Group 1 - The core viewpoint emphasizes the importance of scientifically formulating and effectively implementing national development plans as a key experience in governance and a political advantage of socialism with Chinese characteristics, crucial for maintaining strategic continuity and stability [1] - The current period is critical as China approaches the end of the "14th Five-Year Plan" and prepares for the "15th Five-Year Plan," necessitating a strategic optimization of the economic layout to strengthen the modern industrial system and enhance national development security [1] - The adjustment and optimization of the economic layout are seen as essential responses to complex external environments and domestic development contradictions, serving as strategic support for constructing a new development pattern [1] Group 2 - The focus on domestic demand as the main driver and the reinforcement of the "dual circulation" strategy is highlighted, with an emphasis on the increasing role of consumption in economic growth and the need to enhance manufacturing advantages [2] - The need to break down administrative barriers for efficient allocation of production factors is discussed, advocating for a unified national market and better cross-regional flow of resources such as land, labor, capital, and data [2] - The importance of regional economic optimization through differentiated positioning and complementary advantages is emphasized, aiming to enhance overall competitiveness [2] Group 3 - The dual-driven approach to promote innovation development and green transformation is underscored, with a focus on integrating industrial upgrades with ecological benefits under the "dual carbon" goals [3] - The necessity to seize opportunities in the digital economy and accelerate the digital transformation of traditional industries is highlighted, aiming to reshape industrial competitiveness through collaborative innovation [3] - A systematic approach and bottom-line thinking are recommended for adjusting and optimizing the economic layout, emphasizing the importance of development and security coordination [3]

Core Insights - The company has invested over 1.7 billion yuan in semiconductor, new energy, and new materials sectors since September 2020, establishing a solid foundation for its dual-driven growth strategy [1][2] - The new five-year plan clearly outlines the goal of leveraging equity investment to support the development of a second growth curve for the company [1][2] Investment in Semiconductor Sector - Five semiconductor companies that the company has invested in have initiated their IPO processes this year, with notable progress including the acceptance of the IPO application for Angrui Micro [1] - The company has seen significant financial returns from its semiconductor investments, contributing to its overall investment income [2] Investment in New Energy and New Materials - The company is actively participating in the capital market with investments in leading firms in the new energy and new materials sectors, such as the ongoing restructuring of the target material leader, Xiandai Electric [2] - The cumulative investment income from these sectors has reached 530 million yuan, with a significant portion coming from the Hefei Crystal project, which has generated a net income of 166 million yuan [2] Future Growth Strategy - The company aims to maintain and strengthen its equity investment business, which is expected to contribute over 20% to net profit in 2024 [2] - The dual-driven growth strategy will synergize the equity investment business with the building materials sector to establish a stable foundation for future development in new material directions [2]

自2020年9月投资合肥晶合集成以来，上峰水泥（000672）在半导体、新能源、新材料领域稳健开展股 权投资，目前累计投资超17亿元，尤其半导体投资的系列国产替代龙头，以及新能源新材料各独角兽快 速成长，在每年为公司带来财务收益的同时，更是在新质产业培育方向为公司"双轮驱动"奠定坚实基 础，上峰发布的新五年规划也清晰明确了以股权投资业务助力第二成长曲线业务发展的总目标。 今年4月底，证监会IPO辅导公示系统显示，粤芯半导体技术股份有限公司提交IPO辅导备案，正式启动 A股上市进程，这已是今年上峰投资的企业中第五家正式启动上市的半导体企业，之前上海超硅IPO辅 导已通过验收，盛合晶微和芯耀辉已进入辅导，最快的昂瑞微申报科创板上市已获受理，加上已上市减 持退出的合肥晶合，上峰半导体产业链投资标的中近半数已开始对接A股市场，这是在近年审批节奏从 紧条件下上峰体现的高效投资效率，而后续长鑫存储等已完成股改的半导体龙头企业也同样值得期待。 | 7 | 摩尔精英 | 2021.5 | 2,224 | 芯片 | - | | --- | --- | --- | --- | --- | --- | | | | | | 供应 | ...

2024年，中国白酒行业陷入深度调整期，在此背景下，洋河股份交出转型期答卷——全年营收288.76亿 元，净利润66.73亿元。数据之外，其战略转型的"暗线"已悄然浮现：7万口名优窖池、100万吨储酒能 力、70万吨老酒存量构成的"硬资产"，叠加数字化营销、构建厂商共同体新生态、探路消费者运营新范 式的创新"软动能"，形成穿越周期的"双轮驱动"模型，为未来长远发展蓄势储能。 穿越周期"硬实力" 洋河拥有行业领先的生产规模，在江苏、贵州、西藏、湖北等区域，共建成了20余平方公里的酿酒产业 园，所拥有的名优窖池7万口，2000多口老窖池，是国内数量最多、保存最完整、使用时间最长、微生 物种类最丰富的酿酒窖池群之一，至今仍在酿酒生产中发挥作用。每克窖泥含超2000种微生物、35道工 序环环相扣、137道工艺精雕细琢，这些古老的窖池是活着的文物，更是400年的酿酒密码，造就了洋河 超16万吨的原酒年产能，高达100万吨的储酒能力，70万吨的庞大老酒存量。 展望2025年，洋河在营销工作上也已有清晰规划：通过配额合理管控等措施，维护主导产品控量稳价， 积极优化供需关系；明确开瓶政策导向，推动渠道实现良性发展；重点聚焦江 ...

