江苏苏博特新材料股份有限公司 编号：信评委函字2025跟踪 1167 号 江苏苏博特新材料股份有限公司 声 明 中诚信国际信用评级有限责任公司 | 江苏苏博特新材料股份有限公司 | | | | --- | --- | --- | | 本次跟踪发行人及评级结果 | 江苏苏博特新材料股份有限公司 AA-/稳定 | | | 本次跟踪债项及评级结果 | "博 22 转债" AA | | | 根据国际惯例和主管部门要求，中诚信国际需对公司存续期内的债券进行跟 | | | | 跟踪评级原因 | | | | 踪评级，对其风险程度进行跟踪监测。本次评级为定期跟踪评级。 | | | | 本次跟踪维持主体及债项上次评级结论，主要基于江苏苏博特新材料股份有 | | | | 限公司（以下简称"苏博特"或"公司"）拥有较高的行业地位，生产基地 | | | | 评级观点 | 多元化、产品竞争力较强、财务杠杆维持行业较低水平等方面的优势。同时 | | | 中诚信国际也关注到主要产品销售业绩下滑，盈利能力有所下降以及应收类 | | | | 款项规模较大并对资金形成一定占用等因素对其经营和整体信用状况造成 | | | | 的影响。 | | | ...

当地时间6月25日，北约发表联合声明，同意到2035年将其国防开支目标从国内生产总值的2%增加到5%，这是北约十多年来最果断的举措。 在联合声明中，北约表示将"团结一致地面对深刻的安全威胁和挑战"。 北约盟国同意到2035年将其国防开支目标从国内生产总值的2%增加到5%，美联储主席鲍威尔第二天亮相国会，稳定币再迎利好，诸多消息让 美股热闹非凡。 周三美股开盘后表现平稳，但仍然有多个热点板块和个股值得投资者关注。 北约宣布提高国防支出 "北约承诺到2035年每年将GDP的5%投资于核心国防需求以及与国防和安全相关的支出，以确保我们个人和集体的义务。"声明表示。 声明强调，5%的数字由"至少"GDP的3.5%组成，这些GDP应该用于"纯粹"的国防，其余的用于安全和与国防相关的"关键基础设施"，以确保"我们的民用准备和 复原力，释放创新，并加强我们的国防工业基础"。 欧洲军工股今年以来整体表现出色。德国装甲车制造商莱茵金属公司（Rheinmetall）股价在过去12个月飙升248%，成为明星股。欧洲海事无人机系统供应商 Exail Technologies SA年内涨幅高达444%，而聚焦坦克与舰艇发动机小型生产商 ...

美联储主席鲍威尔：对近期推进巴塞尔协议III和补充杠杆率（SLR）措施充满信心。 ...

美联储主席鲍威尔：今天将披露关于补充杠杆率（SLR）反馈意见的某些信息。 ...

美联储主席鲍威尔：今天将就补充杠杆率（SLR）相关事项发布意见。 ...

现在的A股被消息操控！股价跟着波动，典型的「外部杠杆行情」！ 市场还专玩反套路：都说利空出尽是利好，结果成了资金跑路的信号；盼着利好能赚钱吧，机构早悄悄撤了，散户反复被割。 最近又有消息：美联储降息的预期又上升了，之前还不降息呢，短短几天又变了，到底怎么回事？今天我来好好讲讲！ 一，美联储7月降息预期大增 最近关于美联储降息的消息真是越来越热闹了。美联储副主xi鲍曼又出来吹风了，意思挺明白：要是通胀能老老实实保持温和，她个人是支持在7月份就动 手降息的。 这可不是孤例，之前美联储理事沃勒也表达了差不多的想法。 说实话，这两位大佬的表态，直接把7月降息这把火给点旺了。 关键的7月降息窗口就在7月30日，算算还有一个多月的时间。 如果懂王真能在关税谈判上发力，敲定那么一两个重要协议，那7月降息这事儿，概率可就大大提升了。 美联储现在的处境有点像走钢丝，压力越来越大，硬撑着不降息的时间越久，后面一旦撑不住，那降息的动作可能反而会来得更快更猛。 二，放水 但很多人都在等美联储降息，觉得只有它放水了，A股才能真正起飞，来一波大行情。这逻辑听着是顺，可现实呢？这两天A股难道没涨吗？ 看看盘面，普涨的架势也挺热闹。这就很有 ...

Core Viewpoint - The Zheng family, led by Zheng Jiachun, is actively working to reduce debt and improve liquidity through various measures, including refinancing loans and leveraging their subsidiary Chow Tai Fook for financial support [1][8][9]. Group 1: Debt Management and Financial Status - New World Development, founded by Zheng Yutong, is facing liquidity challenges due to high leverage, with total debt exceeding HKD 151 billion and a net debt ratio of 57.5% as of the end of 2024 [11][5]. - The company is in discussions with creditors for refinancing existing loans, with a potential agreement for HKD 87.5 billion [4][3]. - New World has delayed interest payments on perpetual bonds totaling USD 3.4 billion, which could increase debt costs and complicate refinancing negotiations [13][14]. Group 2: Sales Performance and Market Strategy - New World achieved contract sales of approximately HKD 24.8 billion from July 2024 to May 2025, exceeding 95% of its annual sales target [21]. - The mainland market, contributing 70% of revenue, has shown strong sales, prompting management to raise the sales target for the year from RMB 11 billion to RMB 14 billion [23][24]. - The company is focusing on asset management and plans to generate HKD 26 billion in cash flow for the fiscal year ending June 30, 2025 [36]. Group 3: Leadership and Management Changes - Zheng Jiachun has appointed his daughter, Zheng Zhiwen, to the core management team, indicating a potential succession plan [26][29]. - The company continues to rely on professional managers for daily operations, with a focus on reducing leverage as a primary goal [35][32]. Group 4: Chow Tai Fook's Performance - Chow Tai Fook, the flagship of the Zheng family, is also undergoing transformation, planning to issue HKD 8.8 billion in convertible bonds for business development and store upgrades [45]. - The company reported a decline in revenue and net profit for the fiscal year 2025, with revenue dropping to HKD 89.66 billion and net profit to HKD 5.916 billion [48]. - Chow Tai Fook has closed 905 stores in the past year, reducing its total to 6,644, while improving average monthly sales per store [49].

