导读 2025 年 7 月 15 日，瀚蓝在佛山南海举行品牌焕新发布会，发布公司全新品牌价值体 系，包括品牌愿景、品牌主张、品牌精神、品牌标识（ LOGO ）等，会议同期进行瀚蓝环 境人工智能联合研究院揭牌等数个创新项目发布。 佛山市委常委、常务副市长刘杰，广东恒健投资控股有限公司党委副书记、董事、总经理杨 晨晖，广东省企业联合会、广东省企业家协会驻会副会长许泽群，南海区区长王勇，广东恒 健资产管理有限公司董事长张剑，南海区副区长曾法强，南海区国有资产监督管理局党组书 记、局长李永添，瀚蓝党委书记、董事长张厚祥，瀚蓝总裁金铎等出席会议。 品牌焕新 瀚蓝发展更进一步 公司总裁金铎 佛山市委常委、常务副市长刘杰表示，希望瀚蓝继续当好绿色创新的赋能者，打造更多标杆 项目、示范项目，让瀚蓝方案成为全省乃至全国环保领域的金名片；继续当好城市公共服务 的担当者，以更高标准保障供水安全、污水治理稳定和固废处理高效；继续当好改革发展的 引领者，发挥龙头企业的带头作用，实现资源优化配置、产业整合升级和规模效益提升。市 委、市政府将一如既往地当好企业发展的最坚强后盾、最有力依靠，竭尽全力提供最优服 务，引导、支持瀚蓝打造成行业标 ...

Financial Data and Key Metrics Changes - The company reported record full-year results of $2,800,000,000, up 20% over the prior year [8] - Adjusted EBITDA margin increased by 140 basis points to 11.8% in fiscal year 2025 [8] - Adjusted diluted earnings per share reached $3.91 compared to $3.33 last year, reflecting a 32% increase [9] Business Line Data and Key Metrics Changes - Parts Supply sales grew 17% to $306,000,000, with above-market growth of over 20% in new parts distribution activities [18][19] - Repair and Engineering sales increased 3% to $223,000,000, with organic sales growth of 8% when excluding the landing gear divestiture [21] - Integrated Solutions adjusted sales increased by 10% year over year to $181,500,000 [22] Market Data and Key Metrics Changes - Sales to government customers increased by 21%, while sales to commercial customers rose by 12% from the same period last year [17] - Total commercial sales accounted for 69% of total sales, with government sales making up the remaining 31% [17] Company Strategy and Development Direction - The company aims to expand market share in new parts distribution and parts supply, while also adding capacity to its heavy maintenance network [26][27] - Focus on achieving $10,000,000 in annual cost synergies from product support integration and continuing the rollout of paperless initiatives [27] - The company plans to pursue accretive acquisitions and optimize its portfolio for further growth [28] Management's Comments on Operating Environment and Future Outlook - Management expects organic sales growth to approach 9% for fiscal year 2026, with Q1 sales growth projected between 6% to 11% [31][32] - The company remains confident in its position within the airframe MRO market, despite potential capacity cuts from competitors [78] Other Important Information - The company reduced its net debt leverage from 3.06 to 2.72x, driven by strong cash flow and proceeds from the landing gear divestiture [24] - The Trax software solution has doubled its revenue from $25,000,000 to $50,000,000 since acquisition, with significant growth opportunities ahead [46][47] Q&A Session Summary Question: Can you discuss the first quarter guidance for revenue growth? - Management indicated that the wide range in guidance is influenced by the USM environment and larger transactions that may fluctuate [38] Question: What caused the step down in adjusted EBITDA margins in the repair and engineering segment? - The margin decline was attributed to the closure of the New York facility, leading to stranded costs, which are expected to improve as the facility exits [40] Question: Where could we see the most margin improvement in 2026? - Management highlighted that repair and engineering has the most opportunity for margin improvement due to completed integration and expected synergies [41] Question: What is the long-term view of Trax's revenue potential? - Management expressed confidence in doubling Trax's revenue again, driven by new business wins and upgrades of existing customers to new offerings [46][47] Question: Can you provide details on the Kira joint venture? - The joint venture aims to access specific DoD markets and allows the company to bid on contracts it could not pursue independently [75]

