Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View of the Report The report regularly sorts out the latest information on private exchangeable bond (private EB) projects available from public channels and conducts basic element tracking on private exchangeable bond projects. It should be noted that the private issuance terms and the issuance process may be subject to change, and the final prospectus should prevail. For the issuance progress, please consult the relevant lead underwriters [1]. 3. Summary by Relevant Catalog New Project Information This Week - The 2025 private exchangeable corporate bond project of Shenzhen Huaqiang Group Co., Ltd. for professional investors has been approved by the exchange. The proposed issuance scale is RMB 2.4 billion, the underlying stock is Shenzhen Huaqiang (000062.SZ), the lead underwriter is Jinyuan United Securities, and the exchange update date is April 17, 2025 [2]. - The 2025 private exchangeable corporate bond project of Jiangsu Shenghong Technology Co., Ltd. for professional investors has received feedback from the exchange. The proposed issuance scale is RMB 8 billion, the underlying stock is Orient Shenghong (000301.SZ), the lead underwriter is Huatai United Securities, and the exchange update date is April 15, 2025 [2]. - The 2025 private exchangeable corporate bond project of Beijing He Xie Heng Yuan Technology Co., Ltd. for professional investors has received feedback from the exchange. The proposed issuance scale is RMB 800 million, the underlying stock is Sichuan Shuangma (000935.SZ), the lead underwriter is Hongta Securities, and the exchange update date is April 15, 2025 [2]. - The 2025 private exchangeable corporate bond project of Wanan Group Co., Ltd. for professional investors has received feedback from the exchange. The proposed issuance scale is RMB 600 million, the underlying stock is Wanan Technology (002590.SZ), the lead underwriter is Zheshang Securities, and the exchange update date is April 15, 2025 [2]. Private EB Weekly Tracking (2025 - 04 - 18) The table lists the information of multiple private exchangeable bond projects, including bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates. Projects are in different statuses such as "Passed", "Feedback Received", and "Accepted" [4].

Group 1 - The US government has temporarily exempted certain electronic products from tariffs, but this exemption is not permanent and will last only until a new tariff plan for the semiconductor industry is established [2][21] - China's foreign trade in the first quarter of this year reached 10.3 trillion yuan, a year-on-year increase of 1.3%, with exports growing by 6.9% and imports declining by 6% [3] - The State Administration for Market Regulation in China has introduced 37 key measures to support the development of private enterprises, focusing on breaking down barriers and promoting fair competition [4][5] Group 2 - Hong Kong is preparing to attract Chinese concept stocks back to its market, emphasizing its stability and attractiveness amid global financial market volatility [6][7] - The China Securities Regulatory Commission has emphasized the importance of functionality in the fund industry, aiming for a balance between quality and scale [8] - Insurance funds are accelerating their entry into the stock market, with the scale of long-term stock investment trials increasing from 50 billion yuan to 162 billion yuan [9] Group 3 - The US is experiencing a significant drop in import orders, with a 64% decrease in overall import volume, indicating potential disruptions in trade due to tariff policies [10][11] - The total share of stock ETFs in A-shares has surpassed 2 trillion shares, marking a historical high, with substantial inflows of capital observed in April [12] - Global pension funds are pausing investments in US assets due to uncertainties stemming from aggressive tariff policies, indicating a shift in investment strategies [13] Group 4 - The AI industry is facing scrutiny over its energy consumption, with Elon Musk's AI company xAI being investigated for violating environmental regulations related to its power generation [14] - The UK government plans to take over the British Steel Company from a Chinese firm, raising concerns about foreign investments in critical industries [15] - The consumer electronics sector is seeing increased research interest, driven by strong domestic demand policies and a surge in M&A activities in the technology field [17]

