Benchmark分析师Mike Hickey在研报中指出："该交易降低了杠杆率，延长了债务期限，并改善了流动 性，但同时也带来了短期稀释风险，并存在未来继续发行股份的可能性。" 总部位于堪萨斯州利伍德的AMC院线(AMC.N)正将部分庞大的债务转换为股权，并且未来可能还会有 更多类似操作，引发市场对股东权益被稀释的担忧，从而拖累股价下跌。 周二盘中，AMC股价下跌8.5%，有望创下自5月28日暴跌18.7%以来的最大单日跌幅。当日成交量超过 2150万股，而过去30日的平均日成交量为1110万股（FactSet数据）。 根据与主要债权人达成的交易，AMC将获得约2.233亿美元的新融资，用于再融资原定于2026年到期的 债务。 此次协议虽然降低了公司现有债务水平，但却以稀释现有股东权益为代价——即股东在公司的持股比例 被进一步摊薄。 根据协议，持有公司可交换票据的债权人将以1.43亿美元的6%至8%票据（2030年到期）换取7980万股 普通股。此外，还有价值1.95亿美元的债务未来可能转换为普通股。 与此同时，AMC的债券周二也出现了更多净卖出，BondCliQ Inc.提供的数据显示，公司债券交投同样 ...

美股三大指数集体低开， 道指跌0.17%， 纳指跌0.39%， 标普500指数跌0.27%。 特斯拉跌超6%，此前 特朗普批评称特斯拉依赖美国补贴，并称可能提前结束电动汽车的税收补贴。 AMC院线跌超6%。 ...

Group 1 - Taotao Automotive expects a net profit of 310 million to 360 million yuan for the first half of 2025, representing a year-on-year increase of 70.34% to 97.81% [1] - The company specializes in the research, production, and sales of all-terrain vehicles, electric golf carts, electric scooters, electric balance bikes, electric bicycles, and their accessories [1] - China Communications Construction Company plans to repurchase shares worth between 500 million to 1 billion yuan, with a maximum repurchase price of 13.58 yuan per share [1][2] Group 2 - Annoqi's subsidiary received a government subsidy of 1.65 million yuan, accounting for 34.77% of the company's latest audited net profit [2] - Annoqi focuses on the research, production, and sales of mid-to-high-end differentiated dyes [3] - Minfeng Special Paper announced the complete shutdown of its Nanhu plant, as its Haiyan plant is now capable of handling the production capacity [4] Group 3 - Aoto Electronics received a trademark registration certificate from Saudi Arabia, covering various electronic products [5] - Landi Group plans to acquire up to 20.1667% of the shares of Jujia Technology for a total price not exceeding 121 million yuan [6][7] - Lifan Pharmaceutical's Danpi phenol raw material drug has been approved for market launch, utilizing a new process that enhances efficiency and meets market demand [8] Group 4 - Shanghai Construction received a total of 548 million yuan in government subsidies, which accounts for 22.79% of the company's latest audited net profit [8] - Wanbangde's subsidiary received ethical approval for a key clinical trial of a new drug for Alzheimer's disease [8] - Prolo Pharmaceutical's subsidiary received approval for the market launch of a new raw material drug for liver cancer treatment [9] Group 5 - Chenguang New Materials received a government subsidy of 26 million yuan, representing 62.86% of the company's latest audited net profit [10] - Sanyou Medical's subsidiary received a government subsidy of 331,000 yuan, accounting for 28.86% of the company's latest audited net profit [11] - Weichai Heavy Machinery expects a net profit of 132 million to 151 million yuan for the first half of 2025, reflecting a year-on-year increase of 40% to 60% [12] Group 6 - Guanhao Biological announced the termination of its application for a specific stock issuance [13] - China Film plans to use up to 1.5 billion yuan of idle funds for cash management [14] - Aotai Biological intends to use up to 480 million yuan of idle raised funds for cash management [15] Group 7 - Helin Micro-Nano is planning to issue overseas shares and list on the Hong Kong Stock Exchange [17] - Jinpan Technology's vice president resigned due to personal health reasons [18] - Tongyi Zhong's chairman and general manager plan to reduce their shareholdings in the company [19] Group 8 - Naipu Mining signed an overseas contract worth 18.85 million USD [21] - Zhengye Technology completed an asset sale transaction worth 178 million yuan [23] - Lianxin Equipment won a bid for a project worth 157 million yuan from BOE [24] Group 9 - Smart Control plans to apply for a comprehensive credit line of up to 260 million yuan from banks [25] - Keyuan Pharmaceutical's application for issuing shares to purchase assets has been accepted by the Shenzhen Stock Exchange [27] - Meige Intelligent's H-share listing application materials have been received by the China Securities Regulatory Commission [29] Group 10 - Siwei Tuxin's subsidiary submitted an H-share listing application [32] - Metro Design's application for issuing shares to purchase assets has been accepted by the Shenzhen Stock Exchange [32] - Aeston submitted an application for H-share listing [34] Group 11 - Jiu Ri New Materials' shareholders plan to reduce their holdings by a total of 98,900 shares [34] - Yihua Tong's shareholder plans to reduce their holdings by up to 700,000 shares [35] - Xishanghai plans to distribute a cash dividend of 0.08 yuan per share [36] Group 12 - Zhejiang Natural plans to distribute a cash dividend of 1.97 yuan for every 10 shares [37] - Kouzi Jiao plans to distribute a cash dividend of 1.30 yuan per share [38] - Huitong Group plans to distribute a cash dividend of 0.023 yuan per share [40] Group 13 - Tongyong Co. plans to reduce its holdings by up to 0.31% of the company's shares [41] - China Shenhua plans to distribute a cash dividend of 2.26 yuan for every 10 shares [43] - Huangting International's executive director resigned due to personal reasons [45] Group 14 - Jinkai New Energy plans to distribute a cash dividend of 1 yuan for every 10 shares [46] - Heimu Dan plans to distribute a cash dividend of 0.041 yuan per share [47] - Feiyada plans to acquire all or part of the controlling stake in Chang Kong Gear [48]

