以下文章来源于Foodaily每日食品 ，作者Foodaily Foodaily每日食品 . 意大利糖果巨头费列罗集团，将以约30亿美元（折合人民币约215亿）收购百年谷物品牌WK家乐氏 （WK Kellogg）。《华尔街日报》报道称，交易最早将于本周正式落地。 若交易达成，家乐氏旗下谷物圈早餐麦片品牌Froot Loops、香甜玉米片品牌Frosted Flakes将被费 列罗收入囊中。消息一出，家乐氏股价应声暴涨50%，目前市值约为15亿美元 [1] 。 作者丨 Giselle Yin、Hermia He 图源丨 Midjourney 值得注意的是，这将是继去年玛氏集团以359亿美元鲸吞家乐氏零食业务Kellanova后，该巨头再次 被"分食"，全球食品行业格局将迎来新一轮洗牌。 费列罗吃下家乐氏早餐谷物业务， 完善"全时段消费"版图 我们需要先明确费列罗此次收购的目标。 透过创新产品观察食品产业链及其商业新价值。 来源丨Foodaily每日食品（ID：foodaily） 7月10日，一则重磅交易震动食品行业。 巧克力巨头为何看上早餐谷物生意？此次收购有何战略意义？ 作为全球巧克力行业的领军企业，费列罗自 ...

东兴证券指出，2025年一季度产业链终端需求仍维持较高增长态势，电池等环节在盈利向上同时收入端 亦显现回暖，锂电板块整体景气度有所回升，同时固态电池等产业链新技术自2024年下半年出现多次催 化推动行情逐步产生升力，2025—2026年伴随着新技术商业化进程的持续推动，板块有望迎来利润端的 修复与估值的提升，当前时点板块业绩稳健且兼具弹性，具备一定的配置价值。2025年下半年板块格局 趋稳有望迎来基本面重回上升的机遇，同时固态电池等新技术商业化进程的提速以及低空、机器人等新 应用领域增量需求有望形成持续催化。 国盛证券指出，当前产业对需求端中长期增长维持乐观态度，消耗前期现金储备以待行业好转；同时低 成本盐湖及中资一体化企业入场后，供给端抗价格波动能力增强，"囚徒困境"下行业拐点或有后移。但 若锂价维持低位中枢，可期待供给侧加速出清，权益端或有提前反应。资源低成本保供+非锂业务多元 化经营是当前行业稀缺竞争优势，具备前述特征的企业可凭借优质资源+冶炼一体化生产构筑成本缓冲 垫，非锂业务平滑业绩并支撑企业估值，企业有望平稳度过行业低谷，待格局向好后赚取行业出清收 益。推荐标的：中矿资源（002738）。相关标的 ...

Core Insights - The Chinese entertainment industry is experiencing a divergence, with Damai Entertainment's stock price rising by 91% year-to-date, while Maoyan Entertainment's stock price has fallen by 10% [1][5]. Company Performance - Damai Entertainment has successfully diversified its business by shifting focus from movie ticketing to IP derivatives and offline entertainment activities, projecting a revenue growth of 33% to 6.7 billion RMB for FY2025 [4][13]. - In contrast, Maoyan Entertainment is heavily reliant on the domestic film market, expecting a revenue decline of 14% to 4.1 billion RMB for 2024 due to a 23% drop in movie box office revenue [4][15]. Strategic Differences - The divergence in stock performance is attributed to the fundamental differences in strategic direction between the two companies. Damai's transformation has allowed it to capture the benefits of consumer upgrades and post-pandemic entertainment demand, while Maoyan's reliance on the film market has left it vulnerable [6][15]. - Damai's revenue from movie-related activities is expected to constitute only 37% of its total revenue by FY2026, whereas Maoyan's movie-related revenue will account for over 80% [6][15]. Market Growth and Projections - The offline performance market in China is projected to grow at a compound annual growth rate (CAGR) of 81% from 2022 to 2024, with market revenue expected to reach 80 billion RMB in 2024 [7][8]. - Damai is estimated to achieve 2.1 billion RMB in event ticketing revenue in 2024, with expectations of further growth to 2.5 billion RMB and 3 billion RMB in FY2026 and FY2027, respectively [8][10]. Financial Outlook - Damai's adjusted EBITA is projected to grow by 61% to 809 million RMB for FY2025, with revenues expected to reach 8 billion RMB in FY2026 and 9.3 billion RMB in FY2027, exceeding market consensus by 4% and 7% [13][14]. - Conversely, Maoyan's adjusted EBITA is forecasted to plummet by 70% to 328 million RMB for 2024, with revenues expected to grow only 8% and 4% in FY2025 and FY2026, respectively, falling short of market consensus by 9% and 13% [15][18]. Valuation and Market Sentiment - Morgan Stanley maintains an "overweight" rating for Damai with a target price of 1.2 HKD, while downgrading Maoyan to "neutral" with a target price of 6.8 HKD, reflecting cautious expectations for Maoyan's future performance [6][19].

