作为中国民航业的标志性人物，刘绍勇曾多次临危受命，带领 多家航空公司扭亏为盈，被称为"航空业救火队长"。6月28 日，刘绍勇被调查的消息迅速引发广泛关注。 作者：叶心冉 封图：图虫创意 6月28日，中央纪委国家监委网站发布消息，中国东方航空集团有限公司（下称"东航"）原党组书 记、董事长刘绍勇涉嫌严重违纪违法，目前正接受中央纪委国家监委纪律审查和监察调查。 作为中国民航业的标志性人物，刘绍勇曾多次临危受命，带领多家航空公司扭亏为盈，被称为"航 空业救火队长"。 6月28日，刘绍勇被调查的消息迅速引发广泛关注。 2004年，刘绍勇被任命为中国南方航空（下称"南航"）总经理。 在刘绍勇的主导下，南航完成了 一系列改革举措：2007年加入天合联盟，大幅提升国际航线竞争力；持续优化机队结构，拓展欧 美航线版图等。 2008年，受航油价格暴涨、全球金融危机等因素影响，东航亏损139.3亿元，资产负债率超过 115%，几乎面临破产。同年12月，刘绍勇临危受命，调任东航总经理。据悉，任命当天，刘绍勇 上午还是南航的总经理，下午就成了东航总经理。 刘绍勇就任之后，东航只用了一年时间便扭亏为盈。 2009年，东航以换股方式吸收 ...

1978年，刘绍勇加入民航业，曾任中国通用航空公司副总经理，中国民航山西省管理局副局长，中国东方航空公司山西分公司总经理，中国民用航空总局飞 行标准司司长。2000年12月，刘绍勇任中国东方航空公司总经理，2002年10月任中国民用航空总局副局长。 2004年，刘绍勇被任命为中国南方航空（下称"南航"）总经理。在刘绍勇的主导下，南航完成了一系列改革举措：2007年加入天合联盟，大幅提升国际航线 竞争力；持续优化机队结构，拓展欧美航线版图等。 2008年，受航油价格暴涨、全球金融危机等因素影响，东航亏损139.3亿元，资产负债率超过115%，几乎面临破产。同年12月，刘绍勇临危受命，调任东航 总经理。据悉，任命当天，刘绍勇上午还是南航的总经理，下午就成了东航总经理。 6月28日，中央纪委国家监委网站发布消息，中国东方航空集团有限公司（下称"东航"）原党组书记、董事长刘绍勇涉嫌严重违纪违法，目前正接受中央纪 委国家监委纪律审查和监察调查。 作为中国民航业的标志性人物，刘绍勇曾多次临危受命，带领多家航空公司扭亏为盈，被称为"航空业救火队长"。6月28日，刘绍勇被调查的消息迅速引发 广泛关注。 刘绍勇，男，1958年 ...

在充满挑战的2024年，全球经济正经历着深刻的结构性变革：增长动能持续疲软，地缘政治冲突加剧，世界主 要经济体普遍陷入高通胀、高利率、高债务、低增长的"三高一低"的困境，国际贸易与投资活动显著萎缩。在 此背景下，民营企业家能否准确研判经济形势、把握发展趋势，将直接决定企业战略制定的科学性和可行性； 而能否探索出符合时代特征的发展路径，则关乎企业能否在逆境中实现经营目标、保持可持续发展。仍有不少 企业停留在"摸着石头过河"的传统发展模式，为此付出了高昂的试错成本。 为此，我们特别专访了著名企业银行家李世勇先生。作为拥有二十余年财经体系实战经验的资深专家，李世勇 先生曾先后担任多家国内中大型集团企业的内控总监、财务总经理和集团副总裁等要职。他不仅在企业管理实 践中积累了丰富经验，更善于从实践中提炼理论创新。早在2020年，李先生就前瞻性地提出了具有划时代意义 的"企业银行家理论体系"，这一创新理论将传统单一经营维度拓展至四个维度，开创了国内企业高纬度经营理 论的先河。他创新性地提出了系统化的"企业混改理论体系"，这套理论首次从混改方的视角，将整个混改过程 科学划分为八个关键阶段，并为每个阶段都配备了针对性的解决方 ...

