2025年10月10日，山推工程机械股份有限公司迎来易方达基金的调研。此次调研活动在公司股份大楼 201会议室展开，山推股份接待人员为肖尧、董建军。投资者关系活动类别为特定对象调研与现场参 观。 重工集团协同优势显著 山东重工集团将做强做大工程机械板块视为重要发展战略之一，旨在巩固整车整机的龙头地位。山推股 份在集团的资本、技术、人才及渠道协同支持下，强化资源与业务协同，借助集团黄金产业链竞争优 势，实现动力总成、液压件等多方面的资源共享。这不仅提升了资源配置的广度与深度，还促进了集团 内部战略协同的深化，发挥出 "1+1＞2" 的集合效应，形成独特的资源优势，极大增强了公司核心竞争 力，为未来高质量发展筑牢根基。 产品研发多点开花 2025年上半年，山推股份各产品线研发工作稳步推进。推土机产品着重升级大马力机型，以提升可靠 性；道路机械产品聚焦海外市场，补齐产品矩阵，开发B6/C6/C7等产品；积极开拓矿用平地机领域； 装载机产品对9吨大吨位机型进行可靠性验证并开发海外版，同时优化升级海外出口产品，兼顾小型装 载机拓展；矿卡产品全力推进TEH160、TEH260等5款产品开发；新能源产品重点开发X6平台电装 ...

Group 1: Hospital Overview and Performance - Tianjin Huaxia Eye Hospital has been operational for about one year, showing steady growth in revenue from Q3 last year to H1 this year [2] - The hospital aims for an annual growth rate of 30%-50% in surgical volume, revenue, and outpatient visits over the next three years [2] Group 2: Key Business Areas - Refractive surgery is a key focus, accounting for approximately 60% of revenue, with all-laser femtosecond surgery making up 70%-80% of that segment [3] - Since the introduction of the all-laser femtosecond 4.0 in June, it has captured about 30% of the total femtosecond surgeries [3] Group 3: Support from Parent Group - Huaxia Eye Hospital Group provides extensive support in clinical management, research, talent development, and operational management, enhancing Tianjin Huaxia's capabilities [4] Group 4: Talent Acquisition Strategies - The hospital attracts top ophthalmology talent through its affiliation with Huaxia Eye Hospital Group, offering a sustainable development platform and career support [5] - As a city-approved tertiary specialty hospital, it provides resources for continuous professional growth for young doctors [5] Group 5: Market Competition and Positioning - The Tianjin eye care market is primarily dominated by public hospitals, with private institutions playing a supplementary role [6] - Tianjin Huaxia focuses on clinical discipline development and patient-centered services to enhance its brand reputation [6] Group 6: Response to Policy Changes - The hospital is monitoring Tianjin's medical insurance policy changes to gradually increase the proportion of non-insured services and reduce reliance on insured projects [7] - It aims to leverage day surgery policies to improve efficiency while addressing the aging population's eye health needs [7] Group 7: Brand Building and Community Engagement - Tianjin Huaxia engages in community outreach through partnerships and public welfare activities, promoting eye health awareness among youth and seniors [8] - The hospital collaborates with Tianjin Vocational University to establish a teaching practice base, enhancing its brand influence through educational partnerships [9]

以下文章来源于天灏资本 ，作者天灏资本 天灏资本 . 天灏资本专注以下服务：1）企业估值战略：使它们以有利的估值融资或上市；2） 企业金融战略：以资本家的思维帮助企业将资产变成造福机；3）现金 及债务管理战略。 天灏资本同时提高服务给资产管理公司，作为他们的投资顾问及研究团队。 如果说拼多多的崛起是一部"低价逆袭"的经典教材，那么阿里巴巴（BABA.US）如今的即时零售布局，就是这本教材的豪华升级版。 2025年，阿里不是简单地跟随，而是带着集团协同的"全家桶"打法，高调切入即时零售赛道，把一场看似三国杀（对抗美团、京东），演绎成了 自己的集团交响曲。 第一步：低价揽客：阿里版"9块9" 。 拼多多当年靠"9块9包邮"，阿里现在拿出"30分钟达"和"9.9元包邮生鲜"。2025年上半年，阿里即时零售营收同比涨12%，新增用户超2亿，带 动淘宝整体用户数暴涨25%。这一下，不仅价格敏感用户被吸引，美团低端外卖的份额也被狠狠咬了一口（美团Q2订单增长仅3%，远低于预 期）。 第二步：补贴换信任：500亿"豪气基金"。 阿里甩出500亿元专项补贴基金，比京东的100亿阔气五倍。结果很快显现：2025年Q2，阿里即时 ...

Core Viewpoint - CITIC Bank reported a mixed performance for the first half of 2025, with a slight decline in revenue but an increase in net profit, driven by improved non-interest income and stable asset quality [1][2]. Financial Performance - The bank achieved a revenue of 105.76 billion RMB, a year-on-year decrease of 3.0%, with the decline narrowing by 0.7 percentage points compared to Q1 2025 [1]. - The net profit attributable to shareholders was 36.48 billion RMB, reflecting a year-on-year increase of 2.8%, with growth accelerating by 1.1 percentage points from Q1 2025 [1]. - The net interest margin stood at 1.63%, down 14 basis points year-on-year [2]. Income Sources - Net interest income was 71.20 billion RMB, down 1.9% year-on-year, primarily impacted by a decrease in net interest margin [2]. - Non-interest income showed signs of recovery, with net fee and commission income increasing by 3.4% year-on-year to 16.91 billion RMB, benefiting from the bank's focus on wealth management and comprehensive financing [2]. - Other non-interest income decreased by 12.0% year-on-year to 17.66 billion RMB, but the decline was significantly less than the 26.6% drop in Q1 2025, aided by improved bond market performance [2]. Loan Growth and Quality - As of the end of H1 2025, the loan balance reached 5.8019 trillion RMB, a year-on-year increase of 3.7%, with general loans (excluding bills) growing by 6.3% [2][3]. - Corporate loans increased by 317.5 billion RMB, a growth of 10.9% since the beginning of the year, with significant increases in green credit, manufacturing, and small micro-enterprises [3]. - The non-performing loan (NPL) ratio remained stable at 1.16% [2][4]. Asset and Liability Management - The bank's asset yield decreased to 3.33%, down 50 basis points year-on-year, while the cost of interest-bearing liabilities improved to 1.73%, down 39 basis points [4]. - The bank's net interest margin continues to lead among peers, with expectations of a narrowing in the future due to competitive pressures [4]. Dividend Policy - CITIC Bank plans to distribute a cash dividend of 1.88 RMB per share, totaling 10.461 billion RMB, which represents 30.7% of the net profit attributable to shareholders, slightly up from 30.5% in 2024 [5]. - The bank aims to enhance investor confidence and stabilize return expectations through this increased dividend payout [5]. Future Outlook - The bank is expected to maintain steady growth, leveraging its comprehensive financial ecosystem and focusing on both corporate and retail banking [5]. - Projected net profits for 2025-2027 are 70.678 billion RMB, 73.590 billion RMB, and 77.462 billion RMB, reflecting year-on-year growth rates of 3.1%, 4.1%, and 5.3% respectively [5].