证 券 研 究 报 告 光伏行业周报（20250609-20250615） SNEC 聚焦降本增效，产业链价格小幅下行 第十八届 SNEC 展超 3000 家光储企业参会。2025 年 6 月 11-13 日，SNEC PV+ 第十八届（2025）国际太阳能光伏与智慧能源（上海）大会暨展览会在国家会 展中心（上海）举办。本届 SNEC 展会面积 38 万平方米，参展企业超 3000 家，其中境外企业有 900 余家。目前光伏行业面临供需失衡、价格波动等压 力，正处于深度调整期，但展会现场仍然热度不减。 各企业聚焦技术创新，推动降本增效。电池组件方面，产业链相关企业通过工 艺优化、结构设计及材料创新，不断提升转换效率及组件功率。相比于往届展 会，大规模广告投放减少，各企业更聚焦技术创新，侧重展示产品的核心技术 与竞争力。（1）BC 技术量产推进顺利，下半年有望放量，建议关注布局领先 的头部企业，爱旭股份、隆基绿能等。（2）金属化降本需求迫切，贱金属浆料 下半年有望逐渐实现规模化应用，建议关注聚和材料、帝科股份、博迁新材等。 主流厂家推出创新储能产品及系统解决方案。储能需求整体向好，为满足不同 应用场景的使用需求 ...

字节跳动国际化电商深圳工区被传即将关停，近期严控餐食外带、取消午休熄灯等福利 据鞭牛士消息，字节跳动要求国际化电商深圳团队在6月中旬前完成base地变更，可选在上海或珠海办公，拒绝调 岗者将获N+1补偿。珠海方案尤为诱人：除个税减免至15%（有效期至2025年底），员工还可领取5.5个月工资的 一次性补贴。 这一调整恰逢深圳工区近期推行多项严苛管理新规：取消传统午间熄灯安排，工作日全天强制保持照明，折叠床 使用受限，严禁外带工作餐，设立匿名举报机制，违规者面临退赔甚至辞退等。 此次调整或反映区域运营效率问题——TikTok Shop美国GMV仅完成年度目标的51%（约90亿美元），而东南亚市 场增长强劲。深圳团队关停后，珠海或成为跨境业务新枢纽，借助税收政策降低人力成本。 部分员工"举报式管理"表达不满："防少数人多拿，却让所有人失去下班带餐自由"。而福利缩水早有端倪：2025 年起取消春节红包、下午茶及电脑补贴，被解读为"降本增效"信号。行业观察人士指出，此举与快手2024年削减 17%行政开支的策略类似，头部互联网企业正集体转向精细化运营。 关停深圳工区的同时，字节跳动海外电商布局仍在加码：2025年先后 ...

证券代码：000878 证券简称：云南铜业 云南铜业股份有限公司投资者关系活动记录表 编号：2025-09 | 投资者关 | ☑特定对象调研 □分析师会议 | | --- | --- | | 系活动类 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 别 | □现场调研 □其他 | | 活动参与 | 1. 华泰证券李斌、黄自迪 | | 人员 | 2. 中信证券陈剑凡、张铭赫，云南能投张一零、胡强，西安唐璞投资王立、 | | | 西藏合众易晟投资虞利洪等。 | | | 2025 年 6 月 11 日 16:00—17:30 | | 时间 | 2025 年 6 月 13 日 10:00—11:30 | | | 会议室 | | 地点 | 3307 会议室、3222 | | 形式 | 座谈交流 | | 上市公司 | 证券部负责人、证券事务代表：孙萍 | | 参加人员 姓名 | 云铜营销分公司经理：李嘉 | | | 一、公司基本情况介绍 | | | 云南铜业于 1998 年在深交所挂牌上市，主要业务涵盖了铜的勘探、采选、 | | | 冶炼，贵金属和稀散金属的提取与加工，硫化工以及贸易等领域，是 ...

Core Insights - The manufacturing industry is facing unprecedented cost pressures due to intense competition leading to lower product prices, alongside rising raw material prices and supply chain costs, which are squeezing profit margins [1] - Cost reduction in production operations has evolved from a mere efficiency issue to a strategic survival challenge, necessitating systematic cost-cutting measures to create new profit spaces [1] - Many companies are responding to cost pressures reactively rather than proactively, often implementing temporary solutions without a long-term strategic vision [1] Cost Structure Breakdown - Production operation costs can be broken down into three main components: materials, labor, and overhead [3] - Material costs, including raw material and waste costs, are largely market-driven and difficult to control, making it less effective to focus efforts on raw material procurement [4] - Labor costs encompass direct labor, equipment usage, and energy consumption, which are critical for production departments to monitor closely [4] - Overhead costs involve quality costs, efficiency losses, and management expenses, with a focus on quality and production efficiency being paramount for production departments [5] Systematic Cost Reduction Steps - **Data-Driven Cost Reduction Foundation**: Establishing a comprehensive data collection and analysis system is essential for effective cost reduction, requiring standardized data collection processes and multi-dimensional analysis tools [7] - **Standardization to Eliminate Variability**: Implementing standardized operating procedures across various production stages can significantly reduce fluctuations and anomalies, ensuring stable production and cost reduction [8] - **Continuous Improvement Mechanism**: A structured approach to continuous improvement, including problem identification, root cause analysis, and the PDCA cycle, is vital for enhancing operational efficiency [10] - **Talent and Organizational Development**: Sustainable cost reduction requires a focus on talent and organizational growth, emphasizing the development of specialized operational teams and a learning-oriented organization [11]