文/梧桐兄弟 6月20日，上交所公布对青岛海湾化学股份有限公司主板IPO终止审核的决定，直接原因是公司及保荐机构中信证券申请撤回申报/保荐。海湾化学IPO申报于2023 年2月28日获得受理，7月20日收到首轮问询，但直到今日，上交所网站都未公布问询问题及回复。公司本次IPO拟募资30亿元。 一、净利润一度逾20亿元，高耗能、高排放行业 发行人的主营业务为氯碱化工、有机化工原料和高分子新材料以及无机硅产品的研发、生产与销售 ，主要产品包括乙烯法PVC、苯乙烯、聚苯乙烯以及烧碱，同 时利用部分自产烧碱生产偏硅酸钠，实现对无机化学品业务的延伸。 二、公司预计2022年度净利润下降-47.85%至-39.62% 公司预计2022年实现营业收入区间为1,244,500.00万元至1,441,000.00万元，同比波动为-4.47%至10.61%；预计实现归属于母公司股东的净利润区间为108,300.00至 125,400.00万元， 同比波动为-47.85%至-39.62% ；预计实现扣非后归属于母公司股东的净利润区间为102,000.00至119,100.00万元， 同比波动为-50.00% 至-41.62%。 公 ...

Core Insights - GAC Group's Chairman and General Manager, Feng Xingya, addressed various hot topics including Aion's employee stock ownership and mixed reform progress, independent brand reform ("Panyu Action"), supplier payment policies, independent brand development strategies, international expansion, and the collaboration with Huawei on the Huawang Automotive project [1] Group 1: Aion Employee Stock Ownership and Mixed Reform - Aion's employee stock ownership plan includes a 5-year lock-up period for all participants, with provisions for employees leaving during this period to buy back shares at the previous year's net asset value [3] - The current focus is on enhancing Aion's value rather than pursuing an IPO, as the market conditions are not favorable for listing at this time [3] - GAC Group's debt-to-asset ratio is projected to be 47.6% in 2024, indicating a stable financial structure that does not rely on external capital markets for Aion's development [3] Group 2: Panyu Action Reform - The "Panyu Action" reform plan initiated in November 2022 focuses on four main areas: establishing an operational headquarters, promoting integrated operations for independent brands, implementing an IPD product development system, and advancing personnel reforms [4][5] - The reform aims to enhance strategic management and resource allocation towards independent brands while maintaining their financial and personnel independence [5] - The introduction of a project-based "racehorse" mechanism will shift the focus of performance evaluation towards project outcomes [5] Group 3: Supplier Payment Policy - GAC Group is among the first to publicly commit to a 60-day supplier payment term, which has been a long-standing practice for the company [6] - This policy is part of GAC's social responsibility to promote a healthy development of the industry chain, recognizing that suppliers' well-being directly impacts product quality and service [6] Group 4: Independent Brand Development - The company emphasizes a strategic focus on resource allocation, particularly towards the new energy transition, while balancing the pace of transformation to solidify traditional advantages [8] - Aion will concentrate on the consumer market while developing a new category for the B-end (taxi) business, whereas the high-end brand Haobo will focus on the premium new energy segment [9] Group 5: International Expansion - GAC aims to increase its export volume from over 100,000 units in 2023 to 150,000 units in 2024, leveraging the shift from export to overseas production in the Chinese automotive industry [10] - The "1551" international strategy includes establishing KD production in countries like Nigeria, Thailand, Malaysia, and Indonesia, with plans for further expansion into Brazil and Egypt [10] Group 6: Huawang Automotive Project - The Huawang Automotive project, a collaboration with Huawei, has begun recruitment for various roles to support the development of a new high-end automotive brand, with the first vehicle expected to launch in 2026 [11] - This project aims to integrate both companies' strengths in smart technology, product development, and supply chain resources, targeting the high-end market segment priced around 300,000 yuan [11]

