2.公司是否有牌照资质的优势？是否得到了有关部门的定 点测试资质？ 答：（1）汽车试验场行业本身对场地运营没有普遍性的特 殊牌照资质要求。公司作为国内主要的第三方汽车试验场，是 国家认可实验室（CNAS L9272）、工业和信息化部认可的汽车 新产品公告测试场地、交通运输部认可的道路运输车辆油耗及 安全测试场地、欧盟认证的轮胎噪声和湿抓地测试场地。资质 不是汽车试验场行业竞争的主要壁垒，公司优势主要在于场地 规模、测试功能覆盖的全面性、技术指标的先进性、服务能力 和品牌信誉等方面。（2）公司是国家及地方相关部门在智能网 联汽车、新能源汽车等前沿技术领域重要的测试验证基地合作 伙伴。我们是国家技术标准创新基地(汽车)一智能网联汽车测 试场景标准验证创新中心，是江苏省新能源汽车及智能网联汽 车测试工程研究中心。 证券代码：301215 证券简称：中汽股份 中汽研汽车试验场股份有限公司 投资者关系活动记录表 编号：2025-006 | 投资者关系活 | ☑特定对象调研 □分析师会议 | | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | ☑现场参观 ...

Core Insights - Three tech giants have surpassed the $3 trillion market cap: Microsoft, Nvidia, and Apple. The focus now shifts to potential candidates for joining this exclusive club, with Amazon, Alphabet, and Meta Platforms being the most likely contenders [1]. Group 1: Amazon - Amazon's market cap is approximately $2.3 trillion, needing a 33% increase in stock price to reach $3 trillion [2]. - The company leads in cloud computing and e-commerce, with its AWS segment being the most profitable and fastest-growing, showing a 17% revenue growth last quarter [4]. - Amazon benefits from the AI trend, with clients utilizing its services for AI model development, leading to significant recurring revenue. The company is also developing custom AI chips to gain cost advantages [4]. - E-commerce revenue is growing steadily, and AI is being used to enhance logistics efficiency and profitability. The stock is currently at an attractive valuation, making the path to $3 trillion appear clear unless a severe economic downturn occurs [4]. Group 2: Alphabet - Alphabet's market cap is slightly above $2.1 trillion, requiring a 42% increase in stock price to reach $3 trillion [5]. - The main obstacle for Alphabet is potential antitrust penalties, which could include divesting its Chrome browser or Android OS. However, recent judicial trends suggest a likelihood of reduced penalties [7]. - New competition from AI chatbots and search engines poses a risk to Google's search dominance, but Alphabet has strong distribution capabilities through Chrome and Android, and a well-established advertising network [7]. - Alphabet is also making strides in AI, with its Gemini model performing well and focusing on profitable AI features. The company is well-positioned to convert AI investments into revenue, alongside its growing cloud business and YouTube platform [8]. Group 3: Meta Platforms - Meta Platforms has a market cap of just under $1.8 trillion, needing a 72% increase in stock price to join the $3 trillion club [9]. - The company experienced a 16% revenue growth last quarter, driven by AI enhancements that improved user engagement and ad performance, leading to a 5% increase in ad impressions and a 10% rise in ad prices [11]. - New advertising opportunities are emerging, particularly on WhatsApp, which has over 3 billion users, and on the rapidly growing Threads platform, which has over 350 million monthly active users. This expansion in ad inventory and improved ad effectiveness positions Meta for potential growth towards the $3 trillion mark [11].

Alpha 策略半年度回顾及展望 ---2025 年 Alpha 半年度行情展望 投资展望： 2025 年 6 月 22 日 | 瞿新荣 | 投资咨询从业资格号：Z0018524 | quxinrong@gtht.com | | --- | --- | --- | | 杨新雨 | 投资咨询从业资格号：Z0021625 | yangxinyu@gtht.com | | 张品（联系人） | 从业资格号：F3063187 | zhangpin@gtht.com | 报告导读： 安 期 货 研 究 上半年的 A 股市场，以反弹为主线，虽然经历了中期的关税冲击，但无论是波动和成交还是热点的分布都为股票量化策略提 供了良好的环境。小市值风格的回归为今年的量化策略表现奠定了基调，无论是基本面还是量价，虽然单个风格的赚钱效应 并没有特别亮眼，但总体风格收益比较温和分散。因此，显著的波动和万亿以上的成交对于高频策略等寻求交易性质收益的 策略提供了条件，而分布足够广的热点主题和有赚钱效应的风格又为获取选股收益提供了空间。ALPHA 市场呈现以下特征： 上半年微盘股凭借显著超额收益与极端交易热度成为资本市场焦点，从交易拥挤度和估值 ...

