Group 1 - The "Opportunities in the Bay Area" theme interview activity was launched in Shenzhen to report on the achievements and prospects of the Guangdong-Hong Kong-Macao Greater Bay Area, coinciding with the 6th anniversary of the release of the development plan [1] - In 2024, Shenzhen's advanced manufacturing value-added is expected to grow by 11.4%, with integrated circuits, industrial robots, smartwatches, and mobile phones accounting for 14.8%, 24.1%, and 23.4% of national production respectively [1] - Shenzhen has over 4,000 innovation carriers and 25,000 national high-tech enterprises, with a continuous lead in PCT international patent applications for 21 years [1] Group 2 - In 2024, Qianhai's GDP is projected to reach 300.88 billion yuan, with a year-on-year growth of 8.6%, fixed asset investment of 169.1 billion yuan, and total import and export volume of 706.65 billion yuan, reflecting a vibrant development trend [2] - Qianhai aims to focus on modern service industries, leveraging Hong Kong's advantages to create a high-quality modern service system, promoting the integration of industries and supply chains [2] - The area will support innovation in fields such as artificial intelligence, robotics, data, and marine economy, enhancing the synergy between modern services and advanced manufacturing [2]

Core Viewpoint - The Governor of Guangdong Province, Wang Weizhong, emphasizes the need for Jiangmen to seize opportunities and accelerate development by leveraging strategic transportation channels and optimizing the business environment to enhance industrial connections with the eastern Pearl River Delta cities [1] Group 1: Economic Development Strategy - Jiangmen is encouraged to utilize the Shenzhong Channel and Huangmaohai Cross-Sea Channel to improve infrastructure connectivity and optimize the business environment [1] - The focus is on strengthening industrial connections with Shenzhen and Dongguan to attract high-quality resources and elevate development levels [1] Group 2: Industrial Focus - There is a strong emphasis on project development and solidifying the manufacturing sector as the core of the economy [1] - The strategy includes accelerating the construction of large industrial clusters and main platforms, enhancing industrial chain investment attraction, and actively undertaking industrial transfers [1] Group 3: Industry Upgrading and New Industries - Traditional industries such as home appliances, motorcycles, and food are targeted for optimization and upgrading [1] - The development of emerging industries is prioritized, including new energy, new materials, next-generation electronic information, high-end equipment manufacturing, artificial intelligence, and robotics [1]

Investment Rating - The report assigns an "Accumulate" rating for Dongguan Holdings [3]. Core Views - Dongguan Holdings focuses on its core highway business, committing to absolute dividends to enhance shareholder returns. The company has been divesting non-core operations and is expected to maintain stable operations in its main business [1][7]. - The company has announced a shareholder return plan for 2025-2027, promising a minimum cash dividend of 0.475 CNY per share, which corresponds to an attractive dividend yield of 4.5% based on the latest closing price [7][43]. Financial Data and Valuation - Revenue projections for Dongguan Holdings show a significant decline in 2024, with total revenue expected to be 1.692 billion CNY, a 64% decrease from 2023. However, a gradual recovery is anticipated in subsequent years [2][47]. - The company’s net profit for 2024 is projected at 955 million CNY, with a compound annual growth rate (CAGR) of 7.4% from 2010 to 2024 [32][47]. - The company’s asset-liability ratio is 42.7%, indicating a relatively low level of debt compared to industry peers [41][42]. Business Overview - Dongguan Holdings operates the Dongguan-Shenzhen Expressway, which is a critical transportation artery in the Guangdong-Hong Kong-Macao Greater Bay Area, with a total length of 55.7 kilometers [11][18]. - The company has shifted its focus to core business operations, exiting from non-core sectors such as rail transit and trust businesses, thereby enhancing operational stability [7][49]. - The company’s revenue structure indicates that over 75% of its income is derived from transportation infrastructure, with the expressway business contributing the majority of gross profit [21][29]. Investment Opportunities - The report highlights that the return on investment (IRR) for the Dongguan-Shenzhen Expressway expansion project is estimated at 5.7%, which is above the industry average. The project is expected to be completed by December 2028 [38][39]. - The company’s commitment to dividends and its strong cash flow position suggest a robust capacity for shareholder returns in the future [41][43]. Profitability Forecast - The forecast for net profit from 2025 to 2027 is 911 million CNY, 906 million CNY, and 971 million CNY respectively, with a projected price-to-earnings (PE) ratio of 12x for 2025 [47][49]. - The gross margin for the expressway business is expected to remain stable, with projections of 72.4% for 2025 [46].

