□本报记者 曾鸣 "今年以来，省政府国资委持续加大对我们的支持力度。为集团注入资本金3000万元，用于农业产业链 关键项目布局；指导债券发行工作，协调券商、评级机构等专业资源，成功推动集团10亿元中期票据发 行；结合省管企业财务数智化转型要求提供全流程支持，助力集团财务管理向数字化、智能化转型。"8 月21日，河南农业投资集团有限公司有关负责人表示。 省政府国资委认真落实省委、省政府工作部署，把深入开展"学查改·以企观政服务企业大走访活动"与 国企改革深化提升行动紧密融合，树立"寓监管于服务、以服务促监管"的理念，推动形成了企业运行稳 中向好、改革重组纵深推进、创新发展多点突破的崭新局面。截至7月底，省管企业资产总额同比增长 17%，净资产同比增长7.2%；营业收入同比增长3.1%，利润总额同比增长0.9%。 深入企业"把脉问诊"摸实情。"学查改·以企观政服务企业大走访活动"开展以来，省政府国资委专门制 定工作方案，建立了党委委员分包联系企业制度，成立4个工作组，先后到25户省管企业、32户二级企 业开展专项调研，梳理需解决问题83件，同企业研究发展之策、解困之道、创新之路。针对企业反映的 实际问题，及时建立 ...

Core Viewpoint - Dongfeng Group's significant corporate restructuring plan involves its subsidiary, Lantu Automobile, going public in the Hong Kong market through an introduction listing, while Dongfeng Group will complete its privatization and delisting, marking a new phase in its strategic transformation [1] Group 1: Corporate Restructuring - The restructuring plan includes a dual strategy of "equity distribution + absorption merger," where Dongfeng Group will distribute 79.67% of its shares in Lantu Automobile to all shareholders before Lantu officially lists on the Hong Kong Stock Exchange [1] - Following the listing, Dongfeng's wholly-owned subsidiary will act as the absorbing entity, paying equity consideration to Dongfeng Group's controlling shareholder and cash consideration to other minority shareholders, achieving 100% control over Dongfeng Group [1] Group 2: Market Valuation and Performance - Dongfeng Group has experienced low valuation in the Hong Kong market, with a total market value of HKD 39.12 billion and a price-to-book ratio of only 0.25 times, limiting its ability to effectively refinance since its listing [2] - In contrast, Lantu Automobile has shown strong growth as a high-end smart electric vehicle brand, becoming one of Dongfeng's most valuable assets, with increasing sales and successful models [2] Group 3: Shareholder Considerations - The transaction plan considers minority shareholders' rights by offering a "cash + equity" dual option, with an overall acquisition price of HKD 10.85 per share, comprising HKD 6.68 in cash and HKD 4.17 in Lantu equity [4] - This approach provides guaranteed cash returns for minority shareholders while allowing them to benefit from Lantu's future growth, enhancing the likelihood of successful privatization [4] Group 4: Strategic Implications - The listing of Lantu is expected to break Dongfeng Group's historical low valuation in the Hong Kong market, facilitating a shift in valuation logic and highlighting Lantu's investment value [4] - The innovative combination of Lantu's introduction listing and Dongfeng's privatization represents a significant corporate innovation, accelerating Dongfeng's transformation and allowing shareholders to share in Lantu's success [4]

21世纪经济报道记者获悉，8月22日晚间东风集团股份（0489.HK）发布公告称，子公司岚图汽车将以介绍上市方式登陆港股，东风集团股份（0489.HK） 将同步完成私有化退市。 公告显示，受到行业转型阵痛等因素影响，东风集团股份近年来估值表现偏低，股票市值长期远低于净资产。岚图汽车作为东风自主打造的高端智慧新能 源品牌，近年来保持良好发展势头，是东风汽车旗下最具价值和成长性的优质资产之一。 据东风汽车官微，岚图汽车7月交付达12135辆，同比增长102%，环比增长21%，实现六连涨。1—7月，岚图汽车累计销量达68263辆，同比增长88%。 22日晚公告一出，截至8月23日零点，东风集团股份ADR报价62.22美元，一个小时内暴涨超91%；收盘涨幅为87.69%，报61美元。 | 东风集团股份-ADR ( 日 | | | | --- | --- | --- | | DNFGY.OO | | | | 61.000 量 4048 股本82.53亿 市盈1247.8 | 万得 | | | +28.500+87.69% 换 0.00% 市值101亿 市净 0.48 | | 盘口 | | 盘后 0.00 0.00 0. ...

