格隆汇12月31日丨飞马国际(002210.SZ)在互动平台表示，公司主营业务为环保新能源业务和供应链智 慧产业链服务业务，目前不涉及金属或稀有矿资源相关业务。 ...

每经AI快讯，飞马国际（SZ 002210，收盘价：3.67元）12月12日晚间发布公告称，公司第七届第十次 董事会会议于2025年12月12日在公司会议室以现场会议与通讯表决相结合的方式召开。会议审议了《关 于修订公司部分治理制度的议案》等文件。 2025年1至6月份，飞马国际的营业收入构成为：环保新能源行业占比88.19%，供应链管理服务占比 11.81%。 截至发稿，飞马国际市值为98亿元。 每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 （记者 王瀚黎） ...

Market Overview - Overall asset performance shows commodities outperforming equities, with the Korean stock market leading gains[4] - MSCI global index increased by 0.6%, but growth momentum has significantly slowed compared to previous weeks[5] - The yield curve for Chinese bonds is steepening, indicating a "bear steepening" trend, while U.S. bonds are experiencing a "bull steepening" trend[6] Commodity and Currency Trends - 10 out of 13 major commodities recorded price increases, with COMEX silver rising by 101.9% year-to-date[7] - The U.S. dollar index fell by 0.5%, with the euro and pound appreciating by 0.4% and 0.8% respectively; the dollar has depreciated by 8.8% since the beginning of the year[7] Consumer and Industrial Insights - Service consumption has improved year-on-year, with Shanghai Disneyland's visitor index up by 75% compared to last year[10] - Real estate transactions in major cities have seen significant declines, with new home sales down by 32.5% year-on-year[30] Financial Sector Developments - As of November 2025, the total net asset value of public funds reached 36 trillion yuan, with equity funds increasing by 1.55%[24] - The performance evaluation of the investment banking sector is shifting towards enhancing investor experience[23] Company-Specific Highlights - Traffic Bank's net profit growth is projected at 2.3% for 2025, with a target price adjustment to 8.58 yuan based on a 0.72x PB valuation[34] - Didi's EBITA is expected to be 46.0 billion yuan in 2025, with a target market value of 234.7 billion yuan[39]

最新一期业绩显示，2025年三季报，公司实现营业收入1.62亿元，同比减少24.89%；净利润1433.36万 元，同比减少57.30%，销售毛利率32.05%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13飞马国际1107.66360.3710.78102.72亿行业平均 37.6262.644.8564.47亿行业中值30.1533.882.0839.71亿1城发环境7.447.760.9788.54亿2三峰环境 10.9711.851.16138.44亿3创业环保11.2711.610.9393.75亿4旺能环境11.8312.651.0270.96亿5瀚蓝环境 12.7114.391.68239.47亿6绿色动力13.7816.671.1997.54亿7伟明环保13.9414.062.62380.29亿8三达膜 14.3018.181.3257.24亿9永兴股份15.1416.931.30138.96亿10军信股份15.5421.281.49114.10亿11节能国祯 16.7416.571.3160.75亿12菲达环保17.2819.831.0747.81亿 来源：市场资讯 交易所数据 ...

Group 1 - The core point of the news is that Feima International's stock has declined by 5.09%, with a current price of 4.29 CNY per share and a total market capitalization of 11.417 billion CNY [1] - Feima International, established on July 9, 1998, and listed on January 30, 2008, primarily operates in supply chain management and environmental new energy sectors, with revenue contributions of 81.71% from the environmental new energy industry, 11.34% from comprehensive logistics services, 6.47% from PPP project construction services, and 0.47% from trade execution services [1] Group 2 - According to data from the top ten holdings of funds, one fund under the China Asset Management Company has heavily invested in Feima International, specifically the China Universal Environmental Governance Index (LOF) A (164908), which reduced its holdings by 32,370 shares, now holding 825,900 shares, accounting for 2.64% of the fund's net value [2] - The fund has reported a floating loss of approximately 190,000 CNY due to this reduction in holdings [2] - The China Universal Environmental Governance Index (LOF) A (164908) was established on July 19, 2016, with a current scale of 116 million CNY, achieving a year-to-date return of 26.26% and a one-year return of 14.76% [2]

