每经记者｜陈晴 每经编辑｜陈俊杰 并购重组 中化国际：拟收购南通星辰100%股权 中化国际公告，公司计划发行股份购买中国蓝星（集团）股份有限公司下属全资子公司南通星辰合成材 料有限公司100%股权。本次交易预计不构成《上市公司重大资产重组管理办法》规定的重大资产重 组，不会导致公司实际控制人发生变更，不构成重组上市。 *ST威尔：拟支付现金5.46亿元购买紫江新材51%股份 *ST威尔公告，公司拟以支付现金的方式购买上海紫江新材料科技股份有限公司3029.83万股股份，占紫 江新材总股本的51%。本次交易价格为5.46亿元。 业绩预告 海能实业：预计上半年归母净利润同比增长92%~122% 海能实业发布业绩预告，预计2025年上半年实现营业收入15.07亿元，较上年同期增长60.64%，预计上 半年实现归母净利润6400万元~7400万元，同比增长92%~122%。 道氏技术：预计上半年归母净利润同比增长98.77%~115.03% 道氏技术发布业绩预告，2025年上半年，预计净利润为2.2亿元~2.38亿元，同比增长98.77%~115.03%。 增减持 三维天地：股东拟合计减持不超4.07%公司股份 三维 ...

以下文章来源于解码LP ，作者余梦莹 解码LP . 投资界（PEdaily.cn）旗下，专注募资动态 欢迎加入投资界读者群 具体来看，长沙泉仲创业投资合伙企业（有限合伙）成立于2025年3月，执行事务合伙人为苏州维特力新创业投资管理有限公司，经营 范围包括创业投资、以自有资金从事投资活动。 宝贵活水。 作者 I 余梦莹 报道 I 投资界-解码LP 投资界-解码LP获悉，近日香飘飘公告称，将参设一只总规模1 0亿元、首期规模6. 52亿元的基金，主要投向大消费产业，其中公司以自 有资金认缴出资1亿元。 凭借"绕地球两圈"的广告词爆火，香飘飘一度成为国民奶茶的代名词。然而此后新茶饮爆发，主打冲泡式奶茶的香飘飘开始走下坡 路，如今将目光投向新生态版图，出资知名消费投资机构 以寻找新的增长曲线 。 当然，也感谢这样的社会化LP，为一级市场注入宝贵活水。 香飘飘出资1亿 投了嘉御资本 根据公告，7月7日，香飘飘与苏州维特力新创业投资管理有限公司及其他有限合伙人共同签署《长沙泉仲创业投资合伙企业（有限合 伙）合伙协议》，公司作为有限合伙人以自有资金认缴出资人民币1亿元，占认缴出资总额的13.29%。 基金目标总规模为10 ...

