每日经济新闻消息，原沪市上市公司上海龙宇数据股份有限公司（原龙宇股份，现"龙宇3"，603003.SH） 因大股东占款8.68亿无力偿还于2025年7月3日正式退市。8月22日，该公司以"龙宇3"之名在全国股转系统 挂牌。 退市后的半个多月，原本欠着上市公司将近9亿元的控股股东上海龙宇控股有限公司（简称龙宇控股，持 股31.13%）"忽然"有钱了。 7月21日，7月24日，控股股东的两家关联公司——上海茂晟合石油化工有限公司（简称茂晟合公司）、舟 山信鼎汇石油化工有限公司（简称信鼎汇公司）分别向被占款的龙宇股份汇入2.77亿元、6010.95万元，合 计3.37亿元，部分实现了大股东占款归还。 第一财经9月19日的一篇报道称，龙宇股份退市前控股股东拒还8.68亿元占款，退市后20天内"还款"超3亿 元，不符合商业逻辑，"有能力还款却不赶在退市前还，放着保壳机会不争取，这完全违背资本市场'拼尽 全力保壳'的常规逻辑"。 2023年，龙宇股份首次爆出大股东大额占款，当年年报被会计师事务所出具无法表示意见审计报告。但财 报显示，其年末净资产高达36.93亿元，账面货币资金充裕，达11亿元。其后，2023年、2024 ...

原沪市上市公司上海龙宇数据股份有限公司（原龙宇股份，现"龙宇3"，603003.SH）因大股东占款8.68亿无力偿还于2025年7月3日正式退市。8月22日， 该公司以"龙宇3"之名在全国股转系统挂牌。 退市后的半个多月，原本欠着上市 公司将近9亿元的控股股东上海龙宇控股有限公司（简称龙宇控股，持股31.13%）"忽然"有钱了。 7月21日，7月24日，控股股东的两家关联公司——上海茂晟合石油化工有限公司（简称茂晟合公司）、舟山信鼎汇石油化工有限公司（简称信鼎汇公司） 分别向被占款的龙宇股份汇入2.77亿元、6010.95万元，合计3.37亿元，部分实现了大股东占款归还。 第一财经9月19日的一篇报道称，龙宇股份退市前控股股东拒还8.68亿元占款，退市后20天内"还款"超3亿元，不符合商业逻辑，"有能力还款却不赶在退 市前还，放着保壳机会不争取，这完全违背资本市场'拼尽全力保壳'的常规逻辑"。 值得一提的是，龙宇3退市至挂牌"老三板"期间，还收购了上海云漫易算信息技术有限公司（简称云漫易算）。 据智通财经11月9日报道，记者获得的云漫易算2024年审计报告显示，截至2024年12月31日，云漫易算总资产约为3 ...

每经编辑｜程鹏 向江林 控股股东被指"躺平"退市 中小股东此前要求实控人归还侵占资金 原沪市上市公司上海龙宇数据股份有限公司（原龙宇股份，现"龙宇3"，603003.SH）因大股东占款8.68亿无力偿还于2025年7月3日正式退市。8月22日， 该公司以"龙宇3"之名在全国股转系统挂牌。 退市后的半个多月，原本欠着上市公司将近9亿元的控股股东上海龙宇控股有限公司（简称龙宇控股，持股31.13%）"忽然"有钱了。 7月21日，7月24日，控股股东的两家关联公司——上海茂晟合石油化工有限公司（简称茂晟合公司）、舟山信鼎汇石油化工有限公司（简称信鼎汇公司） 分别向被占款的龙宇股份汇入2.77亿元、6010.95万元，合计3.37亿元，部分实现了大股东占款归还。 第一财经9月19日的一篇报道称，龙宇股份退市前控股股东拒还8.68亿元占款，退市后20天内"还款"超3亿元，不符合商业逻辑，"有能力还款却不赶在退 市前还，放着保壳机会不争取，这完全违背资本市场'拼尽全力保壳'的常规逻辑"。 值得一提的是，龙宇3退市至挂牌"老三板"期间，还收购了上海云漫易算信息技术有限公司（简称云漫易算）。 据智通财经11月9日报道，记者获 ...

