Core Insights - During the 2025 "May Day" holiday, Shenzhen welcomed 6.96 million tourists, marking a year-on-year increase of 36.3% [1] - The total tourism revenue reached 5.432 billion yuan, reflecting a year-on-year growth of 40.8% [1] Group 1: Tourist Attractions and Activities - Major tourist hotspots in Shenzhen experienced significant visitor numbers, with Dapeng Beach Park attracting over 460,000 visitors in the first three days of the holiday [1] - K11 ECOAST cultural and artistic area saw a peak of 300,000 visitors on the first day of the holiday, featuring ten themed experiences [1] - Shenzhen Science and Technology Museum opened on May 1, showcasing 950 innovative exhibits and over 80 science activities, enhancing the city's cultural tourism appeal [1] Group 2: Popular Tourist Spots - Top three tourist attractions during the holiday included Happy Harbor with 470,000 visitors, Happy Coast with 416,400 visitors, and Gankeng Ancient Town with 227,000 visitors [2] - Shenzhen World Window hosted a Thai-themed park and featured a performance by renowned illusionist Franz Harary, attracting significant attention [2] - The Splendid China Folk Village organized the "National Trend Culture Festival - 2025 Chinese Costume Festival," offering immersive cultural experiences [2] Group 3: Weather and Visitor Preferences - Favorable weather conditions contributed to the popularity of Shenzhen's eastern coastal areas, with Xiaomeisha International Urban Resort receiving over 100,000 visitors, setting a new record [2]

当前国际贸易环境错综复杂，记者从多家深圳企业获悉，凭借丰富的经验和灵活的策略，深圳企业积极 应对、主动调整，坚持实施创新驱动发展战略，展现出强大的抗风险能力。 我国LED产业在国际上占据重要地位，海外市场的依存度高。洲明科技表示，公司在全球的销售网络布 局相对均衡，除美国外，在欧洲和亚非拉地区等地均有销售布局，全球均衡布局可以分散单一地区政策 变化带来的风险。此前，公司收购了美国本土LED企业，可实现本土化生产和分销，有助于规避关税影 响。此外，公司在北美主要推广中高端产品，客户对价格敏感度较低，成本转嫁能力较强。通过技术创 新和产品升级，进一步巩固技术优势，提高产品的附加值，增强议价能力。 深圳拓邦股份有限公司是国内智能控制领域首家上市公司。4月24日，拓邦股份通过深交所互动易平台 表示，公司的海外客户广泛分布于亚洲、欧洲、北美洲、拉丁美洲、大洋洲、非洲等多个区域。公司有 多区域化布局，如墨西哥、印度、罗马尼亚、越南等生产基地已具备批量生产能力，能有效降低单一市 场的关税风险，未来有望在产业链重构中提升份额，获取增量机会。 自主创新打造产品硬核竞争力 在4月13日举行的日本大阪世博会上，光峰科技助力中国馆、 ...

Core Viewpoint - Suzhou Dingjia Precision Technology Co., Ltd. has successfully passed the IPO review on the Beijing Stock Exchange, with its prospectus submitted on April 30, 2023. The company specializes in the design, research and development, production, and sales of functional and protective products for consumer electronics, facing challenges such as high customer concentration, surging accounts receivable, and doubts about capacity digestion [1][2]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024 is reported as 329 million yuan, 367 million yuan, and 408 million yuan respectively, while the net profit for the same years is 53.57 million yuan, 51.95 million yuan, and 59.55 million yuan, indicating some volatility in performance [2]. - In 2022, the company experienced a revenue decline of 15.99% and a net profit decrease of 30.10% due to reduced orders from the consumer electronics sector. In 2023, revenue began to recover, but net profit still saw a slight decline of 3.03% [2][4]. Market Conditions - The consumer electronics industry, particularly the notebook computer segment, has been significantly impacted by macroeconomic fluctuations and global health events, leading to a notable decline in demand. The global shipment of notebook computers fell to approximately 220 million units in 2022, a year-on-year decrease of 11.2%, and further declined to about 199 million units in 2023, down 10.90% [4][5]. Customer Concentration and Accounts Receivable - The top five customers of Dingjia Precision, including Compal Electronics and Delta Electronics, accounted for 47.46%, 50.07%, and 46.10% of total revenue in the respective years of 2022, 2023, and 2024. The accounts receivable at the end of each year were 148 million yuan, 199 million yuan, and 220 million yuan, representing 44.86%, 54.26%, and 53.86% of total revenue, indicating a high level of accounts receivable [6][7]. Production Capacity and Utilization - The production capacity for functional products was 62,433.81 units in 2024, with a utilization rate of 86.50%, while protective products had a capacity of 8,536.27 units and a utilization rate of 75.45%. The company plans to expand its production capacity significantly through fundraising efforts [8][7]. Ownership Structure - The actual controllers of Dingjia Precision, Li Jieping and Cao Yun, are a married couple, holding a combined 89.77% of the voting rights in the company. The presence of family members in various management positions raises concerns about governance and potential conflicts of interest [9][10].

