Group 1: Stock Suspension and Resumption - Beizhi Technology plans to acquire 100% of Suzhou Suike Intelligent Technology Co., Ltd., resulting in stock suspension [1] - Taihao Technology intends to issue shares to purchase 27.46% equity of Taihao Military Industry, leading to stock resumption. This acquisition is expected to strengthen the company's industrial layout in the military equipment sector [1] Group 2: Share Buyback - Wanhua Chemical's chairman proposed a share buyback plan ranging from 300 million to 500 million yuan [2] Group 3: Investment Cooperation and Operational Status - Guotai Junan has changed its A-share stock name to Guotai Haitong starting April 11 and has been approved to publicly issue company bonds not exceeding 60 billion yuan to professional investors [3] - Lizhong Group stated that the adjustment of U.S. tariffs will not significantly impact its production and operations [3] - Haoyang Co., Ltd. plans to invest no less than 603 million yuan in the construction of an entertainment equipment industrial base project [4] - Runjian Co., Ltd. is a candidate for the procurement project of comprehensive maintenance for Guangdong Unicom's 5G services, with a total bid scale of 179 million yuan [4] - Samsung Medical's wholly-owned subsidiary, Aix Smart Technology, won a transformer procurement framework project in Hungary, with a total contract amount of 23,840,958.10 euros, approximately 190 million yuan [4] - Nandu Property plans to increase its investment in Hangzhou Yunxiang Robot by 15 million yuan [5] Group 4: Performance Changes - Xiaogoods City reported a net profit of 803 million yuan in Q1, a year-on-year increase of 12.66%, mainly due to a 97 million yuan increase in gross profit from market operations and new businesses [6] - Kidswant expects a Q1 net profit between 29.1471 million and 38.4742 million yuan, a year-on-year increase of 150%-230%, driven by store upgrades, supply chain optimization, and AI development [6] - China CNR anticipates a Q1 net profit between 2.822 billion and 3.226 billion yuan, a year-on-year increase of 180%-220%, due to increased product sales [6] - Yonghe Co., Ltd. expects a Q1 net profit between 91 million and 103 million yuan, a year-on-year increase of 144.49% to 176.74%, attributed to strong demand for refrigerants and fluoropolymer materials [6] - Yinglian Co., Ltd. forecasts a Q1 net profit between 7.5 million and 11 million yuan, a year-on-year increase of 459.28%-720.28%, due to market expansion and improved gross margins [6] - Limin Co., Ltd. expects to achieve a net profit of 100 million to 120 million yuan in Q1 2025, turning a profit due to rising prices and increased sales of its main products [7] - China Aluminum anticipates a Q1 net profit between 3.4 billion and 3.6 billion yuan, a year-on-year increase of 53% to 63%, driven by increased production of major products [8] - Shandong Steel expects a total profit of approximately 15.3 million yuan in Q1 2025, with a net profit of around -1.45 million yuan, significantly reducing losses [8] - COSCO Shipping Holdings expects a Q1 net profit of 11.689 billion yuan, an increase of approximately 73.04% year-on-year [8] - Tiande Yu expects a Q1 net profit of 70.5681 million yuan, a year-on-year increase of 116.96%, driven by new product and market development [8] - Jinaobo expects a Q1 net profit between 33 million and 40 million yuan, a year-on-year increase of 128.18% to 176.59%, due to significant revenue growth in specialized equipment [8]

中国中车股份有限公司（以下简称"中国中车"，601766.SH）在3月28日举行的2024年年度业绩电话会上 也确认了上述消息。在业绩会上，中国中车人士表示，预计CR450样车二季度将到正线进行试验和运行 考核，验证和优化动车组与轨道线路、接触网供电、行车控制信号等系统的最佳匹配。 渝厦高铁重庆段是国家《中长期铁路网规划》"八纵八横"高铁网中渝厦通道的重要组成部分，从重庆站 引出，止于重庆市黔江区，设计时速350公里。重庆东至黔江段新建正线长度约250公里，全线共设车站 7座。 联调联试是指铁路部门在铁路工程完成静态验收，确认达到联调联试条件后，采用测试列车和相关检测 设备，对铁路各系统的功能、性能、状态和系统间匹配关系进行综合检测、验证和调整、优化，使整体 系统达到设计标准，满足以设计速度开通运营的要求。 备受关注的运营时速400公里高铁列车，CR450动车组样车性能验证工作正在加快进行。目前样车已经 完成了低速试验工作，将离开中国铁道科学研究院集团有限公司（以下简称"铁科院"）国家铁道试验中 心（以下简称"环形铁道"），准备前往正线进行高速试验。 接近国铁集团人士对记者表示，渝厦高铁重庆段3月9日启动联调 ...

