（记者 曾健辉） 每经头条（nbdtoutiao）——秒光！1499元飞天茅台上线即空，i茅台App冲上苹果购物榜第一，10万用 户已下单！经销商同价做回馈，1000箱很快卖完 每经AI快讯，生益科技1月5日晚间发布公告称，广东生益科技股份有限公司持股5%以上股东伟华电子 有限公司拟参与公司本次可交债项下的第一期发行，拟参与认购本期发行的金额不超过人民币5亿元， 最终获配金额根据发行结果确定、以本期发行簿记管理人的书面通知为准。 ...

梯度培育筑牢根基 "十四五"时期，浙江深入推进"凤凰行动"计划升级版，构建起"储备一批、培育一批、股改一批、辅导 一批、申报一批、上市一批"的全链条梯度培育体系，让不同发展阶段的企业都能找到对接多层次资本 市场的路径，着力打造培育壮大新兴产业、前瞻布局未来产业的重要策源地、上市公司高质量发展的重 要试验区。 "十四五"时期，浙江辖区（不含宁波，下同）新增境内IPO上市公司192家，居全国第二。上市公司总数 从425家增加至607家，居全国第二；上市公司总市值从2020年末的5.51万亿元增长到2025年12月末的 7.54万亿元，增长36.8%。值得一提的是，境内上市公司的县域覆盖率进一步扩大，从"十三五"末期的 71%大幅提升至85%，其中山区海岛县覆盖率从54%提升至68%。 风劲潮起处，奋楫争先时。"十四五"时期，浙江资本市场紧扣高质量发展主线，以"凤凰行动"计划为牵 引，在企业培育、产业赋能、生态优化等方面实现跨越式发展，走出了一条规模与质量双升的高质量产 业升级之路。 作为中国资本市场的重要增长极与组成部分，浙江资本市场上市公司群体庞大、新兴产业占比高，多元 资本服务生态协同模式成熟，债券、REIT ...

Group 1: Company Research - Fengyan Investment recently conducted research on Hongyang, noting that the price increase of core products in Q1 led to performance growth [1] - Major products such as Paraquat, Glyphosate, Chlorantraniliprole, and L-Glufosinate saw price increases, with Chlorantraniliprole's price recovering from 480,000 yuan/ton to 220,000 yuan/ton [1] - The company adheres to strict safety production regulations and environmental standards, with a biomass ethanol project in Yunnan having obtained approval for an annual production capacity of 100,000 tons [1] Group 2: Company Overview - Beijing Fengyan Investment Management Co., Ltd. was established on May 18, 2015, and has registered as a private securities investment fund manager [2] - As of the end of 2020, the company managed over 4 billion yuan across 14 funds, primarily funded by state-owned enterprises and financial institutions [2] - The company focuses on convertible bonds, exchangeable bonds, and other hybrid investment products, aiming to provide stable and high-cost performance investment returns [2] Group 3: Core Competencies - The company has extensive risk identification experience and strong project channel resources, having deepened cooperation with large state-owned enterprises and financial institutions [2] - A convertible bond scoring system has been established to effectively identify investment risks and values, with representative products achieving annualized returns exceeding 20% [2] - The core team has a background in various financial institutions, allowing for the creation of customized products and personalized services to quickly seize market investment opportunities [2]

Core Viewpoint - The recent issuance of A-shares by Shanghai Waigaoqiao Group marks the first instance of bank wealth management funds directly participating in listed companies' private placements, opening new pathways for bank wealth management funds to enter the market [1][2]. Group 1: Market Dynamics - The participation of bank wealth management funds in private placements is seen as a way to deepen collaboration between wealth management companies and listed firms, allowing investors to indirectly engage in these projects and effectively addressing the bottlenecks for medium- and long-term funds entering the market [1]. - Regulatory reforms in 2024 have accelerated the entry of medium- and long-term funds into the market, with several government departments clarifying that public funds, commercial insurance funds, and bank wealth management can participate as strategic investors in private placements [2]. - As of the first quarter of 2025, the total number of wealth management products in the market reached 40,600, with a total scale of 29.14 trillion yuan, reflecting a year-on-year increase of 9.41% [2]. Group 2: Challenges and Considerations - Private placement projects typically involve long lock-up periods and low liquidity, which pose higher requirements for wealth management funds [3]. - Wealth management companies face challenges such as the mismatch between the long lock-up periods of private placements and the predominantly short- to medium-term nature of wealth management products in the market [3]. - Effective post-investment management is crucial, requiring wealth management managers to monitor risks dynamically, implement hedging mechanisms, and regularly disclose information to investors [3].