Core Viewpoint - Jichuan Pharmaceutical is facing significant challenges with declining sales and profits from its core products, leading to a search for new growth opportunities through innovative drug development [2][10]. Group 1: Company Performance - Jichuan Pharmaceutical's revenue and net profit are projected to decline in 2024, with a revenue drop of 16.96% to 8.017 billion yuan and a net profit decrease of 10.32% to 2.532 billion yuan [6][7]. - The company's flagship product, Pudilan Anti-inflammatory Oral Liquid, has seen a significant decline in sales due to regulatory changes and removal from various medical insurance lists, contributing to the overall revenue drop [4][6]. - The sales volume of Pudilan Anti-inflammatory Oral Liquid fell by 24% in 2019 compared to the previous year, marking the first decline in revenue and net profit since its listing [4]. Group 2: Product Challenges - The core product, Rebeprazole Sodium Enteric-coated Capsules, has been impacted by price reductions due to national procurement policies, leading to a significant drop in market share and sales [8][10]. - Pediatric product, Xiaer Chiqiao Qingre Granules, is also experiencing sluggish growth, further straining the company's revenue [8][10]. Group 3: Innovation and Future Prospects - Jichuan Pharmaceutical is pinning hopes on the innovative drug Xiaer Biantong Granules, which has received a notice of acceptance for market application, potentially filling a gap in the pediatric constipation treatment market [2][10]. - The company has invested approximately 51.42 million yuan in the development of Xiaer Biantong Granules, which is based on a patented formula aimed at treating pediatric constipation [10][12]. - Other innovative drugs in development include a flu treatment and a long-acting growth hormone, both of which have received regulatory acceptance [12]. Group 4: R&D Investment - Jichuan Pharmaceutical has been criticized for its historically low R&D investment, which was only 5.55% of total revenue in 2024, compared to over 8% for some competitors [12][13]. - The company’s sales expenses were significantly higher at 36.85% of total revenue, indicating a need for a more balanced approach between marketing and research and development [12].

Group 1 - The core argument emphasizes the importance of both specialization and broad knowledge in party history research, suggesting that a researcher should not only master their field but also possess an outsider's perspective to identify issues [1][2] - The drawbacks of excessive specialization are highlighted, including the risks of narrow focus and fragmented knowledge, which can lead to a stagnant and isolated field of study [2][3][4] Group 2 - The article outlines the concept of "通" (communication) in research, which includes four dimensions: "纵通" (vertical communication), "横通" (horizontal communication), "内通" (internal communication), and "外通" (external communication) [5][6] - "纵通" refers to understanding historical continuity by connecting past and present, while "横通" emphasizes the interrelation between different aspects of party history and its context within broader historical narratives [6][7] - "内通" focuses on mastering the theories and methods within the discipline, and "外通" stresses the importance of knowledge from other disciplines to enrich understanding and analysis [8][9]

恒银期货有限公司隶属于河北省国资委，是河北建设投资集团有限责任公司控股子公司。作为河北建投 金融业务板块的核心企业，于1995年注册成立，是河北省唯一一家法人期货公司，注册资本2.46亿元。 现设有厦门、山东、武汉三家省外分支机构及唐山、邯郸、沧州三家省内营业部。 2025年，时值恒银期货成立三十周年，自成立以来，恒银期货深耕行业30载，以"合规诚信、专业服 务、开拓创新、协同发展"为经营理念，依托国资背景的稳健根基与数字化转型的战略布局，持续提升 服务实体经济能力。公司立足河北大宗商品产业优势，通过整合研究力量成立恒银期货研究所，打 造"科技+产业+投研"三位一体服务体系，为实体企业及投资者提供全链条风险管理解决方案。近年 来，公司以"用服务创造价值，为投资者赋能"为核心，构建了覆盖投研咨询、产业服务、投资者教育的 生态化平台，在服务河北优势产业升级、助力乡村振兴等领域成效显著，充分彰显成长动能与社会价 值。 恒银期货研究所（以下简称"研究所"）于2023年2月正式成立，由原公司研究发展中心与产业开发部优 化整合而成，标志着恒银期货在专业化、体系化研究服务能力上的战略升级。 一、专业稳定的研究团队与强大的信 ...

