2024年4月24日，欧盟宣布对中国医疗设备领域公共采购在IPI下进行为期9个月的调查，成为IPI措施下 首起调查。当天，欧盟中国商会就发表声明主张，欧方启动调查应基于全面客观的事实。欧方对中国保 障内外资企业平等参与政府采购以及积极促进医疗领域招商对接的最新政策可能了解不足。 在6月2日最新发表的声明中，欧盟中国商会特别指出，一味追求所谓"市场平等"并不能脱离历史与现实 的逻辑。长期以来，欧洲医疗器械企业在中国市场享受到了高度的开放红利，深度参与中国医疗体系的 现代化进程，取得了显著发展。欧方6月2日的决定未能充分考虑这一背景，将对中欧多年来在医疗领域 积累的互信与合作基础造成冲击。 【环球时报报道 记者 倪浩】英国《金融时报》2日报道称，欧盟成员国投票决定，依据《国际采购工 具》（IPI）限制中国医疗器材进口，以反制北京在公共采购中对外国制造商的所谓"歧视"。根据IPI， 中国企业未来5年将被禁止参与价值超过500万欧元的欧盟医疗器械公共招标项目。 欧盟中国商会2日发表声明，"对欧方这一决定深表失望，对欧方将限制中企参与欧洲当地医疗采购市场 表示严重关切"。欧盟中国商会指出，IPI是欧方的单边工具，欧方这 ...

策 略 研 究 新股申购 证券分析师 2025 年 06 月 03 日 华之杰：电动工具零部件全球性供应 商，拓展下游领域 ——注册制新股纵览 20250603 本期投资提示： 相关研究 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 研究支持 朱敏 A0230524050004 zhumin@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 究 报 告 - ⚫ AHP 得分——剔除流动性溢价因素后，华之杰 1.86 分，位于总分的 25.0%分位。华之杰 于 2025 年 5 月 30 日招股，将在主板上市。剔除、考虑流动性溢价因素后，我们测算华之 杰 AHP 得分为 1.86 分、2.42 分，分别位于非科创体系 AHP 模型总分 ...

Core Viewpoint - The joint initiative by seven government departments aims to accelerate the flow of financial resources into the technology sector, promoting innovation and supporting high-level technological self-reliance in China through 15 policy measures across various financial domains [1] Group 1: Financial Support for Technology Innovation - The policy measures will optimize financial services throughout the entire lifecycle of technology innovation, creating a supportive financing ecosystem for tech companies [2] - Establishment of the "National Venture Capital Guidance Fund" and support for private equity secondary market funds will encourage long-term capital investment in technology sectors [2] - The measures aim to enhance direct financing channels for tech companies, including support for core technology firms to go public and the establishment of a "technology board" in the bond market [2] Group 2: Financial System Reform - The initiative seeks to build a new fiscal-financial input system to improve the adaptability of financial services for tech enterprises, particularly those with long R&D cycles [3] - Banks are encouraged to innovate their business models and adjust traditional credit structures to better serve strategic technology forces [3] - The policy aims to lower innovation costs for tech companies through coordinated fiscal and financial support, ensuring their growth into significant players in the industry [3] Group 3: Mechanism and Structural Reforms - The measures promote collaborative innovation between central and local governments, fostering differentiated support paths for tech finance [4] - State-owned capital is encouraged to transition towards patient capital, focusing more on foundational research and key technology areas [4] - The initiative aims to enhance China's global competitiveness in technology and achieve significant breakthroughs in core areas [4] Group 4: Market Innovation and Financial Vitality - The policy encourages the use of structural monetary policy tools to optimize support for technology innovation, expanding the scale and scope of re-lending [5] - Financial institutions are urged to establish specialized mechanisms for supporting tech innovation, including long-term loan assessments and risk management frameworks [5] - The measures aim to break the short-term performance constraints of banks, enhancing their willingness and flexibility to support tech enterprises [5]

