7月4日，在安徽铜陵精达漆包线有限公司漆包车间里，一位工作人员在查看机器运行状况。中新社记者 张强 摄 (活力中国调研行)安徽铜陵：一根电磁线连接国际市场 7月4日，摆放在安徽铜陵精达特种电磁线股份有限公司展厅里的部分展品。记者在采访中了解到，电磁 线承担着电能输送、信息传递以及实现电磁转换等功能，被誉为电机、电器工业产品的"心脏"。中国电 磁线产量占据全球半壁江山，铜陵精达特种电磁线股份有限公司作为全球电磁线行业的头部企业，正引 领着行业向高端化、智能化和绿色化发展。目前，该公司产品畅销中国并远销欧美、东南亚、中东等国 际市场，新产品已覆盖新能源汽车、机器人、无人机、核聚变、磁悬浮交通等领域。中新社记者 张强 摄 7月4日，摆放在安徽铜陵精达特种电磁线股份有限公司展厅里的部分展品。中新社记者 张强 7月4日，安徽铜陵精达特种电磁线股份有限公司相关负责人向媒体记者介绍该公司新产品。中新社记者 张强 摄 7月4日，在安徽铜陵精达特种电磁线股份有限公司展厅里摆放着两台老设备。中新社记者 张强 摄 7月4日，在安徽铜陵精达特种电磁线股份有限公司国家级技能大师工作室，一位试验工程师在使用显微 镜观察铜产品微观结构。中 ...

SHMET 网讯： 海外市场滞胀风险隐现，美联储维持谨慎政策，年内降息两次预期未改；国内政策持续发力托底经济，社零增速创新高显示消费边际改善，但房地产投资深 度下滑仍是核心拖累。关税暂停短期提振情绪，中长期出口仍承压。供应端，电解铝维持高产稳产，产能持续释放，铝锭社库低格局延续；然而，出口压力 显现叠加铝棒社库初现累库迹象及淡季临近，铝锭累库预期升温。需求端分化显著：房地产链低迷压制建筑铝材需求，而新能源汽车产销高增及汽车以旧换 新政策强力支撑铝板带、箔等新兴领域。后市，淡季抑制传统消费与地产疲软难解，叠加氧化铝过剩预期加剧成本松动风险，将制约铝价；但低库存及国内 稳增长政策加码共同构筑底部韧性。预计沪铝维持区间震荡，价格重心较六月或有所下移。 一、期现价格走势 （一）国内外铝价走势 近期内外铝价强震荡运行。伦铝3M电子月初开盘2454美元/吨，最低2425.5美元/吨，最高2560.5美元/吨，月内上涨107.5美元/吨，涨幅4.38%。国内沪铝主力 合约月初开盘20115元/吨，最低19845元/吨，最高20745元/吨，月内上涨350元/吨，涨幅1.74%。（见图1-1和图1-2） （二）内外盘基差结构 ...

证券研究报告 【中泰汽车|何俊艺团队】汽车周报（06/23-06/29） 持续看好强势自主整车，年度重视整车&智驾&机器人 | 汽车行业首席分析师：何俊艺 | 汽车行业分析师：刘欣畅 | 汽车行业分析师：毛䶮玄 | | --- | --- | --- | | S0740523020004 | S0740522120003 | S0740523020003 | | hjy@zts.com.cn | liuxc03@zts.com.cn | maoyx@zts.com.cn | | 汽车行业分析师：汪越 | 汽车行业分析师：白臻哲 | | | S0740525010002 | S0740524070006 | | | wangyue07@zts.com.cn | baizz@zts.com.cn | | 2025年7月04日 1 目 录 一 、核心观点：持续看好强势自主整车，年度重视整车&智驾&机器人 二、行情跟踪：全行业&汽车板块&覆盖标的跟踪 三、行业景气度：终端&订单&出口总量+分车企数据跟踪 四、重要新闻 五、个股跟踪 六、风险提示 2 核心观点：持续看好强势自主整车，年度重视整车&智驾&机器人 3 n ...

