欧盟将于欧洲中部时间周一17:30（北京时间次日01:30）宣布7月至12月的融资计划。 ...

近期美债市场剧烈波动后，美国财政部即将公布的债务再融资计划备受瞩目，尤其是债券期限结构与回 购计划成为关注焦点。 周三，美国财政部将公布第二季度债务再融资计划细节。本周一，美国财政部宣布，预计第二季度借款 规模将达到5140亿美元，比2月份的估计高出3910亿美元，这一上调主要是由于受债务上限限制影响， 导致季初现金余额低于预期。 尽管借款需求激增，市场分析师普遍预期财政部将在周三的声明中延续2月的基调，连续第五个季度维 持拍卖规模不变，市场更关注的是关于前瞻性指导的任何变化，这可能会推动市场走向。 债市动荡后，期限结构调整是否会向短端倾斜 美国财长贝森特曾批评前财政部长耶伦过度依赖短期债务，但到目前为止尚未表示计划改变这一政策。 市场将密切关注贝森特是否会改变对债券期限结构的态度。 在2月份的再融资会议中，也是贝森特任内首次再融资会议上，美国财政部表示计划在未来几个季度保 持大部分债务发行计划不变，这让一些预期将宣布增加长期债券拍卖规模的交易员感到意外。 分析指出，如果财政部重申相同指导方针，这将表明它有信心继续依靠短期债务来满足至少近期的任何 债务需求，这将有助于4月初在"关税恐慌"中承受最大冲击的长期债 ...

韵达股份 20250428 摘要 • 韵达一季度单票利润同比下降约 1.8 分钱，主要受非经营性因素（如分拨 优化费用、资产计提）和市场价格竞争影响，其中非经营性因素和基数问 题导致约一分钱的下降。 • 公司 2024 年总资本开支约为 24 亿元，预计 2025 年略降至 20 亿元左右， 主要用于设备维护更新、车辆补充和人员研发，以及部分新开工项目支付， 资本开支主要集中在三四季度。 • 2025 年单票成本预计继续下降，但降幅收窄至约 9%，全年平均成本可能 在 6 毛 2 左右，未来通过科技应用有望进一步降低末端派送成本 2 到 3 毛 钱。 • 一季度经营性现金流同比下降 63%，主要原因是公司放松了对加盟商预付 款充值要求，以及市场竞争导致价格下降，公司为支持加盟商业务也降低 了收款标准。 • 公司通过优化财务结构、降低融资成本（如类 REITs 融资、美元债回购及 中票发行）等方式显著降低单票费用，未来一年到两年内财务费用预计将 进一步下降。 Q&A 2025 年一季度公司单票盈利有所波动的原因是什么？ 2025 年一季度公司单票盈利有所波动，主要有几方面的影响因素。首先，市 场竞争激烈，特别是 ...

Core Viewpoint - Tianqin Equipment (300922.SZ) held board and supervisory meetings to discuss important proposals regarding the company's 2024 performance, dividend distribution, and 2025 financing plans, attracting investor attention [1] Financial Performance - In 2024, Tianqin Equipment achieved operating revenue of 231 million yuan, a year-on-year increase of 49.14%, and a net profit attributable to shareholders of 41.68 million yuan, up 29.49% [2][3] - The company reported a net cash flow from operating activities of 75.73 million yuan, a decrease of 25.28% compared to the previous year [3] - Basic and diluted earnings per share were both 0.27 yuan, reflecting a 28.57% increase from the previous year [3] Revenue Composition - The main source of revenue for Tianqin Equipment comes from the sale of specialized protective devices and equipment components, with specialized protective devices accounting for 89.36% of total revenue [4][6] - In 2024, revenue from specialized protective devices increased by 36.74%, while revenue from equipment components surged by 742.57% [6] Dividend Distribution - The board proposed a cash dividend of 1.80 yuan per 10 shares, totaling approximately 27.95 million yuan, which represents 67.05% of the net profit for 2024 [7][9] - The company has maintained a tradition of cash dividends, with cumulative cash dividends of 66.92 million yuan over the past three years, exceeding 30% of the average net profit for the last three years [7][9] Financing Plans - Tianqin Equipment plans to raise up to 3.5 billion yuan through a combination of a private placement of shares and a bank credit application [10][12] - The private placement will involve issuing shares to no more than 35 specific investors, with a total financing amount not exceeding 300 million yuan [10] - The company also intends to apply for a low-risk credit limit of up to 50 million yuan from China Minsheng Bank for operational needs [10][11] Upcoming Shareholder Meeting - A shareholder meeting is scheduled for May 8, 2025, to review the 2024 annual report and other related proposals [13] - Tianqin Equipment, founded in 1996, specializes in the research, production, and sales of specialized protective devices and equipment components [13]