Core Viewpoint - Schneider Electric has established a localized innovation center in collaboration with Qi Anxin Group, marking a significant step in its commitment to digital economic development in China [1][3]. Group 1: Localized Innovation Center - The newly established center will focus on local adaptation, safety compliance, and ecological collaboration, addressing the urgent need for innovation in information technology applications [3]. - This initiative is part of Schneider Electric's "China Center" strategy, emphasizing the importance of local innovation to create value [3][4]. Group 2: Investment and R&D - Schneider Electric has built a large R&D team in China, with over 2,200 engineers across five major centers, making China the only country with full business line R&D capabilities [4]. - Since 2019, the company's R&D investment in China has seen a compound annual growth rate of over 18% [4]. Group 3: Digitalization and Core Technologies - The company identifies digitalization, electrification, and automation as its three core technology areas, with sustainable development as a long-term strategic focus [4][5]. - Digitalization now accounts for 57% of overall sales, reflecting the company's deep engagement in this area [5]. Group 4: Key Technology Areas - Schneider Electric is focusing on new power systems and a comprehensive digital technology system involving software, IoT, AI, and cybersecurity [5]. - The company has established an AI innovation lab in China, supported by a team of over 350 AI experts, to integrate advanced AI technologies into its products and solutions [6]. Group 5: Collaboration and Ecosystem - The establishment of the localized innovation center is a strategic move to enhance local digital innovation and ecological collaboration [6]. - Schneider Electric emphasizes the importance of co-creation in the innovation value chain, recognizing that no single company can achieve all innovations independently in the digital age [6].

Core Viewpoint - The company Zhongdian Xinlong (002298) is focusing on strengthening its three main business strategies: smart energy, smart city, and renewable energy development, while maintaining normal overall operational status [2]. Group 1: Company Performance - As of July 9, 2025, Zhongdian Xinlong's stock closed at 6.84 yuan, down 0.73%, with a turnover rate of 8.9%, trading volume of 582,000 hands, and a transaction amount of 400 million yuan [1]. - The company is expected to disclose its 2025 semi-annual report, which will provide insights into its operational performance, especially after a loss reported in the previous year's mid-year report [2]. Group 2: Regulatory and Licensing Information - The company clarified that its subsidiary, Beijing Zhongdian Xingfa, has not obtained the Hong Kong Money Service Operator license and is not involved in the multilateral central bank digital currency bridge as previously speculated [2]. Group 3: Market Activity - On July 9, 2025, retail investors showed a net inflow of 43.69 million yuan, while institutional and speculative funds experienced net outflows of 18.14 million yuan and 25.55 million yuan, respectively [2].

Core Viewpoint - The announcement details a capital increase by the wholly-owned subsidiary of the company, Fengfan Crystal Cherry, in collaboration with its related party, Tang Control Technology, to invest in Chengdu Kanda Jinrui Technology Co., Ltd., a wholly-owned subsidiary of Kanda New Materials, with a total investment of RMB 116.67 million [2][3][12]. Group 1: Investment Overview - The total capital increase amounts to RMB 116.67 million, with Tang Control contributing RMB 66.67 million and Fengfan Crystal Cherry contributing RMB 50 million, resulting in ownership stakes of 40% and 30% respectively in Kanda Jinrui [2][3]. - The registered capital of Kanda Jinrui will increase from RMB 50 million to RMB 166.67 million following this investment [2][3]. - The investment is classified as a related party transaction due to the ownership structure involving the controlling shareholder, Tangshan Industrial Holding Group [2][3]. Group 2: Financial Assessment - As of December 31, 2024, Kanda Jinrui's assessed value was determined to have a premium rate of 40.15% based on the capital increase [2][8]. - The financial health of Kanda Jinrui shows a net asset value of RMB 32.85 million as of the same date, indicating a need for further capital to support its exploration projects [8][12]. - The total budget for exploration projects is estimated to be within RMB 120 million, which the new capital will help fund [3][8]. Group 3: Board Approval and Compliance - The board of directors approved the investment proposal on July 8, 2025, with all related directors abstaining from the vote [12]. - The transaction does not require shareholder approval as it does not exceed the threshold set by the Shanghai Stock Exchange regulations [12]. - The company has engaged independent directors to review the transaction, ensuring compliance with governance standards [12].

