长江商报消息 编者按 研发投入是企业创新发展的核心引擎。 数据显示，2024年，A股上市公司研发投入合计1.88万亿元，同比增近600亿元，占全社会研究与事业发 展经费的51.96%，成为建设创新型国家的主力军。 基于此，长江商报特推出年报观察系列报道之A股上市公司研发专题，深入剖析上市公司研发投入现 状，挖掘标杆企业的创新密码，为推动经济高质量发展提供有益参考。 ●长江商报记者 徐佳 作为国民经济的中坚力量，上市公司以高质量创新引领高质量发展。持续加强研发投入，则是上市公司 培育新质生产力的核心驱动力。 数据显示，2024年，A股上市公司研发投入合计1.88万亿元，同比增近600亿元，占全社会研究与事业发 展经费的51.96%；整体研发强度2.61%，同比提高0.1个百分点。 而作为A股硬科技聚集地，2024年，科创板上市公司的研发投入总额达到1680.78亿元，超过净利润的 2.5倍，同比增长6.4%，最近3年复合增速达10.7%。研发投入占营业收入比例中位数达12.6%，持续领跑 A股各板块。 深市方面，2024年，深市上市公司研发总投入合计超过7600亿元。其中，创业板2024年研发投入达 2036. ...

Group 1: Event Overview - The "5·15-5·19 Investor Protection Publicity Week" event was held in Beijing, Shanghai, and Shenzhen, focusing on promoting investment knowledge and advocating rational, value, and long-term investment principles [1] - The event featured discussions with chief analysts, public lawyers, and representatives from listed companies to enhance investors' risk awareness and self-protection capabilities [1] Group 2: Company Profile and Strategy - China Railway Group Limited, managed by the State-owned Assets Supervision and Administration Commission, is a comprehensive construction industry group that went public in 2007 [2] - The company integrates traditional and new infrastructure, leveraging emerging technologies like artificial intelligence to enhance the entire construction industry chain [2] - China Railway is focusing on smart construction solutions and aims to expand investment in water conservancy, rural revitalization, ecological protection, and urban renewal during the 14th and 15th Five-Year Plans [2] Group 3: Resource Development and Market Position - The company is actively involved in the development of mineral resources, holding stakes in major copper-cobalt mines and significant molybdenum mines, contributing to national resource stability and enhancing corporate profitability [3] - China Railway plans to optimize its industrial structure and strengthen core technologies while continuing to support national strategic initiatives and public demand [3] Group 4: Market Value Management - China Railway has been implementing a market value management strategy since 2005, evolving from vague concepts to systematic approaches with clear metrics [4] - The company emphasizes investor relations and transparency, establishing long-term communication mechanisms with institutional investors and enhancing voluntary information disclosure [4][5] - In response to new market value management policies, China Railway has developed a management system and valuation enhancement plan, including share buybacks and shareholder increase plans for its subsidiaries [5]

中国中铁股份有限公司 关于召开2024年年度股东大会、2025 年第一次 A 股类别 股东会议及 2025 年第一次 H 股类别股东会议的通知 | | | (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 20 日 9 点 30 分 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大、2025 年第一次 A 股类别股东会议、2025 年第一次 H 股类别 股东会议 (二) 股东大会召集人：董事会 至2025 年 6 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大 会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投 票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程 ...

| | 绿地控股 | 182.50 | 不变 | 1.73 | 243.1 | | --- | --- | --- | --- | --- | --- | | 15 | 碧桂园 | 131.90 | 11 | 0.42 | 117.6 | | (16) | 中国中铁 | 129.00 | 15 | 5.52 | 1366.0 | | (17) | 融创中国 | 111.00 | 12 | 1.50 | 158.6 | | (18) | 金地集团 | 109.30 | 不变 | 4.28 | 193.2 | | (19) | 美的置业 | 105.00 | 12 | 4.03 | 57.9 | | (20) | 世茂集团 | 90.70 | 不变 | 0.81 | 30.8 | | (21 | 远洋集团 | 79.80 | 13 | 0.181 | 18.3 | | 22 | 首开股份 | 75 | 不要 | 2.37 | 61.1 | | 23) | 旭辉控股集团 | 71.50 | 不要 | 0.22 | 23.5 | | 24 | 城建发展 | 70.40 | 13 | 4.73 | 98.2 | | 2 ...

据了解，中证华夏经济蓝筹股票指数分行业选取一定数量财务基本面良好的蓝筹证券作为指数样本，行 业权重根据各行业对国民经济的贡献度进行分配，行业内样本根据财务基本面综合得分加权，以综合反 映国民经济产业结构变迁及发展趋势。该指数以2004年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证华夏经济蓝筹股票指数十大权重分别为：中国电信（2.39%）、牧原股份 （2.3%）、中国建筑（2.24%）、温氏股份（2.09%）、招商银行（1.97%）、中国中免（1.96%）、神 州数码（1.94%）、中国中铁（1.67%）、海大集团（1.59%）、中远海控（1.43%）。 金融界5月14日消息，上证指数低开高走，中证华夏经济蓝筹股票指数 (经济蓝筹，931133)上涨0.84%， 报8059.07点，成交额2606.73亿元。 数据统计显示，中证华夏经济蓝筹股票指数近一个月上涨2.42%，近三个月下跌1.82%，年至今下跌 1.22%。 从中证华夏经济蓝筹股票指数持仓的市场板块来看，上海证券交易所占比60.11%、深圳证券交易所占 比39.89%。 从中证华夏经济蓝筹股票指数持仓样本的行业来看，工业占比19 ...

