[Table_Main] 证券研究报告 | 宏观点评 宏观点评 证券分析师 张浩 资格编号：S0120524070001 邮箱：zhanghao3＠tebon.com.cn 研究助理 连桐杉 邮箱：liants＠tebon.com.cn 相关研究 《财政积极发力，后续仍有空间—— 2025 年 5 月财政数据点评》 《25 年首份财政报告的成色和重点 任务进展》 《2025 年重点关注准财政——2024 年 12 月财政数据点评》 《广义财政支出再度加速，关注财政 货币配合——2024 年 11 月财政数据 点评》 《广义财政支出加速，政策逐步见效 ——2024 年 10 月财政数据点评》 《财政部新闻发布会的八个要点》 《从万亿化债看 25 年财政展望—— —2024 年 11 月 8 日人大常委会财政 新闻发布会解读》 《广义财政支出有待加速——2024 年 8 月财政数据点评》 《广义财政支出低位回升——2024 年 7 月财政数据点评》 《财政的当下与未来——2024年6月 财政数据点评》 财政收支"双承压"，"低价"预计仍是主因 ——2025 年 5 月财政数据点评 [Table_Summary] ...

活动由长沙市政协指导，市政协经科委、市知识产权局主办，市政协知识产权创新与保护委员工作室、湖南省知 识产权交易中心承办。 稿源：掌上长沙 2025-06-24 21:13 长沙晚报全媒体记者 唐朝昭 通讯员 苏烃 李丽莎 眼下，一场大学生创新创业的青春浪潮，正在三湘大地澎湃激荡。 知识产权作为连接技术与市场、打通创新链与产业链的桥梁纽带，对于创新创业的重要性不言而喻。 24日，一场聚焦"大学生创新创业与知识产权"的主题沙龙在长沙政协同心园举行。现场，市支持大学生创业工作 专班、市政协委员、行业专家、大学生创业孵化基地有关负责人以及在长创新创业代表等，分享创业实战经验， 为大学生创业团队答疑解惑，补齐创业青年在知识产权创造、运用、保护、管理中的短板，让知识产权更好守护 大学生创新创业"火种"。 "黑色经典"是长沙新消费品牌的代表之一。"创业就是一种生活打开方式。"现场，天心区政协委员、湖南伍爱创 意文化科技有限公司CEO卢路成从"黑色经典"品牌的创业历程出发，讲述了"产品+平台+生态"的创业模式，同大 学生创业者分享了新消费品牌打造的"秘籍"。 从高校到市场，知识产权专家现场支招 从"象牙塔"走上"竞技场"，知 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 今天（6月24日），退市九有（维权）（600462）进入退市整理期，成为年内又一家进入退市整理期的 公司。 近期有不少公司陆续进入退市整理期。据记者统计，包含上述公司在内，年内进入退市整理期（包括年 内曾进入退市整理期）的公司数量将超过10家。 从年内相关案例来看，进入退市整理期的公司股价普遍大跌，这也从一个侧面揭示了退市公司广泛存在 的风险。 退市九有进入退市整理期 股价一度重挫逾83% 今天（6月24日）A股市场又有一家公司进入退市整理期，为退市九有（600462），股价开盘即大幅下 挫，截至收盘，退市九有股价暴跌80.21%，盘中跌幅一度超过83%，与此同时成交量急剧放大。 资料显示，退市九有的公司全称为湖北九有投资股份有限公司，根据公司2024年年报的介绍，公司主要 从事综合性营销服务和化妆品销售业务，具有整合营销的服务能力，业务覆盖线下场景营销、线上媒体 推广，满足客户跨媒体、多渠道的品牌曝光和产品推广的营销需求。2023年3月，公司全资子公司天天 微购收购佩冉化妆品（江苏）有限公司40%的股权，公司将营销策划执行服务的产业链 ...

