黄金资产多空大碰撞 基金经理有的清仓有的忙加仓 在经过两年多的大幅上涨后，黄金正在经历一场剧烈的多空博弈。近期，黄金市场在"去美元化"浪潮与 地缘博弈的推动下上演极致行情。4月22日，国际金价突破3500美元/盎司关口，再创历史新高，但随后 便陷入巨震，截至4月25日，国际金价已经回落至3330美元/盎司附近，仅仅3个交易日便从高点回撤近 7%。剧烈波动的背后，黄金资产正站在关键的十字路口。有重仓多年的基金经理清仓式减持黄金股引 发热议，也有基金经理选择不惧高位新进入场，一场关于黄金的攻守博弈悄然展开。 债券市场"科技板"要来了! 已有券商在储备项目 中共中央政治局4月25日召开会议，分析研究当前经济形势和经济工作。会议强调，创新推出债券市场 的"科技板"。在业内人士看来，这或预示着相关文件将很快出台，债券市场"科技板"也将在不久后落 地。4月25日，一位券商投行部门人士透露，目前他所在券商已储备一批科技企业发债项目，包括部分 国家级专精特新企业与获得多轮股权融资的科技企业。相比此前的科技债券与科技票据发行主体，这些 储备企业项目的"科技含量"更高。（每日经济新闻） 二季度降准降息预期升温 业界预计降准或先落 ...

Market Performance - A-shares saw collective gains across the three major indices from April 21 to April 25, with the Shanghai Composite Index closing at 3295.06 points, up 0.56%, the Shenzhen Component Index at 9917.06 points, up 1.38%, and the ChiNext Index at 1947.19 points, up 1.74% [2][3] - Approximately 65% of stocks experienced price increases during the week, with 141 stocks rising over 15% and 48 stocks declining over 15% [2] Sector Performance - The automotive, beauty care, basic chemicals, machinery equipment, and public utilities sectors showed significant gains, while the food and beverage, real estate, coal, social services, and banking sectors experienced declines [2] International Market Overview - The U.S. stock market indices also rose on April 25, with the Dow Jones Industrial Average increasing by 20.10 points to 40113.50 points (up 0.05%), the S&P 500 rising by 40.44 points to 5525.21 points (up 0.74%), and the Nasdaq Composite gaining 216.90 points to 17382.94 points (up 1.26%) [4][5] - European indices also saw gains, with the FTSE 100 closing at 8415.25 points (up 0.09%), the CAC 40 at 7536.26 points (up 0.45%), and the DAX at 22242.45 points (up 0.81%) [4] Commodity Prices - International oil prices increased, with light crude oil futures for June delivery rising by $0.23 to $63.02 per barrel (up 0.37%) and Brent crude oil futures for June delivery increasing by $0.32 to $66.87 per barrel (up 0.48%) [4] Policy Developments - The Ministry of Commerce and other departments announced a reduction in the threshold for departure tax refunds, allowing foreign travelers to apply for refunds on purchases of 200 RMB or more [5] - The State Council approved nuclear power projects, emphasizing the importance of safety and adherence to the highest global standards [6] - A seminar on the development of artificial intelligence terminals was held, focusing on technological innovation and the promotion of AI applications [7][8] Industry Insights - The retail sector, particularly department stores, is expected to benefit from the new departure tax refund policy, which may enhance inbound tourism spending [5] - The nuclear power sector is recognized for its efficiency and low environmental impact, with potential future applications in desalination and hydrogen production [6] - The transportation sector aims to integrate clean energy and promote electric vehicles as the mainstream option by 2035 [9]

