开幕式上，替科斯集团联合河南省化工园区、平煤神马集团等龙头企业发布《山河四省化工产业链协同 发展白皮书》，明确了构建万亿级化工产业集群的战略路径。 "但河南石化产业也存在产业链条相对较短、产品同质化严重、煤油气资源自给压力大等问题。"刘中民 指出，目前河南省合成氨、甲醇单体规模较小，石化产品原料成本高、同质化现象严重。同时，作为能 源净调入省份，河南煤炭对外依存度约50%；省内油气资源储量也很有限，对外依存度高达90%以上。 "为改变这一现状，河南石化产业应加强与新能源、人工智能的深度融合，实现高端绿色转型。"刘中民 表示，而高端绿色低碳转型需注重碳基能源高值转化、绿色生产工艺变革、新材料高端转化、智能数字 化转型四方面。具体而言，可通过再生能源+石化、煤化工+石油/盐化工，实现多能融合发展；发展甲 醇石脑油耦合制烯烃/芳烃、一步法烯烃/芳烃等低碳变革性工艺；发展煤基含氧化合物高端新材料等， 实现合成气高端拓展；加快人工智能研发与智能工厂建设，实现人工智能+化工发展，走多能融合与前 沿创新之路。 另据了解，此次展会由河南省石油和化学工业协会、河南省化工医药安全生产协会联合主办，以"山河 四省一区战略推进化工高 ...

01 事件概述 公司发布5月产销快报：集团5月批发销量为22.4万辆，同比+8.5%，环比+17.6%；1-5月累计批发112.0万辆，同比+1.0%；自主品牌5 月批发销量为18.5万辆，同比+8.0%，环比+21.6%；1-5月累计批发95.5万辆，同比+2.5%；长安福特5月批发销量为1.6万辆，同 比-8.0%，环比+29.4%；1-5月累计批7.7万辆，同比-16.4%；长安马自达5月批发销量为0.78万辆，同比+30.0%，环比+19.0%；1-5月 累计批发3.2万辆，同比+1.6%。 我们看好公司电动智能转型，叠加华为智能化赋能，维持盈利预测，预计2025-2027年收入分别为1,896/2,095/2,335亿元，归母净利润 分别为88.7/107.6/127.2亿元，EPS分别为0.89/1.09/1.28元，对应2025年6月3日12.59元/股的收盘价，PE分别为14/12/10倍，维持"推 荐"评级。 02 分析判断 ► 自主品牌销量稳步提升 新能源大幅增长 5月公司自主品牌批发销量18.5万辆，同比+8.0%，环比+21.6%。新能源方面，5月公司新能源批发销量为9.5万辆, 同比 ...

当全球工业智能化浪潮奔涌而至，中国矿山行业正以无人驾驶技术为核心引擎，加速驶向"绿色化、智能化、安全化"的新蓝海。 在装备层面，宇通新能源无人驾驶矿卡，采用宇通无人驾驶线控底盘解决方案，搭载适用于矿山场景的无人驾驶系统，实现智能充电、7*24小时常态化 无人作业，车辆出勤率超过95%，使运输整体的高安全性和稳定性得到保障，从而助力矿山智慧化、高效运营。在基建层面，中国移动构建的100%覆盖5G 专网，为无人驾驶系统提供了低时延、高可靠的通信保障，成为连接"人-车-矿"的数字神经。 从效率革命到生态革新 从运营数据看，项目投运后，无人驾驶效率满足生产运营需求，矿区已累计节省碳排放约1500吨，经济效益与环保效益双赢，为行业树立绿色智能转型 的典范。人工成本显著降低，作业效率提升，运输环节实现零事故，通过智能充电、能量回收等技术，单车年能耗成本下降。这些成绩的背后，是矿山行业 从劳动密集型向技术密集型的质变。 更深层的变革发生在产业生态层面，传统矿山人车共存模式下的安全隐患被彻底消除，本质安全水平跃升；全流程智能化改造推动管理效率提升，例如 通过数据中台实现设备状态实时监控，绿色化转型与智能化升级形成协同效应。 ...

[Table_Reportdate] 2025年05月09日 公 司 简 评 买入（维持） 报告原因：重大事项 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 陈芯楠 cxn@longone.com.cn | [数据日期 Table_cominfo] | 2025/05/09 | | --- | --- | | 收盘价 | 12.34 | | 总股本(万股) | 991,409 | | 流通A股/B股(万股) | 826,073/164,1 | | | 61 | | 资产负债率(%) | 59.69% | | 市净率(倍) | 1.52 | | 净资产收益率(加权) | 1.75 | | 12个月内最高/最低价 | 16.35/11.32 | [Table_QuotePic] -29% -22% -14% -7% 1% 9% 16% 24% 24-05 24-08 24-11 25-02 长安汽车 沪深300 [相关研究 Table_Report] 《长安汽车（000625）：新能源效益 改善，海外本土化进程加速——公司 简评报告 ...

