大事提醒 2025年6月23日，披露2024财年年报 最近一个月来，安领国际累计跌幅6.07%，今年来累计跌幅12.61%，跑输恒生指数15.84%的涨幅。 财务数据显示，截至2024年9月30日，安领国际实现营业总收入3.27亿元，同比增长24.58%；归母净利 润-106.77万元，同比增长81.95%；毛利率19.54%，资产负债率79.57%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，软件服务行业市盈率（TTM）平均值为-10.84倍，行业中值-2.26倍。安领国际市盈率 5.75倍，行业排名第7位；其他驴迹科技（01745.HK）为3.63倍、京投交通科技（01522.HK）为3.88 倍、黄河实业（00318.HK）为3.91倍、自动系统（00771.HK）为4.08倍、禅游科技（02660.HK）为4.67 倍。 资料显示，安领国际控股有限公司(股票代码:1410.HK)于香港联交所主板上市,集团的业务足迹遍布香 港、澳门、中国大陆和新加坡。网络安全凭借着公司在网络安全解决方案的专业知识以及坚持选用顶尖 的技术解决方案,安领科技成为了不少国际网络安全解决方案供应商的首选 ...

在此背景下，伊方警告称，任何为以色列运送军事装备或雷达系统的国家，都将被视为参与对伊朗的侵 略，并将成为伊朗武装部队的合法攻击对象。 以色列方面对此暂无回应。 伊朗军方：以色列正面临弹药和装备短缺 智通财经6月22日电，据央视新闻，当地时间21日，伊朗哈塔姆·安比亚中央司令部发言人表示，根据伊 朗武装部队的情报，尽管拥有世界上最先进、最昂贵的反导防御系统，并得到美国的全面支持，以色列 在伊朗武装部队导弹和无人机部队的有效打击下，其雷达和防御能力已严重受损，目前正面临弹药和装 备短缺。 ...

Core Perspective - Long-term investment in high-quality businesses allows the power of compound growth to significantly enhance portfolio value, making it a more reliable strategy than market timing [1][2] Company Overview - Amazon has generated an extraordinary return of 217,000% since its IPO in May 1997, turning a $1,000 investment into nearly $2.2 million today [4] - The company began as an online bookstore in the mid-1990s, focusing on a low-risk product category with a vast selection [5] Business Evolution - Amazon has expanded its offerings to sell virtually anything, including a recent partnership to sell Hyundai vehicles through its e-commerce platform [6] - The introduction of fast, free shipping through the Prime membership program in 2005 has attracted over 200 million global members [7] Revenue Streams - Amazon Web Services (AWS) was launched in 2006, generating $108 billion in revenue and $40 billion in operating income in 2024, making it the largest cloud-computing provider [8] - The company has also become a significant player in digital advertising, earning $13.9 billion in ad revenue in Q1 2025 [9] Future Outlook - Amazon's market capitalization stands at $2.3 trillion with trailing-12-month revenue of $650 billion, indicating its colossal size and past success [10] - Revenue is projected to grow at a compound annual rate of 9.5% from 2024 to 2027, suggesting continued potential for growth [11] - Diluted earnings per share improved from $3.21 in 2021 to $5.53 in 2024, making the current valuation reasonable with a forward price-to-earnings ratio of 34.3 [12] Investment Consideration - While Amazon may not replicate past extraordinary returns, it remains a worthy candidate for long-term investment [13]

Core Viewpoint - The article discusses the implications of rising national debt and suggests investing in life and retirement insurance companies as a protective measure against potential economic challenges posed by this debt [1][4]. Rising Debt and Economic Impact - The U.S. national debt has significantly increased, with a corresponding rise in the debt-to-GDP ratio, particularly during recessionary periods such as the 2008-2009 financial crisis and the pandemic [2]. - The response to rising debt has historically been increased spending and debt issuance, raising concerns about the sustainability of this approach [3]. Interest Rate Projections - Higher debt levels suggest that more debt issuance will occur, which could lead to rising long-term interest rates, potentially exceeding market expectations [6][7]. - The current market appears complacent regarding long-term interest rates, not pricing in significant risks associated with rising debt levels [7]. Investment Opportunities in Insurance Sector - In a rising interest rate environment, life and retirement insurers like Prudential Financial, MetLife, and Corebridge Financial may perform well, as they can invest in higher-yielding assets [8]. - These insurers typically hold a significant portion of their assets in low-risk investments, which will be affected by rising rates but will also allow them to purchase new assets at higher rates [10]. Asset Composition of Insurers - Prudential Financial holds 54.9% of its general account assets in publicly available fixed maturities, while MetLife has 31.6% in investment-grade corporate debt [12][13]. - Corebridge Financial has a substantial 97% of its assets in fixed income or short-term investments, positioning these companies favorably in a higher interest rate scenario [13]. Strategic Investment Considerations - While the debt issue is concerning, predicting interest rates remains challenging; however, investing in the insurance sector may be a prudent strategy for those worried about future public debt servicing costs [14].

