Group 1 - Shenzhen CJTconn is a significant player in the connector industry, focusing on the research, production, and sales of connector products, establishing a strong brand image through advanced technology and product quality [1][2] - Guangdong University of Technology emphasizes the integration of theory and practice in talent cultivation, aiming to provide high-quality, application-oriented professionals while accumulating rich teaching and research experience [1][2] - The collaboration between CJTconn and Guangdong University of Technology aims to create a "Long River - Guangdong University of Technology Industry-Education Integration Practice Teaching Base," marking a significant step in integrating talent training, scientific research innovation, and industrial development [1][2] Group 2 - Students from Guangdong University of Technology will gain opportunities to engage in real projects, enhancing their practical skills and employment competitiveness [2] - CJTconn will leverage the university's research capabilities and talent resources to inject new vitality into its technological innovation and product upgrades, thereby enhancing market competitiveness [2] - The partnership serves as a positive demonstration for promoting the development of the connector industry and deepening the integration of education and industry [2]

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [2][5]. Core Views - The company has successfully achieved an IPO on the Hong Kong stock market, raising HKD 9.177 billion to expand production capacity in refrigeration and automotive sectors, and to develop electromechanical actuators for bionic robotics [3][9]. - The company has shown excellent growth in both refrigeration and automotive sectors, with a revenue of RMB 16.56 billion in the refrigeration sector (YoY +13.1%) and RMB 11.39 billion in the automotive sector (YoY +14.9%) for 2024 [4][10]. - The company is expected to benefit from Chinese appliance renewal policies in 2025, with a strong order backlog in the automotive sector [4][10]. Financial Summary - Revenue projections for the company are as follows: RMB 31.65 billion in 2025, RMB 36.28 billion in 2026, and RMB 41.65 billion in 2027, reflecting growth rates of 13%, 15%, and 15% respectively [2][4]. - Net profit is projected to be RMB 3.73 billion in 2025, RMB 4.34 billion in 2026, and RMB 5.07 billion in 2027, with growth rates of 20%, 17%, and 17% respectively [2][4]. - The diluted EPS is expected to increase from RMB 0.90 in 2025 to RMB 1.22 in 2027 [2][4]. Valuation - The company is assigned a target price of RMB 28.80 based on a 32x PE valuation for 2025, reflecting its growth potential in both existing and new markets [5][11].

Group 1: Express Delivery Industry - In May 2025, the express delivery industry experienced a year-on-year business volume growth of 17.2%, outpacing the growth of physical online retail sales at 8.2% and social consumer goods retail sales at 6.4% [3][4] - The average revenue per ticket in May 2025 was 7.25 yuan, reflecting a year-on-year decline of 7.62% and a month-on-month decline of 2.46%, indicating ongoing price competition in the industry [3][4] - Major companies like SF Express and YTO Express reported business volume growth rates of 31.76% and 21.02% respectively, while their average revenue per ticket saw declines of 13.97% and 4.93% respectively, highlighting the impact of price competition [4][5] Group 2: Aluminum Industry - The domestic aluminum industry is currently experiencing a favorable macroeconomic environment, with a stable supply of electrolytic aluminum and a decrease in costs, leading to improved profit margins for producers [6][7] - As of June 19, 2025, the average cost of electrolytic aluminum was approximately 17,030 yuan per ton, down 169 yuan from the previous week, while inventory levels remained low, supporting aluminum prices [7][12] - The demand for aluminum is facing challenges due to seasonal slowdowns in various downstream sectors, particularly in photovoltaic and home appliance industries, which are experiencing reduced operating rates [7][8] Group 3: Coal Industry - The coal market is showing signs of recovery as the demand for thermal coal increases, with port coal prices stabilizing at 609 yuan per ton as of June 20, 2025, and pithead prices beginning to rise [13][14] - The production capacity utilization rate in major coal-producing regions has increased slightly, indicating a stable supply despite some production cuts due to safety inspections [13] - The overall demand for coal is expected to improve as electricity consumption rises with the onset of summer heat, while coal inventories at power plants remain low compared to the previous year [13] Group 4: REITs Market - The first batch of data center REITs has been approved, marking a significant milestone in the domestic REITs market, which previously lacked offerings in this sector [17][18] - The total market capitalization of REITs reached 206.56 billion yuan, with a daily turnover rate of 0.60%, indicating a slight decrease in market activity [18][19] - The performance of property-type REITs has been strong, particularly in the affordable rental housing sector, which has seen significant gains [18][19] Group 5: Automotive Industry - The automotive sector has underperformed compared to the broader market, with a decline of 2.6% in the automotive index during the week of June 16-20, 2025 [22][23] - The "old-for-new" subsidy policy will continue to support automotive consumption, with significant investments in charging infrastructure by major automakers [23][25] - The launch of the Li Auto i6, a new electric SUV, is set for September 2025, reflecting ongoing innovation and product development in the sector [24][28] Group 6: Liquor Industry - The liquor sector has seen a decline of 4.27% over the past two weeks, but there are signs of emotional recovery as regulatory pressures ease [34][35] - Recent data indicates a significant improvement in retail sales growth for tobacco and alcohol, suggesting a potential rebound in consumer sentiment [36] - Major companies like Wuliangye are implementing reforms to enhance their market position, indicating a proactive approach to industry challenges [37][38]

