"面对期权化、民事化、虚拟化、间接化等新型和隐性腐败手段，审查调查干部必须具备'穿透式审 查'思维，创新办案手段……"前不久，江苏省昆山市纪委监委组织开展了一场审查调查经验交流会，市 监委委员刘帆向办案一线同志分享了自己的办案经验。 自2012年从昆山市人民法院调入市纪委，刘帆历任案件审理室副主任、第三纪检监察室主任、综合保障 纪检监察组组长等职务。他在大是大非面前敢于亮剑，在歪风邪气面前坚决斗争，高质量办理了一批违 纪违法案件，取得了良好的政治效果、纪法效果和社会效果。由于工作成绩突出，刘帆获得江苏省扫黑 除恶专项斗争先进个人、江苏省纪检监察系统先进工作者等多项荣誉。 2020年8月，刘帆牵头办理上级交办的某非法经营场所背后的"保护伞"问题线索。办案人员了解到，此 前有群众多次报警反映相关情况，但属地派出所每次出警都扑了空。 刘帆迅速转变思路，选择从杨某负责的融资租赁项目业务入手厘清其权钱交易脉络。考虑到该业务专业 性较强，刘帆邀请行业专家指导，并虚心向银行、金融监管、审计等部门业务骨干请教，在系统分析融 资业务的审批流程、涉及对象、资金往来以及违纪违法风险点的基础上，锁定了相关行贿人。刘帆带领 办案人员同 ...

中金研究 租赁住房REITs持续受到市场关注，本报告就市场关切问题做简单梳理。 点击小程序查看报告原文 Abstract 摘要 如何看待后续市场供需格局？ 我们认为短期租赁住房市场将维持"需求韧性较强、阶段性供给压力犹存"的特征： 1）需求端： 我们统计近5年来除北京、 上海外，多数一二线城市保持人口净流入状态；参考海外经验，在城镇化率增速放缓阶段，核心城市（城市群）仍具备较强人口吸引力，我们认为未来我 国核心城市（城市群）人口仍具备增长动能；此外，青年人晚婚晚育及较高的购房压力带来租赁周期延长，进一步催生租赁住房需求。 2）供给端： "十 四五"期间我国保租房加速供给，截至2024年末全国累计建设筹集727万套保租房，完成"十四五"规划目标的84%。2025年作为"十四五"收官之年，我们预 计保租房供给仍具规模，短期租赁住房市场供给压力犹存，部分供给投放节奏相对集中的市场该现象将更为明显。但保租房及公租房通常具备租金折扣 高，套均租金低等优势，我们预计其表现将优于整体租赁住房市场平均水平。 如何评估租赁住房的运营能力？ 我们认为评估租赁住房运营能力可以从资产质素、运营效率和财务指标三个维度，其中资产质素主要 ...

目前该合同仍未到期，但受周边房产租赁市场价格变化影响，公司与贝壳找房签署的原《房屋租赁合 同》终止，重新签订新的《房屋租赁合同》。本次租赁房屋及面积保持不变，合同总金额变更为2.66亿 元。按五年租赁期计算，平均每年的租金为5329万元，较往年有一定幅度的下降。 公司表示，按照原租赁合同区间测算，受影响的合同区间公司本房产租赁收入减少5793万元，占公司最 近一期经审计营业收入的0.77%，对公司当期业绩不构成重大影响。 东方电子与贝壳找房的房屋租赁关系维持已久。2019年5月，东方电子曾披露，公司决定将东方电子科 技大厦地上部分1F至10F出租给贝壳找房作为研发、办公使用，该房屋建筑面积2.72万平方米，租赁期 限为三年，租金按年调整，三年租金分别为5266.65万元、5465.39万元、5664.13万元。 至2022年租赁即将到期之际，贝壳找房与东方电子续签了该房屋。这次租赁不仅包括地上1F至10F，还 增加了地下-1F和-2F共3100平方米的建筑面积，合同金额3.77亿元，租赁期限为五年。租金主要包括房 屋租金和物业费两部分，仍然采取逐年上调的方式支付。第一年物业费为1195.41万元，租金为523 ...

