【深圳商报讯】（记者 詹钰叶）西部利得基金总经理贺燕萍因到龄正式退休，由董事长代为履职。市 场高度关注继任者是否会影响管理层与投研团队的稳定性。 西部利得基金10月10日宣布，其总经理贺燕萍因到龄退休，已于10月4日离任。公开信息显示，贺燕萍 具有25年以上证券从业经历，曾任光大证券销售交易部总经理、光大证券（上海）资产管理有限公司总 经理、国泰基金副总经理等。她于2015年11月起担任西部利得基金总经理，在其领导下，公司规模从不 到百亿元突破至如今的千亿元，用时不到10年。 据公开信息，西部利得基金管理层中，于2015年11月加入的孙威曾在光大证券任职，目前任总经理助 理、财富管理部（筹）总经理，曾任公司副总经理，长期主管专户业务与产品设计部门。公司副总经 理、投资决策委员会主席、公募投资部总经理王宇曾任光大证券金融市场总部债券投资部执行董事，于 2016年9月加入西部利得基金。王汗青曾任光大证券股份销售交易部北京市场部总经理、北京分公司总 经理、研究所所长、上海分公司总经理等职务；他于2024年8月加入西部利得基金，今年被任命为公司 副总经理。 公司投研团队方面，投资决策委员会成员中，盛丰衍此前曾任光大证 ...

Core Viewpoint - The adjustment of margin trading collateral and conversion rates by Shenwan Hongyuan Securities and Western Securities reflects a dynamic risk control strategy in response to the high valuations and losses of certain companies, particularly focusing on the stocks of SMIC and Bawei Storage [1][2]. Group 1: Margin Trading Adjustments - On October 10, Shenwan Hongyuan Securities and Western Securities announced adjustments to the margin trading collateral and conversion rates, effective from October 13 [1]. - The conversion rates for SMIC and Haiguang Information were raised from zero to 70%, while several other companies saw their rates adjusted to between 30% and 65% [1]. - Conversely, the conversion rates for Tongyu Heavy Industry and Chuangyitong were reduced from 65% to zero, indicating a mixed trend in adjustments [1]. Group 2: Market Reactions and Valuation Changes - Following the adjustments, stocks such as SMIC and Bawei Storage experienced significant declines, with SMIC's static P/E ratio exceeding 300, leading to its conversion rate being set to zero [1][2]. - As of October 10, the static P/E ratios for SMIC, Bawei Storage, and XianDao Intelligent were reported at 276.75, 279.33, and 299.93, respectively, allowing for the re-establishment of their conversion rates to 70% and 65% [2]. - The adjustments in conversion rates are seen as a reflection of brokerage firms' risk management practices, particularly for high-valuation and loss-making companies [2]. Group 3: Implications for Investors - The zero conversion rate indicates that while investors can still finance with sufficient margin, the stock cannot be used as collateral, impacting the available margin for further financing [2]. - For example, a stock with a market value of 1 million yuan that previously had a 70% conversion rate would provide 700,000 yuan in available margin, which would be lost if the conversion rate is set to zero [2].

Group 1 - The core viewpoint of the article is that Shanghai Cambridge Technology Co., Ltd. is preparing for its IPO on the Hong Kong Stock Exchange, with significant revenue fluctuations and high dependency on major clients and overseas markets posing risks to its revenue stability [1][2] Group 2 - Cambridge Technology primarily engages in the design, development, and sales of connectivity and data transmission devices, generating revenue from broadband, wireless, and optical module technology products [1] - The company's revenue declined in 2023 due to an industry-wide destocking cycle and sluggish demand, but is projected to rebound to 3.65 billion yuan in 2024 due to deferred demand release and strong sales [1] - In the first half of this year, the company's revenue exceeded 2 billion yuan, reflecting a year-on-year growth of 15.48% [1] Group 3 - The company has a high reliance on major clients, with the revenue share from the top five clients increasing from 63.5% in 2022 to 76.1% in 2024, indicating a significant concentration risk compared to industry peers [1] - The overseas market has become increasingly important, with its revenue share rising from 82.9% in 2022 to 94% in the first half of this year [1] Group 4 - Shareholders of Cambridge Technology have been frequently reducing their holdings, raising concerns among investors, particularly the actual controller, who has sold over 400 million yuan since the end of 2022 [2]