当前，我国创业投资行业面临 "募、投、管、退"全链条发展瓶颈，资金供给不足与退出机制不 畅等问题尤为突出，严重制约行业服务实体经济和科技创新的效能。 在募资端方面，债券市场的 "科技板"的创新推出，将支持投资经验丰富的头部私募股权投资机 构、创业投资机构等发行长期限科技创新债券，带动更多资金投早、投小、投长期、投硬科 技。 在 5月2 2日下午的国新办新闻发布会上，中国人民银行副行长、国家外汇局局长朱鹤新表 示，"股权投资机构本身是轻资产的，长投资周期的，靠自身发债融资期限比较短，而且融资 成本也比较高。所以，通过这样一个科技板，要解决期限短、融资成本高的问题，因此债券市 场科技板将创设科技创新债券风险分担工具，由人民银行提供低成本再贷款资金，通过担保增 信、直接投资等方式，同时也加强与地方政府、市场增信机构合作，共同分担债券投资人的违 约损失风险，支持股权投资机构发行低成本、长期限的科创债券。为激励创投行业提升服务能 力，工具将重点支持排名靠前、投资经验丰富的头部股权投资机构发行债券。" 对 VC/PE来说，科创债的资金低成本、长周期，不仅拓宽了股权投资机构的融资渠道，还降 低了其对传统股权融资的依赖。科创 ...

法国巴黎银行发布报告表示，根据台币5月份的升幅、外汇损益以及各种避险工具的有效性，预计中国 台湾寿险业的海外持仓资产将面临约1800亿元台币的外汇相关冲击；同时，传统工具如无本金交割远汇 (NDF)的避险成本过高，可能使寿险业者转向替代避险。（彭博） ...

Core Viewpoint - The audit report outlines the transitional profit and loss situation of Shaanxi Changling Electronic Technology Co., Ltd. from October 1, 2023, to March 31, 2025, detailing the company's historical background, capital structure changes, and the implications of recent equity transfers [1][2][5]. Company Background - Shaanxi Changling Electronic Technology Co., Ltd. was established in 2001, evolving from the state-owned Changling Machinery Factory founded in 1957, which was a key project during China's First Five-Year Plan [1]. - The company is a significant player in the military electronics sector, designated as a key backbone enterprise for the design, research, and production of military electronic products [1]. Capital Structure - The initial registered capital of the company was 416.2044 million yuan, which was later reduced to 348.2345 million yuan following a resolution by the shareholders [1]. - The current capital structure includes major shareholders such as China Huarong Asset Management Co., Ltd. (59.13%), China Construction Bank (11.86%), and others, totaling 421.4845 million yuan [2]. Equity Transfers - In 2013, a settlement agreement was reached regarding litigation over state funding, leading to a capital increase of 73.25 million yuan by Changling Industrial, adjusting its contribution to 88.6745 million yuan [2]. - The company underwent further equity adjustments, with significant transfers to Shaanxi Yinfeng Electronic Co., Ltd., resulting in a new ownership structure where Yinfeng holds 98.395% of the shares [4][6]. Financial Reporting Period - The transitional profit and loss statement covers the period from October 1, 2023, to March 31, 2025, and is based on the assumption of ongoing operations [5][6]. - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring compliance with relevant regulations [5][7]. Accounting Policies - The company has established specific accounting policies and estimates based on its operational characteristics, with a fiscal year aligned with the calendar year [7]. - The company recognizes significant financial instruments and their valuation methods, including the treatment of foreign currency transactions and financial assets [19][20][23].

