Core Viewpoint - The 17th Shenzhen International Battery Exhibition focuses on cutting-edge technologies such as solid-state batteries, advanced lithium-ion batteries, and high-power fast charging technologies, showcasing over 3,200 exhibitors including major companies like CATL, BYD, and EVE Energy [1] Group 1: Industry Trends - Solid-state batteries are highlighted for their advantages over traditional lithium batteries, including higher energy density, enhanced safety, longer lifespan, and better low-temperature adaptability [1] - The industry anticipates that solid-state batteries will see significant development opportunities with the rise of electric vehicles [1] - The full solid-state battery technology faces challenges, but collaboration among material companies, cell manufacturers, automakers, and academia is ongoing to overcome mass production hurdles [2] Group 2: Market Developments - Policy support is increasing, with the Ministry of Industry and Information Technology including solid-state battery standard system construction in its 2025 work priorities [2] - The industry expects small-scale production of solid-state batteries between 2026-2027, with large-scale applications anticipated around 2030 [2] - Companies like Guoxuan High-Tech and BETTERRY are introducing new solid-state battery products, while Huatai Securities predicts batch deliveries of semi-solid-state batteries by 2025 [2]

Core Insights - The 2025 Shenzhen International Optical Fair is set to take place from June 25 to 27, focusing on smart innovation in the eyewear industry [1][2] - The event aims to inject strong momentum into the high-quality development of the eyewear industry, marking a shift towards an intelligent interactive era [1] Industry Overview - The 2024 fair featured 154 exhibitors showcasing cutting-edge technologies and products, attracting approximately 17,000 professional visitors and generating intent orders worth 40 million yuan [1] - The 2025 fair will expand to 15,000 square meters with over 300 participating companies, expecting to draw more than 50,000 professional attendees [2] Exhibition Highlights - Nine specialized exhibition areas will cover the entire industry chain, including a brand zone, vision health technology zone, and a smart eyewear and wearable technology zone [2] - The event will showcase the integration of AI, AR/VR technologies with the eyewear industry, allowing attendees to experience how smart wearable devices can transform daily life [2] Event Structure - The fair will adopt a "1+1+5+8" innovative framework to create a diverse communication ecosystem, featuring a comprehensive display of industry innovations and immersive exhibition experiences [2] - Five thematic seminars will address hot topics such as wearable technology innovations and brand internationalization strategies, with participation from government leaders, experts, and media [2] Audience Engagement - The event will implement a "dual-line parallel, global linkage" strategy for audience organization, targeting domestic and international professional groups through various media platforms [3] - Notable international buyers and domestic industry leaders have confirmed their participation, enhancing the event's vibrancy and international appeal [3] Strategic Importance - The fair emphasizes the theme of "traditional eyewear + smart wearables" and aims to build a high-end communication platform with an international perspective [3] - The event is positioned as a significant moment for the intelligent transformation of the eyewear industry, contributing to the sector's high-quality development [3]

Core Viewpoint - The upcoming 2025 Shenzhen International Fisheries Expo will showcase over 20 companies from Maoming, known as the "Capital of Tilapia in China," presenting more than 100 tilapia products, highlighting the industry's response to market challenges and opportunities for expansion [6][8][11]. Group 1: Product Matrix - Maoming's tilapia industry has developed a comprehensive product matrix, with over 100 products to be displayed at the expo, including various processed and health products [15][18]. - The industry has adapted to market changes by introducing products like "skinless fish fillets" and "seasoned fish steaks" for the European and American markets, as well as pre-prepared dishes targeting younger domestic consumers [20][21][22]. - The tilapia industry in Maoming has formed a complete industrial chain, encompassing feed production, seed breeding, ecological farming, export processing, and deep processing, with an output value exceeding 100 billion yuan [25][26]. Group 2: Brand Building - During the expo, a promotional event for Maoming tilapia will be held, featuring experts and representatives discussing the brand's story and nutritional value, aiming to enhance brand recognition and market competitiveness [28][31][34]. - Maoming tilapia has received various accolades, including being recognized as a top regional agricultural brand in China, which contributes to its brand image and market appeal [36][39]. Group 3: Market Expansion - The Maoming Tilapia Association is leveraging the expo to facilitate connections between producers and domestic and international buyers, aiming to expand sales channels and market share [41][43].

