金十数据6月30日讯，国泰海通证券发表研究报告指，小米集团(01810.HK)发布新车型YU7後，发售3分 钟的订单量已突破20万辆、首一小时预订28.9万辆。开售18小时後，YU7锁单量已突破24万台，数据令 市场惊喜，反映出消费者极强的消费意愿。该行分别上调小米营业收入至4,861亿、6.311亿及7,569亿元 人民币，经调整净利润预测增至441亿、584亿及728亿元人民币，调升公司目标价至77.7港元，续予"增 持"评级。 国泰海通证券上调小米目标价至77.7港元 YU7订单数据有惊喜 ...

Core Viewpoint - The market is expected to continue its upward trend in the coming week, supported by various technical and macroeconomic indicators [1][2]. Market Indicators - The liquidity shock indicator for the CSI 300 index was 1.36, indicating current market liquidity is 1.36 times higher than the average level over the past year [2]. - The PUT-CALL ratio for the SSE 50 ETF decreased to 0.95, suggesting reduced caution among investors regarding short-term movements [2]. - The five-day average turnover rates for the SSE Composite Index and Wind All A were 0.99% and 1.63%, respectively, indicating increased trading activity [2]. Macroeconomic Factors - The RMB exchange rate fluctuated, with onshore and offshore rates increasing by 0.2% and 0.09% respectively [2]. - Historical data shows that from 2005 onwards, the probability of the SSE Composite Index, CSI 300, CSI 500, and ChiNext Index rising in the first half of July is 60%, 60%, 55%, and 53%, with average gains of 0.67%, 0.93%, 1.55%, and 1.6% respectively [2]. Event-Driven Insights - The US stock market rebounded, with the Dow Jones, S&P 500, and Nasdaq indices posting weekly returns of 3.82%, 3.44%, and 4.25% respectively [2]. - Several Federal Reserve officials signaled a dovish stance, with discussions around potential interest rate cuts in July if inflation remains controlled [2]. Technical Analysis - The Wind All A index broke above the SAR point on June 24, generating a buy signal [2]. - The current market score based on the moving average strength index is 216, placing it in the 85.1% percentile since 2021 [2]. - The sentiment model score is 3 out of 5, indicating a positive trend and sentiment in the market [2]. Market Performance - For the week of June 23-27, the SSE 50 index rose by 1.27%, the CSI 300 index by 1.95%, the CSI 500 index by 3.98%, and the ChiNext index by 5.69% [3]. - The overall market PE (TTM) stands at 19.7 times, which is in the 57.5% percentile since 2005 [3]. Factor Observations - The crowding degree for small-cap factors continues to decline, with a score of 0.74 for small-cap factors, -0.48 for low valuation factors, -0.31 for high profitability factors, and -0.15 for high growth factors [3]. - The industry crowding degree is relatively high in banking, non-ferrous metals, comprehensive, non-bank financials, and retail sectors, with significant increases in non-bank financials and banking [3].

Summary of Key Points Core Viewpoint - In May, industrial enterprise profits experienced a year-on-year decline of 9.1%, a significant drop of 12.1 percentage points compared to April, driven by falling volume, price, and profit margins due to disruptions in both domestic and external demand, as well as a decrease in commodity prices [1][2][4]. Group 1: Profit Trends - Cumulative profit growth for industrial enterprises from January to May was -1.1%, down from 3.2% in the previous period, with May's profit growth at -9.1% [2]. - The profit margin for May was reported at 5.0%, slightly up from the previous month, but the monthly figure of 5.3% showed a decline from April, indicating increased pressure on overall profits [4][9]. - The upstream sector faced significant profit margin declines due to falling international commodity prices, while the midstream sector struggled to pass on costs to downstream industries [9]. Group 2: Sector Performance - The share of profits from the midstream sector decreased from 54% to 49%, reflecting weaker demand compared to upstream and downstream sectors [5]. - In the upstream sector, only the chemical industry showed a narrowing profit decline, while other sectors experienced profit growth declines [7]. - The automotive sector saw a significant drop in profit growth, similar to trends in the midstream sector, while the pharmaceutical industry experienced a profit growth rebound [7][9]. Group 3: Inventory and Demand - Active inventory reduction has continued for two months, with a 3.5% increase in industrial product inventory from January to May [11]. - The overall revenue growth for enterprises from January to May was 2.7%, with May's growth at 0.8%, both showing a decline from previous months [11]. - Future profit recovery for enterprises will depend on the effectiveness of domestic demand policies amid ongoing external uncertainties [11].

