今日复牌后，华升股份盘中跌停上演"天地板"，截至收盘跌8.27%报7.21元。 收购科技公司 6月23日晚，华升股份发布公告，公司拟通过发行股份及支付现金方式，购买易信科技100%股份。 同时，公司向控股股东湖南兴湘投资控股集团有限公司发行股份募集配套资金，公司股票于2025年6月24日开市起复牌。 根据公告，华升股份正在筹划发行股份及支付现金购买深圳易信科技股份有限公司100%股份，并向公司控股股东湖南兴湘投资控股集团有限公司发行股份 募集配套资金事项。 重组预案显示，华升股份主要专注于麻类特色产品，集研发、设计、原料采购、纺纱、织布、印染、制造、销售于一体，公司已形成涵盖纺纱、织布、印 染、服装、家纺制造的完整产业链。 本次交易对方为白本通、张利民、深圳前海拓飞咨询管理合伙企业（有限合伙）等28名易信科技股东。除火炬创投、骆献文外，易信科技剩余26名股东已与 华升股份签署框架协议书。 华升股份指出，将持续与火炬创投和骆献文协商，并按规定履行相应程序后收购其持有的易信科技共计2.12%的股份。 | 证券代码 证券简称 停复牌类型 | | 停牌起 | 停牌 | 停牌终止日 | 复牌日 | | --- | -- ...

Core Viewpoint - The decision by the Shenzhen Stock Exchange to delist Hengli Industrial marks the end of a long struggle for the company, which has faced significant operational decline and financial losses over the years [1][4]. Group 1: Company Performance and Financials - Hengli Industrial's stock will enter a delisting period starting June 25, 2025, with the final trading day expected to be July 15, 2025 [1]. - The company has experienced a drastic decline in revenue, with figures dropping from 346 million yuan in 2021 to 111 million yuan in 2023, and only 70.06 million yuan in the first three quarters of 2024 [1]. - The company reported a net profit of negative 33 million to negative 43 million yuan for the year 2024, despite a revenue forecast of 300 million to 350 million yuan [3]. Group 2: Strategic Moves and Challenges - In an attempt to avert delisting, Hengli Industrial acquired 100% of a newly established lithium battery materials processing company for no more than 15 million yuan in August 2024 [2]. - The acquisition led to a significant revenue increase in the fourth quarter, but the company faced discrepancies with its auditing firm regarding revenue figures, which were reported as only 196 million yuan [3]. - The company’s chairman obstructed the board's review of the annual report, leading to a delay that contributed to the delisting process [4]. Group 3: Industry Context and Implications - The failure of Hengli Industrial's cross-industry venture into lithium battery materials reflects a broader trend of over a hundred companies exiting the lithium battery sector due to industry oversupply and cyclical fluctuations [4]. - The case illustrates the regulatory environment under the new registration system, which has zero tolerance for "shell restructuring" and "financial engineering" practices [4]. - The shift in the new energy industry from rapid growth to refined competition indicates that companies lacking core competitiveness will face significant challenges [4].

智通财经6月24日电，欧盟的金属生产商正在游说欧盟"在未来几周"对废金属出口征收出口关税或实施 限制，以应对特朗普政府贸易政策引发的废金属大量涌入美国的局面。特朗普对进口钢铁和铝征收50% 的关税，这增加了对免关税废金属的需求，并大幅推高了价格。欧洲金属生产商警告称，废料将出现短 缺，碳排放战略将被颠覆。 关税引爆废金属"赴美狂潮" 生产商敦促欧盟限制出口 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|农业策略⽇报 2025-6-24 生猪均重下降，惜售情绪反复 油脂：技术下行压力增大，警惕地缘冲击风险 蛋⽩粕：阿根廷大豆产量预估上调，豆类区间上沿回调 ⽟⽶/淀粉：到车量高位，华北阶段性横盘 ⽣猪：体重库存下降，惜售情绪反复 橡㬵：延续震荡走势 合成橡㬵：方向不明确，区间震荡 纸浆：规则变化带来波动，基本面弱势压制涨势 棉花：棉价小幅走弱 ⽩糖：糖价短期反弹 原⽊：交割博弈持续，盘面近强远弱 【异动品种】 ⽣猪观点：体重库存下降，惜售情绪反复 信息： （1）现货价格：6月23日，河南生猪（外三元）价格14.72元/千克，环比 变化1.1%。 （2）期货价格：6月23日，生猪期货收盘价(活跃合约)13980元/吨，环比 变化+0.6%。 主要逻辑：（1）供应：短期，大猪出栏比例继续增加，出栏均重仍在下 降。中期，2025年1月~5月新生仔猪数量持续增加，按照仔猪→商品猪6个 月出栏时间推算，预计下半年生猪出栏量呈递增趋势，供应压力继续增 长。长期，当前产能仍在高位，据农业部口径，全国能繁母猪存栏在2024 年底增至高点后，2025年一季度母猪产能在 ...