深圳作为国家名牌战略的发祥地，品牌建设的领跑者，品牌建设工作一直领先全国，培育成长了一批具有国际竞争力的企业品牌。为进一步营造全社会关 注深圳品牌的良好氛围，提高"深圳品牌"国际影响力。5月9日，第九届"深圳(湾区)国际品牌周"暨2025年中国品牌日·深圳地方特色活动开幕大会在深圳广 电大厦隆重举行。本届品牌周以"品牌引领未来，创新驱动湾区"为主题，"2025中国品牌价值500强"中英文榜单独家发布，"国际信誉品牌"、"深圳(湾区)知 名品牌"近400项品牌成果集中亮相展示，国际品牌专家、知名企业领袖发表主题演讲，探索科技革命和产业变革时代品牌发展新路径。 原航空航天工业部部长、深圳工业总会最高顾问林宗棠，中共第十七届中央委员、山西省政府原省长、深圳市政府原市长于幼军，原国务院参事、第十一 届全国政协委员、原国家质检总局副局长，中国品牌建设促进会专家委员会主任葛志荣，第十一届全国政协委员、中央人民政府驻香港联络办公室原副主 任、深圳工业总会荣誉主席周俊明，中国工业经济联合会党委书记、执行副会长兼秘书长，国家制造强国建设战略咨询委员会委员熊梦，中国出入境检验 检疫协会会长、原国家质检总局检验司司长王新，联合国工 ...

Core Viewpoint - The A-share market shows positive momentum with major indices rising, particularly in sectors related to aerospace, military, electric power, electronics, solid-state batteries, robotics, and 6G technology, indicating a growing interest in innovative energy solutions and technologies [1] Group 1: Market Performance - The A-share indices opened higher on May 12, with the ChiNext Index rising over 1% [1] - The Huaxia ChiNext New Energy ETF (159368) increased by 2.2%, reflecting strong investor interest in the new energy sector [1] Group 2: Industry Events - The 17th Shenzhen International Battery Technology Exchange Conference/Exhibition (CIBF2025) is scheduled for May 15-17, featuring prominent companies like CATL, BYD, and 3M China [1] - The conference theme is "Green Energy Drives the Future," focusing on advanced lithium-ion battery technology, battery safety and evaluation, solid-state and new system batteries, high-power fast charging technology, sodium-ion batteries, key material technologies, and smart equipment with digital twin manufacturing [1] Group 3: Industry Insights - Guohai Securities highlights that solid-state batteries meet the increasing performance demands in downstream sectors and have significant application expansion potential in emerging industries [1] - The upcoming mass production of solid-state batteries is expected to reshape the key material system of lithium batteries, benefiting companies with strategic partnerships or core technological advantages in key materials [1] Group 4: ETF Details - The Huaxia ChiNext New Energy ETF (159368) is the only ETF tracking the ChiNext New Energy Index, which includes sectors such as solar, wind, biomass, nuclear energy, and components of the new energy vehicle industry [2] - The management fee for the ETF is 0.15%, and the custody fee is 0.05%, totaling a low fee of 0.2% [2] Group 5: Technological Innovations - The conference will showcase cutting-edge battery technologies including solid-state, sodium, hydrogen fuel, and integrated solar storage charging technologies [2] - Innovations in energy storage will be highlighted, such as large-capacity energy storage stations, intelligent BMS systems, and zero-carbon solutions [2] - The event will also feature advancements in recycling technologies for used batteries and smart manufacturing equipment like AI production lines and high-precision testing devices [2]

Core Insights - The 2025 Shenzhen International Fisheries Expo aims to empower the fishing industry through technology and innovation, scheduled from May 15 to 17 at the Shenzhen Convention Center [1] Group 1: Event Overview - The expo will feature a comprehensive layout with eight specialized exhibition areas covering the entire industry chain, including deep-sea fishing, aquaculture, imported seafood, processed seafood, smart fisheries, and fisheries finance [2] - The exhibition area spans approximately 37,500 square meters, showcasing over 12,000 high-end seafood products from around the world, including popular items like tuna and king crab [2] Group 2: Industry Engagement - The event will host high-level forums and activities aimed at sharing industry experiences and achieving breakthroughs, including a high-quality development forum for deep-sea fisheries and a technology roadshow [3] - The expo will facilitate direct connections between production and sales, optimizing supply chain efficiency and reducing transaction costs, while attracting global buyers to promote Chinese seafood [3] Group 3: Special Events - Specific events will include a special session for deep-sea caught seafood on May 15 and a session for bulk international trade seafood on May 16, providing significant procurement opportunities [4] - The expo will feature live fish-cutting shows and a marine conservation public awareness exhibition, enhancing public understanding of ocean protection and sustainable fisheries [5][6] Group 4: Educational Initiatives - The educational display area will include exhibits on marine wildlife protection, showcasing the beauty of marine giants and the importance of preserving rare species [6] - The expo aims to create a blueprint for the future of the modern fishing industry, inviting global participants to explore business opportunities and foster collaboration in the blue economy [6]

