Core Viewpoint - The gradual recovery of industrial product prices and the implementation of domestic demand expansion policies are expected to maintain a positive trend in domestic demand, leading to a slight recovery in the profit growth of large-scale industrial enterprises in the second half of the year, influenced by a low base from the previous year [1][3]. Group 1: Industrial Profit Trends - In the first five months, the total profit of large-scale industrial enterprises reached 27,204.3 billion yuan, an increase of 6,034.1 billion yuan compared to the first four months, but a year-on-year decline of 1.1% [1]. - The profit of large-scale industrial enterprises in May alone saw a year-on-year decline of 9.1% [1]. - Despite the decline in profit, the gross profit and revenue of industrial enterprises continued to grow, with gross profit increasing by 1.1% year-on-year, contributing to a 3 percentage point increase in overall profit [1]. Group 2: Sector Performance - The equipment manufacturing sector showed strong performance, with profits increasing by 7.2% year-on-year, contributing 2.4 percentage points to the overall profit of large-scale industrial enterprises [2]. - Among the eight industries in equipment manufacturing, seven reported profit growth, with significant increases in the electronics, electrical machinery, and general equipment sectors, achieving year-on-year growth rates of 11.9%, 11.6%, and 10.6% respectively [2]. - The aerospace, aviation, and maritime industries experienced rapid growth, with profits increasing by 56.0% year-on-year, and the shipbuilding and related equipment manufacturing sector saw an impressive profit growth of 85% [2]. Group 3: Policy Impact and Future Outlook - The implementation of "two new" policies has effectively stimulated domestic demand, leading to positive profit performance in related industries [3]. - The general and specialized equipment sectors benefited from large-scale equipment renewal policies, with profits increasing by 10.6% and 7.1% year-on-year, respectively, contributing 0.6 percentage points to the overall profit growth [3]. - The outlook for the next phase suggests that with ongoing recovery in market conditions and industrial product prices, along with strengthened domestic demand policies, the profit growth of large-scale industrial enterprises may show slight recovery in the second half of the year [3].

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 6月27日消息，荣耀IPO有了实质性进展。 6月26日，据中国证监会网上办事服务平台（试运行）披露，荣耀终端股份有限公司获上市辅导备案， 辅导券商为中信证券，辅导工作将分三个阶段推进，从2025年6月持续至2026年3月。这意味着A股或迎 来AI终端生态第一股。 辅导备案报告显示，荣耀成立于2020年4月1日，注册资本达322.39亿元，法定代表人为吴晖，所处行业 为计算机、通信和其他电子设备制造业。 目前，荣耀的控股股东是深圳市智信新信息技术有限公司，直接持股比例达49.55%。 回顾来看，荣耀在此次上市辅导备案前夕，相继完成股改、融资、高管变更等动作。 2024年，荣耀在一级市场频繁融资，参与方包含中国移动、中国电信、中金资本旗下基金、中国国新控 股关联企业、特发基金等。目前，荣耀的股东超过20家，囊括地方国资、运营商、经销商、供应商，以 及第三方资本。彼时，市场传出的一份荣耀Pre-IPO融资计划显示，荣耀估值已达2000亿元，但荣耀方 面未证实该融资计划的真实性。 2024年12月28日，荣 ...

Core Viewpoint - Honor Terminal Co., Ltd. has initiated the process for an IPO in the A-share market, aiming to become the first AI terminal ecosystem company listed in A-shares if successful [1][3]. Group 1: Company Overview - Honor was established on April 1, 2020, with a registered capital of 32.239 billion RMB [2]. - The controlling shareholder is Shenzhen Zhixin New Information Technology Co., Ltd., holding 49.55% of the shares [2]. - The company operates in the computer, communication, and other electronic equipment manufacturing industry [2]. Group 2: IPO Process and Strategic Moves - Honor's IPO plans have been public, with former CEO Zhao Ming expressing confidence in the company's products and finances, opting for an IPO over a backdoor listing [3]. - In 2024, Honor attracted significant strategic investors, including China Mobile and China Telecom, expanding its shareholder base to over 20 entities [3]. - The company completed its shareholding reform on December 28, 2024, officially changing its name to Honor Terminal Co., Ltd., clearing a major hurdle for the IPO [4]. Group 3: Management Changes and Market Position - Following the departure of Zhao Ming, Honor experienced a significant management reshuffle, including changes in key sales and marketing positions [5]. - Honor's market share in the Chinese smartphone market declined to 15% in 2024, a decrease of 1 percentage point from the previous year, with a year-on-year growth rate of -3% [5]. - In March 2025, new CEO Li Jian announced the "Alpha Strategy," committing to invest $10 billion over the next five years to transform Honor into an AI terminal ecosystem company [5].

