Core Viewpoint - The board of directors of Hillstone Networks (688030.SH) proposed to lower the conversion price of its convertible bonds, which will be submitted for shareholder approval. However, board member Zhang Jinchang abstained from voting due to concerns about potential dilution of existing shareholders' equity [1][5]. Group 1: Company Overview - Hillstone Networks is a cybersecurity company focused on the research and development of software and hardware products in the cybersecurity field [2]. Group 2: Convertible Bond Details - The company issued 2.67 billion yuan worth of convertible bonds on March 22, 2022, with a maturity of six years. The initial conversion price was set at 24.65 yuan per share, later adjusted to 24.52 yuan due to a rights distribution [3][4]. - As of June 26, 2023, the stock price was 15.88 yuan per share, significantly lower than the conversion price of 24.52 yuan, indicating a potential increase in conversion attractiveness if the price is lowered [3][4]. - The convertible bonds are currently trading at 127.546 yuan, which is above the redemption price of 114 yuan, suggesting that the adjustment of the conversion price will significantly impact the bond's price movement [4]. Group 3: Financial Performance - Hillstone Networks has reported continuous losses, with net profits of -182 million yuan in 2022, -240 million yuan in 2023, and an estimated -137 million yuan in 2024, totaling a loss of 559 million yuan over three years [3]. - The company's debt-to-asset ratio has been increasing, reaching 41.67% at the end of 2023 and projected to rise to 55.18% by March 2025 [4]. Group 4: Shareholder Dynamics - Zhang Jinchang, a board member from 360 Digital Security, abstained from voting on the conversion price adjustment due to concerns about the dilution of earnings per share for existing shareholders. 360 Digital Security holds a 6.99% stake in Hillstone Networks [5][6].

环球市场动态 人 民 币 汇 率 短 期 或 延 续 低 波 状 态 股 票 周四 A 股小幅下跌，但市场交易热 度持续；港股走弱，前一日领涨的 券商股回调；欧洲股市普遍上涨， 以色列伊朗局势缓解令情绪回暖； 美股三大指数齐涨，标指再度接近 历史新高，市场对潜在降息的乐观 预期表现正面。 外 汇 / 商 品 2025 年 6 月 27 日 123 ▪ 今年 6 月以来，人民币汇率呈现 "低波 + 韧性" 的特征，并基本实现 "三价合一"。归因来看，美元指数的趋 势性走弱、国内基本面托底和政策发力、央行稳汇率操作更加灵活、客盘结汇需求释放等成为人民币汇率韧性 的重要来源。往后看，美国对华存量关税对于出口的压力仍不可忽视，但对于汇率而言更为关键的在于国内消 费等政策的对冲力度、以及中美关税缓和期过后的中美经贸磋商进度。在央行灵活的稳汇率政策操作下，预计 人民币汇率短期或延续低波状态。 ▪ 重点新闻：中美签订关税谅解，美国将在中国交付稀土后取消贸易反制；美国下修第一季度 GDP，多位美联储 官员暗示 7 月不会降息；美国 5 月份商品贸易逆差意外扩大；美国持续申领失业救济金人数升至 2021 年 11 月以来最高； ...

深圳，是中国民营经济的璀璨明珠，亦是上市公司聚集的创新高地。这些充满活力的市场主体，是深圳 经济的根基与命脉，其高质量发展离不开金融力量的深度赋能。 在现代供应链领域，该行展现了"以点带链"的深度服务能力。深圳某集团作为连续9年位居全国第一的 冻肉进口商，其业务模式横跨代理采购、进口通关等多个复杂环节，对资金流效率要求极高。江苏银行 深圳分行在深入理解其商业模式后，并未局限于服务深圳某集团本身，而是创新推出"分期通"产品，为 其下游46户经销商提供了超13亿元的授信额度，用于支付采购货款。这一举措不仅盘活了整个产业链， 更是对深圳这一贸易及民生消费重镇产业生态的有力支持。 而在战略性新兴产业领域，该行同样展现出紧跟政策、引领创新的前瞻性。为响应"双碳"目标，该行积 极打造"绿色+"系列融资模式。在深圳市推出企业碳账户评级体系后，该行迅速响应，并成功落地了全 市首笔"降碳贷"业务。该行依据一家环保科技公司营收微涨、碳排放总量却下降40%的优异碳评级表 现，给予其贷款定价优惠，以市场化的金融创新，精准激励了企业的绿色低碳转型。 这一系列精准施策的成功，离不开江苏银行深圳分行在背后构建的一套完整、专业的服务体系。 ...

