Core Viewpoint - The article highlights the successful investment strategy of Tian Junwei, a fund manager at Bosera Fund, who employs a GARP (Growth at a Reasonable Price) approach to achieve superior performance in the market [1][2]. Investment Strategy - Tian Junwei's investment style is centered around the GARP strategy, which balances value and growth investing by capturing growth opportunities at reasonable valuations [2]. - Since starting independent product management in 2017, Tian has expanded his investment scope across various industries while integrating bottom-up stock selection with portfolio management thinking [2][6]. Focus on Growth Stocks - The selection of high-growth stocks is based on PEG (Price/Earnings to Growth) ratios, primarily focusing on technology companies, while high-quality growth stocks are often found in the consumer sector [2][7]. - Tian emphasizes understanding the underlying drivers of growth rather than just financial metrics, using industry trends as a guide for stock selection [3][8]. Unique Investment Approach - Tian is known for his left-side investment strategy, where he identifies undervalued stocks or those at the early stages of industry upturns, such as his early investments in the CRO/CMO sector [4][5]. - His investment philosophy rejects macro-level style shifts and industry rotations, focusing instead on long-term opportunities aligned with industry trends [4][6]. Lifecycle Focus - Recently, Tian has shifted his focus from mid-to-late stage companies to those in the early stages of their lifecycle, identifying new opportunities in emerging industries that are still undervalued [5][9]. Composite Investment Model - Tian has upgraded his left-side investment strategy to a composite model of "contrarian investing + portfolio management," which helps manage volatility even during market downturns [6]. Targeted Industry Opportunities - Tian's excess returns primarily come from stock selection, with less emphasis on asset and industry allocation. He identifies three main directions for future investments: digital transformation, safety and self-sufficiency, and emerging industries [7][9]. - In the digital transformation space, the rise of generative AI is seen as a catalyst for improving production efficiency and cost reduction [7]. - The safety and self-sufficiency sector includes electronics, computing, machinery, and defense, which are expected to yield high-quality growth stocks [7][9].

Core Viewpoint - The rise of stablecoins is becoming a critical issue globally, with countries needing to address their regulation to avoid negative impacts on their financial systems and to seize opportunities for currency globalization [1] Group 1: Importance of Stablecoins - Stablecoins are increasingly recognized as essential payment tools, with a global market size exceeding $250 billion [2] - Visa predicts that by June 2025, adjusted stablecoin payment transactions will reach 1.6 billion, amounting to $7.3 trillion [2] - Citibank estimates that stablecoin market value could reach $3.7 trillion by 2030 under optimistic scenarios [2] Group 2: Regulatory Developments - The U.S. and Hong Kong have passed legislation to regulate fiat-backed stablecoins, emphasizing their role as payment tools and differentiating them from securities [2][4] - Countries like the UK and South Korea are also incorporating stablecoins into their legislative frameworks [2] Group 3: Advantages and Risks - Stablecoins can significantly reduce cross-border transaction times from 1-5 days to minutes and lower costs from an average of 6.35% to below $1 in some regions [3] - However, stablecoins are also associated with illegal financial activities, necessitating regulatory measures to ensure financial security [3] Group 4: Sovereignty and Currency Influence - Legislation aims to protect and promote fiat currency sovereignty, as foreign stablecoins can pose risks to domestic financial systems [4] - The dominance of USD stablecoins, which account for 95% of the fiat stablecoin market, highlights the need for countries like China to develop their own stablecoins to enhance their currency's global influence [5] Group 5: Integration with Central Bank Digital Currencies (CBDCs) - China is leveraging CBDCs to address cross-border payment challenges, with the potential to complete transactions in 6-9 seconds and reduce costs by nearly half [6] - The development of offshore RMB stablecoins is seen as a way to increase the use of RMB in international payments, complementing traditional financial methods [6] Group 6: Future Development Strategies - The issuance of RMB stablecoins should focus on supporting economic development and enhancing RMB internationalization rather than competing directly with USD stablecoins [5][7] - A gradual approach is recommended for the development of RMB stablecoins, starting with offshore markets like Hong Kong before expanding to mainland China [7]

