一、华尔街的紧急预案 那张美债收益率曲线图在我屏幕上跳动时，我正喝着第三杯咖啡。30年期收益率像受惊的兔子般窜升11个基点，与5年期利差撕开一道2021年以来最狰狞的 裂口——这哪是什么技术调整，分明是交易员们用真金白银在投票：特朗普真要动鲍威尔了。 Citrini Research那帮穿定制西装的家伙们又在推荐"收益率曲线趋陡交易"，这招他们在2024年就用过。当时所有人都说特朗普不敢碰美联储独立性，结果 呢？量化模型早把政治博弈的概率算得明明白白。现在他们让客户买入两年期美债同时做空十年期，本质上是在赌新主席会像土耳其那个被撤职的央行行长 一样，被迫把利率当政治玩具。 二、数据不会说谎的真相 你们知道最讽刺的是什么吗？当华尔街用TIPS盈亏平衡通胀率对冲风险时——看那10年期数据已经飙到2.42%了——A股散户还在争论"明天大盘是涨是 跌"。 那些说"机构拉升前会有明显迹象"的人，根本不懂大资金建仓就像大象蹚过灌木丛——你以为它应该悄无声息？实际上早被专业工具记录得清清楚楚。文一 科技更典型，走势图看着人畜无害，量化数据却暴露了机构持续三周的隐蔽动作： 这让我想起去年二季度那出荒诞剧。某外资巨头公开宣称" ...

根据《深圳证券交易所股票上市规则（2025 年修订）》的有关规定，上市 公司连续十二个月内发生的诉讼、仲裁事项，涉案金额超过 1,000 万元，且占 上市公司最近一期经审计净资产绝对值 10%以上的，应当及时披露，已经履行 披露义务的，不再纳入累计计算范围。截至本公告披露日，除已经披露的诉讼 事项外，公司及子公司连续十二个月内作为被告累计涉及的诉讼事项涉案金额 合计约 22,343.04 万元，占最近一期经审计净资产 21.18%。具体如下： | | | 证券代码:300147 证券简称: ST 香雪 公告编号:2025—036 广州市香雪制药股份有限公司 关于累计诉讼事项的公告 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。 广州市香雪制药股份有限公司（以下简称"公司"）对公司及子公司连续十 二个月累计涉及诉讼事项进行了统计，现将有关情况公告如下： 一、累计诉讼事项的基本情况 | | | | 单位：万元 | | | --- | --- | --- | --- | --- | | 原告 | 被告 | 案由 | 进展 | 涉案金额 | | 国家开发银行宁夏回族自 ...

证券代码:300147 证券简称:ST 香雪 公告编号:2025—035 经审查，本院同意广州市香雪制药股份有限公司预重整期间延长至 2025 年 10 月 11 日。 二、公司预重整进展情况 1、2025 年 1 月 27 日，公司收到债权人广东景龙建设集团有限公司（以下 简称"景龙建设"）送达的《告知函》，其以公司未履行生效法律文书、不能清 偿到期债务，明显缺乏清偿能力，但具有重整价值及重整的可行性为由，向广州 中院申请对公司进行预重整。具体内容详见公司于 2025 年 2 月 6 日在巨潮网披 露的《关于被债权人申请预重整的提示性公告》（公告编号：2025-002）。 2025 年 2 月 12 日，广州中院就公司进行预重整一案组织了听证会，就公司 预重整事宜听取了相关利益主体的意见。 2、2025 年 4 月 11 日，公司收到广州中院送达的（2025）粤 01 破申 54 号 《决定书》《指定临时管理人决定书》，广州中院同意公司预重整，预重整期间 为 3 个月。同时，指定北京市金杜（广州）律师事务所（主办机构）、广东东方 昆仑律师事务所作为联合体担任公司预重整期间的临时管理人。具体内容详见公 司于 ...

