纵观2025年，中国积极对接国际高标准经贸规则，扩大服务业开放，外资准入负面清单进一步缩短，开 放环境持续优化。 新华财经北京12月29日电 （记者任军、有之炘、柴婷）高水平开放是促进中国与世界互利合作的"推进 器"。 日前召开的中央经济工作会议把"坚持对外开放，推动多领域合作共赢"确定为明年我国经济工作的重点 任务之一。 记者在调研中感受到，中国经济增长新动能不断涌现，外资抢抓高质量发展新机遇加码中国，外贸主体 创新求变增强韧性。制度型开放稳步推进，为"引进来"与"走出去"注入更多活力，中国和世界双向奔 赴，共创发展新机遇。 加快向新攀高为投资中国打开新空间 江苏如皋，瑞典重卡品牌斯堪尼亚的工业生产基地内，数十名来自中瑞等国的工程师正紧锣密鼓开发测 试重卡产品。 "中国在电气化、智能网联等领域的技术优势和研发速度能帮助斯堪尼亚更快实现创新突破。"斯堪尼亚 亚洲研发负责人索尼娅·埃德斯托说，"我们在中国三地设有研发中心，工程师超600人，精准响应中国 市场需求，并推动中国创新方案反哺全球。" 拜耳、阿斯利康、保时捷、强生……今年以来，越来越多跨国企业将中国视为全球创新的试验场、应用 场、利润场，将规模庞大的研 ...

新华社北京12月29日电 题：开放合作互利共赢，中国为世界带来新机遇 新华社记者任军、有之炘、柴婷 高水平开放是促进中国与世界互利合作的"推进器"。 纵观2025年，中国积极对接国际高标准经贸规则，扩大服务业开放，外资准入负面清单进一步缩 短，开放环境持续优化。 在山西阳泉，西格里泉海高新材料（山西）有限公司正全力赶工特种石墨这一拳头产品。"石墨广 泛应用于芯片、航空航天等产业。这些产业在中国蓬勃发展，为企业开辟了崭新发展空间。"总部位于 德国的西格里碳素集团石墨材料生产运营负责人米沙说。 日前召开的中央经济工作会议把"坚持对外开放，推动多领域合作共赢"确定为明年我国经济工作的 重点任务之一。 记者在调研中感受到，中国经济增长新动能不断涌现，外资抢抓高质量发展新机遇加码中国，外贸 主体创新求变增强韧性。制度型开放稳步推进，为"引进来"与"走出去"注入更多活力，中国和世界双向 奔赴，共创发展新机遇。 加快向新攀高 为投资中国打开新空间 江苏如皋，瑞典重卡品牌斯堪尼亚的工业生产基地内，数十名来自中瑞等国的工程师正紧锣密鼓开 发测试重卡产品。 "中国在电气化、智能网联等领域的技术优势和研发速度能帮助斯堪尼亚更快实现 ...

在赤峰市宁城县天义镇中京工业园区，国家级专精特新"小巨人"企业——内蒙古京航特碳科技有限 公司生产正忙。企业生产的特种石墨产品广泛用于航空航天、光伏等领域，远销海外。随着产能扩张， 该企业原材料采购资金压力加大。中信银行赤峰分行依托"四张清单"精准识别企业需求，快速组建服务 团队，量身定制融资方案，最终核定2000万元综合授信并于9月末全部投放，有力支撑企业稳产扩能。 在精准金融服务支持下，赤峰市科技型企业展现出强劲活力。今年以来，全市已累计公示入库科技型中 小企业320家。其中，首次申请入库企业114家，地方创新活力持续增强。 开辟"多元渠道" 拓宽科创融资路径 内蒙古嘉宝仕生物科技股份有限公司是内蒙古自治区级专精特新企业、新三板挂牌企业，主要从事 农药原药与制剂研发。随着生产规模扩大，资金需求快速增长，但企业融资压力也更为凸显。在了解企 业困难后，兴业银行赤峰分行与赤峰恒德担保公司协同创新，推出"兴速贷—银担科创贷"专项产品，构 建起"政府部门组织+银行风控+担保增信+知识产权质押"四位一体服务机制，打破传统融资模式下的增 信难题。运用该机制，兴业银行赤峰分行成功为内蒙古嘉宝仕生物科技股份有限公司投放了3 ...

