北交所信息更新 50,000 吨电子陶瓷粉体募投项目结项投产，2025Q1 营收同比+16% ——北交所信息更新 2025 年 06 月 17 日 投资评级：增持（维持） | 日期 | 2025/6/16 | | --- | --- | | 当前股价(元) | 32.14 | | 一年最高最低(元) | 65.20/7.80 | | 总市值(亿元) | 33.78 | | 流通市值(亿元) | 27.11 | | 总股本(亿股) | 1.05 | | 流通股本(亿股) | 0.84 | | 近 3 个月换手率(%) | 250.64 | 北交所研究团队 2025Q1 公司营收 0.58 亿元（+15.82%），归母净利润 97.19 万元（-86.98%） 2025Q1 公司实现营收 0.58 亿元，同比增长 15.82%，归母净利润 97.19 万元，同 比减少 86.98%，扣非归母净利润 64.42 万元，同比减少 90.32%。受公司新产线 折旧影响，我们下调 2025-2026 年盈利预测，新增 2027 年盈利预测，预计 2025-2027 年归母净利润分别为 0.41（原 0.58）/0.54（ ...

Core Insights - The logistics industry is undergoing significant structural changes driven by globalization and technological innovation, as highlighted in the "2025 Global Logistics Trend Map" report by Maersk and Statista [1][9][16] - The report identifies ten key trends that are reshaping the logistics landscape, based on insights from over 500 industry leaders [1][16] Trend Summaries - **Supply Chain Visibility**: 86% of logistics decision-makers consider supply chain visibility as a critical trend, enhancing transparency from raw material sourcing to last-mile delivery through real-time tracking and digital twin technologies [2][3] - **Internet of Things (IoT)**: IoT technology is pivotal, with over 15,000 patent applications and more than 500 breakthrough innovations enhancing logistics perception capabilities [2][3] - **Supply Chain Diversification**: 78% of companies are diversifying their supply chains to mitigate geopolitical risks, particularly in the automotive sector, which has maintained a 92% stability in parts supply during conflicts [3][5] - **Financial Resilience**: Companies are adopting dynamic cost models and supply chain financial innovations, allowing them to reduce logistics costs even amid a 30% rise in energy prices [3][5] - **Digital Transformation**: 68% of enterprises are accelerating digital processes, with significant improvements in order processing efficiency and cybersecurity measures against supply chain ransomware attacks [3][5] - **Last-Mile Delivery Innovations**: 61% of retail companies are utilizing drone delivery and community micro-warehousing to reduce fresh goods delivery times to under one hour [4][5] - **Circular Economy**: The circular economy and AI are emerging trends, with companies reducing costs through sustainable practices and predictive maintenance [4][5] - **Regional Variations**: Different regions exhibit distinct logistics strategies, with the Middle East and Africa leading in AI and IoT adoption, while Asia Pacific excels in supply chain visibility [5][17] - **Industry-Specific Needs**: Various industries, such as pharmaceuticals and automotive, have unique logistics demands, emphasizing supply chain visibility and diversification to manage costs and compliance [5][21] - **Future Strategies**: Companies are encouraged to build a "resilience triangle" focusing on organizational agility, ecosystem collaboration, and technological integration to navigate future challenges [6][7]

