Core Viewpoint - The IPO application of Kaiyuan Securities has been terminated due to the withdrawal request submitted by its sponsor, Minsheng Securities, to the Shenzhen Stock Exchange [1][3]. Company Overview - Kaiyuan Securities is headquartered in Xi'an, Shaanxi, with its controlling shareholder being Shaanxi Coal and Chemical Industry Group, holding 58.80% of the shares. The actual controller is the Shaanxi Provincial State-owned Assets Supervision and Administration Commission, which indirectly holds 64.17% of the voting rights through Shaanxi Coal Group and the fourth largest shareholder, Huitong Investment [3]. IPO Journey - The IPO process for Kaiyuan Securities has spanned three years, starting with the submission of its application to the China Securities Regulatory Commission in July 2022. The application was accepted on March 2, 2023, and the status changed to "inquiry" on April 11, 2023. No updates were provided prior to the termination of the IPO [3]. Financial Projections - Kaiyuan Securities initially aimed to raise 4 billion yuan through the IPO, with all proceeds intended to supplement the company's capital and enhance operational funds for business development [4]. Business Performance - The investment banking business is a key differentiator for Kaiyuan Securities, which has established itself as a notable player in the New Third Board sector since 2016. From 2018 to 2021, and in the first half of 2024, the company ranked first in the number of sponsored New Third Board listing projects [4]. - In 2024, the investment banking revenue faced setbacks, leading to a slight decline in overall revenue. The total revenue for 2024 was reported at 2.859 billion yuan, a year-on-year decrease of 6.61%, with investment banking fees dropping by 45.89% to 463 million yuan [4]. Project Pipeline - As of June 29, 2024, Kaiyuan Securities has seven IPO projects queued for the Beijing Stock Exchange and seven New Third Board projects in various stages of review and listing [4]. Competitors - Other securities firms still pursuing IPOs include Dongguan Securities, Bohai Securities, Caixin Securities, and Hualong Securities, each with distinct regional characteristics [5].

Core Insights - The 2025 RoBoLeague robot football league finals marked a significant event in the realm of AI-driven robotics, showcasing the capabilities of fully autonomous robots in a competitive environment [1][2] - The event featured four teams, with Tsinghua University's Huoshen team winning the championship, demonstrating advanced motion control and decision-making abilities [1][2] Group 1: Technological Advancements - The robots utilized AI strategies for autonomous operation, eliminating the need for human intervention, and showcased the ability to recover from falls within 2.8 seconds [1][2] - The competition introduced an optimized penalty mechanism, reducing interruptions and enhancing the flow and intensity of the matches [1][2] - The robots' capabilities in dynamic environment perception and multi-robot collaborative decision-making are expected to extend beyond sports into industrial applications such as inspection and emergency rescue [3] Group 2: Industry Implications - The event serves as a testing ground for technological breakthroughs in humanoid robotics, with potential applications in various fields, including sports, industrial, and domestic environments [2][3] - Companies like Galaxy General, Accelerated Evolution, and others are leading advancements in humanoid robotics, focusing on different technological dimensions and receiving continuous capital support [3] - The increasing presence of humanoid robots in sports since 2024 indicates a growing trend towards their integration into everyday tasks, enhancing their role as "intelligent partners" in various sectors [3]

Core Viewpoint - Guizhou Bailing has undergone significant changes, including a stock name change from "ST Bailing" to "Guizhou Bailing" after successfully turning around its financial performance, but it still faces ongoing regulatory scrutiny from the China Securities Regulatory Commission (CSRC) due to an investigation into information disclosure violations [1][2]. Financial Performance - In 2024, Guizhou Bailing reported a revenue of 3.825 billion yuan, a decrease of 10.26% year-on-year, while net profit reached 33.62 million yuan, an increase of 108.11% compared to the previous year [2][3]. - The company’s non-recurring net profit was -82.44 million yuan, but this figure still represented an increase of 81.33% year-on-year [2]. Regulatory Issues - The company received a notice from the CSRC on November 8, 2024, indicating that it is under investigation for suspected violations of information disclosure laws, with no conclusive opinions or decisions received as of June 26, 2024 [1][2]. - During a performance briefing on May 12, 2024, investors expressed concerns about the ongoing investigation and potential delisting risks, but the company did not provide a direct answer [2]. Market Conditions - The decline in revenue for 2024 was attributed to a significant stockpiling of cold and flu medications by consumers in the previous year, which led to a depletion of demand in 2024, alongside a general decrease in pharmaceutical prices [3]. - The company reported a 17.76% decrease in costs compared to 2023, primarily due to lower prices of key raw materials such as forsythia and honeysuckle, resulting in an improved gross margin [3].

