1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q1 2025, the bond market was volatile, with the short - end adjusting first under tight funding and then the long - end, resulting in a bear - flattening curve at the end of the quarter. Bond funds reduced duration and leverage. Looking ahead to Q2 2025, the fund liability side may enter a recovery phase, and scale is expected to rebound. There may be opportunities in short - term bonds if liquidity is abundant, and potential trading opportunities in the adjustment of ultra - long - term bonds. 5 - 10 - year varieties may have long - position opportunities [1][3][4][5] 3. Summary According to the Directory 3.1 2025Q1 Bond - type Fund Overview - **Market Trends**: In Q1 2025, the bond market was mainly traded around expectations of loose money, tight - balanced funding, the "stock - bond seesaw", and institutional behavior. In January, bond yields first declined and then rose; in February, there was an adjustment; in March, it first adjusted and then recovered [9][10]. - **Fund Market Performance**: The number of bond funds increased slightly, while the asset net value returned to the level before Q2 2024. The number of passive index - type funds increased by 4.14%. Short - term bond funds' scale decreased significantly, while mixed - type bond funds turned to positive growth [12]. - **Asset Net Value Growth Rate**: The quarter - on - quarter growth rates of medium - and long - term pure bonds, short - term pure bonds, mixed (primary), mixed (secondary), passive index, enhanced index, and convertible bond funds were - 4.9%, - 20%, + 4%, + 13%, - 7%, + 8%, + 4% respectively [14]. - **Scale Distribution**: 60% of bond funds had an asset net value of less than 2 billion yuan. The number of bond funds with a scale of less than 1 billion yuan increased, mainly medium - and long - term bond funds. The number of funds with a scale of over 5 billion yuan decreased significantly, especially those over 10 billion yuan [16]. - **Holding Situation**: Medium - and long - term pure bond funds mainly held policy - financial bonds, followed by non - policy - financial bonds and medium - term notes. Short - term bond funds held more medium - term notes and short - term financing bills. Different types of funds had different trends in holding various bonds [20][21]. - **Duration and Leverage**: Due to the tight - balanced funding and policy concerns about long - term bond risks, medium - and long - term and short - term bond funds reduced their average duration by 0.15 and 0.13 years respectively. Funds continued to reduce leverage due to the inverted repo rate and bond market rate [22] 3.2 2025Q1 Pure Bond Fund Holding Analysis 3.2.1 Pure Bond Fund Holding Overview - **Medium - and Long - Term Pure Bond Funds**: The holding structure changed little. The market value of medium - term notes, treasury bonds, and corporate bonds increased slightly, while the proportion of policy - financial bonds and certificates of deposit decreased. The current main holdings of policy - financial bonds, non - policy - financial bonds, and medium - term notes accounted for 30.9%, 15.4%, and 10.3% respectively [27]. - **Short - Term Pure Bond Funds**: The proportion of holding credit bonds increased slightly. The proportion of short - term financing bills increased significantly, while the proportion of financial bonds, medium - term notes, and certificates of deposit decreased [27]. - **Scale and Holding Relationship**: Larger medium - and long - term bond funds held a lower proportion of credit bonds and a higher proportion of policy - financial bonds. Short - term bond funds with an asset net value of over 300 million yuan held a higher proportion of policy - financial bonds and a lower proportion of credit bonds [29] 3.2.2 Top Five Holdings Analysis - **Coupon Distribution**: In medium - and long - term bond funds, the market value proportion of heavy - holding bonds with a coupon of 1 - 2% continued to increase, while the proportion of those with a coupon of over 3% decreased. In short - term bond funds, the proportion of heavy - holding bonds with a coupon of 1 - 2% was relatively high and increased significantly in the past two quarters [35]. - **Bond Type and Market Value**: Medium - and long - term bond funds still mainly held policy - financial bonds, with a slight decline in holding scale but a significant increase in the market value of non - policy - financial bonds, credit bonds, and local government bonds. Short - term bond funds also mainly held policy - financial bonds, with a decline in holding scale but a significant increase in the market value of credit bonds to a two - year high [40][42]. - **Sub - categories of