Core Viewpoint - The article discusses the impact of recent policy changes, particularly the "Document No. 136," on the commercial energy storage industry in China, highlighting the challenges and potential shifts in investment strategies as the market matures [1][6][10]. Policy Changes and Market Dynamics - The implementation of "Document No. 136" and the adjustment of time-of-use electricity pricing in various provinces signal a shift towards market-oriented pricing in the energy storage sector [1][6]. - The new policies are expected to drive the industry towards rational development, moving away from the previous phase of rapid, unregulated growth [6][11]. Investment Trends and Challenges - Investment enthusiasm in commercial energy storage has declined in the first half of the year, raising questions about a potential market reversal in the latter half [1][9]. - The industry is experiencing a "survival of the fittest" scenario, where companies must establish competitive advantages to avoid being eroded by intense competition [6][9]. Long-term Perspectives - Industry experts emphasize the importance of focusing on long-term value rather than short-term gains, suggesting that companies should develop comprehensive energy solutions that include solar, storage, and energy efficiency [6][10]. - The need for innovation and differentiation in project sourcing and revenue generation is critical as the market faces increasing homogenization and price competition [9][11]. Operational Strategies - Companies are urged to enhance their operational capabilities and develop lifecycle management systems to ensure stable long-term returns [7][13]. - The shift towards operational excellence is seen as essential for survival, with a focus on efficient management of energy storage assets from the outset [13][14]. Financial Metrics and Adjustments - The return on equity (ROE) for energy storage projects has significantly decreased from around 50% to approximately 12% due to new regulations, prompting a reevaluation of investment strategies [15][16]. - Despite the decline in immediate returns, there is potential for recovery in project profitability as the market stabilizes and companies adapt to the new regulatory environment [15][16]. Future Outlook - The consensus among industry leaders is that while 2025 may present significant challenges, it could also mark a turning point towards a more mature and stable market [11][16]. - The expectation is that innovative and resilient companies will emerge stronger from this transitional phase, leading to the development of more specialized applications and rational investment trends [11][16].

Core Viewpoint - Xiamen is exploring a new development path driven by supply chain modernization to integrate technological and industrial innovation deeply, responding to the call for high-quality development in China [1] Group 1: Supply Chain Development - Xiamen has nurtured over 23,000 supply chain-related enterprises, with a total scale approaching 40 trillion yuan, establishing itself as a national leader in supply chain services [1] - The city has transitioned from a "logistics channel" to a "hub network," focusing on the integration of "chain, industry, and innovation" to enhance platform capabilities and core technology breakthroughs [1][2] - Xiamen's supply chain enterprises have saved clients $2.3 million within eight months by providing efficient and intelligent oil supply chain solutions [2] Group 2: Ecosystem and Financial Support - Xiamen is building a modern supply chain ecosystem, enhancing service levels through digital platforms and a 30 billion yuan supply chain cooperation fund to address financing challenges for SMEs [3] - The city has established over 120 overseas institutions, creating a stable cooperation network covering more than 170 countries and regions [2] Group 3: Innovation and Market Vitality - Xiamen is leveraging mergers and acquisitions to enhance innovation, as seen in the revival of Xiangguang Copper Industry through the integration of advanced copper smelting technology [4] - The city has implemented a "R&D reserve fund + performance assessment" mechanism, with a projected 23.6% increase in R&D budgets for state-owned enterprises by 2025 [5] Group 4: Future Development Strategy - Xiamen aims to establish a modern industrial system focusing on strategic emerging industries, with a plan for 2025-2027 and a vision for 2030 [6] - The city is enhancing its global resource integration capabilities, exemplified by partnerships with international mining giants to streamline the supply chain from mining to delivery [6][7] Group 5: Economic Contributions - Xiamen's innovative supply chain strategies are expected to contribute significantly to the national development framework, fostering a more vibrant and sustainable economic landscape [7]

