点击蓝字，关注我们 主要逻辑： 电商+游戏+数字金融，三大业务板块协同驱动业绩高增；公司早期"以价换量"的货币化措施开始 放量，并在竞争中取得阶段性胜利，利润率得到有效提升；市场或低估其在东南亚的垄断地位。 股价近一年涨幅达140%，截至5月15日收盘，远期市盈率达45x。 鉴于东南亚及巴西的高增长属性， 市场对其未来增速的预期显著高于同在电商领域的eBay、京东和纯数字金融的PayPal、block，亦高于 一直被拿来对标的腾讯。 | | 宮号 | 证券代码 | 让券简称 | 预测PE(NTM) | 销售利润率(N年,增长率) | 营业收入(同比增长率) | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | [交易日期] 最新收祭日 | [报告期] 最新一期(MRQ) | [报告期] 今年一季 | | | | | | | [单位] 倍 | [年数] 3 | [单位] % | | | | | | | | [单位] % | | | | | 1 2 | SE.N SHOP.O | SEA SHOPIFY | 44.7151 100.0758 ...

Core Insights - The 2025 Beijing-Tianjin-Hebei (Fangjiazhuang) Furniture Development Conference aims to promote the furniture industry in the Tianjin Baodi District, highlighting its historical significance and current manufacturing capabilities [3][4]. Group 1: Industry Development - Baodi District is recognized as a significant soft furniture manufacturing base in Northern China, benefiting from government support and leveraging e-commerce and customized home solutions to enhance product quality and innovation [3][4]. - The conference theme "Unite to Promote Development, Empower Home Furnishing to Renew" emphasizes the importance of building industrial clusters and enhancing collaboration among various stakeholders [3][4]. Group 2: Regional Advantages - Baodi serves as a crucial node in the Beijing-Tianjin-Hebei coordinated development strategy, with clear advantages in location, transportation, and industrial capacity, particularly in the sofa manufacturing sector [4]. - The area has transformed from traditional workshops to a modern industrial cluster, featuring a 1,300-acre furniture industrial park and nearly 40 enterprises [5]. Group 3: Event Highlights - The conference attracted around 200 representatives from furniture associations and enterprises across Beijing, Tianjin, and Hebei, focusing on innovation and development strategies over a six-day period [6]. - Activities included the unveiling of the "Beijing-Tianjin-Hebei Soft Furniture Innovation Development Demonstration Park" and presentations on cross-border e-commerce and AI new media by local companies [5][6].

Group 1 - The "Village Super" event has become a bridge connecting Guizhou and Brazil, showcasing friendship and cooperation through football [1] - The event has attracted over 1,200 players from 52 countries and regions, including Brazil and Argentina, as of April this year [2] - The grassroots football initiative in Guizhou is seen as a sustainable economic development model, indicating the potential for sports and agriculture to develop in tandem [2] Group 2 - The modern football manufacturing industry is thriving in Wuchuan, Guizhou, with local companies producing over 10 million balls annually, 90% of which are footballs [3] - A local entrepreneur, with extensive experience in the football manufacturing sector, has established a company that exported nearly 6 million footballs in 2024, with two-thirds going to Brazil, generating over 30 million yuan in revenue [3] - There are currently five ball production enterprises in Wuchuan, highlighting the region's growing role in the global sports equipment market [3]

Core Viewpoint - The Wuhan to Yichang section of the Huhangrong High-Speed Railway has commenced joint debugging and testing, aiming for operational readiness within the year, significantly reducing travel time between Wuhan and Yichang from 2 hours to approximately 1 hour [1][3]. Group 1: Project Overview - The Huhangrong High-Speed Railway Wuhan to Yichang section spans 313 kilometers with a design speed of 350 km/h [1]. - This section connects with other high-speed rail lines, enhancing regional connectivity and facilitating a travel time reduction to around 4 hours between Wuhan and Chongqing [3]. Group 2: Economic Impact - The completion of the Huhangrong High-Speed Railway will contribute to the "Golden Triangle" of Han, Xiang, and Yi cities, which is crucial for economic growth in Hubei province [5]. - As of 2024, Wuhan's GDP has reached 2.11 trillion yuan, with both Yichang and Xiangyang surpassing 600 billion yuan, indicating significant economic development in the region [5]. Group 3: Regional Development Strategy - The Huhangrong High-Speed Railway is part of a broader strategy to enhance regional coordination and economic integration, with the "Golden Triangle" identified as a key area for collaborative innovation [5][6]. - The establishment of a one-hour commuting circle is expected to foster urban clusters and metropolitan areas, enhancing the efficiency of human, logistics, and information flows [6].