Core Viewpoint - The termination of the joint action agreement between the actual controllers of Shenzhen Zhengxian Electric Co., Ltd. marks a significant change in the company's governance structure, allowing for independent decision-making by shareholders while maintaining stability in control and governance [1][8]. Summary by Sections 1. Joint Action Agreement Signing and Termination - The original joint action agreement was signed on December 28, 2011, by Mr. Tu Conghuan and Mr. Zhang Xiaoguang to ensure effective control and stable operations of the company [1]. - The agreement was terminated on June 27, 2025, allowing shareholders to exercise their rights independently without the need for consensus on decisions requiring board or shareholder approval [2]. 2. Reasons and Compliance for Termination - The termination was agreed upon to optimize the company's governance structure and improve decision-making efficiency, with both parties confirming no disagreements on core strategic matters [2][4]. 3. Change in Actual Controller - Following the termination, the actual controller of the company changed from both Mr. Tu Conghuan and Mr. Zhang Xiaoguang to Mr. Tu Conghuan alone, who maintains significant influence over company decisions [4][8]. 4. Impact of Termination on Company Control Structure - The governance structure remains stable, with Mr. Zhang Xiaoguang continuing as a board member, ensuring no adverse effects on the company's management continuity [5][8]. 5. Commitments from Shareholders - Both Mr. Tu Conghuan and Mr. Zhang Xiaoguang have made commitments to adhere to share reduction regulations and maintain transparency in their shareholding activities post-termination [6][8]. 6. Shareholding and Voting Rights Before and After - Before the change, Mr. Tu Conghuan and Mr. Zhang Xiaoguang collectively held 53.18% of voting rights, which changed to 33.79% for Mr. Tu and 19.39% for Mr. Zhang after the termination [7]. 7. Overall Impact on Company Governance - The termination of the joint action agreement is expected to enhance the decision-making process by allowing shareholders to act based on their professional judgment, contributing to a more market-oriented governance structure [6][8].

Core Viewpoint - The company experienced a significant decrease in revenue for the year 2024, primarily due to reduced sales to its largest client, Agricultural Bank of China, which accounted for a 75.96% decline in revenue from the previous year. This decline was attributed to the bank's requirements for domestic product adaptation and testing, leading to a delay in order placements and revenue recognition [1][3][12]. Revenue Performance - The company reported a total revenue of 11,723.94 million yuan for 2024, a decrease of 55.30% compared to 2023's 26,228.58 million yuan. The fourth quarter revenue was 5,657.51 million yuan, representing 48.26% of the annual total, a significant increase from 14.37% in 2023 [3][11]. - Revenue from Agricultural Bank of China was 6,513.99 million yuan in 2024, down from 21,671.04 million yuan in 2023, marking a 75.96% decrease. Other clients contributed 4,988.21 million yuan, showing a slight increase of 9.45% [3][11]. Client Revenue Breakdown - The revenue from Agricultural Bank was concentrated in the fourth quarter, with 2,703.16 million yuan recognized, while other clients contributed 2,954.35 million yuan in the same period. The revenue recognition for Agricultural Bank was affected by the timing of order placements and internal approval processes [3][5][11]. - The company has diversified its client base, with significant contributions from new subsidiary Guokeyi Dao, which generated 1,525.78 million yuan in revenue from military and specialized fields [12]. Seasonal Revenue Characteristics - The company noted seasonal revenue fluctuations, particularly influenced by the order patterns of Agricultural Bank and other clients. The first quarter typically sees lower order volumes, while the fourth quarter experiences a surge due to year-end procurement activities [3][11]. - The average implementation time for orders from Agricultural Bank was reported at 30.87 days, indicating a structured process for order fulfillment and revenue recognition [8]. Acquisition of Guokeyi Dao - The company acquired a 54.68% stake in Shenzhen Guokeyi Dao Technology Co., Ltd., which specializes in providing domestic chip-based terminal computing devices for the military sector. This acquisition is expected to enhance the company's product offerings and revenue streams [12].

Core Viewpoint - The company, Jiangsu Longpan Technology Co., Ltd., has initiated a process to enhance the efficiency of its fundraising by opening a margin account for issuing bank acceptance bills and letters of credit, which is expected to lower funding costs and improve overall capital utilization [1][3][4] Fundraising Basic Situation - The company has received approval from the China Securities Regulatory Commission to issue 82,987,551 shares at a price of RMB 26.51 per share, raising a total of RMB 2,199,999,977.01, with a net amount of RMB 2,175,531,120.83 after deducting issuance costs [1] Specific Operational Process - The company will utilize a margin account to issue bank acceptance bills and letters of credit for payments, following a structured process that includes application, approval, and payment procedures, ensuring compliance with its fundraising management regulations [2] - Funds will be transferred from the fundraising special account to the margin account for the purpose of issuing payment instruments, with interest from the margin account being redirected to the special account upon maturity [2] Impact on the Company - The establishment of the margin account for issuing bank acceptance bills and letters of credit is expected to enhance the overall efficiency of fund usage, reduce costs, and align with the interests of the company and its shareholders, without affecting the normal progress of fundraising projects [3][4] Review Procedures - The board of directors and the supervisory board have approved the proposal to open the margin account, confirming that it meets the operational needs and will not alter the intended use of the raised funds [3][4]

