Core Points - The controlling shareholder, Shandong Lujin Import and Export Group Co., Ltd. (Lujin Group), holds 185,532,352 shares, accounting for 43.27% of the total shares, with a total of 181,920,000 shares pledged, representing 98.05% of its holdings and 42.43% of the total shares [1][2] - Lujin Group has recently released and re-pledged 4.2 million shares, with the relevant procedures completed [1] - The total pledged shares by Lujin Group and its concerted parties account for 98.02% of their holdings, with no shares under restriction or frozen [2] Pledge Situation - Lujin Group has a total of 14,405,000 shares maturing within the next year, which represents 77.64% of its holdings and 33.60% of the total share capital, with a financing balance of 45.038 million [3] - There are no non-operational fund occupations, illegal guarantees, or related transactions harming the company's interests [4] Impact of Pledge - The stock pledges are all bank and corporate entity off-market pledges, with no risk of forced liquidation due to market price declines, and will not significantly impact the company's main business, financing costs, or operational capabilities [5] - Lujin Group currently has no performance compensation obligations [5] Financial Health of Lujin Group - Lujin Group has a registered capital of 200 million RMB and operates in various sectors including import and export, textile manufacturing, and sales of various goods [6] - The group has strong financial capabilities with a bank credit line of 6.9 billion RMB, of which 4.2 billion RMB has been utilized, indicating manageable debt risks [7] Risk Assessment - The funds raised from stock pledges are primarily for the operational needs of Lujin Group and its subsidiaries, with measures in place to mitigate risks associated with stock price declines [9]

Economic Overview - The internal momentum of the US economy is weakening, with the Atlanta Fed's GDPNOW model predicting a 0.4 percentage point decline in Q2 real GDP growth to 3.4% [2] - Personal consumption expenditure (PCE) growth has decreased by 0.6 percentage points to 1.9%, primarily due to a slowdown in the services sector [2] - Private investment growth (excluding inventory) has dropped by 0.8 percentage points to 0.4%, with significant contractions in real estate (-4.4%) and construction (-3.4%) [2] - The job market remains stable, with weekly initial jobless claims falling by 0.3 thousand to 245 thousand, aligning with seasonal levels [2] - The worsening situation in the Middle East is increasing inflationary pressures, as indicated by the Truflation daily inflation index rising by 8 basis points to 2.14% [2] Fiscal and Monetary Policy - Fiscal policy remains expansionary, with a weekly fiscal surplus of $18.5 billion, which is weaker than seasonal levels but stronger than historical averages [3] - The Federal Reserve maintained a wait-and-see stance during the June meeting, with the dot plot indicating that 7 out of 18 members do not expect rate cuts this year [3] Market Performance - Overseas markets showed muted performance last week, with the US dollar slightly rebounding and US Treasury yields fluctuating [4] - The US stock market was nearly flat, up 0.1%, with expectations that the most significant tariff impacts have passed, potentially leading to a renewed upward trend driven by corporate earnings resilience [4] - However, high valuations and increased tariffs may limit upward potential [4] - The strategy suggests maintaining a neutral position on US stocks with a balanced allocation [4] Chinese Economic Conditions - Domestic demand shows mixed signals, with strong automotive consumption but a slowdown in real estate transactions [6] - In June, average daily retail sales of passenger cars reached 48,000 units, a 17% year-on-year increase [7] - Real estate sales are declining, with new home transaction volumes in 30 major cities dropping by 8.6% year-on-year [7] - The land market is also cooling, with land supply and transaction volumes decreasing [7] External Demand and Trade - High-frequency data indicates a potential slowdown in China's export growth in June, with port cargo and container throughput growth rates declining [8] - Exports to the US may have seen some recovery, while exports to non-US regions are expected to decline from previous highs [8] Fiscal Performance - In May, fiscal revenue growth slowed, with public budget revenue increasing by only 0.1% year-on-year [9] - Tax revenue growth decreased to 0.6%, while non-tax revenue turned negative for the first time in 2024 [9] - Government spending growth was also slower, with a 2.6% increase year-on-year [9] Market Strategy - The bond market is showing strength, with short-term rates performing well due to a stable funding environment [10] - The A-share market experienced a slight decline, with uncertainties in corporate earnings and the need for further policy support for real estate and consumption [12] - The Hong Kong stock market is facing risks of correction, with high valuations and unstable fundamentals [12]

江苏国泰国际集团股份有限公司 五、本报告所含评级结论和相关分析不构成任何投资或财务建议，并且 不应当被视为购买、出售或持有任何金融产品的推荐意见或保证。 www.lhratings.com 联合〔2025〕4698 号 联合资信评估股份有限公司通过对江苏国泰国际集团股份有限 公司主体及其相关债券的信用状况进行跟踪分析和评估，确定维持 江苏国泰国际集团股份有限公司主体长期信用等级为 AA+，维持 "国泰转债"信用等级为 AA+，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受江苏国泰国际集团股份有限公司（以下简称 "该公司"）委托所出具，除因本次 ...

