Core Viewpoint - The Guangdong Provincial Committee has issued 28 reform measures to promote the "Hundred Counties, Thousand Towns, and Ten Thousand Villages High-Quality Development Project," aiming to enhance county-level development mechanisms, promote new urbanization, and ensure rural revitalization, thereby fostering coordinated urban-rural development and strengthening the foundation for modernization in Guangdong [1][2]. Group 1: County-Level High-Quality Development Mechanisms - Reform of county and town management systems to grant more economic and social management powers to counties [3]. - Strengthening fiscal incentives by optimizing revenue sharing and enhancing local financial autonomy [3]. - Establishing a county-level investment and financing mechanism to support local enterprises and infrastructure [3]. Group 2: Industrial Development Mechanisms - Implementing a "one county, one policy" approach to support local industries and promote regional brands [5]. - Encouraging the integration of agriculture and industry, particularly in food processing and smart agriculture [5][6]. - Promoting technological empowerment in county industries through innovation and collaboration [6]. Group 3: New Urbanization Mechanisms - Improving urban planning and management to enhance the layout of production, living, and ecological spaces in counties [7]. - Establishing a mechanism for urban renewal and integrating old and new urban development [7]. - Optimizing the classification and construction of towns to foster resource aggregation and development [7][8]. Group 4: Rural Revitalization Mechanisms - Ensuring food security by monitoring land use and promoting diverse agricultural production [9]. - Developing modern agricultural management systems to enhance collaboration among agricultural entities [10]. - Promoting beautiful rural construction through environmental improvements and resource management [10][11]. Group 5: Coordinated Urban-Rural Development Mechanisms - Enhancing infrastructure construction and maintenance to integrate urban and rural logistics [12]. - Balancing public service provision between urban and rural areas to improve overall service quality [13]. - Reforming land use policies to support rural development and address historical land registration issues [14]. Group 6: Organizational Support - Establishing a mechanism for effective implementation of reforms with clear responsibilities at various government levels [16]. - Encouraging innovative and differentiated reform approaches at the grassroots level to address local challenges [16][17]. - Promoting the replication of successful reform experiences across the province to enhance overall development [17].

1 证券代码：0 0 2 5 2 8 证券简称： S T 英飞拓 深圳英飞拓科技股份有限公司投资者关系活动记录表 编号：（2025.05.21） | | □特定对象调研□分析师会议 | | --- | --- | | 投资者关系 | □媒体采访√业绩说明会 | | | □新闻发布会□路演活动 | | 活动类别 | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 | 英飞拓 2024 年度业绩说明会采用网络远程方式进行，面向全体 | | 及人员姓名 | 投资者 | | 时间 | 2025 年 5 月 21 日（星期三）15:00-17:00 | | 地点 | 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云访谈" | | | 栏目 | | 上市公司接待 人员姓名 | 公司董事长刘肇怀先生， | | | 董事、总经理章伟先生， | | | 副总经理、财务总监张军威先生， | | | 独立董事房玲女士， | | | 副总经理、董事会秘书、内部审计负责人华元柳先生。 | | | 互动沟通主要内容如下： | | | 1.高管您好。请问贵公司本期财务报告中， ...

Group 1 - The Shanghai Composite Index increased by 0.21%, while the China Urbanization Index reported at 1823.55 points [1] - The China Urbanization Index rose by 3.18% over the past month, but declined by 3.43% over the past three months and is down 2.37% year-to-date [1] - The index series focuses on themes such as intensive, intelligent, and green low-carbon development, reflecting the performance of listed companies affected by changes in economic and consumption structures during the urbanization process [1] Group 2 - The top ten holdings of the China Urbanization Index include BYD (4.5%), Kweichow Moutai (4.47%), Wanhua Chemical (3.21%), China State Construction (2.75%), and others [1] - The market capitalization distribution shows that the Shanghai Stock Exchange accounts for 52.92% and the Shenzhen Stock Exchange accounts for 47.08% of the index [2] - The industry composition of the index includes 30.69% in industrials, 17.41% in information technology, 15.64% in consumer discretionary, and other sectors [2]

Core Insights - The China Urbanization Index series reflects the performance of listed companies influenced by changes in economic and consumption structures, focusing on themes such as intensive, intelligent, and green low-carbon development [1][2] Group 1: Index Performance - The China Urbanization Index (H30138) reported a value of 2202.65 points, with a recent one-month increase of 3.94%, a three-month decline of 10.99%, and a year-to-date decrease of 2.92% [1] - The index is based on a reference date of June 29, 2012, with a base point of 1000.0 [1] Group 2: Index Holdings - The top ten weighted stocks in the China Urbanization Index include BOE Technology Group (5.94%), Hikvision (4.29%), ZTE Corporation (4.25%), Haier Smart Home (4.07%), State Grid Corporation of China (3.79%), iFlytek (3.6%), TBEA (2.48%), Unisplendour (2.31%), GoerTek (2.2%), and Inspur Information (2.14%) [1] - The index holdings are primarily listed on the Shenzhen Stock Exchange (67.36%) and the Shanghai Stock Exchange (32.64%) [1] Group 3: Industry Composition - The industry composition of the index holdings shows that Information Technology accounts for 52.16%, followed by Industrial (21.11%), Communication Services (15.99%), Consumer Discretionary (7.65%), Healthcare (2.23%), Materials (0.53%), and Utilities (0.33%) [2] - The index sample is adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]

