红利资产受捧 相关基金密集"上新" 年内清算基金数量超130只 基金发行和退出市场化趋势日益明显 数据显示，今年以来已有超130只基金宣告清算，延续了过去两年"清算常态化"的节奏。值得注意的 是，与此前相比，今年清算的产品中，还出现了包括红利、医药等在内较为热门的主题基金。这意味 着，热门领域主题基金同样面临着规模或持有人数的压力。在业内人士看来，受到市场选择、公司资源 投入、投资能力等多重因素影响，基金发行和退出的市场化趋势近年来更趋明显。（经济参考报） 今年来，商业银行资本补充进程明显加码，特别是进入二季度以来，多家中小银行密集"补血"。Wind 数据显示，截至7月15日，我国商业银行年内已发行"二永债"（二级资本债、永续债）8945.6亿元，发 行数量达到57只。业内专家表示，近年来，在商业银行盈利能力下降、利润留存补充资本空间缩窄的情 况下，发行"二永债"可以通过外源性渠道丰富资本金来源，提升经营的稳健性。未来应不断优化政策和 市场环境，拓宽符合条件的中小银行的资本补充渠道。(智通财经) 1494家A股公司已披露中报预告 417家预计净利润增幅上限超100% 近期以银行股为代表的红利资产大幅上涨，相关 ...

| [编纂]數目 ። | [编纂]股股份(視乎[編纂]行使與否而定) | | --- | --- | | [编纂]數目 : | [编纂]股股份(可予重新分配) | | [编纂]數目 .. | [編纂]股股份(可予章新分配及狠乎[編纂]行使 | | | 與合面定) | | : 【编纂】 | 每股[编纂]不多於[编纂]及預期每股[编纂]不少 | | | 於[編纂]港元,另加1%經紀佣金、0.0027% | | | 證監會交易徵費、0.00015%會財局交易徵費 | | | 及0.00565%聯交所交易費(須於申請時以港 | | | 元繳足,多繳款項可予退還) | | 面值 : | 母股股份0.01港元 | | [编纂] .. 【编纂】 | | | 獨家保薦人及[編纂] | | | Alliance Capital Partners Limited | | | 同人融資有限公司 | | | [编纂] | | | [编纂] | | | [编纂] | | 瑞财经 王敏 近日，金叶国际际控股有限公司（以下简称"金叶国际"）在港交所递交招股书，拟在香港GEM（创业板）上市，同人融资为其独 家保荐人。 招股书显示，金叶国际成 ...

Core Viewpoint - The establishment of the Spatial Information Engineering major is a proactive response to national strategies and aims to cultivate "spatial architects" equipped for the digital economy [3][4]. Group 1: Professional Overview - The Spatial Information Engineering major is recognized as a new discipline that integrates Earth sciences, information sciences, and engineering technologies, focusing on the deep coupling of "time" and "space" [4]. - This major is essential for various applications, including navigation updates, smart city operations, natural resource management, and emergency responses during disasters [4][5]. Group 2: Curriculum Development - The curriculum is designed to break down disciplinary barriers, combining general education, foundational knowledge, and practical innovation [5][6]. - Courses include remote sensing, geographic information, and artificial intelligence, ensuring a comprehensive understanding of spatial data collection and processing [6]. - The program emphasizes real-world applications, with case studies in smart cities, autonomous driving, and disaster monitoring, utilizing a project-based learning approach [6][7]. Group 3: Employment Prospects - Graduates of the Spatial Information Engineering major are expected to meet the growing market demand for interdisciplinary talents capable of addressing complex spatial analysis and engineering challenges [7][8]. - Employment opportunities span various sectors, including natural resource management, smart city development, intelligent transportation, and low-altitude economy [8].