重要新闻 今日两只新股申购。 6部门发布关于进一步优化离境退税政策扩大入境消费的通知。 国新办今日上午10时将举行新闻发布会，介绍稳就业稳经济推动高质量发展政策措施有关情况。 *ST工智（000584）：公司股票可能被终止上市，28日起停牌。 3.国务院新闻办公室将于4月28日(星期一)上午10时举行新闻发布会，请国家发展改革委副主任赵辰昕、人力资源社会保障部副部长俞家栋、商务部副部长 盛秋平、中国人民银行副行长邹澜介绍稳就业稳经济推动高质量发展政策措施有关情况，并答记者问。 4.日前，国家税务总局12366纳税服务平台以热点问题答复形式回应称，"二套转首套"满足相关条件可以享受住房贷款利息个税专项附加扣除，每年可享 受1.2万元税前扣除额。 5.商务部副部长盛秋平表示，商务部将继续深化国际消费中心城市建设，支持推动扩大入境消费。商务部将打造国际化消费环境，指导各地优化涉外支付 服务，提升离境退税政策效能，打造一批国际消费集聚区和入境消费友好商圈，打通外国人在华消费堵点、痛点。近期财政部门正积极研究对有关方面给 予专项资金支持。 6.国务院发布关于同意在海南全岛和秦皇岛等15个城市(地区)设立跨境电子商务综合 ...

·国务院常务会议：决定核准浙江三门三期工程等核电项目 ·一季度全国规模以上工业企业利润由降转增增幅为0.8% ·商务部等6部门：下调离境退税起退点至200元上调现金退税限额至2万元人民币 ·德国汽车工业协会主席穆勒：鼓励德国车企扩大对华投资 ·京东：未来三个月将招聘10万名全职骑手 ·国务院总理李强4月27日主持召开国务院常务会议，决定核准浙江三门三期工程等核电项目。会议强调，发展核电必须确保安全万无一失，要压实参建单位 和业主单位主体责任，按照全球最高安全标准建设和运营核电机组，持续加强安全监管能力建设，切实兜牢核电安全保障网。（新华社） ·国务院新闻办公室定于2025年4月28日（星期一）上午10时举行新闻发布会，请国家发展改革委副主任赵辰昕、人力资源社会保障部副部长俞家栋、商务部 副部长盛秋平、中国人民银行副行长邹澜介绍稳就业稳经济推动高质量发展政策措施有关情况，并答记者问。（新华财经） ·国家统计局党组召开扩大会议，传达学习4月25日中央政治局会议精神。会议强调，要加强宏观经济政策措施贯彻落实情况跟踪监测，持续强化重点领域风 险监测预警，及时反映经济运行全局性、趋势性变化。要深入推进适应全国统一大市场 ...

Group 1: Economic Indicators - In the first quarter, the total profit of industrial enterprises above designated size reached 150.936 billion yuan, a year-on-year increase of 0.8% [4] - The Ministry of Commerce and six other departments announced an optimization of the departure tax refund policy, raising the cash refund limit to 20,000 yuan [4][6] Group 2: Company Earnings - Gujing Gongjiu reported a net profit of 5.517 billion yuan for 2024, a year-on-year increase of 20.22%, and proposed a dividend of 50 yuan per 10 shares [8] - Gree Electric reported a net profit of 32.185 billion yuan for 2024, a year-on-year increase of 10.91%, and proposed a dividend of 20 yuan per 10 shares [8] - Luzhou Laojiao reported a net profit of 13.473 billion yuan for 2024, a year-on-year increase of 1.71%, and proposed a dividend of 45.92 yuan per 10 shares [8] - Yake Technology reported a net profit of 872 million yuan for 2024, a year-on-year increase of 50.41%, and proposed a dividend of 2.6 yuan per 10 shares [8] - Yunda Holdings reported a net profit of 1.914 billion yuan for 2024, a year-on-year increase of 17.77%, and proposed a dividend of 2 yuan per 10 shares [8] Group 3: Significant Corporate Announcements - National City Mining reported a net profit of 612 million yuan for the first quarter of 2025, a year-on-year increase of 18,279.65%, primarily due to increased investment income from the sale of subsidiaries [9] - Zhenghe Ecology signed a strategic cooperation agreement with Yanshan (Hebei) Cultural Tourism Development Group, planning a total investment of 2 billion yuan for a tourism integration project [9] - New Life Fortune announced plans to issue shares and pay cash to acquire 100% of Guangzhou Jinnan Magnetic Materials, which is expected to constitute a major asset restructuring [9] - Chengdi Xiangjiang announced that its subsidiary won a bid for a project with a contract value of 1.632 billion yuan, with a construction period of 92 days [10]