Core Viewpoint - China Eastern Airlines Co., Ltd. plans to transfer its 20% equity stake in Shanghai International Tower Co., Ltd., necessitating an assessment of the total equity value of the company as of June 30, 2024 [3][4][5]. Group 1: Assessment Purpose and Object - The assessment aims to provide a value reference for the transfer of the 20% equity stake in Shanghai International Tower Co., Ltd. [3][4]. - The object of the assessment is the total equity value of Shanghai International Tower Co., Ltd. [3][4]. Group 2: Assessment Scope and Methodology - The assessment scope includes all assets and liabilities of Shanghai International Tower Co., Ltd. as of the assessment date, with total assets recorded at 286.8472 million yuan and total liabilities at 16.6351 million yuan, resulting in a net asset value of 270.2121 million yuan [4][11]. - The assessment method used is the asset-based approach [4][15]. Group 3: Assessment Results - The assessed market value of Shanghai International Tower Co., Ltd. is 1,448.8240 million yuan, reflecting an increase of 1,161.9768 million yuan, which corresponds to a growth rate of 405.09% [4][11]. - The total asset value is broken down into various components, including investment properties and fixed assets, with investment properties valued at 215.1243 million yuan [11][21]. Group 4: Financial Performance - The financial performance of Shanghai International Tower Co., Ltd. shows a total revenue of 42.1878 million yuan in 2021, which decreased to 32.2553 million yuan in 2022, before recovering to 42.1631 million yuan in 2023 [11]. - The net profit for the first half of 2024 is reported at 4.9193 million yuan, following a net profit of 16.296 million yuan in 2023 [11].

Economic Overview - Guangdong's economy is operating steadily with macro policies working in coordination as of May [2] - The industrial production shows stable growth with a 3.5% year-on-year increase in industrial added value from January to May, an improvement of 0.1 percentage points compared to the previous period [2] Industrial Performance - Significant growth in specific products: civil drones (113.0%), flat panel displays (102.3%), and servers (510.0%) in May [2][3] - The manufacturing sector grew by 4.0%, while mining decreased by 1.7% and electricity, heat, gas, and water supply fell by 0.2% [2] Service Sector Growth - The service sector's revenue reached 1.87 trillion yuan from January to April, with a year-on-year growth of 7.8%, an increase of 0.2 percentage points from the first quarter [4] - Key areas such as transportation, information technology services, and business services contributed significantly to this growth [4] Consumer Market Trends - Retail sales of consumer goods totaled 1.926757 trillion yuan from January to May, with a year-on-year increase of 3.7%, up by 0.7 percentage points from the previous period [5] - Notable growth in specific categories: home appliances (52.5%), cultural office supplies (47.1%), and furniture (67.7%) [5] Investment Insights - Fixed asset investment decreased by 8.9% from January to May, with infrastructure investment growing by 4.5% [6] - Industrial investment accounted for 37.2%, with automotive manufacturing and non-ferrous metal processing seeing increases of 18.4% and 11.3%, respectively [6] Price Index Analysis - The Consumer Price Index (CPI) fell by 0.4% year-on-year in May, with food prices down by 0.8% and non-food prices down by 0.3% [7] - The Producer Price Index (PPI) decreased by 1.8% year-on-year in May, with a cumulative decline of 1.3% from January to May [7]

