Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The impact of the 924 policy is gradually diminishing, leading to a noticeable decline in real estate sales, with a year-on-year decrease of 17.2% in the total transaction area of commercial housing in 30 major cities in the first week of June [3] - The Consumer Price Index (CPI) has shifted from an increase to a decrease, with a month-on-month decline of 0.2% in May, indicating potential continued downward pressure on CPI [6] - Automotive sales remain resilient, with a year-on-year increase of 13% in retail sales of passenger vehicles in May [8] - The funding availability rate has ended its decline and turned to growth, with a slight increase to 59.13% as of June 3 [10] - GDP growth is estimated to remain around 5.2% based on high-frequency data from the first week of June [12] Summary by Sections Real Estate Sector - The 924 policy's effect is waning, resulting in a significant drop in real estate sales, with the total transaction area for commercial housing in major cities falling to 20.6 million square meters in early June, down from 32.3 million square meters [3] - The average daily sales area of second-hand homes in 11 sample cities decreased to 19.0 million square meters, down from 25.6 million square meters [3] Consumer Price Index (CPI) - In May, the CPI decreased by 0.2% month-on-month and 0.1% year-on-year, primarily due to falling energy prices, with gasoline prices dropping by 3.8% [6] - The report anticipates further downward pressure on CPI due to ongoing supply chain issues and weak demand [6] Automotive Industry - Retail sales of passenger vehicles reached 1.93 million units in May, marking a 13% increase year-on-year, while wholesale sales were 2.329 million units, up 14% year-on-year [8] - The penetration rate of new energy vehicles reached 53.5%, with retail sales of new energy vehicles growing by 30% year-on-year [8] Funding Availability - The funding availability rate for construction sites increased to 59.13%, with non-residential projects seeing a rise to 61.01% [10] - The report notes a slight decline in funding for residential projects, which fell to 49.85% [10] Economic Growth - The GDP growth rate is projected to be around 5.2% based on high-frequency data from early June [12]

Core Viewpoint - Hainan Construction Investment Group (Hainan Jian Tou) is accelerating the development of key projects in the context of Hainan Free Trade Port construction, focusing on high-quality standards and innovative management practices to enhance project quality and efficiency [1][2][3]. Group 1: Project Acceleration - The Haoye Logistics Park affordable housing project (Hainan Jian Ya Ju) is the largest affordable housing project in Haikou, with the main structure of its first residential building completed ahead of schedule [2]. - The project has adopted optimized construction organization and a "aluminum formwork + climbing frame" construction technology, aiming to showcase model homes by October and start sales by the end of the year [2]. - The expansion of Qionghai Boao Airport's third phase has seen a 50% increase in steel structure installation efficiency, completing 6,000 tons of steel structure installation within three months [2]. Group 2: Smart Construction and Management Innovation - Hainan Jian Tou emphasizes the core concept of "building good houses," driving project management upgrades through smart construction, resulting in significant improvements in quality control, safety production, and green construction [3]. - The Jin Cheng·Jin Dian Shui An project has implemented a smart construction system and advanced technology, aiming to set a benchmark for affordable housing construction in the province [3]. - All construction projects have maintained a record of zero major safety incidents due to rigorous safety management practices [3]. Group 3: Contribution to Major Livelihood Projects - As a leading state-owned enterprise in the construction sector, Hainan Jian Tou has undertaken significant livelihood projects, including the Hainan Provincial Children's Hospital and the Hainan Provincial People's Hospital, which have received the "Luban Award" [4]. - The company has developed the largest self-renovation project in the province, integrating over 30 innovative processes and exceeding industry standards in construction quality [4]. - Hainan Jian Tou is working on multiple livelihood projects that will provide approximately 8,000 high-quality affordable housing units [4]. Group 4: Corporate Responsibility and Achievements - Hainan Jian Tou has created 74 construction methods and obtained 33 patents in the past three years, receiving numerous awards for quality and safety in construction [4]. - The company contributes to employment stability, supporting over 50,000 jobs annually, and is expected to contribute over 1.2 billion yuan in comprehensive financial resources in 2024 [4][5].

