主力资金净流出的行业有27个，汽车行业主力资金净流出规模居首，全天净流出资金36.98亿元，其次 是电力设备行业，净流出资金为35.00亿元，净流出资金较多的还有基础化工、机械设备、计算机等行 业。 社会服务行业今日下跌1.80%，全天主力资金净流出7.10亿元，该行业所属的个股共77只，今日上涨的 有2只，涨停的有1只；下跌的有75只。以资金流向数据进行统计，该行业资金净流入的个股有16只，净 流入资金居首的是中机认检，今日净流入资金1122.07万元，紧随其后的是博瑞传播、兰生股份，净流 入资金分别为825.59万元、779.53万元。社会服务行业资金净流出个股中，资金净流出超3000万元的有 10只，净流出资金居前的有天府文旅、国脉科技、苏试试验，净流出资金分别为5688.15万元、4506.28 万元、4213.77万元。（数据宝） 社会服务行业资金流向排名 沪指5月22日下跌0.22%，申万所属行业中，今日上涨的有3个，涨幅居前的行业为银行、传媒、家用电 器，涨幅分别为1.00%、0.12%、0.04%。跌幅居前的行业为美容护理、社会服务，跌幅分别为2.03%、 1.80%。社会服务行业位居今日跌幅 ...

公开信息显示，现任基金经理吴刚先生:硕士。2011年1月至2013年6月曾于方正证券股份有限公司担任 高级研究员。2013年6月至2016年10月曾任兴业基金管理有限公司投资经理职位。2016年10月加入中融 基金管理有限公司,现任创新业务投资部总监。2020年3月5日至2023年4月19日担任中融鑫价值灵活配置 混合型证券投资基金基金经理。2020年3月5日至2021年3月15日担任中融鑫起点灵活配置混合型证券投 资基金基金经理、中融新产业灵活配置混合型证券投资基金基金经理(2017年11月至2019年1月)、中融 核心成长灵活配置混合型证券投资基金(2023年2月28日起至今)的基金经理。曾任中融物联网主题灵活 配置混合型证券投资基金基金经理。 截止2025年3月31日，国联低碳经济3个月持有混合A前十持仓占比合计40.03%，分别为：宁德时代 （5.84%）、瑞声科技（4.33%）、苏试试验（4.19%）、盛弘股份（3.89%）、华电国际电（3.76%）、 中国重汽（3.73%）、莱宝高科（3.67%）、雅迪控股（3.62%）、东方电缆（3.57%）、美亚光电 （3.43%）。 5月19日，国联低碳经济 ...

Investment Rating - The report suggests a focus on leading companies with strong management and brand recognition in the testing service industry, particularly recommending companies like Huace Testing, Sutest, and Guangdian Measurement [6][13][44]. Core Viewpoints - The testing service sector is under pressure, with a focus on lean management and the expansion of emerging industries. The overall revenue for the sector in 2024 is projected to be 46.8 billion RMB, a decrease of 4% year-on-year, primarily due to macroeconomic slowdowns and ongoing policy impacts in the pharmaceutical and special industries [4][18]. - The sector's growth is closely tied to macroeconomic performance, with expectations for recovery in demand due to government debt relief and stimulus policies [5][75]. - The industry is experiencing a trend towards consolidation, with resources expected to concentrate among leading firms that possess brand, capital, and management advantages [5][70]. Summary by Sections Revenue Performance - In 2024, the testing service sector achieved a revenue of 46.8 billion RMB, down 4% year-on-year. Excluding companies with high medical testing ratios, the sector's revenue was 25.8 billion RMB, showing a 4% increase year-on-year [4][18]. - The first quarter of 2024 saw a revenue of 9 billion RMB, a 9% decline year-on-year, but excluding high medical testing companies, the revenue growth rate improved to 2% [4][18]. Profitability - The sector's net profit for 2024 is expected to be 1.8 billion RMB, a significant decline of 56% year-on-year, attributed to decreased revenue, rigid laboratory costs, and reduced government subsidies [25]. - Leading companies like Huace Testing and Guangdian Measurement showed resilience, with net profit growth rates of 1% and 77% respectively in 2024 [25][18]. Market Trends - The global testing service market is projected to reach approximately 2.3 trillion RMB in 2024, with a compound annual growth rate (CAGR) of about 6% from 2021 to 2024. China's testing service industry has historically grown at about twice the GDP growth rate [5][58]. - The industry is characterized by a high degree of fragmentation, with small and weak players facing challenges in capital and management, leading to a trend towards consolidation [69][70]. Emerging Opportunities - New sectors such as semiconductors and low-altitude economy are developing rapidly, creating new demands for testing services that require significant capital and technical capabilities [6][70]. - The report emphasizes the importance of government policies in supporting the testing service industry, particularly through debt relief measures that could enhance demand recovery [75][86].

