Group 1 - The company China National Foreign Trade (SH 600007) announced that its ninth board meeting was held on December 12, 2025, via telecommunication voting, where it reviewed the proposal for the second extraordinary general meeting of shareholders in 2025 [1] - For the first half of 2025, the company's revenue composition was 87.41% from property leasing and management, and 12.59% from hotel operations [1] - As of the report date, the market capitalization of China National Foreign Trade was 18.9 billion yuan [1] Group 2 - An interview highlighted that the U.S. government's economic and trade policies are gradually undermining the dollar-based international monetary system, suggesting that under favorable conditions, the RMB exchange rate may break 7 [1]

根据公告，隽林合伙计划自公告披露之日起十五个交易日后的三个月内，即2025年12月29日至2026年3 月28日，通过集中竞价、大宗交易方式减持全新好不超过1732.25万股，占公司总股本的5%，即所持有 的全部股份，减持原因系"自身资金需求安排"。按照全新好最新收盘价9.95元计算，隽林合伙拟套现 1.72亿元。 2025.12.07 本文字数：1862，阅读时长大约4分钟 作者 |第一财经 魏中原 近日，A股上市公司全新好（000007.SZ）股价走势强劲，创下阶段新高。然而，就在公司股价高位运 行之际，公司持股5%以上的股东建德隽林企业管理合伙企业(有限合伙)（以下简称"隽林合伙"）发布减 持计划，拟清仓式减持所持全部5%股份，引发市场高度关注。 全新好主营业务盈利能力近年来持续下滑，前三季度归母净利润仅341.80万元，第三季度的归母净利润 仅2.97万元。股东选择在公司股价创下阶段新高后实施清仓式减持，与公司微薄的盈利水平形成鲜明对 比。 董事长关联方"抄底"轻松翻倍 截至三季度末，隽林合伙位列全新好前十大股东第四位。除了清仓式减持以外，隽林合伙此番减持的时 点颇受关注。全新好股价自年初以来呈现上涨 ...

根据公告，隽林合伙计划自公告披露之日起十五个交易日后的三个月内，即2025年12月29日至2026年3 月28日，通过集中竞价、大宗交易方式减持全新好不超过1732.25万股，占公司总股本的5%，即所持有 的全部股份，减持原因系"自身资金需求安排"。按照全新好最新收盘价9.95元计算，隽林合伙拟套现 1.72亿元。 截至三季度末，隽林合伙位列全新好前十大股东第四位。除了清仓式减持以外，隽林合伙此番减持的时 点颇受关注。全新好股价自年初以来呈现上涨趋势，特别是近两个月加速上涨，10月29日以来，该股累 计上涨34.5%，区间最高价11.09元，创下2019年12月以来的阶段新高。却选择在此时减持，可能预示着 对公司未来业绩增长的谨慎态度。 近日，A股上市公司全新好（000007.SZ）股价走势强劲，创下阶段新高。然而，就在公司股价高位运 行之际，公司持股5%以上的股东建德隽林企业管理合伙企业(有限合伙)（以下简称"隽林合伙"）发布减 持计划，拟清仓式减持所持全部5%股份，引发市场高度关注。 全新好主营业务盈利能力近年来持续下滑，前三季度归母净利润仅341.80万元，第三季度的归母净利润 仅2.97万元。股东选择 ...

Group 1 - The core point of the article is that China International Trade (SH 600007) held its ninth board meeting on October 22, 2025, via telecommunication to discuss the proposal for the first extraordinary general meeting of shareholders in 2025 [1] - For the first half of 2025, the company's revenue composition is as follows: property leasing and management accounted for 87.41%, while hotel operations accounted for 12.59% [1] - As of the report date, the market capitalization of China International Trade is 20.7 billion yuan [1]

Core Viewpoint - Haining Leather City experienced a stock price increase of 2.61% on September 17, with a trading volume of 189 million yuan, indicating positive market sentiment towards the company [1]. Financing Summary - On September 17, Haining Leather City had a financing buy-in amount of 20.39 million yuan and a financing repayment of 19.36 million yuan, resulting in a net financing buy of 1.02 million yuan [1]. - The total financing and securities balance for Haining Leather City reached 288 million yuan, accounting for 4.76% of its market capitalization, which is above the 80th percentile of the past year [1]. - The company had no shares repaid in securities lending on September 17, with 100 shares sold, amounting to 471 yuan at the closing price, and a securities lending balance of 340,100 yuan, also above the 90th percentile of the past year [1]. Business Performance - As of June 30, Haining Leather City reported a total of 37,300 shareholders, a decrease of 5.70% from the previous period, while the average circulating shares per person increased by 6.04% to 34,394 shares [2]. - For the first half of 2025, the company achieved an operating income of 490 million yuan, a year-on-year decrease of 2.44%, and a net profit attributable to shareholders of 46.31 million yuan, down 21.90% year-on-year [2]. Dividend and Shareholding Information - Since its A-share listing, Haining Leather City has distributed a total of 1.339 billion yuan in dividends, with 162 million yuan distributed over the past three years [3]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 10.35 million shares, a decrease of 1.5986 million shares from the previous period [3].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of HKD 29.90 [1][5][32] Core Views - The company reported a revenue of HKD 27.4 billion for the first half of 2025, a decrease of 6.5% year-on-year, while the net profit attributable to shareholders was HKD 7.709 billion, an increase of 27.5% year-on-year. However, the recurring profit was below expectations at HKD 3.391 billion, down 15.7% year-on-year [1][5] - The property development segment is experiencing a harvest period, with profits from property development reaching HKD 5.542 billion, up 218.5% year-on-year, driven by the recovery of the Hong Kong property market [1][4] - The report highlights the challenges faced by the Hong Kong rail operations due to rising operational costs, with EBIT down 76% year-on-year despite a revenue increase of 3.3% [2][3] Summary by Sections Financial Performance - The company’s revenue for 1H25 was HKD 27.4 billion, a decrease of 6.5% year-on-year, while net profit attributable to shareholders was HKD 7.709 billion, an increase of 27.5% year-on-year. The recurring profit was HKD 3.391 billion, which was 9% lower than expectations [1][5] - The company plans to distribute an interim dividend of HKD 0.42 per share, unchanged from the previous year [1] Operational Insights - The Hong Kong rail operations generated revenue of HKD 11.5 billion in 1H25, up 3.3% year-on-year, but EBIT fell to HKD 0.98 billion, down 76% year-on-year due to increased employee costs and inflation [2] - The report notes that the new rental rates for shops in the Hong Kong stations continued to decline, with a drop of 7.0% year-on-year [3] Property Development - The property development segment recorded a net profit of HKD 5.542 billion, primarily from projects in the Whampoa area, with a significant increase attributed to a low base from the previous year [4] - The report indicates that the Hong Kong property market is showing signs of recovery, with a 0.6% increase in the private residential price index over three consecutive months [4] Profit Forecast and Valuation - The report adjusts the net profit forecasts for 2025-2027 downwards by 11%, 3%, and 17% to HKD 18.1 billion, HKD 21 billion, and HKD 11 billion respectively [5][31] - The valuation is based on a discounted cash flow (DCF) method with a WACC of 7.0% and a perpetual growth rate of 3%, leading to a target price of HKD 29.90 per share [5][32]