Core Viewpoint - *ST Tianmao has made significant progress in its voluntary delisting process, with shareholders overwhelmingly approving the proposal to terminate the company's stock listing at a recent extraordinary general meeting [2][4]. Summary by Sections Delisting Decision - On August 25, *ST Tianmao's shareholders voted 98.06% in favor of the proposal to voluntarily terminate the company's stock listing, with 91.62% of small investors (holding less than 5% of shares) supporting the decision [4][8]. - Following the decision, the company will submit a delisting application to the Shenzhen Stock Exchange within fifteen trading days, and the stock will enter a phase of cash option distribution and settlement [4][6]. Cash Option Details - The cash option for shareholders is set at 1.60 CNY per share, with a total cost of approximately 26.07 billion CNY for the 16.29 billion shares held by shareholders other than specific major stakeholders [7][6]. - The stock price on the last trading day (August 13) was 1.58 CNY per share, slightly below the cash option price, indicating a potential incentive for shareholders to accept the cash option [7]. Reasons for Delisting - The company cited significant uncertainties and the need for business restructuring as reasons for the voluntary delisting, aiming to protect the interests of small shareholders [6][10]. - *ST Tianmao has faced risks of forced delisting due to delays in disclosing financial reports, which has led to trading suspensions and risk warnings [10][12]. Shareholder Voting Dynamics - The voting outcome on August 25 highlighted the critical role of small shareholders in the delisting process, as their approval was necessary for the proposal to pass [8][9]. - Historical context suggests that forced delisting often results in significant losses for shareholders, making the voluntary exit a strategic choice for many [9].

乌克兰进入时的库尔斯克州州长斯米尔诺夫因挪用军费正等待审判。 报道还称，另一位前州长斯塔罗沃伊特今年7月被解除交通部长职务后自杀身亡。外界当时盛 传他也面临贪污指控。 les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 数说人物 √ � [ 8 a 4 a g a d 4 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND ●微信搜一搜( 〔 〔 中国基金报 〕即刻获取财经资讯 来源：参考消息 据新加坡《联合早报》网站8月25日援引法新社消息报道， 俄罗斯库尔斯克地区代理副州长 巴扎罗夫因涉嫌挪用修建边境防御工事资金而遭拘留。 报道称，议员亚历山大·辛斯坦25日在社交媒体"电报"发文说，库尔斯克地区代理副州长巴扎 罗夫被拘留。"（巴扎罗夫）以往的功绩不能、也不会成为违法的借口。" 俄罗斯国家通讯社塔斯社引述一名执法部门消息人士的话报道称，巴扎 ...

Core Viewpoint - Jing Sheng Co., Ltd. is planning to acquire a controlling stake in Beijing Weizhun Intelligent Technology Co., Ltd. and will raise matching funds, with stock suspension starting from August 26, 2025, for up to 10 trading days [2][6]. Group 1: Acquisition Details - The acquisition will be conducted through a combination of issuing shares and cash payments, with the valuation of Beijing Weizhun yet to be finalized [6][8]. - The main shareholders involved in the transaction are identified as Ge Sijing and Xu Fengchun [8]. - The company emphasizes that this transaction will not lead to a change in the actual controller and does not constitute a restructuring listing [5][8]. Group 2: Company Background - Beijing Weizhun, established on February 27, 2014, specializes in the research, production, and service of wireless communication testing equipment, with a registered capital of 15.8824 million yuan [7]. - The company has developed a nationwide sales service system, providing production testing services for numerous mainstream mobile phone brands [7]. Group 3: Financial Performance - Jing Sheng Co., Ltd. reported a total revenue of 425 million yuan for 2024, a year-on-year increase of 4.78%, while the net profit attributable to shareholders decreased by 24.32% to 54 million yuan [10]. - In the first quarter of 2025, the company achieved a revenue of 71 million yuan, a year-on-year decrease of 12.69%, and reported a net profit of -3 million yuan, indicating a shift from profit to loss [10][11]. Group 4: Stock Performance - The stock price of Jing Sheng Co., Ltd. has seen a significant increase of 49.43% year-to-date, closing at 41.79 yuan per share on August 25, 2025, with a total market capitalization of 5.8 billion yuan [2][11].

