Core Viewpoint - Shanxi Fenjiu achieved significant growth in 2024, with revenue reaching 36.011 billion yuan, a year-on-year increase of 12.79%, and net profit of 12.243 billion yuan, up 17.29%, solidifying its position among the top three in the industry [1][3]. Group 1: Performance Resilience - In 2024, despite being in an industry adjustment cycle, the company optimized its product and market structure, resulting in double-digit growth in revenue and net profit [3]. - High-end liquor sales contributed significantly, with revenue from mid-to-high-end products reaching 26.532 billion yuan, a 14.35% increase, accounting for 73.68% of total revenue [3]. - The Qinghua Fen series remains a strategic focus, with the launch of "Qinghua Fenjiu 26·Revival" aimed at expanding market reach [3]. Group 2: Market Expansion - Revenue from markets outside Shanxi reached 22.374 billion yuan, growing by 13.81% [4]. - The number of external distributors increased to 3,718, adding 598 new distributors during the reporting period, supporting the company's national expansion strategy [4]. Group 3: Brand Empowerment - The company emphasizes cultural integration as a key advantage, launching various cultural initiatives and collaborations to engage with consumers [5]. - The "Youngization 1.0 Strategy" will be fully implemented by 2025, aiming to attract younger demographics and reshape the narrative of Chinese liquor [5]. Group 4: Sustainable Development - The company plans to maintain steady revenue growth and integrate ESG principles into its revival strategy, focusing on green, low-carbon, and high-quality development [7]. - The release of the 2024 ESG report highlights the commitment to environmental, social, and governance responsibilities as part of the company's growth strategy [7].

隔夜，现货黄金逆转跌势上涨，早些时候曾跌至3268美元附近，但随后出现低吸买盘，金价收报 3343.91美元。今日欧市盘中，黄金突发大跌，目前在3313美元附近徘徊。 短短三个月内，从钢铝关税到汽车关税再到"对等关税"，美国政府不断升级贸易保护主义措施。 但从上任第一天开始，特朗普就表现出了与历任总统截然不同的风格，仅从其源源不断发布的行政命令 和文件就可以看到他强硬的执政风格。 据统计，特朗普在过去100天内发布了178项行政命令及备忘录，数量之多甚至赶上奥巴马总统整个任期 的总和，其中一些甚至令政治界和法学界感到震惊。 朝令夕改的政策导致企业供应链成本飙升、全球贸易摩擦升级，叠加美联储货币政策不确定性，美股市 场遭遇百年最差开局，美元创下自1973年以来美国总统任期前100天最差表现。 因此，越来越多的美国人抱怨，特朗普挂在嘴边的"让美国更加伟大（MAGA）"口号，正在让美国变得 不像美国。 特朗普又出招！ 隔夜，美股收盘涨跌不一。截至收盘，纳指小幅收跌，道指与标普500指数连续第五个交易日上涨。 此外，美元指数下滑0.68%，跌破99水平，再度接近本轮走势低点。 消息面上，特朗普的关税修正可能已在路上。 ...

Core Insights - In the first quarter of this year, global investors experienced a significant outflow from ESG sustainable funds, totaling $8.6 billion (approximately 62.7 billion RMB), surpassing any historical period [1] - European investors have become net sellers for the first time since data tracking began in 2018 [1] - The wave of opposition to ESG and diversity, equity, and inclusion policies, driven by the Trump administration, is influencing global asset management companies to adopt a more cautious approach [1]

在业务层面，中青旅重视生产经营中的环境治理工作。景区、酒店等板块加强对废气、废水、固体污染 物的排放管理，创新设置退役电池、日光灯管等可循环资源回收站，定期交付主管部门回收处理；旅行 社、旅游客运、整合营销等板块引入清洁能源交通工具，减少污染气体排放。 4月4日，中青旅控股股份有限公司（以下简称"中青旅"）正式发布《2024年环境、社会、治理（ESG） 工作报告》。 2024年，中青旅积极践行ESG可持续发展理念，持续重检和优化重要制度和流程，健全和完善治理机 制，确保企业治理与发展环境、阶段、规模和目标相适应。 中青旅高度重视与投资者、客户、供应商、员工、政府等利益相关方沟通与合作。一方面，通过制定和 执行《信息披露事务管理制度》《投资者关系管理办法》《突发事件总体应急预案》《舆情工作管理办 法》《新闻宣传工作管理办法》等制度，规范与利益相关方沟通与合作的行为，以诚信负责、公平合 规、合作共赢为价值遵循，推动与各利益相关方的可持续发展；另一方面，通过多形式、多渠道、多创 新的方式强化投资者关系管理，促进公司与各利益相关方的深入沟通和长期合作。 2024年，中青旅举办由董事长、总裁、独立董事及董事会秘书参加的 ...

Core Viewpoint - The Yunlu Ecological Protection Fund has been officially launched to support ecological conservation and educational initiatives in the Yunlu area and wetland parks, aiming to create a sustainable model for ecological civilization in Shunde [1][3]. Group 1: Fund Establishment and Objectives - The Yunlu Ecological Protection Fund is co-founded by the Shunde District Ecological Environment Bureau and the Shunde Charity Association, with participation from various local organizations and companies [3]. - The fund aims to explore long-term mechanisms for ecological protection and education, encouraging more social capital to invest in environmental conservation efforts [3]. Group 2: Ecological Significance of Yunlu Area - The Yunlu area is a key development zone in Shunde, featuring the "Bird Paradise" which spans approximately 90 acres and hosts a diverse range of bird species, including 22 types of water birds and 30 types of forest birds, totaling around 30,000 birds [2]. - The area has recently welcomed over 30 national first-class protected animals, the Oriental White Stork, marking a significant ecological milestone for Shunde [2]. Group 3: Challenges and Solutions - The construction of the wetland park faces challenges such as insufficient operational funding, inadequate biodiversity protection facilities, and low public awareness and participation in ecological importance [2]. - The establishment of the Yunlu Ecological Protection Fund aims to address these challenges through a collaborative approach involving government, enterprises, and society [2][3]. Group 4: Future Development Plans - The fund will focus on ecological protection and restoration, research monitoring, public engagement, and sustainable development initiatives [3]. - The Shunde District government plans to accelerate the comprehensive development of the Yunlu area, enhancing its urban environment and development capabilities [4].