Group 1: New Listings and Market Performance - New Qian Group officially listed on the Hong Kong Stock Exchange on June 10, with a closing price increase of 21.43% after an initial jump of 60% [1] - The company priced its shares at HKD 18.9, issuing 10.5854 million shares, and primarily produces high-intensity sweeteners like sucralose, serving major clients such as Coca-Cola and Nestlé [1] - The strong debut reflects positive market expectations for the food additive industry, particularly for sugar substitutes, enhancing the company's brand influence and market share [1] Group 2: Upcoming Listings - Cao Cao Travel, a ride-hailing platform incubated by Geely Group, passed the hearing for listing on the Hong Kong main board on June 9 [2] - The company reported revenues of RMB 7.631 billion, RMB 10.668 billion, and RMB 14.657 billion for 2022 to 2024, with losses of RMB 2.007 billion, RMB 1.981 billion, and RMB 1.246 billion respectively [2] - The anticipated listing aims to provide additional funding to support technological innovation and service upgrades in a competitive market [2] Group 3: Financial Performance of Existing Companies - Saint Bella, the largest postpartum care and recovery group in Asia, also passed the hearing for listing on June 9 [3] - The company projected revenues of RMB 472 million, RMB 560 million, and RMB 799 million from 2022 to 2024, with net profits of approximately RMB -45 million, RMB 21 million, and RMB 42 million [3] - The steady revenue growth and improving net profit indicate the viability of its business model and market potential, with the listing expected to enhance service range and brand influence [3] Group 4: Financial Challenges - Yau Lee Group announced an expected net loss of HKD 100 million to HKD 130 million for the fiscal year ending March 31, 2025, marking a shift from profit to loss [4] - The loss is attributed to negative adjustments in contract prices for public housing projects, reducing contract value and adversely affecting the gross margin of the construction business [4] - The downturn in the Hong Kong property market has led to unrealized revaluation losses on commercial investment properties, highlighting risks in the construction and real estate sectors [4]

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant developments, including asset restructuring, acquisitions, and financial performance updates, which may present investment opportunities and risks for investors [2]. Major Events - Zhongke Shuguang will hold an investor briefing on June 11 regarding a major asset restructuring with Haiguang Information Technology [3]. - Redik plans to acquire 51% of Chengzhan Precision Technology for a total consideration of 104 million yuan, aiming to enter the embodied intelligence sector [4]. - *ST King Kong signed a restructuring investment agreement with Ouhao Group, with a share price of 4.96 yuan per share, raising between 268 million yuan and 402 million yuan [5]. - *ST Bosen clarified that its upcoming shareholder meeting is unrelated to any plans for a reverse merger with Xifeng Liquor [6]. - Guotou Capital announced the resignation of its chairman due to work relocation [7]. - Vanke A sold 22 million A-shares for 146 million yuan to enhance liquidity without impacting current profits [8]. Financial Performance - Tiankang Biological reported May sales of 22.97 million pigs, with revenue of 345 million yuan, reflecting a year-on-year decline of 19.95% [18]. Shareholding Changes - Qu Mei Home's director reduced holdings by 58,000 shares during a period of significant stock price volatility [19]. Financing Activities - Founder Technology plans to raise up to 1.98 billion yuan through a private placement to fund an AI and high-density interconnect circuit board project [20]. Major Contracts - Tengda Construction won a bid for the Fanglin Automotive Cloud Warehouse project, valued at 349 million yuan, representing 9.38% of its projected 2024 revenue [21].

