华泰柏瑞沪深300ETF基金经理为柳军。 简历显示，柳军先生:中国国籍。监事,复旦大学财务管理硕士,2000-2001年任上海汽车集团财务有限公司财务,2001-2004年任华安基金管理有限公司高级基金 核算员,2004年7月加入华泰柏瑞基金管理有限公司,历任基金事务部总监、上证红利ETF基金经理助理。2009年6月起任上证红利交易型开放式指数证券投资 基金的基金经理。2010年10月起担任指数投资部副总监。2011年1月至2020年2月任华泰柏瑞上证中小盘ETF基金、华泰柏瑞上证中小盘ETF联接基金基金经 理。2012年5月起任华泰柏瑞沪深300交易型开放式指数证券投资基金、华泰柏瑞沪深300交易型开放式指数证券投资基金联接基金的基金经理。2015年2月起 任指数投资部总监。2015年5月至2025年1月任华泰柏瑞中证500交易型开放式指数证券投资基金及华泰柏瑞中证500交易型开放式指数证券投资基金联接基金 的基金经理。2018年3月至2018年11月任华泰柏瑞锦利灵活配置混合型证券投资基金和华泰柏瑞裕利灵活配置混合型证券投资基金的基金经理。2018年3月至 2018年10月任华泰柏瑞泰利灵活配置混合型证券 ...

Summary of Key Points Core Viewpoint - A total of 35 stocks received buy ratings from institutions today, with Kangguan Technology having its rating upgraded, and 20 stocks receiving initial attention from institutions [1]. Institutional Ratings - 38 buy rating records were released today, involving 35 stocks, with Kangguan Technology and SF Express being the most noted, each having 2 buy rating records [1]. - Among the stocks rated, 12 provided future target prices, with 8 stocks showing an upside potential exceeding 20%. Zhejiang Rongtai has the highest upside potential at 44.28%, with a target price of 65.00 yuan compared to the latest closing price of 45.05 yuan [1][2]. - Other stocks with significant upside potential include Kefu Medical and Zhidema, with upside potentials of 37.53% and 37.08%, respectively [1]. Market Performance - The average performance of stocks with buy ratings today was a decline of 0.64%, underperforming the Shanghai Composite Index. Among these, 9 stocks saw price increases, with the largest gains from Guangda Special Materials (6.67%), Jiechuang Intelligent (3.93%), and Nanya New Materials (3.57%) [1]. - Conversely, stocks with the largest declines included Wanma Technology (-10.51%), Hengxuan Technology (-3.17%), and Nanjiguang (-3.16%) [1]. Industry Focus - The electronics sector was the most favored, with 7 stocks including Kangguan Technology and Nanjiguang making it to the buy rating list. The machinery and computer sectors also attracted attention, with 5 and 3 stocks respectively [2].

Core Viewpoint - SF Holding's stock closed at 49.15 yuan, down 2.27%, with a rolling PE ratio of 23.39 times and a total market value of 245.39 billion yuan [1] Company Summary - SF Holding specializes in comprehensive express logistics services, including time-sensitive express, economy express, freight, cold chain, pharmaceutical delivery, same-city instant delivery, international express, international freight and agency, and supply chain services [1] - In Q1 2025, the company achieved operating revenue of 69.85 billion yuan, a year-on-year increase of 6.90%, and a net profit of 2.23 billion yuan, up 16.87%, with a gross profit margin of 13.30% [1] Industry Summary - The average PE ratio for the logistics industry is 25.14 times, with a median of 26.82 times, placing SF Holding at 31st in the industry ranking [1][2] - The company has received multiple international awards and national-level case certifications in logistics technology and is the only Chinese representative to reach the finals of the 2025 Franz Edelman Award [1]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to improve liquidity through the issuance of new H shares and convertible bonds, with a total expected fundraising net amount of approximately HKD 58.33 billion [2][3] - The company has successfully transformed into a comprehensive logistics leader, expanding into various emerging sectors such as express delivery, cold chain, and international logistics, which are expected to enhance profitability and revenue growth [4] - The projected net profit for the company from 2025 to 2027 is expected to grow by 17.1%, 19.7%, and 18.2% respectively, indicating a strong growth trajectory [4] Summary by Sections Fundraising and Liquidity Improvement - The company plans to issue 70 million new H shares at a price of HKD 42.15 per share, which is a discount of approximately 8.8% from the closing price on June 25 [2] - Additionally, the company intends to issue zero-coupon convertible bonds worth HKD 29.5 billion, with an initial conversion price of HKD 48.47 per share, representing a premium of about 5.3% [3] - The funds raised will be used to enhance international and cross-border logistics capabilities, develop advanced technologies, and optimize the company's capital structure [3] Financial Projections - The total revenue for the company is projected to reach HKD 315.54 billion in 2025, with a year-on-year growth rate of 10.9% [5] - The company's gross profit margin is expected to improve from 12.8% in 2023 to 14.8% in 2027 [5] - The earnings per share (EPS) is forecasted to increase from CNY 2.39 in 2025 to CNY 3.37 in 2027 [5] Profitability and Valuation - The company is expected to maintain a strong cash flow, with cash assets amounting to approximately CNY 427.71 billion as of the end of Q1 2025 [3] - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 21.1x, 17.6x, and 14.9x respectively, indicating a favorable valuation outlook [4]

