南华期货硅产业链企业风险管理日报 2025年6月19日 夏莹莹（投资咨询证书：Z0016569 ） 余维函 （期货从业证号：F03144703） 投资咨询业务资格：证监许可【2011】1290号 工业硅&多晶硅期货价格区间 | 品种 | 价格区间预测 | 当前波动率（20日滚动） | 日涨跌 | 当前波动率历史百分位（3年） | 日涨跌 | | --- | --- | --- | --- | --- | --- | | 工业硅主力合约 | 震荡区间7200-7700 | 28.0% | 0.09% | 84.4% | 0.4% | | 多晶硅主力合约 | 强压力位35000 | 24.45% | -0.27% | 57.01% | -0.5% | source： 南华研究,同花顺 工业硅&多晶硅风险管理策略建议 | 行为 导向 | 情景分析 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例 | | --- | --- | --- | --- | --- | --- | | 库存 | 产品库存偏高，有存 | 为了防止存货减值，根据企业库存情况，做空期货来 锁定利润，弥补企业的生产成本 | SI2509/P ...

金十数据6月19日讯， 汇丰环球研究发报告指，中国电动车价格和销量面临挑战，主要受需求冷淡和消 费交易下降所致。因近期新车上市价格普遍低于预售价格，又因夏季通常为淡季，因此该行预期未来几 个月中国电动车的价格环境可能仍会受压。其次，中国电动车正在进行产业整合，故有短暂的波动性。 另外，由於原始设备制造商付款周期缩短，供应商将因此受惠。汇丰见业界定价和产量面临更多挑战， 相对於原始设备制造商，更为青睐稳健的供应商，包括福耀玻璃(03606.HK)、 宁德时代(03750.HK)和拓 普。 汇丰：中国电动车价格和销量面临挑战 未来几个月价格仍会受压 ...

Core Viewpoint - Shanxi Construction Investment's listed company Huakong Saige has decided to acquire 100% equity of Beijing Qingkong Zhongchuang Engineering Construction Co., Ltd. and increase its registered capital to optimize resource allocation and improve management efficiency [1][2]. Group 1: Acquisition Details - Huakong Saige plans to acquire 82% of Qingkong Zhongchuang from its wholly-owned subsidiary Beijing Zhonghuan Shiji Engineering Design Co., Ltd. and 18% from its controlling subsidiary Beijing Qingkong Renju Environmental Research Institute Co., Ltd. for a total price of 9.1833 million yuan [2]. - After the acquisition, Huakong Saige will hold 100% equity of Qingkong Zhongchuang and will inject 80 million yuan into the company, increasing its registered capital from 20 million yuan to 100 million yuan [2][3]. Group 2: Strategic Implications - The increase in registered capital will facilitate Qingkong Zhongchuang's entry into emerging fields such as water resource management and ecological restoration, enhancing its ability to undertake high-value projects and optimize its profit structure [3]. - The acquisition aims to reduce the corporate hierarchy, promote industrial integration, and address issues of industry competition, aligning with the overall strategic planning of Huakong Saige [2][3]. Group 3: Company Background and Performance - Huakong Saige, listed in 1997, has faced fluctuating operational performance and has often been in a loss-making state [4]. - Since the acquisition of Huakong Saige by Shanxi State-owned Assets Operation Company in 2019, significant changes have been made to the board and management, leading to improved financing and capital restructuring capabilities [6]. - Recent announcements indicate that Huakong Saige's operational conditions have shown notable improvement, with expectations for enhanced revenue from ongoing projects [6].

Core Insights - The Sci-Tech Innovation Board (STAR Market) has evolved from a reform "testbed" to a highland for technological innovation, with a focus on six strategic emerging industries, achieving a total of 588 listed companies and a market capitalization exceeding 6.8 trillion yuan by June 2025 [1][2] Industry Overview - The STAR Market is particularly concentrated in the integrated circuit and pharmaceutical sectors, with 119 and 113 listed companies respectively, making it a major listing venue globally outside the US and Hong Kong [2] - The introduction of the "Eight Measures" has further stimulated resource allocation and industrial vitality in these sectors [2] Company Performance - Union Medical (688271.SH) raised 10.988 billion yuan during its IPO in August 2022, using the funds to enhance global expansion and production capacity for high-end medical imaging equipment [3] - The capital raised has significantly supported Union Medical in achieving breakthroughs in core technologies and establishing a complete self-research system for key components [3][4] - Aibo Medical (688050.SH) has experienced continuous revenue and net profit growth since its listing in 2020, with a compound annual growth rate of 39.56% in R&D investment from 2022 to 2024 [5][6] Market Dynamics - The STAR Market has become a key driver of domestic pharmaceutical innovation, with 33 globally new Class 1 drugs launched by STAR-listed companies since 2018, accounting for approximately 14% of all domestic Class 1 drugs approved during the same period [7] - In the integrated circuit sector, STAR-listed companies achieved a combined revenue of 72.182 billion yuan in Q1 2025, representing a 24% year-on-year increase, and a net profit of 4.479 billion yuan, up 73% [7][8] Strategic Developments - Companies like Longxin Zhongke (688047.SH) have accelerated their R&D iterations post-listing, increasing their annual new chip releases from 1-2 to 4-5 [8][9] - The ongoing push for domestic chip production is creating rapid development opportunities for chip companies, with significant growth in revenue and profitability observed [9][10] M&A Activity - The STAR Market encourages mergers and acquisitions as a means for companies to achieve external growth, with several notable cases emerging in 2023 [10][11] - Companies are actively seeking M&A opportunities to enhance their technological capabilities and market presence, with a focus on strategic alignment and operational synergy [11][12]

