6 . 7 - 6 . 1 3 周度研究成果 2 0 2 5 申 万 宏 源 宏 观 研 究 团 队 目录 深度专题 热点思考 高频跟踪 电话会议 2、 "洞见系列" 深度专题 1 年中展望 | 星火燎原 点击看全文 深度专题 2025.6.9 转型进入"新阶段"，政策步入"革新期"。外部冲击是阻力还是机遇？"反内卷"和"服务业"如何破局？ 1、年中展望 | 星火燎原 2、年中展望 | 美国"例外论"的终结 3、Chartbook | 第1期 一文全览：关税对美国经济的影响 1、宏观月报 | 静待政策"新变化"——宏观"月月谈"系列之七 2、热点思考 | 政策性金融工具，"新"在何处？ 3、热点思考 | 入境游"有多火"？ 1、6月出口会反弹吗？—— 5月外贸数据点评（25.05） 2、核心CPI企稳的三个特征？—— 5月通胀数据点评（25.05） 3、海外高频 | 中美第二轮贸易谈判将启，美国非农就业强于预期 4、国内高频 | 美西航线运价涨幅扩大 5、政策高频 | 习主席同美国总统通电话 1、 "周见系列" 第34期:《近期市场关注的核心问题》 第66期:《 失业保险，如何更好保障失业群体？ 》 第67期 ...

今天分享的是：IEA国际能源署：能效政策工具包2024 报告共计：48页 国际能源署（IEA）发布的《能效政策工具包2024》聚焦全球能效提升速度倍增目标，旨在协助各国政府通过综合性政策工具加速能效 提升，为2050年实现净零排放奠定基础。 能效提升对改善生活质量、巩固能源安全、加速清洁能源转型意义重大，不仅能减少能源费用、创造就业，还能支撑经济韧性增长。 IEA借第九届全球年度能效大会推出的"政策工具包"，以过往政策方案为基础，聚焦监管法规、信息、激励三类关键政策的组合实施， 通过"倍增政策工具"推动各领域能效提升。 此外，工具包还涉及节能型城市、清洁高效烹饪、能效融资等领域，强调数字化创新和国际合作的重要性。这套政策工具包为各国提供 了系统的能效提升框架，通过多部门、多类型政策工具的协同作用，有望推动全球能效提升速度倍增，加速能源转型进程，为实现净零 排放目标提供有力支撑。 以下为报告节选内容 INTERNATIONAL ENERGY AGENCY The IEAexamines the full spectrum of energy issues including oil, gas and coal ...

6 . 7 - 6 . 1 3 周度研究成果 2 0 2 5 申 万 宏 源 宏 观 研 究 团 队 目录 深度专题 热点思考 高频跟踪 电话会议 2、 "洞见系列" | 車位 (%) | 2020全年 | 2021全年 | 2022全年 | 2023全年 | 2024全年 | | 2024年四季度 2025年一季度 | 2025年二季度E | 2025年三季度E | 2025年四季度E | 2025全年E | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 实际GDP当季同比 | 2.2 | 8.1 | 3.0 | 5.2 | 5.0 | 5.4 | 5.4 | 5.1 | 4.6 | 4.7 | 5.0 | | GDP平減指数当季同比 | 0.6 | 4.7 | 2.2 | -0.5 | -0.8 | -0.8 | -0.8 | -0.8 | -0.1 | 0.8 | -0.2 | | 名义GDP当季同比 | 2.8 | 12.8 | 5.2 | 4.7 | 4.2 | 4.6 | 4.6 | 4.3 ...

Group 1 - Tencent plans to acquire South Korean game developer Nexon for $15 billion, indicating significant interest in the gaming sector [1] - The rise of the gaming sector reflects the "dream economy," where individuals seek solace in virtual worlds amid real-world pressures [1] - Current economic conditions in China, such as aging population and declining real estate, mirror Japan's situation from 1990 to 2020, which previously boosted the gaming and anime industries [1] Group 2 - The gaming sector's recent surge is supported by favorable policies and acquisition rumors, but market dynamics remain complex [3] - Institutional investors play a crucial role in stock price movements, with their trading patterns significantly impacting market trends [3] - Retail investors often follow market trends without understanding underlying data, leading to potential losses [5] Group 3 - Data analysis can reveal institutional behaviors, helping to identify market trends and potential investment opportunities [5][11] - K-line charts can mislead retail investors, while quantitative data provides a clearer picture of market activities [7][11] - Monitoring institutional inventory data can indicate market sentiment and potential stock movements [11][14]