Core Insights - The research focuses on the biosynthesis pathway of the locust aggregation pheromone 4-vinylphenol (4VA), which is crucial for pest control strategies in agriculture [1][3] - The study reveals that locusts utilize common amino acids from plants to synthesize their specific aggregation pheromone, showcasing an energy-efficient adaptation strategy [2] Group 1: Pheromone Biosynthesis - The complete biosynthesis pathway of 4VA has been elucidated, identifying key precursor compounds and enzymes 4VPMT1 and 4VPMT2 [1] - The transformation of 4VP to 4VA is mediated by the precise regulation of 4VPMTs expression, allowing for the release and termination of the pheromone [2] Group 2: Chemical Regulation - The study developed specific small molecule inhibitors targeting 4VPMTs, enabling precise chemical control over the biosynthesis and release of 4VA [3] - The inhibitor 4-nitrophenol (4NP) competes with 4VP for binding to 4VPMTs, demonstrating a high affinity that allows for selective inhibition of 4VA synthesis [3] Group 3: Implications for Pest Control - This research provides a novel strategy for pest management by intervening in insect pheromone pathways rather than relying on traditional chemical pesticides [3] - The findings suggest a potential shift in pest control methods from reliance on chemical insecticides to more precise and environmentally friendly behavioral regulation [3]

Core Viewpoint - The company, Degute (300950.SZ), plans to acquire control of Haowei Cloud Computing Technology Co., Ltd. through a combination of share issuance and cash payment, while simultaneously raising supporting funds. The stock will be suspended from trading starting June 30, with a transaction plan expected to be disclosed within 10 trading days [1]. Group 1: Company Overview - Degute is a high-tech enterprise in the energy-saving and environmental protection equipment manufacturing sector, providing design, research and development, manufacturing, inspection, sales, and services across various industries including chemicals, energy, metallurgy, and solid waste treatment. It is recognized as a "hidden leader" in the carbon black equipment manufacturing industry, holding 151 valid patents, including 31 invention patents, 114 utility model patents, and 6 design patents [2]. - Haowei Technology, established in 2003 with a registered capital of 792 million yuan, is an international software and information technology service provider, offering digital solutions to global telecom operators, cloud infrastructure service providers, and government-enterprise clients. It has developed three main business lines: telecom software development and services, cloud management software development and services, and industry digital solutions [2]. Group 2: Recent Developments - Haowei Technology recently showcased several innovative achievements at the 2025 Shanghai World Mobile Communication Conference, addressing challenges in the industry related to high computing costs, high application thresholds, and fragmented solutions. The company introduced an end-to-end intelligent computing supply solution, providing a one-stop service from computing to platform and solution layers [3]. - The transaction is still in the planning stage, with Degute identifying preliminary transaction parties, including major shareholders of Haowei Technology. The final list of transaction parties will be disclosed in subsequent announcements [3]. Group 3: Financial Performance - In 2024, Degute reported an operating income of 509 million yuan, a year-on-year increase of 64.21%, and a net profit attributable to shareholders of 96.71 million yuan, up 150.15% year-on-year. The overseas business generated revenue of 302 million yuan, accounting for 59.28% of total revenue, with a gross profit margin of 48.77% for exported products [3]. - In the first quarter of this year, Degute experienced a decline in performance, with operating income of 125 million yuan, a year-on-year decrease of 31.19%, and a net profit attributable to shareholders of 23.67 million yuan, down 53.24% year-on-year [4].

