司向不特定对象发行可转换公司 债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【71】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。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授权 ...

Core Points - The article highlights the need for new pollution discharge standards for wastewater treatment facilities in industrial parks to mitigate environmental risks and protect aquatic ecosystems and public health [1][4][5] - The Ministry of Ecology and Environment is currently soliciting public opinions on the draft technical guidelines for establishing these new discharge standards [1][4] Group 1: Current Situation - There are currently 2,962 industrial parks across 31 provinces and regions in China, with nearly 600 being chemical parks [2] - Industrial parks typically handle wastewater from various sources, including production wastewater from enterprises, domestic sewage, and wastewater from port operations [2][4] - The wastewater characteristics vary significantly among different types of industrial parks, such as single-industry parks and comprehensive parks [2][4] Group 2: Issues Identified - Existing discharge standards for industrial parks are often inadequate, with incomplete pollution control projects leading to high environmental risk [1][4] - The wastewater quality from industrial parks differs significantly from municipal sewage, necessitating tailored discharge standards [1][4][6] Group 3: Proposed Regulations - The draft guidelines propose comprehensive pollution control measures, considering various pollutants and their characteristics based on incoming water quality [4][5] - The new standards will allow for differentiated discharge limits based on the environmental quality requirements of receiving water bodies [5][6] - The regulations aim to ease the burden on enterprises by allowing negotiated indirect discharge limits, reducing the need for additional wastewater treatment facilities [5][6]

Core Insights - Yichang's state-owned enterprises (SOEs) have achieved significant milestones, including Anqi Yeast being recognized as a top-level smart factory and Xingfu Electronics becoming the first state-owned enterprise from Hubei to list on the Science and Technology Innovation Board, showcasing the effectiveness of state-owned enterprise reform in driving modernization in China [1][2] Group 1: Performance Metrics - In 2024, Yichang's state-owned enterprises reported total assets exceeding 700 billion yuan, with revenues of 186.1 billion yuan and profits of 8.462 billion yuan, accounting for 40.35% and 66.35% of Hubei's SOE totals, respectively [2] - Over the past three years, Yichang's state-owned enterprises contributed 612 million yuan in state-owned capital returns, marking a 150% increase compared to the previous three-year period [2] Group 2: Strategic Focus - Yichang's SOEs exhibit three key characteristics: focus on core business, empowerment through technology innovation, and market-oriented operations [2] - The focus on core business is exemplified by Anqi Group's commitment to yeast production, which has made it the second-largest yeast company globally, with a production capacity exceeding 450,000 tons [4] Group 3: Innovation and R&D - In 2024, Yichang's SOEs invested 4.084 billion yuan in R&D, with an 11% growth rate, surpassing the national average [6] - The R&D investment in Yichang's SOEs has increased from 47.52 million yuan in 2013 to 1.188 billion yuan in 2024, indicating a strong commitment to innovation [7] Group 4: Global Expansion - Yichang's SOEs are expanding globally, with Anqi Group establishing two overseas factories to enhance global supply capabilities, and Xingfa Group setting up ten overseas sales centers in key markets [11][13] - The export revenue of Yichang's enterprises has significantly increased, with Yihua Group's export earnings rising from 80,000 USD in 2000 to 708 million USD today [13] Group 5: Government Support and Policy - The local government plays a crucial role in supporting SOE reforms by providing a systematic framework that balances regulation and market freedom, fostering a conducive environment for growth [14] - Policies such as the "State-Owned Enterprise Core Business Management Measures" have been implemented to ensure SOEs focus on their primary business activities and avoid non-core investments [4][14]

Group 1 - The core event is the successful IPO of CATL on the Hong Kong Stock Exchange, raising a net amount of HKD 35.3 billion, marking the largest IPO globally in 2023 [1] - The Hong Kong IPO market has shown a strong performance, with a total fundraising amount exceeding HKD 65 billion as of May 20, 2023, making it the leading market globally [1] - There are currently 151 companies waiting to go public in Hong Kong, with expectations that the total fundraising for the year will surpass HKD 150 billion [1] Group 2 - The IPO boom is characterized by a structural shift, with leading A-share companies driving the trend, including companies like Hengrui Medicine and Haitian Flavoring [1] - The strong performance of the Hong Kong market is reflected in the Hang Seng Index, which has seen a year-to-date increase of 17.37% [2] - The discount rate for H-shares compared to A-shares has significantly decreased, with CATL's H-share price only 6.5% lower than its A-share price, the lowest in the past decade [2] Group 3 - The current IPO activity is a result of both domestic companies seeking international expansion and the growing demand for diversified asset allocation by international capital [3] - The changing international trade landscape is influencing capital flows, indicating a shift of Chinese assets from being perceived as "price low" to "value high" [3]

