证券代码：301318 证券简称：维海德 | | 技术型标的，强化核心环节竞争优势，构建全链条价值；筛选 | | --- | --- | | | 具备协同潜力的优质企业，加速技术融合与市场互补。期望通 | | | 过产能协同优化、研发资源共享及客户渠道联动，释放战略协 | | | 同势能，实现价值倍增效应。 | | 附件清单 | 无 | 编号：2025-05 投资者关系活动 类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑其他（电话会议） 参与单位名称 国金证券：孟灿 博时基金：李绮雯 天风证券：缪欣君、王祺深 华泰伯瑞基金：曾懿之 时间 2025 年 7 月 7 日-7 月 8 日 地点 深圳市维海德技术股份有限公司会议室、线上会议 上市公司接待人 员姓名 董事会秘书：杨莹 证券事务代表：汪慧 投资者关系活动 主要内容介绍 第一部分：介绍公司基本情况 公司主要从事高清及超高清视频会议摄像机、视频会议终端、 会议麦克风等音视频通讯设备的研发、生产、销售和相关技术 服务，是我国音视频通讯设备及解决方案的主要供应商之一， 产品广泛应用于商务视频会议、教育录播、 ...

文 | 正见TrueView 老练 编辑 | 咏鹅 7月于极氪而言，注定是一个关键节点。 一方面，极氪科技集团7月1日公布的销量数据显示：6月总销量达43012台，但核心品牌极氪汽车交付量仅为16702台， 同比下滑17%；另一方面，承载厚望的全新旗舰SUV 9X将在7月9日揭开技术面纱。销量压力之下，这款被冠以"杭州湾 库里南"的车型，其发售后的市场反响无疑将直接牵动投资者的神经。 加之小米汽车首款SUV YU7的强势开售，新能源汽车中高端市场的鏖战进一步升级，竞争烈度有增无减。 曾凭001单骑闯关登陆美股的极氪，能否借9X之利，在退市回归"一个吉利"集团军的整合阵痛中，完成一场新的突围？ 01 上市、退市皆非终点 极氪的故事，始于吉利这家燃油车企转型的商业战略，彼时中国新能源汽车产业朝着电动化、智能化加速演变，新势力 玩家在各自赛道竞相厮杀，给传统造车厂商带来了品牌号召力与市场势能上的巨大压力。 或许是出于"杀出一条血路"的初衷，2021年，吉利官宣极氪成为面向高端新能源市场的独立品牌，1年前还挂着领克车 标的ZERO Concept，摇身一变成了极氪001。 这一策略很快在市场上激起连锁反应。事实证明， ...

Core Viewpoint - The waste incineration industry in China has reached a critical juncture, facing challenges such as insufficient waste supply in certain regions despite having the highest waste incineration capacity globally [1] Group 1: Industry Development - From 2005 to 2023, the proportion of urban household waste disposed of by landfill decreased from 85.2% to 7.5%, while incineration increased from 9.8% to 82.5% [3] - The daily harmless treatment capacity rose from 33,000 tons to 861,800 tons, and the number of waste incineration plants increased from 67 to 1,010 [3] - However, the average capacity utilization rate of domestic waste incineration power projects has been around 60% in recent years, with several listed companies reporting "insufficient waste" [3] Group 2: Challenges and Responses - The issue of "insufficient waste" is particularly prominent in certain regions, often due to overly ambitious planning and inadequate waste collection in rural areas [3] - Companies are employing various strategies to improve capacity utilization, including expanding multi-source waste processing and increasing collaborative disposal efforts [3] - The cost of excavating existing landfill sites is high, with projects like the Guangzhou Xingfeng emergency landfill estimated at approximately 1.2 billion yuan, and the average cost for excavating and treating waste at the Longgang New Meizhou landfill reaching 528.26 yuan per cubic meter [3] Group 3: Mergers and Acquisitions - The industry is witnessing a trend of mergers and acquisitions, characterized by a "one strong, many strong" pattern, with companies like Zhongke Environmental acquiring waste incineration firms for over 350 million yuan [4] - Shenzhen Energy is also investing in projects that include waste incineration components, indicating a cross-regional strategy to secure waste supply [4] - Despite the trend, experts believe there will not be a large-scale merger wave due to the predominance of state-owned enterprises in the sector, which complicates acquisition processes [4] Group 4: Market Expansion - Companies are looking to expand into county-level and overseas markets to secure waste supply, with the government promoting "waste incineration in counties" [4] - However, experts express skepticism about the county market, suggesting that cross-county collaborative processing should be prioritized [4] - The overseas market presents significant opportunities, with companies like Weiming Environmental focusing on projects in Indonesia, marking a shift towards international expansion [4]

