宁波长鸿高分子科技股份有限公司董事会 碍，相关债权债务处理合法； 重组后主要资产为现金或者无具体经营业务的情形； 际控制人及其关联人保持独立，符合中国证券监督管理委员会关于上市公司独立 性的相关规定； 关于本次交易符合《上市公司重大资产重组管理办法》 第十一条、第四十三条和第四十四条规定的说明 宁波长鸿高分子科技股份有限公司（以下简称"上市公司"或"公司"）拟 通过发行股份、可转换公司债券及支付现金方式，购买交易对方合计持有的广西 长科新材料有限公司（以下简称"广西长科"或"标的公司"）100%股权（以下 简称"标的资产"），并向不超过 35 名特定投资者发行股份募集配套资金（以下 简称"本次交易"）。 公司董事会对本次交易是否符合《上市公司重大资产重组管理办法》第十一 条、第四十三条和第四十四条的规定进行了审慎分析，董事会认为： 一、本次交易符合《上市公司重大资产重组管理办法》第十一条的规定 投资、对外投资等法律和行政法规的规定； 等法律法规及中国证监会规定的从事证券服务业务条件的评估机构出具的评估 结果为依据，经交易各方协商确定。本次交易所涉及标的资产定价公允，不存在 损害公司和股东合法权益的情形； 二、 ...

智通财经APP获悉，据彭博社对欧洲经济学家们的最新咨询与采访，若未来需要采取非常规的宽松货币政策措施，欧洲央行 将更倾向于选择向各大商业银行们提供与贷款相关联的工具，而不是在新冠疫情等危机期间所长期采取的直接大举购买债 券(即所谓的"QE"，也被称作"量化宽松")。 调查显示，在应对通胀疲软、经济增长急剧放缓、金融环境不稳定或政策传导受阻时，通过欧洲长期再融资操作机制 (LTRO)向银行注入流动性被视为欧洲央行的首选工具。经济学家们表示，未来几乎所有需要采取非常规应对措施的情况 下，欧洲央行可能优先选择向欧洲各大商业银行巨头们放贷，而不是购买债券。 受访经济学家们普遍预计，仅在20国欧元区内的单个成员国利率信号未能有效收到或者传导时才预计欧洲央行会启用过去 为"定向资产购买"所设计的精准买债计划。 | First | | Second | Third | | --- | --- | --- | --- | | Prolonged undershooting of inflation TLTROs | | LTROs | negative rates or | | target | | | QE | | Def ...

智通财经APP获悉，近期高股息股票成为市场焦点，资金涌入态势显著。据Purpose Investments Inc.数据显示，上周全球五大高股息交易所 交易基金(ETF)吸引资金净流入达175亿美元，较2024年初水平激增近10倍。 这一现象背后，是市场对美联储降息预期的强烈反应，随着债券收益率可能下行，追求稳定收益的投资者正将目光转向权益市场的高股息 资产。 值得注意的是，高股息策略近年表现相对低迷，却意外推高了股息收益率。Purpose首席策略师克雷格·贝辛格指出："股息因子过去几年跑 输大盘，这种价值洼地效应反而放大了当前股息支付率。" 贝莱德研究报告指出，当前高股息股票相对估值处于十年低位：标普500高股息指数市盈率仅14.2倍，较科技股溢价率显著缩窄。这放大 了其股息吸引力。数据显示，本周标普500指数成分股中，有45家公司的12个月股息收益率超过4.33%的三个月期美国国债收益率，这一 数字较去年的14家大幅增长。 美国国债市场动态也为高股息资产添了一把火。除最长期限品种外，多数美债收益率已从两年前峰值回落。美联储为抑制通胀实施的激进 加息周期曾推高收益率，但近期市场进入震荡期，投资者正密切关注政 ...

苏州恒久光电科技股份有限公司拟对外投资涉及的上海憬芯科技有限公司股东全部权益价 值资产评估报告 资产基础法是从现时成本角度出发，以被评估单位账面记录的资产、负债 为出发点，将构成企业的各种要素资产的评估值加总减去负债评估值作为被评 估单位股东全部权益的评估价值。由于资产基础法固有的特性，评估师难以单 独准确地对被评估单位拥有的人才优势、产品优势、客户关系、销售网络、管 理能力、商誉等无形资产对被评估单位盈利能力的贡献程度单独一一进行量化 估值，因此采用资产基础法无法涵盖被评估单位整体资产的完全价值。收益法 评估结果涵盖了诸如人才优势、产品优势、客户关系、销售网络、管理能力、 商誉等无形资产的价值。收益法结果是标的企业的预计未来收益的现值估计， 所以收益法得出的评估值更能客观、科学、合理地反映被评估单位的股东全部 权益价值。因此，本次采用收益法评估结果作为本次评估结论。 在本资产评估报告所列的假设前提条件下，上海憬芯科技有限公司在评估 基准日的股东全部权益价值 21,200.00 万元(大写为人民币贰亿壹仟贰佰万元 整 ) 。 本评估结论仅为资产评估报告中描述的经济行为提供价值参考，评估结论 的使用有效期限自评 ...