Group 1 - The core point of the news is that Feima International's stock price increased by 7.04%, reaching 4.56 CNY per share, with a trading volume of 1.31 billion CNY and a turnover rate of 11.34%, resulting in a total market capitalization of 12.135 billion CNY [1] - Feima International, established on July 9, 1998, and listed on January 30, 2008, is primarily engaged in supply chain management services and environmental new energy business, with revenue composition as follows: 81.71% from environmental new energy, 11.34% from comprehensive logistics services, 6.47% from PPP project construction services, and 0.47% from trade execution services [1] Group 2 - From the perspective of major fund holdings, one fund under the China Universal Asset Management has a significant position in Feima International, specifically the China Universal CSI Environmental Governance Index (LOF) A (164908), which reduced its holdings by 32,370 shares to 825,900 shares, accounting for 2.64% of the fund's net value, making it the fourth-largest holding [2] - The China Universal CSI Environmental Governance Index (LOF) A (164908) was established on July 19, 2016, with a current scale of 116 million CNY, achieving a year-to-date return of 25.56% and a one-year return of 16.27%, while experiencing a cumulative loss of 48.13% since inception [2]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The market will remain volatile under the backdrop of declining liquidity. The three - dimensional timing framework continues to predict a volatile decline. The Shanghai - Shenzhen 300 index is in a slow - rising trend and oscillating within a channel, with strong upper resistance and lower support [1][7]. - The power grid equipment theme index has seen significant inflows. In the past week, there were large inflows into the power grid equipment theme, communication equipment theme, etc., while the innovation energy, state - owned enterprise digital economy, etc. had the most outflows [1][25]. - Industries recommended based on capital resonance are agriculture, forestry, animal husbandry and fishery, construction, electric power and public utilities, and petroleum and petrochemicals [2][31]. - The high - volatility and high - liquidity style is dominant this week, with the liquidity factor achieving positive returns. Among Alpha factors, reversal and cash - flow factors perform well. In large - cap stocks, factors such as profit growth and analyst expectations are dominant, while in small - cap stocks, R & D intensity and growth factors perform better [2][39]. 3. Summary According to the Directory 3.1 Quantitative Views 3.1.1 Timing Viewpoint Liquidity is on a downward trend, divergence is on an upward trend, and the prosperity has rebounded again (financial sector up, industrial sector down). The three - dimensional timing framework maintains a judgment of volatile decline. The Shanghai - Shenzhen 300 index is in a slow - rising trend and oscillating within a channel, with no sign of breaking through the range [1][7]. 3.1.2 Index Monitoring By calculating the overall subscription/redemption shares of ETF products for each index, it was found that the power grid equipment theme had the largest inflow ratio in the past week, month, and three - month periods. The innovation energy, state - owned enterprise digital economy, etc. had the most outflows in the past week. The hot - trend strategy for ETFs includes industries such as photovoltaic semiconductors, environmental protection and new energy, energy and chemicals, and power grid equipment [25]. 3.1.3 Capital Flow Resonance The margin trading funds had the largest net inflow of 6249 million yuan in the power equipment and new energy sector last week, and the large - order funds had the largest net inflow of 1323 million yuan in the banking sector. This week, the recommended industries are agriculture, forestry, animal husbandry and fishery, construction, electric power and public utilities, and petroleum and petrochemicals [2][31]. 3.2 Factor Tracking 3.2.1 Style Factors The market this week shows the characteristics of "momentum continuation, high volatility, and high liquidity". The volatility factor and the liquidity factor both achieved positive returns, and the momentum factor also had a positive return [39]. 3.2.2 Alpha Factors - **By Time**: Recently, the reversal and cash - flow factors have performed well. The short - term reversal factor had the best performance in the past month, with a long - position excess return of 1.16% [43]. - **By Index**: In large - cap indexes such as the Shanghai - Shenzhen 300, profit - growth and analyst - expectation factors are dominant. In small - cap indexes such as the CSI 1000, R & D intensity and growth factors perform better. As the market capitalization moves from the CSI 800 to the CSI 1000, the excess returns of most factors show an upward trend [45].

