证券代码：688370 证券简称：丛麟科技 公告编号：2025-025 ● 回购股份资金来源：公司自有资金及股票回购专项贷款。 ● 回购股份用途：用于稳定股价，注销并减少注册资本。 ● 回购股份价格：不超过公司最近一期经审计且经除权除息调整后的每股净 资产，即 2024 年度每股净资产 19.09 元/股（含）。 ● 回购股份方式：拟通过上海证券交易所以集中竞价交易方式回购公司股份。 ● 回购股份期限：自公司股东大会审议通过本次回购方案之日起不超过 6 个 月。 ● 相关股东是否存在减持计划：经问询，公司董事、监事、高级管理人员、 实际控制人、持股 5%以上的股东在未来 3 个月、未来 6 个月均不存在减持公司股 票的计划。相关人员未来若拟实施股票减持计划，将按照中国证监会及上海证券 交易所的相关规定及时履行信息披露义务。 上海丛麟环保科技股份有限公司 关于稳定股价措施暨第二期以集中竞价交易方式回购 公司股份的回购报告书 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：本次回购资金总额不低 ...

Group 1 - The article discusses the establishment of the Jiangsu Yancheng Green Low-Carbon Industry Special Mother Fund, with a total scale of 2 billion yuan, aimed at promoting the development of strategic emerging industries in Jiangsu Province [1] - The fund will primarily invest in green low-carbon industries, including new energy, smart energy, new energy vehicles, and environmental protection [1] - The sub-fund scale is set at no less than 500 million yuan, with a minimum of 1 billion yuan for the southern Jiangsu region, and government contributions not exceeding 50% of the total [1]

股东方面，截至2025年3月31日，飞马国际股东户数65433户，较上次减少21962户，户均持股市值35.28 万元，户均持股数量2.76万股。 深圳市飞马国际供应链股份有限公司的主营业务是供应链管理服务和环保新能源业务。公司的主要产品 是垃圾发电。大同富乔，成功在固废领域特别是我国北方固废处置行业中，树立了较高的知名度和影响 力，先后荣获了住建部颁发的"中国人居环境范例奖"、教育部和环保部认定的"首批全国中小学生环境 教育实践基地""山西省优秀民营企业""山西省碧水蓝天先进企业"以及"国家资源循环利用基地单位"等 30余项荣誉称号，充分展现了公司在环保方面的积极贡献。 7月16日，飞马国际今日收盘2.88元，下跌4.32%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到357.11倍，总市值76.64亿元。 从行业市盈率排名来看，公司所处的环保行业行业市盈率平均53.49倍，行业中值31.93倍，飞马国际排 名第115位。 最新一期业绩显示，2025年一季报，公司实现营业收入5466.39万元，同比-12.13%；净利润-768247.93 元，同比-112.24%，销售毛利率29.66%。 ...

江苏中晟高科环境股份有限公司 章 程 二〇二五年七月 江苏中晟高科环境股份有限公司 章程 第一章 总 则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共 和国证券法》（以下简称《证券法》）和其他有关规定，制定本章程。 第二条 江苏中晟高科环境股份有限公司（以下简称"公司"）系依照《公 司法》和其他有关规定成立的股份有限公司。 公司由宜兴市鲸塘经济发展总公司、宜兴市鲸塘农机管理服务站、宜兴市石 油化工厂工会、许汉祥、吴法君以发起方式设立。公司在无锡市数据局注册登记 并取得营业执照，统一社会信用代码为 913202001428987092。 第三条 公司于 2015 年 6 月 24 日经中国证券监督管理委员会（以下简称 "中国证监会"）核准，首次向社会公众发行人民币普通股 22,300,000 股，于 2016 年 1 月 6 日在深圳证券交易所上市。 第四条 公司注册名称 江苏中晟高科环境股份有限公司 章程 目 录 江苏中晟高科环境股份有限公司 章程 中文名称：江苏中晟高科环境股份有限公司 英文名称：Jiangsu Z ...