原沪市上市公司龙宇股份（603003.SH，现"龙宇3"）因大股东占款8.68亿无力偿于2025年7月3日退市。8月22日，该公司以"龙宇3"之名在全国股 转系统挂牌。 龙宇3退市至挂牌"老三板"期间，收购了上海云漫易算信息技术有限公司（简称云漫易算）。 几天后，原本欠着上市公司将近9亿元的控股股东上海龙宇控股有限公司（简称龙宇控股，持股31.13%）"忽然"有钱了。 7月21日，7月24日，控股股东的两家关联公司——上海茂晟合石油化工有限公司（简称茂晟合公司）、舟山信鼎汇石油化工有限公司（简称信鼎 汇公司）分别向被占款的龙宇股份汇入2.77亿元、6010.95万元，合计3.37亿元，部分实现了大股东占款归还。 9月19日，第一财经报道称，龙宇股份退市前拒还8.68亿占款，退市后20天内"还款"超3亿，不符合商业逻辑，"有能力还款却不赶在退市前还，放 着保壳机会不争取，这完全违背资本市场'拼尽全力保壳'的常规逻辑"。 智通财经记者获得的云漫易算2024年审计报告显示，截至2024年12月31日，云漫易算总资产约为3.57亿元，总负债约为3.21亿元，其中应付账款约 为2.73亿元。 不过，龙宇股份董秘办公室否 ...

（记者 曾健辉） 每经头条（nbdtoutiao）——卢浮宫被盗文物竟无保险，国内48亿元艺术品保险市场也不乐观：险企称 定价太难，蛋糕看到吃不到 每经AI快讯，2025年11月7日，上交所对上海龙宇数据股份有限公司有关责任人予以公开谴责：经查 明，公司2019年至2022年年度报告虚增营业收入、利润，未按规定披露非经营性资金占用相关关联交易 事项，违反了《证券法》第七十八条、第七十九条、第八十条，《上市公司监管指引第8号——上市公 司资金往来、对外担保的监管要求》第五条，《公开发行证券的公司信息披露内容与格式准则第2号 ——年度报告的内容与格式》（证监会公告〔2021〕15号）第四十五条、第五十四条，《公开发行证券 的公司信息披露编报规则第15号——财务报告的一般规定》（证监会公告〔2014〕54号）第五十二条， 《上海证券交易所股票上市规则（2023年2月修订）》（以下简称《股票上市规则（2023年2月修 订）》）第1.4条、第2.1.1条、第2.1.4条、第2.1.6条，《上海证券交易所股票上市规则（2025年4月修 订）》（以下简称《股票上市规则（2025年4月修订）》）第1.4条、第2.1.1条、第 ...