金融工程 | 金工定期报告 金融工程 证券研究报告 因子跟踪周报：波动率、bp 分位数因子表现较好- 20250621 因子 IC 跟踪 IC 方面，最近一周，1 个月超额收益率波动、bp 三年分位数、Fama- French 三因子 1 月残差波动率等因子表现较好，一年动量、90 天分析师 覆盖度、小市值等因子表现较差；最近一月，1 个月超额收益率波动、 Fama-French 三因子 1 月残差波动率、小市值等因子表现较好，一年动 量、前五大股东持股比例合计、季度资产周转率等因子表现较差；最近一 年，1 个月反转、小市值、Fama-French 三因子 1 月残差波动率等因子表 现较好，一年动量、季度 roe、季度 ep 等因子表现较差。 因子多头组合跟踪 多头组合方面，最近一周，1 个月超额收益率波动、Fama-French 三因子 1 月残差波动率、1 个月换手率波动等因子表现较好，90 天分析师覆盖 度、一致预期 EPS 变动、一致预期净利润复合增速等因子表现较差；最近 一月，季度 roe 同比、季度净利润同比增长、Fama-French 三因子 1 月残 差波动率等因子表现较好，90 天分析师覆盖 ...

Group 1: Overview of Events - The "2025 Investor Reception Day and 2024 Annual Performance Briefing" was held in Qinghai, focusing on enhancing compliance and investor relations among listed companies [1][4] - The event included a training session for directors and senior executives of listed companies, emphasizing compliance and governance [1][5] Group 2: Financial Performance of Listed Companies - In 2024, ten listed companies in Qinghai achieved a total revenue of 103.69 billion yuan and a net profit of 10.49 billion yuan, with total dividends amounting to 2.85 billion yuan [1] - Qinghai Mutual Tianyoude Qinjiao Wine Co., Ltd. reported a revenue of 1.26 billion yuan, net profit of 42.17 million yuan, and dividends exceeding 50% of its net profit [2] - Western Mining Co., Ltd. achieved a record revenue of 50.03 billion yuan and a net profit of 2.93 billion yuan in 2024, with a dividend payout of 10 yuan per 10 shares [3] Group 3: Investor Engagement and Training - The event facilitated real-time communication between listed companies and investors, with 516 questions raised and an 80.62% response rate [4] - Training sessions covered regulatory updates and compliance requirements, focusing on asset restructuring and information disclosure [4][5] Group 4: Regulatory and Development Initiatives - The Qinghai Securities Regulatory Bureau emphasized the importance of enhancing management capabilities and protecting investor interests as part of the new "National Nine Articles" [5][6] - Future initiatives will focus on improving asset quality and operational performance through market management and mergers and acquisitions [6]

证券代码：600119 证券简称：长江投资 公告编号：临 2025-016 长发集团长江投资实业股份有限公司 九届五次董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 长发集团长江投资实业股份有限公司（以下简称"长江投资公司" 或"公司"）九届五次董事会议的通知及相关材料已于会前以电子邮 件或专人送达的方式向全体董事发出。会议于 2025 年 6 月 17 日（周 二）下午 15 时 30 分在上海市青浦区佳杰路 89 号 6 号楼 901 室召开。 本次会议采用现场结合通讯方式表决。会议应到董事 7 名，实到 7 名， 公司监事、高级管理人员列席了会议，会议由董事长鲁国锋主持。会 议召开符合《公司法》和《公司章程》的有关规定。本次会议审议通 过了如下决议： 一、审议通过了《关于全资子公司上海长利资产经营有限公司减 资的议案》 ，同意将上海长利资产经营有限公司注册资本从5,000万元 减少至3,000万元。本次减资完成后，上海长利资产经营有限公司股 权 结 构 不 变 。（ 详 见 《 上 海 证 券 报 》 及 ...

