Core Insights - Insurance capital is increasingly favoring high-dividend assets in the Hong Kong stock market, with significant increases in investment ratios and participation levels [1][3]. Group 1: Investment Trends - The investment balance in the Hong Kong market accounts for 51% of the total overseas investment balance of insurance institutions, making it the preferred choice for overseas stock and bond investments [3]. - 63% of institutions plan to increase their investment scale in Hong Kong stocks by 2025, with funds concentrated in the financial, energy, and telecommunications sectors [3]. - Insurance capital has made 19 significant investments this year, involving 15 listed companies, with two-thirds being H-shares, which are characterized by low valuations, high dividend yields, and stable dividends [3]. Group 2: Market Characteristics - H-shares are particularly attractive due to their price discount advantages and tax benefits, as dividends from H-shares held for over 12 months are exempt from corporate income tax [3]. - The Hang Seng AH-share premium index fell nearly 10% in the first half of the year but remained close to 130, indicating that A-shares are approximately 30% more expensive than H-shares [3]. - The internationalization of the Hong Kong stock market allows insurance capital to reduce portfolio volatility through dynamic balance holdings [3]. Group 3: Asset Reallocation - In the context of declining interest rates and the expiration of high-yield assets, insurance capital is under pressure to reallocate assets, favoring stable long-term returns from high-dividend Hong Kong stocks [4]. - Several insurance companies have also increased their positions in high-dividend A-shares in the first quarter of this year [4]. - The new accounting standards implemented in 2023 significantly impact insurance capital investments, leading to increased volatility in profit statements and prompting companies to focus on OCI-type assets to mitigate this volatility [4].

Core Insights - The China Commodity Price Index (CBPI) for June 2025 is reported at 110.8 points, reflecting a month-on-month increase of 0.5% but a year-on-year decrease of 5.2% [1][3] - The index has shown a moderate recovery over the past two months, indicating a stable overall operation in the commodity market, supported by positive signals from US-China trade talks and enhanced domestic counter-cyclical policies [1][3] Commodity Price Index Summary - **Overall Index**: CBPI at 110.8 points, up 0.5% month-on-month, down 5.2% year-on-year [1][3] - **Energy Price Index**: 97.3 points, up 1.0% month-on-month, down 12.9% year-on-year [3][7] - **Chemical Price Index**: 104.3 points, up 1.4% month-on-month, down 12.6% year-on-year [3][6] - **Black Metal Price Index**: 76.6 points, down 2.6% month-on-month, down 11.8% year-on-year [3][8] - **Non-Ferrous Metal Price Index**: 128.8 points, up 0.8% month-on-month, down 2.0% year-on-year [3][6] - **Mineral Price Index**: 73.6 points, down 2.6% month-on-month, down 11.9% year-on-year [3][8] - **Agricultural Product Price Index**: 98.1 points, down 0.2% month-on-month, up 2.2% year-on-year [3][7] Price Changes of Key Commodities - **Methanol**: Price increased by 7.8% month-on-month [4][6] - **Diesel**: Price increased by 5.4% month-on-month [4][7] - **Xylene**: Price increased by 5.0% month-on-month [4][6] - **Natural Rubber**: Price decreased by 6.9% month-on-month [6][7] - **Coke**: Price decreased by 10.5% month-on-month [5][7] Market Analysis - The chemical price index's rise is attributed to increasing international oil prices, which have pushed up the prices of chemical fibers and basic chemicals [6] - The non-ferrous metal price index's increase is linked to a weaker US dollar, which has positively impacted the prices of metals priced in dollars [6] - The energy price index's rebound is primarily due to rising international crude oil prices, which have strengthened the cost support for products like gasoline and diesel [7] - The black metal price index's decline is driven by falling costs of raw materials like coke and iron ore, coupled with insufficient downstream demand [8]

Group 1 - The core viewpoint of the report highlights that despite a record high in renewable energy usage, global CO2 emissions in the energy sector are set to reach a new record in 2024 due to the continued rise in fossil fuel consumption [1][2] - The report indicates that global energy supply is expected to grow by 2% year-on-year in 2024, with all energy types including oil, natural gas, coal, nuclear, hydropower, and renewables showing growth, leading to a 1% increase in carbon emissions, reaching 4.08 billion tons of CO2 equivalent [1] - Natural gas is projected to see the largest increase in fossil fuel consumption in 2024, with a year-on-year growth of 2.5%, while coal will grow by 1.2%, remaining the largest source of power generation globally, and oil will see an increase of less than 1% [1] Group 2 - The report's authors emphasize that despite record additions in renewable energy capacity, the world is not on track to meet the goal of tripling renewable energy capacity by 2030 [2] - Geopolitical tensions have led to a significant shift in the global energy landscape, as noted by the report's co-author from Kearney Consulting [2] - The COP28 conference has set an ambitious vision for tripling global renewable energy by 2030, but actual progress remains inconsistent, with the necessary pace not being achieved despite rapid global growth [2]

