INVESTOR PRESENTATION June 2, 2025 Sugarmont Apartments – Salt Lake City, UT SAFE HARBOR STATEMENT & LEGAL DISCLOSURES Certain statements in this presentation are based on Centerspace's current expectations and assumptions, and are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions, or other items related to the futur ...

Core Argument - The centralized internet is facing potential collapse due to infrastructure issues, particularly as demand for computing power increases for machine learning and AI [1][2] Group 1: Infrastructure and Market Dynamics - A new decentralized infrastructure based on blockchain is proposed as a solution to the inefficiencies of centralized systems [2] - Major technology companies like Alphabet, Meta, and Apple may be at risk due to their centralized "walled garden" systems [2] - The emergence of blockchain technology presents an investment opportunity in a new economy, with Bitcoin's price action indicating early stages of this transition [3] Group 2: Company Analysis - NVIDIA - NVIDIA is positioned uniquely in the blockchain space, with a 12-month stock price forecast of $173.69, indicating a 20.48% upside [4] - The company's revenue is primarily driven by AI chips and data centers, but it also plays a role in cryptocurrency mining [5] - Although blockchain currently contributes minimally to NVIDIA's revenue, it is expected to be a critical stock for future investments [5][8] Group 3: Company Analysis - Coinbase - Coinbase is the largest cryptocurrency exchange, with a 12-month stock price forecast of $277.33, reflecting a -9.84% downside [9] - As a centralized exchange, Coinbase faces regulatory scrutiny, which poses risks to its revenue, largely tied to volatile cryptocurrency trading [10] - Despite risks, Coinbase is positioned to play a significant role in the decentralized finance (DeFi) landscape, especially following regulatory developments [11] Group 4: Company Analysis - Riot Platforms - Riot Platforms offers indirect exposure to Bitcoin, with a 12-month stock price forecast of $17.35, suggesting an 87.16% upside [12] - The company operates one of the largest Bitcoin mining fleets, making it a leveraged play on Bitcoin's performance [13] - Riot Platforms could benefit from both price appreciation and clearer policy as Bitcoin gains acceptance [13]

Core Insights - Natural Grocers has been a reliable source for organic and natural groceries in Southwest Kansas City since its opening in 2015, adhering to its Five Founding Principles [1][5] - The company celebrates its 10th anniversary in the Mission community, highlighting the alignment of its values with the community's focus on health and wellness [2] Company Overview - Founded in 1955, Natural Grocers by Vitamin Cottage, Inc. (NYSE: NGVC) specializes in natural and organic groceries, body care products, and dietary supplements, with strict quality guidelines [5] - The company operates 169 stores across 21 states, providing USDA-certified organic produce and pasture-raised dairy products [5] Anniversary Promotions - To celebrate its 10th anniversary, Natural Grocers is offering limited-time deals for {N}power members, including surprise offers and $10 deals from June 27 to June 29 [3][4] - Customers can join the {N}power rewards program for free to access these offers, which include specific product discounts [4][7]

【海南】万宁市海域一天内救助两头海豚，搁浅原因还未查明 据央视新闻客户端消息，6月18日，在海南省万宁市神州半岛附近海域岸边，先后发现两头海豚搁浅， 目前两头海豚已送往南海水产研究所救助。当天12时20分，一头海豚在神州半岛海域附近的浅水区徘 徊，12时47分左右不幸搁浅。四小时后，距离救援点数公里外的另一处海滩上，另一头更小的点斑原海 豚被发现。它静卧在沙滩，海豚尾鳍无力垂落，几乎失去生命迹象，现场民警与渔政人员用担架将其迅 速转移。经现场测量，两只搁浅海豚均为点斑原海豚。第一头海豚体长约2米左右，第二头体型比第一 头稍小。目前，这两头点斑原海豚无法正浮，会侧翻，已制作助游浮具并有志愿者24小时陪护，搁浅原 因还未查明，接下来将通过血检、胃镜、B超等全面排查，以确定健康状况和搁浅原因。 【重庆】警方破获盗版会计教辅资料案，涉案金额2000余万元 据智通财经消息，记者从重庆市公安局九龙坡区分局获悉，该局近日破获一起侵犯会计教辅资料著作权 案，抓获犯罪嫌疑人4名，查缴盗版教辅资料1.2万余册。据介绍，2024年底，九龙坡警方接到线索，某 电商平台一家图书专营店涉嫌销售盗版会计教辅资料。警方侦查发现一团伙通过不法 ...

