1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For the soda ash market, the industry conference promotes production - cut and price - support plans. Although short - term factory inventory is expected to decrease and the mid - stream may stop reducing inventory, continuous price increases are difficult. The long - term bearish trend remains, but caution is needed before the positive feedback atmosphere ends. Traders are advised to pay attention to new order transaction prices and the implementation of maintenance and price - support plans, and short - term short - covering and then short - selling at high prices are recommended after the upward sentiment calms down [8][9]. - For the glass market, from a valuation perspective, it has entered an ideal layout range, but it is necessary to wait for the market sentiment to improve. A long - position strategy for far - month contracts is recommended, and subsequent attention should be paid to production line changes, the digestion progress of low - price spot and futures sources, and the price - volume sentiment changes of spot in major production areas [173]. 3. Summary by Directory 3.1 Soda Ash Market Review - **Supply**: The total weekly production is 75.51 million tons, with heavy - soda production at 41.55 million tons and light - soda production at 33.96 million tons. The import volume is 0.07 million tons, and the export volume is 4.2 million tons. There are production - cut and maintenance plans in the industry, and potential incremental production awaits the full - capacity operation of Jiangsu Debang and the subsequent commissioning of Lianyungang Alkali Plant [8]. - **Demand**: The heavy - soda consumption is 34.27 million tons, and the light - soda apparent demand is 30.87 million tons. The apparent demand for soda ash is 77.54 million tons. The market's expectation for terminal demand is weak, but the short - term apparent demand may be boosted by the positive feedback between futures and spot [8]. - **Inventory**: The alkali factory inventory is 169.1 million tons, and the social inventory is 33.85 million tons. With the positive feedback and subsequent production - cut expectations, short - term factory inventory is expected to decrease, while mid - stream inventory may stop falling and start to rise [8]. - **Valuation**: The ammonia - soda process cost is 1327 yuan, and the profit is 83 yuan. The combined - soda process cost is 1170 yuan, and the profit is 140 yuan. The price difference between heavy and light soda in Central China is 40 yuan, and the basis of the market price in Shahe is 20 yuan [8]. 3.2 Monthly Supply and Demand - **Production**: The report provides monthly production data of soda ash from 2020 to 2025 [15]. - **Imports and Exports**: The current import volume is 0.32 million tons, and the export volume is 19.43 million tons. Compared with the previous month, imports decreased by 0.23 million tons, and exports increased by 0.02 million tons. Compared with the same period last year, imports decreased by 21.23 million tons, and exports increased by 9.45 million tons [16]. 3.3 Basis and Spread - **Spot - Futures Price Comparison**: It shows the price trends of soda ash futures price index, Shahe area heavy - soda market price, Shahe glass 5mm large - plate tax - included price, and glass futures price index from 2020 to 2025 [24][25][26][27]. - **Soda Ash Contract Basis**: Presents the basis trends of Shahe heavy - soda 01, 09, and 05 contracts from 2021 to 2026 [29][31][32]. - **Soda Ash Contract Inter - period Spread**: Displays the spread trends of soda ash 09 - 01, 01 - 05, and 05 - 09 contracts from 2021 to 2026 [34][35][36]. - **Glass - Soda Ash Contract/Spot Spread**: Shows the spread trends of glass - soda ash 01, 09, and 05 contracts and the spot spread of Shahe glass 5mm large - plate glass - soda ash from 2021 to 2026 [38][39][40][42]. 3.4 Soda Ash Market Price - **Shahe Region**: The current market price of heavy - soda in Shahe is 1312 yuan, a decrease of 40 yuan compared with last week and 938 yuan compared with last year [47]. - **Light and Heavy Soda Regional Prices**: The prices of heavy and light soda in different regions such as North China, East China, and Central China are provided, with most prices remaining stable [51]. 