（文章来源：中国新闻网） 此次推介会举行了"森林＋医疗"森林康养结对仪式，广州市12家单位结成首批6支"森林+医疗"队伍，推 动森林康养与医疗健康服务深度融合。 与会专家还聚焦发展森林疗养增进国民健康、从园艺疗法到自然疗愈、中医药文化助力森林康养高质量 发展等前沿议题作主旨报告。9位国内企业、高校、科研院所的专家学者分享了理论与实践案例。 广州市委副书记陈向新表示，广州把森林康养作为推进生态文明建设与实施健康中国战略的重要抓手、 推动"绿水青山"向"金山银山"转化的重要路径，将以深化集体林权制度改革为突破口，创新"森林+温 泉""森林+中医药""森林+运动"等融合发展模式，大力促进生态价值转化，助推乡村全面振兴，支撑健 康广州建设。(完) 中新网广州6月21日电 (记者程景伟)"广州森林康养高质量发展国际学术交流会暨环南昆山—罗浮山引领 区世界珍稀温泉森林康养目的地推介会"20日在广州云溪植物园举行。会上发布流溪河多彩步道、白云 山森林康养径——六榕小径等首批20条"迎全运·森呼吸羊城绿色康养径"。 据悉，这些森林康养径涵盖自然疗愈、五感体验、中医药文化、睡眠管理等特色。其入选严格考量三项 健康生态指标：空气 ...

Core Viewpoint - The company, Yuancheng Environment Co., Ltd., is facing significant financial challenges, including a substantial decline in revenue and increased risks of delisting due to continuous losses and liquidity issues [2][12][4]. Financial Performance - The audited revenue for 2024 was approximately 145.84 million yuan, representing a year-on-year decrease of 46.79% [5][12]. - The net profit for the year showed losses of approximately 325 million yuan, with a similar loss of 323 million yuan after excluding non-core business revenues [2][12]. - The company reported a gross margin decline in its main business segments, with engineering construction and landscaping maintenance showing gross margins of -27.94% and -14.27%, respectively [5][11]. Risks - The company is under delisting risk due to failing to meet the Shanghai Stock Exchange's financial criteria, as indicated by the negative revenue figures [12]. - There are significant accounts receivable risks, particularly with Zhejiang Yuelongshan Tourism Development Co., Ltd., which has a receivable balance of approximately 684.43 million yuan, raising concerns about recoverability [3][14]. - Liquidity risks are evident, with cash reserves of only 9.74 million yuan and current liabilities of approximately 1.35 billion yuan, leading to challenges in meeting short-term obligations [4][12]. Operational Insights - The company has acknowledged the impact of industry cyclicality on its operations, which has contributed to the revenue decline and increased impairment losses [5][11]. - The fourth quarter of 2024 saw a revenue of approximately 101 million yuan, accounting for nearly 70% of the annual revenue, which deviates from previous trends [5][10]. - The company has taken measures to accelerate the collection of receivables to improve liquidity [4]. Client and Supplier Relationships - The top five clients contributed approximately 66.48 million yuan, accounting for 45.59% of total sales, with related party transactions making up 11.98% of this amount [5][7]. - The company has detailed its revenue recognition methods, which vary by business segment, ensuring compliance with accounting standards [8][9]. Industry Context - The overall industry is experiencing a decline in gross margins, with the company's gross margin dropping by 18.31 percentage points compared to the previous year, aligning with broader market trends [11][12]. - The slowdown in government and developer funding for infrastructure projects has adversely affected the company's revenue and profitability [11][13].

中兴财光华会计师事务所（特殊普通合伙）关于 元成环境股份有限公司 2024 年年度 报告的信息披露监管工作函中的有关问题的专项说明 中兴财光华会计师事务所（特殊普通合伙）关于 元成环境股份有限公司 2024 年年度 报告的信息披露监管工作函中的有关问题的专项说明 上海证券交易所上市公司管理二部： 贵部《关于元成环境股份有限公司 2024 年年度报告的信息披露监管工作函》 （以下简称"工作函"）收悉。中兴财光华会计师事务所（特殊普通合伙）（以 下简称"我们"）是元成环境股份有限公司（以下简称"元成股份"或"公司"） 发表意见的问题进行了审慎核查，现将情况汇报如下： 一、关于经营情况。年报显示，2024 年度公司实现营业收入 1.46 亿元，同 比下降 46.79%，扣非前后的净利润分别亏损 3.25 亿元、3.23 亿元，同比亏损幅度 加大。公司称主要受行业周期波动影响主要业务收缩导致营业收入下滑、计提减 值损失增加等使净利润减少。分产品看，除苗木销售及电子设备及元器件外，公 司工程施工及绿化养护、规划设计等主营业务毛利率分别为-27.94%、-14.27%，同 比大幅下滑。分季度看，公司第四季度实现营收 1. ...