5月「智能制造」行业观察&综述 睿兽分析数据显示，2025年05月中国一级市场「智能制造」行业发生融资事件164个，比上月减少25个（下降13%），比去年同期增加6个（上升4%）。 已披露融资总额46.89亿元人民币，比上月减少13.63亿元人民币（下降23%），比去年同期增加13.64亿元人民币（上升41%）。 2025年05月,「智能制造」行业热门融资细分赛道主要为：高端制造设备（78个）、集成电路（49个）、航空航天（12个），其中航空航天行业较上月下 降较多 （下降37%） 。 一级市场热门地区主要为：江苏（31个）、广东（28个）、浙江（19个）、北京（17个）、上海（17个）。 阶段分布上：早期（126个）、成长期（32个）、后期（6个）。 2025年05月，全球范围内「智能制造」行业大额融资事件新增2个。全球范围内「智能制造」行业独角兽企业新增1家。 2025年05月，「智能制造」行业领域投资活跃的机构主要为：深创投（6个）、麓山投资（5个）、元禾控股（4个）、中科创星（4个）、联想创投（3 个）。 2025年05月，「智能制造」行业内2家中国企业完成IPO，与上月持平，比去年同期上升100%。 ...

——机械行业海关总署出口月报（十二） 机械行业 买入（维持） 2025 年 6 月 24 日 行业研究 5 月向北美地区出口同比降温明显，工程机械品类出口保持高景气度 作者 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 执业证书编号：S0930524070006 021-52523836 lijiaqi@ebscn.com 分析师：庄晓波 执业证书编号：S0930524070018 0755-25310400 zhuangxiaobo@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 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 24/12 25/03 机械行业 沪深300 资料来源 ...

瑞财经 严明会 6月23日，江苏斯瑞达材料技术股份有限公司（以下简称：斯瑞达）北交所IPO，保荐机 构国海证券，保荐代表人蒋欣祥、韦璐，会计师事务所为容诚会计师事务所。 斯瑞达成立于2011年，注册资本5652.1万元，主要从事功能高分子材料研发、生产及销售，国家级专精 特新"小巨人"企业。 公司本次拟募资4亿元，用于年产1600 万平方米高分子多功能涂层复合材料生产项目以及研发中心建设 项目。 高超，1973年出生，52岁，硕士研究生学历，工商管理专业。1996 年 5 月至 2008 年 8 月，任广西北海 银河科技股份有限公司职员；2008 年 8 月至 2012 年 10 月，任广西银河集团有限公司投资管理部副总 经理；2003 年 8 月至 2023 年 4 月，任江苏澳冠集团有限公司执行董事兼总经理；2018 年 9 月至今，任 公司董事长。 高雅，1999年出生，26岁，硕士研究生学历，生物医疗工程专业。2021年8月至今，任公司董事；2024 年5月至 2025年2月，任公司董事、研发工程师；2025年2 月至今，任公司董事、轮岗至证券部。 业绩方面，2022年至2024年，公司营业收入分别为 ...

