| 项目 | 本报告期 | 上年同期 | 本报告期比上年同期增 | | --- | --- | --- | --- | | | | | 减变动幅度(%) | | 营业收入 | 2.510.326.371.56 | 2.043.849.135.84 | 22.82 | | 归属于上市公司股东的净利润 | 358.396.418.11 | 229.834.284.13 | 55.94 | | 归属于上市公司股东的扣除非 经常性损益的净利润 | 355.614.603.12 | 227,622,500.05 | 56.23 | | 经营活动产生的现金流量净额 | -547.681.683.81 | 89.944.043.01 | -708.91 | | 基本每股收益(元/股) | 0.2641 | 0.1694 | 55.90 | | 稀释每股收益(元/股) | 0.2641 | 0.1694 | 55.90 | | 加权平均净资产收益率(%) | 3.36 | 2.27 | 增加 1.09 个百分点 | | | 本报告期末 | 上年度末 | 本报告期末比上年度末 | 具体来看，2024年平高电气高压开关业务表现突 ...

Core Insights - Xianglou New Materials (301160.SZ) reported record high revenue and net profit for 2024, but the slowing growth rate has raised market concerns [2][3] Financial Performance - The company achieved operating revenue of 1.485 billion yuan, a year-on-year increase of 9.74% [2] - The net profit attributable to shareholders was 207 million yuan, with a modest growth of 3.1%, significantly down from 42.2% in 2023 [2] - The non-recurring net profit showed a better performance with a year-on-year growth of 12.26% [2] - Operating cash flow net amount was only 109 million yuan, a sharp decline of 34.45% year-on-year, raising concerns about profit quality [2] Profitability Metrics - Gross margin slightly increased by 0.39 percentage points to 25.75%, while net margin decreased from 14.83% in 2023 to 13.93% [2] - The disparity between cash flow and net profit is highlighted by a cash flow to net profit ratio of only 0.53, below the industry healthy level [2] - Accounts receivable accounted for 22.86% of total assets, indicating weakened collection capability [2] Market Position and Strategy - Xianglou New Materials maintains an advantage in the automotive precision stamping materials sector, indirectly supplying leading companies like Tesla and BYD [3] - The company is actively expanding into new businesses such as robotics materials, but its internationalization progress remains slow with export business accounting for less than 1% [3] - R&D investment ranks 7th among peers, raising questions about whether technological innovation can support future growth [3] Shareholder Returns and Future Outlook - The company announced a high dividend plan of 10 yuan per 10 shares and a bonus issue of 4.5 shares [3] - Capital expenditures continue to exceed operating cash flow, and the impact of the new factory in Anhui on performance remains to be seen [3] - Balancing short-term shareholder returns with long-term competitiveness is a key challenge for the company's future development [3]

值得关注的是，ST曙光在新能源领域的布局尚未显现成效。尽管ST曙光加大了研发投入，2024年研发费用达7495.86万元，但新能源车型的市场表现并不理 想，2025年一季度整车销量同比下滑50%。此外，ST曙光2024年高管薪酬总额同比下降14.42%，管理层降薪与业绩挂钩的调整策略，似乎仍未扭转该公司 的整体颓势。 行业观察人士认为，ST曙光若要摆脱困境，需在提升产品竞争力、优化成本结构及改善现金流管理等方面采取更积极的措施。目前，ST曙光虽在资产质量 评分上表现尚可（4.35/5），但运营效率低下，存货周转率5.52次、总资产周转率0.40次，均处于行业下游水平。未来，ST曙光能否在激烈的市场竞争中实 现扭亏为盈，仍有待观察。 根据年报，ST曙光2024年实现营业收入14.75亿元，同比增长8.2%，但归母净亏损为3.41亿元，尽管同比减亏27.48%，却已是连续多年深陷亏损泥潭。 从财报中不难看出，尽管ST曙光在整车和车桥销量上分别实现66.4%和19.57%的增长，但0.36%的毛利率远低于行业平均水平，反映出其盈利能力仍面临严 峻挑战。 具体来看，ST曙光2024年经营现金流虽同比改善96.6%，但 ...

