正在搞一个汽车号，对汽车、企业、科技感兴趣的读者，可以同步关注一下我的"飞箭财经"↓ 作者：余飞 01 厦门出王炸抢人 5 月20日，民营经济第一城泉州出招抢人之后，兄弟城市厦门，也在5月30日发布了《 厦门市人民政府关于完善 优化落户条件 的通知（ 征求意见稿 ） 》， 对岛内岛外落户现状，进行了大松绑。 尽管只是征求意见稿，但征求意见，其实就是吹风，只要没有掀起大的舆论，基本很快就会落地。 文件内容很短，截屏如下。 来源：厦门市公安局 这份文件相比之前，变化之处如下： 第一，不再强调学历，不再强调住房。 2022年厦门市出台的 《厦门市人民政府关于深化户籍制度改革完善户口迁移政策的通知》，即便是岛外落户也有学历要求。 当时的文件要求落户岛外四区（集美、海沧、同安、翔安），要么拥有学历，要么拥有住房。 2022年的要求是，全日制大专生，且距离法定退休时间超过10年，拥有稳定就业，可以落户岛外。非全日制本科生， 且距离法定退休时间超过10年，拥有 稳定就业，可以落户岛外。2015年6月份之后的技工院校毕业生，拥有稳定就业，可以落户岛外。 此外，在岛外四区有房或者直系亲属有房，可以落户岛外。 而最新的征求意见稿 ...

证券研究报告 | 公司点评 | 摩托车及其他 涛涛车业(301345) 报告日期：2025 年 06 月 11 日 投资美国机器人公司 K-Scale，北美休闲车龙头有望强者恒强 ——涛涛车业点评报告 投资要点 ❑ 事件：公司的美国子公司与美国人形机器人领域创新玩家签订投资协议 近日，公司的美国子公司 RevEdge Inc.与美国 DPSH SYNDICATE.（也称"K- Scale Labs"）签订投资协议。 1）K-Scale Labs 为美国一家致力于打造开源机器人 AI 平台的公司，核心团队来 自行业顶尖阵营，获多家硅谷顶级资本的强力加持，其核心技术优势在于通过开 源架构与 AI 大模型创新，实现了人形机器人产业向低成本、高智能、平台化、 生态化方向的跃迁； 2）公司美国子公司 RevEdge Inc.将向 K-Scale Labs 投资 200 万美元，建立长期稳 定互信的合作伙伴关系； 3）后续投资到位后，双方将整合公司"北美制造+销售渠道"的优势及 K-Scale Labs 的机器人技术优势，进一步打造人形机器人领域的"制造+技术"体系。 ❑ 核心逻辑：公司有望强者恒强，行业竞争格局大幅改善 ...

根据市场公开信息及6月11日披露的机构调研信息，知名私募煜德投资近期对2家上市公司进行了调研，相关名单如下： 1）北化股份 （煜德投资参与公司特定对象调研&现场方式进行投资者交流） 调研纪要：北化股份在2024年和2025年的经营状况和战略规划进行了详细说明。2024年，公司西安生产线关停导致硝化棉产销量减少，同时防化 及环保产业受专项订货及审价退款等因素影响，营业收入及利润水平出现下滑。2025年，公司预计硝化棉市场需求保持稳定，油墨行业高端彩印 市场增长，含能棉市场需求有所增长。公司持续推进硝化棉产品结构优化，定价机制灵活，随行就市。公司注重安全环保投入，通过多种措施确 保产线安全风险可控。公司2025年一季度营业收入和利润总额分别增加14,690万元和4,572万元。公司计划聚焦主责主业，内生与外延发展并重， 积极论证闲置募集资金投向规划。 上海煜德投资管理中心（有限合伙）由长期业绩卓越、专注价值成长投资的资深基金经理靳天珍先生创办。公司打造出专家型投研团队和复合型 运营团队，2017年为创造新时代业绩再次出发。煜德投资及所管理的基金立足中国证券市场，聚焦A股上市公司投资机会，同时在海外市场及对 冲基金 ...

天眼查App显示，近日，无锡润泽慧洗物联科技有限公司成立，法定代表人为许栋，注册资本200万人 民币，江苏润泽惠扬产业投资集团有限公司、无锡真慧洗物联科技有限公司持股。 序号股东名称持股比例1江苏润泽惠扬产业投资集团有限公司51%2无锡真慧洗物联科技有限公司49% 经营范围含许可项目：建设工程施工；建设工程设计；建设工程质量检测；建设工程监理；住宅室内装 饰装修（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以审批结果为准） 科技推广和应用服务；科技中介服务；洗车服务；洗车设备销售；以自有资金从事投资活动；房地产评 估；工业机器人制造；股权投资；计算机软硬件及外围设备制造；物联网设备制造；园区管理服务； 5G通信技术服务；知识产权服务（专利代理服务除外）；工程管理服务；信息咨询服务（不含许可类 信息咨询服务）；房屋拆迁服务；房地产咨询；物业管理；商务代理代办服务；劳务服务（不含劳务派 遣）；非居住房地产租赁；企业管理；土地使用权租赁；土地整治服务；商业综合体管理服务；住房租 赁；经济贸易咨询；建筑材料销售；信息技术咨询服务；社会经济咨询服务；安全咨询服务；认证咨 询；咨询策划服务；五金产品 ...

