机构：东北证券 研究员：杨占魁 2027 年实现营业收入4.24/6.76/10.81 亿元，对应PS 为52.83X/33.14X/20.72X，首次覆盖，给予"买入"评 级。 风险提示：技术迭代不及预期风险、技术创新与产品研发不足的风险、新客户及合作方开拓不及预期风 险、制药及材料行业变革的风险、业绩预测和估值判断不及预期的风险。 点评 2024 年营收突破商业化门槛，亏损持续收窄，现金流储备充足2024 年，公司实现营收2.66 亿元（同比 +52.8%），主要系智能机器人解决方案收入同比增长87.8%和药物发现解决方案收入同比增长18.2%。 同时，公司已提前达成联交所对已商业化公司的收入门槛要求（2.5 亿港元），标志着在公司步入商业 化发展的新阶段。2024 年，公司实现经调整净亏损4.57 亿元（同比收窄12.5%），未来随着公司营收规 模持续增长，公司有望实现扭亏为盈；截至2024 年12 月31 日，公司现金储备达31.23亿元，如计入2025 年Q1 的两次配售募集所得款项净额29.68 亿元，预计可支持未来10 年运营，为研发投入和业务拓展提 供坚实保障。 AI+机器人赋能生命科学，合作 ...

事实上，国家金融管理部门借助陆家嘴论坛发布重大政策、释放重要信号，已经形成惯例。2019年，科 创板开板仪式在陆家嘴论坛开幕式上举行；2023年陆家嘴论坛开幕式上，上海再保险"国际板"正式启 动。 2024年陆家嘴论坛期间，中国证监会发布《关于深化科创板改革服务科技创新和新质生产力发展的八条 措施》（下称"科创板八条"），聚焦提升资本市场对科技创新的包容性与适配性，推出一揽子改革举 措。 实施一年来，"科创板八条"各项改革举措已基本落地，配套制度有序推出，典型案例渐次落地，改革成 效初步显现。 证券时报记者昨日在论坛现场看到，工作人员正在进行嘉宾接待、设备调试等工作，参会嘉宾陆续前来 报到。 （文章来源：证券时报） 在为期两天的2025陆家嘴论坛期间，与会金融界人士将围绕金融开放合作与高质量发展，就"全球经济 变局中的金融开放合作与高质量发展""增强全球货币政策的协调性""推动资本市场持续稳健发展""深化 上海与香港国际金融中心合作发展""金融支持新质生产力发展""人工智能赋能金融改革创新：机遇和挑 战""提高普惠金融服务的均衡性和可及性"和"完善绿色金融政策、标准和产品体系"等八大主题进行探 讨。论坛还将围 ...

Core Viewpoint - The controlling shareholder of Dongfang Zhizao (002175.SZ) has received regulatory penalties for failing to fulfill performance compensation obligations as per the company's restructuring plan [1][2]. Group 1: Performance Compensation Obligations - Kexiang High-tech Development Co., Ltd. (Kexiang High-tech), as the investor in Dongfang Zhizao's restructuring, committed to ensuring a total net profit of no less than 250 million yuan over three fiscal years post-restructuring [1]. - From 2022 to 2024, Dongfang Zhizao reported a total net profit of 38.85 million yuan, falling short of the performance commitment by 211 million yuan [1][2]. - Kexiang High-tech has paid 40 million yuan in performance compensation but has not fulfilled the full obligation by the deadline of May 28, 2025 [1][2]. Group 2: Regulatory Actions - The Guangxi Securities Regulatory Bureau has mandated Kexiang High-tech to correct its actions and has recorded this in the capital market integrity archive [2]. - Kexiang High-tech is required to take effective measures to complete the performance compensation obligations and submit a written rectification report [2]. Group 3: Company Financial Performance - After restructuring, Dongfang Zhizao returned to profitability, with 2022 revenues of 274 million yuan and a net profit of 107 million yuan, marking the end of five consecutive years of losses [2]. - In 2023 and 2024, the company achieved revenues of 275 million yuan and 326 million yuan, with net profits of approximately 44 million yuan and 17 million yuan, respectively [2]. Group 4: Shareholding and Control Changes - Despite changes in actual control, Kexiang High-tech remains responsible for compensating Dongfang Zhizao for unmet performance commitments [3]. - Kexiang High-tech has pledged 78.3% of its shares in Dongfang Zhizao, totaling 192 million shares, with 7 million shares set to mature within the next year [3].