Core Viewpoint - Skyworks has significantly increased its presence in the chip spot market over the past two years, driven by rising demand in various sectors, including drones, and has seen a notable increase in prices for certain models [3][16]. Group 1: Company Overview - Skyworks is a non-typical analog chip manufacturer specializing in radio frequency (RF) chips, particularly in the RF front-end (RFFE) segment, which plays a crucial role in wireless communication modules [5][6]. - The global RF front-end market is dominated by major players, with Skyworks holding a 15% market share, alongside Broadcom, Qualcomm, Qorvo, and Murata, which collectively account for about 80% of the market [7][10]. Group 2: Market Position and Performance - Skyworks leads the power amplifier (PA) market with a 43% share, while also holding a 22.6% share in the RF switch market and 10% in the SAW filter market [10][11]. - The RF front-end components, particularly filters and power amplifiers, are projected to grow significantly, with expected market sizes of $2.1 billion and $1.4 billion by 2026, respectively [12]. Group 3: Business Segments and Revenue - Skyworks' revenue is primarily derived from two business segments: mobile business (60-67% of revenue) and broad markets (including IoT, automotive, and industrial applications) [14]. - The company has seen its revenue grow from approximately $800 million in 2009 to over $5 billion in recent years, with a peak of $5.486 billion in fiscal year 2022 [18][20]. Group 4: Challenges and Risks - Skyworks faces challenges due to its heavy reliance on mobile business, particularly on Apple, which contributes significantly to its revenue. A recent shift in Apple's sourcing strategy is expected to reduce Skyworks' demand by 20-25% [21][23]. - The company has experienced a shift in revenue sources, with the U.S. market's share increasing from over 50% in 2018 to 77% in 2024, while its reliance on the Chinese market has decreased [25]. Group 5: Future Outlook - Skyworks is actively diversifying its business to reduce dependence on the smartphone market, with broad markets revenue increasing from about 30% in fiscal year 2021 to over 35% in fiscal year 2024 [26]. - Despite facing challenges, Skyworks maintains a strong cash flow, with free cash flow exceeding $1.6 billion for two consecutive years, supporting ongoing R&D and product development [31].

Core Viewpoint - Hunan Feiwo New Energy Technology Co., Ltd. (Feiwo Technology) is implementing a share repurchase plan with a total funding of no less than 25 million yuan and no more than 50 million yuan, supported by a special loan from China Bank Changde Branch, indicating confidence in future growth and diversification into non-wind power sectors [1][2] Group 1: Share Repurchase and Financial Support - The share repurchase will be entirely used for equity incentives, reflecting the company's strong confidence in future development [1] - The special loan from China Bank accounts for 60% of the maximum repurchase funds, with a 3-year term and an interest rate of only 1.8%, showcasing financial institutions' recognition of the company's business prospects [1] - The combination of self-funding and low-cost loans optimizes the company's financial structure and reserves sufficient liquidity for future business expansion [1] Group 2: Technological Innovation and Market Position - Feiwo Technology holds over 70% of the global market share in wind power embedded nuts, maintaining the top position for five consecutive years [1] - The company has nearly 100 national invention and utility model patents and has participated in formulating several national and industry standards [1] - Through intelligent manufacturing upgrades, the company has significantly improved production efficiency, reducing processing time from 1 hour to less than 20 minutes and increasing capacity by over 70% [1] Group 3: Diversification and Strategic Partnerships - Feiwo Technology is accelerating diversification into high-end equipment sectors, having signed a strategic cooperation agreement with German aerospace component giant Heggemann to enter the aviation core component market [2] - The company aims to increase the revenue share from non-wind power businesses to over 30% in the next three years, further diversifying market risks [2] - The company's products have entered the supply chains of several leading domestic manufacturers in the aerospace sector, with overseas market expansion also achieving significant progress [2]

智通财经记者 | 袁颖琪 智通财经编辑 | 陈菲遐 一份亮眼年报背后，高悬的商誉、恶化的现金流和激增的库存正编织一张危险网。 日前，开润股份（300577.SZ）三位高管的减持计划引起市场关注。投资者发现，这家公司2024年净利 润暴增229%、2025年一季度归母净利润增长20%，但股价年内跌幅达15.88%，与业绩形成尖锐背离。 2025年初，开润股份向资本市场交出一份亮眼成绩单： 2024年营业收入42.40亿元，同比大幅增长 36.6%；归属于上市公司股东净利润3.81亿元，同比飙升229.5%，创下历史新高。 今年一季度，开润股份营业收入增长35.57%达到12.35亿元，归母净利润增长20.12%达到8500万元。这 一业绩增速远超行业平均水平。然而，细究财务数据会发现，公司业绩暴增的幕后推手并非传统的内生 性增长，而是一次精心策划的并购交易——对上海嘉乐股份有限公司（下称上海嘉乐）的控股收购。 2024年6月，开润股份通过全资子公司滁州米润完成对上海嘉乐15.9%股权的收购，交易总价约2亿元。 收购完成后，开润股份对上海嘉乐的持股比例从35.94%上升至51.85%，实现了对这家服装代工企业的 ...