Market Overview - The three major A-share indices experienced collective adjustments, with the Shanghai Composite Index down by 0.19%, the Shenzhen Component Index flat, and the ChiNext Index down by 0.14% [1] - The total market turnover for the half-day session was 790.2 billion yuan, a decrease of 15.3 billion yuan compared to the previous day [1] - Over 3,000 stocks in the market were in the red [1] Sector Performance - The brain-computer interface, oil and gas, digital currency, and solid-state battery sectors saw the highest gains [2] - The brain-computer interface concept led the gains, with stocks like Aipeng Medical, Nanjing Panda, Innovation Medical, and Rongtai Health hitting the daily limit [2] - The digital currency sector remained active, with stocks such as Chuangshi Technology and Hengbao shares also hitting the daily limit, while Lakala and Sifang Jingchuang rose over 10% [2] - The solid-state battery sector also performed well, with Yinghe Technology and Keli Yuan reaching the daily limit [2] - The weight loss drug sector led the declines, with Kexing Pharmaceutical dropping over 10% [2] - The IP economy concept stocks collectively adjusted, with several stocks like Hars and Bai Xinglong falling over 5% [2] Notable Stocks and Trends - The top gainers included companies like Xiexin Energy Technology and Zhun Oil, which achieved three consecutive limit-ups [4] - Companies such as Beida Pharmaceutical and Hengbao shares recorded two consecutive limit-ups [5] - The e-commerce sector had nine stocks hitting the daily limit, with Shandong Molong and Zhujiang Piano being notable representatives [6] - The robotics concept saw seven stocks hitting the daily limit, with Gaole shares and Rongtai Health being key players [7] - The Huawei concept also had six stocks hitting the daily limit, including Xiexin Energy Technology and Hengbao shares [8] Innovation Drug Sector - The National Medical Products Administration plans to clarify the category of drugs that will be included in the 30-day review and approval channel for clinical trials of innovative drugs, aiming to support the development of innovative drugs based on clinical value [9] Digital Currency Sector - Circle's stock in the US saw a significant increase, rising nearly 21% and reaching a historical high, with a cumulative increase of over 420% since its listing [10] Brain-Computer Interface Sector - The first brain-computer interface outpatient clinic in Central China has been established, providing technical evaluation and treatment consultation for patients, which may be included in clinical trial queues for cutting-edge treatments [11] - The brain-computer interface industry is expected to grow rapidly, with McKinsey predicting a market size of $40 billion in the medical field by 2030 and potentially exceeding $145 billion by 2040 [12]

撰文丨王聪 编辑丨王多鱼 排版丨水成文 想象一下，给胚胎中的大脑植入电子设备，让它随着大脑一起生长、折叠，全程无干扰地监测脑细胞的"一举一 动"……这听起来像科幻小说？哈佛大学的科学家做到了，他们创造出了神奇的"半机械蝌蚪"。 人类的大脑，是整个宇宙中最复杂的结构 （之一） ，它是如何从一个简单的胚胎细胞层一步步发育而来 的？尤其是早期胚胎阶段，大脑形态发生剧烈变化，就像一张平整的纸被精巧地折叠、塑造成一个三维立 体器官。这个过程中神经活动如何萌芽、同步、演化？一直是科学界的巨大谜团。 2025 年 6 月 11 日，哈佛大学 刘嘉 团队在国际顶尖学术期刊 Nature 上发表了题为： Brain implantation of soft bioelectronics via embryonic development 的研究论文。 该研究开发了一种超柔性、超薄、可拉伸的 脑机接口 设备，可利用 胚胎自然发育过程将该设备植入大 脑，能够无缝融合到 大脑发育过程中，对整个大脑的发育过程进行 无创、稳定、持续、高时空分辨率 （毫秒级精度、精确到单个神经元） 的神经电活动记录，而且不会对大脑发育和行为产生影响。 为 ...

问 新电子税务局如何变更办税人员？ （1） 请您使用财务负责人或办税人员使用企业身份登录新电子税务局后，依次点击 【我要办税】 — 【综合信息报告】 — 【身份信息报告】 — 【涉税市场主体身份信息变 更】； | > 全国统一规范电子积务局 ■ 百万 首页 我页 我要自同 公众服务 魅力特色 | | | | | 2 | V | | --- | --- | --- | --- | --- | --- | --- | | 危管办程 | 请验人共建司 | Q) 最近使用: 阿区域进板事 .. | 三方协议班订 | 伊毅丹场全体... | | × | | 乐金国中开始平台 | | | | | | | | 综合体育服务 | 得份值意股份 | | | | | | | | 这顿色场主体鼻付值意变更 | 全居民企业展份值税兵器 | 全正常状态解除 | | | | | 发票使用 | 购区域迁移申请 | 应用报购集种信息报告 | | | | | | 阿罗母祖及细地 | 制度优质应应 | | | | | | | 社保业务 | 欠假人报告 | 改革第一则可按著 | 三方协议签订 | | | | | 区域开具 | 财务会计制度及检测软 ...

