Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 51.30 [7][8]. Core Insights - The company has experienced a significant year-on-year increase in pig output, with April's output reaching 8.11 million heads, a 49% increase compared to the previous year. Cumulatively, from January to April, the total output was 30.77 million heads, up 43% year-on-year [2]. - The complete breeding cost has improved significantly, dropping to RMB 12.4 per kilogram in April, a decrease of approximately RMB 0.7 per kilogram since the beginning of the year. The company aims to reduce the annual complete cost to RMB 12 per kilogram [2]. - The company is advancing its internationalization strategy by submitting an application for H-share issuance, which is expected to enhance its global business footprint and investor relations [3]. Summary by Sections Production and Cost Management - The company has successfully increased its pig output while reducing costs, with a clear path for further cost reductions through improved disease control and feed technology [2]. - The strategy to enhance the value of individual pigs through better meat quality and higher yield from valuable parts is also being implemented [2]. International Expansion and Investor Relations - The submission of the H-share listing application is a strategic move to tap into the global market, which is still expanding. This is expected to reshape the company's investment value perception [3]. - The company emphasizes sustainable cash dividends and plans to adjust its profit distribution policy dynamically to share development benefits with investors [3]. Financial Forecast and Valuation - The report maintains profit forecasts for the company, projecting net profits of RMB 19.73 billion, RMB 18.26 billion, and RMB 47.17 billion for the years 2025, 2026, and 2027 respectively [4]. - The estimated price-to-book ratio for 2025 is maintained at 3.3x, with a target price set at RMB 51.30 [4].

根据市场公开信息及6月3日披露的机构调研信息，知名私募鸿道投资近期对1家上市公司进行了调研， 相关名单如下： 机构简介： 北京鸿道投资管理有限责任公司创立于2010年3月，由原华夏元老级明星基金经理孙建冬创办，基金业 协会登记备案号P1000280，拥有证券私募基金"3+3"投资顾问资格。公司已成功发行过鸿道全球优选、 创新改革系列等六十几只私募基金产品，是国内知名的私募证券投资基金。公司核心人员来自国内大型 基金管理公司、资产管理公司和证券公司，具有丰富的投资研究和资产管理经验，历经多次牛熊市考 验，投资业绩持续表现优异。公司依托独立的投资研究体系、完善的投资决策委员会制度、研究、投 资、风控三位一体的投研风控体系，实现投资与策略的前瞻性、整体性；凭借强大的人才优势、广泛的 市场资源和丰富的投资经验，为投资者提供专业的投资管理、投资顾问服务；秉持"研究创造价值"的投 资理念，充分把握趋势投资机会，积极为投资人争取最大的回报。 1）福田汽车 （鸿道投资参与公司路演活动&一对一沟通） 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 调研 ...

Group 1 - The core viewpoint emphasizes the need for companies like Meituan to actively pursue internationalization and AI while maintaining their traditional strengths in instant delivery services [2] - Yiwu merchants prioritize profit over political figures like Trump, indicating a focus on practical business outcomes rather than political influences [3] - The statement "cannot think of the world from China, but must view China from the world" highlights the necessity for businesses to adopt a global perspective [4] Group 2 - Tanzania is characterized as the factory workshop of East Africa, while Kenya is seen as the CEO office, suggesting a strategic differentiation in business roles within the region [5] - Aiper and Fluidra have officially signed a partnership agreement, combining Fluidra's industry leadership with Aiper's technological innovation and growth potential in the global pool industry [6] - The establishment of a Hong Kong investment bridge signifies a strategic collaboration aimed at leveraging Hong Kong's economic advantages [7] Group 3 - The China Council for the Promotion of International Trade reported over $3 billion in agreements to enhance economic cooperation between China and Latin American countries [8] - Pop Mart has paused sales of its Labubu product in the UK due to safety concerns arising from high demand and related incidents [8] - Wanglaoji has achieved localized production in Malaysia, marking its first overseas production initiative and aiming to penetrate Southeast Asian markets [8] Group 4 - The gaming industry is witnessing a shift as smaller casual game developers begin to outperform larger companies in overseas markets, with Chinese game companies generating $8.23 billion in revenue from January to April [9] - Zhiyuan Robotics has secured a new round of investment from a Shanghai state-owned fund, setting a record for cumulative financing in the field of embodied intelligence [9] - Germany's unemployment rate has reached a ten-year high, with May figures showing an increase of 34,000 job seekers, totaling 2.96 million, exceeding analyst expectations [9]