General Overview - The document outlines the operational guidelines for the management of Haibo Heavy Engineering Technology Co., Ltd, specifically focusing on the roles and responsibilities of the general manager and other senior management personnel [2][11]. Management Structure - The company has a structured management team that includes a general manager, vice general managers, a financial director, and a board secretary, all appointed by the board of directors [2][3]. - The general manager is responsible for the overall management and operational decisions of the company, reporting directly to the board [4][6]. Qualifications for Senior Management - Specific disqualifications for senior management positions are outlined, including criminal convictions, bankruptcy involvement, and other legal restrictions [2][4]. - Individuals with significant personal debt or those barred from securities markets are also ineligible for these roles [4][5]. Powers and Responsibilities of the General Manager - The general manager has the authority to manage daily operations, implement board decisions, and propose appointments for other senior management roles [4][6]. - Responsibilities include drafting internal management structures and financial management systems [5][10]. Meetings and Reporting - The general manager is required to hold regular meetings to discuss significant operational matters, with a minimum frequency of once a month [7][8]. - Regular reports to the board are mandated, covering various operational aspects such as financial performance and contract execution [9][10]. Additional Provisions - The document stipulates that any unresolved issues will be governed by relevant laws and the company's articles of association [11]. - The board of directors holds the authority to interpret and amend these guidelines as necessary [11].

海波重型工程科技股份有限公司 董事薪酬及考核管理办法 二零二五年六月 海波重型工程科技股份有限公司 董事薪酬及考核管理办法 第一章 总 则 第一条 为了更好地调动海波重型工程科技股份有限公司（以下 简称"公司"）董事的工作积极性和创造性，建立与上市公司制度相 适应的激励约束机制，保持核心管理团队的稳定性，提高企业经营管 理水平和提升上市公司的经营管理效益，根据《公司法》 、《上市公司 （三）体现责权利对等的原则，薪酬与岗位价值高低、承担责任 大小相符； （四）体现公司长远利益的原则，与公司持续健康发展的目标相 符； （五）体现激励与约束并重、奖罚对等的原则，薪酬发放与考核 挂钩、与奖惩挂钩； （六）体现公开、公正、透明的原则，根据目前的实际收入水平， 参照同行业和同地区上市公司的标准，保持公司薪酬的吸引力和竞争 力； 治理准则》、《公司章程》及《薪酬与考核委员会议事规则》等规定， 在充分考虑公司实际情况和行业特点的基础上，特制定本办法。 第二条 本办法适用于公司董事，包括非独立董事、独立董事； 第三条 为保障公司健康、持续、稳定发展，公司董事的薪酬制 度遵循以下原则： （一）严格执行公司董事会及薪酬与考核委员 ...

General Principles - The internal audit system of Haibo Heavy Engineering Technology Co., Ltd. aims to standardize internal audit work, improve quality, and protect investors' rights based on relevant laws and regulations [2][3] - Internal audit is defined as an evaluation activity conducted by internal personnel to assess the effectiveness of internal controls, risk management, and the authenticity of financial information [2][3] Audit Organization and Personnel - The board of directors establishes an audit committee composed of directors, with independent directors making up more than half, including at least one accounting professional [6] - The audit committee oversees the audit supervision department, which checks the implementation of internal control systems and the authenticity of financial information [6][7] Audit Responsibilities and Requirements - The audit committee is responsible for guiding and supervising the internal audit system, reviewing annual audit plans, and reporting significant issues to the board [12] - The audit supervision department evaluates the integrity and effectiveness of internal controls across the company and its subsidiaries [13] Specific Implementation Content - The audit supervision department must conduct audits on significant transactions such as fundraising, asset purchases, and related party transactions, ensuring compliance with approval procedures [22][26] - Audits must also focus on the management of information disclosure, ensuring that the company adheres to relevant regulations and maintains transparency [28][30] Supervision and Management - The company will incorporate the effectiveness of internal control systems into performance evaluations for departments and subsidiaries, establishing accountability mechanisms for violations [30][31] - Significant issues identified during audits must be reported to the Shenzhen Stock Exchange, and responsible parties will be held accountable [31][35]

