（原标题：和讯投顾许寒：永磁明日大分歧，医药存在回流的预期） 最后说下汽车零部件从消息面看逻辑，此举并未让零部件公司得到实质性的业绩增量，只是改善了其经 营的流动性，想要真正落实这一目标都有些许崎岖，需要下游c端汽车销量得到有效的增长，目前看来 难度较大，所以板块很难得到大资金的认可，而走出持续性暂时看作消息面发酵轮动题材。 6月11日，和讯投顾许寒分析称，永磁明日大分歧，医药存在回流的预期。汽车零部件是一日游的轮动 题材，不讲废话，接下来直接给大家理清今日热门题材的盘面逻辑和明日思路，先看医药方向，高位的 一鸣继续一字开局，低位有康惠助攻，同时常山和舒泰仍然是在高位进行震荡，联化奔向跌停的负反 馈，并未对其造成多大的影响，这说明医药只是内部分化并未退潮，若舒泰和常山能继续维持高位震 荡，那板块内部就出现各种部长作为先锋的莲花，或许只是开胃菜，不过共创止步于7楼，那6楼的佚名 明天就是开闸放量预期，而明天医药的关注点并不在佚名是否晋级一字上来的，多作为锚定即可，重点 关注板块内是否有新的首板出现，来维持热度，换手的昂立继续高举高打，而舒泰和常山不出现负反馈 即可，这样医药就存在回流的预期。再看稀土，稀土周一启 ...

Group 1 - The project, led by Shandong Electric Power Construction Third Engineering Company, has successfully assembled over 100,000 heliostats, marking a significant milestone for the highest tower molten salt solar project in Xinjiang [1] - The total planned area for the project is 650,000 square meters, with an installation of 300,000 heliostats, which will efficiently reflect sunlight to the heat-absorbing tower, forming the core of the solar thermal power generation system [1] - The project adopts an integrated construction model of "solar thermal + photovoltaic," combining a 100,000 kW tower molten salt solar power system with a 900,000 kW photovoltaic power station, significantly enhancing power generation efficiency and economic viability [1] Group 2 - The project is expected to generate an average annual power output of approximately 1.96 billion kWh, reducing standard coal consumption by about 690,000 tons annually, and cutting carbon dioxide emissions by 1.88 million tons and wastewater by 122,200 tons [2] - The project team is committed to ensuring safety and quality while accelerating construction, aiming for full capacity grid-connected power generation to contribute to local economic development and energy transition [2]

Summary of Key Points Core Viewpoint - The company announced the suspension and subsequent resumption of convertible bond conversion due to the implementation of the 2024 annual profit distribution plan, with adjustments to the conversion price and cash dividend per share [1] Group 1: Convertible Bonds - The convertible bonds will be suspended from June 11 to June 17, 2025, and will resume conversion on June 18, 2025 [1] - The pre-adjustment conversion price was set at 3.44 CNY per share, which will be adjusted to 3.37 CNY per share effective June 18, 2025 [1] Group 2: Profit Distribution - The profit distribution plan for 2024 includes a cash dividend of 0.74 CNY per 10 shares (tax included) [1] - Due to factors such as convertible bond conversion and share repurchase, the total share capital will be reduced to 6.473 billion shares, leading to an adjustment in the per-share distribution ratio [1] - The cash dividend per share will remain unchanged at 0.074 CNY (tax included) despite the adjustments [1]

Group 1 - Tesla's stock price increased by 5.03% to $324.1 per share, with a total market capitalization of $1,043.91 billion as of June 11 [1] - For the fiscal year ending March 31, 2025, Tesla reported total revenue of $19.335 billion, a year-over-year decrease of 9.23%, and a net profit of $409 million, down 70.58% year-over-year [1] - Robert W. Baird reaffirmed Tesla's rating as Neutral and raised the target price to $320 on June 9 [1] Group 2 - Tesla is planning to launch electric vehicles to cater to a wide consumer and commercial vehicle market, including models such as Model 3, Model Y, Model S, Model X, Cybertruck, Tesla Semi, and a new Tesla Roadster [2] - The electric vehicles feature advanced technology in power systems, autonomous driving, and Full Self-Driving (FSD) hardware, offering advantages in range, charging flexibility, acceleration, handling, safety, and user-friendly infotainment features [2]

