CEO流动率为何创新高？ 据报道，多位猎头、投资者、银行家、律师和行业顾问表示今年的高流动率受到多个因素影响，除了高 通胀、地缘政治和特朗普政府掀起的贸易战给CEO工作带来的挑战，也有近年来董事会对不道德行为 容忍度降低和激进投资者的压力等。 美国公司正经历着前所未有的首席执行官（CEO）"离职潮"。 根据美国人力资源公司Challenger，Gray&Christmas的最新报告，7月共有123名美国公司CEO离职；今 年上半年，CEO离职总人数达到1358人，较去年同期增加9%，创下该公司自2002年开始追踪该数据以 来的最高水平。 与此同时，上市公司的CEO更换率也创下二十年来历史新高。 非营利性高管研究机构世界大型企业联合会（The Conference Board）和数据分析公司ESGAUGE的数据 显示，截至7月，今年至少有41位CEO离开了标准普尔500指数公司，而去年全年为49位，这是自2005年 以来按年率计算的最快退出速度。 Challenger，Gray&Christmas公司副总裁查兰吉（Andrew Challenger）表示："随着整个经济的不确定性 不断增加，多元化等企业价值观的 ...

Core Viewpoint - The recent performance of the Hong Kong stock market (HK) has lagged behind the A-share market (A), raising questions about the potential for a rebound in HK stocks despite initial optimism following a period of adjustment [2][3][6]. Group 1: Market Performance - From April 7 to July 24, HK stocks were the leaders, but since August 4, A-shares have outperformed, with the Shanghai Composite Index rising 8.37% compared to HK's 2.33% over 20 trading days [2]. - The ChiNext 50 index surged 29.37%, significantly outperforming the Hang Seng Tech Index, which only increased by 5.13% [2]. Group 2: External Influences - Federal Reserve Chairman Jerome Powell's dovish signals regarding interest rate cuts have initially boosted HK stocks, with the Hang Seng Index and Hang Seng Tech Index rising 1.94% and 3.14% respectively on the following Monday [6]. - However, the anticipated rate cuts may not sustain HK's upward momentum, as Powell's comments do not guarantee a series of continuous cuts [7][8]. Group 3: Internal Market Dynamics - The internal logic driving the market includes economic improvement, funding availability, and valuation levels [10]. - China's macroeconomic environment is showing signs of improvement, with industrial profits declining at a slower rate of 1.7% year-on-year for the first seven months, and manufacturing profits growing by 6.8% in July [10]. Group 4: Capital Inflows - Significant capital inflows into HK stocks have been observed, with a total of HKD 900 billion flowing in from southbound trading since the beginning of the year [11]. - Foreign capital has also shown a shift, with approximately USD 5.22 billion entering HK stocks this year, despite some outflows from active foreign funds [12]. Group 5: Valuation Comparisons - Despite concerns about valuation, HK stocks remain relatively undervalued compared to global indices, with the forward P/E ratio of the Hang Seng Tech Index at 16.1, lower than the NASDAQ's 28.8 [14]. - The MSCI global index has a forward P/E of 18.9, while the S&P 500 stands at 22.3, indicating that HK stocks still hold value [13]. Group 6: Future Outlook - The potential for a rebound in HK stocks is supported by the expectation of continued foreign investment and the upcoming listings of quality companies [20]. - However, earnings growth expectations for HK stocks are relatively low for the next two years, with projected growth rates of 5.4% and 8.3% for the Hang Seng Index [24].

