在科创债新政落地的近一个月时间里，民营创投机构发债正不断提速。 今年3月在两会期间，中国人民银行行长潘功胜提出，将创新推出债券市场"科技板"。 随后5月7日，中国人民银行、中国证监会联合发布《关于支持发行科技创新债券有关事宜的公告》（简 称"新政"），明确指出，"具有丰富投资经验、出色管理业绩、优秀管理团队的股权投资机构，可发行 科技创新债券，募集资金用于私募股权投资基金的设立、扩募等"。 科创债新政落地以来，正显现出积极成效。据不完全统计，截至5月26日，已有多家股权投资机构发布 公告，合计发行和待发科技创新债券的规模超过200亿元。同时，有君联资本、启明创投、东方富海、 毅达资本、金雨茂物、泰达科投、中科创星等12家股权投资机构处于发行注册过程中。 水木资本董事长、母基金研究中心创始人唐劲草对21世纪经济报道表示，发行科创债对股权投资行业具 有里程碑意义，其核心价值在于为GP开辟了长期、低成本的融资渠道，缓解了传统募资依赖LP出资的 单一模式。 然而，科创债对募资难的缓解程度仍取决于多重因素。从短期看，头部机构因资质优势更易获得资金， 而中小民营GP仍面临评级和增信门槛；从长期看，若政策持续优化风险分担机 ...

Core Insights - The company reported a revenue increase without profit, with a cumulative net loss of nearly 200 million yuan over three years [1][2] - The revenue growth was primarily driven by the pressure sensor business, but this was achieved at the cost of lower prices, leading to cash flow pressure and increased inventory [1][5] - The company is facing challenges with its core acoustic sensor business, which saw a revenue decline [2][3] Revenue and Profitability - In 2024, the company achieved total revenue of 506 million yuan, a year-on-year increase of 35.71%, but reported a net loss of 35.24 million yuan, although the loss narrowed compared to previous years [2][5] - The acoustic sensor business, which contributes nearly 50% of total revenue, experienced a revenue decline of 5.95%, generating 241 million yuan [2][3] - The pressure sensor business saw significant growth in sales volume, reaching 455 million units, but the average selling price dropped by 56.75% to 0.47 yuan per unit, impacting profit margins [3][5] Inventory and Cash Flow - The company's inventory increased to 241 million yuan, a 39% rise, which is higher than the revenue growth rate, leading to cash flow issues with a net cash flow from operating activities of -39.98 million yuan [5][6] - The overall gross margin has been declining, with a slight recovery to 24.88% in 2024, but still significantly lower than competitors [5][6] Business Model and Market Position - The company primarily serves ODM manufacturers in the consumer electronics sector, which limits its profit margins as these manufacturers face tight profit margins themselves [6][7] - The company has established relationships with notable end customers like Samsung and Xiaomi, but the profit distribution in the supply chain heavily favors brand owners [6][7] Financing and Investment Projects - The company plans to raise up to 300 million yuan through a new round of private placement, despite having unutilized funds from previous fundraising efforts [7][8] - Previous fundraising projects have not yielded expected profitability, with significant losses reported from earlier investments [7][8] Shareholder Actions - Major shareholders have been reducing their stakes, with significant sell-offs by the largest shareholder, raising concerns about the company's future prospects [9][10] - The stock price has dropped over 70% from its peak, reflecting market sentiment regarding the company's performance [11]

爱科赛博于2023年9月28日在上交所科创板上市，发行数量2,062.0000万股，发行价格69.98元/股，保荐 机构(主承销商)为长江证券承销保荐有限公司，保荐代表人为李海波、朱伟。 中国经济网北京6月6日讯爱科赛博(688719.SH)昨晚发布董事、高级管理人员减持股份计划公告。因自 身资金需求，李辉、苏红梅、张建荣、李春龙及高鹏计划自公告披露之日起15个交易日后的3个月内， 在符合相关法律法规规定的减持前提下，根据市场情况拟通过集中竞价或大宗交易方式减持其所直接持 有的公司股份，合计减持股份总数不超过253.00万股，占公司总股本比例不超过2.1927%，且个人减持 股份总数占其本次减持前所持有公司股份总数的比例不超过25%。 截至公告披露日，爱科赛博董事、副总经理李辉持有公司股份4,381,720股，占公司总股本的3.7975%； 公司高级管理人员苏红梅持有公司股份2,744,280股，占公司总股本的2.3784%；公司董事、副总经理张 建荣持有公司股份1,630,440股，占公司总股本的1.4130%；公司董事、副总经理李春龙持有公司股份 1,630,440股，占公司总爱科赛博股本的1.4130% ...

