Core Viewpoint - The company is adapting to adverse factors such as industry policy changes and delayed market demand release, focusing on enhancing core product competitiveness, exploring market demand, and improving cost efficiency, leading to a gradual recovery in its main business and a continuous reduction in losses [1] Group 1 - The company has responded to investor inquiries regarding the impact of industry policy changes and market demand delays [1] - The company emphasizes the importance of maintaining core competitiveness in its products and actively exploring market needs [1] - The company has implemented measures to strengthen internal audit supervision and control governance risks, adhering to the "Guidelines for the Governance of Listed Companies" [1]

Core Viewpoint - The company emphasizes that technological innovation is its core competitive advantage and aligns its R&D investment with industry strategic layout and technological iteration needs [1] Group 1: Company Strategy - The company has not achieved profitability in recent years due to multiple factors including macroeconomic conditions and industry policies [1] - The company plans to enhance efficiency through technological innovation, optimizing industrial layout, and reducing costs [1]

证券日报网讯 顺络电子8月1日发布公告，在公司回答调研者提问时表示，目前公司费用支出情况整体 受控。公司自上市至今，业务规模持续成长，年销售收入复合增长率约24%，不断投入研发是为了将来 更好地发展：人才储备和培养、技术研发投入、新产品开发储备、新产能提前布局、新客户拓展、基础 领域研究、行业前瞻性的研究。公司的各项投入是有序的并贴合公司长期战略安排的，聚焦公司战略和 业务规划，并通过全面经营预算合理管控。有些投入是阶段性的，所以费用出现阶段性增加或减少也是 正常的，但从趋势上来看，公司会持续性投入研发，同时不断降本增效，提升其他费用支出的效率。未 来，公司将会持续加大研发投入力度，研发费用率情况将维持稳定，努力控制其他费用率。 （编辑 袁冠琳） ...

福田实业(00420)发布公告，集团于截至2025年6月30日止6个月取得盈利明显改善。公司拥有人应占盈 利由2024年同期亏损990万港元，转为2025年同期盈利3070万港元，实现扭亏为盈;集团期内盈利由2024 年同期420万港元增至本期3580万港元，增长显著。 公告称，集团业绩改善主要归因于：1.采购销售协同：稳定老客户，开拓新客户，积极降低采购成本， 提升总体业务毛利和利润贡献;2.强化成本管控：以信息化系统为管理工具，提升产品质量为目标，不 断降低工厂生产消耗，压降生产成本;及3.加强管理与控制：集团持续推动精细管理，降本增效，运输 费用及人工费用等支出进一步下降;积极开展存货监控工作，制定合理的采购计画并积极化用长库龄存 货。 ...

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][42]. Core Insights - The SW agriculture, forestry, animal husbandry, and fishery industry slightly outperformed the CSI 300 index, with an increase of 1.06% from July 18 to July 31, 2025, surpassing the index by approximately 0.05 percentage points [3][10]. - Most sub-sectors recorded positive returns during the same period, with fisheries, aquaculture, planting, and feed sectors rising by 2.04%, 1.79%, 1.6%, and 0.64% respectively, while agricultural products processing and animal health sectors saw declines of 0.74% and 3.21% [11][12]. - Approximately 57% of stocks in the industry achieved positive returns, indicating a favorable market sentiment [12]. Industry Data Summary - **Pig Farming**: - The average price of external three-breed pigs decreased from 14.37 CNY/kg to 14.21 CNY/kg between July 18 and July 31, 2025 [21]. - The cost of corn was reported at 2402.02 CNY/ton, showing a slight decline, while soybean meal prices increased to 2984 CNY/ton [22]. - Profitability for self-bred pigs was 43.85 CNY/head, while purchasing piglets resulted in a loss of 116.78 CNY/head [26]. - **Poultry Farming**: - The average price of broiler chicks rose to 2.57 CNY/chick, while egg-laying chicks averaged 3.85 CNY/chick [28]. - The average price for broiler chickens increased to 6.83 CNY/kg, with a slight improvement in profitability to -0.43 CNY/chick [31]. - **Aquaculture**: - The average wholesale price for crucian carp was 22.69 CNY/kg, while carp saw a slight increase to 15.82 CNY/kg [33]. Industry News - The Ministry of Agriculture and Rural Affairs and nine other departments released a plan to promote agricultural product consumption, focusing on optimizing supply, innovating distribution, and activating market demand [35]. - Among the companies reporting mid-year results, Haida Group achieved a revenue of 588.31 billion CNY, a year-on-year increase of 12.5%, with a net profit of 26.39 billion CNY, up 24.16% [36]. Company Insights - Key companies to watch include: - Muyuan Foods (002714): A leading pig farming company with cost and scale advantages [43]. - Haida Group (002311): A top feed company expected to maintain steady market share growth [43]. - Lihua Co. (300761): A leading yellow feather chicken farming company with integrated advantages [43]. - Reap Bio (300119): A leader in the animal health sector with a growing product matrix for pet health [43]. - Zhongchong Co. (002891): A leading pet food company with strong domestic growth prospects [43].

