将投中网设为"星标⭐"，第一时间收获最新推送 "跨界并购第一案"来了。 作者丨 陶辉东 来源丨 投中网 随着年报季的展开，新一波退市潮来袭。 4月29日，四家公司集体被实施"退市风险警示"，原因都是"净利润为负且营收不足3亿元"。有意思的是，这其中还出现 了"并购妖股"松发股份的身影。 不少 投资者 对松发股份突遭ST感到诧异。要知道，松发股份的控股股东恒力集团，乃是中国制造业民营企业的"一哥"。 更重要的是，4月20日，松发股份刚刚宣布其并购恒力重工一案通过了上交所并购重组委的审核，成为2024年9月"并购6 条"出炉后首单过会的跨界并购项目。 2024 年，松发股份宣布收购恒力重工后，曾拿下了连续14个涨停板。 资料显示，恒力重工则是世界前十的造船龙头。若重组完成，松发股份将从一家濒临退市的陶瓷企业，摇身一变成为中国"民 营造船第一股"。 一面是重磅资产重组，一面是遭到退市预警，松发股份股东们的心情 在 这一周多时间就像坐上了过山车。 超越华为 ， 中国制造业第一民企 运作7年 ， 从"买壳"到"保壳" 松发股份2015年在上交所挂牌上市，原本的主业是陶瓷。不过，它是A股上知名的"并购专业户"，从上市伊始 ...

Core Viewpoint - The newly revised financial delisting indicators have effectively identified a number of main board companies with net profit losses and revenue below 300 million yuan, highlighting their weak operational sustainability and leading to delisting risk warnings for some companies [1][4]. Group 1: Financial Delisting Indicators - A total of 48 main board companies have triggered the new financial delisting indicators as of April 29, with industries such as social services, machinery, and textiles being the most affected [1]. - The new rules have raised the revenue threshold for delisting from 100 million yuan to 300 million yuan, directly impacting companies like Aiai Precision Engineering, which has struggled with revenue below the new threshold [2][4]. Group 2: Company Performance and Risks - Aiai Precision Engineering has reported continuous revenue below 300 million yuan since its listing in 2017, with a net profit loss of 8.8461 million yuan in 2024 due to poor operational performance and asset impairment [2]. - Other companies such as Weitai, Xingguang Co., and Sitong Co. have also faced delisting warnings due to similar financial issues, indicating a broader trend among underperforming firms [2][4]. Group 3: Regulatory Impact - The new delisting regulations are expected to accelerate the elimination of "shell" companies, thereby improving the overall quality of listed companies on the main board [1][4]. - Companies like *ST Longjin have been warned of delisting due to continuous losses and revenue below 100 million yuan, reflecting the stringent enforcement of the new rules [4]. Group 4: Broader Market Implications - The tightening of delisting criteria is seen as a mechanism to redirect capital towards more stable and profitable companies, enhancing the overall market quality [5][6]. - The regulatory framework aims to create a balanced and orderly exit for underperforming companies, facilitating a shift of resources towards high-quality enterprises [5][6].

300年才出一位的瓷界传奇， 不仅作品 一瓷难求， 而且还被授予" 陶瓷世家"。 在中国陶瓷艺术史上，诞生过无数伟大的大师，然而有 一位是永远的神话！ 他凭借一己之力 ， 首次将现代瓷拉入 "千万元时代"。 他与 妻子徐亚凤 ，被称为 陶瓷界"伉俪双泰斗"， 将 一生都献给挚爱的陶瓷事业。 恰逢今年 故宫建院百年， 二人携手打造出 国之宝器传世四绝杯 ，作为故宫 百岁的耀世巨献 —— 描绘了北宋徽宗时期，汴河两岸的自然风光、 和城内的建筑特征、以及民生景象 四杯代表了 4幅国宝名画 的传承 故为 四绝—— 1. 世界画史独一无二·清明上河图 具有很高 史料 和 艺术价值 2. 中国古画最高峰·韩熙载夜宴图 代表了 中国画发展的分水岭 绘写的是一次完整的韩府夜宴过程 分为琵琶演奏、观舞、宴间休息、 清吹、欢送宾客 5段 画面 3. 近千年第一神 作·千 里江山图 我国画史上 青绿山水代表作 18岁天才少年半年绘就 每段景色之间，以桥梁、游船、渔舟衔接或呼应 4. 中西合璧的新风格·百骏图 此图共绘有 百匹 骏马，或立、或奔、或跪、或卧 此画具有开拓性的意义 创造了一种 "中西合璧" 的新风格 拿在手上，每次使用 ...

