1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report According to Wind data, among the bonds traded at a discount, '25 Henan Road and Bridge MTN002' had a relatively large deviation in valuation price. Among the bonds with rising net prices, '21 Vanke 02' had a leading deviation in valuation price. Among the secondary perpetual bonds with rising net prices, '23 Dalian Bank Perpetual Bond 01' had a relatively large deviation in valuation price. Among the commercial financial bonds with rising net prices, '25 China Zheshang Bank Small and Micro Enterprise Bond 01BC' had a leading deviation in valuation price. Among the bonds with a trading yield higher than 10%, real estate bonds ranked at the top. The changes in credit bond valuation yields were mainly distributed in the (0,5] range. The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 2 - 3 year - term varieties having the highest proportion of discount trading. The trading terms of secondary perpetual bonds were mainly distributed between 4 and 5 years, with the varieties within 1 year having the highest proportion of discount trading. By industry, the bonds in the pharmaceutical and biological industry had the largest average deviation in valuation price [2]. 3. Summary by Relevant Catalogs 3.1 Discounted Bond Trading - The report tracked the trading of significantly discounted bonds, including details such as the bond name, remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous day's valuation yield, implied rating, issuer rating, industry, and trading volume. For example, '25 Henan Road and Bridge MTN002' had a remaining term of 2.89 years, a valuation price deviation of - 0.27%, a valuation net price of 99.74 yuan, and a trading volume of 39.52 million yuan [4]. 3.2 Bonds with Rising Net Prices - The report tracked the trading of bonds with significant positive deviations in net prices, including details such as the bond name, remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous day's valuation yield, implied rating, issuer rating, industry, and trading volume. For example, '21 Vanke 02' had a remaining term of 0.79 years, a valuation price deviation of 1.11%, a valuation net price of 90.78 yuan, and a trading volume of 9.01 million yuan [5]. 3.3 Secondary Perpetual Bond Trading - The report tracked the trading of secondary perpetual bonds, including details such as the bond name, remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous day's valuation yield, implied rating, issuer rating, bank category, and trading volume. For example, '23 Dalian Bank Perpetual Bond 01' had a remaining term of 2.78 years, a valuation price deviation of 0.11%, a valuation net price of 104.40 yuan, and a trading volume of 198.16 million yuan [6]. 3.4 Commercial Financial Bond Trading - The report tracked the trading of commercial financial bonds, including details such as the bond name, remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous day's valuation yield, implied rating, issuer rating, bank category, and trading volume. For example, '25 China Zheshang Bank Small and Micro Enterprise Bond 01BC' had a remaining term of 2.99 years, a valuation price deviation of 0.01%, a valuation net price of 100.01 yuan, and a trading volume of 1.75021 billion yuan [7]. 3.5 Bonds with a Trading Yield Higher than 10% - The report tracked the trading of high - yield bonds, including details such as the bond name, remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous day's valuation yield, implied rating, issuer rating, industry, and trading volume. For example, '21 Vanke 02' had a remaining term of 0.79 years, a valuation price deviation of 1.11%, a valuation net price of 90.78 yuan, a valuation yield of 17.14%, and a trading volume of 9.01 million yuan [8]. 3.6 Distribution of Credit Bond Valuation Deviations The changes in credit bond valuation yields were mainly distributed in the (0,5] range [2]. 3.7 Distribution of Non - financial Credit Bond Trading Terms The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 2 - 3 year - term varieties having the highest proportion of discount trading [2]. 3.8 Distribution of Secondary Perpetual Bond Trading Terms The trading terms of secondary perpetual bonds were mainly distributed between 4 and 5 years, with the varieties within 1 year having the highest proportion of discount trading [2]. 3.9 Distribution of Discounted Trading Proportions and Trading Volumes by Industry By industry, the bonds in the pharmaceutical and biological industry had the largest average deviation in valuation price [2].