Core Viewpoint - The lithium battery industry is experiencing a surge in overseas investment plans from various manufacturers, driven by increasing domestic competition and the need for localized supply chains in foreign markets [1][2]. Group 1: Overseas Investment Plans - Companies like Zhongke Electric, Tianci Materials, and Rongbai Technology have announced significant overseas investment projects, indicating a trend of "going out" in the lithium battery supply chain [1][2]. - Zhongke Electric plans to invest up to 8 billion yuan in Oman for a lithium-ion battery anode material base with an annual capacity of 200,000 tons [2]. - Tianci Materials is set to invest approximately 2.8 million USD in Morocco for an integrated project producing 150,000 tons of electrolyte and key raw materials [2]. - Rongbai Technology and Xinzhou Bang have also revealed overseas investment plans, with Rongbai planning a 1.705 billion yuan facility in Poland and Xinzhou Bang investing up to 2.6 million USD in Malaysia [2]. Group 2: Market Potential and Demand - The penetration rate of new energy vehicles in China is projected to reach 38.9% in 2024, while major automotive production countries have significantly lower rates, indicating substantial growth potential in overseas markets [3]. - The implementation of various policies in the U.S. and EU is increasing the demand for localized supply chains, prompting lithium battery companies to accelerate overseas capacity building [3]. Group 3: Production and Profitability - Companies like CATL and EVE Energy are beginning to see profitability from their overseas operations, with CATL's German factory achieving breakeven and starting to generate profits [6]. - EVE Energy's first overseas battery base in Malaysia commenced production in February 2024, while other companies like Longpan Technology and Rongbai Technology are also reporting successful overseas operations [5][6][8]. Group 4: Challenges and Strategies - Despite the positive signals, the overall progress of overseas investments remains slow due to higher costs, funding needs, and longer return periods compared to domestic operations [9][10]. - Companies are exploring various financing options, including listings in Hong Kong, to support their overseas expansion [9]. - Local market analysis and understanding of customer needs are crucial for successful overseas operations, as evidenced by the need for stable customer orders to support production [10]. Group 5: Localization and Cultural Integration - The success of overseas operations is heavily dependent on local integration, including navigating local regulations, labor policies, and cultural differences [10][11]. - Companies like Longpan Technology are actively working on local talent development and communication strategies to enhance operational efficiency in foreign markets [10][11].

Core Insights - The competition in the robotic vacuum cleaner industry has intensified, with major players like Ecovacs, Roborock, and Xiaomi facing challenges from new entrants such as DJI, which has recently launched its robotic vacuum after four years of development [1][3] - The market is characterized by a duality of "red ocean" competition and "blue ocean" opportunities, as the current market penetration is only about 6%, indicating significant growth potential [3][4] - The price of robotic vacuums has decreased significantly during promotional events, reflecting the impact of intense competition and government subsidies [2][3] Industry Dynamics - The market is dominated by a few key players, with the top five brands holding a combined market share of 89.2% [2] - The industry is transitioning from a growth phase to a mature phase, leading to a "winner-takes-most" scenario where a small number of companies capture the majority of market share [2][3] - The overall retail sales of robotic vacuums in China are projected to reach 19.36 billion yuan in 2024, with a year-on-year growth of 41.1% [3] Technological Advancements - Companies are engaged in a "technology war" to enhance product features, such as AI obstacle avoidance and mechanical arms, while also facing a "price war" to capture market share [5][8] - The introduction of advanced features like bionic mechanical arms and AI capabilities is becoming standard in high-end products, indicating a shift in consumer expectations [6][7] - The industry is experiencing rapid technological iterations, with new functionalities being introduced frequently, although some analysts suggest that many innovations are merely incremental rather than groundbreaking [7][8] Financial Performance - Companies like Roborock have reported significant revenue growth, with a 38.03% increase in revenue to 11.945 billion yuan in 2024, although net profit has declined by 3.64% [8] - The gross margin for Roborock's robotic vacuum segment remains above 50%, despite a slight decrease, indicating that profitability is still relatively strong in the context of the competitive landscape [10] Market Strategy - Companies are increasingly focusing on international markets, with significant growth in regions like Europe and North America, where demand for cleaning appliances is high [11] - The shift from viewing robotic vacuums as mere cleaning tools to integral components of smart home ecosystems reflects a broader trend in the industry [9][10] - The competition is not just about individual products but also about establishing a foothold in the smart home ecosystem, with companies like Midea emphasizing the importance of having a robotic vacuum as part of their broader appliance offerings [10]

