中国经济网北京5月28日讯福赛科技（301529）(301529.SZ)昨日发布公告称，公司于近日收到公司持股 5%以上股东芜湖高新毅达中小企业创业投资基金(有限合伙)(以下简称"高新毅达")出具的《股份减持计 划告知函》。 福赛科技发行的募集资金总额为77,626.05万元，扣除发行费用后的募集资金净额为69,122.97万元。公司 最终募集资金净额比原计划22,822.97万元。公司2023年9月4日披露的招股说明书显示，公司拟募集资金 46,300.00万元，用于年产400万套汽车功能件项目(一期)、补充流动资金项目。 持有公司6,130,007股(占公司总股本比例7.2256%)的持股5%以上股东高新毅达计划在减持计划公告之日 起十五个交易日后的三个月内以集中竞价或大宗交易方式减持公司股份不超过2,502,193股(占本公司总 股本比例2.9494%，占剔除公司最新披露的回购专用证券账户股份数量后总股本的比例为3%)。其中通 过集中竞价方式减持的，在任意连续六十个自然日内，减持股份的总数不得超过公司股份总数的1%； 通过大宗交易方式减持的，在任意连续六十个自然日内，减持股份的总数不得超过公司股份总数的 ...

*ST清研上市首日开盘报26.80元，盘中最高报42.88元，为该股上市以来最高价。该股目前处于破发状 态。 2024年，*ST清研实现营业收入7317.15万元，同比下降48.33%；实现归属于上市公司股东的净利 润-1821.66万元，上年为2096.41万元；实现归属于上市公司股东的扣除非经常性损益的净利润-2258.57 万元，上年为886.93万元；经营活动产生的现金流量净额为-4073.49万元，上年为-201.54万元。 *ST清研于2022年4月22日在深交所创业板上市，发行数量为2,701.00万股，全部为公开发行的新股，不 进行老股转让，占发行后总股本比例为25.01%，发行价格为19.09元/股，保荐机构(主承销商)为中信建 投证券股份有限公司，保荐代表人为徐新岳、邱荣辉。 中国经济网北京5月28日讯 *ST清研(301288.SZ)近日披露2025年第一季度报告，报告期内，该公司实现 营业收入958.18万元，同比增长2.34%；实现归属于上市公司股东的净利润-119.37万元，上年同期 为-477.89万元；实现归属于上市公司股东的扣除非经常性损益的净利润-187.29万元，上年同期 ...

Core Viewpoint - The article emphasizes the importance of financial tools in promoting the development of the pension industry and constructing a three-pillar pension security system, highlighting the shift of pension finance from a preparatory phase to an active phase with the introduction of personal pension systems nationwide [1][3]. Group 1: Current State of Pension Financial Products - Pension financial products currently face issues such as high homogeneity and insufficient long-term attributes, with most products having a term shorter than five years, which does not align with the long-term needs of pension funds [2]. - There is a lack of awareness among investors regarding pension planning, particularly among younger demographics, who exhibit weak savings consciousness and require improvement in risk tolerance and investment philosophy [2]. Group 2: Company Initiatives and Strategies - As a key player in the public fund industry, the company is adopting a "product + service" dual-driven approach to deeply engage in the pension finance sector, enhancing its FOF (fund of funds) offerings to cater to different age groups and risk preferences [3]. - The company has launched products like the "Minshang Stable Pension Target One-Year Holding Period FOF" and is planning to develop a series of target date funds, focusing on long-term pension goals while minimizing short-term performance rankings [3]. - The company is also committed to investor education, promoting long-term investment concepts and guiding funds from short-term savings to long-term allocations, while reducing costs through lower fees and optimized redemption mechanisms [3]. Group 3: Future Outlook - The company calls for industry collaboration to continuously optimize product design and deepen investor education, aiming to help more individuals achieve a fulfilling retirement through scientific planning [3]. - With the dual drive of policy and market forces, the Chinese pension finance sector is expected to witness broader development prospects [3].