经营范围含技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；供应链管理服务；再生 资源回收（除生产性废旧金属）；再生资源加工；再生资源销售；生产性废旧金属回收；非金属废料和 碎屑加工处理；纸浆销售；纸制品销售；包装材料及制品销售；塑料制品制造；塑料制品销售；金属材 料制造；金属材料销售；企业管理；企业管理咨询；信息咨询服务（不含许可类信息咨询服务）；环保 咨询服务；资源循环利用服务技术咨询；信息技术咨询服务；物联网技术服务；网络技术服务；项目策 划与公关服务；品牌管理；国内货物运输代理；普通货物仓储服务（不含危险化学品等需许可审批的项 目）。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 企业名称山东拖啦鸡环境科技有限公司法定代表人赵绪涛注册资本500万人民币国标行业制造业>废弃 资源综合利用业>金属废料和碎屑加工处理地址山东省淄博市高青县唐坊镇潍高路397号企业类型有限 责任公司(自然人投资或控股)营业期限2025-7-15至无固定期限登记机关淄博市高青县市场监督管理局 来源：金融界 天眼查App显示，近日，山东拖啦鸡环境科技有限公司成立，法定代表人为赵绪涛，注册资本500万人 民币， ...

| 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 综合 | 1.07 | 19.26 | -16.86 | 天宸股份 | 9.97 | | 美容护理 | 1.03 | 38.11 | -30.73 | 锦波生物 | 3.57 | | 汽车 | 0.87 | 737.60 | 13.65 | 雷迪克 | 12.52 | | 医药生物 | 0.84 | 1008.79 | 0.14 | 广生堂 | 16.11 | | 轻工制造 | 0.76 | 159.98 | -6.84 | 天元股份 | 10.02 | | 机械设备 | 0.75 | 963.66 | -0.32 | 德固特 | 20.00 | | 社会服务 | 0.69 | 101.27 | -17.18 | 科锐国际 | 12.36 | | 农林牧渔 | 0.65 | 125.39 | -22.31 | 生物股份 | 10.04 | | 纺织服饰 | 0.64 | 118.35 | -6.15 | 聚杰微纤 | 2 ...

Group 1 - As of July 15, the latest market financing balance reached 1,877.263 billion yuan, an increase of 4.94 billion yuan compared to the previous trading day [1] - Among the 25 primary industries under Shenwan, the electronic industry saw the largest increase in financing balance, rising by 1.828 billion yuan [1] - Other industries with notable increases include computer, public utilities, and transportation, with financing balances increasing by 0.791 billion yuan, 0.404 billion yuan, and 0.402 billion yuan respectively [1] Group 2 - The industry with the highest financing balance increase percentage was the comprehensive sector, with a latest balance of 3.379 billion yuan, reflecting a growth of 2.70% [1] - The beauty care, transportation, and construction materials industries followed, with increases of 1.67%, 1.19%, and 0.97% respectively [1] - Industries experiencing a decrease in financing balance included steel, non-ferrous metals, and national defense, with reductions of 1.26%, 0.66%, and 0.19% respectively [2]

Core Viewpoint - The company, Zhejiang Jiaao Enprotech Co., Ltd., reported significant declines in revenue and profits, with a 52.23% year-on-year decrease in revenue to 1.274 billion yuan and a net loss of 367 million yuan for the reporting period, marking three consecutive years of losses [1][2][3] Financial Performance - The company's main products, environmental plasticizers and biomass energy, accounted for 60% and 33% of revenue, respectively, with gross margins of 0.21% and -18.32% [1][3] - In Q1 2025, the company achieved revenue of 467 million yuan, a 7% year-on-year decrease, with a net loss of 47 million yuan, further widening the loss compared to the previous year [1][2] Product Sales and Cost Structure - For 2024, the production volume of environmental plasticizers was 9,300 tons, with revenue of 767.29 million yuan, a decrease of 2.74% from 2023 [3][4] - The biomass energy segment saw a dramatic revenue drop of 76.64% to 414.79 million yuan, with sales volume down 73.44% [3][4] - The cost structure for both main products is heavily reliant on direct materials and manufacturing costs, which together account for over 90% of total operating costs [4][5] Market Challenges - The decline in gross margins is attributed to a significant drop in sales prices and volumes, particularly in the biomass energy sector, which has been adversely affected by EU anti-dumping investigations [5][6] - The company’s biomass energy sales volume in 2024 was only 26.56% of the previous year's volume due to the impact of EU anti-dumping measures [6][12] Competitive Landscape - The company’s gross margin for environmental plasticizers was 0.21% in 2024, compared to -0.52% for comparable companies, indicating a similar downward trend across the industry [5][15] - The biomass energy segment's gross margin was -18.32%, reflecting a 26.32 percentage point decrease year-on-year, consistent with industry trends [5][15] Strategic Initiatives - The company is focusing on the development of sustainable aviation fuel (SAF) projects, which are not subject to the same anti-dumping investigations, to mitigate the impact of declining biomass energy sales [10][23] - Significant investments are being made in fixed assets and ongoing projects, with a total of 2.787 billion yuan in fixed assets and 1.260 billion yuan in construction in progress, representing 47% and 21% of total assets, respectively [16][20]