长沙晚报掌上长沙6月24日讯（全媒体记者 刘军）A股三大指数24日集体走强，沪指再度站上3400点关 口。截至收盘，沪指涨1.15%，收报3420.57点；深证成指涨1.68%，收报10217.63点；创业板指涨 2.30%，收报2064.13点。沪深两市成交14146亿元，较23日大幅放量2920亿元。 行业板块多数收涨，电机、电池、汽车零部件、游戏、包装材料板块涨幅居前，采掘行业、石油行业、 燃气、航运港口、贵金属板块跌幅居前。从概念上来看，机器人概念股展开反弹，无人驾驶概念股表现 活跃。个股方面，上涨股票4771只，涨停85只；下跌股票仅578只，跌停19只。 24日，指数级行情再度出现，两市大盘高开高走。早盘证券板块发力，带动沪指站上3400点，随后汽 车、算力等科技股轮番上演，将市场人气带向高潮，沪指最高上攻到3423点附近。下午大盘整体走势比 较平稳，最终收出了中阳线。 市场为什么会爆发？分析人士认为，国内外好消息共振是最大利好。一方面伊朗与以色列宣布停火提高 了风险偏好，外围股市大涨；另一方面国内也是好消息不断，国务院新闻办公室6月24日举行新闻发布 会表示，9月3日上午，北京天安门广场将举行纪 ...

Investor Presentation May 2025 SAFE HARBOR AND NON-GAAP Safe Harbor Statement This presentation contains "forward-looking" statements, including our FY25 outlook, mid- term goals, market growth rates, growth opportunities, and our operating and acquisition strategies, which involve risks and uncertainties, many of which are beyond our control. No undue reliance should be placed on such statements, as any number of factors could cause actual results to differ materially from anticipated or forecasted results ...

Core Viewpoint - Gogo has received Supplemental Type Certification (STC) for its Gogo C1 line replaceable unit (LRU), which will support 42 aircraft models and ensure compatibility with its upcoming LTE network upgrade, enhancing inflight connectivity for legacy air-to-ground (ATG) customers [1][2][5]. Group 1: Product and Certification Details - The Gogo C1 LRU has been certified for 42 aircraft models, covering 70% of North American Gogo legacy ATG customer aircraft [1][2]. - The certification allows seamless transition for customers using legacy ATG systems to the upgraded Gogo Biz North American 850MHz Licensed LTE network, set to launch in May 2026 [2][3]. - The C1 features a dual-technology aircard that connects to the existing network and will automatically switch to the new LTE network when available [3]. Group 2: Installation and Incentives - Gogo is offering a $35,000 installation incentive for customers who complete the C1 installation before December 31, 2025 [4]. - The installation process is designed to be straightforward, requiring minimal downtime due to the C1's form-fit replacement design [3][4]. Group 3: Strategic Partnerships and Future Plans - Metrea Aerospace Design (MASD) collaborated with Gogo to generate the AML STC, enhancing the certification process for various aircraft models [2][8]. - Gogo is working with its dealer network to ensure a streamlined installation process for customers transitioning to the Gogo AVANCE products, which offer higher connection speeds and additional features [4][6].

