报 告 正 文 4 月制造业 PMI 回落至线下，供需两端均有走弱。服务业和建筑业商务活动指数均线上回落。 PMI 表现如何？ 4 月 全国制造业 PMI 录得 49.0% ，较上月下降 1.5 个百分点。各分项均较上月下降，其中 需求相对供给继续增强，内需相对外需大幅增强，大中小企业均落至线下运行，原材料价格和产成品价格双双 回落。 为何本月制造业 PMI 大幅下降？ 主要原因有三： 一是 前期"抢出口"影响下，制造业较快增长，导致 前期基数较高； 二是 外部环境急剧变化， 4 月 2 日美国对全球贸易伙伴强加关税压制抢出口； 三是 季节转 淡，存在一定的季节性影响。当前主要经济体制造业景气度普遍位于收缩区间， 3 月份美国制造业 PMI 为 49.0% ， 4 月份欧元区、英国、日本制造业 PMI 初值均低于临界点。 此外，有三点值得关注 ： 一是外部环境变化影响下，行业表现分化。 高技术制造业和部分内销为主的行业表 现相对稳定， 4 月高技术制造业 PMI 为 51.5% ，明显高于制造业总体水平；农副食品、酒饮料茶、医药等行 业的生产和新订单指数均位于 53.0% 及以上；服务业和建筑业商务活动预期指 ...

Core Viewpoint - The establishment of the "Shenzhen Listed Company M&A Service Zone" aims to enhance the role of the capital market in mergers and acquisitions, supporting listed companies in Shenzhen to improve quality and efficiency through restructuring [2][3]. Group 1: M&A Service Zone Overview - The M&A Service Zone is a collaborative initiative involving the Shenzhen Securities Regulatory Bureau, Shenzhen Listed Company Association, and other institutions, designed to provide diversified investment and M&A services [2]. - The service zone integrates key resources such as M&A data, project targets, and M&A demands to assist listed companies and investors in Shenzhen [2]. - The M&A Service Zone consists of four sections: 1. Data Overview: Visual representation of investment and M&A trends and industry distribution over the past year 2. M&A Trends of Listed Companies: Displays investment and M&A dynamics and popular industries over different years 3. M&A Targets: Showcases financing intentions of innovative enterprises and quality projects 4. M&A Demands: Primarily focuses on showcasing the M&A needs of non-listed companies [2]. Group 2: Future Development and Participation - Moving forward, the Shenzhen Listed Company Association will guide local listed companies and investors to actively participate in the M&A Service Zone's development based on the principles of "consultation, sharing, and co-construction" [3]. - The platform will continuously collect feedback to optimize its functions and services, aiming to deepen and solidify its role in supporting M&A activities [3]. - The online service zone will also facilitate offline matching activities across different industry tracks to assist Shenzhen listed companies in resource integration and high-quality development [3].

2025年4月30日 [Table_Title] 4月PMI数据超预期回落，经济景气有所下降 东 海 研 究 东 海 观 投资咨询业务资格： 证监许可[2011]1771号 察 宏 观 明道雨 从业资格证号：F03092124 投资咨询证号：Z0018827 电话：021-80128600-8631 邮箱：mingdy@qh168.com.cn HTTP://WWW.QH168.COM.CN 1 / 4 请务必仔细阅读正文后免责申明 ——宏观数据观察 分析师： 事件要点： 中国4月官方制造业PMI为49%，预期49.8%，前值50.5%；中国4月官方非制造 业PMI为50.4%，预期50.6%，前值50.8%。综合PMI为50.2%，前值51.4%。 摘要： [table_main] [Table_Report] 4月份，由于美国关税政策原因，企业生产经营活动大幅放缓，制造业采购经理指数、非 制造业商务活动指数和综合PMI产出指数分别为49%、50.4%和50.2%，比上月下降1.5、 0.4和1.2个百分点。三大指数均出现明显放缓，但我国经济总体保持扩张。目前，国内投 资方面，房地产销售持续改善，房企资金来 ...

