食用农产品市场：30种蔬菜平均批发价格每公斤4.14元，下降1.0%，其中蒜头、辣椒、豆角分别下降 5.1%、4.6%和3.5%。禽产品批发价格小幅下降，其中鸡蛋、白条鸡分别下降2.1%和0.5%。肉类批发价 格总体下降，其中猪肉每公斤20.45元，下降0.7%，羊肉、牛肉分别下降0.3%和0.2%。6种水果平均批发 价格略有下降，其中西瓜、香蕉分别下降4.1%和3.4%。粮油批发价格略有波动，其中花生油下降 0.1%，豆油、菜籽油、面粉均与前一周持平，大米上涨0.2%。水产品批发价格略有上涨，其中草鱼、 鲫鱼、鲤鱼分别上涨0.6%、0.6%和0.5%。 生产资料市场：橡胶价格小幅回落，其中天然橡胶、合成橡胶分别下降2.5%和1.5%。煤炭价格小幅下 降，其中炼焦煤、二号无烟块煤、动力煤每吨938元、1145元和751元，分别下降1.7%、1.5%和0.1%。 钢材价格总体下降，其中焊接钢管、螺纹钢、槽钢每吨3778元、3384元和3598元，分别下降0.8%、 0.6%和0.6%。有色金属价格略有回落，其中铝、铜、锌分别下降0.4%、0.1%和0.1%。化肥价格略有下 降，其中尿素、三元复合肥分别下降0.3 ...

Core Viewpoint - The listing of Ying Shi Innovation, in which Xunlei holds a stake, has led to a significant drop in Xunlei's stock price despite initial investor optimism about a potential revaluation of Xunlei's value due to this event [1] Group 1: Xunlei's Stock Performance - On June 11, Xunlei's stock fell by 22.82%, closing at $4.955 per share, with a total market capitalization of approximately 309 million USD (about 2.22 billion RMB) [1] - Prior to the drop, Xunlei's stock had risen over 11% in pre-market trading, reaching $7.16 per share before declining [1] - The market reaction indicates that investors were caught off guard by the stock's decline following the positive news of Ying Shi Innovation's IPO [1] Group 2: Ying Shi Innovation's IPO Details - Ying Shi Innovation was listed on the A-share Sci-Tech Innovation Board on June 11, with an initial offering price of 47.27 RMB per share, and saw its market value soar to over 70 billion RMB, peaking with a nearly 300% increase [1][2] - Xunlei held 31.4375 million shares of Ying Shi Innovation before the IPO, representing 8.7327% of the total shares, which decreased to 7.8398% post-IPO [2] - The market value of Xunlei's stake in Ying Shi Innovation is estimated at around 5.5 billion RMB, which is more than double Xunlei's total market capitalization [1] Group 3: Future Growth Projections for Ying Shi Innovation - Analysts from Huaxi Securities project that Ying Shi Innovation's net profit attributable to shareholders will grow significantly from 1.144 billion RMB in 2025 to 2.327 billion RMB in 2027, reflecting year-on-year growth rates of 14.96%, 41.19%, and 44.12% respectively [3] - The closing price of Ying Shi Innovation on June 11 was 177.00 RMB, corresponding to price-to-earnings ratios (PE) of 62.07x, 43.96x, and 30.50x for the projected years [3] - Analysts believe that Ying Shi Innovation's strong positioning in the smart imaging equipment sector will allow it to lead technological innovation and achieve high growth potential, justifying a premium valuation [3] Group 4: Xunlei's Investment Returns - Xunlei's investment in Ying Shi Innovation, made during the B round of financing in 2016, is expected to yield substantial returns, with estimated profits exceeding 5 billion RMB [3][4] - Ying Shi Innovation completed seven rounds of financing from 2015 to 2020, with Xunlei participating in the B round, acquiring an 18.92% stake for 14 million USD at a valuation of 74 million USD [3][4] Group 5: Recent Acquisitions and Financial Performance - Xunlei has recently completed the acquisition of Shanghai Kuanghui Network Technology Co., which operates the sports media and data platform Hupu, for a total cash consideration of 500 million RMB [5][6] - In the first quarter of 2025, Xunlei reported total revenue of 88.8 million USD, a year-on-year increase of 10.5%, with a gross profit of 44.1 million USD [6]

