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北京赛微电子股份有限公司 信息披露暂缓与豁免管理制度 北京赛微电子股份有限公司 信息披露暂缓与豁免管理制度 第一章 总则 第一条 为规范北京赛微电子股份有限公司（以下简称"公司"）的信息披 露暂缓与豁免行为，确保公司及相关信息披露义务人（以下简称"信息披露义务 人"）依法合规履行信息披露义务，根据《中华人民共和国证券法》、《上市公司 信息披露管理办法》、 《深圳证券交易所创业板股票上市规则》、 《深圳证券交易所 上市公司自律监管指引第 2 号——创业板上市公司规范运作》、 《上市公司信息披 露暂缓与豁免管理规定》、 《北京赛微电子股份有限公司章程》 （以下简称"《公司 章程》"）等规定，特制定本制度。 第四条 公司及相关信息披露义务人有确实充分的证据证明拟披露的信息 涉及国家秘密或者其他因披露可能导致违反国家保密规定、管理要求的事项（以 下统称"国家秘密"），依法豁免披露。 第五条 公司及相关信息披露义务人有保守国家秘密的义务，不得通过信 息披露、投资者互动问答、新闻发布、接受采访等任何形式泄露国家秘密，不得 以信息涉密为名进行业务宣传。 公司的董事长、董事会秘书应当增强保守国家秘密的法律意识，保证所披露 的 ...

Core Viewpoint - The narrative of Chinese household debt resembles a suspense drama, characterized by rapid growth in the past decade followed by a sudden slowdown in recent years, with ordinary individuals facing the burden of monthly payments and consumer credit [1] Data Overview - As of the end of 2024, the total household debt from banks in China is 82.84 trillion yuan, which is approximately 61.4% of GDP; including public housing fund loans, total household debt reaches between 90 trillion to 91 trillion yuan, equating to about 67.4% of GDP, close to the US's 69% and slightly above Japan's 65% [2] - The comprehensive debt ratio is projected to approach 60% in 2024, with particularly high debt levels among younger generations (post-90s and post-00s) and middle-aged groups, and some first-tier cities exceeding a 70% debt ratio [2] International Comparison - In the US, the household debt leverage ratio is 69.2%, slightly higher than China's, but the gap is less than 10 percentage points; this figure has decreased from 78.7% in 2017 due to deleveraging policies post-2008 financial crisis and mortgage rate adjustments after the 2020 pandemic [4] - Japan's household debt leverage ratio is around 65%, similar to China's, influenced by a long-term low-interest environment and real estate market conditions [6] - Germany's leverage ratio stands at 50%, significantly lower than China's, attributed to a stable financial system and strict banking regulations; the Eurozone's overall leverage ratio is 51.5%, also below China's [6] Debt Composition - Mortgage loans account for 38.2 trillion yuan at the end of 2024, representing 46% of total household loans; when including public housing fund loans, the mortgage share exceeds 55% [7] - Consumer loans, excluding mortgages, have a balance of 18.9 trillion yuan, with a growth rate of 12% in 2024 [7] - Business loans for residents total 21.8 trillion yuan, with a growth rate of 16%, indicating their potential impact on the overall debt landscape [8] Socioeconomic Insights - High-net-worth individuals maintain low leverage, using debt as a tool for asset acquisition [9] - The new middle class faces significant debt from mortgages, car loans, and education-related expenses, often leading to financial strain [10] - The stark reality is that the same 67% leverage ratio can represent asset allocation for some and survival struggles for others [10] Future Scenarios - Scenario A (50% probability): Housing prices stabilize with slow income growth, maintaining a leverage ratio around 67% for three years, with a slight increase in consumer loan proportion [11] - Scenario B (30% probability): Local housing price corrections of 20% in high-value cities lead to negative equity situations, with bank non-performing loan rates rising to 2% and policy interventions to stabilize the market [12] - Scenario C (20% probability): A black swan event causes a wave of unemployment and falling housing prices, deteriorating household balance sheets and consumer spending, potentially dropping GDP growth below 3% [12] Conclusion - Debt is not inherently negative; it merely shifts future financial resources to the present. The critical issue lies in whether the debt is used for asset acquisition or speculative bubbles, reflecting the desires, fears, and choices of each household [14]