Core Viewpoint - Huayi Group plans to acquire 60% of Shanghai Huayi San Aifu New Materials Co., Ltd. for 4.091 billion yuan, aiming to enhance its strategic layout in emerging fields such as new energy and new materials [2][3][4] Group 1: Acquisition Details - The acquisition involves a cash payment of 4.091 billion yuan for 60% equity in San Aifu, which is a related party as it is controlled by Huayi Group's major shareholder [3][4] - San Aifu, established in September 2016 with a registered capital of 2.586 billion yuan, specializes in fluoropolymers and fluorinated chemicals [4][7] - The transaction is classified as a related party transaction due to the close ties between Huayi Group and Shanghai Huayi [3][4] Group 2: Strategic Importance - The acquisition is part of Huayi Group's strategy to focus on four emerging sectors: new energy, new materials, new environmental protection, and new biology [3][8] - Huayi Group aims to create a dual-driven development model by integrating basic chemicals and high-end fluorine materials, enhancing synergy between upstream and downstream operations [9][11] Group 3: Financial Performance - In 2023 and 2024, San Aifu reported revenues of 5.29 billion yuan and 4.62 billion yuan, with net profits of 344 million yuan and 253 million yuan, respectively [11] - Despite a decline in revenue and profit in 2024 due to market fluctuations and price drops, San Aifu maintains strong profitability [11] Group 4: Market Position and Potential - San Aifu holds a leading market position in high-end organic fluorine chemicals, with significant market shares in products like PVDF and FKM [10] - The company has developed advanced materials for strategic industries such as semiconductors and has a strong presence in the fourth-generation refrigerant market [10][11]

Core Insights - The company achieved a revenue of 5.921 billion yuan in 2024, representing a year-on-year growth of 25.57% and a net profit attributable to shareholders of 1.557 billion yuan, up 35.29% [1] - The company is driven by a dual engine of pharmaceutical and health consumer products, with significant growth in its core product lines [2] - The company has introduced an employee stock incentive plan to enhance talent attraction and promote long-term high-quality development [2] Financial Performance - In 2024, the company reported a net operating cash flow of 2.171 billion yuan, reflecting an 11.13% increase year-on-year [1] - The basic earnings per share (EPS) for 2024 was 2.42 yuan, marking a 35.20% increase compared to the previous year [1] - The company maintained a strong financial structure with a debt-to-asset ratio of 21.05% and cash reserves of 5.015 billion yuan at the end of the year [2] Business Segments - Revenue from the company's Ejiao and related products reached 5.544 billion yuan, a year-on-year increase of 27.04%, with a gross margin of 73.61% [2] - Other pharmaceuticals and health products generated revenue of 236 million yuan, up 26.19% year-on-year [2] - The company experienced a decline in revenue from donkey breeding and sales, which amounted to 69 million yuan, down 28.92% [2] Growth Initiatives - The company launched a stock incentive plan, proposing to grant up to 124.72 million restricted shares, representing 0.19% of the total share capital, to 179 key personnel [2] - The performance targets for the incentive plan include a compound annual growth rate of net profit attributable to shareholders of no less than 15% from 2025 to 2027 [2] - The company has a history of high dividends, with a mid-year dividend of 737 million yuan in 2024, representing 99.77% of the net profit attributable to shareholders for the first half of the year [2] Investment Outlook - The company is expected to achieve EPS of 2.87 yuan, 3.40 yuan, and 4.02 yuan for the years 2025 to 2027, with corresponding dynamic P/E ratios of 21.91, 18.53, and 15.66 [3] - As a leader in the Ejiao industry, the company possesses strong brand barriers and is anticipated to achieve steady growth in performance [3]

证券研究报告 | 2025年04月30日 华泰证券（601688.SH） 优于大市 自营反转，科技赋能 华泰证券公布 2025 年一季度报告。2025 年一季度，公司实现营业收入 82.32 亿元，同比提升 34.83%；实现归母净利润 36.42 亿元,同比提升 58.97%；扣 除非经常性损益后的净利润为 36.14 亿元，同比提升 61.42%，对应 EPS0.38 元，同比增长 58.33%；ROE 为 2.1%，同比增 0.73pct。业绩上涨主要因资本 市场回暖，公司财富管理、机构业务、投资管理及信用业务等主要业务线均 同比显著增长，后续公司持续推进科技赋能下的"双轮驱动"发展战略，围 绕数字化、平台化、生态化理念，完善 FICC 代客体系，探索"AI 智能提升"， "业务+科技"交融提升价值。 自营、利息业绩成业绩增长主要驱动力。一季度，因权益、衍生品、股权市 场回暖，投资规模和收益率增长驱动投资收入大幅提升，当期实现投资业务 收入（含公允价值变动）9.65 亿元，同比提升 46.53%；公司金融资产规模 3855 亿元，比 2024 年末提升 4.24%。一季度，利息净收入 9.65 亿元，同 ...

