2025 年 06 月 05 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：72 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 72 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：人工智能、低碳、无人驾驶 1、人工智能主题：OpenAI 日前宣布以 65 亿美元全股收 购由苹果前首席设计师 JonyIve 创立的 AI 硬件初创公司 io，并计划推出一款革命性的 AI"伴侣"设备，目标在 2026 年底前发货 1 亿台。这款设备旨在成为一款环境感知智能 体，可放置在口袋或书桌上，通过多模态 AI 无缝融入用户日 常生活。相关标的：荣信文化(301231)、汤姆猫(300459) 2、低碳主题：近日召开的国常会审议通过《制造业绿色 低碳发展行动方案（2025—2027 年）》。会议指出，推进制 造业绿色 ...

摘要 京东物流预计今年收入将实现双位数增长，利润实现中个位数增长，收 入增速相较去年进一步加速，主要得益于市场渗透和业务拓展。 2025 年第一季度，京东物流收入同比增长 11.5%，各业务维度均实现 双位数增长。利润端实现双位数增长，利润率与去年同期保持稳定，符 合全年预期。 京东物流预计今年 618 旺季收入将实现双位数增长，利润额实现中个位 数增长，运营情况与预期一致，有利于资源平缓处置，避免极端波峰波 谷现象。 京东物流致力于通过供应链环节优化来满足客户降本需求，包括库存、 仓储布局优化，货源整合，以及库内 SKU 部署优化，提升整体运营效率。 京东物流持续投入自有车辆，提高新能源车覆盖率，优化运输成本。自 动化设备投入将侧重于分拣场地和仓内环节，根据不同品类属性特点进 行部署。 京东物流资本开支占收入比重预计达到 4%左右，对应金额约 80 多亿， 主要用于自有车辆投入和自动化设备，无人车投入占比较少。 内需增长政策对消费及电商消费有正向影响，但对物流收入的影响相对 有限，因为运单价格不受商品高值影响。供应链大客户需求有所回升， 大客户数连续几个季度增长。 Q&A 京东物流在 2025 年的核心战略 ...

摘要 公司产品线不断丰富，从 2023 年 6 月的 5 立方车型扩展到 2024 年 6 月的 Z 系列（V2、V5、V8、V10）和 E 系列，覆盖不同城配需求，续 航和载重增加，价格从二三十万降至 5-10 万，E 系列采用硬件低价 +FSD 订阅模式，降低客户首次支付压力。 无人物流车主要应用于快递领域，尤其在"三通一达"等加盟商模式中 应用较多，也涉及邮政、生鲜食品及连锁企业，但总体渗透率仍较低。 截至 2024 年底，运营交付约 3,000 台，未交付订单约 1 万台；预计 2025 年上半年运营车辆增至 5,000 台，现有订单约 2 万台。 成本效益分析显示，Z5 车型（5 立方）三年生命周期每月综合成本约 3,700 元，五年周期约 3,150 元。按每票 0.35 元计算，日收益 420 元， 月收入 12,600 元，扣除成本后，三年周期每月盈利约 8,900 元，五年 周期约 9,450 元，经济效益显著。 快递公司对无人配送态度分化：顺丰、京东直营模式需提前确认客户需 求，不适合大规模应用；"三通一达"加盟商模式无需确认，更适合大 规模试用，且总公司支持加盟商采购无人车以降低成本，但 ...

Company Announcements - Hainan Huatie is planning to issue shares overseas (S shares) and list on the Singapore Exchange, with discussions ongoing with relevant intermediaries [2] - Wantai Biological's subsidiary has received approval for the listing of its nine-valent HPV vaccine, which is the first domestically approved nine-valent HPV vaccine and the second globally [3] - Huamao Technology intends to purchase the remaining 57.84% stake in Fuchuang Youyue, with the transaction constituting a major asset restructuring [4] - Bangji Technology has suspended trading due to planning a significant matter, which involves acquiring 100% of Shandong Beixi Agricultural and Animal Husbandry Co., Ltd. and 80% of Paistong Livestock Technology Consulting (Shanghai) Co., Ltd. [6] - Zhongke Electric plans to invest no more than 8 billion yuan to establish a lithium-ion battery anode material integrated base project in Oman, with an annual production capacity of 200,000 tons [5] Shareholding Changes - ST Jinbi is planning a change in control, leading to a suspension of its stock [16] - Weijie Chuangxin's shareholder plans to reduce their stake by up to 3% due to funding needs [9] - Kexing Pharmaceutical's controlling shareholder intends to reduce their stake by up to 3% to optimize the company's equity structure [14] - Lier Chemical's shareholder plans to reduce their stake by up to 3% [15] Stock Price Movements - Lehui International's stock has experienced abnormal fluctuations, with its beer business currently in a loss phase [10] - Zhongheng Design's stock has also seen abnormal fluctuations, with low revenue from its "low-altitude economy" and "commercial aerospace" projects [11] - Nanhua Futures' stock is facing uncertainty regarding its H-share issuance and listing on the Hong Kong Stock Exchange [12] Contracts & Project Bids - China Electric Power Construction announced that its subsidiary led a consortium that won a 6.282 billion yuan energy storage project [17]

