为应对新经济形势，受访CFO正在积极推动多项关键举措：重塑供应链（86%）、调整资本支出 （71%）及优化销售、一般及行政（SG&A）支出（81%）。近四分之一的CFO因当前政策环境而下调 盈利预期。在更长期的战略布局上，企业已将策略调整延伸至核心领域：84%正改变招聘策略，67%则 着手调整研发投入。 尽管政策与经济持续动荡带来分歧，CFO和投资者均对债券市场融资保持信心。67%的受访者认为 债务成本可负担。81%的受访CFO对债券市场融资持乐观态度，70%看好私募股权的融资支持作用。 68%视资本市场为潜在融资来源。此外，CFO及投资者对资本乏或激进投资者压力的担忧普遍较低，尽 管相比较CFO，投资者更显审慎。 近日，全球CEO咨询公司Teneo发布《愿景2025：全球首席财务官及投资者展望》调研报告（下 称"报告"）。报告指出，投资者和来自美国的CFO对全球经济前景更为乐观，约78%的受访投资人预计 今年下半年经济状况将改善。 相较之下，CFO们在应对人工智能（AI）、关税及地缘政治等多重挑战时，态度则更为审慎。CFO 与投资者均预期多领域将迎新动荡。其中，48%的CFO聚焦宏观经济环境，投资者则更多关 ...

中国证券业协会数据显示，截至6月24日，其官网公示的保荐代表人数量为8481人，较2024年底登 记的8799人减少318人。这是三年来保代人数首次出现下降。笔者认为，保代人数缩减或预示着券商保 荐行业生态将发生改变，打造"精品投行"可能成为券商投行业务发展的根本方向。 从历年数据来看，2021年至2023年，中证协登记的保代人数分别为7393人、7834人和8632人，2022 年、2023年同比分别增加441人和798人。虽然2025年上半年减少的保代人数较此前两年增幅不算显著， 但半年内减少超300人的规模仍不容忽视。 作为资本市场的重要中介机构，保荐机构在新股发行、上市公司再融资等方面发挥着关键作用。而 保荐代表人作为具体从业人员，其重要性更是不言而喻。从某种意义上说，券商保荐项目的质量高低、 成功与否，与保代的专业胜任能力及勤勉尽责程度密切相关。 今年上半年保代人数出现缩减，原因是多方面的。首先，IPO市场持续低迷。数据显示，2021年至 2024年，IPO数量分别为524家、428家、313家和100家，2025年上半年新股发行同样未见起色。由于市 场整体行情不佳，上市公司再融资也受到波及。部分券 ...

近日，中国证监会发布《关于在科创板设置科创成长层增强制度包容性适应性的意见》，明确设置 科创板科创成长层。上交所起草了《科创板上市公司自律监管指引第5号——科创成长层》（下称《指 引》）等2项规则，并向社会公开征求意见。笔者对此提出一些拙见。 《指引》从科创成长层的层次定位、纳入与调出条件、信息披露要求、风险揭示等方面作出了具体 规定。在"纳入"方面，上市时未盈利的科创板公司，自上市之日起纳入科创成长层；指引发布前已上市 且上市后尚未首次实现盈利的科创板公司，自指引发布之日起纳入科创成长层。在"调出"方面，满 足"最近两年净利润均为正且累计净利润不低于人民币5000万元"或"最近一年净利润为正且营业收入不 低于人民币1亿元"两个条件之一，即可调出。在风险揭示方面，科创成长层企业股票简称后添加"U"， 作为特殊标识。 根据《科创板股票上市规则》，科创板共设五套上市标准，其中第二、三、四、五套均不含盈利要 求，第五套甚至对营业收入也不作要求。此前，第五套上市标准主要针对医药行业，此次还支持人工智 能、商业航天、低空经济等更多前沿科技领域企业适用。也就是说，未来通过第二、三、四、五套上市 标准上市的企业，如果上市时 ...

6月27日，沪深交易所分别发布《关于调整主板风险警示股票价格涨跌幅限制比例及有关事项的通 知（征求意见稿）》，向社会公开征求意见。征求意见稿拟将沪深主板风险警示股票价格涨跌幅限制比 例由5%调整为10%，与主板其他股票保持一致。同时，沪深交易所同步调整主板风险警示股票的异常 波动指标，使其与主板其他股票的标准统一。 对于此次调整的目的，沪深交易所表示，旨在进一步完善股票交易制度，提升市场定价效率，维护 交易秩序，保护投资者合法权益。然而，从征求意见稿的具体内容来看，此次调整或许难以完全实 现"完善股票交易制度，维护市场交易秩序，保护投资者合法权益"的初衷，仅在"提升定价效率"方面有 所体现。毕竟涨跌幅限制放宽后，价格波动空间扩大，理论上确实有助于提高定价效率。 但将主板风险警示股票的涨跌幅限制比例从5%调整为10%，这与"完善股票交易制度，维护市场交 易秩序"的关联性并不明显。这种调整未必就是对交易制度的真正完善，可能存在其他更有效的改进方 式。至于"保护投资者合法权益"的目标更难体现，因为当初设立5%的涨跌幅限制，正是基于保护投资 者权益的考虑。实际上，跌幅限制越宽松，在利空情况下可能对投资者造成更大损失。 ...

