Group 1: Travel Market Trends - The travel market is experiencing a surge in activity as the "May Day" holiday approaches, with online hotel and flight searches significantly increasing, indicating a peak in bookings [1] - Domestic travel bookings for the "May Day" holiday have more than doubled compared to the same period last year, with self-driving tours, free travel, and group tours showing particularly high growth [1][2] - Online travel platforms report a core business growth of over 70% for hotels and tickets, driven by the extended holiday period [1] Group 2: Booking Statistics - Tuniu's data shows that group booking numbers for the "May Day" holiday increased by over 220% week-on-week, with hotel bookings up over 120% and flight bookings up over 80% [2] - As of April 27, domestic flight bookings for the "May Day" holiday reached over 6.34 million, a year-on-year increase of approximately 23%, while international flight bookings exceeded 1.09 million, up about 24% [2] Group 3: Emerging Travel Opportunities - The rise of "port tourism" and "marine economy" is creating new growth opportunities in cultural and tourism consumption, with significant increases in searches for hotels and food near various ports [3] - The popularity of seaside and island tourism is also on the rise, with searches for activities like "sea fishing" and "boat charters" seeing substantial growth [3] Group 4: Accommodation Trends - Tujia's report indicates that popular cities for accommodation bookings have seen an average year-on-year increase of over 30%, with Qingdao being the most popular destination [4] - Hotel booking rates for the "May Day" holiday have increased by 1.3 percentage points compared to last year, with a notable rise in bookings for less accessible small cities [4] Group 5: Promotional Activities - Huazhu Group has launched various promotional activities to welcome the "May Day" holiday, including a plan that covers over 11,000 hotels nationwide, offering nearly 100 million yuan in discounts [5]

□ 本报记者胡春春 当前，2025年一季报进入披露高峰期。据不完全统计，截至目前，约有近百家江苏上市公司，或在一季 报、或在与投资者交流过程中，明确表示订单充足、订单增长。从整体观察看，今年以来，新兴产业订 单增量较大，传统行业努力稳住营收，海外市场拓展成绩陆续落地，呈现出大单"亮眼"、海外订单占比 增加、高端制造占据盈利点C位等特点，尤其是许多企业海外订单营收占比超过了50%。 政策利好，手握大额订单 扬杰科技董秘范锋斌介绍，目前公司处于满产满销状态，越南二期项目也已启动，预计在2025年底实现 量产。未来公司有望凭借海外渠道和品牌优势加速海外市场渗透，全球化战略将进一步提升公司在国际 市场的综合实力。 无锡的德科立是光电子器件行业比较有代表性的江苏企业。光电子器件企业的发展，离不开国际市场锤 炼与竞争。和扬杰科技一样，德科立也非常重视海外市场的布局。去年，该公司实现营业总收入8.41亿 元，同比增长2.79%；归属净利润1亿元，同比增长9.07%，其中海外市场收入占比逾30%。德科立相关 负责人表示，随着泰国制造基地的投产运营，未来3—5年内，公司海外需求有望攀升，收益弹性或将远 超国内。 光通信行业龙头 ...

随着新疆铁路霍尔果斯、阿拉山口口岸累计通行的中欧班列超9万列，"钢铁驼队"带热丝绸之路经贸往 来同时，也有效提振本地文旅相关消费。美团旅行数据显示，"新疆霍尔果斯美食"搜索量上涨 486%，"新疆阿拉山口酒店"搜索量上涨500%。 "海洋经济"蓬勃发展，"上岛住宿""出海捕鱼"彰显深度旅游。美团旅行数据显示，2025年4月中旬以 来，"海钓包船"搜索量同比上涨262%，"出海捕鱼"搜索量上涨124%，珠海桂山岛、三亚蜈支洲岛、三 亚西岛、珠海外伶仃岛、惠州双月湾、汕头南澳岛、阳江海陵岛均为相关热搜目的地。 音乐节、演唱会、电竞赛事等展演经济活跃，拉动文旅消费多元化新发展。美团旅行数据显示，"五 一"前夕，"音乐节应援妆"搜索量上涨179%，搜索者中00后年轻人占比超30%。美团旅行数据，"五 一"音乐节Top10的热门城市为：北京、南京、成都、广州、上海、武汉、西安、天津、青岛、银川。 新京报贝壳财经讯(记者陈维城)"五一"假期临近，出游热度持续高涨。美团旅行数据显示，截至4月27 日，"五一假期出游"搜索热度同比上涨326%。此外，"五一"节后一周机票、酒店预订热度同比增长 90%。 随着"口岸游"与"海洋 ...