Group 1: Consumer Price Index (CPI) Analysis - In May 2025, Guangdong's Consumer Price Index (CPI) decreased by 0.4% year-on-year, maintaining the same decline as the previous month, and a month-on-month decrease of 0.1% compared to a 0.3% increase in the previous month, resulting in a fluctuation of 0.4 percentage points [1] - The average CPI for January to May 2025 was down 0.4% compared to the same period last year [1] - Factors influencing the CPI included a 4.0% increase in fresh fruit prices due to the arrival of lychee season and increased demand from warmer weather, and a 2.3% increase in aquatic product prices due to reduced market supply during the fishing ban and increased demand during holidays, collectively contributing approximately 0.15 percentage points to the CPI increase [1] Group 2: Producer Price Index (PPI) Analysis - In May 2025, Guangdong's Producer Price Index (PPI) decreased by 1.8% year-on-year, with the decline widening by 0.4 percentage points compared to the previous month, and a month-on-month decrease of 0.2% [1] - The average PPI for January to May 2025 was down 1.3% year-on-year [1] - The Industrial Producer Purchase Price Index (IPI) also saw a year-on-year decrease of 3.1% and a month-on-month decrease of 0.4% [1] - The decline in PPI was influenced by falling international crude oil prices, overcapacity in certain industries, and insufficient downstream market demand [1][2] - In the PPI survey of 38 major industries, 6 industries saw price increases, 26 experienced price declines, and 6 remained stable, indicating an industry price increase rate of 15.8% [2] - Specific industries affected included a 3.6% decrease in oil and gas extraction prices, a 3.0% decrease in petroleum, coal, and other fuel processing prices, and a 4.1% decrease in black metal mining prices due to reduced demand in the construction and real estate sectors [2]

（以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 本文源自：金融界 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，其他金融行业市盈率（TTM）平均值为25.34倍，行业中值-0.13倍。中国三三传媒市盈 率-3.21倍，行业排名第136位；其他东方汇财证券（08001.HK）为1.93倍、招商局中国基金 （00133.HK）为2.3倍、国银金租（01606.HK）为3.35倍、香港信贷（01273.HK）为3.45倍、中关村科 技租赁（01601.HK）为3.74倍。 资料显示，中国三三传媒集团有限公司是中国交通网络,尤其是高铁网络的主要渠道媒体运营商。作为 高铁媒体业务的先驱,集团早已建立了强大的品牌知名度,并与不同的广告客户建立了长期的合作关系,这 些优势又为集团未来的进一步扩张奠定了坚实的基础。集团主要业务包括:平面媒体:公司运营和发行获 铁道部批准在中国所有高铁发行的杂志《旅伴》,在武汉、郑州和济南铁路局运营的常规列车及高铁列 车发行的期刊《都市生活》,在上海铁道部经营的高铁上分销的《上海铁道》,以及海南航空头等舱杂志 《东方养生》。户外媒体:公司 ...

Group 1: Capital Expenditure Cycle Analysis - The capital expenditure (CAPEX) cycle is a dominant driver of industry cycles in China, influencing the relationship between CAPEX, price-to-book (PB) ratio, and return on equity (ROE) [4] - The CAPEX cycle is divided into three stages: Stage 1 (oversupply leads to declining ROE and poor market performance), Stage 2 (declining CAPEX results in rising free cash flow and market rebound), and Stage 3 (supply-side clearing leads to improved ROE and better market performance) [4][14][15] - The PB-ROE model indicates significant investment value in Stage 2 (low PB and improving ROE) and Stage 3 (reasonable PB and steadily rising ROE) [16] Group 2: Market and Industry Comparisons - In Q4 2024 and Q1 2025, the overall capital expenditure of A-share companies (excluding finance and real estate) is contracting, while free cash flow is improving [20] - The median CAPEX/depreciation ratio for secondary industries decreased from 1.35 to 1.29, while the median free cash flow/equity ratio increased from 4.4% to 4.8% [21] - The proportion of secondary industries with free cash flow greater than 0 has significantly increased, indicating a positive trend in cash flow [21][24] Group 3: Sector-Specific Insights - The consumer sector shows overall CAPEX contraction and slight decline in free cash flow, with CAPEX levels below market averages and free cash flow above market averages [26] - The advanced manufacturing sector also experiences CAPEX contraction, while free cash flow shows slight improvement [4][26] - Eight industries within the consumer sector are highlighted as potential investment opportunities based on supply-side improvements [4][26]

