国企改革步入纵深阶段，法律层面的难题逐渐成为横亘在改革道路上的"绊脚石"。如何破局，让"绊脚 石"成为改革"垫脚石"，成为制胜关键。 在重庆国企改革战场上，上海中联（重庆）律师事务所（以下简称中联重庆）凭借专业法律智慧，运 用"专业工具箱"里的案例数据库、风险预警系统，为国企改革注入强劲法治动能。 重庆市渝矿实业有限责任公司在与重庆市源庆矿业开发有限责任公司（以下简称：源庆矿业公司）合并 前，就曾遇到了特殊的难题。 源庆矿业公司代持着某地质队在某破产企业债权人合伙企业的合伙份额，计划将份额无偿划转给地质队。 根据法律规定及合伙协议约定："普通合伙人经投委会审议通过，并经有表决权占合伙企业三分之二以上 的合伙人表决通过，可以转让全部合伙企业份额，否则可能无法完成工商变更。" 特别是针对矿产企业的跨国关停、资产重组、矿产合规等难题，中联重庆办公室高级合伙人牛子文带领团 队，从法律专业角度，提供专业知识，以高度的政治责任感和使命感，以向"新"而行，以"质"致远为目 标，为国有矿业企业改革保驾护航。 但合伙企业合伙人数量众多，且份额排名靠前的合伙人涉及多家银行，如同盘根错节的树根，协调起来难 度大、耗时长。中联重庆团 ...

Group 1 - The Hubei Provincial Government is implementing an "Industrial Doubling Strategy" to enhance the competitiveness of key industries, focusing on the new energy vehicle sector [1] - The Changjiang Industrial Group plans to launch a "Three-Year Action Plan" for new energy vehicles, leveraging leading companies like Aotegia and Hangte Technology, and aims to establish a 10 billion yuan industrial fund in collaboration with Dongfeng Motor [1][3] - The automotive sector of the group is expected to generate over 40 billion yuan in revenue by the end of this year, while the modern chemical and optoelectronic sectors are projected to exceed 10 billion yuan each [3] Group 2 - The group will restructure its venture capital and industrial investment fund system, focusing on key listed companies, industry chains, and innovation outcomes, aiming to establish 30 new investment funds with a total scale exceeding 30 billion yuan [5] - The group intends to enhance its role in the provincial industrial doubling strategy by leveraging state-owned capital funds and attracting various social capital [5] - The focus will be on deepening state-owned enterprise reforms, mergers and acquisitions, innovation-driven growth, and asset securitization to build a leading domestic industrial investment group [5]

巨丰投顾：周二市场震荡运行，PEEK板块继续领涨。在政策刺激下，A股与经济有望同步出现向上的 拐点。随着业绩披露期接近尾声，市场担忧绩差股暴雷风险，投资者可以逢低吸纳绩优成长股。在具体 投资方向上，建议关注国企改革、兼并重组、大消费主题，以及半导体、机器人等新兴生产力领域。 中信建投：特斯拉进一步明确Optimus量产预期，产业化进程持续推进。同时机器人轻量化，尤其是 PEEK材料应用得到广泛关注，其在降低能耗、提高续航，以及提高运动性能和安全性等方面具有优 势。同时小鹏人形机器人也在车展亮相，相关供应链值得关注。人形机器人作为具身智能的最佳载体， 长期空间广阔。建议不拘泥于"人形"深度挖掘"AI+机器人"的投资机会，比如外骨骼机器人、灵巧手和 传感器这三个方向的商业化落地更快，这些方向的放量节奏不以人形机器人放量为必然前提，并且后续 有望能够得到持续的数据验证。 新华财经北京4月29日电（罗浩）沪深两市三大股指29日早间普遍低开，各股指盘初震荡反弹，小幅冲 高后回落，此后三大股指均呈窄幅整理态势，收盘时小幅下跌。 盘面上，PEEK材料板块继续领涨，该板块指数4月29日突破了2025年2月26日和2025年3 ...

事件概述 4 月24 日，公司发布2024 年年报及2025 年一季报。2024 年，公司实现营业总收入891.75 亿元，同比 +7.09%，实现归母净利润318.53 亿元，同比+5.44%，收入业绩符合市场预期。2025Q1，公司实现营业 总收入369.40 亿元，同比+6.05%，实现归母净利润148.60 亿元，同比+5.80%，收入业绩略超市场预 期。 分析判断: Q1 收入业绩略超预期，合同负债环比改善。 2024 年末及2025Q1 末，公司合同负债分别为116.90 亿元/101.66 亿元，期末合同负债同比环比均有显著 改善，通常来说，合同负债代表白酒公司已预收款尚未发货的部分，一方面反映了经销商的打款积极 性，一方面反映了品牌方对发货节奏的把控及市场调节能力，从公司合同负债表现来看，2024 年以来 经销商情绪及公司市场把控能力均有所改善。 2024 年，公司为深化国企改革，将27 个营销大区整合为北部、南部、东部三大片区，建立"总部-区域 中心-终端"的垂直管控体系，提升市场应市能力，我们认为此举实质上为一定程度的管理集权，将过去 分散到27 个营销大区各自为政的管理权力向上集中到片区 ...