Group 1 - The uncertainty shock has led to a call for more certainty in the Chinese market, with a positive outlook on financial stocks due to valuation improvements, particularly focusing on brokerages, insurance, and banks [1][22]. - The 137th Canton Fair and the third New Energy Vehicle Innovation Technology and Industry Development Forum are upcoming events that may influence market dynamics [2]. - The U.S. stock market saw a broad increase, with the Dow Jones Industrial Average rising by 312.08 points (0.78%), the Nasdaq up by 107.02 points (0.64%), and the S&P 500 gaining 42.61 points (0.79%) [4]. Group 2 - Goldman Sachs reported a first-quarter net revenue of $15.06 billion and a net profit of $4.74 billion, with a stock buyback plan approved for up to $40 billion [7]. - Ningde Times announced a first-quarter net profit of 13.963 billion yuan, a year-on-year increase of 32.85%, with total revenue of 84.705 billion yuan, up 6.18% [9]. - Several companies, including Yuyuan New Materials and Kelu Electronics, reported significant year-on-year profit increases, with Yuyuan projecting a growth of 13076% to 16370% and Kelu reporting an increase of 857.45% [8][11].

Financial Performance - Total revenue for 2024 was CNY 107,455.77 million, a decrease of 11.87% compared to CNY 121,934.46 million in the previous year[3] - Operating profit fell to CNY 29,182.95 million, down 74.32% from CNY 113,621.30 million year-on-year[3] - Net profit attributable to shareholders decreased by 68.61% to CNY 30,938.14 million from CNY 98,547.36 million in the previous year[3] - The basic earnings per share dropped to CNY 0.41, a decline of 68.22% compared to CNY 1.29 in the previous year[3] - The net profit after deducting non-recurring gains and losses was CNY 6,052.96 million, a significant drop of 93.55% from CNY 93,871.11 million year-on-year[3] - The weighted average return on equity decreased to 4.17%, down 9.93 percentage points from 14.10% in the previous year[3] Operational Challenges - The company faced challenges due to capital market fluctuations and slow recovery in market demand for building materials, impacting overall sales volume and prices[5] - The company is actively optimizing operational efficiency and controlling costs to mitigate the impact of declining performance[5] Strategic Initiatives - A strategic acquisition of Shenzhen Jianyuan Pharmaceutical Technology Co., Ltd. was made to establish a solid foundation for future growth[5] Asset Management - Total assets increased by 9.72% to CNY 899,137.65 million from CNY 819,460.89 million at the beginning of the period[3]

Financial Performance - The company expects a net profit attributable to shareholders of 100 million to 140 million CNY, representing a growth of 1,047% to 1,506% compared to the same period last year, where the profit was 8.72 million CNY[3] - The net profit after deducting non-recurring gains and losses is projected to be 95 million to 135 million CNY, compared to a loss of 4.21 million CNY in the previous year[3] - Basic earnings per share are estimated to be between 0.13 CNY and 0.18 CNY, up from 0.01 CNY in the same period last year[3] - The significant increase in performance is primarily attributed to good returns from the funds invested by the company during the reporting period[5] Strategic Focus - The company is focusing on cost reduction and efficiency improvement while increasing investment in technological innovation and market expansion[6] - The company aims to lay a solid foundation for stable and healthy future development through its current strategies[6] Earnings Forecast - The earnings forecast is based on preliminary calculations and has not been audited by registered accountants[4] Share Capital - The total share capital as of March 31, 2025, is 763,440,333 shares, with 6,219,875 shares in the repurchase special securities account[3] Information Disclosure - The company emphasizes the importance of timely information disclosure and advises investors to make cautious decisions due to potential risks[7] - The detailed financial data will be disclosed in the first quarter report of 2025[7]

证券代码：000935 证券简称：四川双马 公告编号：2025-9 四川和谐双马股份有限公司 关于控股股东所持部分股份质押展期的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 四川和谐双马股份有限公司(简称"公司"）于近日接到控股股东北京和谐 恒源科技有限公司（简称"和谐恒源"）的告知函，获悉和谐恒源对所持有的本 公司的部分股份办理了质押展期业务，具体事项如下： 上述"占其所持股份比例"为该笔质押股份的数量占和谐恒源及其一致行动 人持股数量的比例。所质押的股份未负担重大资产重组等业绩补偿义务。 上述股份的原质押情况详见公司于2024年4月24日及2024年4月26日披露的 《关于控股股东所持部分股份解除质押及再质押的公告》和《关于控股股东所持 部分股份解除质押及再质押的公告》。依据和谐恒源出具的告知函，和谐恒源对 所持有的本公司的部分股份办理质押展期的主要原因为偿还债务，就质押事项和 谐恒源具备履约偿债能力，所质押的股份不存在平仓风险，对上市公司的生产经 营及公司治理等不会产生影响，和谐恒源已采取相关防范应对措施。 二、股东股份累计被质押的情况 股 东 ...

