证券代码：003035 证券简称：南网能源 公告编号：2025-028 南方电网综合能源股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 具体内容详见公司 2025 年 6 月 10 日在指定信息披露媒体《证券时报》《中 国证券报》 南方电网综合能源股份有限公司（以下简称"公司"）二届三十三次董事会 会议于 2025 年 5 月 28 日以电子邮件形式发出会议通知，于 2025 年 6 月 9 日（星 期一）下午 2:30 在广州市天河区华穗路 6 号楼会议室以现场的方式召开。 会议应出席董事 9 名，实际出席董事 9 名。公司监事和部分高级管理人员列 席了会议，董事长宋新明先生召集并主持本次会议。本次会议为临时董事会会议， 会议参与表决人数及召集、召开程序符合《中华人民共和国公司法》和《南方电 网综合能源股份有限公司章程》等有关规定。 二、董事会会议审议情况 （一）审议通过《关于广东省广业环保产业集团有限公司汕头市潮阳区九 座污水处理厂降碳节能项目关联交易的议案》 公司 2025 年第三次独立董事专门会议于 2025 年 ...

Core Viewpoint - Shanxi Kexin Development Co., Ltd. plans to cancel its supervisory board, expand its business scope, and amend its articles of association to enhance corporate governance and operational standards [1][2]. Group 1: Cancellation of Supervisory Board - The company intends to abolish the supervisory board, transferring its powers to the audit committee of the board of directors, in accordance with relevant laws and regulations [1][2]. Group 2: Expansion of Business Scope - The company will expand its business scope to include activities such as investment with its own funds, software development, digital content production services, and management of non-residential real estate [2][4]. - The adjusted business scope will also cover advertising design and agency, cultural and artistic exchange activities, and food sales (limited to pre-packaged food) [2][4]. Group 3: Amendments to Articles of Association - The articles of association will be revised to reflect the cancellation of the supervisory board and the new business scope, ensuring compliance with the Company Law and Securities Law [3][6]. - Key amendments include the definition of the company's legal representative and the responsibilities of shareholders, directors, and senior management [3][6].

| 2025年06月09日 一周市场回顾 | 证券研究报告-一周市场回顾 | | | --- | --- | --- | | 一周市场回顾 (2025.06.03-2025.06.06) | | | | | 分析师:马遥识途 资格证书:S1330524050001 | | | | 联系邮箱:mayst@hxzb.cn | | | | 联系电话:15201282186 | | | | 相关研究 | | | | 一周市场回顾 (2025.05.26- | | | | 2025.05.30) | | | A 股市场: | 2025.06.03 | | | | 一周市场回顾 (2025.05.06- | | | l 本周 A 股上证指数上涨 1.13%,收于 3385.36点,深证成指上涨 | 2025.05.09) | | | 1.42%.收于 10183.70点,创业板指上涨 2.32%.收于 2039.44点。 | 2025.05.12 | | | | 一周市场回顾 (2025.04.28 - | | | 价值风格类板块代表指数上证 50、中证 100、沪深 300 分别上涨 | 2025.04.30) | | ...

始建于1999年的苏宁易购新街口店，历时20多年发展，经历了从家电卖场、3C+旗舰店到云店，再到智 慧生活体验中心的多轮进化。2025年4月30日，苏宁易购新街口店完成升级改造，以SuningMax店的全 新身份正式亮相。 近日，《证券日报》记者实探Suning Max新街口店，近距离感知"沉浸式生活体验场"给消费者购物带来 的新变化。 记者观察到，升级改造后的Suning Max新街口店采用家居场景化陈列，将家电产品巧妙地融入不同风格 的家居场景中，让消费者能够直观地看到家电在家中的实际摆放效果。门店汇聚华为、小米、苹果、三 星等潮流科技品牌旗舰店，设置有折叠屏手机、AI机器人、智能穿戴设备等黑科技首发体验场。 本报记者 曹卫新 近年来，消费者对产品和服务的需求日益多样化和个性化。当价格不再是影响消费者决策的唯一标尺， 如何让购物成为一场"体验之旅"，成为零售行业的新命题。 近日，《证券日报》记者走访苏宁易购集团股份有限公司（以下简称"苏宁易购"）了解到，当前零售市 场的竞争格局正经历从"卖产品"向"创生态"的深刻变革，曾经激烈的"价格战"逐渐式微，取而代之的是 一场围绕消费体验展开的激烈角逐。 作为综合性 ...