来源：半导纵横 证监会官网显示，2025年6月26日，荣耀终端股份有限公司获上市辅导备案，辅导券商为中信证券。根据辅导工作安排，将于2026年1月至3月完成上市辅 导。 | 公开发行辅导公示 | | | 辅导对象 | 辅导机构 | 备案时间 辅导状态 | 派出机构 | 报告类型 | 报告标题 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 北京 | | 天津 | 荣耀终端股份有限公司 | 中信证券股份有限公司 | 2025-06-26 辅导备案 | 深圳证监局 | 辅导备案报告 | 关于荣耀终端股份 ... | | 11- | 河北 | 1 山西 | 浙江华盛雷达股份有限公司 | 中信证券股份有限公司 | 2025-06-26 辅导备案 | 浙江证监局 | 辅导备案报告 | 关于浙江华盛雷达 ... | | 11- | 内蒙古 | 辽宁 | | | | | | | | 11 - | 吉林 | 黑龙江 | 江苏方意摩擦材料股份有限公 司 | 东吴证券股份有限公司 | 2025-06-23 辅导备案 | 江苏证监局 | 辅导备案报告 | 关于 ...

Stats by year ] Total Crned Number of sales all William. 855 :40% ESS ...... e is 2000 ... .. .. .. 1500 22 1000 2020 不要 6 Number of sales and amount by year o 159 SPER SEASE 8 Stats by month ol sake ned Number by county 17.6 LaTS Od -2010 6-0-2019 a Uf Aug-2019 Number of sales and an y 2010 Jun-2019 May-2010 0 9/0 60 6月27日，国家统计局公布2025年1—5月份全国规模以上工业企业利润情况。 数据显示，1—5月，规模以上工业企业利润累计同比下跌1.1%，增速较4月下跌2.5个百分点。5月份，当月规模以上工业企业利润同比下降9.1%，较4月下降 12.1个百分点，为去年10月以来最大跌幅，表明工业企业经营压力有所增大。 从主要分项看，"两重两新"政策推动装备制造业和高技术制造业企业利润增长，1— ...

Group 1 - Hengbang Co., Ltd. plans to establish a joint venture with Huasheng Development with a registered capital of 10 million yuan, where Hengbang will contribute 8 million yuan (80%) and Huasheng will contribute 2 million yuan (20%) [1] - Hunan Gold's subsidiary Anhua Zhazi Creek Smelting Plant will undergo temporary maintenance starting from the end of June 2025, expected to last no more than 30 days [2] - Defu Technology's subsidiary signed supply agreements for lithium battery copper foil products with two leading global companies, with contract durations of 3 years and 5 years respectively [3] Group 2 - Binjiang Group won the rights to two residential land parcels for a total price of 4.368 billion yuan [5] - Zhong'an Technology announced the resignation of its executive vice president and board secretary due to personal reasons [7] - Changqing Technology's project for special polymer materials and electronic materials has officially commenced production, adding a capacity of 120,500 tons per year [10] Group 3 - Gansu Energy received approval from the China Securities Regulatory Commission to publicly issue bonds totaling up to 2 billion yuan [10] - Shuoshi Biology obtained a medical device registration certificate for an in vitro diagnostic reagent, valid until June 2030 [12] - Yawen Co., Ltd. plans to issue shares to specific investors, with the application accepted by the Shenzhen Stock Exchange [13] Group 4 - Guoyao Modern's subsidiary received approval for the listing of a raw material drug, which is a selective anticholinergic agent [16] - Inner Mongolia First Machinery's subsidiary signed a railway freight car procurement contract worth 130 million yuan [18] - Xining Special Steel plans to raise up to 1 billion yuan through a private placement to its controlling shareholder [39] Group 5 - Huadong Medicine's subsidiary received approval for a clinical trial of a new injectable drug targeting advanced solid tumors [29] - Warner Pharmaceutical's compound potassium hydrogen phosphate injection passed the consistency evaluation for generic drugs [30] - North Special Technology plans to raise up to 300 million yuan through a private placement for a production base project in Thailand [30] Group 6 - Xiangyang Technology is the first candidate for a 533 million yuan Airbus project [45] - Haishun New Materials intends to acquire 100% of Guangdong Zhengyi Packaging [46] - Jida Zhengyuan's shareholder plans to reduce their stake by up to 0.73% due to personal financial needs [47]

