证券研究报告 固收定期报告 hyzqdatemark 2025 年 07 月 07 日 高票息信用债行情兑现 ——信用分析周报（2025/6/30-2025/7/4） 投资要点： 本周（6/30-7/4）市场概览： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 3）负面舆情。主体负面：本周潍坊公信国有资产经营有限公司、联储证券股份有限 公司、登封市建设投资集团有限公司、聊城市安泰城乡投资开发有限责任公司列入 主体观察名单；黑龙江创达集团有限公司主体评级调低。债项负面：中燃投资有限 公司所发行的 10 只银行间债项隐含评级调低；康佳集团股份有限公司所发行的 6 只 公司债隐含评级调低；其他债项负面包括"融茂优 B"隐含评级调低，"H20 方圆 1" 展期，"23 创 01EB"债项评级调低，"23 联储一"列入债项观察名单。转债负面： 双良节能系统股份有限公司主体评级调低，其所发行的"双良转债"债项评级调低。 本周市场分析：本周公开市场共有 20275 亿元逆回购到期，本周央行累计开展 6522 亿元逆回购操作，实现全周净回笼 13753 亿 ...

Group 1 - The company, China Feihe, expects a decline in revenue for the first half of 2025, projecting earnings of approximately 9.1 to 9.3 billion yuan, down from 10.1 billion yuan in the same period of 2024 [1] - The stock price of China Feihe dropped significantly, opening down 14.91% at 4.85 HKD, with an intraday low of 4.65 HKD, marking a maximum decline of over 18% [1] - The anticipated net profit for the first half of 2025 is estimated to be around 1 to 1.2 billion yuan, a decrease from 1.9 billion yuan in the first half of 2024 [1] Group 2 - The decline in performance is attributed to several factors, including the fulfillment of social responsibility through fertility subsidies, reduction of channel inventory, decreased government subsidies, and product impairment provisions [1] - The company reported a total revenue of 20.749 billion yuan and a net profit attributable to shareholders of 3.570 billion yuan for the year 2024 [1] - The infant formula industry has faced a downturn due to declining birth rates, with a projected decrease of 1.2% year-on-year for 2025, although the decline is expected to narrow in 2024 [1] Group 3 - In response to the challenges, China Feihe plans to utilize no less than 1 billion yuan for share buybacks, funded by cash reserves and free cash flow, with shares intended for sale or equity incentives [1] - The company aims to distribute no less than 2 billion yuan in dividends in 2025, continuing its trend of increasing shareholder returns [1] - In 2024, the company declared dividends amounting to 2.96 billion HKD, with a dividend payout ratio of approximately 76% [1]

Core Viewpoint - The stock price of China Feihe (6186.HK) has significantly dropped due to the expected decline in performance for the first half of 2025, with projected revenues of approximately 9.1 billion to 9.3 billion yuan, down from about 10.1 billion yuan in the same period of 2024 [1][2][6]. Financial Performance - China Feihe anticipates revenues of approximately 91 billion to 93 billion yuan for the first half of 2025, representing a decrease from 101 billion yuan in the same period of 2024 [2][6]. - The company expects a net profit of around 1 billion to 1.2 billion yuan, down from approximately 1.9 billion yuan in 2024 [6]. - In 2024, China Feihe reported total revenue of 20.749 billion yuan and a net profit of 3.570 billion yuan [7]. Market Context - The infant formula industry in China has faced challenges due to declining birth rates, with a 5% and 10% decrease in market size in 2022 and 2023, respectively [7]. - The market is expected to stabilize in 2025, driven by a rebound in birth rates and government incentives for childbirth [7]. Strategic Initiatives - China Feihe plans to utilize at least 1 billion yuan for share buybacks, reflecting confidence in its long-term business prospects [9][10]. - The company will distribute dividends of no less than 2 billion yuan in 2025, despite short-term financial challenges [10][11]. - The company has increased its focus on high-end products and aims to enhance its market position through differentiated offerings [7][10]. Investor Relations - China Feihe has a strong commitment to returning value to investors, with a dividend payout of 0.3264 yuan per share in 2024, totaling 2.96 billion yuan, and a dividend rate of approximately 76% [11]. - The company is expected to maintain a stable sales expense ratio while increasing marketing efforts for its functional nutrition business [11].

