截至2025年5月23日收盘，中钢洛耐(688119)报收于3.78元，下跌0.26%，换手率0.94%，成交量5.4万 手，成交额2066.4万元。 交易信息汇总：5月23日主力资金净流入249.22万元，散户资金净流出253.08万元。 公司公告汇总：控股股东及其一致行动人承诺自2025年6月6日起12个月内不减持公司股份；全资 子公司预计将获得政府补助人民币1524.05万元。 中钢洛耐科技股份有限公司近日收到控股股东中钢科技发展有限公司及其一致行动人中国冶金科技成果 转化有限公司出具的《关于自愿不减持中钢洛耐科技股份有限公司股份的承诺函》。基于对公司未来发 展前景的信心以及对公司价值的认可，为促进公司持续稳定健康发展，切实维护广大投资者利益，同时 为增强广大投资者信心，中钢科技及其一致行动人冶金科技自愿承诺自首发限售股上市流通之日2025年 6月6日起的12个月内不以任何方式主动减持其持有的公司股份。在上述承诺期间内如因发生公积金转增 股本、派送股票红利、配股等而增加的股份亦遵守前述不减持承诺。截至本公告披露日，中钢科技直接 持有424,350,000股，占总股本37.72%，冶金科技直接持有40,7 ...

又有大股东因违规减持被处罚。管理层可以考虑用技术手段直接"锁定"大股东持股，符合条件后解锁相 应数量，从技术上杜绝违规减持，用科技来防范资本违规。 5月23日晚间，证监会官网披露的一则行政处罚决定书显示，田汉、京汉控股集团有限公司、建水泰融 企业管理有限公司等因违反限制性规定转让股票、信息披露违法行为被证监会罚没近2.3亿元。 违规减持不仅损害了中小投资者的利益，更扰乱了市场的正常秩序，侵蚀着资本市场的公信力。在此背 景下，本栏建议管理层运用技术手段直接"锁定"大股东持股，以从技术层面杜绝违规减持，或许将为资 本市场监管带来新的思路。 违规减持乱象偶有发生，根源在于违规成本与收益的严重失衡。对于一些大股东而言，违规减持所带来 的巨额利益诱惑，远超可能面临的处罚成本。这种不对等使得部分大股东心存侥幸，不惜铤而走险。传 统的监管方式，虽在一定程度上能够起到威慑作用，但往往依赖于事后的调查与惩处，存在一定的滞后 性，难以在违规行为发生的第一时间进行有效遏制。而技术手段的引入，则能够弥补这一监管短板，实 现从事后追责到事前预防的转变。 通过技术手段"锁定"大股东持股，并依据减持条件解锁相应数量，这一方法具有显著优势。 ...

佳士科技（300193）公告，持有公司4.29%股份的股东千鑫恒计划自公告披露之日起15个交易日后的3 个月内，以集中竞价和大宗交易方式减持不超过1428.75万股，占公司总股本的3.00%。 ...

中超控股（002471）5月25日发布公告，于2025年5月22日、5月23日连续2个交易日收盘价格涨幅偏离值 累计达到22.91%，根据深圳证券交易所的有关规定，属于股票异常波动的情况。经核实，近期公司经 营情况及内外部经营环境未发生重大变化；公司、控股股东和实际控制人不存在应披露而未披露的重大 事项，或处于筹划阶段的重大事项；公司未发现近期公共媒体报道了可能或已经对本公司股票交易价格 产生较大影响的未公开重大信息；实际控制人杨飞卖出其从二级市场增持的股票2,230,000股，占公司总 股本0.16%。公司2025年5月8日披露《关于实际控制人向控股孙公司提供资金支持暨关联交易的公告》 (公告编号：2025-037)，实际控制人杨飞本次减持所得资金将主要用于江苏精铸设备采购等。未来根据 市场情况，杨飞仍会考虑适时增持股票。控股股东在本公司股票交易异常波动期间未买卖本公司股票。 ...

Core Viewpoint - The recent increase in terminated share transfer agreements among listed companies highlights a dual nature in the market, where some companies continue to pursue strategic investments while others face regulatory scrutiny and market conditions that hinder transactions [2][5][6]. Group 1: Market Dynamics - In May, 13 listed companies announced the termination of share transfer agreements, a significant increase compared to previous months, which typically saw only three to five cases [5]. - The reasons for termination often include incomplete procedures and market conditions where previously set transfer prices are now below current market values [5][6]. - Despite the rise in terminations, there are still ongoing agreements aimed at introducing strategic investors or changing actual controllers, indicating that the market remains active [7][8]. Group 2: Regulatory Environment - The tightening of regulations following the introduction of new reduction rules has led to increased scrutiny of share transfer agreements, with calls for clearer prohibitions on certain behaviors to prevent gray operations [3][9]. - The market is seeing a trend where parties involved in agreements are extending lock-up periods to enhance compliance and reduce the risk of speculative trading [10][11]. Group 3: Strategic Implications - Protocol transfers serve as an effective tool for major shareholders to meet liquidity needs while avoiding direct impacts on stock prices from secondary market sales [6][8]. - The presence of financial investors as transferees is becoming more challenging, but agreements aimed at strategic partnerships continue to progress normally [8]. - The market's dual characteristics suggest a need for balance between resource allocation functions and risk prevention in the context of share transfers [3][10].