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant changes in their financial forecasts and strategic decisions, indicating varied performance across different sectors in the first half of 2025 [1][3]. Company Announcements - Zhonghua Equipment plans to acquire 100% stakes in Yiyang Rubber and Plastic Machinery Group and Beihua Machinery, with stock suspension starting July 15, 2025, for up to 10 trading days [3]. - Jiugui Liquor expects a net profit decline of 90.08% to 93.39% in the first half of 2025, with projected revenue around 560 million yuan, a decrease of approximately 43% year-on-year [5]. - Suli Co. anticipates a net profit increase of 1008.39% to 1223.91%, with expected profits between 72 million and 86 million yuan, driven by improved market conditions [6]. - Te Yi Pharmaceutical forecasts a net profit growth of 1164.22% to 1312.95%, with profits expected between 34 million and 38 million yuan, supported by strong sales of its core product [7]. - Huahong Technology predicts a net profit increase of 3047.48% to 3721.94%, with expected profits between 70 million and 85 million yuan, benefiting from rising rare earth product prices [8]. - Huaxia Airlines expects a net profit increase of 741.26% to 1008.93%, with profits projected between 220 million and 290 million yuan, due to improved demand for air travel [9]. - Xianfeng Holdings anticipates a net profit increase of 524.58% to 671.53%, with expected profits between 34 million and 42 million yuan, largely due to non-recurring gains [10]. - Xinyisheng expects a net profit increase of 327.68% to 385.47%, with profits projected between 370 million and 420 million yuan, driven by growth in AI-related investments [12]. - Hengsheng Electronics forecasts a net profit increase of approximately 740.95%, with expected profits around 251 million yuan, aided by significant non-recurring gains [13]. - CICC anticipates a net profit increase of 55% to 78%, with expected profits between 3.453 billion and 3.966 billion yuan, driven by growth in investment banking and wealth management [14]. - Xinda Securities expects a net profit increase of 50% to 70%, with profits projected between 921 million and 1.044 billion yuan, supported by improved asset management [15]. - Shanxi Securities forecasts a net profit increase of 58.17% to 70.72%, with expected profits between 504 million and 544 million yuan, driven by growth in wealth management and international business [16]. - Guocheng Mining anticipates a net profit increase of 1046.75% to 1174.69%, with expected profits between 493 million and 548 million yuan, primarily due to non-recurring gains from asset sales [17]. - China Rare Earth expects a net profit of 136 million to 176 million yuan, recovering from a loss of 244 million yuan in the previous year, aided by improved market conditions [18]. - Perfect World anticipates a net profit of 480 million to 520 million yuan, recovering from a loss of 177 million yuan, driven by successful game launches and esports growth [19]. - Huanghe Xuanfeng expects a net loss of 285 million yuan, impacted by intense competition and weak demand in the superhard materials sector [20][21]. - JA Solar forecasts a net loss of 2.5 billion to 3 billion yuan, worsening from a loss of 874 million yuan, due to industry-wide supply-demand imbalances [22]. - Shanxi Black Cat anticipates a net loss of 490 million to 540 million yuan, driven by declining sales and prices of its main products [23]. - Xinda Real Estate expects a net loss of 3.5 billion to 3.9 billion yuan, transitioning from profit to loss due to reduced project deliveries and impairment provisions [24]. Major Contracts - Zhongchen Co. won a project from Southern Power Grid worth 379 million yuan, representing 12.26% of its audited revenue for 2024 [26]. - Gaode Infrared signed a procurement agreement for a complete equipment system worth 879 million yuan, accounting for 32.84% of its 2024 audited revenue, expected to positively impact this year's performance [27].

一家公司连续四年虚增收入合计17.71亿元，虚增利润合计7599.75万元，这已不是"偶发性造假"或"财务 瑕疵"，而是系统性、蓄意性的造假行为。更严重的是，董事长钱群山既是公司高管，也是实际控制 人，组织、指使实施案涉事项，其行为已严重践踏法律红线与商业道德底线。 造假不仅欺骗监管，也伤害了成千上万投资者。信息披露是资本市场最基本的信任机制，财务造假就像 在金融体系中埋下定时炸弹，失去了财务数据的真实性，市场赖以生存的定价功能和资源配置效率将遭 受毁灭性打击。 每经评论员贾运可 7月13日晚间，*ST苏吴（600200）(SH600200，股价2.30元，市值16.38亿元)公告收到中国证监会的 《行政处罚事先告知书》，认定其2020年至2023年连续四年虚增营业收入、营业成本和利润，并隐瞒实 际控制人身份，未按规定披露关联方非经营性占用资金情况。这一系列行为导致公司年度报告存在虚假 记载和重大遗漏。公司同时披露风险提示公告称，如根据正式的处罚决定书结论，公司触及重大违法强 制退市情形，公司股票将被终止上市。 资本市场的健康发展离不开制度的护栏和惩戒的利剑。*ST苏吴事件再次说明，只有让造假者"倾家荡 产、 ...

7月11日，主题为"中国经济：开放与韧性共生"的2025贝壳财经年会在北京召开。中国社会科学院大学教授、国务院原副秘书长江小涓出席，并在金融大会 分论坛"推动金融与实体经济融合发展"中发表演讲，对金融和科技的"双向赋能"发表自己的独到见解。 江小涓指出，目前CVC（企业创投）在科技创新领域扮演着至关重要的角色。随着技术的迭代加速，识别、找准高潜力企业愈发困难，但大平台凭借独特 的数据优势，对创新趋势的敏锐把握，以及强大的投资能力和庞大的产业生态，成为科创投资非常重要的生力军。 江小涓还指出，近年来，政府引导基金持续扩容，其总规模已超1.5万亿元人民币，全国累计设立基金数量逾2000只，且国有资金占比超过75%。但如何用 好这些资金至关重要，未来，国资创投可以通过AI赋能提升技术和商业洞察力，助力科创金融可持续发展，同时可以关注和跟随市场化基金，以提高成功 率。 中国社会科学院大学教授、国务院原副秘书长江小涓。 以下附演讲全文： 多年来，我们一直强调科技创新的重要性。我是做产业的，深知产业创新对金融的依赖性很大，产业发展离不开金融的支持，金融环境越好，产业的发展机 会就越多。经过不懈努力，中国的产业创新已经进入 ...