Core Viewpoint - Changan Automobile's recent appointment of two "Product CEOs" for its brands Inception and Genesis signifies a strategic shift towards integrating product management with marketing, aiming to enhance market competitiveness and sales [3][4][5] Group 1: Company Strategy - The new Product CEOs, Di Zhirui and Yuan Zhixiong, both from the marketing department, will report directly to the executive vice president, Ye Pei, indicating a focus on aligning product decisions with user needs [4][5] - This restructuring aims to eliminate departmental barriers and promote efficient resource utilization and collaboration, thereby improving overall operational efficiency [4][6] - The move reflects a broader trend in the automotive industry, where companies are increasingly prioritizing product-centric thinking to adapt to market changes [5][6] Group 2: Industry Trends - The emergence of "Product CEOs" highlights a significant transformation in the automotive sector, as manufacturers shift from an engineering-driven approach to one that emphasizes user-centric product design [6][7] - As the industry transitions to electric and smart vehicles, the definition of automobiles is evolving from mere transportation tools to "third living spaces," integrating advanced technologies [6][7] - The competitive landscape is changing, with user demand now driving product design, necessitating a more integrated approach to product planning and marketing [7][8] Group 3: Future Implications - Changan's initiative is seen as a precursor to a larger industry consolidation, where over 300 electric vehicle brands in China may need to collaborate and integrate to survive [7][8] - The ultimate goal of these changes is to create a user-centered service ecosystem, moving from traditional manufacturing to a focus on user service [7][8] - The success of this transformation will depend on the ability to translate market insights into product development and ensure that manufacturing aligns with user experience standards [8]

证券时报记者程丹 私募基金收购上市公司的热潮不断涌现。鸿合科技近日表示，合肥瑞丞私募基金管理有限公司拟以 15.75亿元收购该公司25%股份并取得控制权。这是"并购六条"发布以来，A股市场披露的第6单私募股 权创投基金收购上市公司的案例。 更多私募料参与其中 在现已披露的6单私募股权创投基金收购上市公司的案例中，市场更关注2单，关注度主要集中在两起具 有标杆意义的交易上：一是启明创投拟以4.52亿元收购天迈科技26.10%股份，二是合肥瑞丞私募基金计 划以15.75亿元收购鸿合科技25%股份。这两起交易无论哪宗获得监管部门通过，都将在一定程度上对 行业形成示范效应。 监管部门多次明确表示支持私募基金以产业整合为目的收购上市公司，这与市场需求不谋而合。中央财 经大学资本市场监管与改革研究中心副主任李晓认为，部分上市公司有寻找赋能方和融资方等诉求，希 望有新的伙伴加入，私募基金在产业链上下游往往有众多被投企业，若能入主上市公司，可借助上市公 司主体发挥产业协同效应，实现上市公司做大做强，随着政策红利持续释放，市场需求被充分激发。 年内披露多个收购案例 以年初启明创投拟4.52亿元收购天迈科技26.10%股份为始， ...

Transaction Overview - Shenzhen Huakong Saige Co., Ltd. decided to acquire 82% equity of Beijing Qingkong Zhongchuang Engineering Construction Co., Ltd. and increase its registered capital by 80 million yuan, raising the total to 100 million yuan [1][2] - The board of directors approved the acquisition and capital increase without requiring shareholder meeting approval, as it does not constitute a related party transaction or a major asset restructuring [1] Target Asset Information - Beijing Qingkong Zhongchuang Engineering Construction Co., Ltd. was established on September 12, 2018, with a registered capital of 20 million yuan and specializes in construction management and various engineering projects [2] - The company holds 15 construction qualifications, including four second-level general contracting qualifications and nine second-level specialized contracting qualifications [2] Financial Data - As of the end of 2022, total assets were 1.1078 billion yuan, total liabilities were 987.96 million yuan, and net assets were 119.85 million yuan [3] - For 2023, total assets decreased to 961.26 million yuan, while total liabilities slightly decreased to 979.61 million yuan, resulting in negative net assets of 18.36 million yuan [3] - The company reported a significant increase in operating income from 77.13 million yuan in 2022 to 301.15 million yuan in 2024 [3] Capital Increase Purpose - The capital increase aims to break professional barriers and facilitate entry into emerging fields such as water conservancy and ecological restoration [5] - It is expected to enhance Qingkong Zhongchuang's ability to undertake high-value projects and optimize its overall profit structure [5] Strategic Impact - The acquisition aligns with the company's strategic planning to reduce corporate layers, promote industry integration, and improve resource allocation and decision-making efficiency [4][5] - The move is also intended to address issues of industry competition and enhance the company's long-term interests [5]