Core Viewpoint - The controversy surrounding GAC Aion's employee stock ownership plan has been exaggerated by some media outlets, leading to misinformation and damaging the brand's reputation, while highlighting the chaotic information dissemination in the current media landscape [1][15]. Group 1: Employee Stock Ownership Plan - The core issue of the employee stock ownership plan controversy lies in the malicious misinterpretation by some media outlets [2]. - GAC Aion's stock incentive plan has precedents, with a previous implementation in March 2023 covering 14% of employees and recognized as a benchmark case for state-owned enterprise reform [2]. - The company has clarified that the employee stock ownership plan is designed based on its development and capital market environment, and it is actively exploring various capital operation plans [2][4]. Group 2: Company Operations and Legal Actions - GAC Aion has stated that its operations are normal and that it has initiated legal actions against those spreading false rumors [4]. - The company has reported significant R&D investments, exceeding 7.9 billion yuan in 2024, with over 3,200 new patent applications [4]. - GAC Aion's solid-state battery research has entered the engineering prototype testing phase, achieving an energy density of over 400 Wh/kg, with plans for vehicle integration by 2026 [5]. Group 3: Market Position and Future Plans - GAC Aion is transitioning towards the consumer market, launching models like AION LX Plus and AION V Plus, while also planning to release new models in 2024 to enhance driving experience [6][7]. - The company has installed over 15,000 fast-charging stations across 202 cities in China, leading in charging network deployment [6]. - GAC Group aims to achieve a sales target of 2 million units for its self-owned brands by 2027, with GAC Aion playing a crucial role in this strategy [10]. Group 4: Financial Performance and Industry Challenges - GAC Group's total revenue for 2024 is projected to be approximately 106.79 billion yuan, reflecting a year-on-year decline of 17.05%, with a significant drop in net profit [13]. - The company faces dual pressures from declining sales in traditional joint venture brands and the competitive landscape of the new energy vehicle market [13]. - The ongoing challenges in the Chinese new energy vehicle market are exacerbated by external factors such as Tesla's upcoming Model 2 and new tariffs from the EU [13]. Group 5: Reform and Market Adaptation - GAC Aion's reform path represents a deep exploration of state-owned enterprises adapting to market competition, with various transformations since 2021 [14]. - The company has successfully attracted over 100 strategic investors during its A-round financing, indicating market confidence in its reform efforts [14]. - The narrative surrounding the controversy emphasizes the need for rational observation of reforms, as the company aims to enhance its value through stock incentives and strategic investments [14][16].

领涨的还有pcb板，这好像还是炒作ai服务器推升这类需求，再就是闪存交换机等板块有所走强。还有我这两天不是炒作韩国的ddr4开始停产，然后国内的 相关产品有点涨价的意思。今天科创板倒是逆势翻红，尽管只是长了一丢丢。我还是想等他到了950再说，指数基金拿出来做中长线，我是一点都不担 心，再用前两年拿着恒生科技做一样，哪怕跌了40%都放心持有，最后还是成功盈利撤离。 【知著周三七祖午评：白酒求温暖 军工又催化】 昨晚外盘走弱，欧洲股市普跌1%左右，美股也是集体下挫，平均跌幅也在0.9%左右。今天亚太市场倒也还行，日本涨了0.6%，韩国涨了0.5%，澳洲微 涨。不过港股和a股偏弱，恒生指数跌了1.2%，恒生科技指数跌了1.7%。昨夜中概股跌幅也在1.5%左右， A股也是集体的回落，昨天我已经明确说了做防 守，仓位也降低了。 外盘偏弱，主要还是中东的战事可能升级，特别是周四和周五晚上。昨天晚上按语也重点分析了，有可能造成政权更迭，也可能出现更加极端的情况。中 国等大国已经在撤侨，显然是做了更坏的准备。目前我们看到国际油价又回到了77美元左右，这是比较扎实的做作方向。后面如果更激烈的话，以色列很 可能会攻击力量的油田， ...

