Company Research - The company reported a revenue of 4.465 billion yuan in 2024, representing a year-on-year growth of 19.15%, and a net profit of 394 million yuan, up 68.89% year-on-year, with a basic earnings per share of 1.34 yuan [12] - In Q1 2025, the company achieved a revenue of 1.101 billion yuan, a year-on-year increase of 25.41%, and a net profit of 91.155 million yuan, up 62.13% year-on-year, with a basic earnings per share of 0.31 yuan [12] - The company's gross margin improved due to higher margins on staple and canned products, with gross margins increasing by 1.88 and 4.02 percentage points year-on-year to 28.16% and 31.87% respectively in 2024 and Q1 2025 [12][13] - The company focused on enhancing its own brand marketing, leading to a significant increase in brand recognition and sales, with a 131% year-on-year growth in GMV during the Double 11 shopping festival in 2024 [13][15] - The company expanded its overseas market presence, entering 9 new countries in 2024, and its overseas revenue growth rate was 14.62% for the year, with further production capacity expansion planned for Canada and the US [15][16] Industry Research - The overall number of equity funds increased to 6,774 by the end of Q1 2025, with a total scale of 74,529.42 billion yuan, reflecting a growth of 1,005.15 billion yuan from the previous quarter [9] - The average equity fund position increased, with flexible allocation funds seeing the largest rise of 1.44 percentage points to 71.90% [9][10] - The industry saw an increase in allocation towards automotive and non-ferrous metals, while reducing exposure to electric power equipment and non-bank financials [10][11]

Group 1: Industrial Profit Overview - In Q1 2024, industrial enterprises achieved a total profit of 15,093.6 billion yuan, a year-on-year growth of 0.8%, marking a positive turnaround from the previous months[2] - The profit growth rate for industrial enterprises in March 2024 was 2.6% year-on-year[5] - The operating income of industrial enterprises increased by 3.4% year-on-year in Q1 2024, with a revenue per 100 yuan of assets reaching 71.7 yuan, up by 4.1 yuan from the previous months[5] Group 2: Cost and Profitability Analysis - Operating costs for industrial enterprises rose by 3.6% year-on-year in Q1 2024, outpacing the revenue growth rate, indicating ongoing cost pressures[5] - The operating income profit margin for industrial enterprises was 4.7% in Q1 2024, an increase of 0.2 percentage points from the previous months[5] - The industrial added value growth rate was 6.5% year-on-year in Q1 2024, slightly up by 0.6 percentage points from January-February[6] Group 3: Sector Contributions and Economic Outlook - Manufacturing profits grew by 7.6% year-on-year in Q1 2024, accelerating by 2.8 percentage points compared to the previous months, enhancing overall industrial profitability[9] - The mining sector's profit decreased by 25.5% year-on-year in Q1 2024, negatively impacting the overall industrial profit growth by 5.0 percentage points[8] - The central government emphasized boosting domestic demand and stabilizing investment as key economic strategies for 2024, with a focus on enhancing consumption's role in economic growth[3]

Group 1 - The report emphasizes the need for policies to address external shocks, focusing on expanding domestic demand and investing in the AI industry [1][4][17] - The macro policy tone from the April Politburo meeting is described as both proactive and reserved, with an emphasis on implementing more active macro policies and enhancing counter-cyclical adjustments [1][17] - The report highlights the importance of service consumption as a key driver for expanding domestic demand, alongside a strong focus on technological innovation and the implementation of the "AI+" initiative [1][17] Group 2 - The A-share market showed a mixed performance, with the Shanghai Composite Index rising by 0.56% and the Shenzhen Component Index increasing by 1.38% during the week of April 21-25 [7][11] - The report notes that sectors such as automotive, beauty care, and basic chemicals performed well, indicating a recovery in the export-related industries [7][14][16] - The report suggests that the AI industry is expected to see significant growth, with major Chinese internet companies increasing their capital expenditures significantly in Q4 2024, indicating a strong future performance for the domestic AI industry chain [14][24] Group 3 - The report indicates that the overall market valuation is relatively low, with the Wan De All A Index's price-to-book ratio at 1.53, which is below historical averages, suggesting strong long-term investment value [14][41] - The report highlights the potential for structural market trends post-May Day holiday, with a focus on domestic demand expansion and the AI industry as key themes [15][24] - The report identifies specific sectors for investment, including service consumption, AI industry chain components, and self-sufficiency areas such as national defense and industrial machinery [24][25][26]