Group 1 - Shenzhen Kolaide Electronics Co., Ltd. specializes in the research, development, production, and sales of in-vehicle smart multimedia players, with an annual export volume reaching approximately 30 million USD [2] - The company faced challenges in cross-border payment efficiency, foreign exchange operations, and risk management as its foreign trade business continued to grow [2] - Ningbo Bank Shenzhen Branch provided a smart cross-border financial platform that enabled Kolaide to access real-time order, logistics, and fund flow information, enhancing their financial service experience [2] Group 2 - Ningbo Bank has been actively responding to national policy directions and has created a one-stop comprehensive service platform called "Bobo Zhiliao" to support Chinese enterprises in their overseas expansion [3] - The platform offers various financial services, including cross-border fund settlement, currency exchange, and risk management, to enhance the quality of cross-border financial services [3][6] - The bank aims to empower Chinese enterprises to achieve multiple benefits such as increasing revenue, saving costs, and managing funds effectively [3] Group 3 - The "Overseas Customer Assistant" feature of the "Bobo Zhiliao" platform helps Chinese enterprises quickly identify potential overseas customers and understand competitive dynamics [9][10] - This tool has successfully connected companies with overseas clients, leading to significant new orders and facilitating market expansion [10] - The platform has integrated compliance data from over 200 countries, providing tailored functionalities for Chinese enterprises to gain insights into global trade [9] Group 4 - Ningbo Bank has introduced specialized services for cross-border e-commerce, including product infringement detection and comprehensive market analysis reports [11] - These services help enterprises avoid economic losses from infringement issues and provide insights into consumer preferences and market trends [11][12] - The bank is committed to building a comprehensive ecosystem for cross-border e-commerce, facilitating communication and collaboration among industry players [12] Group 5 - As of April 10, 2025, Ningbo Bank will celebrate its 28th anniversary, marking a new starting point for deepening the application of digital financial platforms [12] - The bank aims to support Chinese enterprises in their global market endeavors by focusing on high-quality development and integrating finance with industry [12]

第二，庆祝胜利。 6月24日，伊朗与以色列的停火共识生效，伊朗人民走上街头庆祝胜利。6月26日，伊朗最高领袖哈梅内 伊发表电视讲话祝贺伊朗取得胜利。哈梅内伊称伊朗不仅战胜了"伪犹太复国主义政权"，还"给了美国 一记重重的耳光"，他祝贺伊朗人民非凡的团结与一致。 第一个反应，表演式反击。 6月23日，伊朗使用短程和中程导弹袭击了美国设在卡塔尔的乌代德空军基地。该次袭击没有造成人员 伤亡。美国总统特朗普事后通过社交媒体感谢伊朗方面提前通知，使美方得以及时采取防护措施，避免 人员伤亡。特朗普还透露，伊朗共发射14枚导弹，其中13枚被拦截，1枚因飞向"不具威胁的方向"而未 予拦截。 在美国于6月22日轰炸了伊朗的核设施之后，伊朗在6天之内作出了3个反应。 第三，举行国葬。 6月28日，伊朗在首都德黑兰举行国葬，悼念在以伊冲突中遇难的60多位高级将领、核科学家、新闻工 作者和妇女儿童。 那么，伊朗的"青山"是什么？ 答案是两个：第一，这个政权还在；第二，发展核能的能力还在。 在笔者看来，上述伊朗特色的反应，即使有人事先没有预料到，事后稍一琢磨也会释然于胸。 如无意外，伊朗的下一步应该是再次走上谈判桌。 这方面，美国总统 ...