文/新浪财经上海站 陈秀颖 6月17日，老牌期货龙头永安期货一纸公告掀起波澜："80后"副总经理马志伟正式接棒总经理，同时 1985年出生的史品出任首席风险官。这家扎根行业三十余年的国资巨头，以罕见的年轻化阵容开启新篇 章，迅速引发金融圈讨论。 人事更迭：年轻面孔扛起核心职责 公告显示，原总经理黄志明卸任后，由1984年出生，目前仅41岁的马志伟接任。马志伟现任公司党委副 书记、副总经理，并兼任浙江永安资本管理有限公司董事长。曾任公司余杭营业部经理、财富管理服务 中心经理、杭州分公司总经理等职。 十余年内部淬炼，使其对公司业务轻车熟路，此次升任被视为内部梯队成熟的标志。 对于一季度业绩大幅下降，永安期货表示，根据中国期货业协会2024年11月15日发布的《期货风险管理 公司大宗商品风险管理业务管理规则》，公司自2025年1月1日起对同一交易日内签署采购和销售合同等 六大类贸易类业务采用净额法确认收入。该调整仅影响财务报表中营业收入及营业支出的列示口径，对 业务的盈亏没有影响。若按照前述管理规则要求，2024年一季度可比口径营业收入为27.48亿元，2025 年一季度同比下降17.13%。 当前期货市场个人投资 ...

作为头部保险资管公司，泰康资产此次变更业务范围后业务未来开展情况值得关注。 近日，泰康资产管理有限责任公司（下称" 泰康资产 "）在官网公告变更业务范围。 其变更后的业务范围，与《保险资产管理公司管理规定》所规定的保险资管公司业务范围表述高度一致。变更 后的业务范围，既包括受托管理、资管产品等传统业务，也包括资产管理业务相关的运营、会计等专业服务新 业务。 因业务发展需要变更业务范围 近日，泰康资产官网公告，因业务发展需要，公司业务范围变更为：受托管理保险资金及其形成的各种资产； 受托管理其他资金及其形成的各种资产；管理运用自有人民币、外币资金；开展保险资产管理产品业务、资产 证券化业务；开展投资咨询、投资顾问，以及提供与资产管理业务相关的运营、会计、风险管理等专业服务； 国家金融监督管理总局批准的其他业务；国务院其他部门批准的业务 。 泰康资产称，此次变更业务范围已经获金融监管总局批准，公司将按有关规定办理其他变更手续。 以资管能力为基础开展多元化服务 对于保险资管公司的业务范围，北京市天元律师事务所合伙人黄再再等人曾撰文分析，在2012年《中国保监会 关于保险资产管理公司有关事项的通知》发布之后，保险资产 ...

国信证券股份有限公司 公开发行相关债券 www.lhratings.com 联合〔2025〕3933 号 联合资信评估股份有限公司通过对国信证券股份有限公司及其 相关债券的信用状况进行跟踪分析和评估，确定维持国信证券股份 有限公司主体长期信用等级为 AAA，维持"21 国信 04" "21 国信 "21 国信 11" "21 国信 13" "22 国信 02" "22 国信 05" "22 国信 "23 国证 02" "23 国证 04" "23 国证 06" "23 国证 07" "23 国证 "23 国证 09" "23 国证 10" "23 国证 11" "23 国证 12" "23 国证 "24 国证 01" "24 国证 02" "24 国证 03"信用等级为 AAA，评 级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月十日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日 的独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合 资信基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对 象的事实陈述或鉴证意见。 ...

智通财经APP讯，丰城控股(02295)公布，该公司于2025年6月9日成立一间中国全资附属公司，中国附属 公司的许可经营范围主要包括：企业总部管理、工业园区管理服务、商业综合体管理服务、市场管理服 务、酒店管理、非住宅房地产租赁、住房租赁、停车场服务、物业管理、信息咨询服务(不包括许可信 息谘询服务)、以自有资金进行投资的资产管理服务、资产评估(不包括依法需经批准的项目，凭借营业 执照依法独立开展业务活动)。 此外，董事会宣布其正与若干独立私人投资者(认购人)进行磋商建议债券认购事项。据此，认购人拟认 购，而金瓴资本拟发行年期一年且息票率为8%的债券，本金总额最高为4000万港元。 该集团一直积极寻求机会以实现业务组合多元化并拓宽收入来源，尤其是在中国市场，乃因该市场具有 长期结构性趋势，同时政府推行扶持政策，因而持续为各行各业带来具吸引力的前景。成立中国附属公 司属集团策略的一部分，有利于集团为自身部署日后参与中国工业园区管理行业(尤其以江西省赣州市 场为重心)的机会。 尽管于本公告日期，中国附属公司尚未开始营运业务，但其已为依法成立的中国实体，获准在其经营范 围内从事多项业务活动，包括工业园区管理服务， ...