据宋森介绍，公司"一体两翼、八大业务板块"业务新战略已基本构建完成。"我们的'一体'业务是核心基 石。"宋森阐释道，这由两大专业化解决方案（专用打印扫描、智能自助终端）与两大场景化解决方案 （金融机具、物流分拣）构成，旨在稳步提升规模与竞争力。 据介绍，公司"一体"的四大业务中，专业打印扫描产品，随着餐饮、零售、物流、金融、彩票、医疗、 制造、政务等行业信息化提速，全球市场需求持续上扬；智能自助终端产品，正从"功能替代"向"价值 创造"升级，逐步成为智慧社会的基础设施；金融机具产品，国内银行网点数量维持稳定，信创趋势下 需求稳增，海外市场空间更加广阔；物流分拣产品，全球电商的蓬勃发展驱动快递物流企业加速向高效 化、智能化转型升级，自动化分拣设备已经是智慧物流体系构建的关键支撑。 "两翼"则布局于产业链上下游：上游为关键基础零部件解决方案，下游则为服务运营解决方案。这一架 构打通了全产业链协同，为公司整体突破提供支撑。 "两翼"的四大业务中，新零售综合运营，线下零售在数字化和消费升级的浪潮下迎来众多机会，集购 物、增值服务、数据赋能于一体的新零售模式拥有巨大的市场潜力；物流自动化分拣运营，行业还处于 发展初期阶 ...

证券研究报告 2025年07月13日 交通运输 供给主导大周期，技术催生新平台 ——交运行业首席联盟培训 作者： 行业报告 | 行业专题研究 分析师 陈金海 SAC执业证书编号：S1110521060001 联系人 李宁 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 摘要 1. 航运航空：从运力增长，到周转效率 2020年以来航运周期上行，都是运力周转效率下降所致，并非运力总量紧缺。这背后是贸易全 球化受阻、地缘政治冲突加剧。未来航空周期上行，也可能受飞机周转效率下降驱动。 2. 港口公路：从扩建产能，到收购整合 随着需求增长放缓，公路、港口、铁路新建产能需求下降，存量产能整合成为主流，并决定盈 利能力。各省份港口整合、上市高速公路公司路产收购，能推升ROE和PB。 3. 快递物流：增长放缓，价格主导盈利 快递单量增速放缓，单票价格主导盈利增速，未来价格竞争或将缓和；大宗供应链公司份额提 升放缓，商品价格涨跌决定利润增速，未来或从贸易向制造转型。 4. 交运平台：看新能源汽车和无人驾驶 新能源汽车和无人驾驶降低运输成本，催生网约车、车货匹配、即时配送 ...

当地时间7 月12日，"2025法国百名华裔中国行"项目首批30名成员从巴黎戴高乐机场启程。 马行健 摄 首批成员之一张家灵表示，中国高科技领先世界，我相信这次能学到关于人工智能，机器人等知识，这 是一个很有趣的主题。这次我们还会有机会走进中国的名校，深入了解中国大学的校园。参加中国的夏 令营也会让我们增强语言能力，提高中文水平，而且还能拓宽视野。 另一位成员胡锌迪表示，特别期待能参观浙江大学、香港科技大学等名校，也很想看看他们的校园和实 验室是什么样的。同时还能去一些科技公司和研究基地，了解最新的科技，这让我非常兴奋。我觉得这 会是一次非常有意思的文化之旅，也能让我更了解中国不同城市的生活和发展。 据介绍，中国东方航空为此次"2025法国百名华裔中国行"项目提供全程交通保障。多年来，中国东方航 空公司巴黎营业部持续关注并大力支持法国青少年赴华夏令营项目，希望通过航空纽带，助力中法两国 新一代加深理解、增进互信、共筑友谊桥梁。(完) 中新网巴黎7月13日电 "2025法国百名华裔中国行"项目首批30名成员当地时间12日从巴黎戴高乐机场启 程，搭乘中国东方航空MU554航班前往上海，开启为期20天的中国行。 该 ...

