每经记者 吴永久 每经编辑 闫峰峰 4月的股市在今日收官，这也是五一假期前的最后一个交易日。在本月里，商业百货、环氧丙烷、电力股受到游资青睐，涨幅居前。其中，联合化学、国 芳集团、红宝丽涨幅位居前三名，本月涨幅分别为159%、117%、104%。 在每日经济新闻APP举办的掘金大赛中，第58期比赛于今日结束。其中冠军"每经网友84493"收益率45.25%，亚军"每经网友70369"收益率34.47%，季 军"八一哥龙虎榜"收益率30.88%。本期比赛共562名选手取得正收益，他们都将获得现金奖励。 从4月的月度积分王来看，选手"美工刀"以14分位居第一名，选手"小小天罡"以11分位居第二名，选手"每经网友84493"以10分位居第三名。根据比赛规 则，当月度总积分相同时，以当月最后一期比赛的收益率进行排名，前100名选手都将获得现金奖励。 如果您的税前获奖金额超出100元，则需要报税，需获奖用户提供真实姓名、身份证号和手机号等信息以便报税。本期比赛奖励将于5月6日发放，恭喜大 家获奖。奖励查询方式：在每日经济新闻APP的主页上，点击右上角的"个人中心"（右上角头像），在"我的钱包"就可查询奖励，支付宝提现。 ...

据了解，自2月1 7日民营企业座谈会以来，中国银行已对座谈会参会企业和5 0 0强民企中泛科 技客户开展营销调研、邀约客户座谈、组织编写优秀服务案例等一系列的营销和对接活动， 并于3月1 2日举办全国工商联-中国银行民营企业座谈会及中国银行支持民营企业高质量发展 暨共建"一带一路"服务方案发布会。 4月29日，中国银行公布一季度业绩。数据显示，截至3月末，中国银行资产总额35.99万亿元，较年初 增长2.64%；负债总额33.02万亿元，较年初增长2.84%，业务规模平稳增加。实现营业收入1,649亿 元，同比增长2.41%；实现税后利润586亿元，财务效益保持稳健。净息差1.29%，平均总资产回报率 （ROA）0.66%，净资产收益率（ROE）9.09%，成本收入比26.17%，主要指标保持合理区间。 国有大行是实体经济的"稳定器"和"压舱石"。对于包括中国银行在内的国有大行而言，稳健 的经营业绩是"成绩单"的一面，"成绩单"的另一面，是服务实体经济、服务国家战略的具体 行动。随着一季报发布，中国银行以金融力量助力稳经济的具体行动进一步显现。 促消费的"先锋军" 消费是拉动经济增长的主引擎。今年的《政府工作 ...

Market Overview - The A-share market showed a slight decline with major indices experiencing minor fluctuations, indicating a cautious market sentiment ahead of the May Day holiday [4][9] - The total market capitalization of the Shanghai Composite Index is 633796 billion, with a PE ratio of 11.61 and a PB ratio of 1.20, while the Shenzhen Component Index has a market cap of 209389 billion, with a PE ratio of 19.48 and a PB ratio of 2.04 [3] Industry Dynamics - In May 2025, China's battery production is expected to increase by 14.8% month-on-month, with energy storage cell production accounting for approximately 26% of total output [27] - The report highlights the growth in the AI application sector, particularly following advancements from major companies like Alibaba, which is expected to drive market interest in AI-related investments [10] Company Performance - CITIC Securities (600030.SH) reported a Q1 2025 revenue of 177.61 billion, a year-on-year increase of 29.1%, and a net profit of 65.45 billion, reflecting a 32.0% increase [28] - Zhejiang Rongtai (603119.SH) achieved a total revenue of 11.35 billion in 2024, a 41.8% increase year-on-year, with its new energy business contributing significantly to growth [31] - WuXi AppTec (603259.SH) reported Q1 2025 revenue of 96.55 billion, a 20.96% increase year-on-year, with strong performance in its chemical business [33] - Defang Nano (300769.SZ) faced significant losses in 2024, with a net profit of -5.16 billion in Q4, indicating challenges in the market [35] - Xingyuan Material (300568.SZ) reported a Q1 2025 net profit of 0.47 billion, a decrease of 56.39% year-on-year, despite a significant quarter-on-quarter increase [37]