证券代码：000935 证券简称：四川双马 公告编号：2025-8 四川和谐双马股份有限公司 关于公司董事、副总经理兼董事会秘书辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 四川和谐双马股份有限公司（以下简称"公司"）董事会于 2025 年 3 月 31 日收到公司董事、副总经理兼董事会秘书陈长春先生提交的书面辞职报告，陈长 春先生由于个人原因提请辞去公司董事、副总经理兼董事会秘书的职务，辞职后 不再担任公司及控股子公司的其他职务。 陈长春先生的辞职不会导致公司董事会成员人数低于法定最低人数，不会影 响公司董事会的正常运作及公司经营管理的正常运行。根据《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》等相关规定，陈长春先 生的辞职报告自送达公司董事会之日起生效。截至本公告披露日，陈长春先生未 持有公司股份，不存在应当履行而未履行的承诺事项。 通讯地址：四川省成都市锦江区红星路三段一号成都国际金融中心 1 号写 字楼 26 楼 2 号 电子邮箱：public.sm@sc-shuangma.com 特此公告。 四川和谐双马股份 ...

Group 1 - The core viewpoint of the article is that Sichuan Shuangma (000935) has invested in a smart mobility fund that includes Xiaopeng Motors, and any increase in Xiaopeng's stock price will positively impact the company's performance [1] - The company acknowledges that the stock price changes of its invested listed companies will affect its financial reports, indicating a level of uncertainty [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.27 RMB based on a valuation of 170 billion RMB for 2025 [3]. Core Insights - The company is expected to benefit from a favorable technology growth style and an improving exit channel for its private equity business, leading to anticipated earnings elasticity [3]. - The report highlights significant investments in technology sectors, including participation in funds that have invested in leading companies in AI and robotics, which are expected to drive future growth [1][2]. Summary by Sections Investment Projects - The company has invested in Hangzhou Qunhe Information Technology Co., which has submitted a listing application to the Hong Kong Stock Exchange, and in the Fourier project in the robotics industry [1]. - Fourier has completed a new financing round totaling nearly 800 million RMB and provides robotic solutions widely used in medical rehabilitation and academic research [2]. Financial Forecasts - The projected net profits for the company are 3.5 billion RMB in 2024, 6.5 billion RMB in 2025, and 9.5 billion RMB in 2026, reflecting a year-on-year change of -64%, +85%, and +47% respectively [3]. - Revenue is expected to decline to 1.006 billion RMB in 2024 before rebounding to 1.456 billion RMB in 2025 and 1.775 billion RMB in 2026, with growth rates of -17.5%, +44.8%, and +21.9% respectively [6]. Market Performance - The report notes that several investment projects have successfully gone public, with significant stock price increases since 2025, including a 95.9% increase for Aojie Technology and a 60.2% increase for BGI Intelligent Manufacturing [2].

证券代码：000935 证券简称：四川双马 公告编号：2025-7 四川和谐双马股份有限公司 关于控股子公司湖北健翔 获得化学原料药上市申请批准的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 四川和谐双马股份有限公司（简称"公司"）控股子公司湖北健翔生物制药 有限公司（简称"湖北健翔"）于近期获得国家药品监督管理局核准签发的缩宫 素《化学原料药上市申请批准通知书》。现将相关情况公告如下： 一、本次获得化学原料药上市申请批准通知书的具体情况 1、化学原料药名称 （1）通用名称:缩宫素 （2）英文名/拉丁名:Oxytocin 2、登记号:Y20220001017 6、有效期：24 个月 7、包装规格：200g/听 8、申请事项：境内生产化学原料药上市申请。 9、审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查， 本品符合药品注册的有关要求，批准注册。质量标准、标签及生产工艺照所附执 行。 10、生产企业： （1）名称：湖北健翔生物制药有限公司 （2）地址：湖北咸宁咸安经济开发区绿山路 9 号 3、受理号:CYHS2360428 4、通知书编号: ...