本报记者 邢萌 王宁 一组数据也印证了高金价下黄金销售的困境。据中国黄金协会统计数据，今年一季度，我国黄金消费量 290.492吨，同比下降5.96%。其中，黄金首饰134.531吨，同比下降26.85%；工业及其他用金17.943吨， 同比下降3.84%。受高金价抑制，黄金首饰消费需求持续疲软，工业用金也呈现出小幅下滑趋势。 今年以来，在复杂多变的国际形势下，市场避险情绪高涨，黄金价格居高不下。伦敦金长期处于3300美 元/盎司以上，国内金饰价格一度突破1000元/克。受高金价影响，金饰销售低迷，终端消费动力不足， 产业发展面临挑战。 在此背景下，黄金衍生品有望成为支撑产业稳健运行的安全阀。近日，记者深入调查北京、深圳、山东 等地黄金加工销售市场，通过采访线下金店、产业公司、期货公司、业内专家等多方人士了解到，高金 价下，黄金期货、黄金期权在助力金企应对价格波动风险、推进稳健经营方面发挥了重要作用，推动中 国黄金市场从传统现货交易市场迈向更加成熟的现代金融衍生品市场。 新形势下，中国期货市场对外开放力度持续加大，业界期待黄金期货能加快国际化步伐，不断优化跨境 交易机制，吸引国际机构广泛参与，从而提高我国黄金 ...

Core Viewpoint - The company is conducting a transaction to acquire all shares of Hangzhou Bicheng Digital Technology Co., Ltd. and has engaged Shanghai Zhonghua Asset Appraisal Co., Ltd. as the evaluation agency to assess the market value of the target assets [1][2]. Group 1: Independence and Reasonableness of the Evaluation - The evaluation agency, Shanghai Zhonghua, has no related party relationships with the company or the transaction counterpart, ensuring its independence [1]. - The assumptions made in the evaluation report comply with national laws and regulations, and are reasonable according to market practices and asset appraisal standards [1][2]. Group 2: Evaluation Methodology and Purpose - The purpose of the evaluation is to determine the market value of the target assets as of the evaluation benchmark date, providing a reference for the transaction [2]. - The evaluation methods used are appropriate, and the conclusions drawn are reasonable, reflecting the actual situation of the evaluated assets [2]. Group 3: Fairness of the Transaction Price - The transaction price will be based on the evaluation report, adjusted for cash dividends during the transition period, ensuring fairness and reasonableness without harming the interests of the company and minority shareholders [2].

全民健身热潮席卷，户外运动凭自然野趣与自由特质强势圈粉，爱好者群体持续扩容。冰雪、骑行、冲浪……各类户外运动相继成为"顶流"。6月26日，国 家发展改革委释放重磅信号，下一步，将加快推动户外运动高质量发展。支持资源禀赋优、发展基础好、有积极性的地方，大力发展冰雪、水上、山地等户 外运动，力争到2030年建设100个左右高质量户外运动目的地。 在业内人士看来，这不仅释放了巨大的产业潜力，也为保险业开辟了新赛道。北京商报记者了解到，近年来，面对激增的户外运动尤其是高风险运动参与需 求，专属保险产品如滑雪险、赛事意外险正加速上新，提供意外、救援、装备相关的灵活保障。然而，行业仍面临数据壁垒致精准定价难、细分产品不足及 消费者意识待提升等挑战，亟待系紧户外运动"安全绳"。 多个细分险种迎发展空间 近期，"苏超"热度攀升，成为网络热议的话题。6月26日，国家发展改革委政策研究室副主任李超在新闻发布会上表示，这反映出群众对多元化和群众性的 体育赛事、运动健身热情高、需求大，也展现出我国的体育赛事和文化旅游等相关产业发展蕴含着巨大的潜力。 "下一步，国家发展改革委将加快推动户外运动高质量发展。支持资源禀赋优、发展基础好、有 ...

| 一、 | 纯苯是什么？ | 2 | | --- | --- | --- | | 二、 | 纯苯生产工艺和产业链 | 2 | | 三、 | 纯苯储存运输和质量标准 | 5 | | 四、 | 全球纯苯的供需概况 | 6 | | 五、 | 我国纯苯供应情况 | 7 | | 六、 | 我国纯苯进出口情况 | 10 | | 七、 | 我国纯苯需求情况 | 10 | | 八、 | 纯苯的定价模式 | 16 | | 九、 | 纯苯供需差预估 | 16 | | | 免责声明 18 | | 2025 年 6 月 26 日 一、纯苯是什么？ 纯苯一般指苯（英文：Benzene），是石油化工的基本原料之一，也是一种危 化品，其化学式为 C6H6。 按照来源不同，纯苯分为石油苯和焦化苯，其中石油苯品质比较纯净，纯度 在 99%以上；焦化苯是煤炭炼焦过程中提取的，是酸洗苯、精制苯和加氢苯的统 称，纯度低于 96%。石油苯比焦化苯杂质少、应用较广，行业一般默认纯苯即石 油纯苯。 纯苯作为基础化工原料，其用途极为广泛，不仅作为关键中间体用于合成苯 乙烯（塑料和橡胶制造核心原料）、己内酰胺（尼龙 6 生产原料）、苯酚（酚醛树 脂及药品合 ...