Financial Performance - The company's operating revenue for Q1 2025 was RMB 1,771,765,261.39, a decrease of 13.06% compared to RMB 2,037,983,716.92 in Q1 2024[10] - Net profit attributable to shareholders was RMB 478,007,244.10, reflecting a slight increase of 1.50% from RMB 470,958,969.66 in the same period last year[10] - Operating profit for Q1 2025 was RMB 621,113,486.27, compared to RMB 634,811,192.70 in Q1 2024, reflecting a decrease of 2.68%[36] - The company’s total comprehensive income for Q1 2025 was RMB 546,823,605.96, compared to RMB 474,681,285.95 in Q1 2024, reflecting an increase of 15.19%[37] - Net profit for Q1 2025 was RMB 514,281,845.56, slightly up from RMB 512,669,617.76 in Q1 2024, representing a growth of 0.31%[36] Cash Flow and Assets - The net cash flow from operating activities increased by 28.96%, reaching RMB 980,875,169.00 compared to RMB 760,626,644.48 in Q1 2024[10] - Cash and cash equivalents at the end of Q1 2025 totaled RMB 8,019,330,500.54, up from RMB 3,235,689,796.04 at the end of Q1 2024[40] - The company reported cash and cash equivalents of RMB 8,176,488,936.45 as of March 31, 2025, significantly up from RMB 2,908,582,010.43 at the end of 2024, marking an increase of about 181.5%[31] - As of March 31, 2025, total current assets increased to RMB 12,921,011,423.05 from RMB 7,643,838,856.74 as of December 31, 2024, representing a growth of approximately 69.8%[31] - The company’s total assets increased to RMB 73,150,343,598.02 in Q1 2025, compared to RMB 67,558,030,948.58 in Q1 2024, marking a growth of 8.67%[34] Shareholder Information - The number of shareholders totaled 17,576, with 17,336 being A-share shareholders and 240 being H-share shareholders[13] - The top shareholder, Xintong Industrial Development (Shenzhen) Co., Ltd., holds 28.79% of the shares, totaling 730,710,144 shares[14] - The company has committed to a share lock-up period of 18 months for certain shareholders following the recent A-share issuance[18] Issuance and Financing - The company completed the issuance of 357,085,801 A-shares, with significant subscriptions from related parties[18] - The company completed a private placement of A-shares, issuing 357,085,801 shares at a price of RMB 13.17 per share, raising a net amount of RMB 4,679,236,514.71[25] - The company issued RMB 10 billion in medium-term notes with a coupon rate of 1.7% and RMB 5 billion in another tranche, both with a 3-year term[26] - The company completed the issuance of RMB 23 billion in corporate bonds with a 5-year term and a coupon rate of 2.29%[26] Liabilities - As of March 31, 2025, total current liabilities decreased to RMB 11,890,985,416.04 from RMB 14,175,295,530.40 as of December 31, 2024, a reduction of approximately 16.5%[33] - The company’s long-term borrowings decreased to RMB 12,800,758,083.34 as of March 31, 2025, from RMB 13,912,273,334.21 at the end of 2024, a decline of approximately 8.0%[33] - The company’s total liabilities amounted to RMB 40,760,132,514.45 as of March 31, 2025, slightly up from RMB 40,356,460,239.19 at the end of 2024, reflecting a marginal increase of about 1.0%[33] Operational Highlights - The company plans to continue expanding its operations and enhancing its project contributions, particularly in waste treatment and transportation sectors[12] - The average daily mixed traffic volume for the Meiguan Expressway was 158 thousand vehicles, generating a toll revenue of RMB 411 thousand in Q1 2025[17] - The average daily mixed traffic volume for the Machine-Hu East Section was 308 thousand vehicles, with toll revenue of RMB 1,817 thousand in Q1 2025[17] - The average daily mixed traffic volume for the Jiangjiang Project was 205 thousand vehicles, resulting in toll revenue of RMB 2,010 thousand in Q1 2025[17] - The total organic waste processing volume across various projects reached 317.24 thousand tons, generating operational revenue of RMB 174,266.95 thousand in Q1 2025[22] - The total electricity generated from wind power projects was 178,690.70 MWh, with revenue of RMB 52,905.30 thousand in Q1 2025[23]

Logistics Expansion and Infrastructure - The company focuses on strategic regions including the Guangdong-Hong Kong-Macao Greater Bay Area, Yangtze River Delta, and Beijing-Tianjin-Hebei, with investments in logistics infrastructure across four major areas: water, land, air, and rail[11]. - As of December 31, 2024, the company has a significant presence in various logistics parks and services, including over 30 logistics parks across multiple cities, enhancing its operational capacity[13]. - The company aims to provide integrated logistics services, including intelligent warehousing and cold chain logistics, to create greater value for shareholders[11]. - Future outlook for 2025 indicates continued expansion in logistics and environmental protection sectors, with a focus on enhancing operational efficiency and service quality[11]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and expand its service offerings in logistics and related industries[11]. - The company reported a significant increase in user data, reflecting a growing customer base and enhanced service utilization across its logistics platforms[11]. - The company has established 66 projects across 42 cities in China, with 46 projects operational, totaling nearly 5.8 million square meters of operational