Core Viewpoint - Mingyang Smart Energy plans to invest £1.5 billion (approximately ¥14.21 billion) to establish the UK's first integrated wind turbine manufacturing base in Scotland, focusing on offshore and floating wind turbine production [1][3]. Investment Plan - The investment will be executed in three phases: - Phase 1: Construction of advanced wind turbine nacelle and blade manufacturing facilities, with the first batch expected to be operational by the end of 2028 [3]. - Phase 2: Expansion of production lines to accelerate the scale production of floating wind technology in the UK [3]. - Phase 3: Further expansion to include the production of control systems, electronic devices, and other key components [3]. - Funding will come from the company's own resources and self-raised funds, including proceeds from the 2022 global depositary receipts issuance and future bank financing [3]. Regulatory Approval - The investment plan requires final approvals from various authorities, including the UK government and relevant Chinese regulatory bodies, indicating potential uncertainties that could lead to project termination if approvals are not granted [3]. Company Performance - For 2023-2024, the company is projected to experience a decline in both revenue and net profit, with a forecasted total revenue of ¥27.158 billion, a decrease of 3.43% year-on-year, and a net profit of ¥346 million, down 8.12% [4]. - In the first half of the year, the company reported revenue of ¥17.143 billion, a year-on-year increase of 45.33%, but net profit decreased by 7.68% to ¥610 million [4]. - The company sold 8.10 GW of wind turbines and secured new orders totaling 13.39 GW, generating sales revenue of ¥12.48 billion from wind turbines and related components [4]. International Market Expansion - The company is actively exploring overseas markets, facing challenges due to differing macro policies and business environments compared to domestic operations, which may lead to slower-than-expected progress [4]. Financial Restrictions - As of June 30, 2025, the company has restricted access to ¥80.5185 million due to various guarantees and ¥160 million held in third-party securities institutions [4]. - Additionally, a court ruling related to litigation has restricted access to ¥50.2092 million in bank deposits [4]. Management Changes - The company's vice chairman, Ge Changxin, resigned in July for personal reasons, which may impact management stability [5].

10月10日晚间，陕西能源公告称，公司控股子公司陕西麟北煤业开发有限责任公司（以下简称"麟北煤业"）于10月5日收到国家矿山安全监察局陕西局出 具的《行政处罚决定书》。 经查，麟北煤业超定员组织生产，未严格执行井下劳动定员制度；有19名作业人员进入1032101综放工作面未随身携带标识卡；在1032101综放工作面采动 影响区域内同时进行起底与回采作业。 国家矿山安全监察局陕西局决定合并给予麟北煤业以下行政处罚：责令停产整顿5日，罚款人民币94万元整。 陕西能源表示，公司已要求麟北煤业务必依照《行政处罚决定书》完成全面整改。公司将持续强化对子公司的安全生产督导，确保合规经营，落实安全生 产工作的各项规定。本次处罚预计不会对公司生产经营产生重大影响。 值得注意的是，这已经是麟北煤业近3个月内第二次被罚。 7月23日，麟北煤业收到国家矿山安全监察局陕西局出具的《行政处罚决定书》。 因麟北煤业存在103盘区灾害治理巷掘进工作面通风系统不完善继续组织生产作业、煤巷掘进风电闭锁装置不能正常使用、未如实记录培训情况等事实， 国家矿山安全监察局陕西局决定合并给予麟北煤业以下行政处罚：责令煤矿停产整顿1日；加强机电监控设备维 ...

Group 1 - The core point of the article is that Degute is progressing with its acquisition of Haowei Cloud Computing Technology Co., Ltd., and has not identified any significant issues that could halt or alter the transaction [1] - Degute plans to acquire 100% equity of Haowei Technology through a combination of issuing shares and cash payments, while also raising supporting funds [1] - The acquisition is characterized as a "snake swallowing an elephant" due to the significant disparity in asset and revenue sizes between Degute and Haowei Technology [2] Group 2 - In the first half of this year, Degute reported revenue of 250 million yuan, a decrease of 8.66% year-on-year, and a net profit attributable to shareholders of 49.03 million yuan, down 28.23% year-on-year [3] - From 2022 to 2024, Degute's revenue figures were 324 million yuan, 310 million yuan, and 509 million yuan, with year-on-year changes of 9.84%, -4.19%, and 64.21% respectively [4] - The net profit attributable to shareholders for the same period was 65.58 million yuan, 38.66 million yuan, and 96.72 million yuan, with year-on-year changes of 52.85%, -41.04%, and 150.15% respectively [5] Group 3 - The industry is facing increasing competition, and traditional growth models are under pressure, prompting Degute to seek new breakthroughs, with the acquisition of Haowei Technology seen as a key strategy [6]

