MACD金叉信号形成，这些股涨势不错！ 格隆汇3月25日｜瑞银发表中国市场报告表示，由于恒生指数和沪深300指数于本周一(23日)均下跌超 3%，市场似乎处于无差别抛售的状态。与历史上的抛售相比，这是过去十年中最糟糕的30天之一。投 资者的核心问题是：现在是否是抄底的时机？该行将当前情况与历史极端下跌事件相比后得出的结论 是，虽然当前有一些无序抛售的迹象，但市场距离极端悲观仍有一定距离。鉴于地缘政治环境的不确定 性，该行继续偏好A股，并认为均衡的投资组合仍是最可行的策略。A股具备政府基金可能入市支撑、 与全球指数相关性较低、流动性充裕以及政策扶持等优势。针对中东局势可能推高油价的情境，部分板 块被认为能提供一定程度的防御，包括新能源(电动车与电池)、造船、石油与天然气、部分化工企业、 生猪养殖以及铝矿公司。虽然人工智能相关股票如半导体设备与互联网龙头具备长期基本面优势，但由 于仓位拥挤，一旦市场避险情绪升温，这些板块可能面临抛售压力。该行列出油价上涨期间股价潜在跑 赢的中资股预测名单：中石油、中海油、东方电气、比亚迪、理想汽车、中国移动、中信银行、建设银 行、中国银行和工商银行。 ...

Core Viewpoint - Recent fluctuations in precious metal prices have prompted several banks in China, including Industrial and Commercial Bank of China, Bank of China, China Construction Bank, and China Minsheng Bank, to issue risk warning announcements regarding the precious metals market [1][3]. Group 1: Risk Warnings from Banks - Banks are advising clients to enhance their risk awareness and to invest rationally based on their financial status and risk tolerance, while also controlling their positions in precious metals [1][3]. - Bank of China emphasizes the importance of market risk prevention and suggests that investors should engage in rational investment and manage their precious metal positions to mitigate potential financial losses from market volatility [1][3]. - Industrial and Commercial Bank of China advises investors to maintain a calm and rational investment mindset, assess their risk tolerance, and avoid impulsive trading driven by short-term market emotions. They recommend a long-term asset allocation strategy to smooth out price fluctuations [1][3]. Group 2: Investment Strategies - China Construction Bank encourages investors to enhance their risk awareness in precious metal transactions and to invest prudently based on their financial situation, while also monitoring their positions and margin balances to prevent market risks [1][3]. - China Minsheng Bank suggests that investors should focus on market risks and rationally control their positions based on their financial status and risk tolerance [2][4]. - Professor Tian Lihui from Nankai University notes that the current volatility in the precious metals market has exceeded normal correction levels, entering a phase of high intensity and uncertainty. He recommends that ordinary investors consider non-leveraged options like accumulating gold or investing in gold ETFs for long-term allocation [2][4].

Core Viewpoint - Conch Cement (00914.HK) reported a revenue of 82.532 billion RMB for the year ending December 31, 2025, representing a year-on-year decline of 9.33%, while net profit attributable to shareholders increased by 5.12% to 8.464 billion RMB, with earnings per share at 1.6 RMB and a proposed final dividend of 0.61 RMB per share (tax included) [1][1]. Group 1 - The company has a clinker capacity of 234 million tons, cement capacity of 415 million tons, aggregate capacity of 180 million tons, and operational ready-mixed concrete capacity of 7.025 million cubic meters as of the end of the reporting period [1][1]. - For 2026, the company plans to achieve a total sales volume of 26 million tons for cement and clinker products, with expectations that the cost per ton of products and expenses per ton will remain relatively stable [2].

Core Viewpoint - Yijia Additive Manufacturing has withdrawn its application for an initial public offering (IPO) on the Sci-Tech Innovation Board, leading to the termination of the review process by the Shanghai Stock Exchange [2][3]. Company Overview - Yijia Additive Manufacturing focuses on the research, production, and sales of industrial-grade additive manufacturing (3D printing) equipment and is classified as a high-tech enterprise [3]. - The controlling shareholder is Hangzhou Yongsheng Holding Group Co., Ltd., which holds 30.64% of the company's shares [3]. - The actual controllers, Li Cheng and Li Jianhao, collectively control 54.53% of the voting rights in the company [3]. IPO Details - The company initially planned to issue up to 29.22 million shares, representing at least 25% of the total share capital post-issue, without involving public sales by shareholders [3]. - The intended fundraising amount was approximately 1.204 billion yuan (120,450.88 million yuan) for various projects, including expansion and R&D [3][4]. Project Funding Breakdown - The total investment for the planned projects is approximately 1.337 billion yuan (133.765 million yuan), with the following allocations: - Beijing Yijia Three-Dimensional Metal 3D Printing Expansion Project: 558.1064 million yuan, with 464.4274 million yuan from the fundraising [4]. - Hangzhou Additive Manufacturing Equipment Industrialization Project: 481.0044 million yuan, with 441.5403 million yuan from the fundraising [4]. - Hangzhou R&D Center Construction Project: 186.6444 million yuan, fully funded by the fundraising [4]. - Technical Service Network Construction Project: 111.8967 million yuan, fully funded by the fundraising [4].

