现场将突破传统对接模式，创新构建"展示+对接+服务"三位一体平台，以数字化手段帮助参会者快速了解各方优势资源，精准对接合作需求。对于有深 度洽谈需求的企业，现场还将提供相对独立的空间，保障企业技术交流、项目合作的高效性与保密性。 特别值得关注的是，本次对接会将突破单一供需对接框架，集聚金融资本、技工院校、服务机构等各方资源，形成资本赋能、人才支撑、服务保障的立体 化生态。现场，22家银行将为企业推出定制化金融产品，实现资本要素与实体经济的精准滴灌；2家职业教育机构将设立人才直通车，构建产教融合的技 能人才定向输送通道。各方将在此次活动中充分交流、深化合作、协同发展，共同推动高新区产业链向更高质量、更具竞争力的方向迈进。 这场产业盛会不仅是企业实力的集中展示窗口，更是跨界融合、价值共创的战略机遇平台。期待此次对接会的成功举办能够催生更多"链式反应"，为区内 区外企业带来新的发展碰撞和合作机会，共同谱写如皋高新区产业高质量发展的华彩篇章。 为深度融入国内国际双循环新格局，推动区域协同创新，提升企业发展动能，构建要素互联、优势互补、利益共享的产业生态共同体，5月9日，如皋高新 区首届"融链成势，赢在高新"产业对接会 ...

Core Insights - The 2025 Disaster Prevention and Mitigation Conference was held in Hangzhou, focusing on innovative solutions and collaborative efforts in disaster management and emergency response [5][6][9] Group 1: Conference Overview - The conference aimed to create a high-end platform for collaboration among government, industry, academia, and research in disaster prevention and mitigation [5] - Experts and scholars discussed the latest technological developments and innovative solutions in the safety and emergency industry [5] Group 2: Urban Resilience and Smart Governance - The "Urban Safety Monitoring and Early Warning" sub-forum highlighted the importance of smart cities in disaster prevention [6] - Hangzhou's Shangcheng District has implemented a smart governance model for urban waterlogging management, enhancing drainage capacity by 30% through sponge city renovations [7] - The district has established a four-level prevention system and created 206 disaster relief sites, ensuring the safe relocation of over 27,000 people during the 2024 flood season [7][8] Group 3: Community Engagement and Smart Emergency Response - The Xihu District's Jiangcun Street has developed a community-based smart emergency response model, focusing on collaboration among various stakeholders [9][10] - The area has a diverse population and complex urban structure, making emergency management challenging [10] - Since 2022, Jiangcun Street has organized over 500 events with volunteer teams, significantly improving risk management capabilities [11] Group 4: Risk Assessment and Data Empowerment - The Qiantang District shared its experience in establishing a "Constantly Updated" risk assessment system to enhance disaster management [12][13] - The district has focused on creating a foundational data system to support emergency management and improve response capabilities [12][14] Group 5: Natural Disaster Monitoring and Risk Prevention - The Fuyang District discussed its strategies for monitoring and preventing major natural disasters, emphasizing the importance of timely personnel relocation [15][16] - The district successfully relocated over 12,000 people during the 2024 flood season, ensuring no casualties [17][18]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company's asset quality continues to improve, with a TTM real non-performing loan generation rate of 1.24%, a decrease of 16 basis points from the previous quarter, maintaining the improvement trend since Q3 2024 [1][5] - Revenue and net profit for Q1 2025 decreased by 3.6% and 2.2% year-on-year, respectively, indicating a shift from growth to decline compared to 2024 [2][6] - The average net interest margin for Q1 2025 was 1.80%, down 7 basis points year-on-year, but showed a rebound of 2 basis points compared to Q4 2024, primarily due to a significant decrease in the interest rate paid on deposits [3] - The bank's financial investment balance reached 3.55 trillion, demonstrating resilience amid challenges in the bond market [4] Summary by Sections Performance Overview - Q1 2025 revenue was 55,683 million, down 3.6% year-on-year, while net profit was 23,796 million, down 2.2% year-on-year [12] - The non-performing loan ratio increased by 1 basis point to 1.08% at the end of Q1 2025, while the attention loan ratio remained stable at 1.71% [1][5] Profitability and Valuation - The forecasted net profit growth rates for 2025-2027 are -1.16%, 0.41%, and 2.25%, respectively, with corresponding BPS of 39.20, 41.64, and 44.16 [6] - The target price is set at 25.82 yuan per share, corresponding to a 2025 PB of 0.66, indicating a potential upside of 23% from the current price [6] Asset Quality - The bank's asset quality is on an improving path, with a focus on real estate and credit card risk generation, while retail remains under slight pressure [5] - The provision coverage ratio decreased by 4 percentage points to 233% at the end of Q1 2025 [1][5]

