Market Overview - The market structure characteristics are expected to continue in the short term, with trading volume being a key signal for market trends [1][9] - Major U.S. stock indices hovered near historical highs, with the Dow Jones down 0.04%, Nasdaq down 0.09%, and S&P 500 down 0.03% at the close [3] - The Nasdaq China Golden Dragon Index rose by 0.72%, with notable gains from Alibaba (1.5%), Pinduoduo (1.4%), and Baidu (1.2%) [3] Commodity Markets - Gold futures for December delivery increased by 1.08% to $4,529.10 per ounce, while silver futures surged by 7.68% to $76.48 per ounce, with post-market gains pushing silver above $78 per ounce [4] - International oil prices declined, with WTI crude down 2.76% to $56.74 per barrel and Brent crude down 2.57% to $60.64 per barrel [3] Financial Policies and Regulations - The People's Bank of China and the State Administration of Foreign Exchange announced the promotion of integrated currency pools for multinational companies, aiming to streamline cross-border fund management [6] - The National Bureau of Statistics released implementation opinions to strengthen data technology innovation, targeting the establishment of leading data technology innovation platforms by 2027 [6] Market Sentiment and Investment Trends - Institutional investors are increasingly adding to A500 ETF and other broad-based products, contributing to stable incremental capital in the market [9] - The market is currently characterized by a "buy on dips, structural switching" approach rather than aggressive trend-based accumulation at high levels, indicating a potential for gradual upward movement in the market [9] Company-Specific Developments - Xiaomi Group's co-founder plans to sell up to $2 billion of Class B common stock [10] - ST Houlv's chairman is under investigation for information disclosure violations by the China Securities Regulatory Commission [10] - Chipmaker AI orders from Chip Original Co. exceeded 24.94 billion yuan, with over 84% of fourth-quarter orders related to AI computing power [10]

Core Viewpoint - Shengyuan Environmental Protection has reported significant losses from its investment in a private equity fund, leading to a commitment from its actual controller to compensate for the principal loss [1][2] Group 1: Investment Details - The company’s wholly-owned subsidiary, Xiamen Jinling Construction Engineering Co., Ltd., subscribed to a private equity fund product with a principal amount of 60 million yuan in March this year [2] - As of December 25, the cumulative net value growth rate of the fund was -81.54%, resulting in a loss of approximately 46.92 million yuan, which exceeds 10% of the company's audited net profit for the most recent fiscal year [1] Group 2: Actions Taken - Shengyuan Environmental Protection has submitted a redemption application to the fund manager and initiated the redemption process on the fund's open day [1] - The company has reported the situation to the police and has received acknowledgment of the report, while also filing a complaint with the Shenzhen Securities Regulatory Bureau [1] Group 3: Compensation Commitment - On December 27, the controlling shareholders and actual controllers of the company committed to compensate for the investment principal loss, with the final compensation amount to be determined after deducting the redemption amount and any recoveries made [2] - The company received a warning letter from the Xiamen Securities Regulatory Bureau for failing to timely disclose the significant losses incurred by its subsidiary's investment in the private equity product [2]

