Core Viewpoint - The document outlines the selection and management procedures for accounting firms at Chengdu Tangyuan Electric Co., Ltd, emphasizing the importance of maintaining high-quality financial reporting and protecting shareholder interests [1][2][3]. Group 1: General Principles - The selection of accounting firms must comply with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [1]. - The selection process requires approval from the Board of Directors and the Shareholders' Meeting after review by the Audit Committee [1][2]. Group 2: Quality Requirements for Accounting Firms - Selected accounting firms must possess qualifications for securities and futures-related business and have a good record of professional quality [1]. - Firms must have a fixed workplace, a sound organizational structure, and adequate resources to ensure audit quality [1]. Group 3: Selection Procedures - The Audit Committee is responsible for establishing policies and processes for selecting accounting firms, including proposing the initiation of selection work [2][3]. - The selection process must be competitive and transparent, utilizing methods such as competitive negotiation and public bidding [2][3]. Group 4: Evaluation Criteria - Evaluation criteria for selecting accounting firms include audit fees, qualifications, professional records, quality management levels, and risk management capabilities [4]. - Quality management level must have a weight of no less than 40% in the evaluation [4]. Group 5: Reappointment and Dismissal Procedures - The Audit Committee must evaluate the performance of the accounting firm before reappointment and submit a report to the Board of Directors [5][6]. - If a firm is to be dismissed, the reasons must be disclosed in detail, including any statements from the dismissed firm [7][8]. Group 6: Supervision and Penalties - The Audit Committee is tasked with ensuring that selected accounting firms adhere to ethical standards and perform their duties diligently [9]. - Serious violations by accounting firms can lead to penalties, including dismissal and financial liability for responsible individuals [9][10]. Group 7: Reporting and Disclosure - The company is required to disclose evaluations of the accounting firm's performance and the Audit Committee's supervisory activities annually [10]. Group 8: Miscellaneous Provisions - Any matters not covered by this system will be governed by relevant national laws and regulations [11]. - The system becomes effective upon approval by the Board of Directors [11].

Core Viewpoint - The establishment of the Nomination Committee aims to standardize the selection of directors and senior management, optimize the composition of the board, and improve the corporate governance structure of Chengdu Tangyuan Electric Co., Ltd [2][3]. Group 1: General Provisions - The Nomination Committee is set up to regulate the selection of directors and senior management personnel, based on relevant laws and regulations [2]. - The committee is a specialized working body of the board, responsible for proposing candidates for directors and senior management [2]. Group 2: Composition of the Committee - The Nomination Committee consists of three directors, with a majority being independent directors [3]. - The committee members are nominated by the chairman, more than half of the independent directors, or more than one-third of all directors, and elected by the board [3]. Group 3: Responsibilities and Authority - The committee is responsible for drafting selection criteria and procedures for directors and senior management, and for reviewing candidates' qualifications [3]. - It must provide recommendations to the board regarding the nomination or dismissal of directors and the hiring or firing of senior management [3]. Group 4: Decision-Making Procedures - The selection process for directors and senior management includes communication with relevant departments, candidate searches, and qualification reviews [4]. - The committee must ensure that candidates consent to their nominations before proceeding [4]. Group 5: Meeting Rules - Meetings of the Nomination Committee require the presence of at least two-thirds of the members to be valid [5]. - Decisions are made by a majority vote, and meetings can be held in person or via other approved methods [5]. Group 6: Miscellaneous Provisions - The committee's procedures and decisions must comply with relevant laws, regulations, and the company's articles of association [6]. - The committee's rules take effect upon approval by the board [6].

Core Viewpoint - The internal audit system of Chengdu Tangyuan Electric Co., Ltd. aims to standardize internal audit work, enhance the quality of internal audits, prevent and control company risks, and protect the legitimate rights and interests of investors [1][2]. Group 1: Internal Audit Definition and Objectives - Internal audit refers to the examination and evaluation of the authenticity, legality, and effectiveness of the economic activities of the company's internal institutions and subsidiaries [1]. - The objectives of internal control include compliance with laws and regulations, improving operational efficiency, safeguarding company assets, and ensuring the accuracy and completeness of information disclosure [1][2]. Group 2: Responsibilities and Structure - The company establishes an audit committee under the board of directors to oversee audit supervision and ensure the independence of the internal audit department [2][3]. - The internal audit department is responsible for conducting audits independently and reporting to the audit committee [3][4]. Group 3: Audit Procedures and Reporting - Internal audit work must cover all business activities related to financial reporting, including sales, procurement, inventory management, and more [4][5]. - The internal audit department is required to submit at least one internal audit report to the board of directors or the audit committee annually [5][6]. Group 4: Audit Authority and Compliance - The internal audit department has the authority to request necessary documents, conduct investigations, and propose improvements based on audit findings [6][7]. - The company must establish a mechanism for evaluating the performance of internal auditors and impose penalties for violations of the audit system [9][10].

