Core Viewpoint - A new type of economic crime involving the illegal acquisition of VAT invoices to fraudulently claim export tax rebates has emerged, significantly disrupting tax order in certain regions [1] Group 1: Crime Methodology - The criminal group utilized "invoice-goods separation" techniques to fraudulently obtain over 4 billion yuan in export tax rebates by illegally acquiring more than 4 billion yuan in input tax credits [1][5] - The group operated under the guise of producing mobile phone LCD screens, creating a false narrative of legitimate business operations [5][6] - The scheme involved three main steps: illegal acquisition of VAT invoices, establishing a factory for "performance" production, and "borrowing" goods for export to claim tax rebates [6][8][9] Group 2: Investigation and Enforcement - Joint actions by public security and customs departments led to the dismantling of the criminal network, with significant evidence gathered from various locations including Guangdong and Hunan [4][12] - The investigation revealed that the group had established shell companies across multiple provinces to facilitate their fraudulent activities from 2013 until their capture [12] - The authorities have implemented stricter measures and judicial interpretations to combat the rising trend of export tax rebate fraud, including the sharing of criminal records on a national credit information platform [12]

基金管理人:浙江浙商证券资产管理有限公司 基金托管人:中国工商银行股份有限公司 报告送出日期:2025年07月19日 浙商汇金鼎盈事件驱动灵活配置混合型证券投资基金(LOF)2025年第2季度报告 §1 重要提示 浙商汇金鼎盈事件驱动灵活配置混合型证券投资基金 (LOF) 浙江浙商证券资产管理有限公司的董事会及董事保证本报告所载资料不存在虚 假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和完整性承担个别及 连带责任。 基金托管人中国工商银行股份有限公司根据本基金合同规定，于2025年07月18日 复核了本报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在 虚假记载、误导性陈述或者重大遗漏。 浙江浙商证券资产管理有限公司承诺以诚实信用、勤勉尽责的原则管理和运用基 金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应 仔细阅读本基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自2025年04月01日起至2025年06月30日止。 | §2 | 基金产品概况 | | --- | --- | | 基金简称 | 浙商鼎盈事件驱动 ...

| 深圳欧陆通电子股份有限公司相 | | | | | --- | --- | --- | --- | | 关债券 2025 年跟踪评级报告 | | | | | 中鹏信评【2025】跟踪第【929】号 01 | | | | | 信用评级报告声明 | | | | | 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 | | | | | 在任何足以影响评级行为独立、客观、公正的关联关系。 | | | | | 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 | | | | | 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 | | | | | 作任何保证。 | | | | | 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 | | | | | 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 | | | | | 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 | | ...

以最新收盘价计算，A股平均股价为12.12元，其中股价超过100元的有96只。 市场表现方面，收盘股价超百元股中，今日平均上涨0.55%，跑赢沪指0.04个百分点。今日上涨的有48 只，涨幅居前的有深信服、汇成真空等，下跌的有47只，跌幅居前的有春风动力、源杰科技等。 | 688608 | 恒玄科技 | 232.80 | 1.06 | 0.02 | 电子 | | --- | --- | --- | --- | --- | --- | | 688692 | 达梦数据 | 228.30 | 2.81 | 0.03 | 计算机 | | 300760 | 迈瑞医疗 | 225.32 | 3.75 | 0.93 | 医药生物 | | 603129 | 春风动力 | 214.13 | -7.46 | 2.93 | 汽车 | | 688498 | 源杰科技 | 208.00 | -6.73 | 0.05 | 电子 | | 300779 | 惠城环保 | 205.52 | -0.60 | 3.13 | 环保 | | 688279 | 峰岹科技 | 203.26 | -0.73 | 0.02 | 电子 | | 688068 | ...