Core Viewpoint - The U.S. stock market has reached unprecedented valuation levels, surpassing the peak of the internet bubble, with the S&P 500 index's price-to-sales ratio hitting 3.23, a historical high [1] - The high valuations are largely driven by a few large technology companies, which dominate the market and are perceived to justify their high valuations due to significant sales and profit growth [2] Group 1: Valuation Metrics - The S&P 500 index's price-to-earnings ratio based on expected earnings for the next 12 months is 22.5, significantly above the average of 16.8 since 2000 [1] - The top 10 companies in the S&P 500 account for 39.5% of the index's total market capitalization, the highest level on record, with nine of these companies valued over $1 trillion [2] Group 2: Market Risks and Concentration - The concentration of market power among a few companies raises concerns about potential downside risks, as seen in April when the "Mag 7" underperformed compared to the overall S&P 500 index [3] - The combination of high valuations and crowded trades increases the likelihood of sustained market downturns, as it raises questions about where new buyers will come from if prices fall [4] Group 3: Investment Opportunities - Despite high valuations in the tech sector, there are attractive investment opportunities outside of these large companies, with some stocks trading below average valuation levels [4] - Investors are encouraged to look for companies that may benefit from productivity gains related to AI developments but have not yet been labeled as "AI companies" [4] Group 4: Future Outlook - There is skepticism about whether the largest companies can maintain their current valuations over the long term, as fundamental performance and valuation will ultimately dictate stock prices [4][5] - The expectations embedded in current valuations are becoming increasingly high, making it challenging for companies to meet these expectations [5]

企业扩大生产和技术研发通常需要一定的周期，制造业和高技术产业体现得更为明显。中国人民银行近 日披露的一组数据显示，近10年来我国人民币中长期贷款占比上升了近11个百分点，制造业中长期贷款 增速持续快于全部贷款增速，对于进一步挖掘内部需求，稳住投资消费意愿提供了有效保障。 一般来说，短期贷款主要用于企业日常运行和资金周转，中长期贷款更多用于投资和扩大再生产。近年 来，金融机构持续优化信贷期限结构，增加中长期贷款投放，人民币中长期贷款余额占比由56%上升至 67%，为实体经济高质量发展提供了稳定的资金支持。 不止贷款期限，过去10年间，我国信贷投向结构也在发生着深刻演变，主要驱动因素由重资产行业向高 质量发展领域升级换挡，新增贷款结构已由2016年的房地产、基建贷款占比超过60%，转变为目前的金 融"五篇大文章"领域贷款占比约70%。其中，科技贷款多年来持续保持两位数以上增长；绿色贷款余额 由2019年末的9.9万亿元增长至2024年末的36.6万亿元；普惠金融量增面扩，养老产业、数字经济产业贷 款增速均连年高于全部贷款增速。 目前，我国社会融资规模存量和广义货币M_2余额已分别突破430万亿元和330万亿元，随 ...

她提到，标普500成分股中的参与度在稳步上升，行情不像以前那么集中于少数几家公司。 数据显示， 景顺标普500等权重ETF8月上涨了2.7%，实现了连续4个月上涨，是自2021年5月以来最长的连涨纪 录。 等权重的意思是每只成分股权重一样，所以可以反映整体市场的广度，不像标准标普500是按市值加权，容易 被科技巨头主导。这说明不仅是大公司在涨，小盘股、中盘股也在跟涨。 把"美股七巨头"等权重打包买入的指数基金——Roundhill的MAGS ETF 8月上涨约2%，实现了连续5个月上涨，是 自2024年3月以来最长的连涨期。不过涨幅相对放缓，这也支持了上面说的"市场资金正在从科技巨头寻找其他机 会"。 周五收盘，标普500指数跌0.6%，道指跌0.2%，科技股权重较大的纳指则跌1.1%。盈透证券高级经济学家José Torres表示，投资者似乎在获利了结，因为9月通常是美股一年中表现最差的月份。 美股涨势正在扩散，不仅仅是科技巨头在涨。数据显示，景顺标普500等权重ETF8月上涨了2.7%，实现了连续4个月 上涨，是自2021年5月以来最长的连涨纪录。等权重指数和广泛的ETF正在上涨，说明越来越多的行业和公司 ...