Core Viewpoint - The company, Nichiha Precision Machinery (002520.SZ), is facing significant financial challenges, with expected losses in the first half of 2025 projected to increase by over 800% year-on-year due to the poor performance of its overseas subsidiaries, Airwork and MCM [1][3][4]. Financial Performance - The company has experienced a decline in revenue for three consecutive years since 2022, with net losses of CNY 1.53 billion, CNY 903 million, and CNY 675 million from 2022 to 2024 respectively [2]. - For the first half of 2025, the company anticipates a net loss of CNY 224 million to CNY 333 million, representing an increase of 855.45% to 1323.55% compared to the previous year [3]. Overseas Subsidiaries - The losses are primarily attributed to the underperformance of Airwork and MCM, both of which are overseas subsidiaries acquired by the company [1][4]. - Airwork's aircraft leasing business has significantly contracted due to global economic fluctuations and geopolitical conflicts, leading to a substantial decline in revenue and profits [4]. - MCM is also facing severe operational challenges, exacerbated by the European economic downturn and rising costs, resulting in an expanded loss in the first half of 2025 [4][7]. Asset Management and Debt - Airwork has been taken over by a syndicate due to failure to reach an agreement on asset sales to repay loans, with a remaining loan balance of approximately USD 88.31 million (around CNY 632 million) as of June 30, 2025 [5][6]. - The company has recognized the need for asset impairment provisions due to the forced disposal of Airwork's collateral assets for debt repayment [7]. - MCM has initiated bankruptcy protection procedures due to liquidity crises and operational difficulties, further complicating the company's financial situation [7][8]. Long-term Borrowing - Airwork has maintained substantial long-term borrowing, primarily for operational funding and capital expenditures, which is typical in the capital-intensive aircraft operation industry [11]. - The company has faced scrutiny regarding the necessity of maintaining high levels of long-term debt, which has been used for aircraft purchases and upgrades [11].

Core Viewpoint - The "corporate financing + actual controller guarantee" model effectively expands the range of recoverable assets for creditors in cross-border debt recovery, overcoming the limitations of traditional domestic recovery methods [1][6][12]. Group 1: Model Characteristics - The model allows creditors to pursue the global assets of the actual controller, thus providing a more efficient recovery path compared to traditional methods that are often limited by the debtor's asset availability [1][6][12]. - In typical financing transactions, creditors require multiple enhancement measures, with the most critical being the personal joint liability guarantee from the actual controller [4][12]. Group 2: Market Context - As of 2024, the scale of non-performing asset disposal in the banking sector reached 3.8 trillion yuan, with corporate financing significantly dominating the debt structure compared to personal loans [5]. - The trend of increasing domestic debt and the phenomenon of debtors transferring assets overseas to evade repayment obligations have made traditional recovery methods less effective [1][12]. Group 3: Strategic Advantages - The model enhances recovery rates by allowing creditors to access a broader range of assets, including high-value personal properties and investments held by the actual controller, both domestically and internationally [8][12]. - Legal frameworks such as the Uniform Fraudulent Transfer Act (UFTA) in the U.S. provide strong tools for creditors to counter asset transfer strategies employed by debtors [9][10]. Group 4: Global Asset Configuration - The model aligns with the trend of global asset allocation, as debtors often use offshore companies and trusts to hide assets, but established legal tools enable creditors to effectively address these complexities [12][13]. - The actual controller's wealth often exceeds the remaining assets of the company, particularly among high-net-worth individuals who commonly invest in overseas assets [7][12]. Group 5: Future Implications - The adoption of the "corporate financing + actual controller guarantee" model is crucial for Chinese financial creditors to maintain their rights and resolve debt issues in the increasingly complex global financial environment [13].