证券研究报告 2025 年 6 月 17 日 星期二 【A 股市场大势研判】 市场全天震荡反弹，创业板领涨 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3388.73 | 0.35% | 11.73 | | | 深证成指 | 10163.55 | 0.41% | 41.43 | | | 沪深 300 | 3873.80 | 0.25% | 9.61 | | | 创业板 | 2057.32 | 0.66% | 13.50 | | | 科创 50 | 970.89 | -0.21% | -2.05 | | | 北证 50 | 1408.15 | 1.84% | 25.42 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： 周一，市场全天震荡反弹，创业板领涨。早盘市场低开后震荡回升，盘面上看，IP 经济概念再度爆发，稳定币概念表现活跃，油气股表现活跃，创新药概念冲高回落。午后 指数横盘震荡，截至收盘，沪指、深成指和创业板指分别上涨 0.35%、0.41%和 0.66%。个 股涨多 ...

Market Overview - A-shares experienced a low open and high close, with the Shanghai Composite Index rising by 0.35%, Shenzhen Component Index by 0.41%, and ChiNext Index by 0.66% [1] - The total market turnover reached 12,435 billion, with over 3,500 stocks in the market closing in the green [1] Stablecoin Concept - The stablecoin concept surged throughout the day, with the digital currency sector rising by 4.72%, making it the top-performing industry concept [2] - Notable stocks included Tianyang Technology and Sifang Jingchuang hitting the 20% limit up, while Lakala rose over 15% [2] - The positive sentiment is attributed to favorable policies boosting investor confidence, with long-term prospects for stablecoins expected to drive the virtual asset industry [3] Financial Sector Performance - The banking sector showed strong performance, with Qingnong Commercial Bank and Sunong Bank rising over 3%, and several banks reaching historical highs [4] - The People's Bank of China reported an increase in social financing scale and new RMB loans, indicating a robust financial environment [4] - Analysts suggest that bank stocks have strong earnings certainty and recommend focusing on their investment value due to stable fundamentals and low valuations [5] Real Estate Sector Activity - The real estate sector exhibited strong performance, with a 1.69% overall increase, and 81 out of 91 stocks rising [6] - Positive policy signals from the government aim to stabilize the real estate market, with measures to optimize existing policies and enhance market expectations [6][7] - The National Bureau of Statistics indicated that the real estate market is moving towards stabilization, supported by the implementation of various policies [7]

Core Insights - The article provides a ranking of open-end funds based on their net asset value growth as of June 16, 2025, highlighting the top and bottom performers in the market [2][4][6]. Fund Performance Summary - The top 10 funds with the highest net value growth include: 1. Huabao Zhongzheng Financial Technology Theme ETF: 1.5122 2. Guotai Zhongzheng Animation Game ETF: 1.2366 3. Huaxia Zhongzheng Financial Technology Theme ETF: 1.2376 4. Boshi Financial Technology ETF: 1.2914 5. Huaxia Zhongzheng Animation Game ETF: 1.2451 6. Huatai Baichuan Zhongzheng Animation Game ETF: 1.2851 7. Huabao Zhongzheng Financial Technology Theme ETF Initiated A: 1.0060 8. Huabao Zhongzheng Financial Technology Theme ETF Initiated C: 0.9955 9. Huaxia Zhongzheng Animation Game ETF Initiated Link: 1.3099 10. Huaxia Zhongzheng Animation Game ETF Initiated Link A: 1.3248 [2][4]. - The bottom 10 funds with the lowest net value growth include: 1. Shenwan Lingxin New Power Mixed C: 0.4880 2. Shenwan Saixin New Power Mixed A: 0.4889 3. Taiping Hengtai Three-Month Open Debt C: 1.0317 4. Guotai Zhongzheng Hu-Shen-Hong Gold Industry Stock ETF: 1.1907 5. Gold Stock ETF Fund: 1.2346 6. Huaxia Zhongzheng Hu-Shen-Hong Gold Industry Stock ETF: 1.6381 7. Guotai Zhongzheng Hu-Shen-Hong Gold Industry Stock ETF: 1.4999 8. Hu'an Zhongzheng Hu-Shen-Hong Gold Industry Stock ETF: 1.1609 9. Ping An Zhongzheng Hu-Shen-Hong Gold Industry ETF: 1.2217 10. Southern Zhongzheng Hu-Shen-Hong Gold Industry Stock Index Initiated A: 1.3031 [4][6]. Market Trends - The Shanghai Composite Index opened lower but showed a steady increase throughout the day, closing with a small gain, while the ChiNext Index also opened lower but experienced a rise before stabilizing [6]. - The total trading volume reached 1.24 trillion, with a market breadth of 3,559 gainers to 1,641 losers [6]. - Leading sectors included media and entertainment, internet, and software services, all showing gains of over 2%, while the agriculture sector lagged [6]. Fund Strategy Analysis - The Huabao Zhongzheng Financial Technology Theme ETF has shown significant net value growth, indicating strong performance in the financial software sector [6]. - The fund's top holdings include stocks like Tonghuashun and Dongfang Caifu, with a concentration of 54.15% in its top ten holdings [7]. - Conversely, the Shenwan Lingxin New Power Mixed C fund has underperformed, with a concentration of 67.29% in its top ten holdings, indicating a diverse but less effective investment strategy [7].