每经编辑 张喜威 袁东 国务院总理李强4月27日主持召开国务院常务会议，部署开展美丽河湖保护与建设行动，研究进一步加强困境儿童福利保障有关举措，讨论《中华人民共和 国医疗保障法（草案）》，决定核准浙江三门三期工程等核电项目。（央视新闻） 2 商务部等6部门发通知，事关离境退税 据商务部网站4月27日消息，商务部等6部门发布关于进一步优化离境退税政策扩大入境消费的通知，其中指出，下调离境退税起退点。境外旅客同日同店购 买退税物品金额达到200元人民币，且符合其他相关规定的，可以申请办理离境退税。提升退税商品供给水平。指导退税商店根据境外旅客需求，不断丰富 和优化商品供给，增加老字号产品、中国消费名品、智能产品、非遗产品、工艺美术产品、地理标志产品、文化创意产品、名优特产、体育用品等优质产品 供应。 1 李强主持召开国务院常务会议 商务部：坚定维护多边贸易体制和全球产供链稳定 4月27日，中国与德国就中德汽车产业合作、欧盟对华电动汽车反补贴案等议题进行交流。商务部表示，当前国际形势复杂严峻，个别国家单边主义、保护 主义做法严重破坏国际经贸秩序和全球产供链稳定，汽车行业首当其冲。中国和欧盟是捍卫多边主义和自由贸易的 ...

今日看点 聚焦一： 国城矿业等一批公司一季报业绩增长逾10倍 国城矿业：披露一季报。公司2025年一季度实现营业收入529,765,100.56元，同比增长77.25%；归属于 上市公司股东的净利润611,617,682.94元，同比增长18,279.65%；基本每股收益0.5513元。 中研股份：披露一季报。公司2025年一季度实现营业收入64,564,876.11元，同比增长64.81%；归属于上 市公司股东的净利润5,660,174.75元，同比增长6,430.46%；基本每股收益0.05元。 太钢不锈：披露一季报。公司2025年一季度实现营业收入23,310,112,973.04元，同比下降4.71%；归属 于上市公司股东的净利润187,943,372.26元，同比增长5,506.92%；基本每股收益0.033元。 深深房Ａ：披露一季报。公司2025年一季度实现营业收入330,053,200.67元，同比增长457.38%；归属于 上市公司股东的净利润72,421,123.75元，同比增长3,718.51%；基本每股收益0.0716元。 三川智慧：披露2025年第一季度报告。一季度，公司实现营业收入2 ...