Group 1 - The total value of foreign trade in Inner Mongolia reached 843 billion RMB in the first five months of the year, showing a year-on-year growth of 0.2% [1] - Exports amounted to 327.7 billion RMB, while imports totaled 515.3 billion RMB [1] - The top five export products included electromechanical products, agricultural products, basic organic chemicals, steel, and labor-intensive products, which collectively accounted for 65.2% of total exports [1] Group 2 - Copper ore was the largest import commodity, with imports reaching 124.9 million tons, reflecting a year-on-year increase of 33.8% [1] - Private enterprises remained the primary players in foreign trade, contributing 661.7 billion RMB to the total trade, a 3.1% increase year-on-year, and accounting for 78.5% of the total foreign trade value [1] Group 3 - Inner Mongolia engaged in foreign trade with 167 countries and regions, diversifying its trade partners [2] - Trade with Mongolia and Russia accounted for 45.9% of the total foreign trade value, while trade with Chile and Peru saw significant growth rates of 134.6% and 25.5%, respectively [2] - The overall foreign trade showed resilience and vitality, with a focus on expanding cooperation and optimizing trade structures [2]

Core Insights - The implementation of the Regional Comprehensive Economic Partnership (RCEP) has significantly benefited Ningxia's trade, with the issuance of 2,417 certificates of origin and a trade value of $253 million since January 1, 2022, leading to an estimated tax reduction of over 50 million RMB for enterprises [1][2] Group 1 - RCEP is the largest free trade agreement globally, promoting regional trade growth through tariff reductions and optimized rules of origin [1] - The agreement has enabled Japan and China to establish tariff reduction arrangements for the first time, enhancing trade effects for Ningxia's exporting enterprises [1] - Ningxia's local enterprises have utilized RCEP to enjoy approximately 33 million RMB in imports and nearly 800,000 RMB in import tariff reductions [1] Group 2 - The volume of RCEP certificate issuance and the value of trade benefits for Ningxia enterprises have been continuously increasing since the full implementation of RCEP [2] - The local customs authority plans to enhance policy promotion and improve the utilization of free trade agreements through the "China Customs Preferential Origin Service Platform" [2] - The goal is to provide more convenient, efficient, and supportive services to help enterprises expand into international markets and convert policy benefits into development momentum [2]

Group 1 - The core viewpoint of the articles highlights the significant growth in trade between Sichuan and Central Asian countries, with a total import and export value of 2.78 billion yuan in the first four months, marking a year-on-year increase of 57.3% [1] - Sichuan's exports to Central Asia reached 2.61 billion yuan, up 57.9% year-on-year, while imports amounted to 170 million yuan, reflecting a growth of 48.5% [1] - Key export products from Sichuan include automobiles, semiconductor devices, and batteries, while imports mainly consist of edible rapeseed oil, ferroalloys, and grains [1] Group 2 - The cooperation model between Sichuan and Central Asian countries is evolving, with initiatives such as the Sichuan Overseas Exhibition Service Station in Tashkent and a vehicle bonded display center now operational [2] - Over 40 enterprises from Chengdu and Mianyang have participated, showcasing more than 100 products at the service station, including vehicles from BYD, Li Auto, and Zeekr [2] - The establishment of the Sichuan Tea Export Alliance by six companies aims to expand Sichuan tea into the Central Asian market, with approximately 5,000 tons of tea exported to Uzbekistan annually via direct trains from Chengdu [2]

Group 1 - The total import and export value of Wuhai City reached 726 million RMB from January to May this year, representing a year-on-year increase of 101.3%, ranking first in the autonomous region [1] - The import and export value with countries involved in the Belt and Road Initiative reached 323 million RMB, an increase of 91.85% year-on-year [1] - The import and export value with RCEP member countries reached 214 million RMB, also showing a year-on-year growth of 101.3% [1] Group 2 - Wuhai Customs has implemented a series of measures to support key enterprises, including one-on-one assistance and optimizing customs clearance processes [1] - The customs authority has issued RCEP certificates of origin worth 103 million RMB in the first five months, a significant increase of 213.91% compared to the same period last year [1] - The customs aims to enhance the business environment and leverage RCEP policy benefits to contribute to the high-quality economic development of the region [2]