Core Insights - The recent auction of a 38-acre residential land parcel in Chengdu's Jinjiang District has set a new record for the second-highest floor price in the city, with a price of 35,500 yuan/m² and a premium rate of 75.7% [1][2] - The land is strategically located at the intersection of major urban arteries and is surrounded by high-quality educational institutions and commercial areas, making it highly attractive to developers [1][2] Group 1: Land Auction Details - The land parcel auctioned on June 19 attracted multiple major real estate companies, including China Resources Land and China Overseas, with a total of 154 bidding rounds [1] - The starting floor price for this land was the highest in Chengdu at 20,200 yuan/m², indicating strong market demand [1] - This auction follows a trend of increasing land prices in Chengdu, with previous records set earlier this year for land parcels exceeding 30,000 yuan/m² and 40,000 yuan/m² [2] Group 2: Market Analysis - The high demand for the tea factory land is attributed to its location within the second ring road of Chengdu, proximity to top-tier educational resources, and excellent transportation links [2] - Analysts suggest that the rapid increase in land prices reflects a strong market recognition but caution against potential risks of transferring excessive costs to homebuyers, which could lead to market confusion and panic [2]

证券代码：600755 证券简称：厦门国贸 编号：2025-47 厦门国贸集团股份有限公司 关于回购注销部分限制性股票通知债权人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、通知债权人的原因 （二）债权申报方式 债权人可以采取现场、邮寄或电子邮件方式进行债权申报，采取邮寄或电子 邮件方式进行债权申报的债权人需致电公司证券事务部进行确认。 联系方式如下： 厦门国贸集团股份有限公司（以下简称"公司"）第十一届董事会 2025 年度 第十次会议、第十一届监事会 2025 年度第五次会议审议通过了《关于回购注销 部分限制性股票的议案》。鉴于公司 2022 年限制性股票激励计划（以下简称"2022 年激励计划"）中 70 名激励对象因架构调整、工作调动等原因调动至厦门国贸控 股集团有限公司或其下属企业任职，50 名激励对象因离职，4 名激励对象因退休， 不再具备激励资格；公司 2022 年激励计划首次授予第三个解除限售期和预留授 予第二个解除限售期公司层面业绩未达到考核目标。公司需对上述涉及的部分限 制性股票进行回购注销， ...

证券代码：600755 证券简称：厦门国贸 编号：2025-46 厦门国贸集团股份有限公司 关于回购注销部分限制性股票的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 2022 年激励计划限制性股票回购注销数量：29,842,451 股 2022 年激励计划限制性股票回购价格：首次授予部分 4.50 元/股，预留 授予部分 4.92 元/股 厦门国贸集团股份有限公司（以下简称"公司"）于 2025 年 6 月 17 日召开 第十一届董事会 2025 年度第十次会议和第十一届监事会 2025 年度第五次会议， 审议通过《关于回购注销部分限制性股票的议案》，鉴于公司 2022 年限制性股票 激励计划（以下简称"2022 年激励计划"）中 70 名激励对象因架构调整、工作 调动等原因调动至厦门国贸控股集团有限公司或其下属企业任职，50 名激励对 象因离职，4 名激励对象因退休，不再具备激励资格；公司 2022 年激励计划首 次授予第三个解除限售期和预留授予第二个解除限售期公司层面业绩未达到考 核目标。公司需对上 ...

上海市通力律师事务所 关于厦门国贸集团股份有限公司 回购注销 2022 年限制性股票激励计划部分限制性股票 的法律意见书 致: 厦门国贸集团股份有限公司 敬启者: 上海市通力律师事务所(以下简称"本所")受厦门国贸集团股份有限公司(以下简称"厦 门国贸"或"公司")委托, 指派翁晓健律师、孙文律师(以下简称"本所律师")作为公司特 聘专项法律顾问, 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和 国证券法》(以下简称"《证券法》")、中国证券监督管理委员会(以下简称"中国证监会") 发布的《上市公司股权激励管理办法》(以下简称"《管理办法》")、《国有控股上市公司(境 内)实施股权激励试行办法》(以下简称"《试行办法》")、《关于规范国有控股上市公司实施 股权激励制度有关问题的通知》(国资发分配[2008]171 号)等法律、行政法规和其他规范性 文件(以下简称"法律、法规和规范性文件")和《厦门国贸集团股份有限公司章程》(以下简 称"《公司章程》")的有关规定, 就公司回购注销 2022 年限制性股票激励计划(以下简称 "2022 年激励计划")部分限制性股票(以下简称"本次回购注销 ...

