中金：互联网站在新一轮扩张的起点，需平衡好短期与长期之间的节奏 金十数据6月26日讯，中金公司发文称，互联网行业历经两年多降本增效的收缩期，财务状态普遍得以 修复，2025年以来，行业明显进入新一轮投资周期，AI、出海、即时零售等方向成为热点。创新和冒 险是镌刻在互联网基因中的元素，虽然我们看好大部分投入所带来的增量，但站在二级市场投资角度， 展望未来时，亦需留出足够大的缓冲空间，平衡好短期与长期之间的节奏。 ...

"一把手要亲自管供应链，而且要懂。不亲自管跟不懂，都不行。" 过去两年，小鹏汽车内部掀起反腐风暴，采购成为何小鹏"管得最细的业务"。小鹏曾有不少采购乱象， 包括物流团队在海运中舍弃行业通用的滚装船，选择成本更高的集装箱；公司的座椅成本比同行贵 25%。何小鹏表示，他曾被一条链路的人合伙骗，为了搞明白钢材成本比别人贵很多的问题，"自己花 了9个月"。采购部门负责人李丰也于2023年10月被警方带走调查。 "供应链要亲自管，而且要懂。不亲自管跟不懂，都不行。"今年2月，小鹏汽车CEO何小鹏在接受晚点 LatePost采访时感叹。在整肃供应链、推出新产品等举措下，小鹏汽车的毛利率从2023年第三季度的 -2.7% 提升到今年一季度的 15.6% 。 近日，反腐倡廉仍是汽车行业的主旋律。今年5月以来，东风汽车已有6名干部涉嫌严重违纪违法，正在 接受纪律审查和监察调查，其中包括时年62岁的东风汽车集团有限公司原战略规划部副总经理兼战略发 展研究中心总经理唐腾。 这股反腐之风也从东风刮到了上汽。《21汽车·一见Auto》从多方独立信源处获悉，上汽大众也有一名 采购部门员工被警方带走，科长级别，涉部调查组正在审查更高级别员 ...

Group 1: Monetary Policy and Economic Outlook - Morgan Stanley predicts the Federal Reserve will implement seven rate cuts in 2026, starting in March, with the final rate expected to be between 2.5% and 2.75%, which is 175 basis points lower than the current rate of 4.25%-4.5% [1] - Dongfang Jincheng anticipates further interest rate cuts and reserve requirement ratio reductions from the central bank in the second half of the year, with a possible rate cut of 30 basis points and a reserve requirement reduction of 0.5 percentage points [3] - CITIC Securities suggests that the central bank may provide liquidity support through reserve requirement ratio cuts, especially considering the increased demand for liquidity from financial institutions due to accelerated government bond issuance [5] Group 2: Technology and Innovation - BlackRock expresses optimism about the potential for more "DeepSeek moments" in China's biotechnology, automation, and autonomous driving sectors, indicating a favorable environment for strong innovation in these tech companies [2] - CITIC Securities highlights the acceleration of AI application monetization overseas, predicting that 2025 will be a pivotal year for AI agents in various sectors, with early adopters likely to see cost reductions and performance improvements [4] - CITIC Securities also notes that the market for sensors used in humanoid robots is expected to reach 11.9 billion yuan by 2030, driven by the increasing deployment of humanoid robots and declining hardware costs [7] Group 3: Consumer and Market Trends - CITIC Jiantou focuses on investment opportunities in the pet sector, noting that the pet food market remains vibrant with significant growth potential, particularly for domestic brands amid ongoing trends of domestic substitution [3] - Huatai Securities emphasizes the importance of energy companies that can increase production and reduce costs, particularly in light of potential disruptions to oil supply and the upward revision of Brent crude oil price forecasts for 2025-2026 [6]