陕西中天火箭技术股份有限公司 投资者关系活动记录表 编号： 2025-007 投资者关系活动 类别 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与对象 长春净月产业基金投资有限公司 李航、于林园、魏熙泽 时间 2025 年 6 月 11 日 15 点 00 分 地点 公司三楼会议室 上市公司接待人 员姓名 党委副书记/董事会秘书 宁星华 证券事务部部长 许青山 投资者关系活动 主要内容介绍 一、观看公司宣传片、证券事务部部长许青山介绍公司基 本情况。 二、座谈交流。 1.请介绍公司当前主营业务结构及军品主要产品？ 公司为军民融合为企业，2024 年军品业务收入占比约 30%，民品业务占比约 70%；公司军品产品主要为小型制导火 箭、探空火箭、军用耐烧蚀组件等。 2.请问公司军品业务的增长情况如何？ 2024 年公司军品业务整体同比增长 50%以上。 3.军品研发是否有新进展？ 公司制导火箭产品围绕市场需求，持续推进产品系列化、 多平台化发展，部分系列化型号已完成研制，推向市场。 | | 4.公司在新材料领域有哪些产品布局？ ...

近日，天业节水公司职工自主开垦的"绿色菜园"迎来首轮丰收，原本杂草丛生的闲置荒地经过数月精心 打理，现已结满黄瓜、小白菜、茼蒿等时令蔬菜，不仅成为展现团队协作与生态理念的示范窗口，更 以"降本增效"的实际成果为职工生活增添新活力。 目前菜园内生机盎然：黄瓜藤蔓缀满翠绿果实，小白菜叶片肥嫩青翠，茼蒿清香扑鼻。丰收期间，职工 们分批采摘新鲜蔬菜，部分用于食堂加工，部分由参与者共享，真正实现"从田间到餐桌"的零距离绿色 供给。通过自产蔬菜替代部分采购需求，每月可节省食堂成本约15%，同时减少运输环节的碳排放，实 现经济效益与生态效益双提升。 劳动教育润人心 勤俭理念入日常 闲置荒地焕新颜 资源盘活显成效 年初，为响应绿色环保号召，单位组织职工利用业余时间对院内闲置地块开展整治。大家分工协作，翻 土整地、播撒种子、搭建藤架，将300余平方米荒地打造成标准化菜园。职工们轮流参与浇水、除草等 日常维护，既减少人工支出，又增强团队凝聚力，让"劳动实践角"成为凝聚团队合力的新载体。 降本增效双丰收 绿色供给惠职工 "亲手播种到收获的过程，让我体会到'粒粒皆辛苦'的真谛。"职工代表张师傅捧着黄瓜感慨道。菜园建 设不仅丰富了业余 ...

Core Insights - The transportation industry in China is advancing towards high-quality development, with cross-regional passenger flow reaching 64.592 billion trips in the previous year, marking a year-on-year increase of 5.4% [1] - Daily cross-regional travel is projected to average around 180 million trips in 2024, reflecting a 5.4% growth compared to 2023 [1] - The total freight volume for the entire society is expected to reach 5.69 billion tons in 2024, with an average daily transportation of approximately 160 million tons, which is a 3.9% increase from 2023 [1] Transportation Infrastructure Expansion - The rapid transportation network in China has expanded significantly, with 2,457 kilometers of new high-speed rail lines put into operation last year [2] - Over one-third of provinces have achieved high-speed rail connectivity between cities, and the highway network increased by 7,032 kilometers, enabling over two-thirds of provinces to have county-level highway access [2] - Air service now covers 92.6% of the country's prefecture-level administrative units and 91.2% of the population [2] Rural Road Development - Investment in rural road construction has remained above 400 billion yuan for eight consecutive years, with 164,100 kilometers of rural roads newly constructed or renovated last year [2] - The Ministry of Transport aims to continuously improve the national comprehensive transportation network and enhance the efficiency and cost-effectiveness of transportation logistics [2]