6月17日傍晚，通用股份(601500.SH)正式发布公告，确认红豆集团向江苏省苏豪控股集团转让24.5%股份完成交割。这场历时两个多月的股权变革，标志着 江苏省属国企首次控股民营上市公司的混改模式成功落地，开创了"国民共进"双向赋能的新范式，为深化国企改革、激发民企活力提供了实践样本。 目前，通用股份国内外三大生产基地均产销两旺、势头强劲。据相关数据显示，2024年度，通用股份实现营业总收入69.58亿元，同比增长37.39%，净利润 3.74亿元，同比增长72.81%。2025年前五个月仍然保持高增长，通用泰国基地半钢胎日产量突破3万条，柬埔寨基地日产量超2万条，单月全球发货量创75万 条新高。 混改落地，破除体制边界，激活乘数效应 在今年4月举行的红豆与苏豪签约仪式上，红豆集团董事局主席周海江就曾以三个"好"定义双方合作："好公司"的产业根基、"好合作"的资源融合、"好发 展"的共赢前景，凸显了民企与国企混改的核心逻辑——破除体制边界，激活乘数效应。 本次交易中，红豆集团以每股5.44元的价格向苏豪控股协议转让3.89亿股股份，交易总额达21.18亿元。交易完成后，苏豪控股以24.5%持股比例成为通用股 ...

东航物流 20250529 摘要 综合物流业务在公司收入中的占比如何变化？ 东航物流作为民航混改先行者，股权结构多元，东航集团控股 40.5%， 联想控股持股 11.3%，员工持股平台持股 6.3%。公司业务涵盖航空速 运、综合物流及地面综合服务，其中综合物流占比已超航空速运，成为 主要收入来源。 受益于跨境电商发展和空运运价上涨，东航物流 2024 年营收达 241 亿 元，同比增长 17%，归母净利润 27 亿元，同比增长 8%。2025 年一 季度营收 55 亿元，同比增长 5%，净利润同比下降 7%，剔除飞机处置 影响后经营状况良好，并积极分红，股息率达 5.2%。 公司航空速运业务依托 15 架 B777 全货机和客机腹舱资源，构建双运 力体系，覆盖全球 160 多个国家和地区。与东航股份独家合作，获得腹 舱独家经营权，浦东机场航班量和运营投入占比最高，显著助力货量增 长。 综合物流业务是公司营收占比最高的业务，2024 年收入 125 亿元，同 比增长 37%，占比达 52%。其中，跨境电商和产地直达是增长最快的 子板块，跨境电商复合增长率高达 71%，产地直达以生鲜品类为主。 Q&A 东航物流的 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - The governance improvement of Hisense Group and the review of its business layout are significant for long-term development, aided by mixed ownership reform and strategic investments [1][2] - Hisense Group's diversified business layout and effective international brand strategy have led to substantial overseas revenue growth, contributing significantly to overall income [3][29] Summary by Sections Shareholders and Governance - Hisense Group has a diverse shareholder structure, including natural persons (31.0%), Hisense Group Co., Ltd. (26.8%), and Qingdao New Feng Information Technology Co., Ltd. (24.4%) [1][12] - The mixed ownership reform initiated in May 2020 has transitioned the group to a state without a controlling shareholder, enhancing governance and management efficiency [2][16] - Recent board restructuring has introduced directors with capital and investment banking backgrounds, aiming to optimize governance and bring new strategic directions [20][22] Business Diversification and International Strategy - Hisense Group's revenue for 2024 is projected to reach 214.3 billion yuan, with significant contributions from its main subsidiaries, Hisense Visual and Hisense Home Appliances [3][29] - The international marketing subsidiary has been pivotal in expanding Hisense's brand globally, achieving 99.6 billion yuan in overseas revenue, accounting for 46.5% of total revenue in 2024 [31][35] - The group's international brand strategy has resulted in 85.6% of overseas revenue being generated from its own brands [31] Market Trends and Recommendations - The recent monetary policy changes, including interest rate cuts, are expected to stabilize demand in the real estate sector, positively impacting home appliance sales [4] - The upcoming promotional events, such as the 618 shopping festival, are anticipated to drive demand, particularly in air conditioning and cleaning appliances [4] - Recommended stocks include major players in the home appliance sector, such as Gree Electric, Midea Group, Hisense Home Appliances, and Haier Smart Home [4]