AI制图 周末的这几天，江苏国泰突然成为舆论焦点。先是在8月22日，江苏国泰宣布： 拟使用不超过120亿元的闲置自有资金进行委托理财；同 时，公司（含子公司）拟使用合计不超过18.31亿元闲置自有资金进行证券投资。 与此同时，江苏国泰宣布，拟终止年产40万吨锂离子电池电解液项目，原因是土地未交付、行业环境发生改变。在2021年底，它宣布要投 资15亿搞该项目，并乐观预计，项目建成后年均销售收入达150亿元。 星标 ★ IPO日报 精彩文章第一时间推送 8月25日9 点25分，江苏国泰（002091）的开盘竞价定在了8.21元，高开8.03%，9点31分不到，它的股价迅速拉至8.36元，上涨 10%，市值136.1亿元。虽然一度破板，但至尾盘，它仍然以涨停收盘。 一石惊起千层浪。江苏国泰此举令业界震惊：8月22日，江苏国泰的市值不过124亿元，而拿出来理财和炒股的钱接近140亿元，远远高于 市值！ 据了解，江苏国泰及下属公司证券投资已投入3.306亿元，计划是通过下属公司紫金科技以自有资金15亿元投资设立子公司张家港市鼎瑞投 资有限公司，开展证券投资业务。不过，其炒股能力受到质疑：过去三年，炒股亏了2亿多元。 ...

今日，"市值124亿元公司拟用138亿元炒股理财"话题冲上热搜。 8月22日晚间，上市公司江苏国泰发布多则公告在资本市场掀起轩然大波。 这家总市值仅124亿元的上市公司宣布，却要拟使用不超过120亿元(含120亿元)的闲置自有资金进行委托理财，同时计划以不超过18.306亿元(含)闲置自有 资金开展证券投资，两项合计金额高达138.3亿元，超过公司当前总市值11%。 值得注意的是，江苏国泰同日宣布终止总投资15.38亿元的年产40万吨锂离子电池电解液项目。 一边大手笔理财投资，一边终止锂电项目，江苏国泰的"闲钱"操作方式，引发了市场和投资者广泛关注和热议。 投资者纷纷质疑其合理性："账上躺着百亿闲钱，不用于主业扩张或产业并购，反而大举进军股市，是要当'股神'吗？" 回溯其近年财务行为，自2022年起便多次动用巨资进行理财与证券投资，然而投资业绩却并不理想，甚至累计亏损已超7000万元。在沪指上半年上涨 2.76%的背景下，公司仍录得亏损，表现远逊大盘。 此外，公司经营性现金流持续下滑、研发投入连年缩减，与高昂的高管薪酬形成鲜明对比，进一步加剧外界对其治理结构与发展战略的质疑。 01 市值124亿拟138亿理财 ...

（原标题：世界银行预测2025年加纳财政收入增量有望达GDP的0.6%） 据加纳"乐在线"新闻网8月14日报道，世界银行预测，若加政府全面落实 2025年预算报告中提出的税收举措，加2025年财政收入增量有望达到GDP0.6% 的水平，这一预期增长目标与IMF对加经济援助计划设定的目标一致。世行敦 促加政府加强税务局的能力建设，包括在各级政府开展税务审计、引入综合税 务管理系统和电子采购系统等，并建议加政府将所有支出账户整合至国库单一 账户，以增强财政透明度，提升资金使用效率并强化支出管控。 ...

