Core Viewpoint - The launch of the "Same Screen Immersion · Light and Shadow Arena" initiative marks the first time professional football matches are broadcast live in cinemas in China, representing an innovative practice in the cinema live broadcast sector and exploring a diversified operation model of "Cinema + Sports" [1][3]. Group 1: Strategic Collaboration - A strategic cooperation agreement was signed between Huaxia Film Distribution Co., China Mobile Migu, and Beijing Guoan Football Club, with Beijing Guoan being the first Super League team to implement this plan [3]. - The collaboration aims to integrate resources from sports, film, and communication technology sectors, focusing on live broadcasts, themed screenings, and fan interactions to create a unique "screen home ground" for fans [3]. Group 2: Technological Implementation - The project utilizes 5G ultra-high-definition transmission technology and cinema-grade audio-visual standards to ensure a seamless viewing experience, featuring multi-angle switching and immersive sound systems [7]. - The technology guarantees a full-link technical support system for the "collection-processing-screening" process, enhancing the immersive viewing experience for audiences [7]. Group 3: Audience Engagement - The atmosphere during the live screening mirrored that of a traditional stadium, with fans actively participating and cheering for their team, creating a vibrant community experience [5]. - The initiative aims to attract football fans to cinemas, which is seen as an innovative move amidst the current challenges faced by the cinema industry [5].

Group 1: Core Views - The net interest margin (NIM) of the banking industry in China has dropped to 1.43%, which is below the average non-performing loan (NPL) ratio of 1.51%, posing significant challenges for sustainable development in the banking sector [5][6][7] - The bank aims to maintain a leading position in NIM while ensuring it covers all costs and continues to create value in its asset and credit businesses [7] - The bank acknowledges past shortcomings in proactively engaging with ETF funds and plans to enhance its product offerings in the future [8][9] Group 2: Financial Investments - As of the end of the reporting period, the bank's financial investments amounted to 617.018 billion yuan, with a proportion of 16.65%, reflecting a gradual increase from previous years [3] - The increase in financial investment assets is attributed to proactive asset allocation and changes in the financing needs and market conditions [3][4] - The bank is focusing on low-risk, low-capital-consuming bonds due to the structural changes in financing and the need for stable returns [4] Group 3: Net Interest Margin - The bank's NIM was reported at 1.91% for Q1, down from 1.98% the previous year, indicating a continuing downward trend [6][7] - The bank's NIM is expected to face difficulties in returning to the 2%-3% range due to low loan yields and already low funding costs [7] - The bank is adapting to the low-interest-rate environment by accelerating its transformation in various areas, including internationalization and digitalization [7] Group 4: Fund Sales - The bank has recognized its past lack of foresight in the ETF market and is now working to correct this by expanding its range of fund products [8][9] - The bank has strengthened partnerships with leading asset management companies and improved its fund distribution capabilities [9] - Recent sales of newly launched public funds have shown promising results, indicating the bank's strong sales capabilities in the fund market [9]

6月26日，菊乐股份发布公告称，公司将于当日开市起停牌，公司披露相关事项后恢复转让交易。停牌原因 为：向境内证券交易所申请公开发行股票并上市。 记者注意到，这是菊乐股份第五次冲刺IPO。从2017年首次冲刺IPO到2024年6月，菊乐股份曾先后"四战"深 交所IPO折戟。 如今，这家四川乳企改道北交所，自去年9月启动上市辅导至通过验收，终于拿到了"冲刺北交所"的入场券， 即将正式递交IPO申请。 曾四次冲击深交所IPO未果 回顾菊乐股份的IPO之路，可谓一波三折。 菊乐股份曾于2017年12月首次递交招股书，拟登陆深交所中小板，保荐机构为华安证券，但因材料不齐、 IPO审核从严于2018年3月撤回材料； 2019年8月，菊乐股份再度递交上市申请，后因公司相关问题遭证监会出具警示函，以失败告终； 2020年6月，菊乐股份第三次向资本市场发起冲击，但因为菊乐股份聘请的会计师事务所和验资机构在财务审 计上出错，并受到了监管的问询而折戟； 2022年7月，菊乐股份更换保荐机构为中信建投证券，启动了第四次IPO。直至2024年6月，因菊乐股份撤回 发行上市申请，深交所决定对其终止发行上市审核。伴随此次申报IPO终止，意 ...