Core Viewpoint - Fuzhou is accelerating the construction of the "Offshore Granary" to enhance its marine economy and promote local seafood brands such as abalone, kelp, and eel [1][2] Group 1: Development Initiatives - Fuzhou is leveraging the opportunity to build a national marine economy development demonstration zone, focusing on deep-sea aquaculture and establishing a "1+6+4" marine innovation system [1] - The city plans to implement a revitalization action for aquatic seed industry, innovating and cultivating new aquaculture species suitable for local conditions [1] - Fuzhou aims to develop deep-sea aquaculture by constructing deep-sea farming sites and supporting the establishment of more deep-sea aquaculture platforms [1] Group 2: Industry Collaboration and Branding - The city is focusing on industrial synergy and implementing an industrial integration project, emphasizing the processing of abalone, kelp, and fish paste to strengthen local specialties like fish balls and Buddha Jumps Over the Wall [2] - Fuzhou is working on brand enhancement initiatives to promote local seafood brands and plans to establish a "Fuzhou Fish" brand promotion base [2] - The city is enhancing marine technology innovation capabilities and promoting the application of new technologies and products in the marine sector [2] Group 3: Financial and Regulatory Support - Fuzhou is deepening the reform of aquaculture rights and encouraging banks to collaborate with grassroots organizations to develop financial products that benefit fishermen [2] - The city is exploring socialized services for fishing vessel inspections through government procurement, aiming to separate inspection and management functions [2]

转载转发均属侵权国泰均安证券将保留追究其法律责任的权利国泰均安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒广大投资者谨慎做出投资决策大家好欢迎参加国泰均安深海科技蓝色动力 策略联合行业解读深海科技和海洋经济投资逻辑电话会目前所有的参会者均处于静音状态现在有请主持人开始发言谢谢好的谢谢各位领导下午好我是国泰纪元研究所策略分析师苏辉负责主题投资策略和购物选择非常欢迎大家在周日的下午三点来参加由国军策略联合行业举办的主题周刊栏目 那么我们每周呢会就市场关注的一些焦点话题及时深度的做出解读本期是我们第八期的电话会啊那么在此前我们已经就大家关注一些热点话题比如说像deepfake 支架平权包括国产算力 AI智能眼镜固态电池两会的产业政策以及人口政策等等这些话题为大家做了解读如果大家对于往期的内容感兴趣的话也可以联系我们发送回放和会议的纪要那么今天我们会议的主题是围绕深海科技和海洋经济那么这个也是上周大家关注的一个焦点的话题那么除了我们策略之外我们也邀请到了像石化 军工通信电信以及机械行业的分析师给大家来分享各自行业的思路那么接下来呢首先由我从策略的角度啊整体汇报一下我们对主题废弃策略啊以及本次会议的 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - The records cover multiple industries including automotive, robotics, marine economy, quantum computing, and military technology. Core Points and Arguments Automotive Industry - The company has launched a full-featured parking-to-parking function, enabling nationwide parking capabilities [1] - Geely has introduced a globally leading L3-level intelligent driving architecture, featuring self-developed control systems and dual-sensor chips with a computing power of 1400 TPS [1] Robotics Development - Domestic humanoid robots are rapidly developing, with the establishment of an innovation center for humanoid robots in collaboration with Shanghai University and Tsinghua University [2] - Tesla's humanoid robot, Optimus, is set to enter trial production this year, with plans to produce 5,000 units and a target of 50,000 units by 2026 [3] Marine Economy - The marine economy in China has surpassed 10 trillion yuan, reaching 10.54 trillion yuan, with a year-on-year growth of 5.9%, outpacing GDP growth [5] - The fastest-growing sectors within the marine economy include the marine shipbuilding industry, which saw a production value of 137 billion yuan and a year-on-year growth of 14.9% [6] Quantum Computing - NVIDIA's new quantum research lab aims to integrate leading quantum hardware with AI supercomputers to accelerate quantum computing solutions [8] - The quantum computing industry is expected to see significant growth, with estimates suggesting a market size of $811.7 billion by 2035 [11] Military Technology - The company anticipates a significant increase in related transactions, with an expected total of 5.59 billion yuan in 2025, reflecting a 124% year-on-year growth [29] - China's military budget is projected to grow by 7.2% in 2025, continuing a trend of high growth in military spending [30] Other Important but Possibly Overlooked Content - The marine economy's growth is supported by various provincial governments emphasizing marine economic policies [4] - The integration of quantum computing with traditional computing is expected to disrupt various industries, with significant advancements anticipated in the next decade [12] - The military technology sector is poised to benefit from both domestic and international demand for precision-guided munitions, with a focus on low-cost solutions [31][32]