Core Viewpoint - The article discusses the potential risks and irregularities surrounding the IPO of Xinqiang Electronics, particularly focusing on the significant cash dividends, stock incentives for the new general manager, and complex related party transactions that may undermine the company's independence and financial health [2][4][10]. Group 1: IPO and Financial Maneuvers - Xinqiang Electronics has received approval for its IPO, with the Yu family holding over 95% of the shares [2][4]. - Prior to the IPO, the company distributed a cash dividend of 181 million yuan, which is over 80% of its net profit for the past two years [2][7]. - The new general manager received stock incentives valued at approximately 420 million yuan, raising questions about the appropriateness of such compensation [6][7]. Group 2: Accounting and Valuation Concerns - The company transferred shares at a price significantly lower than its fair value, leading to a valuation increase of nearly eight times within a month [5][6]. - Xinqiang Electronics did not follow proper accounting treatment for stock incentives, which could lead to a substantial reduction in net profit in the future [5][6]. Group 3: Related Party Transactions - The company heavily relies on sales to joint ventures, with related party sales accounting for significant portions of its revenue [10][12]. - The profit margins for related party sales are considerably lower than those for external sales, raising concerns about profitability [10][11]. - The company's business model may effectively turn it into a contract manufacturer for its joint ventures, limiting its growth potential [12][13]. Group 4: Market Position and Risks - Xinqiang Electronics faces challenges in maintaining growth, with a significant portion of its revenue tied to the storage sector and a high dependency on Taiwanese customers [14][14]. - The company’s revenue growth has stagnated, with a reported decline of 0.13% year-over-year in 2024, contrasting sharply with the double-digit growth of its peers [14][14].

Core Viewpoint - Haidilao's revenue and net profit declined in the first half of 2025, primarily due to a decrease in table turnover rate and initial adjustments in product and scene innovation [2][4]. Financial Performance - For the first half of 2025, Haidilao reported revenue of 20.703 billion RMB, a decrease of 3.7% year-on-year, and a net profit of 1.755 billion RMB, down 13.7% year-on-year [2][3]. - The average table turnover rate for self-operated restaurants was 3.8 times per day, down from 4.2 times per day in the same period last year [4][6]. - The average customer spending in self-operated restaurants was 97.9 RMB, an increase of 0.5 RMB compared to the previous year [6][7]. Market Context - National statistics indicate that the overall restaurant revenue in China grew by 4.1% year-on-year in the first half of 2025, but revenue from large-scale dining enterprises experienced a negative growth of 0.4% [6]. - The competitive landscape in the dining market has intensified, impacting customer consumption patterns and contributing to Haidilao's challenges [8]. Store Expansion and Strategy - As of June 30, 2025, Haidilao operated a total of 1,363 restaurants, with a net decrease of 5 stores due to closures [9]. - The company is shifting its growth strategy from external expansion (opening new stores) to internal growth (enhancing operational efficiency) [9]. Highlights in Business Segments - Haidilao's takeaway business saw a significant increase, with revenue growing nearly 60% to 928 million RMB in the first half of 2025 [11]. - The "one-person meal" takeaway segment contributed over 55% of the takeaway revenue, indicating a successful adaptation to changing consumer preferences [11]. Future Outlook - Haidilao plans to enhance dining experiences through digital operations, diversify its business strategy, and seek strategic acquisitions to enrich its restaurant offerings [12].

抗战胜利80周年阅兵活动临近，记者从空中梯队获悉，本次受阅的空中梯队涵盖我军联合作战主 体空中力量。届时，陆、海、空军战机将以强大阵容低空飞过天安门广场，并呈现4大亮点。 一是多型新 机首 次受阅。 从机型来看，即将受阅的战机很多是首次亮相阅兵场。特别是一些新 型战机，作为中国军队现役主战机型，是应对高端战争的新锐和重器。这些装备的集中亮相，充 分体现中国军队高新武器装备的最新发展水平，也充分展示人民军队慑阻强敌、制胜空天的强大 力量底气。 来源：新华社 阅兵空中梯队将呈现4大亮点 四是凸显纪念主题。 空中梯队将紧贴"铭记历史、缅怀先烈、珍爱和平、开创未来"主题，通过 悬挂旗帜和标语、组成特定数字编队队形，营造浓厚的纪念氛围，宣示中国人民爱好和平、人民 军队捍卫和平的坚定立场决心。 另据央视新闻报道，空军徒步方队总教练梁庭表示，从组训到现在，已经达到方队成型、动 作统一、步伐整齐、士气高昂的效果。 "我们有信心在9月3日，能以最佳效果站上天安门广场，接受党和人民的检阅。其实，军人的 一生都在受阅，不仅在今天的阅兵场，更在明天的演训场。" 梁庭说。 全 线 大 跌！超 1 6 万 人 爆 仓 二是梯队编成体系联 ...