事件 4 月 10 日公司发布 2024 年报，2024 年实现收入 278.39 亿元，同 比+19.46%；归母净利润 8.47 亿元，同比+73.08%。4Q24 收入为 68.49 亿元，环比+16.98%，同比+50.53%；归母净利润为 1.80 亿 元，环比-21.43%，同比+71.32%。 点评 价、量环比下滑拖累 4Q24 业绩表现。4Q24 锑、金均价分别环比- 8.98%、+7.94%至 14.69 万元/吨、614 元/克，2024 年公司销售黄 金、锑品同比分别减少 2.58%、14.72%；出口管制或为销量下降的 重要原因。4Q24 公司毛利率环比/同比分别-1.38pct/-0.75pct 至 8.61%， 2024 年公司自产金和自产锑品分别同比-6.13%/-13.2%， 综合考虑公司业务结构、成本和价格波动，我们认为 4Q24 自产量 环比下滑或为毛利率下降主要原因。 计提大额研发费用，资本结构良好。4Q24 公司期间费用、期间费 率分别环比+19.28%、+0.08pct 至 2.97 亿元、4.34%，主要原因系 研发费用显著增加，4Q24 公司研发费用环比+200% ...

4 月 10 日，公司披露 2024 年报及 2025 年一季报，2024 年实现营 收 124.0 亿元，同比+12.0%，实现归母净利 10.2 亿元，同比+25.4%， 实现毛利率 22.4%，同比+1.0pct。25Q1 实现营收 25 亿元，同比 +22.8%，实现归母净利 3.6 亿元，同比+55.9%，实现毛利率 28.7%， 同比+3.5pct，25Q1 业绩超预期。 高压开关龙头地位稳固，盈利能力持续提升。24 年公司国网 1000/750/500kV 组合电器市场份额分别为 44.5%/35.9%/25.6%， 均列行业第一，南网批次招标市场占有率保持领先，国内网外单机 大幅提升。24 年公司确认甘孜等 14 间隔 1000 千伏 GIS，庆阳换 流站等 97 间隔 750 千伏 GIS，高压产品占比提升带动板块营收、 盈利能力持续提升，高压板块实现营收 77.0 亿元，同比+25.1%， 实现毛利率 25.5%，同比+2.7pct。 25 年电网投资维持高景气，优质订单有望持续增长。25 年国网计 划投资超 6500 亿元，南网安排 1750 亿元固定资产投资，均创历 史新高。国网输变电 ...

业绩简评 2025 年 4 月 10 日公司披露年报，实现营收 6.64 亿元，同比下降 10.8%；实现归母净利润 1.94 亿元，同比下降 16.8%；单 Q4 实现 营收 2.43 亿元，同比下降 15.2%；实现归母净利润 0.93 亿元，同 比下降 18.1%，主要受到金融行业客户 IT 投入节奏放缓影响。 经营分析 分业务来看，新交易体系业务方面，A5 在中信/南京/上海证券等 多家机构同步推进，24 年客户数已达 10 家。公司近日中标光大证 券核心交易系统项目，进行分布式、低时延、开放式架构及全栈 信创化改造。作为唯一全面实现国产替代的新一代核心交易系统， A5 信创经验有望向更多券商复制。财富管理业务方面，24 年新增 客户 20 余家，客户总数 300 余家。大运营体系业务方面，公司实 现产品线 100%信创适配，可提供多维子账户全流程数字化管理。 24 年公司销售费用同比下降 13.9%，主要系市场宣传减少及销售 人员减少 7.6%所致；公司管理费用同比下降 11.6%，主要系股份 支付费用同比减少 804.6 万所致；研发投入保持较高水平，研发 费用率为 23.0%，较上年同期增长 2 ...