智通财经APP获悉，美国核能公司Oklo(OKLO.US)周二表示，美国核管理委员会(NRC)已开始审查该公 司的持证运营商专题报告。这标志着Oklo在为更快的许可路径奠定监管基础方面取得了持续进展，以支 持其更广泛的商业化目标。 Jeff Campbell认为，能否取得燃料是Oklo的成功关键。他提到，Oklo已完成在爱达荷国家实验室(INL)场 址的钻探评估作业，跟美国能源部敲定合作备忘录，也与INL签订了系统界面协议(Interface Agreement)。 Oklo首席执行官Jacob DeWitte表示："通过将设计、建设和运营的所有环节整合到一个申请中，我们简 化了部署路径。由于我们建设、拥有并运营发电站，直接向客户销售能源，因此将这一点与更为一体化 的许可路径相结合是合理的。" 值得一提的是，Seaport Global分析师Jeff Campbell在周一将Oklo的股票评级从"中性"上调至"买入"，目 标价为71美元，理由是对公司的增长前景有信心。 Jeff Campbell表示，Oklo的项目进展顺利、还获得一些技术核准。另外，他也对Oklo最近指派的首席技 术 官 Pat Schwei ...

Financial Performance - The company reported a revenue of 859.39 million yuan for Q1 2025, representing a year-on-year increase of 10.44% compared to 778.12 million yuan in the same period last year [1] - The net profit attributable to shareholders was 98.06 million yuan, up 21.95% from 80.41 million yuan in the previous year [1] - The net profit after deducting non-recurring gains and losses reached 91.63 million yuan, marking a significant increase of 67.06% from 54.85 million yuan [1] - The net cash flow from operating activities was -19.71 million yuan, showing a 94.11% improvement compared to -334.64 million yuan in the previous year [1] - The basic earnings per share (EPS) was 0.0518 yuan, an increase of 23.33% from 0.0420 yuan [1] Asset and Equity Growth - As of the end of Q1 2025, the company's total assets amounted to 10.508 billion yuan, reflecting a growth of 0.9% from the end of the previous year [2] - The net assets attributable to shareholders were 6.23 billion yuan, which is a 1.8% increase compared to the end of the previous year [2] Executive Compensation - The chairman of the company, Lu Yong, received a salary of 2.172 million yuan in 2024, with total compensation over three years amounting to 6.46 million yuan [4] - Lu Yong has held various positions within the company and its subsidiaries, showcasing a long-standing involvement in the business [4] Business Overview - The company, established in 1989 and listed in 2011, operates in sectors including silicon carbide, photovoltaic power generation, and enameled wire [4]

本报记者 蒙婷婷 6月10日，经历停牌10天后，成都市新筑路桥机械股份有限公司（以下简称"新筑股份"，股票代码：002480）复牌即"一字 涨停"，股价为7.19元/股，涨幅为9.94%。 新筑股份董事会秘书张杨向《证券日报》记者表示："通过此次交易，公司将战略性退出磁浮与桥梁功能部件业务，蜀道 清洁能源将成为公司控股子公司，公司未来将聚焦于清洁能源发电业务。同时，通过此次交易盘活公司资产、降低负债率，从 根本上改善公司的经营状况，增强公司的持续经营能力和发展潜力。" 蜀道集团官网显示，蜀道清洁能源系蜀道集团构建"交通+能源"产业生态的战略实施主体，主营水电、风电、光伏等清洁 能源项目的投资、建设与运营，同步大力发展储能（新型储能、抽水蓄能）等业务。截至目前，蜀道清洁能源集团权益装机 1150万千瓦，控股装机857万千瓦，业务覆盖四川省内和西北地区。公司依托四川省内水风光一体化清洁能源基地开发和"交通 +"产业优势，储备水风光资源约3000万千瓦。 预案还显示，新筑股份拟向不超过35名符合条件的特定投资者发行股份募集配套资金，募集配套资金总额不超过本次拟以 发行股份方式购买资产的交易价格的100%，且发行股份 ...

Group 1 - The company transforms agricultural waste, specifically straw, into clean energy, generating 250 million kilowatt-hours of electricity and 200,000 tons of steam annually, achieving an ecological cycle of "waste to treasure" [1] - During the peak straw collection season, approximately 120 trucks deliver straw to the company daily, with an annual storage capacity of 450,000 tons [1] - The company utilizes a fluidized bed boiler operating at 750℃, consuming 400,000 tons of biomass straw and agricultural waste each year, with an average annual power generation of 250 million kilowatt-hours [1] Group 2 - The company provides stable and reliable heat sources to surrounding industries, including textiles and food, with a heat efficiency improvement of over 10% through upgraded technology [2] - The company has established a heating network covering over 20 enterprises in the park, creating a "power + heat" industrial model that contributes to the sustainable development of the Wuhua area [2]

