Group 1 - The China Securities High-end Equipment Sub-index 50 has decreased by 2.46% as of May 9, 2025, with mixed performance among constituent stocks, led by Aerospace Nanhai up 1.50% [1] - The High-end Equipment ETF (159638) has seen a cumulative increase of 8.55% over the past two weeks as of May 8, 2025 [1] - The High-end Equipment ETF recorded a turnover of 3.05% and a transaction volume of 36.1554 million yuan, with an average daily transaction volume of 97.8379 million yuan over the past week [3] Group 2 - The latest scale of the High-end Equipment ETF reached 1.237 billion yuan, marking a new high for the year, with the latest share count at 1.547 billion, also a new high for the past year [3] - The net inflow of funds into the High-end Equipment ETF was 30.633 million yuan [3] - The top ten weighted stocks in the China Securities High-end Equipment Sub-index 50 account for 45.74% of the index, including companies like AVIC Optoelectronics and AVIC Shenyang Aircraft [3] Group 3 - Institutions forecast a turning point in military industry orders by 2025, driven by new technologies aimed at enhancing equipment performance or reducing costs, and new markets from military trade and technology conversion [3] - Huatai Securities indicates that China has entered a phase of "self-research equipment as the main" military trade net surplus, with significant growth expected in domestic demand from 2025 to 2027 [3] - Investors can consider the China Securities High-end Equipment Sub-index 50 ETF linked fund (018028) to capitalize on industry rotation opportunities [3]

Financial Performance - In 2024, China Great Wall Technology Group Co., Ltd. reported a revenue of 14.203 billion yuan, an increase of 5.83% year-on-year [2] - The net loss attributable to shareholders was 1.479 billion yuan, a decrease of 51.29% year-on-year [2] - The basic earnings per share were -0.46 yuan [2] Quarterly Analysis - In Q4 2024, the company achieved a revenue of 4.597 billion yuan, a year-on-year decrease of 14.34% but a quarter-on-quarter increase of 30.23% [4] - The net loss attributable to shareholders in Q4 was 791 million yuan, a year-on-year decrease of 440.44% and a quarter-on-quarter decrease of 197.18% [4] - The gross margin for 2024 was 15.35%, down 5.53 percentage points year-on-year [4] Cost and Expenses - Total expenses for 2024 were 2.866 billion yuan, a decrease of 247 million yuan year-on-year [5] - The expense ratio was 20.18%, down 3.02 percentage points year-on-year [5] - Sales expenses decreased by 16.02%, while management expenses increased by 19.33% [5] Asset and Equity Position - As of the end of 2024, total assets were 32.62 billion yuan, a decrease of 4.4% year-on-year [5] - The net assets attributable to shareholders were 11.236 billion yuan, a decrease of 11.4% year-on-year [5] Company Overview - China Great Wall was established on June 19, 1997, and was listed on June 26, 1997 [5] - The main business areas include cybersecurity and information technology, high-tech electronics, power supply, and property services [5]

Group 1 - The China Securities Military Industry Index (399967) has shown a strong increase of 4.24% as of May 7, 2025, with notable gains in constituent stocks such as AVIC Chengfei (302132) reaching a 20% limit up, and Zhongyun Drone (688297) rising by 16.37% [1] - The leading military ETF (512680) has also increased by 4.23%, marking its third consecutive rise, with a trading volume of 87.04 million yuan and a turnover rate of 2.31% [1] - The latest scale of the military ETF has reached 3.686 billion yuan, a new high for the year, with the latest share count at 3.544 billion, also a six-month high [1] Group 2 - The top ten weighted stocks in the China Securities Military Industry Index as of April 30, 2025, include China Shipbuilding (600150) and Guoke Technology (002625), accounting for a total of 37.03% of the index [2] - Positive signals have emerged in the military sector since 2024, with expectations of increased contract announcements and related transaction amounts in 2025, indicating a recovery in the military fundamentals [2] - According to GF Securities, the EU's defense industrial strategy is shifting towards self-sufficiency, aiming for 50% of defense equipment procurement to be sourced internally by 2030, which may benefit qualified Chinese companies with production capacity [2]

Investment Rating - The report maintains a "Buy" rating for China Great Wall (000066) with a target price based on the last closing price of 14.48 [1][6]. Core Views - The company is experiencing temporary profit pressure but has launched an AI training and推一体机 (integrated machine) to enhance its product offerings [1][6]. - The company reported a revenue of 14.203 billion yuan in 2024, a year-on-year increase of 5.83%, but a net profit loss of 1.479 billion yuan, a decrease of 51.29% compared to the previous year [4][5]. - In Q1 2025, the company achieved a revenue of 2.858 billion yuan, up 7.32% year-on-year, with a net profit loss of 160 million yuan, an improvement of 36.15% year-on-year [4][5]. Financial Performance - The total share capital is 3.226 billion shares, with a total market value of 46.71 billion yuan [3]. - The highest and lowest stock prices in the past 12 months were 24.49 yuan and 7.52 yuan, respectively [3]. - The company’s gross margin for 2024 was 15.35%, down 5.53 percentage points year-on-year, with a significant decline in the system equipment segment [5][8]. - The company expects revenues for 2025, 2026, and 2027 to be 16.769 billion yuan, 19.321 billion yuan, and 21.973 billion yuan, respectively, with net profits projected at 450 million yuan, 3.97 billion yuan, and 5.93 billion yuan [6][8]. Product Development - The company has improved the performance of its Feiteng products and launched the AI training and推一体机, which supports large model training capabilities [6]. - The S5000C product has seen a significant increase in winning bids, and the D3000 product's performance has improved by 2.5 times compared to its predecessor [6].

