固定收益/固收周报 7 月债市展望：或呈现震荡偏强格局 ——固收周报（2025.06.23-2025.06.27） ◼ 核心观点 利率债：国债收益率分化，期限利差走阔：2025 年 06 月 20 日-2025 年 06 月 27 日期间，央行总计开展 11,628.00 亿元逆回购操作，共 11,752.00 亿元逆回购到期，全口径下净回笼 124.00 亿元。银行间资金 价格分化，其中，DR001 下行 0.59BP 至 1.3683%；DR007 上行 20.27BP 至 1.6968%。利率债一级市场发行 8,676.40 亿元，到期债券总偿还量 869.88 亿元，净融资额为 7,806.52 亿元。国债 1 年期、3 年期分别下 行 1.00BP、0.69BP 至 1.3452%、1.3931%；5 年期、7 年期、10 年期分 别上行 0.4BP、2.85BP、0.66BP 至 1.5065%、1.6028%、1.6462%。10Y- 1Y 期限利差从 28.44BP 走阔至 30.10BP。 信用债：信用债到期收益率多数上行：2025 年 06 月 23 日-2025 年 06 月 29 日期 ...

Group 1 - Lenovo (Beijing) Co., Ltd. has applied for a patent titled "Search Method, Data Storage Method and Device," with publication number CN120256454A, filed on March 2025 [1] - The patent describes a search method that includes obtaining a first hash value set corresponding to a query value, which is determined based on a predefined family of local sensitive hash functions [1] - The method also involves obtaining a target polynomial preset for the corresponding target database, which is constructed based on packed secret sharing [1] Group 2 - Lenovo (Beijing) Co., Ltd. was established in 1992 and is located in Beijing, primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has a registered capital of 565 million Hong Kong dollars and has invested in 107 enterprises [2] - Lenovo (Beijing) has participated in 5,000 bidding projects and holds 1,747 trademark information and 5,000 patent information, along with 238 administrative licenses [2]

Group 1 - Brother Technology expects a net profit of 60 million to 75 million yuan for the first half of 2025, representing a year-on-year increase of 325% to 431.25% [1] - Zhonggang Luonai's shareholder plans to reduce its stake by 0.5%, amounting to no more than 562,500 shares [1] - Hesheng Silicon Industry's controlling shareholder intends to exchange up to 1% of its shares for ETF units, totaling no more than 11,822,100 shares [1][2] Group 2 - Suotong Development's actual controller plans to reduce its stake by up to 2.21%, equating to no more than 1,098,720 shares [2] - Funeng Technology's shareholder plans to reduce its stake by no more than 1%, totaling up to 12,221,000 shares [2][3] - Yuhua Development expects a net profit of 175 million to 225 million yuan for the first half of 2025, a year-on-year increase of 632% to 784% [4][5] Group 3 - Dingsheng Co. plans to reduce its stake by no more than 1.71%, equating to up to 726,430 shares [5] - Renle's stock has been terminated from listing, officially delisted on July 4, 2025 [6] - Weitang Industrial's controlling shareholder plans to reduce its stake by no more than 1.95%, totaling up to 340,000 shares [7] Group 4 - Yingfeng Environment's convertible bond may trigger a downward adjustment of the conversion price due to stock prices falling below 85% of the conversion price [8] - Jingye Da's actual controller plans to reduce its stake by no more than 3%, equating to up to 694,150 shares [10] - Yongtai Technology and its subsidiary are suing for 57.5193 million yuan in damages [11] Group 5 - *ST Meigu's subsidiary has been applied for bankruptcy liquidation [12] - Daoshi Technology plans to invest up to 165 million USD in a copper wet smelting project in the Democratic Republic of Congo [13] - Xinbo Co.'s actual controller plans to reduce its stake by no more than 1.54%, totaling up to 372,440 shares [14] Group 6 - Yunnan Energy Investment has obtained the development rights for a photovoltaic power generation project with a capacity of 20 MW [15] - Qinglong Pipe Industry's controlling shareholder plans to reduce its stake by no more than 3%, equating to up to 990,970 shares [15] - Yangjie Technology has terminated the share issuance and cash acquisition of Beite Electronics, opting for cash acquisition instead [16] Group 7 - Taijia Co.'s controlling shareholder plans to reduce its stake by no more than 3%, totaling up to 755,210 shares [17] - Songyang Resources has terminated the planning of a control change and will resume trading on July 4, 2025 [19]

