近日，广西森合高新科技股份有限公司（以下简称"森合高科"）回复了北交所第一轮审核问询函，涉及市场空间及技术创新体现、业绩增长合理性、原材料 采购情况及价格波动风险、募资项目合理性等8个问题。 来源：公告 森合高科成立于2011年，主要从事环保型贵金属选矿剂的研发、生产及销售，产品主要用于金、银等矿业企业的矿山作业浸出环节。该公司此次IPO拟募资 4.90亿元，计划用于年产8万吨环保型贵金属提取剂建设项目。 招股书显示，2022年至2024年，森合高科实现营收分别为3.02亿元、3.46亿元、6.23亿元，其中2022年营收同比下滑1.88%；实现净利润分别为0.47亿元、 0.56亿元、1.50亿元，其中2022年净利润同比下滑36.42%。 GPLP犀牛财经注意到，森合高科2024年业绩出现"爆发式"增长，主要受益于"超产"贡献。2024年1-9月，该公司环保型贵金属选矿剂的产能利用率达127%， 距违规"红线"仅差3个百分点。 据了解，森合高科于2024年10月取得环保型贵金属选矿剂年产能扩大至8.5万吨的环评批复，环保型贵金属选矿剂2024年1-10月的产量为4.46万吨，产能利用 率下降至52.48% ...

招商恒鑫30个月封闭债基金刚成立时的净认购金额约为79.26亿元，截至2025年8月21日，资产净值约为80.84亿元。 招商恒鑫30个月封闭债基金二季报显示，截至二季度末，该基金成立以来的单位净值增长7.41%，跑赢业绩比较基准0.65个百分点。 招商恒鑫30个月封闭债基金持有债券占比为 93.93%，其中，持有国债占比为9.85%，金融债券占比为29.55%，企业短期融资券占比为22.3%，中期票据占比 为22.42%。 9月16日，招商基金发布招商恒鑫30个月封闭债基金清算报告。报告显示，招商恒鑫30个月封闭债基金成立于2023年2月22日，于2025年8月21日封闭期到期 并对基金份额进行自动赎回，自8月22日起进入清算期，该事项无需召开基金份额持有人大会进行表决。 | 基金名称 | 招商恒鑫 30个月封闭式债券型证券投资基金 | | --- | --- | | 基金简称 | 招商恒鑫 30个月封闭债 | | 基金主代码 | 017800 | 招商恒鑫30个月封闭债基金一直由李家辉管理，其于2017年7月加入招商基金管理有限公司固定收益投资部，曾任研究员，从事债券研究分析工作，2021年9 月起任基金 ...

经中国工商银行党委研究，决定给予许杰开除党籍处分；按规定取消其享受的待遇；收缴其违纪违法所得；天津市监委将其涉嫌犯罪问题移送检察机关依法 审查起诉，所涉财物一并移送。 9月16日，据中央纪委国家监委驻中国工商银行纪检监察组、天津市纪委监委消息，日前，中央纪委国家监委驻中国工商银行纪检监察组、天津市监委对中 国工商银行河南省分行原党委书记、行长许杰严重违纪违法问题进行了立案审查调查。 经查，许杰背弃初心使命，丧失党性原则，对抗组织审查；漠视中央八项规定精神，收受可能影响公正执行公务的礼品、礼金，接受可能影响公正执行公务 的宴请、旅游、娱乐活动安排，违规出入具有私人会所性质的场所，将应由本人支付的费用由他人支付，违规组织、参加用公款支付的娱乐活动，公车私 用，超标准乘坐交通工具；无视组织原则，不如实报告个人有关事项，在组织函询时不如实说明问题，在干部职工的录用、岗位调整方面为他人谋取利益； 毫无廉洁底线，违规借用管理和服务对象钱款；履行全面从严治党责任不力，违规干预和插手银行网点租赁、采购业务、内部问责工作；不修私德，追求低 级趣味。私欲膨胀，以权敛财，利用职务便利及职权地位形成的便利条件，在贷款审批、员工入职等 ...

