全国工商联汽车经销商商会：呼吁汽车生产厂家优化返利政策缩短返利兑现账期 6月23日，全国工商联汽车经销商商会发布关于呼吁汽车生产厂家优化返利政策缩短返利兑现账期的倡 议：一是设置明确清晰的返利政策。简化返利设置，明确返利标准，杜绝模糊返利。特别是生产厂家为 弥补经销商因价格倒挂等原因造成的亏损而给予经销商的各类名义的非固定返利，应根据市场客观情 况，让经销商做到有预期、有相对清晰的计算标准。二是缩短返利兑现账期。调研的汽车品牌中已有18 个品牌的返利兑现账期达到了30天以内，充分体现了这些品牌的社会责任和品牌形象。鉴于返利对于经 销商的重要意义，呼吁所有品牌都将返利兑现账期调整为不超过30天。三是不再对返利兑现和返利使用 设置过多限制条件。调研的汽车品牌中有9个品牌将返利以现金形式直接返给经销商，并且经销商可自 由支配使用，呼吁所有品牌都将返利以现金形式返给经销商，并确保经销商可自由支配使用。同时，不 要对返利兑现设置过于苛刻的考核条件。 众泰汽车6月23日在互动平台表示，公司将继续与二股东浙商银行协商其解除对公司破产专户股票和现 金的冻结。目前公司相关信用体系尚未恢复，开展融资工作难度较大，盘活现有资产和资 ...

公司作为国产 AI 芯片领军，着力推进供应渠道多元化，产能瓶颈逐步缓解，一季度财务表现已显露放 量增长的积极信号，2025 年有望成为公司全面收获之年。我们预计公司25-27 年分别实现收入75.3 亿、 134.6 亿、205.6 亿，同比增速为541%、79%、53%；归属母公司股东的净利润为18.3 亿、28.2 亿、46.5 亿。6月23 日收盘价对应25-27 年PE 估值分别为129、84、51 倍，上调至"买入"评级。 风险提示 产品研发不及预期、下游需求不及预期、贸易政策风险等。 公司本次募集资金总额不超过49.8 亿元，投资项目围绕大模型需求的多样化，研发新一代的智能芯片技 术和相关产品，将全面提升公司在大模型演进趋势下的技术和产品综合实力。在软件方面，开展相应的 优化策略、软件算法以及软件工具的创新研究，并建设面向大模型的软件平台，支撑公司智能芯片算力 性能的充分发挥，增强公司智能芯片对大模型新技术趋势和新应用拓展的灵活适应能力，将有效提升面 向大模型算法开发和应用部署的高效支撑与服务能力。 2024 年报&2025 年一季报产能继续爆发，AI 芯片领军步入收获之年公司产品持续在互联网、运 ...

证券之星消息，截至2025年6月23日收盘，中曼石油(603619)报收于22.88元，上涨4.05%，换手率 14.35%，成交量66.37万手，成交额15.22亿元。 | 日期 | 涨跌幅 | 融资余额(元) | 融资净买入(元) 融券余量(股) | | 融券净卖出(股) | 融资融券余额(元) | | --- | --- | --- | --- | --- | --- | --- | | 2025-06-23 | 4.05% | 6.89亿 | 1968.16万 | 5.05万 | 3700.0 | 6.91亿 | | 2025-06-20 | -5.09% | 6.70亿 | 147.09万 | 4.68万 | -300.0 | 6.71亿 | | 2025-06-19 | 7.12% | 6.68亿 | 4621.22万 | 4.71万 | 2700.0 | 6.69 Z | | 2025-06-18 | 0.98% | 6.22亿 | 2651.77万 | 4.44万 | 300.0 | 6.23亿 | | 2025-06-17 | -0.19% | 5.951Z | 3033.08万 | 4.4 ...

南山智尚（300918）6月24日在互动平台上表示，公司机器人负责人将积极参观机器人展会，聚焦前沿 动态与技术交流，但暂未有产品展出计划。现阶段，公司正集中资源全力推进核心产品研发进程，持续 加强产品性能测试与优化工作，致力于以更优质、更成熟的产品服务市场需求。 ...