（原标题：湖北发布重塑企业挂牌上市服务体系实施方案） 近日，湖北省地方金融管理局、湖北证监局、省科技厅、省经信厅、省政府国资委联合印发《新形势下 重塑企业挂牌上市服务体系实施方案》，围绕"多层次资本市场募资做培育"，提出总量进位、结构优 化、全域覆盖、梯队夯实、专板扩容五大目标。 三是、优化申报推进体系，疏堵提速护航。提高拟申报企业上市辅导质效，实时跟踪在审企业上市进 程。聚焦企业上市申报难点问题，进一步畅通"绿色通道"。对省级"金种子"企业，深化"高效办成一件 事"改革，实施容缺受理、限时办结及包容审慎监管，严格规范涉企行政检查，加强舆情联合应对。对 在辅、在审企业专班攻坚、特事特办，以"流程减负、服务加码"助力企业跑出上市加速度。 四是、升级上市对接体系，协同聚力攻坚。由湖北省地方金融管理局统筹协调，横向强化部门联动，建 立跨部门会商机制，纵向穿透市县落实，强化企业上市包保制度。充分发挥交易所基地、区域性股权市 场、中介机构、省企业上市发展促进会作用，形成"政府引导、市场助力、社会参与"的协同推进格局。 （程久龙 实习生 李渡/综述） 一是、构建挖掘储备体系，精准选苗强基。坚持政府主导、多方协同，建立"数 ...

国家统计局服务业调查中心 中国物流与采购联合会 一、中国制造业采购经理指数运行情况 4月份，制造业采购经理指数（PMI）为49.0%，比上月下降1.5个百分点，制造业景气水平有所回落。 从企业规模看，大、中、小型企业PMI分别为49.2%、48.8%和48.7%，比上月下降2.0、1.1和0.9个百分点，均低于临界点。 从分类指数看，在构成制造业PMI的5个分类指数中，供应商配送时间指数高于临界点，生产指数、新订单指数、原材料库存指数和从业人员指数均低于临 界点。 生产指数为49.8%，比上月下降2.8个百分点，表明制造业企业生产略有放缓。 新订单指数为49.2%，比上月下降2.6个百分点，表明制造业市场需求有所回落。 原材料库存指数为47.0%，比上月下降0.2个百分点，表明制造业主要原材料库存量较上月下降。 从业人员指数为47.9%，比上月下降0.3个百分点，表明制造业企业用工景气度有所回落。 | | | | | | | | | 单位：% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 新出口 | 进口 | 采购量 | 主要原材 ...

企业名称厦门牛王润泽科技产业投资有限公司法定代表人谭廷峰注册资本1200万人民币国标行业金融业 >资本市场服务>其他资本市场服务地址中国（福建）自由贸易试验区厦门片区高殿路2号223室A11（该 住所仅限作为商事主体法律文书送达地址）企业类型法人商事主体【有限责任公司(非自然人投资或控 股的法人独资)】营业期限2025-4-29至无固定期限登记机关 来源：金融界 序号股东名称持股比例1海南省国际信托投资公司100% 经营范围含以自有资金从事投资活动；农业机械服务；农业机械租赁；新材料技术推广服务；技术服 务、技术开发、技术咨询、技术交流、技术转让、技术推广；化肥销售；肥料销售；企业管理咨询；食 用农产品初加工；农副产品销售；食用农产品批发；谷物销售；供应链管理服务；机械设备研发；棉、 麻销售；针纺织品及原料销售；食品销售（仅销售预包装食品，不含酒）；有色金属合金销售；金属矿 石销售；金属制品销售；新能源汽车整车销售；木材销售；汽车销售；建筑材料销售；合成材料销售； 塑料制品销售；电力电子元器件销售；铁路运输设备销售；橡胶制品制造；润滑油销售；电子产品销 售；社会经济咨询服务；家用电器研发；集成电路芯片设计及服 ...

它不仅影响企业形象和投资者信心，更是优化资本结构、提升竞争力的关键。如何做好上市后市值管理，成为企业必须面对的重要课 题。 壹、市值管理的意义 港股市场连接内地与国际资本，吸引众多企业上市。上市只是起点，而非终点，有效的市值管理至关重要。 有效的市值管理策略能够成为企业与资本市场沟通的重要桥梁，清晰传递企业稳健发展的战略意图和强劲的成长动能。 当企业系统化推进市值管理工作时，其规范化运营与前瞻性布局更容易获得资本市场的认可，有助于在投资者群体中树立可信赖的品牌 形象。 科学的市值管理机制是企业资本运作的重要抓手，能够有效推动企业资本结构的动态优化与升级。 企业可通过灵活调整股权配置比例、优化债务组合等方式，构建更适配自身发展需求的资本架构，进而实现融资成本的有效控制与资金 周转效率的全面提升。 市值管理并非孤立的资本运作行为，而是深度融入企业战略发展的有机组成部分。企业借助系统化的市值管理体系，能够有效平衡短期 市场波动与长期战略目标的协同发展。 在战略实施层面，企业可灵活运用并购整合、资产置换等市值管理工具，以资本为纽带快速切入新兴业务赛道，加速构建多元化业务版 图，增强企业抗风险能力与市场竞争力；另一方面 ...