Core Viewpoint - The offshore RMB Hong Kong Interbank Offered Rate (CNH HIBOR) has seen a majority of its rates increase, indicating a tightening liquidity environment in the Hong Kong banking sector [1] Group 1: Interest Rate Movements - The overnight HIBOR rose by 12 basis points to 1.50000%, moving away from a three-week low [1] - The one-week HIBOR slightly increased to 1.64576%, recovering from a two-week low [1] - The two-week HIBOR also increased to 1.63758% [1] - The one-year HIBOR remained unchanged at a record low of 1.87242% [1] Group 2: Liquidity Usage - The Hong Kong Monetary Authority (HKMA) has utilized over 50% of the 200 billion RMB in its overnight repurchase agreement liquidity [1]

新华财经北京7月7日电四大证券报内容精华摘要如下： 截至7月6日19时，A股共有54家上市公司对外披露2025年半年度业绩预告，略增11家，扭亏3家，续盈4 家，预增21家，已披露业绩预告的上市公司整体保持了较好的盈利性。近期，多家上市公司披露业绩预 告后，引发机构扎堆调研，部分上市公司近期股价出现明显波动。 ·北交所上半年IPO受理115单创新性与业绩可持续性成审核重点 2025年上半年北交所IPO受理量为115单，保持常态化受理节奏。其中6月单月受理97单，占比超八成， 主要受财报申报窗口期等影响。目前超九成受理企业已进入审核流程，审核重点聚焦企业创新性与业绩 可持续性。目前，北交所上市门槛、审核尺度未发生变化，总体原则是"成熟一家、推动一家"，在上市 审核中重点关注企业创新性，并防范拟上市企业财务造假。 上海证券报 ·结构性机会持续涌现多路资金快步入市 在国内市场结构性机会持续涌现的情况下，多路资金快步入市。私募排排网最新数据显示，7月私募信 心指数和加仓意愿指数环比均小幅提升。截至6月末，仓位在五成及以上的私募占比更是超过90%，环 比5月末有所提高。与此同时，今年以来已有10余家险企设立或增资私募证 ...

截至2025年7月4日收盘，映翰通(688080)报收于47.77元，下跌1.87%，换手率1.49%，成交量1.1万手， 成交额5270.19万元。 当日关注点 交易信息汇总 7月4日，映翰通的资金流向显示，主力资金净流出735.08万元，占总成交额13.95%；游资资金净流入 453.08万元，占总成交额8.6%；散户资金净流入282.0万元，占总成交额5.35%。 公司公告汇总2024年年度权益分派实施公告 北京映翰通网络技术股份有限公司发布2024年年度权益分派实施公告，每股现金红利0.20044元，涉及 差异化分红送转。股权登记日为2025年7月10日，除权（息）日和现金红利发放日均为2025年7月11日。 本次利润分配方案经2025年5月15日的2024年年度股东大会审议通过。发放年度为2024年，分派对象为 截至股权登记日下午上海证券交易所收市后在中国结算上海分公司登记在册的本公司全体股东，公司回 购专用证券账户持有的股份除外。公司总股本73,851,842股，扣除回购专用证券账户中股份总数299,981 股后的股份数为73,551,861股，利润分配总额为14,742,735.02元（含税）。 ...

Core Viewpoint - The A-share market is witnessing a significant increase in stock buybacks and dividend distributions, indicating a positive trend in companies' efforts to reward investors and enhance market stability [1][2][7]. Group 1: Stock Buybacks - As of July 6, 688 listed companies have received bank support for stock buybacks, with a total loan amount exceeding 135.86 billion yuan [1]. - In 2023, 436 listed companies have been supported by bank loans for stock buybacks, amounting to 86.577 billion yuan [1]. - The buyback activity is on the rise, with over 1,000 companies executing buybacks this year, totaling over 80 billion yuan [2]. Group 2: Dividend Distributions - The frequency of dividend distributions among A-share companies is increasing, reflecting a growing awareness of returning value to investors [1][7]. - Companies are aligning their profit distribution plans with their actual performance and strategic needs, ensuring rationality in their dividend policies [7]. - High-frequency dividend payouts are expected to enhance liquidity and provide more predictable cash flows, showcasing companies' growth and return potential [8]. Group 3: Shareholder Confidence - There has been a notable increase in shareholding actions, with over 400 A-share companies' major shareholders implementing buyback plans this year, indicating confidence in the companies' investment value [5]. - The continuous optimization of buyback and loan policies is expected to facilitate more companies in executing buybacks and enhancing shareholder returns [5][6].

