今日，A股三大指数今日齐跌，创业板指跌逾1%。 截至收盘，沪指涨0.02%报3473点，深证成指跌0.7%，创业板指跌1.21%。 | 田园 | 名称 | 现价 | 涨跌 | 涨幅% | | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 3473.13 | +0.81 | +0.02 | | 399001 | 深证成指 | 10435.51 | -73.25 | -0.70 | | 399006 | 创业板指 | 2130.19 | -26.04 | -1.21 | | 000688 | 科创50 | 978.29 | -6.51 | -0.66 | | 899050 | 北证50 | 1401.92 | -13.12 | -0.93 | 全天成交1.23万亿元，较前一交易日缩量2274亿元，全市场超3200股上涨。 盘面上，多地高温持续推高用电需求，电力股掀涨停潮，华银电力、深南电A及乐山电力等多股涨停。 跨境支付板块走高，信雅达、京北方等多股涨停。稳定币、数字货币板块拉升，海联金汇涨停。特高 压、多元金融及房地产开发等板块涨幅居前。 另外，医药板块全线下跌 ...

● 本报记者杨洁 7月4日，北交所上市公司雷神科技公告，为满足用户对智能眼镜服务需求以及拓展智能眼镜销售渠道， 公司拟与江苏汇鼎光学眼镜有限公司、欧普康视（300595）投资有限公司共同投资设立江苏雷欧汇鼎智 能眼镜有限公司，注册资本为人民币1000万元，雷神科技持有35%股权，投资金额为350万元。 雷神科技的布局背后正是智能眼镜赛道的火热势头。随着小米、三星等众多消费电子企业入局，智能眼 镜赛道渐有"百镜大战"之势，2025年也被认为是智能眼镜爆发元年。 智能眼镜销售火热 加大销售渠道开拓 记者日前在北京多个小米之家门店调研发现，来体验智能眼镜的消费者络绎不绝，不少门店已经没有现 货销售。相比于传统的消费电子产品，智能眼镜更需要消费者线下体验。业内人士表示，智能眼镜厂商 销售，线下渠道相比线上会占据更多优势。 此次雷神科技与汇鼎光学、欧普投资共同投资设立雷欧汇鼎，业务内容便是销售雷神科技旗下生产的智 能眼镜。雷神科技表示，公司与资源方共同成立雷欧汇鼎，整合服务、技术、市场渠道等资源，加强市 场开拓能力，有助于提升公司综合竞争实力，促进公司持续发展。 在2024年年报业绩说明会上，雷神科技表示，未来公司会继 ...

Core Viewpoint - Shenzhen Jingwang Electronics Co., Ltd. maintains a stable credit rating of AA, with a positive outlook due to its strong market position and product advantages in the PCB industry [4][8]. Company Overview - The company ranks 10th globally and 3rd among domestic PCB manufacturers in China, benefiting from a diverse customer base and broad application fields including automotive, communication technology, and consumer electronics [6][18]. - The company has a significant number of patents, with 30 new invention patents added in 2024, enhancing its competitive edge [6][18]. Financial Performance - Total assets increased to 203.41 billion RMB in 2024, with total liabilities at 172.31 billion RMB, reflecting a healthy financial position [4][21]. - Revenue for 2024 reached 126.59 billion RMB, with a net profit of 11.60 billion RMB, indicating growth driven by demand in data centers and automotive electronics [4][21]. - The EBITDA margin was 22.73% in 2024, although it experienced a slight decline due to rising raw material costs [21][25]. Market Position and Competitive Landscape - The company holds a strong market share in the PCB industry, with a focus on high-density interconnect (HDI) products, which are expected to see significant growth due to AI server demand [11][12]. - The PCB market is projected to grow, with a global market value of 73.6 billion USD in 2024, driven by recovery in the AI server and consumer electronics sectors [10][11]. Operational Environment - The company operates multiple production bases in China and is expanding internationally, with a focus on maintaining high capacity utilization rates [18][19]. - The PCB industry is facing challenges from high raw material prices and increased competition, which may impact profit margins [13][20]. Future Outlook - The company is expected to continue benefiting from its strong market position and diverse applications, although it must navigate potential cost pressures and external factors such as U.S. tariff policies [7][17]. - The credit rating agency maintains a stable outlook for the company, anticipating sustained business viability due to its leading position in the PCB sector [8].