Core Viewpoint - Four companies, *ST Xulan, *ST Jiayu, *ST Dongfang, and *ST Furun, have been delisted from the A-share market due to their stock prices being below 1 RMB for 20 consecutive trading days, indicating severe financial distress and regulatory issues [1][2][3]. Group 1: Company Summaries - *ST Xulan (000040) specializes in photovoltaic power generation technology and equipment. The company faced delisting after its stock price fell to 0.49 RMB, with a market capitalization of 729 million RMB. The actual controller is under investigation for information disclosure violations, worsening the company's operational difficulties [1]. - *ST Jiayu (300117) focuses on energy-efficient building products. The company reported a significant decline in revenue, with a net profit of -5.48 million RMB and a non-recurring net profit of -165 million RMB in Q1 2025. Additionally, it has new enforcement information totaling 50.2 million RMB, highlighting its financial risks [2]. - *ST Dongfang (600811) operates in modern agriculture and health food. The company’s stock price fell below 1 RMB, and it is under investigation for false disclosures in its annual reports from 2020 to 2023. The projected net profit for 2024 is expected to be between -800 million and -1.2 billion RMB [2]. - *ST Furun (600070) is involved in internet services. The company reported a net loss of 361 million RMB for 2024, although this was a 36.45% improvement year-on-year. In Q1 2025, the net loss was 10.1 million RMB, indicating ongoing financial struggles [3]. Group 2: Market Trends - There is a growing concern as other A-share companies, such as *ST Pengbo and *ST Jiu You, have also seen their stock prices drop below 1 RMB, with *ST Pengbo at 0.62 RMB and *ST Jiu You at 0.96 RMB, indicating a potential trend of financial instability among listed companies [3].

一季度黄金供应总量同比基本持平，达1206吨。尽管一季度金矿产量创历史新高，但回收金供应量的小 幅下滑抵消了这一增量。科技用金需求与2024年一季度持平，稳定在80吨。 【深圳商报讯】（记者邱清月）世界黄金协会4月30日发布2025年一季度《全球黄金需求趋势报告》。 数据显示，在金价创纪录地突破3000美元/盎司大关的情况下，一季度的全球黄金需求总量（包含场外 交易）达1206吨，同比增长1%。 黄金ETF需求复苏，推动一季度黄金投资需求总量增长逾一倍，达552吨，同比增长170%，创下自2022 年一季度以来的最高季度水平。金价涨势及关税政策的不确定性促使投资者纷纷为避险而涌向黄金市 场，进而推动全球黄金ETF加速流入，一季度累计流入量达226吨。 2025年已是全球央行连续净购金的第16年，一季度全球官方黄金储备增加244吨。尽管这一需求量较去 年同比下滑21%，但与过去三年各央行持续大规模购金的季度平均水平持平，整体表现依旧坚挺。 随着一季度全球金价20次突破历史新高，金饰需求受到高金价压力，金饰市场依然相对保持韧性，尤其 体现在金饰消费额方面。一季度的金饰消费支出同比增长9%，达350亿美元，除中国以 ...

| | | | 截至12月31日正午反 | | | | | 観王0月30日正バ | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2021年 | | 2022年 | | 2023年 | | 2023年 | | | | | | | | | (人民幣千元,百分比除外) | | | | | | | 毛利 毛利率(%) | | 毛利 毛利率(%) | | 毛利 毛利率(%) | | 毛利 毛利率(%) | | -1 - | | | | | | | | | (未經審核) | | | | 客運服務 | 27,958 | 51.9 | 21,406 | 44.3 | 37,027 | 53.7 | 19.947 | 57.3 | 20, | | 網約車服務 | 10,793 | 2.3 | 20.534 | 2.9 | 12,158 | 1.2 | 5.218 | 1.1 | (3, | | 數字化及業務 | | | | | | | | | | | 解決方案 | 8.426 | 27.8 | 11.635 | 18.2 | 36.47 ...

【深圳商报讯】（记者詹钰叶）今年以来，港股市场整体走势强劲。今年一季度，主动权益基金的持仓 规模与配置比例双双刷新阶段性高点。其中，超七成产品加码港股，上百只基金单季仓位提升超两成， 最高超40个百分点。 港股今年走出强于A股市场的反弹表现：香港恒生指数年内涨9.71%，恒生科技指数大涨12.35%，跑赢 上证指数、深证成指、创业板指、科创综指等多个A股主要指数。机构动向上看，今年一季度，权益型 基金积极南下"扫货"。 中金公司数据显示，可投资港股公募基金的总规模整体抬升：至今年一季度末，公募基金的港股持仓占 其股票投资市值比例已经升至36.9%，创近5年以来最高水平，明显高于去年底的30.5%。主动偏股型基 金今年一季度末的港股持仓为4084亿元人民币，较去年末增加26.5%，持仓占比也从去年末的25.9%升 至30.8%。 景顺长城中证港股通科技ETF基金经理张晓南表示，AH溢价指数仍处于历史高位，表明港股相对A股依 然处于有利水平，结合港股估值仍处于历史较低位置，长期来看，随着盈利能力改善及估值中枢的抬 升，港股市场的配置价值有望得到进一步提振。 据中金公司数据，新经济是整体内地公募基金配置港股的主要偏 ...