Core Viewpoint - The company Foshan Meicheng Food Co., Ltd. has been deregistered as of May 15, 2024, following controversies surrounding its products, particularly the "Hong Kong Meicheng Mooncake" [1]. Company Overview - Foshan Meicheng Food Co., Ltd. was established in 2023, located in Foshan, Guangdong Province, with a registered capital of 1 million RMB and paid-in capital of 400,000 RMB [1]. - The company was co-owned by Zhang Shaodeng and Yu Yongqi, with Yu Yongqi serving as the legal representative [1]. Controversy and Regulatory Actions - The "Hong Kong Meicheng Mooncake" faced scrutiny due to its production location not being in Hong Kong, leading to investigations by multiple market regulatory authorities [2][3]. - The Guangzhou Huadu District Market Supervision Administration confirmed that the "Hong Kong Meicheng" brand is registered in Hong Kong and authorized Guangzhou Meicheng Food Co., Ltd. to use the trademark [3]. - The products were produced under contracts with both Hong Kong Meicheng Food Group and Guangzhou Meicheng Food Co., Ltd., which have not been found to violate any laws as of the latest reports [4]. Financial Implications - Following the controversies, the company "San Zhi Yang" was fined 68.9495 million RMB for false commercial advertising related to the "Hong Kong Meicheng Mooncake" and other products, with total compensation reaching 27.7785 million RMB [4]. - The company has since rectified its operations and is deemed eligible to resume business [4]. Related Entities - Guangzhou Meicheng Food Co., Ltd. and Guangzhou Meicheng Food Technology Co., Ltd. remain operational and are involved in the production and marketing of the mooncake products [2][3]. - The "Xiao Yang Zhen Xuan" video account, associated with Hefei San Wu Cheng Qun E-commerce Co., Ltd., is fully owned by Hefei San Zhi Yang Network Technology Co., Ltd. [5].

Core Viewpoint - Lotte Group's failure in the Chinese market is attributed to widespread consumer backlash against its support for the deployment of the THAAD missile defense system, leading to significant operational losses and a tarnished brand image in China [1][4][5]. Group 1: Company Background - Lotte Group was founded in 1948 by Shin Dong-bin, a Korean immigrant in Japan, and has grown into a major conglomerate with over 41 subsidiaries and 45,000 employees by 2002, boasting total assets exceeding 30 trillion KRW [3]. - The company entered the Chinese market in 1994 and rapidly expanded, opening 300 stores by 2016, becoming a well-known supermarket chain [4]. Group 2: Market Exit and Financial Impact - Following the announcement of the THAAD deployment in September 2016, Lotte faced severe backlash from Chinese consumers, resulting in a drastic decline in sales and foot traffic at its stores [4][5]. - Within three months, Lotte incurred losses of approximately 300 billion KRW, with total losses projected to exceed 500 billion KRW, and some estimates suggesting losses could reach 8 trillion KRW, equivalent to 0.5% of South Korea's GDP [5]. Group 3: Internal and External Challenges - Lotte's challenges were compounded by internal management struggles and scandals, including allegations of sexual misconduct and financial improprieties involving top executives, which further damaged the company's reputation [9][12]. - The company's inability to effectively manage internal conflicts and external crises, coupled with poor strategic decisions, led to its decline from a peak position in the market [11].