Group 1 - The core viewpoint is that the rise of domestic IPs is redefining the valuation of China's cultural industry, with companies focusing on multi-faceted operational strategies around IPs [1][2] - Shunwang Technology (300113.SZ) aims to leverage the ChinaJoy brand to enhance IP influence and promote collaborations with leading IPs in cultural, gaming, and animation sectors [1] - ChinaJoy has become one of the largest digital entertainment exhibitions globally, significantly contributing to the healthy and sustainable development of China's digital entertainment industry since its inception in 2003 [1] Group 2 - ChinaJoy has accumulated nearly 10 million Gen Z users over 20 years, reaching hundreds of millions of users and hosting over a thousand participating companies, including industry leaders and Fortune 500 firms [2] - The Chinese trendy toy market is projected to grow from 60 billion yuan in 2023 to 110.1 billion yuan by 2026, indicating explosive growth in domestic IPs and the importance of building an "IP ecosystem" [2] - Recent government policies encourage the integration of traditional Chinese culture into product design and support the development of original IP brands, particularly in the fields of animation, gaming, and esports [3] Group 3 - Shunwang Technology is embracing a new era driven by artificial intelligence, focusing on new technologies and applications in digital entertainment, including AIGC, AIPC, mixed reality, 5G, and cloud computing [3] - The company has been recognized as a leading enterprise in the "2024 Guzi Economy" awards, highlighting its significant contributions to the industry [3] - With the proliferation of AI applications, Shunwang Technology's self-developed Lingxi Engine and Shunwang Intelligent Computing Platform are expected to enhance efficiency and reduce costs for enterprises [3]

格隆汇6月18日｜中国央行宣布8项重磅金融开放举措，A股主要指数今日小幅上涨，截至收盘，沪指涨 0.04%报3388点，深证成指涨0.24%，创业板指涨0.23%。全天成交1.22万亿元，较前一交易日缩量154亿 元，全市场近3500股下跌。 | 上证指数 深证成指 | 北证50 | | --- | --- | | 3388.81 10175.59 1393.44 | | | +1.40 +0.04% +24.16 +0.24% -9.11 -0.65% | | | 科创50 创业板指 万得全A | | | 968.18 2054.73 | 5165.22 | | +5.10 +0.53% +4.79 +0.23% +0.14 0.00% | | | 沪深300 中证500 中证A500 | | | 3874.97 5745.87 4540.41 | | | +4.59 +0.12% -5.04 -0.09% +3.23 +0.07% | | | 中证1000 中证2000 中证红利 | | | 6135.39 2598.69 | 5419.95 | | -6.08 -0.10% -7.29 -0.28% - ...

宏观•要闻 广州：优化房地产政策 全面取消限购、限售、限价并降低贷款首付比例和利率 广州近日发布《提振消费专项行动实施方案（征求意见稿）》，提出有序减少消费限制，包括优化房地产政策，全面取消限购、限售、限价，降低贷款首付比例和 利率，以满足住房消费需求。方案还提出大力发展体育消费，推动体育比赛进景区、进街区、进商圈，支持冰雪运动和赛马运动消费发展。 今年11月起 中国公民持有效澳大利亚签证可免签入境新西兰 新西兰政府官网发文指出，从2025年11月起，中国护照持有者如从澳大利亚入境，且持有有效澳大利亚旅游、工作、学生或家庭签证，将可免签进入新西兰，最长 停留3个月。 中东战局步入第三日 能源资产正沦为以伊冲突的下一个战场 以色列6月14日晚袭击伊朗能源设施，导致部分设施起火，影响伊朗国内能源供应。据以方称，这是其首次袭击伊朗能源基础设施，或许意味着能源资产正在成为 以伊冲突的下一个战场。在伊朗能源安全备受威胁之际，霍尔木兹海峡的安危成为大众关心的问题，对封锁的担忧情绪蔓延。 特朗普提交其任内首份公开财务披露报告：通过持有加密货币平台股份获得超5700万美元收益 当地时间6月13日晚，美国总统特朗普提交了其任内 ...

软通动力首次公开发行股票的发行费用总额为2.88亿元，其中，保荐费300.00万元，承销费2.46亿元。 软通动力于2022年3月15日在深交所创业板上市，发行价格为72.88元/股，发行数量为6352.9412万股， 保荐机构为中信建投（601066）证券股份有限公司，保荐代表人为黄亚颖、张宗源。 软通动力首次公开发行股票募集资金总额为46.30亿元，扣除发行费用后募集资金净额为43.42亿元。软 通动力最终募集资金净额比原计划多8.42亿元。根据软通动力此前披露的招股说明书，该公司拟募集资 金35.00亿元，用于交付中心新建及扩建项目、行业数字化转型产品及解决方案项目、研发中心建设项 目、数字运营业务平台升级项目、集团人才供给和内部服务平台升级项目、补充营运资金项目。 中国经济网北京6月9日讯软通动力（301236）(301236.SZ)近日披露2025年第一季度报告，报告期内， 该公司实现营业收入70.11亿元，同比增长28.65%；实现归属于上市公司股东的净利润-1.98亿元，上年 同期为-2.77亿元；实现归属于上市公司股东的扣除非经常性损益的净利润-2.16亿元，上年同期为-2.84 亿元；经营活 ...