3.5 Soda Ash Supply - **Start - up and Shutdown**: Some enterprises are currently under maintenance or reducing load, and some have planned maintenance in May [88]. - **Start - up Rate**: The current domestic soda ash start - up rate is 89.44%, with a weekly production of 75.51 million tons, heavy - soda production of 41.55 million tons, and light - soda production of 33.96 million tons [89]. - **Cost and Profit**: The cost and profit trends of ammonia - soda and combined - soda processes from 2020 to 2025 are presented, as well as the price trends of related products such as synthetic ammonia, limestone, and caustic soda [100][102][104][106][112][122][126]. 3.6 Soda Ash Demand - **Heavy - Soda Demand**: It shows the daily melting volume of photovoltaic and float glass, the daily consumption of heavy - soda, and the weekly demand from 2020 to 2025 [137][139][140][141]. - **Weekly Apparent Consumption and Production - Sales Ratio**: Presents the weekly consumption and production - sales ratio of light and heavy soda from 2020 to 2025 [143]. - **Photovoltaic Glass Price**: Displays the market average prices of 3.2mm and 2.0mm coated photovoltaic glass from 2021 to 2025 [146][147]. 3.7 Soda Ash Inventory - **Overall Inventory**: The current soda ash enterprise inventory is 169.1 million tons, with light - soda enterprise inventory at 85.05 million tons and heavy - soda enterprise inventory at 84.05 million tons [151]. - **Regional Inventory**: Shows the inventory trends of soda ash in different regions such as North China, Central China, and East China from 2020 to 2025 [159][160][162]. 3.8 Glass Market Review - **Supply**: The daily melting volume of float glass is 157,175 tons, and the weekly production is 110.02 million tons. There are cold - repair and production - start plans for some production lines [171]. - **Demand**: The apparent consumption is 108.47 million tons. Market sentiment suppresses the apparent demand, but the mid - and downstream purchase appropriately at low prices [171]. - **Inventory**: The factory inventory is 327.37 million tons, and short - term inventory is expected to increase slightly due to demand suppression [171]. - **Valuation**: The cost and profit of natural - gas, coal - gas, and petroleum - coke production lines are provided. Low - cost production capacity still has profits, but most production capacity is in the red [171]. 3.9 Glass Monthly Supply and Demand - **Production**: Displays the monthly production data of flat glass from 2020 to 2025 [178]. - **Imports and Exports**: Presents the monthly import and export data of float glass from 2020 to 2025 [179][183]. 3.10 Glass Basis and Spread - **Spot - Futures Price Comparison**: Shows the price trends of soda ash futures price index, Shahe area heavy - soda market price, Shahe glass 5mm large - plate tax - included price, and glass futures price index from 2020 to 2025 [187][188][189][190]. - **Glass Contract Basis**: Presents the basis trends of Shahe glass 5mm large - plate 01, 09, and 05 contracts from 2021 to 2026 [192][193][194]. - **Glass Contract Inter - period Spread**: Displays the spread trends of glass 09 - 01, 05 - 09, and 01 - 05 contracts from 2009 to 2026 [196][197][198]. - **Glass - Soda Ash Contract/Spot Spread**: Shows the spread trends of glass - soda ash 01, 09, and 05 contracts and the spot spread of Shahe glass 5mm large - plate glass - soda ash from 2021 to 2026 [201][202][203][205]. 3.11 Glass Market Price - **Float Glass 5mm Regional Price**: Provides the price information of 5mm float glass in different regions such as Shahe, North China, and East China, with some prices showing slight fluctuations [210]. - **Float Glass 5mm Large - Plate Price**: Displays the price trends of Shahe glass 5mm large - plate tax - included price, Beijing - Tianjin - Tangshan 5mm glass large - plate tax - included price, and South China 5mm glass large - plate tax - included price from 2020 to 2025 [225]. 3.12 Glass Supply No relevant content provided for the supply part after "05 Glass Supply".

