Core Viewpoint - Keda Control plans to acquire 51% of Changzhou Haituo Information Technology Co., Ltd. for 209.1 million yuan, marking the first acquisition of a New Third Board company by a North Exchange listed company [1][2][4] Financial Summary - As of December 31, 2024, Keda Control's total assets are approximately 186.74 billion yuan, with total liabilities of about 36.65 billion yuan, and net assets of around 150.09 billion yuan [1] - Keda Control's operating revenue for 2024 is projected to be approximately 145.50 billion yuan, an increase from 137.06 billion yuan in 2023 [1] Acquisition Details - The valuation of Haituo Technology's total equity as of December 31, 2024, is approximately 413 million yuan, with Keda Control's acquisition price representing a significant discount [2] - Haituo Technology specializes in integrated embedded, streaming media, AI, and machine vision solutions, primarily serving markets such as smart mining and military [2][3] Strategic Implications - The acquisition is expected to create synergies that enhance Keda Control's product performance, core competitiveness, and market share [3] - This transaction is seen as a milestone, demonstrating the North Exchange's role in supporting New Third Board companies and providing new pathways for IPO candidates [4] Performance Comparison - In terms of profitability, Haituo Technology is projected to outperform Keda Control in 2024, with a net profit of approximately 41.65 million yuan compared to Keda Control's 34.51 million yuan [5] - The acquisition is anticipated to significantly improve Keda Control's profitability post-transaction [5] Financial Commitments - The acquisition includes performance commitments from Haituo Technology, ensuring net profits of no less than 38 million yuan, 42 million yuan, and 46 million yuan for the years 2025 to 2027 [6] - Keda Control's cash reserves are limited, with only about 10.02 million yuan available as of the first quarter of 2025, raising concerns about financial pressure post-acquisition [6] Market Position - As of June 27, Keda Control's stock price is 29.6 yuan per share, with a total market capitalization of approximately 2.29 billion yuan [7]

江苏雷利（300660）(300660.SZ)进一步提升公司的核心竞争力。 6月24日晚，江苏雷利公告称，公司计划发行可转换公司债券募集资金总额不超过12.86亿元，用于激光 雷达电机、激光设备振镜系统、汽车微电机与组件等的生产建设项目，以及机器人运控组件研发中心、 海外生产基地建设、智慧工厂升级改造等项目。 据了解，江苏雷利是微特电机产品及智能化组件制造行业的领先企业。公司根据内延外伸的双轮战略， 通过自主研发和产业投资，促进公司高质量、可持续发展。 2025年一季度，江苏雷利业绩保持稳健增长，为全年业绩开了个好头。当季公司实现营业收入9.08亿 元，同比增长25.81%；归母净利润0.94亿元，同比增长28.15%；扣非净利润0.87亿元，同比增长 12.76%。 加码新业务及海外产能建设 根据可转债预案，江苏雷利拟向不特定对象发行可转换公司债券，募集资金总额预计不超过12.86亿元 (含本数)，扣除发行费用后将用于智能感知激光雷达与车载热管理微电机、激光装备振镜系统生产建设 项目、汽车微电机与组件生产基地及试验室建设项目、海外生产基地建设项目、智慧工厂升级改造项 目、机器人运控组件研发中心建设项目及补充 ...