Core Viewpoint - The board of directors of the company proposes to lower the conversion price of the "Shan Stone Convertible Bond" due to the triggering of the downward adjustment clause as of June 26, 2025 [1][3]. Summary by Sections Convertible Bond Issuance Overview - The company issued a total of 2,674,300 convertible bonds on March 22, 2022, with a total amount of RMB 26,743.00 million, and a maturity period of six years [1][2]. Convertible Bond Conversion Price Adjustment Clause - The conversion price was initially set at RMB 24.65 per share and adjusted to RMB 24.52 per share on June 21, 2022, due to the annual equity distribution [2]. - The board has the authority to propose a downward adjustment of the conversion price if the stock price is below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [2][3]. Procedures for Downward Adjustment of Conversion Price - The proposal for the downward adjustment must be approved by more than two-thirds of the voting rights at the shareholders' meeting [3]. - The adjusted conversion price must not be lower than the average trading price of the company's stock for the 20 trading days prior to the shareholders' meeting [3][5]. Recent Developments - As of June 26, 2025, the company's stock price has been below the threshold, triggering the condition for a downward adjustment of the conversion price [3][4]. - The board meeting held on June 26, 2025, approved the proposal to adjust the conversion price and will submit it for shareholder approval [4][5].

Financial Data and Key Metrics Changes - Consolidated revenues for Q3 2025 increased by 22% to $169.5 million compared to $139.2 million in the prior year [9] - Net earnings for the quarter were $19.5 million or $1.78 per diluted share, down from $20.4 million or $1.85 per diluted share in the prior year, primarily due to a one-time income tax credit in the prior year [9][10] - Excluding the tax credit impact, current year earnings per share represent a 26% increase over the prior year [10] Business Line Data and Key Metrics Changes - Irrigation segment revenues increased by 25% to $143.7 million compared to $114.8 million in the prior year [10] - North America irrigation revenues increased by 1% to $69.1 million, with unit sales volume comparable to the prior year [10] - International irrigation revenues surged by 60% to $74.7 million, driven by a large project in the MENA region and higher sales in Brazil [11] - Infrastructure segment revenues increased by 6% to $25.7 million, primarily from higher sales of road safety products [12] Market Data and Key Metrics Changes - In North America, the irrigation market is influenced by weather conditions affecting crop yields and net farm income, with a projected decline in crop revenue [4][5] - The federal government in Brazil raised the benchmark interest rate to 15%, impacting market conditions and credit availability [5] - The project funnel in the MENA region remains strong, with a focus on food security and water resource conservation [6] Company Strategy and Development Direction - The company aims to grow its road safety products and Road Zipper system businesses, particularly through leasing to stabilize revenue [4] - Continued investment in technology partnerships, such as with Pessil Instruments, enhances precision irrigation capabilities and cross-selling opportunities [8] - The company is navigating an evolving tariff environment while leveraging its global footprint to mitigate impacts [7] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the international business, particularly in Brazil, despite current economic challenges [20][47] - The company anticipates that the upcoming crop plan in Brazil will significantly influence funding availability and market conditions [47] - Management remains confident in the long-term growth opportunities in Brazil, despite short-term caution due to high interest rates [47] Other Important Information - Total available liquidity at the end of Q3 was $261 million, including $211 million in cash and equivalents [13] - The company delivered $24 million in large projects during Q3, slightly ahead of schedule [56] Q&A Session Summary Question: Impact of Middle East tensions on large project activity - Management does not foresee significant short-term impacts on large project activity due to ongoing tensions, with long-term drivers related to food security remaining intact [19] Question: Long-term growth opportunity in Brazil - Management remains optimistic about Brazil's growth potential, citing low irrigation adoption rates and improving credit conditions [20] Question: Impact of tax credits on demand outlook - Tax credits and accelerated depreciation are expected to shift demand timing rather than increase overall demand, particularly benefiting the irrigation business [22] Question: Pricing trends and regional impacts - Pricing actions have been proactive, with slight impacts on revenues, particularly in the U.S. market [30] Question: Drought impact on machine demand - Management does not expect significant increases in machine demand due to drought conditions, although there may be increased service business [35] Question: Margins on new MENA project - Comparable margins are expected for the new $20 million project as with previous larger projects in the region [38] Question: North American pivot sales correlation with major equipment manufacturers - Different go-to-market models and regional demand variations explain the disconnect between pivot sales and major equipment manufacturers' volumes [61]

6月26日-27日，第十一届广州国际投资年会在广州市白云国际会堂举行。1000名全球商业精英奔赴广 州，共绘投资发展图景，共逐产业创新浪潮。 本届年会由广州市人民政府主办，广州市投资发展委员会办公室承办。年会延续历届年会的"投资广州· 投资未来"的主题，同时以"建设具有经典魅力和时代活力的中心型世界城市"为年度主题，设置主题大 会、闭门会议、产业发展空间推介、广州之夜、产业考察等5大系列活动，并通过网络直播吸引超万名 观众在线观看。 一批企业家代表现场分享产业前沿趋势和在穗投资发展愿景；一批重大项目现场展示签约成果，德勤作 广州投资发展环境解读，胡润研究院发布《2025全球独角兽榜》，首批广州"城市合作人"集中授牌…… 本届大会期间，5个关键产业发展办公室集中亮相，系统推介广州"12218"现代化产业体系布局和机遇。 开放活力的广州面向全球，发出招商引资的最强音！ 一批重点项目落子 1600亿投资展示广州强磁场 畅谈投资广州新规划 全球投资者坚定看好广州 大会上，国内外知名企业的企业家进行发言分享。广州营商环境一流、创新氛围浓厚、产业配套完备， 经济发展活力十足、前景无限，期待在更广领域、更深层次加强与广州对 ...

