盘后财政政策重大发布！A500ETF(159339)今日深 V收盘翻红，过去10个交易日日均成交额7.40亿元 消息面上，2025年3月24日，财政部发布《2024年中国财政政策执行情况报告》称，2025年财政政 策要更加积极，持续用力、更加给力。强调提高财政赤字率，加大支出强度、加快支出进度。安排更大 规模政府债券，为稳增长、调结构提供更多支撑。支持全方位扩大国内需求。大力提振消费。支持现代 化产业体系建设。着力提升科技创新能力，加大中央本级科技投入。 A500ETF（159339）跟踪A股新时代核心宽基A500指数，以500只成份股覆盖A股市场营收的63%和 净利润的70%，代表A股核心资产。所有成份股都处于互联互通范围内，便利外资配置。指数编制方案 重视行业均衡，均衡配置"科技+顺周期"，把握A股盈利主线。 3月24日，A股市场临近收盘大幅反弹，A500指数深V修复至收红。A500指数成份股中，石英股份 涨超10%，江西铜业、胜宏科技、中集集团涨超5%，洛阳钼业、铜陵有色、新易盛、西部超导涨超 4%，其余成份股走势积极。 A500ETF（159339）跟踪中证A500指数，在编制方案上具备四大特点，分别 ...

Core Viewpoint - The company, Bluko, has shown significant revenue growth in 2024, but signals of slowing growth in the second half of the year raise concerns about its future performance [3][4]. Revenue Performance - In 2024, Bluko's revenue is projected to be approximately 2.241 billion yuan, representing a year-on-year increase of 155.6% [3]. - Adjusted annual profit is expected to be around 585 million yuan, reflecting a year-on-year growth of 702.1% [3]. - Revenue growth is expected to slow down in the second half of 2024, with a projected year-on-year increase of 110.76% compared to 237.6% in the first half [4]. IP Contribution - The top three IPs contributing to revenue are Ultraman (1.096 billion yuan, 48.9%), Transformers (454 million yuan, 20.26%), and Heroes Unlimited (310 million yuan, 13.8%) [5]. - Revenue from key IPs like Ultraman and Heroes Unlimited is expected to decline in the second half of 2024, with Ultraman's revenue projected at 496 million yuan, a 17.3% decrease from the first half [5]. Market Context - The overall consumer market in China is experiencing low growth, with retail sales increasing by only 3.7% in the first half of 2024 [6]. - Bluko's products, primarily building toys, are less influenced by subsidy-driven consumption and rely more on product performance [6]. Growth Strategy - Bluko is expanding its IP portfolio significantly, increasing from about 27 IPs at the end of 2023 to approximately 50 by the end of 2024 [7]. - The company is focusing on enhancing its cost-effectiveness, with average product prices dropping from 89 yuan in 2021 to 19 yuan in the first half of 2024 [8]. International Expansion - Bluko's overseas business is in its early stages, with revenue from international markets reaching 64 million yuan in 2024, accounting for only 2.9% of total revenue [9]. - The company is establishing subsidiaries in countries like the UK, Indonesia, and Singapore, and is participating in international events to boost its presence [9].

菜鸟调整提速，阿里抽身快递股：物流赛道要"变 天"？ 文 | 快递观察家 "降低全社会物流成本"，中国物流业站在一个新的历史节点上。 今年以来，阿里一边忙着跟"干儿子"快递股们断舍离，一边忙着收回"亲儿子"菜鸟的股份聚焦电商核心 主业。 3月12日，圆通公告阿里通过杭州灏月减持圆通不超过2%股份，套现约9.4亿，减持后阿里持有圆通 18.62%的股份，依然是第二大股东。 另一边，2月份，菜鸟宣布阿里已全面收购其小股东的剩余持有股份，并同步向员工所持的菜鸟股权激 励实施全量退出计划。 与此同时，行业内传出菜鸟速递与申通快递加速融合的消息。也有声音认为，阿里加速甩卖快递股股 份，是为了"筹粮"助菜鸟高飞，那么菜鸟能否承载阿里的物流野心？ 重新审视菜鸟 穷则思变，菜鸟虽然未必真的穷，但却是一直在变，尤其是近两年经历了多次战略调整，可以说是阿里 集团业务战略变动最为频繁的板块。 2023年阿里1+6+N的组织架构拆分，让菜鸟开始了IPO进程，作为六大业务集团中唯一以物流为核心的 板块，承担阿里巴巴全球物流网络建设的战略任务。 亿豹网发现，彼时菜鸟年入778亿，且刚刚扭亏为盈，大家都以为菜鸟即将独当一面，但冲港折戟，集 ...