Group 1 - The Sichuan Securities Regulatory Bureau issued administrative regulatory measures against Huazhong Securities Chengdu Dongda Road Securities Business Department for failing to assess employees' integrity during their employment [2] - Another regulatory measure revealed that an employee, Tian Ke, promoted false financial products to clients, resulting in significant losses for them, leading to corrective measures against him [4] - Huazhong Securities has faced multiple employee violations this year, including a warning issued to Yin Yanji, the head of the research institute, for not effectively regulating the conduct of certain employees [4] Group 2 - An employee from Huazhong Securities, Tang Mengfei, was found to have used another person's securities account for stock trading, violating compliance regulations, resulting in a warning and a record in the integrity file [4]

Core Viewpoint - Recent changes in fund management at Zhuque Fund have attracted market attention, particularly the resignation of fund manager Liang Yuejun and the appointment of Chen Fei and Wang Yihai as new fund managers [2][3] Group 1: Fund Manager Changes - Liang Yuejun has resigned from the Zhuque Enterprise Preferred Fund, effective September 11, 2025, due to work arrangements, and will take on other roles within the company [3] - Chen Fei has been appointed as the new fund manager for the Zhuque Enterprise Preferred Fund, while Wang Yihai has been added as a co-manager for the Zhuque Hengxin One-Year Holding Fund [2][3] Group 2: Liang Yuejun's Background and Current Role - Liang Yuejun is the general manager of Zhuque Fund and has managed several funds, with a peak management scale exceeding 100 billion [3] - Liang has a background in investment banking, having worked at various securities firms before co-founding Zhuque Investment in 2007 and joining Zhuque Fund in January 2019 [4] Group 3: Company Leadership Changes - The current chairman of Zhuque Fund is Shi Yaru, who has recently returned to the position after a series of leadership changes, including a switch with former chairman Wu Jinming [5] - Zhuque Fund has experienced frequent changes in its chairmanship, with notable transitions occurring in 2020 and 2021 [5] Group 4: Fund Performance and Holdings - The Zhuque Hengxin One-Year Holding Fund has reported a return of -14.39% as of September 15, with a net asset value of approximately 3.17 billion [6] - The fund's portfolio is heavily weighted in equities, with a 75.19% allocation to stocks and no bonds held, featuring top holdings in companies like SMIC, Li Auto, and Tencent [6] Group 5: Regulatory Issues - The fund's holding, Xiangyuan Cultural Tourism, faced regulatory penalties for failing to fulfill disclosure obligations, resulting in fines totaling 2 million for the company and additional fines for its executives [6][7] - Despite these issues, Zhuque Fund believes that the violations will not have a significant impact on normal operations or investment decisions [7]

Group 1 - The IPO market is experiencing a trend of reduced fundraising, with over 40% of companies significantly lowering their fundraising targets, averaging a reduction of over 20% since the normalization of IPO reviews last year [1] - The new regulatory policies, including the "National Nine Articles," have led to stricter IPO fundraising review standards, particularly addressing issues like excessive fundraising and high proportions of supplementary liquidity [1] - Publicly offered "fixed income +" and FOF products are acting as a bridge to guide medium- and long-term funds into the market, with a positive feedback loop established as funds flow into quality assets [1] Group 2 - Several banks have recently announced the redemption of "perpetual bonds," driven by changes in interest rate environments, regulatory requirements, and capital management needs [3] - The stock private equity position index has risen to 78.04%, indicating a significant increase in overall investment enthusiasm among private equity firms, with over 54% of large private equity firms fully invested [3] - The white wine market is showing signs of weakness during the typically strong sales period of the Mid-Autumn Festival and National Day, with sales expected to decline by 15%-20% year-on-year, although high-end brands like Moutai are performing better [3] Group 3 - Nvidia plans to invest up to $100 billion in OpenAI, with the first $10 billion investment contingent on a final agreement for chip procurement [5] - Meta is introducing an AI assistant for Facebook Dating to help users find better matches, along with a new feature to reduce matching fatigue [5] - Guizhou Moutai has denied rumors of lowering its annual performance targets, stating that it has met its goals for the first half of the year [8] Group 4 - Baiguoyuan Group plans to raise approximately 300 million yuan to repay debts, following a loss of over 300 million yuan in the first half of the year and the closure of over 1,600 stores in a year [9] - Chang'an Bank's vice president Liu Jianyun has received approval for his appointment, indicating stability in the bank's leadership [7] - Greenme has submitted an application for H-share listing on the Hong Kong Stock Exchange, signaling its intent to expand its capital base [7]