Core Viewpoint - A report by Zhitong Finance highlights that 64 fund managers have underperformed their benchmarks by over 10% in annualized returns over the past three years, with notable mentions including fund manager Zhou Ziguang from CITIC Construction Investment Fund Management Co., Ltd. [1] Group 1: Fund Performance - Zhou Ziguang manages four funds, three of which have been under his management for over three years, all showing annualized returns that underperform their benchmarks by over 10% [1] - The specific funds managed by Zhou Ziguang include CITIC Construction Investment Smart IoT A/C, CITIC Construction Investment Smart Life Mixed A/C, and CITIC Construction Investment Low Carbon Growth Mixed A/C, with respective scales of 260 million, 62 million, and 691 million yuan as of Q1 2025 [1] - The CITIC Construction Investment Smart IoT A/C has a management tenure of approximately 8 years, with returns of 9.22% and 6.87% for classes A and C respectively [2] Group 2: Fund Returns and Comparisons - The one-year, two-year, and three-year returns for CITIC Construction Investment Smart IoT A are -11.45%, -48.37%, and -54.77%, while for class C, the returns are -11.80%, -48.78%, and -55.31% respectively, compared to the CSI 300 index which had returns of 7.18%, 0.24%, and -3.33% during the same periods [2] - The top ten holdings of the CITIC Construction Investment Smart IoT fund include companies such as Deyang Shares, Yingboer, and China Mobile [2] - Other funds managed by Zhou Ziguang, such as CITIC Construction Investment Smart Life Mixed A/C and CITIC Construction Investment Low Carbon Growth Mixed A/C, also show significant underperformance with respective three-year returns of -41.66% and -56.21% [3]

Core Viewpoint - The bond market is experiencing a volatile upward trend in yields, with expectations of continued fluctuations in the near future [1] Group 1: Market Outlook - The short-term funding environment is stabilizing, with DR001 fluctuating around 1.5%, and attention is on the central bank's liquidity injection at the end of the month [1] - The overall cross-month liquidity has remained stable in recent months, indicating low risk in the near term [1] - The central tendency of DR001 is expected to remain around 1.4% [1] Group 2: Credit Market Insights - There is an opportunity to capitalize on the compression of credit spreads, as short-duration high-grade credit spreads have narrowed to low levels [1] - The market may shift towards longer-duration high-grade credit bonds, particularly those with maturities of over three years [1]

Group 1 - The company, Zhejiang Weihua New Materials Co., Ltd., plans to invest in Lansheng Biotechnology Group Co., Ltd. alongside related party Wu Jiangwei to enhance future profitability [1][6] - The investment involves the company acquiring 624,725 shares of Lansheng Biotechnology, representing 0.6907% of its total equity, for a consideration of 12,086,996 RMB [1][7] - Wu Jiangwei will also acquire shares from other parties, totaling 633,150 shares, for 12,250,000 RMB [1][7] Group 2 - Wu Jiangwei is the chairman and a controlling person of the company, making this investment a related party transaction, but it does not constitute a major asset restructuring [2][9] - The transaction has been approved by the company's board of directors and does not require shareholder approval [2][9] - The company has not engaged in other related party transactions with Wu Jiangwei in the past 12 months, aside from routine transactions [2][9] Group 3 - Lansheng Biotechnology was established on March 7, 2014, with a total registered capital of 90.45 million RMB, and operates in the agricultural chemicals sector [3][4] - The company has total assets of 194,556.71 million RMB and net assets of 127,027.73 million RMB as of December 31, 2024 [6] - The revenue for the year 2024 is projected to be 167,828.95 million RMB, with a net profit of 26,861.89 million RMB [6] Group 4 - The pricing of the shares is based on Lansheng's profitability and net asset scale, ensuring fairness and reasonableness in the transaction [6][8] - The agreement stipulates that the transfer price per share is 19.3477 RMB [7] - The investment is expected to improve the company's profitability and provide better returns for small and medium investors [8][9]

