集装箱产业风险管理日报 2025/09/30 俞俊臣（投资咨询证号：Z0021065） 南华研究院投资咨询业务资格：证监许可【2011】1290号 EC风险管理策略建议 | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 建议入场区间 | | | --- | --- | --- | --- | --- | --- | --- | | 舱位管理 已入手舱位，但运力偏饱满，或订舱货量不佳，旺季不 | 旺，担心运价下跌 | 多 | 为防止损失，可根据企业舱位，做空集运指数期货来 锁定利润 | EC2510 | 卖出 | 1200~1300 | | 成本管理 船司空班力度加大，或即将进入市场旺季，希望根据订单 | 情况进行订舱 | 空 | 为防止运价上涨而增加运输成本，可以在当前买入集 运指数期货，以提前确定订舱成本 | EC2510 | 买入 | 950~1050 | | source： 南华期货 | | | | | | | 【核心矛盾】 今日集运指数（欧线）期货（EC）价格低开后震荡上行，但临近收盘时明显回落。 截至收盘，EC各合 约价格涨跌互现。从交易所排名前20大机构持仓增减去 ...

本报讯 （记者张文湘）上海龙宇数据股份有限公司（以下简称"龙宇数据"）旗下专注于人工智能行业算力服务的全资子公 司—上海云漫易算科技有限公司（以下简称"云漫易算"）近日宣布，公司与某人工智能算力领域的新兴企业成功签署首批大规 模算力服务订单。 据悉，云漫易算本次签约的算力服务订单，合同总金额约1.78亿元，涵盖了200 PFlops高性能TPU（张量处理单元）算力集 群租赁、技术运维支持、算力平台及整体架构搭建等一体化算力服务。该解决方案将助力客户高效应对人工智能模型训练、大 规模数据分析等尖端应用场景的算力需求，并加速人工智能的云算速度，显著降低其总体拥有成本（TCO），加速其智能化转 型进程。 龙宇数据相关人士表示，此次合作标志着龙宇数据在人工智能行业算力领域的战略布局取得进一步突破，公司算力业务进 入商业化快速落地阶段，也标志着公司在数字化转型与人工智能赛道战略布局跨入新的里程碑。此次合作不仅是市场对云漫易 算技术和服务能力的充分肯定，更是龙宇数据在算力业务战略版图再一次成功拓展的有力证明。 （编辑 郭之宸） ...

Group 1 - Regulatory bodies have intensified scrutiny on financial fraud, fund misappropriation, and information disclosure violations, with 20 companies receiving penalties since September, including one under investigation and five receiving advance notice of administrative penalties [1][2] - Over half of the penalties issued in September are related to financial fraud, with two penalties exceeding 100 million yuan, highlighting a zero-tolerance approach from regulators [2] - The principle of "delisting does not exempt from liability" is being enforced, with three delisted companies receiving penalties for financial fraud and failure to disclose reports on time, emphasizing that all market participants must adhere to compliance [3] Group 2 - Regulatory efforts aim to create a "survival of the fittest" market ecosystem, protecting investors' rights by punishing fraudulent companies and reallocating resources to well-governed firms [4] - The current administrative penalties serve as a basis for civil and criminal accountability, with a comprehensive accountability system expected to increase the cost of violations and uphold fairness in the capital market [4] - There is a need for improved preemptive regulation to prevent issues before they arise, with calls for better institutional design and enhanced responsibilities for intermediary organizations [4] Group 3 - The recent surge in penalties sends a clear message that regulatory bodies are committed to creating a more standardized, transparent, and vibrant capital market, thereby boosting investor confidence and enhancing the market's role in supporting the real economy [5]

