Group 1 - ST Baili's controlling shareholder has been applied for bankruptcy liquidation, which may not affect the company's daily operations due to its independent business capabilities [1] - Youyou Food's actual controller plans to reduce his stake by up to 3%, equating to a maximum of 12.83 million shares within three months [3] - Shaoyang Hydraulic is planning a major asset restructuring and will suspend trading from June 23, with an announcement expected within 10 trading days [4] Group 2 - *ST Hengtai will revoke the delisting risk warning and other risk warnings starting June 24, with a change in stock name to "Helitai" and a new trading price limit of 10% [5] - StarNet Yuda has had part of its bank account funds frozen, amounting to 25.93 million yuan, which is 1.42% of its latest audited net assets, but daily operations remain unaffected [6] - Xinhau Optoelectronics intends to transfer 100% equity of its wholly-owned subsidiary Anhui Xinguang to Luxshare Precision, constituting a related party transaction [8]

Core Views - The 2025 Lujiazui Forum announced a series of financial policy measures aimed at enhancing the integration of technology, capital, and industry, with a focus on supporting innovative enterprises and improving the financing environment for hard technology companies [1][3][4]. Policy Innovations - The establishment of a "Science and Technology Innovation Growth Layer" on the Sci-Tech Innovation Board, which allows unprofitable companies to meet listing standards, is a significant innovation aimed at alleviating financing difficulties for cutting-edge technology firms [3][4]. - Long-term capital cultivation initiatives are designed to encourage participation from social security funds, insurance capital, and industrial capital in private equity investments, thereby improving the financing ecosystem for hard technology enterprises [4][6]. - Enhanced regulatory oversight of listed companies aims to improve the quality of listings and promote mergers and acquisitions, which is expected to boost investor confidence and resource allocation efficiency in the capital market [4][7]. Market Impact - The policies are anticipated to create structural opportunities in the stock and bond markets, particularly benefiting sectors such as technology, digital finance, and cross-border trade [9][17]. - The introduction of a pre-IPO review mechanism and differentiated information disclosure requirements for Sci-Tech Innovation Board companies is expected to enhance liquidity and attract more quality tech firms [8][9]. - The financial measures announced, including the establishment of a digital RMB international operation center, are likely to enhance the internationalization of the RMB and improve the competitiveness of China's financial markets [10][11]. Sectoral Opportunities - The policies are expected to favor sectors such as green finance, consumer finance, and cross-border trade, with specific emphasis on renewable energy and technology-driven industries [17][18]. - The relaxation of listing requirements for unprofitable hard technology companies is likely to lead to increased valuations in sectors like artificial intelligence and semiconductors [17][18]. - The collaboration between Shanghai and Hong Kong in digital and offshore finance is projected to enhance the global competitiveness of the financial centers and support the internationalization of the RMB [14][15].

每经记者｜王琳 每经编辑｜魏官红 并购重组 邵阳液压：拟购买新承航锐全部或部分股份 邵阳液压公告，公司正在筹划发行股份及支付现金购买重庆新承航锐科技股份有限公司全部或部分股份 并募集配套资金事项。根据初步研究和测算，本次交易预计构成重大资产重组，公司股票自6月23日起 开始停牌。 新迅达：五矿国际信托拟减持不超3%公司股份 新迅达公告称，五矿国际信托有限公司－五矿信托－优质远瞻股权投资单一资金信托2号计划采用集中 竞价方式减持公司股份不超过199.41万股，占公司总股本的1%；采用大宗交易的方式减持不超过398.82 万股，占公司总股本的2%。 风险事项 ST百利：控股股东被申请破产清算 晶丰明源：购买易冲科技100%股权申请获上交所受理 晶丰明源公告，公司拟通过发行股份及支付现金方式购买四川易冲科技有限公司100%股权，同时募集 配套资金。上交所依据相关规定对公司申请文件进行了核对，决定予以受理并依法进行审核。 增减持 有友食品：实控人赵英拟减持不超3%公司股份 有友食品公告，实控人赵英计划自公告日起15个交易日后的三个月内，通过集中竞价和大宗交易方式减 持不超过1283.08万股，占公司总股本的3%。 津 ...

