特朗普，传来多则消息！ 据外媒最新消息，美国总统特朗普5月11日在社交媒体上发文称，他将大幅增加与印度、巴基斯坦的贸易。 另据环球网援引法新社报道，俄罗斯总统普京提议俄乌双方于15日在土耳其伊斯坦布尔重启直接谈判后，特朗普就 俄乌冲突作出表态。特朗普在社交媒体上发帖称，他将继续与俄罗斯和乌克兰开展工作，以结束俄乌冲突。 据环球网，韩联社援引日本《朝日新闻》10日消息称，日本首相石破茂原计划在6月与美国就关税问题达成协议，但 目前已转为以7月达成协议为目标。多名日本政府相关人士透露，在第二轮日美关税谈判结束后，石破茂向身边人转 达"没必要急于（与美方）达成协议"的想法。 报道称，鉴于特朗普推动的高关税措施在美国国内引发强烈反弹，日本政府倾向于更为谨慎地评估美方立场的变 化。一名高级官员预测，随着美方设定的关税宽限期临近，美国国内的反对舆论可能进一步升温，"特朗普有可能改 变立场"。 特朗普：将大幅增加与印度、巴基斯坦的贸易 值得关注的是，在美国与英国达成一份贸易协议后，美国商务部长卢特尼克5月9日表示，印度为达成贸易协议"非常 努力"，有可能成为下一个达成协议的国家之一。卢特尼克还表示，与韩国和日本的贸易协议可 ...

近日，四川农业大学的一个小举措，得到该校广大师生的点赞——该校师生通过学校网络理政平 台"校园百事通"反映都江堰校区食堂轻食窗口不足的问题。收到问题反映后，都江堰校区后勤部门立即 行动，在校区银杏餐厅设立轻食窗口，方便了该校区师生的就餐。 开展深入贯彻中央八项规定精神学习教育以来，四川农业大学为了全面深入查摆问题，充分运用纪 检监察、校内巡察、审计监督、财会监督、督促检查、调查研究以及校长信箱、校园百事通、处长面对 面等途径，畅通"意见线上提、督查实地访、数据云端汇"立体化渠道，全面深入查找问题，以务实作风 不断推动问题解决。 在开展深入贯彻中央八项规定精神学习教育中，四川各地各部门坚持对标"查有力度"要求，进一步 找准差距、深挖根源，全面深入查找落实中央八项规定及其实施细则精神方面存在的问题，结合实际加 强警示教育，认真开展剖析，找准问题症结，弄清根源所在。 经济和信息化厅结合当前省委对厅党组开展常规巡视的契机，结合全年中心工作实际和以案促改、 机关作风整治提升年等行动，扎实搞好警示教育和案例剖析，全面深入查摆突出问题，深挖细查责任不 实、制度不严、作风不硬的根源。 民政厅明确，要发扬自我革命精神，坚持刀刃 ...

Financial Data and Key Metrics Changes - The company reported revenue of $1,360,000,000 for the quarter, reflecting a 3% organic growth year over year [6][30] - Adjusted EBITDA margin was 13.7%, in the upper end of the near-term guidance range [6][30] - Adjusted EPS was $2.01, compared to $1.57 for the prior year period [30][42] Business Line Data and Key Metrics Changes - U.S. Federal Services segment revenue increased by 10.9% to $778,000,000, driven by strong clinical assessments [33] - U.S. Services segment revenue decreased to $442,000,000, reflecting normalization after last year's Medicaid unwinding [35] - Outside the U.S. segment revenue decreased to $142,000,000, but organic growth was 4.6% [36] Market Data and Key Metrics Changes - The total pipeline of sales opportunities was $41,200,000,000, with approximately 55% representing new work [26] - Signed awards totaled $2,900,000,000 of total contract value through the second quarter [25] - The book to bill ratio was approximately 0.8 times, showing improvement from previous periods [26] Company Strategy and Development Direction - The company is focused on leveraging technology and innovation to drive efficient operations and enhance customer satisfaction [8][12] - MAXIMUS FORWARD initiatives aim to modernize programs through technology and performance-based contracting [7][8] - The company is exploring opportunities for efficiencies and innovation in response to government inquiries [13][14] Management's Comments on Operating Environment and Future Outlook - Management maintains a cautious view for the second half of the fiscal year due to evolving operating conditions [14][42] - The company anticipates a normalization in cash flow and collections in the fourth quarter [38][43] - There is optimism regarding the pipeline of opportunities, with an uptick in business proposals volume [29][30] Other Important Information - The company has been recognized by Fortune as one of America's most innovative companies, highlighting its commitment to operational innovation [27] - Cash provided by operating activities was $43,000,000, with free cash flow of $26,000,000 for the quarter [37] - The company ended the quarter with total debt of $1,510,000,000, yielding a net leverage ratio of 1.9 times [41] Q&A Session Summary Question: How should the market think about the guidance and weightings between Q3 and Q4? - Management indicated that the guidance reflects Q2 overperformance while maintaining a cautious approach for Q3 and Q4 due to visibility into potential moderation in clinical volumes [51][52] Question: Can you provide more color on the margin performance in the quarter? - The strong margin performance was attributed to increased volumes and investments in technology that improved operational efficiencies [55][56] Question: Are there potential delays in new work coming into the pipeline? - There has been some slowdown in the civilian agency space, but the company is still seeing opportunities and contract extensions that benefit incumbents [60][62] Question: What are the drivers behind the organic growth in the Outside the U.S. segment? - The organic growth was primarily driven by the functional assessment services contract in the UK, which provides a modest revenue increase compared to the predecessor contract [67]