Group 1 - The core viewpoint indicates that the retail sales of passenger cars in China reached 1.269 million units from June 1 to June 22, representing a year-on-year increase of 24% and an 8% increase compared to the previous month [1] - Cumulative retail sales for the year have reached 10.086 million units, showing an 11% year-on-year growth [1] - The retail sales of new energy vehicles (NEVs) during the same period totaled 691,000 units, marking a 38% year-on-year increase and an 11% increase from the previous month, with a market penetration rate of 54.5% [1] - Cumulative NEV retail sales for the year stand at 5.049 million units, reflecting a 35% year-on-year growth [1] Group 2 - According to Galaxy Securities, the combination of domestic demand and exports is expected to drive a 6.7% increase in annual passenger car sales [1] - The sales proportion of vehicles priced below 300,000 yuan is anticipated to continue rising, with "high-level intelligent driving equality" further concentrating the competitive landscape [1] - Supportive policies such as trade-in programs, NEV promotion in rural areas, and the expiration of the tax exemption for NEVs at the end of the year are expected to bolster domestic demand [1] - The competitive landscape is shifting, with increased costs related to intelligent driving technology and a focus on R&D capabilities among automakers [1] Group 3 - The report suggests focusing on specific companies within the passenger car sector, recommending BYD (002594) and Li Auto-W, with beneficiaries including Geely, Xpeng, and Leap Motor [2] - In the motorcycle sector, recommended beneficiaries include Chunfeng Power (603129) and Longxin General (603766) [2] - For commercial vehicles, beneficiaries include China National Heavy Duty Truck (000951) and Yutong Bus (600066) [2] - In the intelligent components sector, recommended companies include Sutech (002920), Desay SV (002920), and others [2] - The humanoid robot sector highlights Top Group (601689) and Jingzhan Technology (300258) as recommended companies, with additional beneficiaries listed [2]

分析师：柏逸凡 登记编号：S0890524100001 分析师：程秉哲 登记编号：S0890522110001 投资要点 本报告统计时间为2025.06.16-2025.06.20。 先调整才能见彩虹，防守待反击。A股短期内缺乏催化，市场波动压力有所增加。在中央汇金托底 的背景下，大盘权重风格下行空间相对有限，建议短期可关注银行、红利低波等防守方向。新消 费、创新药等题材以及小微盘方向短期调整风险偏高，投资者可适度等待，在风险释放之后，将 迎来更具性价比的布局机会。从成交占比来看，科技方向4月以来持续回落，当前风险相对较低， 在高弹性方向上的短期性价比更优。 权益市场， 上周，市场风格方面，大盘价值风格仍占优势；市场风格波动方面，大小盘风格波动 下降，价值成长风格波动保持在近一年低位。市场结构方面，上周，行业指数超额收益离散度保 持在近一年低位，成分股上涨比例有所下降，行业轮动速度上升；交易集中度方面，前100个股成 交集中度以及前5行业成交额占比均维持在近一年较低水平。市场活跃度方面，上周，市场波动率 保持在近一年低位，市场换手率略有上升。 商品市场方面， 上周，黑色、贵金属板块趋势强度下降，农产品板块趋势 ...

"因此，工业AI需要专门的技术体系，包括小数据量学习、抗幻觉算法、低功耗模型等，这是工业智能 化的关键。未来，能源化工产业的工业数智化将呈现三大发展趋势：一是从单点优化到全局智能，从单 一设备控制向全工厂全流程协同演进；二是从云端协同到自主决策，边缘计算节点将具备自主学习与决 策能力；三是从效率工具到低碳引擎，人工智能（AI）将成为工业领域实现'双碳'目标的核心使能技 术。"夏建涛表示，这些趋势将推动工业发展迈向新的高度。全应科技也将持续深耕工业智能化技术研 发，通过"工业数据+AI算法+行业知识"深度融合，推动我国能源化工产业加快实现从规模扩张到质量 跃升的历史性跨越。 夏建涛指出，传统煤电依赖集散控制系统（DCS）与人工调控的模式已难以适应能源化工产业对新型电 力系统的要求。以某化工企业自备电厂为例，在人工调控模式下，单班操作人员日均需处理2000~4000 笔控制指令，面对下游化工装置的负荷波动，常出现"控制滞后、参数振荡"等问题，劳动强度大且调控 精度不足，急需向智能化调控模式升级。据夏建涛介绍，当前全应科技的智能化方案已覆盖热电、化 工、冶金、环保四大行业，累计实施100个以上标杆项目。以化工热电厂 ...