Core Viewpoint - The article discusses the unusual circumstances surrounding the delisting of Longyu Co., Ltd. due to significant non-operating fund occupation by its major shareholder, amounting to 868 million yuan, and the subsequent repayment of 337 million yuan shortly after delisting, raising questions about the underlying capital maneuvers [1][3][13]. Group 1: Delisting and Financial Background - Longyu Co., Ltd. was delisted on July 3, 2025, primarily due to the major shareholder's 868 million yuan non-operating fund occupation and consecutive "unable to express opinion" audit reports for 2023 and 2024 [3][13]. - The company reported a net asset of 3.693 billion yuan and cash reserves of 1.1 billion yuan at the end of 2023, indicating a strong financial position prior to delisting [3][4]. - Despite external offers for high-priced acquisitions to help maintain its listing status, the major shareholder rejected these proposals [4]. Group 2: Post-Delisting Actions - Within 20 days post-delisting, Longyu's major shareholder and related companies repaid 337 million yuan, suggesting some repayment capability despite previous refusals to settle before delisting [5][13]. - The repayment raised suspicions as it contradicted typical market behavior where companies strive to protect their listing status [5]. Group 3: Acquisition and Corporate Governance - During the "information disclosure gap" between delisting and re-listing on the National Equities Exchange and Quotations, Longyu acquired 100% of Shanghai Yunman Yisuan Information Technology Co., Ltd. without public disclosure [6][8]. - The acquisition was linked to the repayment of the 337 million yuan, with allegations that funds were cycled through related parties, potentially harming minority shareholders [8][10]. - The new executive appointed during this period had significant ties to the acquired company, raising further questions about governance and transparency [7][8]. Group 4: Regulatory and Legal Implications - Regulatory scrutiny intensified following the discovery of significant undisclosed related-party transactions, leading to administrative penalties and investigations into financial misconduct [13][14]. - The remaining 500 million yuan in fund occupation remains a concern for minority shareholders, with potential plans to use company funds for further acquisitions to settle these debts [13][14]. - Legal actions have been initiated by affected investors, resulting in favorable judgments against Longyu for losses incurred due to misleading statements [14].

Core Viewpoint - The Chinese regulatory authorities have adopted a "zero tolerance" approach towards financial fraud, significantly increasing penalties for companies involved in such activities, aiming to create a market environment where fraud is discouraged [1][2][4]. Group 1: Regulatory Actions - ST Emergency announced a fine of 5.9 million yuan due to financial fraud in its 2022 annual report, marking the eighth penalty issued by regulators for financial fraud in September alone [1]. - Over 30 companies have received penalties for financial fraud this year, including both listed and delisted companies, indicating a strict stance against the notion of "retirement from the market" as an escape from accountability [2][4]. - The regulatory authorities have issued substantial fines, with several companies facing penalties exceeding 100 million yuan, enhancing the deterrent effect on the market [4][5]. Group 2: Legal Framework and Enforcement - The new securities law has significantly increased penalties for financial fraud and fraudulent issuance, with fines ranging from 10% to 100% of the illegally raised funds [5]. - The enforcement focus has shifted to include third parties involved in financial fraud, such as suppliers and intermediaries, broadening the scope of accountability [6][7]. - There has been an increase in civil and criminal liabilities for those responsible for financial fraud, enhancing the overall deterrent effect of regulatory actions [7]. Group 3: Market Impact and Ecosystem - The regulatory crackdown aims to foster a market ecosystem where entities are deterred from committing fraud, thereby protecting investors and maintaining market integrity [3][6]. - The emphasis on holding key individuals, such as controlling shareholders and actual controllers, accountable reflects a commitment to ensuring that all parties involved in financial misconduct face consequences [7]. - The approach to penalizing intermediaries, such as accounting firms and law firms, for their roles in facilitating fraud is intended to restore trust in the market and reinforce the responsibilities of these entities [6][7].

Core Viewpoint - The case of Shanghai Longyu Data Co., Ltd. highlights that delisting does not exempt companies from legal and regulatory responsibilities, as the regulatory authorities are increasingly stringent in pursuing accountability for financial misconduct and information disclosure violations [1][7]. Group 1: Financial Misconduct - Longyu Data has been found to have inflated revenue and profits in its annual reports from 2019 to 2022, with inflated revenues of 2.242 billion, 3.986 billion, 4.024 billion, and 4.288 billion respectively, and corresponding inflated profits of 5.73 million, 11.137 million, 9.5195 million, and 10.9332 million [2][3]. - The company engaged in fictitious trading activities involving metals, oil products, and ethylene glycol, leading to false records in its annual reports from 2019 to 2022 [2]. Group 2: Regulatory Actions - The Shanghai Securities Regulatory Commission has proposed a total fine of 38.1 million for Longyu Data and its responsible individuals due to violations of information disclosure regulations [4][5]. - The company was delisted from the Shanghai Stock Exchange in July 2023 after receiving adverse audit opinions on its financial reports for 2023 and 2024 [4][5]. Group 3: Accountability Measures - The regulatory authorities are committed to thoroughly investigating the company's actions prior to its delisting, ensuring that financial fraud is addressed [5][7]. - The actual controller of Longyu Data, Xu Zengzeng, faces a fine of 16.9 million and a 10-year ban from the securities market, while other responsible individuals are also subject to penalties totaling 9.7 million [5][6]. Group 4: Industry Implications - The trend of holding delisted companies accountable for past misconduct is becoming standard practice, as evidenced by similar cases involving other companies that faced penalties after delisting [7]. - The establishment of a comprehensive accountability system for companies that have delisted due to misconduct is expected to enhance compliance awareness among market participants and bolster investor confidence [8].

