周恒 制图 ■机构展望 广发证券认为，与4月股市的剧烈波动不同，全球股市近期开始对美国关税政策变化脱敏。其中最重要 的原因在于，基本面开始成为市场定价的主导因素。回归A股投资，建议投资者后续同样淡化外部因素 扰动，回归基本面定价。 申万宏源证券认为，在上证指数近期突破后，A股积极因素仍在继续累积。A股大波段上行的线索正愈 发完整清晰，市场开始提前反映远期改善的投资机会。该机构表示，强势上涨行情在2025年四季度开始 的必要条件正加速积累。不过今年三季度的行情可能不会一蹴而就，赚钱效应短期扩散至高位后，市场 反复可能增加。 从交易型思维转向持股型思维 从资金面角度判断，中信证券称，6月以来市场最大的变化是逐步从存量市场转为增量市场。据其测 算，自2023年初以来，今年6月主动型公募产品首次出现单月新发规模超过存量净赎回规模（剔除2024 年2月的特殊情况），实现单月净流入。这扭转了2024年10月市场反弹以来持续"失血"的情况，也标志 着过去几年表现最弱势的主动型公募转为资金净流入状态。 沪指放量上攻突破关键点位 机构：投资者交易策略或应转向 ◎记者 汪友若 上周A股市场持续冲高，沪指连续2日站上3500点整数 ...

Core Viewpoint - The acquisition of Haowei Technology by Degute represents a significant "elephant swallowing snake" transaction, with a substantial disparity in revenue and asset size between the two companies [1][2]. Group 1: Acquisition Details - Degute plans to acquire 100% of Haowei Technology through a combination of share issuance and cash payment, making Haowei a wholly-owned subsidiary [1]. - The specific transaction pricing has not been disclosed, but the scale of the acquisition is notable given the financial metrics of both companies [1]. - The transaction involves 14 shareholders of Haowei Technology, with the top three shareholders holding 27.83%, 27.62%, and 13.85% of the shares respectively [2]. Group 2: Financial Comparison - In 2024, Degute's revenue is projected to exceed 500 million yuan, while Haowei Technology's revenue for 2023 and 2024 is reported at 3.861 billion yuan and 3.654 billion yuan respectively, indicating a revenue scale several times larger than Degute's [2][3]. - As of March 31, 2024, Degute's total assets are 1.156 billion yuan with equity of 765 million yuan, whereas Haowei Technology's total assets are 5.617 billion yuan with equity of 2.954 billion yuan [1][2]. Group 3: Business Transition - Following the acquisition, Degute aims to expand its business from energy-saving equipment manufacturing to telecommunications software development, cloud and AI software services, and industry digital solutions, thereby creating a second growth curve [4]. - The company has been transitioning from a "product supplier" to a "system integration service provider," focusing on a full value chain system for clean combustion and efficient heat exchange [5]. Group 4: Historical Context of Haowei Technology - Haowei Technology, previously known as Zhongxing Ruanchuang, was listed on the New Third Board before delisting in 2017 and has undergone multiple rounds of listing guidance since then [1][5]. - The company has received high-level certifications from major cloud service providers, indicating its strong capabilities in cloud management services [2].

Core Points - The stock price of Jiafa Education (300559) closed at 11.68 yuan on July 11, 2025, down by 0.26% with a turnover rate of 2.74% and a trading volume of 85,100 lots, amounting to 99.07 million yuan [1] - The company experienced a net outflow of main funds amounting to 18.96 million yuan, accounting for 19.14% of the total transaction amount, with significant outflows from large orders [1] Financial Performance - For the first quarter of 2025, Jiafa Education reported total operating revenue of 54.87 million yuan, a year-on-year decrease of 51.82% [1] - The net profit attributable to shareholders was 10.04 million yuan, down 253.84% year-on-year, while the non-recurring net profit was 11.18 million yuan, a decrease of 280.16% [1] - The company's liquidity ratios are as follows: current ratio at 7.168, quick ratio at 6.263, and debt-to-asset ratio at 9.52% [1] Company Overview - Chengdu Jiafa Antai Education Technology Co., Ltd. was established in 2002 and is primarily engaged in software and information technology services [2] - The company has a registered capital of 3.995 billion yuan and a paid-in capital of 538 million yuan [1] - Jiafa Education has made investments in 21 companies, participated in 1,124 bidding projects, and holds 46 trademark registrations and 82 patents [2]