资本市场改革蹄疾步稳，多项政策举措落地生根。 风平浪静好行船，以改革之力，健全常态化稳市机制安排实为必需。国际金融市场的不稳定性给我国资本市场 的运行带来了诸多变量，抵御风险，就要以做强主场为方向，始终把维护市场稳定作为首要任务。 A股市场总市值突破百万亿元、常态化稳市机制不断健全、服务实体经济效能明显提升、对外开放大门越敞越 大……今年以来，资本市场全面深化改革步伐加快，对内改革与对外开放并重，政策红利激发出的市场活力， 正逐步传导至资本市场每个角落，各路资金争相投下信任票。 科技变革的脚步催促声渐急，以改革之力厚植科创沃土成为必然。年初以来，全球经济格局重塑，贸易摩擦频 发，以DeepSeek为代表的技术突破，论证了持续加快推进改革创新的必要性，"科技创新"成为了中国经济高质 量发展的"题眼"与资本市场深化改革的题中应有之义。如何畅通金融资本与科创要素的通道，怎样走出支持科 技创新和产业创新融合发展的"中国路径"，成为摆在资本市场面前的必答题。 深化制度改革成为支持科技创新的题中之义。今年以来，持续优化股债融资的一系列服务实体经济的"实招"出 台落地，以深化科创板"1+6"改革、"并购六条"等为代表的政策 ...

01 e GTC泽汇：国际化运营布局全球资本市场 摘要:GTC泽汇如何通过全球化运营策略征服国际资本市场？点击了解其成功的秘诀与未来的布局！ EMAAR laneters and and and and the same of the same the see and the season and the 1111111 HEi I 新葡萄酒店 日本新葡京 日常 日常 日本 日本 日本 出来 日常 日本 日 STERNATION CONSULTION OF THE STATUS OF THE FINAL THE FITTER te the 目 烈 . 21 68 n 11/2 IX TRUSTED | REGULATED GTC泽汇是一家致力于全球资本市场布局的公司，他们不断推进国际化运营战略。通过精心设计的全球市场布局策略，GTC泽汇在资源配置与优化方面展现 出卓越的能力。公司不仅注重对新兴市场的拓展，还积极应用创新的业务模式来保持竞争力。GTC泽汇的战略性投资计划帮助他们在多变的市场环境中保持 优势。随着全球化趋势的加速，GTC泽汇的国际化运营模式正成为行业标杆。 ##全球市场布局策略 gtc泽汇的全球市 ...

Core Viewpoint - The event "2025 Inner Mongolia Listed Companies Investor Online Reception Day" successfully facilitated communication between nearly 100 executives from 29 listed companies and investors, highlighting the commitment to investor protection and high-quality development in the capital market [1][2]. Group 1: Event Overview - The event was organized by the Inner Mongolia Securities Regulatory Bureau, with support from the Inner Mongolia Listed Companies Association, Securities Times, and Shenzhen Panorama Network Co., Ltd [1]. - The event featured speeches emphasizing the importance of investor protection and the implementation of new regulatory measures to enhance market confidence [1][3]. Group 2: Company Performance - In 2024, the 29 listed companies in Inner Mongolia achieved a total revenue of 4,611.02 billion and a net profit of 367.03 billion, with 26 companies reporting profits, significantly above the market average [2]. - A total of 23 companies distributed cash dividends amounting to 301.77 billion, with 3 companies conducting multiple dividends within a year and 8 companies engaging in share buybacks totaling 10.77 billion [2]. Group 3: Investor Relations and Protection - The Inner Mongolia Securities Regulatory Bureau is committed to enhancing investor protection and has implemented measures to improve the effectiveness of regulatory oversight [3][4]. - The Inner Mongolia Listed Companies Association is actively working on investor relations management, including training and educational activities to improve companies' engagement with investors [3][4]. Group 4: Communication and Interaction - The event provided a platform for real-time interaction between company executives and investors, with 884 questions posed by investors and a response rate of 92.53% from company representatives [7]. - The ongoing communication initiatives, such as collective reception days and performance briefings, are designed to enhance transparency and build trust between listed companies and investors [5][6].