每经记者｜杨欢 每经编辑｜杨欢 图片来源：湖北日报 汉襄宜"金三角"不是一个新概念，其雏形来自于2003年，湖北"一主两副"区域发展战略——武汉作为全省的龙头与中心城市，襄阳（当时称襄樊）、宜昌 为省域副中心城市。彼时，武汉GDP为1662亿元，襄阳、宜昌分别为503亿元、491亿元，三者之和占当年全省经济总量（4757亿元）的55.8%。 时至今日（2024年），武汉市经济总量达到2.11万亿元，位居中部省会城市首位；宜昌市、襄阳市经济总量也双双突破6000亿元大关，分别位居中部非省 会城市第1位、第2位。同期，湖北跨过6万亿元经济台阶，当前的新目标是，力争到2027年，全省经济总量突破7万亿元，到2030年，经济总量达到9万亿 元左右。 此时，这个"金三角"再次成为湖北经济增长的关键一极。以汉襄宜为顶点、江汉平原为腹地，合围而成的三角区，被认为是湖北省乃至全国经济地理版图 中的黄金地带。今年，湖北省政府工作报告提到"打造汉襄宜协同创新'金三角'"，此后发布的《关于实施区域联动战略整体提升支点区域协同力的行动方 案》提出，将汉襄宜"金三角"作为推动区域协调发展的主战场。 5月15日上午，随着55103次检测 ...

据了解，当前温江正锚定"幸福温江·美好之城"奋斗目标，深入实施"立园满园"行动，系统重塑"四大战 区"经济地理，提质营建"温江效率""温馨服务"营商品牌，加快构建"3+6"现代化产业体系，以产业园区 高质量发展引领带动区域高质量发展。 （文章来源：每日经济新闻） 现场举行了项目集中签约仪式，共计11个项目签约，总投资108亿元，重点覆盖医药健康、装备制造、 现代都市农业、现代商务等产业领域。其中，安徽鹿妈妈口腔护理产品销售结算及生产中心项目将为口 腔清洁提供一站式解决方案；弱水科技声学研发销售总部项目将打造集电子声学研发、全球电商营销、 产品展示体验为一体的综合性声学研发销售总部；凤栖里·九巷商业综合体项目将打造集购物、休闲、 娱乐等多元体验为一体的城市活力空间。 为扩大招商引资的"朋友圈"，充分发挥"招商大使"的桥梁纽带作用，温江区向旭辉集团副总裁、旭辉华 西区域总裁林祝波等13名代表颁发了招商大使聘书。温江区相关负责人表示，真诚希望各位招商大使、 企业家朋友全方位宣传推介温江"四大战区"的发展机遇、投资机会和产业政策，把更多的优质企业、高 端人才、先进技术引荐到温江，携手开创互利共赢、彼此成就的新局面。 ...

5月15日，"2025北京国际茶业展 北京马连道国际茶文化交流会 北京泉州茶宣传推介会"新闻发布会在北 京市西城区马连道召开。记者从发布会上获悉，活动将于5月23日至26日在北京西城举办，通过3场主旨 活动、1场特色品牌活动和多场茶文化推广体验活动，打造全球茶产业合作与文化交流平台。 北京市西城区是中国北方重要的茶叶消费风向标和茶叶商贸流通中心，现有各地茶商1700余家，从业人 员近4000人。近年来，西城区大力促进数据与金融、茶文化等特色产业深度融合，加快推动马连道街区 的文化、科技、金融融合发展，积极探索中国茶产业的创新发展。 本届活动期间，西城区将在庆成宫举办"茶和天下"中国茶TOP20交流会，邀请中国茶产业TOP20品牌代 表、国内外茶产区代表、茶产业专家、金融机构等嘉宾出席活动，围绕茶产业创新发展、品牌建设等话 题交流前沿观点和实践经验，为马连道发展路径提供建议。 此外，今年西城区还将在广阳谷城市森林公园举办"茗香花韵"活动，将茶文化与花卉艺术相结合，通过 茶席插花、花间煮茶等形式，打造一场视觉与味觉的双重盛宴。同时融入非遗市集、国潮文创等特色元 素，进一步丰富文化内涵，助力茶产业与"花经济"协同发 ...

