Fundraising Overview - The company has successfully raised a total of RMB 332,317,440.31 through a non-public issuance of 75,446,428 shares at a price of RMB 4.48 per share, approved by the China Securities Regulatory Commission [1] - The funds have been verified and confirmed by an accounting firm as of September 8, 2022 [1] Fund Management and Usage - The company has established a special account for the management and use of the raised funds, signing a tripartite supervision agreement with China Merchants Bank [1] - A four-party supervision agreement was also signed with various banks to ensure proper management of the funds [2] Fund Allocation Changes - On June 12, 2023, the company held a shareholder meeting to approve the reallocation of unused funds from the "Headquarters Office Project" to new projects, including the "Liangzi Lake Ecological Environment Governance Project Phase I" and "S203 Ezhou Section Green Special Project" [2] - The company has also established new special accounts for the management of these funds [2] Fund Account Closure - On April 22, 2025, the company decided to permanently supplement its working capital with surplus funds from completed projects, leading to the closure of related special accounts [4] - The closure of these accounts was completed after all funds were transferred out, and the relevant supervision agreements were terminated [5]

Core Viewpoint - The credit rating report for Tianjin Green Landscape Ecological Construction Co., Ltd. indicates a stable credit outlook, supported by the company's comprehensive qualifications in the ecological landscape industry and a solid order backlog, despite facing certain financial pressures related to project funding and receivables collection [3][6][7]. Company Overview - Tianjin Green Landscape has established a complete ecological industry chain covering planning, design, technical research, seedling cultivation, construction, and maintenance [5][16]. - As of the end of 2024, the company had a total contract value of 36.06 billion yuan, with significant projects in municipal greening and ecological restoration [5][17]. Financial Performance - The company reported total assets of 40.64 billion yuan and equity attributable to shareholders of 23.69 billion yuan as of March 2025 [3][19]. - The operating income for 2024 was 4.01 billion yuan, with a net profit of 1.01 billion yuan, reflecting a decrease of 12.06% year-on-year due to increased asset impairment provisions [3][20]. - The gross profit margin improved by 7.76 percentage points to 46.40% in 2024, maintaining a high level within the industry [5][20]. Cash Flow and Debt Management - The company has a strong cash position, with cash and cash equivalents totaling 10.07 billion yuan, accounting for 24.78% of total assets as of the end of 2024 [19][20]. - The net cash flow from operating activities was positive, indicating effective cash collection practices, although there are concerns regarding the timing of receivables due to local government funding arrangements [6][20]. Industry Context - The ecological landscape industry is supported by structural growth in infrastructure investment, with a projected 4.40% increase in such investments in 2024 [13][14]. - The industry faces challenges from low concentration and intense competition, particularly from larger state-owned enterprises, which may impact smaller firms' ability to secure high-quality projects [14][16]. Future Outlook - The company is expected to maintain a stable business outlook, with a strong order backlog and sufficient cash reserves to support ongoing operations [7][20]. - However, the reliance on government contracts and the potential for delayed payments pose risks to cash flow stability [6][20].

投资策略 流动性与仓位周观察——6 月第 3 期：资金延续净流出 资金净流出，交投活跃度下降。上周全 A 成交额 6.08 万亿，较前一 周下降，换手率 6.87%，较前一周下降，资金供给端中基金、ETF 净流入， 两融净流出；资金需求端 IPO 规模为 12.64 亿元，再融资规模 4238.28 亿 元。市场资金合计净流出 3891.24 亿元，流动性转弱。 国内流动性：上周公开市场操作净投放资金 1021 亿元，DR007 下行， R007 上行，R007 与 DR007 利差扩大，金融机构间流动性未见明显分层。 利差来看，10 年期国债收益率下降 5bp，1 年期国债收益率下降 1bp，国 债期限利差扩大；10 年期美债收益率下行，10 年期国债收益率下行，中 美利差倒挂程度减轻；市场预期 7 月美联储不降息概率至 85.5%。 2025 年 06 月 23 日 市场微观交易结构：换手率下降，成交额同步下降。 机构投资者：上周偏股型基金发行规模 256.74 亿元，规模较上一周 上升。 偏股型公募基金：上周加仓行业前三：银行、电子、食品饮料；上周 减仓幅度前三行业：医药生物、有色金属、农林牧渔。 杠杆 ...