Core Viewpoint - North Self Technology (stock code: 603082) plans to acquire 100% equity of Suzhou Suike Intelligent Technology Co., Ltd. and raise up to 32 million yuan through a share issuance to no more than 35 specific investors [1][2] Group 1: Acquisition Details - The acquisition target, Suike Intelligent, was established in 2017 and focuses on intelligent logistics systems and equipment, headquartered in Suzhou High-tech Zone [1] - The assessed value of 100% equity of Suike Intelligent is 140 million yuan, representing an increase of 113 million yuan compared to the audited equity attributable to the parent company as of March 31, 2025, with a growth rate of 413.16% [1][2] Group 2: Strategic Rationale - This transaction is characterized as an industrial merger within the intelligent logistics sector, aiming to integrate technological capabilities and market channels, thereby expanding the downstream application scenarios and enhancing market influence [2] - The merger is expected to improve the production capacity of intelligent logistics equipment, reduce costs, and enhance the core competitiveness of the listed company [2] Group 3: Financial Performance and Risks - The gross profit margins of Suike Intelligent for the reporting periods (2023, 2024, and the first half of 2025) are 30.06%, 27.59%, and 21.94%, respectively [3] - The asset-liability ratios for Suike Intelligent during the same periods are 94.27%, 86.43%, and 83.75%, significantly higher than the industry average of 57.03%, 55.33%, and 54.83% [3][4] - Suike Intelligent's business scale and net asset size are relatively small, relying heavily on operational accumulation and supplier credit management, with a high level of inventory and contract liabilities due to rapid project growth [4][5]

除发力智慧寄递外，黄俊明在致辞中还提及，深圳持续提升行业互联互通水平，全市各类快递品牌27 个，各层级快递服务网点超6000个，每平方公里网点达3.3个。智能快件箱超2万组，每平方公里达10 组。跨境寄递路由通达海外224个国家和地区，海陆空航线超1500条。绿色发展方面，深圳积极应用快 递包装绿色治理监测分析平台，深化过度包装治理，全市电商快件不再二次包装率达98%。全市邮政快 递网点设置包装废弃物回收装置已基本实现全覆盖，回收复用质量完好的瓦楞纸箱493万个。全市快递 企业新能源车达5100辆。 资料显示，2024年深圳快递业务量累计完成76.7亿件，同比增长17.4%；跨境寄递业务量达15.5亿件， 同比增长47.5%，稳居全国主要城市第一。今年上半年，行业继续发挥经济"晴雨表"作用，快递业务量 累计完成39.4亿件，同比增长10.3%，承载商品流通货值超9200亿元。 （文章来源：深圳商报） 同时，深圳鼓励邮政快递企业加快无人接驳车技术升级，发展"无人车+快递员"混合配送模式。累计在 全市5个区，投放无人车115辆，快件日处理量超7万票。 顺丰是在深投放无人车规模较大的快递企业。此前公司曾透露，当前无 ...

Core Viewpoint - ST Luton (300555) has received multiple inquiries from the Shenzhen Stock Exchange regarding its governance and financial issues, indicating ongoing concerns about the company's operations and management [1][3]. Group 1: Company Governance Issues - Since June 2023, ST Luton has received four inquiries from the Shenzhen Stock Exchange, highlighting persistent governance concerns [1]. - The company has been involved in a control struggle, with legal actions initiated against shareholders regarding voting rights and board elections [4]. - The board has not yet issued a notice for a temporary shareholders' meeting to address the dismissal of two directors, raising questions about compliance with regulations [3]. Group 2: Financial Performance - ST Luton's revenue has declined for two consecutive years, with a reported revenue of 42.76 million yuan in the first half of 2025, down 25.88% year-on-year [5]. - The company has experienced continuous losses, with a non-recurring net profit loss of 61.45 million yuan in 2024, marking a trend of increasing losses over the past six years [4]. - As of September 30, 2023, the company reported that its actual controller and related parties had returned 147.11 million yuan of misappropriated funds, with 8.69 million yuan still outstanding [3].

Group 1 - The Chongqing Securities Regulatory Bureau issued a warning letter to Hongye Futures due to compliance risk management issues and internal control deficiencies [1] - Hongye Futures reported a significant decline in performance, with a revenue of 323 million yuan for the first half of 2025, down 68.64% year-on-year, and a net profit attributable to shareholders of -3.61 million yuan, a decrease of 128.17% [1] - As of June 30, 2025, Hongye Futures had a debt-to-asset ratio of 82.68%, down 3.31% year-on-year [1] Group 2 - Hongye Futures plans to close its Hefei branch to improve resource utilization and adapt to high-quality development, with related business being transferred to the Wuhu branch [2] - Prior to this, Hongye Futures also decided to close its Shanghai branch for similar reasons, with its business being integrated into the Shanghai subsidiary [2] - As of October 10, 2025, Hongye Futures' stock price increased by 0.82%, closing at 11.07 yuan per share, with a total market capitalization of 11.16 billion yuan [2]