Core Viewpoint - The article discusses the critical role of industrial silicon in key industries such as photovoltaics, new energy vehicles, and electronics, amidst a rapidly changing global energy structure and industrial upgrades. It highlights the challenges faced by industrial silicon producers due to oversupply and price volatility, and emphasizes the potential of financial derivatives for risk management and price discovery in this context [1]. Group 1: Industry Overview - Industrial silicon capacity has expanded rapidly, with supply growth outpacing demand, leading to periodic oversupply and significant price fluctuations [1]. - The production and sales models of industrial silicon companies exhibit notable regional characteristics, with different procurement strategies based on local resource availability [1]. Group 2: Financial Derivatives Application - The article focuses on the practical application of futures and options in optimizing sales prices and managing inventory in the context of industrial silicon supply-demand mismatches [2]. - Companies can utilize options markets to capture time value during the sales cycle, enhancing their competitive edge [2]. Group 3: Case Study - A case study illustrates a northern factory's strategy to manage inventory and sales pressure by locking in sales prices through futures and selling call options to reduce holding costs [2][3]. - On April 10, 2025, the factory locked in a sales price of 9600 yuan/ton for 1000 tons of industrial silicon, while also selling call options to mitigate inventory costs [4]. Group 4: Financial Outcomes - The factory achieved a profit of 1300 yuan/ton from futures trading and received an additional 166 yuan/ton from selling call options, effectively lowering its holding costs [3][4][5]. - The financial derivatives strategy not only provided a hedge but also generated extra income, demonstrating the effectiveness of such tools in the industrial silicon sector [3][5]. Group 5: Future Outlook - The application of financial derivatives in the industrial silicon industry is expected to expand, becoming a key driver for optimizing risk management and resource allocation efficiency [5]. - This strategic approach is anticipated to help the industry seize development opportunities in the context of global energy transition and achieve high-quality growth [5].

近日上海浦东举办第十二期"陆家嘴金融沙龙"聚焦ETF市场发展，万得受邀出席，集团高级副 总裁、万得基金总经理简梦雯作为公司代表发言，深入剖析了中国ETF市场现状与未来发展路 径，"多元化的新指数供给"被明确为破解同质化竞争、实现市场提质扩容的核心引擎。 市场快速扩张，结构特征与挑战并存 简梦雯指出，中国ETF市场正经历强劲增长。截至最新数据，产品数量达1164只，总规模突 破4.1万亿元，自2018年起已连续七年快速攀升。结构上呈现鲜明特征：股票型、QDII和商品 类ETF占比已超越主动管理产品，其中股票型ETF占据70%以上市场份额。然而，债券类ETF 渗透率显著偏低，揭示巨大发展空间。 市场挖潜方向，热点指数化空间广阔 针对市场关注的热点指数快速发布能力，简梦雯表示，万得等市场机构可依托金融科技、数据 积累及敏感的市场资讯捕捉能力，加之成熟的指数研究团队得以实现。团队分析师结合市场政 策导向、策略变化，运用AI工具开展研究，提前对热点主题进行充分研究，待市场热度上升时 便能及时发布指数。 对于万得推出的热点指数，如茅指数、宁组合及AIGC等相关指数，简梦雯表示，结合政策支 持与市场需求，这些指数有望转化为 ...

● 本报记者 连润 5月份，我国制造业采购经理指数（PMI）比上月上升0.5个百分点，制造业景气水平改善；出口集装箱 运价指数回升，港口货物吞吐量维持较高水平。 专家认为，近期公布的多项先行指标传递出的信号显示，在稳增长政策持续发力背景下，二季度我国经 济运行有望延续平稳态势。但也要看到，当前国际环境变数仍较多，多重风险交织叠加，经济回升向好 基础还需巩固，政策需进一步加力。 制造业PMI回升 数据显示，5月份，新出口订单指数和进口指数分别为47.5%和47.1%，比上月上升2.8和3.7个百分点。 赵庆河表示，调查中部分涉美企业反映外贸订单加速重启，进出口情况有所改善。 作为观察出口情况的重要指标，集装箱运价指数和港口货物吞吐量环比上涨。 上海航运交易所发布的最新数据显示，5月30日当周，中国出口集装箱运价指数报1117.61点，较上期上 涨0.9%。 上海航运交易所发布的中国出口集装箱运输市场周度报告显示，5月30日当周，中国出口集装箱运输市 场保持持续向好态势，外部形势缓和的利好消息继续支撑市场，多数航线市场运价继续走高，带动综合 指数上涨。 制造业PMI是重要的宏观经济先行指标。国家统计局5月31日发 ...

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced and qualified news journalists who produce independent content [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]