Excavator Sales - In June 2025, a total of 18,804 excavators were sold, representing a year-on-year increase of 13.3%. Domestic sales accounted for 8,136 units, up 6.2%, while exports reached 10,668 units, up 19.3% [1] - From January to June 2025, a total of 120,520 excavators were sold, marking a 16.8% increase year-on-year. Domestic sales were 65,637 units, up 22.9%, and exports were 54,883 units, up 10.2% [1] - In June 2025, 27 electric excavators were sold, including 11 units under 6 tons, 4 units between 10 to 18.5 tons, and 12 units between 18.5 to 28.5 tons [1] Loader Sales - In June 2025, 12,014 loaders were sold, reflecting an 11.3% year-on-year increase. Domestic sales were 6,015 units, up 13.6%, and exports were 5,999 units, up 9.11% [2][3] - From January to June 2025, a total of 64,769 loaders were sold, with domestic sales of 35,622 units (up 23.2%) and exports of 29,147 units (up 3.71%) [3] Electric Loader Sales - In June 2025, 3,049 electric loaders were sold, with various weight categories contributing to the total [4][5] Grader Sales - In June 2025, 763 graders were sold, down 11.2% year-on-year. Domestic sales were 141 units, up 38.2%, while exports were 622 units, down 17.8% [6] - From January to June 2025, a total of 4,343 graders were sold, marking a 9.23% increase year-on-year. Domestic sales were 818 units, up 40.3%, and exports were 3,525 units, up 3.89% [7] Crane Sales - In June 2025, 1,649 cranes were sold, down 5.28% year-on-year. Domestic sales were 901 units, down 7.59%, and exports were 748 units, down 2.35% [8] - From January to June 2025, a total of 10,752 cranes were sold, down 8.4% year-on-year. Domestic sales were 6,082 units, down 12.9%, and exports were 4,670 units, down 1.73% [9] Forklift Sales - In June 2025, 137,570 forklifts were sold, up 23.1% year-on-year. Domestic sales were 83,892 units, up 27.3%, and exports were 53,678 units, up 17.2% [10] - From January to June 2025, a total of 739,334 forklifts were sold, reflecting an 11.7% year-on-year increase. Domestic sales were 476,382 units, up 9.79%, and exports were 262,952 units, up 15.2% [10] Paver Sales - In June 2025, 182 pavers were sold, representing a significant year-on-year increase of 78.4%. Domestic sales were 131 units, up 95.5%, and exports were 51 units, up 45.7% [11] - From January to June 2025, a total of 890 pavers were sold, marking a 38.8% increase year-on-year. Domestic sales were 652 units, up 41.4%, and exports were 238 units, up 32.2% [12] Aerial Work Platform Sales - In June 2025, 17,963 aerial work platforms were sold, down 16.4% year-on-year. Domestic sales were 7,505 units, down 42.1%, while exports were 10,458 units, up 22.7% [13] - From January to June 2025, a total of 92,496 aerial work platforms were sold, down 30.7% year-on-year. Domestic sales were 36,696 units, down 47.2%, and exports were 55,800 units, down 12.9% [13]

Summary of Conference Call Records Industry Overview - **Urban Renewal**: Transitioning from large-scale incremental development to enhancing existing stock, with a total investment scale expected to reach hundreds of billions to trillions, presenting both opportunities and challenges for the construction and building materials industry [1][11] - **Infrastructure Development**: Focus shifting to high-quality development, with an emphasis on transportation, energy, water networks, computing power, information, and logistics. Projects like urban gas pipeline renovations are expected to be completed by 2025, necessitating attention to investment efficiency [1][10] - **Real Estate Market**: The market for renovation of existing homes is projected to surpass that of new homes for the first time in 2024, indicating resilience and potential growth in the sector [1][12] Key Points and Arguments - **Urban Renewal Strategy**: Emphasizes the protection of historical architecture and limits on super-tall buildings, marking a shift from demolition to preservation [5][6] - **Construction and Building Materials Impact**: The industry must adapt to new policies, enhance technical standards, and increase the use of green materials to meet the demands of high-quality urban renewal [9][11] - **Engineering Machinery Sector**: The industry saw a 6% year-on-year increase in sales in June, with small excavators in high demand. A recovery cycle is anticipated over the next three to five years, with stable demand potentially reaching 200,000 units [14][15] Additional Important Insights - **Market Sentiment**: Initial market expectations for the conference were high, particularly for real estate and construction sectors, but subsequent performance indicated a weaker response than anticipated [2] - **Smart City Development**: The integration of digitalization and urban data management is expected to enhance operational efficiency and emergency management in urban planning [3][13] - **Public Environmental Sector**: The central government has introduced financial support policies for urban renewal, which will benefit water and waste management sectors, with specific funding caps for different regions [24][25] Recommendations for Investors - **Key Companies to Watch**: In the engineering machinery sector, companies like SANY Heavy Industry, XCMG, LiuGong, and Zoomlion are recommended due to their strong competitive positions and profitability [19] - **Public Environmental Companies**: Companies such as Hanlan Environment, Green Power, and Everbright Environment are highlighted for their stable operations, improving cash flows, and favorable valuations [26][27] Future Trends - **Urban Infrastructure**: The focus will be on modernizing urban systems with a networked approach, particularly in major economic zones like Beijing-Tianjin-Hebei and the Yangtze River Delta [20] - **Environmental Policy Support**: Increased government backing for infrastructure projects related to water supply and waste management is expected to drive growth in the public environmental sector [25][27]