Core Viewpoint - SF Holding's stock price faced significant pressure, dropping sharply after the announcement of a discounted share placement and convertible bond issuance, raising concerns about the company's funding strategy and market sentiment [2][4][7] Group 1: Stock Performance - On June 26, SF Holding's H-shares fell by 5.95% to HKD 43.45, while A-shares dropped by 2.09% to CNY 49.24, following a previous trading day where both share types reached their respective peaks [2] - The stock price decline was attributed to the announcement of a new financing plan, which included a discounted share placement and convertible bonds [2][4] Group 2: Financing Details - The company plans to issue 70 million new H-shares at a price of HKD 42.15 per share, representing an 8.8% discount to the previous closing price, aiming to raise approximately HKD 29.5 billion [4] - Additionally, SF Holding intends to issue zero-coupon convertible bonds totaling HKD 29.5 billion, with an initial conversion price of HKD 48.47, which is a 4.9% premium over the last closing price [4] - The total net proceeds from these financing activities are expected to be around HKD 58.34 billion, which will be used to enhance international logistics capabilities, research and development, optimize capital structure, and for general corporate purposes [4][6] Group 3: Business Performance - In Q1 2025, SF Holding reported revenue of CNY 698.5 billion, a year-on-year increase of 6.9%, and a net profit of CNY 22.3 billion, up 16.9% [5] - The total parcel volume reached 135.6 billion, reflecting a 19.7% year-on-year growth, with the express logistics and supply chain segments showing significant revenue increases [5] Group 4: Market Dynamics - The demand for cross-border logistics has surged due to the trends of Chinese companies expanding their products and brands internationally, particularly in the Asia-Pacific region [6] - SF Holding has focused on building its self-operated network in Southeast Asia and Japan, while also enhancing its international air network and customs clearance capabilities [6] - However, the company faces financial pressures and intense competition in the domestic express delivery market, leading to a decline in per-parcel revenue, which fell to CNY 13.12, a decrease of 13.97% year-on-year [6][7] Group 5: Strategic Investments - To maintain its competitive edge, SF Holding plans to invest more in service quality upgrades, including expanding air transport resources and intelligent warehousing systems [7] - These capital-intensive projects require substantial funding, which underscores the importance of the recent financing initiatives [7]