Core Viewpoint - The implementation of new regulations on shareholder reduction has significantly decreased the scale of share reductions by major shareholders in the secondary market, enhancing investor confidence and promoting long-term value investment in the A-share market [1][2][3]. Group 1: Regulatory Impact - The new regulations have led to a nearly 20% decrease in the scale of share reductions by major shareholders, with a total reduction of 207.28 billion yuan over the past year [2]. - Approximately 2,703 listed companies have restrictions on major shareholders' reductions, accounting for about half of all A-share companies [2]. - The regulatory framework emphasizes substantial over formal compliance, aiming to prevent various forms of circumvention in share reductions [2][3]. Group 2: Enforcement and Compliance - Regulatory authorities have adopted a strict approach to punish violations related to share reductions, particularly focusing on circumvention and disguised reductions [4][5]. - As of May 23, 2023, 31 penalties have been issued for violations, including failure to disclose shareholding changes and illegal reductions during sensitive periods [5][6]. - Notable cases include significant penalties for individuals who failed to report actual shareholding situations and engaged in illegal reductions [6]. Group 3: Market Behavior and Trends - Following the new regulations, there has been a notable increase in the termination of share transfer agreements, particularly among controlling shareholders [7]. - The decline in agreement transfers is attributed to stricter regulatory scrutiny and market conditions, leading to a reduction in hidden reduction channels [7][8]. - The market is expected to see continued regulatory efforts to prevent circumvention and disguised reductions, with a focus on enhancing monitoring technologies and inter-departmental collaboration [8].

Mergers and Acquisitions - Zhongjin Gold plans to acquire 49.34% stake in Inner Mongolia Jintao and 80% stake in Hebei Dabaiyang Gold Mine, along with 70% stakes in Liaoning Tianli and Liaoning Jinfeng Gold Mining, to resolve industry competition issues [1] - Dike Co. intends to acquire 60% stake in Zhejiang Sote for 696 million yuan, gaining control over the Solamet photovoltaic silver paste business [2] - China Shenhua plans to acquire 7.43% stake in its financial subsidiary for 2.929 billion yuan, changing the ownership structure to 60% for State Energy Investment Group and 40% for China Shenhua [3] Shareholding Changes - New Light Pharmaceutical's major shareholder plans to reduce its stake by up to 3%, equating to a maximum of 4.8 million shares [4] - Xingfa Group's supervisor increased his shareholding by 15,000 shares, amounting to 311,500 yuan, representing 0.0014% of the total shares [5] - Changhua Group's shareholders plan to reduce their holdings by up to 3%, totaling a maximum of 14.1 million shares [6] Risk Matters - ST Quanwei's stock will face additional risk warnings due to a lawsuit involving a guarantee amounting to 10.0126 million yuan, which exceeds 5% of the company's latest audited net assets [7] - Jinhua Co.'s chairman is under investigation for alleged violations related to shareholding disclosure, but this will not affect the company's daily operations [8]

除将开通上文所披露的几条国际航线，春秋航空近日还表示，未来将根据市场需求适时加密航班频 次，并考虑开通更多东南亚航线，进一步完善区域航线网络布局。 证券之星注意到，在春秋航空大举加码国际业务背后，公司业绩增长正面临较大困境。 以下文章来源于证券之星 ，作者刘浩浩 证券之星 . 证券之星始创于1996年，是国内领先的金融信息及综合服务平台。关注证券之星，即时获取有价值的财 经资讯。 近日，春秋航空在(601021.SH)在国际航线拓展方面动作频频。继一周前宣布将于下月推出成都直 飞金边、曼谷两条国际航线后，又宣布将在7月开通上海至越南河内航线。 证券之星注意到，在春秋航空加快布局国际航线业务背后，其国内业务显著承压。尽管公司近年来 盈利规模位居行业前列，但随着行业"内卷"加剧，其也面临越来越严峻挑战。去年公司营收同比增 速相较2023年同期显著放缓，国内业务营收同比增速更是下滑至不足3%。 01 去年和今年Q1营收增速连续下滑 2024年，春秋航空业绩增速显著下滑。财报显示，2024年公司实现营收200亿元，同比增长 11.5%。实现归母净利润22.73亿元，同比增长0.69%。而2023年，其营收和归母净利润 ...

以下文章来源于熊园观察 ，作者熊园、刘新宇 熊园观察 . 记录【国盛证券.熊园团队】对宏观经济的思考。 文/国盛证券首席经济学家、中国首席经济学家论坛理事 熊园 4月初特朗普宣布对等关税后，部分观点认为海外国家可以采取抛售美债 的 方式来反制，虽然 近期关税有 所缓和， 但尚不 能 排除后 续是否出 现 反 复。由于目前美债规模十分庞大，市场担忧一旦海外国家抛售美债，可能 导致美债市场出现系统性风险。本文从美债期限结构与投资者结构、到期 分布与偿还压力、交易规模与外国减持复盘这3大维度，详细分析了美债 市场的运行状况，并对潜在抛售风险做出评估。 美债期限结构与投资者结构 期限结构： 美国国债期限可大致划分为短期（1年以内，也称T-Bills）、中期（1-10年，也称T-Notes）、长期（10年以上，也称T- Bonds）。存量角度看，截至2025年3月，短期国债占比21.5%，中期国债占比51.8%，长期国债占比17.2%，此外还包括TIPS债券和浮动 利率票据，规模较小。增量角度看，2023年以来，美债发行中短期国债占比基本保持80%以上。通常而言，美国政府为降低负债成本， 往往会在低利率时发行更多中长期 ...

唯万密封（301161）公告，公司股东华轩基金计划自公告披露之日起十五个交易日后的三个月内，以集 中竞价方式减持公司股份95.7万股，即不超过公司总股本的0.7975%。减持期间内，公司如有派息、送 股、资本公积金转增股本、配股、股份回购注销等股份变动事项，拟减持股份数量、价格将相应进行调 整，但减持股份占公司总股本的比例不变。 ...