Group 1: Financial Market Insights - The chairman of the China Securities Regulatory Commission emphasized the need to enhance the role of long-term funds as a stabilizer and attract more global capital to invest in China [1] - Following the Federal Reserve's decision to lower the federal funds rate by 25 basis points, some banks in Beijing still offer dollar deposit rates above 3%, but a decrease is expected soon [2] - The global PC gaming hardware market is projected to grow by 35% year-on-year in 2025, reaching $44.5 billion, driven by the end of Windows 10 [2] Group 2: Commodity and Material Trends - After the Fed's rate cut, copper prices stabilized, and the waste copper market showed resilience, with improved processing profits and a potential for price rebound [3] - The price of centralized components has slightly decreased, with a forecasted production drop of about 1GW in September due to reduced project evaluations [3] Group 3: Corporate Developments - OpenAI is reportedly collaborating with domestic supply chains, including Luxshare Precision, to develop consumer-grade devices [4] - JD Industrial Co., Ltd. has filed for overseas listing, planning to issue up to 253 million shares on the Hong Kong Stock Exchange [5] - Chery Automobile is expected to set its Hong Kong IPO price at the upper end of the range due to strong investor demand, potentially raising HKD 9.1 billion [6] Group 4: Project and Contract Announcements - New Xiang Chemical announced a production line will be shut down for renovation, expected to impact profits by approximately 48 million yuan [7] - Hai Xing Electric is a recommended candidate for a National Grid procurement project, with an estimated contract value of about 128 million yuan [8] - Samsung Medical is also a recommended candidate for multiple National Grid procurement projects, with a total expected contract value of approximately 193 million yuan [9] - Youxunda is projected to win a National Grid procurement project worth about 107 million yuan, representing 10.55% of its 2024 revenue [10] - Pulaide signed a strategic cooperation agreement with an international electric tool brand, with a total procurement amount exceeding 700 million yuan over five years [11] - Boshi Co. signed an industrial service contract worth approximately 96.99 million yuan with Guoneng Baotou Coal Chemical [12] Group 5: Market Performance - The STAR 50 Index surged by 3.38%, with several chip stocks reaching historical highs, while the overall market saw a mixed performance with significant movements in various sectors [12]

Group 1 - Xinxiang Chemical Fiber will suspend production for approximately 90 days starting October 1, 2025, affecting an annual capacity of 31,200 tons, resulting in a revenue decrease of approximately 185 million yuan and a profit reduction of about 48 million yuan [1] - Bozhong Precision plans to transfer 18.29% of its stake in Suzhou Linghou Robot for 64 million yuan, retaining a 21.61% ownership post-transaction [1] - Haixing Electric is a recommended candidate for a State Grid procurement project, with an expected bid amount of approximately 128 million yuan [2] Group 2 - Samsung Medical is a recommended candidate for multiple State Grid procurement projects, with a total expected bid amount of approximately 193 million yuan [2][3] - Youxunda is a recommended candidate for a State Grid procurement project, with a bid amount of approximately 107 million yuan, representing 10.55% of its 2024 revenue [3] - Tiancheng Self-Control has received a notification for a seat assembly project from a well-known domestic new energy vehicle company, expected to start mass production in June 2026 [4] Group 3 - YKYY013 injection has received FDA approval for clinical trials to treat chronic hepatitis B virus infection [4] - Pulaide has signed a strategic cooperation agreement with an international electric tool brand, with a total procurement amount exceeding 700 million yuan over five years [4] - Sichuan Shuangma's subsidiary has obtained GMP certification from Russia, covering core aspects of drug quality and production systems [6] Group 4 - Boshi Co. has signed an industrial service contract worth approximately 96.99 million yuan with Guoneng Baotou Coal Chemical [7] - Wansheng Intelligent is a recommended candidate for a State Grid project, with an expected bid amount of approximately 67.98 million yuan, representing 7.25% of its 2024 revenue [9][10] - Huazi Industrial plans to sell its dairy farm assets for 38.5 million yuan, expecting a positive impact of approximately 11.7 million yuan on its current profits [10] Group 5 - Jinguang Electric has won a State Grid project with a total bid amount of approximately 28.4 million yuan, accounting for 3.82% of its 2024 revenue [11] - Nanjiao Food reported a net profit of 10,410 yuan for August, a year-on-year decrease of 98.31% [13] - Dongfang Bio's subsidiary has obtained registration certificates for two medical device products [15] Group 6 - Lanhua Kecai has signed a strategic cooperation agreement with Shanghai Pangu Power to promote intelligent and efficient transformation in the coal mining industry [17] - Yabao Pharmaceutical has decided to terminate the SY-009 research project, with a total investment of approximately 87.87 million yuan to be fully impaired [18] - Tian Shili's subsidiary has received approval for a new indication for its recombinant human urokinase injection for acute ischemic stroke treatment [20] Group 7 - Su Yan Jingshen's executives plan to increase their shareholding in the company, with a total investment of between 1.9 million and 2.66 million yuan [22] - Baiyun Electric and its subsidiary have won a State Grid project with a total bid amount of approximately 162 million yuan, covering multiple equipment types [23] - China West Electric's director has resigned due to work reasons, effective September 19, 2025 [25] Group 8 - Jianan Intelligent is a recommended candidate for a State Grid project with a total expected bid amount of approximately 73.12 million yuan [26] - Juhua Technology is a recommended candidate for a State Grid project with a total expected bid amount of approximately 142 million yuan [27] - Tengyuan Cobalt's actual controller has committed not to reduce holdings for the next 12 months, holding 37.89% of the total shares [28] Group 9 - Changfei Optical Fiber announced that Draka Comteq B.V. no longer holds H shares in the company after selling 37.59 million shares [28] - Mongcao Ecological's subsidiary has signed a contract for an ecological restoration project worth 225.2 million yuan [29] - Weiao Co. plans to distribute a cash dividend of 0.1 yuan per share, totaling approximately 39.29 million yuan [30]