在今天(6月26日)举行的国家发展改革委新闻发布会上，国家发展改革委新闻发言人表示，将严厉打击 有偿删除、公示虚假信息等信用修复领域违法违规行为。发言人介绍，近日审议通过的《关于进一步完 善信用修复制度的实施方案》，国家发展改革委将多方面落实。首先是针对部门多头公示失信信息、多 头接收企业信用修复申请，造成"多头修复""重复修复"等问题，国家发展改革委将在"信用中国"网站设 置入口统一接收各类信用修复申请，再推送给相关行业管理部门办理，实现信用修复集成办、高效办。 针对此前失信行为种类复杂、对公示期限缺乏统一标准等问题，《实施方案》统一将失信信息分为"轻 微、一般、严重"三类，明确修复条件与失信主体的过错程度相匹配，做到轻重适度、过惩相当。(央视 新闻) ...

Core Viewpoint - The "2025 Hong Kong Good Goods Festival" is set to enhance brand exposure for Hong Kong businesses and expand their presence in the mainland e-commerce market through a series of promotional activities, including a live-streaming sales event starting in August [1][4]. Group 1: Event Overview - The event, organized by the Hong Kong Trade Development Council, attracted over 40 popular live-streaming hosts and their professional teams for product selection [1][9]. - This year's festival will feature a month-long promotion on major mainland e-commerce and social media platforms, focusing on the theme "Hong Kong Good Goods, Shop Online" [4][16]. - The introduction of an offline product selection event aims to match suitable products with the audience of live-streamers based on the actual needs of mainland consumers [4][14]. Group 2: Product Selection and Quality - More than 160 unique products from Hong Kong businesses were showcased, covering various categories such as food and beverages, health care, clothing, personal care, household items, and digital products [4][6]. - Live-streaming teams emphasized the importance of product quality, with one team noting the rigorous standards maintained by Hong Kong companies in product sourcing and manufacturing [6][10]. - The selection process included evaluating product details and market potential, ensuring that only high-quality items were chosen for live-streaming [6][10]. Group 3: Marketing and Promotion Strategies - The event served as a communication bridge between Hong Kong businesses and live-streamers, facilitating a positive commercial cycle of selection, promotion, and consumption [12][14]. - Customized marketing strategies were employed, including inviting social media influencers to promote products through "planting grass" and "check-in" activities [12][14]. - The festival aims to provide a diverse shopping experience for mainland consumers by highlighting products with brand stories and local characteristics [10][14].

与此同时，现场还设置形式多样的互动环节。禁毒知识展板区，图文并茂地展示着毒品的种类、危害及 防范方法。民警和志愿者们穿梭其中，引导市民群众通过多种维度学习禁毒知识、耐心答疑解惑。知识 问答环节更是吸引了市民踊跃参与、积极抢答，现场气氛热烈。 中新网宁夏新闻6月26日电 （胡耀荣 通讯员 马春燕）6月，骄阳似火，禁毒宣传的热浪以铺天盖地之势 席卷而来，在第38个国际禁毒日到来之际，银川市西夏区公安分局联合银川女子强制隔离戒毒所、西花 园路街道共同举办以"健康人生·绿色无毒"为主题的文艺汇演宣传活动。 活动以舞蹈《母亲是中华》开场，激昂优美的音乐声响起，社区禁毒志愿者们翩翩起舞，歌颂着国泰民 安，展现了中华儿女对祖国母亲的拳拳赤子之心；情景剧《禁毒宣传不停歇，平安幸福进万家》以"母 爱"和"社会关爱"为主题，讲述了一个母亲历经痛苦、迷茫之后，带着自己深陷毒品深渊的孩子一步步 走出人生低谷，重新开始新生活的故事；戒毒女警带来的舞蹈《尖兵》，以刚劲的步伐踏出忠诚底色， 以利落的舞姿诠释使命担当，展现着她们在禁毒战场上无所畏惧，用坚定的信仰守护生命防线。每个精 彩的演绎都承载着不同的社会力量对禁毒工作的共同期许，让在场 ...

