在推动特定类别组织去污名化的进程中，国家需要综合运用"前台"与"后台"策略，并不断进行迭代调整，平衡不同利益群体的立场，逐步转变公 众认知。国家可以通过强调该类别组织的实用价值来缓解去污名化进程的意识形态冲突。该研究通过分析中国私营企业去污名化的四个不同阶 段，展现出国家在特定类别去污名化过程中的关键作用。 40年前，温州柳市镇八个因"投机倒把"被捕的个体户商人获得平反，他们被统称为"八大王"。这是中国民营经济从压抑到腾飞的转折点，国家在 其中扮演了主导角色。1984年，中央下发一号文件，提出鼓励商品生产和流通；1985年，《解放日报》头条发表评论员文章《温州的启示》，肯 定了"温州模式"。 从"投机倒把"到"拨乱反正"，中国私营企业所处的政策和舆论环境经历了一场过山车式的逆转。 企业等组织去污名化是当前组织管理领域的研究热点。对于企业而言，被污名化可能导致商誉受损、消费者信任度下降、人才流失、融资难度增 加，从而极大伤害投资者和企业家的投资信心，进而对全社会的营商环境产生负面影响。相比于单个企业的去污名化，如何对某一类别的企业或 组织进行整体去污名化，对全社会的营商环境和经济发展具有更加重要的意义，但这无疑 ...

Market Overview - On May 26, the Shanghai Composite Index decreased by 0.05%, the CSI 300 fell by 0.57%, the STAR 50 rose by 0.17%, the CSI 1000 increased by 0.65%, the ChiNext Index dropped by 0.8%, and the Hang Seng Index declined by 1.35% [4][3] - The best-performing sectors on May 26 were Media (+2.14%), Computer (+1.39%), Environmental Protection (+1.22%), Communication (+1.1%), and Light Industry Manufacturing (+1.04%). The worst-performing sectors were Automotive (-1.78%), Pharmaceutical Biology (-1.08%), Comprehensive (-0.86%), Banking (-0.75%), and Home Appliances (-0.71%) [4][3] - The total trading volume for the entire A-share market on May 26 was 1,033.9 billion yuan, with a net outflow of 1.507 billion Hong Kong dollars from southbound funds [4][3] Key Insights - From the production side, high-frequency indicators for the service and industrial sectors remained generally stable compared to the previous week. On the demand side, there was a divergence in variables, with consumption strengthening, fixed asset investment showing mixed strength, and exports showing signs of recovery [5] - Price-wise, marginal pressure on prices was observed this week, with a systemic rebound dependent on a demand-side recovery. Following the China-US trade talks, the fundamental pressure has eased [5]

Core Viewpoint - The document outlines the "Opinions on Improving the Modern Enterprise System with Chinese Characteristics," emphasizing the need for institutional innovation to empower enterprise development and enhance competitiveness in the context of national modernization and rejuvenation [1][2]. Group 1: Company Governance Structure - The document highlights the importance of improving corporate governance structures, with four out of nineteen specific measures dedicated to this area, including enhancing property rights, supporting the optimization of governance structures in private enterprises, and leveraging capital markets to improve governance [1][5]. - The China Securities Regulatory Commission (CSRC) has initiated a two-year special action to address deep-seated issues in corporate governance, including the implementation of independent director systems and stricter delisting standards for companies with significant operational deficiencies [2][3]. Group 2: Innovation and Incentives - The document emphasizes the need to establish a robust innovation incentive system, proposing measures to adapt organizational forms to modern technological innovation needs and to encourage collaboration between large and small enterprises [3][4]. - Specific initiatives include improving talent flow mechanisms between enterprises and research institutions, enhancing technology transfer management, and encouraging long-term value creation through project team autonomy [4]. Group 3: Role of State-Owned Enterprises - The document stresses the importance of adhering to the principle of "two unwavering" regarding property rights and optimizing equity structures to stimulate innovation and internal motivation across various types of enterprises [5]. - The State-owned Assets Supervision and Administration Commission (SASAC) plans to enhance corporate governance by integrating party leadership into governance processes and attracting talented individuals to participate in state-owned enterprise governance [5]. Group 4: Training and Implementation - The All-China Federation of Industry and Commerce is conducting training and exchange activities for entrepreneurs and executives to promote understanding of the importance of improving the modern enterprise system [6]. - A pilot program is set to be launched in 2025 to establish and improve the modern enterprise system in selected enterprises, aiming to provide a good example for private enterprises and encourage governance reforms [6].