Core Points - Kaldvík AS held an extraordinary general meeting on 4 July 2025 to discuss a proposal for an investigation [1][2] - Approximately 83.34% of shares entitled to vote were present, with 76.32% voting against the proposal and 23.68% in favor [2] - Shareholders have the right to request the district court to open an investigation within one month following the general meeting [2] Company Information - The extraordinary general meeting took place at 12:00 hours (CEST) on 4 July 2025 [2] - A copy of the minutes from the meeting is attached to the announcement [2][3] - Contact information for the CEO and CFO is provided for further inquiries [3]

与很多技术驱动型的视频生成模型不同，百度MuseSteamer 的研发启动并非技术驱动，是被广告主用需 求"催生"出来的。 "去年年初行业就在卷视频生成模型，我们不是没看，但真正推动自研的，是商业体系收到的具体需 求。"陈一凡回忆道，2024年年底短剧投流市场爆发，传统剪辑和生图已无法满足创意需求，就有代理 商和广告主向百度提出："能不能用短剧内容做剪辑？""科幻场景拍不出来，能生成吗？" 面对这些需求，百度商业团队曾有两个选择：接入外部模型，或自己动手。但当他们尝试反馈优化建议 时，却发现外部模型迭代周期太长。于是今年春节后，团队决定自研，项目代号就是"MuseSteamer"。 在百度MuseSteamer的自研过程中，不只是短剧行业，更多的行业客户向百度反馈"希望能用大模型提高 广告质量"。 陈一凡表示，由百度商业研发团队推出的MuseSteamer正是来自这些需求的推动。"今天演示的视频偏动 漫类型，其实是大概一个多月前，有客户想用类似动漫的方式去展现创意广告，百度大概用了一个多月 的时间补足动漫类数据，对模型进行了调整。还有，当发现广告创意需要更丰富的运镜时，团队两周内 就研发出运镜语言模型，教会A ...

Financial Performance & Guidance - Henry Schein reported FY2022 global net sales of $12.6 billion[8] - In Q1, GAAP diluted EPS was $0.91, and non-GAAP diluted EPS was $1.21[14] - Total sales growth was -3.8% (LCI -3.7%), but excluding PPE & COVID-19 Test Kits, LCI sales growth was strong at 6.3%[18] - EPS was negatively impacted by an estimated $0.24 due to lower contribution from PPE products and COVID-19 Test Kits, $0.04 from acquisition-related expenses, and $0.02 from foreign exchange[18] Henry Schein One & Dental Technology Market - Henry Schein One's 2022 revenue from dental practice management was approximately $550 million[20, 21] - The estimated dental technology market size is $2.3 billion, with an estimated market growth rate of 8-12%[26] - Henry Schein One has 100,000 active dental customers[26] Strategic Priorities & Market Trends - Henry Schein's strategic priorities include building complementary software, specialty, and services, operationalizing One Distribution, leveraging One Schein, and driving digital transformation[9] - Industry trends driving demand for Henry Schein One solutions include payment & claims innovation (72% of dentists are concerned with declining insurance reimbursement rates), AI & clinical decision support, customer dynamics (consumerization of healthcare), and dental practice consolidation[29, 30]

报告要点： 2025 年 7 月 4 日 A 股冲高回落，大金融领涨。上证指数上涨 0.32%，深 证成指下跌 0.25%，创业板指下跌 0.36%。市场成交额 14283.65 亿元，较上 一交易日增加 1187.78 亿元。全市场 1197 只个股上涨，4160 只个股下跌。 风格上看，各指数涨跌幅排序为：金融>稳定>消费>0>成长>周期；大盘 价值>小盘价值>大盘成长>中盘价值>中盘成长>小盘成长；基金重仓表现优 于中证全指。 分行业看，30 个中信一级行业涨跌互现；表现相对靠前的是：银行 （1.85%），综合金融（1.13%），传媒（0.72%）；表现相对靠后的是：有色金 属（-1.49%），基础化工（-1.38%），轻工制造（-1.14%）。概念板块方面， 多数概念板块下跌，重组蛋白、昨日涨停、退税商店等大幅上涨；噪声防 治、昨日触板、电子烟等大幅走低。 证券研究报告 9[Table_Title] 每日复盘 2025 年 7 月 4 日 2025 年 7 月 4 日 A 股冲高回落，大金融领涨 资金筹码方面，主力资金 7 月 4 日净流出 336.46 亿元。其中超大单净流 出 118.79 亿元， ...