转自：新华财经 国核电力规划设计研究院智慧能源分公司（火电分公司）总经理、党委副书记张腾与安徽电建二公司党委委员、副总经理王诚 分别代表双方签署协议。 会谈前，王成立一行还参观了安徽电建二公司企业展厅及生产指挥中心，深入了解该公司技术创新成果及"同行"文化内涵。 （吴钊/文 龙婉露/图） 编辑：赵鼎 6月11日，中国能建安徽电建二公司党委书记、董事长陈建明与国核电力规划设计研究院有限公司党委书记、董事长王成立进行 了会谈。双方就深化全面战略合作、推动工程建设与技术创新等工作展开深入交流，并见证签署战略合作框架协议。 王成立介绍了国核电力规划设计研究院的发展战略及未来规划。他表示，国核电力规划设计研究院将依托规划咨询、勘察设 计、技术研发、EPC总承包及运行技术支持等核心优势，在多个领域与安徽电建二公司开展全方位深度合作，共同提升在新型 电力系统建设中的市场竞争力，为国家能源结构转型注入强劲动力。 陈建明简要介绍了公司的发展历程、业务格局、核电发展业绩及未来规划等。他强调，公司将以"创新、绿色、数智、融合"为 核心理念，充分发挥在火电、核电、新能源等领域的工程建设能力，与国核电力规划设计研究院强强联合，创新构建 ...

Group 1 - The core viewpoint of the report is that Guangfa Securities is optimistic about the differentiated biopharmaceutical platform of CStone Pharmaceuticals-B (09966) and the development potential of its ADC drugs, which have shown preliminary clinical efficacy [1] - The company was established in 2015 and focuses on the development, production, and commercialization of innovative anti-tumor biologics, with a highly differentiated internal pipeline covering anti-tumor drugs at various research stages [1] - The first product, KN035 (Envafolimab injection), was launched in November 2021, marking the company's entry into the commercialization phase [1] Group 2 - CStone Pharmaceuticals has developed several globally leading biopharmaceutical technology platforms, including glycoengineered conjugation platform, linker payload platform, bispecific antibody platform, and subcutaneous high-concentration formulation platform, which have differentiated therapeutic advantages [1] - The glycoengineered conjugation platform reduces the production cost of ADC drugs while effectively minimizing toxin release in the circulatory system, enhancing drug safety [1] - Products developed based on this platform, JSKN003 and JSKN016, have entered clinical stages, and the company has upgraded the dual payload technology platform with corresponding products expected to enter clinical trials [1] Group 3 - The HER2 bispecific antibody KN026 is undergoing registration clinical studies for second-line gastric cancer, first-line breast cancer, and neoadjuvant therapy, with a promising path to market [2] - The HER2 bispecific ADC JSKN003 is in phase III clinical trials for breast cancer and platinum-resistant ovarian cancer, demonstrating competitive efficacy in early clinical studies [2] - The HER3/TROP2 bispecific ADC JSKN016 has initiated clinical trials for lung cancer and breast cancer, indicating a broad potential market, while new generation ADCs like JSKN021 (dual payload) and JSKN022 are expected to advance to clinical stages quickly [2]

新技术对板块的潜在催化 固态电池：伴随eVTOL与人形机器人等领域逐步进入快速增长阶段，以及各企业对全固态电池相关技 术方案与产业化应用时点的发布情况，在新需求的持续催化下，固态电池技术的应用落地有望提前驶入 快车道，产业化进程已呈加速趋势，具有固态电池技术先发优势且应用端领先落地的电池企业将主要受 益，建议关注全固态电池技术储备领先且半固态电池已具备产业化能力的国轩高科。 钠电池：钠电已突破规模化成本临界点，当前需求增长显著，尤其在极端环境储能和电动两轮车领域已 实现规模化应用，同时产业链降本成效显著，上游材料自给率提升，中游兼容锂电产线，下游集成设计 优化，全链成本优势凸显。预计宁德时代、华阳股份（600348）(600348.SH)等企业将受益于钠电产业 化应用快速渗透的进程。 东兴证券发布研报称，25Q1产业链终端需求仍维持较高增长态势，电池等环节在盈利向上同时收入端 亦显现回暖，锂电板块整体景气度有所回升，同时固态电池等产业链新技术自24下半年出现多次催化推 动行情逐步产生升力，25~26年伴随着新技术商业化进程的持续推动，板块有望迎来利润端的修复与估 值的提升，当前时点板块业绩稳健且兼具弹性，具备 ...