随着亚洲在全球新增高净值人士中所占的份额持续增长，作为财富集中地的香港，正日益成为亚洲财富 管理的重要枢纽，这也使得香港在私人银行领域的关键地位持续强化。 近日，瑞士宝盛发布了《2025年全球财富及高端生活报告》（下称《报告》）。《报告》显示，鉴于地 区内多个发展中城市的经济继续呈上升趋势，亚太地区仍是全球生活成本较高的区域。同时该报告指 出，尽管香港仍然是全球生活成本最高的城市之一，其投资移民计划正在对内地及全球高净值人士构成 显著吸引力。 这一趋势在香港金融市场的最新动态中得到了充分印证。从外资私人银行的积极布局到内地银行机构的 持续谋划，从 "新投资移民"计划到IPO市场的强劲反弹，种种迹象显示，这座国际金融中心城市在全球 财富版图中的核心地位正不断强化。 亚洲财富快速增长 近年来，香港市场展现出强劲的韧性，这一特质在毕马威中国去年年末发布的《2024 年香港私人财富 管理报告》中可见一斑。毕马威称，参与调研机构在资金净流入连续两年下降后，于2023年迎来了行业 的转折点，当年资金净流入量达到 2022 年的近三倍。更值得关注的是，参与调查的金融机构普遍对未 来五年市场前景持乐观态度。 这一市场信心与实 ...

Core Viewpoint - The recent 232 investigations by the U.S. extend from upstream basic materials to downstream high-tech applications and derivatives, indicating a need for vigilance in the industry [1] Group 1: Investigations Overview - The U.S. has initiated two new 232 investigations concerning "drone systems and their components" and "polysilicon and its derivatives," which began on July 1 and are currently in the public comment phase [2][3] - The investigations aim to assess the impact of these products on national security, focusing on domestic production capabilities and foreign supply chain roles [3] Group 2: Industry Implications - The products under investigation lack comparative advantages in the U.S. market, suggesting that imposing tariffs could harm domestic supply chains [1][3] - The investigations are seen as a pretext for implementing protective tariffs to promote domestic production and reduce reliance on foreign imports [3][5] Group 3: Historical Context and Future Outlook - Previous 232 investigations, such as those on steel and aluminum, followed a similar logic, where the U.S. established strategic importance for certain products and quantified the national security threats posed by imports [5][6] - The U.S. is likely to continue favoring tariff measures as a means of addressing perceived national security threats in various industries [4][5]

洞见 （ DJ00123987 ） —— 不一样的观点，不一样的故事， 3000 万人订阅的微信大号。点击标题下蓝字 " 洞见 " 关注，我们将为您提供有价值、有意思的 延伸阅读。 作者：洞见Moon 种下好关系的种子，家才会越过越好。 ♬ 点上方播放按钮可收听洞见主播周周朗读音频 心理学家恒子曾说：家庭和睦比什么都重要，只要守护好它，其他一切都会慢慢变好。 然而现实生活中的很多家庭，却是整日争吵不休。 家庭成员把大部分精力都用在了处理家庭纠纷上，最终越过越落魄。 一个矛盾不断、内耗不止的家庭，就是一座逃不出去的围城，没有硝烟的战场。 只有把家庭关系处理好，家人拧成一股绳，这个家才能不断向上走。 想要家庭和谐美满，一定要警惕这七种行为。 01 把糗事当谈资 电视剧《离婚女人》中，妻子姜欣经常当着外人抖漏丈夫的糗事。 一次饭局上，姜欣又当着众人说丈夫动手能力差得不行，连饭都蒸不熟。 袜子也经常穿错，有一次还穿着两只不同颜色的袜子出门了…… 丈夫脸上挂不住，拉着她就要走。 朋友们也劝她别再说了。 姜欣非但不听，反而说丈夫在家里就像哈巴狗一样，只会舔着自己。 丈夫忍无可忍，当即就要和她离婚。 一个家庭，也因此变得支 ...

