7月21日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者参 考。 【品大事】 江特电机：筹划控制权变更事项 7月22日起停牌 江特电机(002176)公告，公司实控人朱军、卢顺民正在筹划公司控制权变更相关事项，公司股票自7月 22日开市起停牌，预计停牌不超2个交易日。另外，公司全资下属公司宜春银锂拟于近日停产进行设备 检修，停产检修范围为宜春银锂的全部锂盐生产线，预计检修时间26天左右。此次停产检修，预计对全 年经营业绩不会产生重大不利影响。 科瑞技术：拟出售中山科瑞100%股权并转让相关资产 科瑞技术(002957)公告，公司拟将全资子公司中山科瑞自动化技术有限公司（简称"中山科瑞"）100%股 权作价1.56亿元转让给北鼎股份，同时拟将中山科瑞使用募集资金购置的部分专用设备分别作价为 495.13万元、617.32万元出售给公司全资子公司苏州科瑞及科瑞科技。此次交易预计可实现收益约8200 万元。另外，科瑞技术拟以债转股的方式，向科瑞科技增资3亿元。公司基于战略规划将中山科瑞定位 为单一量产基地，随着总部基地的量产能力提升，为减少场地占用、降低运输与管理成本，公司拟出售 ...

1.清远市豪久药业有限责任公司2024年2月20日生产的莫相忘（露酒），酒精度项目不符合食品安全国家标准规定。 2.连山壮族瑶族自治县源德饮用水有限公司2025年4月19日生产的鹅步山泉（其他饮用水），溴酸盐项目不符合食品安全国家标准规定。 三、不合格食品处理情况 根据清远市2025年食品安全抽检工作要求，近期清远市市场监督管理局组织抽检茶叶及相关制品、糕点、粮食加工品、蜂产品、蔬菜制品、速冻食品、糖果 制品、饮料、乳制品、原料生鲜乳等10类食品59批次样品，其中合格57批次，不合格2批次，检验项目见附件1。 一、总体情况 茶叶及相关制品20批次、糕点3批次、粮食加工品8批次、蜂产品1批次、蔬菜制品4批次、速冻食品1批次、糖果制品3批次、饮料9批次、乳制品6批次、原料 生鲜乳2批次合格，酒类1批次、饮料1批次不合格。 二、不合格食品情况 | 食品抽检计 | 验中 | 划 | 心 | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

2025年以来，国内资本市场"A+H"上市模式扩张态势显著，不少企业相继披露赴港上市计划，涉及多个 领域，"A+H"上市阵营亦持续壮大。 2024年4月，中国证监会推出5项资本市场对港合作措施，明确"支持内地行业龙头企业赴港上市"；同年 10月，香港证监会与港交所再发联合声明，优化审批流程，将新股聆讯周期由"T+6"压缩至"T+4"。 进入2025年，备案制全面落地，境外上市审批时限由原先的6个月缩短至2—3个月，宁德时代从受理到 获批仅25天，海天味业亦在3个月内完成全部流程。 市场人士认为，有关部门近期释放"进一步提升境外上市备案管理质效""为企业境外上市提供更加透 明、高效、可预期的监管环境"等政策信号，在政策支持下，未来赴港上市浪潮有望延续。 A股公司赴港上市持续升温 在资本市场的浪潮中，越来越多的企业将目光投向"A+H"两地上市模式。据同花顺iFinD数据统计，截 至7月17日，年内已有10家A股公司在港股上市。当前，同时在A股和港股上市的公司(即"A+H"公司)已 有160家。 在市场人士看来，这种横跨内地与香港资本市场的布局，是政策东风、产业需求、资本意志交织等多重 因素共同作用的结果，使得"港 ...

Core Viewpoint - The key issue is the resolution of the control rights of Wahaha Group amidst a family inheritance dispute following the death of its founder, Zong Qinghou [1][10]. Group 1: Inheritance Dispute - Zong Qinghou's daughter, Zong Fuli, is being sued by three alleged half-siblings for control over assets and a $2.1 billion trust promised by their father [5][19]. - The three claimants are Zong Jichang, Zong Jieli, and Zong Jisheng, with allegations that their mother is a former senior employee of Wahaha [6][10]. - The inheritance battle has revealed complexities in Zong Qinghou's family structure, including non-marital children and potential asset mismanagement [4][9]. Group 2: Trust and Asset Management - Zong Qinghou established three independent trusts at HSBC, each worth $700 million, for his overseas children, which complicates the inheritance claims [17][35]. - As of May, the HSBC account reportedly holds $1.8 billion, down from the promised $2.1 billion, raising concerns about asset management by Zong Fuli [19][35]. - Legal disputes are centered around the validity of Zong Qinghou's wills and the management rights of the trusts, with potential implications for Wahaha's corporate governance [33][36]. Group 3: Corporate Governance and Future Outlook - The ongoing disputes have led to operational challenges for Wahaha, including factory shutdowns and management restructuring [10][28]. - Zong Fuli's leadership is questioned, with reports suggesting her father had reservations about her management capabilities [28][39]. - The resolution of these disputes is critical for Wahaha's stability and future, as unresolved control issues may deter business operations and investor confidence [36][39].