28条措施出炉！ 广东以改革更好 促进"百千万工 程"_南方+_南方 plus 近日，中共广东 省委全面深化改 革委员会印发 《关于以改革更 好促进"百县千 镇万村高质量发 展工程"的若干 措施》，围绕健 全县域高质量发 展动力机制、县 域产业发展体制 机制、推进新型 城镇化体制机 制、推动乡村全 面振兴长效机 制、城乡区域协 调发展体制机 制，以及强化组 织保障提出28条 改革措施（下 称"28条"），助 力"百千万工 程"走深走实、 取得扎实成效。 深化扩权强县改 革 增加地方自主财 力 县域是"百千万 工程"的主战 场。"28条"指 出，要健全县域 高质量发展动力 机制。具体措施 包括深化县镇管 理体制改革、强 化财政体制激励 导向、健全县域 投融资机制、打 造高水平县域营 商环境。 在深化县镇管理 体制改革方面， 深化扩权强县改 革，完善县 （市）"点菜" ， 省、市"上菜"的 菜单式赋权方 式，通过下放、 委托等方式赋予 县（市）更多经 济社会管理权 限。深化"县直 报省、省直达 县"改革。深化 人口小县机构改 革，推进人口小 镇集约集聚发 展。推进赋予特 大镇同人口和经 济规模相适应的 经济社会管 ...

Group 1: New Urbanization and Regional Development - The government work report emphasizes the promotion of new urbanization and regional coordinated development, aiming to optimize the spatial development pattern and enhance urbanization quality with a people-centered approach [1][2] - Chen Jianbiao, a member of the National Committee of the Chinese People's Political Consultative Conference, suggests that county towns should be key carriers for urban-rural integration, focusing on planning, design, employment, and aesthetic enhancement [1][2] Group 2: Planning and Design Strategies - The planning and design for new urbanization should prioritize industrial guidance, high-level integration, and the reflection of urban-rural aesthetics, while establishing efficient construction and operation mechanisms [2] - Optimizing industrial layout is crucial for new urbanization, as a thriving industry leads to vibrant counties, necessitating a comprehensive approach to planning both short-term and long-term industrial spatial patterns [2][3] Group 3: Environmental and Cultural Enhancements - There is a need to enhance green space and create livable, workable, and touristic county towns by promoting green buildings and restoring ecological environments [3] - The revitalization of ancient villages and buildings through cultural heritage and local craftsmanship is essential for enhancing the attractiveness and cultural quality of county towns [3] Group 4: National Park Development - The government report highlights the establishment of a natural protection system centered on national parks, aiming to create the world's largest national park system by 2035 [4] - The first batch of national parks has integrated regional economic and social development into their planning, promoting a harmonious interaction between ecological protection and socio-economic development [4] Group 5: Community and Economic Growth - Establishing a unified national park logo can enhance the value of products and industries in agriculture, tourism, manufacturing, and cultural creativity, fostering economic growth in surrounding communities [5] - Engaging local communities and industries in national park development is vital for ensuring shared benefits and sustainable growth [5] Group 6: Technological Integration - The emergence of new technologies, particularly AI and robotics, can significantly enhance the monitoring, management, and educational aspects of national parks [6] - Updating technical standards and improving the national sensing system are necessary steps towards achieving smarter management of national parks [6] Group 7: Modern Industrial System Development - The government work report calls for the development of a modern industrial system, with state-owned enterprises playing a crucial role in this initiative [7] - The Guangdong Provincial Architectural Design Institute aims to leverage its expertise to support the high-quality development of the modern industrial system, focusing on green and low-carbon technologies [7] Group 8: Future Business Directions - The Guangdong Provincial Architectural Design Institute plans to establish new subsidiaries to focus on emerging industries, including green construction and smart urban management [7] - The institute aims to enhance its competitiveness by developing high-quality, energy-efficient building products and expanding into smart city services and infrastructure [7]

