证券研究报告 | 2025年06月16日 金融工程日报 沪指震荡上行，稳定币方向爆发、IP 经济题材活跃 | 金融工程·数量化投资 | | | --- | --- | | 证券分析师：张欣慰 | 联系人：李子靖 | 021-60933159 021-60875177 zhangxinwei1@guosen.com.cn lizijing1@guosen.com.cn S0980520060001 核心观点 金融工程日报 市场表现：今日(20250616) 大部分指数处于上涨状态，规模指数中中证 2000 指数表现较好，板块指数中北证 50 指数表现较好，风格指数中沪深 300 价 值指数表现较好。综合金融、传媒、计算机、通信、房地产行业表现较好， 农林牧渔、有色金属、汽车、医药、商贸零售行业表现较差。稳定币、数字 货币、电子身份证、跨境支付、第三方支付等概念表现较好，丙烯、黄金精 选、电动车、家纺、饲料精选等概念表现较差。 市场情绪：今日收盘时有 75 只股票涨停，有 7 只股票跌停。昨日涨停股票 今日高开高走，收盘收益为 4.06%，昨日跌停股票今日收盘收益为 0.88%。 今日封板率 71%，较前日下降 ...

Core Viewpoint - The article highlights the increasing regulatory scrutiny in the capital market, emphasizing a "zero tolerance" approach towards financial fraud, information disclosure violations, and fund misappropriation by listed companies. Group 1: ST Longyu - ST Longyu has been placed under investigation by the China Securities Regulatory Commission (CSRC) for suspected information disclosure violations, with a total of 8.7 billion yuan in fund misappropriation involved [1][2] - The company’s controlling shareholder and related parties have non-operational fund misappropriation totaling 9.18 billion yuan, of which 8.68 billion yuan remains unpaid [2] - The audit report for ST Longyu's 2023 annual report was issued with a "disclaimer of opinion," leading to increased delisting risks for the company [2] Group 2: ST Huamei - ST Huamei has been formally investigated by the CSRC for suspected information disclosure violations, with a self-reported non-operational fund misappropriation of 14.35 billion yuan [3][4] - The company reported significant fund flows lacking real commercial substance, with total outflows of 81.39 billion yuan and inflows of 68.52 billion yuan [3] - The ongoing investigation will impact the company's compliance risks and market reputation [3] Group 3: Guangji Pharmaceutical - Guangji Pharmaceutical has received a notice from the CSRC regarding an investigation for suspected information disclosure violations, following a previous warning from the Hubei Securities Regulatory Bureau [4][5] - The company acknowledged accounting errors in its financial reports, leading to adjustments in previously reported revenue and costs [4] - The CSRC's investigation marks an escalation in regulatory scrutiny regarding the company's compliance with information disclosure requirements [5] Group 4: Xiangyuan Cultural Tourism - Xiangyuan Cultural Tourism and its actual controller have been placed under investigation by the CSRC for suspected information disclosure violations [5] - The specific details of the violations have not yet been disclosed, but the investigation will assess the company's compliance with securities laws [5] - The outcome of the investigation is expected to be a focal point for market participants [5]

[Table_Title] 每日复盘 证券研究报告 2025 年 06 月 16 日 2025 年 6 月 16 日三大指数低开高走，稳定币概念再度爆 发 报告要点： 2025 年 6 月 16 日三大指数低开高走，稳定币概念再度爆发。上证指数 上涨 0.35%，深证成指上涨 0.41%，创业板指上涨 0.66%。市场成交额 12149.11 亿元，较上一交易日减少 2521.54 亿元。全市场 3597 只个股上涨， 1664 只个股下跌。 风格上看，各指数涨跌幅排序为：金融>成长>周期>0>稳定>消费；大盘 价值>小盘成长>小盘价值>中盘价值>大盘成长>中盘成长；中证全指表现优 于基金重仓。 分行业看，30 个中信一级行业涨跌互现；表现相对靠前的是：综合金融 （5.11%），传媒（2.70%），计算机（2.08%）；表现相对靠后的是：农林牧渔 （-0.76%），有色金属（-0.40%），汽车（-0.31%）。概念板块方面，多数概 念板块上涨，昨日连板、数字货币、数据确权等大幅上涨；户外露营、发电 机、青蒿素等板块走低。 资金筹码方面，主力资金 6 月 16 日净流出 16.10 亿元。其中超大单净流 入 ...

