转自：中国证券报·中证网 作为国内微纤维玻璃棉领域领军企业，再升科技拥有国家级技术中心及200项有效专利，核心产品技术 领先且广泛应用于空气过滤、航空航天、绿色建筑等领域，2024年研发投入占营收比重超6%。2024年 公司归母净利润同比大增137.99%，2025年业绩保持稳增态势，此次可转债提前赎回将进一步改善公司 现金流状况，为研发创新与新兴领域布局提供更充足的资金支持。 公告显示，自2025年12月8日至12月26日，再升科技股票已有15个交易日收盘价不低于"再22转债"当期 转股价的130%（即5.486元/股），触发《可转换公司债券募集说明书》中约定的有条件赎回条款。公司 董事会经审慎评估当前市场情况及自身发展规划，认为提前赎回可转债有利于减少财务费用和资金成 本，降低资产负债率，为后续业务发展夯实资本基础。 根据公告安排，公司将按债券面值加当期应计利息的价格实施赎回，董事会已授权管理层及相关部门办 理本次赎回全部事宜，授权期限至赎回相关工作完成之日止。具体赎回登记日、赎回价格、付款日等细 节将由公司后续发布的赎回实施公告明确。值得注意的是，"再22转债"此前曾出现连续3个交易日收盘 价格涨幅偏离 ...

Group 1 - The National Venture Capital Guiding Fund has officially launched with a government investment of 100 billion yuan, expected to leverage over 1 trillion yuan in social capital for strategic emerging industries such as integrated circuits, artificial intelligence, and quantum technology [3] - The People's Bank of China (PBOC) emphasizes the need to improve the policy environment for long-term investments, aiming to increase the scale and proportion of medium- and long-term funds invested in A-shares [4] - The Shanghai Stock Exchange has released guidelines to support commercial rocket companies, allowing them to list on the Sci-Tech Innovation Board under specific conditions [3] Group 2 - The Ministry of Industry and Information Technology has outlined ten key tasks for 2026, including addressing "involution" competition and supporting artificial intelligence initiatives [4] - The industrial economy is projected to grow by 5.9% in 2025, with digital industry revenue expected to increase by around 9% [4] - The National Bureau of Statistics has confirmed that China's GDP for 2024 is 13.48 trillion yuan, with a year-on-year growth of 5.0% [4] Group 3 - The A-share market experienced a slight increase, with the Shanghai Composite Index rising by 0.10% to 3963.68 points, marking an eight-day winning streak [6] - The PBOC and the State Administration of Foreign Exchange have clarified that funds raised from overseas listings can be repatriated in foreign currency or RMB [7] - The China Securities Regulatory Commission is taking strict measures against *ST Chang Pharmaceutical for serious financial fraud, proposing fines and initiating delisting procedures [7] Group 4 - The first batch of national-level zero-carbon parks has been announced, with 52 parks expected to generate a total output value of 3.54 trillion yuan [5] - The Ministry of Finance and other departments have issued guidelines to enhance the role of government financing guarantee systems in supporting labor-intensive small and micro enterprises [5] - The PBOC has included agricultural facilities and clearly owned livestock in the scope of agricultural rural mortgage financing to promote rural revitalization [5]

公司于2025年12月26日召开第五届董事会第三十次会议，审议通过了《关于提前赎回"再22转债"的议 案》，决定行使"再22转债"的提前赎回权，对赎回登记日登记在册的"再22转债"按债券面值加当期应计 利息的价格全部赎回。 格隆汇12月26日丨再升科技(603601.SH)公布，公司股票自2025年12月8日至2025年12月26日，已有15个 交易日的收盘价格不低于"再22转债"当期转股价格的130%（含130%），即不低于5.486元/股。按照 《重庆再升科技股份有限公司公开发行可转换公司债券募集说明书》中有条件赎回条款的相关约定，已 触发"再22转债"有条件赎回条款。 ...