Investment Rating - The investment rating for the environmental engineering and services sector is "Positive" [2] Core Viewpoints - The environmental industry is gradually returning to rationality after experiencing a decline in national subsidies, PPP projects, and mixed ownership reforms. Companies are focusing on core business development while exploring new growth areas such as renewable energy and AI+environmental solutions [24] - In 2024, the environmental sector achieved a total revenue of CNY 395.986 billion, a year-on-year decrease of 1.2%, and a net profit attributable to shareholders of CNY 26.289 billion, a decrease of 10.7%. However, in Q1 2025, the sector's revenue increased by 1.5% year-on-year to CNY 87.873 billion, and net profit rose by 1.3% to CNY 8.723 billion, indicating a steady improvement in performance [24] Summary by Relevant Sections Water Sector - In 2024, the water sector generated revenue of CNY 75.376 billion, a decrease of 1% year-on-year, while net profit increased by 24.1% to CNY 11.822 billion. In Q1 2025, revenue remained flat at CNY 16.785 billion, with net profit growing by 7.6% to CNY 2.663 billion. Recent policy changes are expected to catalyze market-oriented water price reforms, benefiting efficient water companies [3][35] Solid Waste Sector - The solid waste treatment sector achieved revenue of CNY 174.722 billion in 2024, a year-on-year increase of 10.6%, with net profit rising by 10.2% to CNY 14.248 billion. In Q1 2025, revenue grew by 8.6% to CNY 41.34 billion, and net profit increased by 7.9% to CNY 4.3 billion. The new paradigm of waste incineration combined with data centers is expected to enhance profitability and cash flow [4][30] Environmental Monitoring/Testing Sector - The environmental monitoring/testing sector reported revenue of CNY 11.146 billion in 2024, a year-on-year increase of 1.5%, with net profit rising significantly by 46.2% to CNY 0.733 billion. In Q1 2025, revenue decreased by 6.3% to CNY 1.788 billion, while net profit remained stable with a slight increase of 0.4% [4] Environmental Equipment Sector - The environmental equipment sector generated revenue of CNY 61.497 billion in 2024, a decrease of 10.27%, with net profit falling by 33% to CNY 2.873 billion. In Q1 2025, revenue decreased by 6.42% to CNY 13.822 billion, and net profit decreased by 4.6% to CNY 0.986 billion. The demand for energy-saving equipment is expected to rise as the government promotes energy efficiency [5][6] Investment Recommendations - Three main investment lines are highlighted: 1. Water and waste incineration operations, which are expected to benefit from market reforms and stable cash flows. Recommended companies include Xirong Environment and Hongcheng Environment. 2. Environmental equipment, which is anticipated to see increased demand due to ongoing energy-saving initiatives. Suggested companies include Zhongtai Co. and Ice Wheel Environment. 3. Circular economy initiatives, with significant growth potential as outlined in the "14th Five-Year Plan" for circular economy development. Recommended companies include Inke Recycling and High Energy Environment [6][30]

