4月29日上午，华勤技术（603296.SH）以全景投资者关系互动平台直播、上证路演中心视频转播和网 络互动形式举办2024年度暨2025年第一季度业绩说明会，同时公司在"华勤技术"官方微信视频号开启了 视频直播，这是公司本次业绩说明会形式的重大创新，兼顾活跃于各平台的众多投资者，与大家保持高 效的互动交流。 业绩说明会上，公司表示，2024年实现经营业绩稳步增长，业务布局持续优化，战略布局纵深推进。公 司全年营业收入1098.8亿元，同比增长28.8%；归母净利润达29.3亿元，同比增幅8.1%，归母扣非净利 润23.5亿元，同比增长8.4%。2025年一季度，公司延续高增长态势，营业收入、归母净利润、归母扣非 净利润三大经营指标分别实现同比增长115.6%，39.0%和43.6%，实现首季强劲开局，发展韧性与行业 引领力进一步增强。 针对外部环境波动的不确定性和全球市场需求的多元化，董事会秘书李玉桃表示，公司不断纵深推 进"China+VMI"全球制造布局，目前已形成国内核心基地和海外VMI基地的双供应体系，即国内制造以 东莞和南昌为主，海外在VMI（越南，墨西哥，印度），制造布局覆盖海内外网络。2024 ...

Earnings Reports - Apple (AAPL) is expected to provide insights on the China-US tariff situation, which is crucial given its manufacturing exposure [3][4] - Amazon (AMZN) will also report earnings, with a focus on trade tariff commentary and AWS performance as key indicators [5] - Meta (META) and Microsoft (MSFT) are set to report, with Microsoft being viewed as potentially tariff-proof due to its software-centric business model [6] Economic Data - GDP data for the first quarter is scheduled for release, which could influence broader market discussions, especially if a contraction is reported [8] - The PCE index will be released, serving as an important inflation gauge; a steady or declining inflation rate may lead to considerations for rate cuts [9] - Employment data is also forthcoming, which is seen as a critical indicator of the current economic situation, contrasting with the backward-looking GDP data [10]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has shown robust revenue and net profit growth in 2024, with a significant increase in Q1 2025. The upgraded "3+N+3" business strategy and the "China + VMI" global capacity layout are expected to drive future growth [3][8] - The company is positioned well in the consumer electronics sector, with a strong competitive edge in multiple product categories, including smartphones, personal computers, and data centers [8] Financial Summary - The company is projected to achieve revenues of RMB 139.19 billion in 2025, reflecting a growth rate of 26.7% [7] - The net profit for 2025 is estimated at RMB 3.61 billion, with a growth rate of 23.5% [7] - The earnings per share (EPS) for 2025 is forecasted to be RMB 3.56, with a corresponding price-to-earnings (P/E) ratio of 18.7 times [5][7] - The EBITDA for 2025 is expected to reach RMB 4.78 billion, indicating a significant increase from previous years [7] Strategic Developments - The company has successfully upgraded its "3+N+3" strategy, establishing a comprehensive product platform that includes smart devices and emerging fields such as automotive electronics and robotics [8] - The global supply chain system, characterized by a "1+5+5" structure, supports the company's operational efficiency and future growth [8]

4月25日晚间，金现代（300830）（300830.SZ）发布了2024年年度报告。在报告期内，公司实现营业收 入为4.40亿元；现金流量净额为6212.08万元，较上年同期增长309.19%。 数字电网作为能源产业升级转型的关键支撑力量，在数字中国战略布局中占据着举足轻重的地位。在数 字中国、数字电网等国家政策与人工智能等新技术革新的双重驱动下，公司所服务的电力、航天等行业 的数字化建设迎来了新的发展机遇。 金现代高度重视AI技术创新，积极推动业务应用落地。面对AI技术爆发式发展带来的机遇，公司大力 开展大语言模型（LLM）、图像识别（CV）、自然语言处理（NLP）、字符识别（OCR）、知识图谱 （KG）等AI技术的研究与应用。 值得一提的是，公司积极响应国家信创战略，深度服务国产替代关键领域。作为信创"2+8+N"体系中电 力行业的重要参与者，公司多年前便着手研究基于国产化服务器、中间件、数据库等基础设施的自主可 控软件系统，积累了丰富的国产化系统建设与改造经验。 目前，公司主要国产系统建设与改造产品已与包括华为鲲鹏服务器、中科曙光（603019）服务器、麒麟 操作系统、统信UOS操作系统、鸿蒙操作系统 ...