证券研究报告 | 2025年07月15日 国信互联网观点： 预计二季度收入增长 12%，经调整归母净利润增长 13%。预计二季度网络广告持续收益广告库存释放和 AI； 游戏业务长青游戏表现良好；金融科技业务环比略有恢复。具体来看： ①游戏方面，长青游戏表现良好。25Q2，我们预计公司网络游戏业务收入为 560 亿元，同比增长 15%。预 计国内游戏收入同比增长 16%。老游戏基本盘稳固增长，次新游戏逐步长青，《三角洲行动》流水持续攀 升，4 月 DAU 峰值突破 1200 万。海外延续较好增长，预计同比增长 14%，4 月下旬腾讯《三角洲行动》正 式推出海外版《Delta Force》，并获得了海外多个市场下载榜冠军。 ②广告方面，维持快速增长。2025Q2，我们预计腾讯网络广告收入为 352 亿元，同比增长 18%。腾讯广告 在宏观下整体稳健，并且视频号等流量稳健增长，陆续开放更多广告。腾讯运用 AI 提升用户画像精准度， 并加强用户匹配。广告技术提升（AI、CPU 转 GPU 等）也继续驱动腾讯广告增长。 ③金融科技及企业服务，收入侧略有加速。25Q2，我们预计金融科技及企业服务收入为 545 亿元，同比 ...

证券代码：000069 证券简称：华侨城 A 公告编号：2025-28 2025 年 6 月，公司旗下文旅企业合计接待游客 552 万人次，同 比下降 9%，主要因为雨水天气增多影响游客出游。2025 年 1-6 月， 公司旗下文旅企业合计接待游客 3771 万人次，同比增加 4%。 深圳华侨城股份有限公司 2025 年 6 月主要业务经营情况公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 一、2025 年 6 月销售情况 2025 年 6 月，公司实现合同销售面积 9.2 万平方米，同比减少 23%，环比 5 月减少 22%；合同销售金额 14.5 亿元，同比减少 29%， 环比 5 月减少 23%。 2025 年 1-6 月公司累计实现合同销售面积 60.7 万平方米，同比 增加 4%；合同销售金额 94.9 亿元，同比减少 3%。 二、2025 年 6 月新增土地情况 2025 年 6 月，公司无新增土地情况。 三、旅游综合业务情况 公司积极打造优质旅游产品，旗下十余家水公园纷纷开园，满足 夏季市场对清凉体验的需求。 注：由于市场及公司情况的变化，公司 ...

企业盈利预期改善 智通财经APP获悉，摩根士丹利最新发布的研报指出，尽管近期美国宣布了新的关税政策，但美股仍表 现出较强的韧性。而在当前环境下，得益于财政支出法案的推动及强劲的盈利前景，美国大盘股极具吸 引力。 报告还指出，企业盈利修正幅度的显著改善(从4月中旬的-25%升至当前的+3%)将成为积极推动力，在 贸易与宏观不确定性持续的背景下支撑市场，尤其是金融和工业板块表现突出。此外，随着财报季临 近，盈利修正的分化现象加剧，这将为个股选择提供有利环境。 关税政策下美股韧性凸显 展望第二季度，该行分析师预计标普500指数的每股收益预计同比增长4%，销售额增长3%，其中"七巨 头"的净利润增速预计达14%，远高于其他公司的-3%。 以Michael J. Wilson为首的大摩策略师表示，美股对关税政策反应相对温和的主要原因有三：其一，结 合受影响国家范围及现行豁免政策，标普500指数成分股公司的进口成本敞口目前相对有限，例如符合 美墨加协定(USMCA)的墨西哥进口商品仍享有豁免(有待进一步明确);其二，市场参与者普遍认为，近 期对多个贸易伙伴宣布的更高关税税率并非最终税率，谈判仍在持续;其三，尤其是消费品领 ...

Group 1 - The A-share market indices closed mixed, with the CSI 300 Comprehensive Financial Services Index reported at 4796.68 points [1] - The CSI 300 Comprehensive Financial Services Index has increased by 29.90% over the past month, 28.63% over the past three months, and 33.67% year-to-date [1] - The CSI 300 Index samples are categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The CSI 300 Comprehensive Financial Services Index has a 100.00% allocation in the Shenzhen Stock Exchange [2] - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [2]