编号：2025-003 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | 现场参观 | | | □其他 | | 参与单位名 | 方正证券王泽华、申万宏源吕昌、浙商证券杨骥、华鑫证券孙 | | 称及人员姓 | 山山、长城证券卢潇航、天风证券张潇倩、中金证券王文丹、 | | 名 | 中信证券魏一、银华基金方建等 80 余人。 | | 时间 | 2025 年 5 月 12 日 15:40-18:00 | | 地点 | 线上方式 | | | 董事长：吴向东 副董事长：彭宇清 | | 上市公司接 | 董事、总经理：杨武勇 | | 待人员姓名 | 常务副总经理：杨强 | | | 董事会秘书：梁芳斌 | | | 财务总监：胡亮锋 | | | 一、管理层介绍公司情况 | | | 2024 年，受宏观经济周期波动及行业结构性调整双重影 | | 投资者关系 | 响，国内酒类消费市场进入阶段性深度调整期。行业统计数 | | 活动主要内 | 据显示，终端消费需求呈现结构性分化态势，头部名酒价格 | | 容介 ...

文 | 中关村储能产业技术联盟 4月27日，江苏发改委发布《零碳园区建设指南（征求意见稿）》，其中提出： 园区应在电网、电源及用户侧配置新型储能 ，促进新能源与新型储能协调发展，提升园 区的新能源就地并网消纳能力，支持多元化新型储能技术应用推广。 园区应推动微电网与主网协同发展 ，加快园区微电网数字化、智能化发展，推动新能 源、负荷和 储能合理接入微电网 ，通过主网、配网、微电网协同运行与分层分级控制， 促进园区新能源、负荷、储能的聚合和调控。 园区应结合云计算、物联网和大数据等技术建设能碳监管平台 ，通过采集各用户电、 热、冷、气、油负荷的用能数据以及光伏、 储能 、配电设备、油气冷热管网等 供能数据 ，实现能源发用信息的实时上传，集成能源数据、生产数据、设备数据与碳排放数据。 ICS CCS 点击此处添加 CCS 号 DB32 省 # 江 苏 方 准 标 DB 32/T XXXX—XXXX 零碳园区建设指南 Construction guideline of zero-carbon emission park (征求意见稿) 在提交反馈意见时，请将您知道的相关专利连同支持性文件一并附上。 XXXX - X ...

Core Insights - The event "Coordinated Action: Integration of Logistics and Trade" is part of the 2025 Beijing-Tianjin-Hebei trade and investment promotion series, highlighting the strategic importance of logistics and trade integration for regional development [1][3] Group 1: Event Overview - The event was co-hosted by trade promotion associations and chambers of commerce from Beijing, Tianjin, and Hebei, emphasizing the collaborative efforts in logistics and trade [1] - Key speeches were delivered by officials and experts, underlining the necessity of modern logistics for the region's development and providing theoretical and practical support for logistics and trade integration [3] Group 2: Project Announcements - Five key projects were announced during the event, with a total cooperation amount of 300 million yuan, showcasing the tangible outcomes of regional collaboration [5] - A partnership was established between the Daxing International Hydrogen Energy Demonstration Zone and the Beijing South Logistics Base to promote low-carbon and green logistics initiatives [5][6] Group 3: Discussions and Future Directions - A roundtable discussion focused on strengthening logistics hub functions and promoting industrial collaboration, addressing both future aspirations and practical challenges in the logistics sector [8] - The Beijing South Logistics Base is enhancing its capabilities through three main pathways: green logistics, smart logistics, and international collaboration, aiming to become a benchmark for zero-carbon logistics [8]

Core Viewpoint - The construction of Pingliang Airport is a key engine for promoting local economic transformation and enhancing regional competitiveness under the strategy of coordinated development of transportation in China [1][2]. Group 1: Project Significance - Pingliang Airport is a major strategic project for both provincial and municipal development, fulfilling the public's expectations for improved transportation [2]. - The airport project is part of the Civil Aviation Development Plan for the 14th Five-Year Plan by the Civil Aviation Administration of China and the Comprehensive Transportation System Development Plan for Gansu Province [1]. Group 2: Project Management and Collaboration - A construction management agreement has been signed, marking a significant milestone for the Pingliang Airport project, with a focus on high-quality planning and implementation [2]. - The collaboration between Gansu Provincial Airport Group and the Pingliang municipal government aims to ensure smooth project advancement through a specialized team and clear task division [2]. Group 3: Project Implementation Strategy - The project will adopt a "special team with specific responsibilities" approach, establishing a regular coordination mechanism to facilitate progress [2]. - Key tasks include accelerating the completion of feasibility reports and optimizing supporting infrastructure such as access roads and utilities [2].