Core Viewpoint - The "ETF Connect" mechanism has significantly enhanced cross-border investment opportunities, leading to a substantial increase in the number of products and trading activity, thereby promoting the integration and internationalization of the capital markets [1][2][3]. Group 1: Product Growth and Trading Activity - The number of "ETF Connect" products has grown from 87 at its inception to 265 currently, reflecting a robust expansion in product offerings [2][3]. - Trading volume has surged, with northbound transactions reaching 256.36 billion RMB in the first five months of the year, a 148% increase year-on-year, while southbound transactions amounted to 416.34 billion HKD, a 180% increase [2]. - The trading activity has increased nearly 100 times for northbound and over 10 times for southbound transactions compared to the initial phase of "ETF Connect" [2]. Group 2: Mechanism Benefits - "ETF Connect" offers a more efficient and convenient investment channel compared to traditional methods like QFII and RQFII, eliminating complex approval processes and enhancing risk management [4][5]. - The mechanism facilitates a seamless flow of funds and provides investors with a diverse range of investment options, thereby enriching the investment landscape [4][5]. - It serves as a critical component of China's financial opening strategy, promoting higher levels of bilateral market integration and collaboration [2][3][6]. Group 3: Future Potential and Market Impact - The lowering of entry barriers for "ETF Connect" is expected to further stimulate product innovation and enhance the investment landscape for both domestic and international investors [5][6]. - The mechanism is seen as a bridge for passive investment between mainland China and Hong Kong, fostering deeper integration of market rules, valuation systems, and investor structures [6]. - The continued growth in product variety and trading volume indicates strong market demand and potential for future development in the cross-border investment space [5][6].

剥离欧洲包袱尘埃落定，经营质量大幅改善 根据公告，2025年上半年宁波华翔的归母净利润为亏损2.73亿元至3.69亿元，主要源自对六家欧洲子公司剥离的一次性影响。但从可持续经营角度 来看，公司主业保持良好韧性，扣非净利润达4.95亿元至5.91亿元，同比稳健增长。 早在2024年年报中，宁波华翔已明确提出"海外减负"的战略。此次与德国Mutares完成交易后，公司多年的资源占用和盈利压力被基本清除，整体 利润结构更加清晰健康。 值得注意的是，宁波华翔并未"永久告别"欧洲市场，而是以"暂别"姿态为将来在条件成熟时的战略性回归预留空间。在现金流与管理资源显著释 放后，公司得以将重心转回国内核心客户和高成长赛道，推动新旧动能有序切换。 自主品牌持续放量，从"0到1"加速迈向"1到10" （原标题：宁波华翔上半年扣非预计增长5.25%至25.73% 转型提速促进盈利能力改善） 6月20日晚，宁波华翔(002048)发布2025年半年度业绩预告称，公司扣非净利润同比增长5.25%至25.73%，展现出核心业务盈利能力的显著增强和 转型成效的逐步兑现。这一数据不仅标志着长期困扰宁波华翔业绩表现的欧洲业务"包袱"正式落地清 ...

年报显示，在模拟芯片领域，公司自2012年起陆续推出多款产品，目前在24-31位超高精度ADC产品领 域处于国内领先地位。 杨金达指出，在AI与万物互联的时代，数据洪流对高速高精度信号转换提出了前所未有的需求。 据权威机构统计，2024年全球ADC市场规模已突破300亿美元，并以年均7.5%的增速持续扩张，但这一 市场长期被ADI(亚德诺)、TI(德州仪器)国际巨头垄断，高端ADC国产化率不足5%。国内高速高精度模 数转换器芯片主要得益于多种高端应用领域的持续推动，包括通信领域、国防军工、工业医疗、人工智 能等。其中，在人工智能领域，随着数据中心与云计算正向着高密度、低延迟架构加速演进，高速 ADC成为支撑其性能发展的关键器件，预计该领域ADC市场年复合增长可达20%以上，2030年国内市 场规模有望突破60亿美元。 本次公司发布的新一代战略级产品HWD12B16GA4型射频直采ADC芯片，采用4通道、12位16GSPS高速 高精度A/D转换器。资料显示，其输入模拟带宽高达10GHz，单通道最高可支持16GSPS采样速率， 8GHz以内无杂散动态范围高达60dB以上，噪声谱密度低至-154dBFS/Hz；其配 ...

近20家A股上市公司本周披露并购重组最新公告 邵阳液压拟购买新承航锐股权股票停牌 智通财经6月22日电，据智通财经不完全统计，截至发稿，本周（6月16日-6月22日）包括邵阳液压、渝三 峡A、神开股份、应流股份、杰美特、康达新材、宝地矿业、美联新材、沃尔核材、新凤鸣、吴通控股、 京东方A、泰禾智能、海螺新材、渤海汽车、邦基科技和泰禾智能在内的17家A股上市公司披露并购重组 进展最新公告。其中，邵阳液压公告，拟购买新承航锐全部或部分股份并募集配套资金，股票6月23日起 停牌。 | | | 本周披露并购重组进展的A股上市公司 | | --- | --- | --- | | 证券间称 | 公告时间 | 具体内容 | | 邵阳液压 | 6月22日 | 拟购买新承航锐股权 股票停牌 | | 渝三峡A | 6月20日 | 拟通过收购及增资取得蔚蓝时代控制权 | | 神开股份 | 6月20日 | 拟收购蓝海智信51%股权 | | 应流股份 | 6月20日 | 拟4.84亿元收购控股子公司应流航空少数股权 | | 杰美特 | 6月20日 | 拟收购思腾合力控制权 预计构成重大资产重组 | | 康达新材 | 6月19日 | 拟 ...

