在猪肉价格连续四月环比下跌背景下，饲料企业邦基科技（603151.SH）抛出重磅重组预案，拟向下游 养殖端延伸，颇有逆势扩张的味道。 有行业人士表示，饲料企业进军养猪领域，可通过自产饲料可进一步压缩成本，但由于资金储备及规模 效应不足等制约，饲料企业转型初期成本普遍较高。 值得注意的是，这场收购7家养殖企业的豪赌，不仅要直面牧原、温氏等头部猪企的成本碾压，更需破 解自身业绩三连降、募投频繁变脸的信任危机。在行业微利与战略摇摆的双重绞杀下，邦基科技的养猪 突围战已然荆棘密布。 杀入微利赛道，与头部猪企争食 6月16日晚，邦基科技发布公告，拟通过发行股份及支付现金的方式，向Riverstone FarmPte. Ltd.购买其 持有的北溪农牧、瑞东伟力、鑫牧农牧、瑞东农牧（利津）、瑞东农牧（山东）、威力牧业（滨州） 100%股权及派斯东80%股权。今日复牌后，邦基科技强势涨停。 本次交易构成关联交易，预计交易完成后，Riverstone Farm Pte.Ltd.持有公司股权比例将超过5%。公告 显示，标的资产的最终交易价格尚未确定，将参考评估值协商确定。 根据交易预案，标的公司主要以生猪养殖及销售为主，借鉴Ri ...

Core Viewpoint - The e-commerce industry is transitioning from growth to a more competitive landscape, with major promotional events like 618 becoming less about performance boosts and more about meeting expectations and testing resilience [1][17]. Group 1: Market Reactions - Major e-commerce platforms reported disappointing financial results, leading to significant stock declines: Alibaba down 8%, JD.com down 4%, and Pinduoduo experiencing a record drop of approximately 18% [2]. - The negative market sentiment casts a shadow over the upcoming 618 shopping festival, indicating a challenging environment for these platforms [2]. Group 2: Competitive Dynamics - JD.com has entered the food delivery market, achieving daily order volumes of 25 million, while Alibaba has followed suit, with daily orders reaching 40 million [4]. - Meituan has also joined the competition by launching a comprehensive promotional campaign for 618, marking its first participation in this major sales event [4]. - The adjustment of national subsidies in various regions may impact consumer spending during the 618 event, necessitating stronger promotional strategies from platforms [5][6]. Group 3: National Subsidy Impact - Recent adjustments to national subsidies have led to temporary unavailability in certain regions, although the overall policy is expected to continue until the end of the year [5]. - The overlap of subsidy adjustments with the peak shopping period of 618 presents challenges for e-commerce platforms, which must implement additional measures to mitigate the impact on consumer demand [5][6]. Group 4: Company-Specific Strategies - JD.com has shown impressive revenue growth of 13.4% and 16% in the last two quarters, attributed to its self-operated business model and effective subsidy implementation [7]. - However, the market remains skeptical about JD.com's long-term prospects due to the temporary nature of national subsidies [7][8]. - Pinduoduo's reliance on national subsidies is less pronounced, allowing it to potentially weather the storm during the 618 event, but future pressures may arise as subsidies are reinstated [11][12]. Group 5: Alibaba's Position - Alibaba is currently in a relatively stable position, focusing on enhancing monetization through increased service fees and significant investments in the food delivery sector [14][15]. - The company aims to maintain market share while optimizing user experience, although this conservative approach may not be well-received by capital markets [16]. Group 6: Long-term Industry Outlook - The 618 event has evolved into a test of strategic adjustments rather than a mere sales boost, with JD.com attempting to break through via food delivery, Alibaba seeking stability, and Pinduoduo recalibrating its position amid subsidy challenges [17]. - The changing dynamics of national subsidies, market reactions, and competitive pressures from players like Meituan are reshaping the underlying logic of the e-commerce narrative, emphasizing efficiency, structure, and long-term capabilities over mere pricing strategies [17].