Core Viewpoint - BlueDai Technology (002765.SZ) is taking a significant step in resource integration within the touch display sector by acquiring an 18% stake in Chongqing Taiguan Technology Co., Ltd. for 34.11 million yuan, aiming for full ownership and enhancing its dual main business strategy [1][2] Group 1: Acquisition Details - The acquisition involves purchasing shares from four individuals, resulting in BlueDai holding 100% of Chongqing Taiguan, which specializes in vehicle display screens and integrated touch display modules [2] - As of March 31, 2025, Chongqing Taiguan has total assets of 570 million yuan and a net asset of 139 million yuan, with a debt ratio of 75.67% [2] Group 2: Financial Performance - In Q1 2025, BlueDai reported revenue of 813 million yuan, a year-on-year increase of 8.06%, and a net profit of 52.16 million yuan, up 45.93% [5] - For the full year 2024, the company achieved revenue of 3.536 billion yuan, a 25.93% increase, and turned a net loss of 365 million yuan in the previous year into a profit of 124 million yuan [5] Group 3: Research and Development - From 2020 to 2024, BlueDai invested a total of 654 million yuan in R&D, with annual expenditures increasing each year [3] - The company focuses on high-precision transmission systems and has broken several foreign technology monopolies in the electric drive systems for new energy vehicles [3] Group 4: Business Segments - BlueDai's main businesses include power transmission and touch display, with the former focusing on the development and manufacturing of transmission assemblies and components, while the latter involves touch screens and related products [4] - The power transmission segment has become a core growth driver, generating 1.776 billion yuan in revenue, a 15.09% increase [5] Group 5: Market Expansion - BlueDai is actively expanding its overseas market presence, with a plan to invest up to 200 million yuan in establishing a subsidiary and production base in Thailand [6] - The company's overseas sales revenue grew by 49.54% in 2024, indicating significant growth potential in international markets [6]

Group 1 - The 11th year of the Beijing-Tianjin-Hebei coordinated development strategy sees Hebei Province leveraging its geographical advantages to build economic corridors connecting Beijing and Tianjin, focusing on transportation integration and industrial collaboration [1] - Hebei has integrated into the Beijing-Tianjin-Hebei transportation network with 39 bus routes, carrying an average of 230,000 passengers daily, and has established a transportation circle allowing major cities to connect within 1 to 1.5 hours [1] - During the 14th Five-Year Plan period, transportation integration projects totaling 612 kilometers will be completed, including 16 key projects like the Beijing-Xiong'an Expressway [1] Group 2 - The construction site of the second phase of the Beijing-Xiong'an Expressway in Hebei has 1,500 personnel and over 200 machines involved, aiming for completion by June 2026 [2] - The Baoding Zhongguancun Innovation Center has nurtured over 90 national high-tech enterprises since its establishment, with projects like a brain vascular imaging surgical robot being developed and refined [2] Group 3 - The Tangshan Baichuan Robot Shared Manufacturing Factory is the first of its kind in China, focusing on customized non-standard robot products, and aims to provide services to over 130 innovative entities in the region [3] - Hebei Province is embedding its industrial system into the Beijing-Tianjin innovation framework, particularly in the new energy and intelligent connected vehicle sectors, collaborating on a comprehensive automotive industry chain [3] Group 4 - Six key industrial chains are being developed collaboratively, with Hebei leading in new energy, intelligent connected vehicles, and robotics, showing significant growth in the robot industry with a 17.7% revenue increase and a 64.5% rise in production [4] - The establishment of innovation centers and digital transformation platforms in Hebei is facilitating the absorption of technological contracts exceeding 100 billion yuan, with a 30% year-on-year increase [4]

金融创新为消费市场注入新活力，成为推动消费升级的关键力量。各大银行机构积极创新，推出多种优 惠活动激发消费潜力。信用卡消费返现、积分兑换好礼、满减优惠、幸运抽奖等促销形式层出不穷，覆 盖购物、餐饮、旅游等多个消费领域，并根据不同消费群体进行精准定位，有效提升了消费意愿。 除优惠活动外，银行机构还通过提升金融服务质量，为消费热潮保驾护航。在线上，优化手机银行、网 上银行等平台功能，让消费者轻松完成转账、支付、理财等操作；在线下，增加营业网点工作人员、延 长营业时间，提供贴心服务。同时，银行及时了解消费者需求变化，提供个性化金融服务，让消费者安 心消费，进一步促进消费增长。 刚刚过去的"五一"假期，全国消费市场一片火热。各大商场、景区人头攒动，消费数据不断攀升，展现 出我国经济的蓬勃活力。据文化和旅游部数据中心测算，假期5天，全国国内出游达3.14亿人次，同比 增长6.4%，国内游客出游总花费1802.69亿元，同比增长8.0%。而据商务部商务大数据监测，假期全国 重点零售和餐饮企业销售额同比增长6.3%。在这背后，金融正发挥着日益关键的支撑作用。 （文章来源：证券日报） 为营造良好消费金融环境，政府、金融机构和 ...