公 司 简 评 买入（维持） 报告原因：业绩点评 海外本土化进程加速 ——公司简评报告 [table_main] 投资要点 [Table_Reportdate] 2025年05月07日 ➢ 事件：公司发布2024年年报，实现营收1597.22亿元，同比+5.58%，归母净利润73.21亿 元，同比-35.37%，扣非净利润25.87亿元，同比-31.59%。公司发布2025年一季报，实现 营收341.61亿元，同比分别-7.73%，归母净利润13.53亿元，同比分别+16.81%，扣非归 母净利润7.83亿元，同比分别+601.31%。 汽 车 陈芯楠 cxn@longone.com.cn | [数据日期 Table_cominfo] | 2025/05/07 | | --- | --- | | 收盘价 | 12.41 | | 总股本(万股) | 991,409 | | 流通A股/B股(万股) | 826,073/164,1 61 | | 资产负债率(%) | 59.69% | | 市净率(倍) | 1.53 | | 净资产收益率(加权) | 1.75 | | 12个月内最高/最低价 | 16.35/11.3 ...

[Table_Reportdate] 2025年05月07日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [长安汽车（ Table_NewTitle] 000625）：新能源效益改善， [table_main] 投资要点 汽 车 陈芯楠 cxn@longone.com.cn | [数据日期 Table_cominfo] | 2025/05/07 | | --- | --- | | 收盘价 | 12.41 | | 总股本(万股) | 991,409 | | 流通A股/B股(万股) | 826,073/164,1 61 | | 资产负债率(%) | 59.69% | | 市净率(倍) | 1.53 | | 净资产收益率(加权) | 1.75 | | 12个月内最高/最低价 | 16.35/11.32 | [Table_QuotePic] -25% -18% -11% -5% 2% 9% 16% 23% 24-05 24-08 24-11 25-02 长安汽车 沪深300 [相关研究 Table_Report] 《长安汽车（000625）：3月新能源销 量同环比激增，亮剑欧洲发布 ...

长安汽车（000625.SZ）系列点评二十六 阿维塔+深蓝发力 新能源产品周期强劲 2025 年 05 月 06 日 ➢ 事件概述：公司发布 4 月产销快报：集团 4 月批发销量为 19.1 万辆，同比 -9.3%，环比-28.9%；1-4 月累计批发 89.6 万辆，同比-0.7%；自主乘用车 4 月 批发销量为 10.9 万辆，同比-11.1%，环比-33.9%；1-4 月累计批发 56.2 万辆， 同比+0.3%；长安福特 4 月批发销量为 1.3 万辆，同比-31.6%，环比-30.3%； 1-4 月累计批发 6.1 万辆，同比-18.5%；长安马自达 4 月批发销量为 0.65 万辆， 同比+7.6%，环比-9.0%；1-4 月累计批发 2.4 万辆，同比-5.0%。 ➢ 自主乘用车同比销量稳步提升 新能源大幅增长。4 月公司自主乘用车批发 销量 10.9 万辆，同比-11.1%，环比-33.9%。新能源方面，4 月自主新能源批发 销量为 6.2 万辆, 同比+19.8%，环比-28.9%；1-4 月累计批发 25.6 万辆，同比 +41.9%。其中 4 月深蓝销量 2.0 万辆，同比+58.0%， ...