Core Viewpoint - Longyan Technology (301618) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 272 million yuan, a decrease of 8.22% year-on-year [1] - Net profit attributable to shareholders was 24.65 million yuan, down 45.05% year-on-year [1] - In Q2 2025, total revenue was 137 million yuan, a decline of 17.01% year-on-year [1] - Q2 2025 net profit attributable to shareholders was 8.40 million yuan, a decrease of 67.1% year-on-year [1] Key Financial Ratios - Gross margin was 30.28%, down 11.1% year-on-year [1] - Net margin was 9.05%, a decrease of 40.13% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 36.29 million yuan, accounting for 13.33% of revenue, an increase of 18.61% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased to 281 million yuan, up 212.26% year-on-year [1] - Accounts receivable stood at 318 million yuan, a rise of 3.17% year-on-year [1] - Interest-bearing debt increased significantly to 45.65 million yuan, up 712.33% year-on-year [1] Earnings Per Share - Earnings per share (EPS) was 0.27 yuan, down 58.79% year-on-year [1] - Operating cash flow per share was 0.16 yuan, a decrease of 48.09% year-on-year [1] - Book value per share was 10.36 yuan, down 20.39% year-on-year [1] Return on Investment - The company's return on invested capital (ROIC) for the previous year was 8.82%, indicating average capital returns [3] - Historical median ROIC since listing is 17.77%, suggesting good investment returns over time [3] Accounts Receivable Concern - The accounts receivable to net profit ratio reached 453.61%, indicating potential liquidity issues [3]

Core Viewpoint - The company aims to implement a restricted stock incentive plan for 2025 to enhance corporate governance, attract and retain talent, and align the interests of shareholders, the company, and core personnel for long-term development and performance improvement [1]. Assessment Objectives - The plan seeks to establish a long-term incentive mechanism to ensure orderly implementation and maximize the effectiveness of equity incentives, thereby ensuring steady performance growth and the achievement of strategic goals [1]. Assessment Principles - The assessment must adhere to principles of fairness, openness, and impartiality, linking the assessment indicators to the company's medium- and long-term development strategy and annual operational goals [2]. Assessment Scope - The assessment applies to all designated incentive recipients, primarily core technical and business personnel, excluding independent directors, supervisors, and major shareholders [2]. Assessment Institutions and Execution - The Board's Compensation and Assessment Committee oversees the assessment, while the Human Resources Department and other relevant departments are responsible for data collection and verification [2]. Performance Assessment Indicators and Standards - The vesting of restricted stocks will depend on both company-level and individual-level assessment results, with specific performance targets set for the years 2025 to 2027 [3][5]. Company-Level Performance Assessment Requirements - For 2025, the company must achieve a revenue growth rate of at least 15% and a net profit growth rate of at least 15% based on 2024 figures [5][6]. - For 2026, the targets increase to a revenue growth rate of at least 30% and a net profit growth rate of at least 30% [5][6]. - For 2027, the targets are set at a revenue growth rate of at least 45% and a net profit growth rate of at least 45% [5][6]. Individual-Level Performance Assessment Requirements - Individual performance will be assessed based on internal criteria, with results categorized into five levels: Excellent, Good, Satisfactory, Acceptable, and Unsatisfactory, affecting the vesting ratio of restricted stocks [6]. Assessment Period and Frequency - The assessment period spans three fiscal years from 2025 to 2027, with annual evaluations for both company-level and individual-level performance [7]. Assessment Procedures - The financial department evaluates company performance against vesting conditions, while the Human Resources Department compiles results into a performance report for the Board's review [7]. Feedback and Application of Assessment Results - Assessed individuals have the right to know their results, with a structured process for addressing disputes regarding the assessments [8]. Archiving of Assessment Results - The Human Resources Department is responsible for maintaining all assessment records, ensuring confidentiality and integrity of the data [8]. Supplementary Provisions - The Compensation and Assessment Committee is responsible for formulating and revising the assessment methods, which will take effect upon approval by the shareholders' meeting [9].