Industry Overview - The pre-prepared food sector is experiencing significant growth, with a market size projected to reach 485 billion yuan in 2024, reflecting a year-on-year increase of 33.8%, and expected to reach 749 billion yuan by 2026 [1] - The sector is facing challenges such as low entry barriers, product homogeneity, and consumer awareness issues, which could impact future growth [1] Company Performance - **Delisi**: Achieved revenue of 1.616 billion yuan in the first half of the year, up 17.04% year-on-year, but net profit decreased by 27.24% to 10.303 million yuan. Pre-prepared food contributed 643 million yuan to revenue, a growth of 35.77%, accounting for 39.77% of total revenue [1] - **Huifa Food**: Reported revenue of 735 million yuan, down 17.75% year-on-year, with a net loss of 29.993 million yuan, indicating worsening financial performance despite efforts to diversify product offerings [2] - **Longda Meishi**: Generated revenue of 4.975 billion yuan, a decrease of 1.38% year-on-year, with net profit down 39.52% to 35.169 million yuan. The pre-prepared food segment saw a revenue drop of 19.5% [2] - **Guolian Aquatic Products**: Recorded revenue of 1.651 billion yuan, down 18.36% year-on-year, and a net loss of 54 million yuan, indicating a significant decline in the main pre-prepared seafood business [2] - **Weizhi Xiang**: Achieved revenue of 343 million yuan, up 4.70% year-on-year, but net profit fell by 24.46% to 31.947 million yuan, marking two consecutive years of profit decline [3] - **Qianwei Central Kitchen**: Reported revenue of 886 million yuan, a slight decrease of 0.72%, with net profit down 39.67% to 35.789 million yuan. The fastest-growing segment was frozen prepared dishes, but overall revenue from main and snack categories declined [3] Market Dynamics - The pre-prepared food market is expanding due to improvements in cold chain technology and increased coverage, but companies must find growth points and establish competitive barriers to succeed [1][3]

Core Viewpoint - Shangyang Technology plans to apply for the termination of its stock listing on the National Equities Exchange and Quotations (NEEQ) due to industry trends, market environment, and its strategic development plan aimed at improving operational efficiency and maximizing shareholder value [4]. Group 1: Company Performance - Shangyang Technology reported a revenue of 107 million yuan in the first half of 2025, a year-on-year decrease of 19.28% [4]. - The net profit for the same period was 14.59 million yuan, down 29.07% year-on-year, with a gross margin decline from 32.77% to 30.54% [4]. - The company has experienced fluctuating performance since its listing, with significant revenue growth only in 2024; revenues for the first half of 2022, 2023, and 2024 were 95.42 million yuan, 91.93 million yuan, and 133 million yuan respectively [5]. Group 2: Business Segments - Shangyang Technology's main business revenue is divided into three segments: makeup tools, blister packaging, and others, with makeup tools accounting for the largest share [5]. - Revenue from makeup tools in the first half of this year was 102 million yuan, representing 95.40% of total revenue, but this segment saw a year-on-year decrease of 20.96% [5]. - Although other business segments showed significant revenue growth, their operating costs exceeded the revenue generated, indicating challenges in overall profitability [5]. Group 3: Customer Concentration and Market Dependency - The company faces high customer concentration risk, with the top five customers accounting for 85.22% of its revenue, making its performance highly dependent on these relationships [6]. - A significant portion of Shangyang Technology's revenue comes from overseas markets, with 94.76% of total revenue derived from international sales, which have decreased by 19.96% compared to the previous year [6]. - The decline in demand from overseas major clients has contributed to the company's poor performance, influencing its decision to delist [6].