银行会不会走煤炭的道路？也只能回头来看。 不过也是有一些区别，现在买银行买的最多的是险资，冲着分红来的，信仰很足，公募是低配银行的，更多的时候是冲着股价进来捞一把走的，24年四季 度有加仓，但一季度已经减仓了。 | 行业大赛 | 一级行业名称 | 202002 | 202003 | 202004 | 202101 | 202102 | 202103 | 202104 | 202201 | 202202 | 202203 | 202204 | 202301 | 202302 | 202303 | 202304 | 202401 | 2024Q2 | 2024Q3 | 202404 | 202501 | 分位股 | 进势 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 有色全展 | -1.0% | -1. 0% | -0. 2% | -0. 8% | -0. 2 ...

4月28日，华为AI+制造行业峰会2025在广州正式举办。本次峰会以"加速行业智能化"为主题，来自汽 车、机械电子、医药、重工业、轻工业等制造行业的意见领袖、企业代表、产业伙伴、学者专家超过 900人现场参会。 在行业峰会上，华为正式发布了"三层五阶八步"方法论，并且分享制造行业领域的七大场景20个解决方 案。 在大模型浪潮来临之后，华为从自身业务到与制造行业的客户，都开始了一场AI改造和提效。 华为中国政企智能制造系统部副部长冯睿，在会后采访中表示，在研发领域，目前华为已经把1300多万 片高价值的基础文档，还有1万多篇的API（接口技术文档）、850多万个开源的代码舱前全都导入到了 研发的数据平台中。 而通过研发大模型和AI助手，华为软件版本的开发周期，原来大概是9—18个月做到一个版本的发布， 现在能够做到一个月一发布。 在汽车领域，以华为与广汽集团的合作为例，华为帮助广汽集团建设了智能化的研发平台。 在以前，传统的汽车制造企业迭代一款新的车型一般需要花费两到三年。而通过AI大模型以及研发的 工具链，整车的研发时间，可以从从36个月优化至18个月。从概念设计到整个制造，迭代周期极大提速 了。 在本次峰会 ...

Core Viewpoint - President Trump's executive order aims to enhance U.S. self-sufficiency in critical minerals by promoting deep-sea mining, which could benefit companies like The Metals Company [2][4][11] Group 1: Executive Order and Its Implications - The executive order directs the secretaries of Interior and Commerce to expedite U.S. efforts in exploring deep-sea mining for critical minerals [2] - The order aims to develop domestic capabilities for exploration, characterization, collection, and processing of critical deep seabed minerals [4] - It seeks to strengthen partnerships with allies and industry to counter China's influence in the seabed mineral resource space [4] Group 2: The Metals Company Overview - The Metals Company focuses on deep-sea mining and has developed a system to collect polymetallic nodules from the seabed [5] - The company completed a successful pilot test in 2022, collecting approximately 4,500 metric tons of nodules and achieving a sustained hourly production rate of 86.4 metric tons [6] - The Metals Company holds exclusive exploration rights in the Clarion Clipperton Zone, with resources estimated to meet the requirements for 280 million electric vehicles [7] Group 3: Market Context and Challenges - The U.S. is heavily reliant on imports for 12 of the 50 minerals deemed critical, with China being a leading producer of 29 of those minerals [3] - The international community has not yet endorsed deep-sea mining, and The Metals Company is awaiting approval from the International Seabed Authority (ISA) for seabed mining regulations [8] - Trump's push for deep-sea mining has faced opposition from China, which claims the proposal violates international law [9] Group 4: Investment Considerations - While the executive order is seen as a positive for The Metals Company, uncertainties remain regarding the company's ability to commence commercial operations and achieve profitability [11][10] - Investors are advised to consider the high-risk nature of investing in The Metals Company at this time [12]