Group 1: Management Changes - Yuan Yuping, Vice President of Founder Securities, resigned from his position due to personal reasons, marking a significant change in the company's executive team [1] - Recent management changes include the resignation of President He Yagang due to retirement age and the appointment of Jiang Zhijun as the new president [1][2] - The company has experienced frequent personnel adjustments and asset restructuring over the past two years, indicating a turbulent management environment [1][2] Group 2: Asset Sales - Founder Securities is actively selling assets, including a 49% stake in Credit Suisse for 885 million yuan, which is a decrease from the previously agreed price of 1.14 billion yuan [4][2] - The sale of the Zhengzhou Yuda International Trade Building for 730 million yuan represents a significant loss compared to its book value of 1.249 billion yuan, reflecting a decline of 473 million yuan [5][6] - The company aims to focus on its core business and improve cash flow through these asset sales, which are part of a broader strategy to enhance capital efficiency [6] Group 3: Financial Performance - In 2023, Founder Securities reported a revenue of 7.119 billion yuan, a year-on-year decrease of 8.4%, while net profit slightly increased by 0.21% to 2.152 billion yuan [6] - The financial outlook improved in 2024, with revenues rising to 7.718 billion yuan, an increase of 8.42%, and net profit reaching 2.207 billion yuan, up by 2.55% [6] - Wealth management and investment trading businesses showed significant growth, with revenues of 5.664 billion yuan and 2.496 billion yuan, respectively, marking increases of 12.84% and 127.88% [6] Group 4: Challenges in Investment Banking - The asset management and investment banking sectors are facing significant challenges, with asset management revenue dropping to 134 million yuan, a decrease of 82.18%, and investment banking operations reporting losses [7] - The company has faced scrutiny from the China Securities Regulatory Commission due to inadequate due diligence and internal management issues, which have undermined market confidence in its capabilities [8] - The competitive landscape in investment banking has intensified, with a scarcity of quality project resources and stricter regulatory standards impacting project approvals [9] Group 5: Potential Mergers and Acquisitions - Following the acquisition of Founder Securities by New Founder Group, which is controlled by China Ping An, there are concerns about overlapping business operations with Ping An Securities [9][10] - The regulatory body has mandated that Founder Securities address the issue of competition with Ping An Securities within a year and complete rectification within five years [10] - There is speculation about a potential merger between Founder Securities and Ping An Securities, although no concrete plans have been publicly announced [10]

从转型压力到发展机遇，"零碳冷链"正当其时 在当日的签约仪式上，双方还探讨了行业迈向"零碳冷链"愿景的可行路线，为冷链及供应链行业在"双碳"目标下的长足发展提供系统性指引，也为全球万亿 级的冷链市场贡献可借鉴的中国式解决方案。 转自：新华财经 6月12日，顺新晖与宁德时代签署战略合作协议，联合推出"X链计划"——通过打造全方位的新能源冷链供应链联动平台，加快冷链运输环节的电动化替 代，推进行业低碳转型。依托双方各自在冷链场景运营与新能源技术领域的优势，顺新晖与宁德时代联动整车企业、补能服务商、金融服务商、承运商等生 态伙伴，针对新能源车辆在冷链行业的应用痛点，共同搭建覆盖车辆定制、保险保障、充电换电、售后服务、场景应用、数智系统等全生命周期的管理支持 体系，助力行业转型升级。 顺新晖首席执行官林昌烜表示："扎根冷链供应链行业多年，顺新晖始终致力于发挥数智科技与绿色理念的协同优势，为客户及行业创造更多价值。与宁德 时代建立跨行业的战略性合作，是我们践行长期主义，助力客户可持续发展的重要举措。我们期待，顺新晖对于冷链供应链场景的深入洞察与一体化的高标 准运营能力，能够与宁德时代全球领先的新能源解决方案优势互补，并 ...