Summary of iBio (IBIO) Conference Call - June 24, 2025 Company Overview - **Company**: iBio (IBIO) - **Focus**: Development of next-generation antibody medicines targeting obesity and its cardiometabolic complications [2][28] Industry Context - **Current Treatments**: First-generation GLP-1 receptor agonists and incretin-based therapies have transformed obesity treatment but have limitations, including gastrointestinal side effects and weight regain after discontinuation [3][4][6] - **Market Need**: There is a growing demand for new therapies that can provide durable weight loss, preserve muscle mass, and have better tolerability profiles [6][28] Core Programs and Developments 1. **iBio 600**: - **Type**: Long-acting anti-myostatin inhibitor - **Current Status**: In IND-enabling studies, with GLP toxicology studies about to begin [10][12] - **Mechanism**: Targets myostatin and GDF11, aiming to increase muscle mass and reduce fat mass [13][15] - **Preclinical Results**: In nonhuman primates, a single dose led to an 8% increase in muscle mass and a 12-15% reduction in fat mass [15] - **Projected Half-Life**: 74 to 130 days in humans, allowing for potential biannual dosing [14] 2. **iBio 610**: - **Type**: First-in-class Actin E antibody - **Current Status**: Development candidate selected, testing in nonhuman primates expected to yield data by Q3 2025 [11][19] - **Mechanism**: Promotes fat-specific weight loss without affecting muscle [19][21] - **Preclinical Results**: In obese rodents, led to a 9% reduction in total body weight, with a 26% reduction in fat mass [21] 3. **Amylin Receptor Program**: - **Current Status**: Advanced from early to late discovery, in vivo testing of multiple candidate molecules [23][24] - **Mechanism**: Targets amylin receptors to promote satiety and slow gastric emptying, potentially addressing obesity and cardiometabolic diseases [24][26] - **Unique Approach**: Utilizes AI-driven antibody discovery to create selective agonists for amylin receptor subtypes, avoiding calcitonin receptor activation [26][27] Competitive Advantages - **Integrated AI Platform**: iBio's discovery platform allows for rapid development of antibodies with high specificity and manufacturability [7][29] - **Focus on Developability**: The design process incorporates manufacturability and stability from the outset, ensuring that developed antibodies are ready for clinical use [8][29] - **Strategic Pipeline**: The company has a clear strategy to complement existing therapies and address unmet needs in obesity treatment [9][28] Market Positioning and Future Outlook - **Regulatory Goals**: iBio 600 aims for IND filing in Q1 2026 and patient dosing in Q2 2026 [12][13] - **Potential for Combination Therapies**: iBio's programs are designed to work alongside existing treatments, enhancing efficacy and addressing muscle preservation during weight loss [16][18][22] - **Long-Term Vision**: iBio is positioned to lead in the next wave of obesity therapeutics, focusing on genetically validated targets and innovative treatment strategies [29] Key Takeaways - iBio is addressing significant gaps in current obesity treatments with innovative antibody therapies - The company is leveraging advanced technology and a strategic approach to develop differentiated products - There is a strong emphasis on preclinical data supporting the efficacy and safety of their lead programs, with promising results in animal models [15][21][22]

Summary of First Financial Bancorp (FFBC) Conference Call on Acquisition of Westfield Bancorp Company and Industry - **Company**: First Financial Bancorp (FFBC) - **Acquisition Target**: Westfield Bancorp - **Industry**: Banking and Financial Services Core Points and Arguments 1. **Acquisition Announcement**: FFBC announced the acquisition of Westfield Bancorp from Ohio Farmers Insurance Company, enhancing its presence in the Cleveland, Ohio market [2][3] 2. **Financial Impact**: The acquisition will more than triple FFBC's loan commitments in Northeast Ohio to approximately $1.5 billion and add $1.5 billion in local deposits [3][4] 3. **Branch Network and Talent**: The deal provides FFBC with a highly efficient branch network and talent across multiple business lines, positioning it as a premium alternative to larger banks [3][4] 4. **Earnings Accretion**: The acquisition is financially attractive with strong earnings accretion and a tangible book value earn back within acceptable parameters [4][8] 5. **Asset Quality**: Westfield has a strong record regarding asset quality, with net charge-offs averaging four basis points over the last five years, aligning with FFBC's lending and credit administration approach [5][6] 6. **Market Position**: Post-acquisition, FFBC will become the fourth largest Ohio-based banking company and the only community bank among the top eight banks in the state [6][8] 7. **Transaction Structure**: The transaction is structured as approximately 80% cash and 20% stock, with shareholder approval from Ohio Farmers already received [7][8] 8. **Future Growth Opportunities**: FFBC anticipates significant growth opportunities in consumer lending, wealth management, and specialty banking post-acquisition [10][49] Additional Important Content 1. **Cultural Compatibility**: Both companies share a strong commitment to associates, clients, and communities, which is expected to facilitate the integration process [5][6] 2. **Cost Savings and Renovations**: Initial branch renovations are estimated at $800,000, with plans for branding refreshes post-merger [17][18] 3. **NIM Strategy**: FFBC aims to rebuild the net interest margin (NIM) to around 4% by remixing acquired loans and enhancing commercial product offerings [19][20] 4. **Credit Quality**: The acquisition is expected to slightly improve charge-off rates due to Westfield's strong credit history [41][42] 5. **Future Acquisition Appetite**: FFBC remains open to future acquisitions, depending on size and timing, while maintaining a target tangible common equity (TCE) ratio of 7.5% [30][54] 6. **CECL Adoption**: The impact of the new CECL accounting standard is currently uncertain, but it is not expected to significantly affect the acquisition due to Westfield's clean credit profile [61][62] This summary encapsulates the key points discussed during the conference call regarding the acquisition of Westfield Bancorp by First Financial Bancorp, highlighting the strategic, financial, and operational implications of the deal.