Core Viewpoint - The article discusses the unreliability of expert predictions in the financial market, emphasizing the importance of data analysis over expert opinions [1][3][10]. Group 1: Expert Opinions - Experts often provide ambiguous analyses that can be interpreted in multiple ways, leading to confusion among retail investors [3]. - The article criticizes the tendency of experts to take credit for correct predictions while deflecting blame for incorrect ones through complex jargon [3]. Group 2: Market Dynamics - The essence of the stock market is the competition for pricing power, which is predominantly held by institutional investors, leaving retail investors as passive participants [4]. - Institutional investors often act contrary to their public statements, as illustrated by their secretive investments in restructuring stocks while claiming to avoid speculative plays [4]. Group 3: Data Analysis - Data is presented as a more reliable indicator of institutional behavior than expert opinions, with examples showing how institutions were quietly accumulating shares of "Rongke Technology" during a market downturn [6]. - The case of "Wenyi Technology" demonstrates that analyzing trading behavior data is crucial for understanding market movements beyond just price charts [8]. Group 4: Federal Reserve Report - The 9% probability of zero interest rates, while seemingly low, is significant in the context of the global economic landscape, warranting careful preparation [10]. - The article concludes that rather than relying on expert forecasts, investors should focus on studying trading data and developing their analytical tools [10].

Group 1 - The core viewpoint of the articles emphasizes skepticism towards expert predictions and highlights the importance of observing institutional trading behaviors instead [1][9][10] - CFRA Research predicts a potential 9% increase in the S&P 500 over the next 12 months, while U.S. bank strategists warn of bubble risks, showcasing the conflicting views among experts [1][9] - The articles suggest that market pricing power is primarily held by institutions, and their trading actions are more indicative of market trends than expert opinions [3][5][9] Group 2 - The case of "Rongke Technology" illustrates that institutional investors began accumulating shares during a market downturn, indicating potential investment opportunities [5][7] - "Wenyi Technology" serves as another example where institutional trading patterns align with later disclosed data, reinforcing the idea of monitoring institutional behavior [7] - The articles advocate for investors to focus on actual trading data rather than expert forecasts, as institutional movements often provide clearer insights into market dynamics [9][10]

证券代码:300147 证券简称:ST 香雪 公告编号:2025-034 广州市香雪制药股份有限公司 2024 年年度股东会决议公告 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。 特别提示： 1、本次股东会无变更、否决议案的情况。 2、本次股东会采取现场投票与网络投票表决相结合的方式召开。 一、会议召开和出席情况 1、广州市香雪制药股份有限公司（以下简称"公司"）于 2025 年 6 月 7 日 以公告形式发出《广州市香雪制药股份有限公司关于召开 2024 年年度股东会的 通知》。 2、会议召开方式：本次股东会采取现场投票与网络投票表决相结合的方式。 3、会议召开日期和时间 现场会议召开日期和时间：2025 年 6 月 27 日（星期五）上午 10:00 网络投票日期和时间：2025 年 6 月 27 日。其中，通过深圳证券交易所交易 系统进行网络投票的时间为 2025 年 6 月 27 日上午 9:15-9:25、9:30-11:30，下 午 13:00-15:00；通过深圳证券交易所互联网系统投票的具体时间为 2025 年 6 月 27 日 9:15-1 ...

大成 Salans FMC SNR Denton McKenna Long dentons.cn 北京大成（广州）律师事务所 关于广州市香雪制药股份有限公司 2．第九届董事会第二十七次会议决议； 3．第九届董事会第二十八次会议决议 4．第九届监事会第二十次会议决议； 2024 年年度股东会法律意见书 编号：02-042023000032-9 号 致：广州市香雪制药股份有限公司 北京大成（广州）律师事务所(以下简称"本所")接受广州市香雪制药股份有 限公司(以下简称"公司")的委托，指派吕晖律师和张秀婷律师出席公司 2024 年 年度股东会（以下简称"本次股东会"），就本次股东会的召集、召开程序、出席 会议人员资格、表决程序和结果等相关事项出具本《法律意见书》。 在审查有关文件的过程中，公司向本所保证并承诺，其向本所提交的文件和所 作的说明是真实的，并已经提供出具本法律意见所必需的、真实的原始书面材料、 副本材料，有关副本材料或复印件与原件一致。 为出具本《法律意见书》，本律师审查了公司提供的下列各项文件： 1．《公司章程》； 5．公司于 2025 年 6 月 7 日以公告形式发出的《广州市香雪制药股份有限公 ...