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The medium - to long - term trend of precious metals may be bullish, but short - term fluctuations will increase. It is advisable to wait and see or conduct short - term fast - in - and - out operations. Dips are considered opportunities for medium - to long - term long - position building. Hold existing long positions with caution. The resistance level for London gold is 4500, and the support level is around 4300. For silver, the resistance is 55, and the support is 50 [4] Group 3: Summary by Relevant Catalogs 1. Market Review - On Thursday, precious metal prices continued to rise strongly. The US dollar index, US Treasury yields declined, the US stock market, Bitcoin, and crude oil fell. The silver lease rate rose again, indicating increased risks in the US financial market. The loan fraud and bad debt problems of two US banks triggered a credit crisis and a sell - off, with the US regional bank index in the stock market plummeting nearly 7% during the session. COMEX gold 2512 contract closed at $4344.3 per ounce, up 3.4%; COMEX silver 2512 contract closed at $53.43 per ounce, up 3.99%. SHFE gold 2512 main contract closed at 966.42 yuan per gram, up 1.84%; SHFE silver 2512 contract closed at 12017 yuan per kilogram, up 2.93% [2] 2. Interest Rate Cut Expectations and Fund Holdings - The expectation of an interest rate cut within the year has significantly increased. Although it is still highly likely to cut interest rates by 25 basis points rather than 50 basis points in October. According to CME's "FedWatch" data, the probability that the Fed will keep interest rates unchanged in October is 3.7%, and the probability of a 25 - basis - point cut is 96.3%. By December, the probability of a cumulative 50 - basis - point cut is 85%, and the probability of a cumulative 75 - basis - point cut is 14.6%. By January, the probability of a cumulative 50 - basis - point cut is 38.9%, and the probability of a cumulative 75 - basis - point cut is 52.8%. The SPDR Gold ETF's holdings increased by 12.02 tons to 1034.62 tons, while the iShares Silver ETF's holdings remained at 15422.61 tons. SHFE silver inventory decreased by 48.1 tons to 982.3 tons, and SGX silver inventory decreased by 64.3 tons to 1108.1 tons as of the week ending October 10 [3] 3. This Week's Focus - Due to the US government shutdown, many key data updates have been suspended. The release of the US September CPI, originally scheduled for October 15, may be postponed to October 24. There will be many speeches by Fed officials this week, which will provide more guidance for the FOMC meeting on October 31. On Saturday at 00:15, 2025 FOMC voter and St. Louis Fed President Musalem will give a speech [3] 4. Precious Metal Spot and Futures Price Table - SHFE gold main - continuous contract is at 966.42 yuan per gram, up 0.63%. SGX gold TD is at 967.29 yuan per gram, up 0.92%. CME gold main contract is at $4344.3 per ounce, up 2.83%. SHFE silver main - continuous contract is at 12017 yuan per kilogram, up 0.43%. SGX silver TD is at 11981 yuan per kilogram, up 0.17%. CME silver main contract is at $53.43 per ounce, up 1.72%. The SHFE - TD gold spread is - 0.87 yuan per gram, down 147.28%. The SHFE - TD silver spread is 36 yuan per kilogram, up 66.67%. The CME gold - silver ratio is 81.3083, up 1.08% [5][6] 5. Inventory and Position Table - SHFE gold inventory is 80961 kilograms, up 7.81%. CME gold inventory is 1217.6426 tons, down 0.35%. SHFE gold position is 225159 lots, down 2.4%. SPDR gold position is 1034.62 tons, up 1.18%. SHFE silver inventory is 982.255 tons, down 4.68%. CME silver inventory is 15930.0729 tons, down 0.11%. SGX silver inventory is 1108.065 tons, down 5.49%. SHFE silver position is 468355 lots, down 1.98%. SLV silver position is 15422.606288 tons, unchanged [11] 6. Stock, Bond, and Commodity Summary - The US dollar index is at 98.3445, down 0.35%. The US dollar against the Chinese yuan is at 7.1279, down 0.04%. The Dow Jones Industrial Average is at 45952.24 points, down 0.65%. WTI crude oil spot is at $57.46 per barrel, down 1.39%. LmeS copper 03 is at $10620 per ton, up 0.42%. The 10 - year US Treasury yield is 3.99%, down 1.48%. The 10 - year US real interest rate is 1.71%, down 2.84%. The 10 - 2 year US Treasury yield spread is 0.58%, up 5.45% [17]

