Core Points - The report provides an independent assurance conclusion on the use of previously raised funds by Ningbo Xingyuan Zhuomei Technology Co., Ltd. as of March 31, 2025, confirming compliance with regulatory guidelines [1][2][5] - The total amount raised from the initial public offering (IPO) was RMB 688 million, with a net amount of RMB 596.32 million after deducting related issuance costs, which was received in December 2022 [3][4] - The company has established a dedicated account for the raised funds and has implemented a management system to ensure the funds are used in a regulated, safe, efficient, and transparent manner [3][4] Fund Management - As of March 31, 2025, the balance of the raised funds was RMB 106.44 million, which includes RMB 39 million in cash management products and RMB 67.44 million in the dedicated account [4][7] - The company has utilized RMB 21.55 million of the raised funds in 2022 and has generated RMB 8.4 million in financial returns from the management of these funds [4][5] - The company has not made any changes to the actual investment projects funded by the raised capital as of the reporting date [4][5] Investment Projects - The company has committed to investing in projects such as high-strength magnesium alloy precision casting and has not reported any discrepancies between the actual investment amounts and the promised amounts [4][5] - The total actual investment in the projects funded by the raised capital was RMB 49.92 million, with no significant differences reported [4][5] - The company has also approved the use of excess raised funds for new projects, ensuring that the investment plans remain unaffected [5][6]

在区域融资格局方面，2024年各区域中小企业融资表现出"存量分布不均、增量增速分化"的特点。 数据显示，样本企业存量融资规模在不同区域间存在明显差异，四大经济活跃区域合计占比达 89.79%，其中华东地区以35864.48亿元(占比46.21%)位居首位，而东北、西北、西南地区合计占比仅 10.21%。增量融资层面，西南地区表现尤为突出，其增量融资规模同比增长41.83%，增速居各区域首 位，华中地区亦呈现较快增长；部分经济发达区域则出现不同幅度的增量融资负增长。 《报告》显示，零售业成为传统行业中的突出领域，其增量借贷融资同比增加303.54亿元，增速达 162.47%；相比之下，道路运输业、汽车制造业等领域的增量借贷融资同比增速呈现明显下滑。 潘成挺表示，上述行业差异与产业升级进程及政策导向密切相关，"货币供给与定向政策的协同效应， 推动了新兴产业信贷投放的增长。" 中国经济网5月26日讯(记者杨秀峰)《2024年中国中小企业融资发展报告》(以下简称《报告》)日前发 布。数据显示，2024年中小企业融资存量规模达77615.02亿元，同比增长11.4%，延续了近年来的增长 趋势，但增速同比放缓2.79个百 ...

Core Viewpoint - The company, Jiangsu Longda Superalloy Co., Ltd., is increasing its investment in its wholly-owned subsidiary in Singapore, Singda Superalloy Pte. Ltd., by $40 million to enhance its overseas manufacturing capacity and product offerings [1][4]. Investment Overview - The total investment in the Singapore subsidiary will rise from $20 million to $60 million following this additional investment [4]. - The additional $40 million will be allocated for expanding factory infrastructure, upgrading key production and testing equipment, supplementing operational funds, and improving the local supply chain [4]. Project Development - The Singapore subsidiary has established a wholly-owned subsidiary in Malaysia, Singda Superalloy (Malaysia) Sdn. Bhd., which is set to begin construction in July 2025 with a projected construction period of 15 months [3]. - The project will include the production of high-temperature alloy master alloys, corrosion-resistant nickel-based alloys, and other specialized alloys [3]. Financial Position - As of the end of the first quarter of 2025, the company reported cash and cash equivalents of approximately 175 million yuan (about $25 million) available for this investment [4]. - The company has also secured a total bank credit line of 120 million yuan (approximately $17 million) to support its operational needs [4]. Decision-Making Process - The investment decision was approved by the company's board of directors with unanimous support, and it does not require shareholder approval as it falls within the board's authority [5].

