证券代码：688041 ?????证券简称：海光信息?????公告编号：2025-027 二、本次交易的进展情况 根据上海证券交易所的相关规定，经公司申请，公司 A 股股票（证券简称： 海光信息，证券代码：688041）自 2025 年 5 月 26 日（星期一）开市起停牌，具 体内容详见公司于 2025 年 5 月 26 日在上海证券交易所网站（www.sse.com.cn）披 露的《海光信息技术股份有限公司关于筹划重大资产重组的停牌公告》 （公告编号： 产重组事项的停牌进展公告》 （公告编号：2025-020），为维护投资者利益，避免公 司股价异常波动，根据上海证券交易所的相关规定，公司 A 股股票继续停牌。 海光信息技术股份有限公司换股吸收合并曙光信息产业股份有限公司并募集配套 资金暨关联交易预案>及其摘要的议案》等与本次交易相关的议案，具体内容详见 公司于 2025 年 6 月 10 日刊登在上海证券交易所网站（www.sse.com.cn）的相关公 告。经向上海证券交易所申请，公司 A 股股票于 2025 年 6 月 10 日（星期二）开 市起复牌。 自本次交易预案披露以来，公司及有关各方正在积极推 ...

证券代码：600962 证券简称：国投中鲁 公告编号：2025-041 国投中鲁果汁股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 国投中鲁果汁股份有限公司(以下简称公司)股票交易于 2025 年 7 月 7 日、7 月 8 日连续 2 个交易日内收盘价格涨幅偏离值累计达到 20%。根据《上海 证券交易所交易规则》等相关规定，上述情形属于股票交易异常波动。 经公司自查，并经向控股股东书面问询确认，截至本公告披露日，除前期已 披露的重大资产重组事项外，公司、控股股东不存在筹划涉及公司的其他重大资 产重组、股份发行、重大交易类事项、业务重组、股份回购、股权激励、破产重 整、重大业务合作、引进战略投资者等重大事项。 （三）媒体报道、市场传闻、热点概念情况 ? 经公司自查并向控股股东核实，截至本公告披露日，除前期已披露的重 大资产重组事项外，公司、控股股东不存在筹划涉及公司的其他重大资产重组、 股份发行、重大交易类事项、业务重组、股份回购、股权激励、破产重整、重大 业务合作、引进 ...

Core Viewpoint - The company, Anhui Fulede Technology Development Co., Ltd., plans to issue shares and convertible bonds to acquire 100% equity of Jiangsu Fulehua Semiconductor Technology Co., Ltd., with a total transaction value of 655 million yuan [6][14][20]. Group 1: Transaction Overview - The company intends to acquire 100% equity of Jiangsu Fulehua through the issuance of shares and convertible bonds to 59 trading parties [6][14]. - The assessment report values the 100% equity of Fulehua at 655 million yuan as of September 30, 2024 [6][14]. - The total consideration for the transaction is set at 655 million yuan, with shares and convertible bonds as payment methods [6][14]. Group 2: Fundraising Details - The company plans to raise up to 782.59 million yuan through the issuance of shares to no more than 35 specific investors [12][20]. - The total amount raised will not exceed 100% of the transaction price for the asset acquisition [12][20]. - The funds will be used for intermediary fees, taxes, and specific projects related to semiconductor production [12][20]. Group 3: Share Issuance and Pricing - The shares will be issued at a price of 16.30 yuan per share, which is not lower than 80% of the average trading price over the previous 20 trading days [14][15]. - The total number of shares to be issued is approximately 379.76 million, accounting for 52.88% of the company's total share capital post-transaction [14][15]. - The pricing mechanism includes adjustments for any corporate actions such as dividends or stock splits during the pricing period [15][20]. Group 4: Convertible Bonds - The company will issue convertible bonds with a total value of approximately 35.99 million yuan, representing 5.49% of the total transaction price [20][21]. - The initial conversion price for the bonds is set at 16.30 yuan per share, with no adjustment mechanism for the conversion price [21][24]. - The bonds will have a maturity period of four years and a nominal interest rate of 0.01% per annum [22][24].

尔· DONGHAI SECURI 蓄 外 待 女 ・东海证券2025年中期投资策略 变革 【好】 美容护理行业2025年中期投资策略 证券分析师: 任晓帆 执业证书编号: S0630522070001 联系方式：rxf@longone.com.cn 2025年7月8日 四、个护 五、投资建议 六、风险提示 一、行情复盘 二、化妆品 CONTENTS 三、医美 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 ● 新消费概念兴起，板块整体表现亮眼。截至2025年6月末，美容护理板块累计上涨6.90%，跑赢大盘6.87pcts。 资料来源：Wind， 东海证券研究所 截至2025/6/30 2025年初至今板块涨跌幅 美容护理板块跑赢大盘 -15% -10% -5% 0% 5% 10% 15% 20% -10% -5% 0% 5% 10% 15% 20% 25% 2025-01 2025-02 2025-03 2025-04 2025-05 2025-06 美容护理 沪深300 ● 行业进入稳定发展期，业绩有所分化。①头部公司如珀莱雅、丸美生物实现稳健增长。 ...

