Mergers and Acquisitions - Zhongguangtianze plans to acquire 100% equity of Changsha Sports Industry Company for 29.6 million yuan, constituting a related party transaction [1] Earnings Disclosure - JinkoSolar reported a revenue of 13.843 billion yuan for Q1 2025, a year-on-year decrease of 40.03%, with a net loss of 1.39 billion yuan compared to a net profit of 1.176 billion yuan in the same period last year [2] - Zhongjin Gold reported a revenue of 14.859 billion yuan for Q1 2025, a year-on-year increase of 12.88%, with a net profit of 1.038 billion yuan, up 32.65% year-on-year [3] - Northern Rare Earth achieved a revenue of 9.287 billion yuan for Q1 2025, a year-on-year increase of 61.19%, with a net profit of 431 million yuan, up 727.3% year-on-year [4] - Kweichow Moutai reported a revenue of 50.601 billion yuan for Q1 2025, a year-on-year increase of 10.54%, with a net profit of 26.847 billion yuan, up 11.56% year-on-year [5] Share Buybacks - Shanjin International plans to repurchase shares with a total amount between 100 million and 200 million yuan at a price not exceeding 29.7 yuan per share [6] - Sichuan Road and Bridge plans to repurchase shares with a total amount between 100 million and 200 million yuan at a price not exceeding 12.54 yuan per share [7] - China Railway plans to repurchase shares with a total amount between 800 million and 1.6 billion yuan at a price not exceeding 8.5 yuan per share [8] - Anhui Construction's controlling shareholder plans to increase its stake in the company with a total amount not exceeding 200 million yuan [9][10] Risk Matters - Chuangxing Resources' stock will be subject to delisting risk warning starting May 6, 2025, due to negative net profit for the fiscal year 2024 [11] - Yong'an Pharmaceutical clarified that rumors regarding a significant price increase of taurine are untrue [12] - *ST Xulan's stock will be delisted on April 30, 2025, as decided by the Shenzhen Stock Exchange [13] - Dawi Technology's shareholder plans to reduce its stake by up to 3% of the company's total shares due to personal financial needs [14]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [12]. Core Viewpoints - The Central Political Bureau meeting on April 25 emphasized the need for proactive macroeconomic policies to stabilize growth and address risks in key areas, signaling positive stability for the real estate chain [2][9]. - The meeting highlighted the importance of high-quality development to respond to external uncertainties, particularly in the context of international trade tensions, such as the escalating US-China tariff situation [8][9]. - Infrastructure investment is expected to receive policy support as a key driver for economic growth, with a focus on enhancing funding and implementing new policies [10][11]. Summary by Sections Macroeconomic Policies - The report outlines the need for consistent policy orientation, utilizing more proactive fiscal policies and moderately loose monetary policies, including the issuance of special bonds and maintaining liquidity to support the real economy [9][10]. Real Estate Market - The report indicates that real estate development investment in March 2025 was CNY 0.9 trillion, a decrease of 10.0% year-on-year, with sales and new construction areas also showing declines [62][63]. Infrastructure Investment - In March 2025, narrow infrastructure investment reached CNY 1.9 trillion, up 5.9% year-on-year, while broad infrastructure investment was CNY 2.6 trillion, reflecting a 10.7% increase [54][55]. Sector Performance - The construction sector is advised to focus on the dual themes of stabilizing growth and the "Belt and Road" initiative, with recommendations for companies with high overseas exposure to benefit from increasing international orders [11][12].

证 券 代 码 ： 600502 证 券 简 称 ： 安 徽 建 工 编 号 ： 2025-035 安徽建工集团股份有限公司 关于控股股东增持公司股份计划的公告 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。 二、增持计划的主要内容 （一）增持股份的目的：基于对公司未来发展前景的信心及长期投资价值的认可， 建工控股决定实施本次增持计划。 1 重要内容提示： 基于对公司未来发展前景的信心及长期投资价值的认可，公司控股股东安 徽建工集团控股有限公司（以下简称"建工控股"）计划自本公告披露之日起 6 个月 内，通过上海证券交易所集中竞价方式增持公司股份，累计增持数量不低于公司总股 本的 1%，不超过公司总股本的 2%，增持金额不超过人民币 2 亿元。 相关风险提示：本次增持计划可能存在因资本市场情况发生变化或目前无 法判断的其他风险因素，导致增持计划实施无法达到预期的风险。增持计划实施过程 中如出现上述情形，公司将及时履行信息披露义务，敬请广大投资者注意投资风险。 近日，公司接到控股股东建工控股通知，基于对公司未来发展前景的信心及长 ...