以下文章来源于混沌天成研究 ，作者能化组 混沌天成研究 . 混沌天成研究院官方公众号。基于混沌天成的地方触角和国际化架构，我们致力于打造一家草根信息与高科技结合，中国国情 和国际视野兼备的商品期货和全球宏观研究院。 来源 | 混沌天成研究 编辑 | 杨兰 审核 | 浦电路交易员 观点概述 我们认为地缘冲突给能化商品提供了新一轮做空的机会，考虑到各方的诉求和压力，当前的冲突不大可能演变 成长期战争，封锁霍尔木兹海峡也不大可能发生，短期的大涨恐慌大于实质，可以在做空同时买入虚值看涨期 权等工具对冲掉尾部风险。在伊朗报复可控的情况下，预计冲突将大概率走向降温。 中国的新能源转型使国内的原油和煤炭消费都到了拐点，而全球供应反而在放松，因此煤炭和原油面临周期下 行压力，且还在加强，短期或有旺季补库支撑，但下半年下行压力或将进一步加大。 债务和关税将持续伤害全球需求，下半年或显现恶果。特朗普试图重塑美国增长方式的行动将从多方面给全球 经济施加下行压力，考虑到当前美国的平均关税处于过去70多年的高位，而主要经济体宏观杠杆率远超2008 金融危机水平，中长期债券利率的上升限制了各经济体在全球贸易下行压力下刺激内需的空间。提供 ...

策略早餐 主要品种策略早餐 （2025.06.24） 商品期货和期权 养殖、畜牧及软商品板块 品种：生猪 日内观点：延续上涨 中期观点：阶段性反弹后维持偏弱运行 参考策略：逢高沽空 核心逻辑： 1、供应方面，从生猪出栏体重来看，据钢联数据统计，截至 6 月 20 日，当 周全国生猪出栏均重为 123.78kg，较上一周下跌 0.18 公斤。由于政策影响，叠加 气温的不断升高，规模企业逐步开始降重，且降重节奏有所加快，同时市场对于猪 肉的消化能力有限，抑制大猪的成交节奏。后续随着气温的不断上升，毛猪料比增 加，生长速度放缓，叠加夏日大猪需求进入传统淡季，企业降重速度将持续加快。 策略早餐 品种：白糖 日内观点：企稳反弹 2、需求方面，从屠宰端来说，据钢联数据统计，6 月 20 日当周屠宰开工率 28.13%，与上一周小幅上涨。当周养殖端出栏积极性不高，生猪供应平稳，但部分 地区为促进消费进行促销活动，开工率小幅提升。目前已进入夏季，天气炎热，居 民对于猪肉的消费热情不高，终端市场需求整体表现较为低迷。尽管屠宰企业开工 率有所上升，但由于需求不足，限制了开工率进一步大幅增长。 3、综合来看，短期在政策性影响、二育 ...

【上周商品市场整体收涨，各板块走势分化】上周，商品市场整体收涨2.29%。其中，能化涨幅较大， 达4.11%；农产品和黑色分别上涨2.10%和0.91%；贵金属和有色金属分别下跌1.76%和0.09%。从具体品 种收盘价看，原油、甲醇和短纤涨幅居前，分别为8.82%、5.86%和5.31%；黄金、纸浆和白银跌幅较 大，分别为1.99%、1.50%和1.44%。资金方面有所下降，主要受贵金属资金流出影响。 展望后市，伊以 局势演化受关注，决定短期大类资产走向和定价逻辑。周末美国攻击伊朗核设施，市场有伊朗封锁霍尔 木兹海峡预期，能源价格偏强。但美国有维稳诉求，短期不确定性仍存，需观察伊朗反击力度。风险偏 好短期承压，人民币稳定下冲击有限，需跟踪能源隐含波动率和离岸美元流动性情况。 贵金属方面， 国际金价高位整理。因美联储官员释放偏鸽信号、市场对年内降息预期升温，美元指数回落助推资金流 入黄金市场。地缘政治紧张未缓和，全球央行购金持续，为黄金提供支撑。白银受制造业数据波动影 响，呈区间震荡。 有色金属板块整体窄幅震荡。铜价高位整理，受海外库存偏紧、全球新能源投资延 续支撑，但受美联储利率政策及高位消费乏力影响，动能 ...