河南郑州，"帕蒂加朗号"盾构机下线，开挖直径达15.7米，将出口澳大利亚，这是我国出口的最大直径 盾构机； 上海崇明，"领航号"盾构机掘地潜行，以"有人值守、无人操作"的方式抵达长江江心…… 盾构机，全称为全断面隧道掘进机，被誉为"工程机械之王"。刀盘直径从0.5米到超16米，掘进方向从 水平到斜向、竖向、拐弯掘进……如今，在中国工程师手里，盾构机成了"百变金刚"，种类繁多、本领 高强。 掘进方向之变 从水平到斜向、竖向、拐弯掘进 过往，盾构机多是水平掘进。今天，中国制造的盾构机不仅能横着挖，还能斜向上挖、斜向下挖、直线 向上挖、直线向下挖。 能爬坡，挖斜井。 说起斜向上挖的盾构机，不得不提全球首台大直径会"爬陡坡"的隧道掘进机"永宁号"。 去年9月，"永宁号"顺利完成洛宁抽水蓄能电站2号引水斜井的挖掘任务。这是一条坡度达38.742度、全 长约873米的斜井。"永宁号"不仅成功爬坡，还取得了月掘进332米、单日最高进尺22.75米的佳绩，大 幅提升了斜井的施工效率。 能下坡，助采矿。 有了"永宁号"的成功经验，中铁装备研发团队又开发了全球首台大倾角下坡掘进矿用隧道掘进机"中铁 1285号"。 眼下，"中铁1 ...

证券研究报告 建筑装饰 行业定期报告 hyzqdatemark 2025 年 05 月 13 日 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 营收业绩短暂承压，静待政策驱动回升 投资评级： 看好（维持） ——建筑装饰行业周报（20250505-20250511） 投资要点： 本周观点： 证券分析师 板块增速放缓，利润阶段承压。2024 年，申万建筑板块整体经营表现面临一定压力， 全年实现营业收入 87,316 亿元，同比下降 3.95%；归母净利润 1,715 亿元，同比下 降 14.22%。受房地产市场持续低迷、地方债务约束强化等因素影响，板块整体营收 与利润增速较 2023 年分别回落 11.18pct 和 24.77pct。 ...

申万宏源动态 2025年4月 精选动态栏目按月定期推出，整合申万宏源证券与合作伙伴的热点动态，为您带来最新资讯。 普惠金融 INCLUSIVE FINANCE 申万宏源助力海尔融资租赁成功发行租赁 行业 首单 非公开发行中小微企业支持债券 近日，"海尔融资租赁股份有限公司2025年面向专业投资者非公开发行中小微企业支持债券（第一期）"在 上海证券交易所成功簿记发行。发行规模5亿元，期限为"1+1"年，票面利率2.50%，市场认购热烈，是租赁行 业首单非公开发行中小微企业支持债券，也是民营企业首单非公开发行中小微企业支持债券。本期债券由申万 宏源证券担任主承销商和簿记管理人。 申万宏源助力中国铁建、中国中铁成功发行科技创新可续期公司债 申万宏源助力专精特新企业——肯特合金在新三板挂牌 4月16日，申万宏源证券承销保荐公司助力专精特新企业——株洲肯特硬质合金股份有限公司（874696） 成功在全国中小企业股份转让系统挂牌。作为本次推荐挂牌主办券商，申万宏源积极响应国家发展战略，为实 体经济繁荣贡献力量。 科技金融 TECHNOLOGY FINANCE 申万宏源助力中国建筑八局成功发行科技创新中小微企业支持债券 4 ...

Core Viewpoint - In April, A-shares experienced a significant repurchase wave, with over 240 listed companies announcing repurchase plans totaling approximately 73.5 billion yuan, marking an explosive growth in both the number of companies and the amount proposed compared to March [1][2][3] Group 1: Repurchase Activity - A total of 241 companies announced share repurchase plans in April, a more than fourfold increase from 44 in March, with a proposed repurchase amount of approximately 735.25 billion yuan, up 257.14% from March's 205.87 billion yuan [2][3] - Notable companies leading the repurchase include Ningde Times (80 billion yuan), Xugong Machinery (36 billion yuan), and Midea Group (30 billion yuan) [2][3] - The repurchase activity was spurred by market volatility and a call from the State-owned Assets Supervision and Administration Commission to support central enterprises and listed companies [3][4] Group 2: Market Impact - The repurchase wave positively impacted the capital market, with the Shanghai Composite Index rebounding after a drop of 7.34% on April 7, recording a cumulative increase of 7.93% from April 8 to May 9 [8] - The total repurchase transaction amount in April exceeded 26 billion yuan, a 73% increase from March [9] Group 3: Financing and Policy Support - Approximately 105 of the 241 companies obtained loan commitment letters for repurchase financing, with the total loan amount capped at about 19.956 billion yuan, an increase of 68.35% from March [5] - The People's Bank of China extended the maximum loan term for repurchase financing from one year to three years, reducing the self-funding requirement from 30% to 10% [5] Group 4: Individual Company Actions - Xugong Machinery led the repurchase with a total of 21.42 billion yuan completed by May 7, showcasing a strong commitment to shareholder returns [10][11] - Zijin Mining completed its repurchase plan in just three trading days, reflecting confidence in its future prospects, with a total repurchase amount of 10 billion yuan [11]

Group 1 - The company announced a share buyback plan during the sixth board meeting on April 29, 2025 [1] - The announcement includes details about the top ten shareholders and their respective shareholding percentages as of the day before the board meeting [1] - China Railway Engineering Group Co., Ltd. holds 11,623,119,890 shares in the company, with 11,458,725,890 shares being A-shares and 164,394,000 shares being H-shares [1][2] Group 2 - The announcement also covers the top ten unrestricted shareholders, although specific details were not provided in the document [3] - The board of directors guarantees the accuracy and completeness of the information disclosed in the announcement [1] - The announcement was officially released on May 9, 2025 [4]