安徽建工（600502）公告，控股股东建工控股计划6个月内，通过上海证券交易所集中竞价方式增持公 司股份，累计增持数量不低于公司总股本的1%，不超过公司总股本的2%，增持金额不超过人民币2亿 元。截至公告披露日，建工控股持有公司股份5.52亿股，占公司总股本的32.14%。增持资金为自有或自 筹资金，并承诺增持计划实施期间及法定期限内不减持公司股份。 ...

Group 1 - The report highlights three main investment directions: 1) Technology AI+ led by Deepseek breakthroughs and open-source initiatives, 2) Valuation recovery and gradual revival of consumer stocks, 3) The rise of undervalued dividends [2] - Overall industry sentiment shows an upward trend in sectors such as machinery, food and beverage, non-bank financials, real estate, environmental protection, and retail, while sectors like oil and petrochemicals, pharmaceuticals, home appliances, banking, and public utilities are trending downward [2][20] - The report predicts strong performance in specific sub-industries over the next four weeks, emphasizing automotive services, general equipment, logistics, components, specialized equipment, paper, semiconductors, wind power equipment, consumer electronics, motors, textiles, optical electronics, photovoltaic equipment, jewelry, and infrastructure [2][20] Group 2 - In the agriculture sector, there is a strong short-term pig price due to a supply gap and inventory demand driven by state storage and increased channel inventory [3] - The report indicates a growing pressure on pig supply due to increasing inventory levels, with a notable rise in the number of small pigs stored [3] - The report recommends leading breeding companies such as Wens Foodstuffs, Muyuan Foods, and New Hope, while suggesting attention to flexible stocks like Shennong Group and Dekang Animal Husbandry [3] Group 3 - The aerospace industry is experiencing growth, with the domestic C919 aircraft entering commercial operation, leading to increased orders and production capacity [4][7] - The report anticipates significant benefits for the company as a key supplier in the aerospace engine industry, particularly with the development of advanced fighter jets and drones [4][7] - Revenue projections for the company are set at 44.84 billion, 54.48 billion, and 68.54 billion for 2025-2027, with a target price of 33.96 per share [7] Group 4 - The home appliance sector is seeing a return to growth, with new business and scenarios contributing to revenue despite short-term profitability pressure [8][29] - The company reported a revenue of 19.1 billion in 2024, with a slight increase in sales from industrial pumps and significant growth in the commercial pump segment [8][29] - The report maintains a "buy" rating for the company, projecting net profits of 2.7 billion, 3.3 billion, and 3.8 billion for 2025-2027 [29] Group 5 - The report on the food and beverage sector indicates a stable performance for Laobai Ganjiu, with revenue and net profit showing slight increases [10][14] - The company is benefiting from market dynamics in Hebei and Hunan, with a positive outlook for future sales growth [10][14] - The report adjusts profit forecasts for 2025-2026, expecting net profits of 8.87 billion and 10.27 billion, reflecting a cautious but optimistic view of the market [14] Group 6 - The cosmetics and personal care sector is experiencing a temporary performance pressure, but the color cosmetics business is showing remarkable growth [14][15] - The company reported a revenue of 57.36 billion in 2024, with a significant increase in color cosmetics sales [14][15] - The report anticipates a revenue growth trajectory for 2025-2027, with adjusted profit expectations reflecting competitive pressures in the market [15]

安徽建工（600502） 证券研究报告 一季度收入&订单稳健增长，关注后续订单结转速度 Q1 收入业绩稳健增长，基建订单快速放量 公司发布 25 年一季报，25Q1 公司实现营业收入 145.42 亿元，同比+7.42%， 实现归母净利润 3.11 亿元，同比+0.31%，扣非归母净利润 2.71 亿元，同 -4.86%。从订单层面来看，25Q1 合计新签订单 408.48 亿元，同比+3.76%， 其中基建、房建分别新签 292.12、105.73 亿元，同比分别+11.91%、-17.88%， 基建业务订单持续扩容主要依托公路桥梁订单的增加，细分项目中，25Q1 公路桥梁、市政工程、水利工程、港航工程新签订单分别为 237.9、36.09、 12.69、5.44 亿元，同比分别+318.25%、-74.79%、-78.98%、+736.92%。此 外，公司其他业务（含智能制造、检测、设计咨询等业务）快速放量，新 签合同金额 10.63 亿元，同比增长 172.94%。 盈利能力小幅下滑，控费能力有所提升 25Q1 公司毛利率为 12.4%，同比-0.55pct，期间费用率为 9.13%，同比 -0.34p ...