Group 1: Stock Buybacks and Loans - As of July 6, 688 listed companies have received bank support for stock buybacks, with a total loan amount exceeding 135.86 billion yuan [1][3] - In 2023, 436 listed companies have received bank loans for stock buybacks, totaling 86.577 billion yuan, indicating sustained interest in this financing tool [1][3] - The increasing frequency of stock buybacks reflects a growing trend among A-share companies to enhance shareholder value and market stability [1][2] Group 2: Dividend Payouts - The frequency of dividend payouts has increased, signaling a commitment from listed companies to return value to investors and enhance market stability [1][4] - Many companies are aligning their profit distribution plans with their operational needs and strategic goals, ensuring rationality in their dividend policies [4][5] - High-frequency dividend payouts are expected to improve liquidity and provide more predictable cash flows, enhancing the perceived value of companies [5] Group 3: Shareholder Confidence and Support - Over 400 A-share companies' major shareholders have implemented buyback plans in the secondary market this year, reflecting confidence in the investment value of these companies [3] - The continuous optimization of policies supporting capital markets is expected to facilitate more effective buyback and increase plans by companies and their major shareholders [3] - Companies are increasingly utilizing low-cost financing options to support their buyback and increase initiatives, which is anticipated to boost investor confidence [3]

Core Viewpoint - Beijing Yingtan Network Technology Co., Ltd. announced its 2024 annual profit distribution plan, proposing a cash dividend of 0.20044 RMB per share, approved at the shareholders' meeting on May 15, 2025 [1][2][3]. Distribution Plan - The profit distribution plan is based on the total share capital after deducting shares held in the company's repurchase account, with a total of 73,713,244 shares eligible for distribution [2]. - The total cash dividend to be distributed amounts to 14,742,648.80 RMB (including tax) [2][4]. - The company will not implement other forms of distribution, such as capital reserve transfers or stock dividends, for this year [2]. Adjustments Due to Share Repurchase - The number of shares in the repurchase account increased from 138,598 to 299,981, resulting in an adjustment of the cash dividend per share from 0.20 RMB to 0.20044 RMB [3][4]. - The actual participating share capital for distribution is 73,551,861 shares [3]. Tax Implications - For individual shareholders holding unrestricted shares for over one year, the dividend income is exempt from personal income tax, while those holding for less than one year will have tax withheld upon stock transfer [8][9]. - The actual cash dividend after tax for shareholders with different holding periods is specified, with a maximum tax rate of 20% for those holding shares for less than one month [9][10]. Share Repurchase Price Adjustment - The maximum repurchase price was adjusted from 65.04 RMB to 64.84 RMB per share, effective from July 11, 2025 [14][17]. - The adjustment is based on the cash dividend distribution and does not affect the total number of circulating shares [17]. Other Matters - The company will continue to follow relevant regulations regarding share repurchase and will disclose information on the progress of the repurchase [19].

Core Viewpoint - The company, Beijing Yinghantong Network Technology Co., Ltd., is implementing a differentiated profit distribution plan due to the repurchase of shares, which will not participate in the profit distribution [1][2][5] Group 1: Reasons for Differentiated Profit Distribution - The company has approved a share repurchase plan, agreeing to use the repurchased shares to reduce registered capital and cancel them [1] - The repurchase price was initially set at a maximum of RMB 38 per share, later adjusted to RMB 65.04 per share [2] - As of June 17, 2025, the company had repurchased a total of 299,981 shares, which will not be entitled to profit distribution [2][3] Group 2: Differentiated Profit Distribution Plan - The company plans to distribute a cash dividend of RMB 2.0 per 10 shares (tax included) to all shareholders, based on the total share capital minus the repurchased shares [2][3] - The total share capital as of March 31, 2025, was 73,851,842 shares, with 138,598 shares in the repurchase account, resulting in 73,713,244 shares eligible for distribution [2][3] - The total cash dividend to be distributed amounts to RMB 14,742,648.80 (tax included) [2] Group 3: Impact on Ex-Dividend Price - The ex-dividend reference price is calculated based on the formula: (previous closing price - cash dividend) / (1 + change in circulating shares ratio) [4] - The actual ex-dividend reference price, based on the closing price of RMB 46.80 per share, is approximately RMB 46.59956 per share [4] - The impact of the differentiated profit distribution on the ex-dividend reference price is minimal, with an absolute value change of less than 1% [4][5] Group 4: Compliance and Verification - The differentiated profit distribution complies with relevant regulations, including the Securities Issuance and Listing Sponsorship Business Management Measures and the Shanghai Stock Exchange's self-regulatory guidelines [5] - The sponsoring institution has no objections to the company's differentiated profit distribution plan, confirming it does not harm the interests of the company or its shareholders [5]