中新网成都6月23日电 (记者刘忠俊)6月23日，随着施工机械轰鸣声响起，新建西宁至成都铁路黄胜关至 郎木寺段(西宁至成都铁路四川段)红原站破土动工，标志着该段线路站房工程全面开工建设。 为保障工程顺利推进，项目部制定详细施工进度计划与专项方案，建立资源保障机制，确保劳力、材 料、机械及时调配。成兰铁路有限责任公司西宁至成都铁路指挥部指挥长印建文表示，施工方借助BIM 技术实现"全过程可视化、精准化"管理，开展数智化工程打造，并通过工地监控及视频AI算法、塔吊监 控及吊钩视频系统、高支模监控系统等，全方位筑牢安全防线。 （文章来源：中国新闻网） 西宁(兰州)至成都铁路线路走向示意图。成兰铁路公司供图 据悉，西宁至成都铁路全线建成后，将显著改善沿线城市和群众出行条件，加强兰(州)西(宁)城市群和 成渝城市群交流协作，推动"丝绸之路经济带"和"长江经济带"互联互通，为沿线经济社会发展和乡村振 兴注入强劲动力。(完) 西宁至成都铁路四川段红原站开工建设现场。成兰铁路公司供图 据了解，此次率先开工的红原站，位于四川阿坝州红原县。站房整体造型巧妙融合当地传统民居风格， 以厚重建筑体量搭配仿木结构穿插，辅以简练竖向线条， ...

云南省商务厅对外贸易处处长邓锐戟宇介绍，除贸易签约外，本届南博会还促成各类供应链服务、国际 物流、海外仓建设、口岸基础设施及智能化服务等合作协议项目20余个，推动云南从区域贸易节点向全 球产业链枢纽加速转型。 中新网昆明6月23日电 (罗婕)23日，记者从第9届中国—南亚博览会外贸成果专场暨环印度洋RCEP及澜 湄国家经贸成果发布会获悉，截至目前，本届南博会共签约商贸合同163个，签约金额达86.63亿元。 6月23日，第9届中国—南亚博览会外贸成果专场暨环印度洋RCEP及澜湄国家经贸成果发布会在昆明举 办。 罗婕摄 本届南博会19日启幕，吸引5000余家国内外企业参展参会。目前签约产品主要为农产品食品类、矿产品 类、化工类、机械设备类和服装鞋帽等。从签约区域看，东南亚国家实际签约合同89个，金额11.79亿 元，占比14.3%。签约合同数最多的国家和地区依次是缅甸、中国香港、意大利。 （文章来源：中国新闻网） 此外，南博会首次开设跨境直播专区，来自美国、加拿大、亚美尼亚、肯尼亚等国家的百万级网红主播 通过直播平台向全球展示推介云花、云咖、云茶、手工艺品、民族服饰等特色产品，会期累计观看人数 570万人次，日 ...

利好政策频出，持续推荐创新药械 [Table_Industry] 医药 ——国泰海通医药 2025 年 6 月第三周周报 行 业 跟 踪 国家药监局推出政策支持高端医疗器械创新发展，持续推荐创新药械。 投资要点： 股票研究 /[Table_Date] 2025.06.22 2025-06-23 请务必阅读正文之后的免责条款部分 股 票 研 究 报 告 [Table_Summary] 持续推荐创新药械。创新药高景气，持续推荐价值有望迎来重估的 Pharma，维持恒瑞医药、科伦药业、华东医药、长春高新优于大市 评 级 ； 持 续 推 荐 创 新 管 线 逐 步 兑 现 、 业 绩 进 入 放 量 期 的 Biopharma/Biotech，维持科伦博泰生物、信达生物、百济神州、百 利天恒、荣昌生物、映恩生物优于大市评级；推荐盈利增速拐点逐 渐体现的 CXO，维持泰格医药优于大市评级；推荐有望受益于政策 支持、集采优化的高值耗材，维持惠泰医疗、南微医学、心脉医疗 优于大市评级。 国家药监局推出政策支持高端医疗器械创新发展。2025 年 6 月 20 日，国家药监局召开会议研究部署支持高端医疗器械创新发展举措， 审议 ...