Core Points - The article outlines the fundraising management system of Haibo Heavy Engineering Technology Co., Ltd, aiming to standardize the use and management of raised funds, improve efficiency, and protect investors' rights [1][2][3] Group 1: General Principles - The company establishes this system based on various laws and regulations, including the Company Law and Securities Law of the People's Republic of China [1] - The term "raised funds" refers to money obtained through stock issuance for specific purposes, excluding funds raised for equity incentive plans [1] - The management of raised funds should adhere to principles of dedicated account storage, standardized use, truthful disclosure, and strict management [1][2] Group 2: Fund Storage - The company must prudently select commercial banks and open dedicated accounts for raised funds, ensuring that these accounts are used solely for the intended purposes [3][4] - A tripartite supervision agreement must be signed within one month of the funds being received, detailing the management and usage of the funds [3][4] Group 3: Fund Usage and Changes - The company is required to use raised funds prudently and in accordance with the commitments made in the prospectus, avoiding arbitrary changes in fund allocation [5][6] - Funds cannot be used for high-risk investments, including securities and derivatives, and must not be pledged or used for purposes that deviate from the original intent [5][6] - If significant changes occur in the market environment or if projects are delayed, the company must reassess the feasibility and expected returns of the investment projects [6][7] Group 4: Supervision of Fund Usage - The company must provide accurate and complete disclosures regarding the actual use of raised funds, with the board conducting semi-annual reviews of the investment projects [13][14] - Internal audits must be conducted at least biannually to ensure compliance with the management system, and any violations must be reported to the board [14][15] Group 5: Miscellaneous Provisions - The management system will be effective upon approval by the shareholders' meeting, and any amendments will also require similar approval [15]

海波重型工程科技股份有限公司 二零二五年六月 海波重型工程科技股份有限公司 第一章 总则 第一条 为规范海波重型工程科技股份有限公司（以下简称"本公司"或 "公司"）的法人治理结构，加强公司内部控制建设，充分发挥董事会审计委员 会（以下简称"审计委员会"）在年报编制工作中的作用，根据中国证监会和深 圳证券交易所相关规定及《海波重型工程科技股份有限公司章程》 （以下简称"《公 司章程》"）《审计委员会议事规则》等制度，结合公司年报编制和披露实际情 况，制定本工作制度。 第二条 审计委员会在公司年报编制和披露过程中，应当按照有关法律、 行政法规、规范性文件、《公司章程》和本工作制度的要求，认真履行责任和义 务，勤勉尽责的开展工作，保证公司年报的真实、准确、完整和及时，维护公司 整体利益。 第三条 审计委员会应认真学习中国证监会、深圳证券交易所等监管部门 关于年报编制和披露的工作要求，积极参加其组织的培训。 第二章 审计委员会年报工作管理 第四条 审计委员会在公司年度财务报表审计过程中，应履行如下主要职 责： （一）协调会计师事务所审计工作时间安排； （二）审核公司年度财务信息及会计报表； （三）监督会计师事务所对 ...

海波重型工程科技股份有限公司 二零二五年六月 海波重型工程科技股份有限公司 第一章 总则 第一条 为规范海波重型工程科技股份有限公司（以下简称"本公司"或 "公司"）的信息披露暂缓与豁免行为，督促公司及其他信息披露义务人（以下 简称"信息披露义务人"）依法合规履行信息披露义务，保护投资者的合法权益， 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司信息 披露暂缓与豁免管理规定》、《深圳证券交易所创业板股票上市规则》等相关法 律、法规、规范性文件及《海波重型工程科技股份有限公司章程》 （以下简称"《公 司章程》"）的规定，结合公司实际情况，制定本制度。 第二条 公司和信息披露义务人暂缓、豁免披露临时报告，在定期报告、 临时报告中豁免披露中国证券监督管理委员会和证券交易所规定或者要求披露 的内容，适用本制度。 第三条 公司和信息披露义务人应当真实、准确、完整、及时、公平地披 露信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实施 内幕交易、操纵市场等违法行为。 第二章 信息披露暂缓与豁免的适用情形 第四条 公司和信息披露义务人有确实充分的证据证明拟披露的信息涉 及国家秘密或者其他 ...