①中信证券：中长期维度，三大高确定性趋势仍是选择重心；②财通证券：市场情绪逐步企稳，配置 上"以我为主、以内为主"；③长城证券：建议关注红利板块，重视经济周期下大类资产的价格规律。 ①中信证券：5月有三条线存在机会 中信证券表示，对于5月，有三条线存在机会：（1）新技术和产业题材；（2）海外科技映射链修复。 该方向主要受益于前期超跌，以及估值和业绩匹配度较高，建议关注海外算力链挂钩的光模块、PCB、 服务器等；（3）服务业扩内需，包括文旅产业链上的酒店、景区、OTA，以及医疗服务领域的眼科、 齿科、中医等。 ②财通证券：市场情绪逐步企稳，配置上"以我为主、以内为主" 财通证券表示，继汇金等国资增持ETF后市场情绪逐步企稳，3月下旬+4月以来金融/消费表现居前，月 度较全A有明显超额。从最新一季报来看，全A业绩修复，内需相关的食饮景气延续、消费龙头公司表 现更优。配置上"以我为主、以内为主"，重视内需支撑+政策预期的大金融地产链、消费、央企重组三 大权重方向，有业绩支撑+胜率催化+补涨动力+赔率性价比，仍是当前阻力较小方向： （1）大金融地产链：券商受益股市向上与央国企合并，股份行受益地产改善+补涨，地产后周期 ...

Core Insights - The report from CITIC Securities indicates that progress in US-China trade negotiations may be limited until all unilateral tariffs on China are completely lifted [1] - Domestic policies are characterized as stabilizing and responsive, with April representing the first wave of experimental and preventive measures [1] - The market sentiment is not considered low overall, with the technology sector being more sensitive to risk appetite recovery compared to pharmaceuticals and consumer sectors [1] Group 1 - In May, the focus will be on the rotation of new technologies and industrial themes, the repair of overseas technology mapping chains, and the implementation of domestic demand expansion policies in the service industry [1] - The current market environment favors themes that are less sensitive to performance, as the clearing of chips has been relatively thorough [1]

Investment Rating - The industry rating is "Recommended" [5] Core Views - The report emphasizes the need to focus on resilient companies with high dividends and those benefiting from domestic demand expansion, recommending companies such as Dongfang Yuhong, Sankeshu, Tubao, Weixing New Materials, and Beixin Building Materials [1] - The report highlights the expected commencement of major national projects, particularly the Yarlung project, and recommends companies involved in these projects, such as Zhongyan Dadi [1] - The report notes the high demand in the civil explosives sector, recommending companies like Guangdong Hongda and Xuefeng Technology [1] - The report discusses the impact of "reciprocal tariffs" on domestic investment expectations, recommending companies like China State Construction, China Communications Construction, and Sichuan Road and Bridge [1] - The report mentions the trend of domestic substitution in the paint industry, recommending companies like Maijia Xincai and Songjing Co., Ltd. [1] - The report anticipates a renewed catalyst for the "Belt and Road" strategy amid trade tensions, recommending international engineering companies such as China State Construction and China Metallurgical Group [1] Summary by Sections Market Overview - In the 17th week of April, new home sales in 30 major cities decreased by 21% year-on-year, while second-hand home transactions increased by 21% year-on-year [2][21] - The national cement market price fell by 0.5% this week, with price adjustments mainly in East, Central, and Southwest China [3][23] Cement Industry - The average operating load of cement mills nationwide is 49.04%, down 1.83 percentage points from last week [3][34] - The report indicates that the cement price is expected to continue its downward trend due to weak supply-demand dynamics [23] Recommendations - Companies with strong operational resilience and high dividends are recommended to benefit from domestic demand stimulation, including Dongfang Yuhong and Weixing New Materials [8] - Companies in the copper mining sector, such as Jinchengxin, are expected to see significant growth due to resource release and strong demand [8] - Companies involved in the Yarlung project and civil explosives are also highlighted for their growth potential [8] - The report suggests focusing on infrastructure investment, recommending companies like China State Construction and China Communications Construction [8] - The report identifies domestic paint companies as beneficiaries of the trend towards local substitution [8]

文 ｜ 裘翔 刘春彤 杨家骥 高玉森 连一席 遥远 在彻底取消所有对华单边关税措施前，中美贸易谈判可能进展有限；国内的政策是托底和应对式的，4月只是第一波以试验和预防为特征 的政策；筹码出清相对彻底且对业绩不敏感的主题阶段性占优；市场整体情绪位置不算低，科技板块相对医药和消费更接近冰点，对风偏 回升更敏感。配置上，5月关注新技术和产业题材轮动、海外科技映射链修复以及服务业扩内需政策落地。 在彻底取消所有对华单边关税措施前， 中美贸易谈判可能进展有限 近期特朗普针对关税问题表态持续反复，美股市场反应较为敏感。但我们认为国内投资者不需要花精力关心这些高频变化，特朗普试图灵活 利用关税武器来制造谈判筹码，而中国商务部新闻发言人何亚东表示"如果美方真的想解决问题，就应该正视国际社会和国内各方理性声音， 彻底取消所有对华单边关税措施，通过平等对话，找到解决分歧的办法"。我们建议还是关注特朗普未来一年面临的两大约束，一是7~8月需 要推进债务上限谈判和减税法案通过，二是明年中期选举。尽管目前特朗普的民调支持率已经开始明显下降，但这属于每个美国总统百日新 政后正常的回落，而特朗普两次任期的民调本身就比其他美国总统偏低，目前 ...