Meeting Overview - The annual general meeting of Anhui Wantuo Expressway Co., Ltd. is scheduled for June 24, 2025, at 14:30 [4][10] - The meeting will be chaired by the chairman of the board, with provisions for a vice-chairman or a director to preside if necessary [2][3] - Registration for the meeting will occur from 13:30 to 14:30 on the same day, requiring specific identification documents for attendees [2][3] Governance and Compliance - The board of directors held 10 meetings in 2024, reviewing 62 proposals and reports, including budget approvals and bond issuances [5][6] - The company has revised its articles of association and board working regulations to enhance governance and operational efficiency [6][7] - Independent directors play a crucial role in overseeing compliance and governance, with three independent directors actively participating in committees [8][9] Financial Performance - For the fiscal year, the company reported a revenue of RMB 709.183 million, a 6.94% increase from RMB 663.134 million in 2023 [10][11] - The total profit for the year was RMB 222.47 million, a slight decrease of 1.86% compared to the previous year [10][11] - The net profit attributable to shareholders was RMB 166.898 million, reflecting a 0.55% increase year-over-year [10][11] Operational Efficiency - The company has implemented various initiatives to enhance operational efficiency, including a new collaborative snow removal model and performance-based salary systems [11][12] - Significant improvements in toll collection and management have been achieved, including the transition to electronic invoicing [12][13] - The company has established a smart operation command center to optimize traffic management and service delivery [12][13] Investor Relations and Market Recognition - The company has maintained a strong commitment to investor relations, hosting multiple performance briefings and engaging with over 80 foreign investment institutions [9][10] - It has received accolades for its investment value and ESG reporting, including the "Golden Bull Most Valuable Investment Award" [9][10] - The company has a consistent dividend policy, having distributed approximately RMB 9.412 billion in cash dividends since its listing [10][11] Future Plans - The company aims to achieve a toll revenue target of approximately RMB 4.603 billion for 2025, reflecting a strategic focus on enhancing operational performance [14][15] - Plans include optimizing service quality, expanding smart management systems, and improving maintenance practices [14][15] - The company will continue to strengthen its compliance and governance frameworks to support sustainable growth [17][18]

证券代码：000921 证券简称：海信家电 海信家电集团股份有限公司投资者关系活动记录表 编号：2025-001 | 投资者关 | □机构调研 □分析师会议 | | --- | --- | | 系活动类 | □媒体采访 √业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观□投资者日 | | | □其他 | | 参与单位 | | | 名称及人 | 公司投资者 | | 员姓名 | | | 时间 | 2025 年 6 月 20 日 | | 地点 | 线上业绩说明会 | | 上市公司 | | | 接待人员 | 公司管理层 | | 姓名 | | | | 一、1、公司股价被市场严重低估，是否有市值管理方案；2、公司的 | | | 股息率还比较高，对于证监会提出的低息再贷款增持方案公司是否考虑 | | | 过；3、今年二季度公司是否还是产销两旺？ | | | 答：投资者您好：1、公司高度重视市值管理，通过回购股份、员工 | | 投资者关 | 持股计划及股权激励、分红等手段增强市场信心。2、2025 年 5 月 8 日， | | 系活动主 | 公司发布《关于控股股东一致行动人增持股份及后续增持计划的 ...

编号：2025-06 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 ■其他（投资者说明会） | | 参与单位名称及 | 公司关于终止发行股份购买资产并募集配套资金事项的投资者说明会采 | | 人员姓名 | 用网络远程方式进行，面向全体投资者 | | 时间 | 2025 年 6 月 20 日 15:00-16:00 | | 地点 | 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云访谈" | | | 栏目 | | 上市公司接待人 | 1、党委书记、董事局副主席（主持工作）：周彬先生 | | | 2、党委副书记、董事、总裁：曹士平先生 | | 员 | 3、财务总监：聂勇先生 | | | 4、董事局秘书：李春雷先生 | | | 1、问：作为国资委下属单位，关于中央要求的上市公司市值要求， | | | 后续什么措施保证康佳在资本市场的止跌回稳？ | | | 答：你好，谢谢你的关注。公司高度重视市值管理工作，将持续深 | | | 化专业化整合，聚焦 ...

四川省委金融办负责同志表示，省委省政府高度重视并购重组工作，目前正研究出台全省支持并购重组 的有关政策措施，进一步多措并举支持上市公司并购重组。同时，鼓励上市公司用好四川省科技并购贷 款试点政策，积极参与设立AIC基金或产业并购基金，为并购重组提供更有力的资金保障。 为深入贯彻落实并购重组系列新政策新精神，6月19日，四川证监局联合四川省委金融办、四川省国资 委，指导四川上市公司协会成功举办四川上市公司并购重组专题培训会，四川179家上市公司董事长、 总经理等高管，成都、绵阳、德阳等17个市(州)政府部门相关负责同志近400人参加培训。 四川证监局相关负责人介绍了各方协同推动四川辖区并购重组工作情况，取得的成效与不足，进一步用 好并购重组功能的相关建议，结合今年重点工作对辖区公司提出规范市值管理、提升治理水平、守牢风 险底线等监管要求。沪深交易所、相关中介机构业务负责人聚焦并购重组系列新规，分别从政策要点、 市场趋势、关键要素、典型案例和实务操作等方面进行了详细解读。 四川证监局主要负责同志表示，随着"并购六条"系列举措全面落地，为上市公司提供了有利的政策环境 和发展机遇，上市公司将迎来更加广阔的发展前景。辖 ...