天眼查App显示，近日，江西福喜供应链有限公司成立，法定代表人为陈思金，注册资本500万人民 币，上海喜星投资咨询有限公司、深圳市文思敏学科技有限公司持股。 序号股东名称持股比例1上海喜星投资咨询有限公司51%2深圳市文思敏学科技有限公司49% 企业名称江西福喜供应链有限公司法定代表人陈思金注册资本500万人民币国标行业交通运输、仓储和 邮政业>装卸搬运和仓储业>装卸搬运地址江西省鹰潭市贵溪市冶金路15号中部地区有色金属交易中心8 楼北面1号企业类型其他有限责任公司营业期限2025-6-23至无固定期限登记机关贵溪市市场监督管理局 来源：金融界 经营范围含许可项目：免税商品销售，保税仓库经营，食品销售，粮食加工食品生产，饲料生产，农作 物种子进出口（依法须经批准的项目，经相关部门批准后在许可有效期内方可开展经营活动，具体经营 项目和许可期限以相关部门批准文件或许可证件为准）供应链管理服务，国内贸易代理，有色金属合金 销售，高性能有色金属及合金材料销售，石油制品销售（不含危险化学品），金属矿石销售，金属制品 销售，农副产品销售，林业产品销售，煤炭及制品销售，初级农产品收购，国内货物运输代理，货物进 出口，进出口 ...

Core Insights - Costco's shares have seen a significant increase of 40% in 2024 and an additional 7% in 2025, outperforming the S&P 500's 2% growth, driven by a robust membership model and value-oriented offerings [3][4] - In fiscal Q3 2025, Costco reported revenues of $63.2 billion and an operating profit of $2.5 billion, with $1.2 billion coming from membership fees, highlighting the importance of recurring revenue [3][5] - The company's valuation is high, trading at 55 times earnings and 59 times free cash flow, resulting in a cash flow yield of only 1.7%, which raises concerns about potential volatility [4][9] Business Model Strength - Costco achieved earnings per share of $4.28 in Q3 2025, a 13% year-over-year increase, with comparable-store sales rising by 8% and e-commerce growing nearly 15% [5][6] - Membership renewal rates are strong at 92.7% in the U.S. and Canada, and 90.2% globally, with total household memberships increasing by 6.6% [5] Competitive Positioning - Costco's U.S. same-store sales growth of 8% outperformed Walmart's 4.5% and Target's decline of 3.8%, indicating the effectiveness of its warehouse model for value-oriented consumers [6] - The company operates 905 warehouses globally, leveraging thin margins and its private-label brand, Kirkland Signature, to maintain pricing advantages [7] Supply Chain and Operational Efficiency - Costco's supply chain flexibility allows it to manage tariffs effectively, with two-thirds of merchandise sourced domestically and limited exposure to trade risks [8] - The company is localizing Kirkland production and experiencing steady demand for essential goods, which supports its pricing power [8] Valuation Concerns - Despite solid revenue growth, Costco's expansion has slowed to less than 3% for the fiscal year, raising questions about the sustainability of its high valuation [9] - If comparable sales growth trends towards mid-single digits, investor confidence and Costco's valuation multiple may face pressure [9]

分析师：姚 遥 执业编号：S1130512080001 联系人：彭治强 2025/6/24 1 2 核心观点：短中长期逻辑兼备， 坚定看好风电板块性机会 需求内强外盛，景气持续向上 6 3 • 当前时点，我们认为风电板块具备值得坚定看好的短、中、长期三重逻辑： • 短期逻辑：强势半年报及下半年业绩展望。年中市场关注度逐渐聚焦企业半年报，风电板块受益于上半年国内项目开工旺盛、 两海收入占比提升、部分零部件提价落地等因素，预计Q2业绩同环比增长普遍乐观，部分在25Q1即展现业绩改善弹性公司的强 势股价表现，对板块形成积极示范效应，且有望在半年报前后向整个风电板块扩散。 • 中期逻辑（核心）：此前造成风电板块投资体感较差的三大因素，在过去半年到一年内均出现明显反转。 • 1）风机价格战带动的产业链通缩转向通胀：因风机快速大型化及价格战，21-24年国内陆风机组价格从3000-4000元/kW快速下降至 1000-2000元/kW，带动上游零部件、塔筒等环节一起通缩；然而，伴随大型化趋缓、企业自律、业主对风机质量和运维成本重视 度提升，风机价格从24Q4开始持续回暖，我们统计25年4-5月陆风机组中标均价较24年全年 ...