Core Insights - The implementation of large-scale equipment updates and the "trade-in" policy for consumer goods has shown positive effects in promoting transformation, boosting consumer demand, and facilitating economic circulation [1][2] - The "policy-driven - demand release - industrial upgrade" interaction has been established, leading to a significant increase in retail demand and manufacturing sales [2] Group 1: Equipment Procurement - From April 2024 to July 2025, the amount of machinery and equipment purchased by enterprises nationwide increased by 7.3% year-on-year, with industrial enterprises seeing a 9.8% increase [1] - The information transmission and software industry, as well as the technology service industry, experienced equipment procurement growth of 27.8% and 28.3% respectively [1] - Private enterprises' equipment procurement increased by 9.3%, highlighting the supportive role of equipment updates [1] Group 2: Consumer Goods Sales - Sales of daily household appliances and audiovisual equipment increased by 44.5% and 22.8% year-on-year, respectively, from April 2024 to July 2025 [1] - Retail sales of furniture and sanitary ware grew by 30.1% and 13.6% year-on-year [1] - The service robot manufacturing industry saw a remarkable sales increase of 51.1% [1] Group 3: Automotive Industry - The "trade-in" policy has significantly benefited the automotive sector, with nationwide sales of new energy vehicles increasing by 81.7% year-on-year from April 2024 to July 2025 [1] Group 4: Economic Impact - Manufacturing sales revenue increased by 5.8% year-on-year, indicating a smoother economic internal circulation [2] - The tax authority plans to enhance the "policy + service" dual-drive approach to sustain the effectiveness of the "two new" policies, contributing to high-quality economic development [2]

Group 1 - The implementation of large-scale equipment updates and the "old-for-new" consumption policy has positively impacted industrial transformation, consumption demand, and economic circulation [1][2] - From April 2024 to July 2025, the procurement amount of machinery and equipment by enterprises increased by 7.3% year-on-year, with industrial enterprises seeing a 9.8% increase [1] - The procurement amount for information transmission software and technology service industries grew by 27.8% and 28.3% respectively, indicating strong support for industrial upgrades [1] Group 2 - The "old-for-new" policy has stimulated diverse consumer demand, with sales of daily household appliances and audio-visual equipment increasing by 44.5% and 22.8% respectively from April 2024 to July 2025 [1] - The retail sales of furniture and sanitary ware grew by 30.1% and 13.6% respectively, while the service robot manufacturing industry saw a 51.1% increase [1] - The sales of new energy vehicles surged by 81.7%, reflecting the policy's significant impact on the automotive sector [1] Group 3 - The "supply and demand smoothness" has fostered a virtuous economic cycle, with the "Two New" policies driving retail demand and subsequently enhancing supply-side manufacturing efforts [2] - Manufacturing sales revenue increased by 5.8% year-on-year, contributing to a more efficient internal economic circulation [2] - The tax authority plans to strengthen the "policy + service" dual-drive approach to ensure the continued effectiveness of the "Two New" policies for high-quality economic development [2]

Group 1 - The implementation of large-scale equipment updates and the "old-for-new" consumption policy has shown positive effects in promoting industrial transformation, boosting consumer demand, and facilitating economic circulation [1][2] - From April 2024 to July 2025, the procurement amount of machinery and equipment by enterprises nationwide increased by 7.3% year-on-year, with industrial enterprises seeing a 9.8% increase [1] - The procurement amount for information transmission software and technology service industries grew by 27.8% and 28.3% year-on-year, respectively, indicating strong support for industrial upgrades [1] Group 2 - The "old-for-new" policy has stimulated diverse consumer demand, with sales of daily household appliances and audio-visual equipment increasing by 44.5% and 22.8% year-on-year, respectively [1] - Retail sales of furniture and sanitary ware grew by 30.1% and 13.6% year-on-year, while the service robot manufacturing industry saw a 51.1% increase [1] - The sales of new energy vehicles surged by 81.7% year-on-year, reflecting the policy's impact on the automotive sector [1] Group 3 - The combination of the "two new" policies has created a virtuous cycle of "policy-driven - demand release - industrial upgrade," leading to a 5.8% year-on-year increase in manufacturing sales revenue [2] - The tax authority plans to enhance the "policy + service" dual-driven approach to ensure the continued effectiveness of the "two new" policies, contributing to high-quality economic development [2]