Core Insights - Gree New Yuan Electronics Co., Ltd., Gree Electric Appliances Inc., and Gree New Yuan Electronics (Nanjing) Co., Ltd. have obtained a patent for a device that promotes the absorption of electrolytic liquid in electrolytic capacitors, with the patent granted on CN112802693B and applied for on January 1, 2021 [1][2]. Company Overview - Zhuhai Gree New Yuan Electronics Co., Ltd. was established in 1988 and is located in Zhuhai City, primarily engaged in the manufacturing of computers, communications, and other electronic devices. The company has a registered capital of 126.18 million RMB. It has invested in 2 companies, participated in 44 bidding projects, and holds 304 patents along with 31 administrative licenses [1]. - Zhuhai Gree Electric Appliances Inc. was founded in 1989 and is also based in Zhuhai City, focusing on the manufacturing of electrical machinery and equipment. The registered capital is 601,573.0878 million RMB. The company has invested in 101 enterprises, participated in 5,000 bidding projects, and possesses 5,000 trademark and patent records, in addition to 827 administrative licenses [1]. - Gree New Yuan Electronics (Nanjing) Co., Ltd. was established in 2018 and is located in Nanjing City, primarily engaged in retail. The registered capital is 10 million RMB. The company has participated in 2 bidding projects, holds 24 patents, and has 14 administrative licenses [2].

抚州市鹏昆水处理有限公司，成立于2010年，位于抚州市，是一家以从事生态保护和环境治理业为主的 企业。企业注册资本1000万人民币。通过天眼查大数据分析，抚州市鹏昆水处理有限公司参与招投标项 目17次，专利信息4条，此外企业还拥有行政许可4个。 金融界2025年7月4日消息，国家知识产权局信息显示，深圳市粤昆仑环保实业有限公司、深圳市粤昆仑 环境科技（集团）有限公司、抚州市鹏昆水处理有限公司、深圳市曜逐星科技有限公司、深圳市金国城 环境科技有限公司取得一项名为"一种去除工业废水中重金属的装置及方法"的专利，授权公告号 CN119797516B，申请日期为2025年03月。 天眼查资料显示，深圳市粤昆仑环保实业有限公司，成立于2000年，位于深圳市，是一家以从事专用设 备制造业为主的企业。企业注册资本3000万人民币。通过天眼查大数据分析，深圳市粤昆仑环保实业有 限公司共对外投资了9家企业，参与招投标项目56次，财产线索方面有商标信息3条，专利信息50条，此 外企业还拥有行政许可5个。 深圳市粤昆仑环境科技（集团）有限公司，成立于2013年，位于深圳市，是一家以从事商务服务业为主 的企业。企业注册资本1000万 ...

天眼查App显示，上海隧道工程股份有限公司，成立于1993年，位于上海市，是一家以从事建筑装饰、 装修和其他建筑业为主的企业。企业注册资本314409.6094万人民币，实缴资本73352.1347万人民币。 通过天眼查大数据分析，上海隧道工程股份有限公司共对外投资了35家企业，参与招投标项目801次， 知识产权方面有商标信息8条，专利信息266条，此外企业还拥有行政许可140个。 7月3日，截至现券市场收盘，25隧道股份SCP003成交净价99.99元，上涨1.0个BP，交易量13.2亿元，最 新收益率1.6399%。 资料显示，25隧道股份SCP003债券全上海隧道工程股份有限公司2025年度第三期超短期融资券（代码 012581371），发行人为上海隧道工程股份有限公司，于2025年6月13日发行，到期兑付日2025年9月17 日，实际发行量20亿元。 债券简称25隧道股份SCP003债券代码012581371债券类型超短期融资券发行人上海隧道工程股份有限公 司债券发行日2025-06-13到期兑付日2025-09-17债券期限93日面值(元)100.00发行价格(元)100.0000计划 发行量(亿) ...

