【导读】145亿元投资+28亿元增资！广州港大手笔投建南沙港区五期工程 见习记者 杨晨 华南地区最大的综合性港口运营商 广州港股份有限公司（以下简称广州港）发布公告称，公 司全资子公司拟斥资145亿元投资建设南沙港区五期工程项目，同时，公司计划对该子公司增 资28.09亿元以保障项目落地。 投建南沙港区五期工程 145亿元投资+28亿元增资 6月23日晚间，广州港（证券代码：601228）发布公告称，公司全资子公司广州南沙国际集 装箱码头有限公司（以下简称南沙国际集装箱公司） 拟投资 建设广州港南沙港区五期工程项 目，项目总投资概算145亿元（最终投资金额将以实际执行情况为准）。项目旨在提升广州港 南沙港区枢纽服务能级，适应集装箱船舶大型化发展趋势，更好地满足腹地经济需要，扩大 业务发展规模。 公告显示，该项目建设资金来源为公司自有资金及自筹资金，计划建设期为2026年—2032年 （具体建设进度根据生产需求适时调整）。目前，项目尚处于筹备阶段，尚需国家相关政府 部门的审批或备案。 南沙国际集装箱公司为广州港全资子公司，于2023年8月注册成立，主要经营范围为国际货 物运输代理、国内货物运输代理、国内集装箱货 ...

Financial Data and Key Metrics Changes - CMC reported net earnings of $83.1 million or $0.73 per diluted share on net sales of $2 billion, with adjusted earnings of $84.4 million or $0.74 per diluted share, reflecting a decline from the prior year period [7][29] - Consolidated core EBITDA was $204.1 million with a core EBITDA margin of 10.1%, down from 12.3% in the prior year period [30] - North American Steel Group adjusted EBITDA decreased 24% year-over-year to $186 million, with an adjusted EBITDA margin of 11.9% compared to 14.7% in the previous year [30][31] Business Line Data and Key Metrics Changes - North American Steel Group experienced lower margins over scrap, impacting profitability, while Emerging Business Group's net sales increased by 4.7% year-over-year to $197.5 million, with adjusted EBITDA up 7% [30][34] - Europe Steel Group reported adjusted EBITDA of $3.6 million, a significant improvement from a loss of $4.2 million in the prior year, driven by increased shipment volumes and cost management efforts [35][36] Market Data and Key Metrics Changes - Finished steel shipments in North America increased by 3.2% year-over-year, with daily rebar shipments growing approximately 1.3% [33] - The construction and industrial activity remained resilient, with strong demand signals in both non-residential and infrastructure markets, despite economic uncertainties [9][10] Company Strategy and Development Direction - CMC is executing a strategy aimed at enhancing financial profiles and achieving higher, more stable margins and cash flows through operational excellence and strategic growth initiatives [6][22] - The company is focused on value-accretive organic growth, particularly through its micro mill projects, which are expected to contribute significantly to EBITDA [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term outlook, citing strong structural drivers for construction activity, including infrastructure investment and reshoring trends [11][12] - The company anticipates improved financial results in the fourth quarter, driven by seasonal trends and higher steel product margins [41][42] Other Important Information - CMC's cash and cash equivalents totaled $893 million, with total liquidity exceeding $1.7 billion, providing flexibility for strategic growth and shareholder returns [37][38] - The company expects to invest between $425 million and $475 million in capital expenditures for fiscal 2025, down from previous guidance due to project delays [39][40] Q&A Session Summary Question: Steel products volumes in North America - Management acknowledged that steel product volumes were up only 7% sequentially due to outages and challenges in production, but expects a strong fourth quarter with volumes following normal seasonal trends [45][46][48] Question: U.S. rebar pricing - Management noted that while they do not discuss prices directly, they are focused on creating value over volume and will continue to monitor pricing dynamics [51][52][54] Question: Update on Arizona two utilization rate - Management reported good progress with Arizona two, expecting to exit the year at around 70% to 75% utilization and anticipates profitability in the fourth quarter [58][61] Question: West Virginia project delays - Management clarified that delays were due to tax credit compliance and weather issues, not market conditions, and expressed optimism about future demand [64][70] Question: Inorganic growth opportunities - Management indicated a good pipeline for potential acquisitions, emphasizing discipline in evaluating opportunities and the importance of achieving synergies to enhance value [75][79]