area[61]. - The company has established logistics ports in 38 cities outside the Greater Bay Area, with a total operational area of approximately 4.61 million square meters and an occupancy rate of 91% in mature logistics parks as of December 31, 2024[95]. - The company is actively expanding its logistics network, with new projects in cities such as Nanjing, Hangzhou, and Chengdu, contributing to a broader national footprint[131]. Financial Performance - The company’s financial summary indicates a strong performance, with key metrics reflecting growth in revenue and profitability compared to previous periods[9]. - Total revenue for 2024 was HKD 15,570.6 million, a decrease from HKD 20,523.8 million in 2023, representing a decline of approximately 24%[31]. - Profit before tax for 2024 was HKD 5,115.1 million, slightly down from HKD 5,194.1 million in 2023, indicating a decrease of about 1.5%[31]. - Net profit attributable to shareholders for 2024 was HKD 2,872.4 million, an increase of 51% compared to HKD 1,901.6 million in 2023[31]. - Basic earnings per share for 2024 rose to HKD 1.76, up from HKD 1.60 in 2023, reflecting a growth of 10%[24]. - The proposed final dividend for 2024 is HKD 0.598 per share, representing a 50% increase from the previous year, with a total dividend payout of approximately HKD 1.441 billion[60]. - Shareholders' profit attributable increased by 51% to approximately HKD 2.87 billion, driven by tax-adjusted gains from land preparation of HKD 2.37 billion[75]. - The company achieved total revenue of approximately HKD 15.571 billion for the year ending December 31, 2024, a decrease of 24% compared to the same period last year[60]. Technological Innovation and Sustainability - The company is investing in new technologies to enhance logistics efficiency and service delivery, positioning itself as a leader in the logistics sector[11]. - The company is focusing on technological innovation and digital transformation to enhance operational efficiency and service levels, integrating ESG principles into its business operations for sustainable development[86]. - The company’s ESG rating was upgraded to A by Wind, and it received multiple awards for its sustainability efforts, including the "ESG Sustainable Development Excellence Enterprise" award[55]. - The company is committed to ethical logistics practices, aiming to contribute positively to the economy and society while expanding its market reach[4]. Project Development and Acquisitions - The company successfully launched the Yifangda Deep Expressway REIT on the Shanghai Stock Exchange, holding 40% of the fund's total shares[32]. - The company expanded its management output projects in Wuxi, Guangdong, and Chaozhou, enhancing its brand recognition in the market[32]. - The company entered the new energy vehicle storage sector by partnering with Ideal Auto for its national after-sales center warehouse[34]. - The company secured a project site in Beijing Fangshan, marking its first entry into the capital market[43]. - The company successfully acquired land for the Fuwan Port project, marking its expansion from the Yangtze River basin to the Pearl River basin[50]. - The company has accelerated its "one city, multiple parks" strategy in key cities, enhancing operational efficiency and service quality, which is expected to create more opportunities for growth[84]. - The company is actively exploring opportunities in the logistics park derivative business and optimizing its dual-loop business model to adapt to market changes and enhance customer service quality[86]. Port Operations and Development - The company has successfully established a port operation network, with 22 operational berths and a throughput exceeding 100 million tons as of December 31, 2024[175]. - The Nanjing Xiba Port, a key asset, handled approximately 31.56 million tons of throughput in 2024, maintaining its leading position among similar terminals along the river[178]. - The company aims to achieve independent listing for its port segment while continuing to invest heavily in strategic port projects in key regions[174]. - The company is advancing the Foshan Fuwan Port project, expected to begin operations in 2027, with a designed annual throughput of 5.3 million tons, marking its expansion into the Pearl River Delta region[183]. - The operational ports as of December 31, 2024, include Jiangsu Jingjiang Port with 7 berths and a total length of 1,090 meters, and Henan Shenqiu Port with 4 berths and a total length of 353 meters[194]. Toll Road Operations - The group operates a total of 16 toll road projects across China, with approximately 191 km in Shenzhen, 350 km in other areas of Guangdong, and 72 km in other provinces[197]. - Daily average mixed traffic volume for the Shenzhen section of the toll roads increased by 0.4% to 165, while daily toll revenue rose by 0.9% to RMB 431,000 for the Meiguan Expressway[198]. - The overall performance of the toll road business reflects mixed results, with some projects experiencing growth while others faced declines in both traffic volume and revenue[198].

