靠并购拉动业绩的ST联合（600358.SH）又开始重操旧业。 5月28日晚，ST联合披露交易预案，拟收购江西润田实业股份有限公司（以下简称润田实业）100%股 权，并募集配套资金，预计构成重大资产重组和关联交易。今日复牌后，ST联合一字涨停。 回溯ST联合25年的上市资本路，主营业务几乎从不赚钱，靠并购拉动业绩，却也为自身带来无尽反 噬。由于前次并购业绩不达标，补偿款再三拖欠，并牵出信披违规问题导致公司戴帽；不仅如此，并购 来的主业萎缩，公司业绩大幅下滑，已逼近财务类退市红线。 作为江西省内头部包装饮用水企业，润田实业具备一定的盈利实力。此时江西国资筹谋重组，不仅能帮 助润田实业曲线上市，也有为ST联合保壳背水一战的味道。但鉴于瓶装水竞争格局已经形成，巨头之 间尚且厮杀激烈，留给区域品牌的生存空间愈发渺小。 并购反噬致多重退市风险压顶 ST联合成立于1998年12月，2000年9月22日在上海证券交易所上市挂牌交易，是国内较早一批旅游上市 企业。 自2017年收购子公司新线中视以来，ST联合业务主要以互联网广告营销为主。自2019年起，公司聚焦 文旅消费的战略定位，引入跨境电商业务，在原互联网数字营销业务基 ...

2024年起，交易所对紫天科技的高管层频繁变动、2023年财 报、算力业务等接连发出质疑，而紫天科技的态度日渐"无 为"。 作者：牛钰 封图：图虫创意 A股惊现"铁头娃"！涉嫌财务造假、忽视交易所的问询、高管团队集体"失联"躲避检查、未聘请年 审会计师导致年报"失约"——这些"离谱"情况发生在已经停牌两个月有余的福建紫天传媒科技股份 有限公司（300280.SZ，下称"紫天科技"）身上。 紫天科技于2025年5月20日被实施"退市风险警示"，股票简称由"紫天科技"变更为"*ST紫天"。 3月17日至今，紫天科技先因"财务造假"被责令停牌整改，又于5月6日因未如期披露年度报告继续 停牌。 投资者在互动平台上质问紫天科技："公司的经营是否正常""为何用如此态度处理公司与监管部门 的重大危机"……但投资者可能无法收到问题的答案。自2024年4月起，紫天科技就再也没有在互 动平台上回复过投资者的提问。 不仅如此，紫天科技的官方网站已显示"无法访问"，证券事务代表的联系方式也已"暂停服务"，办 公场所"人去楼空"。 如此"摆烂"的紫天科技，不久前还是A股的热门股。2024年下半年，因涉及快手平台、小红书平 台、抖音豆包 ...

不仅如此，紫天科技的官方网站已显示"无法访问"，证券事务代表的联系方式也已"暂停服务"，办公场所"人去楼空"。 A股惊现"铁头娃"！涉嫌财务造假、忽视交易所的问询、高管团队集体"失联"躲避检查、未聘请年审会计师导致年报"失约"——这些"离谱"情况发生在已经 停牌两个月有余的福建紫天传媒科技股份有限公司（300280.SZ，下称"紫天科技"）身上。 紫天科技于2025年5月20日被实施"退市风险警示"，股票简称由"紫天科技"变更为"*ST紫天"。 3月17日至今，紫天科技先因"财务造假"被责令停牌整改，又于5月6日因未如期披露年度报告继续停牌。 投资者在互动平台上质问紫天科技："公司的经营是否正常""为何用如此态度处理公司与监管部门的重大危机"……但投资者可能无法收到问题的答案。自 2024年4月起，紫天科技就再也没有在互动平台上回复过投资者的提问。 如此"摆烂"的紫天科技，不久前还是A股的热门股。2024年下半年，因涉及快手平台、小红书平台、抖音豆包、互联网营销等多个概念板块，紫天科技的股 价多次出现"20CM"涨停。 公开信息显示，紫天科技的主营业务是互联网广告业务。其在2023年年报中称，该业务营收可观且 ...