Group 1 - Hebei province utilizes intelligent agricultural machinery and cross-departmental collaboration to achieve efficient integration of "harvesting + sowing" [2] - Langfang city mobilizes over 17,000 agricultural machines including combine harvesters and corn planters for operations [4] Group 2 - Heilongjiang province employs smart irrigation equipment widely in rice fields to ensure a good harvest [6] - In Shuangyashan city, staff from Beidahuang Agricultural Group design patrol routes using a smart agricultural control platform [8] Group 3 - Henan province leverages agricultural technology with unmanned precision sowing machines becoming the main equipment in high-standard farmland [10] - In Hegang city, agricultural technicians use drone remote sensing systems for multi-spectral scanning of arable land [11] - In Xunxian county, a sowing machine is guided by the Beidou navigation system to plan sowing routes [12] Group 4 - Shanxi province sees an increase in the use of unmanned driving technology for harvesting, with a notable unmanned combine harvester in Linfen city [14] - Xiangfen county actively allocates agricultural machinery to ensure sufficient equipment supply [16] Group 5 - Xinjiang province deploys 14,000 combine harvesters to support summer harvest, establishing 564 cross-regional service stations for key grain-producing areas [18] - Various levels of grain and material reserve departments organize professionals to inspect collection points, ensuring standardized processes and fair pricing [20]

这两年，"宏观数据和微观体感出现温差"常被提起。对此，有研究团队试图在长期提振经济增长内生动 力的框架内来探讨解决方案。他们概括了两句话：一是"水龙头拧得更大"，二是"水管更加通畅"。水龙 头的"进水口"对应的是经济增长动能，"出水口"对应的则是老百姓的获得感，中间这条"水管"就是一整 套与新动能特性相匹配的发展成果分享机制。"伴随着新动能的发展，一整套与之匹配的发展成果分享 机制亟待重塑。" 在现场，多位专家不约而同聚焦了一个词——"内生动力"，它被提及了10次。在外部环境日趋复杂的情 况下，这是中国经济稳舵远航的关键。 中国国际经济交流中心副理事长王一鸣看到，今年以来，中国经济总体平稳，部分指标好于预期，展现 出较强的韧性。他对上半年中国经济实现5%左右的目标充满信心。 2025年行程即将过半，上半年中国经济实现了良好开局，但下半年的压力不容小觑。6月21日，中国宏 观经济论坛(CMF)2025年中期论坛在北京举行，多位"大咖"齐聚于此，为中国经济这艘"巨轮"稳舵远航 出谋划策。 中国人民大学校长林尚立表示，宏观经济在今日中国是事关国家和民生的大事，也是关乎人类和世界的 大事。我们关注的是中国，影响的是世 ...

消息人士：乌代德空军基地遭袭后，卡塔尔能源的运输和生产未受到任何中断。 ...

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response concerning its engineering business and contract assets [1]. Group 1: Engineering Business and Revenue - In 2024, the company's engineering construction and other businesses generated revenue of 803 million yuan, a slight increase of 0.94% year-on-year, with a gross profit margin of 34.52%, down 4.85 percentage points from the previous year [1]. - The year-end balance of contract assets was 222 million yuan, a significant increase of 150.8% year-on-year, primarily due to completed engineering projects that had not yet reached the collection point [1][9]. - The company reported a cumulative provision for bad debts of 12.55 million yuan [1]. Group 2: Revenue Breakdown and Margin Analysis - The revenue breakdown for engineering construction and other businesses included: - Expansion projects: Revenue of 272.27 million yuan, gross margin of 46.21% - Old community renovation: Revenue of 193.35 million yuan, gross margin of 23.19% - Power distribution projects: Revenue of 164.88 million yuan, gross margin of 15.71% - Service business: Revenue of 114.86 million yuan, gross margin of 65.89% - Wastewater treatment: Revenue of 10.54 million yuan, gross margin of 13.98% - Others: Revenue of 47.51 million yuan, gross margin of 7.56% [3]. - The gross profit margin for expansion projects decreased from 55.88% to 45.37% due to the impact of the real estate market [3]. Group 3: Contract Assets and Bad Debt Provisions - The company’s contract assets primarily consist of completed but unsettled engineering business. The major projects include old community renovation projects, with clients mainly being government units with good credit [5][10]. - The company has a bad debt provision policy based on aging, with a 5% provision for assets aged within one year and a higher percentage for older assets [5]. - The company believes that the basis for the provision for bad debts is sufficient, given the long settlement cycles of the projects [5][10]. Group 4: Audit and Compliance - The annual audit confirmed that the company’s revenue recognition policies comply with accounting standards, and there were no indications of premature revenue recognition [9][14]. - The audit procedures included reviewing cost occurrence data, settlement documents, and project completion records to ensure the reasonableness of revenue recognition [9][14].