Group 1 - The brokerage sector experienced a strong performance on the 27th, with Tianfeng Securities hitting the daily limit, Huaxi Securities rising over 8%, and other firms like Guosheng Jinkong and Xiangcai Shares increasing by more than 5% [1] - The People's Bank of China and the China Securities Regulatory Commission, along with other departments, issued guidelines to support and expand consumption, which is expected to enhance the business environment for securities firms [1] - Guotai Junan International, a subsidiary of Guotai Haitong, received approval from the Hong Kong Securities and Futures Commission to upgrade its license, allowing it to provide virtual asset trading services, marking a significant breakthrough for mainland brokerages [1] Group 2 - Citic Securities noted that the guidelines for financial support of consumption are likely to improve the business climate for investment banking within securities firms [2] - The approval for virtual asset trading services is seen as a major breakthrough for mainland brokerages' operations in Hong Kong, potentially accelerating the application for related licenses [2] - Current PB valuations for the securities sector indicate that the brokerage sector has strong upside potential, with the Citic Securities III index at 1.37 times and the Wind Chinese brokerage index at 0.69 times, both reflecting moderate levels [2]

Summary of Key Points Core Viewpoint The company intends to temporarily use part of its idle raised funds to supplement working capital, ensuring that this does not affect the progress of its investment projects and complies with regulatory requirements. Group 1: Fundraising Overview - The company raised a total of RMB 3,685,239,005.00 from its initial public offering, with a net amount after expenses being confirmed through an audit report [1][2]. - The funds are managed in a dedicated account, with a tripartite supervision agreement in place to protect investor interests [2]. Group 2: Investment Project Details - The company has disclosed its investment projects in various announcements, including adjustments to the internal structure of fundraising projects and the use of excess funds for new projects [3][4]. - The total investment amount for the projects is detailed, with specific allocations for different initiatives [5][6]. Group 3: Previous Use of Idle Funds - In June 2024, the company approved the temporary use of up to RMB 25,000.00 million of idle funds to supplement working capital, with a commitment to return the funds to the dedicated account upon maturity [6][7]. Group 4: Current Plan for Idle Funds - The company plans to use up to RMB 25,000.00 million of idle funds for working capital within a 12-month period, ensuring that this does not impact the investment projects [7][8]. - The funds will be used strictly for business expansion and daily operations, with no intention to alter the original purpose of the raised funds [7][8]. Group 5: Approval and Compliance - The board and supervisory committee have approved the use of idle funds, confirming that the procedures comply with relevant regulations [8][9]. - The sponsor has verified that the use of funds aligns with the company's operational needs and regulatory standards, with no objections raised [9].

Core Viewpoint - The company, Zhejiang Zhongli Machinery Co., Ltd., is increasing its expected daily related transactions for the year 2025, which has been approved by its board and supervisory committee, indicating a strategic move to enhance operational efficiency and business relationships [1][2][10]. Group 1: Daily Related Transactions Overview - The company has undergone a thorough review process for the increase in expected daily related transactions, which was approved in meetings held on June 26, 2025 [1][2]. - The total expected increase in daily related transactions amounts to 7,500 million yuan, with specific increases in various categories such as procurement and sales to related parties [2][9]. Group 2: Related Parties and Relationships - The related parties include Anhui Changjiu Intelligent Equipment Co., Ltd., Hangzhou Fenghe Technology Co., Ltd., and Zhejiang Keta Robot Co., Ltd., among others, with established ownership and management connections to the company [3][4][5][6][7]. - The company holds a 20% stake in Anhui Changjiu through its wholly-owned subsidiary, indicating a significant business relationship [3]. - Hangzhou Fenghe Technology is a 10% owned subsidiary, and Zhejiang Keta Robot is a 5% owned subsidiary, both of which are managed by individuals connected to the company [5][7]. Group 3: Financial Data and Performance - The related parties, including Changjiu Intelligent Equipment and Fenghe Technology, have not reported any financial data as they are newly established companies [8][9]. - The company emphasizes that all related transactions are necessary for its operational needs and will not adversely affect its independence or the interests of its shareholders [9][10]. Group 4: Pricing Policy and Transaction Justification - The pricing for the expected daily related transactions will adhere to fair market principles and will be negotiated based on market prices [9]. - The transactions are deemed necessary and reasonable for the company's ongoing business operations, supporting its growth and development [9][10].

契约锁 | 债券简称：22 | 吉电 G1 | 债券代码：149848.SZ | | --- | --- | --- | | 债券简称：22 | 吉电 G2 | 债券代码：148096.SZ | | 债券简称：23 | 吉电 GCKV01 | 债券代码：148530.SZ | | | 国泰海通证券股份有限公司 | | | | 关于吉林电力股份有限公司 | | | | 涉及股东代表董事、总经理辞职的 | | | | 临时受托管理事务报告 | | | | 受托管理人 | | | | （住所：中国（上海）自由贸易试验区商城路 | 618 号） | | | 二〇二五年六月 | | 吉林电力股份有限公司董事会于 2025 年 6 月 19 日收到公司股东代表董事、 总经理牛国君先生提交的书面辞呈，因工作变动原因，牛国君先生申请辞去公司 第九届董事会股东代表董事、总经理职务。辞职后，牛国君先生不再担任公司及 控股子公司任何职务。牛国君先生不持有公司股份，亦不存在应当履行而未履行 的承诺事项。根据《公司法》及公司《章程》的有关规定，辞职报告自董事会收 到之日起生效。按照公司董事会各专门委员会议事规则的相关规定，不再担任董 ...