FNF Overview - FNF's total revenue for FY2022 was $116 billion[6] - FNF holds a 31% title market share[6] - FNF holds 1 or 2 market share in 44 states[7, 17] Title Segment Performance - FNF's adjusted pre-tax title margin in 1Q23 was 100%[28, 33, 63, 79, 90] - FNF's title revenue in 1Q23 was $91 billion[28] - FNF consistently holds top market share in residential purchase, refinance, and commercial markets[12] F&G Segment Performance - F&G's assets under management reached $45 billion in 1Q23, an 18% year-over-year increase[40, 41, 63, 65] - F&G's gross sales in 1Q23 grew by 27% year-over-year to $33 billion[40, 41, 63, 65] - F&G's adjusted net earnings for 2022 were $317 million[43] Financial Position - FNF's debt-to-capitalization ratio, excluding AOCI, was 285% as of March 31, 2023[60, 61] - FNF held over $800 million in holding company cash and short-term investments as of March 31, 2023[61, 65]

FNF Overview - FNF is an industry-leading insurance solutions company with a strong track record of technology innovation, market share growth, and shareholder value creation[9] - FNF's total revenue for FY2022 was $116 billion[9] - FNF holds the 1 market share in the title insurance industry and is 1 or 2 in 39 states[10, 19, 20] - FNF's title market share is 31%[9, 16] - FNF has approximately 23000 employees[9] Title Segment Performance - FNF consistently holds the top market share in residential purchase, refinance, and commercial markets[15] - FNF's adjusted pre-tax title margin in 1H23 was 132%[31, 36, 65] - FNF's scale provides data to evaluate trends and respond to fluctuations in opened and closed orders[27] - FNF's commercial revenue in 1H23 was $504 million[34] F&G Segment Performance - F&G's gross sales in 1H23 were $63 billion, an increase of 11% year-over-year[44, 45] - F&G's assets under management reached a record $463 billion[44, 45, 65] Financial Performance and Capital Allocation - FNF's adjusted net earnings per share for 1H23 was $157[52, 65] - FNF targets a debt-to-capitalization range of 20-30%[54, 61] - FNF's holding company cash and short-term investments were $885 million as of June 30, 2023[63, 67]

FNF Overview - FNF is the leading provider of title insurance and settlement services with $116 billion in total revenue for FY2022[9] - FNF holds the 1 market share in the title insurance industry and is 1 or 2 in 39 states[10, 20] - F&G is a Top 5 fixed indexed annuity writer in the industry[10] Title Segment Performance - FNF holds a 31% total title market share[9, 16] - FNF's direct title market share is 40% with $2 billion in revenue[18] - FNF's agent title market share is 26% with $5 billion in revenue[18] - FNF consistently delivers industry-leading adjusted pre-tax title margins[35] - The company targets a "normalized" adjusted pre-tax title margin of 15%-20%[27] F&G Segment Performance - F&G's Assets Under Management (AUM) reached a record $474 billion[44, 64] - F&G gross sales were $91 billion YTD 3Q23, a 7% increase year-over-year[44] Financial Performance - Total revenue for 3Q23 was $2778 billion[64] - Adjusted net earnings per share for 3Q23 were $123[64] - The company maintains a strong balance sheet with a 277% debt-to-capitalization ratio as of September 30, 2023[62]

证券代码： 002864 证券简称：盘龙药业 陕西盘龙药业集团股份有限公司投资者关系活动记录表 编号：2025-005 | 投资者关系活动 □ | 特定对象调研 □ 分析师会议 | | --- | --- | | 类别 □ | 媒体采访 业绩说明会 □ | | □ | 新闻发布会 ☑ 路演活动 | | □ | 现场参观 | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 万家基金 杨梦朝 | | 人员姓名 | 招商基金 夏帅 | | | 鹏扬基金 曹敏 | | | 长城基金 龙宇飞 | | | 长城证券 蔡航 | | | 长城证券 刘鹏 | | | 标普全球市场财智 孔冰逸 | | | 荣疆投资 彭卫 | | | 银河证券 宋丽莹 | | | 东方财富证券 何玮 | | | 深圳市同城投资管理有限公司 裘伯元 | | 时间 2025 | 年 月 日 6 23 日-25 | | 地点 | 陕西盘龙药业集团股份有限公司、上海浦东新区、湖南长沙市 | | 上市公司接待人 | 董事会秘书吴杰，证券事务代表赵晓妮，投资者关系管理专员梁 | | 员姓名 馨方 | | | 投资者关系活动 主要内容 ...

| 新股发行及今日交易提示 | 2025/7/1 | 星期二 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/7/1 | 新股发行 | 证券代码 | 证券简称 | 发行价格 | | | | | 301630 | 同宇新材 | 84.00 | 2025/7/1 | 新股上市 | | | | | 证券代码 | 证券简称 | 发行价格 | 001388 | 信通电子 | 16.42 | | | | 2025/7/1 | 内地市场权益提示 | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | | | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=600566&announcementId=122395 | 600566 | 济川药业 | 要约申报期：2025年6月18日至2025年7月17日 | 6108&orgId=gssh0600566&announcementTime=2025 | -06-24 | 要约收购 | | | https: ...

