各位早上好今天是6月4日星期三欢迎来到又一期的摩根史丹利周期论件我是中国基础材料行业的分析师David徐卓凡那么在开始之前我要先读一个免责声明请注意本会议仅面向摩根史丹利的机构客户以及财务顾问本会议现不对媒体开放如果您来自媒体敬请退出本次会议随后与我们联系以了解进一步详情请注意本次会议内容和您的问题可能会被录音 那么在今天的webcast里我们首先会邀请地产行业的首席Stefan来聊一下开发商5月的销售情况以及二手房市场的一些动态接着有汽车行业的分析师Sally和大家聊一下关于价格战和国企改革的一些行业更新然后我们有交运行业的分析师Tenny和我们分享一下他们组最近发的关于快递行业整合动态的一个大报告最后我们工业行业的首席宗盛 会分享一下上周在中国调研的反馈包括工业自动化以及机器人行业的一些进展那么在会议过程中您可以随时在屏幕左方的提问消息框里向我们发送您的问题接下来我们先把时间交给Steven有请Steven好 谢谢Steven大家好 我是Steven现在由我来跟大家更新一下五月份的房地产数据 首先我们说说百强开发商五月份的销售根据克尔瑞的数据百强开发商在五月份的销售同比下降了10%而50强开发商的销售同比 ...

投资咨询业务资格：证监许可【2011】1778 号 姓名：何彬 宝城期货投资咨询部 从业资格证号：F03090813 投资咨询证号：Z0019840 电话：0571-87006873 邮箱：hebin@bcqhgs.com 报告日期：2025 年 6 月 4 日 （仅供参考，不构成任何投资建议） 专业研究·创造价值 1 / 7 请务必阅读文末免责条款 请务必阅读文末免责条款部分 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 自动化交易| 专题 专题报告 自动化交易 专业研究·创造价值 期货自动化交易策略构建的基础指南： 从理论到实践 摘要 本文系统研究期货自动化交易策略的构建方法。基于当前大数 据与 AI 技术背景，研究首先分析了自动化交易在效率、纪律性和数 据处理方面的核心优势。研究指出，成功构建交易策略需要开发者 具备市场认知、编程能力和心理素质等复合能力。 通过对主流交易平台的比较，研究提出了分层 ...

Core Viewpoint - Su Keng Agricultural Development plans to acquire 23 million shares of Jin Tai Yang Grain and Oil Co., representing 28.75% of its total shares, for an investment of 178 million yuan, increasing its stake from 51.25% to 80% to strengthen its controlling position [1][2] Company Overview - Jin Tai Yang Grain and Oil was established in 1949 and is located in Nantong, producing various types of edible oils, including sunflower seed oil and corn oil, with an annual production capacity of 100,000 tons of sunflower oil [1] - The company has developed a digital, intelligent, and automated production system, with capabilities including 1,000 tons of small packaging oil per day and 900 tons of refining capacity per day [1] Financial Performance - In Q1 2023, Jin Tai Yang Grain and Oil reported revenue of 547 million yuan and a net profit of 5.72 million yuan [2] - Su Keng Agricultural Development's revenue for 2024 was 10.917 billion yuan, a decrease of 10.28% year-on-year, with a net profit of 730 million yuan, also down 10.56% [3] - In Q1 2025, Su Keng Agricultural Development's total revenue was 2.133 billion yuan, down 8.70% year-on-year, and net profit was 82.42 million yuan, down 36.18% [3] Strategic Intent - The acquisition is part of Su Keng Agricultural Development's strategic layout and business development needs, aimed at optimizing resource allocation and improving operational decision-making efficiency [2] - The company emphasizes the need for a robust market risk management system and diversified procurement channels to mitigate market fluctuations [3]