风险提示：国内需求风险、海外市场风险、汇率波动风险。 公司发布2025 年第一季度报告。2025 年Q1 公司实现营业收入91.49 亿元，同比增加15.24%；归母净利 润6.57 亿元，同比增长32.00%；扣非归母净利润6.12 亿元，同比增长34.09%。2025 年Q1 公司净利率 7.03%，同比在高基数的背景下仍然提升0.54pct，接近上一轮周期高点2020Q2 的7.33%。从公司营运能 力看，2025Q1 存货周转天数是120 天，同比下降7 天。公司国企改革提升效率和净利率的逻辑持续验 证。此外，公司控股股东增持公司股份，计划6 个月内增持2.5~5.0 亿元，并且本次增持计划不设价格 区间，彰显公司对未来的发展信心。 公司装载机市场地位稳固，挖掘机业务增速大超行业增速。2024 年公司装载机业务国内市场份额稳居 第一，海外新兴市场增量显著，国际整机毛利率提升1.4 个百分点；电动装载机全球销量同比增幅 194%，市场占有率保持行业领先地位。公司2024 年挖掘机业务销量增速优于行业27 个百分点，出口销 量增速优于行业15 个百分点，海内外市场份额再创新高；整体盈利水平稳步提高，利润同 ...

Core Viewpoint - The company reported a slight increase in revenue for 2024, with a notable growth in net profit, while Q4 2024 showed a decline in revenue and net profit. The first quarter of 2025 showed a modest revenue increase and a significant rise in net profit, indicating a mixed performance trend [1][4]. Financial Performance - For 2024, the company achieved revenue of 5.358 billion yuan, a year-on-year increase of 1.91%, and a net profit of 787 million yuan, up 18.19%. However, Q4 2024 revenue was 1.270 billion yuan, down 10.03%, with a net profit of 231 million yuan, down 6.79% [1]. - In Q1 2025, revenue reached 1.168 billion yuan, a year-on-year increase of 3.36%, while net profit was 152 million yuan, up 11.91%. Contract liabilities decreased by 20.58% year-on-year to 1.877 billion yuan [1]. Product Performance - In 2024, specific products showed varied performance: Wuling and Kongfu Family wines experienced significant growth, while others like Hengshui Laobai Gan and Bancheng Shaoguo saw declines. The revenue for Wuling wine was 1.099 billion yuan, up 12.30%, and Kongfu Family wine was 230 million yuan, up 28.12% [2]. - In Q1 2025, products priced above 100 yuan generated 661 million yuan in revenue, a year-on-year increase of 25.50%, while products below 100 yuan generated 502 million yuan, down 15.65% [2]. Profitability and Cost Management - The gross profit margin for 2024 was 65.95%, a decrease of 1.21 percentage points. The net profit margin improved to 14.69%, an increase of 2.02 percentage points. In Q1 2025, the gross profit margin rose to 68.58%, up 5.86 percentage points, indicating improved product mix and cost management [3]. - The sales expense ratio and management expense ratio showed a decline in 2024, contributing to the overall improvement in profitability [3]. Future Outlook - The company projects revenue growth for 2025-2027, estimating revenues of 5.473 billion, 5.764 billion, and 6.016 billion yuan, respectively, with corresponding net profits of 928 million, 1.052 billion, and 1.169 billion yuan. This reflects a compound annual growth rate (CAGR) of 14.09% [4]. - The company maintains a "buy" rating, citing significant potential for profit improvement due to effective state-owned enterprise reforms and rational planning for 2025 [4].

事件描述 恒顺醋业披露2024 年年报，实现营业总收入21.96 亿元（同比+4.25%）；归母净利润1.27 亿元（同比 +46.54%），扣非净利润1.13 亿元（同比+48.30%）。公司2024 年Q4 实现营业总收入6.65 亿元（同比 +41.87%）；归母净利润720.28 万元（同比扭亏），扣非净利润780.66 万元（同比扭亏）。 事件评论 核心品类环比改善，其他调味品Q4 增长迅猛。 分产品看营收：2024 年醋系列收入12.66 亿元（同比-2.20%，Q4 同比+9.45%），酒系列收入3.29 亿元 （同比+0.47%，Q4 同比-5.91%），酱系列收入1.80 亿元（同比-8.07%，Q4 同比-1.08%），在行业竞争 加剧的背景下，食醋增长环比改善。分区域看营收：2024年华东收入10.53 亿元（同比-1.89%），华南 收入3.54 亿元（同比+5.36%），华中收入3.55 亿元（同比+5.08%），西部收入2.10 亿元（同比 +6.50%），华北收入1.22 亿元（同比-9.25%）。成熟市场华东仍承压，华南、华中、西部均实现正增 长，外埠拓展卓有成效。 公司持续深 ...