Group 1 - The core point of the article is that the Hongmeng Zhixing brand is offering significant cash subsidies for its vehicles, with a cash discount of 20,000 yuan and potential benefits worth up to 60,000 yuan for customers who place orders during the promotional period from June 27, 2025, to July 31, 2025 [1] - The Zhijie brand has implemented multiple discount policies throughout the year, including a promotion in March that offered a maximum savings of 17,000 yuan for customers who completed a large deposit and loan disbursement by specific dates [4] - Despite these promotions, the brand's executive stated that they are selling vehicles at a loss, with each sale of the Zhijie R7 resulting in a loss of approximately 30,000 yuan [4] Group 2 - The Zhijie brand, a collaboration between Huawei and Chery, has achieved a cumulative delivery of over 100,000 vehicles and has received more than 130,000 orders as of May 27 [4] - The article highlights the competitive landscape, noting that Xiaomi is set to launch its first SUV, the Xiaomi YU7, on June 26, 2025, which may impact the market dynamics for Zhijie [5] - Xiaomi's SU7 model has seen significant delivery numbers, with over 28,000 units delivered in May 2025, indicating strong market interest and competition in the SUV segment [5]

周三，Coinbase收盘报355.37美元，距离2021年创下的历史高点仅0.6%，盘中一度涨至369.28美元，刷 新历史盘中高点。自6月18日美国参议院通过《天才法案》以来，该股股价已飙升约40%，今年迄今上 涨了35.6%，过去52周上涨了58.6%。 Coinbase是"加密货币投资资产中，最被误解、低估的公司"、"加密货币届的亚马逊"？ 美国加密货币行业当地时间周三（25日）再迎数个新发展。 其中，美国联邦住房金融局（FHFA）发布指令，要求美国政府支持企业（GSE）房地美和房利美正式 考虑将加密货币纳入单户抵押贷款风险评估框架，这标志着加密货币首次被纳入美国住房金融体系的核 心领域。获得美国总统特朗普支持的加密货币平台World Liberty Financial联合创始人福克曼（Zac Folkman）表示，该公司将"在未来几天内"对其稳定币进行审计，并计划推出一款新的加密货币应用程 序。美联储主席鲍威尔在参议院听证会上也表示，稳定币行业过去几年已逐步成熟，更加融入主流金融 体系。 众多利好，叠加上周稳定币监管法案——《天才法案》（GENIUS Act）在参议院通过，助推比特币周 三突破10. ...

Group 1 - The main point of the article highlights that BYD experienced a significant net sell-off of over 16 billion yuan, indicating a strong outflow of capital from the stock [1][5] - The communication sector saw the highest net inflow of capital, totaling 18.76 billion yuan, with a net inflow rate of 2.98% [2] - The non-bank financial sector faced the largest net outflow, amounting to 55 billion yuan, with a net outflow rate of 6.21% [3] Group 2 - Among individual stocks, Zhongke Shuguang led with a net inflow of 8.48 billion yuan, reflecting a net inflow rate of 13.89% [4] - In contrast, Dongfang Caifu and Guotai Haitong also saw significant net outflows, with 13.57 billion yuan and 8.69 billion yuan respectively [5] - The top ten stocks with the highest net outflows included BYD, which had a net outflow of 16.74 billion yuan, representing a net outflow rate of 28.34% [5]

证券研究报告：食品饮料 | 公司点评报告 发布时间：2025-06-26 股票投资评级 买入|维持 个股表现 -21% -9% 3% 15% 27% 39% 51% 63% 75% 87% 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 立高食品 食品饮料 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 47.54 | | --- | --- | | 总股本/流通股本（亿股）1.69 / 1.14 | | | 总市值/流通市值（亿元）81 / 54 | | | 52 周内最高/最低价 | 55.25 / 22.58 | | 资产负债率(%) | 41.2% | | 市盈率 | 29.81 | | 第一大股东 | 彭裕辉 | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 立高食品(300973) 产品与渠道深耕驱动增长，成本管控优化盈利 ⚫ 投资要 ...