导读：在访谈博时基金田俊维之前，我们已经对他做了多年的跟踪。田俊维2024和2025连续两年入围我们的TOP 100基金经理榜单 （注：榜单为点拾投资&零城投资联合发布，每一年的年初发布），即便2024年跑输了市场后，我们依然把他保留在今年的榜单中 （注：从结果上看，今年田俊维已经帮助我们跑赢基准）。 从2017年8月开始独立管理以来，田俊维任期内每一个单独管理的产品都取得了绝对收益，这在公募基金领域是极为罕见的。 在过去三 年主动权益的低迷期中， 田俊维管理的博时创新经济混合取得了15.54%的正收益，排名同类产品前6% （数据来源：基金定期报告；排名来自 银河证券；数据截止：2025年3月31日） 。 田俊维很特别，在早期做投资的时候，他的持仓以医药和消费中的蓝筹白马为主。到了2021年加入博时基金后，田俊维的持仓又以科技 和制造的中小市值公司为主。以至于我们在TOP 100榜单中，把他归类在了中小盘风格。但是， 无论持仓市值呈现什么样的变化，田俊 维始终体现了独立的个股挖掘。 他的组合带有逆向的特点，不追市场热点，有不少原创的投资想法。 田俊维是市场上很早买入CRO和CMO的基金经理，甚至领先了医药主题 ...

Core Viewpoint - Zhongce Rubber Group Co., Ltd. (中策橡胶) officially listed on the A-share market on June 5, 2023, marking the largest IPO in the A-share market this year with a fundraising amount of 4.066 billion yuan [1][4] Group 1: Company Overview - Zhongce Rubber is a leading tire manufacturer in China, primarily engaged in the research, production, and sales of various tire products, including all-steel tires and semi-steel tires [3][7] - The company ranks first in the "2024 Annual China Tire Enterprise Ranking" published by the China Rubber Industry Association, with a projected sales volume of 216 million tires in 2024 [3] Group 2: Financial Performance - For the years 2022 to 2024, Zhongce Rubber's revenue is projected to grow from 31.889 billion yuan to 39.255 billion yuan, while net profit is expected to increase from 1.225 billion yuan to 3.787 billion yuan [7] - The company anticipates a revenue growth of 8.00% to 15.56% for the first half of 2025, but expects a decline in net profit attributable to shareholders by 13.38% to 2.479 billion yuan due to rising raw material prices and external factors affecting overseas sales [1][10] Group 3: IPO Details - The IPO price was set at 46.5 yuan per share, with a price-to-earnings ratio of 12.24. The stock opened at 57 yuan, reflecting a 22.58% increase on the first day of trading [3][5] - The IPO attracted significant interest, with online investors subscribing to 60.7264 million shares, resulting in a subscription amount of 2.824 billion yuan [4] Group 4: Investment and Growth Strategy - The raised funds will be allocated to various projects, including enhancing production capacity for all-steel radial tires and upgrading manufacturing facilities [4] - Zhongce Rubber is focusing on digital and green transformation, with significant investments in research and development, amounting to 1.256 billion yuan in 2022, and projected increases in subsequent years [6] Group 5: Challenges and Risks - The company faces challenges from fluctuating raw material prices, which can impact production costs and profit margins. A 1% increase in raw material prices could lead to a decrease in gross margin by approximately 0.36 percentage points [7] - Zhongce Rubber's total liabilities have shown an upward trend, with a debt-to-asset ratio of 68.58% in 2022, indicating potential financial pressure [8]

Core Insights - Zhejiang province is exploring innovative solutions for common tourism complaints, focusing on improving service quality and resolving disputes effectively [2][3] - The training session highlighted the importance of digital transformation in tourism dispute resolution, showcasing the "smart mediation" project initiated in Hangzhou [3] Group 1: Tourism Dispute Resolution - The training emphasized the need for a diversified approach to tourism dispute mediation, including international perspectives and standardized solutions [2] - Hangzhou has implemented a "1+3" digital module for tourism dispute resolution, allowing for automated handling of simple cases and collaborative resolution of complex issues [3] - The integration of AI in the mediation process aims to enhance efficiency and provide standardized solutions, thereby improving overall visitor satisfaction [3] Group 2: Regulatory Measures - Hangzhou has been recognized as one of the "Top Ten Cities for Tourist Satisfaction" for 16 consecutive years, reflecting its commitment to high-quality tourism services [3] - The city has initiated multiple rounds of regulatory actions to address common issues in the tourism industry, such as tour guide misconduct and forced consumption [3] - New governance frameworks have been established to regulate the tourism market, focusing on inter-departmental collaboration and enhanced enforcement to protect tourists' rights [3] Group 3: Collaborative Efforts - A dialogue between tourism complaint agencies from Hangzhou and Ningbo was held to share insights and solutions for digital transformation in the industry [4] - The training was organized by the Zhejiang Provincial Department of Culture and Tourism, with support from various local tourism authorities, indicating a collaborative effort to improve tourism services [4]