首批科创板创新药ETF上报 首批2只科创板创新药ETF于今日报会，将进一步丰富科创板行业主题ETF产品链，便利投资者进行科 创板配置。此外，今日还有科创板新能源ETF、科创板100ETF等产品获批。科创板指数ETF产品加速扩 容。今年以来，已有31只科创板ETF上市，标的涵盖科创综指、科创200等宽基，以及科创人工智能、 科创芯片等行业主题，反映出市场对科创板投资价值的认可和坚定信心。（人民财讯） 今天上午，一张显示"微软停止中国区运营"的邮件截图在社交软件上流传，该邮件内容称：由于地缘政 治及国际业务环境的变化，微软将调整其全球战略布局，并将于2025年4月8日起正式停止在中国区的运 营。据了解，此邮件为上海微创公司信息。有微创内部员工向新浪科技透露称，"此次波及业务主要包 括office相关业务外包部门。"并提到，"3号通知的领导，4号就没有工作做了，今天领导就直接跟我们 说了。我们这边整个项目组都被端了，大概四五百人吧，正在排队等约谈，有n+1。"截至发稿，微软 官方暂无回应。对此，新浪科技拨通了微创软件官方电话，相关工作人员表示，"还没有得到消息，也 没有对外发布的权限，请以官方消息为准。"截至发稿， ...

中國中車股份有限公司 CRRC CORPORATION LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代碼：1766） 2025年第一季度業績預增公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告乃中國中車股份有限公司（「本公司」或「公司」）根據香港聯合交易所有限公司 證券上市規則第13.09(2)條及第13.10B條以及證券及期貨條例（香港法例第571章）第 XIVA部之內幕消息條文而作出。 一、本期業績預告情況 （一）業績預告期間 2025年1月1日至2025年3月31日。 （二）業績預告情況 三、本期業績預增的主要原因 報告期內公司業績的增長主要是報告期內產品銷量較上年同期有所增長所致。 四、風險提示 公司不存在影響本次業績預告內容準確性的重大不確定因素。 1 1. 經公司財務部門初步測算，預計2025年第一季度實現歸屬於上市公 司股東的淨利潤人民幣28.22億元－人民幣32.26億元，與上年同期 （法定披露數據） ...

Financial Performance Forecast - China CNR Corporation Limited expects Q1 2025 net profit attributable to shareholders to be between 2.822 billion and 3.226 billion CNY, an increase of 1.814 billion to 2.218 billion CNY compared to the same period last year, representing a year-on-year growth of 180%-220%[3]. - The expected net profit after deducting non-recurring gains and losses for Q1 2025 is projected to be between 2.605 billion and 2.872 billion CNY, reflecting a growth of 1.937 billion to 2.204 billion CNY year-on-year, which corresponds to a growth rate of 290%-330%[4]. - The net profit for the same period last year was 1.008 billion CNY, and the net profit after deducting non-recurring gains and losses was 668 million CNY[5]. Performance Drivers - The increase in performance is primarily attributed to the growth in product sales compared to the same period last year[8]. Forecast Accuracy - The company has confirmed that there are no significant uncertainties affecting the accuracy of this performance forecast[9]. - The forecast data is preliminary and the accurate financial data will be disclosed in the official Q1 2025 report[10].