Core Viewpoint - The document outlines the management system for related party transactions of Wan Control Intelligent Manufacturing Co., Ltd, emphasizing the need for fairness, legality, and transparency in transactions to protect the interests of the company, shareholders, and creditors, particularly minority investors [1][2]. Group 1: General Principles - The purpose of the related party transaction management system is to standardize decision-making processes and responsibilities, ensuring compliance with relevant laws and regulations [1]. - The company and its subsidiaries should minimize related party transactions and ensure their legality, necessity, reasonableness, and fairness [1][2]. Group 2: Responsibilities and Management - The Chairman of the Board is the primary responsible person for managing related party transactions, with other senior management also holding management responsibilities [2]. - The Audit Committee of the Board has the authority to inspect related party transactions independently or through the internal audit department [2]. Group 3: Definition of Related Parties - Related parties include both legal entities and natural persons that have a significant influence or control over the company [3][4]. - Specific criteria are established to identify related legal entities and natural persons, including those holding more than 5% of shares or serving as directors or senior management [3][4]. Group 4: Related Party Transactions - Related party transactions are defined as resource or obligation transfers between the company and its related parties, including various types of transactions such as asset purchases, financial assistance, and service provisions [10][11]. - The company must carefully assess whether a transaction constitutes a related party transaction and submit relevant information for approval before proceeding [5][11]. Group 5: Pricing Principles - Related party transactions should adhere to principles of honesty, equality, and fairness, with pricing based on national pricing, market prices, or negotiated agreements [12][13]. - The company must track market price and cost changes related to transactions and ensure that pricing does not deviate from independent third-party standards [12][13]. Group 6: Approval and Disclosure Procedures - Transactions exceeding specified monetary thresholds require Board approval and disclosure, with different thresholds for transactions with natural persons and legal entities [15][16]. - Related party transactions must be documented in written agreements that clearly outline terms, including pricing and payment methods [13][14]. Group 7: Responsibilities of the Board and Shareholders - Related directors must abstain from voting on related party transactions, ensuring that decisions are made by non-related directors [26][27]. - Shareholders with related interests must also disclose their relationships and abstain from voting on relevant matters [26][27]. Group 8: Monitoring and Compliance - The Audit Committee is responsible for overseeing the disclosure and compliance of related party transactions, ensuring that any irregularities are reported [30][31]. - The company must take protective measures if related parties are found to be misappropriating funds or assets [31]. Group 9: Information Disclosure - The company is required to disclose detailed information about related party transactions, including transaction parties, pricing policies, and the impact on the company's financial status [33][34]. - Disclosure must include the total amount of transactions with related parties during the year and any significant changes in agreements [34].

Core Points - The document outlines the rules governing the board of directors of Wankong Intelligent Manufacturing Co., Ltd, aiming to ensure standardized operations and independent decision-making [1][2][3] - The board is responsible for major business decisions during the period when the shareholders' meeting is not in session, and it must act in the best interests of the shareholders [1][2] Chapter 1: General Principles - The rules are established to promote the standardized operation of the company and ensure the board's independent exercise of rights and obligations [1] - The board is the executive body of the shareholders' meeting and is accountable to it [1] Chapter 2: Qualifications and Duties of Directors - Directors must possess good professional ethics, comply with laws, and have relevant experience in business management and finance [4] - Certain disqualifications for directors are outlined, including criminal convictions and financial irresponsibility [5][6] - Directors have a duty of loyalty to the company, which includes avoiding conflicts of interest and not misappropriating company assets [6][7] Chapter 3: Appointment and Remuneration of Directors - Directors are elected by the shareholders' meeting for a term of three years, with provisions for re-election [8][9] - Directors can resign before their term ends, but must ensure that the board maintains a minimum number of members [10][11] Chapter 4: Composition and Powers of the Board - The board consists of seven directors, including three independent directors, and is led by a chairman and a vice-chairman [12][13] - The board has various powers, including convening shareholders' meetings, executing resolutions, and making significant business decisions [15][16] Chapter 5: Board Meetings - The board must hold at least two regular meetings annually, with provisions for special meetings as needed [16][17] - Meeting notifications must include essential details and be sent in advance to all directors [18][19] Chapter 6: Voting Procedures - Decisions require a majority vote from the directors present, with specific rules for related party transactions to ensure independence [23][24] - Directors must disclose any conflicts of interest and cannot vote on matters where they have a personal stake [24][25] Chapter 7: Miscellaneous - The rules take effect upon approval by the shareholders' meeting and can be amended by the board with subsequent shareholder approval [46][48]