Group 1 - The second quarter is a critical period for implementation and breakthroughs in the manufacturing sector, with high-quality development momentum evident in Nanzhao County, Henan Province [1] - Nanyang Qijia Industrial Co., Ltd. reported a 65% year-on-year increase in order volume for the second quarter, having completed 48% of its annual target [1] - Henglikang Biotechnology Co., Ltd. operates a 24-hour production line for plant enzyme drinks, producing 12,000 bottles per hour and ensuring maximum capacity during the sales peak [1] Group 2 - The second-phase production line of a company utilizes automation and digital operations, reducing labor costs and significantly improving production efficiency, completing orders of 100,000 bottles in just 3 to 4 days [2] - The local government has established a "one enterprise, one policy" service mechanism to support business development, resolving 43 issues related to labor and financing this year [2] - The county's industrial and information technology bureau emphasizes proactive service to ensure enterprises maintain full production capacity and achieve their second-quarter goals [2]

龙虎榜机构热股 今天机构龙虎榜上榜30只个股，净买入16只，净卖出14只。当日机构买入最多的个股前三位是：中洲特 材（3.45亿）、贝因美（1.54亿）、益方生物（9738万）。 | 上榜热股 | | 实时涨跌幅 ; 买/卖家数 , 机构净买额 ; | | | --- | --- | --- | --- | | 中洲特材 300963.5Z | +6.45% | 4/0 | +3.45亿 | | 贝因美 002570.SZ | +10.07% | 3/0 | +1.54亿 | | 益方生物 688382.55 | +15.62% | 4/2 | +9738.11万 | 贝因美 龙虎榜显示，今日3家机构净买入1.54亿。 国内奶粉龙头，主要产品包括婴幼儿配方奶粉、营养米粉、亲子食品、儿童奶和其他婴幼儿辅食等。 龙虎榜知名游资 一、宠物经济 天元宠物 个股龙虎榜 公司产品涵盖了宠物窝垫、猫爬架、宠物食品、宠物玩具、宠物服饰、电子用品等多系列、全品类宠物 产品 源飞宠物 个股龙虎榜 公司主要产品包括宠物牵引用具、宠物注塑玩具等宠物用品，狗咬胶等宠物零食等 催化上，2025年第五届上海它博会TOPS于5月8-11日在 ...

期货研究报告|宏观数据 2025-05-20 经济压力持续改善 ——中国 2025 年 4 月经济数据图景 研究院 徐闻宇 xuwenyu@htfc.com 从业资格号：F0299877 投资咨询号：Z0011454 投资咨询业务资格： 证监许可【2011】1289 号 宏观事件 5 月 19 日，国家统计局数据显示，今年 4 月份，面对外部冲击影响加大、内部困难挑 战叠加的复杂局面，我国经济顶住压力稳定增长，延续向新向好发展态势。 核心观点 经济增长：2025 年一季度 GDP 总按不变价格同比增长 5.4%，高于 2024 年全年增速 5.0% 和 2024 年一季度增速 5.3%，环比增速连续五个季度保持在 1.0%以上。产业结构上， 第三产业占比提升。 通货膨胀：2025 年 4 月 PPI 同比下降 2.7%（降幅较 3 月扩大 0.2 个百分点），环比下降 0.4%（降幅与上月持平）。主要受国际输入性压力和国内能源需求季节性走弱影响。 2025 年 4 月， CPI 环比由 3 月的下降 0.4%转为上涨 0.1%，涨幅高于季节性水平 0.2 个 百分点，主要受食品和出行服务价格回升推动。 投资生 ...

Economic Performance - In April, the industrial added value for large-scale industries grew by 6.1% year-on-year, down from 7.7% in March, with a cumulative year-on-year growth of 6.4%[3] - High-tech industries maintained a strong performance with a 10% year-on-year growth in April, although slightly down from 10.7% in March[3] - Fixed asset investment saw a cumulative year-on-year growth of 4% in April, a decrease of 0.2 percentage points from the first quarter[3] Consumer Trends - The total retail sales of consumer goods in April increased by 5.1% year-on-year, down from 5.9% in March, but still better than the previous year's performance[3] - Jewelry retail sales surged by 25.3% year-on-year in April, significantly higher than the previous month's 10.6% growth[3] - Home appliance and audio-visual equipment sales also showed strong growth at 38.8% year-on-year in April, up from 35.1% in March[3] Employment and External Factors - The urban surveyed unemployment rate in April was 5.1%, a slight decrease of 0.1 percentage points from the previous month, indicating stable employment conditions[3] - Despite external pressures, domestic demand indicators such as employment and retail sales did not show signs of a sharp decline, suggesting resilience in the economy[3] - The report highlights potential risks from export-driven growth strategies that may affect the second half of the year[3]