Core Insights - The article highlights the transformation of the forestry economy in Huinan Town, Jilin Province, where local farmers have shifted from struggling with barren mountains to achieving prosperity through sustainable forestry practices [1][2]. Group 1: Economic Development - The Huinan Forestry Station has effectively promoted the development of the local forestry economy by providing policies, information, and technical support, leading to increased forest coverage and higher incomes for farmers [1]. - In 2017, Yongxing Village planted over 2,700 acres of red pine, with an expectation that 1,200 acres will enter the fruit-bearing stage by 2028, potentially generating stable income for villagers [1]. Group 2: Sustainable Practices - The forestry station has developed a plan for the cultivation of forest frogs in suitable areas, resulting in over 378 acres of frog farming, which has created a positive cycle of high quality and stable sales [2]. - The honey production sector has expanded to 300 hives across six households, generating an annual output value exceeding 200,000 yuan, with a focus on cooperative management and training [2]. Group 3: Future Prospects - The Huinan Forestry Station plans to explore compound management models, including the cultivation of medicinal herbs and fungi, to further tap into the economic potential of ecological resources [2].

杭州园林设计院股份有限公司 投资者关系活动记录表 | 投资者关系活动 | √ 特定对象调研 □ 分析师会议 | | | --- | --- | --- | | 类别 | □ 媒体采访 □ 业绩说明会 | | | | □ 新闻发布会 □ 路演活动 | | | | □ 现场参观√其他 （线上交流） | | | 参与单位名称及 | 光大证券研究所 孙伟风、鲁俊 | | | | 公晓晖 农银理财 | | | | 工银瑞信基金 高璐阳 | | | | 浦银理财 赵经通 | | | 人员姓名 | 仙人掌 姚跃 | | | | 华宝基金 郑雯 | | | | 陈心 重阳 | | | 时间 | 2025 年 6 月 20 日 （周五） 下午 15:05~15:40 | | | 地点 | 电话会议 | | | 上市公司接待人 | 副总经理、董事会秘书伍恒东 | | | 员姓名 | | | | 投资者关系活动 主要内容介绍 | 投资者提出的问题及公司回复情况: | | | | 1、请公司介绍参股公司杭州万林数链科技服务有限公司业 | | | | 务及上市进展情况。 | | | | 万林数链主营业务为区块链场景应用服务，具体包括商 ...

半 n 市 场 与 周一还将有1000亿元国库现金定存到期。央行行长潘功胜表示,过去 年,央行坚持稳健的货币政策立场,从量价结构等多维度实施多项举 措,有效支持经济持续回升向好,维护金融市场稳定。同时,央行着力 完善货币政策框架:优化中间变量、培育政策利率、提升传导效率、丰富 政策工具箱并加强沟通与预期引导。货币政策框架转型是一个渐进持续 的过程,未来将持续评估并完善。 | 品种 | 收盘价 | 较前一日变动 | 品种 | 收盘价 | 较前一日变 | | --- | --- | --- | --- | --- | --- | | | | (%) | | | 动(%) | | 沪深300 | 3847 | 0.09 | IF当月 | 3804 | 0.2 | | 上证50 | 2674 | 0.31 | IH当月 | 2637 | 0.6 | | 中证500 | 5640 | -0.66 | IC当月 | 5588 | -0.5 | | 中证1000 | 6000 | -0.80 | IM当月 | રેત્રેર | -0.6 | | IF成交量 | 93277 | -20.6 | IF持仓量 | 213382 ...