Group 1: Stock Performance and Trading Activities - Lehui International's stock has experienced a significant increase, with a cumulative price deviation of 20% over three trading days, although its fresh beer business is still in a loss phase [1] - Hexing Co., Ltd. reported that some executives reduced their holdings by 153,000 shares during the stock's abnormal trading period, while clarifying that the company is not involved in "unmanned logistics vehicles" or "autonomous driving" [2] - Nanhua Futures' stock also saw a 20% price deviation over three trading days, with uncertainty surrounding its H-share issuance and listing on the Hong Kong Stock Exchange [4] Group 2: Share Buybacks and Major Transactions - Guizhou Moutai has repurchased 3.31 million shares, accounting for 0.2635% of its total share capital, with a total expenditure of approximately 5.1 billion yuan [3] - Bangji Technology announced a stock suspension due to planning a major transaction involving the acquisition of 100% of Shandong Beixi Agricultural and Animal Husbandry Co., Ltd. and 80% of Paistong Livestock Technology Consulting [5] - Honghe Technology's stock is suspended as it plans a potential change in control through a share transfer, with the counterparty primarily engaged in investment and asset management [6] Group 3: New Projects and Market Developments - China Electric Power Construction Corporation's subsidiary won a 6.282 billion yuan contract for a large-scale energy storage project in Inner Mongolia [8][11] - Huamao Technology plans to acquire the remaining 57.84% stake in Fuchuang Youyue, which will become a wholly-owned subsidiary, enhancing its position in the global computing manufacturing industry [9] - Hainan Huatie is planning to issue shares and list on the Singapore Exchange, with discussions ongoing regarding the specifics of the S-share listing [10] Group 4: Business Segment Insights - Wangzi New Materials clarified that its subsidiary's involvement in controllable nuclear fusion is minimal, with revenue from this segment being a small part of its overall business [7]

Core Viewpoint - The stock of Hexing Automotive Electronics Co., Ltd. experienced abnormal trading fluctuations, with a cumulative closing price increase exceeding 20% over three consecutive trading days, prompting the company to clarify the situation and reassure investors about the absence of undisclosed significant information [1][3]. Summary by Relevant Sections Stock Trading Abnormal Fluctuation - The company's stock price increased significantly, with a cumulative rise of 42.49% from May 28 to June 4, 2025, while the average increase in the automotive parts industry was only 0.09% and the Shanghai Composite Index rose by 1.06% during the same period [2][3]. Company Operations and Major Events - The company confirmed that its production and operational activities are normal, with no significant changes in market conditions or industry policies. There are no major undisclosed events affecting stock prices, including asset restructuring or significant business collaborations [3][4]. Market Speculation and Clarifications - The company addressed market speculation linking it to "unmanned logistics vehicles" and "autonomous driving" concepts, clarifying that it is not involved in these areas and has no related product revenue [1][3]. Shareholding Structure and Risks - As of June 4, 2025, the total share capital of the company is 40.1 million shares, with the controlling shareholder holding 87.21% of the shares, indicating a relatively small free float which may lead to irrational speculation [2][6]. Financial Performance - The company reported a revenue of 403.2873 million yuan for Q1 2025, a decrease of 0.93% year-on-year, and a net profit of 52.0004 million yuan, down 5.72% from the previous year, highlighting potential performance risks [2][6].

Group 1 - WanTai Biologics' nine-valent HPV vaccine has been approved for market launch, targeting women aged 9-45, enhancing the company's product line and core competitiveness [3] - Hainan Huatie is planning to issue shares overseas and list on the Singapore Exchange to advance its international strategy and enhance brand influence [4] - HeXing Co. clarified that it is not involved in "unmanned logistics vehicles" or "autonomous driving" businesses, despite market speculation [5] Group 2 - Maiwei Co. intends to invest 100 million yuan in a fund focused on growth-stage companies in the new energy and semiconductor sectors [6] - SuKun Agricultural Development plans to acquire 28.75% of JinTaiSun Grain and Oil for 178 million yuan, increasing its stake to 80% [7] - CITIC Construction Investment has received approval to issue up to 8 billion yuan in technology innovation corporate bonds to professional investors [8] Group 3 - Beibu Gulf Port reported a cargo throughput of 30.86 million tons in May, a year-on-year increase of 6.43%, with a cumulative throughput of 143 million tons for the year, up 12.96% [10] - Kweichow Moutai has repurchased 3.31 million shares for a total expenditure of 5.1 billion yuan by the end of May [12] - Contemporary Amperex Technology has repurchased 6.64 million A-shares for a total of 1.55 billion yuan by May 31 [13] - Jialong Co. has adjusted its share repurchase price ceiling from 2.20 yuan to 3.50 yuan due to recent stock price increases [14] Group 4 - China Electric Power Construction's subsidiary has won a 6.282 billion yuan energy storage project contract [16] - Xili Technology has been awarded a 1.31 billion yuan project by the State Grid for smart energy meters [17]