联合研究丨公司深度丨时代新材（600458.SH） [Table_Title] 厚积薄发，新材料平台型龙头崛起 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 时代新材是央企中国中车旗下的新材料产业平台，长期积累底蕴深厚，近年进一步彰显竞争力， 轨交&工业工程稳居龙头，风电叶片规模及盈利能力快速追赶，汽车业务实现扭亏为盈。展望 2025 年各板块继续成长：风电有望受益装机高景气之下的量价齐升，贡献最大利润弹性；新材 料产业园竣工，产业孵化渐成；汽车板块有望继续夯实扭亏成果，中长期成长空间广阔。 分析师及联系人 [Table_Author] 范超 邬博华 赵智勇 SAC：S0490513080001 SAC：S0490514040001 SAC：S0490517110001 SFC：BQK473 SFC：BQK482 SFC：BRP550 张佩 李浩 司鸿历 SAC：S0490518080002 SAC：S0490520080026 SAC：S0490520080002 SFC：BUD284 董超 屈奇 周圣钧 SAC：S049052 ...

金凯生科股东青松投资持有公司股份4,801,374股(占公司总股本比例3.99%)。青松投资计划通过集中竞 价方式减持公司股份不超过1,204,000股，减持比例不超过公司总股本的1%。集中竞价的减持期间为自 本减持计划公告之日起十五个交易日后的三个月内。 中国经济网北京6月5日讯金凯生科（301509）(301509.SZ)昨晚披露的关于公司股东减持股份的预披露 公告显示，公司于近日分别收到股东启鹭(厦门)股权投资合伙企业(有限合伙)(以下简称"启鹭投资")、青 岛青松创业投资集团有限公司-青岛松凯创业投资企业(有限合伙)(以下简称"青松投资")提交的《关于减 持金凯(辽宁)生命科技股份有限公司股份计划的告知函》。 金凯生科股东启鹭投资持有公司股份7,140,500股(占公司总股本比例5.93%)。启鹭投资计划通过集中竞 价和大宗交易方式减持公司股份不超过3,612,000股(占公司总股本比例3%)。其中，通过集中竞价方式减 持股份不超过1,204,000股，减持比例不超过公司总股本的1%；通过大宗交易方式减持股份不超过 2,408,000股，减持比例不超过公司总股本的2%。集中竞价或大宗交易的减持期间为自 ...

相关机构表示，低配券商板块或迎公募资金重配置机会。《推动公募基金高质量发展行动方案》要 求基金公司全面建立以基金投资收益为核心的考核体系，基金投资收益指标涵盖基金产品业绩和投资者 盈亏情况两个方面。既要求基金产品中长期不能跑输指数，同时客观上要求基金产品净值波动率下降， 两方面均驱动公募资金配置向基准持仓结构靠拢。截至今年一季度末，主动权益公募重仓股中金融板块 低配幅度明显，非银板块相对沪深300指数低配9.48%，其中券商板块低配6.25%、保险板块低配 3.31%。 证券ETF（512880）跟踪的是证券公司指数（399975），该指数由中证指数有限公司编制，从沪深 市场中选取业务涉及证券经纪、投资银行、自营交易等领域的上市公司证券作为指数样本，以全面反映 证券行业相关上市公司证券的整体表现。该指数具有显著的行业集中度和周期性特征，是投资者布局证 券板块的重要参考标的。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： ...

黄金市场正闪耀着夺目光芒。COMEX金价近日一度触及3417.8美元/盎司高位，国内金饰价格全面突破千元大关。 在这黄金行业的沸腾时刻，周六福通过港交所聆讯的消息传来。这绝非偶然的时机选择，而是一位深谙中国消费市场规则的效率大师，在黄金赛道上的精准 落子。 规模为基，效率制胜 当金价站上历史性高位，周六福的4129家门店网络成为其最强护城河。这个覆盖全国31省305市、甚至延伸至东南亚的零售帝国，以规模优势牢牢占据中国 珠宝品牌前五席位。 更值得关注的是其独特的加盟模式：超83%收入来自加盟体系，让公司以轻盈姿态实现快速扩张。这种模式在黄金热潮中展现出惊人爆发力——收入从2022 年31.02亿元跃升至2024年57.18亿元，三年增长超84%。 市场常聚焦其毛利率变化（从2022年38.7%到2024年25.9%），但这恰恰彰显管理层的战略定力。毛利率下行本质是收入结构的主动调整：伴随门店扩张， 低毛利的黄金产品销售占比提升，而高毛利服务费占比相对下降。 1.规模杠杆：加盟网络扩张驱动销售收入几何级增长，2024年毛利达14.79亿元 2.服务费韧性：品牌使用费等核心利润源持续贡献高纯度现金流 3.渠道优化 ...