Financial Data and Key Metrics Changes - The company reported revenue of $1,360,000,000 for the quarter, representing a solid 3% organic growth year over year [5][25] - Adjusted EBITDA margin was 13.7% in Q2, in the upper end of the near-term guidance range [5][25] - Adjusted EPS was $2.01 for the quarter, compared to $1.57 for the prior year period [25][28] Business Line Data and Key Metrics Changes - U.S. Federal Services segment revenue increased 10.9% to $778,000,000, all organic growth, driven by strong performance in clinical assessments [28] - U.S. Services segment revenue decreased to $442,000,000, reflecting the prior year's outsized growth from Medicaid unwinding [29] - Outside the U.S. segment revenue decreased to $142,000,000, but organic growth was 4.6% due to healthier components remaining [30] Market Data and Key Metrics Changes - The total pipeline of sales opportunities was $41,200,000,000, with approximately 55% representing new work [22][23] - Signed awards totaled $2,900,000,000 of total contract value through the second quarter [21] - The book to bill ratio was approximately 0.8 times, showing improvement from previous periods [22] Company Strategy and Development Direction - The company is focused on modernization through technology and performance-based contracting, aligning with government efficiency initiatives [6][10] - MAXIMUS FORWARD transformation emphasizes technology and innovation to drive efficient operations and customer satisfaction [7][10] - The company is exploring opportunities for efficiencies, consolidation, and innovation in response to government inquiries [11][12] Management's Comments on Operating Environment and Future Outlook - Management maintains a cautious view for the second half of the fiscal year, reflecting ongoing uncertainties in the operating environment [12][36] - The company anticipates a normalization in cash flow and collections in the fourth quarter, following delays in administrative processes [32][36] - There is optimism regarding the pipeline of opportunities, with an uptick in business proposals volume [25][56] Other Important Information - The company has been recognized by Fortune as one of America's most innovative companies, highlighting its commitment to operational innovation and technology [23] - Cash provided by operating activities was $43,000,000, with free cash flow of $26,000,000 for the quarter [31] - Total debt at the end of the quarter was $1,510,000,000, yielding a net total leverage ratio of 1.9 times [35] Q&A Session Summary Question: How should the market think about the guidance and weightings between Q3 and Q4? - Management indicated that the guidance reflects Q2 overperformance while maintaining a cautious approach for Q3 and Q4 due to visibility into potential moderation in clinical volumes [44][46] Question: Can you provide more color on the margin performance drivers? - The strong margin performance was attributed to increased volumes and investments in technology that improved operational efficiency [49][50] Question: Are there potential delays in new work coming into the pipeline? - There has been some slowdown in the civilian agency space, but the overall pipeline volume remains healthy, with a 25% increase in proposals in preparation [53][54]

Core Viewpoint - The U.S. Federal Human Resources Agency is preparing to launch improved software under the guidance of the Department of Government Efficiency (DOGE) to expedite the government termination process [1] Group 1 - The initiative aims to enhance the efficiency of the government’s employee termination procedures [1] - The new software is expected to streamline the process, potentially reducing the time and resources required for terminations [1]

