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俄罗斯几乎没能受益于国际原油价格近期的上涨，因为俄罗斯卢布汇率上升。 随着以色列与伊朗最新一轮冲突推高国际油价，Argus Media Ltd.数据显示，俄罗斯Urals石油价格在6月 13日涨穿60美元/桶。这意味着，2025年以来，（俄罗斯石油出口销售收入）仅仅收复了10%的失地。 彭博根据俄罗斯央行官方汇率测算得出一个结论，俄罗斯石油出口行业那天（前述6月13日）每出口一 桶能收入4957卢布，相比2025年年初的水平低了大约30%。 ...

Core Insights - Paychex (PAYX) is expected to report quarterly earnings of $1.19 per share, reflecting a 6.3% increase year over year, with revenues projected at $1.39 billion, a 7.3% increase compared to the previous year [1] Earnings Estimates - The consensus EPS estimate has been revised down by 1.8% in the last 30 days, indicating a reassessment by analysts [2] - Revisions to earnings estimates are crucial for predicting investor actions, as empirical research shows a strong correlation between these revisions and short-term stock price performance [3] Revenue Projections - Analysts estimate 'Revenue- Management Solutions' at $1.01 billion, a 9% increase from the prior year [5] - 'Revenue- Interest on funds held for clients' is projected to reach $40.14 million, up 5.1% year over year [5] - 'Revenue- Total service revenue' is expected to be $1.36 billion, reflecting a 7.9% increase from the previous year [5] - 'Revenue- PEO and Insurance Services' is forecasted to be $341.79 million, a 4.7% increase year over year [6] Investment Balances - The 'Average investment Balance - Funds held for clients' is projected at $4.43 billion, down from $4.68 billion reported in the same quarter last year [6] - 'Average investment Balance - Corporate cash equivalents and investments' is expected to be $1.63 billion, compared to $1.65 billion a year ago [7] Interest Rates - Analysts expect 'Average interest rates earned - Funds held for clients' to be 3.4%, down from 3.5% in the same quarter last year [7] - 'Average interest rates earned - Corporate cash equivalents and investments' is projected to be 4.3%, compared to 5.3% a year ago [8] Stock Performance - Over the past month, Paychex shares have declined by 3.8%, while the Zacks S&P 500 composite has increased by 0.6% [9] - Paychex holds a Zacks Rank 3 (Hold), suggesting its performance will likely align with the overall market in the near term [9]

Core Viewpoint - The company, Feiling'er Home Technology Co., Ltd., reported a significant decline in revenue and profitability for the fiscal year 2024, with a focus on the need for detailed financial disclosures and clarifications regarding its operational performance and revenue recognition policies [2][3][4]. Financial Performance - The company achieved operating revenue of 336 million yuan in 2024, a year-on-year decrease of 14.86%, with a net profit attributable to shareholders of -37 million yuan, indicating an expanded loss [2][3]. - The gross profit margin was reported at 11.16%, down by 4.12 percentage points compared to the previous year [2][3]. - In Q1 2025, the company reported an operating revenue of 34 million yuan, reflecting a year-on-year decline of 33.94% [2]. Customer Concentration - The top five customers contributed sales of 97.13 million yuan, accounting for 28.89% of total annual sales, with related party sales amounting to 31.35 million yuan [2][3]. Cost Structure Analysis - The total cost of sales for 2024 was 298.70 million yuan, down 10.72% from the previous year [3][4]. - In the decoration materials segment, raw material costs were 171 million yuan, representing 57.24% of total costs, while direct labor costs were 9.41 million yuan, accounting for 3.15% [3][4]. - The home manufacturing segment saw a significant increase in direct labor costs, rising by 59.38% due to the commencement of operations by a subsidiary [3][4]. Revenue Recognition and Customer Contracts - The company is required to provide detailed breakdowns of cost structures by industry and product, including specific cost items, proportions, and year-on-year changes [2][3]. - The company must clarify the revenue recognition policies for its major contracts, including warranty service clauses and the rationale for not recognizing expected liabilities [2][3]. Market Environment and Competitive Analysis - The company is expected to analyze the reasons for its declining performance in comparison to industry peers, considering market conditions, competition, and fluctuations in product and raw material prices [2][3]. - The gross profit margin for the flooring segment was reported at 12.12%, down from 14.96% the previous year, while the cabinetry segment's margin was 9.71%, down from 10.88% [4][5]. Related Party Transactions - The company engaged in significant related party transactions, with total revenue from related parties amounting to 34.89 million yuan, and outstanding receivables of 29.09 million yuan at the end of the reporting period [10].

从2023年8月完成数亿美元C轮融资，到同年10月深陷高利贷的商业模式舆论风波，到如今提交赴港上 市文件，滴灌通因为有李小加的背书再次回到市场视野。文件显示，除了李小加作为创始人，滴灌通的 高管还包括多位经验丰富的高管。 此次，值得注意的是，滴灌通拟以罕见的香港上市规则第21章（Chapter 21）方式在香港主板上市。根 据香港上市规则，以第21章提交上市申请的公司可不用呈交中文版本上市文件，因此滴灌通上市文件目 前仅有英文版。香港证监会近年来并不鼓励第21章上市，港交所已有近15年没有通过第21章上市的公 司，因此，滴灌通此次能否破冰也备受关注。 李小加坐镇，多位经验丰富高管加持 每经记者｜蔡鼎 每经编辑｜陈俊杰 北京时间6月18日，由港交所前行政总裁李小加于2021年创办的滴灌通国际投资有限公司（Micro Connect International Finance Company Limited，以下简称滴灌通）提交赴港上市的初步申请文件，汇丰 为其独家保荐人。不过，由于这是公司第一次向港交所呈交文件，文件内并未披露关于公司拟发行股 份、募集资金、股权结构和财务方面的任何具体数据。 初步招股书显示，现 ...