Core Viewpoint - The company, Degute, is planning to acquire 100% of Haowei Cloud Computing Technology Co., Ltd. through a combination of issuing shares and cash payment, which is expected to constitute a significant asset restructuring [1][4]. Group 1: Transaction Details - The acquisition will involve 14 counterparties, including Nanjing Xiruan Enterprise Management Partnership and ZTE Corporation, among others [2]. - The company plans to raise matching funds from no more than 35 qualified specific investors, with the total number of shares issued not exceeding 30% of the company's total share capital post-transaction [4]. - The share issuance price is set at 14.35 yuan per share, which is not less than 80% of the average trading price over the previous 120 trading days [4]. Group 2: Company Background - Degute is a high-tech energy-saving and environmental protection equipment manufacturer, providing solutions in clean combustion and heat energy saving across various sectors including chemicals, energy, metallurgy, and waste treatment [5]. - Haowei Technology is an international software and IT service provider, focusing on digital and intelligent solutions for telecom operators, cloud infrastructure service providers, and government enterprises, with significant overseas business advantages [5]. Group 3: Strategic Implications - The acquisition is expected to diversify Degute's business from energy-saving equipment manufacturing to include telecom software development, cloud and AI software services, and industry digital solutions, thereby creating a second growth curve for the company [5][6]. - The transaction is anticipated to enhance the company's risk resistance and profitability, aligning with the interests of the company and all shareholders [6].

Suspension and Resumption of Trading - Yuanli Co., Ltd. is planning to acquire control of Fujian Tongsheng New Materials Technology Co., Ltd., resulting in a stock suspension [1] - Degute is planning to purchase 100% of Haowei Technology, leading to the resumption of trading. This acquisition will expand the company's main business from energy-saving environmental equipment manufacturing to telecom software development, cloud and AI software development, and industry digital solutions, successfully building a second growth curve [1] - Kanghua Bio is planning a change in control of the company, resulting in a stock suspension [1] Mergers and Acquisitions - Fuda Alloy is planning to acquire at least 51% of the equity of Guangda Electronics, which primarily produces TOPCon battery silver paste [3] - Dajia Weikang has acquired 60.85% of Anhui Dajia Weikang for a transaction price of 116 million yuan. Anhui Dajia Weikang operates 119 chain pharmacies, with revenue of 57 million yuan and net profit of 1.04 million yuan from January to April 2025 [3] Investment Cooperation and Business Conditions - Chuling Information has won a bid for the procurement project of all-optical network integration terminal supporting products from China Mobile [4] - Galaxy Microelectronics plans to invest 310 million yuan to build the first phase of a high-end integrated circuit discrete device industrialization base [5] - Yuntian Lifa plans to issue H-shares and list on the Hong Kong Stock Exchange [6] - Xingchen Technology is planning to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange [7] Performance Changes - Guosen Securities expects a net profit of 4.78 billion to 5.53 billion yuan for the first half of the year, an increase of 52% to 76% compared to 3.139 billion yuan in the same period last year, with significant growth in major business revenues [8] - Guolian Minsheng expects a net profit of 1.129 billion yuan, a year-on-year increase of approximately 1183% [8] - Huaxi Securities anticipates a net profit of 445 million to 575 million yuan, a year-on-year increase of 1025.19% to 1353.90% [9] - Ruijie Networks expects a net profit of 400 million to 510 million yuan, an increase of 160.11% to 231.64% compared to 154 million yuan in the same period last year [9] - Gaode Infrared expects a net profit of 150 million to 190 million yuan, a year-on-year increase of 734.73% to 957.33% [9] - CRRC expects a net profit of 6.722 billion to 7.562 billion yuan, a year-on-year increase of 60% to 80% [10] - Lanke Technology expects a net profit of 1.1 billion to 1.2 billion yuan, a year-on-year increase of 85.50% to 102.36% [10] - Jingfang Technology expects a net profit of 150 million to 175 million yuan, a year-on-year increase of 36.28% to 58.99% [10] - Yaqi International expects a net profit of 730 million to 930 million yuan, an increase of 170% to 244% compared to 270 million yuan in the same period last year [10] - Hunan Gold expects a net profit of 613 million to 701 million yuan, a year-on-year increase of 40% to 60% [10] - Western Gold expects a net profit of 130 million to 160 million yuan, an increase of 96.35% to 141.66% [10] - Zhongjin Gold expects a net profit of 2.614 billion to 2.875 billion yuan, a year-on-year increase of 50% to 65% [11] - Zijin Mining expects a net profit of 23.2 billion yuan, a year-on-year increase of approximately 54% [12] - Allwinner Technology expects a net profit of 156 million to 171 million yuan, a year-on-year increase of 31.02% to 43.62% [13]

本周（ 202 5 . 07 . 07 - 2025.07.13 ）出海大事件包括 ： 消息称 SHEIN 已向港交所提交了招股 书草案； TikTok 辟谣开发美国专用版应用计划；字节跳动否认甲骨文等将收购 TikTok 美国业务； 京东全球售上线半托管，面向美英新马泰等 9 国开放；茶颜悦色进军北美市场，跨境电商成出海切入 点；柠季出海，背靠跨国企业正大集团；最高 50% ，特朗普再宣称对 8 国加征关税；微软宣布关闭 巴基斯坦业务，结束 25 年南亚市场布局 等。 出海四小龙 「Going Global 出海周报」 是创业邦推出的出海系列栏目，旨在为出海领域的创业者和投资人精选 出海大事件、海外大公司、投融资消息，本篇为栏目第 291 篇报道。 整理丨晓晓 Temu 计划进军欧洲食品市场，招募本地供应商 Temu 计划进军欧洲食品市场，进一步扩大其在快速消费品领域的业务版图。自 2025 年 5 月以 来， Temu 已在德国建立本地团队，并计划将业务拓展至瑞士、奥地利等其他欧洲国家，希望借此扩 张欧洲本地供应商，特别是针对糖果、保健品等品类的小型制造商。 消息称 SHEIN 已向港交所提交了招股书草案 ...

