Group 1 - Multiple military ETFs experienced significant gains, with the Invesco Aerospace & Defense ETF rising by 4.58%, the Penghua Defense ETF increasing by 4.37%, and the Harvest High-end Equipment ETF up by 4.27% [1] - The central enterprise technology sector also saw an upward trend, with the Yinhua Central Enterprise Technology Leading ETF rising by 2.36% and the Southern Central Enterprise Technology ETF increasing by 2.32% [1]

据国家电投集团官网信息，白音华煤电旗下的露天矿位于内蒙古锡林郭勒盟西乌珠穆沁旗白音华化工园区内，上述露天矿是国家重点建设的13个大型煤炭基 地之一，是国家能源重点发展地区，更是国家电投集团发展的重点区域和能源基地。 5月5日晚间，电投能源（002128.SZ，停牌）公告称，于4月30日公司收到实际控制人国家电力投资集团有限公司（以下简称国家电投集团）《关于筹划发行 股份及支付现金购买资产并募集配套资金暨关联交易事项的通知》，拟以国家电投集团内蒙古白音华煤电有限公司（以下简称白音华煤电）的股权与电投能 源进行资产重组。电投能源拟通过发行股份及支付现金方式购买上述标的资产，并将视具体情况募集配套资金。 每经记者 王佳飞 每经编辑 杨夏 能源巨头资产重组再迎"大动作"。 电投能源预计在不超过10个交易日的时间内披露本次交易方案，即在5月20日前披露相关信息。 公告显示，白音华煤电经营范围包括矿产品生产和销售、煤化工、煤提质、粉煤灰综合利用和成品销售，常用有色金属冶炼等。 记者注意到，白音华煤电的经营性资产的经营权和其投资所形成的股权目前均处于被电投能源托管状态。为了提高国有资本配置效率，充分整合资源、发挥 规模效应 ...

明确告诉各位投资者！ 2025年国企改革迎来高潮，电力行业重组潜力巨大！ 2025年是国企改革的关键节点，作为收官之年，这一年将见证企业业绩的爆发式增长，国家队豪掷600 亿强势入场！ 远达环保斥资277亿元收购水电资产，目标是成为国家电投体系内的核心整合平台。其战略定位日益清 晰，计划以277亿元拿下五凌电力63%股权和长洲水电64.93%股权。通过这一布局，远达环保将担起国 家电投水电资产整合的重任。 4.电投产融 电投产融依托核电和金融业务的协同效应，持续强化其资本运作能力。作为国电投的重要资本平台，公 司正在实施一项重大资产调整：将电投核能100%股权纳入，同时剥离资本控股100%股权，聚焦核电投 资和金融服务两大主业。 5.电流央企重组——新能源资产注入的超级明星。 这家企业即将迎来5GW规模的风电与光伏资产注入，资产证券化进程提速。需知晓这家公司的友友莱 弓zhong呺：秦板。。更值得关注的是公司净利润连续两年增长分别为435.21%、229.7%，2024年年报 净利润高达45亿元，因此吸引了244家机构投资者持有流通股的78.54%股份，外资更是超4亿元，作为 集团内部资产整合的关键平台，公司 ...

行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 05 月 05 日 风偏快速修复下，科技成长再唱主 角 看好 ——2025/4/25-2025/5/2 汽车周报 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 产 业 汽车 ⚫ 观点：车展带动的不仅是观望需求的兑现，更是市场对行业发展新方向的判断。明显感 受到车展期间的风偏向上，为我们看好科技成长提供了支撑。其中包括小米（舆情压制 已逐步消散，市场开始期待 Yu7 发布），华为车（尊界上市在即，江淮关注度提升）， 小马智行（Robotaxi 新车发布带来盈利改善），小鹏、零跑、吉利等。零部件包括拓 普、三花、福达、冠盛均有不俗表现。一季报发布完毕，整体营收复合预期的情况下， 供应链盈利能力略有压力。但 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 01 年 月 日 保利发展（600048.SH） 多因素致业绩下滑，销售规模稳居榜首 毛利率下滑和计提减值致 2024 年业绩承压。2024 年公司营业收入 3116.7 亿元， 同比减少 10.1%；归母净利润 50 亿元，同比下降 58.6%；扣非后归母净利润 42.6 亿元，同比下降 63.9%。公司业绩大幅下滑主要由于：（1）低毛利项目结转导致 公司 2024 年毛利率同比下降 1.9pct 至 14.1%；（2）投资净收益同比减少 19.1% 至 17.9 亿元；（3）计提资产减值损失和信用减值损失分别为 50.6 和 6.7 亿元，同 比分别增加 0.1 和 6.3 亿元，资产减值损失中包含存货跌价准备 49.7 亿元，主要 为厦门、昆明、东莞、武汉、德阳、佛山等地项目。2025 年一季度实现营业收入 542.7 亿元，同比增长 9.1%；毛利率 16.1%，同比下降 2.5pct；归母净利润 19.5 亿元，同比减少 12.3%。鉴于公司 85 亿元定向可转债发行获批，为确保发行顺 利，公司延迟审议 2024 年度利润分配 ...