Group 1 - The report emphasizes the need to regulate low-price disorderly competition among enterprises and promote the orderly exit of backward production capacity, aiming to address the issue of "involution" in market competition [2][8] - Historical cases show that supply-side clearance driven by policy typically begins with market expectations, while the main upward trend requires improvements in industry structure to support cash flow and balance sheet recovery [8][10] - The current round of overcapacity is primarily concentrated in mid- and downstream industries, unlike the previous cycle which was focused on upstream resource sectors [9][10] Group 2 - The report suggests focusing on two main strategies: industries that have experienced prolonged supply-side clearance and are likely to see improvements in supply-demand dynamics, and industries that may benefit from policy-driven accelerated clearance [10][11] - For natural clearance, the report recommends monitoring demand-side indicators for upstream industries and supply-side indicators for mid- and downstream sectors, highlighting sectors such as agricultural chemicals, general machinery, pharmaceuticals, and components [10] - For policy-driven clearance, attention should be given to industries mentioned in recent policies aimed at addressing "involution," including photovoltaic, lithium batteries, automobiles, and cement [10][17]

Group 1: Company Performance - Northern Rare Earth expects a net profit of 900 million to 960 million yuan for the first half of 2025, representing a year-on-year increase of 1882.54% to 2014.71% [1] - Muyuan Foods anticipates a net profit of 10.5 billion to 11 billion yuan for the first half of 2025, reflecting a year-on-year growth of 924.6% to 973.39% [2] - Hongta Securities projects a net profit of 651 million to 696 million yuan for the first half of 2025, indicating a year-on-year increase of 45% to 55% [3] Group 2: Business Developments - Dazhihui clarifies that it has not engaged in businesses related to "stablecoins," "virtual asset trading," or "cross-border payments," following a significant stock price fluctuation [4] - Bluetech announces a share transfer agreement where its actual controller will change, with the Ma'anshan Municipal Government becoming the actual controller after the transfer of 18% of shares [5] Group 3: Industry Trends - Jiangsu Electric Power reports a 5.01% year-on-year increase in electricity generation for the first half of 2025 [6] - Jin'an Guoji anticipates a non-recurring net profit growth of 4700% to 6300% for the first half of 2025 [6] - New Beiyang expects a non-recurring net profit growth of 650% to 720% for the first half of 2025 [6]

Core Viewpoint - As of the end of Q2 2025, northbound funds held a total of 3,572 A-shares with a combined market value of 2.28 trillion yuan, reflecting an increase of approximately 500 billion yuan compared to the end of Q1 2025 [1]. Group 1: Northbound Fund Holdings - Northbound funds increased their holdings in seven industries by over 10% compared to the end of Q1 2025, including retail, construction decoration, telecommunications, defense, comprehensive, non-bank financials, and steel [1]. - Conversely, the household appliances, electronics, and textile and apparel sectors saw a decline in holdings of over 10% [1]. Group 2: Top Holdings and Changes - The top ten stocks held by northbound funds at the end of Q2 2025 included Ningde Times, Kweichow Moutai, Midea Group, China Merchants Bank, Yangtze Power, BYD, Ping An Insurance, Zijin Mining, Huichuan Technology, and Mindray Medical [1]. - Notably, the market value of holdings in Ningde Times was nearly 153.1 billion yuan, while Kweichow Moutai and Midea Group had holdings valued at over 102.7 billion yuan and approximately 74.2 billion yuan, respectively [1]. Group 3: Net Buying and Selling - In Q2 2025, northbound funds recorded a net purchase of 54.77 billion yuan in A-shares, marking the second consecutive quarter of net buying [2]. - The top three stocks with the highest net buying amounts were Ningde Times (12.58 billion yuan), Hengrui Medicine (7.36 billion yuan), and Dongpeng Beverage (4.04 billion yuan) [2]. - The stocks with the largest net selling amounts included Kweichow Moutai (10.32 billion yuan), Midea Group (8.13 billion yuan), and Wuliangye (4.27 billion yuan) [2].