老铁们周一快乐，这里是帮主郑重的盘前策略时间。二十年观察市场的经验告诉我，当前A股正处在"战略僵持阶段"——指数看似平静如水，实则暗流涌 动。这就像高手对决前的屏息时刻，胜负往往取决于对细节的把控。 当下市场呈现三大特征：指数箱体震荡、量能温和收缩、风格快速轮动。沪指在3270-3320点区间已盘桓13个交易日，这个位置恰是去年四季度密集成交 区。这里有个关键细节：每当指数触及3300点上方，两融余额便出现明显下降，说明杠杆资金正在主动降仓。而北向资金的流向更具深意——上周三个交易 日净流出87亿，但宁德时代、长江电力等核心资产却逆势获增持，聪明钱的"去伪存真"策略已然显现。 机动仓抓波段：40%资金在半导体、军工做网格交易，每跌5%加仓一次； 现金等待机会：留30%现金，如果节后跌破3250点，直接抄底沪深300ETF。 记住，在震荡市中，仓位管理比个股选择更重要。 风险预警：三大雷区千万别踩 第一，4月30日是年报最后披露日，那些净利润暴跌、现金流为负的公司，就像穿着皇帝新衣，随时可能现原形。第二，外资最近在调仓换股，北向资金如 果连续三天净流出，市场情绪可能瞬间变脸。第三，量能持续低于1万亿的话，市场就 ...

Core Viewpoint - Beijing Rural Commercial Bank has achieved significant growth and development in 2024, focusing on high-quality development and supporting rural revitalization while enhancing its financial services and product offerings [1][2][8]. Group 1: Financial Performance - As of the end of 2024, the bank's total assets reached 1.27 trillion yuan, a 2.11% increase from the beginning of the year [1]. - The bank reported an operating income of 18.063 billion yuan and a net profit of 7.973 billion yuan, representing year-on-year growth of 18.09% and 0.71%, respectively [1]. - The non-performing loan ratio was 0.96%, a decrease of 0.13 percentage points from the start of the year, while the provision coverage ratio improved by 40.61 percentage points to 322.71% [1]. Group 2: Support for Rural Revitalization - The bank has significantly increased its agricultural loans, with a balance growth of 19.96% year-on-year, achieving historical highs in both scale and increment [2]. - Inclusive agricultural loans grew by 26.29%, and the bank disbursed 57 billion yuan in loans for rural revitalization projects throughout the year [2]. - The bank has developed a comprehensive financing product system with 29 specialized products to support new rural construction projects, providing over 220 billion yuan in credit support [2]. Group 3: Financial Innovation and Digital Transformation - The bank has established a comprehensive financial service system for elderly care, launching innovative products to meet the needs of the aging population [4]. - The bank's digital financial strategy includes the development of online loan products and a focus on data asset pledge financing [4][9]. - The bank aims to enhance its digital transformation by integrating online and offline channels and developing intelligent financial products [9]. Group 4: Support for Capital Development - The bank has provided over 300 billion yuan in loans to support the capital's social and economic development, including major projects like the Daxing International Airport Economic Zone [6]. - It has also supported 40 key projects in the city, with a total credit of 41.445 billion yuan [6]. - The bank has actively participated in the Beijing "Old Brand" initiative, providing 5.455 billion yuan in credit support to 31 "Old Brand" enterprises [6]. Group 5: Collaboration and Regional Development - The bank has supported the coordinated development of the Beijing-Tianjin-Hebei region with a credit balance of 63.5 billion yuan across 95 projects [7]. - It has collaborated with agricultural financial institutions in the region to enhance cross-regional financial services [7]. - The bank has issued over 10 million "Jing-Jin-Ji Agricultural Bank" cards to facilitate convenient fund circulation among customers in the three regions [7].

"曾经的客厅霸主，如今的明日黄花"，这是对传统广电行业最真实的写照，近年来新媒体、短视频的兴 起给传统电视行业带来了巨大的冲击，业绩连亏多年反映出广西广电与全国大多数省份的广电企业一 样，有线电视用户保有量不断下滑的艰难处境。 公开资料显示，作为科技型国有企业，交科集团坚持自主创新，不断提升传统产业数字化、智能化水 平，持续加大对数字经济、道路健康养护、新材料、智慧高速等战略性新兴产业的投入，多次荣登广西 高新技术企业百强榜首，业已发展成为国内同行业声名远扬、具有领先水平的交通科创型企业，综合实 力跃居全国省级国有交通科研院所前列。 面对主营业务的不断萎缩，培育新的产业增长点，让上市公司重回增长轨道成为广西广电当务之急。 2024年，广西广电持续深化改革，加快转型升级，通过发挥网络平台和技术创新作用，构建"智慧广电 ＋"应用生态体系。同时，公司坚持"以用户为中心"经营理念，从深化改革公司经营体制机制入手，全 面推进公司市场化经营改革，是不断扩大用户规模，提升客户服务水平。 同时，广西广电通过深化改革提升内生动力。在内部管理上，广西广电推进市县分公司三项制度改革， 优化人员结构，公众、政企及技术支撑人员占比约8 ...