证券研究报告 | 投资策略研究*深度报告 2025 年 06 月 30 日 投资策略研究 β隐匿下的"平衡木"策略——基于景气度线索以及行业趋势 从 2025Q1 数据看，全 A 营收增速延续回暖趋势，非金融石油石化板块同 比增速为 0.65%，较 2024Q4环比改善 1.3pct；分板块看，创业板以 2025Q1 同比 7.89%的营收增速领跑，北证营收增速环比跳升 8.08pct 至 5.81%，而 科创板受光伏行业拖累，2025Q1 营收同比下滑 7.24%，为 2022 年有数据以 来首次负增。盈利端改善更为明显，全 A 归母净利润同比增速由 2024Q4 的 -0.89%转正至 2025Q1 的 1.49%，其中创业板净利润同比激增 18.02%（较 2024Q4 环比改善 30.9pct），但科创板净利润同比跌幅扩大至-28.6%，反映 科技领域高研发投入与短期业绩的阶段性矛盾；主板则通过降本增效，销售 净利率从 2024Q4的 9.3%提升至 2025Q1的 9.38%，凸显传统行业经营韧性。 金融地产板块内部分化加剧：券商受益于资本市场改革深化，营收与净利润 分别同比增长 22.08%和 8 ...

建立一体化培训机制：通过"线上+线下"方式提升信贷人员合规与风险识别能力。线上依托"云端学 习"等平台，提供专业知识、合规操作和风险案例课程；线下定期组织"信贷知识培训班"，邀请讲师传 授经验，累计开展6场培训。 齐鲁晚报.齐鲁壹点李可通讯员刘登胜谢记宽 近年来，郓城农商银行贯彻省联社"高质量发展"要求，将信贷管理作为经营发展重点，以"控风险、提 质效"为导向，通过"强化队伍建设、优化制度流程、深化督导考核"提升信贷资产质量，实现信贷管理 新突破。 强化素质提升，锻造专业团队 完善制度体系：修订《郓城农商银行贷后管理实施细则》，细化贷后检查流程，量化检查频次、内容及 操作要点，实现流程标准化、考核数据化。 实施"双人协同检查"机制：AB岗协同开展贷后检查，交叉验证信贷资金流向、借款人经营状况及担保 有效性，提升风险防控精准度。 贷后管理实行"双线并行"机制：贷后检查中心与支行"双线并行"开展贷后检查，加强对支行的监督，提 升贷后风险预警处置能力。 深化督导考核，激发内生动力 强化流程管控：针对部分客户经理贷后管理不到位问题开展专项检查，现场整改验收并通报责任人，推 动贷后管理责任落实。 推行信贷岗位持证上岗制 ...

Summary of Poly Property Conference Call Company Overview - **Company**: Poly Property - **Industry**: Property Management Key Points Industry and Market Dynamics - Non-owner value-added services are declining due to the real estate cycle, although engineering services are providing some offset, leading to an overall decrease in performance [2][3] - The third-party market expansion revenue growth is faster than internal projects, but the lower gross margin impacts overall profitability [2][3] - In the first five months of 2025, market expansion exceeded expectations with contract amounts increasing year-on-year, focusing on core cities and high-quality clients [2][4] Financial Performance - For the first five months of 2025, the company achieved expected revenue growth of approximately 5%, but profit faced pressure due to a reduction in non-owner value-added services and structural factors in basic property management [3] - The company aims for a total external expansion target of 3 billion yuan for the year, maintaining quality while ensuring good reputation in core cities [5][10] Revenue and Payment Collection - C-end payment pressure has increased since the second half of 2024, continuing into 2025, with a noticeable decline in C-end collection rates [7] - B-end and G-end collections are affected by seasonal factors and budget constraints, but the overall changes remain manageable as of May [7] - The company reported that property fee reductions have minimal impact, with less than 1% of projects experiencing price cuts, and the overall sentiment is stabilizing [8] Pricing and Service Quality - The proportion of price reduction projects in 2024 was low, primarily in second and third-tier cities, with adjustments made through negotiation rather than exiting the market [9] - Owners' demands focus on cost-effectiveness and service quality improvements, with a small percentage of projects experiencing price cuts [9][11] Profitability and Cost Management - Profitability is under pressure due to the decline in non-owner value-added services and slower-than-expected progress in new business lines [10] - The gross margin is facing pressure due to an increase in third-party project contributions, which typically have lower margins [13] - The company is implementing cost-reduction measures, including the use of AI and robotics to enhance operational efficiency [19] Dividend Policy - The company has increased its dividend payout ratio to 50% and aims to continue enhancing cash returns to investors, with future dividends to be determined based on year-end discussions and investor feedback [15][18] Technology and Innovation - The introduction of AI and robotics is expected to significantly improve operational efficiency in property management, with pilot projects already underway [19] Future Outlook - The company maintains a positive outlook on the long-term demand for quality services and living experiences, despite current market pressures [16][17] Additional Insights - The company is focusing on high-quality projects, such as large contracts with strong payment capabilities, to ensure both volume and quality in its market expansion [6][10]

