国债期货日报 2025年6月18日 小作文证伪，但情绪依旧积极 观点：轻仓试多 南华研究院 高翔（Z0016413） 投资咨询业务资格：证监许可【2011】1290号 盘面点评： 国债期货开盘冲高，但随着陆家嘴论坛开幕转头回落，随后偏弱运行，午后价格震荡走升，尾盘TS、TL收 涨，TF、T小幅收跌。公开市场到期1640亿7天期逆回购，央行新做1563亿，日内净回笼97亿。 日内消息： 1.2025年陆家嘴论坛开幕式上，央行行长潘功胜宣布将在上海设立数字人民币国际运营中心。推进数字人民 币的国际化运营与金融市场业务发展，服务数字金融创新。 行情研判： 潘行长在论坛开幕致辞中宣布了包括设立银行间市场交易报告库、推进外汇期货等创新政策举措，同时也意 味着小作文的落空，债市盘中因此走弱。但正如我们此前的观点，当下对于货币政策加码的交易可以类比以 往的降息交易，只要没落地，永远可以往后预期，直到流动性收紧。因此市场整体并不沮丧，下午随着地缘 矛盾的消息不断流传，避险情绪下多头再次蠢蠢欲动。 具体操作上，近期宽松趋势不改，但逻辑上也缺少足以推动利率突破下台阶的增量，更多需要依靠市场力 量。从期货长端价格来看已经突破此前的 ...

本报讯 （记者李亚男）4月28日晚间，格力博（江苏）股份有限公司（以下简称"格力博"）发布2024年 年度报告及2025年一季度报告。2024年，公司实现营业收入54.26亿元，同比增长17.52%；实现归属于 上市公司股东的净利润8789.38万元，同比实现扭亏为盈。2025年第一季度，公司实现营业收入15.35亿 元；实现归属于上市公司股东的净利润1.78亿元，同比增长36.93%。 今年一季度，格力博通过供应链优化、生产效率提升和原材料成本下降等举措，推动公司整体毛利率同 比提升2.65个百分点。同时，因坐骑式割草车、割草机器人两类高附加值产品销售占比提升，优化了公 司盈利结构，提高了整体利润水平。 上述公司工作人员表示："公司将通过加速越南生产基地建设、推进美国本土化制造、优化全球市场销 售结构三大核心举措，构建更具韧性的国际化运营体系，有效降低贸易壁垒影响，确保企业长期竞争 力。" （编辑 张伟） 格力博主要从事新能源园林机械的研发、设计、制造及销售，是全球新能源园林机械领域的领军企业之 一，公司主要营业收入来源为境外销售收入。当前，公司全球化产能布局持续深化，已形成"中国+越 南+美国"三位一体的 ...

Core Insights - Greebo (301260) reported a 36.92% year-on-year increase in net profit attributable to shareholders for Q1 2025, with a gross margin of 35.1%, up 4.81% from the same period last year [1][2] Financial Performance - For the fiscal year 2024, Greebo achieved a revenue of 5.426 billion yuan and a net profit of 87.8938 million yuan, representing year-on-year growth of 17.52% and 118.53% respectively [2] - In Q1 2025, the company recorded a revenue of 1.535 billion yuan and a net profit of 178 million yuan, continuing the growth trend [2] Profitability Drivers - The increase in gross margin by 2.65 percentage points in Q1 2025 was driven by cost reduction, efficiency improvements, and a rise in sales of high-value products [2] - The sales of riding lawnmowers surged from 139 million yuan in 2022 to 366 million yuan in 2024, enhancing the profitability of the product mix [2] - The sales of robotic lawnmowers also saw significant growth, reinforcing the company's competitive edge in the smart gardening equipment sector [2] Product Innovation - Greebo launched a third-generation smart robotic lawnmower developed collaboratively by teams in China and Sweden, featuring advanced technologies such as RTK centimeter-level satellite positioning and multiple sensors for obstacle detection [3] - The high-end model of this product is priced at 6,499 euros and has received strong market acceptance, indicating robust demand [3] Strategic Response to Tariffs - In response to the recent U.S. tariffs on Chinese exports, Greebo is implementing measures including accelerating the construction of its manufacturing base in Vietnam, promoting localized production in the U.S., and optimizing its global sales structure [4][5] - The company has established a dual manufacturing base in Vietnam, enhancing its capacity to mitigate international trade risks and support global market expansion [4] - Greebo's U.S. manufacturing base in Tennessee has commenced operations, focusing on local assembly of high-value commercial products, improving supply chain responsiveness in North America [4] Future Plans - The company plans to further increase its investment in the U.S. to enhance the localized manufacturing capabilities of high-end products, which will help alleviate cost pressures from tariffs and align closely with market demands [5] - This strategy aims to strengthen Greebo's competitive position in the North American high-end market through improved local production capabilities [5]