Core Viewpoint - Kexing Pharmaceutical (688136.SH) plans to sell its wholly-owned subsidiary, Shenzhen Tong'an Pharmaceutical Co., Ltd., for 15 million yuan to reduce management costs and improve asset operation efficiency [1][13]. Group 1: Company Performance - Kexing Pharmaceutical's stock price has doubled since the beginning of the year, with a significant increase of 156.50% from 21.86 yuan per share at the end of 2024 to 56.07 yuan on June 4 [6][10]. - The company reported a revenue of 14.07 billion yuan in 2024, an increase of 11.75% year-on-year, and achieved a net profit of 31 million yuan, marking a turnaround from previous losses [10][11]. - Despite the revenue growth, the company's R&D expenses significantly decreased to 168 million yuan in 2024, down 51.30% from the previous year [11][13]. Group 2: Shareholder Actions - The controlling shareholder, Shenzhen Keyi Pharmaceutical Holdings Co., Ltd., plans to reduce its stake by up to 3%, potentially cashing out over 336 million yuan based on the stock price at the time of the announcement [4][5]. - This is the first time since Kexing Pharmaceutical's IPO that the major shareholder has announced a reduction in holdings, raising market concerns about the intention behind the move [3][5]. Group 3: Market Reactions - Following the announcement of the major shareholder's reduction plan, Kexing Pharmaceutical's stock price fell to 50.95 yuan per share by June 12 [8]. - Market skepticism arose due to the significant stock price increase prior to the reduction announcement, with some investors questioning the motives behind the shareholder's decision [5][6].

目前，法国富郎多公司主要经营葡萄酒、烈酒，2024年营业收入约134.9万欧元，净利润亏损2.39万欧 元。经评估，法国富郎多公司100%股权评估值为388万欧元，剔除买家报价之外的余存货76.5万欧元及 现有报价之外的营运资金50万欧元后，对应的评估值为261.5万欧元；张裕持有的不动产评估值为205万 欧元。 烟台张裕葡萄酿酒股份有限公司（以下简称"张裕"）近日宣布，合计作价480万欧元，出售其旗下一家 法国公司100%股权及相关不动产，以回笼资金，专注国内白兰地业务。在此之前，张裕已宣布出售其 莱州朱桥葡萄基地。两次资产出售，被业内视作张裕业绩下滑之下的"回血"举措。 财报显示，张裕2024年业绩呈现双位数下滑，未完成年初制定的营收目标，净利润更是创下2005年以来 新低。对此，张裕近期在接受投资者调研时表示，业绩下滑主要归因于三大外因，即葡萄酒消费形 势"断崖式"不友好，消费场景"断崖式"萎缩，渠道推动力"断崖式"减弱。三大内因则包括产品创新不 足，渠道创新不足，营销作为有限。 2025年，张裕提出营收不低于34亿元的目标，并通过突破局部重点市场，提升营销水平，在小葡、起泡 酒、草本葡萄酒等创新产品上 ...

Core Viewpoint - The recent resignation letter from a former Alibaba employee has sparked widespread attention, highlighting various issues within the company and reflecting broader challenges faced by major internet firms in China [1][2][4]. Group 1: Employee Concerns and Company Reflection - The resignation letter, authored by Yuan An, a former product research head at DingTalk, points out that Alibaba's past success was driven by market trends, strategic vision, and a unique team structure, but has shown signs of fatigue since 2017 [1]. - Yuan An specifically mentions the decline in overall market momentum, failures in external acquisitions, and a lack of successful internal innovations as indicators of this fatigue [1]. - Alibaba's founder, Jack Ma, acknowledged the letter, indicating a recognition of the company's evolving challenges and the need for change [1][5]. Group 2: Management's Response and Strategic Shifts - Alibaba's management, including key figures like Ma and CEO Wu Yongming, have publicly reflected on the company's issues, suggesting an awareness of the need for reform [5][6]. - In recent communications, Ma emphasized the importance of adapting to change and the opportunities presented by the AI and e-commerce era, indicating a belief in Alibaba's potential for transformation [6]. - The company has undergone significant restructuring, including the establishment of a new organizational framework and a renewed focus on core business areas, particularly e-commerce and AI [8][12]. Group 3: Broader Industry Context - The issues raised in the resignation letter are not unique to Alibaba, as many large internet companies are grappling with similar "big company disease" challenges, reflecting the pressures of growth and innovation [2][13]. - Other major firms, such as JD.com and ByteDance, have also expressed concerns about internal complacency and the need for a renewed entrepreneurial spirit among employees [13][14]. - The ongoing transformation within Alibaba and the broader industry highlights a collective anxiety about maintaining innovation and avoiding mediocrity as companies scale [14][15].