【上周商品市场整体收涨，多板块走势分化】上周，商品市场整体收涨2.29%。其中，能化涨幅较大， 达4.11%；农产品和黑色分别上涨2.10%和0.91%；贵金属和有色金属分别下跌1.76%和0.09%。从具体品 种收盘价看，原油、甲醇和短纤涨幅居前，分别为8.82%、5.86%和5.31%；黄金、纸浆和白银跌幅较 大，分别为1.99%、1.50%和1.44%。资金方面有所下降，主要受贵金属资金流出影响。 展望后市，伊以 局势演化受关注，决定短期大类资产走向和定价逻辑。周末美国攻击伊朗核设施，市场有伊朗封锁霍尔 木兹海峡预期，能源价格偏强。但美国有维稳诉求，短期不确定性仍在，需观察伊朗反击力度。风险偏 好短期承压，人民币稳定下冲击有限，需继续跟踪能源隐含波动率和离岸美元流动性稳定情况。 贵金 属方面，国际金价高位整理，受美联储官员偏鸽信号、市场降息预期升温影响，美元指数回落助推资金 流入。地缘政治紧张、全球央行购金提供支撑。白银受制造业数据影响区间震荡。有色金属板块整体窄 幅震荡。铜价高位整理，海外库存偏紧、新能源投资延续提供支撑，但受美联储政策和消费乏力影响动 能放缓；铝价在成本线附近获支撑，市场关注电力成本 ...

Core Insights - ABB and the Mechanical Industry Instrumentation and Metering Comprehensive Technology Economic Research Institute have established the Ethernet-APL+PROFINET Application Technology Joint Laboratory in Beijing, marking a significant collaboration in the field of smart industrial communication [1] - The joint laboratory aims to accelerate the standardization and large-scale application of Ethernet-APL technology in the Chinese market, facilitating industrial digital transformation and smart manufacturing [1][2] Group 1: Industry Transformation - ABB is committed to the intelligent transformation of the energy and chemical industries, promoting advanced technologies like Ethernet-APL to enhance efficiency and sustainability [2] - The company recognizes the rapid development in China's energy transition and petrochemical industry upgrades, supported by government policies and increased R&D investments [2] - ABB's collaboration with industry players has led to successful implementations, such as the BASF Zhanjiang integrated project, which utilizes Ethernet-APL technology to improve automation control, efficiency, and safety [2][4] Group 2: Successful Case Studies - In a coal chemical enterprise in Yunnan, ABB's Advanced Process Control (APC) solution has significantly improved yield, reduced energy consumption, and minimized production fluctuations, resulting in notable economic benefits [3] - ABB provided process control and energy management solutions for an energy station in the Guangdong-Hong Kong-Macao Greater Bay Area, optimizing energy dispatch strategies to enhance efficiency and reduce carbon emissions [3] Group 3: Technological Advantages - The Ethernet-APL technology, based on the IEEE 802.3 standard, offers five core advantages: real-time data processing, optimized energy management, intelligent device management, system architecture optimization, and excellent scalability and flexibility for process automation systems [4] - The technology supports the transition towards unmanned and green smart factories, providing a foundational framework for advanced automation and intelligent technologies [4] Group 4: Collaborative Ecosystem Development - The joint laboratory aims to drive industry progress through new technologies and participate in the formulation of national standards, offering technical testing, certification support, and training platforms for upstream and downstream enterprises [5] - ABB emphasizes the importance of building an ecosystem by leveraging industry collaboration and user engagement to enhance the overall development of the sector [5][6] - The BASF Zhanjiang project serves as a global benchmark for large-scale deployment of new technologies, encouraging more companies in the chemical industry to adopt innovative solutions [6]