[Table_Page] 投资策略报告|传媒 证券研究报告 | 年中期策略 | [Table_Title] 传媒行业 2025 | | | | --- | --- | --- | --- | | 关注 | | | AI | | | | 产业进展 | | | 紧扣景气度主线，重视确定性资产，乐观 | | | | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]旷实 SAC 执证号：S0260517030002 SFC CE No. BNV294 010-59136610 kuangshi@gf.com.cn 分析师： 廖志国 SAC 执证号：S0260525060001 15201876785 liaozhiguo@gf.com.cn 分析师： 徐呈隽 SAC 执证号：S0260519110002 021-38003663 xuchengjun@gf.com.cn 分析师： 周喆 SAC 执证号：S0260523050003 SFC CE No. BJD408 010-59136890 zhouzhe@gf.com.cn 分析师： 章驰 SAC 执证号：S026052308 ...

中京电子二连板，最新股价9.91元/股。消息面上，三大厂商退出DDR4，存储芯片涨价潮再度来袭。公司主营印制电路板(PCB)的研、产、销。公司 一季度实现营收7.43亿元，同比增长12.19%；归母净利润676.06万元，实现扭亏为盈。 | | | | | | 0月 17日旅行放到年以立新町 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | 收盘价 | 换手率 | 涨停板封单 | 封单资金 连板 | | 涨停原因 | | | | (元) | (%) | (万手) | (亿元) | 大数 | | | 002579 | 中京电子 | 9.91 | 2.63 | 39.53 | 3.92 | 2 | AI眼镜+PCB+小米概念+人形机器人 | | 002207 | 准溫股份 | 10.05 | 15.32 | 12.47 | 1.25 | 5 | 油气服务+订单增长+国企改革 | | 002424 | ST白灵 | 4.39 | 0.38 | 27.18 | 1.19 | 1 | 申请摘帽+苗药龙头+黄连解毒丸 | | 30048 ...

Market Overview - On June 19, A-shares experienced a collective decline, with the Shanghai Composite Index down by 0.79%, the Shenzhen Component Index down by 1.21%, and the ChiNext Index down by 1.36%. The North Star 50 Index fell by 1.98% [1] - The total market turnover reached 12,808 billion yuan, an increase of 591 billion yuan compared to the previous day. Over 4,600 stocks in the market closed in the red [1] - Notably, from April 21 to June 19, A-shares have seen a continuous turnover exceeding 10 trillion yuan for 40 trading days [1] Industry Insights Oil and Gas Sector - The oil and gas sector showed resilience, with oil and gas extraction, service, and petroleum processing trade sectors performing well [3] - Ongoing conflicts between Israel and Iran have heightened market tensions, leading to increased risks of supply disruptions and geopolitical uncertainties, which may exert upward pressure on global oil prices [3] - Future developments, whether military escalations or diplomatic breakthroughs, are expected to significantly impact oil price trends [3] Short Drama Game Concept - The short drama game concept experienced a surge, with the film and theater sector also showing active performance, resulting in multiple stocks hitting the daily limit [4] - Tencent launched a new short drama mini-program on WeChat, following the earlier release of "Mars Watch Drama," which supports free viewing and sharing of short dramas [4] - The short drama market is witnessing explosive growth, with current annual market size estimated between 30 billion to 35 billion yuan, projected to exceed 50 billion yuan next year [4] - The favorable policy environment and the deep integration of short dramas with gaming are creating new business models, enhancing user engagement and expanding monetization opportunities for related companies [4]