Market Overview - The FTSE China A50 Index component stocks showed a mixed performance with bank stocks rising in the afternoon while insurance stocks continued to decline [1][5]. Banking Sector - Bank stocks generally performed well, contributing to the positive movement in the FTSE China A50 Index [1]. Insurance Sector - Major insurance companies such as China Pacific Insurance, China Life Insurance, and Ping An Insurance experienced declines in their stock prices, with China Pacific Insurance down by 1.05%, China Life down by 0.52%, and Ping An down by 1.42% [3]. Alcohol Industry - In the alcohol sector, Kweichow Moutai saw a slight increase of 0.48%, while Shanxi Fenjiu and Wuliangye experienced declines of 0.37% and 0.83% respectively [3]. Semiconductor Industry - The semiconductor companies showed varied results, with North Huachuang increasing by 2.72%, while Cambrian and Haiguang Information saw minor declines [3]. Automotive Sector - In the automotive sector, BYD's stock fell by 3.39%, while Great Wall Motors and China Railway High-speed experienced minor declines and increases respectively [3]. Shipping and Oil Industry - China COSCO Shipping saw a slight increase of 0.53%, while Sinopec and PetroChina experienced minor declines [3]. Coal and Battery Industry - China Shenhua's stock decreased by 0.27%, while Ningde Times (CATL) saw a decline of 0.83% [3]. Power and Financial Sector - Longyuan Power and China Nuclear Power had mixed results, with Longyuan Power increasing by 0.74% and China Nuclear Power declining by 3.63% [4]. Food and Beverage Sector - The food and beverage sector showed declines, with companies like Haitian Flavor Industry and Zhongtai Securities experiencing notable decreases [4]. Consumer Electronics and Pharmaceutical Sector - The consumer electronics sector saw a slight increase in stocks like Luxshare Precision, while pharmaceutical companies like Hengrui Medicine experienced a decline [4]. Logistics and Medical Equipment - The logistics sector, represented by SF Holding, saw a minor decline, while medical equipment company Mindray Medical also experienced a decrease [4]. Non-ferrous Metals and Communication Services - Zijin Mining and China Communications Construction had mixed performances, with Zijin Mining showing a slight decline [4].

证券代码：002352 证券简称：顺丰控股 公告编号：2025-046 顺丰控股股份有限公司 关于根据一般性授权配售新 H 股以及子公司拟发行 29.5 亿港元 可转换为公司 H 股的公司债券的公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 2025 年 6 月 25 日，顺丰控股股份有限公司（以下简称"本公司"、"公司"） 拟根据一般性授权在联交所配售新 H 股（以下简称"H 股配售"），同时通过 全资境外子公司 SF Holding Investment 2023 Limited 于联交所发行 29.5 亿港元可 转换为公司 H 股的公司债券（以下简称"发行可转债"，与 H 股配售合称为"本 次发行"），本公司将为全资境外子公司发行可转债提供担保。 除非文义另有所指外，下列词汇具有以下涵义： | A 股 | 指 | 公司股本中每股面值人民币 1.00 元的普通内资股，于深圳 证券交易所上市及以人民币买卖 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 年度股东大会 | 指 ...

公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 顺丰控股股份有限公司（以下简称"公司"）第六届董事会第二十二次会议 于 2025 年 6 月 25 日通过电子邮件发出会议通知，公司全体董事一致同意豁免提 前通知的时限要求，并于 2025 年 6 月 25 日以通讯方式召开。本次会议应参与董 事 7 名，实际参与董事 7 名。会议由董事长王卫先生主持，董事会会议的举行和 召开符合国家有关法律法规及《公司章程》的规定。经充分讨论和审议，会议形 成决议如下： 3、发行数量：70,000,000 股。实际发行的 H 股股份数量由公司与配售代理 根据市场情况及公司资金需求而确定但不超过公司尚余的一般性授权。 证券代码：002352 证券简称：顺丰控股 公告编号：2025-045 顺丰控股股份有限公司 第六届董事会第二十二次会议决议公告 一、会议以 7 票同意、0 票反对、0 票弃权，审议通过了《关于公司行使一般性 授权在香港联合交易所有限公司主板配售股份的议案》 经审核，董事会同意根据《公司章程》及公司 2024 年年度股东大会的决议， 行使股东大会授予董事会对配发、发行 ...

智通财经6月26日电，顺丰控股在港交所公告，根据一般性授权配售新H股，配售所得款项总额预计约 为29.5亿港元。 ...

交易条款显示，顺丰控股拟通过配售和发行可转债募资至多44亿港元。拟以每股42.05-43.45港元发行 4,200万股H股，较周三收盘价46.20港元折让6%-9%。拟发行2026年7月8日到期、港元计价的可转债， 募资25.5亿港元。债券为零息债，换股价较配售价高出9%至19%，锁定期90天。募资所得将用于加强国 际和跨境物流能力、先进技术和数字解决方案的研发、优化资本结构、一般公司用途。（彭博） ...