Financial Data and Key Metrics Changes - Mastercard reported strong financial performance with a 25% adjusted EPS CAGR on a currency neutral basis for the three years ending 2024 [46] - The company achieved an 18% currency neutral adjusted net revenue CAGR for the same period [46] - In 2024, Mastercard returned $13.5 billion to shareholders through buybacks and dividends, totaling over $90 billion since its IPO in 2006 [47] Business Line Data and Key Metrics Changes - Services accounted for close to 40% of net revenue in 2022, reflecting a healthy growth pace [37] - The company processed over 159 billion transactions, growing both volumes and transactions by 11% on a local currency basis [45] - Mastercard issued over 3.5 billion cards and had approximately 150 million acceptance points globally [45] Market Data and Key Metrics Changes - Mastercard generates around 70% of its net revenue outside the United States, indicating strong international presence [33] - The company is expanding its domestic switching capabilities across China, enhancing its global acceptance [33] Company Strategy and Development Direction - Mastercard's strategy focuses on three key areas: consumer payments, commercial new payment flows, and value-added services and solutions, which are expected to drive growth [62] - The company emphasizes innovation and trust as core components of its competitive differentiation in the digital economy [38][42] - Mastercard is investing in stablecoin integration and partnerships to enhance its offerings in the digital asset space [56][57] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of adapting to geopolitical and macroeconomic changes while maintaining a diversified business model [62] - The company is optimistic about the growth potential in digital payments and the integration of stablecoins into mainstream finance [53][59] Other Important Information - The stockholder proposals for a racial equity audit report and a report on affirmative action risks were not approved [24] - Mastercard has been recognized as one of the most trusted companies in America by Forbes and Newsweek for 2025 [44] Q&A Session Summary Question: How does Mastercard approach executive compensation? - The primary objective of the compensation program is to attract, motivate, and retain executives, ensuring alignment with business strategy and performance metrics [51][52] Question: What are the opportunities and risks associated with stablecoins? - Stablecoins present exciting growth opportunities, and Mastercard is integrating them into its network to provide secure and reliable payment experiences [53][54][56] Question: Is Mastercard ready to adapt to a changing political environment? - Mastercard does not take political stances but operates to serve all geographies, respecting a range of political views grounded in goodwill and tolerance [60][61] Question: What will be the main growth drivers in the coming year? - Key growth drivers include consumer payments, commercial new payment flows, and value-added services, which are expected to fuel long-term growth [62]

智通财经APP获悉，利嘉阁地产研究部主管陈海潮表示，今年一季度，香港私宅落成量达香港差估署预 测(全年20862伙)的34%，预计年内有不少大型项目将陆续取得入伙纸，包括将军澳日出康城12B 期"PARK SEASONS"(685伙)及12A期"SEASONS PLACE"(650伙)、元朗"柏珑III"(680伙)、长沙湾"晓柏 峰"(492伙)等，加上其他中小型项目，初步估计今年落成量约2万至2.1万伙水平，可达到与香港差估署 预测相近数字。 （原标题：利嘉阁：初步估计今年香港私宅落成量约2万至2.1万伙） 根据资料显示，4月份香港共有5个私宅项目正式落成，当中规模最大的是长沙湾"Belgravia Place I期"， 涉及714伙；其次为涉及658伙的油塘"亲海駅II期"。至于，大角咀"利奥坊.首隅"(234伙)、深水湾道6号 (2伙)及何文田布力架街36A号(2伙)亦于期内竣工。 按地区划分，今年前四个月九龙区共有16个项目、合共6729个单位落成，占整体比例约94.8%；港岛区 共有5个项目落成，涉及单位总数368伙，占同期整体私宅落成量约5.2%；新界区则暂未有私宅项目落 成。 根据香港屋宇署的 ...