2025 年 06 月 19 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 方博云 S0350521120002 fangby@ghzq.com.cn [Table_Title] 向超级娱乐空间全面迈进，有望重塑增长逻辑 ——万达电影（002739）公司点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/06/18 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 万达电影 | 6.1% | -7.4% | -13.4% | | 沪深 300 | -0.4% | -3.3% | 9.3% | | 市场数据 | 2025/06/18 | | --- | --- | | 当前价格（元） | 11.33 | | 52 周价格区间（元） | 8.90-14.08 | | 总市值（百万） | 23,926.45 | | 流通市值（百万） | 23,627.42 | | 总股本（万股） | 211,177.87 | | 流通股本（万股） | 208 ...

Group 1 - The three major indices experienced a significant adjustment, with the Shanghai Composite Index down 0.79%, the Shenzhen Component down 1.21%, and the ChiNext Index down 1.36%. Over 600 stocks rose, with a total trading volume of approximately 1.25 trillion yuan [2] - Oil and gas concept stocks surged, with Shouhua Gas rising by 20%, Tongyuan Petroleum up over 11%, and other companies like Junyou Co., Zhongman Petroleum, and CNOOC Services also seeing gains. The rise in international oil prices is attributed to the conflict between Iran and Israel, with potential U.S. intervention leading to further price increases [2] - The film and television industry saw strong performance, with companies like Baina Qiancheng and Ciweng Media rising by 20% and 10% respectively. Baina Qiancheng signed a film authorization contract worth 372 million yuan, which is expected to significantly boost its 2025 performance [2] Group 2 - The semiconductor and PCB sectors also showed strength, with Juxin Technology rising by 13.8% and Nord Shares by 10%. A recent report from CITIC Securities highlighted the challenges in obtaining advanced manufacturing and packaging capacity overseas, indicating a strong demand and weak supply situation in the domestic semiconductor industry [3] - The previously popular sectors such as controlled nuclear fusion, rare earth permanent magnets, and digital currency saw declines, with companies like Hezhong Intelligent and Hailian Jinhui dropping by 10% and over 7% respectively [3][4] - Other sectors including non-ferrous metals, healthcare, real estate, and securities also weakened, with companies like Dongfang Caifu and Vanke A experiencing declines [4]

2025.06. 19 本文字数：705，阅读时长大约2分钟 作者 | 一财资讯 6月19日，A股三大指数集体回调，截至收盘，沪指跌0.79%，深成指跌1.21%，创业板指跌 1.36%。 | 序号 代码 | 名称 | 现价 涨跌 | | | --- | --- | --- | --- | | 1 | 000001 上证指数 | | 3362.11c -26.70 -0.79% | | 2 | 399001 深证成指 | | 10051.97c -123.62 -1.21% | | 3 | 899050 北证50 | 1365.79c | -27.65 -1.98% | | 4 | 881001 万得全A | | 5103.13c -62.09 -1.20% | | 5 | 000688 科创50 | 962.94c | -5.24 -0.54% | | 6 | 399006 创业板指 | 2026.82c -27.91 -1.36% | | 个股跌多涨少，Wind数据显示，全市场超4600只个股下跌。 盘面上看，稳定币、可控核聚变、离境退税、新消费、创新药、稀土永磁题材走低，油气开采及服 务、影视院线等少数 ...

沪深两市全天成交额1.25万亿元。 沪深两市全天成交额1.25万亿元。 6月19日，A股三大指数集体回调，截至收盘，沪指跌0.79%，深成指跌1.21%，创业板指跌1.36%。 | 序号 代码 | | 现价 | | --- | --- | --- | | 1 000001 上证指数 == | | 3362.11c -26.70 -0.79% | | 2 | 399001 深证成指 | 10051.97c -123.62 -1.21% | | ന | 899050 北班50 | 1365.79c -27.65 -1.98% | | 4 | 881001 万得全A | 5103.13c -62.09 -1.20% | | 5 | 000688 科创20 | 962.94c -5.24 -0.54% | | 6 | 399006 创业板指 | 2026.82c -27.91 -1.36% | 净流出方面，东方财富、协鑫能科、比亚迪遭抛售9.96亿元、8.81亿元、6.31亿元。 【机构观点】 财通证券：3400点附近是过去半年至三年的重要成交密集区，近期量能难以消化抛压。市场多次尝试突 破未果，形成"心理魔咒"，加 ...