Report Information - Report Title: Container Industry Risk Management Daily Report - Date: October 16, 2025 - Analyst: Yu Junchen [1] Industry Investment Rating - Not provided in the report Core Viewpoints - Today, the futures prices of the Container Shipping Index (European Line) (EC) continued to decline first and then returned to low - amplitude fluctuations. As of the close, the prices of all EC monthly contracts declined. The decline was due to the relatively weak fundamental support and the attempt of some shipping companies to resume routes in the Red Sea, which brought negative sentiment. In the short term, with geopolitical and tariff issues remaining unstable, the futures prices are likely to continue to fluctuate. Strategies can generally remain on the sidelines or focus on short - term operations, and there are still opportunities for low - buying in the December contract [3]. Grouped Key Points EC Risk Management Strategy - For companies with purchased shipping spaces but full capacity or poor booking volumes and worried about freight rate drops, they can short the container shipping index futures (EC2512) at 1700 - 1750 to lock in profits [2]. - For companies aiming to manage costs, when shipping companies increase blank sailings or enter the peak season, they can buy the container shipping index futures (EC2512) at 1450 - 1500 to fix booking costs in advance [2]. Market Situation Analysis - **Likely Positive Factors**: Maersk's cabin opening quotes at the end of October were the same as the previous two periods, indicating successful price support in mid - to late October. Maersk, CMA CGM, and Hapag - Lloyd all issued price increase letters for November. An Israeli senior official denied reports of a Gaza cease - fire agreement [4]. - **Likely Negative Factors**: The offline PA alliance reduced freight rates to $1500 per FEU. SeaLead and CMA CGM announced route reforms and upgrades [4]. EC Data - **EC Basis Changes**: On October 16, 2025, the basis and its daily and weekly changes of EC2510, EC2512, EC2602, EC2604, EC2606, and EC2608 are provided in the report [5][6]. - **EC Prices and Spreads**: The closing prices, daily and weekly price changes, and price spreads of different EC contracts on October 16, 2025, are presented [6]. Shipping Quotes - **Container Spot Quotes**: Maersk's 20GP and 40GP quotes from Shanghai to Rotterdam on different dates in October showed increases, while some of CMA CGM's quotes decreased [8]. - **Global Freight Rate Indexes**: The latest values, previous values, changes, and change rates of various global freight rate indexes such as SCFIS, SCFI, XSI, and FBX are provided [9]. Port and Shipping Data - **Port Waiting Times**: The waiting times at major global ports on October 15, 2025, and their changes compared to the previous day and the same period last year are presented [16]. - **Shipping Speeds and Waiting Ships**: The average speeds of 8000 +, 3000 +, and 1000 + container ships on October 15, 2025, and the number of container ships waiting at the Suez Canal port anchorages are provided, along with their changes compared to the previous day and the same period last year [25].

Core Viewpoint - The A-share market is experiencing an unprecedented wave of delistings due to major violations, with a record number of companies forced to delist as regulatory scrutiny intensifies [1][6][10] Group 1: Delisting Trends - As of October 15, 2023, 13 companies have triggered mandatory delisting indicators due to major violations, marking a historical high [6][10] - Among these, 8 companies have already been delisted, including notable cases like Zhuolang Technology and Dongfang Group [6][10] - The delisting wave has highlighted the role of investment banks as gatekeepers, with 11 brokerage firms involved in the delisted companies [1][6] Group 2: Investment Banks' Responsibilities - Many problematic companies frequently changed their investment banks during periods of financial misconduct, complicating accountability [2][10] - Most involved investment banks issued "no objection" or "no issues found" reports during the supervision period, raising questions about their diligence [2][10] - The regulatory environment is pushing investment banks to reassess their responsibilities and improve their oversight practices [2][15] Group 3: Case Studies of Violations - ST Dongtong, involved in financial fraud from 2019 to 2022, had its investment bank, First Capital, implicated in fraudulent activities during a stock issuance [8][12] - Guohua Securities was the only firm to issue a risk warning regarding Jiuyou Co., while others remained silent despite ongoing fraud investigations [12][13] - Highong Data had the longest duration of fraud (2015-2023) and changed investment banks multiple times, indicating a pattern of evasion [10][11] Group 4: Regulatory Impact on Investment Banks - The shift towards stricter regulations has led to increased scrutiny of investment banks' roles, with many now enhancing their due diligence processes [15] - Investment banks are reportedly increasing their manpower and resources dedicated to ongoing supervision, reflecting a shift in focus due to regulatory pressures [15]