兴业证券股份有限公司 关于 陕西兴化化学股份有限公司 重大资产购买暨关联交易 之 2024 年度持续督导意见 暨持续督导总结报告 独立财务顾问 二○二五年四月 声 明 兴业证券股份有限公司接受委托，担任陕西兴化化学股份有限公司重大资产 购买暨关联交易的独立财务顾问。根据《中华人民共和国公司法》《中华人民共 和国证券法》《上市公司重大资产重组管理办法》等法律、法规、文件的有关规 定和要求，按照行业公认的业务标准、道德规范，本着诚实信用和勤勉尽责的原 则，本独立财务顾问经过审慎核查，结合上市公司 2024 年年度报告，出具了本 持续督导意见暨持续督导总结报告。 本独立财务顾问对陕西兴化化学股份有限公司重大资产购买暨关联交易所 出具持续督导意见所依据的文件、书面资料、财务数据、业务数据等由上市公司 及重组各方提供并由各方对其真实性、准确性和完整性承担全部责任。 本持续督导意见不构成对上市公司的任何投资建议，投资者根据本持续督导 意见所做出的任何投资决策而产生的相应风险，本独立财务顾问不承担任何责任。 本独立财务顾问未委托或授权其他任何机构或个人提供未在本持续督导意 见中列载的信息和对本持续督导意见做任何解释或者说明 ...

Group 1 - Shenjian Co., Ltd. reported a net profit of 33.65 million yuan for 2024, a year-on-year increase of 32.29%, with a proposed cash dividend of 0.5 yuan per 10 shares [1] - Jingce Electronics experienced a net loss of 97.60 million yuan in 2024, transitioning from profit to loss, despite a revenue increase of 5.59% to 2.565 billion yuan [1] - Jingwei Co., Ltd. reported a net profit of 35.54 million yuan for 2024, a decrease of 36.76%, with a proposed cash dividend of 1.00 yuan per 10 shares [1][2] Group 2 - Minsheng Health achieved a net profit of 91.83 million yuan in 2024, a year-on-year increase of 7.24%, with a proposed cash dividend of 1.00 yuan per 10 shares [2] - Zhongshe Co., Ltd. reported a net profit of 10.16 million yuan for 2024, a decline of 76.24%, with a proposed cash dividend of 0.2 yuan per 10 shares [3] - Keyuan Smart reported a net profit of 252 million yuan for 2024, a year-on-year increase of 56.64%, with a proposed cash dividend of 0.4 yuan per 10 shares [4] Group 3 - Beilu Pharmaceutical reported a net profit of 14.54 million yuan for Q1 2025, a year-on-year increase of 26.13%, with revenue of 283 million yuan [5] - Wangsu Technology achieved a net profit of 192 million yuan for Q1 2025, a year-on-year increase of 38.54%, with revenue of 1.235 billion yuan [6] - Keyuan Pharmaceutical reported a net profit of 23.08 million yuan for Q1 2025, a year-on-year increase of 7.25%, despite a revenue decline of 23.98% [7] Group 4 - Guangting Information reported a net profit of 24.03 million yuan for Q1 2025, turning from loss to profit, with revenue of 134 million yuan [9] - Zhaori Technology reported a net loss of 1.23 million yuan for Q1 2025, with revenue of 35.23 million yuan [11] - Huakai Yibai reported a net loss of 15.09 million yuan for Q1 2025, despite revenue growth of 35.08% to 2.292 billion yuan [13] Group 5 - Xinhongye reported a net profit of 34.43 million yuan for Q1 2025, a year-on-year increase of 20.43%, with revenue of 755 million yuan [15] - Huning Co., Ltd. reported a net profit of 3.61 million yuan for Q1 2025, a year-on-year decrease of 45.68%, with revenue of 64.51 million yuan [16] - Camel Co., Ltd. reported a net profit of 237 million yuan for Q1 2025, a year-on-year increase of 51.89%, with revenue of 4.136 billion yuan [17] Group 6 - Hengtong Co., Ltd. reported a net profit of 42.55 million yuan for Q1 2025, a year-on-year increase of 51.62%, with revenue of 313 million yuan [19] - Changqing Technology reported a net profit of 35.38 million yuan for Q1 2025, a year-on-year decrease of 23.80%, with