促进跨境电商发展，完善跨境寄递物流体系，加强海外仓建设，是当下和今后工作的一项重要任务，近 期不少地区在拓展跨境物流网络方面作出了有益探索。 跨境寄递物流体系作为连接国内国际双循环的关键纽带，对提升产业链供应链韧性、促进内外贸一体化 发展、服务高水平对外开放具有战略意义。通过降低物流成本、优化资源配置、畅通国际通道，跨境寄 递物流不仅加速国内优质商品和服务"走出去"，还推动全球资源要素高效整合，为构建新发展格局提供 坚实支撑。 得益于国家构建起"中央统筹+地方特色"的政策体系，近年来我国跨境寄递物流体系实现跨越式发展， 全球寄递网络不断完善。2024年全国快递业务量突破1700亿件，其中，国际和中国港澳台地区快递业务 量增速达25%，多种跨境出海方式持续推进。至今已建设海外仓数量超2500个，总面积突破3000万平方 米。 跨境寄递物流快速发展的背景下，仍存在多重结构性矛盾亟待破解。一是成本高企，削弱中小企业竞争 力；二是通关便利化不足、口岸查验标准不一、数据共享不畅，导致跨境包裹因清关问题滞留时间过 长；三是数字化水平滞后，大部分中小企业未接入国际物流信息平台，全链路可视化率不足；四是海外 仓布局不均衡、专 ...

Core Viewpoint - The company reported a decline in revenue for Q1 2025, but showed improvement in net profit and cash flow, driven by rising metal prices and cost advantages in its smelting operations [1][2][4]. Financial Performance - In Q1 2025, the company achieved operating revenue of 111.61 billion yuan, a year-on-year decrease of 8.90% and a quarter-on-quarter decrease of 10.40% [1]. - The net profit attributable to shareholders was 1.95 billion yuan, reflecting a year-on-year increase of 13.85% but a quarter-on-quarter decrease of 1.29% [1]. - The non-recurring net profit attributable to shareholders was 2.48 billion yuan, showing a year-on-year growth of 37.08% and a quarter-on-quarter growth of 7.04% [1]. Metal Prices and Profitability - In Q1 2025, the average prices of copper, gold, and silver increased by 11.4%, 36.9%, and 32.8% year-on-year, respectively, and by 2.7%, 8.9%, and 2.5% quarter-on-quarter [2]. - The company's gross profit margin and net profit margin for Q1 2025 were 4.40% and 1.82%, respectively, both showing year-on-year increases of 1.12 and 0.35 percentage points, and quarter-on-quarter increases of 1.17 and 0.24 percentage points [2]. Cash Flow and Expense Management - The operating cash flow for Q1 2025 was 558 million yuan, an increase of 6.63 billion yuan year-on-year, primarily due to an increase in accounts payable [3]. - The expense ratio for Q1 2025 was 1.22%, a slight decrease of 0.02 percentage points year-on-year, with specific expense ratios for sales, management, R&D, and financial expenses being 0.15%, 0.53%, 0.31%, and 0.23%, respectively [3]. Competitive Advantages - The company is the largest integrated copper producer in China, with a comprehensive industrial chain including mining, smelting, and processing [4]. - The company’s cash cost per unit is below the industry average, and its smelting facility is the largest single smelting plant globally, providing significant cost advantages [4]. Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders for 2025-2027 to be 6.62 billion, 7.34 billion, and 8.54 billion yuan, reflecting year-on-year changes of -4.89%, +10.92%, and +16.21% [5]. - The expected EPS for the same period is 1.91, 2.12, and 2.46 yuan per share, with corresponding PE ratios of 11.3, 10.2, and 8.7 times [5].

Core Viewpoint - The 2025 Disaster Prevention and Mitigation Conference held in Hangzhou focuses on integrating innovation into disaster prevention and mitigation efforts, aiming to enhance the quality of disaster management and promote new productive forces in development [1][3]. Group 1: Conference Overview - The conference is organized by the China Disaster Prevention Association and features discussions on disaster prevention, emergency safety, urban resilience, disaster warning, and prevention technologies [3]. - Keynote speeches were delivered by prominent figures including Ma Peihua, Zheng Guoguang, and Sun Xudong, emphasizing the importance of technological advancement in disaster prevention [3][4]. - The event attracted over 1,700 attendees, including experts from various fields related to disaster management and prevention [4]. Group 2: Technological Innovation and Collaboration - Ma Peihua highlighted the need for a technology innovation system led by enterprises to shift focus from post-disaster relief to pre-disaster prevention [3]. - Zheng Guoguang pointed out the severe current disaster prevention situation and the opportunities presented by emerging technologies such as AI, humanoid robots, and drones [3]. - The conference included 19 specialized sub-forums addressing various aspects of disaster prevention and mitigation, fostering technical exchanges and collaboration [5]. Group 3: Public Engagement and Community Involvement - The conference featured a 10,000 square meter emergency equipment exhibition area, open to the public, showcasing the latest advancements in emergency communication and intelligent rescue [4]. - A concurrent 2024 Disaster Prevention and Mitigation Charity Conference aimed to build a collaborative network involving charitable organizations, rescue teams, and volunteers [4]. - The event served as a platform for sharing experiences in urban disaster prevention system construction and enhancing grassroots emergency capabilities [4].