Tovecimig Clinical Trial Results (COMPANION-002 Study) - The COMPANION-002 study is a Phase 2/3 registrational-intent study in patients with BTC who have received one prior line of therapy[9] - In the Intent-to-Treat population, the Overall Response Rate (ORR) for Tovecimig + Paclitaxel was 17.1% (19 out of 111 patients) compared to 5.3% (3 out of 57 patients) for Paclitaxel alone, with a two-sided p-value of 0.031[12] - The Complete Response (CR) rate in the Tovecimig + Paclitaxel arm was 0.9% (1 out of 111 patients), while the Partial Response (PR) rate was 16.2% (18 out of 111 patients)[12] - Stable Disease (SD) was observed in 44.1% of patients (49 out of 111) in the Tovecimig + Paclitaxel arm compared to 33.3% (19 out of 57) in the Paclitaxel arm[12] - Progressive Disease (PD) was observed in 16.2% of patients (18 out of 111) in the Tovecimig + Paclitaxel arm compared to 42.1% (24 out of 57) in the Paclitaxel arm[12] Tovecimig Development and Potential - Tovecimig is a bispecific antibody targeting DLL4 and VEGF-A, designed to disrupt tumor vessel formation and angiogenesis[6, 7] - The company anticipates top-line Phase 2/3 data for PFS, OS, and DoR in Q4 2025[25] - Tovecimig has the potential to become a standard of care in 2L BTC, with PFS, OS and DoR data expected in Q4 2025[18] Market and Unmet Needs - There are significant unmet needs in current treatments for BTC, with approximately 85% of 2L patients having limited treatment options[19, 20] - Incidence of BTC is significant, with an estimated ~23,000 cases annually[22] - Projected ~100,000 incidence of liver and intrahepatic bile duct cancer by 2040[23]

Financial Performance & Growth - Full Year Fiscal 2025 total sales reached $1.911 billion, demonstrating an 18% five-year Compound Annual Growth Rate (CAGR)[13] - Full Year Fiscal 2025 Consolidated Same Store Sales (SSS) increased by 5.5%[14] - Full Year Fiscal 2025 Earnings Per Share (EPS) reached $5.88[16] - The company anticipates total sales of $2.15 billion for Fiscal Year 2026[24] Strategic Initiatives - The company is focused on four strategic initiatives: New Stores, Same Store Sales, Omni-Channel, and Merchandise Margin & Exclusive Brands[11] - The company aims for 15% annual growth in new stores[33, 34, 35] - New stores have strong economics, with an average payback period of approximately 1.8 years and approximately 53% cash on cash return in the first year of operation[40, 41] - The company is targeting marketing spend at 3% of sales, with incremental spending focused on more content distribution in Fiscal 2026[51] Merchandise & Tariffs - Exclusive brands account for approximately 35% of sales volume[61] - The company estimates an $8 million tariff impact on Exclusive Brands merchandise Cost of Goods Sold (COGS) for Fiscal Year 2026 due to tariffs[69] Market & Competition - The company operates within a total addressable market (TAM) of approximately $40 billion[6] - The company faces competition from national and regional retailers, independent retailers, farm & ranch competitors, and online/direct-to-consumer competitors[8]

PBFT02 Development and Preclinical Results - PBFT02 is an AAV gene therapy designed to deliver functional PGRN to the brain for the treatment of FTD-GRN [13] - In Grn-/- mice, AAV.hGRN vector ICV administration improved lysosomal function, reduced lipofuscin fluorescence in the thalamus, and reduced brain hexosaminidase activity [21, 23] - AAV1 was selected as the vector serotype due to superior hPGRN levels in CSF compared to AAV5 and AAVhu68 in NHPs [28, 29] - In Grn-/- mice, PBFT02 reduced lipofuscin deposition and neuroinflammation in the brain after intra-CSF delivery [34, 37] - ICM administration of PBFT02 enables PGRN delivery throughout the CNS [40] - In NHPs, PBFT02 dose-dependently increased PGRN in CSF up to day 14 [46, 48] - In NHPs, PBFT02 at Dose 1 resulted in approximately 10e4 GC/ug DNA throughout the brain [43] Clinical Trial (upliFT-D) and Safety - The upliFT-D trial is a global Phase 1/2 multi-center, open-label, dose-escalation study with PBFT02 [52, 55] - FTD-GRN Cohort 1 (n = 5) dosing is complete [56] - All four Cohort 1 participants who received a revised immunosuppression regimen had no SAEs or significant immune responses [57] - Cohort 1 interim data shows PBFT02 administration leads to robust and sustained increases in CSF PGRN [58]