7月13日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者参 考。 扬电科技：控股股东筹划控制权变更事项 股票停牌 扬电科技(301012)晚间公告，公司控股股东、实际控制人程俊明及持股5%以上股东赵恒龙正在筹划公司 控制权变更相关事宜，该事项可能导致公司控股股东及实际控制人发生变更。经公司向深圳证券交易所 申请，公司股票自2025年7月14日开市起停牌，预计停牌时间不超过2个交易日。本次交易事项能否最终 实施完成及实施结果尚存在不确定性。 德固特：筹划购买浩鲸科技100%股份 股票复牌 德固特(300950)晚间公告，公司正在筹划通过发行股份及支付现金的方式购买浩鲸云计算科技股份有限 公司100%股份并募集配套资金。经初步测算，本次交易预计构成重大资产重组，不会导致公司实际控 制人发生变更，不构成重组上市，构成关联交易。经向深圳证券交易所申请，公司股票将于2025年7月 14日开市起复牌。 元力股份：筹划收购福建同晟新材料科技股份公司控制权事宜 股票停牌 元力股份(300174)晚间公告，正在筹划收购福建同晟新材料科技股份公司控制权事宜。经公司申请，公 司股票自2025年7月 ...

Group 1: Company Performance - Northern Rare Earth expects a net profit of 900 million to 960 million yuan for the first half of 2025, representing a year-on-year increase of 1882.54% to 2014.71% [1] - Muyuan Foods anticipates a net profit of 10.5 billion to 11 billion yuan for the first half of 2025, reflecting a year-on-year growth of 924.6% to 973.39% [2] - Hongta Securities projects a net profit of 651 million to 696 million yuan for the first half of 2025, indicating a year-on-year increase of 45% to 55% [3] Group 2: Business Developments - Dazhihui clarifies that it has not engaged in businesses related to "stablecoins," "virtual asset trading," or "cross-border payments," following a significant stock price fluctuation [4] - Bluetech announces a share transfer agreement where its actual controller will change, with the Ma'anshan Municipal Government becoming the actual controller after the transfer of 18% of shares [5] Group 3: Industry Trends - Jiangsu Electric Power reports a 5.01% year-on-year increase in electricity generation for the first half of 2025 [6] - Jin'an Guoji anticipates a non-recurring net profit growth of 4700% to 6300% for the first half of 2025 [6] - New Beiyang expects a non-recurring net profit growth of 650% to 720% for the first half of 2025 [6]

| https://www.cninfo.com.cn/new/disclosure/detail?stockCode=430090&announcementId=122398 | 430090 | 同辉信息 | 2702&orgId=9900020567&announcementTime=2025 | -06-25 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=603377&announcementId=122407 | 603377 | ST东时 | 2217&orgId=9900023616&announcementTime=2025 | -07-04 | （可能）暂停上市 | | | | | | | | | | | | https://www.cninfo.com.cn/new/discl ...

Core Viewpoint - The stock of Zhongcheng Tui has been under pressure due to its delisting arrangement, with significant net selling observed from various brokerage firms [1][2]. Trading Performance - The stock closed flat with a turnover rate of 3.50% and a trading volume of 6.2393 million yuan, experiencing a price fluctuation of 16.67% throughout the day [1]. - The stock has appeared on the "Dragon and Tiger List" five times in the past six months, with an average price drop of 5.26% the day after being listed and an average decline of 8.63% over the following five days [2]. Capital Flow - On the day of reporting, the stock saw a net inflow of 25,900 yuan from main funds, with large orders showing a net outflow of 687,400 yuan and a net inflow of 713,400 yuan from smaller orders [2]. - Over the past five days, the main funds have seen a net inflow of 5.084 million yuan [2]. Brokerage Activity - The top five brokerage firms involved in trading on this day had a total transaction amount of 3.1615 million yuan, with buying amounting to 1.1611 million yuan and selling at 2.0004 million yuan, resulting in a net selling of 839,300 yuan [1]. - The largest buying brokerage was Changcheng Securities, with a purchase amount of 390,500 yuan, while the largest selling brokerage was China Merchants Securities, with a selling amount of 628,700 yuan [1].