Core Viewpoint - Several listed companies are increasingly engaging in financial investments using their own funds, aiming to enhance capital efficiency and maximize returns for the company and its shareholders [1][2]. Group 1: Investment Strategies - Companies are utilizing idle funds for various investments, including stock subscriptions, equity investments, and bond investments, as permitted by regulations [1]. - Some companies have successfully improved capital efficiency and generated additional income through prudent investments in relatively safe financial products [2]. - Conversely, there are companies that have suffered significant losses by prioritizing speculative trading over their core business, leading to a loss of competitive advantage [2]. Group 2: Considerations for Investment - Companies should assess whether their investment scale is manageable to avoid excessive risk, particularly if leveraging is involved [3]. - The quality of investment products should be prioritized, ensuring that the underlying assets are robust and align with the company's strategic goals [3]. - A transparent decision-making process, including timely information disclosure and a professional investment team, is essential to mitigate market concerns and prevent irrational investments [3]. Group 3: Regulatory Recommendations - Regulatory bodies should tighten controls on non-core investments by setting strict limits to prevent speculative financial activities from undermining core business operations [3]. - Increased scrutiny and accountability should be applied to companies that frequently engage in high-risk investments or exhibit significant losses [3]. - The fundamental strength of listed companies lies in their core business operations rather than speculative trading in the securities market [3].

Core Viewpoint - Lio Co. plans to invest up to 3 billion yuan in securities, including stock investments, aiming to enhance capital efficiency and returns [2][7][17]. Group 1: Investment Plans - Lio Co. intends to use no more than 3 billion yuan of its own funds for securities investment, with an authorization period of 12 months from the board's approval [2][7]. - The investment methods include new stock placements, stock and depositary receipt investments, bond investments, and entrusted financial management [7][9]. - Heshun Petroleum also announced plans to invest up to 200 million yuan of idle funds in securities, with a similar 12-month authorization period [4][9]. Group 2: Market Reactions - Investors have expressed mixed reactions, with some questioning why companies are investing in stocks instead of repurchasing their own shares [16][18]. - The stock prices of Lio Co. and Heshun Petroleum showed a decline and slight increase, respectively, indicating market sentiment towards these investment decisions [22]. Group 3: Financial Performance - Lio Co.'s financial performance has been volatile, with net profits of -441 million yuan in 2022, 1.966 billion yuan in 2023, and -259 million yuan in 2024 [21][22]. - Heshun Petroleum has also faced declining profits, with net profits of 104 million yuan in 2022, 52 million yuan in 2023, and 29 million yuan in 2024 [23][24].

Group 1 - The construction of major projects is accelerating across multiple regions, with significant infrastructure investment expected to stabilize the economy and promote qualitative and quantitative growth in the second quarter [1][2][3] - The National Energy Group has completed an investment of 35.95 billion yuan in the first quarter, with a year-on-year increase of 5.3 percentage points in wind power investment [1] - The Three Gorges Group's Zhejiang Tiantai pumped storage power station has successfully completed the rotor hoisting of its first unit, marking a significant milestone for the largest single-unit pumped storage machine in China [2] Group 2 - In Anhui, over 1,300 major projects have been launched this year with a total investment exceeding 800 billion yuan, more than half of which are in emerging industries [3] - The issuance of long-term special government bonds is accelerating, with 1.3 trillion yuan planned for this year, of which 800 billion yuan is allocated for supporting key projects [3][4] - Infrastructure investment grew by 5.8% year-on-year in the first quarter, contributing 1.3 percentage points to overall investment growth [3]

Meeting Overview - The 11th meeting of the 4th Supervisory Board of Aerospace Nanhu Electronic Information Technology Co., Ltd. was held on June 24, 2025, via telecommunication, with all 5 supervisors present, confirming the legality and validity of the meeting procedures [2][4]. Resolutions Passed - The Supervisory Board approved the proposal to conclude the fundraising projects "Intelligent Production Transformation Project" and "R&D Testing Base Construction Project," and to permanently supplement the remaining raised funds of 114.22 million yuan into working capital, enhancing the efficiency of fund usage and operational capacity [3][10]. Fundraising Details - The company raised a total of 1,784.90 million yuan from the initial public offering (IPO) by issuing 84,312,701 shares at a price of 21.17 yuan per share, with a net amount of 1,656.62 million yuan after deducting issuance costs [7][8]. Project Completion and Fund Surplus - As of June 19, 2025, both fundraising projects have been completed and reached a usable state, meeting the conditions for project conclusion. The surplus funds were primarily due to efficient cost management and resource allocation during project execution [8][9]. Reasons for Fund Surplus - The company implemented cost-saving measures such as competitive procurement, efficient project management, and careful planning during the construction of new production lines, which contributed to the surplus [9]. Future Use of Surplus Funds - The surplus funds of 114.22 million yuan will be used for daily operational activities, with all pending payments to be settled through the company's own funds after the transfer of surplus funds [10][11]. Impact of Fund Usage - The decision to use surplus funds for working capital is aligned with the company's operational needs and long-term strategic development, ensuring no harm to the interests of shareholders, particularly minority shareholders [11][12].