LSEG 《前瞻》中国4月底政治局会议料不轻易露"底牌"，但会释放增量信号振奋信心 - Reuters News み 2025年4月25日 10:09:44 上午 中国财长和央行行长近日出席二十国集团（G20）会议，蓝佛安强调中国主张通过平等对话协商解决贸易和关税争议；潘功胜则表示 各方应加强合作，努力避免全球经济滑向'高摩擦、低信任'的轨道。 **明确增量预期** 张迪认为，4月政治局会议或释放更加积极的工作基调：一方面、加快已有政策工具的落实、包括加快政府债券的发行进度、为下半 年政策加码腾出空间；另一方面，给出增量政策信号， 待外部环境进入稳态后， 适时推出政策储备。 路透北京4月25日 - 中国4月底即将召开政治局会议，为全年经济工作开展"划重点"。但鉴于中美谈判形势尚未明晰，分析人士普 遍预期，会议可能难见"大水漫灌"式激进策略. 因为不轻易亮出全部"底牌"。预计随着贸易战进展"攻守兼备", 择机出动, 不过他们认为，总体会议在强调落实既有政策基础上，也会释放增量政策信号提振信心。具体来看，刺激内需尤其是消费的政策将 逐渐浮出水面, 如提高居民收入、提供育儿补贴等, 后续聚焦与社会保障体系密切相关的 ...

中金点睛"本周精选"栏目将带您回顾本周深受读者欢迎的研究报告。 01 宏观 Macroeconomy 特朗普的两个目标均难实现 >>点击图片查看全文<< 特朗普政府试图通过加征关税促使美国贸易逆差收窄，制造业回流，我们认为这两个目标难以通过关税实现。首先，关税难以使得美国贸易逆差收 窄。从理论来看，提升关税并不一定能够缩减逆差（扩大顺差）。根据勒纳对称定理，对进口征税等同于对本国的出口征税。关税难以促使制造业回 流美国。全球供应链对中国的依赖度比较高，而且无论是从劳动者数量、质量，还是就业意愿来看，美国制造业回流都将面临着劳动力短缺的问题。 美国制造业成本高，也是其制造业回流的挑战。特朗普关税或对美国产生滞胀式影响，美国衰退风险加大。除了"滞胀"风险，特朗普的减税、削减支 出和关税组合或将损害美国大多数家庭，对低收入人群损害更大，加剧美国内部不平衡。实际上，从经济视角来看，美国没有非常突出的外部失衡问 题，但内部分配问题很严重。 资料来源：US Census Bureau，中金公司研究部 >>点击图片跳转报告原文<< 2025.04.23 | 张文朗 黄亚东等 02 宏观 Macroeconomy 从汇率、利 ...

今日股指震荡为主，以沪深300为例，收盘上涨0.08。从资金面来看，两市成交额增加1397.12亿元。期 指方面，IH放量下跌，其余品种均放量上涨。 股指日报 股指期货日报 2025年4月23日 王梦颖（Z0015429）、廖臣悦 (F03120676) 投资咨询业务资格:证监许可【2011】1290号 震荡，中小盘表现较强 市场回顾 重要资讯 1、一揽子扩内需政策在路上！广东、上海等地谋划出台《提振消费专项行动方案》。 2、美国财长贝森特4月22日在一场闭门的投资者会议上表示，关税僵局不可持续，预计将在不久的将 来，形势有所缓和。 核心观点 美国财长表示关税形势有缓和意向，但尤其国内逐渐对关税政策"免疫"，今日市场表现没有如预期强势， 当前市场交易核心更多关注国内政策预期。在国内政策面不断引导下，积极政策预期对指数形成一定支 撑。但从期指基差来看，市场情绪没有偏乐观，期指成交量加权平均基差历史分位除IH外均位于5%以下 的低位。重点关注四月底即将召开的政治局会议，若释出实质性利好政策，预计将驱动指数上行，在此之 前我们维持谨慎看好的观点。 策略推荐 谨慎做多 股指日报期指市场观察 | | IF | IH | ...