重要公告： 中科曙光：海光信息拟换股吸收合并公司 股票26日起停牌 海光信息：拟通过换股方式吸收合并中科曙光 股票26日停牌 北方长龙：筹划购买河南众晟控股权及配套融资 股票停牌 邦彦技术：终止发行股份及支付现金购买资产并募集配套资金事项 润建股份：预中标3.74亿元中国移动家集客接入施工服务采购项目 沪市重要公告： 海光信息（688041）公告，公司正在筹划通过换股方式吸收合并中科曙光，并发行A股股票募集配套资 金。公司A股股票将于2025年5月26日开市时起开始停牌。本次重组涉及事项较多、涉及流程较为复 杂，预计停牌时间不超过10个交易日。 城地香江：联合体预中标中国移动浙江公司数据中心机房动力系统建设项目 城地香江（603887）公告，公司全资子公司香江系统工程有限公司与中国移动通信集团设计院有限公司 结成的联合体，中标中国移动浙江公司2025年长三角（宁波）数据中心机房动力系统建设项目EPC工程 总承包采购项目。投标报价（不含税）约为4.40亿元。该项目如最终中标确认，预计将为公司带来积极 影响。 明泰铝业：与鹏辉能源签订战略合作框架协议 明泰铝业（601677）公告，公司与广州鹏辉能源科技有限公司（ ...

Core Viewpoint - Hailiang Co., Ltd. is recognized as a global leader in copper processing, focusing on expanding scale and improving turnover despite market cycles, with an initial "Buy" rating assigned by HuLong Securities [1] Company Overview - Established over 20 years ago, Hailiang specializes in high-quality copper processing products, including copper tubes, rods, and foils, with 23 production bases globally, making it the largest and most competitive manufacturer in the copper tube and rod sector [2] - As of March 2025, the company has a total capacity of 1.4805 million tons, with 920,000 tons for copper tubes and 380,000 tons for copper rods, which are the core business segments [2] - Copper tubes and rods account for over 60% of the company's revenue, with their gross margin directly impacting the overall profitability [2] Market Dynamics - The demand for copper tubes in China is expected to grow, particularly in the HVAC sector, which utilizes 75% of the copper tubes produced [2] - The Asia-Pacific market is projected to have the fastest growth in the global copper tube market from 2022 to 2032 [2] Financial Performance and Projections - The company has expanded its capacity and revenue through self-construction and acquisitions since 2016, with copper prices having a more significant impact on revenue than sales volume [2][3] - Profitability is expected to improve as the company scales up and reduces costs, with gross margins anticipated to recover gradually from 2025 to 2027 [5] Strategic Partnerships - Hailiang plans to acquire at least 20% of Jinlong Group, enhancing its production scale and market position, while also focusing on operational cooperation to reduce costs and improve efficiency [4] - The company is also developing products related to thermal management, targeting sectors like data centers and consumer electronics [4] Earnings Forecast - The average copper price is expected to rise significantly in 2024 compared to 2023, leading to an increase in revenue from the copper processing business [5] - Projected net profits for 2025, 2026, and 2027 are estimated at 1.086 billion yuan, 1.224 billion yuan, and 1.492 billion yuan, respectively, with corresponding P/E ratios of 18.7, 16.6, and 13.6 [5]

北交所策略专题报告 2025 年 05 月 25 日 北交所排队企业整体高质量，关注 2025 打新机会 北交所研究团队 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：北交所排队企业整体高质量，关注 2025 北交所打新机会 上市节奏角度来看，2024 年全年北交所共上市 23 只新股。截至 2025 年 5 月 23 日，2025 年 1-5 月北交所共上市 4 家企业。从发审会节奏上来看，随着申报企业 补充 2024 年报数据的结束，下周 2 家公司上会审核，未来节奏或有提升。从首 发募集资金角度的中签率来看，募集资金较高的企业申购中签率同样较高，2024 至今北交所合计上市 27 家企业中签率均值达 0.09%，但其中首发募集资金超过 2 个亿企业的平均中签率在 0.14%，首发募集低于 2 个亿企业的平均中签率在 0.06%。从当前北交所排队企业看利润体量整体有所较高，截至 2025 年 5 月 23 日，94 家排队中企业 2024 年归母净利润均值达 8967.02 万元，高于 266 家北交 所企业 2024 年归母 ...