截至2025年7月8日午间收盘，光伏ETF(159857)收涨5.19%，换手8.22%，半日成交1.92亿元。跟踪指数中证光伏产业指数(931151)强势上涨5.08%，成分股大 全能源(688303)上涨15.30%，阳光电源(300274)上涨10.49%，通威股份(600438)上涨10.00%，钧达股份(002865)，弘元绿能(603185)等个股跟涨。 拉长时间看，截至7月7日，光伏ETF(159857)近1周规模增长6487.18万元，近2周份额增长1.90亿份，均实现显著增长，新增规模、份额均居深市同类产品第 一。值得一提的是，该基金年初至今，份额暴增超9.5亿份。 资金流入方面，光伏ETF(159857)近5个交易日合计"吸金"2006.74万元，近10日净流入8853万元，居深市同类产品第一。 消息面上，7月3日，中国工业和信息化部召开第十五次制造业企业座谈会，聚焦加快推动光伏产业高质量发展。会议强调，依法依规、综合治理光伏行业低 价无序竞争，引导企业提升产品品质，推动落后产能有序退出，实现健康、可持续发展。加强国际合作，加快塑造我国下一代光伏产品的竞争优势，努力成 为全球光伏产业的技术 ...

Core Viewpoint - The company, New Mile Health Technology Group Co., Ltd., has achieved significant growth in revenue and profit in 2024, driven by strategic restructuring, resource integration, and technological innovation in the healthcare sector [1][3]. Group 1: Financial Performance - In 2024, the company reported a revenue of 3.799 billion yuan and a net profit attributable to shareholders of 115 million yuan, marking a substantial year-on-year increase of 296.13% [1]. Group 2: Healthcare Services Development - The company is addressing the uneven distribution of medical resources in China by expanding its healthcare services through strategic restructuring and scale expansion, focusing on regional medical needs [3]. - Key hospitals under the company, such as Siyang Hospital and Lankao First Hospital, are enhancing their specialized capabilities and optimizing their discipline layout to improve patient care [3]. - The company has successfully created a virtuous cycle of "scale expansion - quality improvement - efficiency growth" by enhancing operational efficiency and cost control, leading to increased market share and patient satisfaction [3]. Group 3: Pharmaceutical Manufacturing - With over 20 years in pharmaceutical manufacturing, the company has established a competitive advantage in the traditional Chinese medicine sector, centered around its core product, "Duyiwei Capsule" [3]. - The "Duyiwei Capsule" has been recognized for its unique efficacy, high safety, and low treatment costs, being included in the Chinese Pharmacopoeia and various national medical insurance directories [3]. Group 4: Marketing and Brand Development - The company has developed a dual-driven marketing model of "distribution + specialized academic promotion," investing in academic promotion for nearly a decade to build a stable sales team [4]. - The "Duyiwei" trademark was awarded "China Famous Trademark" in 2024, further solidifying its market position [4]. Group 5: Industry Trends and Future Outlook - The healthcare industry in China is experiencing favorable conditions due to an aging population and increasing chronic disease prevalence, with over 260 million chronic disease patients [4]. - The company plans to continue focusing on its dual main businesses of "healthcare + pharmaceuticals," enhancing regional medical center construction and increasing investment in innovative drug research and development [4].

