另外，据央视财经与三一重工、树根互联联合打造的"挖掘机指数"，今年一季度，全国工程机械平均开 工率为44.67%，较去年同期增幅为1.62%，12个省份平均开工率超过50%。三一重工预计，2025年，国 内工程机械市场持续向好，基建投资、新城镇化、矿山、水利工程等需求将进一步复苏，叠加超长期特 别国债等政策的持续落地，市场有望加速回暖。 值得一提的是，近期，国内多地重大工程项目建设加快推进。业内人士表示，随着项目建设加快推进、 资金支持力度加大，二季度基建投资有望继续在稳住经济大盘、推动经济实现质的有效提升和量的合理 增长方面发挥积极作用。华创证券此前指出，在国际贸易摩擦逐步升级背景下，看好后续国内政策端持 续发力提振内需，工程机械板块有望充分受益。 消息面上，今年一季度工程机械行业景气度持续走高，挖掘机国内销量同比增近四成，出口量稳居高 位。据中国工程机械工业协会统计，2025年一季度，挖掘机主要制造企业共销售挖掘机61372台，同比 增长22.8%；其中国内销量36562台，同比增长38.3%；出口24810台，同比增长5.49%。 智通财经APP获悉，重型机械股普涨，截至发稿，森松国际(02155)涨2 ...

建筑装饰 2025 年 05 月 08 日 板块收入、利润承压，刺激政策亟待发力 看好 ——建筑装饰 2024&25Q1 财报综述 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 (8621)23297818× tangmeng@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 行 业 研 究 / 行 业 深 度 ⚫ 2024&25Q1 建筑行业收入和利润承压。2024 年建筑行业主要上市公司实现 营业收入 8.18 万亿，同比-3.70%，归母净利润 1684 亿，同比-14.6%， 2025Q1 实现营业收入 1.84 万亿，同比-6.13%，归母净利润 445 亿，同比- 8.78%。综合看，2024&2025Q1 建筑企业收入、利润有所承压，一方面受地 方政府债务压力及房地产行业下行等因素影响，另一方面则与建筑企业根据市 场形势 ...

丨证券研究报告丨 公司研究丨点评报告丨四川路桥（600039.SH） [Table_Title] 收入稳健增长，回购彰显信心 报告要点 [Table_Summary] 公司 2025 年一季度实现营业收入 229.86 亿元，同比增长 3.98%；归属净利润 17.74 亿元，同 比增长 0.99%；扣非后归属净利润 17.76 亿元，同比增长 2.05%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 [Table_Title2] 收入稳健增长，回购彰显信心 [Table_Summary2] 事件描述 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 四川路桥（600039.SH） cjzqdt11111 公司 2025 年一季度实现营业收入 229.86 亿元，同比增长 3.98%；归属净利润 17.74 亿元， 同比增长 0.99%；扣非后归属净利润 17.76 亿元，同比增长 2.05%。 事件评论 丨证券研究报告丨 2025-0 ...

证券研究报告·公司点评报告·IT 服务Ⅱ 宏景科技（301396） 2025 年一季报点评：算力租赁业绩亮眼，算 力新秀正当时 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 770.61 | 657.78 | 1,192.06 | 2,400.83 | 3,235.99 | | 同比（%） | 3.26 | (14.64) | 81.23 | 101.40 | 34.79 | | 归母净利润（百万元） | 42.22 | (75.69) | 117.70 | 308.78 | 412.22 | | 同比（%） | (33.08) | (279.29) | 255.49 | 162.36 | 33.50 | | EPS-最新摊薄（元/股） | 0.39 | (0.69) | 1.07 | 2.82 | 3.76 | | P/E（现价&最新摊薄） | 222.18 | (123.92) | 79.70 | 30.3 ...