Core Viewpoint - The inland water transport industry in China is experiencing significant growth, driven by government policies and economic recovery, with a focus on enhancing efficiency, reducing costs, and integrating various transportation modes [1][4][9]. Group 1: Industry Overview - Inland water transport refers to the use of vessels to transport goods and passengers through natural or artificial waterways, playing a crucial role in logistics and economic development [2]. - The advantages of inland water transport include large capacity, low energy consumption, and low freight rates, which contribute to cost reduction and efficiency in logistics [2][4]. Group 2: Current Development Status - As of the end of 2022, China's inland waterway mileage exceeded 128,000 kilometers, with continued growth expected in 2023-2024, making it the world's leader in inland waterway navigation [1][11]. - In 2024, the total cargo throughput of inland ports in China is projected to reach 6.377 billion tons, a year-on-year increase of 3.9%, while container throughput is expected to reach 40.4 million TEUs, up 5.2% [1][15]. Group 3: Policy Support - The government has introduced various policies to enhance inland water transport, focusing on waterway construction, vessel standardization, and green shipping initiatives [4][6]. - Key policies include the "Action Plan to Effectively Reduce Logistics Costs" and the "Implementation Plan for Inland Water Transport System Connectivity," aimed at optimizing transportation networks and improving operational efficiency [4][6]. Group 4: Investment Trends - Waterway fixed asset investment reached 201.6 billion yuan in 2023, a 20.1% increase from the previous year, with inland construction accounting for 105.2 billion yuan, up 21.3% [9]. - The investment in waterway infrastructure is expected to continue growing, with a projected 220.8 billion yuan in 2024, reflecting a 9.5% year-on-year increase [9]. Group 5: Future Development Trends - The inland water transport industry is moving towards high-quality development, with increasing market concentration and the integration of green and smart technologies [23]. - The digital transformation of inland ports is accelerating, enhancing operational efficiency and promoting regional economic development through improved multimodal transport networks [24].

Core Insights - The "2024 China Internet Insurance Consumer Insight Report" indicates that the internet insurance innovation ecosystem is rapidly forming, driven by technological empowerment and digitalization of consumer scenarios, with a prediction that internet insurance will exceed 1 trillion yuan in the next five years [1][2] Group 1: Market Trends - China maintains its position as the second-largest insurance market globally, with a significant increase in consumer insurance awareness and spending, leading to a shift from basic coverage to refined protection and wealth management [1][2] - 60% of consumers plan to upgrade their insurance coverage based on existing products, indicating a trend towards enhanced protection [2] Group 2: Regulatory Environment - Recent regulatory guidelines have clarified the functional positioning and development direction of internet insurance, providing a solid institutional guarantee for the industry's healthy development [2] - The establishment of a specialized regulatory framework for internet insurance is emphasized, focusing on dynamic filing, product classification, and algorithm registration to enhance transparency and protect consumer rights [3] Group 3: Technological Integration - The report highlights the increasing use and acceptance of smart claims, intelligent customer service, and smart insurance recommendations among consumers, reflecting the industry's embrace of digital transformation [1] - The need for unified technical standards and evaluation criteria in areas such as smart underwriting and data sharing is stressed to improve industry credibility and consumer protection [3]

中国能建财务公司依托7×24小时服务的全球网上金融系统，实现账户管理、资金结算、信贷办理、票 据业务等全线上化办理，构建起覆盖客户需求对接、业务审批、资金投放、后期管理的全周期数字化服 务链条，充分释放平台资源效能，深化与内外部主体的协同联动，全力构建财企至财银的接力式金融服 务，提供业务办理"一揽子"数字化解决方案。 中国能建财务公司以"云计算+分布式"系统架构为技术底座，构建"京汉两地三中心"的全生态立体化灾 备体系，实现主要业务系统跨区域实时数据同步与应用级容灾切换。通过云平台整合算力资源，中国能 建财务公司实现计算能力、存储资源的动态调配，形成"技术先进、成本优化、生态协同"的灾备体系新 布局，为信息系统安全稳健运行筑牢基础。 未来，中国能建财务公司将积极响应国家战略部署，持续做好金融"五篇大文章"，以科技金融为重点发 力方向，以"AI+"专项行动为抓手，强化规划设计，统筹规划、一体推进数智化转型，以更优、更精、 更智的金融服务，助力中国能建高质量发展，向"新"而行，以"质"取胜。 （文章来源：人民日报） 突出全要素，激活数据驱动的金融创新动能 中国能建财务公司以海量金融数据为根基，打通内部业务系统与 ...