revenue of 246 million yuan [21] - Libaba Co., Ltd. reported a net profit of 34.72 million yuan for Q1 2025, a year-on-year increase of 9.91%, with revenue of 419 million yuan [22] Group 7 - Shouxiangu reported a net profit of 58.37 million yuan for Q1 2025, a year-on-year decrease of 24.32%, with revenue of 171 million yuan [24] - Bojun Technology announced a stock issuance application accepted by the Shenzhen Stock Exchange [24] - Dayou Energy announced the full resumption of production at its Gengcun coal mine, with an annual production capacity of 3.6 million tons [25] Group 8 - Deyang Co., Ltd. successfully acquired land use rights for industrial land in Ningbo for 45.80 million yuan [27] - Tianyu Pharmaceutical's subsidiary received a drug registration certificate for an injectable product [29] - Xingwang Yuda signed a strategic cooperation agreement with the Jilin Province Bionic Robot Innovation Center [30] Group 9 - Lifang Pharmaceutical received approval for clinical trials of a new drug [32] - Zai Sheng Technology reported a net profit of 33.56 million yuan for Q1 2025, a year-on-year increase of 3.69%, with revenue of 324 million yuan [34] - Jinxin Technology reported a net profit of 319,920 yuan for Q1 2025, turning from loss to profit, with revenue of 563 million yuan [36] Group 10 - Huayin Electric reported a net profit of 75.67 million yuan for Q1 2025, a year-on-year increase of 894.61%, with revenue of 2.307 billion yuan [37] - Xinghua Co., Ltd. reported a net loss of 95.51 million yuan for Q1 2025, with revenue of 840 million yuan [38] - Heren Technology reported a net loss of 384,410 yuan for Q1 2025, with revenue of 78.40 million yuan [40] Group 11 - Fenda Technology reported a net profit of 40.45 million yuan for Q1 2025, a year-on-year increase of 84.07%, with revenue of 760 million yuan [41] - Tongda Co., Ltd. reported a net profit of 25.49 million yuan for 2024, a year-on-year decrease of 69.15%, with revenue of 6.201 billion yuan [43] - Zhonghe Holdings reported a net profit of 283 million yuan for 2024, a year-on-year decrease of 54.69%, with a proposed cash dividend of 0.3 yuan per 10 shares [44] Group 12 - Jiantou Energy reported a net profit of 531 million yuan for 2024, a year-on-year increase of 181.59%, with a proposed cash dividend of 1.3 yuan per 10 shares [44] - Guanghua Technology reported a net loss of 205 million yuan for 2024, with revenue of 2.589 billion yuan [45] - Huajin Technology reported a net profit of 29.26 billion yuan for 2024, a year-on-year increase of 8.1%, with a proposed cash dividend of 9 yuan per 10 shares [46] Group 13 - Yingke Medical reported a net profit of 1.465 billion yuan for 2024, a year-on-year increase of 282.63%, with a proposed cash dividend of 1.00 yuan per 10 shares [46] - Solar Energy reported a net profit of 1.225 billion yuan for 2024, a year-on-year decrease of 22.38%, with a proposed cash dividend of 0.56 yuan per 10 shares [46] - Dongfang Electric reported a net profit of 318 million yuan for 2024, a year-on-year decrease of 50.62%, with a proposed cash dividend of 0.32 yuan