事件 4 月 10 日公司发布 2024 年报，2024 年实现收入 278.39 亿元，同 比+19.46%；归母净利润 8.47 亿元，同比+73.08%。4Q24 收入为 68.49 亿元，环比+16.98%，同比+50.53%；归母净利润为 1.80 亿 元，环比-21.43%，同比+71.32%。 点评 价、量环比下滑拖累 4Q24 业绩表现。4Q24 锑、金均价分别环比- 8.98%、+7.94%至 14.69 万元/吨、614 元/克，2024 年公司销售黄 金、锑品同比分别减少 2.58%、14.72%；出口管制或为销量下降的 重要原因。4Q24 公司毛利率环比/同比分别-1.38pct/-0.75pct 至 8.61%， 2024 年公司自产金和自产锑品分别同比-6.13%/-13.2%， 综合考虑公司业务结构、成本和价格波动，我们认为 4Q24 自产量 环比下滑或为毛利率下降主要原因。 计提大额研发费用，资本结构良好。4Q24 公司期间费用、期间费 率分别环比+19.28%、+0.08pct 至 2.97 亿元、4.34%，主要原因系 研发费用显著增加，4Q24 公司研发费用环比+200% ...

业绩简评 2025 年 4 月 10 日公司披露年报，实现营收 6.64 亿元，同比下降 10.8%；实现归母净利润 1.94 亿元，同比下降 16.8%；单 Q4 实现 营收 2.43 亿元，同比下降 15.2%；实现归母净利润 0.93 亿元，同 比下降 18.1%，主要受到金融行业客户 IT 投入节奏放缓影响。 经营分析 分业务来看，新交易体系业务方面，A5 在中信/南京/上海证券等 多家机构同步推进，24 年客户数已达 10 家。公司近日中标光大证 券核心交易系统项目，进行分布式、低时延、开放式架构及全栈 信创化改造。作为唯一全面实现国产替代的新一代核心交易系统， A5 信创经验有望向更多券商复制。财富管理业务方面，24 年新增 客户 20 余家，客户总数 300 余家。大运营体系业务方面，公司实 现产品线 100%信创适配，可提供多维子账户全流程数字化管理。 24 年公司销售费用同比下降 13.9%，主要系市场宣传减少及销售 人员减少 7.6%所致；公司管理费用同比下降 11.6%，主要系股份 支付费用同比减少 804.6 万所致；研发投入保持较高水平，研发 费用率为 23.0%，较上年同期增长 2 ...

公司持续提质增效，作为开关领域绝对龙头充分受益国内主网加 速扩容、配网景气度上行、海外电网投资提速，我们预计 25-27 年 公司实现营收 133.9/146.1/163.4 亿元，同比+8%/+9%/+12%，归 母净利润 13.9/16.0/18.2 亿元，同比+36%/+15%/+14%，当前股价 对应 PE 分别为 18/16/14 倍，维持"买入"评级。 4 月 10 日，公司披露 2024 年报及 2025 年一季报，2024 年实现营 收 124.0 亿元，同比+12.0%，实现归母净利 10.2 亿元，同比+25.4%， 实现毛利率 22.4%，同比+1.0pct。25Q1 实现营收 25 亿元，同比 +22.8%，实现归母净利 3.6 亿元，同比+55.9%，实现毛利率 28.7%， 同比+3.5pct，25Q1 业绩超预期。 高压开关龙头地位稳固，盈利能力持续提升。24 年公司国网 1000/750/500kV 组合电器市场份额分别为 44.5%/35.9%/25.6%， 均列行业第一，南网批次招标市场占有率保持领先，国内网外单机 大幅提升。24 年公司确认甘孜等 14 间隔 1000 千 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company achieved a contract sales amount of approximately 363 billion yuan for self-invested projects in Q1 2025, with a cumulative total of 524 billion yuan for the group [2]. - In 2024, the company reported a revenue of 1585.46 billion yuan, representing a year-on-year increase of 20.7%, while the net profit attributable to shareholders was 15.96 billion yuan, down 48.8% year-on-year [2]. - The company's property sales revenue reached 1470.2 billion yuan in 2024, accounting for 92.7% of total revenue, with a year-on-year growth of 21.9% [3]. - The decline in net profit was primarily due to losses from joint ventures and increased impairment provisions [3]. Summary by Sections Sales Performance - The total contract sales amount for 2024 was 2768 billion yuan, a decrease of 8.1% year-on-year, with self-invested sales amounting to 1718 billion yuan, down 11.6% [3]. - The company maintained a high sales return rate of 104% in 2024, supporting cash flow and reinvestment [3]. Investment Strategy - In 2024, the company added 42 new projects with a land acquisition amount of 484 billion yuan, expected to generate a new value of 1088 billion yuan [4]. - The focus on core cities resulted in 92% of land acquisition value being in first and second-tier cities, with 51% in key cities like Beijing, Shanghai, and Hangzhou [4]. Financial Health - The company issued 125.31 billion yuan in domestic bonds in 2024 and completed an overseas financing swap of 820 million USD, maintaining a low financing cost of 3.7% [4]. - The projected net profit for 2025, 2026, and 2027 is adjusted to 18.3 billion yuan, 23.0 billion yuan, and 27.4 billion yuan, with respective year-on-year growth rates of 14.6%, 25.7%, and 19.1% [4]. - The current stock price corresponds to a PE ratio of 13.2, 10.5, and 8.8 for the years 2025, 2026, and 2027, respectively [4].