8月22日晚，东风汽车集团股份有限公司（0489.HK）发布公告，宣布将通过"股权分派+吸收合并"的组合模式， 推动旗下高端新能源品牌岚图汽车以介绍上市方式登陆香港联交所，同时完成东风集团股份自身的私有化退市。 该交易两大环节互为前提、同步推进。 根据方案，东风集团股份将首先将其持有的岚图汽车79.67%股权按比例分派给全体股东，随后岚图汽车以介绍方 式在港交所主板上市。此后，东风集团股份境内全资子公司东风汽车集团（武汉）投资有限公司将作为合并主 体，向控股股东东风汽车支付股权对价，并向其他小股东支付现金对价，最终实现对东风集团股份的100%控 制，完成私有化。 此次交易的总体收购价格定为每股10.85港元，其中现金对价部分为6.68港元/股，岚图股权对价部分为4.17港元/ 股。 估值倒逼改革 岚图成价值突破关键 近年来，受汽车行业转型及市场环境影响，东风集团股份估值持续低迷。截至2025年7月31日，其总市值仅391.2 亿港元，股价报4.74港元/股，市净率（PB）低至0.25倍，融资能力严重受限。相比之下，岚图汽车作为东风集团 旗下高端新能源品牌，展现出强劲成长性：2024年全年交付85,697辆，同 ...

来源：新浪证券-红岸工作室 8月22日，中红医疗跌0.06%，成交额1.57亿元，换手率2.52%，总市值68.40亿元。 异动分析 医疗器械概念+宠物经济+智能医疗+人民币贬值受益+国企改革 1、公司主营业务产品以外销出口为主，并采取 ODM 直销方式，即公司实际为海外医疗器械及医疗耗 材等领域品牌商进行 ODM 生产，负责产品的自主设计与自主生产，品牌商提供外包装设计并以其自身 品牌在海外市场进行销售。 2、2025年3月3日官微：中红医疗亮相第12届京宠展。中红普林医疗用品股份有限公司（以下简称"中红 医疗"）携旗下健康防护、安全输注、创新孵化产品出席，其中迈德瑞纳宠物泵，备受瞩目。展会上， 中红医疗旗下迈德瑞纳 UniFusion SP50 Vet 及 UniFusion VP50 Vet 兽用输注泵备受关注，两款产品具备 IP34 防水设计和双 CPU 架构，能提供多种输液模式及微量模式最大流速设置，兼顾安全与多功能性。 兽医现场体验后表示，输注泵操作便捷，可切换电池或电源运行，能提供精准、安全、易用的输液方 案，适配多种场景，是临床工作必备。 3、2025年4月23日公告：中红医疗秉持"在整合中创 ...

中新网广东新闻8月20日电 (记者 蔡敏婕)佛开高速作为沈海高速关键路段，含439座桥涵、15座互通立 交及5座通航桥梁，年均船舶通行超36万艘次，是粤港澳大湾区与粤西交通大动脉。 为满足安全管理需求，广东省高速公路股份有限公司(下称：粤高速)推动旗下广东佛山至开平高速公路 (简称"佛开高速")等关键路段发展，推进养护数字化转型。 通航桥梁防船撞预警系统实现全覆盖是另一突破。该系统在传统 AIS基础上加装激光雷达，恶劣天气下 可精准扫描船舶动态。通过机器学习算法优化识别准确率，结合声光电预警规范船舶行驶，九江大桥成 为首座接入广东交通集团集群监测平台的桥梁，2019年上线后大幅降低船撞事故率。 佛开高速还构建全链条应急处置体系。通过光纤监测站、陀螺仪等多技术手段提升灾害发现能力；借助 可变情报板、"粤通行" APP等发布避险信息，抢抓"黄金5分钟"救援时间；制定应急处置指引，建立多 方协同联动机制。作为国家重点研发计划示范工程，其关键技术研究对提升船撞桥防控能力意义重大。 在改革推动下，粤高速通过全生命周期监测、防船撞系统全覆盖及应急体系建设，实现显著科技突破， 提升了安全管理与运营效率，为国企科技创新提供了 ...

Core Viewpoint - Jiuhua Tourism (603199) is experiencing significant growth driven by increased visitor traffic and improved transportation, with a "Buy" rating maintained by Dongwu Securities [1][2]. Financial Performance - In Q2 2025, Jiuhua Tourism achieved revenue of 248 million yuan, a year-on-year increase of 15.65%, and a net profit attributable to shareholders of 73 million yuan, up 17.4% year-on-year [1]. - The company's net profit excluding non-recurring items was 71 million yuan, reflecting an 18.6% year-on-year growth [1]. - The number of visitors to Jiuhua Mountain in the first half of 2025 reached approximately 5.65 million, representing an 11.81% increase year-on-year [1]. Business Segments Growth - Revenue from hotel operations reached 133 million yuan, a year-on-year increase of 12.93% [1]. - Revenue from the cable car business was 185 million yuan, up 21.49% year-on-year [1]. - Passenger transport revenue increased to 117 million yuan, reflecting a 29.78% year-on-year growth [1]. - Revenue from travel agency services was 193 million yuan, marking a 34.02% increase year-on-year [1]. Future Outlook - The company benefits from the cultural and natural resources of Jiuhua Mountain, with external transportation improvements expected to sustain visitor growth [2]. - New projects, including the Lion Peak cable car and hotel expansions, are anticipated to contribute to revenue growth [2]. - Profit forecasts for 2025-2027 project net profits of 217 million, 243 million, and 267 million yuan, respectively, with corresponding P/E ratios of 19, 17, and 15 [2]. Analyst Ratings - Over the past 90 days, seven institutions have rated Jiuhua Tourism, with six "Buy" ratings and one "Hold" rating [4]. - The average target price from institutions in the last 90 days is 46.51 yuan [4].