Core Viewpoint - Shandong Province has issued a development plan for the water-saving industry, aiming to reach a scale of 100 billion yuan by 2027 and double the scale by 2035, highlighting the potential and future prospects of the water-saving industry [2][3]. Development Goals - By 2027, the water-saving industry scale in Shandong is expected to reach 100 billion yuan, with the establishment of over 10 characteristic advantage water-saving industry clusters and at least 2 national or provincial-level water-saving technology innovation platforms [2][3]. - By 2035, the industry scale is projected to double, creating over 5 characteristic advantage water-saving industry clusters with a scale of 10 billion yuan each [2]. Development Layout - The development layout is based on local resource endowments and industrial advantages, forming a "2+2+N" structure with Jinan and Qingdao as the core, the Yellow River and coastal areas as wings, and multiple supporting water-saving industry clusters [3]. - Jinan and Qingdao will focus on cultivating leading enterprises and industry clusters, while the Yellow River region will target agricultural water-saving efficiency, and the coastal area will advance seawater desalination technology [3]. Key Areas and Projects - The plan identifies four key areas for development: advanced water-saving equipment and devices, new water-saving materials and agents, water measurement monitoring and smart water-saving, and modern water-saving management services [4]. - It outlines four major projects: industry chain cultivation, major project support, innovation capability enhancement, and quality brand leadership [4]. Manufacturing and Technology Focus - The province aims to leverage its manufacturing base to meet water-saving demands across agriculture, industry, and daily life, with a target of achieving a scale of over 50 billion yuan in advanced water-saving equipment manufacturing by 2027 [4]. - The focus will also be on developing new water-saving materials and agents, with a target scale of over 30 billion yuan by 2027 [4]. Smart Water-Saving Initiatives - Emphasis is placed on enhancing the standardization and normalization of water measurement monitoring facilities, promoting the integration of IoT, AI, and digital twin technologies in water resource management [4]. - By 2027, the scale of the water measurement monitoring and smart sensing equipment industry is expected to exceed 10 billion yuan [4]. Service Industry Development - The plan includes advancing the integration of water-saving services with advanced manufacturing, modern agriculture, and water production and supply industries, targeting a scale of over 10 billion yuan in modern water-saving management services by 2027 [5].