per 10 shares [47] Group 14 - Tianneng Heavy Industry reported a net loss of 262 million yuan for 2024, with revenue of 3.273 billion yuan [48] - Gangyan High-tech reported a net profit of 249 million yuan for 2024, a year-on-year decrease of 22.08%, with a proposed cash dividend of 1.00 yuan per 10 shares [48] - Shihua Machinery reported a net profit of 96.88 million yuan for 2024, a year-on-year increase of 5.35%, with revenue of 8.037 billion yuan [49] Group 15 - Gongtong Pharmaceutical reported a net loss of 27.59 million yuan for 2024, with revenue of 537 million yuan [51] - Zhongjing Electronics reported a net loss of 87.43 million yuan for 2024, with revenue of 2.932 billion yuan [53] - Yudai Development reported a net loss of 114 million yuan for 2024, with revenue of 388 million yuan [55] Group 16 - Zhenhua Technology reported a net profit of 970 million yuan for 2024, a year-on-year decrease of 63.83%, with a proposed cash dividend of 1.8 yuan per 10 shares [56] - Jierong Technology reported a net loss of 298 million yuan for 2024, with revenue of 1.357 billion yuan [58] - Changgao Electric New reported a net profit of 252 million yuan for 2024, a year-on-year increase of 45.66%, with a proposed cash dividend of 0.8 yuan per 10 shares [60] Group 17 - Shibao Detection announced a plan to acquire 81% of Zhonghuan Lianshu for 52.65 million yuan [61] - Jiangsu Boyun announced a plan to reduce its shareholding by up to 3% [62] - Jingfeng Mingyuan announced a plan to acquire 100% of Yichong Technology for 3.283 billion yuan [63]

2025年4月，陕西兴化化学股份有限公司（以下简称"兴化股份"）发布2024年年度报告。报告期内，公 司实现营业收入41.31亿元，同比增长11.89%；然而，归属于上市公司股东的净利润为 -3.80亿元，亏损 幅度较去年有所扩大。财务费用同比增长101.18%，成为影响公司盈利的关键因素。 主要财务指标解读 营收增长但仍处亏损状态营业收入：2024年公司营业收入为41.31亿元，较去年的36.92亿元增长 11.89%。从业务板块看，化工行业收入为41.28亿元，占比99.91%，同比增长14.31%，是营收增长的主 要动力。其中乙醇、醋酸甲酯、甲醇等产品收入增长显著，分别增长34.51%、27.82%和41.89%。净利 润：归属于上市公司股东的净利润为 -3.80亿元，去年同期为 -4.12亿元，亏损有所扩大。尽管营收增 长，但营业总成本达到43.48亿元，同比增长7.60%，超过营收增速，导致亏损局面未能改善。扣非净利 润：扣除非经常性损益后的净利润为 -3.71亿元，较去年的 -4.10亿元增长9.60%。非经常性损益合计 -896.81万元，主要包括非流动性资产处置损益、政府补助等项目。基本每股收 ...

陕西兴化化学股份有限公司 2024 年度涉及陕西延长石油财务有限公司 关联交易的存款、贷款等金融业务情况的专项说明 华兴专字[2025] 24014340065 号 华兴会计师事务所(特殊普通合伙) 兴会计师事务所(特殊普通合伙) ING CERTIFIED PUBLIC ACCOUNTAN 路 152号中 | 十 厦 R 座 6-0 楼 申,话(Tel):0591-87852574 关于陕西兴化化学股份有限公司 2024 年度涉及陕西延长石油财务有限公司 关联交易的存款、贷款等金融业务情况的专项说明 华兴专字[2025] 24014340065 号 陕西兴化化学股份有限公司全体股东: 我们接受委托,依据中国注册会计师审计准则审计了陕西兴化化学股份 有限公司(以下简称贵公司)2024年度财务报表,包括 2024年12月 31日的 合并及母公司资产负债表,2024年度的合并及母公司利润表、合并及母公司 现金流量表、合并及母公司所有者权益变动表以及财务报表附注,并于 2025 年 4 月 22 日出具了华兴审字[2025] 24014340010 号无保留意见审计报告。 按照《深圳证券交易所上市公司自律监管指引第 ...

关于陕西兴化化学股份有限公司 2024 年度营业收入扣除情况的 专项核查意见 华兴专字[2025] 24014340042 号 华兴专字[2025] 24014340042 号 陕西兴化化学股份有限公司全体股东: 我们接受委托,按照中国注册会计师审计准则审计了陕西兴化化学股份 有限公司(以下简称贵公司) 2024年度财务报表,包括 2024年 12月 31 日的 合并及母公司资产负债表、2024年度的合并及母公司利润表、合并及母公司 现金流量表、合并及母公司所有者权益变动表以及相关财务报表附注,并于 2025 年 4 月 22 目出具了华兴审字[2025] 24014340010 号无保留意见的审计报 告。在此基础上,对后附的贵公司管理层编制的《2024年度营业收入扣除情 况表》(以下简称"营业收入扣除情况表")进行了专项核查。 :一、管理层的责任 华兴会计师事务所(特殊普通合伙) 兴会计师事务所(特殊普通合伙) NG CERTIFIED PUBLIC ACCOUNTAN Add : 6-9/F Block B.152 Hudong Road. Fuzhou. Fujian. C 由话(Tel):0591-8 ...