Core Insights - The capacity utilization rate of the automotive manufacturing industry in the second quarter of 2025 is reported at 71.3% [1] - Other industries have varying capacity utilization rates, with the highest being in the black metal smelting and rolling processing industry at 80.8% [1] - The lowest capacity utilization is observed in the non-metal mineral products industry at 62.3% [1] Industry Summaries - Coal mining and washing industry: 69.3% capacity utilization [1] - Food manufacturing industry: 69.1% capacity utilization [1] - Textile industry: 77.8% capacity utilization [1] - Chemical raw materials and chemical products manufacturing: 71.9% capacity utilization [1] - General equipment manufacturing: 78.3% capacity utilization [1] - Specialized equipment manufacturing: 76.5% capacity utilization [1] - Electrical machinery and equipment manufacturing: 73.5% capacity utilization [1] - Computer, communication, and other electronic equipment manufacturing: 77.3% capacity utilization [1] - Non-ferrous metal smelting and rolling processing: 77.7% capacity utilization [1]

Group 1 - The industrial capacity utilization rate for Q2 2025 is reported at 74.0%, showing a decrease of 0.9 percentage points compared to the same period last year [4] - The mining industry capacity utilization rate stands at 72.7%, down by 3.3 percentage points year-on-year [4] - The manufacturing sector's capacity utilization rate is 74.3%, reflecting a decline of 0.9 percentage points from the previous year [4] Group 2 - The electricity, heat, gas, and water production and supply industry has a capacity utilization rate of 71.5%, which is an increase of 0.1 percentage points compared to last year [4] - In the coal mining and washing industry, the capacity utilization rate is 69.3%, down by 3.5 percentage points year-on-year [4] - The petroleum and natural gas extraction industry shows a high capacity utilization rate of 90.9%, with a slight decrease of 0.9 percentage points from the previous year [4] Group 3 - The food manufacturing industry has a capacity utilization rate of 69.1%, which is an increase of 0.3 percentage points compared to last year [4] - The textile industry reports a capacity utilization rate of 77.8%, down by 1.3 percentage points year-on-year [4] - The chemical raw materials and chemical products manufacturing industry has a capacity utilization rate of 71.9%, reflecting a decrease of 4.5 percentage points from the previous year [4] Group 4 - The black metal smelting and rolling processing industry has a capacity utilization rate of 80.8%, which is an increase of 1.1 percentage points compared to last year [4] - The non-metallic mineral products industry shows a capacity utilization rate of 62.3%, down by 1.9 percentage points year-on-year [4] - The automotive manufacturing industry reports a capacity utilization rate of 71.3%, reflecting a decrease of 1.7 percentage points from the previous year [4] Group 5 - The electrical machinery and equipment manufacturing industry has a capacity utilization rate of 73.5%, down by 1.2 percentage points compared to last year [5] - The computer, communication, and other electronic equipment manufacturing industry shows a capacity utilization rate of 77.3%, which is an increase of 1.1 percentage points year-on-year [5] - The overall survey covers approximately 110,000 industrial enterprises, including both large and medium-sized enterprises [6]

Group 1: Shanda Electric Power (山大电力) - Shanda Electric Power is an indirect holding enterprise of Shandong University, focusing on the research, manufacturing, sales, and service of smart grid monitoring and new energy products [1][3] - The company has a market capitalization of 17.91 billion yuan and an issuance price of 14.66 yuan per share, with an issuance P/E ratio of 19.57 [2] - The revenue structure is stable, with the smart grid monitoring sector contributing 87.94% of the total revenue in 2024, while the new energy sector accounts for 12.06% [4] - The company has established long-term partnerships with major clients such as State Grid and Southern Power Grid, enhancing its competitive edge in the smart grid monitoring and new energy sectors [3][4] - The company plans to invest 1.35 billion yuan in smart grid fault analysis and distribution network intelligence projects, and 1.80 billion yuan in R&D center projects [2][3] Group 2: Jiyuan Group (技源集团) - Jiyuan Group specializes in the research and industrialization of dietary nutritional supplements, with a focus on products like HMB and glucosamine [5][10] - The company has a market capitalization of 38.08 billion yuan and an issuance price of 11.09 yuan per share, with an institutional offering price of 10.88 yuan [6] - Jiyuan Group is the largest global supplier of HMB raw materials and has established partnerships with major companies such as Abbott and Nestlé [10][11] - The revenue from nutritional raw materials is projected to be 5.71 billion yuan in 2022, increasing to 6.47 billion yuan by 2024, maintaining a revenue share of over 60% [10][11] - The company plans to invest 2.06 billion yuan in the construction of a nutritional health raw material production base and 1.47 billion yuan in the expansion of its production line [9][10]