从外部需求来看，6月出口同比增长5.8%，好于前值4.8%，充分体现了5月中旬中美贸易摩擦缓和带来 的积极影响，"抢出口"逻辑支撑出口韧性。短期看，8月上旬美国针对多国"对等关税"豁免期即将结 束，且加工贸易等前瞻指标继续向上，暗示出口韧性犹在，预计7月"抢出口"保持加速释放，出口同比 数据可能并不弱。中期看，8月中旬之后关税政策仍有较大不确定性，"抢出口"退坡效应或在豁免期后 有所显现，下半年出口整体或面临放缓的风险。因此，债券市场或聚焦国内政策应对，三季度"宽信 用"情绪的扰动或有加大。 从国内通胀来看，6月CPI同比小幅反弹并转正，环比略好于季节性，但PPI仍明显偏弱，继续受国内原 材料与能源价格拖累。6月PPI同比增长-3.6%，工业领域物价下跌压力未见缓解，价格仍在筑底周期。7 月初中央财经委员会第六次会议强调"推动落后产能有序退出"，"反内卷"政策若有效抑制无序竞争、推 动行业出清并促使价格回升，则将对通胀形成支撑，进而对债市构成冲击。 从金融数据来看，在企业和居民信贷需求回暖和政府债券融资维持高位的带动下，6月金融数据在总量 和结构层面均呈现出一定改善特征。6月社融新增4.20万亿元，同比多增0 ...

Group 1: 若羽臣 (Ruo Yu Chen) - The company expects a significant increase in net profit for H1 2025, projected between 0.63 to 0.78 billion yuan, representing a year-on-year growth of 62% to 100% driven by strong performance of its proprietary brands [1][3][29] - The proprietary brand "Zhenjia" has shown robust growth since its launch, with the introduction of a strategic product, scented laundry detergent, expected to further enhance brand performance [4][30] - The company has raised its earnings forecast for 2025-2027, estimating EPS of 0.79 (+0.02), 1.16 (+0.09), and 1.56 (+0.12) yuan, reflecting a higher growth potential compared to industry averages [2][29] Group 2: 瀚蓝环境 (Hanlan Environment) - The company anticipates a net profit of approximately 9.67 billion yuan for H1 2025, a year-on-year increase of about 9%, primarily due to the consolidation of Guangdong Feng Environmental Protection [7][26] - The acquisition of Guangdong Feng Environmental Protection is expected to enhance operational efficiency and contribute an additional 50 million yuan to net profit in June 2025 [7][27] - The company is actively pursuing cost reduction and efficiency improvement strategies, which are expected to sustain its growth trajectory [7][26] Group 3: 福田汽车 (Foton Motor) - The company forecasts a net profit of 7.77 billion yuan for H1 2025, an increase of approximately 87.5% year-on-year, driven by strong sales in heavy trucks and successful transitions to new energy vehicles [23][24] - Heavy truck sales reached 11,300 units in June, marking a year-on-year growth of 116.3%, with exports increasing by 135.7% [24] - The new energy vehicle segment saw sales exceeding 50,000 units, a year-on-year increase of 151%, positioning the company as a leader in the industry [24]

Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the **data infrastructure** sector and **scientific instruments** industry, with specific mentions of companies like **蓝颜文绍**, **聚光科技**, **网易科技**, **蓝派科**, and **海南技术**. Core Points and Arguments 1. **Data Infrastructure Support**: The government is set to support the construction of foundational, technological, and long-term data infrastructure at the local level, which is expected to benefit companies like 蓝颜文绍 due to their advantages in stable green electricity and land use [1] 2. **Performance of the Paid Sector**: The paid sector has shown stable profitability, with significant improvements in cash flow and a reduction in accounts receivable for 哈拉环境, indicating a positive trend in financial health [1] 3. **Free Cash Flow Improvement**: The free cash flow for the sector is expected to turn positive significantly in 2024 compared to 2023, with 10 out of 12 companies in the sector increasing their absolute dividend amounts [1] 4. **Scientific Instruments Amid Trade Tensions**: In the context of ongoing US-China trade tensions, the focus should shift from short-term policy impacts to the long-term support for foundational industries like scientific instruments, where domestic companies are enhancing their R&D capabilities [2] 5. **Investment Opportunities in Environmental Companies**: There is a recommendation to focus on state-owned enterprises as key players in the market, particularly those with strong reform demands and significant performance declines, such as 创业环保, 武汉控股, and 中云环保 [2] Other Important but Overlooked Content - The mention of the improvement in cash flow and the reduction of accounts receivable is crucial as it indicates a healthier financial environment for the companies involved, which may lead to increased investor confidence [1] - The emphasis on long-term investment in scientific instruments suggests a strategic shift that could provide opportunities for growth despite current trade challenges [2]