Group 1 - Trump Group announced the launch of a mobile service called "Trump Mobile" and a new smartphone priced at $499, aimed to commemorate the 10th anniversary of Trump's presidential campaign announcement [1] - The mobile service offers a $47.45 monthly 5G plan with unlimited calls, texts, and data, along with roadside assistance and telehealth benefits, claiming coverage comparable to the top three U.S. carriers [1] - The new smartphone, named "T1," features a gold metal casing, runs on Android 15, and includes specifications such as a 6.8-inch AMOLED screen, 16MP selfie camera, 50MP main camera, 12GB RAM, and 256GB storage, with a planned release in August [1] Group 2 - Eric Trump stated that the new phone and service align with his father's policies to promote American manufacturing and jobs, indicating a competitive stance against Apple [2] - Trump has previously pressured Apple to move its manufacturing from China and India back to the U.S., threatening tariffs if they do not comply [4] - Apple has a well-established supply chain in China, with over 80% of its suppliers based there, making it challenging for the company to shift production back to the U.S. [5] Group 3 - Only one company, Purism, currently produces smartphones in the U.S., with its Liberty phone priced at $1999, highlighting the difficulty of manufacturing at a lower price point domestically [6] - Eric Trump hinted that initial production of the phones may not occur in the U.S., but ultimately all phones are expected to be manufactured domestically [6] - Trump Group's business portfolio includes real estate, hotels, social media, cryptocurrency investments, and now mobile telecommunications services [6]

源：吉利官方 来 来 源：吉利官方 当然，"聪明"不等于无短板。AI对动力系统的介入虽然提升了智能水平，但也对硬件的稳定性、系统的 响应速度以及数据的安全性提出更高要求。比如，用户是否愿意让自己的驾驶数据长期上传云端、是否 能够适应AI介入后的驾驶风格变化，这些都仍需时间验证。 同时，吉利现阶段的算法训练和策略库主要基于自有品牌和用户数据，如何实现跨品牌、跨用户偏好的 泛化能力，也将是星睿系统要面对的技术难题。 从产业视角看，吉利此举有着清晰的战略考量。一方面，在纯电逻辑尚未统一、插混红利继续释放的大 背景下，动力技术智能化成了新的差异化窗口；另一方面，从雷神EM-i、EM-P再到醇氢EF，吉利正试 图以多路径混动技术形成全场景覆盖，配合星睿AI统一底座，实现从技术多样化到智能统一性的跃 迁。这也是为什么它将这套系统描述为"电混的AI时代"。 在智能汽车时代，AI正在加速重塑传统汽车工业的每一个模块，而如今，这股风潮已经席卷到动力系 统的深水区。 近日，吉利发布了"星睿AI云动力2.0"——一个号称行业首个基于AI场景引擎的动力域智能体。这个听 起来有些科幻的名称，背后代表着吉利试图用AI"接管"动力管理，从 ...

Core Viewpoint - The company, Bozhong Precision (688097.SH), announced a plan to acquire 70% of Shanghai Wodian Industrial Automation Co., Ltd. for 420 million yuan, despite a significant anticipated decrease in the target company's net assets, raising questions about the high valuation and the rationale behind the acquisition [1][2][7]. Group 1: Acquisition Details - The acquisition price of 420 million yuan reflects a high premium, with a valuation of 600 million yuan based on a 416.16% increase in value assessed using the income approach [2][5]. - The expected goodwill from the acquisition is approximately 360 million to 362 million yuan, based on the target's identifiable net asset value being only 82.77 million to 85.54 million yuan at the time of consolidation [2][6]. - The target company's net assets are projected to decrease by 30-40% shortly after the acquisition, despite a recent capital injection of 39.9 million yuan from its shareholders [2][5][7]. Group 2: Financial Performance and Projections - The target company, Shanghai Wodian, had a net asset value of 145 million yuan at the end of Q1 2025, which would increase to approximately 184.9 million yuan after the recent capital injection, yet the acquisition valuation suggests a significant decline [5][6]. - The financial data indicates that the target's revenue for Q1 2025 was 82.74 million yuan, with a net profit attributable to shareholders of 12.65 million yuan [6][10]. - The company has set performance targets for the acquired entity, requiring a cumulative net profit of no less than 185 million yuan from 2025 to 2027, or 260 million yuan if the performance commitment period is extended [9][10]. Group 3: Strategic Context - Bozhong Precision is a leading player in the 3C automation equipment sector and is looking to diversify its business beyond the consumer electronics sector, particularly into the new energy and semiconductor fields [8][9]. - The company has postponed several investment projects in the new energy sector, indicating a cautious outlook on the domestic new energy market [8][9]. - The acquisition of Shanghai Wodian is seen as a strategic move to enhance capabilities in the automotive intelligent equipment sector, leveraging the target's technology and customer resources [9][10].