Financial Data and Key Metrics Changes - Transocean reported an adjusted EBITDA of $244 million on contract drilling revenues of $906 million, resulting in an adjusted EBITDA margin of approximately 27% [9][23] - The company experienced a net loss attributable to controlling interest of $79 million, equating to a net loss of $0.11 per diluted share [23] - Cash flow from operating activities was $26 million, while free cash flow was negative $34 million due to $60 million in capital expenditures [23][24] - Total liquidity at the end of the first quarter was approximately $1.3 billion, including $263 million in unrestricted cash [25] Business Line Data and Key Metrics Changes - Contract drilling revenues exceeded guidance primarily due to higher utilization on the Transocean Spitzbergen and Transocean Endurance [23] - Average daily revenue was approximately $444,000, with operating and maintenance expenses at $618 million, which was within guidance [23][24] Market Data and Key Metrics Changes - The U.S. Gulf is expected to see up to six programs commence in the second and third quarters of 2026, with three expected to come from public tenders [15] - In Brazil, Petrobras is increasing its rig count and has released tenders for upcoming projects, indicating a strong market outlook [16] - The company anticipates growth in West Africa, with multi-year opportunities expected to arise in 2026 [60] Company Strategy and Development Direction - Transocean is focused on converting its $7.9 billion backlog into revenue and cash to create sustainable value for shareholders [22] - The company is committed to delivering safe, reliable, and efficient operations while optimizing performance and maximizing shareholder returns [6][22] - Management emphasized the importance of deepwater drilling and the strategic shift among European majors towards oil and gas investments [11][14] Management Comments on Operating Environment and Future Outlook - Management noted that market volatility has not materially impacted business operations, with no planned programs delayed or canceled [13] - The outlook for deepwater drilling remains positive, with projections indicating a 40% increase in deepwater investment by 2029 [14][86] - Management expressed confidence in the future of offshore drilling, citing strong fundamentals and increasing offshore drilling activity [21][88] Other Important Information - The company has identified approximately $100 million in cash cost savings for 2025, with a similar amount expected for 2026 [34][70] - There are no significant costs associated with achieving these savings, which primarily come from renegotiating contracts and utilizing local crews [72] Q&A Session Summary Question: Timing of contract announcements - Management expects several contract announcements throughout the year, particularly in the second half, with a focus on long-term awards [44] Question: Day rates for upcoming contracts - There may be near-term pressure on day rates for short-term work, but long-term contracts are expected to remain stable [46][47] Question: Implications of Shell awards from Noble - Management believes there are still opportunities with Shell, as they anticipate additional demand in the Gulf of Mexico [54] Question: Activity assumptions for West Africa - Management sees potential growth in West Africa, with expectations for multi-year opportunities starting in 2026 [60] Question: Cost savings details - Management confirmed $100 million in identified savings for 2025, with a similar expectation for 2026, primarily from operational efficiencies [70] Question: Status of idle and cold stacked vessels - The company is actively looking for opportunities for its idle vessels and continues to assess its cold stacked fleet [76][78]

丨证券研究报告丨 [Table_Summary] 截至 2025 年 4 月 23 日，发布 2024 年分红预案的公司数量超过三分之一，统计数据发现，半 数以上的行业分红率实现提升，红利策略继续挖掘"新红马"。从一级行业看，截至 2025 年 4 月 23 日，我们自下而上统计得到的行业 2024 年与 2023 年分红率差值，结果发现半数以上行 业分红率实现提升，其中预期股息率超过 3.5%的行业中，家电制造、交通运输等行业 2024 年 分红率提升较多；细分行业看，小家电、快递、楼宇设备等行业分红率提升靠前。 分析师及联系人 [Table_Author] SAC：S0490524010002 SFC：BTR264 戴清 胡飞 投资策略丨专题报告 [Table_Title] 价值策略周报：分红率普涨，寻觅"新红马" 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 价值策略周报：分红率普涨，寻觅"新红马" [Table_Summary2] 上市公司分红预案跟踪：行业分红率普遍提升，继续挖掘"新红马" 2024 年上市公司 ...

一、市场指数与成交额：缩量调整，三大指数均跌 今日 A 股市场三大指数早盘涨跌不一，截至收盘，上证指数 收 328 6 . 6 5 点，跌幅 0.0 5 % ，成交额约 4309 亿元；深证成指 收 98 49.80 点， 跌 幅 0.0 5 % ，成交额约 5912 亿元；创业板指 收 193 1 . 94 点， 跌 幅 0. 13 % ，成交额约 2707 亿元。总体来看，全 市场个股涨多跌少，超 3 500 只个股上涨 。沪深 两 市成交额达 1 万亿元，较上日此时缩量 300 亿元 。 二、盘面方面，机器人PEEK 方向受资金追捧 从盘面表现来看，今日涨幅靠前的板块呈现出明显的结构性特征。 PEEK 材料概念股爆发， 成为市场最大亮点，聚赛龙、新瀚新材、中欣氟材等多股涨停。该板块的走强主要得益于行业 自身的发展潜力以及市场对新材料领域的持续关注。随着科技的不断进步， PEEK 材料在航 空航天、汽车制造、电子信息等领域的应用前景愈发广阔，其优异的性能使得相关企业的市场 预期不断提升 。 宠物经济、人形机器人、 CRO 、医美、 AI 算力等题材也涨幅居前。其中，人形机器人板块 的上涨与行业技术的突破以 ...