证券研究报告 行业研究 / 行业点评 2025 年 07 月 01 日 电子 强于大市 投资要点： 证券分析师 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com 行业及产业 AI Glasses 市场持续爆发 ——电子行业周报 风险提示：1）国际贸易摩擦加剧 2）下游需求不及预期 3）技术升级进度滞后 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《电子行业周报：Switch 2 开启新一轮成长周 期——2025/06/16-2025/06/20》 2025-06-24 《电子行业周报： 低轨卫星市场正处于持续爆 发周期——2025/06/09-2015/06/13》 2025-06-16 《电子行业周报：EDA 限制升级，国产替代加 速——2025/06/02-2025/06/06》 2025-06-10 《Wolfspeed 陷入困境，国产 SiC 企业迎来发 展机遇——20250604 爱建电子行业周报》 2025-06-04 《ASIC 成为服务器芯片领域新风口》 2025-05-27 请仔细阅读在本报告尾部 ...

2025 年 07 月 01 日 分析师：林子健 S1050523090001 linzj@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 汽车(申万) | 0.3 | -1.4 | 30.5 | | 沪深 300 | 2.5 | 1.2 | 13.2 | 市场表现 -20 -10 0 10 20 30 40 50 (%) 汽车 沪深300 鸿蒙智行尊界 S800 轿车上市首月大定突破 6500 台 推荐(维持) 事件 资料来源：Wind，华鑫证券研究 相关研究 1、《汽车行业周报：小米 YU7 上市 18 小时锁单突破 24 万台，特斯拉 ModelY 首次实现全自动驾驶交付》 2025-07-01 2、《汽车行业点评报告：马斯克公 布脑机接口进展，Neuralink 估值快 速上升》2025-06-30 3、《汽车行业点评报告：商务部开 展 2025 年千县万镇新能源汽车消费 季活动，政策加码新能源车下乡再 提速》2025-06-29 6 月 30 日鸿蒙智行宣布，尊界 S800 旗舰轿车上市首月大 定突破 650 ...

他认为，有了脑机接口这个工具，未来疾病诊断、治疗将会有大幅提升，疾病的原因和治疗方法也需要 重新理解。 郑海荣认为，AI将沿 "数据智能→物理智能→生物智能" 路径演进：数据智能依托算力与算法挖掘信息 价值；物理智能赋予机器感知与行动能力；而生物智能将通过脑机接口实现人机智能深度融合，最终构 建无创脑机通信——以神经信号直连替代传统通讯（如电话/微信），成为生命体间信息自由交互的终 极载体。 近期，国内多个科研团队宣布脑机接口进入临床阶段，能够帮助患者重建肢体运动功能，并取得了积极 进展。 郑海荣表示，当前脑机接口仍以科学研究为主，科学研究以原理验证和可行性探索为核心目标，要将脑 机接口技术转化为安全、有效且可推广的临床诊疗方案，仍需克服重大技术挑战，并经历严格的临床验 证过程，确保其对广泛患者群体的适用性和安全性。 在全球范围内，最受瞩目的埃隆·马斯克创立的Neuralink公司，在侵入式脑机接口的临床推进方面较为 领先，已实现脊髓损伤患者完成打字以及玩马里奥赛车等复杂任务。然而，侵入式脑机接口是有创的， 电极使用寿命有限，并且只能解读电极所接触脑区的信号。此外，侵入式电极面临的核心挑战在于生物 相容性。人 ...

Core Viewpoint - The company, Aoyang Health, has reported a significant decline in revenue and net profit for Q1 2025, while maintaining a high price-to-earnings (PE) ratio compared to the industry average, indicating potential overvaluation in the context of its financial performance [1][2]. Company Summary - Aoyang Health's closing stock price on July 1 was 3.96 yuan, reflecting a 1.54% increase, with a rolling PE ratio of 107.07 times and a total market capitalization of 3.032 billion yuan [1]. - The company operates in the medical services, pharmaceutical distribution, and biotechnology sectors, with its main products being medical services and pharmaceutical logistics [1]. - As of Q1 2025, two institutions held shares in Aoyang Health, with a total of 23,688.59 million shares valued at 791 million yuan [1]. Financial Performance - For Q1 2025, Aoyang Health reported an operating revenue of 452 million yuan, a year-on-year decrease of 22.27%, and a net profit of 18.4992 million yuan, down 39.82% compared to the previous year [2]. - The company's gross profit margin stood at 15.09% [2]. Industry Comparison - The average PE ratio for the medical services industry is 42.17 times, with a median of 44.15 times, positioning Aoyang Health at the 41st rank within the industry [1][2]. - Aoyang Health's PE (TTM) is significantly higher than the industry average, indicating a potential overvaluation relative to its peers [2].

证券研究报告 | 2025年07月01日 海信视像（600060.SH） 优于大市 家电新消费之 Mini LED： 海信视像深度报告-技术为基、营销有为，迈向全球电视龙头 海信视像：全球布局的电视龙头。海信视像是我国电视行业龙头，主营电视、 激光显示、显示芯片等显示产品及上下游业务。公司营收以电视为主，占比 约 80%；公司持续发力海外渠道及品牌，2024 年海外收入占比达到 52%。2018- 2024 年营收复合增长 8.9%至 585.3 亿，归母利润复合增长 33.7%至 22.5 亿。 电视迭代大潮涌起，国内产业链奋楫争先。电视诞生近百年，在体积、尺寸、 画质等多方面不断迭代，当前 Mini/Micro LED 等新技术蓬勃兴起，持续推 动电视使用体验的升级。随着 Mini LED 电视技术的成熟及价格下探，渗透 率迎来快速提升，2024年我国Mini LED电视渗透率同比提升超15pct至18%。 我国企业已在 Mini LED 建立起领先的全产业链布局，有望受益于 Mini LED 电视的快速成长。从量价角度看，当前全球电视销售规模虽然进入稳定期， 但在面板供给逐步走向集中推动面板价格稳定的背 ...