Core Viewpoint - The pesticide industry, crucial for food security, is under scrutiny as Tianyuan Biochemical Co., Ltd. initiates its IPO process amidst a challenging market environment marked by stagnant revenue growth and high reliance on distributors [1][3]. Financial Performance - Tianyuan Biochemical's revenue from 2022 to 2024 shows minimal growth, with figures of 1.71 billion, 1.77 billion, and 1.75 billion yuan respectively, while net profits increased from 161.63 million to 248.55 million yuan [3][4]. - The company's total assets grew from 1.35 billion yuan in 2022 to 1.62 billion yuan in 2024, with a notable decrease in asset-liability ratio from 63.18% to 44.59% [4]. - The sales revenue from distributors accounted for over 96% of total revenue during the same period, indicating a heavy dependence on this sales model [4][5]. Market Dynamics - The pesticide market is characterized by intense competition and product homogenization, leading to declining sales prices, particularly for herbicides, which fell by 18.26% from 2023 to 2024 [6][7]. - The average gross margin of Tianyuan Biochemical is lower than that of comparable companies, with a gross margin of 36.07% in 2024 compared to an industry average of 36.22% [8]. R&D and Innovation - The company has consistently invested less in R&D compared to industry peers, with R&D expense ratios of 2.53%, 2.71%, and 4.24% from 2022 to 2024, which is below the industry average [9][10]. - There is a significant gap between R&D expenses and sales expenses, with R&D costs amounting to 74.26 million yuan in 2024 compared to over 226 million yuan in sales expenses [10][11]. Regulatory and Legal Issues - Tianyuan Biochemical has faced legal challenges and administrative penalties, including fines for selling unregistered pesticide products, which raises concerns about internal governance and compliance [13][14]. - The company has unresolved property rights issues, with 11,432.79 square meters of real estate lacking proper documentation, posing risks of administrative penalties [14][15]. Investor Sentiment - Recent cash dividends totaling 221 million yuan have raised concerns among investors about the company's financial management, particularly in light of its IPO fundraising of approximately 630 million yuan [16].

7月4日晚，某上市公司发布了重大重组预案，而在股票停牌前一个交易日（6月20日）的尾盘股价 已突然大涨，当日收盘涨幅超过10%，今年以来股价累计涨幅则高达109.6%。其中是否存在内幕交易嫌 疑，引发了市场的广泛关注。 据公告，公司股票价格在本次交易信息公告前20个交易日内的累计涨跌幅未达到20%（剔除同行业 板块影响后的涨幅为14.55%），不存在异常波动的情况。公司称，本次交易采取了必要且充分的保密 措施。初看这些信息，似乎内幕交易嫌疑不大，但综合考虑停牌前一日股价大涨、今年以来总体涨幅惊 人以及公司动态市盈率高达上千倍等情况，让人感觉其中似有某种力量在暗流涌动。 重大重组往往是内幕交易的温床，内幕交易如同隐藏在暗处的"毒瘤"，严重侵蚀市场公平的根基。 与内幕交易者的提前布局形成鲜明对比的是，中小投资者作为信息获取链条上的末端群体，就像蒙着眼 睛在迷雾中摸索前行，市场公平性遭受严峻考验。当重大重组出现高度可疑的内幕交易股价表现时，值 得证券监管部门介入调查，同时解决诸多棘手问题。 首先，重大重组内幕交易的立案调查标准亟待明确。证券监管部门对每一起疑似内幕交易案件展开 调查，都需要耗费大量的人力、物力和时间 ...

航空航天ETF天弘（159241）紧密跟踪国证航天指数，按申万一级行业分类，该指数以超98%的国防军 工行业权重形成显著特征，是全市场军工含量最高的指数。按申万二级行业分类，航空装备与航天装备 两大核心板块则占据66%权重，深度聚焦大飞机研制、低空经济、商业航天等新兴领域航空航天装备产 业链关键领域。 7月8日，航空航天ETF天弘（159241）走势震荡，截至发稿涨0.09%，换手率12.47%，成交额超4100万 元，溢折率0.07%，盘中频现溢价交易。 成分股中，华秦科技涨超3%，天和防务、华力创通、上海瀚讯、迈信林等跟涨。 资金流向方面，Wind金融终端数据显示，航空航天ETF天弘（159241）昨日（7月7日）获199万元资金 净流入，该ETF已连续8个交易日获资金净流入，累计"吸金"1.55亿元。 规模上，截至7月7日，航空航天ETF天弘（159241）最新流通规模3.29亿元，最新流通份额2.98亿份， 均创历史新高；值得一提的是，6月以来，该ETF份额变化率达81.03%，居同标的产品首位。 申万宏源表示，在2025/4/7的反弹行情下，国证航天指数展现出了相比通用航空、中证国防等指数更高 的弹 ...