Overall Inventory Cycle - In April, the total inventory in the U.S. increased by 3.37% year-on-year, compared to a previous value of 3.43%[1] - The total sales in April rose by 3.74% year-on-year, down from 4.04% previously[1] - The data indicates a preliminary shift towards active destocking in the U.S. inventory cycle[1] Industry Inventory Cycle - Among 14 major industries in April, 10 were in passive restocking, including construction materials, metals, and consumer goods[12] - The historical percentile for overall inventory in April was 39.2%, with chemical products at 85.7% and construction materials at 83.2%[12] - Oil and chemical sectors are likely transitioning to active destocking, while construction and metal inventories remain high[12] Future Outlook - Despite uncertainties regarding tariffs, the U.S. inventory cycle is expected to lean towards active destocking in Q2 due to previous overstocking[1] - The "panic import" demand has extended the passive restocking cycle for downstream industries[14] - Active destocking is anticipated for automotive and automotive parts as of December 2024, with a continued trend into April 2025[14]

长城电工(600192)今日涨停，全天换手率7.96%，成交额3.28亿元，振幅5.38%。龙虎榜数据显示，营业 部席位合计净卖出2552.20万元。 上交所公开信息显示，当日该股因日涨幅偏离值达9.67%上榜，营业部席位合计净卖出2552.20万元。 长城电工7月1日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 西南证券股份有限公司广东分公司 | 941.83 | | | 买二 | 国泰海通证券股份有限公司总部 | 725.59 | | | 买三 | 东方财富证券股份有限公司拉萨团结路第一证券营业部 | 454.24 | | | 买四 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | 407.75 | | | 买五 | 东方财富证券股份有限公司拉萨金融城南环路证券营业 部 | 387.62 | | | 卖一 | 开源证券股份有限公司西安西大街证券营业部 | | 1502.16 | | 卖二 | 华鑫证券有限责任公司上海云锦路证券营业部 | | 1291.20 | ...

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 2025 年 7 月十大转债 ---东北固收转债分析 报告摘要： [Table_Summary] 7 月十大转债如下： 中证转债指数 [Table_Report] 相关报告 《【东北固收】原油地缘溢价消退，提振消费扩 内需继续发力——政策及基本面周度观察 （20250628）》 --20250629 《甬矽转债定价：首日转股溢价率 23%~28%》 --20250626 《华辰转债定价：首日转股溢价率 22%~27%》 --20250623 《社零超预期改善，油价涨幅收窄——政策及 基本面周度观察（20250621）》 --20250622 《锡振转债定价：首日转股溢价率 29%~33%》 --20250622 首席分析师：刘哲铭 执业证书编号：S0550524040002 18801785199 liuzm1@nesc.cn 证券分析师：薛进 执业证书编号：S0550522120002 13916677156 xuejin@nesc.cn 风险提示：转债回调风险。 请务必阅读正文后的声明及说明 [Table ...

Core Viewpoint - The Hong Kong IPO market has experienced explosive growth in the first half of this year, with a significant increase in the number of IPOs and total financing amount compared to the same period last year [1][2]. Group 1: IPO Market Performance - From January 1 to June 30, 2023, there were 43 IPOs on the Hong Kong Stock Exchange, an increase of 13 compared to the same period last year [1]. - The total IPO financing amount reached 1,067.13 billion HKD, surpassing the total financing amount of 881.47 billion HKD for the entire previous year, representing a year-on-year increase of 688.56% [1]. - Hong Kong Stock Exchange ranked first globally in terms of IPO financing scale [1]. Group 2: Industry Distribution of IPOs - The majority of IPOs in the first half of 2023 came from industries such as electrical equipment, pharmaceutical and biotechnology, food and beverage, machinery, consumer services, non-ferrous metals, software services, and banking, with new consumption and technology companies being predominant [1]. - The top three industries in terms of fundraising were electrical equipment (426.44 billion HKD), pharmaceutical and biotechnology (156.30 billion HKD), and food and beverage (116.01 billion HKD) [1]. Group 3: Notable IPOs - Among the 43 IPOs, 17 companies raised over 1 billion HKD, 8 companies raised over 2 billion HKD, and 6 companies raised over 3 billion HKD [1]. - The top three companies by IPO financing were Ningde Times (410.06 billion HKD), Hengrui Medicine (113.74 billion HKD), and Haitian Flavoring and Food (101.29 billion HKD) [1]. - Other companies with IPO financing exceeding 2 billion HKD included Sanhua Intelligent Control, Mixue Group, Chifeng Jilong Gold Mining, Nanshan Aluminum International, and Guming [1]. Group 4: A-Share Companies Listing in Hong Kong - There has been a noticeable increase in A-share companies listing in Hong Kong this year, with several companies such as Ningde Times, Hengrui Medicine, and Haitian Flavoring and Food already listed [2]. - The trend of "A+H" listings is expected to be a key theme for 2025, with over 30 A-share companies having submitted applications for H-share listings and more than 20 companies announcing plans for H-share listings [2].