4月10日，西部利得基金发布公告称，西部利得季季鸿三个月持有混合发起（FOF）基金可能触发基金合同终止情形。 截至2025年4月9日，西部利得季季鸿三个月持有混合发起（FOF）基金A类份额成立以来净值下跌16.03%，近1年净值上涨2.41%。 | 四部村得学学遇二个月持有成百友起(FUF)A(015252) | | | | --- | --- | --- | | 単位净值（2025-04-09） | 累计净值 | | | 0.8397 0.36% | 0.8397 | | | 沂1月: -3.77% | 近3月: -1.05% | 近6月: -0.89% | | 近1年:2.41% | 近3年:-- | 成立来:-16.03% | | 类型:FOF-均衡型 中高风险 | 规模：0.11亿元（2024-12-31 ) | 基金经理:李成翔等 | | 成 立 日 : 2022-05-17 | 管理 人:西部利得基金 | 基金评级:暂无评级 | 截至2024年末，西部利得季季鸿三个月持有混合发起（FOF）基金资产净值合计约为0.35亿元，该基金前十大持仓基金分别为西部利得汇盈债券C、汇添富 品质价值混合、西部利得 ...

Core Viewpoint - Zhejiang Securities reported a decline in revenue for 2024, while net profit increased, indicating a mixed financial performance amidst regulatory challenges [2][4]. Financial Performance - The company achieved a revenue of 15.82 billion yuan in 2024, a decrease of 10.33% compared to 2023 [3]. - Net profit attributable to shareholders was 1.93 billion yuan, reflecting a growth of 10.17% year-on-year [3]. - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling approximately 454 million yuan [2]. Business Segments - Futures business, the primary revenue source, generated 10.37 billion yuan, down 17.89% year-on-year [3]. - Investment banking revenue was 677 million yuan, a decline of 20.93% [3]. - Securities brokerage revenue increased by 3.53% to 3.64 billion yuan [3]. - Investment business revenue rose significantly by 35.93% to 1.15 billion yuan [3]. - Asset management revenue grew by 9.43% to 530 million yuan [3]. Regulatory Issues - The company holds a 34.25% stake in Guodu Securities, which reported a revenue of 1.80 billion yuan and a net profit of 928 million yuan in 2024 [4]. - Zhejiang Securities has faced multiple regulatory fines in 2025, including issues related to providing disguised financing services and non-compliance in internal controls [4][5]. - The China Securities Regulatory Commission mandated the company to rectify issues in its investment banking operations and issued warnings to two senior executives [5].

今麦郎饮品业务虽被寄予厚望，但突围之路同样艰难。凉白开作为今麦郎近年来的明星单品，虽在2024年创下20亿元销售额，却难撼动农夫山泉、怡宝在瓶 装水市场的统治地位。行业分析指出，凉白开的"熟水"定位虽具差异化，但2元价格带仍陷于巨头混战，且消费者对瓶装水品牌忠诚度较高，新品类渗透阻 力较大。 多重压力下，今麦郎的资本化进程亦充满变数。自2017年启动IPO计划以来，今麦郎多次传出上市筹备消息，却因业绩波动、市场质疑等问题迟迟未果。消 费者对其营销争议的负面反馈——如"扫码抽奖变扣费"事件，进一步削弱了品牌信誉。 范现国在2024年行业大会上坦言"信心比黄金更重要"，并提出"消费越升级，物价越便宜"的经营哲学，但如何将理念转化为可持续增长动力，仍是待解难 题。 今麦郎若想重拾增长曲线，或需在高端化转型、渠道精细化及品牌年轻化上实现突破。然而，面对白象的强势截胡、饮品巨头的渠道壁垒，以及自身尚未摆 脱的"低端困局"，这家老牌企业的千亿元营收征程仍布满荆棘。 在方便面与饮品市场双线作战的今麦郎，正面临增长动能不足的挑战。董事长范现国曾高调提出"2025年营收突破300亿元、2030年冲刺千亿元"的目标，但 这一愿景 ...

Core Viewpoint - Yanjing Beer has reported record annual results despite overall industry growth pressures, with significant profit increases driven by the successful nationwide expansion of its core product, Yanjing U8 [2][3] Group 1: Financial Performance - In 2024, Yanjing Beer achieved a net profit of 1.056 billion yuan, a substantial year-on-year increase of 63.74% [2] - The net profit growth, excluding non-recurring gains and losses, reached 108.03%, with all major economic indicators hitting historical peaks [2] - Revenue saw a modest increase of 3.2%, while gross margin improved to 43.36% due to product structure upgrades [2] Group 2: Product Performance - The sales volume of Yanjing U8 reached 696,000 kiloliters in 2024, marking a year-on-year growth of 31.4% and achieving nationwide distribution [2] - The company faces a challenge in maintaining over 30% growth for the U8 product in a saturated market, as overall sales growth slowed to 1.57% [2] Group 3: Strategic Initiatives - Yanjing Beer’s performance is supported by its "Nine Major Reform Strategies," which focus on optimizing resource allocation, reducing operational costs, and enhancing channel efficiency [2] - The company has successfully improved its brand premium capability while reducing the proportion of sales expenses [2] Group 4: Challenges and Market Outlook - Despite a 9.03% year-on-year increase in total assets, there is still room for improvement in asset-liability optimization [3] - Following a 22.88% increase in stock price over 31 trading days, there are concerns regarding market expectations for sustained performance [3] - The company must integrate sustainable development principles into supply chain management and green production to build long-term competitiveness [3]