Core Viewpoint - Jiangxi Ningxin New Materials Co., Ltd. announced the release and re-pledging of shares by its controlling shareholder, which may pose a risk of change in control but will not affect the company's operations [1][3]. Group 1: Share Pledge Details - The controlling shareholder, Deng Daqin, released 2,000,000 shares from pledge, which accounts for 23.71% of his holdings and 2.15% of the company's total shares [1]. - The shares were initially pledged on April 17, 2025, to Fengxin State-owned Assets Investment Group Co., Ltd., and are now re-pledged to secure a loan with an extended repayment period until April 10, 2026 [2][3]. - The company clarified that the pledgee and the pledgor do not have any related party relationship, and the pledge registration has been completed [3]. Group 2: Financial Performance - As of the end of September 2023, the company reported total revenue of approximately 150 million yuan, a year-on-year decrease of 48.30%, and a net loss attributable to shareholders of 108 million yuan, a year-on-year increase of 113.14% [3]. - The company's stock has increased by 43.96% in 2025, with a current market capitalization of approximately 1.396 billion yuan [4]. Group 3: Company Background - Jiangxi Ningxin New Materials was established in 2007 and listed on the Beijing Stock Exchange in May 2023, specializing in the research, production, and sales of special graphite [3]. - The company was recognized as a national-level specialized and innovative "little giant" enterprise in 2020 [3].

Core Viewpoint - The company plans to temporarily use 950 million RMB of idle raised funds to supplement its working capital for a period not exceeding 12 months, ensuring that the investment projects funded by the raised capital continue normally [1][8]. Summary of Fundraising Situation - The company raised a total of 1,822,399,641 RMB through a private placement of 184,266,900 shares at a price of 9.89 RMB per share in June 2013, with a net amount of 1,796,015,374 RMB after deducting issuance costs [1][3]. - As of June 30, 2025, the company had a balance of 207,163,717.59 RMB in its fundraising accounts, which includes interest and investment income [6][7]. Fund Management and Usage - The raised funds have been placed in dedicated accounts, and the company has signed tripartite supervision agreements with banks and sponsors to manage these funds [2][3]. - The company has previously used idle funds to temporarily supplement working capital, including 1 billion RMB in August 2024 and 250 million RMB in May 2025, both of which were returned to the fundraising accounts by the specified deadlines [7][8]. Current Fund Usage Plan - The current plan is to use up to 950 million RMB of idle funds for working capital, ensuring that this does not affect the normal operation of investment projects and improves the efficiency of fund usage [8][10]. - The company emphasizes that the funds will only be used for operations related to its main business and will not be used for stock trading or other financial instruments [8][10]. Compliance and Approval Process - The board of directors has approved the use of idle funds, and the process complies with relevant regulations and company bylaws [9][10]. - The supervisory board and the sponsor have expressed no objections to the plan, confirming that it aligns with legal requirements and does not harm the interests of minority shareholders [10][11].

Core Viewpoint - The carbon material manufacturing industry is facing intense competition, particularly in the anode material and graphite electrode sectors, prompting calls for increased R&D innovation among carbon enterprises [1][4]. Industry Status - The current state of China's carbon industry is characterized by an oversupply of low-end capacity and a lack of high-end products, with 90% of graphite used in third-generation semiconductor manufacturing being imported [2]. - The average price of carbon products has decreased from 21,600 yuan per ton in 2023 to 17,500 yuan per ton in 2024, a decline of nearly 20%, with graphite prices hovering around the cost line of 20,000 yuan per ton [6]. Market Opportunities - The market for graphite consumables is expected to reach a scale of 10 billion USD with the widespread adoption of 8-inch silicon carbide (SiC) semiconductor production lines, leading to sustained demand for high-performance graphite materials [3][6]. - The demand for special graphite is critical in the production of SiC semiconductors, with stringent performance requirements in mechanical, thermal, and electrical properties [3]. Industry Challenges - The carbon industry is currently experiencing excessive competition in low-end products, necessitating a shift towards stable mass production of high-end special graphite to restore confidence and drive growth [4][6]. - The domestic special graphite sector is facing a supply shortage, particularly for large-sized fine particle products, which are still largely reliant on imports, indicating significant potential for domestic substitution [8]. Technological Advancements - Companies are urged to break free from low-end competition by upgrading technology and innovating new products, focusing on high-end graphite as a key area for development [7][8]. - The special graphite market is driven by technological upgrades in end-use industries and the expansion of emerging application fields, which continuously boost demand [8]. Competitive Landscape - International giants maintain a monopoly in the special graphite sector through patent control, with companies like SGL holding 45% of global isostatic graphite patents, necessitating domestic firms to enhance basic research and develop self-research equipment to overcome bottlenecks [9].