Core Points - The company, Haiyue Energy Group Co., Ltd., has entered a delisting preparation period starting from June 16, 2025, with the expected last trading date on July 4, 2025 [2][5][18] - After the delisting preparation period, the company's stock will be delisted from the Shanghai Stock Exchange within five trading days [3][9] Summary by Sections Delisting Preparation Period - The delisting preparation period lasts for 15 trading days, with the first trading day having no price fluctuation limit, and subsequent days limited to a 10% fluctuation [6][9] - As of the announcement date, the stock has traded for 12 days in the delisting preparation period, leaving 3 days remaining [3][17] Stock Repurchase Plan - The company plans to repurchase shares during the delisting preparation period, with a total repurchase amount between RMB 30 million and RMB 50 million, and a maximum repurchase price of RMB 2.00 per share [4][19] - As of July 1, 2025, the company has repurchased 24.2268 million shares, accounting for 5.18% of the total share capital, with a total expenditure of RMB 21.4708 million [20] Shareholder Commitments - The controlling shareholder has committed not to reduce their holdings during the repurchase period and the following six months, while other shareholders may still reduce their holdings [4][18] Regulatory Compliance - The company will not plan or implement any major asset restructuring during the delisting preparation period [11] - The company will fulfill its information disclosure obligations according to relevant laws and regulations during the delisting preparation period [13][21]

Group 1 - The company has announced a share buyback plan with a total expected amount between 30 million and 60 million RMB [1][2] - The buyback period is set from April 28, 2025, to July 27, 2025 [1] - As of June 30, 2025, the company has repurchased a total of 1.841 million shares, representing 0.46% of the total share capital [2] Group 2 - The repurchase price range was between 13.33 RMB and 14.55 RMB per share [2] - The total amount spent on the buyback so far is 25.5145 million RMB, excluding transaction fees [2] - The buyback is aimed at maintaining company value and protecting shareholder interests [1][2]

Core Viewpoint - Haiyue Energy Group Co., Ltd. is entering a delisting transition period, with trading starting on June 16, 2025, and expected to end on July 4, 2025, after which the stock will be delisted [1][2][3] Group 1: Delisting Process - The stock will enter a delisting transition period for 15 trading days, with the last trading day expected to be July 4, 2025 [1][2] - After the transition period, the Shanghai Stock Exchange will delist the stock within 5 trading days [1][3] - The stock will be traded on the risk warning board during the transition period, with no price limit on the first trading day and a daily limit of 10% thereafter [3] Group 2: Share Buyback Plan - The company plans to repurchase shares during the transition period, with a buyback amount between RMB 30 million and RMB 50 million, and a maximum price of RMB 2.00 per share [2][4] - There is a risk that the buyback plan may not be successfully implemented if the stock price exceeds the buyback price limit [2][4] - The company's directors, supervisors, and controlling shareholders have committed to not reducing their shareholdings during the buyback period and the following 6 months [5] Group 3: Investor Advisory - Investors are advised to settle stock pledge repurchase, agreed repurchase, margin financing, and other related businesses before the stock is delisted [1][4] - Personal investors must have over 24 months of trading experience and meet specific asset requirements to buy delisting transition stocks [3]

证券代码：600777 证券简称：ST 新潮 公告编号：2025-056 山东新潮能源股份有限公司 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。 重要提示： ★ 公司全体董事出席了本次会议。 ★ 全体董事对本次董事会审议的议案投反对票。 ★ 本次董事会审议的议案未获通过。 一、董事会会议召开情况 的有关规定。 对会议紧急召开情况进行了说明。 会议。 二、董事会会议审议情况 （一）会议审议了《关于股东提请召开临时股东大会的议案》 《公司章程》等法律法规的相关规 定，单独或者合计持有公司 10%以上股份的股东有权向董事会请求召开临时股东 大会，并应当以书面形式向董事会提出。董事会应当根据法律、行政法规和《公 司章程》的规定，在收到请求后 10 日内提出同意或不同意召开临时股东大会的 书面反馈意见。 表决结果：同意 0 票，反对 7 票，弃权 0 票 全体董事对该议案投了反对票，理由如下： 《公司法》第一百一十五条第一款规定："召开股东会会议，应当将会议召 开的时间、地点和审议的事项于会议召开二十日前通知各股东；临时股东会会议 应 ...