根据香港特区政府网站报道，2025年6月27日，香港特区政府委任的34名特首顾问团成员之中，除了新增的三名成员之外，有一个人未能继任，他就是李嘉 诚旗下长和集团主席李泽钜。 在英国人的支持之下，在香港崛起并成为香港首富之后，李嘉诚麾下的长和集团，一直是香港最具影响力的财团之一。 也正是依靠这种影响力，李嘉诚不仅在香港如鱼得水、获得了海量的利润和影响力，同时，还在大陆乃至于全世界广泛投资，攫取高额利润。 如今的长和集团，依然拥有偌大的影响力，依然是香港最具影响力的房地产公司，在香港甚至稳坐头把交椅，李嘉诚家族的财富，也没有缩水迹象，在香港 乃至于全世界依然数一数二。 既然如此，作为长和集团主席的李泽钜，为什么反而成为唯一一个没有继任香港特首顾问团的前成员呢？ 也就是说，这其实是一个能够影响香港未来发展的高层智囊团，无论是对于香港的发展，还是香港财团本身的利益，都是十分重要的。 而对于这样如此重要的一个顾问团，李泽钜却并未当选，这很显然是一个十分明显的信号。 虽然无论是香港特首顾问团还是李泽钜都并未对于这件事发表言论，但是很显然，这件事，与去年长和集团不顾祖国的利益，向西方国家出售巴拿马运河港 口事件，密切相关。 ...

乌克兰批准延长国家战时状态 智通财经7月16日电，据央视军事，乌克兰最高拉达当天投票通过了总统泽连斯基14日提交的关于再次 延长国家战时状态和军事动员90天的总统令草案。根据草案，乌克兰国家战时状态和军事动员将在8月6 日到期后延长至11月5日。这是自2022年2月俄乌冲突升级以来，乌克兰最高拉达第16次批准延长该法 令。 ...

她对此感到厌烦 徐爱之 7 月 13 日娃哈哈宗家争产之战浮出水面。外界有些观点感叹：宗庆后这位朴素的民族企业家、布 鞋董事长，有三个私生子，还向海外转移巨额资金，同时也为宗馥莉鸣不平：正室嫡出大小姐居然 被二妈和庶出弟妹们抢遗产！ 宗继昌、宗婕莉、宗继盛，自称是宗馥莉同父异母的弟、妹，在香港高等法院和杭州市中级人民法 院起诉宗馥莉。 他们在 香港申诉 的核心指向冻结并保全父亲为其设立的家族离岸信托基金。 2003 年宗庆后为非 婚生儿女设立家族信托基金，总计有 21 亿美元，陆续装入 18 亿美元后宗庆后去世了；该账户在 今年 5 月时被发现异常：宗馥莉从其中转走 110 万美元。 在 杭州申诉 的核心，聚焦于分割继承宗庆后的股权。他们认为，作为宗庆后的儿女，有权继承父 亲去世后，被大姐宗馥莉独占的娃哈哈集团股权，这部分股权占比 29.4% ，估值超 200 亿元。 豪门争斗万变不离其宗，真相多围绕 名利二字 。在这个有影响力且涉及巨额财富的家族斗争故事 里，凸显出的要么是人性要么是智性。有人说争产隐藏的金融结构设计能力，足以载入中国民营企 业控股权再分配史册；有人说二妈只是想要 300 多亿元吗？格局太小 ...

Group 1 - The "2025 China Home Appliance Health Trend Summit Forum" was held in Beijing, releasing the "2025 China Home Appliance Health Trend White Paper," focusing on health scenarios and analyzing the development direction and major trends in the health sector of the home appliance industry [1] - The health home appliance market is experiencing significant growth, driven by the old-for-new policy and national subsidies, with sales of health-labeled appliances like air conditioners, refrigerators, washing machines, and air purifiers rapidly increasing on platforms like JD.com [1] - Gree Electric Appliances has upgraded its brand strategy by launching "Dong Mingzhu Health Home," aiming to create a comprehensive smart health home ecosystem that emphasizes high-quality products and services for consumers [1] Group 2 - Health is identified as the "renewal engine" for activating the home appliance domestic demand market, with the new round of old-for-new policies serving as both support and a test of the industry's innovation capabilities [2] - The development of health home appliances faces challenges, including the need to distinguish genuine consumer needs from superficial marketing claims, the necessity of interdisciplinary collaboration, and the shift from price competition to value competition [2]