Board Meeting Summary - The board meeting of Aerospace Morning Light Co., Ltd. was held via communication voting, with all 8 directors participating, confirming compliance with relevant laws and regulations [1][2]. Key Resolutions - The board approved the election of Zhao Kang as the legal representative of the company, with a unanimous vote of 8 in favor [1]. - The board nominated Tian Jiangquan as a candidate for the board of directors, with a unanimous vote of 8 in favor, pending approval at the shareholders' meeting [2]. - The board approved the liquidation and deregistration of Aerospace Morning Light (Hong Kong) Co., Ltd., which has been underperforming with minimal revenue, also receiving a unanimous vote of 8 in favor [2][3]. - The board approved an optimization adjustment of the company's internal structure to enhance management efficiency and focus on core functions, with a unanimous vote of 8 in favor [3]. - The board approved the integration of the company's industrial structure and organizational adjustments to streamline operations into five business categories, also receiving a unanimous vote of 8 in favor [4]. - The board approved the convening of the first temporary shareholders' meeting of 2025, with a unanimous vote of 8 in favor [4]. Candidate Profile - Tian Jiangquan, born in September 1972, holds a Master's degree in Business Administration and has extensive experience in various leadership roles within the China Aerospace Science and Industry Corporation [6].

Core Viewpoint - The strategic cooperation between Guangzhou Light Industry Group and Taimoshi has garnered significant market attention, with Guangzhou Light Industry Group aiming to enhance Taimoshi's business development through its advantages in channels, branding, and supply chain [2][3]. Group 1: Strategic Cooperation - Guangzhou Light Industry Group's strategic partnership with Taimoshi is a practical implementation of the Guangzhou municipal government's initiative to build a modern industrial system [2]. - Taimoshi will become the only listed platform for Guangzhou Light Industry Group's textile and apparel sector as the cooperation deepens [2]. - The partnership aims to leverage Guangzhou Light Industry Group's extensive sales network to expand Taimoshi's market reach and prioritize business opportunities for Taimoshi [2]. Group 2: Share Transfer Agreement - Taimoshi announced that its controlling shareholder, Rugao Xintai Investment Co., Ltd., plans to transfer 29.99% of its unrestricted circulating shares to Guangzhou Light Industry Group [3]. - If the transaction is successfully completed, Guangzhou Light Industry Group will become the controlling shareholder of Taimoshi, with the Guangzhou municipal government as the actual controller [3]. - The transaction price and key terms are yet to be finalized, indicating significant uncertainty [3]. Group 3: Company Background - Taimoshi, officially known as Jiangsu Taimoshi Knitting Technology Co., Ltd., was established in August 1992 and specializes in the R&D, production, and sales of knitted fabrics and garments [3]. - The company provides OEM services for well-known brands such as Decathlon, Semir, and Anta, among others [3]. - Guangzhou Light Industry Group is the first large-scale enterprise group in Guangzhou that integrates industry and trade, with the Guangzhou municipal government holding 90.03% of its shares [3].

Group 1 - Providence Equity Partners has acquired a controlling stake in Global Critical Logistics (GCL), a logistics company specializing in post-show logistics, with the deal reportedly valued at over $1 billion [1][3] - GCL's core logistics company, Rock-it Cargo, has a long history of servicing major artists and provides comprehensive solutions including international scheduling, equipment customs clearance, and on-site support [3][5] - The acquisition allows Providence to gain a highly specialized asset and control over the global live entertainment industry's logistics infrastructure, marking a significant step in their strategic industry integration [5][12] Group 2 - Providence has previously invested in various segments of the live entertainment industry, including content rights, artist management, and venue operations, creating a complete industry chain from content generation to consumption [5][7] - The company has established a music copyright investment platform, Tempo Music Investments, to acquire high-value music rights, aiming to build a sustainable cash flow system [7][9] - Providence's investment strategy reflects a deep understanding of the structural dynamics within the live entertainment industry, positioning logistics as a critical component of the overall ecosystem [12][19] Group 3 - The live entertainment sector is becoming increasingly attractive to private equity firms as they seek new investment opportunities beyond the overheated music copyright market [13][30] - Recent trends show a growing number of private equity firms entering the live entertainment space, with significant acquisitions and expansions occurring across Europe [15][17] - The financialization of live entertainment may lead to rising ticket prices and increased commercial partnerships, impacting the market dynamics for mid-tier artists and independent festivals [28][30] Group 4 - The entry of private equity into the live entertainment industry has sparked tensions between artists and investors, particularly regarding the values and cultural significance of events [20][24] - Many live events are rooted in cultural and community values, which may clash with the profit-driven motives of private equity firms [24][26] - The ongoing financial pressures may lead to a homogenization of content and a dilution of cultural values within the live entertainment space [28][31] Group 5 - Despite challenges, private equity interest in the live entertainment sector remains strong, with investments expanding into technical support and audience experience [30][31] - The future of live entertainment may see a trend towards productization, with a focus on artist performances and audience engagement becoming more commercialized [33] - Balancing capital interests with the cultural integrity of the industry will be a critical issue moving forward [33]