Macro and Strategy - The core CPI in China is expected to turn positive in June, driven by service prices in May, while the PPI continues to show a significant decline [9][10] - China's exports showed resilience with a 4.8% year-on-year increase in May, while imports fell by 3.4%, resulting in a trade surplus of $103.22 billion [10] Transportation Industry - The logistics sector is seeing a reduction in costs and increased efficiency through the adoption of unmanned logistics vehicles, particularly in the last mile of delivery [10][12] - The shipping industry is experiencing a rebound in freight rates due to increased demand from U.S. companies resuming supply chains, leading to a significant supply-demand gap [10][12] - The aviation sector is entering a low season, with domestic passenger flights seeing a decrease, but there is potential for price stabilization in 2025 due to ongoing demand optimization policies [11][12] Public Utilities and Environmental Protection - The National Energy Administration is initiating pilot projects for new power systems, focusing on innovative technologies and models [15][16] - In April 2025, China exported 228,148 tons of industrial-grade mixed oil (UCO), a 7.46% increase year-on-year, with an average export price of $1,069.34 per ton, up 21.01% year-on-year [15][16] Mechanical Industry - The humanoid robot sector is gaining traction, with strong orders from TSMC and the official launch of the Tian Gong Robot 2.0 [10][18] - The AI infrastructure is expected to drive continued growth in capital expenditure for data centers, benefiting companies involved in gas turbines and chillers [19] Home Appliances - The demand for kitchen small appliances is accelerating, with significant growth observed during the 618 shopping festival [21][22] - The domestic sales of major home appliance categories showed positive growth in April, with air conditioners and washing machines leading the way [22][23] Food and Beverage - The white liquor sector is facing continued pressure during the off-season, while beer and beverage categories are entering a peak demand period [33][34] - High-end liquor prices have slightly decreased, with companies like Kweichow Moutai and Luzhou Laojiao adjusting strategies to maintain market presence [34] Media and Internet - The media sector is experiencing growth, with companies like Keling AI collaborating with NetEase Games, indicating a positive trend in AI applications and IP development [33]

Investment Rating - The investment rating for the company is "Buy" [10] Core Views - Yongxing Co., Ltd. is the sole investment and operation entity for waste incineration power generation projects in Guangzhou, with a total operational capacity of 32,090 tons/day as of the end of 2024. The company has no ongoing construction projects, and its revenue from construction has significantly declined to 0.15 million in 2023, with no contributions expected in 2024. The quality of revenue and profit is high [3][7][25]. - The company benefits from a favorable project location, low national subsidy ratio, high calorific value, and large individual project sizes, leading to excellent cash flow performance. The cash collection ratio for 2024 is 100%, and the net cash ratio is 232% [8][13][70]. - The company operates under a government procurement service model, which is akin to perpetual operation, providing a stable revenue stream. The majority of its projects are located in Guangzhou, ensuring a steady supply of waste [13][60]. Summary by Sections Company Overview - Yongxing Co., Ltd. was established in 2009 and is controlled by the Guangzhou Environmental Investment Group. It focuses on waste incineration power generation and has expanded into biomass processing since 2021. The company operates 14 waste incineration projects and 4 biomass processing projects, with a total operational capacity of 32,090 tons/day for incineration and 2,590 tons/day for biomass [7][18][25]. Financial Performance - The company achieved a revenue of 35.36 billion in 2023, a year-on-year increase of 7.4%, and a net profit attributable to shareholders of 7.35 billion, up 2.7%. For 2024, the projected revenue is 37.65 billion, with a growth of 6.4%, and a net profit of 8.21 billion, reflecting an 11.7% increase [25][26]. Competitive Advantages - The company has several competitive advantages over its peers, including: - High-quality project locations with low national subsidy ratios and high calorific values, leading to superior cash flow performance [8][60]. - A government procurement service model that ensures stable operations and revenue [13][60]. - Strong support from its major shareholder, which guarantees sufficient waste collection and enhances operational efficiency [13][60]. - Opportunities for growth in waste processing volume due to population inflow and expansion of waste sources [13][60]. Profitability Forecast and Valuation - The company is expected to see a steady increase in net profit from 9.0 billion in 2025 to 11.0 billion in 2027, with corresponding price-to-earnings ratios of 16.0x, 14.1x, and 13.2x. The "Buy" rating reflects the company's perpetual operation characteristics and location advantages that support earnings per share growth [9][10].