"跨境互联互通在促进贸易、加强民间交流以及推动可持续发展方面发挥着关键作用。然而，跨境基础 设施项目仍面临显著的融资缺口。"据介绍，亚投行在《中期发展战略(2021-2030)》中将跨境互联互通 与区域合作列为四大业务优先方向之一，并计划到2030年，将25%-30%的融资用于相关项目。本场论坛 将汇聚来自公共和私营部门的代表，共商如何有效动员私营资本，破解融资瓶颈，推动实现可持续区域 联通。 "十年是一个值得庆祝的时间点。"亚投行副行长兼秘书长陆书泽(Ludger Schuknecht)在此前接受采访时 表示，理事会年会是亚投行年度旗舰活动，本届年会将以"互联助力发展，合作共创繁荣"为主题，预计 近100个国家和地区的3500余名嘉宾将参会。 《金融时报》记者获悉，本次年会将面向公众开放的17场公共研讨会，主要围绕以下五大议题方向：数 字化转型与智能基础设施、绿色融资、动员私营资本、跨境互联互通与区域合作和多边框架下的政府协 作与伙伴关系共建。 在全球的多边开发银行中，由中国倡议设立、57国共同创建的亚洲基础设施投资银行(亚投行)迎来了成 立十周年。6月24日至26日，亚投行的最高决策和权力机构——理事会将 ...

综上所述，CloudMatrix384并⾮意在成为NVIDIA H100的普适性替代品，⽽是⼀款针对 特定（且⽇益重要的）AI⼯作负载进⾏深度优化的、具有⾼度创新性的专⽤系统。它的出 在性能层⾯，论⽂数据显示，CloudMatrix-Infer服务⽅案在昇腾910C上运⾏MoE模型时 ，其计算效率（以tokens/s/TFLOPS衡量）在预填充（Prell）和解码（Decode）阶段均 超越了已公开的NVIDIA H100与H800数据。这⼀成就并⾮源于单NPU在理论峰值算⼒上 的超越，⽽是华为"以系统取胜"策略的集中体现。通过PDC解耦服务架构、⼤规模专家并 ⾏（LEP）、硬件感知的融合通信算⼦（如AIV-Direct）以及精细化的INT8量化等⼀系列 软硬件协同优化，华为最⼤化了集群的有效算⼒利⽤率。 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 ...

Core Insights - The public REITs market in China has rapidly developed, achieving a market capitalization exceeding 200 billion yuan and becoming the largest in Asia with 66 listed products [1][2] - The unique dividend mechanism of public REITs has provided substantial returns to investors, with total dividends approaching 22 billion yuan since 2021 [1][4] - The market is currently in a policy dividend period, with significant regulatory support expected to drive sustainable growth [2][3] Market Development - Since the launch of the first public REITs in June 2021, the total market value has increased from over 30 billion yuan to 206.6 billion yuan by June 2025, nearly doubling year-on-year [2][3] - The expansion of underlying asset categories has progressed from four initial types to include various sectors such as rental housing, energy, and data centers, reflecting a growing diversity in investment opportunities [3][4] Investor Landscape - The investor base for public REITs has diversified, now including institutional investors such as banks, insurance companies, and private equity, alongside individual investors [4] - The introduction of new accounting guidelines has reduced performance pressure on institutional investors, encouraging long-term holding strategies [2][4] Performance Metrics - Public REITs have shown strong performance, with annual dividends increasing from 0.69 billion yuan in 2021 to 8.39 billion yuan in 2024, totaling nearly 22 billion yuan over the four years [4][5] - The market has seen significant price appreciation, with the CSI REITs total return index rising over 16% in 2023, and several products experiencing gains exceeding 50% [5] Future Outlook - The public REITs market is expected to maintain high valuations in the next 1-2 years, driven by ongoing policy support and a mismatch between supply and demand for stable dividend assets [5] - The market is anticipated to continue evolving, with potential for greater investment value as it matures [5]

美国高级将领：袭击伊朗旨在严重破坏伊朗核基础设施。 ...

