真是说不准国际关系的变数啊，一会儿还是亲密无间的兄弟般的盟友，下一秒就把美债大批抛售，英国这次可是把局面搞得一团糟了。 其实也不只是英国在行动呢，中国人也在"悄悄"减持美债，不过嘛，总有那么个特别的国家，它偏偏特立独行，非得逆着潮流冲。 你看，最近很多人都在偷偷地把手里的美债卖了，又有哪家"勇士"敢接个"盘"呢？真是奇怪，明明是逆潮流操作，偏偏有人愿意当那个"接盘侠"。 迟到的账单与35万亿的沉默 你瞧呀，外国投资者一下子就不跟你玩了，就算手里还攥着美元，也都开始减仓这个货币，动辄几百亿呢。 这之前我们一直觉得美债是全球的"铁打的硬通货"，大家都争着抢着买，可眼下情况不一样了，不是那回事了。现在的持仓结构都在疯狂地抛售美元，情形 真是出乎意料。 美国那高达30多万亿的债务大山里，只有大约四分之一，也就是差不多9万亿美元，是由外国实体来背扛的。 而其余的三分之三，基本上都是美国人自己在吃下去，或者美联储和养老金机构在玩"左手倒右手"的把戏。 数据向来不会骗人，原本该在中下旬公布的数字，因为政府差点停摆而延后，市场的情绪早就开始酝酿了。 这次推迟也给大家一个缓冲的时间，搞清楚一个问题：全世界还到底需要美元，还是说 ...

[浮云]要不说国际关系风云莫测了，前脚还是亲如兄弟的盟友哥俩好，后脚就把美债抛售一大部分，英国这一次可是彻底掀桌子了。 不过这也不是英国一个人这么干，中国不也在"偷偷"的减持美债吗，不过就是有一个特别的国家特立独行，非要逆着风而上。 为什么大家突然开始减持美债？这个逆风而上的"接盘侠"是谁？ 伦敦金融城的那些操盘手可都是人精，在他们看来，现在的美债早就不再是"避险港湾"，反而成了一块烫手的山芋，有人就在嘀咕，现在美国光是还利息的 支出眼看就要超过军费开支了，这债务滚雪球的游戏到底还能玩多久？ 可事实呢？英国人不仅没帮忙，反而跑得比谁都快，单单一个9月，英国机构就狠狠抛掉了393亿美元的美债，这一刀砍下去，直接把他们的持仓总额给削到 了8650亿美元左右，创下了最近三个月以来的新低，这就很有说法了。 迟到的账单与35万亿的沉默 外国投资者突然不跟你玩了，大家哪怕手里攥着美元，也选择减持美元，而这个数字足足有100多亿，以前我们总觉得美债是全球硬通货，大家抢着买，但 现在大家可不是这么想的了，现在的持仓结构大家都在疯狂的抛售美元。 美国那高达30多万亿的债务大山只有四分之一是外国主体在扛着，差不多9万亿美元的样子 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600879 证券简称：航天电子 公告编号：临2025-075 航天时代电子技术股份有限公司 董事会2025年第十四次会议决议公告 会议以投票表决方式通过《关于资产置换暨关联交易预案的议案》。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 1、本次董事会会议的召开符合《中华人民共和国公司法》和《公司章程》的有关规定。 2、公司于2025年11月12日发出召开董事会会议的书面通知。 3、本次董事会会议于2025年11月17日（星期一）以通讯表决方式召开。 4、本次董事会会议应出席董事9人，实际出席董事9人。公司董事姜梁先生、王海涛先生、阎俊武先 生、戴利民先生、杨雨先生、陈建国先生，独立董事张松岩先生、唐水源先生、胡文华女士全部亲自参 加投票表决。 二、董事会会议审议情况 关于资产置换暨关联交易预案的议案 本议案同意3票，反对0票，弃权0票，回避6票。 本次议案涉及关联交易，关联董事姜梁先生、王海涛先生、阎俊武先生、戴利民先生、杨雨先生、陈建 ...

航天电子公告称，公司2025年第十四次董事会会议以通讯表决方式召开，审议通过《关于资产置换暨关 联交易预案的议案》。为聚焦主业、完善产业链体系，公司所属单位拟与控股股东中国航天时代电子有 限公司所属单位进行资产置换，差额现金补齐。本次拟置入和置出资产占比均未超50%，不构成重大资 产重组，不涉及发行股份，不影响股权结构。该事项构成关联交易，评估结果待备案，后续将签协议并 提交股东会审议。 ...