2025 年 07 月 09 日 从对等关税到"歧视性关税" 世 界 经 济 证券分析师 赵伟 A0230524070010 zhaowei@swsresearch.com 陈达飞 A0230524080010 chendf@swsresearch.com 赵宇 A0230524080007 zhaoyu2@swsresearch.com 联系人 赵宇 (8621)23297818× zhaoyu2@swsresearch.com 美东时间 7 月 7 日，特朗普向日本、韩国等 14 国发送了上调关税的信件。新关税将于 8 月 1 日生效，税率较为接近 4 月初的对等关税。市场选择"理性忽视"，等待后续的数据验证。 一、美国关税执行现状？特朗普推迟关税暂停截至日，或分批发出关税上调信函 截至 5 月，美国平均关税税率 7.4%，加征进度偏慢。截至最新数据，美国对中国税率 38.6%， 对日本 9.3%、对英国 6.2%，对越南 4.8%、对德国 6%。主要产品关税中，汽车进口税率 13.4%， 钢制产品进口税率 29.5%、铝产品 23%，塑料产品 11.3%，电气设备 8.3%。 7 月 7 日，美国宣布提 ...

Core Viewpoint - The introduction of the new market value management regulations has led to significant developments in investor relations management, with 644 listed companies implementing value management systems or valuation enhancement plans since November 2022 [1] Group 1: Current State of Central State-Owned Enterprises (SOEs) - As of 2024, 492 central SOEs account for 9.14% of A-share listed companies but contribute 36.32% of total market value, 43.74% of revenue, and 59.03% of net profit, highlighting their critical role in the national economy [1] - There is a notable disparity within central SOEs, with companies valued over 50 billion yuan contributing nearly 80% of market value and over 90% of net profit, while smaller companies (under 10 billion yuan) represent 36.79% of the total but only 2.82% of market value [2] Group 2: Challenges and Recommendations for Small and Medium-Sized SOEs - Small and medium-sized central SOEs face dual pressures on profitability and valuation, with challenges including outdated capital tools and insufficient innovation [2] - Recommendations for regulatory bodies include differentiated assessments focusing on R&D conversion rates for tech companies and flexible regulations for companies in economically challenged regions [2][3] Group 3: Strategies for Transformation - For tech companies, strategies include binding core technologies to teams, establishing innovation incubation mechanisms, and creating suitable incentive systems [3] - Traditional industries are encouraged to upgrade production capacity, integrate supply chains, and pursue asset securitization [3] - Public service companies should focus on value reconstruction, achieving ESG premiums, and transitioning to smart services [3] Group 4: Implementation of Capital Tools - Companies can create a collaborative matrix of capital tools such as buybacks, ESG disclosures, and supply chain integration to enhance market value management [4] - Successful case studies include improvements in R&D efficiency and valuation recovery through innovative practices [4] Group 5: Long-term Goals - Short-term goals include restoring the valuation of 30 underperforming companies to a price-to-book ratio of 1.0 and reducing the overall discount rate of central SOEs by 15% by 2026 [5] - Mid-term objectives aim for a 15% increase in buyback amounts and a 25% rise in institutional holdings in small and medium-sized SOEs by 2027 [5] - Long-term aspirations include achieving a 6% R&D intensity and surpassing 500 billion yuan in overall R&D investment by 2030, with a total market value of central SOEs exceeding 100 trillion yuan [5]