港口库存小幅下降，产地煤价再次强势反弹。本周，产地动力煤价格再次强势反弹，监 管趋严导致供给量有一定缩减，随着供需关系的逐步改善，价格有望止跌企稳。 焦煤价格一降再降，焦钢总库存继续走低。本周，炼焦煤市场价格继续下降，焦炭第四 轮提降开启，市场观望情绪浓厚，下游多以维持刚需为主，预计焦煤市场将延续偏弱走势。 权益市场以跌为主，煤炭板块稍不及指数。本周，央行开展买断式逆回购操作，10天累 计投放1.4万亿元，缓解市场资金压力，以色列与伊朗冲突升级，推升国际油价和金价，能 源板块表现较为突出，但对权益市场的整体情绪产生一定压制。整体看，只有银行、通信、 电子行业上涨，市场平均成交额1.2万亿元，市场情绪回落，煤炭行业稍不及大盘指数。 综合上述分析，动力煤方面，监管趋严，供给量有一定缩减，叠加高温天增多，电厂日 耗有望逐渐提升，随着供需关系的逐步改善，价格有望止跌企稳，但在高库存的制约下，预 计价格以弱稳运行为主。炼焦煤方面，焦炭第四轮提降开启，市场观望情绪浓厚，下游多以 维持刚需为主，由于煤价重心逐步下移、库存处于低位，预计焦煤市场将延续偏弱走势，价 格降幅有望收窄。二级市场方面，央行开展4000亿元买断式逆回购 ...

每年4—5月，珞珈山下都会举行一场仪式，欢迎从南极、北极归来的科考师生。这些参加极地测绘科考的武汉大学师生，乘坐破冰船 远渡重洋抵达南极、北极。他们41年接续科考的路径，是武汉与远洋之间最远的一段距离，也是武汉与远洋之间最"近"的一段距离。 而距武汉大学（信息学部）不远处的武汉理工大学（马房山校区），则是武汉直通远洋、大海的另一个重要"出海口"。由武汉理工大 学科研人员设计的各种新型江海联运、江海直达和江洋直达的船舶，这几年一艘艘交付，游弋于江海。武汉，这座不靠海的江城，以学科 与产业深度融合为舟，在船舶设计与"智"造领域开辟通江达海的广阔航道，成为内陆开放高地——一座靠海很"近"的城市。 武汉理工大学"船承焕新生"企业课堂。通讯员杨立泉 供图 面朝大海 武汉驶出中国船舶业多个"第一" 在中国船舶产业链中，武汉占据重要地位。作为内陆唯一的"船舶与海洋工程装备国家新型工业化产业示范基地"，武汉拥有完备的船 舶产业链，涵盖研发、设计、制造、配套等环节，相关企事业单位超100家，船舶设计能力位居国内前列。 春暖花开 武汉船舶人才格外抢手 6月22日上午，在武汉理工大学船海与能源动力工程学院水润滑轴承性能实验室，该校 ...

山东确立财政科学管理综合试点框架体系 今明两年在省本级和部分市县开展试点，2027年全省推开 ●山东立足省情实际，谋划确立了以"大财政"理念为统领、"大预算"为方向路径、"大绩效"为关键 抓手、"大数智"为保障支撑、"大安全"为底线基础的综合试点"1+4"框架体系 ●全省16市以及31个县（市、区）纳入试点范围，其中济南、青岛、临沂3市作为综合试点，承担 全部试点任务，其他市县承担部分试点任务，鼓励各地因地制宜、先行探索，自下而上推动，探索财政 科学管理的新路径 山东省政府近日发布《关于推进财政科学管理的意见》（以下简称《意见》），贯彻落实党中央、 国务院关于推进财政科学管理的决策部署，扎实推进财政管理改革，全面提升财政管理系统化、精细 化、标准化、法治化水平。 按照《意见》，2025—2026年，山东将在省本级和部分市县开展财政科学管理试点，2027年全省推 行。争取用3—5年时间，进一步完善综合统筹、规范透明、约束有力、讲求绩效的预算管理制度，构建 权责清晰、财力协调、区域均衡、保障有力的省以下财政体制，形成系统集成、法治健全、科学精细、 规范高效的财政运行机制。 确立综合试点"1+4"框架体系 财政管理 ...