Bonds** - **Financial Bonds (Excluding Policy - Financial Bonds)**: Medium - and long - term bond funds mainly held commercial bank ordinary bonds, with a slight increase in the market value of ordinary and perpetual bonds. Short - term bond funds mainly held commercial bank perpetual and ordinary bonds, with a significant decline in holding scale [45]. - **Urban Investment Bonds**: Both medium - and long - term and short - term bond funds increased their holdings of Zhejiang urban investment bonds, showing a credit - sinking trend, mainly increasing their holdings of AA+ and below urban investment bonds [54][57]. - **Industrial Bonds**: The industry holdings of medium - and long - term and short - term bond funds were differentiated. Medium - and long - term bond funds continued to hold a large amount of non - bank finance but with a slight decline in scale. Short - term bond funds' heavy - holding industries changed greatly, with a decline in the market value of non - bank finance [61]

2025 年 4 月政治局会议点评 [Table_Author] ➢ 事件：中共中央政治局 4 月 25 日召开会议，分析研究当前经济形势和经济 工作。 ➢ 4 月政治局会议的关键点，聚焦在"底线"和"预案"。风急浪高的外部形势 更加考验政策层对于政策节奏和力度的把握，说到底"经贸斗争"比拼的是韧性 和耐力，以及随机应变的"后手棋"，因此政策布局呈现明显的"两步走"特征： "底线"要稳、要兜牢，重点在存量政策加速，保民生、稳就业、帮企业、化风 险；"预案"要足、要"求进"，新工具、新政策、新模式蓄势待发。具体看来以 下五大信号值得重点关注： ➢ 第一，在"经贸斗争"中比拼耐力和韧性。这是政治局会议中首次提到"经 贸斗争"四个字，早期二十大报告中便强调过要"敢于斗争、善于斗争"，"敢于 斗争"比的是耐力和底气，"善于斗争"比的是制度自信。与 2018 年的首轮经贸 冲突不一样的是，如今的中国能更好地用自身的确定性去应对外部的不确定性， 这从近期美国贸易不确定性指数远远高于中国就得以凸显。 ➢ 第二，政策分为"两步走"：第一步看存量政策，"要加紧实施更加积极有为 的宏观政策"。对于宏观政策的定调从"实施"边际变化 ...

蓝焰控股（000968.SZ）2024 年年报及 2025 年一季报点评 25Q1 利润同增，增储上产稳步推进 2025 年 04 月 25 日 ➢ 事件：2025 年 4 月 24 日，公司发布 2024 年年度报告和 2025 年第一季度 报告。2024 年，公司实现营业收入 22.66 亿元，同比下降 4.9%；实现归母净利 润 4.34 亿元，同比下降 19.6%；实现扣非归母净利润 4.02 亿元，同比下降 20.9%。 2025 年第一季度，公司实现营业收入 5.65 亿元，同比下降 1.0%；实现归母净 利润 1.85 亿元，同比增长 15.7%；实现扣非归母净利润 1.84 亿元，同比增长 14.7%。 ➢ 剔除政府补助，24 年利润基本平稳。2024 年公司累计确认政府补助 1.09 亿元，同比上年确认金额减少 55.6%；若剔除该部分收益，公司 2024 年归母净 利润为 3.52 亿元，同比仅下降 0.8%，表现基本平稳。 ➢ 销量同比微降，单位毛利同比微增。2024 年，公司实现煤层气销量 12.62 亿立方米，同比下降 1.10%；据公告数据计算，煤层气单位价格为 1.72 元/立方 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 54.21 CNY [7]. Core Insights - The company achieved a revenue of 1.63 billion CNY in 2024, representing a year-on-year growth of 57.2%, and a net profit attributable to shareholders of 400 million CNY, up 148.2% [1]. - For Q1 2025, the company reported a revenue of 570 million CNY, a 59.0% increase year-on-year, with a net profit of 150 million CNY, reflecting a growth of 130.1% [1]. - The revenue structure is continuously optimizing, with custom products and technical services generating 490 million CNY in 2024, a 22.3% increase, and a gross margin of 56.2% [2]. - The raw material drug and intermediate business saw a revenue of 940 million CNY in 2024, a significant increase of 127.0%, with a gross margin of 76.7% [3]. - The CDMO/CMO business generated 470 million CNY in revenue, growing by 21.0%, with a gross margin of 55.9% [4]. - The formulation business experienced a decline in revenue to 180 million CNY, down 13.4%, but new products are expected to drive growth in 2025 [4]. - The company forecasts net profits of 540 million CNY, 700 million CNY, and 900 million CNY for 2025, 2026, and 2027, respectively, with corresponding growth rates of 32.5%, 30.0%, and 28.6% [4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1.63 billion CNY and a net profit of 400 million CNY, with significant growth rates of 57.2% and 148.2% respectively [1][6]. - For Q1 2025, the revenue was 570 million CNY, with a net profit of 150 million CNY, indicating strong performance [1]. Revenue Structure - The custom products and technical services segment generated 490 million CNY in 2024, while the self-selected products segment achieved 1.13 billion CNY, marking a 79.5% increase [2]. - The overall gross margin improved to 62.2% in Q4 2024 and 70.2% in Q1 2025 [2]. Business Segments - The raw material drug business reported a revenue of 940 million CNY in 2024, with a gross margin of 76.7% [3]. - The CDMO/CMO segment achieved 470 million CNY in revenue, with a focus on major disease treatments [4]. - The formulation segment's revenue declined to 180 million CNY, but new product registrations are expected to revitalize growth [4]. Future Projections - The company anticipates net profits of 540 million CNY in 2025, with a growth rate of 32.5%, and further growth in subsequent years [4][6].