代理选择：优先选择Meta官方合作代理（如领客互动Markchuhai），开户费50−200，首充$1000起。 Facebook稳定户是指通过合规运营或代理渠道获取的广告账户，具备以下特征： 广告通过率高：海外户广告首次审核通过后，二次审核频率比国内户低80%。 行业限制少：支持FP、保健品等国内禁投品类，尤其适合游戏出海和跨境电商。 不限额消耗：日消耗可达数万美元，无需长期养号即可快速放量。 灵活更换主页：主页被封后可24小时内切换新主页，避免投放中断。 长期ROI高：海外户转化率比国内户平均提升30%-50%。 申诉成功率高：封号后通过代理申诉解封概率超60%，远高于国内户。 资料准备： 海外户需BMID、产品链接、公共主页。 国内白名单户需营业执照、官网、PABM资质。 审核周期：普通户1-3天，加急服务24小时内下户。 使用指纹浏览器（如Multilogin）隔离账号，每个账户绑定独立静态IP。 避免同一设备登录多个账号，清理浏览器缓存后再切换。 新号养号期： 前3天仅浏览内容，每日操作（加好友、发帖）不超过5次。 第4-7天逐步完善资料，每周发帖1-2条，避免广告内容。 长期运营：保持每日30分钟 ...

点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 25年5月7日，AppLovin发布25Q1业绩报告，多项指标同比高速增长，超越市场预期。25Q1营收14.8亿美元 （高于彭博一致预期的13.8亿美元），同比增长40%；净利润5.76亿美元（高于彭博一致预期的5.07亿美 元），利润率39%（对比24Q1净利润2.36亿美元，利润率22%）；调整后EBITDA 10.1亿美元，同比增长 83%。 AI广告驱动下，广告业务竞争力仍稳固，25Q1表现突出 25Q1公司广告部门保持增长，广告收入11.59亿美元，同比增长71%，收入占比为78%，调整EBITDA为9.43亿 美元，同比增长92%。主要系：1）引擎Axon 2驱动广告业务实现显著增长。自23Q2推出AI驱动广告引擎Axo ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【银行】如何看待4月社融与信贷"大劈叉"？——2025年4月份金融数据点评 5月14日，央行公布了4月金融统计数据，多重影响因素共振下4月贷款读数"小月更小"，对公端读数相对 稳定，政府投资对信用扩张形成有力支撑，零售端读数季节性回落，按揭、消费贷增长承压；社融增速 8.7%，环比3月进一步上行，社融-贷款增速剪刀差走阔。4月M1增速超预期走低，M2增速低基数上实现反 弹。 （王一峰/赵晨阳） 2025-05-15 【昆仑能源（0135.HK）】依托中国石油平台优势，天然气终端业务高质量发展可期——首次覆盖报告 公司是中国石油旗下唯一从事天然气终端销售和综合利用的平台企业，业务涵盖城市燃气、LNG工厂、 LNG接收站等， ...

Core Insights - The article emphasizes the shift in enterprise marketing needs from simple exposure to "scenario adaptation + closed-loop" deep conversion, driven by fragmented consumer decision paths and evolving platform traffic rules [1][3] - Over 80% of enterprises are expected to allocate their budgets towards "scenario-adaptive advertising" in 2024, prompting agents to enhance their service capabilities around three core demands [3] Group 1: Scenario Marketing Rise - The rise of scenario marketing is driven by three core demands for enterprise growth: upgrading from "advertising vendors" to "scenario growth consultants" through a closed-loop service of "data monitoring - strategy optimization - effect attribution" [3][4] Group 2: Full-Link Scenario Solutions - A four-step approach to building competitive barriers includes: 1. Multi-platform touchpoint layout for precise user decision scenario matching, exemplified by a home appliance brand achieving a 120% increase in conversion rate and a 30% reduction in repurchase cycle through a combination of platforms [4][5] 2. Dynamic creative middle platform driven by AI for intelligent content adaptation [5] 3. Real-time data dashboard for cross-platform effect visualization [5] 4. Iteration of attribution models from last-click to full-domain attribution [5] Group 3: Agent Model Upgrade - The agent model is evolving towards lightweight collaboration and high-value monetization, focusing on regional scenario service providers and industry scenario expert studios [5][6] - The decision touchpoints are dispersed across various platforms, necessitating cross-platform linkage [6] Group 4: Core Capabilities - Core capabilities include deep engagement in high-decision industries like maternal and child care, automotive, and home furnishings, offering a combination of advertising investment, industry white papers, and offline salons [8] - A case study highlights a maternal and child care agent collaborating with KOLs to create a "pregnancy knowledge short video + community Q&A + live group buying" scenario, achieving a customer renewal rate exceeding 75% [8] Group 5: Future Trends - The future trend indicates that "scenario as a service" and "ecosystem as competitiveness" will dominate, with a focus on virtual and real integration scenarios [11][12] - The core competitiveness of full-media information flow advertising agencies is shifting from resource integration to refined operational capabilities in scenario chains [12]