守正创新 以高水平安全管理护航国际业务高质量发展 中国电力技术装备有限公司（以下简称"中电装备公司"）作为国家电网公司国际业务平台，始终将安全 视为企业发展的生命线。安全不但事关员工的安危、项目的成败、公司的发展，也代表中国企业在国际 舞台上的形象与责任。面对复杂多变的国际环境、严苛的技术标准与极高的安全要求，中电装备公司坚 持守正创新，通过全方位、多维度安全管理工作，不断提升安全管理水平，全力护航公司海外业务行稳 致远。 一、提高政治站位，筑牢安全防线 中国电力技术装备有限公司董事长、党委书记 余军 中电装备公司建立了"明责任、定目标、强监督、严考核"的责任落实机制。印发领导干部安全责任清单 和安全生产工作清单，逐级签订安全责任书，层层压实安全管理责任。发布全员安全责任清单，定期组 织交底，确保人人明责、知责。常态化开展安全履职情况检查，结合公司重点工作抽查关键岗位安全履 职情况，督促各级履职尽责。定期开展安全管理考核评价，结合绩效考核予以兑现，并将评价结果与公 司年度评先评优工作相结合，强化考核效果。 三、打造全链条管理，防范安全风险 中电装备公司强化源头管理，建立全链条安全风险防范工作机制。项目立项阶段 ...

Group 1: Small-cap Fund Investment Opportunities - The long-term returns of small-cap stocks primarily stem from valuation improvements rather than dividends or buybacks, indicating a persistent pricing error in the market that provides alpha opportunities [8] - Small-cap stocks exhibit a longer right tail in excess return distribution compared to large-cap stocks, suggesting higher potential for extreme positive returns during bullish market cycles [8] - In a credit expansion phase, small-cap stocks tend to perform better due to a favorable monetary environment and recovering credit conditions [8] Group 2: Economic Insights - The second quarter GDP growth rate was reported at 5.2%, indicating resilience in the economy, particularly in industrial output, despite a decline in fixed asset investment growth [13] - Economic data for June showed a mixed trend, with external demand and production rebounding while consumption and investment weakened [9] - The overall economic outlook suggests a potential GDP growth rate of around 5% for the year, with ongoing challenges in domestic demand and export pressures [9] Group 3: Industry Performance - The coal industry is experiencing a decline in imports while thermal power generation continues to grow, leading to price increases as demand rises [22] - The antimony market is showing signs of recovery with potential upward price adjustments due to easing export policies and a focus on quality resource companies [23][24] - The textile and apparel sector, particularly companies like Anta Sports and 361 Degrees, is demonstrating strong sales growth, supported by effective multi-brand strategies [28][38]

