"中国科技创新能力的显现已经让全球投资者看到了中国资产的巨大潜力，现在是全球投资人增配中国 股票资产的最佳时机。"摩根士丹利近日表示。当前，2024年年报、2025年一季报披露进入高峰期，上 市公司业绩、机构持仓均浮出水面，社保基金、QFII、私募等机构投资者现身多家化企的前十大流通股 东名单。这也进一步证实了摩根士丹利的观点。 社保基金屡现流通股东 随着2025年上市公司一季报陆续披露，社保基金一季度的持仓轨迹逐渐显现。截至一季度末，社保基金 现身15家上市公司前十大流通股东名单。 全国社保基金一零六组合、全国社保基金一一四组合、全国社保基金一零三组合合计持有华鲁恒升股数 1.02亿股，市值22.15亿元，占流通股4.84%；全国社保基金四零三组合、一零七组合合计持有东方雨虹 3949.54万股，占流通股2.04%；全国社保基金五零三组合新进三维化学1500万股，占流通股2.39%；全 国社保基金四一三组合持股351.6，占流通股1.02%；全国社保基金一零六组合持股扬农化工1704万股， 占流通股4.23%，另外还有新和成、云天化、巨化股份等。 高毅利伟精选唯实基金还新进成为扬农化工第十大流通股东，持股数 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company reported Q1 2025 revenue of 850 million yuan, representing a year-on-year increase of 18.9% but a quarter-on-quarter decrease of 0.9%. The net profit attributable to shareholders was 190 million yuan, up 27.6% year-on-year but down 12.4% quarter-on-quarter. The net profit after deducting non-recurring items was 180 million yuan, reflecting a year-on-year increase of 25.1% and a quarter-on-quarter decrease of 11.1% [5][11] - The company is a leading domestic supplier of lubricant additives, with a comprehensive range of single agent types and key raw material R&D and production capabilities. Since 2013, it has been advancing into the higher value-added composite agent business, with nationally leading product technology and continuous growth in composite agents driving revenue [5][11] Summary by Sections Q1 Performance - In Q1, the company's revenue and profit increased by 18.9% and 27.6% year-on-year, respectively, primarily due to the growth in lubricant additive sales. The quarter-on-quarter decline is attributed to the traditional off-season for the company. The gross margin for Q1 was 35.4%, with a slight year-on-year decrease of 0.1 percentage points and a quarter-on-quarter increase of 0.3 percentage points, mainly due to a decrease in raw material prices [11][11] Production Capacity - As of the end of 2024, the company has a designed annual production capacity of 315,000 tons for lubricant additives, an increase of 115,000 tons from 2023. Current projects under construction have an annual capacity of 435,000 tons. The progress of the 460,000-ton lubricant additive series product project has reached 17.1%, while the 150,000-ton project has reached 87.5%, both expected to be operational by the end of 2025 [11] Product Line and Market Strategy - The company has a complete product line covering various series of single agents, which is a solid foundation for entering mainstream markets. The company has independently mastered the formulation processes for multiple grades of diesel and gasoline engine oil composite agents, with some already passing third-party testing [11] - The transition to composite agents is progressing steadily, with over 60% of revenue coming from composite agents. The company is actively developing core customer relationships and accelerating the certification process for composite products [11] Financial Forecast - The company is expected to see significant growth as production capacity continues to be released. The projected net profits attributable to shareholders for 2025, 2026, and 2027 are 910 million yuan, 1.135 billion yuan, and 1.396 billion yuan, respectively [11]