每日晨报 2025年6月 13 日 银河观点集萃 责任编辑 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 美国 5 月 PPI 环比上涨 0.1% www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ● 宏观:等待美国通胀温和上行,注意企业也承担了部分涨价--5 月美国 CPI 数据。全年来看,关税下的美国价格走势可能有以下几点特征:(1)从短期 的 CPI 和 PCE 价格数据来看,关税造成的涨价尚不明显,但我们认为这更多 是统计抽样和部分抢进口形成的库存所导致的涨价滞后,高频数据显示涨价已 经发生。(2)尽管通胀将在 2025下半年显现,但我们认为考虑关税的情况下 CPI 的年均同比增速将由 2.4%提升至 3.1%左右,高点可能为 3.4%, 2026 年 中开始可能回落至2.5%左右的范围,其"暂时性"并不阻碍美联储在年内考 虑降息。(3)从对企业的调查来看,企业也将负担部分关税成本,这一方面 意味着消费者价格上行压力缓和,另一方面企业利 ...

Core Insights - Cell and gene therapy (CGT) is currently the most promising development direction in the biopharmaceutical field, entering a phase of result realization [1] - The industry is characterized by a rich pipeline of ongoing research and development, with a continuous increase in market activity and investment [1][2] - The high outsourcing ratio and market concentration in CGT suggest that CXO companies are likely to benefit first [3] Group 1 - CGT is a new generation of precision therapy following small molecule and large molecule targeted therapies, leading a new wave in biopharmaceuticals, divided into cell therapy and gene therapy [1] - CGT has a high clinical success rate and offers long-term efficacy from single treatments, providing new options for difficult-to-treat diseases, with various products like CAR-T, stem cells, TCR-T, and TIL launched recently [1] - The CAR-T cell therapy has been the most groundbreaking in tumor immunotherapy since 2013, with six products approved in China and more potential products expected to launch soon [1][2] Group 2 - The first globally approved TCR-T cell therapy is expected in 2024, with a 43% overall response rate (ORR) for advanced synovial sarcoma, and companies like Xiangxue Pharmaceutical and Northeast Pharmaceutical are leading in this area [2] - Stem cell therapy is a significant branch of regenerative medicine, expanding its treatment scope from leukemia to anti-aging and cardiovascular diseases, with approvals for mesenchymal stem cell therapies in both China and the U.S. in 2024 [2] - Gene therapy primarily targets rare diseases, genetic disorders, and malignant tumors, with Ultragenyx Pharmaceutical submitting a Biologics License Application for a treatment in December 2024 [2] Group 3 - The high outsourcing ratio in CGT, with over 65% penetration in gene therapy compared to 35% in traditional biopharmaceuticals, indicates a greater demand for CXO services due to the complexity and regulatory challenges in the industry [3]

Market Overview - The Shanghai Composite Index closed at 3403.52 points, above the five-day moving average, with a slight increase of 0.11% [1] - The total trading volume of A-shares reached 808.39 billion yuan [1] Stocks Performance - A total of 253 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Shuguang Digital (14.08% deviation) - Sun Cable (8.01% deviation) - Suqian Liansheng (7.42% deviation) [1] Top Gainers - The top gainers today include: - Shuguang Digital: 22.27% increase, latest price at 61.87 yuan - Sun Cable: 10.00% increase, latest price at 6.82 yuan - Suqian Liansheng: 10.00% increase, latest price at 9.90 yuan [1] Additional Notable Stocks - Other stocks with notable performance: - Celery Medical: 9.97% increase, latest price at 13.46 yuan - Zhongke Shuguang: 10.00% increase, latest price at 68.09 yuan - Yuanwang Valley: 9.97% increase, latest price at 7.28 yuan [1]