4月2日上午，基于数智融合的时速200公里智能城际动车组在中车长客股份公司下线，即将在郑开、郑 机城际铁路运营，届时将有更多旅客体验到智能舒适的出行服务。 列车基于中车长客智能城际动车组平台研制，采用4辆编组，最高运营速度为200km/h，具有大载客 量、快起快停、快速乘降等技术特点，满足短距离、大密度、公交化运营需求，同时在智能服务、智能 监控及智能运维等方面进行数智提升，是国内最新一代智能城际动车组。 河南省铁路建设投资集团有限公司副总经理刘向明表示，郑开公交化改造工程是贯彻落实"加快推进郑 州与开封同城化，引领中原城市群一体化发展"战略要求的关键一步，今天下线的智能城际动车组，是 科技创新与智慧交通深度融合的结晶，未来将为推动河南城际铁路高质量发展，助力中原城市群建设， 作出更大的贡献。 列车搭载智能监控系统，全列设置1500多个传感器，覆盖牵引、制动、转向架等关键系统，实时监测列 车运行状态。列车应用智能运维系统，构建127类关键系统模型，运用大数据、云计算等技术实现列车 全寿命周期的健康管理。 中原文化主题 列车以"龙舞中原"为外观主题，中原是华夏文化的重要发祥地，而龙也是河南文化象征，外观寓意腾龙 ...

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly highlighting opportunities in semiconductor equipment due to tariff impacts [1]. Core Insights - The report emphasizes the impact of tariffs on the machinery equipment sector, particularly the 34% tariff on U.S. imports, which raises the total export tariff to the U.S. for engineering machinery to 79%. However, the actual impact on major companies is limited due to their low exposure to the U.S. market [1][2]. - The report identifies potential growth in domestic demand and the electric vehicle transition as key factors for the forklift segment, while also noting the limited impact of tariffs on exports [3]. - The semiconductor equipment sector is expected to benefit from increased domestic production due to tariffs, with a focus on both mature and advanced process equipment [4]. Summary by Sections Engineering Machinery - The report highlights that major engineering machinery companies have minimal exposure to the U.S. market, with SANY Heavy Industry at approximately 3% and XCMG at about 1% [1][2]. - Companies with overseas factories, particularly in North America and Mexico, are better positioned to mitigate tariff risks [2]. - The report recommends companies like SANY Heavy Industry, XCMG, and LiuGong for their strategic factory locations [2]. Forklifts - The report notes that domestic forklift manufacturers have limited exposure to the U.S. market, and the impact of tariffs is manageable due to pre-stocked inventory [3]. - It suggests that the domestic forklift market will see growth driven by the electric vehicle transition and government policies supporting domestic demand [3]. Semiconductor Equipment - The report indicates that the 34% tariff on U.S. imports will accelerate the domestic production of semiconductor equipment, particularly in mature processes where price sensitivity is higher [4]. - It recommends focusing on companies involved in both front-end and back-end semiconductor equipment, highlighting firms like North China Innovation and Zhongwei Company [4]. General Automation - The report suggests that the general automation sector will see limited impact from tariffs, with a focus on domestic demand for tools and automation products [5][8]. - It highlights the recovery in manufacturing and logistics sectors as potential growth drivers for the general automation market [8]. Investment Recommendations - The report provides a list of recommended companies across various segments, including semiconductor equipment, engineering machinery, and general automation, emphasizing their potential for growth in the current market environment [1][16].

