2025 年 06 月 30 日 宏观研究团队 "两重"接力支撑 PMI，预计 Q2 GDP 约 5.2% ——兼评 6 月 PMI 数据 何宁（分析师） 陈策（分析师） hening@kysec.cn 证书编号：S0790522110002 chence@kysec.cn 证书编号：S0790524020002 事件：2025 年 6 月官方制造业 PMI 49.7%，预期 49.7%，前值 49.5%；官方非制 造业 PMI 50.5%，前值 50.3%。 制造业：荣枯线下小幅改善，内需相对好于外需 1、制造业景气度小幅回升，供需均有小幅改善。PMI 新订单、PMI 新出口订单、 PMI 进口分别回升了 0.4、0.2、0.7 个百分点，指向内需相对好于外需；分行业 来看，食品及酒饮料精制茶、专用设备等行业产需指数扩张，地产链则继续低 于临界点。 2、工业原材料价格有所回升，预计 6 月 PPI 同比约-3.1%。根据高频指标预计， 6 月 PPI 环比可能在-0.1%左右，同比在-3.1%左右、较前值低位回升。 3、分类型来看，大中型企业景气度改善、小型企业走弱。大中型企业或受益于 "两重"加力提速，而 ...

上 市 公 司 商贸零售 2025 年 06 月 30 日 小商品城 (600415) ——25H1 净利预增符合预期，新市场招租稳步推进 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 06 月 30 日 | | --- | --- | | 收盘价（元） | 20.68 | | 一年内最高/最低（元） | 22.08/7.17 | | 市净率 | 5.3 | | 股息率%（分红/股价） | 1.60 | | 流通 A 股市值（百万元） | 113,386 | | 上证指数/深证成指 | 3,444.43/10,465.12 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 3.89 | | 资产负债率% | 43.38 | | 总股本/流通 A 股（百万） | 5,484/5,483 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 07-01 08-01 09-01 10-01 11-01 12-01 01-01 02-01 03-01 0 ...

– AI-driven speech to text wearable transcription enhances accessibility for the deaf or hard of hearing, delivering real-time closed captions in nearly any environmentROCHESTER, N.Y., June 30, 2025 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI) ("Vuzix" or the "Company"), a leading supplier of smart glasses, waveguides and augmented reality (AR) technology today announced that TranscribeGlass, a Connecticut-based company specializing in real-time speech-to-text transcription solutions, is continuing to ...

硅谷大厂"抢疯了"。 据美国媒体报道，为进一步提升人工智能领域的竞争力，Meta近期从OpenAI挖走多名开发人员。 据悉，在这场"抢人大战"中，Meta甚至开出高达1亿美元的签约费用，震惊业界。 Meta疯狂挖人 据美国科技媒体Wired报道，四名 OpenAI 研究人员将离开公司去 Meta。这四人分别为Shengjia Zhao, Shuchao Bi, Jiahui Yu和Hongyu Ren。据悉，四人已加入Meta的超级智能团队。 报道还声称这是Meta CEO马克·扎克伯格（Mark Zuckerberg）一系列激进举措中的最新动作。他希望在 构建通用人工智能(AGI)方面努力赶上 OpenAI、Anthropic和谷歌。 据报道，Hongyu Ren是OpenAI已经发布的o3和o4 mini模型，以及将于今年夏天发布的开源模型的后期 训练负责人。Shengjia Zhao是资深的深度学习研究专家，他于2022年夏天加入OpenAI，并帮助构建了 GPT-4 模型。 Jiahui Yu在2023年底加入 OpenAI，他曾担任谷歌大脑（GoogleBrain）和谷歌DeepMind的高级研究科 ...

Investor Presentation NYSE: IDT Third Quarter Fiscal 2025 June 2025 ForwýrĀ-Looking Stýtāmānts All statements in this presentation that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment ...

得益于此，金鸿顺的重组计划自推出以来就备受外界关注。但如今，随着计划终止，金鸿顺重组吸 纳"马达新贵"梦碎。《每日经济新闻》记者梳理注意到，这已是近五年来金鸿顺第四次在重组、并购事 项上折戟。 收购"马达新贵"计划告吹 金鸿顺于2017年上市，主要从事汽车车身和底盘冲压零部件及其相关模具的开发、生产与销售。受行业 影响，自2019年至今，公司扣非净利润已连续六年亏损。 在2024年11月披露的交易预案中，金鸿顺曾提及公司传统主业面临的困境：近年来，受到汽车电动化、 网联化、智能化的冲击，传统乘用车行业景气度下滑，导致市场需求的下降以及行业竞争的加剧。同 时，新能源汽车的快速发展也在不断推动汽车产业转型升级，国内汽车行业竞争进入"白热化"，整车价 格下降趋势不断传导至上游产业。国内汽车零部件生产企业已进入规模整合的阶段，行业竞争激烈，盈 利空间受限。 每经记者｜黄海 每经编辑｜魏官红 金鸿顺的重组计划又告吹了。 6月30日晚间，金鸿顺（603922.SH，股价18.42元，市值33.01亿元）公告称，因"交易各方对本次重大资 产重组交易方案进行了多次协商，但各方未能就交易最终方案达成一致"，经公司充分审慎研究及 ...