本周14家上市公司公告披露回购增持再贷款相关情况 东方盛虹股东增持获贷款不超9亿元 智通财经6月22日电，据不完全统计，截至发稿，本周（6月16日-6月22日）包括凯龙高科、湖南海利、广大特材、大豪科 技、千红制药、蓝天燃气、爱柯迪、四川长虹、颀中科技、东方生物、云路股份、鸿利智汇、东方盛虹和美的集团在内的14 家上市公司披露回购增持再贷款相关情况。其中，东方盛虹公告，控股股东一致行动人拟5亿元-10亿元增持公司股份，专项 贷款不超9亿元。 | | | 本周公告拟使用专项贷款回购或增持公司股份的上市公司 | | | --- | --- | --- | --- | | 证券简称 | 公告时间 | 类型 | 具体情况 | | 凯龙高科 | 6月20日 | 回购 | 拟2500万元-至5000万元回购 贷款2500万元 | | 湖南海利 | 6月19日 | 回收 | 拟回购838万股-1676万股 贷款2亿元 | | 广大特材 | 6月19日 | 回收 | 拟2亿元-4亿元回购 贷款不超3.6亿元 | | 大豪科技 | 6月19日 | 壇侍 | 控股股东拟以5000万元-1亿元增持公司股份 | | 千红制药 | 6 ...

(1)测算上市银行高风险经营贷规模占25E总贷款规模的0.6%。测算全国二手房房价在21年下半年达高 点，21年及以后经营贷与楼市、股市挂钩度更大，假设三年还本，21年经营贷需在24年还本，测算21年 全市场"高风险"经营贷规模约2.2万亿，其中上市银行占1.1万亿，占上市银行2025E总贷款规模的 0.6%。 中泰证券（600918）发布研报称，银行底层资产风险有兜底，资产质量稳健，基本面从"顺周期"转 为"弱周期"。板块业绩和股息率稳定性强，资本补充渠道增加，投资面亦从"顺周期"转为"弱周 期"。"对等关税"后，持续重点推荐银行板块股，继续看好银行的稳健性和持续性。 中泰证券主要观点如下： 银行和财政的关联度进一步加强，大行与中央财政关系，地方银行与地方财政关系增强。防风险背景下 银行资本补充进程在加快，四家大行资本补充方案已落地，测算本轮大行资本补充可至少支撑未来五年 增长。未来中小银行资本补充进程可能加快。 国家信用支撑的客群在银行客群中占比高；近年来不良率对公降、零售升，零售不良额占比三成，占比 较低。(1)国家信用支撑的客群在银行客群中占比高，化债支持融资平台，国有企业安全边际稳健。从 2024年 ...

Group 1 - Company announced the research results of three GLP-1 innovative drugs at the 2025 ADA conference, with HDM1005 selected for oral presentation and HDM1002-102 and semaglutide injection results displayed as posters [1][2] - HDM1005 is a dual-target long-acting agonist for GLP-1 and GIP, with a Phase I study showing significant weight loss and metabolic improvements in participants [3][4] - HDM1002, an oral non-peptide GLP-1 receptor agonist, demonstrated good safety and weight loss effects in a Phase 1b study, with further clinical development planned [4] Group 2 - Semaglutide injection's Phase III study involved 494 type 2 diabetes patients, showing comparable efficacy to Novo Nordisk's treatment, with lower adverse event rates [5] - Company has a robust pipeline with 133 projects under development, focusing on endocrine, autoimmune, and oncology fields, with significant R&D investment [5][6] - In the endocrine sector, the company is developing a diverse range of GLP-1 products, including HDM1005 and HDM1002, with ongoing clinical trials [6] Group 3 - In oncology, the company aims to establish a leading drug development platform, with over 30 innovative drug candidates, including ADCs and small molecules [7][8] - The first ADC project, HDM2005, received orphan drug designation from the FDA, with ongoing clinical trials for various cancer indications [8] - The company has a comprehensive pipeline in the autoimmune field, with over 20 products in development, targeting various conditions [9] Group 4 - The company ranked 41st in the "2025 Global Pharmaceutical Companies Top 50" list, marking a significant recognition of its competitive strength [1][10] - The successful presentation of GLP-1 drugs at the ADA conference highlights the company's advancements in metabolic disease treatment [10] - The company continues to focus on innovation and research to provide better solutions for global patients [10]