电投产融公告称，公司拟通过资产置换和发行股份方式购买国电投核能100%股权，置出国家电投资本 100%股权并募集配套资金。2025年11月13日，公司召开董事会和监事会会议，对交易方案进行调整。 公司对本次交易相关文件部分内容进行修订，披露重组报告书（草案）（修订稿）及其摘要，对封面、 释义、重大事项提示等章节内容更新补充。此外，公司及中介机构对审核问询函回复内容也进行相应补 充与更新。 ...

Core Viewpoint - New筑股份 is attempting to reverse its financial decline after four consecutive years of losses exceeding 1.5 billion yuan through a significant restructuring involving the divestment of underperforming assets and acquisition of a controlling stake in 四川蜀道清洁能源集团有限公司 [1][3] Group 1: Restructuring Strategy - The restructuring involves a "three-step" asset swap strategy, including the sale of 100% equity in 川发磁浮 and related debts, and the sale of 100% equity in 新筑交科 [2] - The total transaction value exceeds 7.2 billion yuan, with the acquisition of 60% equity in 蜀道清洁能源 valued at approximately 5.814 billion yuan and the divestment of assets valued at about 1.392 billion yuan [2] - The company plans to raise up to 2.8 billion yuan from specific investors to fund various clean energy projects [2] Group 2: Financial Performance and Challenges - From 2021 to 2024, New筑股份 reported cumulative losses of 1.55 billion yuan, with a significant drop in revenue of 36.97% in the first three quarters of 2025 [3] - The magnetic levitation business has been a major drag on performance, with ongoing losses and low market penetration [3] - The traditional bridge component business, while profitable in 2024, faces increasing competition [4] Group 3:蜀道清洁能源 Overview - 蜀道清洁能源, established in March 2022 with a registered capital of 7.5 billion yuan, focuses on clean energy projects including hydropower, wind power, and solar energy [5] - By the end of 2024, 蜀道清洁能源 had an installed capacity of 11.5 million kilowatts, with a rapid growth trajectory reflected in its financials [6] - The company aims to enhance the core competitiveness of New筑股份 and facilitate a transformation towards clean energy generation [6]

Investment Rating - The investment rating for Jiang Tung Equipment is "Buy" [3] Core Views - The company is expected to turn a profit in Q4 2025, with tungsten prices reaching historical highs, leading to a potential revaluation of its value [1] - The company completed a significant asset swap, divesting its core coal business and acquiring a 57% stake in Jinhuan Magnetic Separation, which is projected to contribute positively to net profits from 2025 to 2027 [1][2] - The tungsten market is experiencing a price surge due to supply constraints, with domestic tungsten concentrate prices reaching 288,000 CNY per standard ton, a 101.4% increase from the beginning of the year [1] Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 730 million CNY, a year-on-year decrease of 51.52%, and a net loss of 16.9 million CNY, which is an improvement from a net loss of 80.98 million CNY in the same period last year [1] - The company expects to achieve net profits of -260 million CNY, 25 million CNY, and 29 million CNY from 2025 to 2027, respectively [2] Business Developments - The asset swap completed in August 2025 involved the divestment of Jiangxi Coal Industry's 100% equity and the acquisition of a stake in Jinhuan Magnetic Separation, which is expected to generate a minimum net profit of 54.69 million CNY, 55.47 million CNY, and 56.26 million CNY from 2025 to 2027 [1][2] - The company holds 496,600 tons of tungsten resources, primarily black tungsten, with an estimated annual revenue of approximately 2.17 billion CNY from tungsten concentrate sales [2] Market Outlook - The tungsten business is estimated to contribute a net profit of approximately 750 million CNY annually, with the overall value of the tungsten assets projected to be between 19.1 billion CNY and 20.6 billion CNY [2] - The tantalum, niobium, and lithium business is also expected to have a market value of around 10 billion CNY, based on current pricing trends [2]

Core Viewpoint - Benxi Steel Plate Co., Ltd. announced significant progress on major asset replacement and related transactions, planning to exchange assets with Benxi Steel, involving the acquisition of 100% equity in Benxi Steel Mining and the divestment of all assets and liabilities except for retained assets and liabilities, with cash adjustments for any discrepancies [1] Group 1 - The company has been disclosing progress on the transaction since its planning began in March 2023 [1] - The transaction plan requires further verification and negotiation, with the scope of the target assets and transaction price yet to be determined [1] - There is a possibility that the transaction may be adjusted, suspended, or canceled [1] Group 2 - The company will disclose information in a timely manner based on the progress of the transaction [1] - Investors are reminded to pay attention to potential risks associated with the transaction [1]