很多企业主在想要扩大企业规模时，对于努力的方向十分模糊，不懂得该如何提升企业的发展质量。如果我们想要实现企业的规模化发展，需要思考清楚哪 些问题呢？下面就让我们从三个方面来一同了解下： 一、产品怎么做 规模化商业发展的前提，是需要我们有一个能被市场认可的产品。产品不仅是企业价值的载体，更是用户在市场上感知到品牌的重要触发点。 想要知道流量在哪里，首先就需要企业明确目标用户在哪里。通过选择合适的渠道进行精准投放，快速在不同平台上建立起影响力与用户生态，以此来帮助 品牌持续获得流量。 三、如何变现 流量和产品都只是手段，想要实现企业的规模化，最终的商业价值还是体现在变现能力上。从产品设计阶段开始，我们就要思考清楚到底选择何种销售模 式。 想要稳定获客，关键在于找到与用户价值相匹配的盈利方式，既不能让用户感到被剥削，也不能忽视商业回报。再结合高效的转化流程，保证用户能够在短 时间内被顺利转化。随着业务规模的扩大，我们可能还需要从用户分层的角度来考虑不同的定价策略，实现更加精细化的管理。 在设计产品时，最好要考虑产品具备一定的可复制性和标准化能力，以便在规模化过程中兼顾质量与效率，让用户获得更加稳定的体验，以实现品牌 ...

关于YU7产品定价 众所周知YU7对标的就是特斯拉model y model y 起售价26.35万元 电池60度 YU7 起售价 ？？？？ 电池全系列标配90度+ 按照雷总之前发布会提到的电池约占整体BOM 40% 计算。 简单估算一下，两家都按照毛利率80%计算 26.35*0.8*0.4/2=4.216 可以得出光电池一项， YU7成本就高出4.2万元，考虑电池降价等因素，按两万计算 定价28.35都是良心价格 以上是根据电池简单推导成本差异 24.59～.98万 超低价策略，会背刺 su7 pro车主 25.59～.98万 同上 26.59～.98万 打破市场行规 29.59～.98万 符合行业规矩定价 30万+ 豪华车高溢价定价 接下来考虑金融政策差异 小米官方没有推免息贷款，特斯拉提供5年免息 免息贷款其实就是营销套路，官方变相降价 按照小米2.5%的贷款利率，相当于特斯拉降价1.7万 28.35-1.7=26.65 记住这个是一个锚点价格 最可能定价的几个选项，雷总微博直接说了23.98万完全不可能 综上，我认为最大可能性是 26.98万 70%概率 雷总会在发布会拆解成本，就像我刚才说的对比特 ...

品种 核心观点 主要逻辑及价格区间 原油 盘整 油价重回基本面定价，消费旺季 VS 供给增加，油价盘整。本周一周二油 价大幅下跌，地缘风险溢价被挤出，油价重回基本面定价。OPEC+从 4 月 份开始正式增产，当前产能处于增产初期，加上当前处于消费旺季，油价 下方有一定支撑，但随着增产量逐渐上升，油价下行压力较大。策略：轻 仓试空并购买看涨期权保护。SC【490-520】 LPG 反弹偏空 地缘缓和，成本端大幅下降，液化气承压。特朗普宣布，以色列和伊朗已 同意全面停火，成本端油价大幅回落；下游化工需求继续回升，PDH、烷 基化、MTBE 开工率上升；库存端利好，港口库存连续下降。策略：成本 端利空，可轻仓试空。PG【4250-4350】 L 空头盘整 装置大量重启，停车比例降至 13%，美伊冲突升级，盘面波动加剧。淡季 继续补库意愿不足，华北基差为 19（环比+71）。本周检修力度增加，预 计产量继续下降。需求淡季，下游补库力度放缓，关注后续库存去化力度。 策略：反弹偏空。L【7200-7400】 PP 空头盘整 停车比例上升，下游刚需采购，综合利润修复。华东基差为 116（环比-42）。 近期检修力度加剧，预 ...