荣耀冲刺A股上市，2024年四季度完成股改，中国移动、中国电信等多家央国企陆续参股 中国证监会网上办事服务平台（试运行）信息显示，6月26日，荣耀终端股份有限公司首次公开发行股票并上市辅导备案报告公布。辅导 机构为中信证券，当前辅导状态为"辅导备案"。这标志着自2020年从华为体系中剥离独立后，荣耀正式迈出冲刺A股的重要一步。若成功 登陆资本市场，荣耀有望成为A股首家以AI终端生态为核心的上市公司。 目前，已经有20多家股东入股荣耀。2024年，中国移动、中国电信等多家央国企陆续参股荣耀，这大大增强了荣耀的资本实力。 据乐居财经消息，就在上市前夕，荣耀高管剧烈变动。2025年1月，原荣耀CEO赵明因个人原因辞去董事、CEO职务，由公司董事李健接 任。李健之前曾在华为任职，并在荣耀独立后担任高管。随后荣耀中国区CMO姜海荣、荣耀中国区销售部部长郑树宝等多位高管也陆续 离职。 据IDC数据显示，在2022年，荣耀在中国手机的市场份额达到18.1%，到2023年降至17.1%，而到2024年降至15%，再到今年一季度降至 13.7%。 荣耀在国内手机市场的市场占有率的排名，则从2022年的第二名一路降至第六位，是目 ...

财务数据显示，截至2024年12月31日，意力国际实现营业总收入3615.91万元，同比减少20.37%；归母 净利润-1728.45万元，同比减少45.31%；毛利率95.54%，资产负债率2.43%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，其他金融行业市盈率（TTM）平均值为28.2倍，行业中值-0.21倍。意力国际市盈 率-18.01倍，行业排名第95位；其他东方汇财证券（08001.HK）为1.93倍、招商局中国基金 （00133.HK）为2.46倍、维信金科（02003.HK）为3.62倍、香港信贷（01273.HK）为3.69倍、中关村科 技租赁（01601.HK）为4.05倍。 6月27日，截至港股收盘，恒生指数下跌0.17%，报24284.15点。意力国际（00585.HK）收报0.445港元/ 股，上涨9.88%，成交量8.16万股，成交额3.87万港元，振幅8.64%。 最近一个月来，意力国际累计涨幅32.79%，今年来累计涨幅32.79%，跑赢恒生指数21.26%的涨幅。 资料显示，意力国际控股有限公司('意力')是香港联合交易所有限公司主板上市的公司(港交所 ...

宏观&行业 美国推出稳定币目的何在？ 6月中旬，美国参议院通过《指导与建立美国稳定币国家创新法案》，制定了与美元挂钩的稳定币监管 规则。自此，2500亿美元市场规模的稳定币正式登上美国金融的舞台。与美元资产绑定后，能够使得稳 定币币值相对稳定。因此，按照美国的设想，随着稳定币市场的扩张，预计到2030年将达到3.7万亿美 元，而稳定币发行商将成为美国国债最大的持有者之一。从国际收支的角度来看，维系美元循环的平衡 正在被打破。美国积极推动稳定币的目的，并不仅仅是为了化解美债风险，其更大的目标还在于加深美 元对全球金融体系的影响。如果稳定币不加限制地传播，美元的影响力将更加侵蚀他国的主权货币体 系。意大利财政部长已发出警告，与美元挂钩的稳定币可能"排挤"欧元。而对于那些本币系统脆弱、通 胀高企的发展中国家而言，这种冲击将更为直接和猛烈。 香港40家机构获批虚拟资产交易牌照 近日，国泰海通旗下的香港子公司国泰君安国际控股有限公司获香港证监会批准，成为首家可提供全方 位虚拟资产相关交易服务的香港中资券商。这则消息迅速引爆了市场，6月25日，国泰君安国际大涨近 200%，带动香港中资券商指数单日大涨11.75%，A股天 ...

荣耀终端股份有限公司近日在深圳证监局获得上市辅导备案，这标志着该公司正式踏出A股IPO的关键步伐。中信 证券担任辅导券商，辅导工作将分三个阶段推进，从2025年6月持续至2026年3月。这一进展意味着A股市场可能 迎来首家AI终端生态企业。 目前荣耀的控股股东是深圳市智信新信息技术有限公司，直接持股比例达49.55%。公司所处行业为计算机、通信 和其他电子设备制造业。自2020年11月深圳市智信新信息技术有限公司完成对荣耀品牌及相关业务资产收购后， 荣耀开启了独立发展道路。 2024年，荣耀加速引入重量级股东，中国移动、中国电信、中金资本旗下基金等多家央企和国企相继入股。截至 目前，荣耀已汇聚超过20家实力雄厚的股东，包括地方国资、运营商、经销商、供应商以及第三方资本。这些股 东的加入为荣耀IPO之路奠定了坚实基础，提升了公司治理水平与市场竞争力。 AI生态战略布局与业务拓展 2025年1月17日，李健接任荣耀CEO职务。今年3月，李健在巴塞罗那世界移动通信大会上发布"阿尔法战略"，宣 告荣耀将全面转型为AI终端生态公司。该战略计划在未来五年内投入100亿美元，加速在AI领域的布局与创新。 在"阿尔法战略"指 ...