Core Viewpoint - The change in controlling shareholder of Konka Group to China Resources is expected to revitalize the company, which has struggled in the competitive electronics market, particularly in the television sector [2][6]. Shareholder Change - On April 29, Konka Group announced that nearly 30% of its shares held by Overseas Chinese Town Group would be transferred to two wholly-owned subsidiaries of China Resources, with the actual controller remaining the State-owned Assets Supervision and Administration Commission [2][3]. - Following the announcement, the stock price of Shen Konka A surged by 42% from the closing price on April 8, reaching 5.45 yuan [2]. Business Transition - The transfer of shares will result in China Resources' subsidiaries, Panshi Run Chuang and He Mao Company, holding approximately 30% of Shen Konka's shares, with Panshi Run Chuang owning about 21.76% of A shares [3]. - Konka Group, founded in 1980, has undergone significant changes, with the new controlling shareholder expected to enhance its capital support and resource allocation [3][4]. Industry Synergy - Experts believe that China Resources' diverse business portfolio, including real estate and microelectronics, could create synergies with Konka's smart home and semiconductor operations [4]. - However, there are concerns about potential competition between Konka's semiconductor business and China Resources' Jiangsu Changdian Technology, leading to commitments to avoid conflicts [4]. Financial Performance - In Q1 2024, Konka reported revenue of 2.544 billion yuan, a year-on-year increase of 3.32%, but still faced a net loss of 440 million yuan after adjustments [6]. - The 2024 financial report indicated a significant decline in revenue to approximately 11.1 billion yuan, down 37.73% year-on-year, with a net loss of about 3.3 billion yuan [6][8]. Market Challenges - The television market has become increasingly competitive, with a reported decline in overall shipments in 2024, highlighting the challenges faced by Konka in maintaining its market position [7]. - Despite efforts to pivot towards semiconductor technology, Konka's semiconductor and storage chip business accounted for only 1.53% of total revenue, reflecting a nearly 95% year-on-year decline [8]. Future Outlook - Analysts suggest that Konka must undergo significant transformation to survive, as its traditional television business faces challenges from outdated branding and product misalignment [8].

截至2025年4月30日 11:23，中证央企创新驱动指数(000861)下跌0.16%。成分股方面涨跌互现，锐科激光(300747)领涨4.42%，萤石网络(688475)上涨3.88%， 深桑达A(000032)上涨3.78%；昊华科技(600378)领跌6.78%，中国通号(688009)下跌4.85%，招商银行(600036)下跌3.19%。央企创新驱动ETF(515900)下跌 0.14%，最新报价1.4元。流动性方面，央企创新驱动ETF盘中换手0.12%，成交413.75万元。拉长时间看，截至4月29日，央企创新驱动ETF近1年日均成交 3899.66万元，居可比基金第一。 4月30日，在第八届数字中国建设峰会期间举办的2025智能云生态大会主论坛上，国家数据局副局长表示，近期，国家数据局将联合国务院国资委加快推动 中央企业高质量数据集建设，充分发挥央企的示范引领作用。副局长表示，国家数据局将支持企业围绕业务协同等需求，开展点对点数据流通交易，创新打 造行业数据流通交易平台，支持数据交易机构互联互通，打破区域壁垒，畅通数据要素流通渠道，鼓励数商企业、第三方研究机构等大力开展数据技术创 新，前沿场景 ...

