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 ...

Market Overview - The Hang Seng Index rose by 1.96% to 22,504.68 points during the trading days from April 28 to May 2, 2023, with the Hang Seng Tech Index showing a strong increase of 4.64% to 5,244.06 points [1] - Recent easing of geopolitical tensions has led to a rebound in risk assets, with the Hong Kong stock market rising for the third consecutive week, nearing recovery from the declines caused by the "reciprocal tariffs" imposed during the Trump administration [1] Economic Indicators - The Hong Kong Monetary Authority (HKMA) intervened by purchasing HKD 46.539 billion (approximately USD 6 billion) to maintain the stability of the Hong Kong dollar against the US dollar, triggered by the strong-side convertibility undertaking at 7.75 HKD per USD [2] - The HKMA noted an increase in demand for Hong Kong dollars related to stock investments, which supports the currency's value [2] Company Performance - Hong Kong Exchanges and Clearing Limited (HKEX) reported record revenue of HKD 68.57 billion for Q1 2025, a 32% year-on-year increase, and a net profit of HKD 40.77 billion, up 37% year-on-year [3] - The average daily trading amount for Hong Kong stocks reached a historical high of HKD 242.7 billion, with the IPO market remaining strong, raising HKD 18.7 billion from 17 companies, nearly quadrupling the amount from the same period last year [3] New Listings - Hunan Mingming Henmang Commercial Chain Co., Ltd. submitted its IPO application to HKEX, aiming to raise funds for supply chain upgrades, store network optimization, brand building, and digital investment [4][5] - The company, formed by the merger of "Snacks Very Busy" and "Zhao Yiming Snacks," is projected to achieve a GMV of RMB 55.5 billion in 2024, making it the largest leisure food and beverage retail chain in China [4][5] Industry Trends - The leisure food market in lower-tier cities is expected to reach a GMV of RMB 2.3 trillion in 2024, with growth rates surpassing those in higher-tier markets [5] - The market is undergoing rapid consolidation, with an estimated 50% of lower-tier companies expected to exit by 2025 [5]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 9.08 CNY, compared to the current stock price of 7.81 CNY as of April 30, 2025 [5]. Core Views - The company's Q1 2025 revenue was 256.76 billion CNY, a year-on-year decrease of 6.61%, primarily due to weak demand in traditional business sectors. The net profit attributable to shareholders was 5.15 billion CNY, down 14.51% year-on-year, with a decline in gross margin contributing to the profit drop [2][3]. - Despite the revenue and profit decline, the company has a solid order backlog of 7.86 trillion CNY, approximately 7.4 times its 2024 revenue, indicating a strong foundation for future revenue growth [2]. - The company signed new contracts worth 492.84 billion CNY in Q1 2025, with a notable increase in overseas contracts by 30.10% year-on-year, while domestic contracts decreased by 13.17% [4]. Summary by Sections Financial Performance - In Q1 2025, the company experienced a gross margin decline of 0.28 percentage points, leading to a sales net profit margin of 2.38%, down 0.20 percentage points year-on-year. The operating cash flow improved, with a net outflow of 38.95 billion CNY, which is 7.65 billion CNY less than the previous year [2][3]. Order and Contract Activity - The new contract value in Q1 2025 was 492.84 billion CNY, with domestic contracts at 448.68 billion CNY and overseas contracts at 44.16 billion CNY. The growth in the green environmental sector and railway engineering contracts was particularly strong, with increases of 77.05% and 66.25% year-on-year, respectively [4]. Earnings Forecast - The company’s revenue projections for 2025-2027 are 1.08 trillion CNY, 1.10 trillion CNY, and 1.11 trillion CNY, with expected year-on-year growth rates of 1.50%, 1.30%, and 1.30%. The net profit forecasts for the same period are 22.47 billion CNY, 22.73 billion CNY, and 22.99 billion CNY, with corresponding growth rates of 1.15% each year [9][10].

2025.05. 05 本文字数：2557，阅读时长大约4分钟 作者 | 第一财经 陈益刊 为稳经济、防风险，地方政府加快发行债券筹资，将资金投向重大项目建设、偿还隐性债务、支持楼 市稳定和消化拖欠企业账款等。 根据财政部、中国债券信息网等数据，2025年前4个月，全国发行地方政府债券合计约35354亿元， 同比增长约84%。无论是发债规模还是增速均创近年同期新高。 为何今年以来地方政府发债规模急剧增长？这笔巨额资金花哪儿了？影响几何？近期召开的中共中央 政治局会议要求，加快地方政府专项债券、超长期特别国债等发行使用。未来专项债发行将有何变 化？是否会增加额度？ 地方发债快增 在地方财政收支矛盾较大的背景下，地方政府投资建设重大项目等愈加依赖举债，而举债的合法途径 基本就是发行地方政府债券。 地方政府债券按用途分为新增债券和再融资债券。新增债券资金主要用于基础设施等重大项目、民生 项目等建设，而再融资债券主要用于偿还到期地方政府债券本金或置换隐性债务等，即"借新还旧"。 根据前述公开数据，今年前4个月全国发行的约3.5万亿元地方政府债券中，新增债券约1.5万亿元， 同比增长约54%；再融资债券发行约2万亿元， ...