2025 年 06 月 16 日 投资策略 策略日报（2025.06.16）：缩量反弹 相关研究报告 <<策略日报（2025.06.13）：风险偏好 下降>>--2025-06-13 <<策略日报（2025.06.12）：窄幅震 荡>>--2025-06-13 <<策略日报（2025.06.11）：沪指站上 3400>>--2025-06-11 证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 大类资产跟踪 债券市场：利率债高开低走，尾盘几乎收平。我们认为股市波动率仍 在低位，基本面的疲弱将限制上涨的高度，因此未来波动率的抬升更可能 是向下调整，维持债市后续将受益于避险资金的流入的判断。后续展望： 在地缘冲突加剧背景下，随着股市波动率可能抬高，资金避险需求或使得 债券重拾涨势。 A 股：市场低开反弹，三大指数缩量上涨。市场全天成交额 1.24 万 亿，较前一日缩量 0.26 万亿，近 3400 只个股上涨，超 1500 只个股下跌。 我 ...

Core Viewpoint - The performance of Luochang Technology (002813) has continued to decline despite being under the control of Zhonglian Heavy Industry (000157) for over three years, leading the company to plan the sale of its wholly-owned subsidiary, Nanyang Changfeng New Materials Technology Co., Ltd. [1][5][12] Company Performance - Luochang Technology has reported consecutive net losses, with net profits of approximately 79.19 million, 5.24 million, 3.29 million, -27.43 million, and -55.41 million from 2020 to 2024 [12] - In the first quarter of 2025, the company achieved revenue of approximately 75.31 million, a year-on-year increase of 25.47%, but the net profit was approximately -19.96 million, a year-on-year decrease of 26.47% [12] Subsidiary Sale - The company announced on June 14 that it plans to transfer 100% of its stake in Nanyang Changfeng to Longcheng Capital for approximately 60.28 million [1][5][8] - Nanyang Changfeng has failed to meet performance commitments made during the control transfer, with net profits of approximately 25.00 million, 22.14 million, and 17.96 million from 2022 to 2024, falling short of the promised 25 million per year [7][8] Related Transactions - Luochang Technology has maintained significant related party transactions with Longcheng Group and its subsidiaries, with transaction amounts of approximately 125 million, 78.74 million, and 54.45 million from 2022 to 2024 [11] - On the same day as the subsidiary sale announcement, the company disclosed additional expected related party transactions with Longcheng Group, totaling up to 15 million [10] Industry Outlook - The automotive electronics industry is experiencing rapid growth, driven by continuous technological innovation and increasing demand for smart and electronic features in vehicles [13][14]