Core Insights - Exxon Mobil Corporation (XOM) has outperformed Eni SpA (E) in stock price performance, with year-to-date returns of 8.6% for XOM compared to 23.4% for Eni, but stock performance alone does not fully reflect investment potential [1][2] Group 1: Business Fundamentals - XOM plans to initiate 10 large energy projects this year, expected to generate over $3 billion in earnings by 2026, indicating a strong focus on long-term profitability [3][7] - Eni is set to start five major energy projects this year, but its growth is slower than XOM's, and its chemicals division, Versalis, is underperforming due to high costs and weak demand in Europe [5][7] Group 2: Financial Performance - XOM has a total debt to capitalization ratio of 12.2%, significantly lower than the industry average of 28.3% and Eni's 34.1%, positioning XOM better in uncertain environments [8] - In Q1, XOM returned $9.1 billion to shareholders, including $4.8 billion in share repurchases, while Eni returned only €386 million in the same period [9][7] Group 3: Strategic Direction - XOM is aggressively expanding, while Eni is restructuring its operations, including closing facilities in Brindisi and Priolo [10] - XOM's current valuation reflects a premium, trading at a trailing 12-month EV/EBITDA of 7.10x compared to the industry average of 4.29x and Eni's 4.36x [10]

Core Insights - Caterpillar Inc. is increasingly depending on its Energy & Transportation (E&T) segment to mitigate the effects of ongoing weakness in its Construction Industries and Resource Industries segments [1] Group 1: E&T Segment Performance - The E&T segment generated $28.8 billion in revenues in 2024, representing 47% of Caterpillar's total revenues, with a compound annual growth rate (CAGR) of 12.5% from 2021 to 2024 [2][12] - Operating margins for the E&T segment have improved from 18.7% in Q3 2022 to 24.3% in Q1 2025, helping to offset declines in the other segments [3][12] - Projections indicate that the E&T segment's operating margin will reach 24.8% in 2025, with operating profit expected to be $6.02 billion, a 5.1% increase year-over-year [4] Group 2: Future Growth Expectations - E&T segment sales are forecasted to grow by 1% to $29.2 billion in 2025, while the Construction Industries and Resource Industries segments are expected to decline by 6.4% and 3.7%, respectively [5] - Over the 2024–2027 period, the E&T segment is anticipated to grow at a CAGR of 2.5%, outperforming the Construction Industries' projected 0.6% and Resource Industries' 2.1% growth [5] Group 3: Market Drivers - Key growth drivers for the E&T segment include sustainability initiatives in the Oil and Gas sector, which accounts for 29% of segment sales, and increasing demand from data centers supporting generative AI, which is expected to boost Power Generation sales (32% of segment sales) [6] - The transportation sector is also expected to see sales improvements due to increased rail services, while growth in marine and industrial sectors will further enhance the segment's performance [7] Group 4: Competitive Landscape - Caterpillar's E&T segment competes with Cummins Inc.'s Power Systems segment and GE Vernova Inc.'s Power segment [8] - Cummins' Power Systems segment contributed 16% of its total sales in 2024, with a 13% increase to $6.4 billion year-over-year [9] - GE Vernova's Power segment generated $18 billion in fiscal 2024, marking a 4% increase year-over-year, with expectations for mid-single-digit organic revenue growth in 2025 [10][11]

