Group 1 - The 19th China International Machine Tool Exhibition (CIMT2025) was held in Beijing, showcasing the achievements of China's high-end equipment manufacturing industry, with Qizhong CNC presenting four new machine tool products and one core technology [1] - Qizhong CNC's precision vertical turning-milling-grinding composite processing center features a processing diameter of 2.5 meters, integrating multiple machining processes to significantly enhance production efficiency and precision [1][2] - The machine is widely applicable in industries such as engineering machinery, shipping, and energy, capable of efficiently completing high-precision machining tasks for large rotating parts [1] Group 2 - The processing center employs a direct-drive worktable design, eliminating traditional motor and gearbox components, which reduces cumulative errors and achieves high precision and rapid response [2] - This core advantage has led to an increasing market share in high-end processing fields, with products exported to manufacturing powerhouses like Europe, America, and Japan [2] - The DVT350 high-precision static pressure guide rail beam technology, developed by Qizhong CNC, features a multi-channel independent oil supply system that enhances precision and stability in various applications [2] Group 3 - Qizhong CNC's DVTG250×25/20B-MC double-column vertical turning-grinding processing center won the "Top Ten Independent Innovations" award for 2024, significantly improving efficiency by 600% in processing hard-sealed butterfly valves [3] - The company has delivered over 50,000 machine tools, with notable products recognized as "the main equipment of the Republic," reflecting its significant role in China's machine tool industry [3] - Qizhong CNC has set new records in heavy machine tool manufacturing, marking major breakthroughs in China's equipment manufacturing sector [3]

AI基金景顺长城品质投资混合A（000020）披露2025年一季报，第一季度基金利润2043.53万元，加权平均基金份额本期利润0.1458元。报告期内，基金净值 增长率为4.81%，截至一季度末，基金规模为4.38亿元。 该基金属于偏股混合型基金。截至4月24日，单位净值为2.982元。基金经理是詹成，目前管理6只基金近一年均为正收益。其中，截至4月24日，景顺长城沪 港深领先科技股票A近一年复权单位净值增长率最高，达14.78%；景顺长城产业臻选一年持有混合A最低，为6.58%。 基金管理人在一季报中表示，投资策略上，我们依然坚定围绕中国未来5-10年确定的产业方向来构建组合，我们重点关注三大方向：1）科技成长：科技创 新是时代的主旋律，同时政策会持续在"卡脖子"相关的高端制造领域发力，有能力实现突破的公司将迎来黄金成长期。2）高端制造：在安全发展的大战略 下，我们将重点挖掘能够实现自主可控和进口替代的高端制造行业的投资机会。3）医药：医药长期受益于人口老龄化和创新升级，核心标的长期业绩增长 确定强。 截至4月24日，景顺长城品质投资混合A近三个月复权单位净值增长率为-2.55%，位于同类可比基金447/ ...

Group 1 - The core viewpoint of the news highlights a positive market reaction in Hong Kong stocks, driven by a significant monetary policy easing from the People's Bank of China, which includes a 0.5% reduction in the reserve requirement ratio and a 0.1% cut in policy interest rates, injecting approximately 1 trillion yuan into the market [1] - The Hang Seng Index opened up by 2.24% and the Hang Seng Tech Index rose by 2.72%, with leading stocks such as Tencent Music, BYD Electronics, JD Health, Trip.com, Li Auto, and Meituan showing notable gains [1] - The recent earnings reports from major US tech companies, including Microsoft, Google, Meta, and Amazon, indicate a significant increase in capital expenditures and a sustained optimistic outlook on AI demand, which is expected to enhance investment sentiment in Hong Kong's AI industry chain [1] Group 2 - The Hang Seng Tech Index ETF (513180) is leading in both scale and liquidity among its peers in the A-share market, supporting T+0 trading, and it combines hard technology and new consumption attributes [2] - The ETF represents core assets in China's AI sector, focusing on the upstream, midstream, and downstream of the AI industry chain, with potential "seven giants" including Alibaba, Tencent, Xiaomi, Meituan, SMIC, and Lenovo [2] - Over half of the ETF's weight is in discretionary consumption sectors such as e-commerce, automotive, home appliances, and travel, featuring companies like NIO, Xiaopeng Motors, Xiaomi, Lenovo, Trip.com, and leading home appliance brands like Haier and Midea [2]

5月7日，港股大幅高开，恒生指数高开2.24%，恒生科技指数高开2.72%。相关ETF中，港股科技30ETF （513160）截至发稿涨1.71%，成交额超7500万元，换手率超5.6%，盘初交投活跃。成分股中，迈富时 涨超6%，瑞声科技、舜宇光学科技 、比亚迪电子、美团-W、快手-W等跟涨。 港股科技30ETF（513160）紧密跟踪恒生港股通中国科技指数，该指数跟踪可经港股通买卖，从事科技 业务并于香港上市的内地公司之表现。 中泰国际表示，内部政策面给予人工智能、高端制造、消费升级等具备"安全与发展"双重属性的板块更 多确定性溢价。美股科技巨头包括微软、谷歌、Meta、亚马逊等公司财报显示资本支出大幅增加，并 表明对AI需求持续乐观的态度，有助于强化港股AI产业链（硬件及软件）的投资情绪，AI产业链、机 器人、智能驾驶等相关股份有望继续获得超额收益。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 据上海证券报，截至5月6日，港股市场已有2507家企业披露2024年年报。数据显示，2024年港股公司整 体经营稳中有升，考虑汇率因素后，已发布年报的港股公司 ...