Core Viewpoint - Vitasoy, a long-established beverage brand in Hong Kong, is experiencing a continuous recovery in performance after a low point, but still faces multiple challenges in the market [1] Financial Performance - For the fiscal year 2025, Vitasoy reported revenue of HKD 6.274 billion, representing a year-on-year growth of 1% [1] - Operating profit and profit attributable to equity holders saw significant increases, although performance remains below peak levels [1] - The gross profit margin improved from 50.0% to 51.3%, while total operating expenses decreased by 3% [1] Market Dynamics - The mainland China and Hong Kong markets contributed over 90% of Vitasoy's revenue, with a notable recovery in profitability in the mainland market, where operating profit rose by 41% and profit margin reached 9% [1] - The company faces challenges from brand and product aging, as well as competition in the soy milk market and the tea beverage sector [1] Strategic Initiatives - Vitasoy is undergoing multi-dimensional reforms to address challenges, including a transfer of control to the third generation of the family [1] - The company aims to introduce new product flavors, targeting an 80% share of low-sugar or no-added-sugar products by the fiscal year 2030/31 [1] - In response to market competition, Vitasoy has reduced prices on core products in the mainland market [1] Competitive Landscape - The entry of Nongfu Spring into the Hong Kong market on June 23 may divert Vitasoy's consumer base [1] - The Huang family and associated entities have been increasing their stake in Vitasoy, holding 8.02% as of February 5, 2025, indicating a long-term financial investment perspective [1] - Vitasoy initiated its first share buyback since going public, interpreted as a move to consolidate control [1]

Core Insights - The company has developed over 10 chemical products in the first five months of the year, with a high-end chemical product rate exceeding 70% [1][3] - The company has implemented 47 energy-saving measures, resulting in a cost reduction of over 1 billion yuan [6][7] - The company focuses on technological innovation to enhance quality and efficiency, integrating new product development and digital transformation [2][5] Energy Efficiency and Production Optimization - The company has optimized processes to reduce logistics inefficiencies and improve energy utilization, leading to increased production of ethylene and propylene [1][3] - Adjustments in operational modes have resulted in significant increases in production efficiency, such as a 0.43-ton increase in ethylene processing load per hour [4][6] Technological Innovation and Product Development - The company has successfully produced a new polyethylene product using domestic catalysts, enhancing market competitiveness [2] - The company has developed 14 types of metallocene polyethylene products since 2015, becoming a leader in this segment in China [2] Cost Control and Financial Performance - The company has established a comprehensive cost control system, achieving significant savings through optimized operational practices [6][7] - The company has ranked first in profitability and new material output among its peers in the refining sector as of May [5] Digital Transformation and Smart Management - The company has implemented a smart management system that allows for real-time production adjustments, significantly improving operational efficiency [5] - The introduction of intelligent inspection robots has enhanced maintenance quality and operational stability [5]

《中国民航报》、中国民航网 记者肖敏 报道：为深入贯彻落实党中央、国务院关于"降低全社会物流成 本"的决策部署，落实《关于贯彻落实党的二十届三中全会精神 进一步深化民航改革的实施意见》 中"促进航空物流降本提质增效"相关要求，日前，民航局发布《航空物流领域降本提质增效典型案例》 （以下简称《典型案例》）。《典型案例》包括智慧发展类、功能拓展类、空空中转类、改革创新类四 大板块，共22个优秀案例，为民航各单位开展物流降本提质增效工作提供参考。 《典型案例》编制以《有效降低全社会物流成本行动方案》《交通物流降本提质增效行动民航领域实施 方案》《关于贯彻落实党的二十届三中全会精神 进一步深化民航改革的实施意见》《"十四五"航空物 流发展专项规划》《航空物流降本提质增效2025年工作要点》等文件为指导，紧扣航空物流降本提质增 效内在要求，强化智慧创新、模式创新、机制创新，推动结构性、技术性、服务型、制度性降本提质增 效，服务民航高质量发展。 民航局运输司相关负责人介绍，《典型案例》是在前期航空物流综合保障能力提升试点经验基础上，集 聚行业内外资源，组织多家单位，经过单位申报、交流探讨、文稿编纂等环节编写而成的，主要遵 ...

上海物资贸易股份有限公司 资 料 目 录 关于公司 2024 年度董事会工作报告的议案 -------------------------------4 关于公司 2024 年度监事会工作报告的议案 -------------------------------10 关于公司 2024 年度财务决算报告及 2025 年度财务预算报告的议案-----------13 关于公司 2024 年度不进行利润分配的议案 -------------------------------19 关于公司续聘会计师事务所的议案 --------------------------------------21 关于公司 2024 年度董事薪酬情况的议案----------------------------------26 关于公司 2025 年度为子公司提供担保及子公司之间互相提供担保的议案------27 关于修订《上海物资贸易股份有限公司章程》及其附件的议案---------------34 关于全资子公司上海晶通化学品有限公司购买资产暨关联交易的议案---------35 关于选举董事的议案---------------- ...