Core Viewpoint - The survey indicates that fund investors are primarily optimistic about the long-term market outlook, despite current high volatility, with a significant portion opting for defensive strategies like reducing positions [2][21][23]. Investor Structure - The majority of respondents have 1 to 5 years of investment experience, making them "mid-term players," while 21.8% have over 5 years of experience [6]. - Fund investments are the most favored asset class, with 62.5% of investors choosing various types of funds, including active equity funds, ETFs, and bond funds [9]. Market Sentiment and Positioning - Over 70% of investors maintain a positive outlook on the market, believing the index can break through resistance levels [21][23]. - Nearly 60% of investors are currently holding positions that are underwater, indicating a cautious approach amid market fluctuations [16]. Investment Strategies - A significant 49.7% of investors are opting for defensive strategies, such as reducing positions, while 24.6% are looking to increase their holdings [21]. - The preferred investment strategies include "swing trading" (45.8%) and "long-term holding" (39.9%), reflecting a flexible approach to market conditions [34]. Sector Preferences - The technology sector is the most favored, with 50.1% of investors expressing interest, followed by consumer and financial sectors [30]. - A notable 90.3% of investors plan to adjust their portfolio structures, with a focus on value stocks [31]. Use of Leverage - There is a clear divide in the use of leverage among investors, with 35.2% using it, while 51.1% do not [33]. Information Sources - Investors primarily rely on financial media (62.0%) and social platforms (53.8%) for investment information, indicating a shift towards more interactive and accessible content [37][38]. Decision-Making Factors - Company financial reports (53.6%) and macroeconomic data (40.7%) are the most critical factors influencing investment decisions, highlighting a data-driven approach [40]. Index Fund Popularity - ETFs and index funds have become the preferred investment choice for 51% of investors, reflecting a growing trend towards low-cost and transparent investment options [45]. Fund Manager Influence - The influence of "star fund managers" is diminishing, with 55% of investors viewing their insights as reference points rather than absolute guides [47]. Selection Criteria for Funds - The experience and performance of fund managers are the most important criteria for investors when selecting funds, with 51.4% prioritizing these factors [49]. Investor Feedback on Industry - Investors express a desire for lower fees, better product offerings, and improved transparency in the fund industry, indicating a demand for long-term stability and growth [52].

【导读】李永兴担任苏新基金副总经理 中国基金报记者 含章 8月25日，苏新基金发布公告称，任命李永兴为公司副总经理。 李永兴是一位具备18年证券相关从业经验的投资老将，此前担任过永赢基金总经理助理、副 总经理、基金经理等职务。 李永兴担任苏新基金副总经理 8月25日，苏新基金发布公告称，李永兴自即日起担任公司副总经理职务。 | 基金管理人名称 | 苏新基金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》《证 | | | 券基金经营机构董事、监事、高级管理人员及从 | | | 业人员监督管理办法》等 | | 高管变更类型 | 新任基金管理公司副总经理 | | 新任高级管理人员职务 | 副总经理 | | --- | --- | | 新任高级管理人员姓名 | 李永兴 | | 任职日期 | 2025-08-25 | | 过往从业经历 | 2006年7月进入交银施罗德基金管理有限公司工作,先后任 | | | 研究员、基金经理助理、基金经理。2015年11月起任九泰 | | | 基金管理有限公司投资总监。2017年6月起任永赢基金管理 | | | 有限公司总经理助理 ...

【导读】法巴农银理财上半年规模增幅超60%，高盛工银理财、贝莱德建信理财规模亦显著 增长 中国基金报记者 吴娟娟 日前，五家外商控股合资理财公司中三家披露了理财业务2025上半年理财业务报告。数据显 示，贝莱德建信理财、高盛工银理财、法巴农银理财2025年上半年理财产品规模均显著增 长，增幅最大超过60%。 权益市场火热，以固定收益类产品为主导的理财产品承压。不过，一家股份行理财经理告诉 记者，其所在网点理财产品赎回压力可控。本报此前报道亦提到，一方面，理财产品的赎回 压力可控。另一方面，银行顺势推出权益或者"含权"产品。这类产品过去很长一段时间销售 困难，如今受到投资者欢迎。本报调研发现，不同地区的理财投资者行为差异较大，同时， 不同地区理财产品面临的赎回压力也存在较大差异。 法巴农银理财上半年规模增幅为64.82% 中国理财网数据显示， 截至2025年6月30日，贝莱德建信理财存续产品规模为362.52亿元 ，公司旗下公募产品有117只，私募产品1只。按资产类别来分，截至2025年6月30日，公司 旗下固定收益类产品115只，权益类产品2只，混合类产品1只。截至2024年12月31日，贝 莱德建信理财的存 ...

【导读】美联储降息预期未能引爆行情，加密货币集体杀跌！ 中国基金报记者 王思文 加密货币，集体杀跌！ 8月25日，加密货币市场大幅跳水。截至发稿，比特币跌破11.1万美元/枚关口，24小时内跌 幅超过3.3%；以太坊、狗狗币、Solana币、艾达币跌超3%。 CoinGlass数据显示，过去24 小时内，全球加密货币爆仓超8.4亿美元，爆仓人数超过16.6万人。 其他加密货币也纷纷大跌，狗狗币和Sui币跌超4%，Solana、艾达币跌超3%。 此轮持续杀跌导致全球不少人爆仓。CoinGlass数据显示，过去24小时内，全球加密货币爆 仓金额达到8.4亿美元，被爆仓人数超过16.6万人。其中，多单爆仓6.7亿美元，空单爆仓1.6 亿美元。最大单笔爆仓单发生在OKX-BTC，价值1248.76万美元。 | 1小时爆仓 | 多单爆仓 | 空单爆仓 | | --- | --- | --- | | $1815.2万 | $1548.6万 | $266.7万 | | 4小时爆仓 | 多单爆仓 | 空单爆仓 | | $1.5亿 | $1.4亿 | $1018.2万 | | 12小时爆仓 | 多单爆仓 | 空单爆仓 | | ...