Summary of Shanghai Airport Conference Call Company Overview - **Company**: Shanghai Airport - **Industry**: Airport and Aviation Key Points and Arguments Company Developments - Shanghai Airport completed the overall listing of Pudong Airport through asset swaps, resolving industry competition issues and injecting profitable aviation fuel company equity, optimizing asset structure [2][3] - The company has a strong geographical advantage, covering the economically developed Yangtze River Delta region and competing as an international hub with Northeast Asia [2][4] - The future expansion of Pudong Airport's T3 terminal aims to meet long-term passenger demand and enhance the value of duty-free business, potentially restoring ROE to higher levels [2][10] Financial Performance - Prior to the pandemic, Shanghai Airport achieved an investment return rate exceeding 10%, with ROE around 15%, significantly higher than the industry average due to a high proportion of international and duty-free business [2][8] - In 2023, the company began to recover from pandemic losses, with 2024 expected to see a doubling of performance year-on-year, driven by the recovery of aviation business [2][17] - In the first half of 2025, net profit attributable to shareholders grew by 28% year-on-year, supported by the visa-free policy accelerating international passenger flow recovery [2][18] Competitive Position - Shanghai Airport's international demand has steadily increased, with international transfer passenger flow growing over 10% before the pandemic, positioning it as a major international hub [7][21] - The airport's competitive advantage in Northeast Asia is highlighted by its ability to capture a significant share of international traffic, particularly in comparison to other regional hubs [5][7] Future Expansion Plans - The T3 terminal expansion is designed to accommodate 120-130 million passengers, with ongoing projects expected to enhance capacity utilization and long-term investment returns [10][11] - The expansion is crucial for maintaining a competitive edge in international markets, particularly in North America [12] Non-Aviation Business - Non-aviation revenue is critical for restoring investment returns, with advertising and duty-free businesses showing potential for growth despite challenges [13][23] - The duty-free business has been impacted by the pandemic but is expected to recover with new pricing strategies and improved operator engagement [14][19] Regulatory Environment - National policies affecting duty-free store profit-sharing ratios are set to influence future profitability, with adjustments aimed at improving operator engagement [16] Market Recovery - The pandemic severely impacted passenger traffic, with average annual traffic during 2020-2022 at only 38% of 2019 levels, leading to significant financial losses [17] - By 2025, passenger throughput is expected to exceed 120 million, with international and regional passenger flow recovering to approximately 30% of total traffic [20][22] Long-term Outlook - The implementation of further visa-free policies and the development of a super hub will benefit Shanghai Airport, with significant potential for growth in non-aviation revenue [24] Additional Important Content - The asset securitization process and historical development of Shanghai Airport highlight strategic decisions made to enhance operational efficiency and market position [3] - The hub operation model's reliance on major airlines emphasizes the importance of strategic partnerships for the airport's success [6]

Core Viewpoint - Sichuan Huiyuan Optical Communication Co., Ltd. held an online performance briefing on September 12, 2025, to engage with investors and discuss business developments and future strategies [1]. Group 1: Company Developments - The company has established a wholly-owned subsidiary, Hefei Yuanfeng Optoelectronics Co., Ltd., to seek new business growth in the automotive electronics sector, focusing on vehicle lighting, wiring harnesses, and connectors, rather than expanding into the semiconductor field [1]. - Hefei Yuanfeng Optoelectronics is currently in the construction phase, involving factory renovations and equipment purchases [1]. Group 2: Order and Performance Insights - As of June 30, 2025, the company has an undisclosed amount of orders on hand, with no clear response regarding new orders for the third and fourth quarters [1]. - The company aims to enhance performance by focusing on core industries, adopting a differentiated technology route for optical cable business, and expanding into the distribution network sector [1]. Group 3: Shareholder and Governance Issues - The second largest shareholder, Guangzhou Huifu Qiji Partnership (Limited Partnership), has its shares frozen, representing 13.75% of the company's total share capital, which poses a risk of control changes [1]. - Despite the lack of an actual controlling shareholder, the company has established a robust governance structure that does not hinder its development [1]. Group 4: Strategic Acquisitions and Future Plans - The company is exploring the acquisition of control over Sichuan Meifeng, while continuing to deepen its exploration and layout in the automotive electronics field to improve profitability [1].