Group 1 - The supply chain disruptions caused by Trump's tariff policies may be turning a corner, as some consumer goods companies have received notifications that U.S. customers will bear the tariff costs for shipments [1] - Jiangsu Huating Personal Care Products Co., which produces toothbrushes and dental floss for Walmart and other retailers, has not yet received orders from Walmart but has received orders from other U.S. clients at pre-tariff prices, with customers absorbing the tariff costs [1] - The competitive apparel industry is still facing pressure, with companies receiving emails demanding price reductions for shipments [2] Group 2 - A manager from Jiangsu Airi Apparel Co. reported that importers believe tariffs may be reduced by the end of May, with the burden shared among Chinese factories, importers, and Walmart, potentially requiring the company to absorb 20%-30% of the costs [2] - The company has 4 million pieces of orders on hand, with half currently backlogged due to previous demands for a 50% price reduction, leading to losses on raw materials [2] - Recent reports indicate that major retailers like Walmart have notified Chinese suppliers to resume shipments, with tariffs being paid by U.S. buyers [4] Group 3 - The U.S. flower industry is facing challenges due to rising costs of imported flowers and packaging materials, leading to price increases and loss of customers [5] - Major U.S. retailers have expressed concerns to President Trump about the negative economic impacts of the tariff policies, highlighting supply chain disruptions and potential empty shelves in stores [6] - A survey conducted by the China Council for the Promotion of International Trade revealed that nearly 50% of foreign trade companies plan to reduce their business with the U.S., while 75.3% intend to explore emerging markets to compensate for reduced exports to the U.S. [6]

Core Points - The sixth Light Industry Competition mobilization conference was held in Hangzhou, emphasizing the importance of skill competitions in promoting the development of the light industry [1][3] - Participants shared insights on competition experiences, organizational practices, industry promotion, talent cultivation, and judging work, injecting new energy into the light industry [1][3] Group 1: Competition Insights - The competition allows skilled craftsmen to showcase their talents, with participants expressing gratitude to organizations that support skill development [3] - The competition format includes a "design + production" model, assessing both design innovation and prototype production capabilities [3][4] - The event has seen a significant increase in participation, with nearly 30,000 participants in preliminary rounds and 355 in the finals [6] Group 2: Industry Development - The China Optical Association has played a crucial role in promoting skill competitions and talent development in the optical industry, hosting six national competitions since 2012 [6][7] - The competition has helped cultivate numerous skilled professionals, including 72 national light industry technical experts and 60 optical industry technical experts [6] Group 3: Regional Contributions - The Huairen City Industrial and Information Bureau highlighted the importance of skill competitions in enhancing the quality of the local ceramic industry, which employs 56,000 people [9][10] - The city aims to build a "100 billion-level ceramic industry cluster," supported by a complete industrial ecosystem [9] Group 4: Educational Initiatives - The Handan Education Bureau emphasized the significance of vocational education in supporting the high-quality development of the light industry [12][13] - Handan has established a collaborative mechanism for talent cultivation, partnering with over 230 enterprises and planning to host more than 770 competitions this year [13] Group 5: Judging and Standards - The importance of a rigorous judging process was underscored, with a focus on fairness and the establishment of unified skill standards in traditional crafts [16][17] - The competition has successfully enhanced the overall skill level in the industry, promoting learning and training through competitive events [17]

Core Points - The event held on April 24, 2025, in Hangzhou aimed to strengthen the light industry's skilled workforce in line with national talent strategies [1] - The light industry has seen rapid development and a comprehensive upgrade in vocational skill competitions over the past five years, with a well-established competition system [2] - The 2025 competition year is crucial for achieving the "14th Five-Year Plan" goals and enhancing the light industry's contribution to the national economy [3] Group 1: Competition Achievements - The light industry has hosted 4 national first-class competitions and 21 events, covering 11 industries and 12 occupations, along with 101 second-class competitions and 203 events across 21 industries and 61 occupations [2] - A total of 561 individuals have been recognized as national technical experts, with 2,282 awarded as national light industry technical experts, and 39 receiving the national May Day Labor Medal [2] - The competition has also trained over 3,500 professional judges, contributing to a robust expert team for skill development in the light industry [2] Group 2: Future Plans and Recommendations - The China Light Industry Federation plans to participate in the third national vocational skills competition and continue organizing various industry-specific competitions [3][4] - Emphasis will be placed on enhancing pre-competition management to ensure high-quality outcomes, with standardized guidelines for local competitions [4] - The federation aims to explore new competition categories focusing on digital skills and elder-friendly products to align with emerging industry trends [5] Group 3: Training and Development - The light industry competitions will promote training initiatives, with over 600 targeted training sessions planned for 2024 to enhance participants' skills [6] - The competitions will serve as a platform for training, integrating competition standards into training content to optimize skill development [6] - The collaboration between the China Light Industry Federation and the China Trade Union will focus on expanding new competition avenues and enhancing talent cultivation [7] Group 4: Recognition and Awards - The event recognized outstanding participants and organizations, awarding titles to various entities for their contributions to the light industry skills competition [7][8] - A national-level judge training session was conducted during the event, with nearly 650 participants, highlighting the commitment to improving judging standards [8]