进入6月份，市场期待中美贸易谈判提振经济，已经对油市形成利好支撑。市场对中美贸易谈判前景预期良好，风险偏好提升，利好油市心态。 新华财经北京6月12日电 6月11日，国际油价大涨，据卓创资讯分析，除了中美贸易磋商提振风险偏好之外，中东地缘升级迹象引发市场诸多关 注，此外，美国通胀相对温和且美国原油库存下降也为油价上涨提供助力。具体来看： 中美经贸磋商会议提振风险偏好 6月11日美国能源信息署（EIA）发布最新一期库存数据，截至6月6日当周，美国原油库存4.32415亿桶，减少364万桶；库欣地区原油库存2368.3 万桶，减少40万桶。美国进入夏季石油需求旺季，原油库存下降利好油市，未来库存继续下降预期，也进一步支撑市场心态。 综合来看，影响原油市场的主要驱动因素中，两方面的利好推动符合市场预期：一是国际贸易争端进入谈判拉锯阶段，风险偏好明显提升；二 是美国夏季石油需求提升，库存去化。另外两方面：中东地缘局势升温、美国通胀相对温和，则是市场不确定性因素的落地情景。 对于原油价格的后期走势，短期来看，若地缘局势升级恶化，仍有推升油价的可能性。但需继续关注事态发展，局势降温、情绪波动可能引发 油价回落风险。中长期 ...

中国经济网北京6月12日讯天地在线（002995）(605399.SH)2024年年度报告显示，2024年，公司实现营业收 入13.38亿元，同比下降27.49%；归属于上市公司股东的净利润-6754.39万元，上年同期为-2610.33万元；归 属于上市公司股东的扣除非经常性损益的净利润-6744.31万元；经营活动产生的现金流量净额为-1.28亿元。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 1,337,598,463.12 | 1, 844, 767, 135. 86 | -27.49% | 3,044,650,272.67 | | 归属于上市公司股东 的净利润(元) | -67,543,913.19 | -26, 103, 270. 20 | -158.76% | 3.147.985.01 | | 归属于上市公司股东 的扣除非经常性损益 | -67, 443, 091. 16 | -44,643,071.04 | -51.07% | 936,871.17 | | 的净利润(元) ...

智通财经APP获悉，申万宏源发布研报称，五一假期出行超预期以及节后量价进一步稳定，体现航司销 售模式变化已有成效。油价进一步下行释放航司成本压力，在航空供应链恢复受限、宽体机利用率提升 等变化下，航空供给逻辑已有多方面验证，内需复苏下航空需求侧有望触底提升，加速顺周期行情启 动。航空市场正稳步迈入旺季阶段，从今年市场的供需结构来看，市场供给增长受限，旅客量自然增长 的核心逻辑不变，若后续国内航司票价回暖，将持续验证支撑航司收益提升逻辑。 该行继续推荐关注航空板块，供给放缓确定性强，需求端具备弹性，同时在外部油价变化配合下航司能 够释放较大业绩提升空间。关注全球飞机租赁公司、航空发动机及维修厂商、关注业绩持续修复的机场 板块。 申万宏源主要观点如下： 需求景气度回升，量价协同放大收益 上半年整体呈现量升价减趋势，五月价格同比出现拐点。24年Q2后市场量价基数均有所降低，航司销 售模式有所转变，量价表现逐步好转且稳定。跨境运力恢复下票价持续常态化，同时宽体机利用率明显 提升。今年以来外交部持续试行多项外国旅客单向免签政策，入境游表现强劲。 从量变到质变，需求增长将逐步兑现至价格端。今年以来客座率仍处高位且已达到历 ...