Core Viewpoint - The company, Yunnan Jinggu Forestry Co., Ltd., is facing significant operational and financial challenges, including a substantial decline in revenue and net profit, leading to risk warnings for investors [1][2][3][4]. Group 1: Financial Performance - In the first quarter of 2025, the company reported total revenue of 62,596,342.63 yuan, representing a year-on-year decline of 40.24% [2][3]. - The net profit attributable to shareholders for the first quarter of 2025 was -16,243,878.25 yuan, and the net profit after deducting non-recurring gains and losses was -16,424,078.66 yuan [2][3]. Group 2: Operational Status - The company's production and operational order remains normal, with no significant changes in daily operations [1][3]. - The company primarily engages in the production of engineered wood products, forest chemical products, afforestation, and timber harvesting [1][3]. Group 3: Risk Warnings - The company has been placed under other risk warnings due to negative net profits for three consecutive accounting years, raising concerns about its ability to continue as a going concern [4]. - The stock has experienced significant price volatility, prompting the company to remind investors to be cautious and make rational investment decisions [1][2]. Group 4: Corporate Governance - The company has not identified any other major events that could significantly impact its stock price [5]. - During the period of stock price fluctuations, the company's directors, supervisors, senior management, and controlling shareholders have not engaged in buying or selling the company's stock [5].

Fundraising Overview - The company raised a total of 304,465,200.00 yuan through a non-public offering of 22,620,000 shares at a price of 13.46 yuan per share, with a net amount of 299,191,994.34 yuan after deducting issuance costs [1][2] - The funds were fully received by May 27, 2020, and verified by Tianheng Accounting Firm [1] Fund Management and Usage - The company established a fundraising management method to ensure proper use and management of the raised funds, including the signing of a tripartite supervision agreement with banks and the sponsor [1][2] - The company has opened fundraising accounts at three banks, with one account already canceled due to the completion of fund usage [2] Fund Account Cancellation - As of the announcement date, the company has transferred the remaining funds and interest income to its own account, and all fundraising accounts have been canceled [3] - The cancellation of the accounts was approved by the board of directors and the shareholders' meeting, with remaining funds allocated for replenishing working capital [2][3]

Group 1 - China's industrial production maintained rapid growth in the first five months of the year, with a year-on-year increase of 6.3% in the value added of large-scale industries [5] - In May, 35 out of 41 industrial categories achieved year-on-year growth, resulting in a growth coverage of 85.4% [5] - Key sectors such as railways, shipbuilding, aerospace, and electronics experienced double-digit growth, contributing to the continuous optimization of the industrial structure [5] Group 2 - The green transformation of industries is accelerating, with wind and solar power generation increasing by 11.1% and 18.3% respectively from January to May [5] - New energy vehicles and solar cell production saw significant year-on-year growth of 40.8% and 18.3% respectively, indicating breakthroughs in cutting-edge technology fields [5] - The "two new" policies have further taken effect, with equipment investment rising by 17.3%, outpacing overall investment growth by 13.6 percentage points [5]

丨证券研究报告丨 报告要点 [Table_Summary] 当周（2025 年 6 月 9 日–2025 年 6 月 14 日）可转债市场表现分化，日均成交额回升至 696.1 亿元，风格上大盘转债相对抗跌。估值端看，低价区间转债估值延续拉升，高价区受正股调整 影响估值压缩，资金偏好防御中寻找弹性。行业方面，有色金属、农林牧渔板块表现居前。个 券层面，短期表现领先者多具正股催化及主题博弈特征。一级市场方面，发行节奏整体平稳， 条款博弈持续活跃。整体来看，市场风格由主题偏好逐步向防御类低估值切换，配置上建议均 衡布局低估值顺周期方向与高评级大盘转债，关注结构性轮动中的阶段性机会。 分析师及联系人 [Table_Author] 赵增辉 熊锋 SAC：S0490524080003 SAC：S0490524120004 SFC：BVN394 请阅读最后评级说明和重要声明 固收资产配置丨点评报告 [Table_Title] 转债市场小幅承压，防御性板块占优 ——可转债周报 20250614 转债配置建议 ⚫ 优先布局估值安全边际高、票面结构稳健的大盘高评级转债，以对冲市场波动、获取稳健 收益；同时，适度参与中低价、高弹 ...

