每周一景： 云南玉龙雪山 点击右上角菜单，收听朗读版 【 策略】继续看好中国股市 大势研判： 资本市场基础制度改革提速，继续看好中国 A/H 股市。国泰海通策略在 4 月 7 日市场低 点，旗帜鲜明判断"中国股市进入击球区"、"继续看多中国股市"、"中国股市的升势远未结束"，上证指数 反弹愈 300 点至 3400 点上下。中国市场的积极反馈印证了我们前期关于两个疑虑消减的看法，如今投 资者不再疑虑中美竞争及严峻性；投资者也不再疑虑决策层扭转形势与支持资本市场的决心，"对等关 税"冲击既是风险释放也是试金石。面向未来，我们仍然保持乐观，中国 A/H 指数有望进一步缓步推高： 1 ）遍历冲击后，投资人对经济形势的认识已然充分，共识性因素对估值收缩的影响是递减的，变化在于 决策层关于"锚定经济社会发展目标"的立场与更可持续的政策预期。 2 ）中国股市的无风险利率下降，海 外预期降低、固收预期降低，股市是解决社会资本开支下降与资产管理需求上升的关键破局点，政治局表 态"持续稳定与活跃资本市场"是重要的标志。 3 ）围绕投资者为本、投融资相协调的资本市场改革拉开序 幕并提速，中国市场的底色向"可投资、重回报"转变，股 ...

摘要 / 银行和微盘股新高的含义 这周在中美双方首轮谈判结果大超预期的情况下，全球风险资产市场的集中反 弹，黄金价格大幅下跌，A股表现相对冷静，3400点得而复失。值得关注的是， 银行和微盘股携手创新高，抱团有所加剧。 据统计，自 4 月 8 日A股大跌至今，微盘股和北证50已经反弹 22%和 36%，市 值稍大一些但仍属于小盘指数的中证 2000 和科创 200 则分别反弹 16%和 18%，而市值越大的指数反弹幅度则越小，中证 1000 和中证 500 的反弹幅度仅 有 10%和 8%。 据国投证券分析，在大盘逐步缩量的过程中，微盘股指数的成交额却稳步增长， 面对大盘指数和权重板块处于高位， 由于担心量能萎缩导致大票缺乏承接， 这种 风险资金在存量结构中的切换导致了小微盘的持续上涨。 华创证券指出， 当前仍处牛市上半场的金融再通胀， 剩余流动性宽松助力小盘成 长弹性释放，同时通胀尚未回归，红利资产凭借稳定的自由现金流创造和分红能 力占优。 写着写着，发现两个很有意思的新闻！ 中共中央、国务院印发《党政机关厉行节约反对浪费条例》，其中提出，党政机 关应当严格执行国内公务接待标准， 工作餐不得提供高档菜肴，不 ...

Group 1 - Shandong Linyi City is accelerating the internationalization of Linyi Mall, with the third Malaysia Linyi Small Commodity Exhibition held in April and a newly established overseas warehouse in Malaysia to facilitate exports to Southeast Asia [1] - Linyi Mall is a collection of 136 specialized wholesale markets, and the city has adopted internationalization as a key strategy for transformation, with a consensus among mall enterprises that "not going overseas means being eliminated" [1] - Linyi Shenshen Home Co., Ltd. has actively participated in overseas exhibitions, securing five large orders with a total export value exceeding 20 million yuan [1] Group 2 - The Linyi Mall Lan Hua (Korea) overseas mall has adopted a "front store, back warehouse + experiential consumption + online platform" model, receiving over 100,000 visitors annually [1] - Linyi has established 50 overseas malls and warehouses in Southeast Asia, Central Asia, and Africa, with plans to organize over 2,000 enterprises to "go overseas" in 2024, attracting 31,000 foreign merchants [1] - Digitalization is becoming the core driving force for the transformation and upgrading of Linyi Mall, with real-time data updates and automated logistics systems enhancing operational efficiency [1] Group 3 - Linyi is enhancing international logistics channels through "public, rail, air, and water" transport, with the establishment of international road transport centers and the development of six TIR international road transport enterprises [2] - Linyi Mall has the highest number of TIR vehicles in the country and ranks fourth in departure volume, indicating a strong logistics infrastructure [2] - The city aims to create an integrated open chain for domestic and foreign trade by attracting and nurturing foreign trade entities and establishing overseas malls and warehouses [2]