Core Viewpoint - TMC the metals company Inc. has submitted applications for a commercial recovery permit and two exploration licenses, marking a significant step towards the U.S. leadership in deep-sea mining and securing critical minerals for industrial use [1][2][12]. Group 1: Applications and Regulatory Framework - TMC USA has applied for a commercial recovery permit and two exploration licenses under the Deep Seabed Hard Mineral Resources Act (DSHMRA) and NOAA regulations, which are part of the U.S. seabed mining code [1][13]. - The commercial recovery permit application covers an area of 25,160 square kilometers known as TMC USA-A_2, which includes already indicated and measured resources in the Clarion Clipperton Zone (CCZ) [4][13]. - The applications are expected to be reviewed by NOAA, with an initial determination on compliance within 30 days and a full review including environmental evaluations thereafter [7]. Group 2: Resource Estimates - TMC USA believes the exploration areas TMC USA-A and USA-B contain SEC SK 1300-compliant resources of 1,635 million wet tonnes of polymetallic nodules, with an additional estimated 500 million tonnes of potential exploration upside [5][13]. - The estimated resources include approximately 15.5 million tonnes of nickel, 12.8 million tonnes of copper, 2.0 million tonnes of cobalt, and 345 million tonnes of manganese [5][13]. Group 3: Strategic Importance and Investment Potential - The strategic move under DSHMRA is expected to mobilize tens of billions of dollars in private sector investment across various U.S. industries, including shipbuilding, port infrastructure, and minerals processing [6]. - TMC has invested over half a billion dollars in deep-sea science, engineering, and technology to prepare for this moment, aiming to deliver the world's first commercial nodule project responsibly and transparently [4][6].

Group 1 - The article discusses the performance of public funds in China for Q1 2025, highlighting the mixed results amid recent market conditions and investment strategies [2] - Fund managers have adopted various strategies, including focusing on robotics, domestic consumption, and high dividend stocks, but many have failed to deliver positive returns [2][3] - Zhang Peng, a veteran fund manager at Rongtong Fund, has only one product with a positive return, while the others have not achieved any gains since the beginning of 2025 [3][4] Group 2 - The largest fund managed by Zhang, Rongtong Internet Media, has a poor performance with a return of approximately 18% since inception, and the other two funds have not achieved any gains [3][4] - The top holdings in Zhang's fund show a lack of significant performance, with only two stocks exceeding a 5% weight, and the overall strategy appears to lack conviction [4] - Another fund manager, Guan Shan, has also faced challenges, with her fund, Rongtong New Consumption, at risk of being liquidated due to a net asset value below 50 million [5][6] Group 3 - Guan Shan's fund has underperformed with a return of less than 60% since she took over, and the recent quarterly report indicates a low stock allocation of 75% [5][6] - The fund's strategy focuses on consumer sectors, but it has struggled to capitalize on market trends, leading to negative annual returns since 2022 [5][6] - The introduction of a new co-manager, Li Ruihong, aims to improve the fund's performance, although her previous experience has been limited [6]

" 混合云第一股，也要观望DeepSeek带来的下一波市场情绪。 " 作者丨赵之齐 编辑丨胡敏 "青云内部，司龄五年以上的老员工比比皆是"，青云科技的一位销售说道。还有员工笑说，自己准备在青 云"养老"。 公司内部的某种稳定，与其近年在财报上的跌宕表现相比，略有反差。根据青云科技最近发布的2024年年 报，公司在去年营业收入大约2.7亿，相较2023年，减少了18.95%。青云依然面临着营收的压力。 而相比2023年， 青云去年的减亏比例达43.72% ，毛利率31.66%，同比提升7个百分点。青云在AI领域 布局主要包含AI算力云、AI智算平台和AI智算一体机，其中， AI算力云去年的服务营收达4937.03万元。 此外，青云财务费用变动较去年增长126.41%，公司解释是本期金融机构授信增多所致。 青云在今年年报上的表现，没有太大惊喜。年报背后，是在大模型时代，依然被卡住的中小云厂面临的共 同困境。在市场分析师眼中，青云这样的中小云厂业务依然充满不确定性，其下一波股票的机会，或许只 能等待DeepSeek R2发布带来的市场情绪。 01 打造智算第二增长曲线 "今年销售在向客户介绍青云的业务时，需要从AI ...

Group 1 - Michael Wiggins De Oliveira is an inflection investor, focusing on buying undervalued companies at pivotal moments when their profitability is expected to increase significantly over the next year [1] - The investment strategy emphasizes technology and the Great Energy Transition, including uranium, with a concentrated portfolio of approximately 15 to 20 stocks and an average holding period of 18 months [1] - Michael has over 10 years of experience in analyzing companies, particularly in the tech and energy sectors, and has built a following of over 40,000 on Seeking Alpha [2] Group 2 - The Investing Group Deep Value Returns, led by Michael, offers insights through its concentrated portfolio of value stocks, timely updates on stock picks, and a weekly webinar for live advice [3] - The group provides "hand-holding" support for both new and experienced investors, fostering an active and vibrant community accessible via chat [3] - Seeking FCF is associated with Michael Wiggins De Oliveira, indicating a collaborative approach in investment strategies [3]