Core Insights - The comparison between Ford and Tesla highlights the future direction of the auto industry, particularly in electric vehicles (EVs) and robotaxis, with both companies facing similar opportunities and challenges [1] - Tesla's full-self-driving (FSD) robotaxi is seen as a strategic move to counteract declining sales and market share, while major automakers recognize the profit potential of robotaxis through recurring income from ride-per-mile revenue [2] Electric Vehicles and Affordability - Automakers need to make EVs more affordable to ensure their future viability, as current EVs are not cheap [2] - Ford's CEO emphasized the importance of developing affordable EVs to achieve profitability, indicating a shift in strategy [4] Robotaxi Development - Ford has faced setbacks in its robotaxi plans, notably after the shutdown of Argo AI, while Tesla is preparing to launch its unsupervised FSD/robotaxi service [14][15] - Tesla's ability to transform existing vehicles into robotaxis and produce a dedicated model, the Cybercab, gives it a competitive edge [8] Financial Performance - Ford's Model E segment reported significant losses, with a loss of $5.1 billion in 2024 and $849 million in Q1 2025, indicating challenges in achieving a profitable EV business [10] - In contrast, Tesla generated $7.1 billion in operating profit in 2024 and maintained a dominant market share of 43.5% in Q1 2025, compared to Ford's 7.7% [11] Future Outlook - Both companies plan to release low-cost models, but Tesla's ability to lower its average cost per car positions it better for sustainable profitability [13] - The auto industry is moving towards lower-cost EVs and robotaxis, with Tesla currently in the best position to meet these industry aims [18]

中经记者 蒋政 北京报道 2024年，瑞贝卡实现营业收入12.39亿元，同比微增1.1%；净利润为-1.18亿元，仅第四季度净利润便亏 损1.28亿元。记者注意到，自2003年登陆资本市场后，这是瑞贝卡首次出现亏损。 半个多月内连收两张警示函，让"假发大王"——瑞贝卡（600439.SH）的公司治理和内控问题暴露在阳 光之下。 《中国经营报》记者注意到，相关函件主要涉及公司信披问题、与关联方之间的非经营性资金往来及产 生的资金占用、高管薪酬未经股东大会审议等。其中，仅在2024年，瑞贝卡现大股东非经营性资金占用 累计发生金额约10.54亿元，其他关联资金往来累计发生金额则超过23亿元。 除此之外，该公司上市21年以来，在2024年首度出现亏损。而作为"二代"接班的郑文青，在其掌舵瑞贝 卡的4年中，公司营收呈现缩水之势，净利润则是逐年下滑。这个全球知名的假发企业，亟待寻找新的 破局之路。 值得注意的是，在此之前的半个多月，瑞贝卡还收到另一份警示函，涉及的问题主要包括：在相关财报 中未披露公司与关联方的资金往来，公司2023年年末存货跌价准备计提不充分等。 中喜会计师事务所出具的《前期会计差错更正专项说明》和《瑞 ...

中经记者 慈玉鹏 北京报道 《通知》指出，发行人、承销机构（包括主承销商和承销商）应按照市场化原则开展发行承销，公平对 待所有投资者，不得事先约定债券发行利率，不得以"返费"等手段扭曲市场价格，不得以代持、互持等 方式谋取不正当利益。承销机构不得以低于成本的承销费率报价参与债券项目竞标。发行人、承销机构 应按照商业约定履行付款义务，不应拒绝支付或拖欠费用。 同时，《通知》强调，主承销商应充分保障投资者合法权益，不得将包销变相作为主动投资争揽客户的 手段。承销机构开展余额包销应当报价公允、程序合规，并严格按照发行文件披露的方式确定余额包销 利率。余额包销不得挤占有效申购投资者认购规模，余额包销利率不得低于投资者有效申购利率上限。 针对投资者，《通知》指出，投资者不得协助发行人"自融"，不得参与内幕交易、操纵市场、利益输 送、非市场化发行等违法违规活动。承销机构投资债券的，应确保债券发行承销与投资等业务条线相互 隔离，防范利益冲突和道德风险。 华北地区某股份行人士告诉记者，债券承销是银行中间收入的重要来源，近年来多家银行承销业务相关 收入同比增长，《通知》下发将进一步倒逼银行投行部门强化业务规划性建设。 Wind ...

