上银价值增长3个月持有期混合A（013284）成立日期2021年12月20日，最新规模192.04万。今年以来收 益6.74%，同类排名2530/8844；近一年收益35.23%，同类排名3439/8091；成立以来收益39.12%。 上银价值增长3个月持有期混合A（013284）基金经理为赵治烨、陈博。 截至发稿，赵治烨累计任职时间10年257天，现任基金资产总规模17.68亿元，任职期间最佳基金回报 153.36%， 任职期间最差基金回报-42.27%。 陈博累计任职时间5年355天，现任基金资产总规模7.91亿元，任职期间最佳基金回报99.89%， 任职期 间最差基金回报-8.38%。 1月21日，浙江龙盛涨5.15%，截至发稿，报12.46元/股，成交5.46亿元，换手率1.38%，总市值405.37亿 元。 资料显示，浙江龙盛集团股份有限公司位于浙江省绍兴市上虞区道墟街道龙盛大道1号，成立日期1998 年3月23日，上市日期2003年8月1日，公司主营业务涉及染料、中间体、减水剂以及纯碱、合成氨等无 机化工产品。主营业务收入构成为：染料55.83%，中间体23.14%，助剂7.33%，无机产品5.0 ...

Group 1 - The Shenzhen Composite Index fell by 1.22% and the ChiNext Index dropped by 1.83% as of 11:30 AM on January 20, indicating a bearish trend in the market [1] - Notable stock performances included Nanshan Aluminum rising over 7%, Satellite Chemical and Conch Cement increasing by over 5%, and several other companies like Gujia Home, China Chemical, and Oppein Home gaining over 4% [1] Group 2 - The cash flow ETF managed by Harvest (159221) decreased by 0.08%, with a trading volume of 10.194 million yuan and a turnover rate of 1.29% [2] - There is an increasing market demand for high-dividend and stable cash flow assets, as funds are rotating from momentum-driven bubbles to high-value opportunities under the current "slow bull" market in A-shares [2] - The cash flow index, which includes non-ferrous metals and basic chemicals, benefits from the pricing of physical assets and high operating rates, showing significant cyclical alpha characteristics [2] - During the 14th Five-Year Plan, the State Grid is expected to invest 4 trillion yuan in fixed assets, a 40% increase compared to the previous plan, which directly benefits index components related to grid equipment and energy [2]

Core Viewpoint - Zhejiang Longsheng has completed the acquisition of minority shareholder rights in its subsidiary, Desida Global Holdings (Singapore) Pte Ltd, for a total transaction amount of $702 million, making Desida a wholly-owned subsidiary and integrating its net profit into the consolidated financial statements starting from 2026 [2][3]. Group 1: Acquisition Details - The acquisition involved a combination of directed repurchase and direct acquisition, allowing Zhejiang Longsheng to acquire the remaining 37.57% of Desida's minority shares [3]. - The transaction amount of $702 million (approximately RMB 4.928 billion) was aimed at resolving a long-standing equity litigation that lasted for 10 years [2][3]. - Following the acquisition, Zhejiang Longsheng will hold 100% of Desida through three wholly-owned subsidiaries, and the two directors appointed by KIRI have resigned [3]. Group 2: Financial Performance - In 2024, Desida achieved a revenue of $753 million and a net profit of $116 million, with a net asset value of $1.013 billion [6]. - For the first three quarters of 2025, Desida reported a revenue of approximately $535 million and a net profit of about $62.96 million [6]. - Desida's revenue accounted for approximately 33.33% of Zhejiang Longsheng's total revenue in 2024, which was RMB 15.884 billion [6]. Group 3: Strategic Implications - The acquisition is expected to optimize the equity structure of Zhejiang Longsheng and eliminate litigation interference, enhancing decision-making efficiency [4]. - Desida has been a key player in the high-end dye and chemical solutions market, being one of the largest textile dye suppliers globally [5].