Core Viewpoint - Zhitian Technology (300280.SZ) faces a delisting crisis due to failure to comply with regulatory rectification requirements and ongoing investigations into financial misconduct [2][11]. Group 1: Company Background - Zhitian Technology's main business includes modern services and wholesale retail, specifically internet advertising, cloud services, and e-commerce [3]. - The company was restructured in 2016, with Yao Haiyan and Zheng Lan becoming the actual controllers [3]. Group 2: Regulatory Issues - In February 2024, the Fujian Securities Regulatory Bureau ordered Zhitian Technology to correct false financial records, including inflated revenue and undisclosed major lawsuits [7]. - The company has not hired an auditing firm or submitted a rectification report, leading to a formal investigation by the China Securities Regulatory Commission [8][12]. - Zhitian Technology has been accused of obstructing regulatory enforcement, with key executives avoiding communication with regulators [5][6]. Group 3: Financial Performance - Zhitian Technology's stock price has plummeted over 80% in the past year, with a market value of approximately 1.4 billion yuan before trading suspension [9][11]. - The company failed to disclose its 2024 annual report and 2025 Q1 report on time, further exacerbating its delisting risk [8][11]. Group 4: Shareholder Impact - Approximately 33,000 shareholders are affected by the company's financial issues, with potential legal recourse for those who purchased shares during specific periods [12].

Group 1 - The digital advertising market showed strong performance in the recent quarter, with major tech companies like Meta and Alphabet exceeding revenue and profit expectations despite economic concerns [1] - Amazon's advertising business reported a 19% year-over-year growth in Q1, outperforming Meta's 16% and Google's 9% [1] - Smaller social media and online advertising companies, including Reddit, Snap, and Pinterest, also reported better-than-expected sales figures in Q1 [1] Group 2 - Executives expressed concerns about the outlook for the year, noting that cross-border e-commerce exporters from Asia are cutting digital advertising budgets due to the end of a previous tax exemption policy [2] - Snap withdrew its Q2 earnings guidance, citing economic volatility that may reduce corporate advertising budgets [2] - Analysts warned that the recent strong earnings could represent the peak of performance, as many companies are lowering or withdrawing sales forecasts for 2025 [3] Group 3 - Retail and fast-moving consumer goods sectors, which account for about 50% of U.S. social advertising spending, have issued warnings about slowing sales, which could impact the entire social advertising market [3] - Smaller tech platforms may be more adversely affected by a slowdown in advertising spending compared to larger platforms, as advertisers tend to shift towards larger, stable platforms during economic uncertainty [3] - Even major platforms like Meta may struggle to replicate the high returns seen from previous advertising campaigns due to changing market conditions [3][4] Group 4 - The uncertainty in the market is primarily driven by trade policies and their spillover effects, with rising tariff levels expected by the end of the year [5]

Group 1 - MNTN, an ad platform for connected TV, is considering launching its IPO as early as next week after delaying due to market volatility caused by tariffs [1] - The company reported revenue of $64.5 million and a net loss of $21.1 million for the first three months of 2025, compared to $43.8 million in revenue and a net loss of $15.7 million in the same period last year [1] - MNTN's IPO is being led by Morgan Stanley, Citigroup, and Evercore [2] Group 2 - MNTN transferred its equity in Maximum Effort, a company acquired in 2021, back to its original owners while signing a new contract for creative services [2] - The company completed a $119 million Series D funding round in 2021, led by BlackRock and Fidelity, with total investments from both firms amounting to approximately $110 million [2] - Other investors in MNTN include Qualcomm Ventures, Greycroft, and Bonfire Ventures [2]