证 券 代 码 ： 600502 证 券 简 称 ： 安 徽 建 工 编 号 ： 2025-032 公司近期发生金额较大的诉讼（仲裁）案件 7 起，合计金额 6.22 亿元，基本情 | 况如下： | | --- | | 序号 | 原告 | 被告 | 起诉/申请 | 案由 | 涉案金额 | 受理法院/ | 进展情况 | | --- | --- | --- | --- | --- | --- | --- | --- | | | （申请人） | （被申请人） | 日期 | | （万元） | 仲裁委 | | | 1 | 安徽建工公路 桥梁建设集团 | 蓝海建设集团有限公司 | 2025-04-15 | 合伙合同纠 | 8,419.91 | 合肥高新技 术产业开发 | 一审审理中 | | | 有限公司 | | | 纷 | | 区人民法院 | | | 2 | 安徽建工三建 | 南昌市力资房地产开发 | 2025-04-08 | 建设工程施 | 14,404.11 | 南昌市中级 | 一审审理中 | | | 集团有限公司 | 有限公司 | | 工合同纠纷 | | 人民法院 | | 1 安徽建工集团股份有限公司 关于公司及子 ...

关于项目中标的公告 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。 近日，本公司及所属子公司收到项目中标通知书。具体情况公告如下： 一、将军岭路（习友路—铭传路）工程施工 中标人：安徽建工建设投资集团有限公司 项目概况：该项目位于合肥市蜀山区，项目主要建设内容包括道路、桥梁、排水、 管线综合、照明、绿化、交通标志标线、电力(土建)、征拆及相关配套附属设施。 中标价：5.54 亿元 工期：540 日历天 证 券 代 码：600502 证 券 简 称 ：安 徽 建 工 编 号 ：2025-033 安徽建工集团股份有限公司 二、涪陵绕城高速公路李渡至新妙段工程、G5021 石渝高速公路涪陵北环段工程 打捆项目政府和社会资本合作特许经营者 中标人：中铁隧道局集团有限公司（牵头人）、安徽建工集团股份有限公司、中 铁大桥局集团有限公司、中铁长江交通设计集团有限公司、中铁交通投资集团有限公 司联合体 项目概况：该项目位于重庆市涪陵区，项目内容主要包括本项目的投资、融资、 建设、运营、维护及移交等。项目采用政府和社会资本合作特许经营模式实施， ...

证 券 代 码：600502 证 券 简 称 ：安 徽 建 工 编 号 ：2025-031 安徽建工集团股份有限公司 关于为子公司提供担保的进展公告 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： 被担保人名称：本公司控股（含全资）子公司或其子公司（以下统称"所 属子公司"），详见附件名单。 本次担保金额及已实际为其提供的担保余额：公司 2025 年第一季度实际发 生担保金额为 38.17 亿元。截至 2025 年 3 月 31 日，公司累计提供的担保和其他增信 措施余额为 274.52 亿元（其中担保余额 202.72 亿元、其他增信措施余额 71.80 亿元）， 未超过股东大会审批的额度。 上述担保无反担保。 本公司无逾期对外担保。 特别风险提示：公司对外担保总额超过公司最近一期经审计净资产的 100%， 本季度发生担保的被担保人包含 18 家资产负债率超过 70%的子公司，敬请广大投资 者注意风险。 一、担保情况概述 本公司于 2024 年 3 月 25 日召开第八届董事会第四十次会议审议通过了《关于 2 ...

2025 年第一季度新签合同情况公告 证 券 代 码：600502 证 券 简 称 ：安 徽 建 工 编 号 ：2025-030 安徽建工集团股份有限公司 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。 2025 年第一季度,安徽建工集团股份有限公司新签合同情况如下： 公司工程建设业务（含基建工程和建筑工程业务）新签合同 124 个，新签合同 金额 397.85 亿元，金额同比增长 2.07%；其他业务（含智能制造、检测、设计咨询 等业务）新签合同金额 10.63 亿元，同比增长 172.94%。具体情况如下： | | 2025 | 年第一季度 | | 2025 | 年累计 | | | --- | --- | --- | --- | --- | --- | --- | | | 合同数量 | 合同金额 | 金额同比 | 合同数量 | 合同金额 | 金额同比 | | | （个） | （亿元） | 增长 | （个） | （亿元） | 增长 | | 一、工程建设业务 | 124 | 397.85 | 2.07% | 124 | 397 ...