Core Viewpoint - The Lushan Botanical Garden, established in the 1930s, has evolved into a comprehensive academic institution focusing on research, conservation, and public education, serving as a model for ecological protection and green development in the Yangtze River Economic Belt [3][4][6]. Group 1: Historical Significance - The Lushan Botanical Garden is recognized as China's first formal scientific botanical garden, founded in 1934 by scholars with a vision for national service [4]. - Over its 91-year history, the garden has maintained its mission of "researching plants for the benefit of humanity," contributing to scientific development during the establishment of New China and expanding its influence internationally post-reform [4][5]. Group 2: Research and Innovation - The garden emphasizes biodiversity protection and has undertaken numerous national and provincial key research projects, producing influential results and gaining international recognition [6]. - Key breakthroughs include understanding the hydraulic efficiency of angiosperm leaves in relation to climate change, analyzing water characteristics of Poyang Lake for ecological protection, and developing new fruit varieties [6][7]. Group 3: Species Protection - The Lushan Botanical Garden serves as a vital plant genetic resource bank, preserving over 10,000 living plant species, including many national key protected and endangered species [7]. - The garden aims to create a national botanical garden, enhancing its facilities and optimizing its landscape to support plant conservation efforts [7][8]. Group 4: Open Collaboration - The garden promotes an open and shared philosophy, hosting international academic conferences and training programs, thus becoming a significant platform for showcasing China's achievements in plant science [8]. - Collaborations with international institutions and local nature reserves enhance biodiversity research and conservation efforts [8][9]. Group 5: Technological Expansion - The establishment of the South Garden focuses on subtropical low-altitude plant resources, featuring specialized greenhouses and preserving thousands of rare plants [9]. - The garden has developed several key laboratories and innovative projects, including immersive botanical theme parks that combine research, industry support, and public education [9][10]. Group 6: Future Development - The Lushan Botanical Garden is committed to becoming a key member of China's national botanical garden system, enhancing its research facilities and talent pool [10][11]. - The garden is advancing digital transformation initiatives, including a digital specimen database and real-time monitoring systems for plant management, supporting ecological research in the Yangtze River Economic Belt [10][11].

来源：光明网-《光明日报》 【短评】 一年来，中国科学家们已经利用嫦娥六号月球样品取得许多科学突破。例如，揭秘样品的物理、矿物和 地球化学基本特征；提出月球岩浆活动是月壳厚度以及源区物质组成共同作用的结果，为月海玄武岩分 布的"二分性"提供了全新认识；首次精确测定南极-艾特肯盆地形成于42.5亿年前，让人类在了解太阳系 早期大型撞击历史方面有了更精确的"宇宙时钟"标尺…… "我们希望能够尽快建立月球研究的中国学派！"中国科学院院士吴福元说，"来自月球背面的样本，让 我们看到了一个'不一样'的月球。我相信，我们中国科学家一定能在月球研究上作出原创性、突破性贡 献！" 不止月球研究。中国科学院国家天文台研究员李春来认为，随着中国探月工程稳稳的"三步走"，随着更 多"一手数据"获取，中国行星科学也将从"跟跑"迈向"并跑"，甚至在某些领域实现引领，为丰富人类知 识宝库特别是加深对宇宙的认识，作出中国贡献！ 《光明日报》（2025年07月10日 08版） 听着这样的评价，怎能不让人有扬眉吐气之感！ 在中国探月工程实施之前，我国月球研究总体而言处于"跟随"位置。原因很好理解，"巧妇难为无米之 炊"——在中国探月计划实施之 ...

Core Insights - Leap Motor is becoming a preferred choice in the rational consumption era due to its precise positioning and exceptional price-performance ratio [1] Group 1: Sales Performance - In June 2023, Leap Motor delivered 48,006 vehicles, a year-on-year increase of over 138%, with cumulative deliveries exceeding 220,000 units in the first half of the year [1][5] - Leap Motor has maintained over 40,000 monthly deliveries for three consecutive months and has ranked first in the new force sales chart for four months [1][5] - As of June 18, 2023, Leap Motor's cumulative deliveries surpassed 800,000 units, positioning it to potentially become the second new force company to enter the "million club" [5] Group 2: Future Growth Potential - Northeast Securities reports that the upcoming B series models and next year's D and A series models will continuously drive Leap Motor's sales to new heights [4] - According to Credit Lyonnais, Leap Motor is expected to be a major contributor to market share growth in China by 2025, driven by new model launches and upgrades [4] Group 3: International Expansion - Leap Motor has established a global strategic partnership with Stellantis, with an investment of approximately €1.5 billion, marking a significant collaboration between a Chinese new force automaker and a multinational giant [6] - From January to May 2023, Leap Motor ranked first in cumulative export sales among Chinese new force brands, with over 17,200 units sold [6] Group 4: Product Strategy - The Leap Motor C16, a six-seat SUV priced between 150,000 and 200,000 yuan, has become a top choice in its segment, achieving a 70% market share in the under 200,000 yuan category [9][10] - The B10 model, targeting the 100,000 to 150,000 yuan segment, features advanced technology and competitive pricing, enhancing Leap Motor's appeal to a broader consumer base [10] Group 5: Competitive Advantage - Leap Motor's self-research and development capabilities account for over 65% of the vehicle's cost, with an 85% shared component rate within the same series, showcasing its strong cost control and profitability potential [10]

江苏太平洋精锻科技股份有限公司 投资者关系活动记录表 编号：2025-007 | | ■特定对象调研□分析师会议 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 投资者关系 | □媒体采访□业绩说明会 | | | | | | | | □新闻发布会□路演活动 | | | | | | | 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 | 民生证券：马天韵 | | | | | | | 及人员姓名 | 东吴证券：郭雨蒙 | | | | | | | | 东北证券：何晓航 | | | | | | | 时间 | 2025 7 13:30 | 年 | | 月 | 8 | 日 | | 地点 | 精锻科技二厂区 会议室 | | | | | | | 上市公司 接待人员姓名 | 董秘：董义 | | | | | | | | Q：可转债费用情况？ | | | | | | | | A：公司可转债截止 6 月底已转股接近一半，下半年可转债费用可以省 2000 | | | | | | | ...