天眼查App显示，近日，珠海财川新材料科技有限公司成立，法定代表人为陈永宽，注册资本200万人 民币，由珠海泽冠科技有限公司全资持股。 序号股东名称持股比例1珠海泽冠科技有限公司100% 经营范围含许可项目：输电、供电、受电电力设施的安装、维修和试验；电气安装服务；建设工程施 工；建筑智能化系统设计；建筑劳务分包。（依法须经批准的项目，经相关部门批准后方可开展经营活 动，具体经营项目以相关部门批准文件或许可证件为准）发电技术服务；信息技术咨询服务；工程管理 服务；工业工程设计服务；软件开发；配电开关控制设备销售；配电开关控制设备制造；先进电力电子 装置销售；电力电子元器件销售；电力设施器材销售；水泥制品销售；发电机及发电机组销售；电线、 电缆经营；智能家庭网关制造；智能仪器仪表制造；智能家庭消费设备制造；人工智能硬件销售；智能 仓储装备销售；智能物料搬运装备销售；智能仪器仪表销售；智能水务系统开发；人工智能通用应用系 统；智能输配电及控制设备销售；劳务服务（不含劳务派遣）；超材料销售；超导材料销售；金属材料 销售；建筑材料销售；五金产品批发；五金产品零售；日用百货销售；日用品销售。（除依法须经批准 的项目外， ...

企业名称长春鹿川文旅发展有限公司法定代表人赵博赢注册资本300万人民币国标行业文化、体育和娱 乐业>娱乐业>其他娱乐业地址长春市净月开发区福祉大路5888号中庆大厦11楼1102室企业类型有限责 任公司（自然人投资或控股）营业期限2025-7-2至无固定期限登记机关长春市市场监督管理局净月高新 技术产业开发区分局 来源：金融界 经营范围含许可项目：旅游业务；宠物饲养。（依法须经批准的项目，经相关部门批准后方可开展经营 活动，具体经营项目以相关部门批准文件或许可证件为准）游乐园服务；公园、景区小型设施娱乐活 动；食品销售（仅销售预包装食品）；柜台、摊位出租；休闲娱乐用品设备出租；游艺及娱乐用品销 售；玩具、动漫及游艺用品销售；动物园管理服务；畜牧渔业饲料销售；露营地服务；游艇租赁；休闲 观光活动；游览景区管理；城市公园管理；租赁服务（不含许可类租赁服务）；小微型客车租赁经营服 务；共享自行车服务；票务代理服务；船舶租赁；体育用品设备出租；海滩浴场更衣及租借用品服务； 宠物食品及用品批发；饲料原料销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动） 天眼查App显示，近日，长春鹿川文旅发展有限公司成 ...