天津：在基础设施、产业、民生等领域抓紧谋划一批重大项目、重点事项 智通财经5月15日电，天津市委常委会5月14日召开会议。会议指出，立足"十五五"谋好篇，把握天津在 京津冀协同发展中的战略优势，发挥政策综合效应，在基础设施、产业、民生等领域抓紧谋划一批重大 项目、重点事项，注重站产城融合发展，积极参与全国统一大市场建设，更好服务和融入构建新发展格 局。深入推进区域一体化、京津同城化发展体制机制创新，提升交通出行便利化水平，加强公共服务、 社会治理、生态环境等方面协同，唱好京津"双城记"，筑牢首都政治、安全"护城河"。统筹好做优增量 和盘活存量的关系，建好用好滨海新区等重点功能承接平台，强化协同创新和产业协作，因地制宜发展 新质生产力，构建现代化产业体系、产业链群。完善协同机制，强化联系沟通，加强统筹调度，推动项 目化、清单化落实。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company's revenue and net profit growth in 2024 are primarily driven by the synergistic development in the television and LED industries, alongside advancements in optical communication and video network sectors [2][9] - The company has successfully expanded its television business, achieving a revenue of 14.996 billion yuan in 2024, a year-on-year increase of 18.43%, with a shipment volume of 12.5 million units, up 14% year-on-year [3] - The report highlights the company's focus on cost control and enhancing product value, contributing to its profitability despite a slight decline in gross and net profit margins [2][9] Financial Summary - For 2024, the company achieved a revenue of 20.326 billion yuan, a year-on-year growth of 18.4%, and a net profit of 1.602 billion yuan, a year-on-year increase of 0.89% [1] - The projected revenues for 2025 to 2027 are 21.465 billion yuan, 24.083 billion yuan, and 27.527 billion yuan, respectively, with corresponding net profits of 1.732 billion yuan, 2.029 billion yuan, and 2.493 billion yuan [1][9] - The company's gross margin for 2024 was 17.17%, a decrease of 1.66 percentage points year-on-year, while the net margin was 8.52%, down 1.09 percentage points year-on-year [2]

Core Viewpoint - Cangzhou Bank has demonstrated resilience and vitality in its annual performance by adhering to its market positioning of serving local economies, small and medium-sized enterprises, and urban and rural residents amidst the complex economic and financial landscape of 2024 [1] Group 1: Support for Local Economy - Cangzhou Bank has integrated its development into the regional economic landscape, providing precise financial support to the real economy, with a total of 17.7 billion yuan in new loans by the end of 2024, marking an 11.32% increase from the beginning of the year, achieving a historical high in loan scale [2] - The bank has supported key projects in the Beijing-Tianjin-Hebei coordinated development area with nearly 20 billion yuan in loans, focusing on transportation integration and industrial transfer [2] - Cangzhou Bank has also provided over 25 billion yuan in loans for port area construction, enhancing port infrastructure and supporting the development of coastal economic cities [2] Group 2: Financial Innovations - In 2024, Cangzhou Bank provided 14 billion yuan in loans to specialized and innovative enterprises and nearly 30 billion yuan to high-tech companies, supporting over 900 technology-driven enterprises [4] - The bank's green finance initiatives have seen a remarkable growth rate of 235% in green loans, significantly exceeding the average loan growth rate, with funds directed towards clean energy and environmental protection projects [4] - Cangzhou Bank has introduced various loan products to support the agricultural sector, with 4.2 billion yuan in new agricultural loans and a decrease of 0.42 percentage points in average interest rates for agricultural loans [8] Group 3: Digital Transformation and Risk Management - Cangzhou Bank is advancing its digital transformation by enhancing mobile banking and smart community functions, achieving a 101% growth in online loans and serving over 5,000 customers [6] - The bank has implemented a risk management system called "Cangyin Fenghuotai" to enhance risk identification and monitoring, ensuring continuous assessment of credit risks [6] - The bank's commitment to green finance includes establishing a "green credit incentive fund" and promoting eco-friendly practices within its operations [6] Group 4: Future Outlook - Cangzhou Bank aims to continue its focus on serving the real economy and enhancing the well-being of residents, with a target of becoming a first-class urban commercial bank [8] - The bank's asset scale is approaching 300 billion yuan, and it has achieved its best-ever regulatory rating of level 4 from the central bank [8] - The bank plans to further strengthen its support for the real economy and improve financial risk prevention measures in the future [8]