Group 1 - The announcement from Yuekai Securities on July 1 confirmed the establishment of a new board of directors and executive team, with six existing members reappointed and Su Feng appointed as Vice President and Secretary of the Board [1] - Su Feng has over 33 years of experience in the financial industry, having held key positions in both banking and securities, including roles at the People's Bank of China and Yuekai Securities [1] - Guo Chuan Zhou, the chairman of the controlling shareholder Guangzhou Development Zone Holdings Group, was appointed as the chairman of Yuekai Securities, reflecting a leadership adjustment within the group [1] Group 2 - Guo Chuan Zhou, at 39 years old, is the youngest chairman in the company's history, and the management team features a balanced age distribution with experienced executives and younger leaders [4] - The management structure includes senior executives with extensive industry experience, mid-level leaders in their prime, and younger talents, ensuring stability and innovation in decision-making [4] - Yuekai Securities has shown significant recovery in performance, with a projected revenue of 886 million yuan for 2024, a year-on-year increase of 29.35%, and a net profit of 132 million yuan, up 282.7% [4][7] Group 3 - The revenue structure for 2024 indicates a balanced distribution, with net commission income at approximately 406 million yuan (45.8%), net interest income at about 332 million yuan (37.4%), and net investment income around 184 million yuan (20.8%) [7] - The company's net assets increased slightly from 5.515 billion yuan at the end of 2023 to 5.677 billion yuan in 2024, with a return on equity rising to 2.35%, an increase of approximately 1.7 percentage points from 2023 [4]

京东家装用"自营模式+开放平台"双轮驱动，硬生生撕开了一道裂缝：618期间北京双店开业3天接待超1500组客户，签单达成率110%，家装费用直降 30%。 自营——成为京东快速赢战家装的重要武器。目前，京东家装自营品牌以"京东自营全屋定制两个系列矩阵+京品门窗+京悦暖"自营品牌为支点，联合全 球家居好物旗舰店"京东101HOME"，构建起了覆盖硬装主材、定制服务、软装搭配的京东家装自营四大品牌矩阵。 在门店基础上，京东又同步发布了"京东家装全链路自营战略"，通过源头直连头部厂商，整合仓、配、送一体供应链能力，实现板材、瓷砖、家电等全品 类源头控价，相当于直接抄起供应链这把"屠龙刀"，砍掉中间商，让利消费者。 万亿家装市场迎来"鲨鱼级"玩家。 近日，京东收购生活家获无条件批准。从2019年布局家装节到2025年自营门店落地、全链路战略发布，京东步步为营。此次收购直击"线上流量+线下服 务"命脉，电商巨头与家装老炮联手，行业洗牌在即。 01 自营模式——破局家装乱象的利刃 传统家装为何贵?层层加价、信息不透明是元凶。 这与家居新范式的观点不谋而合：家装行业的未来，不是卖货，而是"卖生活"。 这点从北京南三环的京东 ...

Core Viewpoint - The establishment of the Sustainable Aviation Fuel (SAF) Special Committee aims to promote the development of sustainable aviation fuel, which is crucial for achieving global aviation emission reduction targets and ensuring energy security [1][2]. Group 1: Industry Initiatives - The Ministry of Transport hosted the 17th International Transportation Technology and Equipment Exhibition, where China Energy Construction (China Energy) focused on sustainable fuels for maritime and aviation sectors [1]. - China Energy, as a leading entity in energy and infrastructure, is committed to driving innovation and green transformation in the transportation energy sector [1][2]. - The SAF industry development initiative was launched in collaboration with major industry players, advocating for deep collaboration from raw materials to end applications [3]. Group 2: Technological and Collaborative Efforts - The SAF Special Committee aims to integrate industry chain forces to create a "technology innovation-industry collaboration-value sharing" ecosystem [2]. - The initiative emphasizes technological innovation, particularly in second-generation biofuels and eSAF, to enhance production efficiency and reduce costs [3]. - China Energy has established a collaborative innovation center for sustainable fuels and is involved in various strategic projects, including the world's first 100,000-ton green aviation fuel demonstration project [1][4]. Group 3: Demonstration Projects - China Energy is advancing the industrialization of sustainable fuels through demonstration projects, including the largest green hydrogen and ammonia integrated project globally [4]. - The company is also developing a biomass green alcohol oil demonstration project in Shenyang, with plans for significant production capacities of green methanol and aviation fuel [4]. - The dual-use project in Shuangyashan is significant for addressing challenges in sustainable aviation fuel supply and renewable energy utilization [4].