Market Overview - On June 4, the market continued to recover, with 3,900 stocks rising and 1,200 stocks falling, including 86 stocks hitting the daily limit up and 2 stocks hitting the limit down [1] - Market hotspots focused on solid-state batteries, IP economy, and beer sectors [1] High-Performance Stocks - Craft beer company Lehui International achieved 5 consecutive limit ups in 7 days, driven by growth in its Q1 report [3][4] - Financial service company Yuyin Co. recorded 5 consecutive limit ups, previously involved in digital currency [3][4] - Autonomous driving concept stocks such as Hexing Co. and Qiaoyin Co. also showed strong performance with multiple limit ups [3][4] Trading Data - The top three net purchases on the Dragon and Tiger list were Jili Rigging (147 million), Keheng Co. (85.86 million), and Huijin Co. (83.08 million) [5] - The top three net sales were Xue Ren Co. (114 million), Huijin Tong (78.64 million), and Hezhuan Intelligent (71.66 million) [5] Stock Performance - Notable stocks included: - Guoshen Youse: +10.00%, price at 52.03, turnover rate 7.29%, total transaction amount 2.56 billion [6] - Jili Rigging: +10.02%, price at 6.37, turnover rate 15.45%, total transaction amount 899 million [6] - Keheng Co.: +20.02%, price at 11.75, turnover rate 15.50%, total transaction amount 373 million [6] Institutional Activity - Institutional net purchases included Huasheng Pharmaceutical (40.36 million), Huijin Co. (38.27 million), and Hengbao Co. (37.82 million) [8] - Institutional net sales were led by Baile Electric (96.78 million), Lepu Medical (68.21 million), and Tianyuan Pet (55.06 million) [9] Sector Highlights - Solid-state battery and rare earth sectors saw significant interest, with Keheng Co. achieving a 20% limit up and a turnover rate of 15.5% [14] - The deep-sea mooring system sector is developing core products with international leading technical indicators, applicable in deep-sea oil and gas platforms [13]

跨境出海丨市场观察 本周看点： 行业环境 1.电商全球化新阶段，数字化营销成为企业出海的关键武器！ 关键词 ： 电商出海,数字化营销,贸易强国,跨境电商,数字营销 概要 ： 全球数字经济快速发展，中国品牌电商出海迎新机遇。2012年至2021年，我国跨境电 商市场规模增长5.7倍，达14.2万亿元，成为稳外贸重要支撑。企业出海核心能力转向数字化营 销，消费市场需求从"量"到"质"，数字营销预期增长率19%。社交电商崛起，但中小企业多依 赖传统渠道，钛动科技等平台提供全链路解决方案，助力品牌高效拓展海外市场。 2.手机厂商再现出海潮，这次有何不同？ 关键词 ： 手机出海,中高端市场,渠道建设,本地化策略,专利纠纷 概要 ： 2025年中国手机行业进入成熟期，华为回归加剧竞争，各大品牌加速出海开拓中高端 市场。荣耀、OPPO、小米等通过本地化运营和生态建设，在欧洲、东南亚等地取得成效。然 而海外市场竞争复杂，需应对政策、专利、供应链等挑战。传音在非洲的成功表明贴近本地需 求的重要性。中国厂商正从产品出海转向模式出海，复制国内成熟体系，未来有望提升全球影 响力。 3.瑞幸、奈雪、沪上阿姨出海美国，肯悦说今年再开50 ...

Core Viewpoint - The stock of Debon Logistics (603056.SH) has experienced a significant surge, achieving five consecutive trading limits due to the hype surrounding "unmanned logistics vehicles" [1][2]. Group 1: Stock Performance - Debon Logistics' stock price increased by 72.16% from May 26 to June 3, with a turnover rate of 24.27%, both significantly higher than the industry average [1]. - The company issued a risk warning regarding the potential for a significant decline in stock price following the short-term surge [1]. Group 2: Company Operations and Ownership - Debon Logistics does not currently utilize unmanned logistics vehicles, and the recent market hype is not expected to impact the company's performance [2]. - The main business segments of Debon Logistics include express delivery, international business, and supply chain services [2]. - JD Logistics fully acquired Debon Logistics in September 2022, and JD Zhuofeng has been increasing its stake in the company [2]. Group 3: Shareholding and Financing - JD Zhuofeng plans to increase its holdings in Debon Logistics by no less than 300 million yuan and no more than 600 million yuan within 12 months starting from November 26, 2024 [2]. - The funding for this increase will come from both self-owned funds and a special loan from Bank of China, with a maximum loan amount of 400 million yuan [2]. Group 4: Financial Performance - In Q1 2025, Debon Logistics reported a revenue of 10.407 billion yuan, a year-on-year increase of 11.96%, but shifted from profit to a net loss of 68.376 million yuan [4]. - The increase in operating costs, particularly a 34.13% rise in transportation costs to 5.128 billion yuan, contributed to the net loss [4]. - The company is focusing on improving efficiency and reducing operational costs through various measures, despite the ongoing changes in its business structure [4].