Core Insights - The 2025 International Industry Cooperation Conference held in Singapore focused on "green development, digital economy, and regional cooperation," highlighting the logistics industry's shift towards digital transformation and sustainable upgrades [1] - Emerging international freight forwarding companies showcased their innovative practices, aligning with the conference's advocacy for "low carbon, high efficiency, and collaboration," indicating a paradigm shift from "scale competition" to "value competition" in the global logistics sector [1][25] Company Highlights - Shanghai SenAo, established in 2020, utilizes a "light asset + full-link digitalization" model to break traditional freight forwarding barriers, achieving a 72-hour direct transport solution from Nuremberg, Germany to Shanghai through a "China-Europe Railway + overseas warehouse" model [1] - SenAo's "dynamic routing optimization" technology enhances on-time delivery rates to 92%, serving as a model for addressing geopolitical uncertainties [1] - Shanghai Qiban, founded in 2014, has achieved significant advancements in special cargo transportation through smart transformation and blockchain technology, improving damage dispute resolution efficiency by 70% [10] - Qiban's logistics cost for a North American route decreased by 18%, with order fulfillment time improved to 3 working days, setting an industry benchmark [10] Industry Trends - Maritime Connect, established in 2023 in Singapore, introduced the "short-chain logistics" concept, focusing on Southeast Asia and India routes, achieving 48-hour delivery within the region and obtaining green logistics certifications [24] - Lakeway Link, a Swedish company founded in 2023, aims to reduce carbon emissions in cross-border logistics by developing a RoRo shipping route between Poland and Sweden, achieving a 40% reduction in carbon footprint compared to traditional road transport [24] - The conclusion of the Singapore conference signifies a fundamental shift in the global logistics industry's competitive logic, with smaller, innovative companies leveraging digitalization and sustainability to create a more efficient and greener future for global trade [25]

Core Insights - Ningjin County, with an area of less than 900 square kilometers, hosts 2,986 fitness equipment companies, accounting for 70% of China's commercial fitness equipment market and exporting to over 170 countries and regions [2] - The local fitness equipment industry has a localization rate of over 95%, allowing complete production processes from design to sales within the county, supported by advanced digital management and increased R&D investment [4][9] - The industry has evolved from "wild growth" to "meticulous cultivation," with local government initiatives enhancing brand building and market expansion, leading to significant participation in domestic and international exhibitions [11] Industry Development - In 2024, the annual output value of Ningjin's fitness equipment industry is expected to exceed 13.9 billion yuan, with nearly 10 billion yuan in export value, representing 70% of total output [13] - The industry showcases strong core competitiveness through continuous breakthroughs in R&D, production, and intelligent applications, enriching product lines and meeting diverse market demands [9] - The Ningjin Fitness Equipment Exhibition features over 300 companies and more than 1,000 product varieties, facilitating direct supply-demand connections with over 1,000 professional buyers [11]

2 证券代码：000733 证券简称：振华科技 中国振华（集团）科技股份有限公司 投资者关系活动记录表 编号：2025-04 | | ☑特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 | □新闻发布会 □路演活动 | | 类别 | ☑现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及 | 国华卫星基金。 | | 人员姓名 | | | 时间 | 2025 年 6 月 4 日-5 日 | | 地点 | 现场调研 | | 上市公司接待人 | 董事长杨立明先生，董事、总经理沈建华女士，总会计师、董事会 | | 员姓名 | 秘书、总法律顾问胡光文先生。 | | | 1.公司 2025 年 1-5 月新签订单情况。 答：2025 年初至今，公司高新电子领域新增订单同比保持增长， | | | 从目前来看，上半年订单预计较为饱满，公司产能利用率保持了较 | | 投资者关系活动 | 高的水平。一直以来，公司不断加大技改投入，打通生产瓶颈，提 | | | 高生产效能，加快推动数智化转型升级，提高生产效率，为满足"十 | | 主要内容 ...

Core Insights - The opening of Yonghui Supermarket's Jiading Baolong store marks the sixth location in Shanghai adopting the "Pang Donglai" model, resulting in a significant increase in customer traffic and sales [1][5][35] - The store experienced a 318% year-on-year increase in customer flow and a 716% increase in sales during the first three days of operation [5][34] - The transformation of traditional supermarkets in Shanghai, such as the Century Lianhua Luban store, has also led to a resurgence in customer interest, indicating a broader trend in the retail sector [34][40] Group 1 - Yonghui's Jiading Baolong store has implemented a product structure that aligns with the "Pang Donglai" model, reducing the number of standard products from over 10,000 to around 8,000, with over 80% of the product structure now reflecting the "Pang Donglai" model [14][35] - The store introduced 67 self-owned brand products from "Pang Donglai," with a total of 8,868 items available after restructuring [11][14] - The bakery and ready-to-eat food sections have become particularly popular, with significant customer engagement observed in these areas [17][31] Group 2 - The store has adopted a limit purchase policy for certain "Pang Donglai" products, requiring customers to show an electronic membership code from the Yonghui app to make purchases [11][13] - The service quality at the Jiading store has been noted as a strong point, with various customer-friendly features implemented, although some staff members are still in training [24][28] - The store's layout has been optimized to enhance customer flow, separating high-traffic areas like the bakery and ready-to-eat food sections to improve shopping experience [14][31] Group 3 - The success of Yonghui's transformation is part of a larger trend in Shanghai's retail landscape, with other stores like Century Lianhua also reporting increased customer traffic following similar renovations [34][40] - The focus on community engagement and tailored services, such as the "潮银俱乐部" (潮银 Club) for the elderly, reflects a strategic shift towards meeting specific consumer needs [40][42] - The overall strategy involves reducing the number of low-efficiency, homogeneous products while enhancing the quality and variety of offerings, aiming to create a more engaging shopping experience [34][40]