Group 1: China Export Tracking - Goldman Sachs' China team launched the "China Export Tracking" series focusing on changes in China's export patterns to the U.S. amid escalating tariffs [1] - The report surveyed 46 companies whose products account for nearly 70% of China's total exports to the U.S. to assess the impact of trade dynamics [1] - Key questions included changes in export orders compared to pre-tariff levels, initiation of price negotiations, and views on alternative supply chains and inventory [1] Group 2: Tariff-Induced Recession Risks - The adjustment of tariff policies by the Trump administration has created significant uncertainty in the U.S. economic outlook, raising recession concerns [4] - Economic observers have differing views on recession risks, with some indicating a higher likelihood due to uncertainty, while others believe trade policies may not necessarily lead to a recession [4] - The report evaluates market vulnerabilities to recession and discusses potential protective measures for investment portfolios [4] Group 3: Company Updates - Cambricon's rating was upgraded to "Buy" due to growth driven by cloud capital expenditure, with expectations of profitability in 2025 and an EBIT margin of 26% by 2030 [4] - Weichai Power is expected to report a net profit decline of about 5% in Q1 2025, but a 20% increase when excluding the impact of Kion Group, supported by improved profit margins [5] - TSMC maintains its revenue and capital expenditure guidance for 2025, surprising investors amid concerns over tariff impacts on demand, though it anticipates a larger decline in gross margins than previously expected [6] - Fuyao Glass's Q1 2025 results met expectations, with limited tariff impact, and the company is expected to gradually restore new orders [7] - Ruifeng New Materials reported a net profit of 195 million RMB in Q1 2025, a 28% year-on-year increase, benefiting from the ongoing recovery in exports [8] Group 4: Global Economic Insights - The normalization of U.S. Treasury markets shows signs of recovery, but achieving a sustained rebound remains uncertain due to various risks [9] - There are no significant signs of large-scale outflows from U.S. assets, with recent market volatility attributed to leveraged investors rather than mass selling [9] - Gold prices have risen approximately 7% since April 8, supported by structural factors rather than speculative inflows, with expectations for gold prices to reach $3,700 per ounce by year-end [9]

Core Insights - The report highlights the performance of the Fuqua Tianhui Select Growth Fund, which increased its holdings in companies like BYD, Ningbo Bank, and Ruifeng New Materials during Q1 2025, with Kweichow Moutai remaining the largest holding [1][2] - The fund's net asset value growth rates for different classes were 3.56% for A/B and D classes, and 3.35% for C class, while the benchmark return was -1.09% across all classes [1] Market Overview - The Shanghai and Shenzhen 300 Index fell by 1.21%, and the ChiNext Index dropped by 1.77% in Q1 2025, indicating a challenging market environment [2] - Despite the downturn, there are signs of recovery in the real economy, with a slowdown in the decline of the real estate sector and indications of investment recovery [2] Investment Strategy - The fund manager emphasizes the importance of focusing on high-quality stocks with strong corporate governance and management, as these are more likely to generate value for investors in the long term [2] - The report suggests that the current market conditions may lead to increased volatility, and a more proactive fiscal and monetary policy is anticipated [2] Top Holdings - As of Q1 2025, the top ten holdings of the Fuqua Tianhui Select Growth Fund include Kweichow Moutai, Ningbo Bank, Midea Group, Chuanfeng Power, Luxshare Precision, CATL, Ruifeng New Materials, BYD, Guocera Materials, and Binjiang Group, with Binjiang Group being a new addition to the top holdings [3]

Core Viewpoint - The report indicates a cautious optimism regarding the recovery of the economy, despite ongoing uncertainties due to trade wars, with a focus on specific investment opportunities in quality growth and dividend value styles [1] Group 1: Fund Performance and Holdings - The fund managed by Zhu Shaoxing increased its positions in BYD (002594), Ningbo Bank (002142), and Ruifeng New Materials (300910) during the first quarter, while Kweichow Moutai (600519) remains the largest holding [1] - The report highlights that the fund is adapting its strategy in response to market conditions, particularly in the context of real estate and consumer sectors [1] Group 2: Economic Outlook - Micro-research feedback suggests a slowdown in the decline of the real estate sector and signs of investment recovery, although consumer spending remains low without further deterioration in inventory levels [1] - Zhu Shaoxing expresses that the entity economy should be on a gradual recovery path, but the significant uncertainties from the trade war may lead to increased market volatility and greater difficulty in stock selection in the future [1] Group 3: Investment Strategy - Zhu Shaoxing believes that under the current valuation, there are good investment opportunities in dividend value styles, while quality growth styles also present numerous investment prospects [1]