银河策略 · 点评报告 中央城市工作会议利好 A 股市场哪些板块? -2025 年中央城市工作会议内容解读 核心观点: 2025 年 07 月 15 日 分析师 杨超 ☎：010-8092-7696 極: yangchao_yj@chinastock.com.cn 分析师登记编码: S0130522030004 周美丽 网: zhoumeili_yj@chinastock.com.cn 分析师登记编码：S0130525070002 王雪莹 网: wangxueying_yj@chinastock.com.cn 分析师登记编码：S01305250600003 相关研究 2025-06-27, 2025 年大类资产中期投资展望:驭变 谋势 2025-06-22, 2025 年港股中期投资展望: 时移世易, 见机而作 2025-06-21, 2025 年 A 股中期投资展望: 筑基行稳, 重塑鼎新 2025-06-10,稳定币概念股投资展望 2025-05-29，上市公司并购重组迎来哪些新变化? 2025-05-07,关键时间节点的发布会:一揽子金融政 策稳市场稳预期 2025-04-25,4月中央政治局会议解读: ...

Group 1: Small-cap Fund Investment Opportunities - The long-term returns of small-cap stocks primarily stem from valuation improvements rather than dividends or buybacks, indicating a persistent pricing error in the market that provides alpha opportunities [8] - Small-cap stocks exhibit a longer right tail in excess return distribution compared to large-cap stocks, suggesting higher potential for extreme positive returns during bullish market cycles [8] - In a credit expansion phase, small-cap stocks tend to perform better due to a favorable monetary environment and recovering credit conditions [8] Group 2: Economic Insights - The second quarter GDP growth rate was reported at 5.2%, indicating resilience in the economy, particularly in industrial output, despite a decline in fixed asset investment growth [13] - Economic data for June showed a mixed trend, with external demand and production rebounding while consumption and investment weakened [9] - The overall economic outlook suggests a potential GDP growth rate of around 5% for the year, with ongoing challenges in domestic demand and export pressures [9] Group 3: Industry Performance - The coal industry is experiencing a decline in imports while thermal power generation continues to grow, leading to price increases as demand rises [22] - The antimony market is showing signs of recovery with potential upward price adjustments due to easing export policies and a focus on quality resource companies [23][24] - The textile and apparel sector, particularly companies like Anta Sports and 361 Degrees, is demonstrating strong sales growth, supported by effective multi-brand strategies [28][38]

Macro Strategy - The "urban renewal" initiative is expected to achieve a total investment of at least 4.48 trillion yuan during the 14th Five-Year Plan period, averaging nearly 900 billion yuan annually. The main sources of potential demand will come from the renovation of urban villages, old residential areas, and urban infrastructure upgrades [1][18] - The renovation of old residential areas and urban infrastructure is projected to contribute at least 2.35 trillion yuan in new investment during the 14th Five-Year Plan period, supported by over 470 billion yuan in central budget investments and special bonds [1][18] - The urban village renovation is estimated to contribute 2.13 trillion yuan in new investment during the 14th Five-Year Plan period, assuming a "half-demolition, half-renovation" approach for the remaining self-built houses [1][18] Economic Data - The actual GDP growth rate for Q2 was 5.2%, with a cumulative growth of 5.3% for the first half of the year, indicating a strong performance compared to the previous year. However, the nominal GDP growth rate was lower at 3.9% [2][20] - Consumer spending showed a year-on-year increase of 5.0% in the first half, driven by the "old-for-new" policy, while real estate sales showed resilience compared to the previous year [2][20] - Industrial production in June saw a year-on-year increase of 6.8%, supported by strong external demand, particularly in the equipment manufacturing sector [2][21] Company Analysis - Zhongkuang Resources (002738) has adjusted its profit forecast for 2025-2027 due to pressure from falling lithium prices and temporary losses in copper smelting, projecting net profits of 4.0/9.6/19.3 billion yuan [10] - Li Ning (02331.HK) anticipates challenges in sales due to deepening discounts and increased expenses, with revised net profit forecasts of 23.1/26.0/29.3 billion yuan for 2025-2027 [10] - 361 Degrees (01361.HK) is expanding its superstore network and maintaining industry-leading growth, with net profit forecasts of 13.0/14.6/16.2 billion yuan for 2025-2027 [11] - Zhongrong Electric (301031) expects continued high growth in its electric vehicle-related products, projecting net profits of 3.4/4.8/6.3 billion yuan for 2025-2027 [12] - Huanxin Cement (600801) reported a significant increase in Q2 profits, driven by improvements in domestic cement profitability and overseas operations, with revised net profit forecasts of 28.8/32.2/35.6 billion yuan for 2025-2027 [15]