一个短视的市场往往也是脆弱的，一旦新的担忧出现，反转可能接踵而至。 文：国金宏观宋雪涛/联系人陈瀚学 当前的美股是散户乐观、机构悲观。 6月12日当周，美股散户看多比例达到33.2%，为1月底以来新 高；看空比例为33.6%，为1月底以来新低。散户乐观的另一个佐证，是小市值股票成交火热，因为小 市值股票往往是散户们激烈博弈的战场。截至6月18日，美股市场上股价小于1美元的公司成交量占比 升至36.6%，较4月9日上升近20个百分点。 而美股机构资金普遍偏悲观。从CFTC报告的E-mini标普500非商业期权期货净持仓数据来看，非商业 交易者通常并非套期保值者（即不利用期货市场来对冲现有业务敞口），而是以对冲基金为代表的投机 性机构资金。截至6月10日，美股非商业期权期货净持仓-12.4万张，位于近一年4%的极低分位数水 平。 Be fearful when others are greedy. —— Warren Buffett 4月9日前，美股在"科技例外论"消退和对等关税带来的经济担忧下，一度接近技术性熊市（详见 《美 股已进入"特朗普周期"》 ）。但之后的两个多月里，美股迎着美元和美债的逆风独自反弹，当 ...

Core Viewpoint - The energy industry's digital transformation is both a challenge and an opportunity driven by the "dual carbon" goals and the wave of digitalization, necessitating a deep integration of energy and digital technologies [1] Group 1: Opportunities in Energy Industry Digital Transformation - Continuous policy support is evident, with the "14th Five-Year Plan for Modern Energy System" emphasizing the acceleration of digital and intelligent upgrades in the energy sector [2] - The "dual carbon" goals require significant changes in the economic and social systems, positioning the energy sector as a key player in achieving these targets through digital transformation [3] - The rapid development of the digital industry over the past decade provides essential technological support for the energy sector's digital transformation, facilitating new business models and sustainable development [4] Group 2: Challenges in Energy Digital Transformation - The energy sector faces severe challenges related to digital security and privacy protection, as the digitalization process generates sensitive data that must be safeguarded to prevent leaks and ensure operational safety [5] - There are complexities in achieving unified technical standards and data sharing within the energy sector, which involves numerous hardware and information systems [6] - A shortage of skilled professionals who possess both energy expertise and digital technology knowledge hampers the digital transformation process in the energy industry [8] Group 3: Digital Transformation Scenarios in Energy Industry - Smart production can be achieved through digitalization, enhancing precision in energy production and optimizing resource utilization [9] - Digital technologies can enhance energy management services and analyze consumer behavior through data collection at the consumption end [10] - Smart grids serve as the core infrastructure for digital transmission and distribution, improving efficiency and monitoring capabilities [11] - Digital technologies can optimize operational processes and monitor carbon emissions in real-time, supporting regulatory frameworks [12] - The integration of digital technologies fosters new business models and resource-sharing practices, optimizing energy resource utilization [13]

Core Points - The article outlines the regulations for the online voting system for the shareholders' meeting of Shengtong Energy Co., Ltd, aiming to standardize the voting process and protect investors' rights [1][2][3] Group 1: General Provisions - The online voting system is defined as a technology platform provided by the Shenzhen Stock Exchange to facilitate shareholders in exercising their voting rights [1] - The company must provide online voting services in addition to on-site voting during shareholders' meetings [1][2] Group 2: Preparation for Online Voting - The company is required to clearly state the voting code, voting abbreviation, voting time, voting proposals, and proposal types in the shareholders' meeting notice [2] - The company must apply for the online voting service on the trading day following the release of the meeting notice and ensure the accuracy of voting information [2][3] Group 3: Voting via Shenzhen Stock Exchange Trading System - The online voting through the Shenzhen Stock Exchange trading system is available during the trading hours on the day of the shareholders' meeting [3] - A specific voting code (361331) and abbreviation ("Shengtong Voting") are assigned for the online voting process [3] Group 4: Voting via Internet Voting System - The internet voting system opens for voting at 9:15 AM on the day of the shareholders' meeting and closes at 3:00 PM on the same day [3][4] - Shareholders must authenticate their identity to vote through the internet voting system [3] Group 5: Voting and Counting Rules - Shareholders can participate in online voting through their accounts, and the number of votes corresponds to the total shares held [5][6] - Votes cast through multiple accounts by the same shareholder will be counted based on the first valid vote [5][6] - For cumulative voting proposals, shareholders can allocate their votes among candidates as per their preference [6][7] Group 6: Post-Voting Procedures - After the shareholders' meeting, the company must confirm the voting data's compliance and disclose the voting results [10][11] - Shareholders can check their voting results through the trading system or the internet voting system [10]