Core Viewpoint - The acquisition of 100% equity in Haowei Cloud Computing Technology Co., Ltd. by Qingdao Degute Energy Equipment Co., Ltd. is aimed at enhancing business synergy and transforming Degute from a traditional equipment supplier to an energy management solution provider [1][5]. Group 1: Financial Performance - Degute achieved a revenue of 509 million yuan in 2024, representing a year-on-year growth of 64.21%, and a net profit attributable to shareholders of 96.71 million yuan, up 150.15% year-on-year [2][3]. - In Q1 2025, Degute's revenue was 125 million yuan, showing a year-on-year decline of 31.19%, attributed to delayed order deliveries from 2023 [3]. - Haowei Technology reported a revenue of 3.34 billion yuan in Q1 2025, also experiencing a decline, which is explained by the seasonal nature of the software and IT services industry [3]. Group 2: Business Synergy - The acquisition is expected to create significant business synergies, with Haowei's "Three Integration" intelligent computing solution reducing deployment time from 6 months to 72 hours, and improving fault prediction accuracy by 40% in power industry applications [4]. - The collaboration will enable Degute to leverage Haowei's expertise in digital solutions to enhance its traditional manufacturing processes, thereby improving digital management efficiency [4]. Group 3: Market Expansion - Degute's products are sold in over 30 countries, while Haowei has branches in 19 countries, indicating potential for collaborative international market expansion [5]. - The differing customer bases of Degute and Haowei present complementary opportunities, allowing Degute to enter smart city environmental projects through Haowei's government and enterprise channels [4][5].

宏观周报 2025 年 07 月 13 日 整治企业内卷式竞争 宏观研究团队 ——宏观周报 | 何宁（分析师） | 沈美辰（分析师） | | --- | --- | | hening@kysec.cn | shenmeichen@kysec.cn | | 证书编号：S0790522110002 | 证书编号：S0790524110002 | |  国内宏观政策：整治企业内卷式竞争 | | 过去两周（6 月 29 日-7 月 12 日）国内宏观主要聚焦以下几个方面： 经济增长方面，近日中央财经委员会召开第六次会议，会议研究纵深推进全国统 一大市场建设、整治企业"内卷式"竞争、海洋经济高质量发展等问题。国家主 席习近平强调，纵深推进全国统一大市场建设，要聚焦重点难点，依法依规治理 企业低价无序竞争，引导企业提升产品品质，推动落后产能有序退出。习近平在 山西考察时强调，推动煤炭产业由低端向高端、煤炭产品由初级燃料向高价值产 品攀升；要着力稳就业、稳企业、稳市场、稳预期。国务院印发《关于进一步加 大稳就业政策支持力度的通知》，通知提出将从扩大稳岗专项贷款、提高失业保 险返还比例等多个方面推动经济发展。 基建与产业方 ...

证券代码：002777 证券简称：久远银海 公告编号：2025-026 四川久远银海软件股份有限公司 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、本期业绩预计情况 （一）业绩预告期间：2025 年 1 月 1 日 — 2025 年 6 月 30 日 （二）业绩预告情况：预计净利润为正值且同向上升 项 目 本报告期 上年同期 营业收入 39,462.73万元 归属于上市公司股东的净利润 盈利：1,151.77万元 盈利：2,020.95万元-2,265.92万元 归属于上市公司股东的扣除非 盈利：612.41万元 经常性损益后的净利润 比上年同期增长：230%-270% 基本每股收益 盈利：0.09元/股-0.05元/股 盈利：0.03元/股 注：财政部于2024年12月31日发布了《企业会计准则解释第18号》（财会〔2024）24号 下称"解释18号"）"关于不属于单项履约义务的保证类质量保证的会计处理"，自2024年12 月31日起施行，允许企业自发布年度提前执行。对在首次执行本解释内容时，如原计提保证类 质量保证时计入"销售费用"等的，应当按照《企业 ...

德固特(300950.SZ)公告称，公司正在筹划通过发行股份及支付现金的方式购买浩鲸 云计算科技股份有 限公司100%股份并募集配套资金。经初步测算，本次交易预计构成重大资产重组，不会导致公司实际 控制人发生变更，不构成重组上市，构成关联交易。公司股票将于2025年7月14日开市起 复牌。本次交 易中，上市公司通过收购优质 资产，主营业务从 节能环保装备制造拓展至电信 软件开发及服务、云和 AI软件开发及服务、行业数字化解决方案，可成功构建公司第二增长曲线 ...