作 者丨伍素文 实习生张雯钧 编 辑丨林曦 半数市属国企"换帅" 6月6日，广州市人力资源和社会保障局发布市政府任免工作人员，任命陈强同志为广州越秀 集团股份有限公司、越秀企业（集团）有限公司董事长；同时，免去陈强同志的广州市城市 建设投资集团有限公司董事长职务。 天眼查显示，陈强曾在广州建筑工程监理有限公司、广州新中轴建设有限公司、广州珠江新 城能源有限公司、广州宏城广场房地产开发有限公司等，以及广州城投的能源投资、资产经 营管理、文化旅游等板块任职，项目开发经验丰富。陈强在城投体系中积累了近20年，其间 参与了广州塔、海心沙等广州多个重要城市项目。 此外，今年还有3家广州市属国企更换一把手：2月，郑洪伟被任命为广州珠江实业集团有限 公司董事长；覃海宁被免去广州市国资委副主任职务，履新广州市公共交通集团有限公司董 事长；冯兴亚正式上任广州汽车集团股份有限公司董事长。 2024年全年，广州8家市属国企迎来新掌门人：1月，葛群任广州交易集团董事长；4月，陈智 勇任广州安居集团董事长；8月林虎被任命为广州轻工工贸集团董事长；11月，雷宣云上任广 州岭南商旅投资集团董事长；12月，李明履新广州市水务投资集团董事长， ...

Domestic Market Overview - The domestic market experienced a decline, with the Shanghai Composite Index closing at 3377 points, down 0.75%, and the Shenzhen Component Index at 10122.11 points, down 1.1% [1][4] - The total trading volume of the A-share market reached 15040 billion, showing an increase compared to the previous day [1][4] - Among the 30 sectors, only 4 sectors saw gains, with notable increases in oil and petrochemicals, national defense and military, and electric power and utilities, while comprehensive finance, media, and textile and apparel sectors faced significant declines [1][4] Overseas Market Overview - The three major U.S. stock indices all closed lower, with the Dow Jones down 1.79%, the S&P 500 down 1.13%, and the Nasdaq down 1.3% [2][4] - Major technology stocks also fell, with Nvidia dropping over 2% and Facebook down more than 1% [2][4] Financial Data - The People's Bank of China reported that the social financing scale increased by 18.63 trillion yuan in the first five months, which is 3.83 trillion more than the same period last year [9][16] - As of the end of May, the broad money (M2) balance was 325.78 trillion yuan, reflecting a year-on-year growth of 7.9% [9][16] Key News - The State Council held a meeting to deploy pilot measures for the China (Shanghai) Free Trade Zone, aiming to replicate and promote these measures to enhance high-level opening-up and deep reforms [14] - The fourth China-Africa Economic and Trade Expo concluded with 176 signed projects amounting to 11.39 billion USD, marking a 45.8% increase in project numbers and a 10.6% increase in project value compared to the previous expo [18]

证券时报·数据宝统计，截至上午收盘，今日沪指涨0.05%，A股成交量635.63亿股，成交金额8056.63亿 元，比上一个交易日减少13.90%。个股方面，3326只个股上涨，其中涨停50只，1854只个股下跌，其 中跌停2只。从申万行业来看，传媒、房地产、综合等涨幅最大，涨幅分别为2.40%、2.13%、1.77%； 农林牧渔、美容护理、医药生物等跌幅最大，跌幅分别为0.84%、0.81%、0.75%。（数据宝） 今日各行业表现（截至上午收盘） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 传媒 | 2.40 | 422.57 | 8.45 | 光线传媒 | 19.98 | | 房地产 | 2.13 | 102.77 | 20.27 | 合肥城建 | 9.99 | | 综合 | 1.77 | 16.81 | -13.30 | 东阳光 | 6.27 | | 通信 | 1.22 | 454.19 | 10.71 | 东信和平 | 10.03 | | 计算机 | 1. ...