以下文章来源于肖小跑 ，作者肖小跑 肖小跑 . 金融世界不讲道理的时候，向文史哲求救，大概率"叮"的一下就扣上了。因为在这里，您才能再次看到"人"：人的情绪，人的荒诞，人的大举 动小动作。这里有世界最本质的规律。 本文来自微信公众号： 肖小跑 ，作者：肖小跑，头图来自：视觉中国 虽然一切还没完全落地封死，但所有人都感觉到了让人喘不上气来的不确定性，和说不出具体在哪个位置的痛感。但这痛感落在每个人身上的分量是 不同的。"不惜一切代价"永远是有代价的。 目前我们听得到的声音，主要来自有时间、有精力、还有很大余地坐在桌前写文章、写小作文、发帖子、录播客的人。他们的痛感级别并不大，目前 内心热血澎湃，且看泱泱大国如何惩治恶霸。我也是其中一员，大家坐在舒适区里指点江山。 但那些没有发声的、发不出声的、没时间发声的人、企业和国家们，大概率痛感级别很大，六神无主。而他们才是大多数——包括外贸老板、凌晨三 点翻着汇率走势图的贸易人、已经搬去东南亚建厂的老板们、刚刚做了决定交了定金，但现在不知是否该继续"走出去"的老板们；还有大量刚刚有点 信心，现在又有点熄火的民营企业家们。 也包括那些夹在两个大国中间，但没有什么选择的小国家 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry but discusses the implications of tariffs on natural gas liquids (NGLs) and their flows, particularly ethane and propane, in the context of US-China trade relations [5][17]. Core Insights - US tariffs on China plastics and reciprocal tariffs from China threaten to disrupt global NGL flows, particularly affecting ethane and propane, which are key petrochemical feedstocks [2][5]. - China’s NGL imports from the US have surged from below 50 thousand barrels per day (kb/d) in 2019 to nearly 900 kb/d in 2024, with a significant dependency on US ethane and propane [2][13]. - The report anticipates a moderate decline in US ethane flows to China due to lower US production and reduced demand from China, which may lead to a decrease in Henry Hub prices [2][26]. - Propane flows are easier to redirect compared to ethane, but full substitution of US propane exports will be challenging, necessitating deeper price discounts to attract buyers [2][3]. Summary by Sections Tariff Implications - US tariffs on energy imports are currently exempt, but significant tariffs on plastics threaten NGL flows [5][6]. - The reciprocal 125% tariff imposed by China on US imports is expected to skew the tariff burden towards the US over time [2][31]. Ethane and Propane Market Dynamics - Ethane imports from the US are critical for China, accounting for 60% of US ethane exports, while propane accounts for one-third [17][20]. - Ethane's specialized shipping and processing infrastructure complicate redirection efforts, while propane can be redirected more easily [3][20]. - The report outlines potential adjustment mechanisms for both ethane and propane markets in response to tariffs, highlighting the challenges and likelihood of each mechanism [20][25]. Production and Pricing Outlook - The report predicts a decline in US ethane and propane production due to tariff impacts and market adjustments, with potential price declines for both commodities [26][57]. - US ethane prices have already dropped by 25% since early April, while propane prices have decreased by 20% following tariff announcements [57][58]. - The long-term outlook suggests that lower US NGL production may offset some tariff impacts on petrochemical demand in China [2][60].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Chinese economy is facing simultaneous challenges from a declining property sector and escalating US-China trade tensions, which are expected to weaken the property market further, particularly in tier-one cities [1][2] - The Emerging Industries PMI (EPMI) has significantly dropped, indicating a bleak outlook for growth post-Q1, with expectations of a decline in the official manufacturing PMI [2] - Local governments' land sales revenues have deteriorated, reflecting ongoing fiscal challenges [3][4] Summary by Sections Economic Overview - New home sales in major cities are declining at a double-digit rate, with no signs of stabilization in the housing sector [1] - The EPMI fell by 10.2 percentage points to 49.4 in April, indicating a contraction in emerging industries [2] Fiscal Revenue and Expenditure - On-budget fiscal revenue growth improved slightly to 0.3% year-on-year in March, while tax revenue growth showed signs of recovery [3] - Local governments' land sales revenues worsened to -16.3% year-on-year in March, indicating ongoing fiscal stress [4] - On-budget fiscal expenditure growth accelerated to 5.7% year-on-year in March, driven by increased government bond issuance [5] Property Market Dynamics - Growth in property-related tax revenues improved to -0.1% year-on-year in March, but local governments' land sales revenues continued to decline [4] - New home sales volume in major cities showed a modest improvement, with tier-one cities experiencing a decline of -10.1% year-on-year [11] Trade and Shipping - Container throughput at major ports increased by 10.3% year-on-year, while cargo throughput rose by 5.1% year-on-year [11] - The China Containerized Freight Index (CCFI) increased by 1.4% from the end of March, indicating a mixed trend in shipping costs [11]

Global Markets Strategy 21 Apr 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China/HK Equity Strategy Dashboard | Wendy Liu AC | | --- | | (852) 2800 1087 | | wendy.m.liu@jpmorgan.com | | J.P. Morgan Securities (Asia Pacific) Limited/J.P. Morgan | | B ...