Core Points - The company is holding its first extraordinary general meeting of shareholders in 2025 to ensure the rights of all shareholders and maintain order during the meeting [1][2] - The meeting will take place on June 11, 2025, at 14:00 in Shanghai, with both on-site and online voting options available [5] - A proposal to use part of the excess raised funds to permanently supplement working capital will be presented for approval [9][10] Meeting Procedures - Only authorized participants, including shareholders, directors, supervisors, and invited personnel, are allowed to attend the meeting [1] - Shareholders must sign in and present necessary documents before the meeting starts, and latecomers will not be allowed to vote [1][2] - The meeting will follow a structured agenda, including the announcement of attendees, reading of meeting rules, and voting on proposals [5][6] Voting and Proposals - Shareholders will express their opinions on proposals by voting "agree," "disagree," or "abstain," and improperly filled ballots will be considered as abstentions [3] - The company will appoint representatives to oversee the counting of votes, and results will be announced by the meeting host [3][6] - The proposal to use excess funds for working capital aims to enhance operational efficiency and reduce financial costs, benefiting the company and its shareholders [9][10]

Summary of Key Points Core Viewpoint - The article discusses the recent issuance of new stocks in the market, highlighting the total fundraising amounts and the performance of various companies in 2023 [1][2]. Group 1: New Stock Issuance - Haiyang Technology issued 45.31 million shares at a price of 11.50 yuan, raising 521 million yuan [1]. - As of June 3, 2023, a total of 43 companies have gone public this year, raising a cumulative amount of 33.31 billion yuan, with an average fundraising of 777.5 million yuan per company [1]. - Among the new issuances, 9 companies raised over 1 billion yuan, while 17 companies raised between 500 million yuan and 1 billion yuan, and another 17 companies raised less than 500 million yuan [1]. Group 2: Fundraising by Companies - Zhongce Rubber is the company with the highest fundraising this year, raising 4.066 billion yuan primarily for working capital and new production projects [2]. - Tianyouwei follows with a fundraising amount of 3.740 billion yuan, mainly for cash management and construction of an automotive electronics factory [2]. - Other notable companies include Yingshi Innovation, Kaifa Technology, and Xingfu Electronics, raising 1.938 billion yuan, 1.169 billion yuan, and 1.168 billion yuan respectively [2]. Group 3: Pricing and Regional Distribution - The average initial public offering (IPO) price for new stocks this year is 23.99 yuan, with three companies having an IPO price above 50 yuan [2]. - Tianyouwei has the highest IPO price at 93.50 yuan, followed by Youyou Green Energy and Xidian Co., Ltd. at 89.60 yuan and 52.28 yuan respectively [2]. - The majority of new stock issuances are concentrated in Jiangsu, Zhejiang, and Guangdong, with total fundraising amounts of 9.693 billion yuan, 6.459 billion yuan, and 4.411 billion yuan respectively [2].

Core Viewpoint - The company "孩子王" (Kidswant) is planning a share transfer involving 18,930,000 shares, representing 1.50% of its total share capital, from HCM KW (HK) Holdings Limited, which is not a controlling shareholder or senior management [1][2]. Group 1: Share Transfer Details - The share transfer will not occur through centralized bidding or block trading and is not classified as a secondary market reduction [1]. - HCM KW (HK) Holdings Limited currently holds 69,911,502 shares, accounting for 5.56% of the total shares, making it the third-largest shareholder [3][4]. - The reason for the share transfer is due to the shareholder's need for liquidity [2]. Group 2: Fundraising and Financials - Kidswant raised a total of 628,391,468.59 yuan through its initial public offering, with a net amount of 556,122,565.88 yuan after expenses, which was 189,312.83 million yuan less than planned [5]. - The company has allocated the raised funds for various projects, including retail terminal construction, digital platform development, logistics center construction, and working capital [6]. - The total amount raised from two fundraising activities is 1.667 billion yuan [8].