Core Viewpoints - The current market is experiencing a phase of consolidation rather than stagnation, with expectations for future upward movement as economic recovery and corporate earnings improve [2][9][10] - The market is characterized by a structural trend, with certain sectors showing potential for independent performance due to policy support and earnings growth [5][9] Market Overview - On the recent trading day, the Shanghai Composite Index showed relative strength, while the ChiNext and Shenzhen Composite Indexes declined, indicating a divergence among the three major indexes [2][11] - The total trading volume across both exchanges decreased to 1.2 trillion yuan, reflecting a cautious market sentiment [6][11] Sector Performance - The electricity sector saw significant gains, driven by the successful operation of a major thermal power plant and a favorable coal price environment, leading to positive earnings growth for many companies in this sector [7] - The cross-border payment sector also experienced an uptick, supported by the central bank's initiatives to enhance cross-border payment systems between mainland China and Hong Kong [8] Investment Opportunities - Three main investment themes are identified: 1. Stocks with better-than-expected interim performance, focusing on those with anticipated earnings improvements [3][10] 2. Technology sectors including military, robotics, AI, semiconductors, and digital economy, with a cautionary note on the need for thorough fundamental analysis to avoid overvalued stocks [3][10] 3. Rebound opportunities in sectors like new energy and brokerage firms, suggesting a strategy of buying on dips [3][10]

Core Viewpoint - In the first half of 2025, all 13 companies that submitted merger and acquisition projects for review in the A-share market were approved, resulting in a 100% approval rate [1]. Group 1: Independent Financial Advisors Performance Ranking - A total of 13 independent financial advisory firms participated in the 13 approved merger and acquisition projects [2]. - The top-ranked independent financial advisor was Dongfang Securities with 3 projects, followed by Huatai United Securities with 2 projects [3][4]. Group 2: Legal Advisors Performance Ranking - Ten law firms were involved in the legal services for the 13 approved merger and acquisition projects [5]. - The leading law firm was King & Wood Mallesons with 3 projects, while Guohao (Shanghai) and Shanghai Jintiancheng both ranked second with 2 projects each [6][7]. Group 3: Audit Firms Performance Ranking - Eleven accounting firms provided auditing services for the 13 approved merger and acquisition projects [8]. - The top audit firm was Tianjian with 3 projects, followed by Daxin and Xinyong Zhonghe, both with 2 projects [9]. Group 4: Asset Evaluation Firms Performance Ranking - Eleven asset evaluation firms were involved in the asset evaluation services for the 13 approved merger and acquisition projects [10]. - The leading asset evaluation firm was Jinzheng (Shanghai) with 3 projects, followed by Zhonglian Evaluation with 2 projects [11].

文/梧桐小新 7月7日，东海证券披露关于公司收到行政处罚事先告知书的公告，因在担任金洲慈航集团股份有限公司 2015年重大资产重组独立财务顾问的项目中，出具的相关文件存在重大遗漏、虚假记载，在独立财务顾问 业务中未勤勉尽责，包括：未为尚未完结的持续督导工作重新指定财务顾问主办人；未审慎核查其他中介 机构出具的专项报告；未保持职业怀疑，未对标的公司业绩承诺实现情况进行充分核查和验证。证监会拟 决定对东海证券责令改正，没收业务收入1500万元，并处以4500万元的罚款。 中国证监会认为，东海证券上述行为涉嫌违反了2005年修订的《中华人民共和国证券法》（以下简称2005 年《证券法》）第二十条第二款、第一百七十三条的规定，构成2005年《证券法》第二百二十三条的情 形。 依据2005年《证券法》第二百二十三条的规定， 中国证监会拟决定对东海证券责令改正，没收业务收入 1500万元，并处以4500万元的罚款。 根据相关规定，就中国证监会拟对东海证券实施的行政处罚，东海证券享有陈述、申辩并要求听证的权 利。 一、基本情况 涉嫌违法违规事项类别：重大资产重组项目未勤勉尽责。 二、主要内容 （一）涉嫌违法违规事实： 东海 ...