2025 年 04 月 22 日 地平线机器人（9660.HK）深度：汽车智能计算平权的公约数 ◼ 本篇报告旨在阐明地平线机器人成为"汽车智能计算平权公约数"的原 因。具体分析其战略演化、团队禀赋、软硬结合的技术优势、开放生态。 ◼ 从辅助驾驶，探索机器人通用平台愿景。公司创业之初的定位为"机器人 时代的微软+英特尔"，布局泛在的 AIoT 场景。于 2019 年发生战略转折。 地平线意识到须深耕单一垂直场景（汽车有足够大规模）以反向推动通用 平台的形成，从此开启量产积累期。截至 2024 年底，地平线在中国 OEM ADAS 市场份额超过 40%; 在中国独立第三方组合辅助驾驶解决方案提供 ◼ 风险提示：辅助驾驶景气度不及预期，国际贸易摩擦风险，技术路线变化， 竞争加剧风险。（详见正文） (联系人：陈俊兆/刘洋) 电新行业点评：技术边界觉醒，锂电创新周期加速——对宁德 时代首届"超级科技日"的解读 4 月 21 日，宁德时代举办首届"超级科技日"，正式发布第二代神行电池、 钠新钠离子电池及骁遥双核电池。 ◼ 铁锂电池性能边界再突破，第二代神行电池引领体验再升级。宁德第二代 神行超充电池是兼具 800km 超 ...

Group 1 - The company reported a total revenue of 849 million yuan for Q1 2025, representing a year-on-year increase of 18.91% and a quarter-on-quarter decrease of 0.92% [1] - The net profit attributable to shareholders reached 195 million yuan, up 27.59% year-on-year but down 12.35% quarter-on-quarter [1] - The growth in revenue and profit is primarily driven by an increase in lubricant additive sales, with a total export volume of 63,300 tons in Q1 2025, a year-on-year increase of 19.6% [1] Group 2 - The global lubricant additive market is highly concentrated, with four major companies holding approximately 85% of the market share [2] - The company is positioned to accelerate domestic substitution as safety supply concerns rise, especially with increased import costs due to tariffs on U.S. products [2] - The company is expanding its overseas marketing channels and has established warehouses in Singapore, Dubai, and Belgium to meet regional customer demands [2] Group 3 - The company has made significant progress in composite agent certification, which is crucial for entering the supply chains of major downstream clients [3] - The company has independently mastered multiple levels of diesel and gasoline engine oil composite formulations, achieving OEM certification for several products [3] - Future product expansion and capacity growth are expected to lead to simultaneous increases in volume and price for lubricant additives [3] Group 4 - The company is recognized as a leading domestic lubricant additive enterprise, with products already integrated into the supply chains of major companies like Shell, Mobil, and Sinopec [3] - Projections indicate that the company will achieve net profits of 850 million, 1.04 billion, and 1.27 billion yuan for the years 2025 to 2027, with corresponding P/E ratios of 22X, 18X, and 15X [3]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.6700 | 0.5300 | 26.42 | 0.3400 | | 每股净资产（元） | 0 | 10.66 | -100 | 19.07 | | 每股公积金(元) | 5.94 | 5.71 | 4.03 | 11.12 | | 每股未分配利润(元) | 5.50 | 4.24 | 29.72 | 6.45 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 8.49 | 7.14 | 18.91 | 6.24 | | 净利润(亿元) | 1.95 | 1.53 | 27.45 | 0.97 | | 净资产收益率(%) | | 4.80 | -100 | 3.46 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 11269.02万股，累计占流通股比： 55.18%，较上期变化： 0 ...