根据公司实际业务发展需要，并经公司第七届董事会第三十四次会议及 2023 年年度股东大会审议通过，公司于 2024 年 5 月与关联方陕西延长石油财务 有限公司（以下简称"延长财司"）签署了《金融服务协议》，该协议主要条款内 容如下： 兴业证券股份有限公司 关于陕西兴化化学股份有限公司 金融服务协议及相关风险控制措施执行情况 的专项核查意见 兴业证券股份有限公司（以下简称"独立财务顾问"）作为陕西兴化化学股 份有限公司（以下简称"兴化股份"、"公司"或"上市公司"）重大资产购买暨 关联交易的独立财务顾问，根据《上市公司重大资产重组管理办法》《深圳证券 交易所上市公司自律监管指引第 7 号——交易与关联交易》等相关规定，对兴化 股份 2024 年度金融服务协议及相关风险控制措施执行情况进行了专项核查，核 查情况及核查意见如下： 一、金融服务协议条款的完备性 （一）金融服务协议条款内容 ②乙方承诺向甲方提供优惠的贷款利率，乙方向甲方发放贷款的利率按照中 国人民银行所公布的最新贷款市场报价利率（LPR）为依据，结合乙方内部利率 定价原则执行； ③本协议有效期内，甲方根据资金需求计划，向乙方提出授信申请，对于授 信额 ...

粤开证券股份有限公司（以下简称"粤开证券"或"本保荐人"）作为陕西 兴化化学股份有限公司（以下简称"公司"或"兴化股份"）向特定对象发行 A 股股票的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所股 票上市规则》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》 《上市公司监管指引第 2 号--上市公司募集资金管理和使用的监管要求》《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》等有关规 定，对兴化股份 2024 年度募集资金存放与使用情况进行了核查，具体情况如下： 粤开证券股份有限公司 关于陕西兴化化学股份有限公司 2024 年度募集资金存放与实际使用情况的专项核查意见 一、募集资金基本情况 （一）募集资金金额及到位时间 经中国证券监督管理委员会《关于同意陕西兴化化学股份有限公司向特定对 象发行股票注册的批复》（证监许可[2023]1323 号）同意，公司向特定对象发 行人民币普通股（A 股）股票 223,325,062 股，发行价格为人民币 4.03 元/股， 募集资金总额为人民币 899,999,999.86 元，扣除相关发行费用人民币（不含增 值税） ...

粤开证券股份有限公司 注：上述未使用募集资金总额中包含利息收入扣除银行手续费后的净额。 关于陕西兴化化学股份有限公司募集资金存款余额继续以 协定存款方式存放的核查意见 粤开证券股份有限公司（以下简称"粤开证券"或"本保荐人"）作为陕西 兴化化学股份有限公司（以下简称"公司"或"兴化股份"）向特定对象发行 A 股股票的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司监管指引 第 2 号—上市公司募集资金管理和使用的监管要求》《深圳证券交易所股票上市 规则》《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》等法律法规和规范性文件的要求，对兴化股份将募集资金存款余额继续以协 定存款方式存放事项进行了审慎核查，核查情况及核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意陕西兴化化学股份有限公司向特定对 象发行股票注册的批复》（证监许可〔2023〕1323 号）同意注册，公司本次向 特定对象发行人民币普通股（A 股）股票 223,325,062 股，发行价格为人民币 4.03 元/股，股票面值为人民币 1.00 元/股，募集资金总额为 899,999,999.86 元 ...

陕西兴化化学股份有限公司 内部控制审计报告 华兴审字[2025] 24014350011 号 - 华兴审字[2025] 24014350011 号 陕西兴化化学股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求, 我们审计了陕西兴化化学股份有限公司(以下简称"贵公司")2024年 12月 31 日的财务报告内部控制的有效性。 华兴会计师事务所(特殊普通合伙) 会计师事务所(特殊普通台 IG CERTIFIED PUBLIC ACCOUNTAN 路 152号中山大厦B座6-9楼 52 Hudong Road. Fuzhou Fujian China 申话(Tel)·0591-87852574 Http://www.fihxcpa.com 内部控制审计报告 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》和《企业内部 控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是 贵公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性 发表审计意见,并对注意到的非财务报告内部控制的重大缺陷进行 ...