Group 1 - The implementation of large-scale equipment renewal and the "trade-in" policy has shown positive effects in promoting industrial transformation, boosting consumer demand, and facilitating economic circulation [1][2] - From April 2024 to July 2025, the procurement amount of machinery and equipment by enterprises nationwide increased by 7.3% year-on-year, with industrial enterprises seeing a 9.8% increase [1] - The procurement amount for information transmission software and technology service industries grew by 27.8% and 28.3% year-on-year, respectively, indicating strong support for industrial upgrades [1] Group 2 - The "trade-in" policy has stimulated diverse consumer demand, with sales of daily household appliances and audio-visual equipment increasing by 44.5% and 22.8% year-on-year, respectively [1] - The retail sales of furniture and sanitary ware grew by 30.1% and 13.6% year-on-year, while the sales of service robots surged by 51.1% [1] - The sales of new energy vehicles increased by 81.7% year-on-year, reflecting the policy's positive impact on the automotive industry [1] Group 3 - The policies have created a virtuous cycle of "policy-driven - demand release - industrial upgrade," leading to a 5.8% year-on-year increase in manufacturing sales revenue [2] - The tax authorities are committed to enhancing the "policy + service" dual-drive approach to ensure the continued effectiveness of the "two new" policies [2]

Group 1 - The "equipment update" policy has significantly contributed to industrial transformation and upgrading, with machinery equipment procurement amount increasing by 7.3% year-on-year from April 2024 to July 2025, and industrial enterprises seeing a 9.8% increase [1][2] - The information transmission and software industry, along with technology services, experienced substantial growth in equipment procurement, with increases of 27.8% and 28.3% respectively [1] - Private enterprises also showed a notable increase in equipment procurement by 9.3%, indicating the effective transformation of policy benefits into new driving forces for industrial upgrading [1] Group 2 - The "old-for-new" policy has stimulated diverse consumer demand, with retail sales of daily household appliances and audio-visual equipment increasing by 44.5% and 22.8% respectively from April 2024 to July 2025 [1] - Sales of furniture and sanitary ware also saw significant growth, with increases of 30.1% and 13.6% respectively, while the service robot manufacturing industry experienced a remarkable 51.1% growth [1] - The automotive sector benefited from the policy as well, with nationwide sales of new energy vehicles soaring by 81.7% during the same period [1] Group 3 - The implementation of the policies has created a positive interaction of "policy-driven - demand release - industrial upgrading," leading to a 5.8% year-on-year increase in manufacturing sales revenue from April 2024 to July 2025 [2] - The tax authority emphasizes the importance of a "policy + service" dual-drive approach to ensure the continued effectiveness of the "two new" policies, thereby injecting stronger momentum into high-quality economic development [2]

Core Viewpoint - The stock price of Diou Home reported at 6.54 yuan on August 13, reflecting a decrease of 0.03 yuan or 0.46% from the previous trading day [1] Group 1: Company Overview - Diou Home primarily engages in the research, production, and sales of sanitary ware and building ceramics [1] - The company's product range includes bathroom fixtures and ceramic wall and floor tiles, with brands such as "Diwang Sanitary Ware" [1] Group 2: Financial Performance - On August 13, the trading volume was 85,362 hands, with a transaction amount of 56 million yuan [1] - According to the Q1 2025 report, the total number of shareholders for Diou Home is 20,293 [1] Group 3: Market Activity - On August 13, the net outflow of main funds was 10.55 million yuan, with a cumulative net outflow of 27.59 million yuan over the past five trading days [1]

证券简称：松霖科技 证券代码：603992 转债简称：松霖转债 转债代码：113651 厦门松霖科技股份有限公司 公开发行可转换公司债券 受托管理事务报告（2024 年度） 债券受托管理人 （中国（上海）自由贸易试验区商城路 618 号） 二〇二五年五月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"管理办法"）、《关于厦 门松霖科技股份有限公司公开发行 A 股可转换公司债券之债券受托管理协议》 （以下简称"受托管理协议"）、《厦门松霖科技股份有限公司公开发行可转换公 司债券募集说明书》（以下简称"募集说明书"）、《厦门松霖科技股份有限公司 见等，由本次可转换公司债券受托管理人国泰海通证券股份有限公司（以下简 称"国泰海通"）编制。国泰海通对本报告中所包含的从上述文件中引述内容和 信息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完整 性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜做出独立判断，而不应将本报告中的任何内容据以作为国泰海通所作的 承诺或声明。请投资者独立征询专业机构意见，在任何情况下，投资者不能将 本报告作为投资行 ...