证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 林洋能源(601222) 投资评级 —— 上次评级 —— [Table_Title] 业绩短期承压，积极布局海外市场 [Table_ReportDate] 2025 年 05 月 12 日 [Table_S 事件：公司ummar发布y]2024 年度报告及 2025 年一季报，2024 年公司实现总营业 收入 67.42 亿元，同比减少 1.89%；实现归母净利润 7.53 亿元，同比减少 27%；实现扣非归母净利润 7.63 亿元，同比减少 12%；基本每股收益 0.37 元/股，同比减少 27.45%。2025 年一季度，公司实现总营业收入 11.24 亿 元，同比减少 27.69%；实现归母净利润 1.24 亿元，同比减少 43.26%；实 现扣非归母净利润 1.22 亿元，同比减少 38.62%；基本每股收益 0.06 元/ 股，同比减少 45.45%。 [Table_Author] 左前明 执业编号：S1500518070001 邮 箱：zuoqianming@cindasc.com ...

Core Points - The Ninth International Rose Conference was held in Beijing's Mentougou District, showcasing a vast array of rose varieties and celebrating the theme "Flowers Bloom in Beijing, Fragrance in Yongding" [1][3] - This conference is the highest-level and largest comprehensive meeting in the global rose field, marking the first time it has been held in China in 40 years, reflecting international recognition of China's rose research and industry development [1][4] - Nearly 800 scientists, entrepreneurs, and flower enthusiasts from 12 countries and regions attended the event, indicating a significant international collaboration in rose cultivation and promotion [1][3] Industry Insights - Beijing has a deep-rooted connection with roses, having designated the rose and chrysanthemum as its city flowers since 1987, which has led to widespread cultivation across the city [3][4] - The annual production of cut roses in Beijing is approximately 13 million stems, with potted roses reaching 3 million pots, generating an annual output value exceeding 27 million yuan [4] - The city is home to national-level rose genetic resource nurseries, international rose variety testing centers, and has developed over 50 proprietary rose varieties, showcasing its advancements in rose breeding and research [4][3] Future Prospects - The conference is expected to facilitate the introduction of more rose varieties to Beijing, enhancing the city's floral landscape and promoting harmony between people and nature [4] - The diverse and vibrant rose varieties from Beijing are positioned to play a crucial role in transforming China from a major rose resource country to a stronghold in rose breeding and research [4]

Core Viewpoint - The central government and relevant departments are increasing support for the marine industry, commercial aerospace, and unmanned industries through financial initiatives [1] Group 1: Financial Support Initiatives - The People's Bank of China and other departments have jointly issued opinions to enhance financial support for the marine industry and future industries [1] - Financial institutions are encouraged to increase support for the marine industry, commercial aerospace, and unmanned industries, provided that it is compliant with laws and regulations and risks are controllable [1] - Investment funds are encouraged to invest in high-tech marine industries, strengthening financial services for major marine infrastructure projects and marine-related enterprises [1] Group 2: Insurance and Risk Management - Insurance institutions are supported to develop marine insurance based on market principles [1]

Group 1 - The global N-type SiC substrate industry revenue is expected to decline by 9% in 2024, reaching $1.04 billion due to weakened automotive and industrial demand, increased market competition, and significant price drops [1] - Despite facing dual pressures of weak demand and oversupply in 2025, the long-term growth trend for SiC remains unchanged, with broader applications anticipated, especially in the industrial sector [1] - The intense market competition is expected to accelerate industry consolidation, reshaping the development landscape of the SiC substrate market [1] Group 2 - Wolfspeed maintains its position as the leading supplier in the SiC materials market with a market share of 33.7% in 2024, despite operational challenges [4] - Chinese companies TanKeBlue and SICC are rapidly developing, with market shares of 17.3% and 17.1%, respectively, ranking second and third [4] - The 6-inch SiC substrate is expected to continue dominating the market due to rapid price declines, while the 8-inch substrate is seen as essential for further cost reduction and technology upgrades, with an estimated market share of over 20% by 2030 [4]