从产业链视角看，商业航天正从"概念"走向"实干"，市场空间极为广阔。中信证券研报也明确指出，在 政策支持与技术突破的双重助力下，商业航天产业有望迈入新纪元，卫星互联网、商业火箭等应用场景 的拓展，将让产业链上下游企业均受益。 除此之外，造纸板块今日也迎来爆发，纸业精选指数上涨5.26%，恒达新材20cm封板，博汇纸业、宜宾 纸业等多股涨停，这背后与近期纸价上涨及行业供需格局改善密切相关。而人形机器人、存储芯片概念 同样表现活跃，成为市场热点的重要补充。 对于后市，我们认为A股有望逐步演绎"春季躁动"行情。政策面持续友好，央行强调加大逆周期调节力 度，适度宽松的货币政策将维持流动性合理充裕；资金面同样积极向好，2025年A股年成交额已突破 400万亿元创历史新高，险资、社保等长期资金及外资持续入市提供坚实支撑；随着稳增长政策效果显 现，宏观经济数据与企业盈利增速有望逐步改善，尤其是科技、高端制造领域的业绩确定性较高。 各位投资者朋友，今天的A股用一份实打实的"圣诞红包"点燃了市场情绪。 截至收盘，沪指延续强势收获七连阳，稳稳站上3950点整数关口，上涨0.47%报3959.62点，成交额 7850.19亿元；深 ...

Major Announcements - Daye Co., Ltd. states that its robotic tendon products are not yet in mass production and have not generated substantial revenue [9] - Shandong Road and Bridge's subsidiary won a construction project for the Yiyuan to Zoucheng expressway with a total bid price of approximately 94.02 billion yuan [14][15] - ST Chang Pharmaceutical's stock will be subject to a delisting risk warning starting December 29, 2025, due to negative net assets and false reporting in annual reports from 2021 to 2023 [8] Company Specific Updates - Yongding Co., Ltd. clarifies that it does not directly manufacture controllable nuclear fusion devices but provides materials for the winding of magnetic coils; its revenue from related activities is less than 1% of total revenue and is currently unprofitable [1] - Reascend Technology reports that it has no current orders for high-silicon oxide fiber products, and future order acquisition is highly uncertain; revenue from aerospace-related products is only about 0.5% of total revenue [2] - China Duty Free Group's subsidiary won a bid for the Beijing Capital International Airport duty-free project with a guaranteed operating fee of 480 million yuan for the first year [3] - XWANDA's subsidiary is involved in a lawsuit with a claim amount of approximately 2.314 billion yuan related to quality issues in battery cells delivered between June 2021 and December 2023 [4] - Zhejiang Rongtai plans to establish a joint venture in Thailand with Weichuang Electric to develop mechatronic systems for smart robots [5] - Defu Technology extends the deadline for acquiring shares in a Luxembourg copper foil company to January 9, 2026 [6][7] - Xinke Mobile states that its revenue from satellite internet is minimal and does not significantly impact overall performance [10] - Daya Intelligent received a notice from the China Securities Regulatory Commission regarding an investigation into information disclosure violations [11] Investment and Financial Updates - Guangdong Construction's subsidiary signed a framework agreement for a green methanol project with an estimated total investment of about 6 billion yuan [13] - XCMG Machinery's controlling shareholder plans to increase its stake by no less than 80 million yuan [18] - ST Guohua's major shareholder increased its stake to 26% without triggering mandatory tender offer obligations [19] - ST Zhanggu's stock will resume trading on December 29, 2025, following a capital increase from a restructuring plan [20] - Tianchuang Fashion's controlling shareholder will change to Anhui Xianrui, with stock resuming trading on December 29, 2025 [21]

Core Viewpoint - The company has acknowledged market discussions regarding its supply to SpaceX, but its revenue from aerospace-related products remains minimal and does not significantly impact overall performance [1] Group 1: Company Overview - The company primarily focuses on microfiber glass wool as its core material, developing "clean air materials," "high-efficiency energy-saving materials," and "dust-free air conditioning products" for three main application areas: industrial space, mobile space, and living space [1] - The revenue from high-efficiency energy-saving materials used in the aerospace sector is projected to account for approximately 0.5% of the company's total revenue in 2024 [1] Group 2: Business Operations - Since 2020, the company has been supplying "high-silica fiber products" to a well-known international aerospace company, but the revenue from this product line is very low in relation to total revenue [1] - Currently, there are no existing orders for "high-silica fiber products," and future order acquisition is subject to significant uncertainty [1]