目前，麦格理维持对CoreWeave的"中性"评级及65美元目标价，同时给予Core Scientific"跑赢大盘"评 级，目标价15美元。此次收购若顺利落地，或为双方在数据中心资源整合与财务优化层面开辟新空间。 财务影响方面，CoreWeave表示该交易将立即消除未来12年内现有合同场地累计超100亿美元的租赁支 出。通过运营聚焦优化，预计到2027年底可实现年度运营成本节约5亿美元。麦格理基于当前对 CoreWeave的2028年调整后净收入预测及稀释后股本结构测算，仅5亿美元税后净节约(税率21%)即可支 撑约5%的EPS增厚效应，尚未计入潜在产能复用或资产剥离带来的额外收益。 值得注意的是，Core Scientific原有加密货币挖矿产能存在转型可能，既可转向高性能计算(HPC)领域， 亦可进行资产剥离。麦格理指出，此次收购有望通过多元化融资渠道降低资本成本，缓解市场对 CoreWeave债务状况的关注。 智通财经APP获悉，麦格理最新研报披露，CoreWeave(CRWV.US)拟以90亿美元收购Core Scientific(CORZ.US)的交易细节。该收购将显著扩大CoreWeave的数据 ...

Group 1 - The cement industry is undergoing the most stringent regulatory actions in history to address the long-standing issue of "capacity mismatch" [1] - The State Administration for Market Regulation has issued a draft requiring companies to complete capacity rectification applications by the end of 2025, making government-approved capacity a core requirement for production licenses [1][3] - The China Cement Association has also mandated strict checks on the discrepancies between actual and registered capacities, with deadlines for compliance [1] Group 2 - The mismatch between registered and actual capacities has become a chronic issue, disrupting market order and intensifying internal competition [3] - The national cement capacity utilization rate has dropped below 53% in 2024, marking a historical low, with demand expected to decline by nearly 10% in 2024 and 5% to 8% in 2025 [3] - Current national cement capacity exceeds 3.6 billion tons, with clinker capacity over 1.8 billion tons, leading to a severe overcapacity situation [3] Group 3 - The cement industry has seen a significant reduction in new capacity due to falling demand and prices, with 12 clinker production lines totaling 17.67 million tons of annual capacity halted since 2025 [4] - The operating rate of clinker kilns has dropped to around 50%, with further declines anticipated as demand continues to decrease [4] Group 4 - The industry is exploring a combination of market-driven and policy-guided approaches to address overcapacity, focusing on balancing supply and demand and optimizing resource allocation [5] - Industry consolidation is viewed as a fundamental solution, with calls for supportive policies to encourage mergers and acquisitions among companies in the same region [5] - Since the end of 2024, merger and acquisition activities in the cement industry have accelerated, with several notable transactions announced [5][6] Group 5 - Conch Cement has indicated that the industry is entering a significant consolidation window amid weakening demand and increasing competition, planning to pursue quality acquisition projects in low-concentration markets [6]

奇瑞组织架构重大调整 近日据媒体报道称，奇瑞组织架构进行重大调整，公司成立奇瑞品牌国内业务事业群，将星途事业部、艾 虎事业部（艾瑞泽和瑞虎）、风云事业部以及QQ四大事业部归于旗下统一管理，四者分别聚焦高端、经 典、新能源和小车。此外， 奇瑞与华为合作的智界、 奇瑞与智米联手打造的iCAR 和捷途将维持独立运 营。此次组织架构调整不涉及品牌定位变更，主要目的是实现 战略聚焦、资源整合、强化协同、品牌向 上。 奇瑞作为"多生儿子好打架"的典 型代表，也开始进行资源整合了。一方面，这说明了集中力量办大事的 重要性，能够切实带来降本增效的好处；另一方面，也说明国内汽车市场的竞争环境空前激烈，留给大企 业的容错空间也很小。未来几年，汽车行业中很有可能会看到更多的"合纵连横"，从春秋步入战国。 2、 关注 「电动车公社」 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新能源 圈大事小事 看我们就够啦～ 今日新闻要点： 1、 日产计划借助中国工厂出口电动汽车 奇瑞组织架构重大调整 ； 日产计划借助中国工厂出口电动汽车； 据外媒报道，日产汽车计划于2026年 ...