Investment Rating - The report suggests a focus on leading companies with strong management and brand recognition in the testing service industry, particularly recommending companies like Huace Testing, Sutest, and Guangdian Measurement [6][13][86]. Core Insights - The overall performance of the testing service industry is under pressure, with a focus on lean management and the expansion into emerging industries [4][5]. - The testing service sector is closely correlated with macroeconomic growth, and it is expected to benefit from government debt relief and domestic demand stimulus policies [5][74]. - The industry is experiencing a trend towards consolidation, with resources likely to concentrate in leading companies that possess brand, capital, and management advantages [5][6]. Summary by Sections Revenue Performance - In 2024, the testing service sector achieved revenue of 46.8 billion RMB, a year-on-year decline of 4%. Excluding companies with high medical testing ratios, the revenue was 25.8 billion RMB, showing a growth of 4% [4][19]. - The first quarter of 2024 saw a revenue of 9 billion RMB, down 9% year-on-year, but excluding high medical testing companies, the revenue growth improved to 2% [4][19]. Profitability - The sector's net profit attributable to shareholders in 2024 was 1.8 billion RMB, down 56% year-on-year, primarily due to declining revenue and increased costs [26]. - Excluding high medical testing companies, the net profit decline was 20%, indicating a narrowing drop [26]. Market Dynamics - The global testing service market is projected to reach approximately 2.3 trillion RMB in 2024, with a CAGR of about 6% from 2021 to 2024 [5][57]. - The Chinese testing service market reached around 467 billion RMB in 2023, with a CAGR of 13% from 2014 to 2023 [57]. Industry Characteristics - The testing service industry is characterized by heavy asset requirements and localized operations, with a significant presence of small and weak institutions [68][69]. - The report highlights a trend towards consolidation in the industry, driven by increasing regulatory scrutiny and the need for higher capital and technical capabilities in emerging sectors [69][73]. Future Outlook - The report anticipates a recovery in demand for the testing service industry due to recent macroeconomic policy adjustments and government debt relief measures [74][86]. - Companies with significant government client bases, such as Puni Testing, Guangdian Measurement, and Huace Testing, are expected to benefit from these developments [86].

证券研究报告 | 2025 年 05 月 09 日 $$\overline{{{\prod_{\mathrm{DE}}}}}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup\mathrm{bd}}{\bigtriangleup}$$ 制作：产品中心 重点推荐 | 指数名称 | 收盘 | 涨跌% | | --- | --- | --- | | 上证综指 | 3352 | 0.28 | | 沪深 300 | 3852.9 | 0.56 | | 中证 500 | 5773.81 | 0.41 | | 中小盘指 | 3764.49 | 0.42 | | 创业板指 | 2029.45 | 1.65 | 《策略|特朗普的美国"梦"与现实——"新秩序"研究系列二》 1、政策视角下，特朗普 2.0 时代的"百日新政"有什么特征？从权力的 行使方式看，特朗普大量使用行政命令；从施政领域上看，特朗普的大部 分行政命令都集中在移民与边境安全、能源和贸易三大核心方面；从施政 节奏上看，行政法令的 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the year, but there are signs of recovery in demand for 2025, with a unique business model that integrates testing equipment and services [1][2][3]. Financial Performance - The company achieved revenue of 2.026 billion yuan for the year, a decrease of 4.31% year-on-year; net profit attributable to shareholders was 229 million yuan, down 27% year-on-year [1]. - In Q1 2025, revenue was 429 million yuan, a year-on-year decrease of 2.96% and a quarter-on-quarter decrease of 30.69%; net profit attributable to shareholders was 41 million yuan, down 2.99% year-on-year and 50.72% quarter-on-quarter [2]. - For Q4 2024, the company reported revenue of 620 million yuan, an increase of 4.9% year-on-year and 26.6% quarter-on-quarter; net profit attributable to shareholders was 83 million yuan, down 11.6% year-on-year but up 90% quarter-on-quarter [1]. Profitability Metrics - The overall gross margin and net margin for 2024 were 44.54% and 13.4%, respectively, with year-on-year declines of 1.06 and 4.02 percentage points [1]. - In Q1 2025, the gross margin and net margin were 40.44% and 10.53%, showing year-on-year declines of 2.03 and an increase of 0.32 percentage points [2]. Business Segments - In 2024, revenue from testing services, equipment, and integrated circuits was 1.009 billion, 623 million, and 288 million yuan, respectively, with year-on-year changes of +0.64%, -17.25%, and +12.33% [2]. - The company has developed a unique business model that promotes the integration of testing equipment and services, enhancing both technical and business synergies [2]. Market Outlook - Despite facing short-term pressure due to weakened capital expenditure from downstream customers and intensified competition, there are signs of recovery in demand for testing equipment and services in 2025 [3]. - The company has adjusted its profit forecast, expecting net profits of 315 million, 375 million, and 441 million yuan for 2025 to 2027, representing year-on-year growth of 38%, 19%, and 18%, respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6][17]. Core Insights - The company reported a revenue of 2.026 billion yuan in 2024, a decrease of 4.31% year-on-year, and a net profit attributable to shareholders of 229 million yuan, down 27% year-on-year [1]. - In Q4 2024, the company achieved a revenue of 620 million yuan, an increase of 4.9% year-on-year and 26.6% quarter-on-quarter, marking a new high for quarterly revenue since its listing [2]. - The company’s unique business model integrates testing equipment manufacturing and testing services, creating a synergistic development advantage [3]. - The demand side is gradually recovering, with expectations for improved performance in 2025 as the company strengthens its market development capabilities [4]. Financial Performance Summary - For 2024, the gross margin and net margin were 44.54% and 13.4%, respectively, showing a year-on-year decline of 1.06 and 4.02 percentage points [2]. - The company’s revenue for Q1 2025 was 429 million yuan, a decrease of 2.96% year-on-year and 30.69% quarter-on-quarter, with a net profit of 41 million yuan, down 2.99% year-on-year and 50.72% quarter-on-quarter [2]. - The projected net profits for 2025, 2026, and 2027 are 315 million yuan, 375 million yuan, and 441 million yuan, respectively, indicating growth rates of 38%, 19%, and 18% [4]. Business Segment Analysis - In 2024, the revenue from environmental testing services, equipment, and integrated circuits was 1.009 billion yuan, 623 million yuan, and 288 million yuan, respectively, with year-on-year changes of +0.64%, -17.25%, and +12.33% [3]. - The gross margins for these segments were 56.96%, 29.38%, and 39.67%, reflecting declines of 1.84, 2.71, and 3.6 percentage points year-on-year [3].