Core Viewpoint - The change in controlling shareholder of Shanghai Sanmao is part of the deepening reform of state-owned enterprises, with Chongqing Light Textile Holding Group transferring its shares to Chongqing Mechanical and Electrical Holding Group without changing the actual controller [1][2][3] Group 1: Shareholder Change - On June 19, Shanghai Sanmao announced that its controlling shareholder, Chongqing Light Textile Holding Group, plans to transfer 52.1589 million shares (25.95% of total shares) to Chongqing Mechanical and Electrical Holding Group [1][2] - The transfer will not change the actual controller, which remains the Chongqing State-owned Assets Supervision and Administration Commission [3] Group 2: Business Overview - Shanghai Sanmao primarily engages in import and export trade, security services, and property leasing [2] - In 2024, the total import and export volume reached $188 million, a 14.28% increase year-on-year, with exports at $173 million and imports at approximately $1.47 million [5] Group 3: Financial Performance - In 2023 and 2024, Shanghai Sanmao reported revenues of 1.094 billion yuan and 1.203 billion yuan, reflecting year-on-year growth of 5.82% and 9.97% respectively [5] - Net profits for the same periods were 17.5988 million yuan and 18.4503 million yuan, showing significant growth of 236.26% and 4.84% [5] - In 2024, the security services segment generated 322 million yuan in revenue, a 2.93% increase year-on-year, while property leasing income was approximately 30.77 million yuan, up 14.51% [6]

Economic Overview - The overall local GDP in Hong Kong increased by 3.1% in Q1 2025 compared to the same period last year, up from a 2.5% increase in Q4 2024 [1] Service Sector Analysis - The total value added by all service activities rose by 2.6% in Q1 2025 year-on-year, compared to a 1.7% increase in Q4 2024 [1] - The value added by import and export trade, wholesale and retail industries increased by 4.2% in Q1 2025 year-on-year, contrasting with a 0.2% decline in Q4 2024 [1] - The accommodation and food services sector saw a decrease of 1.8% in value added in Q1 2025 year-on-year, following a 2.6% increase in Q4 2024 [1] - The transportation, warehousing, postal, and courier services sector's value added rose by 2.9% in Q1 2025 year-on-year, down from a 6.8% increase in Q4 2024 [1] - The information and communications sector's value added increased by 1.3% in Q1 2025 year-on-year, slightly down from a 1.5% increase in Q4 2024 [1] - The financial and insurance sector's value added rose by 4.4% in Q1 2025 year-on-year, compared to a 1.9% increase in Q4 2024 [1] Other Industries - The real estate, professional, and business services sector recorded a 0.3% decline in value added in Q1 2025 year-on-year, following a 1.7% increase in Q4 2024 [2] - The public administration, social, and personal services sector's value added increased by 1.7% in Q1 2025 year-on-year, down from a 3.0% increase in Q4 2024 [2] - The local manufacturing sector's value added rose by 0.7% in Q1 2025 year-on-year, compared to a 1.0% increase in Q4 2024 [2] - The electricity, gas, water supply, and waste management sector experienced a 1.4% decline in value added in Q1 2025 year-on-year, following a 3.0% increase in Q4 2024 [2] Construction Industry - The construction sector's value added declined by 1.9% in Q1 2025 year-on-year, following a 4.7% decrease in Q4 2024 [3]

Group 1 - Dalian's total import and export value reached 191.98 billion yuan in the first five months, a year-on-year increase of 5%, surpassing the national growth rate of 2.5% and the decline of 1.8% in Liaoning province [1] - Exports amounted to 97.54 billion yuan, up 17.2%, while imports were 94.44 billion yuan, down 5.2%, marking the first trade surplus in nearly a decade [1] - The proportion of re-export trade significantly increased, with a total of 44.72 billion yuan in re-export trade, growing by 42.1% and accounting for 23.3% of total trade [1] Group 2 - State-owned enterprises' import and export value reached 21.46 billion yuan, growing by 16.7%, while foreign enterprises reported 64.62 billion yuan, an increase of 11.1% [2] - Private enterprises experienced a slight decline in import and export value, totaling 105.58 billion yuan, down 0.4% [2] - Shipbuilding products significantly contributed to export growth, with ship exports reaching 9.83 billion yuan, a 58.7% increase, accounting for 10.1% of total exports [2] Group 3 - The import growth rate was negatively impacted by petrochemical products, with crude oil imports at 43.48 billion yuan, down 6.8% [3] - Emerging markets showed strong momentum, with trade with Malaysia growing by 27.5% to 21.87 billion yuan [3] - Traditional markets also saw varied results, with exports to Japan increasing by 4.2% and to South Korea by 19.3%, while exports to Saudi Arabia decreased by 21.2% [3]