Group 1: Market Overview - The market has shown a "first rise then fall" trend since March, with trading volume dropping to around 1.2 trillion, influenced by the peak of annual report disclosures and concerns over tariff issues [8][17]. - Value stocks have outperformed growth stocks, with large-cap stocks outperforming small-cap stocks; the non-ferrous metals sector has led the primary industries, while TMT (Technology, Media, and Telecommunications) has lagged [8][18]. - The CPI has slightly declined, affecting price elasticity, while the BCI (Business Condition Index) for corporate profits has also retreated, indicating challenges in the recovery of the molecular end [21][28]. Group 2: Industry Insights - In the upstream sector, non-ferrous metals are experiencing upward momentum, with profit growth forecasts for 2025 being adjusted upwards by over 10 percentage points; however, coal sector profit growth forecasts have been downgraded [8][70]. - The midstream manufacturing sector shows strong improvement in machinery and equipment, with expected profit growth in the general and specialized equipment sectors, while the automotive sector continues to maintain a positive outlook with a 11.7% year-on-year profit increase in January-February [8][78]. - In the downstream consumption sector, the food and beverage industry is expected to see small unit growth, while the textile manufacturing sector is projected to experience a mixed performance, with revenue growth expected to be higher than profit growth due to high base effects from the previous year [8][81]. Group 3: Technology and Market Trends - The TMT sector has seen a negative year-on-year profit change in early 2025, with specific segments expected to show high growth in their quarterly reports despite overall challenges [8][87]. - The report highlights a long-term opportunity in the technology growth sector driven by industrial transformation, with expectations of performance divergence between technology and value stocks [8][90]. - The report suggests that if the technology sector completes its emotional clearance and monetary easing is realized, attention should be focused on segments with strong quarterly report support, such as PCB and SOC [8].

Market Analysis - The market is currently experiencing a small-scale fluctuation, with a focus on the support level around 3340 points, which is expected to be tested again [1][3] - A short-term rebound structure is anticipated next week, following a low-point retest [1] Short-term Trend - The market is expected to move downward initially to fill the gap, targeting the previous low of 3340 points for support [3] - The trading volume remains low, indicating a lack of strong buying interest, which may lead to further downward pressure in the afternoon [3] Hot Sectors - The sectors showing gains today include CXO concept, innovative drugs, Huawei computing power, pharmaceuticals, industrial mother machines, and controllable nuclear fusion [3] - Sectors experiencing declines include phosphorus concept, marine economy, titanium metal, combustible ice, glyphosate, and chemicals [3] - The tourism, hotel catering, food and beverage, and pork sectors are viewed positively, with support expected at the 10-day moving average [3] Operational Strategy - There will be short-term opportunities for low absorption near the 3340-point level, with a recommendation to wait for a rebound before selling for profit [3]

Investment Rating - The report maintains an "Accumulate" rating for the mechanical equipment industry [1] Core Insights - The government work report has introduced "deep-sea technology" for the first time, indicating a potential acceleration in industry development. Policies supporting marine economy and deep-sea technology have been rolled out in various regions [1] - Deep-sea resources are abundant, and the shift from shallow to deep-sea economic development is a definitive trend. The report highlights the significance of oil and gas resources, particularly in deep water, where the breakeven points for deep and shallow oil fields are $43 and $37 per barrel, respectively [1] - The marine economy is projected to reach a total production value of 10.5 trillion yuan in 2024, with a year-on-year growth of 5.9%, accounting for 8% of the national GDP. The shipbuilding industry is expected to grow by 15% year-on-year, while marine engineering equipment is projected to grow by 9% [2] Summary by Sections Government Policy and Industry Development - The introduction of "deep-sea technology" in the government work report is expected to enhance support for innovation and technology iteration in related industries [1] - Various regions have begun implementing policies to support the development of the marine economy and deep-sea technology [1] Resource Potential and Economic Trends - Deep-sea technology encompasses complex applications across various disciplines, with significant military-civilian integration [1] - The report emphasizes the rich resources in deep-sea areas, including oil and gas, mineral resources, and biological resources, which are becoming increasingly important as land and near-shore resources become depleted [1] Investment Opportunities - The report suggests focusing on high-quality marine equipment companies with solid fundamentals, such as China Shipbuilding, CIMC, and others, which are expected to benefit from the accelerating industry development [2] - Specific recommendations include companies involved in FPSO, drilling platforms, and deep-sea robotics, among others [2]

份额方面，国企红利ETF最新份额达4688.66万份，创近1月新高。 机构：配置高股息红利公司可能是短期跑赢指数的一个方向，国企红利 ETF(159515)震荡上涨 截至2025年3月26日 11:27，中证国有企业红利指数(000824)下跌0.05%。成分股方面涨跌互现，富奥股份(000030)领涨2.02%，皖通高速(600012)上涨1.79%， 宁波富达(600724)上涨1.63%；招商银行(600036)领跌4.70%，南钢股份(600282)下跌2.91%，神火股份(000933)下跌1.75%。国企红利ETF(159515)上涨 0.09%。最新价报1.09元。（以上所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表基金未来的投资方向，也不代表具体的投资建 议，投资方向、基金具体持仓可能发生变化。市场有风险，投资需谨慎。) Wind数据显示： 规模方面，国企红利ETF最新规模达5114.86万元，创近1月新高。 数据显示，截至2025年2月28日，中证国有企业红利指数(000824)前十大权重股分别为中远海控(601919)、冀中能源(000937)、山煤国际(600546) ...