101家沪市公司披露一季度业绩情况 超九成报喜 近日，沪市公司密集披露2025年一季度经营数据与重大合同签订、项目中标公告，从多维度勾勒出开年 经济运行的积极图景。 截至2025年4月14日记者发稿，101家沪市公司对外披露2025年一季度业绩（含 预告、快报），报喜比例超九成，其中，预增81家、扭亏11家、减亏2家。多数发布业绩预喜公告的上 市公司交出了亮眼的"开年成绩单"，超四成公司一季度净利润将同比翻倍。（证券日报） 美国商务部启动对芯片与药品进口调查 4月券商密集发债"补血" 今年境内发债规模同比增长12.4% 4月以来，券商发债"补血"出现小高峰——已有7家券商获批发行公司债、次级债券，多家券商发布债券 募集说明书或发行结果公告。今年以来，券商短期融资券发行规模同比大幅增长55%，券商次级债券的 发行也呈抬升趋势。利率方面，年内券商发债的票面利率居于1.6%~2.2%之间，发债融资成本相比前几 年大幅降低。（证券时报） 长线资金持续买入 股票型ETF份额突破2万亿份创新高 随着大资金的持续进场，股票型ETF份额近日突破2万亿份，创出历史新高。与此同时，ETF持续上 新，当前仍有37只ETF和ETF联 ...

随着人工智能技术的迅猛进步，特别是A大模型技术的崛起，对算力的需求呈现出爆发式增长。AI服务器作为支撑生成式AI应用的核心硬件平台，其背后的 算力支撑主要来源于AI算力芯片。 今年年初，DeepSeek-V3训练只使用了2048张H800GPU的消息传出，就像一颗核弹，给行业带来了前所未有的震撼。DeepSeek的惊艳表现无疑为推理芯片和 推理算力市场注入了一剂"强心针"，各地算力中心的资源利用率呈现出显著提升的良好态势。 近日，由中国移动负责承建的全国首个"四算合一"算力网络调度平台正式投入运营。"四算合一"是指将通用算力、智能算力、超级算力和量子算力四种计算 能力融合的算力体系。据了解，该算力调度平台可以支持每天上亿次的算力调用，能调度全国1/6的算力规模，算网一体化效率提升20%。平台自有智算中 心的芯片国产化率超过90%，兼容8种国产AI芯片。 当前，AI算力芯片作为支撑各类AI应用的核心基础设施，正发挥着不可替代的关键作用。根据IDC的预测，预计全球算力规模将从2023年的1397EFLOPS增 长至2030年的16ZFLOPS，预计2023-2030年复合增速达50%。 一、AI算力芯片概述 从芯 ...

"并购六条"以来沪市重大资产重组和发行股份案例同比增330% 沪市公司多样化的并购重组案例不断涌现，上交所数据显示，"并购六条"以来，沪市累计发布并购交易 557单，其中重大资产重组和发行股份案例69单，同比增长330%。上交所表示，并购重组是上市公司提 质增效的重要途径，也是推动上市公司强化投资者回报的重要抓手。"科创板八条""并购六条"等政策相 继推出，为上市公司提质增效提供了更加便利、包容的政策环境，可以更好发挥资本市场主渠道作用。 （智通财经） "天衍"量子计算云平台访问量突破2700万 4月10日，从中电信量子了解到，"天衍"量子计算云平台当前访问量已突破2700万。该平台面向全球开 放，涵盖海内外50多个国家的用户，提交的实验任务数超过140万次。"天衍"量子计算云平台发布于 2023年11月，由中国电信发布，各项性能均达到国际一流水平。该平台配备5类运算性能世界一流的高 性能仿真机和Cqlib系列编程框架，支持量子模拟、量子化学、量子气象、量子人工智能等领域的应用 探索。（上证报） 一季度汽车行业开局运行良好 新能源汽车销量占总销量的41.2% 中国汽车工业协会今天（11日）发布的最新信息显示， ...