证券研究报告 | 公司深度报告 2025 年 08 月 21 日 云天化（600096.SH） 上半年利润保持稳定，全年业绩有望超预期增长 周期/化工 事件：公司发布 2025 年半年报，公司 2025 年上半年实现营收 249.92 亿元， 同比下降 21.88%，归母净利润 27.61 亿元，同比下降 2.81%，扣非归母净利润 26.96 亿元，同比下降 3.38%。其中二季度单季度实现营收 119.88 亿元，同比 下降 33.9%，归母净利润 14.72 亿，同比增长 6.52%。 ❑ 风险提示：原材料价格波动风险、项目进度不及预期风险、市场需求风险 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 69060 | 61537 | 62152 | 65260 | 68523 | | 同比增长 | -8% | -11% | 1% | 5% | 5% | | 营业利润(百万元) | 6825 | 7138 | 7393 | 8031 | 8 ...

国企改革与专业化整合同样引人注目。船舶工业巨头中国船舶与中国重工的合并，涉及金额高达1151.5 亿元。其中，中国船舶为吸收合并方，中国重工为被吸收合并方，中国重工退市申请已获上交所受理， 中国船舶股票也已于8月19日正式复牌。 新组建的造船集团将形成覆盖军民融合与绿色船舶的完整产业链，为中长期产品升级与国际竞争力提升 奠定基础。中国船舶与中国重工的合并，提升了资本运营效率，也符合国企改革的大方向。 在金融科技领域，湘财股份换股吸收合并大智慧，募集配套资金不超过80亿元，旨在整合成熟的产品体 系、客户资源、技术储备及渠道资源，推动传统证券业务智能化转型，实现"1+1＞2"的效果。 （上接1版） 有投行人士对记者表示，H股公司换股吸收合并A股公司的案例并不常见，此前中国能建吸并葛洲坝、 中国外运吸并外运发展、中国铁建吸并铁建重工等也均为央企内部整合。跨市场换股合并可以使目标公 司获得A股上市资格，缓解合并给公司带来的融资压力，减轻市场对大盘股回归的忧虑，也将推动A/H 股估值趋同。 在程凤朝看来，同一集团旗下的控股上市公司之间吸收合并，相对具有更高的组织协调性与资产协同 性。这类整合旨在消除同业竞争、整合资源、 ...

Core Viewpoint - 弘业期货 experienced a decline of 3.70% on August 20, with a trading volume of 566 million yuan and a market capitalization of 13.121 billion yuan [1] Company Overview - 弘业期货股份有限公司 primarily engages in commodity futures brokerage, financial futures brokerage, futures investment consulting, asset management, fund sales, and financial asset investment [2] - The company is the first A+H share listed company in the futures industry [2] - 弘业期货 is a state-owned enterprise controlled by the Jiangsu Provincial Government State-owned Assets Supervision and Administration Commission [3] Financial Performance - As of April 20, 弘业期货 reported a total of 43,600 shareholders, an increase of 0.69% from the previous period [7] - The company achieved a net profit attributable to the parent company of 1.2032 million yuan for the period from January to March 2025, representing a year-on-year growth of 109.07% [7] - Cumulative cash distribution since A-share listing amounts to 44.3422 million yuan [8] Shareholding Structure - As of March 31, 2025, the top ten circulating shareholders include 南方金融主题灵活配置混合A (004702) with 3.526 million shares, an increase of 597,100 shares from the previous period [8] - 香港中央结算有限公司 holds 2.1274 million shares, a decrease of 348,360 shares from the previous period [8] - 南方中证1000ETF (512100) holds 1.7047 million shares, a decrease of 19,350 shares from the previous period [8] Market Activity - The main net inflow of funds today was -66.9995 million yuan, accounting for 0.12% of the total, with the industry ranking at 22 out of 27 [4] - The main funds have been reducing positions for three consecutive days, indicating a lack of clear trend [4][5] - The average trading cost of the stock is 13.06 yuan, with the current price near the support level of 12.69 yuan [6]