Core Insights - Luckin Coffee has launched a new franchise recruitment plan, targeting 186 cities with over 800 selected premium locations, providing opportunities for aspiring entrepreneurs to quickly open stores [1] - The company has introduced three types of partnership models, including fixed-point new partner franchise, store franchise, and directed point franchise, with the latter showing significant advantages in efficiency and certainty [3] - As of the first quarter of 2025, Luckin Coffee has a total of 24,097 stores globally and approximately 355 million cumulative transaction customers, indicating a strong market presence [5] Company Developments - The directed point franchise model, launched on January 1, 2024, has attracted numerous coffee entrepreneurs, with over 500 directed points passing site selection review and more than 400 stores opened across 229 cities by April 2025 [3] - The company has launched 119 new products in 2024, with nearly 3 billion cups of ready-to-drink beverages sold, showcasing its strong product innovation capabilities [5] - The "Fresh Brew Light Jasmine" drink achieved a record single-day sales of 1.67 million cups in March 2025, highlighting the popularity of its offerings [5] Market Context - The Chinese coffee market is rapidly developing, with the industry scale reaching 313.3 billion yuan in 2024, a growth rate of 18.1% compared to the previous year [8] - Per capita annual coffee consumption has increased to 22.24 cups, a 33% rise from 2023, indicating a growing consumer interest in coffee [8] - Luckin Coffee's strong product and supply chain innovations provide reliable support for its franchise partners, enhancing its competitive position in the market [8]

Core Insights - The procurement intention for lychee from Gaozhou has reached 26 million kilograms, indicating strong demand and market interest in the region's lychee production [4][7]. Group 1: Event Overview - The 2025 Gaozhou Lychee Production and Sales Matching Conference was held on May 10, showcasing early-season lychee availability [2][3]. - Over 350 representatives from more than 200 purchasing companies attended the event, highlighting the significance of Gaozhou in the lychee market [3][7]. Group 2: Procurement and Customization Data - The event resulted in a procurement intention of approximately 26 million kilograms of lychee [4]. - Gaozhou's customized orders reached 13,310, with a total weight of 141 tons and a monetary value of about 29.23 million yuan, representing a 449.8% increase compared to the same period last year [5]. - The enterprise supply chain customization accounted for 498 orders, totaling 468 tons and 10.95 million yuan, marking a 356.8% increase year-on-year [6]. Group 3: Production Capacity and Quality - Gaozhou's lychee flowering rate exceeded 90% in 2025, with a planting area of 591,400 acres and an expected yield of over 280,000 tons, indicating significant production growth compared to the previous year [8][9]. - The lychee harvest season spans from April to July, with various early, mid, and late-season varieties available, ensuring a continuous supply of fresh products to the market [11][14][15]. Group 4: Industry Position - Gaozhou is recognized as the largest lychee-producing county in China, leading globally in terms of planting area, production volume, variety, quality, brand value, and industry scale [16][18]. - The region has established a comprehensive modern agricultural development framework, including a national-level modern agricultural industrial park and a Guangdong Gaozhou Lychee Longan International Procurement Trading Center [19][20].

Core Insights - The establishment of the Nanjing Biomedical Sub-center has facilitated the transfer and commercialization of research outcomes from 68 universities, resulting in 1,123 selected pharmaceutical achievements and 31 projects being established [1][2] - The sub-center has created a financial support system with a scale of 8.4 billion yuan, including various funding sources to assist startups and projects [2] Group 1 - The Nanjing Biomedical Sub-center has engaged with 68 universities and selected 1,123 pharmaceutical achievements, leading to the establishment of 31 projects [1] - The sub-center provides significant support to startups, including access to expensive laboratory equipment, which alleviates financial burdens for new companies [1] - The rapid establishment of companies, such as Innos (Nanjing) Biotechnology Co., demonstrates the effectiveness of the sub-center in facilitating research commercialization [1] Group 2 - A comprehensive financial support system of 8.4 billion yuan has been established, encompassing government funding, angel funds, and bank loans [2] - The sub-center has developed a team of over 140 technical managers to provide one-stop support for university teams, aiding in the swift establishment and growth of projects [2] - Future plans for the sub-center include enhancing collaboration with universities and enterprises to promote high-quality development in the biomedical industry [2]