投资者关系活动记录表 编号：2025-008 投资者关系活动 类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 活动参与人员 天风证券研究所计算机行业分析师刘鉴先生 国脉科技董事长陈维先生 国脉科技董事会秘书张文斌先生 时间 2025 年 5 月 16 日（星期五） 地点 公司会客室 形式 线下交流 交流内容及具体 问答记录 本文中所涉及的未来计划、发展战略等前瞻性描述不 构成公司对投资者的实质承诺，敬请投资者注意投资风险。 1、想了解下公司 AI 智能体的开发情况，包括产品特性 和发布计划。 答：公司基于居家养老场景的 AI 智能体预计将在本季度 发布，发布会具体安排敬请留意公司官网、微信公众号（国 脉科技 GMTECH、国脉大学养老）及视频号（国脉大学养 老）预告信息。 本次将发布三种智能体，采取多智能体模式，具体包括： 前期接触与适应支持（Engagement & Onboarding）： 从长者或其家属对养老方案有初步兴趣开始，到成功 入住或选择相应方案为止。在这一阶段，AI 智能体 不只是公司精准获客的高效助手，更是帮 ...

Core Insights - FPHLTH Investment Inc. has successfully acquired full control of Hong Kong's China Feige Investment Holdings Ltd. and aims to integrate the FPHLTH and Feige Medical brands to expand globally, focusing on outdoor sports goods and medical devices [1][14] Company Overview - FPHLTH has a forward-looking investment strategy, focusing on high-performance, lightweight outdoor sports equipment and fitness products, while also extending into health-related sectors such as medical aesthetics and wellness [3] - Feige Medical specializes in minimally invasive medical devices and rehabilitation equipment, with core technologies including flexible sensors and AI-driven health monitoring systems [7] Technology and Innovation - FPHLTH utilizes advanced technologies such as AI and lightweight composite materials to enhance product performance and durability, while also employing 3D printing and automation in manufacturing [5] - Feige Medical's products have received international certifications like FDA and CE, ensuring compliance with high market standards [7] Strategic Collaboration - The two brands plan to collaborate on channel expansion, utilizing FPHLTH's global distribution network to promote Feige Medical's portable health monitoring devices [9] - There will be a technological integration where Feige Medical's sensor technology will be incorporated into FPHLTH's outdoor gear, creating a "sports + health" ecosystem [9] Regional Operations - In North America and Europe, FPHLTH will enhance brand influence through partnerships with outdoor influencers and events, while Feige Medical will collaborate with renowned medical institutions to build clinical credibility [11] - In the Asia-Pacific region, the focus will be on leveraging Hong Kong's financial advantages and establishing a smart manufacturing base in Shenzhen [11] Sustainability and ESG Initiatives - FPHLTH aims for 50% of its product line to use recycled or bio-based materials by 2026, while Feige Medical will explore biodegradable medical supplies to reduce waste [12] - Both companies will enhance transparency in sustainability efforts and employee welfare through annual reports and collaboration with ESG research institutions [12] Future Outlook - The acquisition and subsequent collaboration are expected to transform the global outdoor sports and healthcare industries, providing consumers with innovative and high-quality products [14]

Group 1: Company Overview - Baosteel Packaging provides comprehensive metal packaging solutions for well-known fast-moving consumer goods (FMCG) giants, operating in the upstream of the food and beverage sectors [2] - The company achieved a revenue of 8.318 billion yuan in 2024, marking a 7.19% year-on-year increase, leading the industry [2] - In Q1 2025, the company's net profit attributable to the parent company, excluding non-recurring gains and losses, grew by 9.2% [2] Group 2: Innovation and R&D - Baosteel Packaging's R&D expenses increased by 92.64% year-on-year in 2024, reflecting the company's strong commitment to innovation [2] - The company has launched several innovative products, including the industry's first 710ML large can and self-developed temperature-sensitive cans [2] - These innovations are expected to enhance product structure optimization and increase market competitiveness [2] Group 3: Digital Transformation and AI - The company is focused on enhancing customer value through the continuous improvement of its "Three Smart" system and is exploring AI applications in metal packaging [3] - In 2024, both domestic and international revenues showed year-on-year growth, with overseas business increasing by 25.78% [3] - Baosteel Packaging is actively expanding its business layout, including new production bases in Xiamen and projects in Vietnam and Cambodia [3] Group 4: Capital Management and Shareholder Returns - In response to new policies, Baosteel Packaging has implemented a market value management system and aims to balance company growth with shareholder returns [4] - The company executed its first share buyback and mid-term dividend in 2024, distributing a total cash dividend of 87.3509 million yuan, which is 50.67% of the net profit attributable to shareholders [4] - Baosteel Packaging has maintained a cash dividend exceeding 50% for seven consecutive years and plans to continue mid-term dividends in 2025 [4] Group 5: Investor Relations and Market Engagement - The company has organized over 30 investor engagement activities in 2024, including roadshows and strategy meetings, to enhance communication with investors [5] - Following the 2024 annual report, securities analysts have projected steady growth in the company's net profit for 2025-2027, with estimates ranging from 1.8 billion to 2.13 billion yuan [5]