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 14.76 CNY per share [7]. Core Insights - The company achieved a net profit attributable to shareholders of 1.28 billion CNY in 2024, representing a year-on-year increase of 22.9%, with total revenue reaching 8.75 billion CNY, up 25.1% year-on-year [1]. - The supply chain trading business faced challenges in the second half of 2024, while the cross-border multimodal transport logistics services segment continued to grow rapidly [2]. - The company is focused on enhancing shareholder returns, with a dividend payout ratio of 53.5% in 2024, an increase of 20 percentage points year-on-year [3]. Business Structure Summary - **Supply Chain Trading Business**: In 2024, this segment generated revenue of 5.75 billion CNY, up 29.7% year-on-year, but saw a decline in the second half of the year with revenue of 2.41 billion CNY, down 18.4% year-on-year [2]. - **Cross-Border Multimodal Transport Logistics Services**: This segment reported revenue of 2.45 billion CNY in 2024, a year-on-year increase of 22.2%, with significant growth in the second half of the year [2]. - **Land Port Projects**: The segment achieved revenue of 490 million CNY in 2024, up 16.4% year-on-year, maintaining a steady growth trajectory [2]. Future Business Development - The company plans to deepen its regional development strategy in Mongolia and Africa, focusing on operational capabilities and customer capacity at key ports [5]. - The acquisition of the BHL fleet has enhanced logistics service capabilities, with over 1,000 transport resources directly managed [4]. - Profit forecasts for 2025 to 2027 indicate net profits of 1.46 billion CNY, 1.68 billion CNY, and 1.94 billion CNY, respectively, with corresponding PE ratios of 10, 9, and 7 times [6][5].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 14.76 CNY per share [7]. Core Insights - The company achieved a net profit attributable to shareholders of 1.28 billion CNY in 2024, representing a year-on-year increase of 22.9%, and a revenue of 8.75 billion CNY, up 25.1% year-on-year [1]. - The supply chain trading business faced challenges in the second half of 2024, while the cross-border multimodal transport logistics services continued to grow rapidly [2]. - The company is focusing on enhancing shareholder returns, with a dividend payout ratio of 53.5% in 2024, an increase of 20 percentage points year-on-year [3]. - The company is progressively improving its cross-border logistics network in Africa, establishing a strategic presence in key locations [4]. - The operational plan for 2025 includes regional development strategies and core business growth, particularly in cross-border logistics and supply chain trading [5]. Financial Performance - In 2024, the company reported a revenue of 8.75 billion CNY and a net profit of 1.28 billion CNY, with projected revenues of 9.68 billion CNY and net profits of 1.46 billion CNY for 2025 [6][15]. - The company expects a steady growth in net profit, forecasting 1.46 billion CNY in 2025, 1.68 billion CNY in 2026, and 1.94 billion CNY in 2027, with corresponding PE ratios of 10, 9, and 7 [5][6].

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Views - The company reported a revenue of 140 million yuan for 2024, a year-on-year decrease of 57.9%, and a net profit attributable to shareholders of -270 million yuan, compared to -60 million yuan in 2023. For Q1 2025, the revenue was 21 million yuan, showing a year-on-year increase of 48% [1][2]. - The company is expected to gradually achieve mass production of electronic countermeasure products, with significant improvements anticipated in the coming years [2][3]. - The company has faced continuous losses over seven quarters due to industry challenges, but the revenue growth in Q1 2025 and a narrowing loss margin suggest a potential turning point [1][2]. Summary by Sections Financial Performance - In 2024, the company experienced a significant decline in revenue and net profit, with a net cash flow from operating activities of -300 million yuan, primarily due to collection issues [3][5]. - The gross margin for 2024 decreased by 24.3 percentage points to 26.0%, attributed to reduced production volumes leading to higher fixed costs per unit [1][3]. Product Segmentation - The company’s revenue from satellite navigation products was 80 million yuan in 2024, down 69.5% year-on-year, while satellite communication products generated 60 million yuan, a decrease of 22.5% [2]. - The electronic countermeasure segment is expected to see growth as the company has secured multiple orders for radar countermeasure products and is moving towards product finalization and mass production [2][3]. Future Projections - The company forecasts net profits attributable to shareholders of 101 million yuan, 174 million yuan, and 299 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 60x, 35x, and 20x [3][5]. - The report highlights the company's technological advantages in satellite navigation and breakthroughs in electronic countermeasures as key drivers for future growth [3][5].