武夷笋作为南平市另一张生态名片，以"肉质丰盈、口感爽脆、滋味鲜甜、色泽玉润"四大核心品质 著称。白皮书指出，武夷笋营养组成均衡、色白肉厚，氨基酸组成齐全、质脆味鲜，活性成分丰富、功 能多样。南平市年产鲜笋106万吨，约占全国产量的10%，已形成涵盖种植、加工、研发、流通的全产 业链体系，拥有62家专业化生产企业，年加工转化能力达50.3万吨，其中水煮笋全球市场占有率稳定在 30%以上、手剥笋产品占据国内市场份额超1/3。 近日，国际竹藤中心与福建省南平市人民政府联合编制的《武夷竹》《武夷笋》白皮书正式发布， 成为我国首部笋竹产业领域白皮书。两部白皮书系统梳理了武夷竹、武夷笋的资源禀赋、产品特性和产 业发展路径，科学分析了产业发展广阔前景，为南平市打造千亿竹产业集群、建设"以竹代塑"示范城市 提供科学指引，为全国竹产业高质量发展贡献"南平方案"。 南平市是全国毛竹林核心产区和竹资源战略储备基地，拥有"南方林海""中国笋竹之都"等国家级生 态名片。武夷竹依托世界自然与文化双遗产地的独特生境，形成了"壁厚、节长、径大、质优"等性状优 势，其优良材性处于全国前列，竹质工程板材种类齐全、技术先进，日用产品精深加工技术水 ...

以下文章来源于36氪未来消费 ，作者任彩茹 36氪未来消费 . 在这里看到消费的未来。36氪旗下官方账号。 对美团而言，国际化和AI是新时代里不得不主动出击的"远方"，而作为传统优势业务的即时配送，则是必须保住份额的"眼前"。要向前望，也要时刻盯紧 后方。 这一切似乎都 是 成本。电话会上，王兴表示，将在秉持公平有序竞争原则的前提下，继续加大投入，"预计二季度核心本地商业的收入增幅将比一季度有 所放缓，该分部的营业利润将同比大幅下降。" 近有外卖和闪购，远有出海。 文 ｜ 任彩茹 编辑 ｜ 乔芊 来源｜ 36氪未来消费（ID：lslb168） 封面来源 ｜ IC photo 美团度过了一年多来最喧闹的一个季度。 沸沸扬扬的外卖之争、闪购之战，在一季度只是"浅浅"开了个局，但已经足以引发太多的好奇和担忧。 单从业绩来看，美团的一季度是符合甚至超出预期的——收入同比增长18.1%至866亿元，经调整净利润同比增长至10亿元。其中，核心本地商业的收入 同比增长17.8%至643亿元，新业务也实现收入的双位数增长和亏损的稳步收窄。 只是，与二季度面临的巨大不确定性和板上钉钉的利润下降相比，这些成绩几乎被投资人们抛诸脑 ...

Core Insights - The report by Guoyuan Securities highlights Hanyi Co., Ltd. (301270) as a leading enterprise in the font library industry, emphasizing its strong foundation in font software and copyright business, along with ongoing technological innovation and exploration of diversified cultural technology development paths [1] Group 1: Business Performance - Hanyi Co., Ltd. has established a robust and high-quality font product system, launching over 1,700 copyright-protected B-end fonts and developing more than 3,600 font products by December 31, 2024 [2] - The company has maintained stable revenue from 2022 to 2024, with a sales gross margin around 80%, indicating strong profitability and market competitiveness [2] Group 2: IP Development - Hanyi Co., Ltd. has intensified its IP layout in recent years, collaborating with well-known IPs in film, gaming, and literature, successfully launching popular digital content products [3] - The company has partnered with various established IPs, including "You Shou Yan," "Ali," and "Peace Elite," to develop a range of digital products, and has plans to release themed products based on the popular domestic film "Nezha: Birth of the Demon Child" in 2025 [3] Group 3: Innovative Business Models - The "Ziyou" platform under Hanyi Co., Ltd. has adopted a new subscription-based authorization model, achieving over 13.2 million registered users and significant daily and monthly active user counts by the end of 2024 [4] - The platform has expanded its font content supply by introducing third-party font brands and launched an overseas version, FontApp, to provide Western font management services [4] Group 4: Strategic Investments and AI Integration - Hanyi Co., Ltd. has formed a strategic partnership with Zheng Holdings to leverage synergies in font design, software development, and AI technology, aiming for better resource integration and collaboration [5] - The company has embraced AI trends, launching a text assistant powered by the DeepSeek model to address issues in AI-generated content, and is actively seeking investment opportunities in AI applications and new consumer IP [5]

