4月24日盘后，上海家化联合股份有限公司公布2024年年报及2025年一季报。2024年，公司实现营业收入56.79亿元；2025年 第一季度，公司实现营业收入17.04亿元，归母净利润2.17亿元。上海家化主动实施战略调整，虽然短期业绩有所承压，但公 司的经营质量获得提升，2024年期末应收账款较期初下降34.3%；期末存货较期初下降13.3%；经营性现金流同比增长 164.9%。2025年一季度公司线上业务、美妆业务收入均获得同比两位数提升。 此外，上海家化公告称，计划使用不超过30亿元人民币进行投资理财，包括国债、国债逆回购、金融机构理财产品等。资金 来源为公司自有资金，投资期限不超过12个月。此举旨在提高资金收益率，不会影响公司主营业务发展。公司已制定相关风 险管理制度及流程，以确保资金安全和有效。该投资计划需提交股东大会审议通过。 在业绩方面，据悉，2024年，上海家化实现营业收入56.79亿元，同比下降13.93%；实现归母净利润-8.33亿元，同比下降 266.60%；实现扣非净利润-8.38亿元，同比下降366.41%。2024年业绩主要受到商誉减值（-6.13亿元）、海外市场需求不足及 通胀 ...

进入到2025年之后，有业内人士建议大家：不要存大量现金，应该投资高收益品种，以跑赢通胀。他们给出的理由有两个：一个是，央行采取的是宽松货币 政策，未来物价会持续上涨，手里大量现金会越来越不值钱。 第二件，不要盲目理财 另一个是，把钱存在银行里面，存款利率会越来越低，不仅是利息收入跑不赢通胀，而且本金的购买力也会一年不如一年。似乎把钱拿出来消费或投资才是 王道。 实际上，认为国内物价大涨，现金大幅贬值的观点根本站不住脚。因为，国内物价总体处于稳中有降的趋势之中，中国经济处于通缩周期。数据显示：2025 年一季度全国居民消费价格指数（CPI）同比下降了0.1%。CPI为负数肯定就是通缩周期。这也意味着现金的购买力是越来越强，而并非越来越弱。 之所以在央行货币超发的情况下，我国的物价水平还处于通缩周期，主要是大量的资金在金融体系内空转，并没有流向商品、资本等市场。主要是投资者的 信心不足，要想完全恢复过来，还需时日。同时，在疫情之后，多数人收入减少，居民消费需求出现萎缩，各类商品库存积压严重。所以，价格就处于下降 趋势之中。 此外，当前银行存款利率确实呈现下行的趋势，但至少本金+利息是有保障的。而现在股票、基金、 ...

Core Viewpoint - The article discusses the unexpected surge in U.S. stock indices, which rose over 10%, attributed to the announcement of a 90-day pause on sanctions against non-reciprocal countries, raising questions about potential short-seller liquidations [1]. Group 1 - The U.S. stock market experienced a significant increase, with indices rising over 10% [1]. - The surge in stock prices is linked to the announcement of a 90-day suspension of sanctions against non-reciprocal countries [1]. - The article raises speculation about whether the dramatic increase in stock prices is a result of short-seller liquidations [1]. Group 2 - The article references a poker analogy involving a character named 博格, who exerts pressure on opponents by asking about their chip count and making aggressive betting moves [2]. - The mention of companies such as 亿纬转债, 新凤鸣, and 盈峰环境 indicates ongoing corporate activities, including new bond listings and share buybacks [2]. - 新凤鸣's controlling shareholder plans to increase their stake in the company by 200 million to 300 million yuan, while 盈峰环境 intends to repurchase shares worth 200 million to 300 million yuan [2].

Core Viewpoint - The article reflects a sense of uncertainty in the stock market, questioning the ease of making profits and indicating a cautious approach to investment strategies amidst a significant market shift [1]. Group 1: Market Observations - The current market conditions suggest that both stocks and bonds do not appear particularly cheap, leading to a more conservative investment stance [1]. - A specific convertible bond was purchased at a price of 111, which had previously been bought at 102 in September of the previous year, indicating a notable price fluctuation [1]. Group 2: Upcoming Investment Opportunities - The article highlights several upcoming investment opportunities, including: - Zhihong Convertible Bond, which is set to be listed on April 8 [1]. - Qingyuan Co., Ltd. Convertible Bond, available for subscription on April 8 [1]. - Kairun Convertible Bond, which will not undergo a price adjustment [1]. - Honggong Technology, with new shares available for subscription on the Shanghai and Shenzhen stock exchanges [1]. Group 3: Community and Resources - The article promotes the Jisilu platform as a data-driven investment community focused on new stocks, convertible bonds, bonds, and closed-end funds, emphasizing the importance of capital safety while aiming for steady asset growth [1].