东方电气集团东方锅炉股份有限公司董事会定于2025年7月11日（星期五）14:00，在四川省成都市高新 西区天朗路1号公司成都工作部召开2025年第二次股东会，具体事项通知如下： 一、会议审议事项 1.审议修订《董事会议事规则》的议案 2.审议修订《股东会议事规则》的议案 二、会议出席对象 截止2025年7月7日（星期一），登记在东方锅炉股东名册下的全体股东（或股东代理人）均有权出席本 次股东会。 三、会议登记、出席 1.2025年7月9日（星期三）为本次股东会登记日。欲参加本次会议的股东，请在登记日以电话或传真方 式进行会前登记，表明参会意愿。 2.已在登记日登记并前往公司参加本次会议的股东（或股东代理人），请于会前30分钟到场，出示股东 本人身份证（代理人需出示有效身份证件及所代理股东的《授权委托书》等原件资料）进行签到，经东 方锅炉董事会办公室审核确认与中国证券登记结算公司上海分公司移交的东方锅炉股东名册一致，方可 出席会议。股东授权委托书式样见附件。 电 话：（028）81267143 传 真：（0813）220302200 联系人：牛全洲 五、其他事项 出席会议股东或股东代理人住宿及交通费自理，会期 ...

"公司将围绕'守正创新，行稳致远'的发展理念，坚定信心，团结奋进，持续在药品研发、医药商业、 日化美妆、保健食品、投资并购等方面发力，合力将片仔癀打造为世界一流、国内顶尖的医药健康产业 集团。"在股东大会首个议案董事会工作报告宣读环节，片仔癀（600436.SH）董事长林志辉向在场近五 百名股东及与会者庄重表示。 6月20日，中药行业领军企业片仔癀2024年度股东大会于漳州芗江酒店隆重召开，公司董事会、监事会 及全体高管均出席。股东大会现场吸引了三百余位股东及代表，近五百人到场参会，合计持股比例达到 56.6%。此次会议以"守正创新，行稳致远"为主题，精准概括了公司业务稳健发展并积极寻求创新突破 的现状。 本次股东大会顺利完成了2024年年度报告等7项议案的现场投票，以及听取《公司2024年度独立董事述 职报告》等议案。公司研发中心负责人陈志亮博士及"金牌讲师"夏春生先生，分别为现场参会者讲解了 公司在研发创新层面的成果与规划，以及公司覆盖药品、化妆品、口腔护理、医疗器械及保健食品的产 品矩阵。在股东问答环节，现场股东围绕核心产品价格、现金分红、营销策略、品牌声誉维护等问题踊 跃提问，公司高管也及时给予了详尽 ...