摘要 大消费联合会议 20260629 老铺黄金积极拓展海外市场，首站选择新加坡，并计划进军日本、东南 亚及欧美等地。华人占比高、零售价与国内相近等因素，将支撑其在东 南亚市场的扩张，满足华人区及出境购物需求。 618 大促期间快递行业揽收和派送环比增速约 4%，周度件量近 41 亿件， 与去年同期相似，反映购物节拉长趋势。同比增速低于 15%，属正常现 象，预计未来两月行业增速维持在 10%-15%水平，受去年高基数影响。 京东物流承接京东外卖订单，短期内作为托底方，收入和成本同步增加， 对业绩影响可控。长期来看，旨在降本增效，提升人效，打造同城即时 配送能力，并为 KA 客户提供门店配送服务。 顺丰增发港股和发行可转债，旨在补足去年募资缺口，用于科技和国际 业务发展。短期内维持稳中有降的资本开支计划，优先实现国际业务减 亏，长期仍将国际业务视为第二增长曲线。 2025 年 5 月中国摩托车行业大排量内外销销量超 10 万台，同比增长 30%，前五个月累计 40 万台，同比增长 50%。出口量达 15 万台，同 比增长超 50%，主要由春风、隆鑫等头部企业驱动。 Q&A 老铺黄金近期新开门店的店效水平如何， ...

01 最近，我关注到全国多地高星酒店突然卷起了"摆地摊"，且愈演愈烈。 先看河南，今年6月，三门峡的晚上多了一道新风景。 下班点一到，澳门天子酒店、金镰酒店、开元酒店等几家酒店门口齐刷刷支起摊子，黄花鱼、红烧排 骨、凉拌牛肉全都摆在塑料盒里，灯光一打，看着就有食欲。 新闻报道里称，一位大叔提着三盒菜往家边走边说："平时舍不得去酒店吃，这一盒十来块，买回去当 晚饭，省事又实惠。" 摊子后面的酒店经理一边打包一边吆喝："现做的！不是预制菜！" 差不多同一时间，山西榆林也开始热闹起来。 西沙胜利大酒店先把招牌卤味搬到门口，炒着菜开直播。 不远处，沙漠春天酒店和东沙民生酒店也跟上，把卤鸡爪和酱肘子摊得满满一桌。 浙江绍兴的酒店更早一步。 早在五一，咸亨酒店就试着把臭豆腐和酥鱼搬到路边，刚摆好就被一群游客围住。 酒店经理表示，本来只打算周末试营业，没想到顾客天天问，后来干脆每天出摊。 到了6月，绍兴国际大酒店也加入了街头大战。 下午三点半，摊子刚支好，素烧鹅、爆汁肉包就被抢走一半，有人排队时还特意拿手机拍视频："这也 算人生第一次在五星酒店门口抢包子。" 绍兴银泰大酒店则索性把二十多道菜全搬出来，早上七点开卖，三小时清 ...