Core Viewpoint - The stock of Guotou Zhonglu Juice Co., Ltd. has experienced significant fluctuations, with a cumulative increase of 61.13% over five consecutive trading days, which is notably higher than the Shanghai Composite Index during the same period [1][2]. Group 1: Stock Performance - The company's stock reached a trading halt for five consecutive days from July 7 to July 11, 2025, resulting in a total increase of 61.13% [1][2]. - The stock price volatility is highlighted, and investors are cautioned about the risks associated with trading in the secondary market [1][2]. Group 2: Financial Performance - For the fiscal year 2024, the company reported a net profit attributable to shareholders of 29.2537 million yuan, representing a year-on-year decline of 49.75% compared to 2023 [2]. Group 3: Asset Restructuring - The company is in the process of planning a major asset restructuring involving the acquisition of 100% of China Electronic Engineering Design Institute Co., Ltd. through share issuance to specific investors [3]. - The audit, evaluation, and due diligence for the target assets are still ongoing, leading to uncertainties regarding the approval and implementation of the transaction [3]. Group 4: Information Disclosure - The company emphasizes that all information should be verified through designated media, including China Securities Journal and Shanghai Securities Journal, as well as the Shanghai Stock Exchange website [3].

债券研究 证 券 研 究 报 告 【债券日报】 金价&油价，如何影响通胀？ ——6 月通胀数据解读 拆解核心 CPI 的构成，得出服务占比稳定在 55%，核心消费品占比为 45%， 黄金占比为 0.55%，结合各分项价格变动可推算出 2025 年上半年核心 CPI 环 比累计上涨 0.5%，其中黄金拉动 0.13%，服务拉动 0.17%，剔除黄金的其他核 心消费品拉动 0.2%，体现出今年促消费政策对服务和核心消费品的需求拉动 作用，黄金助涨了核心 CPI 但并非主要因素。需要注意的是剔除黄金后的核 心消费品环比二季度弱于一季度，关注新一轮消费刺激政策可能再次出台。 问题二：6 月油价大幅上涨，为何 PPI 同比反而下行？ 6 月 PPI 环比继续保持-0.4%的降幅，原油价格上涨 9%约拉动 PPI 0.3 个百分 点，但国内生产淡季和"抢出口"效应的弱化抵消了这一作用。 （1）国内生产淡季：根据统计局通稿，黑色金属冶炼和压延加工业、非金属 矿物制品业、煤炭相关行业和电力热力生产和供应业共影响 PPI 环比下降约 0.33 个百分点，与油价的拉动作用基本抵消。 （2）"抢出口"效应弱化后，部分出口行业价格继 ...

来源：金融界 经营范围含许可项目：食品生产；食品销售；食品互联网销售；餐饮服务；道路货物运输（不含危险货 物）（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，具体经营项目以审批结果为准）供 应链管理服务；农产品的生产、销售、加工、运输、贮藏及其他相关服务；水产品冷冻加工；普通货物 仓储服务（不含危险化学品等需许可审批的项目）；低温仓储（不含危险化学品等需许可审批的项 目）；货物进出口；进出口代理；食品进出口；技术进出口；劳务服务（不含劳务派遣）；五金产品零 售；办公用品销售；机械设备销售；日用百货销售；日用品销售；包装材料及制品销售；农副产品销 售；餐饮管理；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；企业管理咨询；企 业管理；信息技术咨询服务；品牌管理（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） 企业名称千基云禾（江苏）食品有限公司法定代表人王勇注册资本2000万人民币国标行业制造业>食品 制造业>其他食品制造地址江苏省徐州市泉山区（港务区）庞庄街道前港智慧医疗产业园7#厂房医药制 造中心二1层101企业类型有限责任公司营业期限2025-7-8至无固定期限登记机关徐州 ...