Core Viewpoint - The A-share market is experiencing an unprecedented wave of delistings due to major violations, with a record number of companies forced to delist as regulatory scrutiny intensifies [1][5]. Group 1: Regulatory Environment - The new delisting regulations that came into effect at the beginning of the year have led to a historical high of 13 companies reaching the mandatory delisting criteria for major violations as of October 15 [1][5]. - The regulatory environment is becoming increasingly stringent, with the China Securities Regulatory Commission (CSRC) enforcing stricter oversight on financial fraud and other illegal activities [4][6]. Group 2: Role of Investment Banks - Eleven investment banks are under scrutiny for their roles in the delisted companies, with only two, First Capital and Wumart Securities, currently facing regulatory action [2][7]. - The complexity of the investment banks' responsibilities is highlighted by the fact that many of the involved companies frequently changed their advisory firms during periods of fraud [4][9]. Group 3: Case Studies of Delisted Companies - Notable cases include *ST Dongtong, which was involved in fraudulent activities from 2019 to 2022, leading to warnings issued to its sponsor, First Capital [7][8]. - Guandao Digital inflated its revenue by 1.465 billion yuan through fraudulent contracts and invoices, resulting in penalties for Wumart Securities, which served as its sponsor [8]. Group 4: Investment Banks' Due Diligence - Many investment banks provided "no objection" reports during the supervision periods of companies that were later found to have committed fraud, raising questions about their diligence [4][12]. - National Securities was the only firm to explicitly warn of risks associated with a client, indicating a lack of proactive risk management among other firms [12][13]. Group 5: Changes in Oversight Practices - Investment banks are reportedly increasing their efforts in due diligence, particularly during the ongoing supervision phases, in response to heightened regulatory scrutiny [15]. - Accounting firms are also enhancing their audit processes, adding independent review steps and increasing personnel to ensure thorough examinations [15].

Report Overview - The report is the Container Industry Risk Management Daily Report dated October 14, 2025, released by Nanhua Research Institute [1] Investment Rating - No investment rating for the industry is provided in the report Core Viewpoints - Today, the futures prices of the Container Shipping Index (European Line) (EC) fluctuated first, and the far - month contracts rose significantly in the afternoon. All EC contracts closed higher. The upward price is due to Maersk's successful price - holding in mid - to - late October and the price increase letters issued by the top three global shipping companies, as well as the escalation of the strike at the Port of Rotterdam. In the short term, the prices are likely to continue to fluctuate, and attention should be paid to the cease - fire process in Gaza and Sino - US relations. Strategies can be to stay on the sidelines or attempt a 10 - 12 positive spread arbitrage [3] Summary by Section EC Risk Management Strategy Recommendations - For those with full shipping capacity or poor booking volume and worried about freight rate drops, they can short the container shipping index futures (EC2512) at 1700 - 1750 to lock in profits [2] - For those hoping to book cabins according to orders and worried about rising freight rates, they can buy the container shipping index futures (EC2512) at 1450 - 1500 to determine booking costs in advance [2] Core Contradictions - The futures prices of EC rose today. Maersk's successful price - holding in mid - to - late October and price increase letters from major shipping companies, along with the Rotterdam port strike, supported the prices. In the short term, prices may continue to fluctuate, and attention should be paid to geopolitical and trade relations [3] 利多解读 - The strike at the Port of Rotterdam has escalated, paralyzing container handling operations and increasing supply - side pressure. Maersk's successful price - holding in mid - to - late October and CMA CGM's price increase in November are positive factors [4] 利空解读 - On October 10, 2025, Trump proposed to impose a 100% tariff on China and implement new export controls on key software products, which is a negative factor [5] EC Basis Daily Changes - On October 15, 2025, the basis of EC contracts showed different degrees of change. For example, the basis of EC2510 was - 104.40, with a daily decrease of 6.80 and a weekly decrease of 109.89 [7] EC Price and Spreads - On October 15, 2025, the closing prices of EC contracts all increased. For example, EC2512 closed at 1674.1, with a daily increase of 7.14% and a weekly decrease of 4.68% [7] Container Shipping Spot Cabin Quotes - On October 30, Maersk's 20GP and 40GP opening quotes from Shanghai to Rotterdam were the same as the previous two periods. CMA CGM's quotes increased in November, while ONE's quotes decreased in mid - to - late October [9] Global Freight Rate Indexes - Different global freight rate indexes showed different trends. For example, the SCFIS European route index decreased by 1.40%, while the SCFI European route index increased by 9.99% [9] Global Major Port Waiting Times - On October 14, 2025, the waiting times at major ports changed compared to the previous day. For example, the waiting time at Hong Kong Port decreased by 0.400 days [16] Ship Speeds and Number of Container Ships Waiting at Suez Canal Ports - On October 14, 2025, the speeds of different - sized container ships decreased slightly compared to the previous day, and the number of ships waiting at the Suez Canal ports increased by 4 [24]