Group 1 - The core viewpoint of the news is the successful IPO of YingShi Innovation Technology Co., Ltd., which has become a focal point in the market, achieving a first-day opening increase of over 280% and a market capitalization exceeding 70 billion yuan [1] - Since its establishment in 2015, YingShi Innovation has rapidly risen to become one of the most popular smart imaging brands globally, holding a leading market share of over 67.2% in the global panoramic camera market for 2023 [1] - The company has built a global operational system integrating research and development, production, and sales, with its products covering over 200 countries and regions, and being present in more than 10,000 retail stores and over 90 airports worldwide [1] Group 2 - As YingShi Innovation's internationalization progresses, the complexity of global fund management increases, prompting the Bank of China Shenzhen Branch to assist the company in managing cross-border fund operations, effectively reducing financial costs and improving global fund management efficiency [2] - Since 2018, the Bank of China Shenzhen Branch has deepened financial services such as settlement and credit support, providing funding guarantees for technology research and development, production expansion, and global market expansion [2] - Shenzhen manufacturing enterprises like YingShi Innovation, which possess both core technological strengths and global market brand power, are stepping onto the world stage, with the Bank of China Shenzhen Branch continuously optimizing financial supply and innovating service models to support these companies in their global endeavors [2]

Core Insights - China's rare earth industry holds a dominant position globally, controlling approximately 37% of the world's rare earth reserves and over 70% of supply, particularly in heavy rare earths [2][3] - Despite this monopoly, state-owned enterprises (SOEs) in the rare earth sector are struggling to generate profits, with significant declines in net income reported in 2023 [3][11] Group 1: Industry Overview - China's rare earth reserves and production have been built over decades, with significant advancements in technology and supportive government policies since the 1980s [2] - The establishment of the China Rare Earth Group in 2021 aimed to consolidate several SOEs to improve efficiency and reduce internal issues, controlling about 30% of national production [8] Group 2: Financial Performance - In 2023, China Rare Earth Group reported revenues of 3.988 billion yuan and a net profit of only 418 million yuan, a 40% decline in net profit after adjustments [3] - Guangsheng Nonferrous reported revenues of 20.805 billion yuan with a net profit of just 203 million yuan, down 12.45% year-on-year [3] Group 3: Cost Control Issues - SOEs face challenges in cost management due to high operational costs associated with mining and processing, with outdated equipment and inefficient technologies contributing to elevated production costs [3][5] - Environmental regulations have increased compliance costs, further squeezing profit margins as companies invest heavily in pollution control measures [5][9] Group 4: Internal Challenges - The prevalence of related-party transactions within the industry leads to profit leakage, where SOEs sell raw materials at low prices to subsidiaries that then sell finished products at higher prices, resulting in minimal gains for the parent company [6][8] - Corruption and mismanagement exacerbate these issues, with some executives allegedly diverting resources to affiliated companies for personal gain [6][11] Group 5: Market Competition - Intense price competition among domestic companies, including illegal operations, has driven down prices, eroding profit margins for SOEs [9][11] - The decline in prices for rare earth elements, such as a 30-40% drop in neodymium oxide prices in 2023, has further impacted profitability [9] Group 6: Recommendations for Improvement - To enhance profitability, SOEs should invest in upgrading equipment and technology, adopt green mining practices, and improve management efficiency [11][13] - The government should enforce stricter regulations on illegal mining and promote transparency in transactions to curb corruption and ensure fair competition [11][13]

Core Insights - 博瑞医药 announced the results of two Phase II clinical studies for its dual-target agonist BGM0504 and preclinical results for the new Amylin BGM1812 at the 85th Scientific Sessions of the American Diabetes Association [2] - BGM0504 is a GLP-1/GIP receptor dual agonist that shows potential for treating metabolic diseases, including blood sugar control, weight loss, and non-alcoholic fatty liver disease (NASH) [2] - The drug is currently undergoing Phase III clinical trials in China for weight management and type 2 diabetes, with over 1,000 patients treated, demonstrating excellent efficacy and safety [2] Clinical Study Results - The completed Phase II trial CTR202232464 in China showed that BGM0504 demonstrated comprehensive potential in glycemic control and other related benefits in type 2 diabetes patients, with preliminary efficacy appearing superior to semaglutide [3] - Adverse events during treatment were mostly mild (grade 1-2), with common gastrointestinal reactions being transient diarrhea, nausea, and bloating, and no occurrences of hypoglycemia or other unexpected adverse reactions [3] - Another Phase II trial CTR20233198 in overweight or obese non-type 2 diabetes subjects indicated significant weight management potential and comprehensive metabolic risk benefits for BGM0504 [3] Expert Commentary - Professor Ji Linong from Peking University People's Hospital stated that BGM0504 shows significant preliminary efficacy and good tolerability, making it a strong candidate for further development in type 2 diabetes treatment [4] - BGM1812, designed using AI/ML, exhibits strong and ultra-long-lasting effects, with potential for weekly oral administration [4] - Initial data from the DIO model suggests that the combination of BGM1812 and BGM0504 outperforms combinations of semaglutide with Cagrilintide or Amycretin in terms of weight loss sustainability and efficacy [4] - The chairman of 博瑞医药, 袁建栋, emphasized the international first-tier potential of BGM0504 for treating type 2 diabetes and obesity, along with the development value of BGM1812 [4]