Group 1 - The core viewpoint of the article highlights that Jilin Province's general public budget revenue in May increased by 7.9% year-on-year, amounting to 7.75 billion yuan [1] - From January to May, the total general public budget revenue for Jilin Province reached 56.22 billion yuan, reflecting a year-on-year growth of 15% [1] - The provincial revenue was reported at 13.34 billion yuan, which represents a decline of 9%, while the municipal and county-level revenue increased by 25.3%, totaling 42.88 billion yuan [1]

五年来，中金研究院跨越全国21省58县149个乡镇，走进300多个村庄，用脚步丈量土地，用纸笔 记录变迁。 今年在研究基础上，中金研究院推出 《田野对谈》 节目，希望以学术为基点，用一手调研和数 据解构乡村振兴，打造"田间地头的思想会客厅"。在节目中，我们将邀请知名三农领域专家进行 深入对话，一起走进真实的乡村，剖析乡村振兴路径上的问题与挑战。 本期节目中，我们在北京金叵罗村与浙江大学文科资深教授、浙江大学共享与发展研究院院长李 实展开对谈。 以下文章来源于中金研究院 ，作者CGI 中金研究院 . 中金研究院 (CICC Global Institute，缩写 CGI)作为中金公司一级部门，定位为新时代、新形势下的新型 智库，服务于中国公共政策研究与决策，参与国际政策讨论和交流，并为中国金融市场尤其是资本市场 发展建言献策。 乡村，是理解当代中国经济与社会发展的原点。 Q 您心中中国农村未来的理想景象是怎样的？ 农村首先是农业生产基地，但人口会不断减少，可能集中在城市和中小城镇周围。未来农村可能以家庭农场、 大农场为主。农业地理界限可能不那么明显，公共服务差异不大，居住在小城镇和大城市的人们生活质量差异 不大 ...

Core Viewpoint - Drip Irrigation International Investment Limited has submitted a listing application to the Hong Kong Stock Exchange, aiming to connect global capital with small and micro enterprises through financial technology [1] Group 1: Company Overview - Drip Irrigation Group operates a trading platform that allows small businesses to list on the Macau Financial Assets Exchange (MCEX) to raise affordable long-term funds through an innovative revenue-sharing model [1][5] - The MCEX is the world's first licensed revenue-sharing exchange, providing financial asset trading services and connecting international capital with global small and micro enterprises in a digital manner [5] Group 2: Investment Opportunities - The company has introduced Revenue Based Obligations (RBOs), which offer investors direct and diversified investment opportunities by tapping into daily cash flows from the active consumer economy [5] - The exchange facilitates liquidity and investment in small enterprises for global professional investors, providing a new option for impact investing [5] Group 3: Operational Insights - The new system of the MCEX has been operational for nearly a year and is designed as a digital platform rather than traditional corporate or fund structures, aiming to lower costs and simplify market structures for small and micro enterprises [5] - Companies listed on the exchange are required to distribute nearly all their income as dividends, with a minimum monthly dividend frequency to ensure investor protection [5]

Company Overview - PACS Group, Inc. shares increased by 21.8% to close at $12.35, with trading volume significantly higher than usual, contrasting with a 6.2% loss over the past four weeks [1] - The company is undergoing an audit committee investigation, which is nearly complete, and no integrity issues have been found regarding top management [2] Financial Performance - PACS Group is expected to report quarterly earnings of $0.42 per share, reflecting a year-over-year increase of 10.5%, with revenues projected at $1.09 billion, up 16.5% from the previous year [3] - The consensus EPS estimate for the upcoming quarter has remained unchanged over the last 30 days, indicating stability in earnings expectations [4] Industry Context - PACS Group operates within the Zacks Medical Services industry, where Sotera Health Company, a peer, has seen a 3.3% decline in its stock price recently and a negative return of 11.6% over the past month [4] - Sotera Health's consensus EPS estimate has also remained unchanged, currently at $0.17, which is a decrease of 10.5% compared to the previous year [5]

记者 辛圆 据国家外汇管理局官网周三发布消息，为进一步便利经营主体开展跨境投融资活动，优化营商环境，服务经济高质量发展，国家外汇管理局起草了《国家外 汇管理局关于深化跨境投融资外汇管理改革有关事宜的通知（征求意见稿）》（以下简称《通知》）。《通知》涉及投资端、融资端和支付便利三个方面9 项具体政策。 投资端方面，《通知》特别提到，取消外商投资企业境内再投资登记，将在部分省市试点的外商投资企业境内再投资免登记政策推广至全国。 智通财经记者查询发现，自2022年起，国家外汇管理局在上海市、江苏省、广东省等12地开展银行直接办理外债登记试点，并在12地及陕西省试点外商投资 企业境内再投资免登记，探索进一步便利经营主体办理跨境投融资业务。 商务部国际贸易谈判副代表李詠箑在6月13日的国新办新闻发布会上表示，商务部将进一步扩大开放，放宽外资市场准入。商务部将研究制定鼓励外资企业 境内再投资政策，为外资企业在中国投资新兴领域和未来产业提供更多的机遇。 此外，《通知》提到，允许外商直接投资项下外汇利润境内再投资。便利境内非企业科研机构接收境外资金，将在部分地区试点的境内非企业科研机构接收 境外资金试点政策（即"科汇通"）推 ...