General Information - The company is named "CNSIG Anhui Hongsifang Fertilizer Co., Ltd." and was established in accordance with the Company Law of the People's Republic of China [2][4] - The registered capital of the company is RMB 260 million [2][6] - The company is located in Hefei City, Anhui Province, with a postal code of 231602 [2][5] - The company was approved for registration by the China Securities Regulatory Commission on February 2, 2024, and plans to issue 50 million shares to the public [2][3] Corporate Governance - The chairman represents the company in executing its affairs and is the legal representative [3][4] - The company has established a Party Committee to oversee major operational decisions [4][5] - The company is committed to creating value for shareholders, employees, and society through compliance and responsible management [5][6] Share Structure - The company has issued a total of 260 million shares, all of which are ordinary shares [6][21] - The issuance of shares follows principles of openness, fairness, and justice, ensuring equal rights for all shareholders of the same class [6][17] - The company may provide financial assistance for others to acquire its shares, but the total amount cannot exceed 10% of the issued capital [7][8] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends and participate in decision-making processes [12][34] - Shareholders are obligated to comply with laws and regulations and cannot withdraw their capital except as legally permitted [41][42] - The company must maintain a shareholder register, which serves as proof of share ownership [32][33] Shareholder Meetings - The company holds annual and extraordinary shareholder meetings, with the annual meeting occurring within six months after the end of the fiscal year [20][50] - Shareholder proposals must be submitted in writing and can be made by shareholders holding at least 1% of the shares [58][59] - Decisions at shareholder meetings require a majority or two-thirds majority vote, depending on the nature of the resolution [80][81] Financial Management - The company is required to disclose financial information and ensure transparency in its operations [12][19] - The company must seek shareholder approval for significant financial decisions, including capital increases or decreases and major asset transactions [46][47] - The company is committed to maintaining financial independence and integrity in its operations [17][18]

Core Viewpoint - The Chinese economy is expected to maintain a growth rate above 5% in the first half of 2024, demonstrating resilience despite external uncertainties and internal challenges [1][2][4]. Economic Performance - In Q1 2024, China's economy grew by 5.4% year-on-year, exceeding market expectations [2][4]. - The retail sales of consumer goods in May 2024 increased by 6.4% year-on-year, marking the highest monthly growth since 2024 [1][3]. - The cumulative year-on-year growth rate of retail sales for the first five months of 2024 was 5% [3]. External Trade - The cumulative year-on-year growth rate of imports and exports in the first five months was 1.3%, with exports growing by 6% [2]. - Factors contributing to export growth include increased non-U.S. exports, "export grabbing" effects, and "price-for-volume" strategies in U.S. exports [2][4]. Consumer Policies - The "old-for-new" consumption policy has significantly boosted retail sales, with furniture, communication, and home appliance retail sales growing over 20% [3]. - In 2024, the central and local governments allocated approximately 170 billion yuan for the "old-for-new" policy, expected to raise retail sales growth by over 1 percentage point [3]. Investment and Consumption Outlook - There is a need to stimulate both consumption and investment in high-tech sectors and productive services [5]. - The focus should be on stabilizing domestic consumption and investment, with an emphasis on the real estate market and capital market stability [5]. Structural Reforms - The current economic strategy emphasizes the need to shift from investment and export-driven growth to consumption and innovation-driven growth [6][7]. - Reforms in fiscal and tax systems are necessary to enhance local governments' incentives to boost consumption [7]. Monetary Policy - There is still room to lower the reserve requirement ratio, and stabilizing asset prices should be included in monetary policy considerations [7].