在6月一轮涨势将铅价推升至两个月高位后，上涨动能出现衰竭，期价在7月展开了回调，并跌穿17000 点重要支撑。 中东对我国出口铅蓄电池征收不同程度的关税，对铅市需求冲击大吗？目前再生铅企业生产仍然亏损 吗？复产情况如何？最近铅下游开始进入旺季了吗？铅锭累库状态何时能够结束？结合当前的基本面来 看，沪铅下方支撑强吗？文华财经【机构会诊】板块邀请沪铅期货专家为您深入分析。 【机构会诊】：中东对我国出口铅蓄电池征收不同程度的关税，对铅市需求冲击大吗？ 一德期货有色研发中心铅锌分析师 张圣涵：据最新消息，中东将对涉及相关问题的中国或中资铅酸蓄 电池企业征收不同程度的关税，分别将征收25-40%、50-65%和55-70%的不同档次的关税。另针对其他 有合作的中国企业将征收40-65%的关税。而从2024年8月中旬，应中东三家企业提交的申请，对原产于 或进口自中国或马来西亚的用于启动活塞式发动机的蓄电池发起反倾销调查。2023年中国对阿曼、卡塔 尔和沙特的启动活塞式发动机的铅酸蓄电池出口量占比为7.67%，对海合会成员国的出口量占比14.84% （按重量）。从占比数量上对铅消费量影响整体较小，但是在大环境需求预期偏弱的 ...

Core Viewpoint - Magnesium Technology Co., Ltd. (referred to as "the Company") has submitted a prospectus for an IPO on the Hong Kong Stock Exchange, showcasing impressive revenue growth but struggling with significant losses due to high operating expenses [2][3][4]. Financial Performance - The Company reported a compound annual growth rate (CAGR) of 42.96% in revenue from 2022 to 2024, significantly exceeding the industry average CAGR of 37.7% [2][3]. - Revenue figures for the reporting period are as follows: 454.87 million RMB in 2022, 662.98 million RMB in 2023, and 929.61 million RMB in 2024 [3]. - Despite the revenue growth, the Company incurred cumulative losses of 2.281 billion RMB over three years, with annual losses exceeding 700 million RMB [3][4]. Expense Structure - The Company's operating expenses were alarmingly high, accounting for 134.3%, 93.1%, and 79.2% of revenue in the respective years of 2022, 2023, and 2024 [2][6]. - Research and development (R&D) costs were the primary contributor to these expenses, representing 74.8%, 46.4%, and 42.4% of revenue during the same period [6]. Cash Flow and Financial Health - The Company faced negative cash flow from operating activities, with net cash outflows of 330.31 million RMB, 432.24 million RMB, and 521.21 million RMB over the three years [11]. - Cumulatively, the Company experienced a total cash outflow of 1.284 billion RMB from operating activities [11]. - Cash and cash equivalents decreased from 1.125 billion RMB at the end of 2022 to 457.64 million RMB by the end of 2024, raising concerns about liquidity as these funds could not cover current liabilities, including loans of 466 million RMB [8][11]. Industry Outlook - The global autonomous intelligent robot technology market is projected to grow from approximately 31.8 billion RMB in 2020 to about 114.3 billion RMB by 2024, with a CAGR of 37.7%, and is expected to reach around 383.7 billion RMB by 2030 [3].