6月17日，北京市商务局发布关于进一步扩围2025年消费品以旧换新补贴商品的公告，在实施汽车、家 电、电动自行车、手机等数码产品补贴政策的基础上，进一步扩围补贴商品品类。 公告显示，在实施汽车、家电、电动自行车、手机等数码产品补贴政策的基础上，进一步扩围补贴商品 品类。聚焦智能化、适老化需求，对在京个人消费者购买智能马桶、智能门锁、扫地机器人（含洗地 机、扫拖一体机）、垃圾处理器等4类智能家居产品给予补贴，按照产品最终销售价格（剔除所有折扣 和优惠后的价格）的15%给予补贴；对其中购买1级及以上能效或水效标准的智能家居产品，额外再给 予产品最终销售价格5%的补贴。每位消费者每类产品可补贴1件，每件产品补贴最高不超过2000元。 据悉，上述4类智能家居产品采用"立减补贴"模式。个人消费者通过"京通"小程序进入"智能家居补 贴"专区，按需领用智能家居产品补贴资格券码，通过政策参与企业购买上述智能家居产品时，于订单 支付环节享受立减补贴，线上线下消费享受同等补贴力度。 北京市商务局介绍，涉及补贴资格使用、解绑、注销，退货处理，以及政策参与企业、资金结算等相关 规定，参照《北京市2025年家电以旧换新补贴实施细则》执 ...

Core Viewpoint - Shenzhen Wole Material Co., Ltd. has submitted an application for H-share listing on the Hong Kong Stock Exchange, marking the beginning of its journey towards becoming an "A+H" listed company [1] Group 1: Company Overview - Wole Material is the second-largest high-speed copper cable manufacturer globally and the largest in China, with a market share of 24.9% as of 2024 [2] - The company operates in five core business areas: electronic materials, communication cables, electricity, new energy vehicles, and wind power generation [2] - Wole Material's high-speed communication cables are widely used in data centers and servers, benefiting from the growing demand driven by the AI industry [2] Group 2: Financial Performance - The company has shown steady revenue growth, achieving revenues of 5.337 billion yuan, 5.719 billion yuan, and 6.920 billion yuan for the years 2022, 2023, and 2024, respectively [3] - Net profits for the same years were 660 million yuan, 758 million yuan, and 921 million yuan, indicating an increasing profitability trend [3] Group 3: International Strategy - The decision to list in Hong Kong is part of Wole Material's strategic plan to broaden financing channels and attract international capital for business expansion and R&D [4] - The company aims to enhance its international brand influence and expand its overseas market presence through the Hong Kong listing [4] - Listing in Hong Kong will allow Wole Material to compete more effectively on a global scale and learn from international best practices [4] Group 4: Market Opportunities and Challenges - The company acknowledges potential risks, including regulatory approvals and market volatility, which could impact the listing process [5] - Despite these challenges, Wole Material remains optimistic about future growth opportunities in the digital transformation, 5G, AI, and clean energy sectors [6] - The rapid expansion of the new energy vehicle market and the development of clean energy sources provide significant growth potential for the company's business [6]

Group 1 - The company reported a revenue of 516 million yuan in 2024, a slight decline year-on-year, while net profit attributable to shareholders increased by 34.81% to 25.4451 million yuan [2] - The company is focusing on the health consumption upgrade trend by concentrating on plant protein and high-value health food sectors, while strategically shrinking in the mass market [2] - The company is enhancing its alcohol business by diversifying applications into high-end fields such as cosmetics, pharmaceuticals, and precision chemicals, thereby strengthening its anti-cyclical capabilities [2] Group 2 - The company aims to improve the profitability of its main business by optimizing operational efficiency and product quality, particularly in the deep processing of corn and wheat [3] - The company is committed to creating a "green, healthy, and safe" product brand, establishing a research and development center, and collaborating with renowned universities and research institutions [3] - The company is pursuing a dual strategy of vertically deepening the wheat value chain and horizontally expanding the corn value chain to transition from ordinary functional foods to specialized nutritional health products [3] Group 3 - The company plans to explore new business growth points based on existing projects, aligning with national policy directions and market demands, while also considering mergers and acquisitions to enhance core competitiveness [4] - The company is focused on technological innovation and strategic layout to drive high-quality development, aiming to secure a more significant position in the global market [4]

Core Viewpoint - Guoji Automobile held a performance briefing for 2024 and Q1 2025, addressing investor concerns regarding market value management, operational strategies, and overseas markets [2] Financial Performance - In 2024, Guoji Automobile achieved operating revenue of 42.025 billion yuan, a year-on-year decrease of 3.44% - The total profit reached 529 million yuan, a year-on-year increase of 247.01% - The net profit attributable to shareholders was 392 million yuan, a year-on-year increase of 1787.58% - In Q1 2025, the company reported a year-on-year decline in operating revenue of 14.84%, while the net profit attributable to shareholders increased by 9.08% [2][3] Market Value Management - The company has established a practical market value management system and will actively utilize its "toolbox" for market value management to reflect the company's quality - The controlling shareholder is optimistic about the Chinese capital market and has established a regular stock repurchase and increase mechanism [2] Business Operations - The decline in operating revenue is attributed to a significant reduction in new contracts in the automotive engineering business due to a complex external environment and intense industry competition - The company is focusing on international brand automotive enterprises' supply chain adjustments and the strategy of Chinese automotive companies "going global," particularly in Europe, North America, and emerging markets like South America, Central Asia, and North Africa [3] M&A Activity - Following the release of the "Six Opinions on Deepening the Reform of the M&A and Restructuring Market," there has been an increase in M&A activity among listed companies - The company is aware of the "Six Opinions" and will comply with disclosure obligations if it engages in related activities in the future [3]