Core Viewpoint - Liu Shaoyong, the former chairman of China Eastern Airlines Group, is under investigation for serious violations of discipline and law, raising concerns in the aviation industry [2][3]. Group 1: Background of Liu Shaoyong - Liu Shaoyong, born in 1958, has a long history in the civil aviation industry, having held various significant positions including general manager of China Eastern Airlines and China Southern Airlines [4]. - He is recognized for his ability to turn around struggling airlines, earning the nickname "firefighter" in the aviation sector [3][5]. Group 2: Achievements and Challenges - Under Liu's leadership, China Eastern Airlines returned to profitability within a year after he took over in 2008, following a significant loss of 13.93 billion yuan in 2008 [5]. - The company achieved a net profit of 7.12 billion yuan in 2009 and 5.38 billion yuan in 2010, marking a significant recovery [5]. - However, since 2020, the global aviation industry has faced severe challenges due to the pandemic, with China Eastern Airlines reporting cumulative losses exceeding 70 billion yuan over the past five years [5][6]. Group 3: Recent Developments - In the first quarter of this year, China Eastern Airlines reported revenue of 33.41 billion yuan, a year-on-year increase of 0.65%, but also a net loss of 999.5 million yuan, which is a 23.91% increase in losses compared to the previous year [6].

金融支持提振和扩大消费再出重磅政策。 6月24日，中国人民银行、国家发展改革委、财政部、商务部、金融监管总局、中国证监会等六部门联 合印发《关于金融支持提振和扩大消费的指导意见》（以下简称《意见》），以完善扩大消费长效机 制，更好满足消费领域金融服务需求。 这是继今年3月金融监管总局印发通知，要求金融机构发展消费金融、助力提振消费，并优化部分政策 措施后，监管部门再推出的相关促消费政策。 民生银行（600016）积极响应监管"发展消费金融、助力提振消费"政策号召，第一时间成立由行长挂帅 的专项工作组，构建高层引领、部门协同联动的高效机制。全行上下从供给侧金融支持和需求侧金融服 务双向发力，系统制定提振消费专项工作指引，各分支机构积极响应，因地制宜打造差异化金融服务方 案，推动居民消费再上新台阶。 产品创新：发挥信贷主渠道作用 体验包粽子、制香囊……今年的端午节，50多万名游客在安徽黄山体验到独有的徽州特色与传统端午节 的文化碰撞。 越来越多的游客走进黄山，并爱上黄山。而纷至沓来的游客，让安徽的民宿老板喜笑颜开，随着安徽 省"进一步推动文化和旅游融合发展"有关工作开展，更多支持当地旅游的配套措施正在逐渐落地，对 ...

Group 1 - The Ministry of Civil Affairs and the Ministry of Education issued a notice to enhance the role of social organizations in supporting college graduates' employment, aiming for more comprehensive and higher-quality job placements [1] - The number of college graduates in 2025 is expected to reach 12.22 million, an increase of 430,000 from 2024, indicating significant employment pressure due to the large graduate population and complex economic conditions [1] - The government is committed to stabilizing the employment situation through five key measures: expanding employment opportunities, implementing a combination of employment stabilization policies, focusing on key groups, enhancing vocational training, and improving public employment services [1] Group 2 - The government has introduced a series of "stabilizing employment" policies this year, including employment subsidies, social security fee reductions, and support for enterprises to maintain jobs [2] - Local initiatives include specialized job fairs and skills training programs, with significant job opportunities being created, such as 6,500 positions offered at a healthcare job fair in Foshan [2] - In Jiangsu, job fairs are organized by industry sectors, featuring areas like artificial intelligence and aerospace, along with interactive projects like AI interviews and resume consultations [2] Group 3 - A comprehensive employment service system is needed, focusing on collaboration between academia and industry, enhancing practical training, and providing career guidance from the start of college [3] - Special attention should be given to vulnerable groups, including low-income families and individuals with disabilities, to establish timely support mechanisms [3] - Employment market regulation is essential to combat issues like false recruitment and discrimination, ensuring a fair employment environment [3] Group 4 - Cross-border labor scams have become a significant concern, with illegal intermediaries exploiting graduates' eagerness for jobs by promising high-paying overseas positions, leading to potential safety threats [4] - There is a need for effective employment information platforms and targeted job fairs to ensure the safety and transparency of job listings [4] - A cohesive policy approach is required to combine short-term emergency measures with long-term institutional development, facilitating stable employment for graduates in a safe and orderly environment [4]