Mergers and Acquisitions - Xinlaifu plans to acquire 100% of Jin Nan Magnetic Materials, with the transaction expected to constitute a major asset restructuring. The company aims to strategically expand its business boundaries and achieve deep industry chain collaboration through the integration of core technologies in permanent and soft magnetic materials, as well as powder metallurgy [1] - Deep Keda intends to purchase 16.92% of Xianma Technology for 47.376 million yuan, which will increase its ownership to 80.92%. Xianma Technology is noted for having the highest gross margin and profitability within the company's consolidated financial statements [2] - Zhongrun Optical plans to use its own funds and part of the raised funds to acquire 51% of Dais Optoelectronics for a total of 158 million yuan. This acquisition will allow for shared market channels and customer resources, enhancing technological collaboration and achieving complementary advantages [3] Performance Disclosure - Gree Electric reported a revenue of approximately 189.164 billion yuan for 2024, a year-on-year decrease of 7.26%, while net profit attributable to shareholders increased by 10.91% to 32.185 billion yuan. The company has diversified its product categories, achieving strong retail performance [4] - Luzhou Laojiao announced a revenue of 31.196 billion yuan for 2024, a year-on-year increase of 3.19%, with a net profit of 13.473 billion yuan, up 1.71%. The company emphasizes its marketing strategy focused on digital innovation and efficient collaboration [5] - China Power Construction reported a revenue of 633.685 billion yuan for 2024, a 4.07% increase, but net profit decreased by 7.21% to 12.015 billion yuan. The company highlights steady operational improvements and compliance in its business practices [6] Share Buybacks - Lian Ce Technology plans to repurchase shares worth between 10 million and 20 million yuan, with a maximum repurchase price of 40 yuan per share, intended for employee stock ownership plans or equity incentives [7] - Zhenhua Heavy Industry intends to repurchase shares worth between 50 million and 100 million yuan, with a maximum price of 6.93 yuan per share, for the purpose of cancellation and reducing registered capital [9] - Wanxing Technology's actual controller proposed a share buyback of 25 million to 50 million yuan, to be executed through centralized bidding for future employee stock ownership plans or equity incentives [10]

Core Viewpoint - A total of 16 A-share listed companies disclosed their latest merger and acquisition announcements this week, with New Life proposing to acquire 100% of Jin Nan Magnetic Materials and set to resume trading on Monday [1][3]. Group 1: Company Announcements - New Life plans to acquire 100% of Jin Nan Magnetic Materials, with stock resuming trading on April 30 [3]. - Deep Science and Technology intends to acquire 16.92% equity of its subsidiary, Linma Technology, for 47.376 million yuan [3]. - Sunshine Nuohua aims to purchase 100% equity of Langyan Life Science, leading to a stock suspension [3]. - Longqi Technology's wholly-owned subsidiary plans to acquire 100% equity of Huizhou Longhe [3]. - Jun Cheng Technology is set to acquire 40% equity of Xintongda Electronics [3]. - Jingwei Co. plans to acquire 85% equity of Ruixiang Photovoltaics for 8.1952 million yuan [3]. - Shibu Testing intends to acquire 81% equity of Zhonghuan Lianshu [3]. - Daon Co. plans to acquire 100% equity of Anhui Bost for 33 million yuan [3]. - Yicheng New Energy aims to acquire 80% equity of an energy storage company and increase its capital [3]. - Jizhong Energy plans to acquire 20.02% equity of Duanwang Coal Industry from Jianxin Investment for 898 million yuan [3]. - Yaxiang Co. intends to purchase 10% equity of Centrome Inc. for 30 million USD [3]. - Zhongchu Co. is acquiring 100% equity of Guangzhou Freight Forwarding and Shouyang Company [3]. - Yuanshang Co. plans to acquire 60% equity of Wuhan Hechuan You [3]. - Zhishang Technology intends to acquire control of Hengyang Data, with stock resuming trading [3]. - Xincheng Technology plans to acquire 96.96% equity of Tianyi Enhua, with stock resuming trading [3]. - Furui Co. aims to acquire 96.2% equity of Furui Hui [3].