智通财经7月12日电，今天《新闻联播》主要内容有： 1、【新思想引领新征程】解决群众急难愁盼 绘就温暖民生新图景； 2、坚守艺术理想 创作更多讴歌时代精神抒发人民心声的精品佳作——习近平总书记给田华等8位电影 艺术家的回信引发热烈反响； 3、"十四五"期间我国退化草原年均缩减5000万亩； 4、天舟九号船箭组合体转运至发射区； 5、国网南网将实现跨电网常态化电力交易； 6、12个项目签约 上合组织数字经济合作结硕果； 7、西夏陵成功列入《世界遗产名录》； 8、各地多措并举 积极应对高温； 9、财政部下达1.97亿元支持洪涝台风灾后农业生产救灾； 10、《企业采购物资分类编码指南》国家标准正式发布； 11、网信部门大力整治假冒仿冒"自媒体"账号； 12、今年上半年农发行投放绿色贷款超5000亿元； 13、全球首批智能无人靠机系统投运； 14、2025年电影暑期档票房突破30亿元； 15、北京20余所高校博物馆暑期对外开放预约； 16、俄称对乌军目标实施集群打击 乌称袭击俄航空工厂 俄称在乌克兰部署外国部队不可接受； 17、联合国机构称加沙地带近800人在试图领取援助物资时身亡； 18、拉美多国领导人反对美国加征 ...

Core Viewpoint - The introduction of the world's first intelligent unmanned docking system at Lanzhou Airport marks a significant advancement in airport operations, enhancing efficiency and safety through automation [1] Group 1: Company Developments - CIMC Group has successfully implemented a fully automated boarding bridge system at Lanzhou Airport, making it the first airport in China to adopt such technology [1] - The fully automated boarding bridges consist of 86 units that are interconnected with the airport's systems for real-time data monitoring and visualization [1] Group 2: Industry Impact - The automated boarding bridges are designed to operate with high reliability and consistency, reducing the uncertainties and errors associated with manual operations [1] - The implementation of this technology not only saves boarding time for passengers but also significantly improves the overall operational efficiency of the airport [1]

Group 1 - Shenzhen has introduced the first national "Third-Party Liability Insurance Service Guidelines for Unmanned Aerial Vehicles" to standardize insurance for drones, enhancing the insurance market's structure [2][5] - The guidelines require insurance companies to adhere strictly to approved insurance terms and rates, ensuring clarity in coverage related to unmanned aerial vehicles [2][3] - The guidelines also emphasize the establishment of a comprehensive claims management system, covering all aspects from reporting to compensation, aimed at improving service quality for policyholders [3][5] Group 2 - The low-altitude economy in China is projected to exceed 1 trillion yuan, with Shenzhen's drone industry alone expected to reach a production value of 107 billion yuan by 2024, reflecting a growth rate of approximately 12% [6][7] - The drone industry is a significant component of the low-altitude economy, accounting for about 85% of the sector, with over 20,000 operational companies nationwide [6][7] - Shenzhen is recognized as a global hub for drone technology, with policies actively promoting the development of the low-altitude economy, including the introduction of specific legislation and strategic plans [7]

Core Viewpoint - 易控智驾科技股份有限公司 is seeking to change its business model and strengthen its capabilities through an initial public offering (IPO) to expand its market presence [1] Group 1: Market Growth - The market for autonomous driving solutions in mining is experiencing explosive growth, driven by policy support, technological advancements, and the demand for safer and more efficient operations [2] - The market size for autonomous mining solutions in China is projected to reach approximately 2 billion yuan in 2024, with a compound annual growth rate (CAGR) of about 204.7% [2] - By 2030, the market size is expected to grow from approximately 5.1 billion yuan in 2025 to 30.1 billion yuan [2] - 易控智驾 holds a market share of over 42% in the open-pit coal mining sector and 49.2% in the overall autonomous mining market [2] Group 2: Financial Performance - The number of active autonomous mining trucks equipped with 易控智驾 solutions increased from 31 in 2022 to 577 in 2024, with transport volume rising from 14.4 million cubic meters to 134.1 million cubic meters [3] - Total revenue for 易控智驾 grew from 59.9 million yuan in 2022 to 986 million yuan in 2024, reflecting a CAGR of 305.8% [3][6] - Despite revenue growth, net losses increased from 216 million yuan in 2022 to 390 million yuan in 2024, with R&D expenses exceeding 200 million yuan in 2024 [3][6] - The company reported a gross margin of -29.5% in 2022, improving to -18.6% in 2023, and achieving a positive gross margin of 7.6% in 2024 [6] Group 3: Business Model and Strategy - 易控智驾 is transitioning to a non-ownership model where clients purchase or lease vehicles while the company provides autonomous driving technology and support services [5] - The non-ownership model has a higher gross margin compared to the ownership model, as it avoids costs associated with owning and operating a fleet [5] - The IPO aims to enhance software system development, annual operations and upgrades, expand technical support functions, and recruit additional technical talent [5]

