以下文章来源于申万宏源证券上海分公司 ，作者王臻斌 申万宏源证券上海分公司 . 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您 的财富保驾护航。 摘要： 预计在资金面宽裕背景下市场回调幅度有限，对一季报表现较好及中报仍有较好预期的优质 品种可逢低布局 。 ------------------------- 【行情综述】 本周 A股市场在区间上轨面临震荡压力， 通讯 光模块、稀土永磁 、券商、创新药 板块均有 所表现，但 市场 热点切换较快。 【一周复盘】 本周 创新药与券商板块均有所表现，白酒板块则拖累市场走低 。 周五市场受中东地缘局势 紧张，石油与天然气板块走高。 【市场展望】 A股市场上证指数整体在区间上轨运行，显示银行板块对沪指较大支撑力度。深圳成指相对受 新能源与苹果产业链拖累走势较弱。后期市场走势需关注中东地缘局势变化与中美贸易谈判 进展。预计在资金面宽裕背景下市场回调幅度有限，对一季报表现较好及中报仍有较好预期 的优质品种可逢低布局 。 -------------------- 免责声明：本文内容为作者个人观点，本站只提供参考并不构成任何投资及应用建议 ...

Core Viewpoint - Cambridge Technology Co., Ltd. (剑桥科技) has submitted an application for A+H listing on the Hong Kong Stock Exchange, aiming to leverage dual listing for fundraising and international business expansion [2] Group 1: Company Overview - Founded in March 2006, Cambridge Technology specializes in the R&D, production, and sales of terminal equipment for telecommunications, data communications, enterprise and home networks, as well as high-speed optical module products [2] - The company ranks fifth globally in the comprehensive OWCD industry with a sales revenue of $502 million, capturing a market share of 4.1% [5] Group 2: Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was 3.784 billion yuan, 3.085 billion yuan, and 3.650 billion yuan, reflecting year-on-year growth rates of 29.66%, -18.46%, and 18.31% respectively [5] - Net profit attributable to shareholders for the same years was 171 million yuan, 95.018 million yuan, and 167 million yuan, with growth rates of 154.93%, -44.59%, and 75.42% respectively [5] - The gross profit margins for these years were 18.2%, 21.5%, and 20.9% [5] Group 3: Business Segments - Revenue contributions from business segments showed that broadband solutions accounted for 54.5%, 59.2%, and 55.7% of total revenue, while wireless solutions contributed 27.9%, 23.3%, and 28.8% [7] - The company’s solutions are primarily marketed and sold in overseas markets, with revenue contributions from international sales being 82.9%, 89.3%, and 92.6% during the reporting period [7] Group 4: R&D and Cost Management - R&D expenses for the years were 270 million yuan, 276 million yuan, and 320 million yuan, representing 7.1%, 8.9%, and 8.8% of revenue [8] - The company has seen an improvement in its debt repayment capacity, with the asset-liability ratio decreasing from 65.6% to 50.4% over the reporting period [8] Group 5: Market Trends and Future Outlook - The global sales revenue of the comprehensive OWCD industry is projected to grow from $7.1 billion in 2020 to $12.4 billion in 2024, with a compound annual growth rate of 15.0% [2] - The company is actively developing new products, including 400G and 800G optical modules, with mass production expected to meet customer demand by 2025 [9]

澳大利亚证券和投资委员会（ASIC）对澳交所集团（ASX）的调查侧重于整个集团的治理、能力和风 险管理框架和实践。ASIC和澳洲联储一直对澳交所维持稳定、安全和有弹性的关键市场基础设施的能 力感到担忧。 ...