中国和罗马尼亚各界嘉宾出席中国联通（欧洲）呼叫中心揭牌仪式。主办方供图 联通欧洲公司副总经理穆岩军向宋先茂参赞介绍中国联通国际网络资源能力。主办方供图 随后，联通欧洲公司总经理薛文霞在欢迎致辞中表示，中国联通（欧洲）呼叫中心正式揭牌，标志着公司本地服务能力的跃升。未来，中国联通将携手 秉持开放合作的理念，携手各界伙伴，共同推动数字化、智能化、国际化发展进程。 何金明在致辞中指出，在共建"一带一路"倡议的引领下，协会致力于 为在罗中资企业搭建高效、紧密的服务与交流平台，促进资源共享与合作共赢。他同时对中国联通（欧洲）呼叫中心的落地表示热烈祝贺，并期待未来与中 国联通罗马尼亚分公司携手深化合作，共促发展。 人民网伦敦5月27日电（徐量）布加勒斯特消息：中国联通（欧洲）呼叫中心挂牌暨产品推介会日前在罗马尼亚布加勒斯特成功举办。中国驻罗马尼亚 大使馆经济商务参赞宋先茂、罗马尼亚中国企业联合总会会长朱丽霞、荣耀罗马尼亚公司总经理林代勇、罗马尼亚中资企业商会会长单位代表何金明以及来 自金融、能源、电商、教育和文旅等不同行业的60余位嘉宾出席活动。 揭幕仪式前，与会嘉宾一行首先参观了中国联通（欧洲）呼叫中心现场及业务流程外 ...

当前，美团非餐饮品类即时零售日单量已突破1800万单。 n a france 15 telling a 4月15日，美团正式发布即时零售品牌"美团闪购"。 美团创始人王兴曾表示从长远来看，即时零售或将占据电商市场10%以上的份额，目前美团闪购发展超 出了此前的预期。美团在提供配送服务的所有城市县城和小镇都看到了美团闪购有巨大的增长机会，后续会考虑如何进一步提升即时零售的渗透率。 除了上述业务，一季度美团到店业务持续拓展供给，年活跃商户数同比增长超25%。 新业务分部一季度收入同比增长19.2%至222亿元，同时经营亏损同比收窄17.5%至23亿元。对此美团表示增长来自于食杂零售业务的收入增长及海外业务的 发展，经营亏损率均有所改善主要是由于食杂零售业务的运营效率提升，部分被海外业务的相关成本增加所抵销。 5月12日，美团宣布在未来几个月内将旗下外卖服务Keeta引入巴西，并计划5年内在巴西投入10亿美元支持该项目的发展。 5月26日，美团(股票代码：3690.HK)发布2025年第一季度业绩报告。一季度美团营收为866亿元，同比增长18%。净利润为100.6亿元，同比增长87.3%。 一季度，美团核心本地商业 ...

Core Insights - Xiaomi's automotive division is evolving, with the recent launch of the YU7 SUV reflecting a shift towards a more traditional automotive presentation style, focusing on rationality and objectivity rather than emotional appeal [2][4][5] - The company has achieved significant milestones, with cumulative deliveries exceeding 258,000 units and the SU7 model becoming a sales champion in the 200,000 yuan price segment [5][6] - Xiaomi's CEO Lei Jun acknowledges the challenges of being a latecomer in the automotive industry, emphasizing the need for perseverance and the belief that opportunities will arise for challengers [5][6] Product Development - The YU7 is positioned as a luxury high-performance SUV, featuring advanced technology such as a panoramic display, high-level driving assistance capabilities, and superior comfort [7][9] - Comparisons with Tesla's Model Y highlight the YU7's competitive advantages, including faster acceleration and longer battery range, which analysts predict will make it a formidable competitor in the market [9][10] Production Capacity - Xiaomi's production capacity is currently at 32,000 units per month, with plans to increase this to over 500,000 units annually by 2025, although current capacity constraints may limit sales growth in the short term [10][11] - The company is focused on solidifying its position in the Chinese market before considering international expansion, which is expected to begin in 2027 [11] Future Outlook - Xiaomi aims to address public trust and brand loyalty, which are critical for long-term success in the automotive sector, as it continues to navigate challenges and opportunities in a rapidly changing market [10][11] - The company's ambition to rank among the top five global automotive brands reflects its commitment to growth and improvement over the next five years [11]

图片来源：视觉中国 5月21日消息，美团自营的食杂零售海外品牌Keemart在5月初于沙特首都利雅得启动营业，它被视作是 小象超市的海外版。Keemart Courier（小象超市配送端应用）已在APP Store 上线一个多月，目前仅支 持邮箱和沙特手机号注册。 去年12月，在美团外卖海外版Keeta在沙特站稳脚跟后，美团要带前置仓业务小象超市出海沙特的消息 便已传出。据36氪报道，当时该出海项目已有百人团队，负责人为刘薇，她作为美团的早期员工，先后 担任过快驴相关业务、美团优选区域经营部、到店事业群产品部等的负责人。 美团对这项业务的进展较为低调，直到启动营业，官方发布的消息也相对有限。目前，中国社交媒体平 台已有Keemart的招聘信息传出，包括商品供应链管理、业务拓展经理等岗位，岗位均要求常驻利雅 得。 今年2月，美团CEO王兴在一场总监级别以上的内部沟通会上表示，美团的第二个十年，除了核心本地 商业，他会更多关注三个方向——食杂零售、国际化和科技。前两者与Keemart属性高度重合。 今年年初，由京东掀起的外卖大战也让美团的出海计划更具紧迫性——与其在国内争夺见顶的空间，不 如去占领待开发的海外市场 ...