Core Insights - The outdoor camping market in China is expected to exceed 248.3 billion yuan by 2025, driving the overall market size to over 1.4 trillion yuan, indicating a booming camping economy [1] - The outdoor tent rental industry is entering a golden development period amidst increasing competition, with many businesses entering the market, leading to rising market saturation [1] Consumer Demand - Consumers are seeking diverse and personalized outdoor camping experiences, moving beyond basic shelter to high-quality, unique products that align with their interests [3] - Younger consumers, particularly Generation Z, are attracted to trendy and innovative tents, such as those with smart temperature control systems or unique designs, and are willing to pay higher rental fees for these features [3] - Family customers prioritize safety, comfort, and spaciousness in tents, favoring options made from eco-friendly materials and designed for multiple occupants [3] Product and Service Quality - The quality of rental tents varies significantly, with some low-cost options lacking essential features like waterproofing and wind resistance, which negatively impacts consumer experience and industry reputation [4] - Companies must ensure high-quality materials and reliable performance in adverse weather conditions, while also enhancing service quality across all customer interaction points [4] - Implementing convenient online booking systems, professional installation services, and responsive customer support can significantly improve consumer satisfaction and loyalty [4] Innovation and Diversification - Innovation is crucial for companies to stand out, with opportunities to use biodegradable materials and new technologies for tent construction to meet consumer demand for sustainability [6] - Companies can explore diversified service models, such as bundling tent rentals with campsite tickets or offering professional photography services, to enhance the overall camping experience [6] - Utilizing digital tools for data analysis and smart tent management can improve operational efficiency and marketing precision [6] Brand Building and Market Expansion - Strong brand identity and consumer loyalty can be achieved through quality products, effective advertising, and social media engagement [8] - Collaborating with outdoor brands and tourism companies can enhance brand visibility and market reach, while expanding operations to popular tourist destinations can uncover new market opportunities [8] - Despite the competitive landscape in 2025, there are significant opportunities for companies that accurately understand market demands, prioritize quality, innovate, and strengthen brand presence [8]

Group 1 - The core issue in the financing leasing industry is the complexity of asset disposal, which is significantly higher than traditional credit assets due to the dual legal attributes of property rights and debt rights [2] - Current industry faces four main asset disposal challenges: inability to locate assets, high costs of removal, difficulty in selling, and price suppression in the buyer's market [3][4] - Specific examples highlight the challenges, such as a solar energy company losing 320 million yuan worth of equipment due to improper asset tracking and the inability to recover costs from dismantling specialized equipment [3][5] Group 2 - The root causes of these issues can be analyzed from subjective and objective perspectives, including a deviation from business logic and market constraints [5][6] - Subjective reasons include a focus on scale expansion over the intrinsic properties of leased assets, leading to poor asset selection [5] - Objective pain points involve market and technical limitations, where some leasing companies accept non-disposable assets due to industry norms, resulting in assets becoming "paper rights" [6] Group 3 - Strategies for asset disposal should shift from passive responses to proactive planning, utilizing macroeconomic indicators to guide decisions [7] - A classification matrix for asset management is proposed, categorizing assets into high liquidity, strong cyclical, and specialized equipment, each with tailored disposal strategies [7] - The approach should evolve from single-line asset management to a comprehensive strategy that integrates various asset control measures [8] Group 4 - Future trends in asset disposal include leveraging high-tech solutions for asset tracking and monitoring, such as AI-assisted due diligence and real-time GPS monitoring [10][11] - Building cross-industry ecological alliances is essential for enhancing asset disposal efficiency and mitigating risks through resource integration [12] - The essence of financing leasing asset disposal is to transform risk exposure into value opportunities, emphasizing the need for a full value chain capability from precise pricing to dynamic monitoring and diversified exit strategies [13]

