本报记者 蒙婷婷 6月10日，经历停牌10天后，成都市新筑路桥机械股份有限公司（以下简称"新筑股份"，股票代码：002480）复牌即"一字 涨停"，股价为7.19元/股，涨幅为9.94%。 新筑股份董事会秘书张杨向《证券日报》记者表示："通过此次交易，公司将战略性退出磁浮与桥梁功能部件业务，蜀道 清洁能源将成为公司控股子公司，公司未来将聚焦于清洁能源发电业务。同时，通过此次交易盘活公司资产、降低负债率，从 根本上改善公司的经营状况，增强公司的持续经营能力和发展潜力。" 蜀道集团官网显示，蜀道清洁能源系蜀道集团构建"交通+能源"产业生态的战略实施主体，主营水电、风电、光伏等清洁 能源项目的投资、建设与运营，同步大力发展储能（新型储能、抽水蓄能）等业务。截至目前，蜀道清洁能源集团权益装机 1150万千瓦，控股装机857万千瓦，业务覆盖四川省内和西北地区。公司依托四川省内水风光一体化清洁能源基地开发和"交通 +"产业优势，储备水风光资源约3000万千瓦。 预案还显示，新筑股份拟向不超过35名符合条件的特定投资者发行股份募集配套资金，募集配套资金总额不超过本次拟以 发行股份方式购买资产的交易价格的100%，且发行股份 ...

Group 1 - The company transforms agricultural waste, specifically straw, into clean energy, generating 250 million kilowatt-hours of electricity and 200,000 tons of steam annually, achieving an ecological cycle of "waste to treasure" [1] - During the peak straw collection season, approximately 120 trucks deliver straw to the company daily, with an annual storage capacity of 450,000 tons [1] - The company utilizes a fluidized bed boiler operating at 750℃, consuming 400,000 tons of biomass straw and agricultural waste each year, with an average annual power generation of 250 million kilowatt-hours [1] Group 2 - The company provides stable and reliable heat sources to surrounding industries, including textiles and food, with a heat efficiency improvement of over 10% through upgraded technology [2] - The company has established a heating network covering over 20 enterprises in the park, creating a "power + heat" industrial model that contributes to the sustainable development of the Wuhua area [2]

Macro and Strategy - The core CPI in China is expected to turn positive in June, driven by service prices in May, while the PPI continues to show a significant decline [9][10] - China's exports showed resilience with a 4.8% year-on-year increase in May, while imports fell by 3.4%, resulting in a trade surplus of $103.22 billion [10] Transportation Industry - The logistics sector is seeing a reduction in costs and increased efficiency through the adoption of unmanned logistics vehicles, particularly in the last mile of delivery [10][12] - The shipping industry is experiencing a rebound in freight rates due to increased demand from U.S. companies resuming supply chains, leading to a significant supply-demand gap [10][12] - The aviation sector is entering a low season, with domestic passenger flights seeing a decrease, but there is potential for price stabilization in 2025 due to ongoing demand optimization policies [11][12] Public Utilities and Environmental Protection - The National Energy Administration is initiating pilot projects for new power systems, focusing on innovative technologies and models [15][16] - In April 2025, China exported 228,148 tons of industrial-grade mixed oil (UCO), a 7.46% increase year-on-year, with an average export price of $1,069.34 per ton, up 21.01% year-on-year [15][16] Mechanical Industry - The humanoid robot sector is gaining traction, with strong orders from TSMC and the official launch of the Tian Gong Robot 2.0 [10][18] - The AI infrastructure is expected to drive continued growth in capital expenditure for data centers, benefiting companies involved in gas turbines and chillers [19] Home Appliances - The demand for kitchen small appliances is accelerating, with significant growth observed during the 618 shopping festival [21][22] - The domestic sales of major home appliance categories showed positive growth in April, with air conditioners and washing machines leading the way [22][23] Food and Beverage - The white liquor sector is facing continued pressure during the off-season, while beer and beverage categories are entering a peak demand period [33][34] - High-end liquor prices have slightly decreased, with companies like Kweichow Moutai and Luzhou Laojiao adjusting strategies to maintain market presence [34] Media and Internet - The media sector is experiencing growth, with companies like Keling AI collaborating with NetEase Games, indicating a positive trend in AI applications and IP development [33]

