Corteva, Inc. (NYSE:CTVA) Wolfe Research 2nd Annual Materials of the Future Conference Call June 17, 2025 12:20 PM ET Company Participants Charles Victor Magro - CEO & Director David P. Johnson - Executive VP & CFO Conference Call Participants Christopher S. Parkinson - Wolfe Research, LLC Christopher S. Parkinson Next up, we have Corteva. We have Chuck Magro, the CEO; Dave Johnson, the CFO, I think, almost a year in. David P. Johnson 9 months. Christopher S. Parkinson Not getting there. Charles Victor Magr ...

带队伍打胜仗，关键点是什么？今天与你一起分享。 你有没有发现，很多团队，忙忙碌碌大半年，却始终没做出什么像样的成果？ 为什么？ 因为带队伍打胜仗，不是靠热情，不是靠熬夜，更不是靠"努力"二字，而是要方向对、方法对、干法 对。 今天，我们就来聊聊这个话题。 做正确的事：方向错了，一切白费 我们总以为只要拼命干、全力冲，就能赢。但对不起，方向错了，越努力，离目标越远。 在往前冲的时候，一定要提前搞清楚下面这两件事。 第一，为谁做？ 很多的管理者，起点就是错的，产品做给谁都行，服务面向所有人，定位模糊得像一滩水。 老板说要"全民市场"，运营总监说面向"90后"，销售经理说要重点打"中年大妈"…… 结果团队里谁也说不清客户到底是谁，做出来的产品四不像，营销也乱七八糟。 打仗，第一件事，是明确"敌我"——我们到底服务谁？ 华为的B端客户、苹果的高端用户、拼多多的下沉市场，都是精准清晰的用户定位。 谁是你心中的"第一优先"？这个问题不解决，后面做什么都白搭。 第二，做什么？ 知道了为谁而做，接下来就要搞清楚，为他们提供什么了。 很多管理者带项目，自信心爆棚，"我觉得用户会喜欢"，"别人做这个火了，我们也做！" 结果，做出 ...

Core Viewpoint - Zhejiang Sanhua Intelligent Control Co., Ltd. (Sanhua Intelligent) is set to launch an IPO on the Hong Kong Stock Exchange, with a target fundraising amount of approximately HKD 76.43 billion to HKD 81.18 billion, and the expected listing date is June 23, 2025 [1][3]. Company Overview - Sanhua Intelligent was established in September 1994 and is located in Shaoxing, Zhejiang Province. The company has a registered capital of approximately RMB 3.7 billion and is primarily owned by Sanhua Holdings Group and Zhejiang Sanhua Green Energy Industrial Group [3]. - The company is listed on the Shenzhen Stock Exchange under the code "002050" since June 2005, with a market capitalization of approximately RMB 943 billion as of June 13, 2025 [3]. IPO Details - The IPO price range is set between HKD 21.21 and HKD 22.53 per share, with a total of 360.33 million shares to be issued. The median price of HKD 21.87 suggests a total fundraising of approximately HKD 78.74 billion [1]. - Sanhua Intelligent has secured 18 cornerstone investors who have collectively subscribed to approximately USD 562 million (around HKD 44.09 billion) of the offering [3]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was RMB 213.48 billion, RMB 245.58 billion, and RMB 279.47 billion, respectively. The gross profit for the same years was approximately RMB 54.62 billion, RMB 67.35 billion, and RMB 76.21 billion [5][6]. - Net profit figures for the same years were approximately RMB 26.08 billion, RMB 29.34 billion, and RMB 31.12 billion [5]. Product and Market Reach - Sanhua Intelligent specializes in manufacturing components for refrigeration and air conditioning control, as well as automotive thermal management systems. The company is also expanding into emerging fields such as bionic robot electromechanical actuators [4]. - The company's products are distributed across over 80 countries and regions globally, with 48 production facilities, including 13 overseas factories located in the Americas, Europe, and Asia [5]. Production Capacity - The total production capacity for refrigeration and air conditioning components was approximately 539 million, 534 million, and 576 million units for the years 2022, 2023, and 2024, respectively. The production output for these years was approximately 452 million, 495 million, and 537 million units [7]. - For automotive components, the total production capacity was approximately 203 million, 255 million, and 282 million units, with production outputs of approximately 170 million, 232 million, and 245 million units for the same years [7].