Core Viewpoint - The market is expected to continue a trend of oscillating upward in the coming week, supported by technical indicators and liquidity metrics [1][2]. Market Indicators - The liquidity shock index for the CSI 300 was 0.30, indicating higher liquidity than the average level over the past year by 0.30 standard deviations [2]. - The PUT-CALL ratio for the SSE 50 ETF options decreased to 0.85, reflecting a reduced caution among investors regarding short-term movements [2]. - The five-day average turnover rates for the SSE Composite Index and Wind All A were 0.82% and 1.40%, respectively, indicating increased trading activity [2]. Macroeconomic Factors - The onshore and offshore RMB exchange rates saw weekly increases of 0.15% and 0.25%, respectively [2]. - The official manufacturing PMI for China in May was reported at 49.5, matching expectations, while the Caixin manufacturing PMI was lower at 48.3 [2]. Technical Analysis - The Wind All A index broke through the SAR point on June 4, signaling a buy opportunity, with the moving average strength index scoring 207, placing it in the 81.6% percentile since 2021 [2][3]. Market Performance - For the week of June 2 to June 6, the SSE 50 index rose by 0.38%, the CSI 300 index increased by 0.88%, the CSI 500 index grew by 1.6%, and the ChiNext index surged by 2.32% [3]. - The overall market PE (TTM) stands at 19.2 times, which is in the 52.3% percentile since 2005 [3]. Factor Analysis - Small-cap factors performed well, with a crowding degree of 1.05, while low valuation factors had a crowding degree of 0.06 [3]. - The industry crowding degree is relatively high in machinery, comprehensive, retail, environmental protection, and beauty care sectors, with notable increases in beauty care and banking [3].

金融工程 证 券 研 究 报 告 市场情绪监控周报（20250603-20250606） 本周热度变化最大行业为通信、环保 ❖ 本周市场热度跟踪 本周宽基热度变化方面：热度变化率最大的为中证 500，相比上周提高 2.11%， 最小的为中证 1000，相比上周降低 1.54%。 本周申万行业热度变化方面，一级行业中热度变化率正向变化前 5 的一级行 业分别为通信、环保、计算机、建筑材料、社会服务，负向变化前 5 的一级行 业分别为汽车、煤炭、交通运输、公用事业、综合；申万二级行业中，热度正 向变化率最大的 5 个行业是汽车服务、农商行Ⅱ、玻璃玻纤、航天装备Ⅱ、非 白酒。 本周概念热度变化最大的 5 个概念为足球概念、兵装重组概念、牙科医疗、啤 酒概念、数字货币。 ❖ 本周市场估值跟踪 本周宽基和行业估值： 沪深 300、中证 500、中证 1000 的滚动 5 年历史分位数分别为 56%、88%、 80%。 申万一级行业中，从 2015 年开始回溯，当前估值处于历史分位数 80%以上的 一级行业有：电力设备、计算机、国防军工、建筑材料、医药生物；位于估值 历史 20%以下的有农林牧渔、家用电器、交通运输、公用 ...

证券研究报告 科技/交通运输/工业 2025年中期策略会速递-中国+东南亚: 贸易秩序重构下的产业突围与资本赋能 华泰研究 2025 年 6 月 07 日 | 中国内地 专题研究 6 月 5 日华泰证券举办了主题为"中国+东南亚:贸易秩序重构下的产业突 围与资本赋能"的论坛,论坛中我们邀请了多家积极开展海外（尤其为东南 亚）业务的公司进行分享交流,以下为交流要点: 中企出海东南亚,贸易秩序重构下的产业突围与资本赋能 当前出海逐步成为企业持续成长的重要战略,其中东南亚凭借更快的经济增 长潜力、更低的成本等优势,成为企业出海重要目的她。同时出海公司面临 着"水土不服"的风险,众多公司也借机担当"卖水人"的角色,在跨境支 付/供应链/资产设备运营/平台等方面提供服务,帮助出海企业更好地发挥所 长,同时也实现了自身业务优化的目标。论坛以此为出发点,主要邀请了两 类公司:1）业务向海外(尤其为东南亚)扩张的公司;以及 2)为拓展海 外提供基建服务的公司,展现不同类型公司在中企出海中的宝贵经验。 环旭电子:加速推进"全球在地化"发展策略,生产据点遍布全球 近年来全球经济放缓、贸易摩擦加剧等因素加深海外客户对供应链多元化与 ...