Group 1 - The core event "Winter Olympic Glory Ten Years Road, Rural Revitalization New Journey" was launched to celebrate the 10th anniversary of the successful bid for the Winter Olympics, showcasing the integration of Olympic spirit with local culture [1] - The series of activities includes four major sections and six events, aimed at demonstrating how Winter Olympic heritage can empower rural development [1] - The initiative is supported by Beikong Group, which emphasizes the importance of cultural revitalization in driving industrial growth and promoting local agricultural products and tourism resources [1] Group 2 - Beikong Group, as a municipal state-owned enterprise, is committed to fulfilling social responsibilities and supporting rural revitalization through partnerships with six villages in the Yanqing, Miyun, and Huairou districts [2] - The company plans to continue enhancing agricultural and cultural tourism industries, promoting resource sharing and regional collaboration for rural development [2]

Group 1 - The opening of JD MALL Beijing Shuangjing store on June 14 marks the addition of a technology-driven commercial complex in Beijing, covering an area of 50,000 square meters with features like immersive experiences, full-category coverage, and scenario-based services [1] - The store includes JD's first offline cross-border experience store in North China, which integrates cross-border sourcing, offline experiences, and online shopping, allowing consumers to experience over 10,000 products from more than 50 countries and regions [3] - The store showcases a nostalgic 1:1 replica of JD's original 1998 market stall, highlighting the company's entrepreneurial journey and inspiring visitors [3] Group 2 - The store features advanced technology with 26 robots from 23 brands performing interactive demonstrations, including backflips and chess games, alongside a display area for cutting-edge AI products [5] - The Shuangjing business district is positioned as a new hub for the "Z generation" and is rapidly becoming a top destination in Beijing's digital economy landscape, leveraging its prime location near the CBD [5]

Core Viewpoint - The conference highlighted the strategic transformation of Zhejiang Chint Digital Energy Co., Ltd. (Chint Energy) towards becoming a global leader in comprehensive energy services, emphasizing the importance of clean energy in achieving carbon neutrality goals [1][2]. Group 1: Company Strategy and Vision - Chint Energy aims to transition from a leader in distributed photovoltaic (PV) systems to a global comprehensive energy service leader, focusing on safer, cheaper, friendlier, and greener energy development [2]. - The company plans to innovate across the entire lifecycle of energy solutions, including investment, development, construction, operation, and electricity sales, utilizing microgrids and virtual power plants as foundational platforms [2]. Group 2: Industry Context and Market Position - In the first quarter of this year, China's installed capacity of wind and solar power surpassed that of thermal power for the first time, marking a significant shift in the energy landscape [1]. - Chint Group has established a competitive advantage across the entire industry chain, having built over 1.8 million power stations in the past decade, providing 54 billion kWh of green electricity annually and reducing carbon emissions by 43.2 million tons [1]. Group 3: Collaborative Initiatives - Chint Energy, in collaboration with partners, established a comprehensive energy service alliance aimed at creating a cross-industry collaborative platform, exploring emerging businesses such as smart microgrids and virtual power plants [3].

Core Viewpoint - The report provides an overview of China Baoan Group Co., Ltd.'s bond issuance and management, highlighting the company's financial performance and operational status for the year 2024, along with the management of bond proceeds and compliance with disclosure obligations [1][4][5]. Group 1: Company Overview - Company Name: China Baoan Group Co., Ltd. [4] - Registered Capital: 2,579,213,965 Yuan [7] - Main Business Areas: High-tech industries, biomedicine, and real estate development [7]. Group 2: Financial Performance - Total Revenue for 2024: 20,227,883,804.41 Yuan, a decrease of 34.10% compared to 30,697,118,102.02 Yuan in 2023 [9]. - Net Profit for 2024: 17,262.52 Yuan, down 77.18% from 75,645.93 Yuan in 2023 [11]. - Total Assets at the end of 2024: 5,377,480.26 Yuan, an increase of 7.33% from 5,010,002.58 Yuan in 2023 [11]. Group 3: Revenue Breakdown - High-tech Industry Revenue: 15,888,614,913.81 Yuan, accounting for 78.55% of total revenue, down 40.78% year-on-year [9]. - Biomedicine Industry Revenue: 3,794,120,716.53 Yuan, representing 18.76% of total revenue, up 13.81% year-on-year [9]. - Real Estate Industry Revenue: 226,755,868.16 Yuan, making up 1.12% of total revenue, down 15.12% year-on-year [9]. Group 4: Bond Management - Bond Codes: 21 Baoan 01 (149600) and 22 Baoan 01 (148037) [5]. - Proceeds from the bonds were used to repay bank loans, consistent with the terms outlined in the bond issuance documents [12][13]. - The issuer has maintained compliance with the management and disclosure obligations related to the bonds [14][15]. Group 5: Debt Servicing Capability - The company has a strong debt repayment willingness, with a loan repayment rate and interest coverage ratio both at 100% [15]. - Current Ratio: 1.81 and Quick Ratio: 0.95, indicating reasonable liquidity [11][15]. - Debt-to-Asset Ratio: 59.62%, reflecting a manageable level of leverage [15].