Group 1: Macroeconomic Policy and Investment - Since April, domestic macro policies have accelerated implementation to address external uncertainties, with local governments issuing 10,665 billion yuan in new special bonds, achieving 24.2% of this year's target, an increase of 3.3 percentage points year-on-year [1] - The 2025 government work report sets macro policy goals including a new special bond issuance of 44,000 billion yuan, an increase of 5,000 billion yuan from last year, and a fiscal deficit rate raised to 4%, with a deficit scale increase of 16,000 billion yuan from last year [1] - Major economic indicators show signs of stabilization and recovery, with fixed asset investment reaching 103,174 billion yuan in the first quarter of 2025, a year-on-year increase of 4.2%, and private fixed asset investment growing by 0.4% [1] Group 2: Steel Demand and Supply Dynamics - Current weekly apparent demand for rebar has recovered to 2.738 million tons, showing a significant narrowing of the year-on-year decline, supported by increased infrastructure investment and a gradual reduction in real estate investment decline [2] - Steel mills are experiencing improved operating conditions, with short-process electric arc furnace utilization rates rising to 56.3%, an increase of 7.3 percentage points year-on-year [2] - Rebar weekly production has increased to 2.292 million tons, up by 113,000 tons year-on-year, indicating high production levels during the traditional peak season in May and June, leading to increased supply pressure [2] Group 3: Inventory and Price Outlook - Rebar total inventory has decreased to 7.33 million tons, down by 860,000 tons from the end of March and 2.15 million tons year-on-year, indicating a low inventory level historically [3] - Despite some downward pressure on rebar demand, expectations of reduced crude steel production and relatively low price valuations suggest a potential for a phase of price rebound after a bottoming out [3]

● 本报记者 刘丽靓 五月的川西高原，生机盎然，国家能源集团大渡河双江口水电站现场涌动着澎湃的建设热潮。在大坝填 筑区，平均载重40吨的自卸卡车精准卸载填筑料，压路机以"梅花式"阵型来回碾压…… 这是近期多地重大工程项目建设加快推进的一个缩影。业内人士表示，随着项目建设加快推进、资金支 持力度加大，二季度基建投资有望继续在稳住经济大盘、在推动经济实现质的有效提升和量的合理增长 方面发挥积极作用。 央企重大项目刷新"进度条" "我们按照三班倒配置施工力量，保持24小时不间断流水作业，坝体填筑以日均5万方的速度向度汛目标 高程推进。"5月5日，大渡河双江口水电站工程建设处专责温庆文向记者介绍，目前，该电站已完成一 期蓄水，正全力冲刺年底首批机组投产发电。 作为能源保供的"压舱石"，国家能源集团一季度完成投资359.5亿元，其中风电投资同比提高5.3个百分 点。国家能源集团新闻发言人黄清日前表示，二季度将坚持存量增效、增量做优，优化投资布局、优化 资源配置，扎实抓好投资发展重点工作。 东海之滨，国家"十四五"重点实施项目——三峡集团浙江天台抽水蓄能电站1号机组近日顺利完成转子 吊装，标志着我国单机容量最大抽水蓄能机 ...

相关ETF （原标题：和讯投顾周遵健：华铁岩山王者归来 算力/机器人强势反弹 常山鸿博当仁不让） 5月6日，和讯投顾周遵健分析称，明天这个方向注意了，今天指数一路上攻，题材百花齐放，算力，汽车配件、机器人、鸿蒙概念等各个板块轮 番上涨，华铁盐山诸多前期强势个股更是王者归来，常山放量晋级二板也是当仁不让，但如此刻意的营造轮动假象，却彻底的暴露出主力意图。 首先看高标鱼三今日的反馈，不知大家有没有什么疑惑，反正我是觉得在指数上涨的背景下，它却走出了一个放量烂板的走势，实在不应该该强 不强是为弱，明天要想转强缩量晋级的难度，宝哥认为有有所变大，目前它的板块效应一般，走势有些独立，更多的是资金的情绪博弈，具体明 天可看看竞价反馈如何，若低开就会加大晋级的难度，若爆量抢筹高开就是加分项，再看算力方向，今天表现强势主要的上涨逻辑，只要周末关 注了信息面应该都清楚，主要就是央视报道国家加大投入，支持长远性数据基础设施建设，所带来的数据基建长远规划，为芯片算力行业注入了 信心。因此盘面咱们看到了电光继续顶一字，华盛收t字板，并且板块内前期具备一定辨识度的华铁、大卫等等都出现了涨停，分支里面涨停家数 较多的则是叠加了数据中心的 ...