投资者除了在定期报告中获得股东信息数据外，还可以在交易所互动平台上通过提问方式了解部分公司 更及时（每月10日、20日、月末）的股东户数信息。以往3期分别有725家、806家、760家公司在互动平 台透露了股东户数，截至发稿，共有724家公司公布了截至7月10日股东户数。 上期筹码集中股回测：65%跑赢沪指 证券时报·数据宝对上一期(6月30日)筹码集中股监测显示，这些股6月21日以来平均上涨8.71%，走势强 于同期沪指表现（上涨5.20%），其中，65%的筹码集中股相对大盘获超额收益。 上期股东户数降逾一成个股中，恒通股份涨幅最高，6月21日以来累计上涨13.14%，涨幅居前的还有中 一科技、*ST东晶等。 22股最新股东户数降逾一成 证券时报·数据宝统计显示，共有724只个股公布了7月10日股东户数，与上期（6月30日）相比，股东户 数下降的有297只。其中股东户数降幅超一成的有22只。 股东户数降幅最多的是菲林格尔，截至7月10日最新股东户数为6098户，较6月30日下降28.42%，筹码 集中以来该股累计下跌1.65%，累计换手率为23.26%，其间主力资金净流出1120.90万元。业绩方面，公 司 ...

Investment Rating - The report maintains an "Accumulate" rating with a target price of 115.50 CNY [4][12] Core Views - The company is a leading player in the CIS chip market in China, benefiting from the increasing penetration of 50M CIS products in high, mid, and low-end smartphones, leading to significant revenue growth [2][12] - The company is expected to achieve a revenue of 36-39 billion CNY in 2025H1, representing a year-on-year growth of 47-59%, and a net profit of approximately 3.60-4.20 billion CNY, reflecting a year-on-year increase of 140-180% [12] - The company is expanding its product range and is well-positioned to benefit from the demand for smartphones and automotive electronics, with significant growth in high-end and cost-effective 50M products [12] Financial Summary - Revenue projections for the company are as follows: - 2023A: 2,857 million CNY - 2024A: 5,968 million CNY - 2025E: 8,400 million CNY - 2026E: 10,610 million CNY - 2027E: 12,306 million CNY - Net profit (attributable to the parent company) is projected to grow significantly from 14 million CNY in 2023A to 1,880 million CNY in 2027E [10][13] - The company’s net asset return rate is expected to rise from 0.4% in 2023A to 23.5% in 2026E and 2027E [10][13] Market Performance - The current stock price is 96.88 CNY, with a 52-week price range of 41.92-113.10 CNY [5] - The company has shown a 73% absolute increase over the past 12 months [9]

财经图解 . 财经大事早知道，关注东方财富股票！ 连日来，全国各地持续高温，用电量成为社会焦点。 国家能源局的数据显示，入夏以来，全国最大电力负荷接连两次创历史新高，最高达到14.67亿千瓦， 比去年同期增长约1.5亿千瓦。其中，广东、山东、江苏、安徽、福建等10个省级电网负荷22次创新 高。 以下文章来源于财经图解 ，作者乘桴于海 "用电效率"最高的地区为北京，2024年，北京用1度电能创造35.87元的GDP，超过全国均值14.33元/度 的一倍有余；其次是上海，为27.18元/度；湖南第3，为22.42元/度。此外，湖北、重庆、西藏等地用电 效率也排在全国前列。 仅供投资者参考，不构成投资建议 免责声明 文章转载自公众号"财经图解"，以上观点来自相关机构，不代表天天基金的观点，不对观点 的准确性和完整性做任何保证。收益率数据仅供参考，过往业绩和走势风格不预示未来表 现，不构成投资建议。转引的相关观点均来自相关机构或公开媒体渠道，不代表天天基金的 从总量来看，上述省份同时也是全国用电量较为前列的省份。数据显示，2024年，广东的用电量全国第 1，达9121亿千瓦时（1千瓦时即1度电）；江苏的用电量紧随其后 ...