近日，DHL集团宣布计划在中东地区投资超5亿欧元，战略重点将聚焦沙特阿拉伯、阿联酋等快速 发展的海湾市场。这项重大投资将持续到2030年，彰显了DHL集团对该区域的战略重视及其未来在全 球贸易格局中的重要地位。在2024年发布的"2030战略"中，DHL集团明确将由全球贸易格局演变带来的 增长区域与地域性增长机会列为核心发展重点。 此项投资覆盖DHL旗下DHL快递、DHL全球货运、DHL供应链与DHL电子商务四大业务单元，将 显著增强该地区的物流实力。通过升级物流基础设施、拓展运输网络与运力以及提升服务能力，DHL 致力于助力中东本土及跨国企业把握贸易增长机遇，为其应对不断变化的市场需求提供坚实保障与韧性 支持。集团各业务单元为中东客户提供全面的物流与运输服务组合，涵盖包裹快递，空运、海运及陆路 货运，仓储、履约与配送，报关清关服务，以及生命科学、医疗保健、电子商务和电池物流等领域的专 业供应链解决方案。 "海湾合作委员会地区正快速崛起，成为全球物流与创新枢纽。"DHL快递首席执行官表示，"此项 投资既彰显了该地区在联通亚、欧、非三大洲方面日益提升的战略地位，也表明了公司对其转型为区域 及全球贸易催化剂的全力 ...

本批信访件涉及生态环境问题340个，其中水污染问题64个、大气污染问题114个、土壤污染问题48 个、生态破坏问题37个、噪声污染问题53个、海洋污染问题2个、其他问题22个。 6月23日，中央第三生态环境保护督察组向我省交办第二十七批信访件215件（重点关注件11件）， 其中来电83件，来信132件。本批信访件涉及济南市29件、青岛市42件、淄博市14件、枣庄市6件、东营 市3件、烟台市17件、潍坊市14件、济宁市9件、泰安市10件、威海市4件、日照市13件、临沂市20件、 德州市8件、聊城市9件、滨州市10件、菏泽市4件、省直3件。当日，上述信访件全部交办各市及省直有 关部门。 截至23日，中央第三生态环境保护督察组累计向我省交办信访件4647件，其中重点关注件331件。 交办的信访件中，涉及济南市816件、青岛市726件、淄博市296件、枣庄市180件、东营市140件、烟台 市387件、潍坊市355件、济宁市188件、泰安市155件、威海市139件、日照市215件、临沂市499件、德 州市86件、聊城市151件、滨州市206件、菏泽市89件、省直19件；涉及生态环境问题6099个，其中水污 染问题115 ...

就追偿的范围而言，A公司在选任工人时未审查其资质、未提前告知甲某涉案房屋墙壁内存在燃气管 道，亦未派人全程在现场协调和处置，对燃气管道毁损、燃气泄漏以及行政处罚的作出负主要责任。甲 某在未取得空调器安装资质、未提前检查涉案房屋燃气管道分布的情况下，使用水钻为空调外机打孔， 造成燃气管道毁损和燃气泄漏，亦存在过错。 最终，法院综合合同履行情况、双方过错程度等，酌定甲某赔偿A公司1万元损失。 法院提醒，空调安装涉及打孔、制冷剂充注、电气连接、高空作业等高危险环节，操作不当极易引发燃 气泄漏、爆炸、中毒、触电、高空坠落等安全事故。安装空调的工人应当具备相应资质，规范操作，企 业在选任工人时亦应审慎审查资质情况，提前全面告知燃气管道分布并在安装过程中全程在场，以便处 理突发情况。 经过调查，甲某不具备空调安装资质，而A公司在委托甲某安装空调时亦未审查其资质。 北京市第三中级人民法院生效判决认为，甲某因操作不当打穿墙壁内的燃气管道，导致燃气泄漏，违反 了合同义务以及《城镇燃气管理条例》的相关规定，致使A公司被行政机关处以5万元罚款，给A公司造 成了履行义务之外的损害，A公司有权就其所受行政处罚向甲某追偿。 近日，北京市 ...