Core Viewpoint - Zhangzhou Development's recent shareholder meeting resulted in the rejection of seven proposals related to the issuance of A-shares to specific investors, indicating significant shareholder dissent [1][2]. Proposal Voting Results - The proposal for issuing A-shares received 27,536,046 votes in favor (58.21%), 18,184,141 votes against (38.44%), and 1,587,161 abstentions (3.35%) from all shareholders [1]. - For the specific proposal regarding the issuance plan, 27,147,246 votes were in favor (57.39%), 18,754,541 against (39.64%), and 1,405,561 abstentions (2.97%) [2]. Fundraising and Project Allocation - The company plans to raise up to 1,195 million yuan through the issuance, with net proceeds allocated to various projects including ecological restoration and water supply expansion [2]. - The specific projects include the integrated ecological restoration project in Zhangzhou Taishang Investment Zone, expansion of the third water plant, and a 100MW photovoltaic project [2]. Shareholder Composition and Participation - The issuance targets up to 35 specific investors, including the controlling shareholder, Fujian Zhanglong Group, which is committed to purchasing at least 10% of the total shares issued [3]. - Zhanglong Group will not participate in the pricing process and will accept the market inquiry results for share purchase [3]. Pricing and Share Issuance Details - The issuance price will be no less than 80% of the average trading price over the previous 20 trading days and will not be lower than the audited net asset value per share [4]. - The total number of shares issued will not exceed 30% of the company's total share capital, which is approximately 297,444,321 shares [4]. Financial Performance - In 2023 and 2024, the company reported revenues of approximately 3.65 billion yuan and 3.30 billion yuan, with net profits of about 78.45 million yuan and 53.41 million yuan respectively [5]. - The first quarter of 2025 showed a revenue of approximately 527.89 million yuan and a net profit of about 17.13 million yuan [6].

5月23日各行业融资余额环比变动 | 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 汽车 | 895.36 | 3.62 | 0.41 | | 公用事业 | 421.21 | 2.34 | 0.56 | | 银行 | 527.23 | 1.75 | 0.33 | | 石油石化 | 250.22 | 0.90 | 0.36 | | 商贸零售 | 211.96 | 0.34 | 0.16 | | 环保 | 144.42 | 0.27 | 0.19 | | 综合 | 29.66 | 0.23 | 0.77 | | 煤炭 | 159.73 | 0.14 | 0.09 | | 建筑材料 | 109.19 | -0.08 | -0.07 | | 传媒 | 400.28 | -0.11 | -0.03 | | 交通运输 | 337.87 | -0.15 | -0.04 | | 农林牧渔 | 260.09 | -0.20 | -0.08 | | 钢铁 | 142.18 | -0.26 | -0.18 | | 社会服务 | 90.93 ...

Core Viewpoint - Chinese concept stocks are facing significant challenges in the U.S. stock market, particularly regarding the Nasdaq's "one dollar" delisting rule, which can be triggered if a company's stock price remains below one dollar for 30 consecutive trading days or if its market capitalization falls below $35 million for the same period [2][4]. Group 1: Delisting Rules and Current Situation - The Nasdaq's delisting rules can lead to forced delisting due to financial and market standards not being met, insufficient market capitalization, or other violations [2]. - As of May 16, 2025, there are 70 Chinese concept stocks trading at or below one dollar, with over 150 companies having fallen below par value in the last two years [4]. - The SEC's pre-delisting list has covered more than 200 Chinese concept stocks, with over a hundred companies voluntarily or forcibly delisting each year [4]. Group 2: Strategies for Companies Facing Delisting - Companies must focus on compliance reviews, ensuring financial disclosures and corporate governance meet Nasdaq standards, and regularly disclose compliant financial reports [6]. - Internal operations must be managed effectively to ensure sustainable profit growth, optimizing operational efficiency and diversifying customer bases to avoid reliance on single clients [7]. - Companies need to recognize the importance of market capitalization management, establishing clear strategies to enhance shareholder returns and improve stock liquidity, which is crucial for long-term stability in the capital market [8]. Group 3: Professional Support and Services - Professional teams, such as Huayi Xincapital, provide tailored market capitalization management and listing advisory services, having served over 40 listed companies and managed a market capitalization exceeding 260 billion HKD since 2015 [10]. - Companies often struggle with assessing their characteristics and implementing effective market capitalization management strategies, highlighting the need for professional guidance [10].