各族群众在"天上的街市"逛圩场。 4月27日，山坳间的晨雾被第一缕阳光揉碎时，隆林各族自治县德峨镇的山路上，已响起细碎的银铃声。72岁的李正宏裹着深蓝色的苗绣头巾，抱着月 琴往圩场走去。转角处，穿百褶裙的彝家姑娘结伴走来，裙裾上的银饰叮当作响。远远望去，整条街市像被撒了把五彩米粒。 这是德峨镇4月的最后一个圩日，海拔1600米的高山圩场正从晨雾中舒展筋骨。苗、彝、仡佬、壮、汉5个民族同胞聚居于此，"五彩"民族文化风情浓 郁，这个古老圩日也被誉为"天上的街市"。近年来，德峨赶圩IP日渐出圈，周边乡镇乃至贵州、云南等地群众纷纷慕名而来。 上午9时，圩场上人头攒动，熙熙攘攘。"叮咚、叮咚……"民族乐器摊铺前，传来阵阵月琴声，如银珠落盘，吸引众人驻足。弹琴的老者正是李正宏， 他弹琴、制琴、修琴技艺精湛，还是村里月琴队的创始人。只见他布满沟壑的手拂过琴弦，唱起："啊哩哩，啊哩哩，赶圩归来啊哩哩……" 《赶圩归来啊哩哩》由词曲作家古笛、黄有异创作，极具隆林民族特色，传唱全国。1979年，二人到德峨采风，被赶圩时各民族和谐交易的场景激发灵 感。如今，熟悉的旋律在圩日响起，吆喝声、布料摩擦声、脚步声，都成了月琴的和弦。 民族 ...

看好彩门村旅游前景的还有温州商人陈显峰，他已获得位于彩门村的桃源风景区长达20年的经营 权。"桃源风景区紧邻雅鲁藏布江，百余株古木遍布其间，一年四季都能带给游客不同的体验。"陈显峰 说。 "好生态就是村里的聚宝盆。"彩门村村委会副主任旦增益西说，在发展过程中，彩门村始终坚守"绿水 青山就是金山银山"理念。通过"生态积分"制度，村民主动参与环境治理；号召群众房前屋后栽种车厘 子，既美化环境又发展了庭院经济；引入贝母种植，拓展了农业产业链条……一系列举措实现了"生态 保护—产业发展—民生改善"的良性循环。 "盛开的桃花给彩门村带来了好彩头。2024年，彩门村经济总收入达到600余万元，人均可支配收入3.84 万元。"彩门村党支部书记米玛说，找准生态资源与特色产业的结合点，高原村落同样能在乡村振兴中 绽放光彩。（经济日报记者 贺建明） (责任编辑：罗伯特) "云带挂山腰，雪山影河谷，田地绿色浓，农舍错落间，牛马悠然行，桃花遍地现。"西藏林芝市米林市 扎西绕登乡彩门村便镶嵌在这样的美景之中。 彩门村的春天是桃花的世界，绽放的满树粉红向游客发出邀请。"仿佛置身在电影场景中，美得无以言 表。"来自珠海的游客梁梦辰说，刚刚 ...

今天分享的是：2025年中国猪产业链竞争力重构与产业发展战略报告-光华博思特 报告共计：184页 以下为报告节选内容 第一章 纵观中国猪产业链发展环境与价值的探优方向 第二章 中国猪产业链上游 - 生猪养殖环节全景洞察与未来展望 三 第三章 新产业格局变化,中国生猪养殖收益分析与产业增值之道 第四章 在价值生态中,生猪屠宰与肉类加工现代化升级路径 录 第五章 中国猪肉消费市场高价值发展规划与战略机遇 第六章 新经济环境下猪肉企业打造持久竞争力的战略模型 报告发布单位:山东省畜牧协会猪业分会 《中国猪产业链竞争力重构与产业发展战略报告》由山东省畜牧协会猪业分会发布，光华博思特实施，旨在剖析中国猪产业链发展状况并提供战略指导。 中国猪产业链发展受经济、政策、市场等多种因素影响，经济增长虽有速度变化但人均GDP提升，为产业发展提供支撑；政策上产能调控与科技赋能，推 动产业升级；市场需求向高品质、多元化转变，出口潜力释放，但产业也面临微利、环保等挑战。生猪养殖环节，行业历经多阶段发展，当前呈规模化趋 势，不过面临盈利空间受限、疫病防控等问题，未来将朝着规模化、智能化、品质化方向发展。养殖成本方面，饲料占比较大，可通过 ...