Core Viewpoint - The regulatory authority is intensifying penalties against delisted companies for financial fraud and information disclosure violations, signaling a "zero tolerance" approach to such misconduct in the capital market [1][3][4] Group 1: Regulatory Actions - Shanghai Longyu Data Co., Ltd. received a notice of administrative penalty from the Shanghai Securities Regulatory Bureau, proposing a total fine of 38.1 million yuan for financial fraud and other violations [1] - As of September 7, 2023, 24 delisted companies have received 25 penalties from the regulatory authority this year, nearing the total number for the entire previous year [1] - The regulatory body is pursuing a dual accountability approach, penalizing both the companies and their responsible individuals, with a focus on historical financial misconduct [3] Group 2: Impact on Companies - Longyu's financial misconduct included falsifying financial statements from 2019 to 2022 and failing to disclose non-operating fund occupation in annual reports for 2022 and 2023 [2] - Taihe Group was delisted on August 4, 2023, due to its stock price falling below 1 yuan for 20 consecutive trading days, and subsequently faced penalties for significant omissions in its annual reports from 2020 to 2022 [2] Group 3: Investor Protection - The regulatory framework is evolving to enhance investor protection, with civil and criminal accountability measures being implemented alongside administrative penalties [4] - There is a call for a comprehensive investor protection mechanism, including judicial remedies, compensation funds, and improved information disclosure practices for companies at risk of delisting [5] - The establishment of a "four-in-one" mechanism is proposed to ensure timely compensation and transparency for investors affected by delistings [5]

Core Viewpoint - Shanghai Longyu Data Co., Ltd. (Longyu) has been severely penalized by regulators for significant financial fraud, including inflated revenue and profits over four consecutive years [2][6][10]. Summary by Sections Financial Misconduct - Longyu inflated its operating revenue and profits in its annual reports from 2019 to 2022, using fictitious trade chains and artificially increasing business links to conduct false trades in metals, oil products, and ethylene glycol [6][7]. - The inflated figures are as follows: - 2019: Revenue inflated by 2.242 billion, 16.61% of reported revenue; profit inflated by 5.73 million, 60.48% of reported profit [7]. - 2020: Revenue inflated by 3.986 billion, 44.57% of reported revenue; profit inflated by 11.1369 million, 10.36% of reported profit [7]. - 2021: Revenue inflated by 4.024 billion, 50.46% of reported revenue; profit inflated by 9.5195 million, 7.48% of reported profit [7]. - 2022: Revenue inflated by 4.288 billion, 42.95% of reported revenue; profit inflated by 10.9332 million, 23.92% of reported profit [7]. Non-Disclosure of Related Transactions - Longyu failed to disclose non-operating fund occupation related to transactions with 13 associated companies controlled by its actual controller, Xu Zengzeng, from June 2021 to November 2023 [8][9]. - The fund occupation amounts were: - 2022: 333 million, 9.19% of net assets [9]. - 2023: 875 million, 23.64% of net assets [9]. - 2024: 882 million, 26.53% of net assets [9]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) proposed a fine of 11.5 million for Longyu and additional fines for responsible individuals, including Xu Zengzeng, who faces a 10-year market ban due to the severity of the violations [9][10]. - Longyu's stock was terminated from listing and will be transferred to the National SME Share Transfer System for management [12][13].

Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has revised the "Publicly Raised Securities Investment Fund Sales Expense Management Regulations" which indicates the completion of the third phase of fee rate reform in the public fund industry, expected to save investors approximately 30 billion yuan annually [1] - The CSRC has guided the Shanghai, Shenzhen, and Beijing stock exchanges to release disclosure guidelines on three environmental issues: "Pollutant Emission," "Energy Utilization," and "Water Resource Utilization," aimed at enhancing sustainable development awareness among listed companies [2] - The National Financial Regulatory Administration has revised the "Insurance Company Capital Guarantee Fund Management Measures" to strengthen the regulation of insurance company capital guarantee funds, ensuring the protection of policyholder interests [2] Group 2: Company News - Hikvision's chairman proposed a mid-term dividend plan for 2025, suggesting a cash dividend of 4 yuan per 10 shares, amounting to approximately 3.666 billion yuan, which represents 64.80% of the net profit attributable to shareholders for the first half of the year [4] - Aerospace Hongtu signed a strategic cooperation agreement for an internet satellite project worth 2.9 billion yuan, although it is still in the preliminary intention stage and specific contracts have yet to be signed [5] - Kweichow Moutai's controlling shareholder has received a loan commitment of up to 2.7 billion yuan from Agricultural Bank of China to support stock repurchase plans, with a planned repurchase amount between 3 billion and 3.3 billion yuan [5] - Yihuatong announced the termination of a transaction to acquire 100% of Dingzhou Xuyang Hydrogen Energy Co., Ltd. due to a lack of consensus among parties involved, stating that this will not adversely affect its operations or financial status [6] - Kuangda Technology's controlling shareholder plans to transfer 412 million shares, representing 28% of the total share capital, at a price of 5.39 yuan per share, totaling 2.22 billion yuan [7] - Zhizheng Co. has received approval from the CSRC for a major asset swap and fundraising not exceeding 1 billion yuan to acquire control of Advanced Packaging Materials International Limited [7] Group 3: Industry Insights - According to a report from Zhongtai Securities, the domestic medical device industry is in a rapid development phase, with expectations for a turning point in the third quarter of 2025, highlighting opportunities in innovation-driven import substitution and globalization [8]

Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has revised the "Publicly Raised Securities Investment Fund Sales Fee Management Regulations" to lower fees for fund subscriptions, purchases, and sales service fees, expected to save investors approximately 30 billion yuan annually [2] - The CSRC has guided the Shanghai, Shenzhen, and Beijing stock exchanges to release disclosure guidelines on "pollutant emissions," "energy utilization," and "water resource utilization," aiming to enhance sustainable development awareness among listed companies [3] - The National Financial Supervisory Administration has revised the "Insurance Company Capital Guarantee Fund Management Measures" to strengthen regulation over insurance company capital guarantee funds, with a minimum deposit requirement of 20 million yuan [3] Group 2: Company News - Hikvision's chairman proposed a mid-term dividend plan for 2025, suggesting a cash dividend of 4 yuan per 10 shares, amounting to approximately 3.666 billion yuan, which represents 64.8% of the company's net profit for the first half of the year [5] - Aerospace Hongtu signed a strategic cooperation agreement for an internet satellite project worth 2.9 billion yuan, although it is still in the preliminary intention stage and subject to formal contracts [5] - Kweichow Moutai's controlling shareholder received a loan commitment of up to 2.7 billion yuan from Agricultural Bank of China to support stock repurchase plans [5] - Yihuatong announced the termination of a planned acquisition of 100% equity in Danzhou Xuyang Hydrogen Energy Co., citing a lack of consensus among parties involved [6] - Delisted Longyu received a notice of administrative penalty from the Shanghai Securities Regulatory Bureau, with a total fine of 38.1 million yuan for financial misconduct [6][7] - Kuangda Technology's controlling shareholder signed a share transfer agreement to transfer 4.12 billion shares at a price of 5.39 yuan per share, totaling 2.22 billion yuan [6] - Zhizheng Co. received approval from the CSRC for a major asset swap and fundraising not exceeding 1 billion yuan to acquire control of Advanced Packaging Materials International Limited [8] Group 3: Industry Insights - According to a report from Zhongtai Securities, the domestic medical device industry is in a rapid development phase, with expectations for a turning point in the third quarter of 2025, highlighting opportunities in policy support and innovation-driven growth [9]