「钛赞了」为钛媒体APP旗下「钛度号」推出的优秀作品评选榜单，每月根据站内文章的人气热度、钛 （态）度观点、内容质量等多维数据，并结合编辑推荐，评选出上月优秀作品。钛媒体APP将给予上榜 作品专属站内外推荐资源，以鼓励更多优质作品的持续产出。 本榜单将在钛媒体APP、网站、微信社群等渠道同步发布，月榜也将成为每年年底"钛媒体年度作者"评 选的重要参考。 2025年5月1日—2025年5月31日，「钛赞了」榜单第127期上榜作品为： 【TOP 1】 @ 脑极体 获奖作品： 迁徙：微信鸿蒙版的长征 "正如长征为新中国奠定了基础，微信与鸿蒙合力为国 产系统生态开辟了新版图，完成了看似不可能完成的事情，其难度与意义都堪称互联网史上 的一次长征。我们就从最具悬疑感的一幕，进入微信鸿蒙版的故事。" 钛度推荐：国产系统 生态，真的成了 【TOP 2】 @ 电厂 获奖作品： 为什么比亚迪突然再打价格战？ "缓解比亚迪债务压力另外一个有效办法就是维 持销量的快速增长，形成'高负债维持高研发投入、高市场分额增长；高市场份额增长支撑 高负债结构'的循环。正因为如此，比亚迪在销量增长上不容有失。" 钛度推荐：在高端品 牌遇阻的情况下 ...

Core Viewpoint - Jinshi Technology (002951.SZ) has experienced a significant stock price surge, with a 10.03% increase to 15.36 yuan, marking its seventh trading limit in the last ten days, driven by news of a partnership with Ant Group in the renewable energy sector [1][2][8]. Group 1: Stock Performance and Market Reaction - The stock has seen a nearly threefold increase from its low of 5.61 yuan in February 2023, reflecting a strong speculative interest from investors [9][10]. - The surge in stock price coincided with legislative advancements in stablecoin regulations in Hong Kong and the U.S., which have positively impacted the fintech sector in A-shares [2][3]. - Jinshi Technology's stock price reached a peak of 14.93 yuan on June 10, 2023, following a series of trading limits [8]. Group 2: Company Background and Business Transition - Jinshi Technology, originally established in 2008, transitioned from its core business of cigarette packaging to focus on new energy and materials, particularly supercapacitors and energy storage solutions [10][11]. - The company has faced significant challenges, including a decline in its original business, legal issues, and a recent history of financial losses, leading to a risk warning for potential delisting [10][12]. - In 2024, the company reported a revenue of 376 million yuan, indicating a recovery in its operational capacity, although it continued to report net losses [11][12]. Group 3: Financial Performance and Dividends - Despite ongoing losses, Jinshi Technology has maintained a policy of substantial dividends, proposing a cash dividend of 200 million yuan for 2024, which raises questions about its financial sustainability [19][20]. - Since its IPO, the company has distributed a total of 744 million yuan in dividends, significantly exceeding its cumulative profit of 314 million yuan [19][22]. - The majority of dividends have benefited the controlling shareholders, with 82.3% of the total dividends going to the family of the actual controller [22].

Emerging Markets Dynamics - Vietnam has officially joined the BRICS cooperation mechanism as a partner country, welcomed by the Brazilian government, which currently holds the rotating presidency of BRICS [1] - The BRICS partner countries now include Nigeria, Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Thailand, Uganda, and Uzbekistan, expanding the total number of BRICS members to 11 [1] Financial Cooperation - The People's Bank of China and the Central Bank of Turkey have renewed a bilateral currency swap agreement with a scale of 350 billion RMB (approximately 189 billion Turkish Lira), effective for three years [2] - A memorandum of cooperation was signed to establish a RMB clearing arrangement in Turkey, enhancing financial cooperation and facilitating cross-border trade and investment [2] Platform Developments - TikTok announced an investment expansion in the UK to approximately £140 million (around 1.36 billion RMB), including the establishment of a new office in London and an increase in employee numbers to 3,000 [3] - TikTok Shop in Southeast Asia has relaxed entry policies for businesses, removing e-commerce experience requirements, allowing individual sellers to enter the market more easily [4] - TikTok Shop has launched a "Hot Product Takeoff Plan" in the US and Europe, providing various support resources to help merchants boost sales during the summer season [5] Industry Observations - Vietnam's commercial air conditioning market is projected to reach $600 million in 2024, with a year-on-year growth of 14.9%, while the first quarter of 2025 is expected to see a market size of $123 million, growing by 13.9% [9] - In Indonesia, the commercial air conditioning market is expected to reach $218 million in the first quarter of 2025, reflecting a year-on-year growth of 7.2% [10] - The Chinese mobile gaming industry accounted for 36.6% of global revenue in May 2025, with 33 Chinese companies making it to the top 100 global mobile game publishers [11] Shipping and Logistics - In the first five months of the year, Chinese shipbuilders secured 274 new ship orders, accounting for approximately 49% of the global market share, while global new ship orders have dropped to a near four-year low [12][13] - The demand for OLED display panels is expected to grow significantly, with a projected annual growth rate of 69% in 2025, driven by strong demand in the gaming sector [14] Policy Changes - Starting July 1, Vietnam will require e-commerce platforms to withhold and pay taxes on behalf of sellers, including VAT and personal income tax, with specific rates outlined for different types of transactions [21]