对于当前AI应用的痛点，上海金融与发展实验室特聘研究员潘晓俊表示，传统云服务商及科技服务商仍主导市场，新晋AI厂商在平台级或专有AI能力建设 上参与较少。从应用深度来看，多数应用仍聚焦对话类、交互类场景，真正解决风控、营销等核心痛点的案例较少。例如，尽调报告结构化、非结构化数据 转化等关键领域仍存在空白。人才缺口方面，兼具金融业务经验与AI技术的复合型人才极度稀缺，此类人才无法通过学校短期培训产生，需通过实践积 累。 潘晓俊表示，当前，监管对AI面客应用持审慎态度，大型银行若推出直接面向客户的AI应用，仍需通过传统审批流程。例如，某股份制银行此前以"数字化 渠道"名义上线的AI信用卡服务，是少数获监管批准的案例。近期上海银行推出的交互式手机银行虽引入AI，但本质上仍是传统手机银行功能的延伸，未实 现根本性创新。 北京商报讯（记者 胡永新）7月31日，由北京商报社、深蓝媒体智库主办的"AI金融双刃剑：从安全底线寻找转型机遇沙龙"在上海成功举办。 从AI在金融领域的机遇与方向来看，潘晓俊认为，AI在金融领域的应用需围绕"降本增效"展开。降本，即通过AI替代重复性工作如客服、培训等，降低人 力成本；增效，即通过AI ...

Core Viewpoint - The event "Driving the Future, Competing on the Gan Line" highlighted the achievements in energy-saving logistics through the East Wind Commercial Vehicle's Dragon Power model, showcasing collaboration and recognition within the logistics industry [1][3]. Group 1: Event Overview - The award ceremony recognized outstanding teams and drivers from the "East Wind Commercial Vehicle Express Logistics Dragon Power Model Energy-Saving Competition (Jiangxi Division)" held from June 5 to July 5, 2025, with 80 participating vehicles covering nearly 1.5 million kilometers [3][5]. - The event gathered industry leaders and logistics company representatives, emphasizing the importance of energy efficiency in logistics operations [1][3]. Group 2: Team Awards - In the fuel category, Xudong Logistics achieved first place with an average fuel consumption of 23.9L/100km, followed closely by Yuchuan Logistics at 24.1L/100km [7]. - In the gas category, Jitu Logistics secured first place with an average gas consumption of 26kg/100km, while Yuchuan Logistics came in second at 27.2kg/100km [9]. Group 3: Individual Awards - In the fuel category, the driver from Xudong Logistics achieved an impressive fuel consumption of 20.8L/100km, earning first place, while Yuchuan Logistics' driver followed with 22.1L/100km [11]. - In the gas category, Jitu Logistics' driver recorded a gas consumption of 23.5kg/100km for first place, with another driver from the same team at 24.7kg/100km [12]. Group 4: Special Recognition - The "Outstanding Partner Award" was given to Yule Supply Chain, Jieyi Logistics, and Chibai Logistics for their active participation and excellent team management during the competition [15]. Group 5: Vehicle Delivery Ceremony - Following the award ceremony, a delivery event for 100 East Wind commercial vehicles to Jiangxi Xudong Logistics took place, marking a significant milestone in their partnership and demonstrating customer trust in the Dragon Power model [18]. - The chairman of Jiangxi Xudong Logistics emphasized the choice of East Wind Commercial Vehicles due to their energy efficiency and reliable service support [19]. Group 6: Technical and Operational Insights - The average fuel consumption for participating fuel vehicles was 26.6L/100km, while gas vehicles averaged 26.8kg/100km, both outperforming industry averages [19]. - Successful teams exhibited high highway usage and economic speed, with Jitu Logistics' gas vehicle team achieving 82.5% highway usage and 55.3% in the economic speed range, with no records of poor driving behavior [19]. Group 7: Service Commitment - East Wind Commercial Vehicles reiterated their "Ten Service Commitments," including lifetime warranty on core components, biannual free inspections, and 24/7 free roadside assistance, ensuring comprehensive operational support for customers [20]. - The event underscored the company's commitment to reliability and collaboration with logistics partners to explore cost-reduction and efficiency-enhancing strategies [20].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a slight decline in revenue but an improvement in operating profit margin. For the first half of 2025, the company achieved operating revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit attributable to the parent company of 2.08 billion yuan, a year-on-year increase of 3.01% [2][6]. - In the second quarter of 2025, the company experienced a revenue decline of 2.60% year-on-year, with a net profit decrease of 8.25% [2][6]. - The company is focusing on optimizing its product structure and enhancing operational efficiency to achieve sustainable growth [12]. Summary by Sections Financial Performance - In H1 2025, the company reported a gross margin increase of 0.69 percentage points to 21.48%. The air conditioning segment saw a gross margin decrease of 1.56 percentage points, while the washing and refrigeration segment improved by 2.12 percentage points [12]. - The operating profit for H1 2025 was 2.63 billion yuan, a year-on-year increase of 9.67%, with an operating profit margin of 5.32%, up 0.40 percentage points [12]. - The company’s cash flow from operating activities increased by 153.43% year-on-year, indicating significant improvement in operational quality [12]. Business Segments - The air conditioning business grew by 4.07% year-on-year, while the washing and refrigeration business increased by 4.76%. Domestic sales saw a slight decline of 0.31%, whereas overseas sales grew by 12.34% [12]. - In Q2 2025, the company’s revenue decline was attributed mainly to weak domestic sales performance [12]. Future Outlook - The company aims to enhance its brand synergy and supply chain optimization to achieve efficient market penetration and rapid growth. It is also expanding into automotive compressor and thermal management systems [12]. - The projected net profits for 2025-2027 are 3.77 billion, 4.17 billion, and 4.71 billion yuan, respectively, with corresponding price-to-earnings ratios of 10.00, 9.03, and 7.99 [12].