Group 1 - Shengde Xintai won a bid for a thermal power steel pipe project worth approximately 217 million yuan, accounting for 8.15% of its audited revenue for 2024 [1] - High-speed Electric's subsidiary won a project for the Shanghai-Nanjing-Hefei high-speed railway, with a bid amount of 71.76 million yuan [1] - Cangge Mining's subsidiary received a construction permit for a lithium-boron mining project, with a construction area of 106,900 square meters [2] Group 2 - China Electric Power Construction signed a mining transportation project contract in Guinea worth approximately 5.063 billion yuan, with a total duration of about 72 months [3] - Guobang Pharmaceutical's subsidiary completed the registration of an equity investment fund focusing on strategic emerging industries [4] - Deshi Co. obtained two invention patents related to oil and gas field development [5][26] Group 3 - Xue Tian Salt Industry expects a significant decrease in net profit for the first half of 2025, projecting a decline of 76.34% to 80.29% [6] - Rundu Co. received a drug registration certificate for moxifloxacin hydrochloride tablets, used for treating various bacterial infections [7] - China Nuclear Power reported a 15.65% increase in power generation in the first half of the year, with nuclear power generation up by 12.01% [8] Group 4 - Suqian Liansheng obtained two invention patents related to wastewater treatment methods [9] - Boshi Co. signed a 109 million yuan operation and maintenance service contract for solid product packaging [11] - *ST Sailong's subsidiary received a drug registration certificate for torasemide injection, used for various medical conditions [13] Group 5 - North Bay Port reported a 10.95% increase in cargo throughput for the first half of 2025, with container throughput also showing growth [14] - Kaiwei Te expects a revenue increase of 56.17% to 90.87% for the first half of 2025 [15] - Wankai New Materials plans to reduce production and conduct maintenance on 60,000 tons of PET capacity, affecting overall performance [16] Group 6 - Haiwang Bio's HW130 injection successfully completed Phase I clinical trials, showing good safety and tolerability [19] - Zhenai Meijia received a total of 22.8 million yuan in compensation for land acquisition, which will significantly impact its 2025 performance [20] - Changyuan Electric reported a 23.58% decrease in power generation in June, with a notable decline in thermal power generation [21] Group 7 - Shouxiangu's subsidiary completed the registration of two health food products [22] - Kailun Co. announced the resignation of its deputy general manager and board secretary [23] - Xibu Muye reported a 2.15% year-on-year increase in fresh milk production in June [24] Group 8 - Deshi Co. obtained two invention patents related to oil and gas field development [26] - Jingwei Huikai plans to acquire a 12.44% stake in Nuo Si Micro for 149 million yuan [27] - Electric Alloy completed the registration of its subsidiary in Mexico [29] Group 9 - Meinuohua expects a net profit increase of 142.84% to 174.52% for the first half of 2025 [30] - Guizhou Moutai repurchased approximately 3.38 million shares, accounting for 0.2692% of its total share capital [31][32] - Warner Pharmaceutical received approval for the listing application of a raw material drug for treating respiratory diseases [34] Group 10 - Yuan Dong Bio's independent director is under investigation for serious violations [35] - Dash Intelligent signed a contract for a smart project worth 11.88 million yuan [36] - Dayou Energy plans to transfer 586,500 tons of coal production capacity replacement indicators [37] Group 11 - Foton Motor reported a 150.96% increase in new energy vehicle sales in the first half of 2025 [39] - Renfu Pharmaceutical's shareholder plans to increase its stake by 1% to 2% [40] - Zongshen Power expects a net profit increase of 70% to 100% for the first half of 2025 [42] Group 12 - Yingboer plans to sell its wholly-owned subsidiary for 239 million yuan [44] - Changan Automobile reported a 1.59% increase in total vehicle sales in the first half of 2025 [46] - Fulian Precision signed a cooperation framework agreement with Sichuan Development Longmang [48] Group 13 - Nengte Technology plans to repurchase shares worth 300 million to 500 million yuan [50] - Longsoft Technology's controlling shareholder donated 3.43% of the company's shares [51] - Data Port's shareholders plan to reduce their holdings by up to 2% [52]

Group 1 - The core viewpoint of the news is that Pingzhi Information (300571) has shown a mixed performance in its latest financial results, with a significant drop in revenue but a substantial increase in net profit [1] - As of July 3, 2025, Pingzhi Information's stock closed at 31.65 yuan, up 1.44%, with a turnover rate of 5.49% and a trading volume of 63,500 lots, amounting to 202 million yuan [1] - The company experienced a net inflow of main funds amounting to 30.44 million yuan, representing 15.08% of the total transaction amount, with large orders contributing significantly to this inflow [1] Group 2 - For the first quarter of 2025, Pingzhi Information reported total operating revenue of 342 million yuan, a year-on-year decrease of 51.82%, while net profit attributable to shareholders reached 10.52 million yuan, a year-on-year increase of 287.38% [1] - The company's liquidity ratios are reported as a current ratio of 1.317 and a quick ratio of 1.104, with a debt-to-asset ratio of 66.23% [1] - Pingzhi Information has made investments in 52 companies and participated in 79 bidding projects, holding 40 trademark registrations and 88 patents, along with 27 administrative licenses [2]