Core Viewpoint - The People's Bank of China Shenzhen Branch and other nine departments have issued the "Implementation Opinions" to support the digital financial transformation in Shenzhen, aiming to create a model for "Digital China" through 18 specific measures [1][2]. Group 1: Digital Financial Transformation - The "Implementation Opinions" emphasize the systematic promotion of digital transformation in financial institutions, enhancing the innovation capability of digital technology applications [1]. - Shenzhen aims to build a digital transformation ecosystem based on "institutional guidance + scenario innovation + technology output" [1]. - Financial institutions are required to establish a coordinated mechanism led by top management to enhance resource allocation and task supervision [1]. Group 2: Innovative Financial Products - Financial institutions are encouraged to utilize AI, big data, and cloud computing to create innovative products such as "Tengfei Loan," "Carbon Reduction Loan," and "Technology Startup Pass" [2]. - The exploration of data asset credit enhancement, data intellectual property pledge financing, and data security insurance is promoted [2]. - Development of standardized and traceable green bonds and green insurance products is encouraged, along with innovative business models like "decentralized chain loans" [2]. Group 3: Digital Currency and Cross-Border Payment - The "Implementation Opinions" outline the promotion of digital RMB applications in public services, prepaid consumption, and supply chain finance [2]. - Participation in multilateral central bank digital currency bridge projects and the development of smart contracts and digital RMB hardware wallets are highlighted [2]. - The initiative aims to establish a full-domain payment demonstration area by facilitating the interconnection of Hong Kong's rapid payment system with online payment clearing systems in Shenzhen [2].

Core Viewpoint - Shenzhen's government has introduced a set of ten support policies aimed at helping local enterprises expand their domestic market presence, thereby boosting consumption demand and stabilizing orders for businesses [1][3]. Group 1: Policy Measures - The Shenzhen Municipal Bureau of Commerce has outlined ten specific measures, including subsidies for consumer goods exchange programs, domestic trade credit insurance, digital upgrades, group exhibitions, and the creation of new domestic brands [1]. - These measures are designed to actively expand consumer demand and enhance the consumption market, which is crucial for the economic development of China [1]. Group 2: Market Context - The rise of domestic demand is seen as a significant buffer against tariff impacts and is expected to enhance the attractiveness of the Chinese market, thereby expanding its trade relationships [1]. - Shenzhen, known as "China's foreign trade capital," faces challenges that necessitate a focus on deepening its domestic market efforts to assist foreign trade enterprises in developing internal sales channels [1]. Group 3: Quality Assurance and Branding - The introduction of a quality certification system by the government is proposed to help Shenzhen products gain consumer trust and lower market entry barriers [1][2]. - The Q-mark certification from Hong Kong serves as a successful model, providing a dual guarantee of quality and credibility, which has helped brands like Maxim's and Yuen Long Wing Wah enter broader markets [2]. - Shenzhen has implemented a similar initiative with the "Zhenpin" brand, which has certified 1,823 products as of September last year, guiding consumers towards safe food options [2]. Group 4: Long-term Economic Development - Expanding the domestic market is not only a current necessity but also vital for the long-term development of the Chinese economy [3]. - Establishing a city consumption brand can attract more enterprises, promote high-quality development across industries, and ultimately contribute to the enhancement and optimization of China's consumption structure [3].

Core Viewpoint - The overall performance of A-share listed companies in 2024 remains stable, with a majority reporting profits despite a slight decline in total revenue and net profit compared to the previous year [1][2]. Group 1: Financial Performance - As of April 29, 2024, 75.49% of A-share companies reported profits, with 3961 out of 5274 companies achieving profitability [1]. - Total revenue for A-share companies reached 69.77 trillion yuan, a decrease of 0.35% year-on-year, while net profit was 5.23 trillion yuan, down 0.81% from the previous year [1]. - Approximately 2986 companies reported revenue growth, accounting for 57% of those that disclosed annual reports, with 215 companies experiencing revenue increases exceeding 50% [1][2]. Group 2: Industry Performance - In 2024, 13 out of 31 primary industries saw year-on-year revenue growth, with non-bank financials, automotive, and electronics leading the way with growth rates of 16.06%, 13.15%, and 9.32% respectively [3]. - The agriculture, forestry, animal husbandry, and fishery sector saw significant profit increases, with companies like Muyuan Foods and Wens Foodstuffs turning losses into profits, reporting net profits of 178.81 billion yuan and 92.30 billion yuan respectively [3]. Group 3: Research and Development Investment - A-share companies increased their R&D investments, totaling 1.55 trillion yuan in 2024, a 1.6% increase year-on-year [4]. - BYD led in R&D spending with 531.95 billion yuan, marking a 34.42% increase from the previous year [4]. Group 4: Top Companies - The top three companies by revenue in 2024 were Sinopec with 30,745.62 billion yuan, PetroChina with 29,379.81 billion yuan, and China State Construction with 21,871.48 billion yuan [2]. - The banking and insurance sectors dominated profitability, with the top ten companies by net profit including four major state-owned banks, led by Industrial and Commercial Bank of China at 365.86 billion yuan [2].