Market Performance - The Shanghai and Shenzhen 300 Index decreased by 1.57%, while the Shenwan Food and Beverage Index fell by 2.32% during the week of July 28 to August 1, 2025 [1] Institutional Insights - Guotai Junan Securities suggests increasing holdings in the liquor sector, particularly in well-performing brands like Shanxi Fenjiu and Kweichow Moutai, as well as stable options like Wuliangye and Luzhou Laojiao [2] - Tianfeng Securities recommends focusing on companies with strong growth potential in the consumer goods sector, including Dongpeng Beverage and Nongfu Spring, due to low performance baselines in Q2 [3] Regulatory Developments - The State Administration for Market Regulation announced a zero-tolerance policy towards the illegal use of food additives, emphasizing the need for compliance in the food industry [4] Agricultural Initiatives - The Ministry of Agriculture and Rural Affairs plans to promote the development of green and high-quality agricultural products to meet consumer demand for safe and nutritious food [5] Share Buybacks - A total of 1,189 A-share listed companies have implemented stock buyback plans this year, with 183 companies spending over 100 million yuan on repurchases [6] Industry News - The liquor sector is experiencing significant investment divergence, with some fund managers increasing their positions in leading liquor stocks while others are reducing their holdings due to market pressures [7][8] - New retail formats like Pinduoduo and Hema are emerging as significant sales channels for liquor, with brands achieving substantial sales figures [9] Company Updates - Kweichow Moutai's plan to establish provincial joint venture companies has reportedly been paused, raising questions about the future of this initiative [11] - Kweichow Moutai has begun to authorize stores on Meituan for direct sales, expanding its distribution channels [12] - Water Well Square announced the resignation of board member Sathish Krishnan due to work-related reasons [13]

Core Viewpoint - The report from CMB International maintains a target price of HKD 46 for New Oriental-S (09901) and a "Buy" rating, despite a downward adjustment in revenue and operating profit forecasts for the fiscal years 2026 and 2027 [1] Revenue and Profit Forecasts - The company has lowered its revenue forecast by approximately 3% for the fiscal years 2026 and 2027, expecting revenue growth rates of 10% and 14% respectively [1] - Operating profit is expected to decrease by about 17%, with operating profit margins projected at 10.2% and 10.5%, showing a slight increase compared to the fiscal year 2025 [1] Business Segment Performance - CMB International remains optimistic about the demand and growth prospects for K12 education and training-related businesses [1] - The first quarter guidance was below expectations mainly due to seasonal factors, but growth rates are expected to recover in the second to fourth quarters [1] Valuation Methodology - The valuation method has been adjusted to SOTP (Sum of the Parts), assigning a price-to-earnings ratio of 15 times for K12 business and 8 times for study abroad business for the fiscal year 2026, corresponding to profit growth rates of +22% and -10% respectively [1] Quarterly Performance - In the fourth quarter of fiscal year 2025, revenue increased by 9.4% year-on-year, surpassing the expectations of CMB International and other institutions, which were 2% and 5% respectively [1] - Excluding Dongfang Zhenxuan (01797), education and cultural tourism revenue grew by 19% year-on-year, with an education operating profit margin of 6.5%, an increase of 410 basis points compared to the same period last year, attributed to effective cost reduction and efficiency improvement measures [1] Management Guidance - The management has indicated that the group’s revenue is expected to increase by 5-10% for the fiscal year 2026, compared to the market expectation of 12% [1] - The main adjustment is a downward revision of the growth forecast for overseas-related business to a decline of 5%, while the growth rate for K12-related business remains in line with market expectations at 19% [1] - The company is accelerating cost optimization efforts, aiming to achieve stable or slightly increased operating profit margins for the year [1]