it at approximately 5.5 billion yuan, compared to previous valuations of 10.7 billion and 14 billion yuan in 2017 and 2018 respectively [38]. Group 5: Key Figures in Nanfu's History - Two key figures, Chen Laimao and Cai Yunqi, played crucial roles in advocating for Nanfu's interests during its tumultuous years under foreign ownership, with Chen being a founding member and former chairman [41][42]. - Cai Yunqi, as a manager at the employee stockholding platform, was instrumental in legal actions against Gillette and Procter & Gamble to protect Nanfu's brand and market position [42].

Core Viewpoint - In 2025, the market supervision departments in Qinghai Province are actively combating trademark infringement, particularly in areas with high occurrences of counterfeit products, to ensure a safer consumer environment [2] Group 1: Daily Consumer Goods Trademark Infringement Cases - Case 1: A supermarket was found selling counterfeit "Nanfu" batteries, with a total value of 342 yuan and illegal gains of 108 yuan. The offender was fined 2,000 yuan and had all counterfeit batteries confiscated [3] - Case 2: A supermarket sold counterfeit "Yunnan Baiyao" toothpaste, resulting in a fine of 500 yuan and confiscation of 7 boxes of toothpaste. This case highlights the importance of consumer reports in identifying infringements [4] - Case 3: A supermarket was penalized for selling counterfeit "Hai Fei Si" shampoo, with illegal gains of 22 yuan. The offender was fined 500 yuan [7] Group 2: Alcohol Trademark Infringement Cases - Case 4: A wholesale store was found selling counterfeit "Wuliangye" and "Jian Nan Chun" liquor, with a total value of 5,640 yuan. The offender was fined 10,000 yuan [5] - Case 5: A store was penalized for selling counterfeit "Moutai" liquor valued at 21,000 yuan, resulting in a fine of 21,000 yuan [6] Group 3: Clothing and Footwear Trademark Infringement Cases - Case 6: A clothing store was found selling 454 pairs of counterfeit "Nike," "Adidas," and "Puma" shoes, valued at 50,000 yuan. The offender was fined 2,000 yuan [10] - Case 7: A store was found with 6 pairs of counterfeit "Nike" shoes, but due to the owner's lack of knowledge and minor violation, no fine was imposed, only confiscation of the goods [11] Group 4: Industrial Products Trademark Infringement Cases - Case 8: A company was penalized for selling 100 barrels of counterfeit "Zhigao" engine oil, with a total value of 25,000 yuan, and fined 75,000 yuan [12] Group 5: Production and Packaging Trademark Infringement Cases - Case 9: A biotechnology company was found producing counterfeit "Dahai" brand packaging materials, with a total value of 17,800 yuan. The company was fined 25,000 yuan [14] Overall Impact - In 2025, the market supervision departments in Qinghai Province demonstrated a comprehensive approach to trademark enforcement, emphasizing a balance of strict penalties and educational measures to enhance awareness of intellectual property rights among market participants [2][14]

Core Viewpoint - Anfu Technology plans to acquire a 6.7402% stake in Anhui Anfu Energy Technology Co., Ltd. for 304 million yuan, increasing its ownership in the core asset, Nanfu Battery, from 39.09% to 41.91% [1] Group 1: Acquisition Details - This acquisition marks the third purchase of Anfu Energy by Anfu Technology in over a year, following previous acquisitions of 31% and 8.09% stakes for 1.152 billion yuan and 276 million yuan respectively [1] - The total equity valuation of Anfu Energy is assessed at 4.505 billion yuan, reflecting an increase of 308 million yuan or 7.34% from the previous restructuring valuation of 4.197 billion yuan [1] - The increase in valuation is attributed to cash dividends of 326 million yuan received from Yajing Technology, with the company stating that the transaction valuation is slightly lower than the previous restructuring when excluding cash dividends [1] Group 2: Financial Performance and Concerns - Anfu Technology's sales expense ratio remains high at 17.2% for the first three quarters of 2025, up 0.6 percentage points year-on-year, significantly exceeding the industry average [2] - As of September 30, 2024, the company's goodwill stands at 2.906 billion yuan, accounting for 42% of total assets, primarily from the high-premium acquisition of Yajing Technology [2] - There are concerns regarding discrepancies between revenue forecasts and actual performance, with a 263 million yuan overestimation in the 2022 acquisition of Yajing Technology [2] Group 3: Investment Risks - Anfu Technology faces investment risks, particularly with its investment in Shenzhen Pengbo Industrial Group, which has significant delisting risks, and this investment has been impaired to zero [2] - The actual controllers of Anfu Technology have committed to a cumulative net profit of no less than 1.05 billion yuan for Anfu Energy from 2024 to 2026, but the coverage of this commitment is low [3] - In the August acquisition, the maximum compensation amount accounted for 77.92% of the total transaction price, leaving some risks uncovered [4] Group 4: Future Outlook - Anfu Technology expresses confidence in stable cash dividends from Nanfu Battery and Yajing Technology, with dividends of 265 million yuan, 326 million yuan, and 230 million yuan expected for 2023, 2024, and the first half of 2025 respectively [4] - However, the combination of high valuations, elevated expenses, and investment risks raises questions about the company's ability to achieve sustained growth through this acquisition [4]