资金面上看，今日数据安全概念板块获主力资金净流入11.90亿元，其中，67股获主力资金净流入，6股 主力资金净流入超亿元，净流入资金居首的是中科曙光，今日主力资金净流入8.34亿元，净流入资金居 前的还有楚天龙、长亮科技、实达集团等，主力资金分别净流入7.26亿元、3.15亿元、2.42亿元。 截至6月26日收盘，数据安全概念上涨1.33%，位居概念板块涨幅第9，板块内，99股上涨，*ST广道 30%涨停，信安世纪、科创信息等20%涨停，吉大正元、实达集团、格尔软件等涨停，*ST天喻、长亮 科技、东方国信等涨幅居前，分别上涨13.30%、12.31%、10.35%。跌幅居前的有众诚科技、恒银科 技、*ST信通等，分别下跌4.29%、4.03%、3.07%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 兵装重组概念 | 8.73 | 光刻机 | -1.48 | | 电子身份证 | 2.89 | 共享单车 | -1.48 | | 国产航母 | 2.19 | 细胞免疫治疗 | -1.41 | | 军工信息化 | ...

智通财经APP获悉，2025 年，日本正引领亚洲并购市场的复苏，上半年的并购交易额高达 2320 亿美 元。银行家们预计，这一趋势将因数十亿美元的私有化交易、对外投资以及私募股权活动而持续下去。 据 LSEG 的数据，涉及日本企业的交易价值在上半年增长了超过三倍，而同期亚洲的并购交易价值达到 了 6500 亿美元，较去年同期增长了两倍多。 为解决日本企业长期估值偏低的问题而进行的管理改革，正激发起外国投资者和激进投资者的浓厚兴 趣。同时，银行家们表示，日本的低利率(这有利于交易进行)意味着人们对更多交易的需求依然强劲。 银行家们表示，日本政府对于改善企业治理的要求(包括对上市子公司进行私有化，以及日本企业通过 海外收购来寻求新的增长途径)将持续推动大型交易的不断发生。此外，他们表示，尽管存在更广泛的 地缘政治和宏观经济不确定性，但日本在很大程度上并未受到全球波动的影响，这有助于支撑交易的势 头。 尽管全球经济形势愈发不确定，但日本企业长期以来一直积极寻求海外市场以寻求增长机会这一趋势并 未改变。日本的金融机构，如保险公司第一生命保险株式会社和野村控股，宣布了重大交易，银行家们 表示各行业的需求依然强劲。 丰田 ...

Core Viewpoint - The recent announcement from Jieqiang Equipment regarding the criminal detention of its actual controller and the inability to fulfill a significant contract has raised concerns among investors, overshadowing previous expectations of a recovery in performance [2][3][8]. Group 1: Company Developments - Jieqiang Equipment's stock price surged over 110% in mid-June, reaching a peak of 55.58 yuan, before experiencing a decline following negative news [1]. - On June 25, the company announced that due to the criminal detention of its actual controller, Pan Feng, and an ongoing investigation, a 1.58 billion yuan contract from three years ago could not be executed [2][3]. - The company has been under investigation since early June, with the latest developments indicating that the case has been escalated to the prosecution stage [3]. Group 2: Financial Performance - Since its listing in 2020, Jieqiang Equipment has seen a continuous decline in net profit, with a projected loss of 278 million yuan in 2024, marking a significant downturn [2][8]. - The company reported a total revenue of 138 million yuan in 2024, a decrease of 52.81% year-on-year, and a net loss of 278 million yuan, a staggering drop of 309.78% [8]. - In the first quarter of 2025, the company showed signs of recovery with a revenue of 32.92 million yuan, up 54.03% year-on-year, and a reduced net loss of 5.18 million yuan, an improvement of 8.40% [8]. Group 3: Strategic Challenges - The inability to secure the 1.58 billion yuan contract, which represented 66% of the company's total revenue in the year it was awarded, has had a detrimental impact on its financial health [4][5]. - The company has faced challenges from multiple acquisitions that have not met performance expectations, leading to significant financial strain [6][7]. - The ongoing issues with the actual controller and the failed contract have compounded the company's struggles, undermining any positive momentum from recent quarterly improvements [2][8].

Group 1 - The core theme of the recent safety production month activities in Hangzhou is "Everyone Talks Safety, Everyone Knows Emergency" focusing on identifying safety hazards in the community [1] - The Xihu District introduced an "Emergency Ark" equipped with advanced safety technologies, providing a one-stop safety advisory service covering various safety topics [1] - The event showcased innovative emergency rescue technologies, including robotic dogs for forest fire patrol and drones for aerial emergency rescue [1] Group 2 - The Qiantang District organized diverse safety promotion and emergency drill activities, incorporating a "theory + practice + competition" model in their safety classes [2] - Interactive projects included a fire safety knowledge quiz, identifying daily hazards from cartoons, and practical demonstrations of emergency equipment [2] - Emergency drills simulated critical situations such as toxic exposure in confined spaces, forklift accidents, and hazardous material leaks, enhancing participants' emergency response skills [2]