Group 1 - Lenovo Group's FY2025 performance is strong, with all three major business lines showing significant growth, maintaining a "buy" rating [1][2] - The IDG segment achieved revenue of 364.7 billion yuan, a year-on-year increase of 13%, with a profit margin of 7.2%. Non-PC business revenue accounted for 47% of total revenue, growing by 5 percentage points [1] - The smartphone business saw a record revenue increase of 27%, with significant growth in the Asia-Pacific region (179% year-on-year) and Europe, the Middle East, and Africa (32% year-on-year) [1] Group 2 - The ISG segment reported revenue of 104.8 billion yuan, a 63% year-on-year increase, marking a return to profitability for two consecutive quarters. Cloud infrastructure revenue exceeded $10 billion, growing by 92% [2] - The SSG segment achieved revenue of 61 billion yuan, a 13% year-on-year increase, with a high operating profit margin of 21.1%. The share of solutions and "as-a-service" offerings increased to 58%, up 4 percentage points [2] Group 3 - Lenovo's strategic focus on AIPC aligns with global trends, and the company has robust experience in managing tariff and geopolitical risks. The launch of the Tianxi personal super intelligent assistant enhances AIPC's capabilities [3] - With the expected acceleration of AIPC penetration and increasing AI server orders, Lenovo is projected to achieve net profits of $1.665 billion, $1.916 billion, and $2.214 billion for FY2026-FY2028, maintaining a "buy" rating [3]

Core Viewpoint - Lenovo Group (00992) reported impressive performance for FY2025 and Q4, with all three major business segments showing significant growth, maintaining a "Buy" rating from Changjiang Securities [1] Business Line Summary - **IDG Business Growth**: - FY2025 IDG segment revenue reached 364.7 billion yuan, a 13% year-on-year increase; operating profit margin at 7.2% - PC revenue for FY2024 grew by 11%, with market share rising to 23.7%, surpassing the second competitor by 3.6 percentage points - Non-PC business revenue accounted for 47% of total revenue, up 5 percentage points year-on-year, with smartphone revenue increasing by 27%, particularly strong in the Asia-Pacific region (up 179%) and Europe-Middle East-Africa (up 32) [2] - **ISG Business Profitability**: - FY2025 ISG segment revenue reached 104.8 billion yuan, a 63% year-on-year increase, marking a historical high and achieving profitability for two consecutive quarters - Cloud infrastructure revenue exceeded 10 billion USD, growing by 92%, with significant breakthroughs in both domestic and international markets; enterprise infrastructure revenue increased by 20% [2] - **SSG Business Solutions**: - FY2025 SSG segment revenue was 61 billion yuan, a 13% year-on-year increase, with an operating profit margin of 21.1% - Solutions and "as-a-service" offerings accounted for 58% of revenue, up 4 percentage points year-on-year [2] Strategic Outlook - The trend towards AIPC (AI Personal Computing) is seen as a major opportunity, with Lenovo's global presence mitigating tariff impacts - The launch of the Tianxi personal super-intelligent assistant at the Lenovo Innovation Technology Conference on May 8 further emphasizes the company's commitment to AIPC - Anticipated growth in AI server orders and AIPC penetration in the second half of the year supports a positive outlook, with projected net profits of 1.665 billion USD, 1.916 billion USD, and 2.214 billion USD for FY2026-FY2028 [2]

机构：长江证券 研究员：杨洋 事件描述 5 月22 日，联想集团发布FY2025 财年第四季度及全财年业绩， FY2025 公司实现营收690.77亿美元， 同比+21.48%；归母净利润13.84 亿美元，同比+37.01%。毛利率16.07%，同比下滑1.17pct；归母净利率 2.00%，同比增长0.22pct。FY2025 Q4 公司实现营收169.84 亿美元，同比增长22.78%；归母净利润0.9 亿美元，同比下降63.71%。 事件评论 FY2025 Q4 GAAP 净利润下滑主因认股权证会计处理影响，Non GAAP 净利润超预期。 IDG 业务稳健增长，非PC 产品多点开花。FY2025 公司IDG 部门实现营收3647 亿元，同比增长13%； 运营利润率达到7.2%。PC 作为公司基石业务，FY2024 营收同比增长11%，市占率提升至23.7%，超越 第二名3.6pct，在消费电子需求波动的形势下，持续发挥龙头稳健增长优势。FY2025 非PC 业务营收占 比达到47%，同比增长5pct，其中： （1）智能手机业务营收同比增长27%创历史新高，其中亚太地区同比增长179%，欧洲-中东-非 ...