宏观研究 证 券 研 究 报 告 【宏观快评】 审计工作报告观察 事 项 6 月 24 日，受国务院委托，审计署侯凯审计长向十四届全国人大常委会第十六 次会议作了《国务院关于 2024 年度中央预算执行和其他财政收支的审计工作 报告》（下称"工作报告"）。 主要观点 我们观察，工作报告呈现的重大违纪违法问题和审计整改情况（涉案数、人、 金额等）在近 5 年居中；通过披露若干相关具体案例，充分展示了当前审计工 作的细致度和震撼力。 ❖ 一、什么是审计工作报告？ 审计针对谁？主要是财政。"维护国家财政经济秩序，提高财政资金使用效益， 促进廉政建设，保障国民经济和社会健康发展"（《审计法》第一条）。 审计工作谁来做？审计署牵头。根据《审计法》第七条，国务院设立审计署， 在国务院总理领导下，主管全国的审计工作（审计长是审计署的行政首长）。 审计署向谁汇报、汇报什么？向总理提出财政预决算和收支情况的结果报告。 根据《审计法》第十九条：审计署在国务院总理领导下，对中央预算执行情况、 决算草案以及其他财政收支情况进行审计监督，向国务院总理提出审计结果报 告（地方各级审计机关向本级人民政府和上一级审计机关提出审计结果报告）。 ...

文 | 厚雪商业 等了10年，无人驾驶领域终于等来了"关键时刻"。 6 月 22 日，特斯拉 Robotaxi 在美国奥斯汀南部启动运营，10 辆 2025 款 Model Y 组成的无人驾驶车队 在限定区域载客运营。 几乎同时，中国市场传来新动态：哈啰联合蚂蚁集团、宁德时代成立上海造父智能，正式入局Robotaxi 赛道，聚焦 L4 级自动驾驶技术的商业化落地。 行业热闹起来了。如今的Robotaxi领域已集结特斯拉、谷歌 Waymo、百度萝卜快跑、滴滴、文远知行 等国内外玩家。高盛发布的报告显示，全球Robotaxi市场预计将迎来爆炸式增长，到2030年市场规模有 望达到400亿至457亿美元，复合年增长率（CAGR）超过60%。 当行业从技术验证期迈向规模化落地阶段，如何突破技术安全瓶颈、优化商业化路径、构建可持续的运 营生态，将成为所有参与者必须跨越的新关卡。毕竟，这场十年长跑的下半程，比拼的不仅是速度，更 是穿越周期的耐力与韧性。 Robotaxi进入黄金十年 Robotaxi在中美都已不是新鲜事物。英伟达CEO黄仁勋曾表示，未来十年将是无人驾驶汽车（AV）、机 器人和自主机器的时代。 这场技术竞赛 ...

Group 1 - The Central Financial Committee's sixth meeting emphasizes the development of a national unified market and the high-quality development of the marine economy, highlighting the importance of marine economic growth for China's modernization [1] - The marine biomedicine sector is recognized as a significant area for development, with projections indicating that the market size in China will reach approximately 33.1 billion yuan in 2024, representing a 20% year-on-year growth [1] - Companies in the marine biomedicine industry, such as Sea King Biological (000078), Blue Ocean Biological (603739), and Chengyi Pharmaceutical (603811), are positioned to benefit from policy support and are undergoing value reassessment [1][2] Group 2 - Chengyi Pharmaceutical, as the first listed company in Zhejiang Province focused on marine biomedicine, has developed a strong presence in the sector, particularly with its core product, glucosamine hydrochloride, derived from natural sources like crab and shrimp shells [2] - The company has established a comprehensive supply chain from raw material extraction to drug formulation, enhancing its competitive edge in the marine biomedicine market [2] - Oriental Ocean is also gaining market attention, with its operations in marine seed breeding, aquatic product processing, and biotechnology, and has established collaborations with leading research institutions to enhance its research and development capabilities [3]