Group 1 - The State Intellectual Property Office of China has granted a patent to Industrial and Commercial Bank of China (ICBC) for a method, device, and computer equipment for identifying abnormal resource transfer behaviors, with the authorization announcement number CN117009898B and application date of June 2023 [1] - ICBC, established in 1985 and located in Beijing, primarily engages in monetary financial services, with a registered capital of 35,640,625.7089 thousand RMB [1] - According to data analysis from Tianyancha, ICBC has invested in 28 companies, participated in 10,997 bidding projects, holds 965 trademark information records, and has 5,000 patent records, in addition to possessing 79 administrative licenses [1]

Group 1 - The core point of the article is that China Construction Bank has obtained a patent for a "data processing method, device, electronic equipment, and storage medium," with the authorization announcement number CN115439205B, and the application date being September 2022 [1] Group 2 - China Construction Bank, established in 2004 and located in Beijing, primarily engages in monetary financial services, with a registered capital of 26,160,038.1459 thousand RMB [1] - The bank has invested in 37 companies, participated in 45,009 bidding projects, and holds 1,895 trademark records and 5,000 patent records, along with 149 administrative licenses [1] Group 3 - Jianxin Financial Technology Co., Ltd., established in 2018 and located in Shanghai, focuses on software and information technology services, with a registered capital of 172,972.9729 thousand RMB [1] - The company has invested in 6 enterprises, participated in 4,502 bidding projects, and holds 294 trademark records and 5,000 patent records, along with 10 administrative licenses [1]

其中2025Q4，公司实现营业收入138.31 亿元，同比增长2.81%，实现归母净利润5.34 亿元，同比增长 53.49%。 点评： 单四季度业绩表现亮眼，盈利能力迎来重要拐点。据海口海关数据，2025 年9 月海南离岛免税月度销售 额同比增长3.4%，实现近18 个月以来的首次正增长；10-12 月，离岛免税分别实现13.1%、27.1%、 17.1%的同比增长。Q4 业绩超预期的核心驱动力在于盈利能力的显著修复，报告期内，公司对重点子 公司计提商誉减值，对净利润产生了一定影响。经初步测算，剔除商誉减值影响后，Q4 归母净利润同 比增速高达150.63%，展示了公司主营业务强劲的复苏态势。 事件：中国中免发布2025 年度业绩快报，全年实现营业总收入536.94亿元，同比下降4.92%；实现归母 净利润35.86 亿元，同比下降15.97%；扣非后归母净利润为35.44 亿元，同比下降14.48%。 盈利能力和运营效率的改善是Q4 业绩的核心支撑。公司Q4 主营业务毛利率同比提升了4.12 个百分点， 同时全年存货周转率同比增长约10%，反映出公司在优化折扣策略、改善品类结构及加强供应链管理方 面取得了 ...

Core Viewpoint - The gold market is experiencing significant price increases, with spot gold surpassing $4600 per ounce, reflecting a year-to-date increase of 6.15% as of March 25 [1][4]. Group 1: Gold and Silver Prices - Spot gold reached approximately $4590 per ounce after a nearly 3% increase, having crossed the $4500 and $4600 thresholds during trading [1][4]. - Spot silver also saw a rise of 3.44%, reaching $73.729 per ounce [1][4]. Group 2: Impact on A-shares and Jewelry Prices - A-shares related to gold stocks experienced significant gains, with companies like Xiaocheng Technology rising over 9% and Chifeng Jilong Gold and Zhongjin Gold both increasing over 6% [1][6]. - Domestic gold jewelry prices have been adjusted upwards, with brands like Chow Sang Sang pricing their gold jewelry at ¥1418 per gram, an increase of ¥68 in a single day, and Lao Feng Xiang at ¥1408 per gram, up by ¥63 [7][8]. Group 3: Market Volatility and Investment Recommendations - Major banks in China, including Bank of China and Industrial and Commercial Bank of China, have issued risk warnings regarding the volatility in the precious metals market, advising clients to enhance risk awareness and invest rationally based on their financial situation [2][5]. - Financial experts suggest that the current volatility in the precious metals market has exceeded normal fluctuations, entering a phase of high intensity and uncertainty, recommending long-term investment strategies such as accumulating gold or investing in gold ETFs without leverage [3][9].

Core Viewpoint - Several major banks in China, including Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, and China Merchants Bank, have issued risk warnings regarding the precious metals market due to significant price volatility and increased market uncertainty [1][4][6][8][10]. Group 1: Risk Warnings from Banks - Banks are advising clients to enhance their risk awareness and to invest rationally based on their financial situation and risk tolerance [1][4][6][8]. - The banks recommend avoiding impulsive trading driven by short-term market emotions and suggest a long-term investment perspective to mitigate risks [2][4][6][8]. - Clients are encouraged to maintain a balanced and moderate allocation of precious metals and to monitor their positions and margin balances closely [4][6][8]. Group 2: Market Conditions - The global geopolitical risks and macroeconomic factors have contributed to increased volatility in both domestic and international precious metals markets [2][6]. - Recent data indicates that international gold prices have experienced significant declines, with London gold prices dropping over 8.7% and falling below the $4100 per ounce mark [12]. - As of the latest report, the spot gold price is approximately $4561.940 per ounce, reflecting a slight increase [12][13]. Group 3: Investment Strategies - Banks suggest a strategy of "total control, phased entry, and diversified layout" to build a more robust asset portfolio [2]. - It is recommended that investors consider long-term investments in non-leveraged options such as accumulation gold and gold ETFs to navigate the current high volatility [12].

Group 1 - The financial ETF Guotai (510230) opened at 1.287 yuan with a change of 0.00% on March 25 [1][2] - Major holdings in the financial ETF include China Ping An, which rose by 0.65%, and other banks such as China Merchants Bank (0.20%), Industrial Bank (0.32%), and CITIC Securities (0.16%) [1][2] - The performance benchmark for the financial ETF is the SSE 180 Financial Index, managed by Guotai Fund Management Co., Ltd., with a fund manager named Ai Xiaojun [1][2] Group 2 - Since its establishment on March 31, 2011, the financial ETF has achieved a return of 134.39%, while the return over the past month has been -3.80% [1][2]