分析师：吕伟 分析师：郭新宇 执业证号：S0100521110003 执业证号：S0100518120001 邮箱：lvwei_yj@mszq.com 邮箱：guoxinyu@mszq.com ➢ 事件概述：2025 年 4 月 27 日公司发布 2024 年年报和 2025 年一季报， 2024 年公司实现营业收入 142.03 亿元，同比增长 5.83%；归母净利润-14.79 亿元；2025 年一季度营业收入 28.58 亿元，同比增长 7.32%；归母净利润-1.60 亿元，同比减亏。 ➢ 业绩短期承压不改长期预期，一季度业绩呈现向好趋势。2024 年，公司利 润大幅下滑主要有以下几点原因：一是受市场竞争加剧、行业政策和产业周期调 整等因素影响，导致公司毛利率下降，整体盈利空间受到进一步挤压。 二是为进 一步聚焦主责主业，加快推动转型升级，公司主动调整业务结构，致使阶段性成 本费用较上年同期增加。 三是根据公司业务发展情况和外部经济形势，按照企 业会计准则及公司会计政策等相关规定，公司基于谨慎性原则对各类资产进行全 面检查和减值测试，计提相关资产减值准备。 中国长城（000066.SZ）2024 年年 ...

中国长城（000066.SZ）2024 年年报及 2025 年一季报点评 产品、生态持续完善，AI 算力"国家队"潜力可期 2025 年 04 月 30 日 [Table_Author] 分析师：吕伟 分析师：郭新宇 3.中国长城（000066.SZ）2023 年年报及 20 24 年一季报点评：核心业务稳步推进，国产 化"长城"未来成长可期-2024/05/01 4.中国长城（0000066.SZ）2023 年三季报点 评：立足生态紧抓核心资产，构筑国产化坚固 "长城"-2023/10/29 执业证号：S0100521110003 执业证号：S0100518120001 邮箱：lvwei_yj@mszq.com 邮箱：guoxinyu@mszq.com ➢ 事件概述：2025 年 4 月 27 日公司发布 2024 年年报和 2025 年一季报， 2024 年公司实现营业收入 142.03 亿元，同比增长 5.83%；归母净利润-14.79 亿元；2025 年一季度营业收入 28.58 亿元，同比增长 7.32%；归母净利润-1.60 亿元，同比减亏。 ➢ 业绩短期承压不改长期预期，一季度业绩呈现向好趋势。 ...

Group 1 - The Zhongzheng High-end Equipment Sub-index 50 has decreased by 0.22% as of April 29, 2025, with mixed performance among constituent stocks [1] - The leading stocks include Guangdian Co., which rose by 6.62%, and Gaode Hongwai, which increased by 4.90% [1] - The High-end Equipment ETF (159638) has seen a turnover of 1.64% with a transaction volume of 18.1359 million yuan [1] Group 2 - The latest scale of the High-end Equipment ETF has reached 1.115 billion yuan, with a total of 1.522 billion shares, marking a new high for the year [3] - The ETF has experienced continuous net inflows over the past three days, totaling 12.5652 million yuan [3] - The ETF closely tracks the Zhongzheng High-end Equipment Sub-index 50, focusing on leading companies in aerospace, military equipment, and satellite navigation sectors, and is expected to benefit from the low-altitude economy trend [3] Group 3 - Guoxin Securities indicates that the low-altitude economy supply chain in China has formed a comprehensive development pattern, with significant market potential [4] - The core of the low-altitude economy industry chain is centered around eVTOL and drone manufacturing, with rapid technological iterations and capacity expansion [4] - The market space for eVTOL power systems is estimated to reach 100 billion yuan, based on a 250 billion yuan market size for complete machine sales [4]