Core Insights - The article highlights the rapid development and integration of AI technologies in various sectors within Guangdong, particularly focusing on consumer electronics like AI smartphones, AI glasses, and AI toys [1][2][4][11]. AI Smartphones - The launch of AI smartphones marks the beginning of an "autonomous driving" era in mobile technology, with significant consumer interest reflected in a survey where over 70% expressed a willingness to purchase AI smartphones [4][5]. - Guangdong produced 683 million smartphones in 2024, accounting for 40% of the national output, with a target to manufacture over 100 large-scale AI-enabled devices by 2027, including 100 million AI smartphones [4][5]. AI Glasses - The AI glasses market is experiencing a surge, with nearly 90% of surveyed consumers showing interest in purchasing AI glasses, making it the highest among all categories [7][11]. - Companies like Huawei and OPPO are actively participating in the "hundred glasses battle," showcasing their AI glasses at international events like CES 2025, indicating a growing competitive landscape [7][8]. AI Toys - There is a rising consumer interest in AI toys, with 88.35% of respondents indicating a high willingness to purchase, particularly for products that offer emotional interaction [11][12]. - Companies in Guangdong are innovating in the AI toy sector, integrating advanced AI functionalities into traditional toys, leading to significant order increases, such as one company reporting over 2 million orders for AI-enabled plush toys [11][12]. Industry Trends - The integration of AI technologies across various consumer electronics is reshaping human-computer interaction, with predictions that AI glasses could eventually perform functions similar to smartphones [6][10]. - The AI toy market is projected to reach a scale of 30 to 40 billion RMB by 2028, indicating substantial growth potential in the emotional companionship segment [12].

老铁们，帮主盯着盘面直拍大腿——今天A股这出戏太刺激了！三大指数集体玩起高台跳水，创业板半天就栽了1.35%，3600只股票绿得发慌。但你们猜怎 么着？美容、港口、农业这几个板块愣是杀出重围，上演逆袭剧本！ 港口航运的逆袭密码 中日韩自贸区谈判重启的消息，让沿海港口集体嗨了。连云港、宁波海运涨停不是偶然——三国贸易量每增10%，港口吞吐量就能涨15%。但老铁们注意 了，这波行情有"政策预期"加持，等具体协议落地可能利好出尽，现在追高容易被挂旗杆。 农业股竟成避风港？ 中央一号文件提到的"农业新质生产力"，让秋乐种业这类企业突然吃香。数字农业管理系统能精准控制施肥量，节水30%的同时增产15%，这才是资金追捧 的硬逻辑。但农业股波动大得像坐过山车，没金刚钻别揽瓷器活。 先说这冰火两重天 开盘半小时就看出端倪：AI智能体、液冷服务器这些科技小鲜肉集体扑街，军工老大哥也蔫了吧唧。反观美容护理板块，芭薇股份直接30cm涨停，连云 港、川宁生物这些冷门股突然变显眼包。这行情就像火锅局——辣锅沸腾（消费股），清汤寡水（科技股），吃得人冰火两重天。 美容股为啥突然吃香？ 山东卫健委刚甩出王炸政策——允许医美机构搞光电注射项 ...

5月14日，道通科技（688208.SH）2024年度权益分派正式实施完毕，本次公司共向全体股东每10股派 发现金红利5元（含税），以资本公积向全体股东每10股转增4.9股，本次道通科技累积豪气派发现金红 利2.23亿元（含税），共转增2.18亿股。 值得注意的是，道通科技已于去年首次实施年中现金分红，共计派发现金1.76亿元，并在年内完成了总 金额1.47亿元的股份回购，回购股数共计766.56万股，叠加上述年中分红及回购，道通科技2024年累计 现金分红金额达5.46亿元，总分红规模创下公司历史新高。此外，公司本次以资本公积转增股本亦是上 市以来首次转增股本，全面展现了道通科技对提高投资者回报的重视。 在以真金白银回报投资者的背后，是道通科技长期以科技创新驱动可持续发展的"底气"，公司以AI为核 心驱动力，坚定围绕"AI智能化"战略布局。公司已构建了汽车综合诊断系统、TPMS、ADAS系列数字 维修生态，智能充电网络及光储充智慧能源管理解决方案，并积极布局具身机器人及空地一体智慧解决 方案，致力于成为AI及机器人行业应用龙头企业。 其中，在AI及机器人应用方面，道通持续研发行业应用多模态大模型、AI平台及 ...