Investment Rating - The investment rating for the company is "Buy" [10] Core Views - Yongxing Co., Ltd. is the sole investment and operation entity for waste incineration power generation projects in Guangzhou, with a total operational capacity of 32,090 tons/day as of the end of 2024. The company has no ongoing construction projects, and its revenue from construction has significantly declined to 0.15 million in 2023, with no contributions expected in 2024. The quality of revenue and profit is high [3][7][25]. - The company benefits from a favorable project location, low national subsidy ratio, high calorific value, and large individual project sizes, leading to excellent cash flow performance. The cash collection ratio for 2024 is 100%, and the net cash ratio is 232% [8][13][70]. - The company operates under a government procurement service model, which is akin to perpetual operation, providing a stable revenue stream. The majority of its projects are located in Guangzhou, ensuring a steady supply of waste [13][60]. Summary by Sections Company Overview - Yongxing Co., Ltd. was established in 2009 and is controlled by the Guangzhou Environmental Investment Group. It focuses on waste incineration power generation and has expanded into biomass processing since 2021. The company operates 14 waste incineration projects and 4 biomass processing projects, with a total operational capacity of 32,090 tons/day for incineration and 2,590 tons/day for biomass [7][18][25]. Financial Performance - The company achieved a revenue of 35.36 billion in 2023, a year-on-year increase of 7.4%, and a net profit attributable to shareholders of 7.35 billion, up 2.7%. For 2024, the projected revenue is 37.65 billion, with a growth of 6.4%, and a net profit of 8.21 billion, reflecting an 11.7% increase [25][26]. Competitive Advantages - The company has several competitive advantages over its peers, including: - High-quality project locations with low national subsidy ratios and high calorific values, leading to superior cash flow performance [8][60]. - A government procurement service model that ensures stable operations and revenue [13][60]. - Strong support from its major shareholder, which guarantees sufficient waste collection and enhances operational efficiency [13][60]. - Opportunities for growth in waste processing volume due to population inflow and expansion of waste sources [13][60]. Profitability Forecast and Valuation - The company is expected to see a steady increase in net profit from 9.0 billion in 2025 to 11.0 billion in 2027, with corresponding price-to-earnings ratios of 16.0x, 14.1x, and 13.2x. The "Buy" rating reflects the company's perpetual operation characteristics and location advantages that support earnings per share growth [9][10].

Core Viewpoint - The company *ST Lingyun B is facing potential delisting due to its stock price being below 1 yuan for 20 consecutive trading days, marking it as the first B-share to potentially delist for this reason in 2025 [2][4][6]. Group 1: Company Announcement - On June 9, 2025, *ST Lingyun B received a notice from the Shanghai Stock Exchange regarding the proposed termination of its stock listing [4][6]. - The company will suspend trading of its stock starting June 10, 2025, following the receipt of the delisting notice [6][7]. - The company has the right to request a hearing and make statements regarding the delisting decision [6][7]. Group 2: Historical Context - Historically, B-share delistings are rare, and instances of delisting due to a stock price falling below 1 yuan for 20 consecutive trading days are even less common [8][9]. - The last recorded B-share to be delisted for similar reasons was ST Dongxu B, which was delisted on October 11, 2024 [9]. - Another B-share, Jianche B, was delisted due to market value regulations on August 22, 2024 [10].

伊朗议会国家安全和外交政策委员会发言人：俄罗斯将在伊朗建设8座核电站。 跟踪中东局势动态 +订阅 订阅美国VS伊朗动态 +订阅 ...

年内首只"1元退市"的B股或将要来了。 6月9日晚间，*ST凌云B（900957）发布关于收到拟终止公司股票上市的事先告知书的公告，因公司连续20个 交易日的每日股票收盘价均低于1元，已经触及终止上市条件，上交所将对公司股票作出终止上市的决定。公 司同日公告，公司股票将自明日（6月10日）起停牌。 值得注意的是，历史上，B股退市的情形不多，因股价连续20个交易日低于1元人民币而退市的B股更少。 或成年内首只"1元退市"B股 6月9日晚间，*ST凌云B发布关于收到拟终止公司股票上市的事先告知书的公告。 公告称，公司于2025年6月9日收到上海证券交易所下发的《关于拟终止上海凌云实业发展股份有限公司股票上 市的事先告知书》。根据上述事先告知书，截至2025年6月9日，公司已连续20个交易日的每日股票收盘价均低 于1元，根据《上海证券交易所股票上市规则（2025年4月修订）》（以下简称《股票上市规则》）第9.2.1条的 规定，公司股票已经触及终止上市条件。上交所将根据《股票上市规则》第9.1.10条、第9.2.7条等规定，对公 司股票作出终止上市的决定。 历史上，B股退市的情形不多，因股价连续20个交易日低于1元人 ...