新质生产力持续赋能上市公司业绩增长。在人工智能、半导体、高端制造等赛道，一批上市公司在2025 年第一季度交出优异"成绩单"。 在人工智能领域，拓维信息系统股份有限公司、深圳市优博讯科技股份有限公司、中科星图股份有限公 司等多家上市公司今年第一季度归属于上市公司股东的净利润同比增长超1倍。 服务器龙头浪潮电子信息产业股份有限公司（以下简称"浪潮信息"）主业高速成长。第一季度公司实现 营业收入468.58亿元，同比增长165.31%；实现归属于上市公司股东的净利润4.63亿元，同比增长 52.78%。对于营业收入同比增长的主要原因，浪潮信息披露的公告显示，主要是客户需求增加，服务 器销售增长。 在半导体领域，有研新材料股份有限公司、江苏微导纳米科技股份有限公司、杭州长川科技股份有限公 司等多家上市公司第一季度归属于上市公司股东的净利润同比增长超1倍。 2025年一季度，A股上市公司业绩整体实现"开门红"。据《证券日报》记者梳理，截至5月6日午间，沪 深北交易所已有5391家上市公司披露了2025年一季报，其中4068家上市公司第一季度归属于上市公司股 东的净利润实现盈利，占比达75.46%。 中国电子商务专家服 ...

2025 年 5 月 6 日 星期二 ➢ 每日大市点评 贸易战及地缘紧张局势边际缓和，风险资产持续反弹，港股上周连续第三周上升，恒生指数全周升 2.4%，收报 22,504 点，已基本修复"对等关税"以来的跌幅。恒生科指上周上升 5.2%，收报 5,244 点。大市成交金额按周下降 26.3%至 1,705 亿港元，港股通全周净流入也下降至 12.4 亿港元。港股 12 大行业板块全线上升，其中信息科技及可选消费行业指 数分别以上升 5.0%及 3.7%领先。 全球主要股市基本修复对等关税以来的跌幅，铜等顺周期的大宗商品也自低位大幅回升，黄金等避险资产价格下降。上 周五亚洲货币出现异动，其中新台币单天大升 4.4%，离岸人民币上升 0.92%至 7.21 水平，韩元也大升 2.5%，港元也升至 强方兑换保证，是资金资金流入亚洲区的信号。海外股市、商品及外汇市场的积极表现，相信有利于港股跟随修复。如 果中美高层短期能够启动贸易磋商，情绪修复或推动恒生指数上试 23,200 点。 不过，当前恒生指数的预测 PE 回升至 10 倍，风险溢价低于滚动两年平均一个标准偏差，估值已从低位明显修复，叠加 4 月的中国 PM ...

Core Viewpoint - The company held an earnings briefing to discuss its 2024 annual and Q1 2025 performance, addressing investor inquiries regarding business impacts, revenue recognition, and growth strategies [2][3]. Group 1: Business Impact and Revenue Recognition - The company does not engage in trade with the U.S., and the impact of U.S. tariffs on its business is minimal. The focus will remain on expanding sales in international markets outside the U.S. [3] - The company's domestic revenue accounted for 89.07% of total revenue in 2024, while over 60% of orders came from overseas. This discrepancy is due to the long production and delivery times for large metallurgical equipment orders, which can take 12-18 months to fulfill [4]. Group 2: Business Expansion and Future Growth - The company has developed a complete "continuous casting - hot rolling - cold rolling" industrial chain, enhancing customer loyalty and entering high-value markets such as automotive and home appliances. This diversification is expected to optimize revenue structure [5]. - The company has invested 463 million yuan in its "Intelligent Equipment Production Base Construction Project," which is projected to significantly increase production capacity and shorten delivery times, allowing for expansion into non-metallurgical sectors [6]. - The breakthrough in the Indian market is a significant milestone for the company's overseas expansion, with India being the second-largest steel producer globally. The company has secured contracts that validate its technological capabilities and open up high-end equipment markets [8]. Group 3: Financial Performance - In 2024, the company reported revenues of 956 million yuan and a net profit of 56.35 million yuan. For Q1 2025, revenues were 117 million yuan with a net profit of 13.72 million yuan. The company holds 1.8 billion yuan in orders, which could drive performance recovery in 2025 [9].