根据市场公开信息及6月23日披露的机构调研信息，知名私募南土资产近期对1家上市公司进行了调研， 相关名单如下： 机构简介： 上海南土资产管理有限责任公司成立于2015年，现为中国证券投资基金业协会观察会员。遵循可信赖、 可持续、追求卓越的发展理念，以客户利益为中心，致力于成为基业长青的卓越资产管理公司。xa0公 司注重团队建设，致力于打造一支相互认同、积极进取，长期共事的核心团队。目前共有员工16人，其 中投研人员11人。投研人员证券从业年限平均7年以上，均来自中金公司、易方达基金、农银汇理等知 名公募机构，覆盖了医药、TMT、新能源汽车、消费、周期等重点行业。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 1）金宏气体 （南土资产参与公司特定对象调研&现场参观） 调研纪要：金宏气体在2024年将从多个电子大宗载气项目获得完整年度营收贡献，2025年新中标项目预 计年底投运。公司着重发展现场制气业务，因其能提供稳定现金流。中小型现场制气业务每年有新投运 项目，大型项目如稷山铭福及云南呈钢将于2024年稳定供应。超纯氨和高纯二氧化碳产 ...

Core Insights - Chengyang Asset recently conducted research on Huaguang New Materials, highlighting the company's efforts to enhance its core competitiveness and profitability [1] - The company expects over 50% revenue growth in Q1 2025, driven by the launch of smart manufacturing projects, new product development, and customer expansion [1] - Huaguang New Materials is planning to invest in a brazing materials production base in Thailand to expand its overseas market presence [1] Company Developments - The company has initiated a digital factory project aimed at upgrading production and management through digitalization, thereby improving operational efficiency [1] - AI liquid cooling server business has started mass supply, contributing 2.4% to Q1 revenue, with anticipated growth in demand [1] - The company is increasing R&D investment in welding materials for new energy vehicles and advancing electronic connection materials and welding technologies [1] Product Applications - Silver brazing materials are being applied in the aerospace sector, with ongoing validation for nickel-based materials in drone applications [1] - Sales of intelligent welding equipment have commenced, although revenue from this segment remains limited [1]

Core Viewpoint - Lakala's stock price surged by 46% in less than 20 trading days, driven by speculation around stablecoin licenses, despite a significant decline in net profit and payment transaction volume [1][3]. Company Overview - Lakala, established in 2011, is a third-party payment institution with over 80% of its revenue coming from payment processing services, aiming to create a merchant ecosystem through transaction sharing and value-added services [1][3]. - The company is currently focusing on transforming its business model towards SaaS solutions, providing tools for various industries [3][8]. Financial Performance - In Q1 2025, Lakala's net profit halved year-on-year, with payment transaction volume decreasing by 10.51% [1][3]. - For 2024, the total payment transaction amount was 4.22 trillion yuan, down from 4.51 trillion yuan in 2023, primarily due to a sharp decline in card transactions [3][5]. - Digital payment revenue for 2024 was 5.165 billion yuan, a slight decrease of 0.27%, with a gross margin of 27.22% [5]. Challenges in Business Segments - The cross-border payment business remains a significant shortcoming, with transaction volume only reaching 49.2 billion yuan in 2024, despite a 14% year-on-year increase [6]. - Lakala's technology service revenue fell by 18.43% in 2024, with a notable decline in credit card marketing services [8][9]. Investment and Financial Risks - Lakala faced substantial investment losses, including a 68 million yuan loss from an investment in a joint venture, contributing to the decline in net profit [9][10]. - The company has also been impacted by bad debt losses, with a total of 58 million yuan in credit impairment losses in 2024, indicating increasing risks in accounts receivable [10].