太平洋证券：各大板块百家争鸣，目前有三大主线； GUIDE 摘要 财信证券：预计A股市场仍以震荡偏强运行为主； 中国银河证券：科技成长板块仍是市场长期主线。 太平洋证券 各大板块百家争鸣，目前有三大主线 太平洋证券研报称，各大板块百家争鸣，目前主线有三： 一是政策上 反内卷 逐步进入落实阶段，相关板块如光伏、生猪、玻璃等皆走出底部的迹象明显，目前 板块仍处于历史低位，可积极参与。 二是 产业方面有重大转折的板块 ，如固态电池、创新药等。 三是 高股息 板块，其中煤炭板块受益于反内卷，而在没有全球衰退背景下油价较难跌破40美元，也为 能源类高股息提供足够的支撑，银行保险等类债券板块受益于保险资金、公募基金业绩目标改变的资金 流入。 财信证券 预计A股市场仍以震荡偏强运行为主 财信证券认为，近期市场有逐步从"权重搭台"转向"题材唱戏"的趋势，可继续把握近期热点方向的结构 性行情。 8月份之前，宏观层面并无明显利空因素，市场正处于新一轮做多窗口期，叠加投资者情绪改 善、增量资金入场，指数仍有上行动能，虽然面临强压力位的限制，但预计A股市场仍以震荡偏强运行 为主。 在市场宽基指数并未明显突破时，可保持较高权益市场仓位 ...

Group 1 - The core viewpoint of the article highlights the competitive landscape of the power battery industry, particularly focusing on the challenges faced by Yiwei Lithium Energy as it prepares for its IPO in Hong Kong amidst a tightening market dominated by giants like CATL and BYD [2][3][4]. - Yiwei Lithium Energy has been actively expanding its production capacity, with plans exceeding 300 GWh, but faces a declining market share, dropping to 2.3% in 2024, ranking fifth among domestic manufacturers and ninth globally [7][9][11]. - The company has experienced increasing net losses despite revenue growth, with a projected revenue of 48.615 billion yuan in 2024, a slight decrease of 0.35% year-on-year, and a net profit of 4.076 billion yuan, reflecting a marginal increase of 0.63% [11][12][20]. Group 2 - The article discusses the aggressive financing strategy of Yiwei Lithium Energy, which has raised over 26 billion yuan through multiple rounds of financing since 2020, indicating a strong push for market presence and capacity expansion [16][18]. - The company is also focusing on international markets, with significant investments planned for its production bases in Hungary and Malaysia, aiming to leverage high-margin opportunities abroad [15][30]. - The competitive environment is characterized by a "stock competition" phase, where market share is increasingly concentrated among top players, leaving second-tier manufacturers like Yiwei Lithium Energy with limited room for growth [24][31].

Investment Rating - The report rates the electric new energy industry as "Overweight" indicating a positive outlook for the sector [3][4]. Core Insights - The report highlights a significant increase in production and stable profitability for leading lithium battery companies, driven by high demand and a reduction in price wars within the lithium battery segment [3][4]. - The photovoltaic (PV) sector is experiencing a recovery in profitability, particularly for high-margin BC components, while other materials face challenges due to price declines [4]. - Wind power installations are on the rise, with expectations for accelerated performance in the second half of the year as demand remains strong [4]. - Investment recommendations focus on three main lines: strong performance companies, supply-side reform opportunities, and new technologies such as solid-state batteries [4]. Summary by Sections Electric Vehicles - In Q2 2025, production across various lithium battery components saw year-on-year increases: ternary cathodes (+15%), iron-lithium cathodes (+53%), anodes (+23%), separators (+36%), electrolytes (+45%), and lithium batteries (+37%) [4]. - The overall profitability in the lithium battery segment is expected to stabilize and recover due to high operating rates among leading companies [4]. Photovoltaics - The PV sector experienced explosive growth in installations, with cumulative new installations exceeding 197GW from January to May 2025 [4]. - Major material companies are still facing losses, but the extent of losses has narrowed significantly in Q2 2025 compared to Q1 [4]. - Aiko Solar is noted for achieving profitability in Q2 2025, marking a significant milestone in the competitive landscape [4]. Wind Power - Wind power installations reached 46.28GW from January to May 2025, with expectations for continued growth in Q2 and Q3 [4]. - The report anticipates that the main machine segment will see improved profitability as orders for wind turbines increase [4]. Investment Recommendations - Key companies to focus on include: 1. Strong performance: CATL, Keda, Zhuhai Guanyu, Hunan YN, and Sungrow [4]. 2. Supply-side reform: Tongwei, Daqo, Aiko, and Longi Green Energy [4]. 3. New technologies: Xiamen Tungsten, Tianqi Lithium, and others [4].