5 . 1 7 - 5 . 2 3 周度研究成果 2 0 2 5 申 万 宏 源 宏 观 研 究 团 队 目录 深度专题 1、深度专题 | 美国经济：关税冲击的监测框架——关税"压力测试"系列之八 深度专题 1、 热点思考 | "反内卷"的新意？ 2、热点思考 | 消费困局的"盲点"？ 热点思考 高频跟踪 电话会议 1、 "周见"系列会议第31期 《 聚焦"关税战"》 2、 "洞见"系列会议第62期 《"反内卷"的新意？——"反内卷"系列专题之一》 1、新旧结构"转换期"？——4月经济数据点评 2、财政仍有提速空间——4月财政数据点评 3、海外高频 | 中美日内瓦谈判实现关税互降，金价回落 4、国内高频 | 集运价格走势分化 5、政策高频 | 综合整治"内卷式"竞争，维护公平竞争市场秩序 6、Top Charts | 中国制造"难替代性"——"反脆弱"系列专题之八 深度专题 | 美国经济：关税冲击的监测框架——关税"压力测试"系列之 1 八 深度专题 2025.5.18 关税冲击进入数据验证期，如何监测其经济影响？本文构建了贸易、价格和风险三大模块的监测框架，供参考 热点思考 1 热点思考 | "反内卷"的新 ...

5 . 1 7 - 5 . 2 3 周度研究成果 2 0 2 5 申 万 宏 源 宏 观 研 究 团 队 目录 深度专题 1、深度专题 | 美国经济：关税冲击的监测框架——关税"压力测试"系列之八 热点思考 高频跟踪 电话会议 1、 "周见"系列会议第31期 《 聚焦"关税战"》 2、 "洞见"系列会议第62期 《"反内卷"的新意？——"反内卷"系列专题之一》 深度专题 1、 热点思考 | "反内卷"的新意？ 2、热点思考 | 消费困局的"盲点"？ 1、新旧结构"转换期"？——4月经济数据点评 2、财政仍有提速空间——4月财政数据点评 3、海外高频 | 中美日内瓦谈判实现关税互降，金价回落 4、国内高频 | 集运价格走势分化 5、政策高频 | 综合整治"内卷式"竞争，维护公平竞争市场秩序 6、Top Charts | 中国制造"难替代性"——"反脆弱"系列专题之八 深度专题 | 美国经济：关税冲击的监测框架——关税"压力测试"系列之 1 八 深度专题 2025.5.18 关税冲击进入数据验证期，如何监测其经济影响？本文构建了贸易、价格和风险三大模块的监测框架，供参考 政府工作报告首提的"综合整治'内卷式'竞争 ...

5、2024 年合金投资的净利润同比增长了多少？主要原因是 什么？ 2024 年，公司实现营业收入 2.77 亿元，同比增长 18.51%； 归属于上市公司股东的净利润为 1,167.79 万元，同比增长 100.78%。业绩提升的主要原因是公司在新能源重卡业务拓展和 市场策略调整上取得了显著成效。 证券代码：000633 证券简称：合金投资 新疆合金投资股份有限公司投资者关系活动记录表 编号：2025-01 | 投资者关系活动 | □特定对象调研□分析师会议 | | --- | --- | | 类别 | □媒体采访√业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 2025 年 5 月 23 日 (周五) 下午 15:00~18:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1、董事、总经理李圣君 | | 员姓名 | 2、董事、财 ...

Core Viewpoint - Zhongzhou Special Materials (300963.SZ) has announced that all of its products have not yet been applied in the field of controllable nuclear fusion, despite the recent market attention on this concept [1] Company Summary - The company specializes in high-temperature corrosion-resistant alloy products [1] - The recent surge in interest surrounding "controllable nuclear fusion" has led to significant fluctuations in the company's stock trading [1]