◎记者 李兴彩 海光信息拟吸并中科曙光，杰华特拟收购天易合芯40.89%的股权，晶丰明源拟收购易冲科技100%股 权……自2024年6月19日证监会发布《关于深化科创板改革服务科技创新和新质生产力发展的八条措 施》（简称"科创板八条"）以来，科创板集成电路公司按下了产业整合"加速键"。 目前，科创板集成电路领域公司总数达119家，占A股同类上市公司的"半壁江山"，涵盖上游芯片设 计、中游晶圆代工及下游封装测试，形成上下游链条完整、产业功能齐备的发展格局。 在业内人士看来，自"科创板八条"提出"更大力度支持并购重组"以来，科创板集成电路公司并购重组展 现出前所未有的活力，并且在交易结构、并购标的、整合方向等多个方面，展现出新特征，引领并购市 场的发展新方向。 并购整合提升产业硬实力 自"科创板八条"发布后，集成电路产业便掀起并购热潮。思瑞浦收购创芯微100%股权，是"科创板八 条"发布后首单过审的半导体并购案，公司在方案中采用差异化估值方案的创新设计，平衡了战略投资 者退出需求与上市公司利益，并通过可转债工具降低股价波动风险。之后，差异化估值设计也出现在了 南芯科技收购昇生微100%股权方案中。 对此，有半导体 ...

Core Viewpoint - The C-REITs market continues to perform strongly amid low bond yields, attracting long-term capital, particularly in the highway REITs sector, which is expected to benefit from increasing regional liquidity and favorable policies [1][2]. Market Performance - As of the 23rd week of 2025, the CSI REITs Index closed at 881.85, up 10.7% year-on-year and 1.55% month-on-month; the CSI REITs Total Return Index reached 1107.26, up 18.05% year-on-year and 1.58% month-on-month [2]. - The weekly trading volume of the REITs market was 465 million units, a year-on-year increase of 18.93%, with a transaction value of 2.093 billion yuan, up 29.28% year-on-year [2]. - Highway REITs are favored for their strong cash flow and stable returns, supported by the growth in vehicle ownership and economic recovery [2]. Industry Outlook - The Central Committee and State Council have issued opinions to support the issuance of REITs for qualifying transportation projects, indicating significant potential for the expansion of highway REITs [3]. - As of the end of 2024, the total length of highways in China reached 190,700 kilometers, with a notable increase in the national highway network [4]. - The construction of highways is ongoing, with a potential asset scale for highway REITs estimated to be over 10 trillion yuan, given the profitability of underlying road assets [4]. Policy Support - New regulations extending the concession period for infrastructure projects to 40 years are expected to enhance the stability and attractiveness of highway REITs [4]. - The government is actively promoting the optimization of toll road policies and extending toll collection periods, which will benefit the highway sector [5]. Investment Opportunities - The issuance of highway REITs can help accelerate capital turnover for highway construction companies and reduce their debt ratios, providing investors with a new channel to participate in infrastructure returns [5]. - The competitive landscape for quality highway projects is intensifying, necessitating improved operational management capabilities [6]. Future Development - Companies are exploring synergies between highways and other sectors, such as logistics, tourism, and renewable energy, to enhance asset management [6]. - The integration of renewable energy projects, such as solar power generation along highways, is being pursued to align with national carbon neutrality goals [7]. - Highway REITs are expected to maintain growth potential due to stable cash flows and favorable policies, appealing to long-term investors like insurance and pension funds [7].

齐鲁晚报.齐鲁壹点史安琪李梦瑶见习记者乔泺茜亓子悦 6月13日，济南市城管局与齐鲁晚报齐鲁壹点联合举办"共商'有灯不亮'难题照亮市民'回家之路'"圆桌对 话。会上，家住济南中央商务区的市民张科反映，该片区环境优美，但部分路段的路灯却迟迟没有亮起 来，给居民生活造成不便。对此，相关部门表示，CBD部分路段"有路无灯""有灯不亮"难题将加速解 决，力争2025年底前完成所有路灯设施的移交。 对此，历下区城管局副局长赵立刚表示，经他们前期调研，中央商务区核心区由13家企业开发建设。根 据出让合同约定，商务区内配套道路及路灯等附属设施均由企业建设，39条命名道路分99个路段建设移 交。不过，赵立刚表示，当前因各项目建设周期和时序不同，部分道路及路灯建设滞后或未达移交标 准，影响居民出行与商务区品质。 赵立刚表示，历下区委、区政府高度重视，成立专班、定期开会推进建设移交工作，制定方案力争2025 年底完成全部移交，并对部分开发商确实无力建设的项目，做好了司法途径解决的准备工作。"对于未 按时移交的开发商，前期我们已进行逐一约谈，并明确移交时间。目前，部分开发商已按整改意见施 工。"赵立刚说。 代建道路方面，万科、龙湖负 ...