Market Overview - The A-share market showed narrow fluctuations today, with mixed performance across major indices. The Shanghai Composite Index closed flat at 3367.58 points, while the Shenzhen Component Index fell by 0.08% to 10171.09 points. The ChiNext Index decreased by 0.33% to 2032.76 points, and the Sci-Tech 50 Index remained unchanged at 995.25 points. Overall, 3559 stocks rose, 1691 fell, and 160 remained flat, with total trading volume in the Shanghai and Shenzhen markets amounting to 10864 billion, a decrease of 30.81 billion from the previous trading day [1]. Industry Performance - Among the Shenwan first-level industries, sectors such as comprehensive services, environmental protection, real estate, national defense and military industry, social services, and beauty care led the gains. Conversely, industries like food and beverage, automotive, banking, non-ferrous metals, telecommunications, and biomedicine experienced declines [1]. Sector Highlights - The top-performing concept sectors today included primary real estate developers, restructuring, pet economy, Huakun Zhenyu, Nanjing State-owned Assets, ST sectors, selected food processing, lithium extraction from salt lakes, pre-made dishes, solar thermal power generation, new urbanization, low-priced stocks in the ChiNext, urban village renovation, central enterprise automobiles, and the poultry industry [1].

江苏洪田科技股份有限公司 第一章 总则 第一条 为完善江苏洪田科技股份有限公司（以下简称"公司"）内部控 制，促进公司规范运作和健康发展，保护股东合法权益，根据《中华人民共和 国公司法》《中华人民共和国证券法》《上海证券交易所股票上市规则》（以 下简称《上市规则》）《上海证券交易所上市公司自律监管指引第1号——规范 运作》等相关法律、法规及《江苏洪田科技股份有限公司章程》（以下简称 《公司章程》）的规定，制定本制度。 第二条 内部控制是指公司董事会、管理层和员工共同实施的、旨在合理 实现以下基本目标的一系列控制活动： （一）实现公司发展战略； （二）提高公司经营的效益及效率； （三）保证公司财务报告及管理信息的真实、可靠和完整； （四）保障公司资产的安全； （五）确保公司信息披露的真实、准确、完整和公平； （六）遵循国家法律法规和有关监管的要求。 第三条 公司的内部控制应当在遵照下述原则的基础上，实现内部控制的 基本要素与公司内部的各个层级、各项业务和各个环节之间的有机结合： （一）合法性原则：内部控制应当符合法律、行政法规的规定和有关政府 监管部门的监管要求。 （二）全面性原则：内部控制在层次上应当涵盖公司 ...

证券时报·数据宝统计，截至上午收盘，今日沪指跌0.52%，A股成交量588.52亿股，成交金额6869.08亿 元，比上一个交易日减少10.25%。个股方面，3300只个股上涨，其中涨停50只，1898只个股下跌，其 中跌停8只。从申万行业来看，汽车、机械设备、传媒等涨幅最大，涨幅分别为1.96%、1.26%、 0.53%；银行、非银金融、美容护理等跌幅最大，跌幅分别为1.41%、1.39%、1.28%。（数据宝） | 石油石化 | | | | 茂化实华 | | | --- | --- | --- | --- | --- | --- | | 美容护理 | -1.28 | 74.02 | -13.95 | 芭薇股份 | -12.69 | | 非银金融 | -1.39 | 219.05 | -41.78 | 拉卡拉 | -2.38 | | 银行 | -1.41 | 157.97 | -5.57 | 西安银行 | -2.39 | 今日各行业表现（截至上午收盘） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | ...

| 汽车 | 865.97 | -1.96 | -0.23 | | --- | --- | --- | --- | | 机械设备 | 934.52 | -2.09 | -0.22 | | 公用事业 | 423.34 | -2.28 | -0.54 | | 电力设备 | 1262.27 | -3.47 | -0.27 | | 计算机 | 1369.11 | -7.89 | -0.57 | | 非银金融 | 1555.22 | -8.19 | -0.52 | | 电子 | 2128.95 | -9.30 | -0.43 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 以幅度进行统计，交通运输行业融资余额增幅最高，最新融资余额为338.74亿元，环比增长0.74%，其 次是美容护理、房地产、煤炭行业，环比增幅分别为0.72%、0.50%、0.38%；融资余额环比降幅居前的 行业有家用电器、计算机、公用事业等，最新融资余额分别有252.32亿元、1369.11亿元、423.34亿元， 分别下降0.71%、0.57%、0.54%。（数据宝） 5月15日各行业融资余额环比变动 | 代码 | 最新融资余额 ...