➢ 网宿科技发布 2025 年一季度报告。2025 年 4 月 24 日，网宿科技发布 2025 年一季度报告。2025 年 Q1 实现营业收入 12.35 亿元，同比增长 10.26%；归母 净利润 1.92 亿元，同比增长 38.54%；扣非归母净利润 1.50 亿元，同比增长 52.60%。25Q1 公司销售毛利率为 30.96%，同比下降 2.35pct，我们认为主要 由于受市场竞争影响，公司服务价格波动所致。 ➢ "国内+海外"市场联动，海外业务规模持续扩大。公司在 2025 年继续推进 CDN 及边缘计算、安全两大核心业务。公司继续采取平衡收入和利润的市场策 略，在国内市场围绕技术升级和精细化运营开展工作，深耕核心客户，提升了服 务质量。公司在 2025 年继续推动全线产品出海，积极拓展"一带一路"沿线市场， 为全球化业务提供支持。例如，公司升级游戏出海安全加速解决方案，支持安全 加速一体化，为出海游戏企业提供强有力的保障；加强 SD-WAN 安全组网产品 能力，为企业构建高性价比的全球智能网络。另外，公司还积极将安全能力出海， 通过领先的 WAAP 全站防护能力，针对业务数据、经营数据等提供全生 ...

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6][8]. Core Views - The company experienced a significant decline in revenue and net profit in 2024, with revenue at CNY 36.44 billion, down 40.72% year-on-year, and net profit at CNY 2.96 billion, down 42.60% year-on-year [1]. - Despite the decline in overall financial performance, the company reported a substantial increase in coal production, with a 64.02% year-on-year increase in coal output for 2024 [3]. - The company plans to invest CNY 16.48 billion in a new coal utilization project, which is expected to generate an average annual after-tax profit of CNY 1.64 billion once operational [5]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of CNY 10.05 billion, with a year-on-year decrease of 15.59% but a quarter-on-quarter increase of 9.93% [2]. - The gross profit margin for Q4 2024 was reported at 27.83%, reflecting a year-on-year increase of 13.60 percentage points [2]. - The coal production for Q4 2024 reached 19.21 million tons, marking a year-on-year increase of 176.57% [3]. - The company’s natural gas sales dropped significantly by 52.95% in 2024, leading to a gross profit of CNY 1.88 billion, down 39.68% year-on-year [4]. - The projected net profits for 2025, 2026, and 2027 are CNY 3.02 billion, CNY 3.38 billion, and CNY 3.84 billion respectively, with corresponding EPS of CNY 0.46, CNY 0.51, and CNY 0.58 [6][7].

➢ 网宿科技发布 2025 年一季度报告。2025 年 4 月 24 日，网宿科技发布 2025 年一季度报告。2025 年 Q1 实现营业收入 12.35 亿元，同比增长 10.26%；归母 净利润 1.92 亿元，同比增长 38.54%；扣非归母净利润 1.50 亿元，同比增长 52.60%。25Q1 公司销售毛利率为 30.96%，同比下降 2.35pct，我们认为主要 由于受市场竞争影响，公司服务价格波动所致。 ➢ "国内+海外"市场联动，海外业务规模持续扩大。公司在 2025 年继续推进 CDN 及边缘计算、安全两大核心业务。公司继续采取平衡收入和利润的市场策 略，在国内市场围绕技术升级和精细化运营开展工作，深耕核心客户，提升了服 务质量。公司在 2025 年继续推动全线产品出海，积极拓展"一带一路"沿线市场， 为全球化业务提供支持。例如，公司升级游戏出海安全加速解决方案，支持安全 加速一体化，为出海游戏企业提供强有力的保障；加强 SD-WAN 安全组网产品 能力，为企业构建高性价比的全球智能网络。另外，公司还积极将安全能力出海， 通过领先的 WAAP 全站防护能力，针对业务数据、经营数据等提供全生 ...