4月30日，A股早盘震荡拉升，创业板指领涨，截至9:46，沪指涨0.08%，深证成指涨0.63%，创业板指 涨1.02%。 财信证券表示，4月份重要会议政策总基调既积极有力，又留有余地。预计"五一"假期之前市场或以继 续震荡整理为主，操作方面以防守型策略为主。"五一"假期之后，在海外关税扰动、国内政策加力、上 市公司年报及一季报等密集落地后，市场有望走出震荡向上的结构性行情。 盘面上，科技股领涨，AI眼镜概念股走强，瀛通通讯涨停;零售板块表现活跃，茂业商业走出5连板。下 跌方面，高股息板块走低，银行、电力等方向领跌，华夏银行跌超8%。 展望后市，银河证券表示，风格切换出现或是节后，市场可能再度进入偏题材炒作的状态。另一方面， 资金结构变化的过程中，要小心纯资金推升的妖股风险。 热门板块 1、算力板块走强 2、零售板块活跃 零售板块表现活跃，茂业商业走出5连板，翠微股份、莱绅通灵涨停，中兴商业、红旗连锁、文峰股 份、友好集团等涨幅靠前。 点评：消息面上，数据显示，一季度，社会消费品零售总额12.47万亿元，同比增长4.6%，增速比上年 全年加快1.1个百分点。其中，3月份增长5.9%。 3、AI眼镜概念走强 A ...

Core Viewpoint - Lishang Guochao (600738) reported a revenue of 660 million yuan for 2024, benefiting from national policies aimed at boosting domestic consumption, which provides significant growth opportunities for the company [1] Financial Performance - In 2024, the company achieved a net profit of 72.55 million yuan, with basic earnings per share of 0.10 yuan [1] - The Q1 2025 report showed a revenue of 177 million yuan and a net profit of 58.84 million yuan, with basic earnings per share of 0.08 yuan [1] Shareholder Returns - The company proposed a cash dividend of 1.5 yuan per 10 shares for 2024, totaling 11.03 million yuan, and has distributed a cumulative cash dividend of 168.56 million yuan over the past three years [2] - The company repurchased 7,278,466 shares, accounting for 0.96% of total shares, with a total expenditure of 31.07 million yuan [2] - The controlling shareholder announced a plan to increase holdings by 1% to 2% of total shares, with a maximum expenditure of 76.13 million yuan, reflecting confidence in the company's value [2] Market Management - The company reported a stable performance in its professional market management, with high occupancy rates of 96.5% in Hangzhou and 95.6% in Nanjing [3] - Revenue from professional market management reached 419.23 million yuan, a growth of 2.73%, with a gross margin of 76.10% [3] - The company implemented a digital management strategy, enhancing operational efficiency and merchant activity through platforms like "Lida Tong" and "Lichao Purchase" [3] Asset Optimization - The company aims to empower merchants by optimizing rental structures and enhancing the rental space of core locations [4] - The asset management business is expected to maintain stable performance and ensure a certain asset yield [4] Retail Sector Revitalization - Lishang Guochao's core retail asset, Lanzhou Eurasia Shopping Mall, has undergone multiple adjustments to improve customer experience and has introduced nearly 60 new brands [5] - The company successfully increased member engagement and loyalty through targeted marketing strategies, resulting in higher member spending and recruitment [5] - The integration of online and offline retail models has attracted significant consumer attention [5] New Retail Development - The new retail sector showed signs of recovery in 2024, with the company leveraging its advantages to establish a comprehensive supply chain system [6] - The company is focused on providing all-around service support through e-commerce, logistics, and advertising [6] Strategic Outlook - The company plans to capitalize on national policies aimed at boosting domestic consumption, focusing on traditional business consolidation and digital transformation [7] - Future strategies include upgrading the industrial chain and creating an internal ecosystem centered around core business operations [7]

三大指数走势较为低迷，上证指数收盘微跌 0.05%，报收于 3 2 8 6 . 6 5 点，全天波动范围 极为有限，在窄幅区间内震荡运行。从个股涨跌分布来看，市场呈现出涨多跌少的格局， 上涨个股数量超过3 7 0 0家。而跌停个股数量多达58家，反映出市场内部存在明显的两极 分化现象。这种分化表明，尽管整体市场看似平稳，但不同个股和板块之间的表现差异巨 大，结构性行情特征显著。 盘面上， PEEK材料概念股大涨，聚赛龙、新瀚新材、中欣氟材涨停。 美容护理板块午 后持续拉升，丸美生物涨停，芭薇股份、锦波生物、上海家化涨幅居前。其它个股方面， 步步高、茂业商业午后拉升涨停走出"地天板"。 电力板块今日回调，韶能股份、乐山电 力、西昌电力、广西能源等股跌停。白酒板块亦表现落后，迎驾贡酒盘中跌停，洋河股 份、古井贡酒、山西汾酒跌幅居前。 01降准时机已到？ 具体来看，一是财政政策方面， 会议强调"加快地方政府专项债券、超长期特别国债等发 行使用" ，财政政策仍然是用好用足政策工具，第二季度政府债券发行仍将保持较快节 奏。 二是货币政策方面，会议延续了适度宽松、保持流动性充裕等表述，预计支持性的货币政 策导向不变。 降 ...