Core Viewpoint - The credit rating of Jinpu Garden Co., Ltd. has been downgraded to A with a stable outlook due to declining profitability and worsening debt repayment indicators [1][3][7]. Company Overview - Jinpu Garden primarily engages in landscape construction projects and holds various industry qualifications, including a Class A qualification in landscape engineering design and a Class I qualification in ancient architecture contracting [3][9]. - The company has a strong competitive edge in the domestic landscape construction sector, with a business model that includes "park cities," "garden villages," and "ecological restoration" [3][6]. Financial Performance - As of March 31, 2025, the company's total assets amounted to 3.49 billion yuan, with total liabilities of 0.83 billion yuan, resulting in a debt-to-asset ratio of 60.75% [9][10]. - The company reported a revenue of 0.906 billion yuan and a profit of 0.045 billion yuan for the first quarter of 2024, indicating a decline compared to previous periods [4][9]. - The operating cash flow remains negative, indicating a reliance on external financing [6][9]. Market Conditions - The landscape construction market is facing challenges due to a slowdown in the real estate sector, which has led to decreased demand for landscape projects [17][18]. - Despite the downturn, there is a growing demand for ecological restoration projects driven by government policies aimed at environmental improvement [17][18]. Industry Analysis - The construction industry, particularly the landscape sector, is experiencing increased competition, with larger state-owned enterprises gaining market share [16][21]. - The overall market for landscape services is expected to remain subdued in 2025, with demand primarily driven by government and real estate projects [17][18]. Future Outlook - The stable rating outlook reflects expectations that government policies promoting rural revitalization and ecological restoration will support long-term growth in the landscape construction sector [7][17]. - The company is expected to face ongoing challenges related to cash flow and debt repayment, necessitating careful financial management [6][9].

在宏观环境边际改善、成长板块成为市场焦点、中美贸易谈判稳步推进、流动性充裕叠加估值优势的多 重背景下，港股或仍有望延续向上突破之势。 尽管短期中美贸易谈判仍有不确定性，将对港股风险偏好和盈利预期形成扰动，但支撑港股市场进一步 向上的积极因素正在积累。随着外部扰动对风险偏好的压制趋缓，基本面修复与资金面改善的双重力量 有望共振，推动港股再上层楼。 中期视角，政策发力驱动基本面修复，叠加资金面持续改善，具备稀缺性资产优势的港股估值中枢或将 抬升。结构上，科技板块尤值重视，可聚焦受益于AI应用加速落地的互联网巨头。 消费新范式——港股消费ETF（513230） 行业选择上，三季度市场波动性或仍较高，高股息板块与必需消费可作为防御性底仓。全年视角看，若 港股扩容与增配趋势确立，则三季度波动反提供布局良机。一方面可逢低增配科技板块，紧扣科技升级 主线，关注硬科技、互联网及AI；另一方面增配消费板块，挖掘地产周期下半场蕴含的消费潜力修复 机遇，如互联网消费、医药，以及大众消费领域（个护、乳品、农林牧渔等）。 【相关ETF】 互联网AI——恒生互联网ETF（513330） 创新药出海——恒生医药ETF（159892） 此外 ...

安庆市人大常委会深入贯彻落实习近平总书记关于城乡融合发展的重要指示精神，2024年12月，围绕城 市能级提升开展系列工作。听取和审议"一带一轴一环三城"城市设计首发项目推进情况报告，组织驻安 庆市的省人大代表、市人大代表集中视察，推进落实突出"一带"重点、分段实施、保障质量、打造亮点 等审议意见，寓支持于监督之中，助力城市有机更新，提升城市功能品质和综合承载力。同时，围 绕"三区三线"划定工作，听取和审议《安庆市国土空间总体规划（2021—2035年）》，为安庆绿色转型 提供"多规合一"空间保障。 安徽省安庆市地处长江之滨，有着得天独厚的自然景观和丰富的历史文化，肩负着长江大保护和为长三 角构筑生态屏障的政治责任。安庆市人大常委会深入贯彻习近平总书记考察安徽重要讲话精神，牢牢把 握高质量发展这个首要任务，围绕安庆市委"进百强、上台阶"和生态宜城部署要求，依法履职、担当作 为，以扎实有效的工作，助力安庆走好经济社会全面绿色转型之路。 "立法+决定"织密绿色转型"制度网" 生态文明建设离不开强有力的制度保障和法治支撑。安庆市人大常委会紧扣生态环境保护需求，创新立 法工作机制，在生态环境保护、城市管理等重点领域，积 ...