欧盟休想轻易得到他们想要的中国稀土。6月21号，德国主流媒体《商报》声称，中国正以一种"强硬且策略明确"的方式迫使欧盟作出关键让步。报纸文章 写道，中国政府已经将"所有选项"摆上了谈判桌，将稀土出口限制列为博弈筹码，迫使欧盟在技术封锁、电动车关税及中欧投资协议等多个问题上表态。 除了该报自己的评述，这个文章还援引欧盟内部人士的话称："中国目前正把稀土及其深加工产品的出口许可制度作为施压手段，向欧盟展示一个赤裸裸的 事实，要想继续拿到中国的原材料，就要付出相应的代价。此轮博弈的焦点并不止于稀土本身，而是围绕三大核心议题展开：荷兰ASML的光刻机出口限 制、对中国电动汽车加征关税以及至今悬而未决的《中欧全面投资协定》。" 虽然《商报》是自己的评述和引用的欧盟个别官员的言论，但这些言论很有代表性。在他们看来，禁止对中国出口ASML光刻机、对中国电动汽车加征关税 那是理所当然，但中国对他们限制稀土供应就是"以势压人"，与中国自己倡导的"互利共赢"言论相悖了。他们就不想一想，荷兰宣布对中国禁售光刻机、欧 盟对中国加重电动车关税不也是"以势压人"，不符合"互利共赢"的原则吗？这种双标实在太低劣了。 这一次中欧高层年度经贸 ...

据央视新闻，当地时间22日晚间，以色列本土守备司令部称，经过对形势的评估，决定维持以色列当前 的公共安全防御指南，直至23日晚间。此前，根据以色列本土守备司令部的指令，该国决定从22日凌晨 3点45分起立即调整针对以色列公众的公共安全防御指南，升级全国戒备状态，包括将全国所有地区 由"部分限制活动"状态升级为"必要活动"状态，也就是禁止包括教育活动、集会活动及非必要行业运营 等等。 ...

公告送出日期：2025年6月23日 1、 公告基本信息 3.2提示 2、与分红相关的其他信息 ■ 3、其他需要提示的事项 3.1收益发放办法 1）选择现金分红方式的投资者的红利款将于2025年6月25日自基金托管账户划出。 2）选择红利再投资分红方式的投资者所转换的基金份额于2025年6月25日直接计入其基金账户，并自 2025年6月25日起计算持有天数。2025年6月26日起投资者可以查询。 3）权益登记日之前办理了转托管转出尚未办理转托管转入的投资者，其分红方式一律按照红利再投资 处理，所转出的基金份额待转托管转入确认后与红利再投资所得份额一并划转。 ■ 注：根据本基金发行文件规定，本基金每次收益分配比例不低于基准日基金可供分配利润的20%。截止 基准日按照基金合同约定的分红比例计算的应分配金额=基准日基金可供分配利润*20%。 1）权益登记日以后（含权益登记日）申请申购、转换转入的基金份额不享有本次分红权益，权益登记 日申请赎回、转换转出的基金份额享有本次分红权益。 2）本次分红确认的方式按照投资者在权益登记日之前最后一次选择的分红方式为准。投资者如需修改 分红方式，请务必在权益登记日前一日的交易时间结 ...

在中国基金业逐步开放的大背景下，上半年外资公募正继续加快将产品线落地于本土市场的步伐。 证券时报记者注意到，今年以来，债券类产品成为了外资公募新发的绝对主力，体现了外资"稳中求 进"的市场策略。多只债基首发规模突破50亿元，稳健配置价值获得了资金的广泛认可。 与此同时，指数增强型基金在权益产品中迅速崛起，成为外资重点关注的布局方向。而以多元资产配 置、港股精选策略等为代表的特色产品，也进一步丰富了外资公募在中国市场的投资工具箱，推动其本 土化体系持续完善。 债基成外资公募新发主线 头部产品规模不低于50亿 今年以来，债券基金悄然成为了外资公募新基金发行的绝对主力。从纯债产品到混合债基，各类债券型 产品密集亮相，构成了外资公募在华发展业务的重要抓手。 证券时报记者注意到，贝莱德基金接连推出了中长期纯债型基金贝莱德安泽60天持有，以及混合债券型 二级基金贝莱德富元添益；路博迈基金则布局了路博迈兴航60天滚动持有这一中长期纯债产品。 除了上述两家外资公募，其他外资公募亦动作频频。比如，施罗德基金发行了中长期纯债型基金施罗德 添源纯债、安联基金发行了混合债券型二级基金安联安裕、联博基金发行了混合债券型二级基金联博汇 ...