Core Viewpoint - The article discusses the tax deduction policy for research and development (R&D) expenses, highlighting the eligibility criteria, benefits, and specific conditions for various industries and activities [2][5][20]. Group 1: Eligible Entities - Resident enterprises with sound accounting practices that can accurately collect R&D expenses are eligible for the tax deduction, excluding industries such as tobacco manufacturing, accommodation and catering, wholesale and retail, real estate, leasing and business services, and entertainment [4][9]. Group 2: Benefits of the Policy - R&D expenses that do not form intangible assets can be deducted at 100% of the actual amount incurred starting from January 1, 2023. For expenses that form intangible assets, they can be amortized at 200% of the cost [6][7]. - For integrated circuit and industrial mother machine enterprises, R&D expenses that do not form intangible assets can be deducted at 120% of the actual amount incurred from January 1, 2023, to December 31, 2027. For expenses that form intangible assets, they can be amortized at 220% of the cost during the same period [7]. Group 3: Conditions for Enjoying Benefits - R&D activities must be systematic and aimed at acquiring new scientific and technological knowledge or significantly improving technology, products, or processes. Certain activities, such as routine upgrades or direct applications of existing research, do not qualify for the tax deduction [9][10]. - Enterprises must maintain accurate accounting records for R&D expenses and set up auxiliary accounts for each R&D project to track deductible expenses [9]. Group 4: Special Cases - For commissioned R&D activities, expenses incurred by domestic external institutions can be included at 80% of the actual amount for tax deduction purposes. For commissioned overseas R&D, the same percentage applies, but the total cannot exceed two-thirds of the eligible domestic R&D expenses [11][12]. - In collaborative R&D projects, each party can determine the allocation of R&D expenses based on their actual contributions [13][16]. Group 5: Reporting and Compliance - Taxpayers can choose to enjoy the tax deduction for R&D expenses incurred in the first half of the year or the first three quarters during the prepayment declaration periods in July and October. If not chosen, they can still opt for the deduction during the annual tax settlement [19]. Group 6: Policy References - The article references several official documents that outline the tax deduction policy for R&D expenses, including notifications and announcements from the Ministry of Finance and the State Taxation Administration [21][22].

| 辽宁申华控股股份有限公司 | | --- | | 文 件 | | 二〇二五年六月二十六日 | | 目 录 | | 议案一： | | 《2024 年度董事会报告》…………………………………………………………3 | | 议案二：《2024 年度监事会报告》…………………………………………………………8 | | 议案三： | | 《2024 年年度报告》和《2024 年年度报告摘要》…………………………… 10 | | 议案四：《2024 年度利润分配方案》……………………………………………………...11 | | 议案五： | | 《2024 年度财务决算报告》和《2025 年度财务预算报告》…………………...12 | | 议案六：关于续聘中审众环会计师事务所（特殊普通合伙）为公司 2025 年年审及内控 | | 审计会计师事务所的议案…………………………………………………………………..15 | | 议案七：关于预计 2025 年度日常关联交易的议案…………………………………… 20 | | 2025 议案八：关于公司 年度融资计划的议案………………………………………… 21 | | 议案九：关于 202 ...

苏银金租与公司无关联关系，以上交易不构成关联交易，亦不构 成《上市公司重大资产重组管理办法》规定的重大资产重组。 证券代码：300857 证券简称： 协创数据 公告编号：2025-079 协创数据技术股份有限公司 本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、交易进展概述 （一）融资租赁事项的基本情况 协创数据技术股份有限公司（以下简称"公司"）分别于2024年 第四次临时股东会，审议通过了《关于公司及子公司向银行及其他金 融机构申请授信暨开展融资租赁业务的议案》，为进一步盘活公司资 产，拓宽融资渠道，优化财务结构，提升公司资产的运营效率，满足 公司经营发展的资金需求，公司及子公司拟向银行及其他金融机构申 请授信，并开展融资租赁业务，具体内容详见公司于2024年10月29日 在巨潮资讯网（www.cninfo.com.cn）上披露的《关于公司及子公司 向银行及其他金融机构申请授信暨开展融资租赁业务的公告》。 近日，公司与苏银金融租赁股份有限公司（以下简称"苏银金租"） 签订了两份《融资租赁合同》，拟以直接租赁的形式开展融资租赁业 务，与苏银金租的融资金额 ...