证券研究报告 | 2025年04月30日 华泰证券（601688.SH） 优于大市 自营反转，科技赋能 华泰证券公布 2025 年一季度报告。2025 年一季度，公司实现营业收入 82.32 亿元，同比提升 34.83%；实现归母净利润 36.42 亿元,同比提升 58.97%；扣 除非经常性损益后的净利润为 36.14 亿元，同比提升 61.42%，对应 EPS0.38 元，同比增长 58.33%；ROE 为 2.1%，同比增 0.73pct。业绩上涨主要因资本 市场回暖，公司财富管理、机构业务、投资管理及信用业务等主要业务线均 同比显著增长，后续公司持续推进科技赋能下的"双轮驱动"发展战略，围 绕数字化、平台化、生态化理念，完善 FICC 代客体系，探索"AI 智能提升"， "业务+科技"交融提升价值。 自营、利息业绩成业绩增长主要驱动力。一季度，因权益、衍生品、股权市 场回暖，投资规模和收益率增长驱动投资收入大幅提升，当期实现投资业务 收入（含公允价值变动）9.65 亿元，同比提升 46.53%；公司金融资产规模 3855 亿元，比 2024 年末提升 4.24%。一季度，利息净收入 9.65 亿元，同 ...

Group 1: Company Strategy and Market Position - In 2025, Dong'e Ejiao will focus on the "1238" strategy, emphasizing "growth and breakthrough" as its operational theme, and will implement the "four remakes" to enhance the entire gelatin industry chain [1] - The company holds a combined market share of 38.1% in the Qi and Xue supplement category, with Dong'e Ejiao block at 67.3% and Compound Ejiao Syrup at 31.9% [2] - Dong'e Ejiao aims to strengthen its core business and expand potential products through differentiated innovation and the establishment of technological barriers [1][2] Group 2: Financial Performance and Revenue - In Q1 2025, the company achieved online revenue of approximately 340 million yuan, a year-on-year increase of about 20% [2] - The online revenue breakdown includes: Ejiao block at approximately 120 million yuan (up nearly 15%), Compound Ejiao Syrup at approximately 60 million yuan (up nearly 60%), and Ejiao powder at approximately 60 million yuan (up nearly 50%) [2] - The overall gross margin is maintained at around 70%, with a slight increase in Q1 due to reduced costs from centralized procurement [7] Group 3: Inventory and Sales Management - The reasonable inventory level for Dong'e Ejiao block and Compound Ejiao Syrup is set at six months of terminal market sales, while for Taohua Ji Ejiao cake, it is 1.5 months [2] - The current channel inventory is at a healthy level, and terminal pure sales are progressing steadily [2] Group 4: Future Plans and Dividends - Since its first dividend in 1999, the company has distributed a total of 8.469 billion yuan over 26 occasions, with an average payout ratio of 65.75% [6] - The proposed dividend for 2024 is 818 million yuan, with a payout ratio of 99.70% [6] - The company plans to maintain a stable and proactive dividend policy based on its operational development, profitability, cash flow, and shareholder interests [6] Group 5: Challenges and Adjustments - The increase in accounts receivable in Q1 2025 is attributed to the implementation of a credit management strategy and increased procurement costs for strategic materials [4] - The company is addressing the small proportion of insurance payments for Compound Ejiao Syrup and aims for sustainable growth in this area [5]

小米的新款EV"SU7 Ultra"（Reuters） 3月22日，韩国三星电子会长李在镕来到小米在北京的EV工厂，并与小米首席执行官（CEO）雷 军会面。 三星寻找合作机会 三星和小米在智能手机领域展开了激烈的份额竞争。对未来经营抱有强烈危机感的李会长正在寻 找与在EV领域崛起的小米开展合作的契机，中国的主要媒体报道了这样的观点。 李在镕来到北京的目的是出席中国政府邀请全球大型企业高层参加的"中国发展高层论坛"。李在 镕的行为，彰显了小米在汽车市场的强劲势头和强大的存在感。 小米新涉足EV市场刚刚约一年时间。"特斯拉杀手"的称号名不虚传。根据中国知名汽车信息APP 的数据，2024年4月以来，SU7的中国销量达到了约18.6万辆，超过了特斯拉的Model 3。 SU7的价格为21.59万元起，比Model 3的23.55万起更便宜。其时尚的外观和性能的平衡受到了 消费者的追捧。 | 小米 | | 特斯拉 | | --- | --- | --- | | SU7 | | Model3 | | | SU7与Model3的 对比 | | | 21万5900~ | 价格 | 23万5500~ | | 29万9900元 ...