Core Viewpoint - Sichuan Road and Bridge plans to acquire 100% equity of New筑交科 and related assets and liabilities from New筑股份 to enhance its bridge technology and market capabilities [1] Group 1: Acquisition Details - The acquisition aims to strengthen the synergy between bridge component business and construction operations, optimize supply chain management, and improve cost control [1] - New筑股份 is a subsidiary of Sichuan Road and Bridge's controlling shareholder, Shudao Investment Group, and focuses on rail transit, bridge components, and photovoltaic power generation [1] - The transaction is expected to constitute a major asset restructuring and related party transaction, without changing the actual controller [1] Group 2: Financial Performance - In Q1 2025, Sichuan Road and Bridge won 77 projects worth 34.681 billion, a year-on-year increase of 18.87% [1] - In the infrastructure sector, the company secured 35 projects totaling 30.456 billion, up 27.95% year-on-year [1] - For Q1 2025, the total revenue was 22.986 billion, reflecting a 3.98% year-on-year growth, while the net profit attributable to shareholders was 1.774 billion, a 0.99% increase [1]

Fundraising Plan - The company plans to raise a total of up to RMB 5.825 billion through a private placement of A shares, with the net proceeds allocated to various projects totaling approximately RMB 78.4 billion [1][2] - If the actual net proceeds are less than the planned investment amount, the company will adjust the funding priorities and amounts based on project progress and funding needs, with any shortfall covered by self-raised funds [2] Background and Purpose of the Issuance - Hydropower is increasingly important under the national "dual carbon" strategy due to its low cost, renewability, and strong peak regulation capabilities, contributing to economic development and green transformation [2][3] - The projects funded by this issuance are located in Southwest China, which has abundant hydropower resources, accounting for about 70% of the country's total, and are essential for the "West-to-East Power Transmission" strategy [3][4] Feasibility Analysis of Fundraising Projects - The RM Hydropower Station, with a designed capacity of 2.6 million kW and a total investment of approximately RMB 58.4 billion, is a key project that aligns with national energy development strategies and will provide stable, clean energy [5][6] - The TB Hydropower Station, with a designed capacity of 1.4 million kW and a total investment of approximately RMB 20 billion, is crucial for supporting the economic development of Yunnan Province and alleviating energy supply tensions in rapidly developing areas [7][9] Impact on Company Operations and Financial Status - The fundraising projects align with national policies and industry trends, enhancing the company's competitive advantage and market position, with significant economic benefits expected from the completed projects [11][12] - The issuance will strengthen the company's capital structure, increase total assets and net assets, and improve financial stability, although short-term returns may decline until the projects are operational [12][13] Conclusion of Feasibility Analysis - The board of directors believes that the fundraising plan is necessary, aligns with relevant policies, and has a promising market outlook, contributing to the company's long-term sustainable development and enhancing core competitiveness [13]

Group 1 - The company plans to conduct a major asset sale, issue shares, and pay cash to acquire assets, along with raising supporting funds [8][18][19] - The major asset sale involves selling 100% equity of Chuanfa Maglev and other related assets to Sichuan Shudao Rail Transit Group, and selling 100% equity of Xinjian Transportation Science and Technology to Sichuan Road and Bridge [8][18] - The company intends to issue shares and pay cash to acquire 60% equity of Shudao Clean Energy from Shudao Group, which will become a controlling subsidiary post-transaction [8][9][18] Group 2 - The transaction is subject to approval from the shareholders' meeting and regulatory bodies, including the Shenzhen Stock Exchange and the China Securities Regulatory Commission [3][19] - The final transaction price for the assets will be based on evaluations conducted by qualified institutions and approved by relevant authorities [10][18] - The company aims to optimize its business focus by exiting the maglev and bridge component sectors, concentrating on clean energy generation [18][19] Group 3 - The company will raise supporting funds through issuing shares to no more than 35 specific investors, with the total amount not exceeding 100% of the transaction price for the asset acquisition [13][14] - The funds raised will be used for cash payments, taxes, intermediary fees, and to support the construction of Shudao Clean Energy projects [14][18] - The issuance of shares will be priced at no less than 80% of the average trading price over a specified period prior to the pricing date [10][11][14]