以色列驻美大使：我们非常接近摧毁伊朗的核基础设施。 ...

Core Viewpoint - The company, Hu Dian Co., Ltd. (002463), has shown a significant increase in stock price and market capitalization, indicating strong market performance and investor interest [1]. Group 1: Company Performance - As of June 13, 2025, Hu Dian Co., Ltd. closed at 38.62 yuan, up 9.0% from the previous week [1]. - The company's total market capitalization is 742.81 billion yuan, ranking 2nd in the components sector and 190th among all A-shares [1]. Group 2: Business Strategy and Market Focus - The company focuses on high-tech PCB products for communication equipment, data center infrastructure, and automotive electronics, implementing a differentiated product competition strategy [2]. - The company aims for sustainable growth by maintaining a balanced client base among top industry clients and investing in technology and innovation for high-density integration and high-speed signal transmission [2]. Group 3: Revenue Structure - In 2024, the enterprise communication market is expected to generate approximately 100.93 billion yuan, with server and HPC-related PCB products accounting for 29.48% and high-speed network switch products for 38.56% of revenue [3]. - The automotive segment is projected to achieve around 24.08 billion yuan in revenue, with emerging automotive PCB products making up 37.68% [3]. Group 4: Market Trends and Production Capacity - The demand for 800G switches is strong, driven by rapid developments in data center switch markets [4][6]. - The company has initiated small-scale production at its Thailand facility and is focused on improving production efficiency and yield [4]. Group 5: Capital Expenditure and Future Outlook - The company has increased investments in key processes and bottleneck processes, expecting improved capacity by the second half of 2025 [5]. - In Q1 2025, cash outflows for fixed assets and intangible assets were approximately 658 million yuan, indicating ongoing capital investment [5]. - The company is adapting to market challenges in the automotive PCB sector by enhancing technology development and collaborating with industry partners for product optimization [5].

Group 1 - Germany plans to launch a €500 billion infrastructure investment program to overcome economic stagnation, with a primary focus on repairing its aging railway system [1][2] - The government intends to allocate up to €10.5 billion to the railway system this year, which constitutes about half of the total infrastructure investment of €22 billion [1][2] - The German railway operator, Deutsche Bahn, is expected to receive the largest share of the funding, as it has already prepared a detailed investment project list [2] Group 2 - The government aims to improve intercity commuting experiences to shift the current political climate, as railway improvements are likely to be felt directly by the public [2] - In addition to railways, the investment plan includes €3 billion for broadband network improvements and €1 billion for bridge modernization [2] - Following the recent elections, the new government has relaxed the constitutional "debt ceiling" to allow unlimited borrowing for defense and established a €500 billion fund for upgrading old infrastructure [3]

Core Insights - The commercial market is witnessing significant ownership changes, with notable transactions involving major players like Wanda and Beijing SKP, indicating a shift in market dynamics and strategic transformations within management companies [1][8]. Group 1: Major Transactions - As of 2025, 53 Wanda Plaza locations have changed ownership, with transactions expected to generate approximately 3.5 to 4 billion yuan for Wanda [2][3]. - The acquisition of Beijing SKP by the Boyu Phase V US Dollar Fund has been approved, with the transaction completed on May 19, 2023, although the specific financial details remain undisclosed [9][8]. - The total area of the 48 Wanda Plaza locations involved in recent transactions exceeds 7.8826 million square meters, highlighting their commercial value and brand premium [5]. Group 2: Development Projects - The Yangzhou Y-MSD project, covering an area of 51,000 square meters, is set to be transferred to Tianjin TEDA Asset Management for 2.593 billion yuan, focusing on high-end commercial and mixed-use developments [12]. - The Shanghai Chenghuangmiao Square project, previously in bankruptcy, was acquired for 1.209 billion yuan, indicating potential revitalization of previously stalled developments [18]. Group 3: Market Trends - The trend of ownership changes reflects a broader strategy of asset optimization and capital recovery among major commercial players, with a focus on enhancing operational efficiency and market positioning [1][29]. - The emergence of REITs in the commercial real estate sector is enhancing the liquidity and value realization of quality assets, indicating a growing integration between commercial real estate and capital markets [27][29].