Core Viewpoint - The report highlights the performance and investment strategy of the Huafu Times Selected Mixed Securities Investment Fund, emphasizing its focus on the autonomous driving sector and its financial metrics for the second quarter of 2025 [1][11][15]. Fund Overview - Fund Name: Huafu Times Selected Mixed Fund - Fund Manager: Huafu Fund Management Co., Ltd. - Fund Custodian: China Construction Bank Co., Ltd. - Total Fund Shares at Period End: 77,179,097.37 shares - Investment Objective: To achieve long-term capital appreciation while strictly controlling risks [3][4]. Financial Performance - For the period from April 1, 2025, to June 30, 2025: - Huafu Times Selected Mixed A share net value growth rate: 1.84% - Huafu Times Selected Mixed C share net value growth rate: 1.74% - Benchmark return for the same period: 1.53% [5][15]. - Cumulative net value for A shares: 0.8789 RMB - Cumulative net value for C shares: 0.8699 RMB [15]. Investment Strategy - The fund has shifted its focus towards the autonomous driving sector, identifying it as a promising area for investment due to recent advancements and market potential [11][15]. - The fund's investment strategy includes a diversified approach across various segments of the autonomous driving industry, including vehicles, core components, and operational services [15]. Asset Allocation - As of the report date, the fund's asset allocation includes: - 75.73% in stocks - 18.45% in cash equivalents - No holdings in bonds or asset-backed securities [16][17]. - The fund has not engaged in any abnormal trading activities during the reporting period, ensuring compliance with relevant regulations [8][9]. Shareholder Activity - Total shares at the beginning of the reporting period for A shares: 68,773,874.57 - Total shares at the end of the reporting period for A shares: 66,609,842.38 - Total shares at the beginning of the reporting period for C shares: 11,372,060.21 - Total shares at the end of the reporting period for C shares: 10,569,254.99 [19].

全球化浪潮下，中国海事法律人正以"跨海之智"破局，在传统与变革的航道中，书写属于这个时代的专业进化论。 宁波港的巨轮往来与单证流转之间，一个常被忽视的矛盾正在浮现：作为全球货物吞吐量连续15年居首的枢纽港口，其背后的法律服务体系却呈现出区域性 失衡——一年海事法院受理案件量突破5000件的宁波，专事海商法务的律所或专业团队屈指可数。这种"港口繁荣"与"服务错位"的失衡，在航运数字化浪潮 中愈发凸显。 2025年5月，律新社研究中心正式启动《精品法律服务品牌指南（2025）：海事海商领域》调研。中国海仲和上海国仲仲裁员、浙江省律协海专委主任、炜 衡（宁波）律师事务所管委会主任童登勇在接受律新社研究中心调研时指出，宁波港以全球第一大港的吞吐量连续多年雄踞世界舞台，却面临"大港小所"的 尴尬境地；传统律师从"规则适用"向"价值创造"转型，而人工智能、区块链与无人船舶技术正颠覆行业根基。新一代海事海商律师正从内卷下的专业深耕走 向区域协同，并以不出海或将出局的豪迈投身跨行跨界的国际竞合，从代际更迭到生态重构这一过程中挖掘并展现新的价值。 童登勇 中国海仲和上海国仲仲裁员、浙江省律协海专委主任、炜衡（宁波）律师事务所管 ...

Core Viewpoint - The Pentagon is increasing its focus on drone procurement, benefiting AeroVironment as its stock rises following new orders aimed at accelerating U.S. drone production and deployment [1][4]. Company Overview - AeroVironment specializes in small to mid-sized unmanned aerial vehicles (UAVs) primarily for military applications and has gained prominence as a defense contractor during the Ukraine conflict, where its drones have been integral to U.S. assistance [3][4]. Industry Trends - The U.S. military is prioritizing UAV development to remain competitive with Russia and China, with new policies allowing lower-ranked commanders to procure and test drones independently, which may create more opportunities for AeroVironment and similar companies [4][6]. - The focus on small drones over higher-end aircraft aligns with the Pentagon's strategy, potentially benefiting AeroVironment in the long term despite short-term risks from increased competition in drone procurement [4][5]. Financial Performance - AeroVironment's stock has increased over 200% in the last five years and is currently trading at more than 100 times earnings, indicating that the market has already factored in significant growth expectations [7].