Group 1 - The core viewpoint of the news is that Hong Kong bank stocks are experiencing a strong upward trend, with the HK Bank Index aiming for a fifth consecutive day of gains, and the Hong Kong Bank LOF (501025) reaching a new high since its inception [1][2] - The Hong Kong Bank LOF has seen a cumulative increase of 27.70% over the past six months, leading among similar funds, with net inflows exceeding 1.4 billion over the last 13 trading days [1][2] - The People's Bank of China has conducted a 300 billion MLF operation, with a net injection of 1180 billion MLF this month, indicating a continued effort to maintain liquidity in the banking system [1] Group 2 - The Hong Kong Bank LOF closely tracks the HK Bank Index, which includes major banks such as HSBC, China Construction Bank, and Industrial and Commercial Bank of China, with the top ten weighted stocks accounting for 84.38% of the index [2] - As of 11:20, the HK Bank Index rose by 0.25%, with notable increases in stocks such as Qingdao Bank (up 4.20%) and Chongqing Bank (up 1.19%) [2] - The investment strategy for bank stocks emphasizes the importance of liquidity and the potential for revaluation of net assets, driven by macro policies and micro data [1]

中化集团炼厂 盛虹石化厂区。 记者 费天元 摄 □ 业内人士认为，纯苯期货和期权的上市，不仅是企业规避价格风险的"刚需工具"，更是产业从"粗放 博弈"向"精细化管理"转型的关键节点 □ 对企业而言，纯苯期货和期权的核心价值在于锁定利润、增强抗风险能力；对产业而言，则通过价格 发现、模式创新，推动中国整个化工链条向高效化、标准化、绿色化演进，最终在全球化工产业链中构 建更具韧性的"中国定价体系" ◎记者 费天元 苯是有机化工的基本原料之一，在常温下是无色透明、带有特殊香味的液体，其终端应用涵盖了人们的 衣食住行，包括建筑材料、包装材料、汽车零部件、纺织、鞋材、家电、医药及医疗器材等行业。 我国是世界最大的纯苯生产国、消费国及进口国，2024年纯苯产量2513万吨，表观消费量2926万吨，市 场规模2086亿元。其中，纯苯进口量超400万吨，对填补国内缺口有着重要作用。但在外贸中，纯苯定 价主要参考FOB Korea （Free on Board Korea，韩国离岸价格）等外盘价格，中国企业的话语权相对薄 弱。 "期待纯苯期货市场形成多层次参与者结构，为实体企业打造风险'减震器'与效益'稳定锚'。"龙梦德 说。 ...

Financial Data and Key Metrics Changes - The company reported a strong finish to a transformational year, with a 29% increase in backlog from Q3 and a 17% year-over-year increase [15][39] - Adjusted operating income for 2025 was $50 million, down from a record $87 million in 2024, with an adjusted operating income margin of 6.6% compared to 10.6% in 2024 [36][39] - Operating cash flow more than doubled year-over-year, with a 54.5% growth for the year, totaling $97.7 million [32][41] Business Line Data and Key Metrics Changes - In the Live Events segment, orders decreased 12% year-over-year, but the company expects continued growth due to new projects and repeat customers [20][18] - The Commercial business saw a 31% increase in orders for the year and a 44% increase in Q4 compared to the previous year, driven by strong demand in out-of-home advertising [21][22] - Transportation orders decreased 10% year-over-year but increased 14% from Q4, supported by notable wins in intelligent transportation systems [23][24] Market Data and Key Metrics Changes - International orders grew 32% year-over-year and more than doubled from Q4 of the previous year, with significant contributions from advertising orders in various countries [25][26] - The High School Park and Recreation business experienced record orders, growing 19% for the year and 33% for Q4, driven by strong adoption of video solutions [27][28] Company Strategy and Development Direction - The company is focused on achieving higher operating margins of 10% to 12% and a return on invested capital (ROIC) target of 17% to 20% by fiscal year 2028 [47] - The transformation plan includes value-based pricing, revenue mix diversification, and new product introductions to drive growth [48] - The company is committed to maintaining a strong balance sheet and investing in high-growth, high-margin business products [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about revenue growth in FY 2026, supported by a strong backlog and order flow [55][39] - The company is adapting to the tariff environment and remains flexible in its pricing and supply chain strategies [49][50] - Management emphasized the importance of executing the transformation plan and achieving long-term financial objectives [51][52] Other Important Information - The company incurred $16.5 million in non-recurring expenses related to transformation initiatives, with $7.5 million in Q4 [34][35] - A new $10 million share repurchase program was approved by the board, following a previous program [76] Q&A Session Summary Question: Revenue growth outlook for FY 2026 - Management indicated that all markets are expected to show growth, aligning with the 7% to 10% compound annual growth rate target through FY 2028 [55][56] Question: Margin outlook and tariff impacts - Management discussed implementing value-based pricing and driving operational efficiencies to improve margins, despite tariff uncertainties [57][58] Question: Update on commercial segment and AV network expansion - Management highlighted optimism in the commercial business, particularly in out-of-home advertising, and plans to aggressively grow the AV integrator space [60][61] Question: Working capital and capital allocation - Management stated that the primary use of capital will be for growth initiatives, product development, and digital transformation, with share repurchase also being considered [64][66] Question: Strength of international orders and future expectations - Management noted significant growth in international orders and a strong pipeline, which is expected to contribute to revenue growth in FY 2026 [72][73] Question: Future consulting fees related to transformation initiatives - Management confirmed that no additional consulting fees are expected for the completed transformation initiatives, but some new initiatives may arise [74][75]