Core Viewpoint - The special graphite industry is experiencing significant growth driven by increasing demand in various sectors such as photovoltaics, semiconductors, and new energy batteries, supported by government policies and technological advancements [1][13]. Industry Overview - Special graphite, characterized by a carbon content greater than 99.99%, is essential in strategic emerging industries due to its high strength, density, and purity [3]. - The demand for special graphite in China is projected to grow from 115,000 tons in 2019 to 250,000 tons by 2024, with a compound annual growth rate (CAGR) of 16.80% [1][13]. Market Demand and Supply - The production of special graphite in China increased from 60,000 tons in 2019 to 134,100 tons in 2023, with a slight decline expected in 2024 to 121,300 tons, reflecting a 9.5% decrease from the previous year [11]. - The market for isotropic graphite is dominated by fine structure graphite, which accounted for 111,616 tons in 2024, despite a 9.33% decline from 2023 [11]. Technological Characteristics - Special graphite materials possess key physical and chemical properties, including high volume density, compressive strength, and low resistivity, which are critical for various applications [5][6]. Policy Support - The Chinese government has implemented several policies to promote the development of the special graphite industry, including the inclusion of high-performance graphite in encouraged categories for investment [7][9]. Competitive Landscape - The special graphite industry in China is characterized by a relatively low concentration of large-scale enterprises, with key players including Wuxing New Materials, Chengdu Carbon Materials, and Ningxin New Materials [17][19]. - The industry is witnessing a shift towards domestic production of high-end graphite products, reducing reliance on imports [15][23]. Future Trends - The demand for high-end special graphite products is expected to increase, particularly in sectors like photovoltaics and lithium batteries, with annual growth rates projected to exceed 20% [26]. - Environmental policies are pushing the industry towards greener and more sustainable practices, emphasizing energy efficiency and resource recycling [24].

Group 1: Investor Relations Activity Overview - The company held its 2024 annual performance briefing on May 16, 2025, via an online platform [3] - Key attendees included the Chairman, General Manager, Financial Officer, Board Secretary, and the sponsor representative [3] Group 2: Performance and Challenges - The company plans to extend the construction period of the "annual production of 18,000 tons of high-end special graphite material project" to March 31, 2026, due to changes in market demand and macroeconomic conditions [5] - In 2024, the company faced a significant decline in sales prices of key products due to reduced demand in downstream industries, leading to a substantial drop in gross profit margin [8] Group 3: Talent and Compensation Strategy - The management is considering optimizing the compensation structure for core team members to enhance competitiveness, with potential adjustments to bonuses and long-term equity incentives in the future [5] Group 4: Inventory and Financial Management - The company maintains high inventory levels due to industry characteristics and production cycles, ensuring that inventory impairment tests consider various factors to align book values with actual conditions [7] - The company has recognized impairment provisions for existing inventory due to lower sales prices compared to costs, contributing to financial losses [8] Group 5: Future Growth Opportunities - Future profit growth is expected from the steady advancement of the 30,000 tons special high-end graphite material project, enhancing product quality consistency [9] - The company aims to improve production efficiency and reduce costs through a comprehensive R&D system [9] - Expansion into domestic and international markets is a key strategy to increase sales scale and profitability [9]

Group 1 - The State Council approved 10 new nuclear power units, focusing on the scarcity of nuclear power-related stocks in the North Exchange [1][11][13] - The total market value of nuclear-related stocks in the North Exchange is 21.567 billion yuan, covering products such as explosion composite boards, nuclear power cables, and nuclear power fans [1][13] - The new nuclear projects are expected to have a total investment exceeding 200 billion yuan, with 8 out of 10 units adopting the "Hualong One" technology [11][12] Group 2 - The high-end equipment, chemical new materials, and pharmaceutical biology sectors led the market this week, with average price changes of +1.36%, +0.48%, and +3.44% respectively [2][21] - The average P/E ratio for the high-end equipment sector rose to 40.8X, while the pharmaceutical biology sector's average P/E ratio decreased to 36.7X [21][31] Group 3 - In the technology new industry, 95 out of 148 companies saw an increase, with a median price change of +1.05% [3][35] - The median P/E ratio for the technology new industry increased from 50.4X to 51.1X, and the total market value rose from 417.134 billion yuan to 422.433 billion yuan [3][38] Group 4 - The financial report disclosures for the North Exchange have concluded, with several companies reporting significant revenue and profit growth in Q1 2025 [4][58] - For instance, Tongli Co. reported a Q1 2025 revenue of 1.536 billion yuan, up 28.34%, and a net profit of 187 million yuan, up 58.45% [58][59]