Group 1 - The article highlights the strong growth potential of leading companies in sectors such as the internet, artificial intelligence, biotechnology, and new energy, emphasizing the importance of the Hong Kong Stock Connect as a channel for mainland investors to allocate overseas assets [1] - The Southern CSI Hong Kong Stock Connect Technology ETF (code: 159269) was officially listed on the Shenzhen Stock Exchange on July 10, providing a one-stop solution for investors to access leading Hong Kong technology stocks [1] - The CSI Hong Kong Stock Connect Technology Index, which the ETF closely tracks, showcases unique competitive advantages in asset allocation, covering key industries like the internet, new energy vehicles, and innovative pharmaceuticals while balancing traditional technology sectors [1][2] Group 2 - The index focuses on fundamental stock selection, encompassing leading technology companies in Hong Kong, with a strict investment scope in critical areas such as communications, internet, biotechnology, electronics, semiconductors, new energy, and aerospace [2] - Historical performance indicates that the Hong Kong technology sector has demonstrated significant advantages over a 20-year market period, with the CSI Hong Kong Stock Connect Technology Index achieving a cumulative return of 227% and an annualized return of approximately 12% as of April 30, 2025 [2] - Compared to the cyclical volatility of the A-share technology sector, the Hong Kong technology sector has shown more stable long-term excess return capabilities, making it an important direction for investors looking to allocate technology assets [2] Group 3 - Southern Fund, as a leading asset management institution in China, focuses on customer needs and continuously optimizes product layout and service capabilities, with an index investment team averaging over 10 years of experience in ETF management [3] - The team has established a comprehensive quantitative research and investment system, utilizing a self-developed intelligent management system for precise control of investment portfolios [3]

Core Viewpoint - The use of consumer-grade chips in the Xiaomi YU7 vehicle has sparked debate, but it is deemed acceptable for smart cockpit applications, as these chips can meet the necessary requirements without compromising safety [1][2][3]. Group 1: Chip Usage in Automotive - Consumer-grade chips can be used in smart cockpit applications, as they do not directly control vehicle operations, unlike control and driving chips which must be automotive-grade [2][3]. - Xiaomi's decision to use the Snapdragon 8 Gen3 chip in the YU7 has been criticized, but it aligns with industry practices where companies like Tesla also utilize consumer-grade chips in their smart cockpits [2][9]. Group 2: Cost Considerations - The cost of automotive-grade chips, such as Qualcomm's 8295P, can be several thousand dollars each, leading to significant expenses for manufacturers, especially with high sales volumes [5][7]. - By developing its own consumer-grade chips, Xiaomi could drastically reduce costs, potentially saving hundreds of millions of dollars annually if implemented across large production volumes [7][9]. Group 3: Strategic Vision - Xiaomi aims to transition from using third-party chips to its own self-developed chips for smart cockpit applications, which would enhance cost efficiency and customization [5][9]. - The gradual shift to in-house chip development is seen as a strategic move to avoid dependency on external suppliers and to better integrate with their systems [9].

欢迎扫描下方二维码关注： 企业共同合作开发的项目 由合作各方就自身实际承担的研发费用 分别计算加计扣除。 企业2025年购买单价不超过500万元 的设备专用于研发,是否可以同时享 受固定资产一次性扣除和研发费用加 计扣除优惠政策? 手机 发? 根据: 《财政部国家税务总局 科技部关于完善研究开发费用税 前加计扣除政策的通知》（财税〔2015〕119号）文件 规定 企业用于研发活动的仪器、设备,符合税法规定且选择 加速折旧优惠政策的 2025年度购入设备并享 在享受研发费用税前加计扣除政策时,就税前 扣除的折旧部分计算加计扣除。 专用于研发活动的 li 受一次性扣除政策 按照该设备一次性税前扣除的金额计入研发费 并享受加计扣除。 企业同时符合研发费用加计扣除和小 型微利企业两个优惠政策的条件,两 种优惠是否可以同时享受? 企业同时符合研发费用加计扣除与小型微利企 业优惠的条件,可以按规定同时享受。 研发资用加计扣除政策如何进 行会计核算与管理? 根据: 《财政部 国家税务总局 科技部关于完善研究开发费用税 前加计扣除政策的通知》（财税〔2015〕119号) 01 企业应按照国家财务会计制度要求,对 研发支出进行 ...