土耳其财政部长：国内需求和投资使土耳其经济在全球不确定性中相对具有韧性。 ...

事件：海天味业发布2025 年一季报，2025Q1 实现营业收入83.2 亿元，同比+8.1%，归母净利润22.0 亿 元，同比+14.8%，扣非后归母净利润21.5亿元，同比+15.4%。 行业整体需求端较弱背景下，公司收入端增长仍表现强劲。2025Q1 实现营业收入83.2 亿元，同比 +8.1%。 1 ） 分产品看： 25Q1 酱油/ 调味酱/ 蚝油/ 其他产品分别实现收入44.2/9.1/13.6/12.9 亿元，同比 +8.2%/+14.0%/+6.1%/+20.8%。各品类均实现较稳健增长，在当前行业整体需求端较弱背景下，彰显强 经营韧性。 2）分渠道看：线下/ 线上渠道分别实现收入75.6/4.2 亿元，同比+8.9%/+43.2%。线下渠道方面：25Q1 期末公司经销商数量共6668 家（环比净减少39 家），分区域看：东部/南部/中部/北部/西部区域分别环 比净变动+29/+23/-21/-25/-45 家。 3）分区域看：东部/南部/中部/北部/西部区域分别实现收入16.4/15.7/17.6/19.8/10.3 亿元，分别同比 +14.2%/+16.1%/+7.9%/+5.8%/+9.4 ...

Economic Resilience and Potential - The core viewpoint emphasizes China's strong economic resilience, potential, and vitality, asserting that the long-term positive fundamentals will not change [1] - The Central Political Bureau of the Communist Party of China highlights the importance of stabilizing employment, enterprises, markets, and expectations to respond to external uncertainties with high-quality development [1] Trade and Export Performance - In the first quarter, China's import and export scale reached a historical high, with exports amounting to 6.13 trillion yuan, reflecting a year-on-year growth of 6.9% [3] - Despite external challenges such as tariffs, Chinese products remain in high demand in international markets, with significant orders continuing to flow from the U.S. [3][6] - Alibaba's international platform ranks among the top three e-commerce apps in the U.S., indicating strong consumer interest in Chinese products [3] Manufacturing and Supply Chain Strength - China's manufacturing sector shows robust growth, with industrial added value increasing by 6.5% year-on-year in the first quarter, outpacing the previous year's growth rate [12] - The establishment of a complete industrial ecosystem in regions like Hubei has led to high local supply chain integration, with over 95% local sourcing for automotive parts [11] - The production of key industrial products has seen significant growth, with nearly 70% of major products experiencing an increase in output [16] Innovation and Technological Advancement - The focus on innovation and quality improvement is crucial for enhancing competitiveness, with advancements in green, digital, and intelligent manufacturing [7][14] - The development of new technologies, such as flexible solar cells with a conversion efficiency of 23.8%, showcases China's commitment to overcoming technological challenges [14] Global Trade Partnerships - China is a major trading partner for over 150 countries, with trade with Belt and Road Initiative countries accounting for 51.1% of total foreign trade in the first quarter [9] - The 137th Canton Fair attracted over 220,000 foreign buyers from 219 countries, indicating strong global interest in Chinese products [9] Private Sector Growth - Private enterprises in China have shown resilience, with their added value increasing by 7.3% year-on-year, surpassing the growth rate of all industrial enterprises [20] - The number of registered private enterprises has exceeded 57 million, reflecting the dynamic nature of the private sector [21]

Economic Overview - China's economy showed a strong start in the first quarter, with key indicators such as industrial output, service sector growth, retail sales, and fixed asset investment all improving compared to the previous year [1][2] - The resilience and internal stability of the Chinese economy are continuously strengthening despite challenges from the international environment [1] Industrial Performance - In the first quarter, the industrial added value for large-scale enterprises increased by 6.5% year-on-year, contributing 36.3% to macroeconomic growth [2] - Profits for large-scale industrial enterprises returned to positive growth, with a year-on-year increase of 0.8%, and manufacturing profits rose by 7.6% [2] - The equipment manufacturing sector, particularly in railways, shipping, aerospace, and other transport equipment, showed significant revenue and profit growth, highlighting its role as a stabilizing force for the economy [2] Trade and Policy Responses - China's foreign trade demonstrated strong resilience in the first quarter, with import and export volumes reaching historical highs for the same period [3] - The government is actively enhancing open policies and platforms to create a "safety zone" against external shocks [3] - The "old-for-new" policy has positively impacted both subsidized and non-subsidized product consumption, suggesting a need for further promotion of this initiative to boost consumer spending and innovation [3] Employment and Economic Stability - The focus on stabilizing employment remains crucial, with an emphasis on key industries and groups, combining short-term support with long-term optimization [3]