硬哥为理想第一产品线产品营销负责人，以下为其今天的微博内容： 营销是企业经营活动的核心，是企业所有环节中最重要、最难把握的一环，它关系到企业的 产品能否卖出去，是生产者的劳动成果产生价值的关键。如果一个企业连营销都做不好，其他的所有 努力都会付之东流。 不擅长营销，只会搞技术，把肉埋在饭里，只能说明营销无能，并不能证明产品好，消费者 不识货。华为和小米的营销能力都非常强，华为的IPD和IPMS流程是把营销提前融入到了产品研发阶 段，在研发产品时已经在考虑上市前后要怎么营销了，某些产品点就是为营销而准备的，你就说营销 重不重要吧。 从财务角度来看，所有企业运行的最终目标都是盈利，也就是使收益大于成本。 从商业的角度来看，企业主要关心三方面的问题：一是企业的行业选择；二是企业在行业中 用什么样的方式做生意，即战略选择；三是企业的战略执行。以上三个因素对效益和效率都有影响， 但无论是行业选择，还是战略定位，都不能决定企业最终的盈利能力。 企业不会因为选择了一个好的行业就赚钱，也不会因为采取了好的战略就赚钱，赚钱的关键 在于把已选定的战略有效地付诸实施，因此，战略执行才是决定企业能否赚钱的最重要因素。 加微信，进群深 ...

Core Viewpoint - Sanhua Intelligent (02050) is set to launch an IPO from June 13 to June 18, 2025, aiming to issue 360 million H-shares, with 7% allocated for public offering in Hong Kong and 93% for international offering, plus a 15% over-allotment option [1] Group 1: Company Overview - According to Frost & Sullivan, Sanhua is the largest manufacturer of refrigeration and air conditioning control components globally, with a market share of approximately 45.5% in the refrigeration and air conditioning control components market as of 2024 [1] - The company is also a leading manufacturer of automotive thermal management system components, ranking fifth globally with a market share of about 4.1% as of 2024 [1] - Sanhua aims to develop a smart low-carbon economy and create a green quality environment, focusing on research, promotion, and application of thermal management technology [1] Group 2: Fundraising and Use of Proceeds - The cornerstone investors, including Schroders, GIC, and others, have agreed to subscribe to shares amounting to approximately $562 million, with a total of 202 million shares expected to be subscribed at a price of HKD 21.87 per share [2] - Assuming no exercise of the over-allotment option and after deducting commissions and estimated expenses, the net proceeds from the global offering are expected to be approximately HKD 7.741 billion [3] - The net proceeds will be allocated as follows: 30% for ongoing global R&D and innovation, 30% for expanding and building new factories in China, 25% for enhancing overseas capacity, 5% for strengthening digital infrastructure, and 10% for working capital and general corporate purposes [4]

Group 1 - The meeting of the Financial Stability Board (FSB) in Madrid discussed global financial system vulnerabilities, non-bank financial intermediation, crypto assets, climate-related financial risks, and risk management [1] - The appointment of Andrew Bailey, Governor of the Bank of England, as the new Chair of the FSB was approved during the meeting [1] - The Deputy Governor of the People's Bank of China, Lu Lei, expressed appreciation for the outgoing Chair, Klaas Knot, for his effective leadership and contributions [1] Group 2 - Lu Lei held discussions with the Chair of the FSB's Standards Implementation Committee and the Deputy Governor of the Bank of Japan, Masayoshi Amamiya, regarding international financial regulatory standards and peer reviews [1]