转自：新华财经 新华财经北京6月25日电（崔凯）随着美联储连续第四次将基准利率维持在4.25%至4.5%的区间，多位 联储高官近日陆续就未来政策路径发表看法，显示出内部对降息时机及经济前景存在显著分歧。 克利夫兰联储主席梅斯特·哈马克（Loretta Mester）周二表示，当前利率水平"仅具适度限制性"，距离 中性利率已非常接近。她在伦敦一场会议的预备发言中指出，尽管近期通胀有所回落，但距离实现美联 储2%的目标仍有"一段路要走"。她强调，目前的通胀数据具有滞后性，可能无法准确反映如油价上涨 等最新变化所带来的通胀预期风险。 "在委员会启动非常温和的降息、将政策回归中性水平之前，政策可能会在一段时间内保持不变。"哈马 克说道。她所指的"委员会"即为联邦公开市场委员会（FOMC），即美联储的决策机构。 本月早些时候，美联储决定继续按兵不动，以观察特朗普政府关税政策及其他措施对经济增长和通胀的 影响。此外，中东局势紧张也加剧了全球经济不确定性。 尽管6月会议上公布的利率预测显示，美联储官员中位数预期今年将有两次降息，但观点分歧明显—— 有7位官员预计全年不会降息。 监管议题同步推进：杠杆率改革提上议程 除了货币 ...

近期，A股商场交投热度不减，杠杆资金仍保持高位。 | 序号 | | | | | 融资余额变化(%) | | --- | --- | --- | --- | --- | --- | | | 4383 | 名称 | 融资余额(万元) | 近一周 | 东财行业 | | I | 301292.SZ | 第城交换 | 9,057.02 | 215.36 | 制造业 | | 2 | 834407.BJ | 能减股份 | 2,868.32 | 171.94 | 制造业 | | 3 | 833427.BJ | 华维设计 | 1,680.89 | 152.82 | 科学研究和技术服务业 | | 4 | 301176.SZ | 逸豪新材 | 8,127.55 | 106.39 | 制造业 | | ટે | 836221.BJ | 易实病密 | 1,590.43 | 87.78 | 制造业 | | 6 | 833873.BJ | 中设咨询 | 274.16 | 87.12 | 科学研究和技术服务业 | | 7 | 600377.SH | 宁沪高速 | 3,824,38 | 82.32 | 交通运输、仓储和邮政业 | | 8 | 3 ...

Core Viewpoint - The Zheng family, led by Zheng Jiachun, is actively working to manage and reduce debt amid a liquidity crisis faced by New World Development, a property company with significant leverage and debt burdens [5][10][12]. Group 1: Debt Management and Financial Status - New World Development is negotiating a refinancing deal of up to HKD 87.5 billion to alleviate financial pressure [5][15]. - As of the end of 2024, the company has total borrowings exceeding HKD 151 billion, with a net debt ratio of 57.5% and short-term debts exceeding HKD 32 billion, while cash reserves stand at HKD 21.8 billion [10][11]. - The company has delayed interest payments on perpetual bonds totaling USD 3.4 billion, which may increase debt costs and affect refinancing negotiations [12][11]. Group 2: Sales Performance and Market Strategy - New World achieved contract sales of approximately HKD 24.8 billion from July 2024 to May 2025, exceeding 95% of its annual sales target [17]. - The mainland market, contributing 70% of revenue, has seen smooth sales, with cumulative contract sales reaching approximately RMB 13.4 billion [19]. - The management has raised the sales target for the mainland from RMB 11 billion to RMB 14 billion for the year [20]. Group 3: Leadership and Management Changes - Zheng Jiachun has appointed his daughter, Zheng Zhiwen, to the core management team, indicating a potential succession plan [22][24]. - The company continues to rely on professional managers for daily operations, especially after the resignation of the previous CEO [27]. - The new management is focused on reducing leverage and improving cash flow, with a target of generating HKD 26 billion in cash for the fiscal year ending June 30 [30]. Group 4: Broader Business Context - The Zheng family's business interests span various sectors, including jewelry, retail, and infrastructure, with Chow Tai Fook, a leading jewelry retailer, also facing challenges [35][36]. - Chow Tai Fook plans to issue HKD 8.8 billion in convertible bonds to support its business amid declining revenues and store closures [38][39]. - The family's other business, which includes infrastructure and logistics, has shown resilience, with a reported profit increase of 15% in the first half of the fiscal year [44].