Core Points - The CSI All Share Commercial Services and Commercial Goods Index reported a decline of 1.62% over the past month, an increase of 6.05% over the past three months, and a year-to-date increase of 4.15% [1] - The index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index's base date is December 31, 2004, with a base point of 1000.0 [1] Index Holdings - The top ten weighted stocks in the index include: - Xiaogoods City (11.09%) - Dinglong Co., Ltd. (5.85%) - Huace Testing (5.03%) - Hainan Huatie (4.43%) - Liyuan Information (3.03%) - Chenguang Co., Ltd. (3.01%) - Shannon Chip Creation (2.23%) - Juran Smart Home (2.23%) - China Automotive Research (2.05%) - Shenzhen Huaqiang (2.04%) [1] Market Distribution - The market distribution of the index holdings shows that the Shenzhen Stock Exchange accounts for 62.53%, the Shanghai Stock Exchange for 37.14%, and the Beijing Stock Exchange for 0.33% [2] - The industry composition of the index holdings includes: - Other Commercial Services and Goods: 35.04% - Traders: 32.62% - Market Services: 18.09% - Office Services and Goods: 10.79% - Commercial Printing: 3.46% [2] Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to special events affecting sample companies [2]

Core Concept - The red-chip structure is a model used by Chinese companies to list on overseas capital markets by establishing an offshore holding company to control domestic entities, thereby circumventing domestic listing restrictions [1] Group 1: Purpose and Structure - The primary objectives of the red-chip structure include bypassing strict domestic listing requirements, attracting international capital, and facilitating cross-border fund flows [3] - There are two main models of the red-chip structure: equity control model (direct holding) and contractual control model (VIE structure) [3] - The general process for establishing a red-chip structure involves setting up an offshore holding company, typically in locations like the Cayman Islands or BVI, and establishing an intermediate holding company in Hong Kong for tax benefits and fund flow [3][4] Group 2: Steps in Establishing Red-Chip Structure - Step 1 involves setting up an offshore holding company and a Hong Kong intermediate holding company [3] - Step 2 includes cross-border restructuring and equity replacement, often through capital increase or equity acquisition, with sensitive industries requiring the use of VIE structures [4] - Step 3 focuses on creating a profit repatriation channel, typically through foreign-owned enterprises providing technical service fees to domestic entities [5] - Step 4 is the completion of the overseas listing, with the offshore holding company serving as the listing entity on target exchanges like NYSE or HKEX [6] Group 3: Challenges and Risks - Legal and policy risks include restrictions on sensitive industries using VIE structures and high compliance costs to meet both domestic and foreign regulatory requirements [9] - Foreign exchange controls and fund flow issues involve complex approval processes for profit remittance and potential anti-money laundering scrutiny [9] - Tax optimization challenges may arise from multi-layered structures leading to double taxation, necessitating the use of tax treaties to mitigate tax burdens [9] - The stability of VIE structures is contentious, with risks of domestic courts deeming VIE agreements invalid, impacting investor confidence and valuations [9] Group 4: Recommendations for Companies - Companies should plan for industry compliance by avoiding prohibited areas and consulting legal professionals [11] - Choosing appropriate offshore registration locations, such as the Cayman Islands or BVI for the listing entity and Hong Kong for tax optimization, is crucial [11] - Designing a tax firewall through multi-layered holding companies and utilizing compliant profit transfer pricing is recommended [11] - Strengthening VIE agreements by clearly defining control and profit rights and regularly assessing their legal validity is essential [11] Group 5: Conclusion - The red-chip structure serves as a "springboard" for small and medium enterprises to access international capital markets, albeit with complex legal, tax, and operational hurdles [12] - Investors should focus on the transparency of red-chip companies' structures and associated policy risks to avoid potential pitfalls [12]

数据统计显示，中证800商业服务与用品指数近一个月上涨2.83%，近三个月上涨9.37%，年至今上涨 8.11%。 据了解，为反映中证800指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将中证800 指数样本按中证行业分类分为11个一级行业与35个二级行业，再以进入各一、二级行业的全部证券作为 样本编制指数，形成中证800行业指数。该指数以2004年12月31日为基日，以1000.0点为基点。 从中证800商业服务与用品指数持仓的市场板块来看，上海证券交易所占比57.06%、深圳证券交易所占 比42.94%。 从中证800商业服务与用品指数持仓样本的行业来看，市场服务占比44.06%、办公服务与用品占比 29.37%、其他商业服务与用品占比23.01%、贸易商占比3.57%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证800指数调整样本时，中证800行业指数样本 随之进行相应调整。在样本公司有特殊事件发 ...