重磅回购也在周末出现。3月28日晚，美的集团披露股份回购计划，拟用50亿元至100亿元回购公司股 份，其中70%及以上将用于注销以减少注册资本，且已取得不超过90亿元的贷款资金银行承诺函。 行业方面亦是利好不断，特别是具身智能机器人等。在电动汽车百人会论坛采访间，长城汽车CTO吴会肖 透露，目前长城已经与宇树科技签订战略协议。合肥设立100亿元未来产业基金推动智能机器人产业发 展。3月30日，中关村战新基金在2025中关村论坛年会上正式发布，规模100亿元，聚焦投资战略新兴产 业和未来产业，培育和服务一批优质企业加速发展。 撬动4万亿信贷增量？ 据交通银行、中国银行、建设银行和邮储银行发布的公告，四家国有大行此次拟发行规模均不超过发行前 总股本的30%，合计募资规模达5200亿元。其中，中国银行、建设银行分别拟发行不超过272.73亿股、 113.27亿股，每股发行价分别为6.05元、9.27元。财政部将分别出资1650亿元、1050亿元认购两家银行 全部新增股份。 对于银行本身而言，有机构认为，邮储2024年末核心一级资本充足率9.56%，建行虽达14.48%，但信贷 扩张压力下需未雨绸缪。注资后邮储普通一 ...

Investment Rating - The report maintains a "Buy" rating for China Railway Group Limited (601390.SH) [5] Core Views - The company's 2024 total revenue is projected to be 1,160.3 billion, a decrease of 8% year-on-year, with a net profit attributable to shareholders of 27.9 billion, down 17% year-on-year [1] - The company experienced significant cash flow improvement in Q4, with a net cash inflow of 99.3 billion, an increase of 27.2 billion year-on-year [1] - The company is accelerating its expansion into new strategic industries such as water conservancy and clean energy, with new contract amounts in these sectors showing substantial growth [2] Financial Performance Summary - For 2024, the company achieved a comprehensive gross margin of 10%, a decrease of 0.17 percentage points year-on-year, primarily due to a decline in high-margin investment business scale [1] - The net profit margin for the year was 2.4%, down 0.25 percentage points year-on-year, while the Q4 net profit margin was 2.2%, down 0.35 percentage points year-on-year [1] - The company’s total operating cash flow for the year was 28.1 billion, a decrease of 10.3 billion year-on-year [1] Business Segment Performance - The infrastructure segment generated revenue of 992.9 billion, down 9% year-on-year, with railway, highway, and municipal revenues showing mixed results [1] - The mining resources segment contributed 11% to the total net profit, with copper prices rising, which is expected to drive profitability [3] - New contracts in emerging businesses, including water conservancy and clean energy, increased by 11% year-on-year, indicating a positive trend in strategic new industries [2] Future Projections - The report forecasts net profits for 2025, 2026, and 2027 to be 28.1 billion, 28.3 billion, and 28.9 billion respectively, with corresponding EPS of 1.13, 1.14, and 1.17 [3][4] - The projected P/E ratios for the next three years are 5.1, 5.1, and 5.0, indicating a stable valuation outlook [4]

杨燕指出， 这一波忙起来的投资人有个共性——"基本都是被De eps e ek刺激到了 。大家也看 到了AI这一波的投资机会是比较具有确定性的，赶紧动起来。毕竟，这几年大家都放缓出手， 也不知道投点什么好，好不容易看到了新机会。" 今年一季度，一级投资人又忙起来了。 "从过完年开工到现在，只在自己家住了六天，其余时间都在外面出差。虽然2 0 2 4年过得很不 容易，但越是下行周期，越不能躺平。并且，今年我们确实看到了不少新机会，才动起来的， 近期遇到不少同行交流，大家的体验也都是今年变忙了。"上海VC投资人杨燕（化名）告诉母 基金研究中心。 母基金研究中心关注到，此前，2 0 2 4一整年，一级市场上有大量"零出手"的机构。从GP角度 来说，"不是不想投，是有钱也不敢投"——"一方面是项目竞争激烈，现在热门的投资方向都 是硬科技、新能源新材料等战略新兴产业，项目估值被推高的很厉害，没什么可选择的空间， 没什么可以投的，而另一方面就是退出难倒逼投资也谨慎了，老股转让打骨折都难出手，很多 在过去投的时候认为好的项目估值下调严重。在复杂多变的市场形势下，不出手是最好的选 择，不投就不会亏呀。并且我们现在最看重DPI ...