证券代码：688007 证券简称：光峰科技 公告编号：2025-043 深圳光峰科技股份有限公司 关于公司首次公开发行股票募投项目剩余超募资金永久补充 流动资金的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 深圳光峰科技股份有限公司于 2025 年 8 月 28 日召开第三届董事会第八次会议、 第三届监事会第四次会议，审议通过《关于公司首次公开发行股票募投项目剩余超 募资金永久补充流动资金的议案》，同意公司将募投项目的剩余超募资金 5,072.57 元（截至 2025 年 6 月 30 日，实际补流金额以资金转出当日专户余额为准）用于永 久补充流动资金。 公司保荐机构华泰联合证券有限责任公司（以下简称"保荐机构"）已就该事项 出具核查意见，该事项尚需提交公司股东大会审议。现对相关事项公告如下： 合计 100,000.00 100,000.00 - 截至 2025 年 6 月 30 日，公司募集资金存放与使用情况具体内容详见公司 2025 年 8 月 30 日 披露于上海证券交易所网站（www.sse.com.cn） ...

Core Viewpoint - The legal opinion letter from Shanghai Landing Law Firm confirms the validity of Shenzhen Guangfeng Technology Co., Ltd.'s (hereinafter referred to as "Guangfeng Technology") actions regarding the cancellation of certain unvested restricted stocks and the achievement of vesting conditions for the first grant of the third vesting period under the 2021 Second Phase Restricted Stock Incentive Plan [1][11][20]. Group 1: Legal Framework and Compliance - The legal opinion is based on various laws and regulations, including the Company Law, Securities Law, and relevant guidelines from the Shanghai Stock Exchange [2][11]. - The firm has conducted thorough verification and confirmed that the facts stated in the opinion are true, accurate, and complete, ensuring compliance with legal standards [3][11]. Group 2: Incentive Plan Implementation - The 2021 Second Phase Restricted Stock Incentive Plan involves the cancellation of 414,000 shares of restricted stock due to five incentive targets leaving the company and performance assessments not being met [11][12]. - The plan allows for the vesting of 1,170,000 shares for 29 eligible incentive targets, with the vesting conditions having been met as of December 7, 2024 [10][19]. Group 3: Approval and Authorization - The necessary approvals and authorizations for the cancellation of restricted stocks and the vesting of stocks have been obtained from the board and supervisory committee [11][20]. - The independent directors have expressed that the incentive plan is beneficial for the company's sustainable development and does not harm the interests of shareholders, especially minority shareholders [4][12]. Group 4: Disclosure and Reporting - The company is required to disclose the decisions made during the meetings regarding the cancellation of restricted stocks and the vesting conditions within two trading days [20]. - The company will continue to fulfill its information disclosure obligations as the incentive plan progresses [20].

证券代码：688007 证券简称：光峰科技 公告编号：2025-039 深圳光峰科技股份有限公司 事会第二十五次会议，审议通过《关于作废部分已授予尚未归属的限制性股票的议 案》《关于公司 2022 年限制性股票激励计划首次授予第二个归属期符合归属条件的 议案》等议案。鉴于部分激励对象不再具备激励对象资格、首次授予部分激励对象 第二个归属期所在经营单位的绩效考核结果未达到达标归属条件，公司董事会、监 事会同意公司作废处理部分已授予但尚未归属的限制性股票。同时，公司 2022 年限 制性股票激励计划首次授予第二个归属期的归属条件已成就，公司董事会、监事会 同意公司为符合归属条件的激励对象办理归属登记手续。监事会对相关事项发表核 查意见。 关于作废部分已授予尚未归属的 2022 年限制性股票的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 深圳光峰科技股份有限公司（以下简称"光峰科技"或"公司"）于2025年8月28 日分别召开第三届董事会第八次会议、第三届监事会第四次会议，审议通过《关于作废 部分已授予尚未归属的2022 ...