Core Viewpoint - The discussion around the acquisition of Hupu is misguided, particularly in comparing it to Xiaohongshu, as it overlooks the impact of the era in which Hupu was established [1] Group 1: Historical Context of Hupu - Hupu was founded in 2004 as a vertical interest site, primarily focused on basketball, during a time when content platforms and communities were not yet conceptualized [2][3] - The internet in that era was characterized by a tool-oriented mindset, where users sought specific information quickly due to slow internet speeds [8][10] - Hupu's content specialization was appropriate for its time, as users expected clear categorization of content to find what they were interested in [7][12] Group 2: Challenges Faced by Hupu - Hupu, along with other vertical sites, faces significant challenges in the current era due to changing user expectations and the nature of content consumption [12][19] - The reliance on imported content from foreign leagues, such as the NBA, poses a risk, as fluctuations in these leagues can directly impact Hupu's relevance and user engagement [14][20] - Unlike platforms like Xiaohongshu, which are built on local user needs, Hupu's model is heavily dependent on external factors, making it vulnerable to market changes [19][21] Group 3: Comparative Analysis with Other Platforms - Other platforms like Bilibili have successfully transitioned from niche communities to broader content platforms, showcasing adaptability that Hupu has yet to achieve [27] - Hupu's situation is exacerbated by the decline of the NBA and CBA, which diminishes its core content offering and user interest [24] - The evolution of user engagement from a purpose-driven approach to a more casual browsing experience complicates Hupu's ability to retain its original audience [9][11]

证券代码:603659 证券简称:璞泰来 公告编号:2025-043 上海璞泰来新能源科技股份有限公司 第四届董事会第六次会议决议公告 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。 一、董事会会议召开情况 上海璞泰来新能源科技股份有限公司（下称"公司"、"本公司"、"璞泰 来"）第四届董事会第六次会议通知于2025年6月3日以电子邮件、电话通知的方 式发出，会议于2025年6月13日下午在公司会议室采用现场结合通讯表决的方式 召开，应参加表决董事5人，实际参加表决董事5人，会议由公司董事长梁丰先 生召集并主持。本次会议的召集及召开程序符合《公司法》、《证券法》及《公 司章程》的相关规定，会议合法有效。 二、董事会会议审议情况 经与会董事讨论和审议，以记名投票方式审议一致通过并形成以下决议： (一)审议通过了《募集资金管理制度（2025年修订）》 为规范公司募集资金的使用与管理，根据《中华人民共和国公司法》《中华 人民共和国证券法》《上市公司募集资金监管规则》《上市公司监管指引第2 号——上市公司募集资金管理和使用的监管要求》 ...

Core Viewpoint - The company anticipates a reduction in net loss for the fiscal year ending March 31, 2025, with expected losses between approximately HKD 17.3 million and HKD 19 million, compared to a net loss of about HKD 31.1 million in the previous year [1] Financial Performance - The decrease in loss is primarily attributed to the change in fair value of convertible bond derivative financial instruments, which shifted from a fair value loss in the previous year to a fair value gain in the current year [1]

Core Insights - The pricing disparity in the agency operation services for brands entering Douyin ranges from 30,000 yuan to 300,000 yuan, driven by a complex pricing system as the short video e-commerce sector matures [1] Pricing Discrepancies - Beauty category agency operation quotes are generally 30% higher than local lifestyle categories, primarily due to the frequency of content iteration required [3] - A leading service provider's beauty account needs to test 5-8 sales videos weekly, while a restaurant account only requires 2-3 store visit contents [3] - The cost of collaborating with top influencers in the beauty sector can exceed 10,000 yuan per post, contrasting with industrial equipment categories that may require custom 3D animations costing over 5,000 yuan [3] Hidden Costs in Niche Categories - Choosing a low-cost package, such as an 8,000 yuan/month option, can lead to unexpected expenses, like a 20,000 yuan charge for additional AR product display features [5] - This highlights the industry rule that the more specialized the field, the less controllable the customization costs become [5] Regional Pricing Variations - Basic packages from service providers in Hangzhou start at 15,000 yuan, which is 50% higher than similar services in Chengdu, reflecting differences in resource response speed [6] - For instance, a team in Hangzhou can mobilize influencers to create follow-up videos within 6 hours during trending topics, while regional providers rely more on local influencers [6] - However, lower-tier markets can offer unique advantages, such as a hotpot brand in Chongqing finding a team that provides a 5,000 yuan/month package including two live streams per week, with hosts adapting their speech to local dialects [6] Service Models and Risks - Basic packages priced at 3,000 yuan often use a "mixed editing + template" model, leading to significant homogenization risks [10] - Accounts using such services typically face traffic bottlenecks after three months, while effective custom services incur three main hard costs: over 2,000 yuan daily rental for high-quality filming equipment, a base salary of 10,000 yuan for professional traffic managers, and over 500,000 yuan annual maintenance for top influencer resources [10] Future Trends in the Agency Market - AI tools are reshaping cost structures, with one MCN organization reporting a 40% increase in basic video production capacity after implementing an intelligent script system, leading to a 15% price drop for packages under 5,000 yuan [11] - However, tightening regulations introduce new costs, with compliance checks adding 50-100 yuan per video [11] - The rise of regional service providers is noteworthy, as a team in Shandong has achieved a threefold conversion rate in live streaming by leveraging supply chain advantages, replicating their "agency operation + drop shipping" model in niche markets [11] Selecting Quality Service Providers - High-quality agency operations should demonstrate three capabilities: content production (at least three original videos weekly), traffic management (stable ROI of 1:5 for advertising), and commercial conversion (return rate under 15%) [12] - A mother and baby brand successfully identified a capable team through a "three-month trial operation + performance-based clauses," requiring the agency to refund a portion of the service fee if they fail to meet a 100,000 follower growth target [12] - Price is not the sole criterion for selection; a 20,000 yuan monthly fee may ultimately be more cost-effective than a 5,000 yuan option if it saves 200,000 yuan in trial and error costs through professional expertise [12]