Financial Performance - Oracle reported a total revenue of $57.4 billion for the fiscal year 2025, with a net profit of $12.4 billion. The fourth quarter revenue reached $15.9 billion, marking an 11% year-over-year increase [2] - Adobe's Q2 revenue was $5.87 billion, up 11% year-over-year, exceeding analyst expectations. Adjusted EPS was $5.06, a 13% increase, but investor concerns about future competition in AI remain [3] Company Changes - ByteDance's AI Lab head, Li Hang, has officially stepped down, transitioning to a consultant role. This change follows the integration of the AI Lab into the Seed team led by former Google DeepMind VP Wu Yonghui [3][5] - Kingsoft Cloud announced the resignation of CFO He Haijian, effective June 30, 2025, due to personal reasons [6] AI Talent Acquisition - Baidu launched its largest AI talent recruitment initiative, expanding job openings by over 60% compared to last year, focusing on cutting-edge AI fields [6] AI Product Developments - ByteDance's self-developed AI IDE "TRAE" has surpassed 1 million monthly active users, with over 80% of internal engineers utilizing it for development [7] - Volcano Engine released version 1.6 of its Doubao large model, introducing a pricing model based on input length, significantly reducing costs [9] - Alibaba's Tongyi Qianwen 3 model achieved over 12.5 million downloads in its first month, with over 130,000 derivative models created [10] Corporate Investments - Amazon plans to invest AUD 20 billion in expanding its data center infrastructure in Australia from 2025 to 2029, marking the largest global tech investment in the country [18] - Meta announced the acquisition of a 49% stake in Scale AI for $14.8 billion to enhance its AI capabilities [22][23] Market Trends - IDC forecasts that the Chinese graph database market will reach RMB 644 million in 2024, growing 17% year-over-year, with major players including Huawei Cloud and Ant Group [24] - The Ministry of Transport emphasized the need for collaboration in technology transfer within the transportation sector to enhance AI applications [27]

Core Viewpoint - Zhenyou Technology (688418.SH) plans to raise no more than 1.096 billion yuan through a private placement to fund the "Satellite Internet Communication Product R&D and Industrialization Project" and the "All-Optical Network System R&D and Industrialization Project" [2][4] Group 1: Fundraising and Projects - The company intends to allocate 709 million yuan for the satellite internet communication project and 360 million yuan for the all-optical network system project, with a total fundraising target of 1.096 billion yuan [2][3] - The satellite internet project focuses on the R&D and industrialization of ground core network systems, onboard core networks, and satellite intelligent terminal devices, with a construction period of three years in Shenzhen [3] - The all-optical network project aims to develop AI-driven 50GPON systems and 400G/800GOTN optical transmission systems, also with a three-year construction period, located in Hangzhou [4] Group 2: Financial Performance and Challenges - Zhenyou Technology has faced a three-year period where R&D investments exceeding 400 million yuan did not translate into profits, resulting in a cumulative net profit loss of over 400 million yuan from 2021 to 2023 [2][5] - The company experienced significant cash flow issues, with operating cash flow continuously flowing out during the same period, leading to a high accounts receivable ratio exceeding 100% of revenue from 2020 to 2022 [5] - In 2024, the company reported a net profit of 27.437 million yuan and a net cash inflow of 112 million yuan, attributing the improvement to opportunities in overseas markets and satellite internet development [5][6] Group 3: Market Position and Future Prospects - Zhenyou Technology is one of the few companies capable of providing satellite 5G core network communication systems, with a focus on both high and low orbit satellite core networks [6] - Despite being in a critical segment of the satellite internet market, the core network business generated only 94 million yuan in revenue in 2024, accounting for 9.86% of total revenue [6] - The company’s previous fundraising efforts were retracted due to market conditions and concerns over the fairness of pricing, highlighting the challenges it faces in securing investor confidence [4][5]