Group 1 - The core point of the news is that Feima International's stock price increased by 5.99% to 4.25 CNY per share, with a trading volume of 1.009 billion CNY and a turnover rate of 9.21%, resulting in a total market capitalization of 11.31 billion CNY [1] - Feima International, established on July 9, 1998, and listed on January 30, 2008, is primarily engaged in supply chain management services and environmental new energy business, with revenue composition as follows: 81.71% from the environmental new energy sector, 11.34% from comprehensive logistics services, 6.47% from PPP project construction services, and 0.47% from trade execution services [1] Group 2 - From the perspective of major fund holdings, one fund under Huatai PineBridge has a significant position in Feima International, specifically the Huatai PineBridge CSI Environmental Governance Index (LOF) A (501030), which reduced its holdings by 669,100 shares in the third quarter, now holding 1.7238 million shares, accounting for 2.66% of the fund's net value, ranking as the fourth-largest holding [2] - The Huatai PineBridge CSI Environmental Governance Index (LOF) A (501030) was established on December 29, 2016, with a current scale of 182 million CNY, yielding a return of 21.71% year-to-date, ranking 2719 out of 4216 in its category, and a one-year return of 20.18%, ranking 2611 out of 3889 [2]

Group 1 - The core point of the news is that Feima International's stock has declined by 5.37%, with a current price of 3.88 CNY per share and a total market capitalization of 10.326 billion CNY [1] - Feima International's main business segments include environmental new energy (81.71% of revenue), comprehensive logistics services (11.34%), PPP project construction services (6.47%), and trade execution services (0.47%) [1] - The company is located in Nanshan District, Shenzhen, Guangdong Province, and was established on July 9, 1998, with its listing date on January 30, 2008 [1] Group 2 - According to data, one fund under the management of China Asset Management holds a significant position in Feima International, with 1.1496 million shares, representing 2.09% of the fund's net value [2] - The fund, named the China Asset Management Zhongzheng Environmental Governance Index (LOF) A, has a total scale of 131 million CNY and has achieved a year-to-date return of 20.89% [2] - The fund's performance over the past year shows a return of 25.89%, with a ranking of 1643 out of 3875 in its category [2]

Group 1 - The core point of the news is that Feima International's stock price has dropped by 5.17%, currently trading at 3.85 CNY per share, with a total market capitalization of 10.246 billion CNY [1] - Feima International's main business segments include environmental new energy (81.71% of revenue), comprehensive logistics services (11.34%), PPP project construction services (6.47%), and trade execution services (0.47%) [1] - The company is located in Nanshan District, Shenzhen, Guangdong Province, and was established on July 9, 1998, with its listing date on January 30, 2008 [1] Group 2 - According to data, one fund under the management of China Asset Management has heavily invested in Feima International, with the fund holding 1.1496 million shares, representing 2.09% of the fund's net value [2] - The fund, named China Universal CSI Environmental Governance Index (LOF) A, has a total scale of 131 million CNY and has experienced a year-to-date return of 19.27% [2] - The fund's performance over the past year shows a return of 27.68%, ranking 1908 out of 3848 in its category, while it has incurred a loss of 50.73% since its inception [2] Group 3 - The fund manager of China Universal CSI Environmental Governance Index (LOF) A is Shao Wenting, who has been in the position for 4 years and 164 days [3] - During Shao Wenting's tenure, the fund has achieved its best return of 52.75% and its worst return of -25.53% [3]