Shareholding Reduction Announcements - MEI TUNG (CHINA) LIMITED plans to reduce its shareholding in Helen Zhe by up to 22.09 million shares, representing 2.12% of the total share capital after excluding repurchased shares [1] - Shandong Railway Development Fund plans to reduce its shareholding in Century Rui Er by up to 17.55 million shares, representing 3% of the total share capital [1] - Wu Baigeng plans to reduce his shareholding in Pinwo Food by up to 2.97 million shares, representing 3% of the total share capital [1] - Huayuan International Land Port Group plans to reduce its shareholding in Phoenix Shipping by up to 30.36 million shares, representing 3% of the total share capital [3] Financial Performance Reports - United Chemical reported a revenue of 535 million yuan for 2024, a year-on-year increase of 24.80%, and a net profit of 56.43 million yuan, up 66.81% [5] - Huitong Technology achieved a revenue of 662 million yuan, a year-on-year increase of 11.84%, and a net profit of 108 million yuan, up 9.30% [7] - Guangji Pharmaceutical reported a revenue of 639 million yuan, a year-on-year decrease of 13.42%, and a net loss of 295 million yuan [8] - Anshuo Information achieved a revenue of 990 million yuan, a year-on-year increase of 11.53%, and a net profit of 15.09 million yuan, up 132.78% [9] - Yifan Pharmaceutical reported a revenue of 5.16 billion yuan, a year-on-year increase of 26.84%, and a net profit of 386 million yuan, up 170.04% [10] - Hongri Pharmaceutical reported a revenue of 5.78 billion yuan, a year-on-year decrease of 5.34%, and a net profit of 21.47 million yuan, down 95.76% [11] - Zhonglan Environmental reported a revenue of 646 million yuan, a year-on-year decrease of 22.75%, and a net profit of 13.10 million yuan, down 36.12% [13] - Feilu Co. reported a revenue of 518 million yuan, a year-on-year decrease of 37.16%, and a net loss of 140 million yuan [14] - China Great Wall reported a revenue of 14.20 billion yuan, a year-on-year increase of 5.83%, and a net loss of 1.48 billion yuan [15] - Nanshan A reported a revenue of 15.45 billion yuan, a year-on-year decrease of 15.06%, and a net profit of 267 million yuan, down 83.89% [16] - Yawen Co. reported a revenue of 2.06 billion yuan, a year-on-year increase of 6.70%, and a net profit of 75 million yuan, down 24.13% [17] - Jinlong Co. reported a revenue of 663 million yuan, a year-on-year increase of 245.16%, and a net loss of 89.23 million yuan [18] - Nanshan Holdings reported a revenue of 8.40 billion yuan, a year-on-year decrease of 30.35%, and a net loss of 1.77 billion yuan [20] - Hengfeng Information reported a revenue of 227 million yuan, a year-on-year decrease of 53.07%, and a net loss of 86.80 million yuan [21] - Wantong Technology reported a revenue of 1.21 billion yuan, a year-on-year increase of 19.58%, and a net profit of 36.92 million yuan, up 147.08% [22] - Kehua Bio reported a revenue of 1.76 billion yuan, a year-on-year decrease of 27.55%, and a net loss of 641 million yuan [23] - Dongfang Tower reported a revenue of 4.20 billion yuan, a year-on-year increase of 4.79%, and a net profit of 564 million yuan, down 10.97% [24] - Yanpai Co. reported a revenue of 785 million yuan, a year-on-year increase of 8.75%, and a net profit of 42.18 million yuan, down 35.72% [25] - Yongli Co. reported a revenue of 2.24 billion yuan, a year-on-year increase of 10.69%, and a net profit of 22.30 million yuan, down 40.73% [26]

Core Viewpoint - Great Wall Motors is focusing on a unique strategy that avoids the range-extended electric vehicle (EREV) market, emphasizing its advanced hybrid technology and a commitment to both internal combustion engines and electric drive systems to meet diverse consumer needs [2][6][10]. Product Strategy - Great Wall Motors plans to launch multiple models under the Tank and Ora brands in the second half of the year [1]. - The company has developed a comprehensive hybrid ecosystem through its Hi4 technology, which integrates efficient engines, transmissions, and electric drives [6][8]. - The Tank brand will introduce several 2026 models, including the Tank 400 Hi4-Z, while the Ora brand will release two new electric models focusing on small and compact SUVs [10]. International Expansion - Great Wall Motors has been actively pursuing international markets, with a goal to become "the world's GWM" through its ONE GWM strategy [3][12]. - In 2024, the company achieved significant growth in overseas markets, with revenue reaching 80.26 billion yuan, accounting for nearly 40% of total revenue, and overseas sales increasing by 44.61% to 454,100 units [3][4]. - The company has established over 1,400 overseas sales channels and has sold vehicles in more than 170 countries, with a focus on localizing production and operations [4][12]. Market Positioning - Great Wall Motors is strategically positioning itself to adapt to different international markets, tailoring products to local economic conditions and consumer preferences [13][14]. - The company recognizes a shift in its customer base towards younger consumers, who prioritize experiential value and usage scenarios over traditional factors like brand and price [15].

中国电子财务有限责任公司 专项审计报告 大信专审字[2025]第 1-00178 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 邮编 100083 网址 Internet： www.daxincpa.com.cn 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 WUYIGE Certified Public Accountants.LLP Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 关于中国电子财务有限责任公司 风险评估专项审计报告 大信专审字[2025]第 1-00178 号 中国长城科技集团股份有限公司： 一、审核意见 我们接受委托，审核了后附的中国电子财务有限责任公司(以下简称"中国电子财务公司") 编制的中国电子财务有限责任公司截止 2024 年 ...