证券研究报告·行业跟踪周报·计算机 计算机行业跟踪周报 算力租赁 2025 年 Q1 率先体现业绩，海外大 厂资本开支持续乐观 增持（维持） ◼ 风险提示：技术发展不及预期；中美地缘政治风险；行业竞争加剧。 2025 年 05 月 05 日 证券分析师 王紫敬 执业证书：S0600521080005 021-60199781 wangzj@dwzq.com.cn 证券分析师 王世杰 执业证书：S0600523080004 wangshijie@dwzq.com.cn 行业走势 -24% -17% -10% -3% 4% 11% 18% 25% 32% 39% 46% 2024/5/6 2024/9/2 2024/12/30 2025/4/28 计算机 沪深300 相关研究 [Table_Tag] [Table_Summary] 投资要点 《深海科技：政策孵化万亿级市场， 多维度价值蓝海赛道》 2025-04-16 《中美 AI 产业竞合与数据要素战略 重构》 2025-04-01 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 ◼ 2025 年第一季度，海外大厂资本开支指引乐观： Meta 上调 ...

证券研究报告·行业跟踪周报·计算机 计算机行业跟踪周报 算力租赁 2025 年 Q1 率先体现业绩，海外大 厂资本开支持续乐观 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：技术发展不及预期；中美地缘政治风险；行业竞争加剧。 2025 年 05 月 05 日 证券分析师 王紫敬 执业证书：S0600521080005 021-60199781 wangzj@dwzq.com.cn 证券分析师 王世杰 执业证书：S0600523080004 wangshijie@dwzq.com.cn 行业走势 -24% -17% -10% -3% 4% 11% 18% 25% 32% 39% 46% 2024/5/6 2024/9/2 2024/12/30 2025/4/28 计算机 沪深300 相关研究 《深海科技：政策孵化万亿级市场， 多维度价值蓝海赛道》 2025-04-16 《中美 AI 产业竞合与数据要素战略 重构》 2025-04-01 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 ◼ 2025 年第一季度，海外大厂资本开支指引乐观： Meta 上调 ...

希思罗机场长期稳居全球民航运量"第一梯队"，却只有两条跑道，明显逊于其他同级别大型国际机 场。修建第三条跑道的规划从20世纪80年代讨论至今，难以落地。新一届工党政府虽频频表态支持推进 该项目，但仍面临巨大阻力。 新华社伦敦5月5日电 （记者 郑博非）全球最繁忙航空枢纽之一的英国伦敦希思罗机场3月下旬因附 近变电站火灾影响供电而停运一天，上千架次航班取消或延迟，逾20万旅客行程受影响。 希思罗机场2024年旅客吞吐量达到创纪录的8390万人次，超过新冠疫情前水平；进出港航班数量同 期增长4%达到47万架次，逼近政府设置的48万架次上限。根据机场近日发布的一季度财报，2025年旅 客吞吐量将再创新高。 2025年2月，希思罗机场首席执行官托马斯·沃尔比耶宣布，机场将引入数十亿英镑资金，对机场2 号和5号航站楼进行扩容，为建设第三条跑道做准备。 实际上，这个"准备"已经做了数十年。 新跑道建设规划早在20世纪80年代就已提出，却一直受到环保组织和周围居民反对而一再搁置。反 对者主要担忧噪音污染、碳排放和生态破坏等问题。据"希思罗机场噪音控制协会"估算，该机场目前年 均排放约2000万吨二氧化碳，相当于英国航空总排 ...

新华社贵阳5月4日电（记者向定杰、倪远诗）当夕阳的余晖洒向贵州花江大峡谷，一座连通两岸的钢铁巨龙已傲然矗立。 全长2890米、桥面距水面高625米的花江峡谷大桥，即将突破"世界第一高桥"的纪录，成为中国基建的新名片。而它的诞生，离不开一群年轻 人。 4月28日，赶在下班前，26岁的技术员田红锐召集工友，蹲在桥面上，用粉笔在钢板上涂涂画画，商量如何解决施工中的工艺问题。2021年， 还在大桥勘察阶段时，田红锐就来到项目上，随着大桥一步步成长。 这个"五一"假期，在项目部成员的带领下，近百名一线建设者正悬吊在距谷底625米的猫道上，为大桥主缆穿上能抵御1100℃烈焰的"铠甲"， 劳务班组的负责人刘国彬介绍，大桥未来会通行油罐车等高风险车辆，所以主缆防护层被赋予"抗火+防腐"双重使命。整个班组节假日不休息，努 力为后续施工留出时间，确保大桥按期通车。 1993年出生的王淞钰，从小在城市长大，而桥梁建设大多在偏远山村。4月16日晚，历时28天，大桥顺利完成主缆缠丝，此前为赶工期，一度 是24小时、两班倒作业。 "都是在工地上吃盒饭，给工人送夜宵的时候，大家就像传接力棒一样，令人难忘。"王淞钰说，花江峡谷大桥所在的地方 ...