Core Viewpoint - Shengyuan Environmental Protection faced significant losses from a private equity product, with a loss amounting to approximately 46.92 million yuan, leading to regulatory scrutiny and a pressure test on its stock price [1][2][5]. Group 1: Incident Overview - Shengyuan Environmental's wholly-owned subsidiary, Xiamen Jinlingji Construction Engineering Co., Ltd., subscribed to a private equity product that reported a cumulative net value growth rate of -81.54% [2][5]. - Following the announcement of the losses, the Xiamen Securities Regulatory Bureau and the Shenzhen Stock Exchange issued warnings and regulatory letters to Shengyuan Environmental and its key personnel [3][4]. - The company’s chairman and general manager committed to compensating for the investment loss, while the company reported that the fund manager had engaged in illegal activities, including unauthorized trading and falsifying net value information [4][5]. Group 2: Financial Performance - Shengyuan Environmental's revenue has been declining in recent years, with reported revenues of approximately 17.52 billion yuan in 2022, 17.48 billion yuan in 2023, and an estimated 15.82 billion yuan in 2024 [6][7]. - The company achieved a peak revenue of approximately 23.33 billion yuan in 2021, with a net profit of about 4.8 billion yuan [7]. - For the first three quarters of the current year, the company reported revenues of approximately 1.15 billion yuan, a year-on-year decrease of 0.67%, while net profit increased by 43.22% to approximately 211 million yuan [8]. Group 3: Operational Metrics - The company’s waste incineration power generation business reported a decrease in garbage intake by 2.26% and a decline in power generation by 0.81% during the reporting period [8]. - As of the end of the third quarter, Shengyuan Environmental had total assets of 8.781 billion yuan and total liabilities of 4.905 billion yuan, resulting in a debt-to-asset ratio of 55.85% [8].

圣元环保在公告中表示，公司在2025年12月9日计划赎回基金全部份额，随后于12月12日收到基金管理 人发送的净值表。根据公告披露的数据显示，该基金截至2025年12月4日的净值为0.9215元，然而，截 至2025年12月11日，基金单位净值暴跌至0.2596元，累计亏损74.04%。也就是说，该基金在圣元环保提 出计划赎回基金全部份额的当周，单周净值下跌了71.83%。 | 产品名称:深博宏图成长1号 私募证券投资基金 | 2025年12月4日 | 2025 年 12月 11日 | | --- | --- | --- | | 产品代码:SAQF52 | | | | 单位净值(元/份) | 0.9215 | 0.2596 | | 累计净值(元/份) | 0.9215 | 0.2596 | | 累计净值增长率 | -7.85% | -74.04% | | 总资产份额(元) | 60,010,002.00 | 60,010,002.00 | | 总资产净值(元) | 55,290,010.21 | 15,576,889.16 | 根据公告，圣元环保已向基金管理人提交了基金赎回申请，于今日基金产品开放日正式启动赎 ...

Core Viewpoint - Shengyuan Environmental's significant loss from a private equity product, exceeding 80%, has become a hot topic in the A-share market, with a loss amounting to approximately 46.92 million yuan [2][5][9]. Group 1: Incident Overview - On December 26, Shengyuan Environmental disclosed that its wholly-owned subsidiary, Xiamen Jinlingji Construction Engineering Co., Ltd., subscribed to a private equity fund product managed by Shenzhen Shenboxin Investment Management Co., Ltd., which reported a cumulative net value growth rate of -81.54% [5][9]. - Following the announcement, the Xiamen Securities Regulatory Bureau and the Shenzhen Stock Exchange took action, issuing a warning letter to Shengyuan Environmental and a regulatory letter from the Shenzhen Stock Exchange [6][7]. Group 2: Company Response - In response to the private equity product incident, Shengyuan Environmental's controlling shareholders, Zhu Yuxuan and Zhu Hengbing, committed to compensating for the investment principal loss [8]. - The company has reported that it discovered serious operational violations by the fund manager, including unauthorized trading and failure to disclose information, and has reported the matter to the police [8][9]. Group 3: Financial Performance - Shengyuan Environmental's revenue has been declining in recent years, with reported revenues of approximately 17.52 billion yuan in 2022, 17.48 billion yuan in 2023, and 15.82 billion yuan in 2024 [10]. - The company achieved a net profit of approximately 1.8 billion yuan in 2022, 1.47 billion yuan in 2023, and is projected to recover to 1.82 billion yuan in 2024 [10]. - For the first three quarters of this year, the company reported revenues of about 1.15 billion yuan, a year-on-year decrease of 0.67%, while net profit increased by 43.22% to approximately 211 million yuan [10]. Group 4: Industry Context - As of December 28, over 950 A-share companies had invested more than 1 billion yuan in financial products, with a total investment of approximately 969.89 billion yuan, a decrease of over 230 billion yuan compared to the previous year [13]. - The trend of companies investing idle funds in financial products is common, aimed at enhancing capital efficiency and profitability, but it also carries potential risks [14].