本报讯 （记者王宁）今年上半年，A股市场主要指数普遍表现偏强，年初由AI热点驱动科技资产估值走强，再到由新消费 和创新药引领的板块轮动，市场整体表现出较强韧性。近日，淡水泉（北京）投资管理有限公司（以下简称"淡水泉投资"）发 布最新研报表示，今年上半年A股市场交投情绪明显好于去年，而市场活跃度提升意味着赚钱效应的显现。同时，投资机会较 以往也明显增多，例如成长类资产呈现估值提升态势，从科技、新能源汽车，再到消费和医药，不同行业均表现出较明显投资 机会，资金积极寻找各领域具有的增长潜力。 淡水泉投资认为，接下来，市场中的新兴成长机会有望从当前共识度较高的新消费和创新药，进一步泛化到科技和周期工 业领域。未来看好AI产业链、国产半导体设备、芯片等科技方向的投资机会，也关注高端制造带来的成长机会。此外，少数具 备周期成长属性的龙头公司，与新兴成长主线也将进行关注，这类资产估值向上的弹性动能更加明显。 （编辑 张明富） "二季度A股市场热点是新消费，部分新消费企业凭借敏锐的洞察和优质产品供给，适应了个性化、多元化消费新趋势的兴 起，其商业模式、行业空间、高盈利增长等特征与市场对成长景气的偏好高度契合。"淡水泉投资认为 ...

·国投期货：贵金属延续反弹关注美国6月就业数据 ·铜冠金源期货：短期金银价格反弹的持续性存疑 ·新湖期货：短期金价可能会迎来一定的反弹中长期黄金可能仍偏强 ·汇丰银行：将2025年黄金均价预测从每盎司3015美元上调至3215美元 ·Marex：美国债务上升预期利好金价 【机构分析】 ·国投期货表示，隔夜美元刷新近三年新低，贵金属延续反弹，不过在美国公布经济数据后有所回落。 ISM制造业PMI49、职位空缺上升至去年11月以来最高水平均超预期，体现经济韧性。鲍威尔讲话重申 在经济依然稳健的情况下美联储选择保持耐心，无法断言7月降息是否为时过早，下一步行动将完全取 决于数据表现。今日关注美国6月ADP就业数据。 ·铜冠金源期货表示，当前贸易依然不稳定，特朗普威胁对日本加征关税加剧贸易担忧，昨日鲍威尔言 论未排除7月降息可能，金价受到提振连续两个交易日上涨。近期美国重要经济数据较多，市场波动率 可能加大，短期金银价格反弹的持续性存疑，等待更多信息的指引。 ·新湖期货表示，隔夜伦敦现货金价延续反弹走势，收涨至每盎司3300美元上方。美国参议院通过大漂 亮＂法案，法案当前被递交至众议院进行修改。美国5月职位空缺意外创 ...

《浙江省人民政府办公厅关于促进政府投资基金高质量发展的实施意见》近日发布，其中提出，发展耐 心资本。充分发挥政府投资基金作为长期资本、耐心资本的跨周期和逆周期调节作用，结合浙江省资源 禀赋，积极争取全国社会保障基金、保险资金以及各类国家级基金在浙江省落地或联合设立子基金。对 于需要长期布局的领域，在政策范围内可采取接续投资、合理延长存续期等方式，确保投资延续性，支 持被投企业长期发展。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 TSE SUI LUEN JEWELLERY (INTERNATIONAL) LIMITED 謝瑞麟珠寶（國際）有限公司* （於百慕達註冊成立之有限公司） （股份代號：417） 截至2025年3月31日止年度末期業績公告；及 提名委員會組成之變動 | 財務概要 | | | | --- | --- | --- | | | | 3月31日止年度 | | | 2025年 | 2024年 | | | 港幣千元 | 港幣千元 | | 營業額 | 1,712,297 | 2,654,627 | | 經營虧損 | (92,224) | (256,929) | | 本公司擁有人應佔虧損 | (197,752) | (374,198) | | 每股基本虧損 | (79.4)港仙 | (150.2)港仙 | | 本公司擁有人應佔權益總額 | 354,025 | 553,725 | | 本公司擁有人每股應佔權益 | 港幣1. ...