Core Viewpoint - Tesla's stock opened down 7.56% on July 7, with a closing price of $291.51 per share and a market capitalization of $938.94 billion, reflecting a significant decline in revenue and net profit for the fiscal year ending March 31, 2025 [1][2]. Financial Performance - As of March 31, 2025, Tesla reported total revenue of $19.335 billion, a year-over-year decrease of 9.23% [1]. - The net profit attributable to shareholders was $409 million, representing a substantial year-over-year decline of 70.58% [1]. Analyst Ratings and Future Reports - On July 3, HSBC reaffirmed a "Reduce" rating for Tesla, raising the target price to $120 [2]. - Tesla is scheduled to disclose its fiscal year 2025 mid-term report on July 23, 2023, after market hours [2]. Company Overview - Tesla, founded on July 1, 2003, by Martin Eberhard and Marc Tarpenning, is an American electric vehicle and energy company [2]. - The company designs, develops, manufactures, sells, and leases high-performance all-electric vehicles and energy generation and storage systems, providing related services [2]. - Tesla is recognized as the world's first vertically integrated sustainable energy company, offering end-to-end clean energy products, including generation, storage, and consumption [2]. Product Line and Technological Advancements - Tesla is planning to launch electric vehicles to cater to a broad consumer and commercial vehicle market, including models such as Model 3, Model Y, Model S, Model X, Cybertruck, Tesla Semi, and a new Tesla Roadster [2]. - The electric vehicles feature advanced power systems, autonomous driving capabilities, and Full Self-Driving (FSD) hardware, providing advantages in range, charging flexibility, acceleration, handling, safety, and user-friendly infotainment features [2].

Group 1 - The core point of the news is that Shudao Group has increased its stake in Hongda Co., which is expected to alleviate the company's debt pressure and improve its financial structure through a capital increase of 2.85 billion yuan [2][4][3] - Hongda Co. plans to use the funds raised from the issuance to repay debts, including 423 million yuan in profit return and 223 million yuan in delayed performance payments, as well as short-term loans totaling 680 million yuan, resulting in a significant reduction in its high debt burden [3][4] - After the capital increase, Shudao Group's direct and indirect holdings in Hongda Co. will rise to 1.246 billion shares, increasing its ownership stake to 47.17% [2][4] Group 2 - Hongda Co. has experienced fluctuating profits in recent years, with a peak profit of only around 300 million yuan, indicating that the company is unlikely to resolve its debt issues solely through its own earnings [4][3] - The capital increase aims to optimize Hongda Co.'s capital structure and improve liquidity to enhance profitability, while also stabilizing Shudao Group's control over the company [4][3] Group 3 - Shudao Group, a large state-owned enterprise with total assets of 1.5 trillion yuan, has interests in various sectors, including energy and resources, which creates a competitive relationship with Hongda Co. in the mining and chemical sectors [5][4] - The Clear Peace Phosphate Mine, which is in direct competition with Hongda Co., has a production capacity of 1 million tons of phosphate rock per year and 200,000 tons of monoammonium phosphate, indicating significant overlap in their business operations [5][6] Group 4 - The total share capital of Hongda Co. will increase from 2.032 billion shares to 2.642 billion shares after the issuance, which may dilute earnings per share [8][7] - The company needs to inject larger and more profitable assets beyond just the Clear Peace Phosphate Mine to support its growth and profitability [8][7] Group 5 - The Dulong Copper Mine, considered one of the last undeveloped world-class copper mines in China, is expected to have an annual production capacity of 300,000 to 310,000 tons of copper, which could significantly enhance Hongda Co.'s profitability if developed successfully [9][11] - If the Dulong Copper Mine achieves a profit of 5 billion yuan, it could contribute over 1.6 billion yuan in investment income to Hongda Co., providing strong support for its earnings [11][10]