Group 1 - The core point of the article is that Zhejiang Longsheng (600352) has responded to investor inquiries, indicating that the total number of shareholders is expected to reach 99,096 by December 31, 2025 [1]

Core Viewpoint - Zhejiang Longsheng has successfully completed an overseas acquisition to resolve a dispute, spending approximately $702 million (over 4.9 billion RMB) to acquire the remaining 37.57% stake in Dystar Global Holdings, a global leader in dye production [1][4]. Group 1: Acquisition Details - The acquisition was prompted by a court ruling requiring the overall sale of Dystar's shares, leading Zhejiang Longsheng to act as the controlling shareholder [1][3]. - Dystar is a profitable company, with projected earnings of approximately $116 million and $62.96 million for 2024 and the first three quarters of 2025, respectively [4]. - The acquisition is expected to enhance Zhejiang Longsheng's net profit attributable to shareholders [2][5]. Group 2: Financial Impact - The acquisition will not significantly impact Zhejiang Longsheng's cash flow, as the company had cash reserves of 20.72 billion RMB and interest-bearing liabilities of around 18 billion RMB as of September 2025 [2]. - Zhejiang Longsheng's net profit attributable to shareholders for the first three quarters of 2025 was approximately 1.4 billion RMB, indicating a 3.23% year-on-year increase [10]. - The company has maintained a strong financial position, with a debt-to-asset ratio of 51.18% and negative financial expenses of 147 million RMB for the first three quarters of 2025 [10]. Group 3: Historical Performance - Zhejiang Longsheng has demonstrated strong profitability, with annual net profits exceeding 1 billion RMB for 12 consecutive years from 2013 to 2024 [9]. - Despite fluctuations in performance, the company achieved a net profit of 2.03 billion RMB in 2024, marking a 32.36% year-on-year increase [8]. - The company has consistently generated positive operating cash flow, with a net cash flow of 5.56 billion RMB for the first three quarters of 2025, reflecting a 46.71% year-on-year growth [10].

Group 1 - The settlement involved multiple agreements, including a Share Buy-Back Agreement and a Framework Agreement, finalized on December 12, 2025, and an Amended and Restated Share Purchase Agreement on December 13, 2025, which amended the original agreement from May 29, 2025 [1] - The transaction included the purchase of a 37.5% shareholding from KIRI Industries for a total of $688.88 million, with DyStar contributing $426.52 million and Sende International contributing $262.4 million [2] - The completion of the transaction was confirmed by court-appointed receivers on December 30, 2025, resolving all legal disputes between Zhejiang Longsheng and KIRI Industries regarding DyStar's shareholding [2] Group 2 - Following the transaction, the two directors nominated by KIRI Industries have resigned from DyStar's board, resulting in DyStar becoming a wholly owned subsidiary of Zhejiang Longsheng Group [3] - The chairman of DyStar Group expressed satisfaction with the transaction, aligning with Longsheng's strategic goal of becoming a leading provider of specialty chemical production services, and emphasized the importance of transparency and stakeholder engagement during the transition [4] - The managing director of DyStar Group highlighted that the resolution of the shareholders' dispute is a significant milestone, positioning DyStar to enhance its global operations and innovation under unified governance [5]

Core Viewpoint - Zhejiang Longsheng Group has successfully completed a $702 million acquisition of the remaining shares of its subsidiary, Dystar Global Holdings (Singapore) Pte Ltd, marking the end of a prolonged international legal dispute and capital maneuvering [2][19][10]. Group 1: Transaction Details - The acquisition involved two parts: Dystar repurchased and canceled 20% of its shares, while Zhejiang Longsheng acquired the remaining 17.57% through its wholly-owned subsidiary, Shengde International Capital [6][20]. - The total payment for the transaction was $702,474,406.69, with the legal transfer of shares completed on December 30, 2025 [8][17]. - Following the transaction, Dystar's shareholder structure changed to three wholly-owned subsidiaries of Zhejiang Longsheng, achieving full control [21][20]. Group 2: Strategic Implications - This acquisition not only resolves a long-standing legal dispute with KIRI Industries Limited but also aligns with Zhejiang Longsheng's strategic goal of becoming a leading global specialty chemicals producer [5][19]. - From 2026 onwards, all net profits from Dystar will be attributed to Zhejiang Longsheng, enhancing the company's financial performance [12][27]. - The full control over Dystar is expected to facilitate comprehensive integration and strategic collaboration, significantly strengthening Zhejiang Longsheng's global research, production, and sales network in the specialty chemicals market [28][26]. Group 3: Background of the Dispute - The acquisition was driven by a decade-long legal battle initiated by KIRI Industries in 2015, which accused Zhejiang Longsheng of oppressing minority shareholders [24][9]. - The dispute began after Zhejiang Longsheng acquired a controlling stake in Dystar in 2012, following Dystar's bankruptcy during the financial crisis [24][11]. - The resolution of this dispute through the acquisition is seen as the optimal solution to eliminate uncertainties surrounding Dystar's ownership [10][25].