中信建投证券股份有限公司 关于浙江银轮机械股份有限公司 不提前赎回银轮转债的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"）作为浙 江银轮机械股份有限公司（以下简称"银轮股份"或"公司"）公开发行可转换公司债 券的保荐机构，根据《可转换公司债券管理办法》 《深圳证券交易所股票上市规则》 《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《深圳证券交 易所上市公司自律监管指引第 13 号——保荐业务》 《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》等相关规定，对银轮股份本次不提前赎回银轮转债 的事项进行了审慎核查，核查的具体情况如下： 一、可转债基本情况 经中国证券监督管理委员会"证监许可〔2021〕672 号"文核准，浙江银轮机械股 份有限公司（以下简称"公司"）于 2021 年 6 月 7 日公开发行了 700 万张可转换公司 债券，每张面值人民币 100 元，发行总额人民币 7 亿元。 经深交所"深证上〔2021〕669 号"文同意，公司 7 亿元可转换公司债券于 2021 年 7 月 9 日起在深圳证券交易所挂牌交易，债券简称" ...

Group 1 - The core viewpoint is that the pricing power of core assets is gradually shifting southward, driven by the increasing attractiveness of the Hong Kong stock market due to improved asset supply structure, quality, and liquidity [1] - The recent surge in A-share companies going public in Hong Kong is attributed to a combination of outbound strategies, institutional conveniences, and improved liquidity in the Hong Kong market [1] - The historical context indicates that each round of institutional reform in the Hong Kong Stock Exchange has led to bull markets that align with the characteristics of the times [1] Group 2 - The A-share market is expected to remain in a high central tendency oscillation phase in the second quarter, with short-term adjustments anticipated [2] - The upper limit of the oscillation is supported by export resilience, while the lower limit is linked to the relationship between loose monetary policy and capital market stability [2] - Short-term focus remains on sectors like pharmaceuticals (CXO and innovative drugs) and precious metals, while technology is still undergoing a mid-term adjustment phase [2] Group 3 - The market sentiment has shown signs of retreat, with increased trading activity in micro-cap stocks, indicating potential market risks due to crowded trading [3] - The central bank's financial policies aim to support the real economy and may bring fresh capital into the market [3] - The focus is on "new quality domestic demand growth," emphasizing sectors like social services, retail, and pharmaceuticals [3] Group 4 - The recent volatility in overseas financial markets, including rising long-term bond yields, has increased market risk aversion, necessitating a more cautious approach [4] - The micro-cap style has recorded significant relative gains, driven by a market environment characterized by rapid rotation and stock selection for excess returns [4] - The trading volume of the CSI 2000 index has reached a high of 32%, indicating a crowded market that may lead to increased volatility [4] Group 5 - The market is expected to refocus on technology growth, particularly in the AI industry, with attention on upstream and downstream applications [5][6] - Historical patterns suggest that industry rotation typically slows down from mid to late May, indicating a potential consolidation phase for market leadership [5] Group 6 - A-share indices are likely to undergo revaluation as quality indices strengthen, driven by stable cash flows and declining capital expenditures [7] - The trend of a weak dollar and strong renminbi is expected to benefit core assets represented by quality growth indices [7] Group 7 - The recent rise in global risk aversion, primarily due to fluctuating U.S. tariff policies and rising long-term bond yields, may indirectly affect A-share sentiment [8] - The regulatory environment is supportive of the stock market, with expectations of continued inflows from long-term funds [8] Group 8 - The market is currently experiencing a lack of sustained upward momentum, with frequent style switches between large and small caps [9] - Structural opportunities are present, particularly in high-margin assets and sectors benefiting from policy support for consumption [9] Group 9 - The short-term outlook for A-shares is characterized by a consolidation phase, with resilience expected as long as there is no global liquidity crisis [10] - The market's upward potential is contingent on the strength of economic recovery, with "quasi-stabilizing funds" helping to mitigate downside risks [10] Group 10 - The historical performance of dividend assets shows a tendency to underperform in June, suggesting a potential "headwind" period for these assets [12] - Despite this, dividend assets remain a long-term strategic choice for investors amid geopolitical uncertainties and ongoing trade tensions [12]