Investment Rating - The report maintains a "Strong Buy" rating for China CNR Corporation (601766) [2][8] Core Views - The company achieved revenue of 246.46 billion yuan in 2024, a year-on-year increase of 5.21%, and a net profit attributable to shareholders of 12.39 billion yuan, up 5.77% year-on-year [2][4] - The rapid growth in the high-speed train business is a significant driver for the company's performance, with a notable increase in sales volume and contracts signed for maintenance services [2][8] Financial Performance Summary - **2024 Financial Results**: - Total revenue: 246,457 million yuan, up 5.21% year-on-year - Net profit attributable to shareholders: 12,388 million yuan, up 5.77% year-on-year - Non-recurring net profit: 10,143 million yuan, up 11.38% year-on-year - Q4 revenue: 93,874 million yuan, up 2.90% year-on-year; Q4 net profit: 5,143 million yuan, down 7.51% year-on-year [2][4] - **Future Financial Projections**: - Expected revenue for 2025: 258,996 million yuan; 2026: 274,339 million yuan; 2027: 291,829 million yuan - Expected net profit for 2025: 13,408 million yuan; 2026: 14,422 million yuan; 2027: 15,357 million yuan - Corresponding EPS for 2025: 0.47 yuan; 2026: 0.50 yuan; 2027: 0.54 yuan [4][9] Business Segment Performance - **Railway Equipment**: - Revenue in 2024: 1,104.61 billion yuan, up 12.51% year-on-year - High-speed train revenue: 624.32 billion yuan, up 49.26% year-on-year [2][8] - **Urban Rail and Infrastructure**: - Revenue in 2024: 454.40 billion yuan, down 9.72% year-on-year, primarily due to reduced urban rail project income [2][8] - **New Industries**: - Revenue in 2024: 863.75 billion yuan, up 7.13% year-on-year, driven by increased clean energy equipment sales [2][8] Market Outlook - The report highlights a positive outlook for the company, driven by increasing passenger traffic, maintenance cycles, and equipment upgrades, indicating a new growth cycle for China CNR Corporation [2][8]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][7][12] Core Views - The report highlights that the railway equipment market remains robust, with the leading company in urban rail equipment poised for growth [2][7] - The company achieved a revenue of 246.46 billion yuan in 2024, representing a year-on-year increase of 5.21%, and a net profit of 12.39 billion yuan, up 5.77% year-on-year [7][8] - The company signed new orders worth approximately 322.2 billion yuan in 2024, with an international business component of about 47.2 billion yuan [7][8] Financial Data and Forecast - Revenue projections for the company are as follows: - 2023: 234.26 billion yuan - 2024: 246.46 billion yuan - 2025E: 269.51 billion yuan - 2026E: 288.82 billion yuan - 2027E: 303.33 billion yuan - Year-on-year growth rates for revenue are projected at 5.1% for 2023, 5.2% for 2024, 9.4% for 2025, 7.2% for 2026, and 5.0% for 2027 [6][8] - Net profit forecasts are: - 2023: 11.71 billion yuan - 2024: 12.39 billion yuan - 2025E: 13.46 billion yuan - 2026E: 14.65 billion yuan - 2027E: 15.70 billion yuan - Year-on-year growth rates for net profit are projected at 0.5% for 2023, 5.8% for 2024, 8.6% for 2025, 8.8% for 2026, and 7.2% for 2027 [6][8] Business Structure and Performance - The company's core business segments and their performance in 2024 are as follows: - Railway: Revenue of 110.46 billion yuan, up 12.50% year-on-year, with a gross margin of 24.72% [7][8] - Urban Rail: Revenue of 45.44 billion yuan, down 9.72% year-on-year, with a gross margin of 19.95% [7][8] - New Industries: Revenue of 86.38 billion yuan, up 7.13% year-on-year, with a gross margin of 17.52% [7][8] - Modern Services: Revenue of 4.18 billion yuan, down 18.22% year-on-year, with a gross margin of 28.42% [7][8] Profitability and Cash Flow - The company's gross margin for 2024 is 21.38%, with a net profit margin of 6.36% [7][8] - The operating cash flow for 2024 is reported at 27.13 billion yuan, reflecting an increase of 84.27% year-on-year [7][8] Valuation and Market Position - The report estimates a reasonable market value range for the company between 215.3 billion yuan and 255.7 billion yuan, with a target price of 7.50 to 8.91 yuan per share based on a projected EPS of 0.47 yuan for 2025 [12][8] - The company is positioned as a leading manufacturer of urban rail equipment and is expected to benefit from growth in the wind power and other emerging industries [12][8]

致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 公司名稱: 中國中車股份有限公司 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01766 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,371,066,040 | RMB | | 1 | RMB | | 4,371,066,040 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 4,371,066,040 | RMB | | | 1 RMB | | 4,371,066,040 | | 2. 股份分 ...