证券简称：厦门国贸 证券代码：600755 上海荣正企业咨询服务（集团）股份有限公司 关于 厦门国贸集团股份有限公司 回购注销部分限制性股票相关事项 之 独立财务顾问报告 2025 年 6 月 | 一、释义 | 3 | | --- | --- | | 二、声明 | 4 | | 三、基本假设 | 5 | | 四、独立财务顾问意见 | 6 | | （一）激励计划授权与批准 6 | | | （二）回购注销部分限制性股票的说明 8 | | | （三）结论性意见 9 | | 一、释义 3 / 9 1. 上市公司、公司、厦门国贸：指厦门国贸集团股份有限公司。 2. 2022 年激励计划：指《厦门国贸集团股份有限公司 2022 年限制性股票激励 计划（草案）》。 3. 限制性股票：上市公司按照预先确定的条件授予激励对象一定数量的公司股 票，激励对象只有在工作年限或业绩目标符合股权激励计划规定条件的，才 可出售限制性股票并从中获益。 4. 股本总额：指目前公司已发行的股本总额。 5. 激励对象：按照本计划规定获得限制性股票的公司董事、高级管理人员，中 层管理人员及核心骨干员工。 6. 授予日：指公司向激励对象授予限制性股票的 ...

证券代码：600755 证券简称：厦门国贸 编号：2025-45 厦门国贸集团股份有限公司 监事会决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 厦门国贸集团股份有限公司监事会 1.《关于回购注销部分限制性股票的议案》。 全体监事认为：根据《上市公司股权激励管理办法》《厦门国贸集团股份有限公司 2022 年限制性股票激励计划》等相关规定，鉴于公司 2022 年限制性股票激励计划（以 下简称"2022 年激励计划"）部分激励对象因调动、离职或退休等原因不再具备激励资 格，2022 年激励计划的 2024 年度公司层面业绩考核目标未达成，公司需对上述涉及的 部分限制性股票进行回购注销。 综上所述，同意回购注销 2022 年激励计划中已获授但尚未解除限售的限制性股票， 合计 29,842,451 股。 表决结果：同意 3 票、反对 0 票、弃权 0 票。 特此公告。 厦门国贸集团股份有限公司（以下简称"公司"）第十一届监事会 2025 年度第五次 会议通知于 2025 年 6 月 12 日以书面方式 ...

证券代码：600755 证券简称：厦门国贸 编号：2025-44 厦门国贸集团股份有限公司 董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 厦门国贸集团股份有限公司（以下简称"公司"）第十一届董事会 2025 年度 第十次会议通知于 2025 年 6 月 12 日以书面方式送达全体董事，本次会议于 2025 年 6 月 17 日以通讯方式召开。本次会议应到董事 9 人，实到董事 9 人。会议由董 事长高少镛先生主持，全体监事及董事会秘书列席了会议。会议的通知、召开及 审议程序符合《公司法》等法律法规及《公司章程》的规定。 二、董事会会议审议情况 与会董事经审议，通过如下议案： 1．厦门国贸集团股份有限公司第十一届董事会 2025 年度第十次会议决议 表决结果：同意 9 票、反对 0 票、弃权 0 票。 2.《公司高级管理人员聘任协议》《公司高级管理人员任期经营责任书》及《公 司 2025 年高级管理人员绩效考核办法》。 表决结果：同意 9 票、反对 0 票、弃权 0 票。 本议案已经第十 ...

Core Viewpoint - Xiamen International Trade Group Co., Ltd. is proceeding with the repurchase and cancellation of a portion of the restricted stock from its 2022 incentive plan, following necessary approvals and in compliance with relevant regulations [1][4][8]. Group 1: Approval and Authorization - The company held a shareholders' meeting on April 12, 2022, where it approved the 2022 incentive plan and authorized the board to handle necessary matters related to the repurchase and cancellation of restricted stock [4]. - The board and supervisory board meetings on June 17, 2025, also approved the proposal for the repurchase and cancellation of restricted stock [5]. Group 2: Details of the Repurchase and Cancellation - A total of 29,842,451 shares will be repurchased and canceled due to various reasons, including retirement, job transfers, and failure to meet performance targets [6][7]. - The repurchase price for the shares is set at 4.50 yuan per share for the initial grant and 4.92 yuan per share for the reserved grant, with adjustments for interest in certain cases [7][8]. Group 3: Compliance and Next Steps - The repurchase and cancellation process must adhere to the disclosure requirements and procedures outlined in the relevant regulations and laws [8]. - The legal opinion confirms that the necessary approvals have been obtained and that the actions are in compliance with the applicable management measures and the 2022 incentive plan [8].