Summary of Lineage Dairy Conference Call Company Overview - **Company**: Lineage Dairy (LINE) - **Industry**: Temperature-controlled logistics - **Position**: Largest company in the industry, approximately twice the size of the next largest competitor - **Facilities**: Nearly 500 facilities across 19 countries - **Customers**: Over 13,000 customers - **Employees**: 27,000 team members - **Automation**: Leader in cold storage automation with 80 automated facilities globally [2][5][21] Financial Performance and Guidance - **AFFO Guidance**: Reaffirmed guidance of $3.4 to $3.6 per share - **Q2 Performance**: Expected to be similar to Q1, typically a seasonal low for cold storage - **Cost Savings**: Ongoing cost savings and productivity initiatives are yielding positive results [5][6][28] Pricing and Market Dynamics - **Pricing Trends**: - Slow growth in pricing over the last four years - Recent net price increase of 2.5% on 77% of contracts negotiated in Q1 - Expectation of stable to upward pricing moving forward [6][7] - **Seasonality**: - Return to normal seasonal patterns observed since 2023 after disruptions caused by COVID-19 - Confidence in increased occupancy and inventory levels in the second half of the year [9][10] Consumer Demand and Market Conditions - **Consumer Behavior**: Stable demand with low single-digit growth; food inflation has pressured consumer spending [11][12] - **Long-term Growth Strategy**: Prepared to operate in a flat market environment while leveraging scale and technology to gain market share [12][14] Customer Retention and Relationships - **Churn Rate**: Low customer churn rate of 3% annually, indicating a sticky customer base [16] - **Customer Relationships**: Strong relationships with major food producers, enhancing trust and retention [20] Technology and Operational Efficiency - **Lin OS Initiative**: - Proprietary technology developed to optimize operations in both automated and manual facilities - Early pilots show double-digit labor improvements - Expected to enhance cost structure and operational efficiency over the next several years [31][32][37][39] - **Global Integrated Solutions (GIS)**: - Significant growth opportunity in transportation and freight forwarding services - Expected double-digit growth in GIS segment [22][23] Recent Developments and Acquisitions - **Tyson Deal**: - Largest deal in cold storage history, involving the acquisition of Tyson's facilities and 1,000 employees - Expected to generate over $100 million in incremental EBITDA by 2030 and $200 million in savings for Tyson [47][48][49] - **Acquisition Strategy**: - Continued focus on acquiring companies in a fragmented industry, with a strong track record of successful integrations [55] Financial Health and Capital Management - **Debt Management**: - Current net debt to EBITDA ratio in the mid-fives, maintaining investment-grade status - Strong liquidity position with access to revolver financing for acquisitions [56][58] - **Future Growth Funding**: - Plans to utilize internal cash flow and public market access for future acquisitions [58][59] Market Expansion and Growth Opportunities - **Global Expansion**: - Actively evaluating growth opportunities in Southeast Asia and other developing markets - Positioned as the acquirer of choice due to strong company values and culture [65][66] Conclusion - Lineage Dairy is well-positioned for future growth through strategic initiatives in technology, customer retention, and market expansion, while maintaining a strong financial foundation and operational efficiency. The company is focused on leveraging its scale and automation to enhance profitability and market share in the temperature-controlled logistics industry [54][68].

以下文章来源于盐财经 ，作者李含章 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 曾经的"粽子大王"五芳斋， 或许正在面临上市以来最严峻的危机。 文 ｜ 李含章 覃伊蕊 编辑 ｜ 江江 来源｜ 盐财经（ID：nfc-yancaijing） 封面来源 ｜ 视觉中国 "粽子大王"五芳斋，端午节前遇冷了。 5月28日，五芳斋（603237.SH）发布公告称，向持股超过1000股以上的股东，赠送价值160余元的"丰年五芳"粽子礼盒。没想到，二级市场反应冰冷，投 资者们不领情。公告发布次日，五芳斋股价下跌超3%，市值蒸发逾1.59亿元。 这场被部分投资者质疑为"变相清库存"的赠礼，恰逢公司深陷代工食品安全危机。 5月初，五芳斋代工的某零食品牌蜜枣粽被曝含"带血创可贴"，导致合作方退货率激增45%，品牌信任度遭受重创。 业绩压力进一步放大了市场担忧。2024年财报显示，五芳斋粽子收入同比下滑18.64%至15.79亿元，销量锐减1.14万吨，库存量同比激增33.82%；全年营 收22.51亿元、净利润1.42亿元，同比均下降14%。 2024财报中披露的五芳斋的经营情况 库存高压又遇食安风波，在"血粽子" ...