Core Viewpoint - Haohai Biological Technology's performance in 2024 shows stagnation in revenue and profit growth, primarily due to the declining market for hyaluronic acid and the impact of national procurement policies on its ophthalmology and orthopedics segments [3][5][16]. Revenue and Profit Summary - In 2024, Haohai Biological Technology achieved revenue of 2.698 billion yuan, a year-on-year increase of 1.64%, and a net profit of 420 million yuan, up 1.04% year-on-year [3]. - The medical beauty and wound care products contributed 1.195 billion yuan to revenue, accounting for 44.30% of total revenue, with a growth of 13.08% year-on-year [8]. Business Segment Analysis - The medical beauty segment, which includes hyaluronic acid, epidermal growth factor, and RF and laser equipment, generated 742 million yuan from hyaluronic acid, representing 62.05% of the medical beauty segment [8]. - The ophthalmology segment generated 858 million yuan, accounting for 31.79% of total revenue, showing a decline of 7.60% year-on-year [16]. Market Dynamics - The hyaluronic acid market is experiencing increased competition and a decline in growth, with high-end products facing challenges from competitors like Juvederm and Restylane [14]. - The rise of alternative products, such as hydroxyapatite, is reshaping the aesthetic market, as consumers are becoming more cautious about hyaluronic acid fillers [14]. Regulatory Impact - The regulatory changes in 2022 have affected the sales of RF and laser devices, with significant reductions in revenue from home-use and aesthetic-grade products starting in 2023 [15]. Product Performance - The revenue from cataract surgeries in 2024 was 420 million yuan, down 15.33% year-on-year, with artificial lenses and ophthalmic viscoelastic devices also showing declines [20].

机构风向标 | 新集能源2024年四季度已披露前十大 机构累计持仓占比56.51% 2025年3月22日，新集能源(601918.SH)发布2024年年度报告。截至2025年3月21日，共有40个机构投资 者披露持有新集能源A股股份，合计持股量达15.21亿股，占新集能源总股本的58.71%。其中，前十大 机构投资者包括中国中煤能源集团有限公司、国华能源有限公司、安徽新集煤电(集团)有限公司、全国 社保基金四零六组合、香港中央结算有限公司、澳门金融管理局-自有资金、科威特政府投资局-自有资 金、全国社保基金五零四组合、中国建设银行股份有限公司-万家精选混合型证券投资基金、招商银行 股份有限公司-万家宏观择时多策略灵活配置混合型证券投资基金，前十大机构投资者合计持股比例达 56.51%。相较于上一季度，前十大机构持股比例合计下跌了0.78个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计10个，主要包括万家精选A、万家宏观择时多策 略A、万家新利、中信保诚四季红混合A、嘉实方舟6个月滚动持有债券发起A等，持股增加占比达 0.44%。本期较上一季度持股减少的公募基金共计9个，主要包括汇添富优势精选混合、 ...

Core Insights - The A-share market experienced a slight recovery with the Shanghai Composite Index rising by 0.15% to 3370 points, while the Sci-Tech AI ETF (588790) showed a remarkable "V-shaped" reversal, closing at 0.622 yuan with a gain of 1.14% [1] Group 1: AI Industry Acceleration - The release of Nvidia's BlackwellUltra AI chip, built on a 3nm process, enhances training speed by 18 times and reduces energy consumption by 90%, marking a significant advancement in AI capabilities [2] - The AI application market in China is projected to exceed 1.2 trillion yuan by 2025, with industrial, medical, and financial sectors contributing over 60% of the growth [3] Group 2: Policy Support - The Chinese government has established a 300 billion yuan industry fund under the "AI+ Action Plan" to support foundational layers such as chips, algorithms, and data [4] Group 3: Sci-Tech AI ETF (588790) Overview - The Sci-Tech AI ETF (588790) has gained traction as a key investment vehicle for AI core assets, with a total scale exceeding 2.6 billion yuan since January 10 [1][5] - Key components of the ETF include companies like Cambricon (7nm chip production), Zhongji Xuchuang (28% global market share in optical modules), and Stone Technology (25% global market share in AI vacuum cleaners) [5] Group 4: Future Opportunities - The domestic AI chip production capacity is expected to expand by 300%, while the demand for optical modules is projected to grow by 50% annually [8] - The cost of industry-specific models is anticipated to decrease by 90%, enabling millions of small and medium enterprises to adopt intelligent solutions [8]