Core Viewpoint - The People's Bank of China Laiwu Branch has implemented various measures since 2025 to enhance financial services for county-level economic development, resulting in significant loan growth in key areas [1][2]. Group 1: Central Bank Funding Support - The Laiwu Branch has executed a moderately loose monetary policy, releasing approximately 915 million yuan through reserve requirement ratio cuts, and facilitating the issuance of 1 billion yuan in technology innovation bonds by Lai Commercial Bank [2]. - As of the end of May, the total loans in the Laiwu Branch's jurisdiction reached 144.78 billion yuan, with a year-to-date growth of 4.16%, and corporate loans increased by 5.61 billion yuan, a year-on-year increase of 37.03% [2]. Group 2: Service Mechanism Optimization - Since February 2023, the Laiwu Branch has introduced a "Financial Commissioner" system, deploying 26 resident and 15 non-resident financial specialists to enhance policy alignment and project connections [3]. - By the end of May, the financial commissioners have facilitated 75 fiscal and industrial policy transmissions, organized 233 training sessions for over 1,600 enterprises, and conducted 2,607 enterprise visits, resulting in 1,018 credit agreements totaling 74.342 billion yuan [3]. Group 3: Special Action Quality Improvement - The Laiwu Branch has launched a "Financial Services for NPC and CPPCC Representatives" initiative to enhance financing connections between banks and enterprises, establishing a collaborative mechanism involving government and financial institutions [5]. - As of the end of May, the initiative has identified 39 enterprises with a total credit balance of 3.736 billion yuan and a loan balance of 2.332 billion yuan, with 348 enterprises visited and 170 financial products promoted [5]. Group 4: Credit Product Innovation - The Laiwu Branch has organized discussions with financial institutions to develop tailored credit products that meet the specific needs of various enterprises, resulting in the launch of 122 credit products, including over 100 specialized products [6]. - Notable innovations include the "Production and Finance e-loan," which connects with the Shandong Guarantee Financial Supervision Warehouse platform to address financing challenges for agricultural enterprises [6].

Core Insights - The battery industry is experiencing rapid growth and significant market opportunities, but it is also facing intense price competition and profit compression [2][3] - Companies must balance short-term market share gains with long-term sustainable strategies, focusing on fundamental engineering and business principles [2][3][11] Industry Trends - The industry is witnessing a "bloodbath" price war, leading to a need for careful financial management to maintain profitability [2][3] - There is a growing emphasis on advanced manufacturing platforms, particularly the stacking process, as a foundation for future battery technologies like solid-state and ultra-fast charging [4][12] Market Opportunities - New growth opportunities are emerging from the redefinition of market segments driven by technological advancements and changing consumer preferences [5][6] - Key trends include the rise of "off-road new energy" vehicles, hybrid electric vehicles (HEVs) in global markets, and the electrification of commercial vehicles [6][7] Strategic Considerations - Companies should adopt a "first principles" approach to technology development, ensuring that innovations address real industry pain points and can be produced at scale [3][4] - The focus should be on creating a robust manufacturing platform that can adapt to various customer needs while maintaining cost efficiency [12] Future Challenges - The commercialization of solid-state batteries faces significant challenges, particularly in terms of cost and manufacturing complexity, which may delay their entry into mainstream markets [8][10] - The industry must navigate the complexities of global operations, including regulatory environments and cultural differences, to successfully expand internationally [12]