Company Overview - Mueller Water Products, Inc. (MWA) is experiencing significant attention from investors due to high implied volatility in its options market, particularly the Aug 15, 2025 $15.00 Call option [1] - The company currently holds a Zacks Rank 3 (Hold) in the Steel - Pipe and Tube industry, which is positioned in the top 39% of the Zacks Industry Rank [3] Analyst Sentiment - Over the past 60 days, no analysts have increased their earnings estimates for the current quarter, while two analysts have lowered their estimates, resulting in a decrease in the Zacks Consensus Estimate from earnings of 36 cents per share to 34 cents [3] Options Market Insights - The high implied volatility suggests that options traders are anticipating a significant price movement for Mueller Water Products shares, indicating potential upcoming events that could lead to a major rally or sell-off [2][4] - Seasoned options traders often seek to sell premium on options with high implied volatility, aiming to benefit from the decay of the option's value if the underlying stock does not move as much as expected [4]

孙宇晨借壳的SRM涨10.68%，Bakkt涨10.63%，MFH涨9.97%，RVYL涨9.88%，CIFR涨8.80%，美国直 接上市的Galaxy Digital涨8.36%，网红券商Robinhood涨近7%，BTC Digital涨6.10%，Circle涨6.08%， Robinhood涨5%。此前，美国财长贝森特称稳定币立法可能在7月中旬完成。 ...

Core Insights - Crocs Inc. is positioned for growth in the casual footwear market, despite its stock being down nearly 10% year-to-date and trading at a discount [3] - The company is one of the most profitable in the retail footwear space, with a strong focus on maintaining pricing power and brand image [4][12] Market Growth Potential - The casual footwear market is forecasted to grow at a compounded annual growth rate (CAGR) of 7.4% through 2030, with clogs specifically expected to grow at 11.4% CAGR [7] - Crocs defines its total addressable market (TAM) across three segments, all projected to grow globally through 2030 [5] Market Share and Expansion - Crocs has increased its global market share from 0.3% in 2018 to 1.0% in 2024, focusing on "Tier 1 Markets" such as the U.S., Western Europe, India, China, Japan, and South Korea [8] - The company aims to expand its direct-to-consumer (DTC) sales, which have grown from 45.1% of total revenue in 2022 to 49.7% in 2024 [10] Sales and Profitability - Crocs brand unit sales nearly doubled from 67 million in 2019 to 127 million in 2024, with the average selling price (ASP) increasing from $18 to $26 [13] - The company's revenue grew from $1.2 billion in 2019 to $3.3 billion in 2024, demonstrating strong sales growth [13] Financial Performance - Crocs has achieved a 14% annual growth in revenue and a 15% growth in net operating profit after tax (NOPAT) since 2006 [19] - The NOPAT margin improved from 4% in 2014 to 21% in the trailing twelve months (TTM), with return on invested capital (ROIC) rising from 5% to 22% over the same period [20] Shareholder Returns - The company has repurchased $2.1 billion in shares since 2019, representing 37% of its market cap, and has a remaining authorization of $1.3 billion for further repurchases [24][26] - If share repurchases continue at the same rate as 2024, it could represent 8.6% of the current market cap [25] Challenges and Strategic Focus - Crocs has withdrawn its full-year 2025 guidance due to uncertainties related to tariffs but has identified $50 million in potential savings to offset costs [30] - The company prioritizes maintaining margins over increasing sales volume, which supports a strong brand image [31] Valuation Insights - The current price implies that the market expects Crocs' NOPAT to decline by 20%, which may be overly pessimistic given the company's historical growth rates [33] - Scenarios suggest that shares could rise by over 20% even if tariffs impact margins, indicating potential upside in the stock price [36]

大事提醒： 7月23日，移动财经将披露2025财年一季报（数据来源于纳斯达克官网，预计披露日期为美国当地时 间，实际披露日期以公司公告为准）。 6月30日，移动财经(MFI)盘中上涨10.35%，截至23:04，报5.65美元/股，成交61.57万美元，总市值 7487.19万美元。 财务数据显示，截至2024年12月31日，移动财经收入总额2608.53万港元，同比减少18.38%；归母净利 润-2021.1万港元，同比减少404.89%。 本文源自：金融界 作者：行情君 资料显示，移动财经国际有限公司是一家在英属维尔京群岛注册成立的境外控股母公司,主要由其境内 实体子公司移动财经(m-FINANCE)运营。移动财经国际有限公司在香港设有三家子公司,主要从事金融 交易解决方案的研发和销售,提供金融交易解决方案。其主要营运子公司m-FINANCE是金融服务市场参 与者之一,客户遍布香港、中国大陆和东南亚,同时也是香港黄金交易所HKGX(原香港金银业贸易场 CGSE)会员的黄金交易平台解决方案提供商。m-FINANCE拥有近20年的行业经验,为经纪商和机构客户 提供外汇、黄金、大宗商品交易平台解决方案,包括mF ...