宏川智慧投资设立控股子公司惠州宏智完成工商登记 天眼查资料显示，宏川智慧成立于2012年11月06日，注册资本46027.7852万人民币，法定代表人林海川，注册地址为东莞市沙田镇立沙岛淡水河口南岸三江 公司行政楼三楼。主营业务为仓储综合服务，为境内外石化产品生产商、贸易商和终端用户提供仓储综合服务及其他相关服务。 目前，公司董事长为林海川，董秘为王明怡，总经理为黄韵涛，员工人数为1732人，实际控制人为林海川（持有广东宏川智慧物流股份有限公司股份比例： 47.55%）。 公司参股公司47家，包括成都宏川公路港汽车服务有限公司、龙翔集团控股有限公司、东莞市宏川智慧物流发展有限公司、南通宏智化工物流有限公司、常 熟宏川石化仓储有限公司等。 在业绩方面，公司2021年至2023年营业收入分别为10.88亿元、12.63亿元和15.47亿元，同比分别增长28.25%、16.10%和22.48%。归母净利润分别为2.72亿 元、2.24亿元和2.96亿元，归母净利润同比增长分别为19.54%、-17.63%和32.03%。同期，公司资产负债率分别为58.19%、70.48%和68.34%。 在风险方面，天眼查信息显示 ...

全国人大代表、大湾区青年新动力及惠州新动力创会主席楼家强长期关注香港地区企业和青年群体在内地城市的发展，今年两会期间，他接受了证券时报记 者专访，围绕推动香港企业和青年如何进一步抓住国家发展红利，寻找发展机会，大湾区城市之间如何通力合作，提升大湾区对国际资本的吸引力等话题， 分享了他的观点和建议。 香港青年应抓住战略红利和市场机遇融入国家发展 过去一年，港澳地区深度融入国家发展大局的步伐不断提速：众多港澳地区的企业和青年群体频繁走进粤港澳大湾区的其他区域、走向更广阔的 内地城市，积极布局新业务、拓展新市场，在充满机遇的沃土中寻求新的发展机会。 证券时报记者：您一直关注香港青年发展，在您看来，当前香港青年在内地发展面临的主要机遇和挑战分别是什么？比如在就业、创业、融入当地生活等方 面。 楼家强： 香港青年在内地发展的核心机遇在于国家战略红利与市场潜力。以粤港澳大湾区为例，2023年，粤港澳大湾区城市群常住人口达到8688.4万人，生 产总值达14.05万亿元，经济总量登顶全球湾区第一梯队。香港青年在大湾区的升学、就业、创业都有无限机遇，而且语言和生活文化相通，一小时生活圈相 联，也为他们到大湾区发展提供了动力。 ...

按照人随产业走、产业决定城市兴衰等基本逻辑， 我们在《中国城市发展潜力排名： 2023》研究报告中对全国除港澳台外的337个地级及以上城市的发展潜力进行客观排名， 北 京、上海、深圳、广州、杭州、成都、南京、苏州、武汉、重庆 位居前10名。 从排名变动来看，南京超越苏州位居第七，南京近年来通过加大高技术投入力度、不断招 才引智、积极开放交流等，一定程度上推动了城市发展，而苏州的发展韧性仍较强。 摘要 NO1.北京：政治、文化、国际交往和科技创新中心。 1）北京集政治中心、创新中心、金融 中心、国际交流中心、文化中心等优势于一身，未来将聚焦于发展首都核心功能。2）北京三 产比重达到84%，金融、总部经济和科技创新成为三大名片。3）北京严控人口规模抬升生活 成本、影响城市活力，但引导人口布局优化也有助于城市高质量发展；区域发展不平衡问题 仍存。4）未来，北京将建设成为国际一流的和谐宜居之都，引领京津冀协同发展。作为全国 第一个减量发展城市，北京将从粗旷型扩张到精细化调整转型。 NO2.上海：全球化的大上海，未来媲美纽约。 1）上海已基本建成国际经济中心，随着中国 经济的腾飞，未来有望媲美纽约，成为主要的全球经济金 ...