Group 1: Bona Film Group - Bona Film Group emphasizes the potential of the film derivative products market and plans to enhance development to meet the emotional consumption needs of younger audiences [1] - The company's 2024 total revenue is reported at 1.461 billion yuan, a year-on-year decrease of 9.12%, while the net profit attributable to shareholders shows a loss of 867 million yuan, widening by 56.87% year-on-year [1] - The decline in performance is primarily attributed to the sluggishness in the film and cinema businesses, prompting the company to explore the derivative products market as a new revenue stream [1] Group 2: CITIC Securities - CITIC Securities reports a strong upward trend in the gold market, driven by geopolitical tensions in the Middle East and a downgrade of the U.S. sovereign credit rating by Moody's, leading to increased safe-haven demand [2] - COMEX gold futures have surpassed $3,350 per ounce, with a year-to-date increase of over 27% [2] - The report discusses various factors influencing gold prices, including inflation expectations and the potential influx of funds from insurance companies investing in gold [2] Group 3: Film Market - The pre-sale box office for new films during the 2025 Dragon Boat Festival has exceeded 10 million yuan, with "Time's Son," "Mission: Impossible 8," and "Private Detective" leading the pre-sale rankings [3] - The film market has been underperforming since the Spring Festival, with hopes pinned on the Dragon Boat Festival to revive interest through major productions and IP influence [3] Group 4: International Travel to the U.S. - The Oxford Economics report indicates a projected 8.7% decline in international travelers to the U.S. in 2025, with significant drops from Canada (20.2%), Mexico (7.6%), and Western Europe (5.8%) [4] - This decline is expected to result in an $8.5 billion decrease in spending by international travelers in the U.S., a reduction of 4.7% compared to the previous year [4] - A 10.8% year-on-year decrease in flight bookings to the U.S. for international travelers is also noted for the May to July period [5] Group 5: Shanghai LEGO Land - Shanghai LEGO Land has completed its construction acceptance and is entering the countdown to opening, marking a significant addition to Shanghai's cultural tourism landscape [7] - The park, which took nearly four years to build, is positioned as a major project within the Yangtze River Delta integration initiative [7] - The opening is anticipated to attract both domestic and international tourists, potentially boosting related industries such as hotels, dining, and transportation [7]

◎记者 严晓菲 黄冰玉 在政策引导与市场创新双轮驱动下，券商正积极为债市"科技板"建设添砖加瓦。上海证券报记者自业内 了解到，除承销科创债外，券商正在探索科创债做市新路径，希望借助"承销+做市"模式推动一二级市 场协同发展，激活科创债市场生态。 在业内人士看来，当前，券商发力科创债一二级市场联动，既面临着资质评估、资金成本等方面的挑 战，也迎来了自身发展的新机遇。在此背景下，市场正翘首以盼在机制安排等方面能进一步完善，为服 务科创用途资金的"源远流长"营造良好生态。 券商积极推动科创债发行 科创债发行如火如荼，背后离不开券商积极发挥资本市场中介作用：一方面，券商通过广泛推介询价， 帮助引入基石投资者；另一方面，券商积极开展做市报价服务，提升科创债市场的流动性。 债市"科技板"启动后，从头部券商到中小券商均积极抢滩科创债承销。例如，中信证券助力长江产业集 团成功发行14亿元科技创新公司债券，全场认购倍数达3.7倍；中信建投助力中国石化资本成功发行新 一期科技创新公司债券，该期债券创央企资本公司同期限科技创新公司债券发行利率历史新低。 对发行人而言，招商证券相关负责人表示，券商通过做市提供双边报价，提升科创债流动 ...