Core Viewpoint - In the first five months of this year, China's innovative drug licensing agreements have exceeded $45.5 billion, nearly matching the total for the entire previous year, but the recent licensing deal by Rongchang Biopharma has surprised investors negatively [1][2]. Group 1: Licensing Deal Details - Rongchang Biopharma announced a licensing agreement with Vor Bio, granting exclusive rights for the development and commercialization of its product, Taitasip, outside Greater China [1]. - As part of the deal, Rongchang will receive $125 million in cash and warrants, including a $45 million upfront payment and $80 million in warrants, which represents approximately 23% of the company [2]. - Vor Bio is also obligated to pay up to $4.105 billion in milestone payments based on clinical development and commercialization, along with sales royalties [2]. Group 2: Market Reaction - Following the announcement, Rongchang's stock plummeted, with A-shares hitting a 20% limit down and H-shares dropping over 25% [2]. - The A-share price fell from a high of 72 yuan per share to 61.61 yuan, while H-shares closed at 55.55 HKD, reflecting a 6.17% decline [2]. - Prior to the announcement, Rongchang's market capitalization had surged significantly, with A-shares increasing by 18 billion yuan and H-shares quadrupling in value [2][3]. Group 3: Concerns and Criticism - The upfront payment of $45 million was significantly lower than market expectations, contributing to the stock's decline [4]. - Vor Bio, the partner company, has a market capitalization of only $69.28 million and has faced financial difficulties, raising concerns about its ability to fulfill payment obligations [4]. - The "shell company" nature of the deal has led to skepticism, as it appears Rongchang is trading a product for a company with limited resources [4][5]. Group 4: Future Outlook - Despite the negative market reaction, some investors see potential in the new leadership at Vor Bio, with Jean-Paul Kress, an experienced executive in immunology, appointed as CEO [6]. - However, Rongchang's other product, Vidisitamab, faces competition from new entrants like Hengrui Medicine, which could threaten its market share [6].

Group 1 - The core event is the "Seventh Lujiazui Financial City Future Financier Pre-Employment Workshop," aimed at enhancing collaboration between schools and enterprises to cultivate high-quality financial talent [1][7][11] - The workshop has been held since 2018 and has gained a positive reputation, attracting students from renowned universities globally, with over a hundred attendees at the latest event [1][4][7] - The initiative is part of a broader strategy to build a talent reservoir in the financial sector, aligning educational outcomes with industry needs [1][7][30] Group 2 - The "Pudong Youth Innovation 15 Measures" was introduced to support young talents, providing tailored policies and resources for innovation and entrepreneurship [4][30] - The workshop includes a policy introduction segment focusing on housing support for young professionals, which received positive feedback from attendees [4][30] - The event features a diverse curriculum with expert speakers addressing industry trends, career planning, and practical insights into the financial sector [19][27][30] Group 3 - The workshop emphasizes the importance of practical experience and continuous learning for students entering the financial industry, encouraging them to build a strategic career development perspective [27][35] - Participants are advised to engage in internships and practical experiences early to establish their career paths and enhance their employability in a rapidly evolving financial landscape [35][30] - The event aims to strengthen the connection between academic training and market demands, fostering a new generation of financial professionals with a global perspective [7][30]

Core Viewpoint - Kangjin Electric is facing challenges with increasing revenue but declining profits, as indicated by a significant drop in net profit for 2024 despite revenue growth [1][5]. Company Overview - Established in 2006, Kangjin Electric is a technology-driven integrated power equipment provider and smart energy management solutions provider [3]. - The company shifted its strategy towards smart renewable energy solutions since 2016, participating in the "source-grid-load-storage" system integration [3]. - Kangjin Electric operates three production facilities in Zhuhai and Ganzhou, employing over 1,400 staff, with approximately 17.1% being R&D and technical engineers [3]. Business Segments - The company has two main business segments: smart distribution network equipment and smart renewable energy business solutions [3]. - The smart distribution network equipment segment includes ring main units, transformers, low and high voltage complete equipment, and distribution automation terminal equipment [3]. Financial Performance - Revenue for Kangjin Electric from 2022 to 2024 was approximately 638 million, 824 million, and 969 million yuan, respectively [5]. - Net profit for the same period was 51.78 million, 56.25 million, and 38.34 million yuan, with a notable 31.83% decline in net profit for 2024 [5]. - The company's gross margin has been declining, with gross profits of 186 million, 230 million, and 246 million yuan, corresponding to gross margins of 29.1%, 27.9%, and 25.4% [5]. Market Position - According to Frost & Sullivan, Kangjin Electric ranks third in the Chinese market for ring main unit sales, holding a market share of 4.4% in 2024 [4]. - Competitors such as Xuchang Electric and Teruid have significantly larger revenue and profit scales compared to Kangjin Electric [5][6]. Listing History - Kangjin Electric has changed its listing plans multiple times, initially aiming for the Shenzhen Stock Exchange in 2020, then switching to the Beijing Stock Exchange, and now applying for a listing on the Hong Kong Stock Exchange [7][8]. - The company aims to raise funds for a new production base in Ganzhou, a new R&D center in Shenzhen, debt repayment, and general corporate purposes [10].