在降本增效的背景下，千亿级体量公募基金公司也开始逐步退出APP直销业务。 随着公募行业资源与流量的头部效应，以及第三方基金代销巨头的赢家通吃，中小基金在APP直销业务上正面 临着运营维护费用高、长期投入却难以覆盖成本的压力，这使得公募基金暂停或终止运营基金APP的现象，已 从前期的百亿级小公募逐步延伸到千亿级体量的中型公募上，甚至在今年也出现超3000亿体量的公募宣布终止 运营基金APP。 中小公募降本增效纷纷关停APP 又一家中型公募宣布暂停基金APP的运营。 前海开源基金日前发布公告表示，公司将暂停 APP 的运营及维护服务，如有恢复运营计划，将另行通知，并 将于2025年7月14日将"前海开源基金"APP的功能及服务正式迁移至"前海开源基金"微信小程序及微信公众 号。截至2024年12月末，前海开源基金公司的资产管理规模超过1000亿元。 券商中国记者注意到，最近一年来已有包括国寿安保基金、财通基金、光大保德信基金、长盛基金等多家公募 终止运营旗下移动客户端APP的业务。如国寿安保基金于2025年3月31日起终止移动客户端"国寿安保基 金"APP的运营及维护服务。规模更小的基金公司在此方面的动作更早，比 ...

Core Insights - The advertising industry is increasingly adopting AI technologies, with major companies like TikTok and Meta launching new AI advertising tools to streamline the creation of video content [1][2][3] - The cost-effectiveness of AI-generated advertisements is a significant advantage, with some tools reducing production costs by up to 95% compared to traditional methods [3][5][6] - Despite the benefits, there are concerns about the quality and reception of AI-generated content, particularly regarding the "uncanny valley" effect and the potential for homogenized advertising [19][20][30] Group 1: AI Advertising Tools - TikTok introduced a new AI advertising feature that generates 5-second video ads from images or text prompts [1] - Meta upgraded its image-to-video advertising tool, allowing marketers to create multi-scene video ads using AI [2] - Google's Veo3 tool can create complete videos from a single prompt, significantly reducing production time and costs [3] Group 2: Cost Efficiency - AI-generated advertisements can be produced at a fraction of the cost of traditional ads, with some companies claiming costs as low as $1 per ad compared to $200 previously [6][8] - The use of AI tools allows for faster production timelines, with some ads being completed in just a few days [3][8] Group 3: Industry Trends - A significant portion of advertisers (53.1%) are already using AI-generated content in their marketing strategies, indicating a shift towards AI integration in advertising [2] - The trend towards AI in advertising is expected to continue, with many small and medium-sized companies adopting these technologies to remain competitive [11][13] Group 4: Quality Concerns - There are growing concerns about the quality of AI-generated content, with some users expressing dissatisfaction with the "creepy" appearance of AI-generated characters [19][20] - Reports indicate that AI-generated ads may lack the emotional connection and engagement that traditional ads provide, leading to a negative perception among consumers [23][24][30] Group 5: Future Outlook - The debate over the effectiveness of AI-generated content versus traditional advertising is likely to persist, as companies weigh the cost benefits against potential drawbacks in consumer engagement [31][33] - While AI tools are becoming more accessible, there remains a belief in the value of human creativity and expertise in advertising [18][33]

在范斌看来，企业对钙钛矿的热衷，在于已经意识到投资晶硅 几乎都是亏损，而光伏又是一个巨大的市场，钙钛矿成为"唯 一的选择"。 作者：潘俊田 封图：图虫创意 "2016年、2017年跟大家讲钙钛矿的时候还没人信，只有协鑫集团董事长朱共山拿了钱愿意投资。 现在无论是原有的光伏企业，还是跨界者都看好钙钛矿。"协鑫光电董事长范斌说。 2010年博士毕业后，范斌便投身新型光伏电池的研发工作，并成立了厦门惟华光能，是国内最早 从事钙钛矿研发与产业化的人之一。2016年底，厦门惟华光能被协鑫集团收购后，成为该集团旗 下协鑫科技独立运行的子公司。 过 去 三 年 间 ， 钙 钛 矿 因 其 极 高 的 光 电 转 换 效 率 （ 钙 钛 矿 单 结 电 池 极 限 为 33% ， 叠 层 电 池 为 45%），受到光伏业内的热捧。 头部光伏企业均宣称在钙钛矿上投入不菲，并持续刷新实验室纪 录，把钙钛矿从平方厘米级别做到平方米级别，光电转换效率从10%+做到20%+。初创企业也相继 进军，力求把握下一个风口。 2025年被认为是钙钛矿量产的元年。根据公司官方信息，协鑫光电、纤纳光电、极电光能等初创 企业均投建 GW（吉瓦，1G ...