北京植德律师事务所 关于 苏州苏试试验集团股份有限公司 2024 年年度股东大会的 法律意见书 植德京（会）字[2025]0035 号 二〇二五年五月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12th Floor, Raffles City Beijing Offices Tower, No.1 Dongzhimen South Street,Dongcheng District, Beijing 100007 P.R.C. 电话（Tel）: 010-56500900 传真（Fax）: 010-56500999 www.meritsandtree.com 北京植德律师事务所 关于苏州苏试试验集团股份有限公司 2024 年年度股东大会的法律意见书 植德京（会）字[2025]0035 号 致：苏州苏试试验集团股份有限公司（贵公司） 北京植德律师事务所（以下简称"本所"）接受贵公司的委托，指派律师 出席并见证贵公司 2024 年年度股东大会（以下简称"本次会议"）。 本所律师参加本次会议进行见证，并根据《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 ...

苏州苏试试验集团股份有限公司 证券代码：300416 证券简称：苏试试验 公告编号：2025-022 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会没有出现否决议案的情形。 2、本次股东大会不涉及变更前次股东大会决议的情况。 表决情况：同意 204,036,352 股，占出席会议有表决权股份的 99.9836%；反 对 23,722 股，占出席会议有表决权股份的 0.0116%；弃权 9,850 股，占出席会议 有表决权股份的 0.0048%。表决结果：通过。 其中，中小投资者表决结果：同意 37,218,922 股，占出席会议中小投资者有 表决权股份的 99.9099%；反对 23,722 股，占出席会议中小投资者有表决权股份 的 0.0637%；弃权 9,850 股，占出席会议中小投资者有表决权股份的 0.0264%。 2、《关于<公司 2024 年度监事会工作报告>的议案》 一、会议召开和出席情况 1、苏州苏试试验集团股份有限公司（以下简称"公司"）2024 年年度股东大 会会议通知已于 2 ...