Investment Rating - The report maintains an "Overweight" rating for the banking sector, indicating a positive outlook for the industry in 2024 [1][3]. Core Insights - The banking sector is expected to show stable performance in 2024, with a projected increase in net profit growth and a reduction in liability pressure. As of April 17, 2024, 26 listed banks reported a year-on-year revenue growth of 2.88% and a net profit growth of 5.29% in Q4 2024 [3][12]. - The report highlights the importance of government policies such as potential interest rate cuts and increased investment in state-owned banks to support economic stability amid external uncertainties [3][27]. - The banking sector is likely to attract risk-averse capital due to its defensive characteristics and stable dividends, especially in a low-interest-rate environment [3][37]. Summary by Sections 1. Fundamentals - In Q4 2024, 26 listed banks achieved a total revenue of 5.21 trillion yuan, with a slight year-on-year decline of 0.36%. However, net profit reached 1.98 trillion yuan, reflecting a year-on-year increase of 2.01% [12][23]. - The net interest income for 2024 decreased by 2.03%, but showed a positive growth of 0.39% in Q4, indicating a recovery trend [17][19]. - Loan issuance for 2024 reached 158.27 trillion yuan, a year-on-year growth of 7.97%, although the growth rate has slowed compared to 2023 [17][23]. 2. Policy Environment - The report emphasizes the need for further policy support to stabilize the economy, particularly through potential interest rate cuts and increased focus on domestic demand [27][36]. - The government aims to enhance consumer spending and investment through various initiatives, including special bonds to support consumption and infrastructure projects [42][44]. - The Ministry of Finance plans to inject 500 billion yuan into major state-owned banks to strengthen their capacity to serve the real economy [45][46]. 3. Financial Environment - The banking sector is expected to continue receiving inflows of risk-averse capital, particularly as external market conditions remain volatile [3][37]. - The report notes that the average net interest margin for 26 listed banks in 2024 was 1.64%, a decrease from the previous year, but with expectations of gradual recovery as loan re-pricing pressures ease [19][21]. - The average non-performing loan ratio for these banks improved to 1.15% in 2024, indicating better asset quality management [23][26].

港股市场策略周报 2025.4.21-2025.4.27 | 分析师： | 沈凡超 | | --- | --- | | 中央编号： | BTT231 | | 联系电话： | 852-4623 5564 | | 邮箱： | hector@cnzsqh.hk | 1 港股市场策略周报 - 投资要点 l 港股市场表现回顾： 2 n 美方对华关税表态有所缓和，中美贸易摩擦存在降温可能，带动本周市场继续反弹。本周恒生综指/恒生指数/恒生 科技分别+3.15%/+2.74%/+1.96%。本周市场一级行业板块除电讯业外全部收涨，风格再次从红利防守偏向顺 周期，医疗保健业和资讯科技业涨幅靠前，周涨幅分别在8%和6%左右。 n 截至本周末，恒生综指的5年PE（TTM）估值分位点升至55%左右，估值水平仍在5年均值以下。 l 港股市场宏观环境： n 基本面：政治局会议继续坚持稳中求进的工作总基调，会议强调当下外部形势严峻，同时强调了扩内需的紧迫性。 n 资金面：中美贸易摩擦仍处僵局，美方态度有所松动；南向资金明显降温，本周净流出，中断了连续34周净流入的 纪录。 l 港股市场展望： n 基本面：3月工业企业利润数据在政策端支持 ...

Group 1: Tourism and Economic Development - Yaan City, located in the geographical center of Sichuan Province, is expected to receive over 27 million tourists and generate over 26 billion yuan in tourism revenue in 2024 [1] - The People's Bank of China Yaan Branch is implementing policies to boost consumption and expand domestic demand, focusing on rural tourism and health tourism [1] Group 2: Financial Support for Night Economy - The Yaan Branch of the People's Bank of China is guiding local banks to provide differentiated financial support for the night economy, including customized loans for street vendors [2] - Yaan Commercial Bank has launched a "Business Easy Loan" with a maximum credit limit of 10 million yuan to support the upgrade and expansion of accommodation and dining businesses [2] - Since 2025, local banks have utilized relending funds to issue 133 million yuan in loans to individual businesses at an average interest rate of 3.65% [2] Group 3: Quality Improvement in Cultural and Tourism Consumption - The Yaan Branch of the People's Bank of China is increasing credit support for the cultural and tourism industry, facilitating financing connections through government and enterprise meetings [3] - Specialized loan products such as "Lejia Tour," "Huiyi Loan," and "Homestay Loan" have been introduced, with approximately 370 million yuan issued by 2025 [3] - A risk-sharing fund of 50 million yuan has been established to support the development of the cultural and tourism industry, leading to the issuance of 2.19 billion yuan in loans [3] Group 4: Growth of Elderly Care and Childcare Services - The Yaan Branch of the People's Bank of China is encouraging banks to meet the financing needs of existing elderly care and childcare service providers [4] - Local banks have launched personal consumption loan products like "Easy Care Loan" to enhance consumption security for elderly services [4] - By early 2025, local banks have provided 823 home service transactions and 397 remote video services for elderly individuals, totaling 40.6165 million yuan [4]