Market Overview - The U.S. equity markets have experienced a steady downtrend due to escalating tensions in the Middle East, particularly following U.S. attacks on Iranian nuclear sites and Iran's retaliatory missile strikes against Israel [1] - The geopolitical tensions have raised concerns about their potential impact on the oil and gas industry, leading investors to seek safe-haven assets [1] Federal Reserve and Investment Strategies - Federal Reserve Chairman Jerome Powell indicated a cautious approach regarding rate cuts, awaiting more clarity on the effects of President Trump's tariffs on inflation [2] - In light of market uncertainties, investors are turning to momentum stocks as a strategy to achieve sustained profits, particularly when traditional value or growth investing fails [2][3] Momentum Investing - Momentum investing is characterized by the strategy of "buying high and selling higher," based on the belief that established trends are likely to continue [3] - This investment approach capitalizes on the human tendency to project current trends into the future before mean reversion occurs [3] Screening Parameters for Momentum Stocks - The screening process for momentum stocks involves selecting the top 50 stocks with the best percentage price change over the last 52 weeks, ensuring steady appreciation [5] - From these, the bottom 10 performers over the past week are chosen to identify those experiencing a short-term pullback [6] - Stocks with a Zacks Rank 1 (Strong Buy) are included, as they have a history of outperformance regardless of market conditions [6] - A Momentum Style Score of B or better is also a criterion, indicating favorable timing for stock acquisition [7] - Additional parameters include a minimum stock price of $5, a market capitalization within the top 3000, and an average 20-day trading volume exceeding 100,000 [8] Featured Momentum Stocks - **Palomar Holdings, Inc. (PLMR)**: The stock has surged 99.2% over the past year but declined 3.3% in the past week, with a Momentum Score of B [9] - **Franco-Nevada Corporation (FNV)**: This gold-focused royalty and stream firm has rallied 42.1% in the past year but lost 3.5% in the past week, holding a Momentum Score of A [10] - **Paycom Software, Inc. (PAYC)**: The cloud-based HCM provider has seen a 57.5% increase in stock price over the past year, with a recent decline of 5.2% in the past week, and a Momentum Score of A [11]

Quarterly Investor Update Fourth Quarter & Fiscal Year End 2019 Forward-Looking Statements The Company and MetaBank may from time to time make written or oral "forward-looking statements," including statements contained in this investor update, the Company's filings with the Securities and Exchange Commission ("SEC"), the Company's reports to stockholders, and in other communications by the Company and MetaBank, which are made in good faith by the Company pursuant to the "safe harbor" provisions of the Priv ...

Q U A R T E R LY I N V E S T O R U P DAT E FO U R T H Q UA R T E R & F I S C A L Y E A R E N D 2 0 2 0 F O R WA R D- L O O K I N G S TAT E M E N T S 2 This investor update contains "forward-looking statements" which are made in good faith by the Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by words such as "may," "hope," "will," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," " ...

2025 年 6 月 23 日 行业研究 Optimus 机器人将迎重大改进，叉车 5 月内外销增速表现亮眼 ——机械行业周报 2025 年第 25 周（2025.6.16-2025.6.22） 作者 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 分析师：李佳琦 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 分析师：庄晓波 机械行业 买入（维持） 执业证书编号：S0930524070018 0755-25310400 zhuangxiaobo@ebscn.com 联系人：夏天宇 xiatianyu@ebscn.com 行业与沪深 300 指数对比图 -30% -10% 10% 30% 50% 24/06 24/09 2 ...

[Table_Date] 2025 年 06 月 23 日 [Table_Title] 资产配置日报：主线未明 [Table_Title2] 复盘与思考: 6 月 23 日，权益行情迎来反弹，银行和小微盘显著上涨，"哑铃型"的市场结构再度回归；债市收益率先下 后上，整体延续窄幅震荡格局，各期限单日变化不到 0.5bp。 复盘各类资产表现，股市，大盘股指翻红，上证指数、沪深 300、中证红利分别上涨 0.65%、0.29%、 0.25%；国内科技板块小幅反弹，科创 50、创业板指分别上涨 0.38%、0.39%，港股的恒生科技上涨 1.05%；小微 盘明显上涨，中证 1000、万得微盘股指上涨 1.31%、2.38%。债市，10 年国债活跃券收益率小幅上行 0.2bp，30 年国债活跃券持平于 1.84%；10 年、30 年国债期货主力合约小幅下跌 0.01%、0.04%。 中东地缘政治局势继续扰动国际大宗商品市场，原油价格高开低走，黄金表现平淡。周日（6 月 22 日）， "美国攻击伊朗核设施"及"伊朗议会提议关闭霍尔木兹海峡"等消息持续发酵，全球避险情绪一度急剧升温。 受此推动，今日开盘后美国 WTI 原油 ...