Group 1 - The core viewpoint of the article highlights that the company Aerospace South Lake is optimistic about its military trade business and expects its share to increase in the future due to rising global military expenditures and strong demand for air defense radar [1] - The company is implementing cost reduction and efficiency enhancement measures through low-cost design solutions, digitalization, supply chain management, and quality management to adapt to domestic market adjustments [1] - Radar maintenance and upgrades are identified as key areas for business expansion, with plans to enhance market development capabilities and optimize industry structure in fields such as radar assembly and special coatings [1] Group 2 - The company has a seasonal revenue recognition pattern, with a higher proportion of income confirmed in the fourth quarter, making it inappropriate to simply extrapolate semi-annual performance [1] - Currently, there are no clear plans for mergers, acquisitions, or asset injections, although the company is focused on promoting industrial layout and structural adjustments [1]

证券代码：600821 证券简称：金开新能 公告编号：2025-048 截至 2025 年 6 月 27 日，公司董事、高级管理人员及其他核心骨干员工增持 情况如下： | | | 增持股数 | 占公司总股本 | | 增持金额 | | | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 职务 | | | | | | | （股） | | | （%） | | （万元） | | | 尤明杨 | 董事长、党委书记 | | 235,600 | 0.0118 | 129.58 | | | 副总经理（代行总经理 | | | | | | | | 范晓波 | | 147,700 | 0.0074 | | 80.04 | | | 职责）、董事会秘书 | | | | | | | | 宋璐璐 | 副总经理、财务负责人 | | 107,600 | 0.0054 | | 59.97 | | 邓鹏 | 职工董事 | | 90,000 | 0.0045 | 50.05 | | | 27 | 其他核心骨干员工 人 | | 688,600 | 0.0345 | 377.77 | | | 合计 | ...

机构：中金公司 研究员：林骥川/陈婕 FY25 业绩符合我们预期 公司公布FY25 业绩：收入同比增长11.7%至78.4 亿港币；归母净利润同比增长28.4%至1.8 亿港币。其 中，2HFY25 收入同比增长11.2%至38.6亿港币，归母净利润同比增长219.6%至1.2 亿港币。FY25 业绩 符合我们预期。此外，公司宣布FY25 派发末期股息每股4.3 港仙，对应全年派息比例为45.3%。 创新产品和多品牌客户带动下，FY25 运动产品增速。FY25 两大主业贴身内衣/运动产品收入分别同比 +3.0%/+26.9%至42.4/29.3 亿港元，其中运动服装产品增长得益于多品类开发和多个成长性品牌客户的 开拓，运动胸围产品实现高双位数增长，功能性服装如Polo、Jacket、Legging 等产品收入同比增长近 50%至超11 亿港元；2HFY25 贴身内衣/运动产品收入分别同比+4.4%/+22.0%至20.0/16.1 亿港元。FY25 消费电子配件收入同比+43.2%至4.1 亿港币，主要因新产品上市前备货；胸杯及其他配件产品收入同 比-15.0%至2.5 亿港元，主要因停止鞋履业务。此外，平稳 ...

Group 1 - The core viewpoint of the articles highlights the significant growth and efficiency of China's logistics sector, projecting a total social logistics volume exceeding 360 trillion yuan in 2024, maintaining its position as the world's largest logistics market for nine consecutive years [1][5] - From January to April this year, the national social logistics total reached 115.3 trillion yuan, reflecting a year-on-year growth of 5.6%, showcasing the robust operation of the logistics chain [1] - The logistics infrastructure has expanded significantly, with over 1.31 million kilometers of railway and highway added from 2012 to 2024, equivalent to circling the Earth's equator over 32 times [3] Group 2 - The logistics costs per 100 yuan of GDP have decreased from 18 yuan to 14.1 yuan from 2012 to 2024, indicating improved efficiency and cost reduction in the logistics sector [5] - The comprehensive transportation network in China spans over 6 million kilometers, facilitating the efficient movement of goods across various modes of transport [3] - The shift in long-distance transportation of bulk goods and containers is increasingly moving from road to rail and water transport, with the China-Europe Railway Express connecting to 229 cities in 26 European countries and over 100 cities in 11 Asian countries [3]

Group 1 - The meeting focused on accelerating the reduction of logistics costs and increasing efficiency in Hainan Free Trade Port, emphasizing the importance of logistics system efficiency and cost for the competitiveness and attractiveness of the free trade port [1] - The meeting included discussions on key issues such as institutional mechanisms, infrastructure, transportation models, and smart logistics, with the aim of providing recommendations for the high-quality development of Hainan's logistics industry [1] - The meeting highlighted the need for the Provincial Political Consultative Conference to actively engage in research and provide suggestions to support the economic growth expectations and transportation infrastructure development [2] Group 2 - The meeting also reviewed personnel matters and included participation from various provincial leaders and members of the Provincial Political Consultative Conference [3]