Core Points - Jiangxi issued a 5-year special local government bond for urban renovation with a scale of 659.27 million, an issuance rate of 1.5800%, and a marginal multiple of 1.85, compared to an expected multiple of 1.63 [1] - Jiangxi issued a 7-year special local government bond for urban renovation with a scale of 1.06901 billion, an issuance rate of 1.6400%, and a marginal multiple of 1.51, compared to an expected multiple of 1.69 [1] - Jiangxi issued a 10-year high-quality development special local government bond with a scale of 45.42 million, an issuance rate of 1.8300%, and a marginal multiple of 3.89, compared to an expected multiple of 1.76 [1] - Jiangxi issued a 15-year high-quality development special local government bond with a scale of 180.80 million, an issuance rate of 1.8500%, and a marginal multiple of 1.16, compared to an expected multiple of 1.96 [1] - Jiangxi issued a 20-year high-quality development special local government bond with a scale of 256.72 million, an issuance rate of 1.9700%, and a marginal multiple of 1.36, compared to an expected multiple of 2.05 [1]

专题研究 2025 年一季报 隐性债务监管高压态势不变强调防范"处置风险的风险" 地方政府债与城投行业研究 一季度地方债发行全景透视与后续展望 报告要点 后续发行展望 一季度地方债市场运行的四大特征 作者： 中诚信国际 研究院 | 袁海霞 hxyuan@ccxi.com.cn | | --- | | 汪苑晖 yhwang@ccxi.com.cn | | 闫彦明 ymyan01@ccxi.com.cn | 财政支出发力明显，关税博弈下仍有增量 空间——2025 年一季度财政数据点评， 2025-04-26 全面降准或率先落地，关税博弈下收益率 高波动或延续——一季度货币政策与利率 债回顾与下阶段展望，2025-04-22 一季度经济表现超预期，为全年打下良好 基础——2025 年一季度经济数据点评， 2025-04-16 开年财政表现：支出前置注重投资于人， 收入承压仍待政策发力——2025 年 1-2 月财 政数据点评，2025-03-28 2025年地方债务与财政领域的走势与关注 ——全国两会精神学习系列之二，2025-03- 06 2025 年政府工作报告的八大关注点——全 国两会精神学习系列之一，202 ...

Group 1 - Fujian issued a 5-year special local government bond for land reserve with a scale of 14.96432 billion, an issuance rate of 1.5800%, and a marginal multiple of 1.31, with an expected multiple of 1.61 [1] - Fujian issued a 30-year high-quality development special local government bond with a scale of 0.871 billion, an issuance rate of 2.0500%, and a marginal multiple of 1.10, with an expected multiple of 2.00 [1]

营商环境好不好，企业感受优先。 世界银行近期发布的一项针对2189家中国企业的调查结果显示，营商环境相关的59项测评点中，中国在电子支付、获得电 力、技能培训等领域的12项达到全球最优水平，在建筑许可、供水、互联网连接、创新等指标领域达到全球先进水平。 其中，对于上海企业的调查数据显示，上海绝大多数测评点优于全国及东部地区的平均水平，约有22项测评点达到全球最 优水平。 首次引入企业调查项目 2023年5月，全新的世行营商环境评估体系——营商环境成熟度（Business Ready）对外公布，围绕三大支柱，即监管框 架、为企业和市场提供的相关公共服务，以及在实践中的效率，评价各经济体的营商环境。这一新体系的重大突破之一就是首 次引入企业调查项目，企业调查结果将和专家咨询结果一起构成最终评价的数据来源。 "作为所有企业运行必不可缺的基础设施，供电是衡量营商环境的重要指标。"清研集团总经理朱琪分析，对于规模较大的 企业，早一天通电就早一天投入生产，相当于节约了成本；对于半导体等高精尖行业，稳定的电力供应更是企业生产的必要保 证。 "报告显示，上海企业填报的停电次数和停电时长均为0次，这意味着上海电力供应已达到世界 ...

分组1 - Geo Group reported quarterly earnings of $0.14 per share, missing the Zacks Consensus Estimate of $0.18 per share, and down from $0.18 per share a year ago, representing an earnings surprise of -22.22% [1] - The company posted revenues of $604.65 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 0.62%, and down from $605.67 million year-over-year [2] - Over the last four quarters, Geo Group has not surpassed consensus EPS estimates and has topped consensus revenue estimates only once [2] 分组2 - The stock has added about 8.5% since the beginning of the year, while the S&P 500 has declined by -4.7% [3] - The current consensus EPS estimate for the coming quarter is $0.20 on revenues of $617.93 million, and for the current fiscal year, it is $1.04 on revenues of $2.58 billion [7] - The Zacks Industry Rank indicates that the Government Services sector is currently in the bottom 9% of over 250 Zacks industries, suggesting potential underperformance [8]