证券代码：002451 证券简称：摩恩电气 公告编号：2025-027 上海摩恩电气股份有限公司 关于 2025 年限制性股票激励计划内幕信息知情人及 激励对象买卖公司股票情况的自查报告 经公司核查，上述激励对象未参与本次激励计划的筹划、论证及决策工作， 其在自查期间买卖公司股票系个人基于对公司已公开披露信息的分析及对二级 市场交易情况的独立判断而进行的操作；其在上述自查期间买卖公司股票时，除 上市公司公开披露的信息外，并未获知公司筹划本次激励计划的内幕信息，亦未 有任何人员向其泄漏本次激励计划的相关信息或基于此建议其买卖公司股票，不 存在利用内幕信息进行股票交易的情形。 三、本次核查结论 上海摩恩电气股份有限公司（以下简称"公司"）于 2025 年 6 月 13 日召开 第六届董事会第十二次会议及第六届监事会第十二次会议，审议通过了《关于< 上海摩恩电气股份有限公司 2025 年限制性股票激励计划（草案）>及其摘要的议 案》等相关议案，具体内容详见公司 2025 年 6 月 14 日披露于巨潮资讯网 （www.cninfo.com.cn）的相关公告。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》 ...

Group 1 - The core viewpoint of the articles highlights the increasing trend of cash dividends among listed companies for the year 2024, with over 260 companies distributing nearly 190 billion yuan in total cash dividends [1] - Major companies such as China Petroleum, Kweichow Moutai, and China Merchants Industry are leading the cash dividend distributions, with some exceeding 10 billion yuan [1][2] - Hunan-based companies, including Hualing Steel and Aoshikan, are also participating in cash dividend distributions, with Hualing Steel being noted as the "king of cash dividends" among Hunan stocks [2][3] Group 2 - China Petroleum completed its cash dividend distribution, paying 0.25 yuan per share, totaling 45.755 billion yuan, with its stock showing positive returns this year [1] - Hualing Steel reported a net profit growth rate of 43.55% year-on-year, with a focus on enhancing shareholder value through increased dividends and share buybacks [3] - The favorable policy environment encouraging dividend distributions is expected to attract more long-term capital into dividend-paying stocks, enhancing their appeal [3]

2025 年 06 月 30 日 择券空间继续收窄 分析师：罗云峰 S1050524060001 luoyf2@cfsc.com.cn 分析师：杨斐然 S1050524070001 yangfr@cfsc.com.cn 相关研究 1、《6 月财政发债力度超预期—— 资产配置周报》2025-06-29 2、《本轮资金面高点的预估——资 产配置周报》2025-06-22 3、《6 月边际缩表概率进一步上升 ——资产配置周报》2025-06-15 投资要点 ▌ 股债、转债市场回顾 上周 A 股情绪和资金为推动震荡上行但分化显著，金融科 技、小盘成长及微盘股表现强势，金融权重股承压。板块轮 动加速，算力产业链受英伟达创新高提振，数字货币概念在 香港数字资产政策刺激下涨停，小米 SU7 预售刺激消费电子 链，军工股周中开始走强，霍尔木兹海峡航运风险以及美元 走弱和出口枪炮等因素刺激有色金属板块。港股分化，创新 药承压，虚拟资产牌照概念股暴涨。避险资产承压，中东局 势缓和致黄金止盈下跌，WTI 原油暴跌创 27 个月新低。国内 债市受股债跷跷板效应震荡，长债卖出压力较大，30 年国债 期货出现短线跳水行情。 上周正股走强 ...