江苏世纪同仁律师事务所 关于新乡市瑞丰新材料股份有限公司 2024 年年度股东大会的法律意见书 新乡市瑞丰新材料股份有限公司： 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共 和国证券法》《上市公司股东会规则》和《深圳证券交易所上市公司股东会网络 投票实施细则》等法律、法规和规范性文件以及《公司章程》的规定，本所受公 司董事会委托，指派本所律师出席公司 2024 年年度股东大会，并就本次股东大 会的召集、召开程序、出席会议人员资格、召集人资格、表决程序以及表决结果 的合法有效性等事项出具法律意见。 为出具本法律意见书，本律师对本次股东大会所涉及的有关事项进行了审查， 查阅了相关会议文件，并对有关问题进行了必要的核查和验证。 本律师同意将本法律意见书随公司本次股东大会决议一并公告，并依法对本 法律意见书承担相应的责任。 本律师根据相关法律、法规和规范性文件的要求，按照律师行业公认的业务 标准、道德规范和勤勉尽责精神，出具法律意见如下： 一、关于本次股东大会的召集和召开 1、本次股东大会由公司董事会召集 2025 年 3 月 28 日，公司召开了第四届董事会第七次会议，决定于 2025 年 4 ...

Summary of the Conference Call on the Lubricant Additives Industry Industry Overview - The conference call discusses the lubricant additives industry in China, particularly in the context of the US-China trade tensions and the impact of tariffs and the pandemic on the market dynamics [1][2][3]. Key Points and Arguments Market Dynamics - Domestic lubricant blending plants are accelerating the localization of raw materials to reduce costs due to tariff and pandemic pressures [1]. - Tariff increases have significantly raised the costs of high-end lubricants that use imported additives, prompting blending plants to consider domestic alternatives [1][2]. - The Chinese lubricant additives market is substantial, with foreign brands holding a significant market share, but there is a clear trend towards domestic substitution [1][2][22]. Market Segmentation - The domestic lubricant blending plants are categorized into four main types: foreign-funded, state-owned, private, and emerging enterprises. Foreign brands account for approximately 17%-18% of the market, while state-owned brands hold about 30% [1][8]. - Major players like Sinopec and PetroChina have substantial annual demands for lubricant additives but remain highly dependent on four major suppliers [1][21]. Price Changes and Cost Pressures - The price of key additives like detergents has surged due to tariff impacts, with prices rising from approximately 17,000-18,000 RMB per ton to 27,000-28,000 RMB, reflecting a significant increase of 10,000 RMB per ton [2]. - Despite rising costs for single additives, the prices of domestic compound additives have not seen widespread increases due to their high profit margins [2][4]. Strategic Responses - Companies are focusing on enhancing supply chain management and optimizing procurement channels to cope with international supply chain uncertainties [4]. - The industry is witnessing a shift from producing single components to focusing on compound additives, with companies like Ruifeng New Materials successfully transitioning [2][3][4]. Regulatory and Certification Importance - API certification is crucial for lubricant companies, as it enhances product quality and market competitiveness, although it also incurs high costs [1][47]. Future Trends - The market is expected to see continued growth in domestic production capabilities, with companies like Ruifeng and Wuxi Southern leading the way in innovation and market share expansion [44][51]. - The ongoing trade tensions and tariff adjustments are likely to accelerate the domestic substitution process, particularly for state-owned enterprises [23][24]. Additional Important Insights - The lubricant additives market in China is estimated to have a capacity of around 800,000 to 900,000 tons, with foreign brands, especially the top four, holding about 65% of the market share [22]. - The impact of tariffs on the cost structure of lubricant products is significant, with potential increases in production costs leading to higher retail prices [30][32]. - The competitive landscape is evolving, with domestic companies increasingly challenging established foreign brands through cost-effective and high-quality products [44][45][57]. This summary encapsulates the critical insights and developments within the lubricant additives industry as discussed in the conference call, highlighting the challenges and strategic responses of key players in the market.