Core Viewpoint - The automotive industry is increasingly extending payment terms to suppliers, with average payment periods exceeding 170 days, impacting the cash flow of smaller suppliers and leading to financial distress [1][3]. Group 1: Payment Terms in Automotive Industry - Domestic automotive companies have an average payment term of over 170 days, with some exceeding 240 days [1]. - Payment terms for upstream suppliers are typically extended by an additional two months, resulting in even longer payment cycles for Tier 2 and Tier 3 suppliers [3]. - The revised "Regulations on Payment of Small and Medium-sized Enterprises" mandates that large enterprises must pay small and medium-sized suppliers within 60 days of delivery [3]. Group 2: Retail Industry Payment Terms - In the retail sector, over 60% of retailers have payment terms exceeding 60 days, with the average payment term for the retail industry in 2024 being 62 days, a slight increase from 58 days in 2023 [5]. - The trade industry has a payment term of 46 days, while the general retail sector has a significantly longer payment term of 112 days [6]. - The professional chain industry has the shortest payment term at 21 days, while the internet e-commerce sector has a payment term of 78 days, which has decreased by 8 days from the previous year [6]. Group 3: Historical Trends and Regulations - Payment terms in the retail industry have generally increased from 2020 to 2024, with the general retail sector's payment term extending by 4 days and the internet e-commerce sector by 40 days [7]. - The "Retailer Supplier Fair Trade Management Measures" established in 2006 aimed to regulate payment terms, stating that payment should not exceed 60 days post-delivery [7][8]. - Despite regulations, many retailers continue to extend payment terms beyond the stipulated limits, particularly in the general retail sector, where terms can be nearly double the recommended period [8]. Group 4: Specific Company Cases - Baida Group has the longest payment term in the retail sector at 1,308 days, significantly influenced by its business model and low operating costs [10]. - Hangzhou Xie Bai follows with a payment term of 838 days, also due to its business model that minimizes financial risk [11]. - In contrast, Kairuide, operating in the trade sector, has the shortest payment term of just 1 day, reflecting its self-operated business model and focus on cash flow management [12].

Core Points - The Shanghai Composite Index closed at 3365.07 points, below the five-day moving average, with a change of 0.15% [1] - The total trading volume of A-shares reached 683.87 billion yuan [1] - A total of 820 A-shares have prices that surpassed the five-day moving average [1] Individual Stock Performance - SanDe Technology (300515) had a price increase of 19.98% with a deviation rate of 13.78% from the five-day moving average [2] - HaiXin Energy Technology (300072) saw a price increase of 20.06% with a deviation rate of 12.77% [2] - QiLin Information Security (688152) experienced a price increase of 13.18% with a deviation rate of 9.66% [2] - Other notable stocks include TengYuan Cobalt (301219) with a 14.39% increase and a 9.34% deviation rate, and Jiangsu BoYun (301003) with a 14.60% increase and a 9.11% deviation rate [2]

Core Viewpoint - The company, Kairde Holdings Co., Ltd., is under investigation by the China Securities Regulatory Commission (CSRC) for alleged violations of information disclosure laws, leading to administrative penalties and fines [1][2]. Group 1: Allegations of Information Disclosure Violations - Kairde is accused of failing to disclose external guarantee matters from October 2014 to November 2018, involving a total of 465.94 million yuan, with 335.94 million yuan provided to related parties [2][3]. - The company did not disclose or accurately report the guarantee balances in annual and semi-annual reports from 2014 to 2021, with undisclosed amounts reaching as high as 774.76% of the company's net assets in certain years [2][4]. - Kairde also failed to disclose 55 significant litigation and arbitration cases from April 2015 to February 2019, totaling 954.39 million yuan, with many cases not reported in the required financial statements [6][7]. Group 2: Administrative Penalties - The CSRC proposed penalties including a warning and fines totaling 8 million yuan against Kairde for the failure to disclose guarantees and litigation matters [15][17]. - Specific fines include 1 million yuan for Kairde, 300,000 yuan for the former chairman Ji Xiaowen, and various fines for other executives ranging from 10,000 to 180,000 yuan [15][17]. - The actual controller Wu Lianmo and former chairman Zhang Peifeng face fines of 600,000 yuan and 900,000 yuan respectively, with Zhang also facing a lifetime ban from the securities market due to the severity of his violations [16][18]. Group 3: Company Response and Future Actions - Kairde has stated that the violations will not lead to mandatory delisting under the Shenzhen Stock Exchange rules and that the issues have been resolved through bankruptcy restructuring [19][20]. - The company has committed to improving compliance and information disclosure practices to protect shareholder interests and prevent future violations [20].