Core Viewpoint - The company has completed certain fundraising projects and plans to permanently supplement its working capital with the remaining funds, which is deemed a prudent decision to enhance fund utilization efficiency and reduce financial costs [5][6]. Group 1: Fundraising and Project Overview - The company raised a total of RMB 1,494,431,000 through its initial public offering, with a net amount of RMB 1,383,972,305 after deducting issuance costs [1]. - The fundraising was allocated to various projects, including a construction project for a research and development building [2]. Group 2: Fund Management and Usage - The "R&D Building Construction Project" has reached the predetermined usable state, meeting the completion criteria as of June 11, 2025 [3]. - The remaining funds from the project, amounting to RMB 42,181,900 (including interest income), will be permanently supplemented into working capital [4]. Group 3: Reasons for Fund Surplus - The company adhered to regulations regarding the use of raised funds and optimized resource allocation, leading to cost reductions in project construction [4]. - The decision to replace high-cost imported equipment with more cost-effective domestic alternatives contributed to the surplus [4]. Group 4: Impact of Fund Allocation - The permanent allocation of surplus funds to working capital is aligned with the company's operational needs and is expected to improve fund utilization efficiency without adversely affecting normal operations [5]. Group 5: Approval Process - The decision to conclude the fundraising projects and allocate surplus funds was approved in meetings held on June 13, 2025, and is pending shareholder approval [5]. Group 6: Sponsor's Verification Opinion - The sponsor, Zhongyuan Securities, has no objections to the company's decision regarding the completion of fundraising projects and the permanent allocation of surplus funds, confirming compliance with relevant regulations [6].

Core Viewpoint - The company has decided to terminate the "Annual Production of 2,400 Tons of Multifunctional, High-Performance, High-Strength, High-Modulus Polyethylene Fiber Project" due to industry growth slowdown, intensified competition, and the need to improve capital efficiency [1] Group 1 - The remaining raised funds of 89.7245 million yuan will be permanently used to supplement working capital [1] - The project has accumulated an investment of 107 million yuan, with an investment progress of 55.58% [1] - The termination of the project is subject to approval at the shareholders' meeting [1]

欢迎加入投资界读者群 LP考核投资进度。 作者 I 周佳丽 报道 I 投资界PEdaily "我们收到了某地LP的函，"华东一家早期基金的投资合伙人忧心，"如果今年二季度末再 不把账上的钱投完，LP就要减资了。" 无独有偶，一位投资总监朋友同样说起这一幕："我们一只基金的投资期已经接近尾声， 但还有大几千万元没投出去，每次汇报LP的时候都要给他们做心理按摩，压力山大。" 我们交流下来的体感是，对很多头部机构来说， 账上的钱迟迟投不出去 。 这 也 是 今 年 VC/PE普遍的烦恼。 看着钱躺在基金里一动不动，LP也心急。"内部有投资指标的考核，但大部分子基金没有 完成，政府正催着投资。"华南某天使投资基金的总经理告诉我们，GP投不出去，他们也 将受到上级的审查。 考验重重，不同的情绪在一级市场流淌着。 投资人苦恼： 有钱，但投不出去 访问一圈投资人，一个几近相同的反馈是： 大多数投资机构虽然没有刻意放缓投资，但整体投资数量相比上一年同期还是下降了约 1 0%，尤其是VC机构出手节奏趋缓。 开年De e pSe e k火爆出圈，拉开了中国资产全面重估的序幕。高昂情绪进一步传导至创投 圈，助推了投资端的流动，正如 ...