Group 1 - The Financial Secretary of the Hong Kong SAR, Paul Chan, will visit Tianjin and Beijing from June 23 to June 26 [1] - During the visit to Tianjin, Chan will lead a delegation from Hong Kong's innovation and technology sector to attend the World Economic Forum's 2025 New Champions Annual Meeting [1] - In Beijing, Chan will attend the 10th Annual Meeting of the Asian Infrastructure Investment Bank (AIIB) and meet with relevant central government ministries [1]

智通财经6月22日电，今日，跨境支付通正式上线，这标志着内地与香港快速支付系统实现互联互通， 今后两地居民可实时办理跨境汇款。智通财经记者获悉，今日，全国首笔跨境支付通内地居民南向、港 人北向汇款业务落地深圳。据了解，跨境支付通是内地与香港金融基础设施互联互通方面的一项重要创 新举措，充分利用了内地与香港成熟的快速支付系统，为两地居民提供更便宜、更高效、更方便的跨境 汇款服务。两地居民只需在手机银行"跨境支付通"功能模块，输入电话号码或组合输入户名和收款账号 便可进行跨境汇款，同时还可根据需要灵活选择到账币种为人民币或港币。（智通财经记者 高萍） 跨境支付通今日正式上线 全国首笔业务落地深圳 ...

Core Viewpoint - The launch of the "Cross-Border Payment Link" between mainland China and Hong Kong aims to provide a more secure, efficient, and convenient payment service for cross-border transactions, facilitating economic activities and integration in the Greater Bay Area [1][2]. Group 1: Overview of "Cross-Border Payment Link" - The "Cross-Border Payment Link" connects the mainland's online payment interbank clearing system (IBPS) with Hong Kong's Faster Payment System (FPS), allowing residents to make small cross-border remittances in real-time by simply entering the recipient's phone number or bank account number [2][3]. - It is designed to offer a more cost-effective and convenient alternative to traditional cross-border remittance methods, with advantages such as real-time processing and reduced intermediary costs [3]. Group 2: User Eligibility and Application Scenarios - The service is primarily available to residents and institutions in both mainland China and Hong Kong, providing instant cross-border payment services [4]. - Key application scenarios include personal remittances from mainland residents to Hong Kong bank accounts, and vice versa, as well as payments for tuition, medical expenses, and salary disbursements [5][11]. Group 3: Operational Details - Users can initiate cross-border remittances through mobile banking apps by filling out the necessary information, with support for both RMB and HKD as the receiving currency [6]. - There are annual and daily limits on remittances: for southbound remittances, the limit is USD 50,000 per person per year; for northbound remittances, the daily limit is HKD 10,000 and the annual limit is HKD 200,000 [7][9]. Group 4: Participating Institutions - Initial participating institutions include major banks from both mainland China (e.g., ICBC, Agricultural Bank of China) and Hong Kong (e.g., Bank of China Hong Kong, HSBC), with plans for further expansion [12][14]. Group 5: Fee Structure - During the initial phase, many banks are waiving fees for the service, promoting a "zero-fee" experience for users [15][16].

2025 年 06 月 21 日 行业研究 评级：推荐(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 李航 S0350521120006 | | | | lih11@ghzq.com.cn | | 证券分析师： | | 邱迪 S0350522010002 | | | | qiud@ghzq.com.cn | | 证券分析师： | | 王刚 S0350524020001 | | | | wangg06@ghzq.com.cn | | 证券分析师： | | 严语韬 S0350525040001 | | | | yanyt@ghzq.com.cn | | 联系人 | ： | 张竞元 S0350124050014 | | | | zhangjy02@ghzq.com.cn | [Table_Title] 风机价格持续上涨，美国储能 ITC 补贴延长 | 行业相对表现 | | 2025/06/20 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 电力设备 | -3.8% | -11.0% | 9.0% | ...