Core Viewpoint - The export chain of listed companies in Q1 2025 is expected to perform well, driven by factors such as foreign trade enterprises "grabbing exports," accelerated expansion of mid-to-high-end products in overseas markets, and the ongoing efforts of the "Belt and Road" initiative. The net profit growth rate of the export chain in Q1 2025 is projected to be 15.33%, a significant increase of 14.54 percentage points compared to 2024A [1]. Group 1: Export Chain Performance - The net profit growth rate of the export chain in Q1 2025 is 15.33%, up from 0.80% in 2024A, outperforming the overall non-financial A-share market, which saw a decline of 12.94% [1]. - The export chain's performance indicates strong support from external demand over the past six months [1]. Group 2: Industry Overseas Revenue Proportion - As of the end of 2024, the highest overseas revenue proportion is in the electronics industry at 41.7%, followed by home appliances at 38.5% [2]. - Industries with over 20% overseas revenue proportions include automotive (26.5%), machinery manufacturing (23.8%), and light industry manufacturing (22.5%) [2]. - The light industry manufacturing sector saw a significant increase in overseas revenue proportion, rising by 4.76 percentage points compared to 2023 [2]. Group 3: Trends in Overseas Revenue - Since 2018, sectors such as automotive, personal care, and machinery have rapidly increased their overseas revenue proportions, reflecting a trend towards high-end, intelligent, and green exports [2]. - The electronics and communications sectors have experienced a noticeable decline in overseas revenue proportions due to geopolitical issues [2]. Group 4: Industry-Specific Developments - In 2024, industries such as non-ferrous metals and mid-to-high-end manufacturing have made significant progress in overseas business, with notable increases in overseas revenue proportions [4]. - The sectors with the most substantial marginal improvements in overseas revenue proportions include other electronics (+15.06 percentage points) and home goods (+9.23 percentage points) [4]. Group 5: Exposure to International Markets - The report categorizes industries based on their exposure to various international markets, highlighting those with high exposure to the U.S. and those with declining exposure [6]. - Industries currently with high exposure to the U.S. include home appliances, medical devices, and computer equipment, while sectors like communications and media have seen a decrease in U.S. exposure [6].

英国四十八家集团主席杰克·佩里近日接受新华社书面专访时表示，美国政府近期推出的一系列关税政 策显示，其贸易政策正从经济合作导向转向地缘政治导向，这一转变将给全球贸易带来更多不确定性。 新华社伦敦5月4日电 专访｜美关税政策加剧全球贸易不确定性——访英国四十八家集团主席杰克·佩 里 新华社记者赵修知 在谈到关税升级是否可能成为一种长期趋势时，佩里表示，局势仍有回转的空间，但这需要政治意愿和 商业现实的共同作用。他指出："历史告诉我们，保护主义结果将适得其反，长期看会削弱经济增长的 根基。" "扭转这种周期的动力并非来自理想主义，而来自基层的现实压力——来自那些无法在长期割裂中正常 运转的企业、消费者和产业。"佩里说。 关于英国经济和贸易的应对方向，佩里强调，中国是英国至关重要的贸易对象。这不仅体现在贸易规模 上，更体现在能源转型、基础设施、人工智能和高端制造等关键领域。 佩里表示，英国企业对中国的兴趣实际上在持续加深。"他们不再问'我们是否应关注中国'，而是问'我 们如何在中国建立可持续的合作关系'。这表明他们的关注已经从表层兴趣转向了深层次的战略合作。" "美国的这一举措传递出一个信号：市场逻辑正在让位于政治 ...

内容概要：随着我国制造业向高端化、智能化方向发展，航空航天、汽车制造等行业对高精度、高性能 CBN砂轮的需求日益旺盛，此外，随着新能源汽车、5G通信、工业机器人等新兴产业蓬勃发展，带来 了大量的零部件高精度加工需求，例如，新能源汽车的电机、电池等关键部件的生产，需要使用CBN 砂轮进行精密磨削；5G通信领域的基站建设、芯片制造等也对CBN砂轮有较高的需求，庞大的市场需 求带动我国CBN砂轮行业市场规模持续扩容，据统计，2024年中国CBN砂轮行业市场规模达8.93亿元， 同比增长4.44%。 相关企业：安徽威铭耐磨材料有限公司、江苏赛扬精工科技有限责任公司、沈阳中科超硬磨具磨削研究 所、昆山鑫轮超硬磨具有限公司、郑州磨料磨具磨削研究所有限公司、江西振新砂轮有限公司、湖南兴 大新材料有限公司、河南富莱特超硬磨具有限公司、青岛四砂泰益研磨有限公司、北京荣锋精密工具有 限公司、四砂泰利莱（青岛）研磨股份有限公司、河南省亚龙超硬材料有限公司、郑州众邦超硬工具有 限公司、苏州赛力精密工具有限公司 关键词：CBN砂轮发展背景、CBN砂轮产业链、CBN砂轮市场规模、CBN砂轮竞争格局、CBN砂轮发 展趋势 一、概述 CBN ...