Group 1 - The core point of the article is the transfer of shares in Deep Konka A, where the controlling shareholder changes from Overseas Chinese Town Group to Panshi Run Chuang, with the actual controller remaining as the State-owned Assets Supervision and Administration Commission of the State Council [1][2] - The share transfer agreement was signed on April 29, and after the transfer, Panshi Run Chuang and He Mao Company will hold a combined 29.999997% of the company's shares [1] - The company aims to optimize resource allocation through professional integration among state-owned enterprises, as indicated in a prior announcement on April 8 [1][2] Group 2 - Deep Konka A reported a first-quarter revenue of 2.544 billion yuan, a year-on-year increase of 3.32%, and a net profit attributable to shareholders of 94.81 million yuan, marking a turnaround from a loss of 510 million yuan in the same period last year, representing a growth of 118.59% [2] - As of April 29, the stock price of Deep Konka A rose by 1.64% to 4.95 yuan per share, with a total market capitalization of 8.68 billion yuan [2] - The company, established in 1980 and previously known as the "King of Chinese Color TVs," has a registered capital of 2.48 billion yuan and focuses on multimedia and white goods production and sales [2]

Investment Rating - The report maintains a "Recommended" rating for Sinopec (600028.SH) [6] Core Views - The exploration and development segment showed a slight increase in production, but overall profits declined due to lower prices and costs [1][2] - The refining business faced significant profit declines due to weak diesel demand and reduced refining margins [2] - The marketing and distribution segment experienced a drop in refined oil sales, although vehicle LNG sales saw substantial growth [2] - The chemical segment demonstrated effective cost reduction strategies, leading to a reduction in losses [3] - Shareholder confidence is highlighted by the recent share buyback plan initiated by the controlling shareholder [3] Summary by Sections Exploration and Development - In Q1 2025, Sinopec achieved an oil and gas equivalent production of 130.97 million barrels, a year-on-year increase of 1.7% - Crude oil production was 69.53 million barrels, down 1.2% year-on-year, while natural gas production rose by 5.1% to 3,684 billion cubic feet - The average realized price for crude oil was $71.5 per barrel, down 5.2% year-on-year, and for natural gas, it was $7.6 per thousand cubic feet, down 3.5% - Cash operating costs for oil and gas were $14.4 per barrel equivalent, a decrease of 5.3% year-on-year, resulting in an EBIT of 13.63 billion yuan, down 8% year-on-year [1] Refining - The refining segment produced 16.18 million tons of gasoline, 12.70 million tons of diesel, and 8.31 million tons of kerosene, with diesel production down 13.9% year-on-year - The refining margin was $6.2 per barrel, a decline of 13.3% year-on-year, leading to an EBIT of 2.39 billion yuan, down 65.3% year-on-year [2] Marketing and Distribution - Total refined oil sales were 55.59 million tons, a decrease of 7.1% year-on-year, with domestic and international sales down 5.3% and 12.7% respectively - Vehicle LNG retail sales reached 2.05 billion cubic meters, a significant increase of 116% year-on-year - The cash cost per ton of oil sold was 186.2 yuan, a slight increase of 2.6% year-on-year, resulting in an EBIT of 4.87 billion yuan, down 43.9% year-on-year [2] Chemical - The chemical segment's total operating volume was 19.97 million tons, up 2.4% year-on-year, with ethylene, synthetic resin, and fiber monomer and polymer production increasing by 17.7%, 17.4%, and 27.0% respectively - The unit cost for chemicals was 1,193 yuan per ton, down 12.9% year-on-year, leading to an EBIT loss of 1.32 billion yuan, a reduction in losses compared to previous periods [3] Shareholder Confidence - On April 8, 2025, the controlling shareholder announced plans to increase its stake in Sinopec A-shares and H-shares within 12 months, with 24.73 million shares already acquired by April 25, 2025, reflecting confidence in the company's future [3] Financial Forecast - Expected net profits for 2025, 2026, and 2027 are projected at 46.38 billion yuan, 50.08 billion yuan, and 52.39 billion yuan respectively, with corresponding EPS of 0.38 yuan, 0.41 yuan, and 0.43 yuan per share [4][5]

2025 年 04 月 28 日 车展后观望需求将快速回归，出口 预期也在逐步回暖 看好 ——2025/4/18-2025/4/25 汽车周报 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com 行 业 研 究 / 行 业 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 ⚫ 观点：车展前消费者有一定观望情绪，对于价格和产品力的期待延缓了订单释放。目前 众多 SUV 车型已亮相，将对中大型 SUV 的整体需求起到刺激作用。同时终端价格政策 也进一步帮助企业冲刺 5/1 行情的增长。而车展期间科技仍是主要亮点之一，高阶 L3， 机器人等产品吸引了中外消费者眼球。同时出口预期也在近期有所修复，对整体零部件 板块估值有所支撑。因此我们认为后续行情在有需求 beta 支撑的情况下将在强势品牌 和强α零部件企业中展 ...