Macro Strategy - The "urban renewal" initiative is expected to achieve a total investment of at least 4.48 trillion yuan during the 14th Five-Year Plan period, averaging nearly 900 billion yuan annually. The main sources of potential demand will come from the renovation of urban villages, old residential areas, and urban infrastructure upgrades [1][18] - The renovation of old residential areas and urban infrastructure is projected to contribute at least 2.35 trillion yuan in new investment during the 14th Five-Year Plan period, supported by over 470 billion yuan in central budget investments and special bonds [1][18] - The urban village renovation is estimated to contribute 2.13 trillion yuan in new investment during the 14th Five-Year Plan period, assuming a "half-demolition, half-renovation" approach for the remaining self-built houses [1][18] Economic Data - The actual GDP growth rate for Q2 was 5.2%, with a cumulative growth of 5.3% for the first half of the year, indicating a strong performance compared to the previous year. However, the nominal GDP growth rate was lower at 3.9% [2][20] - Consumer spending showed a year-on-year increase of 5.0% in the first half, driven by the "old-for-new" policy, while real estate sales showed resilience compared to the previous year [2][20] - Industrial production in June saw a year-on-year increase of 6.8%, supported by strong external demand, particularly in the equipment manufacturing sector [2][21] Company Analysis - Zhongkuang Resources (002738) has adjusted its profit forecast for 2025-2027 due to pressure from falling lithium prices and temporary losses in copper smelting, projecting net profits of 4.0/9.6/19.3 billion yuan [10] - Li Ning (02331.HK) anticipates challenges in sales due to deepening discounts and increased expenses, with revised net profit forecasts of 23.1/26.0/29.3 billion yuan for 2025-2027 [10] - 361 Degrees (01361.HK) is expanding its superstore network and maintaining industry-leading growth, with net profit forecasts of 13.0/14.6/16.2 billion yuan for 2025-2027 [11] - Zhongrong Electric (301031) expects continued high growth in its electric vehicle-related products, projecting net profits of 3.4/4.8/6.3 billion yuan for 2025-2027 [12] - Huanxin Cement (600801) reported a significant increase in Q2 profits, driven by improvements in domestic cement profitability and overseas operations, with revised net profit forecasts of 28.8/32.2/35.6 billion yuan for 2025-2027 [15]

运行中的西华县闫岗拦河闸。卢涛 摄 渠通则水顺，水顺则农兴。 目前，我省正在开展农村沟渠连通整治三年行动，着力打造"渠相通、沟相连、旱能浇、涝能排"的农田水利 体系。周口作为农业大市，素有"中原粮仓"的美誉，正全域推进"沟渠革命"，进一步夯实粮食安全根基。 值得注意的是，眼下，我省正处在防汛关键期，经历着防汛与高温的双重考验。如今，周口的沟渠连通整治 成效如何？又是怎样筑牢防汛抗旱堤坝的？日前，记者走近周口的田间地头、河边渠旁，看一个个畅通沟渠 微循环，守好农业大动脉的周口作答。 破"水患" 从"洪魔威胁"到"安澜之基" 地处贾鲁河下游的扶沟县，曾因2021年郑州"7·20"特大暴雨受灾严重，在岗60余年的扶沟县北关闸桥在完成 泄洪使命后，便进入"退位"倒计时。就在当年，随着我省贾鲁河环境综合治理工程启动，一场"治水攻坚 战"正式打响。 如何破"水患"？2023年，在群众的翘首以盼中，一座新的贾鲁河扶沟北关拦河闸亮相并投入运行。7月4日， 记者在已上岗两年有余的闸桥上看到，贾鲁河河水自北向南奔涌而下，闸桥两侧的五干渠引水闸、芦义沟排 水闸等也正各司其职、高效运行。 "治洪水、保安全，是群众最迫切的需求。"扶沟 ...

Core Insights - Yima Biotechnology (Heilongjiang) Co., Ltd. has been established with a registered capital of 10 million RMB, fully owned by UK-based Yihai Kerry Arawana Holdings Co., Ltd. [1] Company Overview - The legal representative of Yima Biotechnology is Si Xiaoyan [1] - The company is registered in Harbin, Heilongjiang Province, with its business address at Science and Technology Innovation City [1] - The company type is a limited liability company (foreign-funded) [1] Business Scope - The business scope includes technology services, development, consulting, and transfer, as well as research and experimental development in various fields [1] - Specific areas of focus include biobased materials technology, fermentation process optimization, organic fertilizer, and feed research and development [1] - The company is also involved in the sales of feed raw materials, feed additives, fertilizers, and food additives [1] Regulatory Compliance - The company is required to obtain approval for certain projects, including the production of feed additives, food additives, and fertilizers [1] - The business operations are subject to relevant departmental approvals and licenses [1]