Core Viewpoint - The company reported a stable revenue growth in Q1 2025, but faced a decline in net profit and gross margin, indicating potential challenges ahead in maintaining profitability and managing costs [1][2][3] Financial Performance - In Q1 2025, the company achieved operating revenue of 142.736 billion yuan, a year-on-year increase of 1.6%, while the net profit attributable to shareholders was 2.636 billion yuan, down 12.0% year-on-year [1] - The comprehensive gross margin for Q1 2025 was 10.8%, a decrease of 1.0 percentage points year-on-year, reflecting pressure on profitability [1] - The company maintained stable expense control, with selling, administrative, R&D, and financial expense ratios at 0.2%, 3.1%, 2.3%, and 1.6% respectively, showing minimal year-on-year changes [1] Cash Flow and Investment - The net cash flow from operating activities in Q1 2025 was -40.519 billion yuan, an increase in outflow by 1.516 billion yuan year-on-year, indicating a slight deterioration in cash flow management [2] - Cash outflow for the acquisition of fixed and intangible long-term assets was 10.856 billion yuan, down 5.848 billion yuan year-on-year, suggesting a slowdown in capital expenditure under strengthened investment control [2] - As of the end of Q1, the company had interest-bearing debt of 538.3 billion yuan, an increase of 59.9 billion yuan year-on-year, with a debt-to-asset ratio of 79.6%, up 1.4 percentage points year-on-year [2] Order Intake and Market Performance - New contract signing in Q1 2025 totaled 299.3 billion yuan, a year-on-year decrease of 9.6%, with notable declines in several business segments [3] - The energy and water resources sectors showed strong performance, with new contracts in hydropower and wind power increasing by 20.2% and 67.3% respectively [3] - Domestic new contracts decreased by 15.4%, while international contracts increased by 20.9%, indicating a shift towards more opportunities abroad [3] Profit Forecast and Investment Rating - The company is expected to benefit from increased domestic investment in water conservancy and hydropower infrastructure, as well as continued expansion in renewable energy operations [3] - Revised profit forecasts for 2025-2026 are 12.5 billion yuan and 13.2 billion yuan respectively, with a new forecast for 2027 at 14.2 billion yuan, reflecting a decrease from previous estimates [3] - The company maintains a "buy" rating based on the potential growth from its renewable energy investment and operational business [3]

Group 1 - The A-share market is led by sectors such as computers and communications, with significant gains in AI computing and related indices, particularly the cloud computing 50 ETF which rose over 3% [1] - Recent developments in AI computing include the release of new models by DeepSeek and Xiaomi's open-source large model, indicating advancements in domestic AI capabilities [1] - Huachuang Securities suggests focusing on investment opportunities in domestic computing power, AI applications, and AI security due to the recent advancements in AI mathematics reasoning [1] Group 2 - Microsoft reported a 35% year-on-year increase in Azure and other cloud service revenues, with AI contributing 16%, while maintaining a capital expenditure of $80 billion for 2025 [2] - Meta's first-quarter operating profit reached $17.56 billion, a 27% increase year-on-year, with an increase in user engagement leading to an upward revision of its annual capital expenditure to $64-72 billion, primarily for AI data centers and hardware [2] - The cloud computing 50 ETF has a high AI computing content, with significant representation from sectors such as optical modules, server connections, and data storage, indicating strong demand in these areas [2]

2025 年 5 月 6 日 行业研究 4 月全国钢铁 PMI 新订单指数为 51%，创近 6 个月新高水平 ——金属周期品高频数据周报（2025.4.28-5.4） 要点 流动性：2025 年 4 月 BCI 中小企业融资环境指数值环比上月-7.24%。（1） BCI 中小企业融资环境指数 2025 年 4 月值为 48.03，环比上月-7.24%； （2）M1 和 M2 增速差与上证指数存在较强的正向相关性：M1 和 M2 增速 差在 2025 年 3 月为-5.4 个百分点，环比+1.5 个百分点；（3）本周伦敦金现 价格环比上周-2.35%。 基建和地产链条：4 月全国钢铁 PMI 新订单指数为 51%。（1）本周价格变 动：螺纹+0.00%、水泥价格指数-0.17%、橡胶+1.04%、焦炭+0.00%、焦煤 +0.00%、铁矿-1.30%；（2）本周全国高炉产能利用率、水泥、沥青、全钢 胎开工率环比分别+0.40pct、+0.00pct、-3.8pct、-6.22pct；（3）2025 年 4 月，全国钢铁 PMI 新订单指数为 51%，环比上月+9.9 个百分点。 地产竣工链条：钛白粉、平板玻璃毛 ...