Core Viewpoint - The digital content localization industry is experiencing significant growth driven by the increasing demand for high-tech products to adapt to local markets as companies expand internationally [4][6][7]. Group 1: Industry Overview - The digital content service industry encompasses various forms of data provided in digital formats, including text, video, audio, and software [2]. - The industry has evolved through four stages of information dissemination: handwritten content, printed content, digital content, and multimedia content [2]. - Digital content is now integral to various sectors, including high-tech products, information technology, arts, design, manufacturing, media, and entertainment [3]. Group 2: Localization Services Demand - The rise of globalization has led to an increased need for localization services as companies face cultural, legal, and user preference differences when entering new markets [4][6]. - Companies with high localization maturity are better positioned to design products with international and local considerations from the outset, enhancing their competitiveness [5]. - Localization tasks include adapting product features, legal compliance, and cultural sensitivity to meet local market needs [5]. Group 3: Market Trends and Dynamics - The trend of companies expanding overseas is accelerating the demand for digital content localization services, with many Chinese companies seeing 30%-40% of their revenue from non-local markets [7][8]. - The market is characterized by a dual structure: low-end services primarily focus on business translation, while high-end services cater to high-tech enterprises requiring complex localization [8][9]. - Regulatory standards in specific industries are driving the need for higher quality localization services, particularly in finance, environmental protection, and life sciences [9]. Group 4: Future Development Trends - The digital content localization industry is expected to see increased cross-industry integration, breaking down barriers and fostering collaboration among sectors like finance, media, and manufacturing [10]. - The demand for localization services is projected to grow, necessitating service providers to enhance quality and efficiency to meet diverse client needs [11]. - The integration of artificial intelligence and automation tools is transforming localization processes, improving efficiency and accuracy in translation and content adaptation [12][13][14].

Group 1: New Stock Subscription - XinHengHui (新恒汇) - XinHengHui is an integrated circuit company specializing in chip packaging materials, with main businesses including smart card, etching lead frame, and IoT eSIM chip testing services [1][4] - The IPO price is set at 12.80 CNY per share, with an institutional offering price of 19.98 CNY per share, resulting in a market capitalization of 2.3 billion CNY [2] - The company has a P/E ratio of 17.76, significantly lower than the industry average of 37.99, indicating potential undervaluation [2] - The funds raised will be allocated to high-density QFN/DFN packaging material industrialization (4.56 billion CNY, 87.92%) and R&D center expansion (0.63 billion CNY, 12.08%) [4] - XinHengHui has established long-term partnerships with major security chip design firms and smart card manufacturers, with applications in communications, finance, transportation, and identity verification [4] Group 2: Market Position and Control - XinHengHui holds a market share of 31.63% and 32.32% in flexible lead frame products for 2022 and 2023, ranking second globally [5] - The company has an annual production capacity of approximately 2.342 billion smart card modules, with market shares of 20.71% and 17.87% for 2022 and 2023, respectively [5] - The actual controllers of XinHengHui, Yu Renrong and Ren Zhijun, hold a combined 51.25% of the shares, with Yu being the largest shareholder at 31.94% [5][6] Group 3: New Stock Listing - YingShi ChuangXin (影石创新) - YingShi ChuangXin focuses on the R&D, production, and sales of smart imaging devices, including panoramic and action cameras [7] - The IPO price is set at 47.27 CNY per share, with an institutional offering price of 47.63 CNY per share, resulting in a market capitalization of 18.96 billion CNY [8] - The company has a P/E ratio of 20.04, lower than the industry average of 38.21, suggesting potential investment appeal [8] - The funds raised will be used for the construction of a smart imaging device production base (1.95 billion CNY, 42.14%) and a Shenzhen R&D center (2.68 billion CNY, 57.86%) [10] - YingShi ChuangXin's brand "Insta360" holds a global market share of 67.2% in panoramic cameras, ranking first, and is second in the global action camera market [10] Group 4: Product and Revenue Insights - Consumer-grade smart imaging devices have consistently been the core product for YingShi ChuangXin, contributing over 80% to revenue from 2022 to 2024 [11] - The company has received accolades such as "National Specialized and Innovative 'Little Giant' Enterprise" and "National Manufacturing Single Champion" from the Ministry of Industry and Information Technology [11]

经营范围含许可项目：酒类经营（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经 营项目以审批结果为准）食品销售（仅销售预包装食品）；食品互联网销售（仅销售预包装食品）；保 健食品（预包装）销售；食用农产品零售；食用农产品批发；销售代理；塑料制品销售；商业、饮食、 服务专用设备销售；办公用品销售；针纺织品销售；纺织、服装及家庭用品批发；厨具卫具及日用杂品 零售；家用电器销售；安防设备销售；家具销售；钟表销售；茶具销售；橡胶制品销售；日用品销售； 个人卫生用品销售；日用玻璃制品销售；化妆品批发；日用化学产品销售；日用百货销售；礼品花卉销 售；音响设备销售；家居用品销售；工艺美术品及礼仪用品销售（象牙及其制品除外）；日用陶瓷制品 销售；国内贸易代理；专业保洁、清洗、消毒服务；会议及展览服务（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） 天眼查App显示，近日，南京阜弘商贸有限公司成立，法定代表人为杨怀皓，注册资本1000万人民币， 由阜宁城发商业管理有限公司全资持股。 序号股东名称持股比例1阜宁城发商业管理有限公司100% 企业名称南京阜弘商贸有限公司法定代表人杨怀皓注册资本1000万人民 ...