Group 1 - The event showcased 50 ceramic enterprises from Dehua County, Fujian Province, at the 2025 Hong Kong Gifts and Premium Fair, highlighting green technology products such as eco-friendly ceramics and 3D printed ceramics [1][3] - Dehua County aims to establish a ceramic industry cluster worth 100 billion RMB by 2027 as part of its high-quality development action plan for the "China White·Dehua Porcelain" initiative [3] - Over 60% of Dehua's ceramic products are exported to more than 190 countries and regions globally, emphasizing its status as the largest production and export base for ceramic crafts in China [3] Group 2 - The Hong Kong Gifts and Premium Fair attracted over 4,300 exhibitors from 31 countries and regions, featuring 11 exhibition halls [3] - Feedback from participation in the 137th Canton Fair and the Hong Kong event indicated strong purchasing intentions from clients in Europe, ASEAN, and Africa [3]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布24年年报及25年一季报,24年公司实现营业收入/归母净利润/扣非归母净利润46.3/1.2/1.0亿元，同 比-21.8%/-53.1%/-57.5%。25Q1公司实现营业收入/归母净利润/扣非归母净利润6.9/-0.6/-0.7亿元，同 比-16.1%/转亏/转亏。 点评： 陶瓷行业低迷，公司经营承压 受房地产行业调整影响，市场竞争加剧，陶瓷行业持续承压，24年全国陶瓷砖产量为 59.1 亿平方米，同比 下降12.2%。在较为低迷的行业背景下，公司经营持续承压，24年营收及利润均同比下滑，25Q1营收仍有 所下滑并出现亏损。毛利率的下降、管理费用率的提升及资产减值损失（应收坏账准备、存货跌价准备以 及工抵房 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【电新】上海车展趋势观察：大电量增程、商用车电动化、宁德时代引领新技术——碳中和领域动态追踪（一 百五十五） 宁德时代引领新技术突破，骁遥双核+自生成锂/钠负极再次拉开产品代差。增程车型有望成为电动化下半 场主力，大电量增程成为趋势。重卡等商用车电动化加速。上海车展新车型发布，大电量增程、商用车电 动化等趋势有望带动锂电需求，新技术突破有望催化固态电池、钠电等主题行情。 （殷中枢/陈无忌） 2025-04-27 您可点击今日推送内容的第1条查看 【汽车】2025上海车展开幕，聚焦智能化主旋律——汽车和汽车零部件板块跟踪报告 2025上海车展开幕，智驾+机器人共振，全产业链变革加速。1）预计2025E销量提振前景依然可期， ...

Core Insights - The 137th Canton Fair has attracted nearly 200,000 overseas buyers from 218 countries and regions, serving as a barometer for China's foreign trade and a platform for Guangdong's regional economic breakthroughs [1] - Guangdong's county-level industrial clusters have rapidly developed under the "Hundred Thousand Project," with traditional industries like ceramics and clothing undergoing transformation and upgrades driven by emerging sectors such as artificial intelligence and electronic information [1][3] - The Canton Fair acts as a catalyst for international orders and the flow of technology and capital into county-level industries, enabling them to actively participate in the global industrial value chain [1][3] Industry Development - Companies like Lingfeng Home have successfully automated their production lines, leading to significant export growth, with annual exports reaching $300 million and a market share of 45% in high-end stainless steel kitchenware in Europe and the U.S. [2] - The modernization of production lines has allowed companies like Songfa Ceramics to enhance their market competitiveness, with plans to exceed 10 billion RMB in export value by 2024 [4] - The Canton Fair has become a strategic point for county-level industries to expand into global markets, facilitating the transition from traditional manufacturing to intelligent manufacturing [4][5] Regional Economic Impact - The Canton Fair has fostered cross-regional industrial collaboration, promoting resource flow between the Greater Bay Area and less developed regions in Guangdong [5][6] - The "reverse enclave" model is being utilized to attract investments in industries such as biomedicine, with significant projects being established in areas like Fogang County [6][7] - The fair's "long-tail effect" continues to drive innovation in local industries, with initiatives like the "Old Brand Entering Canton Fair" enhancing cultural experiences and boosting consumer interest [7]