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company reported Q1 2025 revenue of 34.16 billion yuan, a year-on-year decrease of 7.7% and a quarter-on-quarter decrease of 30.0%. The net profit attributable to the parent company was 1.35 billion yuan, up 16.8% year-on-year but down 63.8% quarter-on-quarter. The non-recurring net profit was 780 million yuan, a significant increase of 601.0% year-on-year, but down 13.7% quarter-on-quarter [1][2]. - The company's sales of self-owned passenger vehicles reached 453,000 units in Q1 2025, an increase of 3.5% year-on-year but a decrease of 10.8% quarter-on-quarter. The sales of self-owned new energy passenger vehicles were 194,000 units, up 50.7% year-on-year but down 30.4% quarter-on-quarter [1][2]. - The gross profit margin for Q1 2025 was 13.9%, a decrease of 0.5 percentage points year-on-year and 2.3 percentage points quarter-on-quarter, primarily due to increased terminal discounts and lower cost reductions recognized in the quarter [1][2]. Summary by Sections Financial Performance - Q1 2025 total revenue was 34.16 billion yuan, with a year-on-year decline of 7.7% and a quarter-on-quarter decline of 30.0%. The net profit attributable to the parent company was 1.35 billion yuan, reflecting a year-on-year increase of 16.8% but a quarter-on-quarter decrease of 63.8% [1][2]. - The company’s gross profit margin decreased to 13.9% in Q1 2025, impacted by increased competition and pricing pressures [1][2]. Sales and Market Position - The company’s self-owned passenger vehicle sales reached 453,000 units in Q1 2025, with a year-on-year increase of 3.5% and a quarter-on-quarter decrease of 10.8%. The sales of self-owned new energy vehicles were 194,000 units, marking a year-on-year increase of 50.7% [1][2][3]. - The company plans to launch new models under the Deep Blue and Avita brands, aiming for a global sales target of 500,000 units in 2025 [3]. Future Outlook - The report forecasts revenues of 189.6 billion yuan, 209.5 billion yuan, and 233.5 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 8.87 billion yuan, 10.76 billion yuan, and 12.72 billion yuan for the same years [4][5]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.89 yuan, 1.09 yuan, and 1.28 yuan respectively, with corresponding price-to-earnings (PE) ratios of 14, 11, and 10 [4][5].

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company reported Q1 2025 revenue of 34.16 billion yuan, a year-on-year decrease of 7.7% and a quarter-on-quarter decrease of 30.0%. The net profit attributable to shareholders was 1.35 billion yuan, up 16.8% year-on-year but down 63.8% quarter-on-quarter. The non-recurring net profit was 780 million yuan, a significant increase of 601.0% year-on-year, but down 13.7% quarter-on-quarter [1][2] - The company's sales of self-branded vehicles reached 453,000 units in Q1 2025, a year-on-year increase of 3.5% but a quarter-on-quarter decrease of 10.8%. The sales of self-branded new energy vehicles were 194,000 units, up 50.7% year-on-year but down 30.4% quarter-on-quarter [1][2] - The gross profit margin for Q1 2025 was 13.9%, a decrease of 0.5 percentage points year-on-year and 2.3 percentage points quarter-on-quarter, primarily due to increased terminal discounts and lower cost reductions [1][2] Financial Performance Summary - The report forecasts revenues of 189.55 billion yuan, 209.46 billion yuan, and 233.54 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 8.87 billion yuan, 10.76 billion yuan, and 12.72 billion yuan [4][5] - The earnings per share (EPS) are projected to be 0.89 yuan, 1.09 yuan, and 1.28 yuan for the years 2025, 2026, and 2027 respectively, with price-to-earnings (PE) ratios of 14, 11, and 10 [4][5] - The company plans to accelerate its new energy transition with new models and aims for global sales of 500,000 units in 2025, including 400,000 units domestically and 100,000 units overseas [3][4]

Core Viewpoint - The implementation of "reciprocal tariffs" by the U.S. government has led to significant declines in Apple's stock price and a loss of market value, raising investor concerns about the company's future [2][3] Group 1: Impact of Tariffs - Apple's stock has experienced multiple sharp declines, resulting in the evaporation of hundreds of billions in market value [2] - Analysts suggest that Apple may respond to the tariffs by absorbing costs or raising prices, but achieving large-scale domestic manufacturing in the U.S. is extremely challenging [2] Group 2: Supply Chain Dynamics - Apple has built a low-cost and efficient supply chain over many years, with China playing a crucial role, accounting for over 70% of Apple's global production capacity [2] - The Zhengzhou Foxconn factory in China can source 95% of the components needed for iPhones within a 300-kilometer radius, highlighting China's advantages in terms of industrial support and skilled labor [2] Group 3: Challenges of U.S. Manufacturing - Establishing a comparable supply chain in the U.S. would incur significant time and financial costs, with estimates suggesting it could take at least five years and lead to a dramatic increase in product prices [3] - A Bank of America analyst estimates that moving just the final assembly of iPhones to the U.S. could increase costs by 25%, and with tariffs, total costs could rise by 91% [3] - Even relocating 10% of the supply chain back to the U.S. could take three years and cost $30 billion, resulting in iPhones priced over three times their current cost [3] Group 4: Market Competition and Risks - The current phase is critical for global tech companies in AI transformation, making it essential for firms to maintain their existing business models [3] - Major changes to production locations could introduce significant business uncertainties and market risks, making a return to "Made in America" a potentially unwise decision for Apple [3]