中经记者 郭婧婷 北京报道 自2025年年初以来，科技创新热潮不仅推动港股领涨全球，港股 IPO 也出现强劲复苏，内地企业赴港 上市热度攀升。 6月18日，在2025陆家嘴论坛上，香港交易所（以下简称"港交所"）行政总裁陈翊庭表示，当前港股IPO 排队企业超160家，仅5月就有40多家企业递表。 "2025年港股市场回暖受益于降息周期来临、政策支持、改革成效以及投资者情绪变化等多重因素。"港 交所发言人在接受《中国经营报》记者采访时如是说。记者根据Wind数据统计发现，在160余家赴港 IPO排队企业中，有超过九成以上的企业来自中国内地。 实际上，港股市场升温很大程度上亦有赖于内地监管层面的推动和支持。2024年4月19日，中国证监会 发布对港合作"5条"，共同促进两地资本市场协同发展。其中，"支持内地行业龙头企业赴香港上市"为 重要内容之一。 记者梳理发现，截至6月19日，5条措施推出至今14个月，内地企业赴港上市已达86家，2025年以来，内 地企业赴港上市数量31家，其中，宁德时代以52亿美元的募资额成为上半年全球最大IPO。 IPO市场回温 "A+H"上市案例频出 6月12日，安永发布2025年上半年 ...

需要注意的是，多年以来，中意人寿一直以投资表现优异著称，但是在2025年一季度投资业绩出现明显 下滑。最新偿付能力报告显示，截至2025年一季度末，中意人寿投资收益率0.67%，综合投资收益率 为-0.1%，该两项指标与2024年一季度的1.34%和3.64%相比出现大幅下滑，特别是综合投资收益率。 《中国经营报》记者注意到，中意人寿2025年一季度末净现金流由2024年四季度末12.71亿元降 至-266.89万元。同期，净资产48亿元，同比下降超过45%。 当前行业转型分红险的形势下，中意人寿如何进一步发挥产融结合特色，又如何进一步平衡净资产、净 利润、保费规模之间的关系？ "石油人自己的保险公司" 公开资料显示，中意人寿成立于2002年，由中国石油天然气集团公司（以下简称"中石油"）和意大利忠 利保险有限公司（以下简称"忠利集团"）合资组建，双方各持股50%。2016年9月，中石油将其持有的 50%股权无偿划转给中国石油集团资本有限责任公司（以下简称"中油资本"）。 截至目前，中意人寿股东股权再未变更，一直保持至今。人事方面，中意人寿董事长人选一直由中石油 方面派遣，而副董事长则由忠利集团方面派遣。 中 ...

Core Insights - Digital Turbine's stock experienced a significant increase of 23.1% following the release of its Q4 results, despite some pullbacks later in the week [1] - The company's fiscal Q4 report showed non-GAAP earnings per share of $0.10 on sales of $119.15 million, surpassing analyst expectations [3] - Although adjusted per-share profit decreased by approximately 16.7% year over year, sales increased by around 6.2% [3] Financial Performance - Digital Turbine's Q4 results exceeded Wall Street's targets, with adjusted earnings per share beating the average estimate of $0.04 [3] - The company provided forward guidance for sales between $515 million and $525 million for the current year, indicating an expected annual revenue growth of roughly 6% [4] - The targeted adjusted EBITDA is between $85 million and $90 million, suggesting a potential annual growth of 21% if the midpoint is achieved [5] Strategic Outlook - The business appears to be stabilizing, with successful integration of AI tools into app promotion services [6] - Cost-cutting measures and strategic shifts are yielding positive results for the company [6] - However, the company's significant exposure to the Chinese market presents a risk due to potential geopolitical tensions with the U.S. [6]