Core Viewpoint - The company Guangdong Hongming Intelligent Co., Ltd. has terminated its major asset restructuring plan due to the inability to reach a final agreement with the target company, Shenzhen Chisu Automation Equipment Co., Ltd. [1][3] Group 1: Company Overview - Guangdong Hongming Intelligent Co., Ltd. was listed on the Shenzhen Stock Exchange in December 2022 and specializes in the research, production, and sales of packaging equipment, primarily serving printing and packaging companies [3]. - Shenzhen Chisu, established in 2012, focuses on the research and sales of automation equipment, including automatic screw locking machines [3]. Group 2: Financial Performance - From 2020 to 2024, the company's revenue figures were 308 million, 324 million, 230 million, 175 million, and 201 million respectively, while net profits were 61 million, 67 million, 39 million, -17 million, and -10 million [4]. - In Q1 2025, the company reported a revenue of 46.81 million, a year-on-year decrease of 0.36%, and a net profit of 4.01 million, down 7.25% year-on-year [4]. Group 3: Market Conditions - The company attributed its 2023 losses to reduced demand from end customers, leading to a slowdown in fixed asset investments by downstream clients, which in turn caused a decline in sales [5]. - The packaging machinery industry is experiencing intensified competition, with companies lowering product prices to maintain market share, resulting in decreased gross margins [5]. Group 4: Strategic Moves - The failed acquisition attempt was seen as a strategy to enhance the company's operational scale and performance amid declining financial results [7]. - Following the announcement of the termination of the asset restructuring, the company's stock price experienced a significant increase, reaching a closing price of 39.72 yuan on May 22, with a peak of 44.02 yuan thereafter [7].

（一）本次交易总体方案 宁波长鸿高分子科技股份有限公司 宁波长鸿高分子科技股份有限公司第三届董事会独立董事专门会议第八次 会议于 2025 年 7 月 17 日下午 14:00 在公司会议室以现场结合通讯会议方式召开。 会议应到独立董事 3 人，实际出席 3 人。本次会议的召集和召开程序符合《中 华人民共和国公司法》和《公司章程》《独立董事工作制度》的有关规定。经与 会独立董事逐项审议，一致通过以下决议： 一、审议通过《关于公司符合发行股份、可转换公司债券及支付现金购买 资产并募集配套资金条件的议案》 表决结果：3 票赞成、0 票反对、0 票弃权。 二、逐项审议通过《关于公司发行股份、可转换公司债券及支付现金购买 资产并募集配套资金暨关联交易方案的议案》 表决结果：3 票赞成、0 票反对、0 票弃权。 （二）发行股份情况 表决结果：3 票赞成、0 票反对、0 票弃权。 表决结果：3 票赞成、0 票反对、0 票弃权。 表决结果：3 票赞成、0 票反对、0 票弃权。 表决结果：3 票赞成、0 票反对、0 票弃权。 表决结果：3 票赞成、0 票反对、0 票弃权。 表决结果：3 票赞成、0 票反对、0 票弃权。 表决 ...

中国连续三个月减持美国国债。 报道称，英国《金融时报》今年5月发表的一篇分析文章认为，中国持续减持美国国债，是出于对美方政策风 险、地缘政治冲突、资产冻结可能性以及回报率和安全性考量而采取的长期、渐进式"去美元化"策略。 另有分析认为，鉴于中美关系变化和外储资产配置多元化的趋势，中国的美国国债持仓仍可能稳步下降。未来 中国持仓的波动很大程度上仍受中美关系影响。 近年来，中国减持美债更多来自外汇储备资产多元化配置的需要，提升黄金配置占比就是促进多元化配置的一 种体现。 美东时间7月17日，美国财政部公布的国际资本流动报告（TIC）显示，中国5月减持9亿美元美国国债至7563 亿美元，为今年连续第三个月减持。减持后，中国对美国国债的持仓规模保持第三，美债的前两大海外"债 主"分别是日本、英国。 有分析称，中国持续减持美债更多来自外汇储备资产多元化配置的需要，提升黄金配置占比就是促进多元化配 置的一种体现，自2024年11月以来，中国央行已连续第八个月增持黄金储备。 整体来看，今年5月外国投资者持有的美债总额为9.05万亿美元，环比增加324亿美元，几乎完全抵消了4月份 的下降，使得总持有量达到历史第二高水平。显示 ...

AI基金农银国企改革混合（002189）披露2025年二季报，第二季度基金利润395.92万元，加权平均基金份额本期利润0.098元。报告期内，基金净值增长率 为5.01%，截至二季度末，基金规模为8258.4万元。 该基金属于灵活配置型基金。截至7月17日，单位净值为2.062元。基金经理是张峰，目前管理5只基金近一年均为正收益。其中，截至7月17日，农银策略精 选混合近一年复权单位净值增长率最高，达1.45%；农银国企改革混合最低，为0.6%。 基金管理人在二季报中表示，二季度我们整体保持中性偏低仓位，季度末进行了加仓操作，仓位提升到中性水平。组合二季度整体配置相对稳健防御，但通 过积极的选股，二季度组合配置的新一代核心资产标的表现较好，给组合带来了较大的贡献，组合在二季度跑赢了市场。目前组合保持中性仓位，后续将适 时继续对仓位进行调整。在配置上，我们将继续保持对低波红利相关板块的配置，同时继续加大寻找新一代核心资产标的来进行配置。同时组合也适时加大 了对金融板块的配置。目前组合主要配置在公用事业、运营商、银行、非银、交运、新消费等行业。 截至7月17日，农银国企改革混合近三个月复权单位净值增长率为5.1 ...