这个问题大家都想问。我能感觉到这一路上，所有人都在拼命与自己国家做对比，寻找自己的贸易优势和竞争边际。但好像非常少。这是东南亚商业精英 对比较优势理论集体祛魅的一个礼拜。 全队中唯一一个全程兴奋不已的是物流行业的企业家。行程结束，她也收获了跨境海转陆运协议一份——一条从东南亚几大港口北上，内陆转中欧班列， 再经乌鲁木齐抵中亚市场的西部陆海新通道；再叠加RCEP原产地规则，一片新蓝海就被她发现了。 如果没有懂王，很多沟通节点可能根本不会发生。从前慢，从前好，从前顺风顺水，大家的惯性其实比想象中要大得多。虽然懂王二次登基前贸易战已经 打了好几年，也有了"China+1"， 但大部分还是在现有贸易条款和线路上各自发挥智慧，或借第三中转国发挥智慧。 一、祛魅之旅 上个礼拜，我随着一批东南亚的企业家到西部考察。这批企业家中有做新能源的，有做食品工业的，有金融集团，物流集团，还有医疗行业。整整五天， 从风电到油田，从输电装备到棉花，行程满满，收获多多。 倒数第二天，当车队驶过达坂城绵延数百公里的风电矩阵时，有人终于忍不住问了一句：还有什么东西中国没有吗？还有什么是中国不能造吗？ 15世纪奥斯曼占领君士坦丁堡，冲击黑海周边 ...

Core Viewpoint - Freeport-McMoRan Inc. (FCX) and Southern Copper Corporation (SCCO) are significant players in the copper mining industry, both facing challenges from fluctuating copper prices and global economic uncertainties, particularly due to U.S.-China trade tensions [1][2] Group 1: Company Fundamentals - FCX has high-quality copper assets and is focused on organic growth opportunities, including a large-scale concentrator expansion at Cerro Verde in Peru, which adds approximately 600 million pounds of copper annually [4] - Southern Copper has a robust pipeline of greenfield projects with a capital investment program exceeding $15 billion for this decade, targeting significant projects in Mexico and Peru [9][10] - FCX generated operating cash flows of around $1.4 billion in Q4 2024, with full-year cash flows climbing 35% year-over-year to $7.2 billion, and ended 2024 with $3.9 billion in cash [6] - SCCO generated net cash from operating activities of $4.42 billion in 2024, a 24% increase from $3.57 billion in 2023, supported by higher net income [12] Group 2: Production and Growth Projections - FCX is evaluating a large-scale expansion at El Abra in Chile and conducting pre-feasibility studies in Arizona to define significant sulfide expansion opportunities [4] - Southern Copper targets copper production of 967,000 tons for 2025, maintaining production levels from the previous year, with growth expected from higher production in Peru [11] - FCX's expansion activities are expected to boost production capacity, while SCCO is committed to increasing low-cost production [23] Group 3: Financial Metrics and Valuation - FCX offers a dividend yield of approximately 0.9% with a payout ratio of 20% and a five-year annualized dividend growth rate of about 21.8% [7] - SCCO provides a healthier dividend yield of 3.2% with a payout ratio of 65% and a five-year annualized dividend growth rate of roughly 13.4% [12] - FCX is trading at a forward 12-month earnings multiple of 18.95X, representing a 4.2% premium over the industry average of 18.19X, while SCCO trades at 19.66X [16][19] Group 4: Cost Challenges - FCX's consolidated unit net cash costs per pound of copper for Q4 2024 were 9% higher than the previous year, with expectations of a 5% increase in Q1 2025 due to higher labor and mining costs [8] - Southern Copper experienced a 3% year-over-year increase in total operating costs and expenses in 2024, primarily due to rising labor costs and inflation for repair materials [13] Group 5: Investment Outlook - Both FCX and SCCO present compelling investment cases, with FCX having a slight edge due to more attractive valuation and higher earnings growth projections [23]