Core Viewpoint - Shengyuan Environmental (300867) faced significant losses exceeding 80% from a private equity product, amounting to approximately 46.92 million yuan, which has become a hot topic in the A-share market [1][4]. Group 1: Incident Overview - On December 26, Shengyuan Environmental disclosed that its wholly-owned subsidiary, Xiamen Jinlingji Construction Engineering Co., Ltd., subscribed to a private equity fund product managed by Shenzhen Shenboxin Investment Management Co., Ltd., which reported a cumulative net value growth rate of -81.54% [3][7]. - Following the announcement, the Xiamen Securities Regulatory Bureau and the Shenzhen Stock Exchange took action, issuing a warning letter to Shengyuan Environmental and its related personnel for failing to disclose the significant losses in a timely manner [4][5]. Group 2: Financial Impact - The reported losses from the private equity product exceeded 10% of the company's most recent audited net profit, highlighting the financial strain on Shengyuan Environmental [7]. - As of the third quarter, Shengyuan Environmental's total assets were 8.781 billion yuan, with total liabilities of 4.905 billion yuan, resulting in a debt-to-asset ratio of 55.85% [10]. Group 3: Company Performance - Shengyuan Environmental's revenue has been declining since 2022, with reported revenues of approximately 1.752 billion yuan in 2022, 1.748 billion yuan in 2023, and an estimated 1.582 billion yuan in 2024 [9]. - The company achieved a net profit of approximately 180 million yuan in 2022, 147 million yuan in 2023, and a projected recovery to 182 million yuan in 2024 [9]. Group 4: Market Context - As of December 28, over 950 A-share companies had invested more than 1 billion yuan in financial products, with a total investment of approximately 969.89 billion yuan, a decrease of over 230 billion yuan compared to the previous year [12]. - The trend of companies investing idle funds in financial products is common, but it carries potential risks, including market volatility and management distractions [13][14].

2025.12. 28 本文字数：5487，阅读时长大约9分钟 圣元环保为何要选择与这样一家私募合作？深博信投的真正控制人是谁？温廷涛在事件中充当什么角色？亏损又是如何发生的？ 20余天暴亏74%有何隐情 宏图成长1号是一款新发基金，产品成立时间截至目前只有九个月。 作者 | 第一财经 杨佼 短短20多天的时间里，私募基金净值暴亏74%，单周的亏损比例甚至高达67%。急剧而猛烈的亏损，让持有人几乎血本无归。 这样离奇的情景，发生在圣元环保身上。截至12月25日，该公司全资子公司向深圳深博信投投资管理有限公司（下称"深博信投"）认购的私募基金"宏图 成长1号"，累计净值增长率为-81.54%，亏损金额约4692万元，超过上市公司去年净利润的10%。 根据圣元环保12月26日晚间披露，12月4日，该基金的单位净值还在0.92元以上，到11日就只剩下不到0.26元，25日更是已经亏至不足0.185元。三周 之内，净值亏损74%以上。 第一财经记者调查发现，今年3月，宏图成长1号成立后，先后持有过三只股票，全部通过信用账户买入，即都是通过加杠杆方式持有。而作为管理人的 深博信投，包括该产品在内，成立十多年间总共发行了 ...