诚意十足"引进来"。辽宁省与央企深化合作座谈会、国资央企助力东北全面振兴座谈会、全省民营 企业家代表早餐会、辽宁省企业大会……近年来，我省把企业作为振兴发展的重要基础，相继召开重大 主场活动，坚持"三企联动""三资齐抓"，推动各类企业在辽宁竞相发展，国企敢干、民企敢闯、外企敢 投的氛围越来越浓，一大批新项目、大项目、好项目签约落地。今年以来，德国贺利氏、瑞士布克哈德 等一大批世界500强企业和跨国公司高管先后访问辽宁，切实推进一大批投资项目。贺利氏集团石英半 导体新厂区落成投产，布克哈德集团沈阳工厂投产高端压缩机等核心产品，新达盟、SK海力士等一批 重点项目相继到资。 奥镁集团是全球规模最大、历史最悠久的耐火材料企业，1996年就在辽宁投资布局，30年来不断深 耕，目前在辽宁设立了全球最大单体耐火材料工厂和亚太研发中心。集团首席执行官博格斯说，企业对 在辽宁发展充满信心，未来将不断拓展在辽业务布局，加快在辽企业智能化、绿色化转型，推动菱镁资 源高端化利用。 快马加鞭"走出去"。实践证明，谁的视野更宽广、思想更解放，谁才能在更广阔的空间中获得更多 的发展机遇和资源要素。在我省，越来越多的地区与部门正努力"跳出辽 ...

Core Viewpoint - Illinois Tool Works (ITW) is recognized as a Dividend King with a history of increasing dividends for 61 consecutive years, despite facing a challenging operating environment that has led to stagnation in stock price and earnings [1] Group 1: Shareholder Goals and Management Strategy - ITW has established clear goals that reward shareholders, combining short-term, medium-term, and long-term targets to build a solid investment thesis [3] - The company has successfully implemented its Enterprise Strategy from 2012 to 2023, resulting in a 9 percentage point increase in operating margin, a tripling of earnings per share (EPS), and a 3.7 times increase in dividends [4] Group 2: Future Growth Focus - From 2024 to 2030, ITW aims for organic growth through its Customer-Back Innovation process, focusing on customer needs and leveraging existing brands rather than relying heavily on mergers and acquisitions [5] - ITW's structure allows flexibility across its seven key segments, enabling them to adapt to changing market demands and economic conditions [6] Group 3: Financial Projections and Performance - By 2030, ITW targets a 30% operating margin and an average annual EPS growth of 9% to 10%, supporting a 7% annual increase in dividends [7] - In the first quarter of 2025, ITW experienced a 3.4% decline in revenue and a decrease in operating margin to 24.8%, but maintained its full-year guidance for GAAP EPS between $10.15 and $10.55 [8][9] Group 4: Investment Value and Dividend Reliability - Despite recent challenges, ITW remains a compelling investment due to its steady dividend growth and affordability [10] - The company has consistently increased its EPS and free cash flow per share, supporting dividend growth and share buybacks, which have reduced the share count and accelerated EPS growth [12] - With a projected price-to-earnings ratio of 23.7 based on 2025 guidance, ITW is considered a reasonable investment for a high-quality business [13] Group 5: Market Confidence and Passive Income Potential - ITW is viewed as a safe stock to invest in, demonstrating resilience amid tariff uncertainties and reaffirming its full-year guidance [14] - The company generates sufficient earnings and cash flow to cover dividend payments while maintaining capacity for stock buybacks, making it a solid choice for passive income portfolios with a 2.5% yield [15]

Core Viewpoint - Zhejiang Nong Group Co., Ltd. is actively optimizing its asset portfolio and enhancing operational efficiency through strategic transactions and share repurchase initiatives [2][3]. Group 1: Company Announcements - Zhejiang Nong Group announced the transfer of 100% equity of its wholly-owned subsidiary, Zhejiang Huato Medicine Group Co., Ltd., to Zhejiang Yingtai Pharmaceutical Co., Ltd. for a price of 36.91 million yuan. This transaction does not constitute a related party transaction or a major asset reorganization and is subject to antitrust review [2]. - The asset evaluation of Huato Medicine showed a total asset value of 74.85 million yuan with a valuation increase rate of 33.16%, and a net asset value of 36.91 million yuan with a valuation increase rate of 102.03% [2]. - The company has repurchased 11,888,937 shares, amounting to a total transaction value of 100.45 million yuan, with the highest transaction price being 8.70 yuan per share and the lowest at 7.19 yuan per share [3][5]. Group 2: Financial Performance - As of June 6, 2025, Zhejiang Nong's stock price closed at 9.23 yuan, reflecting a 1.21% increase from the previous week, with a total market capitalization of 4.813 billion yuan [1]. - The company ranks 10th out of 19 in its sector and 3040th out of 5148 in the overall A-share market [1].