股票代码：002072 股票简称：凯瑞德 公告编号：2025-L036 一、未按规定披露对外担保事项 2014年10月至2018年11月期间，凯瑞德为新疆德棉矿业有限公司、创越能源 集团有限公司、第五季国际投资控股有限公司、浙江第五季实业有限公司、深圳 市丹尔斯顿实业有限公司、吴联模提供9笔对外担保，金额合计46,593.57万元（含 凯瑞德控股股份有限公司 关于收到《行政处罚事先告知书》的公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，对公告的虚 假记载、误导性陈述或者重大遗漏负连带责任。 凯瑞德控股股份有限公司（以下简称"公司"）于2023年8月29日收到中国 证券监督管理委员会（以下简称"中国证监会"）《立案告知书》（编号：证监 立案字00042023006），因公司涉嫌信息披露违法违规，根据《中华人民共和国 证券法》《中华人民共和国行政处罚法》等法律法规，中国证监会决定对公司立 案。详见公司于2023年8月30日披露的《关于收到中国证监会立案告知书的公告》 （公告编号：2023-L040）。 公司及相关人员于2025年6月19日收到中国证券监督管理委员会山东监管局 出具的《行政处罚事先告知 ...

证券代码：002072 证券简称：凯瑞德 5、什么时候能转型？ 回复：尊敬的投资者您好，公司管理层积极探索商业模式清 晰、发展方向稳定、盈利趋势明显、估值合理的优质资产发 感谢您的关注。 | 展公司主业，进一步优化公司业务结构、提升公司盈利能力， | | --- | | 相关事项以公司公告为准。感谢您的关注。 | | 6、纪总您好！上市公司被立案调查，在调查结果没出来之 | | 前公司是否可以进行资产重组。 | | 回复：尊敬的投资者您好，关于公司被证监会立案调查的进 | | 展情况，请关注公司发布的进展公告。公司积极配合有关部 | | 门的调查工作，并始终与各方保持紧密沟通，协调推动调查 | | 进展推进，尽早解决公司历史遗留问题。目前，公司各项生 | | 产经营活动正常有序开展，本次立案预计不会对公司生产、 | | 经营和管理造成重大影响。感谢您的关注！ | | 7、请问纪总，公司立案调察什么时候有结果？ | | 回复：尊敬的投资者您好，关于公司被证监会立案调查的进 | | 展情况，请关注公司发布的进展公告。公司积极配合有关部 | | 门的调查工作，并始终与各方保持紧密沟通，协调推动调查 | | 进展推进 ...

以下文章来源于证金事 ，作者树比草高 证金事 . 记录自己对经济与金融的思考。 作者 | 证金事 来源 | 证金事 导语 ：相较即将公告时的"提前涨停"，贯穿始终的内幕交易更加隐蔽。 2009 年从《上海证券报》辞职的时候，我给挽留领导做了解释： " 调查记者出身的我擅长 揭示问题，随着严刑峻法和稽查局数倍扩容，将会愈发规范的 A 股会让我失去用武之地。 " 令我完全没有想到的是，现在 A 股的内幕交易猖獗程度 刷新 了历史，至少我是从来没有见 到过如此频繁的肆无忌惮。 提前涨停日常 国科微 6 月 6 日公告，拟通过发行股份及支付现金的方式购买中芯宁波 94.366% 股权。在 停牌前夕的 5 月 20 日 ，国科微 20% 涨停。 国科微 股价在 重大资产重组 时提前 涨 停， 引发投资者质疑。 其实，国科微只是重大利好发布之前提前涨停的一例而已。 商络电子 6 月 4 日晚公告，拟通过现金方式购买广州立功科技股份有限公司股权并达到控股 目的。在公告之前四个交易日中，商络电子上涨了 22.82% 。 邦基科技 6 月 4 日涨停，当晚公告 拟以发行股份及支付现金相结合方式购买山东北溪农牧 有限公司 100 ...