【深圳商报讯】（记者范宏韬）4月10日，深圳国际仲裁院在前海国际仲裁大厦举办"世界知识产权 日"专题活动，近百名仲裁员、法官、企业及法律界代表共商知识产权保护新路径。活动中，深圳国际 仲裁院院长助理、知仲中心主任陈巧梅发布《中国（深圳）知识产权仲裁中心工作报告》。 报告显示，截至2024年12月31日，知仲中心联合全球57个国家或地区的322名知识产权仲裁员，办理了 1088宗知识产权案，总争议金额超24亿元，累计办结知识产权类案件954宗，结案率为87.7%。此外， 知仲中心推动超200家高科技企业签署《知识产权争议解决信用承诺书》，首创单方承诺+对方启动仲 裁的管辖模式，增强仲裁的灵活性；借助"智慧仲裁系统"和程序优化，案件组庭到结案平均123天，最 短时长为55天，提升服务效率；及时总结知识产权仲裁经验，发布多个知识产权仲裁典型案例;和深圳 市各区政府合作出台仲裁费支持政策，为市场主体提供便利、精准的仲裁服务；积极参与知识产权纠纷 多元化解机制建设和国际交流与合作，知识产权仲裁专业性、国际性显著突出。 知仲中心副主任王媛媛介绍了《深圳国际仲裁院专利争议仲裁程序指引》的亮点。据悉，该《指引》自 2025年 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's performance is significantly driven by transformation and upgrades, leading to substantial growth in earnings, supported by high dividends that indicate a return to value [4] - The company reported a revenue of 15.57 billion HKD in 2024, a year-on-year decrease of 24.13%, while the net profit attributable to shareholders was 2.87 billion HKD, an increase of 51.05% [6] - The company is expected to benefit from the realization of profits from the South China logistics park transformation project, with anticipated tax-adjusted gains of 2.367 billion HKD from land preparation and further potential gains of approximately 8.2 billion HKD from land swaps [6] Financial Performance Summary - Revenue projections for the company are as follows: 20.52 billion HKD in 2023, 15.57 billion HKD in 2024, 15.51 billion HKD in 2025E, 16.40 billion HKD in 2026E, and 17.25 billion HKD in 2027E, with corresponding year-on-year growth rates of 32.2%, -24.1%, -0.4%, 5.7%, and 5.2% [5] - The net profit attributable to shareholders is projected to be 1.90 billion HKD in 2023, 2.87 billion HKD in 2024, 3.64 billion HKD in 2025E, 3.65 billion HKD in 2026E, and 2.80 billion HKD in 2027E, with growth rates of 51.7%, 51.1%, 26.6%, 0.5%, and -23.5% respectively [5] - The company maintains a dividend payout ratio of approximately 50%, with a proposed final dividend of 0.598 HKD per share [6] Market Performance - The toll road business remains stable, while the environmental protection business faces short-term pressure due to impairment provisions [6] - Toll revenue and net profit decreased by 8% and 12% year-on-year, respectively, primarily due to adverse weather and increased free periods for small passenger vehicles during holidays [6] - The environmental protection business reported a revenue decline of 15% year-on-year, leading to a net loss of approximately 683 million HKD [6] Debt and Dividend Structure - The company is optimizing its debt structure, maintaining a 50% dividend payout ratio, which supports a high dividend yield and potential return to value [6] - The company has significantly reduced net exchange losses compared to 2023, with a notable decrease of 528 million HKD [6]