Group 1: Urban Renewal and Government Bonds - The Henan Provincial Government has issued a three-year action plan (2025-2027) for urban renewal, emphasizing the expansion of local government special bonds to support related projects [1] - The plan encourages cities to issue local government special bonds for eligible urban renewal projects while prohibiting illegal debt financing [1] Group 2: Fiscal Adjustments and Debt Issuance - Multiple provinces have adjusted their budgets to increase debt limits and expenditures following the Ministry of Finance's issuance of annual borrowing quotas [2] - As of June 10, at least ten provinces, including Guangdong and Zhejiang, have increased their borrowing capacity to support growth and structural adjustments [2] Group 3: Bond Issuance Activities - Henan Province completed the issuance of 220.64 billion yuan in refinancing bonds, with a 7-year general bond at an interest rate of 1.66% and a 30-year special bond at 2.07% [4] - Gansu Province plans to issue 54.97 billion yuan in special new bonds for various government investment projects [6] - The Shangqiu Development Investment Group is set to issue 29.62 billion yuan in corporate bonds, with a credit rating of AA+ [7] - The Shangqiu Development Investment Group also plans to issue 14 billion yuan in short-term corporate bonds, with a similar credit rating [9] - The Shangqiu Development Investment Group has issued 5 billion yuan in short-term financing bonds at an interest rate of 1.90% [10] Group 4: National Debt Issuance - The Ministry of Finance plans to issue 550 billion yuan in discount treasury bonds with a term of 182 days [11] - A new round of savings treasury bonds was launched, with a total issuance of 500 billion yuan, despite a decrease in interest rates [12] Group 5: Municipal Investment Companies and Financial Health - A report identified characteristics of loss-making municipal investment companies, with the number of such companies increasing from 69 to 115 between 2022 and 2024, reflecting a 166.7% rise [17] - The total loss amount for these companies increased from 30.51 billion yuan to 56.52 billion yuan, marking an 85.2% increase [17] - Loss-making companies are primarily involved in urban operation businesses and are concentrated in western regions, with a significant portion rated AA [17][18]

5月14日，五矿地产有限公司发布公告，宣布公司执行董事及董事会委员会成员发生变更。 公告显示，刘波先生因退休辞去执行董事、董事总经理、执行委员会及可持续发展委员会成员职务，该 辞任将于2025年5月15日生效。同时，戴鹏宇先生被委任为执行董事、董事总经理、执行委员会及可持 续发展委员会成员，其委任同样将于2025年5月15日生效 戴鹏宇先生，现年42岁，持有西安建筑科技大学管理学学士学位和复旦大学工商管理硕士学位。自2007 年加入五矿地产，先后出任公司华中、华东及华南地区公司高级管理层职位，现负责公司运营管理部及 营销管理部事务，于房地产企业管理、开发运营及营销方面拥有丰富经验。 背靠中国五矿集团，但五矿地产近年来的处境并不好过。五矿地产董事会主席何剑波在2024年报中坦 言，"今年公司首先要确保'活下去'"。 财报显示，2024年五矿地产实现收入98.83亿港元，同比下降21.8%。利润率方面，2024年五矿地产的毛 利率由上年的17.2%下降至6.1%，主要由于房地产发展业务结转的产品毛利率较去年低所致。年内净亏 损同比有所扩大至37.48亿港元，公司股权持有人应占亏损35.21亿港元，创下了五矿地产成 ...

欢迎扫描下方二维码关注： 视同独立纳税人的分支机构，不能单独享受小型微利 企业优惠。 Q A 问 | 03 对于从业人数波动较大的企业，如何确定从业人数 是否符合小型微利企业条件? 管 按照《财政部税务总局关于进一步实施小微企业所得税 优惠政策的公告》（财政部税务总局公告2022年第13 号）规定 从业人数应按企业全年的季度平均值确定 李唐非均值 全年各季度平均值之和 型字字道修出 年度中间开业或者终止经营活动的 以其实际经营期作为一个纳税年度确定上述 相关指标。 企业可根据上述公式，计算得出全年季度平均值，并以此 判断从业人数是否符合条件。 问 | 04 2024年企业研发费用在企业所得税前加计扣除比 例是否有调整？ 答 1 根据《关于进一步完善研发费用税前加计扣除政策的公 （财政部 税务总局公告2023年第7号）第一条规定 告》 企业开展研发活动中实际发生的 研发费用 00% 未形成无形资产 形成无形资产的 计入当期损益的 在按规定据实扣除的基础 自2023年1月1日起, 按照 上, 自2023年1月1日起, 无形资产成本200%在税 再按照实际发生额的 前摊销。 100%在税前加计扣除; 2 根据《关于 ...

本钢板材（000761）公告，2025年第一季度营业收入123.38亿元，同比下降16.87%。净亏损7.66亿元， 去年同期净亏损9亿元。 ...