建议关注：盈峰环境、聚光科技、永兴股份、瀚蓝环境、海螺创业等 政策鼓励绿电直连，算电一体化大有可为 【广发环保 郭鹏】W22观点：绿电直连下的固废机遇——算电一体化 建议关注：盈峰环境、聚光科技、永兴股份、瀚蓝环境、海螺创业等 政策鼓励绿电直连，算电一体化大有可为 本期两部委发布《关于有序推动绿电直连发展有关事项的通知》，鼓励包括生物质（含垃圾焚烧）在内的绿电推 动直连、就近消纳，并明确不断提高自发自用比例，2030年前不低于35%，也#给予垃圾焚烧项目绿电直售的政策 背书。 垃圾焚烧作 【广发环保 郭鹏】W22观点：绿电直连下的固废机遇——算电一体化 而国产企业近年研发、生产能力持续提升，部分品类齐全，具备高端化研发能力的企业有望在此浪潮中脱颖而 出，建议关注#聚光科技、皖仪科技、莱伯泰科和海能技术等。 无人环卫持续推进，主流企业布局加速 近期无人物流备受市场关注，主要系L4级别自动驾驶在限定区域落地可能性较高。 而环卫同样满足固定场景及路线、低速等特征，具备较早应用推广的希望。 我们认为"环卫自动化"趋势更多是对于行业商业模式的优化：一方面，环卫公司已在尝试装备与无人化结合，他 们仍是实际环卫服务运行的重 ...

Serensia is a leading French electronic invoicing platform, accredited by the French Government as a Partner Dematerialization Platform (PDP)The acquisition provides Quadient with first-class electronic invoicing technology, advanced PDP capabilities and certified access to the Pan-European Public Procurement Online (Peppol) market With mandatory e-invoicing regulations approaching, Quadient is now strongly positioned in Europe’s digital compliance market, offering a comprehensive, end-to-end solution Qua ...

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced and qualified news journalists who produce independent content [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Group 1 - Meta is set to fully automate ad creation, which has led to a 2.7% pre-market drop in Interpublic Group's stock [1]

Core Viewpoint - The Shenyang-Baihe High-Speed Railway (沈白高铁) has entered the joint debugging and testing phase as of June 1, marking a significant step in its development and future operations [1][2]. Group 1: Project Overview - The Shenyang-Baihe High-Speed Railway connects Shenyang in Liaoning Province to Changbai Mountain in Jilin Province, spanning approximately 430 kilometers with a design speed of 350 km/h [1]. - The railway includes 10 stations and features a high bridge and tunnel ratio, with 85 tunnels and 175 bridges, accounting for about 77% of the main line [1]. Group 2: Technological Innovations - The project employs over 40 core patented technologies, achieving full-process automation in the manufacturing of track slabs, which is a first in both domestic and international contexts [2]. - A new generation of automated arm pre-configuration platforms has been developed, optimizing material usage and improving construction efficiency by 40% for contact network installations [2]. Group 3: Economic and Social Impact - Once operational, the railway will enable high-speed rail access to all cities in Liaoning Province, enhancing the regional transportation network and supporting the rapid development of the Shenyang-Fushun reform and innovation demonstration zone [3]. - The railway will also stimulate tourism and economic growth in southeastern Jilin Province, particularly in cities like Tonghua and Baishan, which previously lacked high-speed rail access [3]. - The Shenyang-Baihe High-Speed Railway is expected to enhance the Northeast region's openness and cooperation, contributing to the broader Belt and Road Initiative and promoting comprehensive revitalization in the area [3].