Core Viewpoint - The current focus on technology finance should not only involve increasing the scale of products or services but also require genuine innovation and breakthroughs in institutional mechanisms [1] Group 1: Institutional Mechanism Innovation - There is a need for institutional innovation to address multiple pain points in financial support for technology innovation, particularly in the venture capital sector [2] - Banks are crucial support entities and should explore the establishment of specialized institutions to better meet the needs of technology finance [2][3] - Despite banks enhancing support for technology enterprises, there are still significant shortcomings in institutional innovation [2] Group 2: Lifecycle and Risk Management - The lifecycle of technology enterprises is characterized by significant uncertainty, making it challenging for banks to maintain comprehensive cooperation throughout all stages [3] - Financial institutions must develop organizational, talent, product, risk control, patience, and ecological capabilities to effectively serve technology enterprises [3] - The future role of capital markets in supporting technology enterprise financing is a critical area that requires re-evaluation and positioning [3] Group 3: Demand-Side Reform - There is a need to actively promote demand-side reforms in technology finance to strengthen its endogenous development momentum [4] - Technology enterprises often have strong innovative capabilities but may lack management and financial resource utilization skills, particularly among small and medium-sized enterprises [4] - Financial institutions should establish efficient risk management mechanisms to enhance the effective financial demand of technology enterprises [4][5] Group 4: Open and Collaborative Ecosystem - Constructing an open and collaborative ecosystem for technology finance is essential for optimizing the allocation of domestic and international resources [6] - The sharing of experiences and resources among various experimental zones can facilitate the development of technology finance [6] - There is a need for improved policy coherence and consistency at both macro and specific levels to support technology finance [6] Group 5: Future Development Trends - Four key areas are expected to experience rapid development: financing for small and medium technology enterprises, mergers and acquisitions financing for larger technology firms, technology innovation bonds, and AIC equity investments [7] - Financial regulatory bodies should accept a certain level of financial risk while being cautious about the bottom line of risk tolerance [8] - There is a need to enhance the understanding and assessment of the success probability of technology innovation, recognizing that significant technological innovations may be low-probability events [8]

Core Viewpoint - Northeast Securities Co., Ltd. is issuing a subordinate bond with a total amount not exceeding 800 million RMB, rated AA+ by a credit rating agency, indicating a strong ability to repay debts and a stable outlook [1][3][4]. Group 1: Bond Issuance Details - The bond issuance has been approved by the China Securities Regulatory Commission, allowing the company to issue up to 800 million RMB in subordinate bonds [1][4]. - The bond is unsecured, meaning it does not have collateral backing, which may increase investment risk [4][5]. - The bond's interest rate will be determined through pricing methods such as inquiry and agreement pricing [1]. Group 2: Financial Performance - As of March 31, 2025, the company's consolidated net assets were reported, and the average distributable profit for the last three years was compliant with regulatory requirements [1][4]. - The company's net profit for 2022, 2023, 2024, and the first quarter of 2025 were 231 million RMB, 668 million RMB, 874 million RMB, and 202 million RMB respectively, showing a significant increase in profitability in recent years [1][4][13]. - The company reported a decrease in operating cash flow in 2023 but a substantial increase in 2024, indicating fluctuations in cash management [5][6]. Group 3: Credit Rating and Risk Factors - The credit rating agency assigned a AAA rating to the issuer and AA+ to the bond, reflecting a strong capacity to meet debt obligations [1][3]. - The company faces potential risks from regulatory changes and market volatility, which could impact its revenue and profitability [3][4][8]. - The company has a history of litigation, with ongoing cases that could affect its financial stability if outcomes are unfavorable [6][18]. Group 4: Operational and Market Environment - Northeast Securities operates in a highly competitive and regulated environment, with a diversified business model that includes brokerage, investment banking, and asset management [4][11]. - The company has established a strong marketing network across major economic regions in China, enhancing its competitive position [4]. - The overall performance of the securities market is influenced by macroeconomic conditions, which can lead to significant fluctuations in the company's earnings [8][14].