短短20多天的时间里，私募基金净值暴亏74%，单周的亏损比例甚至高达67%。急剧而猛烈的亏损，让 持有人几乎血本无归。 这样离奇的情景，发生在圣元环保身上。截至12月25日，该公司全资子公司向深圳深博信投投资管理有 限公司（下称"深博信投"）认购的私募基金"宏图成长1号"，累计净值增长率为-81.54%，亏损金额约 4692万元，超过上市公司去年净利润的10%。 根据圣元环保12月26日晚间披露，12月4日，该基金的单位净值还在0.92元以上，到11日就只剩下不到 0.26元，25日更是已经亏至不足0.185元。三周之内，净值亏损74%以上。 第一财经记者调查发现，今年3月，宏图成长1号成立后，先后持有过三只股票，全部通过信用账户买 入，即都是通过加杠杆方式持有。而作为管理人的深博信投，包括该产品在内，成立十多年间总共发行 了13只基金。在宏图成长1号成立前，该公司已有一年半时间没有成立新产品，尚在运作的产品，单只 规模也都在1000万元以下。在这种背景下，该公司在2025年4月至10月，密集提前清算了6只产品。 圣元环保认购时，深博信投已经几乎没有正常运作的在管产品 不仅如此，深博信投的股东、管理层等备案信 ...

Core Viewpoint - Saint Yuan Environmental (圣元环保) reported a significant loss of 46.92 million yuan from its investment in the "Deep博宏图成长1号" private equity fund, resulting in a cumulative net value growth rate of -81.54% [2][3][10]. Group 1: Investment Details - The fund "Deep博宏图成长1号" was subscribed by Saint Yuan's wholly-owned subsidiary, Xiamen Jinlingji Construction Engineering Co., with an investment of 60 million yuan [3][4]. - The fund's risk level is classified as R4 (medium-high risk), with investment scope including equity, fixed income, futures, and derivatives [3][4]. - The fund's unit net value dropped from 0.9215 yuan on December 4 to 0.2596 yuan on December 11, reflecting a cumulative net value growth rate decline of -74.04% [4]. Group 2: Regulatory Actions - Following the significant losses, the Xiamen Securities Regulatory Bureau issued a warning letter to Saint Yuan and its executives for failing to disclose the losses in a timely manner [2][10]. - The company has reported the incident to law enforcement and the China Securities Regulatory Commission [5][10]. Group 3: Fund Management Issues - The fund manager, Shenzhen Deep博信投 Investment Management Co., allegedly engaged in unauthorized trading and failed to disclose information, leading to substantial losses for investors [5][9]. - Despite having multiple risk control measures in place, these measures did not function effectively, resulting in the fund's drastic decline in value [8][9]. Group 4: Compensation Commitments - The executives of Saint Yuan, including Chairman Zhu Yuxuan and General Manager Zhu Hengbing, have voluntarily committed to compensate for the principal losses from the fund, using their own funds [10]. - The compensation will be calculated based on the initial investment amount minus any recoverable funds from the fund [10].

作者 | 第一财经 安卓 短短一周时间，基金总资产净值从5529万元掉落至1558万元，最终累计亏损达到4692万元，累计净值增长率为-81.54%……12月26日晚间，圣元环保 （300867.SZ）的一则投资理财进展公告令人惊掉下巴。 根据圣元环保公告，公司全资子公司厦门金陵基建筑工程有限公司（下称"厦门金陵基"）投资的"深博宏图成长1号私募证券投资基金"产品（下称"宏图成 长1号"）遭遇重大亏损。 由于未及时对外披露，周末，圣元环保收到厦门证监局的警示函，对圣元环保及董事长朱煜煊、总经理朱恒冰、董秘陈文钰采取出具警示函的监督管理 措施，并将相关情况记入诚信档案。 踩雷！巨亏！ 2025.12. 28 本文字数：2490，阅读时长大约4分钟 公告显示：2025年2月和3月，圣元环保下属全资子公司厦门金陵基与私募基金管理人深圳深博信投投资管理有限公司（下称"深博信投"）、招商证券分 别共同签署了基金合同。 厦门金陵基使用闲置自有资金，作为单一投资者认购了由私募基金管理人深博信投发行的"深博宏图成长1号私募证券投资基金"产品（下称"宏图成长1 号"），认购份额为6000万元整。 该基金的风险等级为R4级(中高 ...