Group 1 - First Capital's wholly-owned subsidiary, Yi Chuang Investment Bank, has been investigated by the China Securities Regulatory Commission (CSRC) for failing to diligently supervise the 2019 convertible bond project of Hongda Xingye [1] - Baichuan Energy plans to invest 215 million yuan to acquire a 22.86% stake in Xi'an Zhongke Optoelectronics, a high-tech company engaged in the research and production of embodied intelligent robots [2] - Insai Group has decided to terminate its major asset restructuring plan due to changes in the external environment, which involved acquiring 80% of Zhizhe Tongxing Brand Management Consulting [3] Group 2 - CICC has elected Wang Shuguang as the vice chairman of the company, effective immediately [4] - Anfu Technology intends to acquire a 6.7402% stake in Anfu Energy for 304 million yuan, increasing its ownership in the company from 39.09% to 41.91% [5] - Time Space Technology's stock has seen a significant increase of 198.04% since September 2025, with a recent trading risk warning due to high turnover rates [6] Group 3 - Tianhua New Energy has signed a share transfer agreement with CATL to transfer 12.95% of its shares for a total consideration of 2.635 billion yuan, which will optimize the company's shareholder structure [7] - Huaxin Cement will change its stock abbreviation to "Huaxin Building Materials" starting November 6, 2025, while maintaining its stock code [8][9] - Berry Genomics has received a medical device registration certificate for its third-generation sequencing platform, Sequel® II CNDx, which is the first of its kind approved for clinical use [10] Group 4 - Zhongchuang Environmental Protection has decided to terminate its plan to issue shares to specific investors due to changes in market conditions [11] - Qingyue Technology has been investigated by the CSRC for suspected false reporting of financial data, which could lead to significant penalties [12] - Best Beauty's actual controller is under investigation by the CSRC for failing to fulfill mandatory acquisition obligations and information disclosure violations [13] Group 5 - Lanke High-tech plans to adjust its major asset restructuring plan to acquire 51% of China Air Separation for cash, which will optimize its asset structure [14] - Jintian Co. intends to invest 60 million yuan to establish an industrial fund in partnership with Zhejiang Fuhua Ruiyin Investment Management [15] - Dongfang Risen has received an administrative regulatory decision from the Ningbo Securities Regulatory Bureau for failing to disclose significant events in a timely manner [16] Group 6 - Gongjin Co. will change its controlling shareholder to Tangshan Industrial Control Group, with stock resuming trading on November 3, 2025 [17][18] - Taifu Pump Industry has terminated its plan to acquire a minimum of 51% of Nanyang Huacheng due to a lack of consensus on the final transaction plan [19] Group 7 - Wanhua Chemical has completed a share reduction plan, reducing its holdings by approximately 17 million shares, totaling 1.115 billion yuan [20] - Microchip Biotech plans to repurchase shares worth between 10 million and 15 million yuan to support employee stock ownership plans [20] - Hopu Co. has signed a 520 million yuan procurement contract for a storage system with China Energy Construction Group [21] - Hongying Intelligent has signed a 616 million yuan total contract for a storage power station project, which is expected to positively impact future business performance [21]