洞见 （ DJ00123987 ） —— 不一样的观点，不一样的故事， 3000 万人订阅的微信大号。点击标题下 蓝字 " 洞见 " 关注，我们将为您提供有价值、有意思的延伸阅读。 人追钱很难，钱追人容易。 ♬ 点上方播放按钮可收听洞见主播佳音 朗读音频 前段时间，在热搜上刷到一位月薪7万的沪漂女孩。 作者： 洞见·姜榆木 而就是在这一年里，她的主业月薪涨到了2万。 自媒体账号的粉丝，也从零开始做到了10万+。 目前账号一条广告的报价就是1.4万，而她平均每个月能接4到5条。 其实两年前，她还在一家小型工厂做人事，每月到手只有4500元。 然而不安现状的她，利用业余时间自学了剪辑。 从工厂辞职后，她在一家公司实习了3个月，最终获得一份编导的工作，月薪也涨到了一万。 此后一年，她每天早上9点上班，晚上8点多下班。 回家点个外卖，继续经营自己的自媒体账号，一直忙到凌晨。 其实相比"月薪7万"，给我印象最深的还是沪漂女孩的住处。 她住在一个靠近郊区、不到30平米的老旧公寓里。 然而走进她的家里，你丝毫感受不到逼仄和拥挤。 01 从月薪4500到月入7万，沪漂女孩实现了人生的逆袭，也活成无数打工人羡慕的样子。 不过就 ...

Group 1 - The core idea emphasizes that the real barrier to action is often not the lack of methods but the insufficiency of inner strength, referred to as "heart power" [1][2] - Heart power is defined as the inner strength exhibited in the face of challenges, including pressure resistance, emotional regulation, self-motivation, and willpower [3] - Individuals with strong heart power can navigate life's challenges effectively, while those with weak heart power struggle to take action despite understanding what needs to be done [4] Group 2 - The article identifies several reasons for insufficient heart power, including unclear goals and lack of motivation, which can lead to aimlessness and decreased drive [5] - Excessive emotional consumption from negative feelings like anxiety and anger can deplete heart power, making it difficult to maintain focus and energy [5][6] - Perfectionism and fear of failure can hinder individuals from taking the first step, creating a cycle of avoidance that further diminishes confidence [6] Group 3 - To enhance heart power, setting small, achievable goals is recommended to build a sense of accomplishment over time [7] - Managing emotions to prevent "emotional drain" is crucial; techniques such as deep breathing and taking breaks can help maintain emotional balance [8] - Developing psychological resilience is essential for recovering from setbacks, viewing failures as opportunities for growth rather than total defeats [9]

行业 玉米日报 日期 2025 年 06 月 10 日 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 研究员：余兰兰 研究员：王海峰 研究员：洪辰亮 研究员：刘悠然 liuyouran@ccb.ccbfutures.com 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：wind，建信期货研究中心 玉米行情： 期货方面，9 日，玉米主力 2507 合约小幅高开后震荡走高，尾盘收阳，最高 2361 吨，最低 2338 吨，收盘报 2357 吨，较上一 ...

另据记者了解，河南省第一批参与小麦托市收购的库点已确定，共955个，空仓容量1042.5万吨。后 期，河南省相关机构将根据收购需要，对符合条件的库点随时申报、随时审批。 记者在对全国麦收情况进行调研时发现，与往年相比，除了河南南部、陕西和山西部分灌溉条件较差地 区因小麦生长过程中出现干旱天气导致单产下降以外，今年全国大部分地区小麦单产增加，而且由于近 期各主产区天气较好，有利于小麦机收，今年小麦质量出现了大幅度提高，主要体现在小麦容重高、水 分低、赤霉病占比小、呕吐霉素指标下降等方面。 （文章来源：期货日报） 6月6日，国家粮食和物资储备局发布关于在河南省启动2025年小麦最低收购价执行预案的通知。根据小 麦和稻谷最低收购价执行预案等相关政策规定，经研究，同意自2025年6月7日起在河南省内符合条件的 地区启动2025年小麦最低收购价执行预案。 "当前湖北、安徽、河南南部等地新麦已大量上市，最初的开秤价在1.18~1.2元／斤，随后稳中有降，多 数地区小粮点收购价维持在1.18元／斤左右。由于今年新麦产量高、质量好，新麦刚开始上市时，很多 制粉企业与贸易商有一定的抢购心理。不过，由于下游需求疲软，加之产区新季 ...