Group 1 - The core idea of the articles revolves around the urban greening initiatives in Jinan, particularly in the Lixia District, led by the Jinan Yitong Urban Construction Group, which focuses on enhancing the ecological environment and creating green spaces for residents [1][8][23] - The construction of various parks, including the Children's Friendly Park and Longding Riverside Park, aims to provide recreational spaces for families and children, promoting a harmonious relationship between nature and urban life [2][5][11] - The parks feature diverse flora and fauna, with high greenery rates, such as the 80% greenery rate in Tongxin Park, and are designed to cater to different age groups and activities, enhancing community engagement [5][7][11] Group 2 - The concept of "Pocket Parks" and small green spaces has become an essential part of the urban greening strategy, allowing residents to enjoy greenery close to their homes, thus fulfilling the vision of "seeing green from the window and entering parks upon stepping out" [11][13] - The integration of advanced technologies like big data and IoT in park management is being implemented to ensure efficient maintenance and enhance the user experience, including automated irrigation systems that save water [20][21] - The emphasis on cultural elements within parks, such as the display of Chinese cultural heritage in Tongxin Park, aims to create educational and recreational spaces that foster community spirit and cultural appreciation [7][23]

2025 年 6 月 23 日 晨会速递 总量研究 【宏观】如何解读 5 月份财政数据？——2025 年 5 月财政数据点评 5 月份财政收支同比增速均较上月回落，主要关注以下三点：其一，财政支出仍较为 强劲，兜底"三保"支出力度较强，但基建支出同比增速回落幅度较大，需关注地方 投资动能和意愿表现；其二，非税收入同比增速继续回落指向地方资金环境持续好转， 但税收收入同比增速依然不高，在加强征管之外仍需提振价格表现；其三，土地市场 改善并不持续，指向房地产市场向下"惯性"仍在，积极财政政策仍需择机推出。风 险提示：政策落地不及预期，重大项目开工不及预期。 【宏观】美联储在等待关税"冲击"——2025 年 6 月 FOMC 会议点评 美联储在 6 月会议如期按兵不动、将继续观察，点阵图也并未调整 2025 年的利率预 测。观察 5 月以来的数据，关税对消费的冲击已经逐步显现，对就业造成了结构性的 影响，但对通胀的影响尚未体现出来。我们理解，美联储依然在等待关税对通胀的"一 次性冲击"，并权衡其对于经济和就业的冲击，才会决策是否要推动降息。 【策略】被动型资金和个人资金仍是资金面的主要变量——资金面系列报告之四 公 ...

金融工程 当前，上证 50 的隐含波动率为 11.85%，相对于上周下跌了 0.88%。上证 500 的隐含波动率为 14.35%，相对于上周下跌了-1.59%。中证 1000 的隐含波动率 为 18.06%，相对于上周下跌了 0.42%。沪深 300 的隐含波动率为 12.64%，相 对于上周下跌了 0.73%。 我们统计了最近信号的次数和胜率。2025 年 6 月 9 日到 2025 年 6 月 13 日正 面信号共出现了 2699 次，未来高点平均胜率为 28.25%，负面信号出现 3525 次，未来低点平均胜率为 71.88%。 证 券 研 究 报 告 市场形态周报（20250616-20250620） 本周指数普遍下跌 本周市场回顾与最新信号 从本周的指数表现来看，本周指数普遍下跌，其中沪深 300 下跌 0.45%，中证 500 下跌 1.75%，中证 1000 下跌 1.74%。 从宽基择时策略来看，上证 50、恒生可持续发展企业指数、恒生香港 35 出现 看多信号，其余宽基信号为中性。 从行业形态择时策略来看，家电、综合、通信、纺织服装、消费者服务、交通 运输、石油石化出现看多信号，其余行业信 ...

2025 年 06 月 23 日 开源晨会 0623 ——晨会纪要 | 沪深300 | 及创业板指数近1年走势 | | | 吴梦迪（分析师） | | --- | --- | --- | --- | --- | | 沪深300 | | 创业板指 | | wumengdi@kysec.cn | | 64% | | | | 证书编号：S0790521070001 | | 48% | | | | 观点精粹 | | 32% | | | | 总量视角 | | 16% | | | | | | 0% | | | | 【宏观经济】科技与民生类支出提速——5 月财政数据点评-20250620 | | -16% | | | | 【策略】箱体震荡的突破契机，及当下的配置思路——投资策略周报-20250621 | | 2024-06 | 2024-10 | 2025-02 | | 【金融工程】稀土产业板块的资金行为监测——金融工程定期-20250620 | | 数据来源：聚源 | | | | | | | | | | 行业公司 | | 昨日涨跌幅前五行业 | | | | 【商贸零售】618 电商高质增长，强品牌龙头及新锐功效品牌突围—— ...