Core Viewpoint - The company, Zai Sheng Technology (603601.SH), has acknowledged market discussions regarding its supply relationship with SpaceX, while clarifying that its revenue from aerospace-related products is minimal and does not significantly impact overall performance [1] Business Overview - The company's primary business focuses on microfiber glass wool as core material, developing "clean air materials," "high-efficiency energy-saving materials," and "dust-free air conditioning products" for three main applications: industrial space, mobile space, and living space [1] Financial Impact - Revenue from high-efficiency energy-saving materials used in the aerospace sector is projected to account for approximately 0.5% of the company's total revenue in 2024 [1] - Since 2020, the company has been supplying "high-silica fiber products" to a well-known international aerospace company, but the revenue from this product line is very low relative to total revenue for 2024 [1] - Currently, there are no existing orders for "high-silica fiber products," and future order acquisition is subject to significant uncertainty [1]

Group 1 - *ST Changyao received a warning for potential delisting due to three consecutive years of inflated revenue and profits, with a proposed fine of 10 million yuan for the company and 31 million yuan for 14 individuals involved [2] - Newquan Co. plans to issue H-shares and list on the Hong Kong Stock Exchange [3] - State Grid Yingda intends to sell 100% equity of Yingda Futures for 1.129 billion yuan [4] Group 2 - Baihua Pharmaceutical's controlling shareholders are planning a transfer of shares that may lead to a change in control, with trading suspension starting December 29 [5] - China Duty Free Group's subsidiary won a bid for the Beijing Capital International Airport duty-free project, with a guaranteed operating fee of 480 million yuan for the first year [6] - Yongding Co. clarified that it does not manufacture controlled nuclear fusion devices but provides materials for the magnetic coils, with minimal impact on its revenue [7] Group 3 - Zaiseng Technology reported no current orders for its high-silica fiber products, which have a negligible impact on overall revenue [8] - Hongxing Development announced the relocation and suspension of its subsidiary Dazuhongdie, with production equipment being transferred to another subsidiary [9] Group 4 - Meilixin received a supplier designation from a global commercial vehicle company, expecting total sales of approximately 640 million yuan over the next seven years [11] - Jianghe Group's subsidiary won a contract for a project worth about 112 million yuan, representing 0.5% of the company's projected revenue for 2024 [12] Group 5 - Xugong Machinery's controlling shareholder plans to increase its stake in the company by investing between 80 million and 160 million yuan [14] - Tengjing Technology's shareholder, Longyao Investment, intends to reduce its stake by up to 1.902% through block trading [15]

每经AI快讯，再升科技（SH 603601，收盘价：13.34元）12月26日晚间发布公告称，公司第五届第三十 次董事会会议于2025年12月26日以通讯表决方式召开。会议审议了《关于提前赎回"再22转债"的议案》 等文件。 2024年1至12月份，再升科技的营业收入构成为：高效节能占比52.57%，干净空气占比45.06%，其他业 务占比2.36%。 截至发稿，再升科技市值为137亿元。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 王瀚黎） ...

本报告依据《公司债券发行与交易管理办法》、《公司债券受托管理人执业行 为准则》、《可转换公司债券管理办法》的相关规定及《重庆再升科技股份有限公 司公开发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）、《重庆再升 科技股份有限公司公开发行可转换公司债券之受托管理协议》（以下简称"《受托 管理协议》"）的约定，重庆再升科技股份有限公司（以下简称"发行人"、"再升科 技"、"公司"）公开信息披露文件以及发行人提供的相关资料等，由本次债券受托管 理人华福证券股份有限公司（以下简称"华福证券"、"受托管理人"）编制。 本报告仅对本次债券受托管理的有关事项进行说明，不构成针对本次债券的 任何投资建议。投资者应对相关事宜做出独立判断，而不应将本报告中任何内容 据以作为受托管理人所作的承诺或声明。在任何情况下，投资者依据本报告所进 行的任何作为或不作为，华福证券不承担任何责任。 华福证券股份有限公司（以下简称"华福证券"）作为重庆再升科技股份 有限公司（以下简称"发行人"、"公司"或"再升科技"）公开发行可转换 公司债券（债券简称：再 22 转债，债券代码：113657，以下简称"本期债券"） 的保荐机构和主承销 ...