Group 1 - The "High Talent Pass" program and "Million Talents Gathering in Guangdong" initiative are attracting global talent to the Greater Bay Area, with over 100,000 talents drawn in through the "High Talent Pass" program alone this year [1][2] - The "One Exam, Multiple Certificates" model has been implemented, allowing candidates to obtain various professional qualifications from Guangdong, Hong Kong, and Macau through a single examination [2][5] - The Greater Bay Area is focusing on attracting 1 million university graduates to Guangdong, with initiatives like the "Talent Development Policies" aimed at enhancing youth engagement [3][4] Group 2 - The establishment of the Guangdong-Hong Kong-Macau Talent Collaborative Development Ecological Alliance aims to facilitate talent exchange and collaboration among the three regions [1][6] - The South China region is enhancing its appeal to international talent by implementing policies that ease cross-border employment and residency, such as the "240-hour visa-free transit" for foreigners [7] - The Greater Bay Area is positioning itself as a hub for high-end international talent, with a focus on sectors like technology and innovation, and is actively promoting its talent policies in ASEAN countries [7]

Core Insights - Wanze Co., Ltd. has been recognized for its outstanding performance in the fields of micro-ecological medicine and high-temperature alloys, winning two significant awards at the 2025 China Listed Company Brand Value List Conference [1] - The company's dual business strategy of "medical + high-end manufacturing" has proven successful, showcasing its ability to innovate and develop across high-barrier industries [1][4] Company Development - Wanze Co., Ltd. has evolved from a single business focus in real estate at its inception in 1992 to a dual-driven model, fully divesting from real estate in 2019 to concentrate on its core areas [1] - The company has made strategic decisions aligned with national policies, particularly in the context of domestic substitution and the Healthy China initiative [4] Financial Performance - In 2024, Wanze's subsidiary, Wanze Shuangqi Pharmaceutical, achieved revenues of 794 million yuan, a year-on-year increase of 13.43%, with net profits reaching 330 million yuan, up 39.8% [4] - The company has significantly increased its R&D investment, reaching 209 million yuan in 2024, a growth of 27.48%, and has accumulated 228 patents [5] Market Opportunities - The domestic aviation engine market is rapidly growing, with less than 30% self-sufficiency in high-end materials, positioning Wanze to capitalize on domestic substitution opportunities [7] - The global micro-ecological drug market exceeds one trillion dollars, with core products like "Jin Shuangqi" and "Ding Junsheng" expanding into new indications to unlock further growth [7] Strategic Initiatives - Wanze Co., Ltd. is actively integrating resources in the aviation engine and micro-ecological sectors through acquisition funds, enhancing technical collaboration and market influence [7] - The company aims to transition from a traditional micro-ecological product supplier to a comprehensive "microbial medical solution provider" through a forward-looking "three-dimensional innovation strategy" [7]

Core Insights - The "Opportunities in the Bay Area" initiative has showcased the promising prospects of the Guangdong-Hong Kong-Macao Greater Bay Area, emphasizing that certainty is the most significant opportunity for investors and innovators [1][2]. Economic Performance - The nine cities in the Pearl River Delta reported a combined GDP exceeding 2.75 trillion yuan, an increase of nearly 180 billion yuan compared to the same period last year [1]. - Hong Kong's GDP grew by 3.1% year-on-year in Q1, marking a five-quarter high, with a quarterly growth of 2%, the largest increase in two years [1]. - Macao's GDP for Q1 was recorded at 997.8 million patacas, indicating a recovery trend [1]. Investment Landscape - Over 2,700 family offices have established a presence in Hong Kong, with more than half managing assets exceeding $50 million [2]. - By February 2024, the Hong Kong Investment Promotion Agency successfully attracted 160 global family offices [2]. - Actual foreign investment in Qianhai is projected to reach 26.65 billion yuan in 2024, reflecting a year-on-year growth of 7.4% [2]. - As of June 2024, Macao's financial sector total assets amounted to approximately 27.174 billion patacas, a 25% increase since 2019 [2]. Innovation Ecosystem - Guangdong has established 31 joint laboratories for technology cooperation with Hong Kong and Macao, promoting a collaborative development model [3]. - More than 130 technology incubation platforms have been set up in Guangdong, with nearly 1,100 Hong Kong and Macao enterprises and teams currently being incubated [3]. - Hong Kong is developing its third InnoHK innovation platform, focusing on advanced manufacturing, materials, energy, and sustainable development projects [3]. - Macao has established four national key laboratories, with increasing income from industry-university-research collaborations and patent projects [3]. Resilience Against Challenges - The Hong Kong government emphasizes a clear strategy of aligning closely with national development plans, leveraging its unique position to strengthen its economy [4]. - The Macao government is deepening exchanges with Portuguese-speaking countries while expanding connections with Spanish-speaking and Southeast Asian nations [4]. - Shenzhen is actively developing major platforms like Qianhai and He Tao, with clear construction goals set for 2025 [4]. - Cities in the Greater Bay Area are focused on steady progress and self-improvement, demonstrating confidence and resilience in the face of external challenges [4].