Investment Rating - The industry investment rating is not explicitly stated in the provided documents, but the context suggests a positive outlook for the insurance sector due to the new regulations aimed at improving product suitability and sales practices [7]. Core Insights - The recent release of the "Financial Institutions Product Suitability Management Measures (Draft for Comments)" by the Financial Regulatory Bureau, along with the "Self-Regulatory Rules for Insurance Industry Suitability Management (Draft for Comments)" by the China Insurance Association, aims to enhance the appropriateness of product sales in the insurance industry [1][5]. - The new regulations establish a three-tiered suitability management system involving products, sales personnel, and customers, which is expected to reduce sales misguidance and protect consumer rights, ultimately benefiting the long-term health of the insurance industry [5]. Summary by Sections Product Classification - Life insurance products are categorized into five levels (P1 to P5) based on complexity and certainty of policy benefits, while property insurance products are classified into three levels (P1 to P3) [2]. - The classification considers factors such as product responsibility scope, coverage duration, and design structure, with specific products like participating and universal life insurance falling into P3, and ordinary life insurance into P2 [2]. Sales Classification - The regulations prohibit misleading sales practices and implement a tiered management system for sales personnel based on their qualifications and compliance records [3]. - Specific sales practices that are banned include conducting risk assessments on behalf of clients, providing misleading information, and promoting products that exceed the client's risk tolerance [3]. Customer Segmentation - The regulations require a thorough analysis of the policyholder's needs, income, asset levels, premium budget, and risk tolerance to match them with suitable products [4]. - For certain high-risk products, additional client confirmations are required if the premium exceeds specified thresholds relative to the client's income [4]. Overall Assessment - The introduction of these measures is seen as a significant step towards establishing a more transparent and responsible insurance market, which is likely to foster consumer trust and industry growth [5].

对等关税引发贸易战 2.0 2025 年 4 月 2 日，美国以对等关税为由，对其全球贸易伙伴国加征关税。4 月 6 日，中国的反制措施正式出台，宣布 4 月 10 日之后对所有美国进口商品加征 34%关税。这可能掀起新一轮贸易争端（或可称为"贸易战 2.0"）。 复盘 2018 年中美贸易战与目前贸易冲突对比 2018 年的贸易摩擦对中国 A 股市场造成了显著冲击，上证指数在贸易战升级的关键时期，整体呈现回落趋势。 与 2018 年贸易战相比，2025 年贸易战对中国市场的负面冲击明显减弱，主要原因在于宏观经济形式的相对改善，以 及不同的货币政策周期。总体而言，2025 年中国在宏观经济韧性、产业链抗风险能力和政策工具箱等方面都已显著提 升，使得贸易战的负面影响得到有效控制。 与 2018 年贸易战相比，我们预估 2025 年贸易战对中国市场的负面冲击明显减弱，主要原因在于国内目前所处宏观经 济阶段的相对改善，以及货币政策周期窗口相对 2018 年有所打开。在外生负面冲击较强的行情中，也有消费者服务、 银行等回调较少的板块，从而展现了抗跌的韧性。无论是 2018 年的针对性冲击，还是 2025 年更具普遍性 ...