小时候在山上会摘到的野酸枣后来变成了南酸枣糕，如今更是变成了能够上市的特色零食。 6月27日，江西齐云山食品股份有限公司（下称"齐云山食品"）向港交所递交了上市申请，中泰国际是独家保荐机构。 这家中国南酸枣食品的NO.1公司，已有67年的历史，产品南酸枣糕面市有33年，如今年收入超过3亿元，年研发开支达千万，89%的收入来自 线下。 来源：公司官网 2024年净利润同比增长124.42% 官网显示，齐云山食品于1958年创建，是赣州地区建厂时间最早，发展历史最长的食品工业企业之一，距今已有67年。 南酸枣主要产于中国南方地区，而齐云山食品的总部位于 "中国南酸枣之乡"—— 江西崇义县，凭借地理优势，可优先获取邻近的南酸枣资 源，高效保障供应链，降低运输损耗与成本。 凭借其在南酸枣食品市场的显著份额，齐云山食品在2024年以零售额计算，占据了中国南酸枣食品市场32.4%的份额，稳坐行业头把交椅。 齐云山食品的产品线涵盖了南酸枣糕、南酸枣粒、南酸枣凝、南酸枣软糖及南酸枣冻等多种品类。除南酸枣产品外，公司还为齐云山油茶提供 山茶油产品的品牌策划及营销服务。2024财年，按零售额计，公司在中国果类零食行业位列第九，市 ...

近日，长春长光辰芯微电子股份有限公司（下称"长光辰芯"）递交港交所招股书，拟在港交所上市，中信证券和国泰君安国际是联席保荐人。 IPO日报注意到，长光辰芯在连亏两年后2023年实现了扭亏为盈，但仍未能登陆科创板，如今转道港交所。长光辰芯质地如何？ 来源：张力 扭亏，毛利率下滑 据悉，长光辰芯成立于2012年，诞生于"新中国光学摇蓝"的中科院长春光机所，是国产高性能CMOS（互补金属氧化物半导体）图像传感器龙 头企业，目前主要提供机器视觉、科学仪器和专业影像应用领域的产品及定制服务。 长光辰芯提供九大产品系列，超过50种标准产品，广泛适用于工业成像、科学成像、专业影像和医疗成像等先进技术领域。此外，长光辰芯还 提供定制传感器解决方案。 根据咨询机构弗若斯特沙利文的资料，全球CIS（CMOS图像传感器）市场预计将于2024年至2029年加速增长，总收入预计将由2024年的1391 亿元增至2029年的2103亿元，复合年增长率约为8.6%。就2024年的工业成像收入而言，长光辰芯在全球CIS公司中排名第三，在中国CIS公司中排 名第一，占全球市场份额的15.2%。就2024年的科学成像收入而言，长光辰芯在全球CI ...

Core Viewpoint - Chenghe Technology has abruptly terminated its major asset restructuring plan after two months of preparation due to failure to reach consensus on key terms with the involved parties [1][4]. Group 1: Asset Restructuring Details - Chenghe Technology announced plans to acquire at least 51% of Wuhu Yingri Technology Co., Ltd. for a cash consideration, with an estimated total valuation of 1.8 billion yuan for 100% of Yingri Technology [3]. - Yingri Technology specializes in the research, production, and sales of high-performance sputtering targets, which are essential materials in the electronics manufacturing industry, particularly for semiconductor display panels and touch screens [3][4]. - The complexity of Yingri Technology's shareholder structure and differing opinions on future business development plans hindered the agreement on core transaction terms, particularly regarding performance commitments [4][5]. Group 2: Financial Performance - Yingri Technology reported significant revenue growth from 113 million yuan in 2019 to 315 million yuan in 2021, with year-on-year growth rates of 31.05% and 113.42% respectively. Net profit also increased from 12 million yuan to 84 million yuan during the same period, with growth rates of 115.45% and 215.85% [3][8]. - Chenghe Technology has maintained stable revenue growth since its establishment, with projected revenues increasing from 460 million yuan in 2020 to 882 million yuan in 2024, and net profits rising from 117 million yuan to 250 million yuan in the same period [8]. - In the first quarter of 2025, Chenghe Technology reported a revenue of 220 million yuan, reflecting a year-on-year growth of 14.97%, and a net profit of approximately 71.5 million yuan, up 15.82% year-on-year [8]. Group 3: Impact of Termination - The termination of the asset restructuring will not adversely affect Chenghe Technology's business operations, production activities, or financial status, nor will it harm the interests of the company and its shareholders, particularly minority shareholders [8].