Core Viewpoint - The Zhejiang Provincial Department of Science and Technology has announced the project list for the 2026 "Pioneer Leading Goose + X" technology plan, which includes a total of 441 projects, comprising 69 "Pioneer" projects, 309 "Leading Goose" projects, and 63 technology cooperation projects [1][2]. Group 1: Project Overview - The 2026 "Pioneer Leading Goose + X" technology plan includes 441 projects in total [1][2]. - The projects are categorized into three types: "Pioneer" projects, "Leading Goose" projects, and technology cooperation projects [1][2]. Group 2: Project Details - The "Pioneer" projects include advanced technologies such as high-consistency diamond NV sensor mass production technology and quantum sensor preparation research [5][6]. - The "Leading Goose" projects focus on environmental technology, including key technologies for the treatment of new pollutants in various industries [8][9]. Group 3: Implementation Guidelines - Project units are required to submit project task books through the Zhejiang Provincial Science and Technology Management Platform by specified deadlines, with penalties for late submissions [3][4]. - The management of funds must adhere to specific regulations to ensure proper allocation and usage [4].

证券代码：600352 证券简称：浙江龙盛 公告编号：2026-001 浙江龙盛集团股份有限公司 鉴于新加坡国际商事法庭对公司购买德司达少数股东权益资产的交易有一 定的时间限制，为确保公司能实现全资控股德司达，公司于 2025 年 12 月 12 日 以通讯方式召开第十届董事会第四次会议，审议通过《关于控股子公司德司达定 向回购股份及公司收购德司达少数股东权益的议案》。公司决定同步启动德司达 定向回购股份以及公司收购德司达少数股东权益事项，具体内容详见公司于 第 1页 共 2 页 2025 年 12 月 16 日披露的《关于控股子公司德司达定向回购股份及公司收购德 司达少数股东权益的公告》（公告编号：2025-049 号）。 二、本次交易完成情况 2025 年 12 月 30 日，德司达向指定账户支付 20%股份回购款 426,519,921.56 美元；公司全资子公司盛德国际资本有限公司向指定账户支付德司达 17.57%股 份收购款 275,954,485.13 美元（包含前期已向托管账户支付的金额），本次交易 合计金额 702,474,406.69 美元（最终的交割金额待接管人分配完成后会略微调 整），经 ...

Core Viewpoint - The consumption of disperse ink in China is expected to grow significantly from 6,300 tons in 2015 to 36,000 tons by 2024, with a compound annual growth rate (CAGR) of 21%, driven by the increasing penetration of digital printing technology and the optimization of disperse ink performance [1][7]. Industry Overview - Disperse ink is primarily made from disperse dyes and is mainly used for printing on polyester fabrics, offering advantages such as vibrant colors, excellent wash fastness, and short dyeing times [3][6]. - The market is divided into two main segments: sublimation ink, which accounts for 90% of the market, and high-temperature disperse ink, which is expected to gain market share due to its environmental benefits [1][7]. Market Segmentation - Sublimation ink is the most widely used due to its efficiency and ability to detect defects during the transfer process, thus reducing production costs [1][7]. - High-temperature disperse ink, while currently holding a smaller market share, is more environmentally friendly as it eliminates the need for transfer paper, which is expected to enhance its market presence in the future [1][11]. Competitive Landscape - The disperse ink market has seen a shift from foreign dominance to a more competitive landscape with domestic companies like Zhejiang Lanyu Digital Technology Co., Ltd. and Zhengzhou Hongsheng Digital Technology Co., Ltd. gaining significant market share [2][9]. - Companies are focusing on R&D and local production to meet the growing demand for high-quality disperse inks [9][10]. Industry Development Trends 1. **Increase in High-Temperature Disperse Ink Market Share** - High-temperature disperse ink is becoming a preferred choice due to its compliance with environmental regulations and its ability to solve issues related to color migration in sublimation inks [11][12]. 2. **Product Functionalization and Value Addition** - Companies are integrating additional functionalities into disperse inks, such as flame retardancy and UV resistance, to meet diverse market needs, particularly in sportswear and outdoor applications [12][13]. 3. **Market Consolidation and Focus on Leading Enterprises** - The industry is moving towards consolidation, with leading companies expanding their market share while smaller firms face challenges due to rising costs and regulatory pressures [13].