日联科技(688531.SH)荣登「2025福布斯中国行业发 展领军企业」榜单 "科技创新是破局关键。"日联科技董事长刘骏表示，未来日联科技将继续通过"技术破壁+生态赋 能"双轮驱动，助力中国智造技术深度参与全球产业链重构。 （文章来源：界面新闻） 日联科技凭借在人工智能与精密制造领域的颠覆性创新，从高端装备制造赛道脱颖而出，成为工业 智能检测领域唯一登榜企业。 图片来源：企业供图 图片来源：企业供图 作为国家级专精特新"小巨人"企业，日联科技深耕工业检测领域16年，以"硬科技"打破国际垄断格 局，打造精密制造行业标杆；在人工智能领域，日联科技构建"X射线检测+AI智算"双引擎生态，赋能 制造业智能化升级，定义智能制造新范式；与此同时，日联科技加速全球化布局，在马来西亚建设了境 外工厂，在新加坡、匈牙利、美国成立了海外公司，搭建了全方位的本地化技术服务体系，推动国产高 端装备"出海"，让全球产业链重塑"中国标准"。 3月22日，2025沙利文中国企业家年会暨"福布斯中国行业发展领创者评选"荣耀盛典在上海隆重举 行。在备受瞩目的颁奖典礼环节，日联科技凭借卓越的领导力与突出的行业成就，成功入围【2025福布 斯中 ...

Group 1 - The core viewpoint of the news is that as of March 21, 2025, institutional investors hold a significant portion of Shenzhen Expressway's shares, with the top ten institutions accounting for 58.26% of the total shareholding [1] - A total of 19 institutional investors have disclosed their holdings in Shenzhen Expressway, with a combined shareholding of 1.271 billion shares, representing 58.28% of the company's total equity [1] - The top ten institutional investors include notable entities such as New Tongchan Industrial Development (Shenzhen) Co., Ltd. and Shenzhen Shenguanghui Highway Development Co., Ltd., among others [1] Group 2 - In the public fund sector, there was a slight increase in holdings from one fund, Huatai-PB SSE Dividend ETF, while one fund, Invesco Great Wall CSI Low Volatility 100 ETF, saw a slight decrease in holdings [2] - A total of 12 new public funds have disclosed their holdings this period, including Guolian High Dividend Mixed A and Qianhai Kaiyuan Refinance Stock [2] - One public fund, Huatai Zijin Value Vision 18-Month Holding Mixed A, was not disclosed in the previous quarter [2]

担起永辉改革大任的叶国富在3月21日表示，永辉要进行"三提两减"，既通过优化人员提升人效，凭借 调改店提升业绩，名创优品在生活用品产品方面帮助永辉提升毛利，以及降成本与降费用。 叶国富提及永辉调改店刚开业业绩较过去提升5-6倍，稳定之后为过去的2-3 倍，"未来这个标准低于三 倍，我们认为都不合理。"他说。 叶国富：永辉今年的核心是减亏，明年全面完成调 改 界面新闻编辑 |牙韩翔 3月21日，名创优品披露2024年财报。2024年公司收入同比增长22.8%至169.94亿元；毛利同比增长 34.0%至76.371亿元。经营利润同比增长17.6%至33.158亿元；期内利润同比增长15.9%至26.354亿元。 经调整净利润同比增长15.4%至27.206亿元。 界面新闻在业绩会上获悉，名创优品创始人、董事会主席兼首席执行官叶国富称，永辉2025年最大工作 核心就是减亏。 永辉在3月17日召开的第六届董事会第一次会议上，通过了《关于成立永辉超市股份有限公司改革领导 小组的议案》，其中，推选永辉第一大股东名创优品的创始人叶国富为组长。新的小组成立意味着，叶 国富直接主导永辉的调改进程。此外，本次董事会暂未聘任公司 ...

乐山市"国资+民企"协同范本 在司法拍卖锤音落定的同时，乐山国资的纾困与福华化学的入局形成了战略呼应。此前，尚纬股份实控 人两兄弟李广元、李广胜的股份已被大量冻结，两人合计被标记或冻结的股份比例达97.71%，占公司 总股本的比例为34.74%，使得上市公司的经营稳定性受到一定的挑战。2021年11月，为解决控股股东 及其一致行动人股权质押比例过高问题，李广胜以协议转让方式将其持有的部分股份转让给乐山国资委 旗下的乐山高新投资发展集团（以下简称"乐山高新投"），从而引进乐山高新投公司成为上市公司重要 股东，目前乐山高新投持有尚纬股份10.98%的股份。 福华化学战略入局尚纬股份，国资民企协同助力上 市公司稳健发展 3月21日，尚纬股份（603333.SH）发布简式权益变动报告书，福华通达化学股份公司（以下简称"福华 化学"）通过阿里司法拍卖平台成功竞得尚纬股份6500万股股票，占上市公司总股本的10.46%。截止 2025年2月28日，福华化学持有公司股份30,579,200股，占公司总股本的4.92%。若本次拍卖的股份全部 完成过户登记后，福华化学将持有公司股份95,579,200股，占公司总股本的15.3 ...