Group 1 - UBS emphasizes the profound impact of the recent US tariff measures on the global economy, predicting a reduction in US real GDP growth to 1.6% by 2025 and an increase in inflation by 2 basis points [1] - The global economic growth forecast has been downgraded, with 2025 growth expectations lowered by 40 basis points to 2.6% and 2026 expectations down by 20 basis points to 2.5% [1] - UBS maintains a cautious stance on long-term US Treasuries, suggesting a long position in 30-year US Treasuries relative to swap rates, while also positioning in US 10-year breakeven inflation rates and 5-year euro inflation swaps [1] Group 2 - In the foreign exchange market, UBS suggests buying during periods of declining volatility rather than directly shorting the US dollar, based on the belief that the dollar index is undervalued [2] - For emerging market currencies, UBS recommends selective exposure to commodity currencies like the Brazilian real and Mexican peso, reflecting confidence in regional economic resilience [2] - UBS sets a year-end target for the S&P 500 index at 5300 points, indicating a potential upside of 7%, while cautioning that the market is entering a high valuation zone [2] Group 3 - UBS advises reallocating funds to local currency debt in Brazil, Mexico, South Korea, India, and Singapore instead of directly investing in stocks, due to the current interest rate environment [3] - UBS's growth forecast for Asian emerging markets is 0.3 percentage points higher than the IMF's prediction, influencing its asset allocation strategy [3] - UBS constructs a multi-layered defense system for risk hedging, recommending maintaining gold positions with a target price of $3500 per ounce, reflecting a focus on geopolitical risk premiums [3] Group 4 - UBS's strategy report reflects a risk management-oriented allocation approach, focusing on duration management, volatility trading, and regional selection amid global economic uncertainty [4] - The effectiveness of UBS's allocation framework will depend on the intensity of geopolitical tensions, central bank policy paths, and the actual resilience of the global economy [4]

Core Viewpoint - The urbanization rate in China is projected to reach 67% by the end of 2024, with over 940 million people living in urban areas [1] Group 1 - The Ministry of Housing and Urban-Rural Development reported that as of 2024, the urban population will exceed 940 million [1] - The comprehensive carrying capacity of cities is steadily improving, leading to enhanced living environments [1] - The quality of urban development and the living standards of the population have significantly increased [1]

证券研究报告 | 策略点评 2025 年 05 月 19 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 指数涨跌情况：今日 A 股主要指数窄幅震荡，涨跌互现。截止收盘，沪指收 平，报 3367.58 点；深证成指跌 0.08%，收报 10171.09 点；科创 50 收平，报 995.25 点；创业板指跌 0.33%，收报 2032.76 点。总体上，全天个股涨多跌 少，Wind 数据显示，全市场 3559 只个股上涨，1691 只个股下跌，160 只个股 收平。沪深两市今日成交额合计 10864 亿元，较上个交易日缩量 30.81 亿元。 投资策略研究 粤开市场日报-20250519 今日关注 行业涨跌情况：今日申万一级行业涨多跌少，综合、环保、房地产、国防军 工、社会服务、美容护理等行业领涨，食品饮料、汽车、银行、有色金属、 通信、医药生物等行业领跌。 板块涨跌情况：今日涨幅居前概念板块为一级地产商、重组、宠物经济、华 鲲振宇、南京市国资、ST 板块、食品加工精选、盐湖提锂、预制菜、光热发 电、新型城镇化、创业板低价股、城中村改造 ...

Core Viewpoint - Konka, once a leader in the Chinese television market, is facing significant challenges, including a substantial revenue decline and a shift in market position, necessitating a transformation to regain competitiveness [1][4][15]. Group 1: Financial Performance - In 2024, Konka reported a revenue decline of 37.73% to 11.115 billion yuan, with a net loss of 3.295 billion yuan, marking three consecutive years of negative net profit [1]. - The television business generated 5.028 billion yuan in revenue, a year-on-year increase of 6.78%, indicating it remains a significant part of Konka's operations [1]. - In Q1 2024, Konka achieved revenue of 2.544 billion yuan, a 3.32% increase, and a profit of 258 million yuan, a remarkable 141.79% year-on-year growth, representing its first quarterly profit in years [1]. Group 2: Market Position and Competition - Konka's market share has significantly declined, with major competitors like Hisense, Xiaomi, TCL, and Skyworth capturing nearly 80% of the market in 2024 [4]. - Historically, Konka held over 20% market share in the early 2000s, but has since fallen to a secondary position in the industry [2][4]. - The overall television market in China saw a slight decline in shipment volume in 2024, with a total of 35.96 million units shipped, reflecting a 1.6% decrease from 2023 [5]. Group 3: Strategic Challenges - Konka's internal strategic missteps, including a focus on diversification into sectors like semiconductors, have led to a decline in its core television business [6][15]. - The company's semiconductor business generated only 170 million yuan in revenue in 2024, accounting for just 1.53% of total revenue, highlighting the challenges in achieving scale in this sector [6]. - Konka's early emphasis on Micro LED technology has not yielded expected results, while competitors have successfully capitalized on Mini LED technology, which has seen explosive growth [8][9]. Group 4: Future Opportunities - The introduction of AI technologies in new product lines, such as the G9W Mini AI-LED television, aims to enhance market competitiveness [12]. - The growing demand for large-screen televisions presents an opportunity for Konka, with significant sales increases in 85-inch and 100-inch models [14]. - Konka is also expanding its overseas business, having established 23 new clients in 2024, indicating a strategic move towards global market penetration [14].