Core Viewpoint - The article highlights the advancements and achievements of China National Offshore Oil Corporation (CNOOC) in the Bohai Sea oil and gas production, focusing on the development of the Bozhong 19-6 condensate gas field and the company's efforts in increasing reserves and production, technological innovation, and energy transition [2][4][10]. Group 1: Infrastructure and Operations - The Bohai oil field features a modern offshore energy complex with five giant platforms connected by bridges, and seven unmanned wellhead platforms, forming a high-density production base [2][3]. - The Bozhong 19-6 condensate gas field is located at an average water depth of 22.4 meters, with oil and gas buried over 5000 meters deep, presenting significant drilling challenges due to complex geological conditions [3][4]. - The platform group employs highly intelligent management systems, allowing remote operation and monitoring of production data, ensuring safety even in extreme weather conditions [3][4]. Group 2: Technological Innovations - CNOOC has developed innovative solutions to overcome technical challenges in deep-sea drilling, including the creation of high-temperature resistant drilling fluids and the establishment of the largest offshore gas injection platform in China [4][8]. - The company has made significant breakthroughs in deep-water oil and gas exploration, transitioning from shallow to deep-water operations, and has established a complete exploration and development system [8][9]. Group 3: Production and Growth - Since 2019, the Bohai oil field has focused on increasing reserves and production, with daily crude oil output surpassing 100,000 tons, accounting for nearly one-sixth of China's total crude oil production [6][10]. - The successful launch of the Bozhong 19-6 condensate gas field marks a new phase in the development of deep-sea oil and gas resources, contributing to the goal of producing 40 million tons by 2025 [4][6]. Group 4: Environmental Initiatives - CNOOC emphasizes green development, implementing projects such as the Bohai oil field shore power application and the first offshore photovoltaic integrated project in China [7][10]. - The company aims to create a new marine industrial ecosystem by integrating offshore wind power, marine ranching, and other renewable energy sources [9].

6月17日，无锡市振华汽车部件股份有限公司（以下简称"无锡振华"）举办向不特定对象发行可转换公 司债券网上路演，公司本次拟发行可转债募集资金总额为5.2亿元，将投向"廊坊振华全京申汽车零部件 项目"及"补充流动资金"，扩充京津冀地区现有客户及潜在客户的近地化配套产能。 在本次路演活动上，公司多位高管对投资者关心的项目新增产能消化情况、定点项目情况等问题进行了 详细解答。 具体来看，本次募投项目"廊坊振华全京申汽车零部件项目"产品为汽车冲压及焊接零部件，项目投资总 额为6.48亿元，拟投入募集资金4.2亿元。项目实施地位于河北省廊坊经济技术开发区，拟由公司全资子 公司廊坊振华全京申汽车零部件有限公司（以下简称"廊坊振华"）实施。"补充流动资金"项目主要用于 公司日常运营所需，拟投入募集资金1亿元。 无锡振华持续深耕于汽车零部件领域，主营业务板块为冲压零部件业务、分拼总成加工业务、选择性精 密电镀加工业务和模具业务。其中，冲压零部件业务2024年实现营业收入14.84亿元，占主营业务收入 比重为61.98%，为公司主要营业收入来源。 目前，无锡振华已形成"无锡+上海+郑州+宁德+武汉+廊坊"的多地联动布局。公司现 ...

"当前机器人赛道非常火热，人形机器人、具身机器人等概念层出不穷，机器人能跑、能跳、能翻跟斗 成了大众关注的焦点，但真正决定机器人产业价值的核心——操作能力的提升这一问题尚未得到真正解 决。" 胡晓平进一步解释称，人类依靠手部触感、力反馈形成肌肉记忆，从而在各种变化环境中高效、灵巧地 完成任务。而传统工业机器人依赖位置精度控制，只能在高度结构化的固定环境中工作，两者背道而 驰。 因此，要真正实现机器人的任务泛化，实现通用操作能力，必然要去解决这一个极致的力控以及层级式 智能的问题。为此，非夕投入核心资源攻坚两大技术壁垒： 一是高精度力感知，即自主研发高精度力/力矩传感器集成于机械臂多个关节，实现力感知能力的数量 级提升（比现有产品高十倍至百倍）。演示中，机械臂可精准感知并输出末端微小螺丝钉的重力。 6月12日，在由中国经营报社、《商学院》杂志、中国人民大学商学院联合主办的第二届新商业文明论 坛上，非夕科技副总裁胡晓平如是说道。 《中国经营报》记者了解到，针对这一行业问题，非夕科技以"极致力控+层级式智能"为技术根基，打 造自适应机器人，正将柔性自动化带入工业制造、食品加工、生活服务乃至医疗等广阔场景。 锚定"操 ...