Group 1 - Haiyuan Composite will implement delisting risk warning from April 29, 2025, with stock name changed to "*ST Haiyuan" and daily price fluctuation limit set at 5% [3] - Xinlaifu plans to acquire 100% of Jin Nan Magnetic Materials, with the transaction expected to constitute a major asset restructuring, and stock will resume trading on April 28, 2025 [4] - Hongbaoli's subsidiary successfully completed trial production of polyether technology transformation project, producing qualified products [5] - Xingguang Co. received a warning letter from Guangdong Securities Regulatory Bureau due to significant discrepancies in 2024 performance forecast and actual results [6] - Meirui New Materials' subsidiary successfully completed the production process for its polyurethane industrial park phase one project [7] Group 2 - Taigang Stainless Steel reported Q1 2025 net profit of 188 million yuan, a year-on-year increase of 5506.92%, with revenue of 23.31 billion yuan, down 4.71% [9] - Shen Shen Fang A reported Q1 2025 net profit of 72.42 million yuan, a year-on-year increase of 3718.51%, with revenue of 330 million yuan, up 457.38% [10] - Qingda Environmental reported Q1 2025 net profit of 68.71 million yuan, a year-on-year increase of 990.26%, with revenue of 619 million yuan, up 317.43% [11] - Jincai Hulin reported Q1 2025 net profit of 13.65 million yuan, a year-on-year increase of 466.95%, with revenue of 206 million yuan, down 33% [13] - New Sai Co. reported Q1 2025 net profit of 18.19 million yuan, a year-on-year increase of 315.74%, with revenue of 1.215 billion yuan, up 312.03% [14] - Kexing Pharmaceutical reported Q1 2025 net profit of 25.58 million yuan, a year-on-year increase of 106.21%, with revenue of 354 million yuan, down 1.97% [15] - Jiechang Drive reported Q1 2025 net profit of 113 million yuan, a year-on-year increase of 62.21%, with revenue of 961 million yuan, up 35.59% [16] - Taihe Co. reported Q1 2025 net profit of 78.53 million yuan, a year-on-year increase of 50.94%, with revenue of 1.033 billion yuan, up 18.5% [17] - Xiyu Co. reported Q1 2025 net profit of 499 million yuan, a year-on-year increase of 53.08%, with revenue of 9.729 billion yuan, up 15.82% [18] - Hualing Cable reported Q1 2025 net profit of 32.16 million yuan, a year-on-year increase of 55.54%, with revenue of 1.005 billion yuan, up 11.38% [19] - Dong'a Ejiao reported Q1 2025 net profit of 425 million yuan, a year-on-year increase of 20.25%, with revenue of 1.719 billion yuan, up 18.24% [20] - China Rare Earth reported Q1 2025 net profit of 72.62 million yuan, turning from loss to profit, with revenue of 728 million yuan, up 141.32% [21] - Gree Electric reported 2024 net profit of 32.185 billion yuan, a year-on-year increase of 10.91%, with revenue of 189.164 billion yuan, down 7.26% [22] - Luzhou Laojiao reported 2024 net profit of 13.473 billion yuan, a year-on-year increase of 1.71%, with revenue of 31.196 billion yuan, up 3.19% [24] - Yake Technology reported 2024 net profit of 872 million yuan, a year-on-year increase of 50.41%, with revenue of 6.862 billion yuan, up 44.84% [25] - Gujing Gongjiu reported 2024 net profit of 5.517 billion yuan, a year-on-year increase of 20.22%, with revenue of 23.578 billion yuan, up 16.41% [26] - Lanzhou Bank reported 2024 net profit of 1.888 billion yuan, a year-on-year increase of 1.29%, with revenue of 7.854 billion yuan, down 2.02% [27] - China Power Construction reported 2024 net profit of 12.015 billion yuan, a year-on-year decrease of 7.21%, with revenue of 633.685 billion yuan, up 4.07% [28] - China Communications Construction reported Q1 2025 net profit of 5.467 billion yuan, a year-on-year decrease of 10.98%, with revenue of 154.644 billion yuan, down 12.58% [29] Group 3 - Koweil plans to reduce its shareholding by up to 3.21% [31] - Nanya New Materials plans to reduce its repurchased shares by up to 238,480 shares, accounting for 1% of total shares [32] - Xiangsheng Medical's shareholders plan to reduce their holdings by up to 1.72% [33] Group 4 - Zhenhua Heavy Industry plans to repurchase shares worth 50 million to 100 million yuan [35] - Deep Keda plans to acquire 16.92% of the equity of its subsidiary Xianma Technology for 47.376 million yuan [37] - Jinchengxin signed a mining production contract with Western Mining, with an estimated contract value of approximately 377 million yuan [38]