Core Viewpoint - The company reported a slight increase in revenue for 2024 but a decline in net profit, with expectations for stable coal prices supporting long-term profitability and cash flow [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 184.145 billion yuan, a year-on-year increase of 1.47%, while net profit attributable to shareholders was 22.36 billion yuan, a decrease of 3.21% [1]. - For Q1 2025, the company reported operating revenue of 40.162 billion yuan, a year-on-year decrease of 7.30%, and net profit of 4.805 billion yuan, a decrease of 1.23% [1]. Coal and Power Business - The company increased its raw coal production to 170 million tons in 2024, a year-on-year increase of 4.1%, and sales volume reached 258 million tons, up 9.13% [3]. - The average cost of raw selected coal was 289.92 yuan per ton, down 2.25% year-on-year, driven by reductions in material costs, maintenance, and taxes [3]. - The company has a total approved capacity of 162 million tons, with an increase in annual capacity at the Yuandatan coal mine from 8 million tons to 10 million tons [3]. - The company controls 8,300 MW of operational thermal power capacity and has 11,320 MW under construction, with expected growth in operational capacity from 10,300 MW in 2025 to 16,300 MW by 2027 [3]. Profit Forecast and Valuation - The company's net profit forecasts for 2025 and 2026 have been revised down to 21.15 billion yuan and 21.90 billion yuan, respectively, reflecting a decrease of 17% and 20% from previous estimates [4]. - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 2.18, 2.26, and 2.29 yuan, with year-on-year growth rates of -5.4%, +3.6%, and +1.4% [4]. - The company is expected to maintain a high dividend payout ratio of around 60% from 2021 to 2024, with a target price adjustment to 28.36 yuan based on a 13x PE valuation for 2025 [4].

当地时间周一（4月28日），美股收盘涨跌不一。纳指小幅收跌，道指与标普500指数连续第 五个交易日上涨。英伟达跌逾2%，领跌美股科技七巨头。 美东时间4月28日，美股三大指数下探回升。截至收盘，道指涨0.28%报40227.59点，纳指跌 0.10%报17366.13点，标普500指数涨0.06%报5528.75点。 中概股多数上涨 。小马智行涨超47%，霸王茶姬涨逾10%，蔚来涨近7%，老虎证券涨 6.73%。下跌方面，联掌门户跌超14%，陆控跌逾5%，比特小鹿跌近5%，盛美半导体跌 2.03%。 大宗商品方面， 4月28日， 国际金价逆势上涨 ，现货黄金站上3340美元/盎司； 国际油价走 低 ，专家表示，今年国际油价或宽幅震荡。 由于本周科技股财报季和美国就业数据来袭，美股三大股指盘中一度全面下跌。美股尾盘， 股市反弹，标普500指数收复1%的跌幅。 美股大型科技股多数下跌，万得美国科技七巨头指数跌0.49%。 个股方面，英伟达跌2.05%， 谷歌C跌0.87%，亚马逊跌0.68%，微软跌0.18%，特斯拉涨0.33%，苹果涨0.41%，脸书涨 0.45%。 | 招标 | 成分 | 资讯 | 相关基金 ...

E 3 25 大分 FES 点击蓝字"戴康的策略世界"关注我们《！ 右上角假范围冠冠,更新内容第一时间推送~《 者司机"戴" 你上车 投资新范式 把脉全球资产配置 戴康 CFA | 广发证券发展研究中心董事总经理 首席资产研究官 新浪财经金麒麟白金分析师 策略投资 次为想起扶贫困系 包揽：2014-2023年新财富最佳分析师、金牛奖、 戴康的策略世界 水晶球等所有重要奖项 著书《策略投资：从方法论到进化论》 荣获京东图书2023百大好书 ly 17 175 THIFF "发证券发展研究中心 国泰君安国际 首席经济学家 资产配置高级分析师 冯晓宇 申万宏源全球资产配置 奶衫子 高级分析师 王持人 巴菲特 04.21–04.25 直播课 04.28–04.30 时期 19-00 日 码 臺 直 指 t and C Production Comment ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 28.36 [7][8]. Core Views - The company's profitability remains relatively stable, supported by a strong cash flow that underpins high dividends, highlighting a robust dividend logic [1]. - The company benefits from high electricity prices in Shaanxi, which supports stable long-term coal prices, enhancing its profitability compared to industry peers [2]. - The coal business is focused on cost reduction and volume growth, with significant increases in coal production and sales driven by trade coal sales [3]. - The report has adjusted the profit forecasts for 2025-2026, reflecting a decrease in expected net profit due to lower coal prices, but maintains a positive outlook on the company's ability to sustain high dividends [4]. Summary by Sections Financial Performance - In 2024, the company recorded operating revenue of RMB 184.145 billion, a year-on-year increase of 1.47%, and a net profit attributable to shareholders of RMB 22.36 billion, a decrease of 3.21% [1]. - For Q1 2025, the operating revenue was RMB 40.162 billion, down 7.30% year-on-year, with a net profit of RMB 4.805 billion, down 1.23% [1]. Production and Sales - The company achieved a raw coal production of 170 million tons in 2024, up 4.1% year-on-year, and sales of 258 million tons, up 9.13% year-on-year, primarily driven by trade coal sales [3]. - The average cost of selected coal was RMB 289.92 per ton, a decrease of 2.25% year-on-year, due to reductions in material costs and maintenance expenses [3]. Profit Forecast and Valuation - The report projects net profits of RMB 21.15 billion for 2025 and RMB 21.90 billion for 2026, with corresponding EPS of RMB 2.18 and RMB 2.26 [4]. - The target price has been adjusted to RMB 28.36, based on a 13x PE valuation for 2025, compared to an industry average of 8.7x [4].

Group 1 - The gold market is experiencing intense volatility, indicating a critical turning point for gold assets [1] - Fund managers are showing divergent strategies regarding gold stocks, with some significantly reducing their positions while others continue to buy [1][2] - The investment strategy debate around gold is quietly unfolding, reflecting differing views on its future performance [2] Group 2 - Dong Chen, a fund manager, has shifted from heavily investing in gold stocks to completely exiting them, replacing them with stocks from other sectors [2] - In contrast, Yuan Weide from China Europe Fund has aggressively bought into gold stocks, making significant additions to his portfolio [3] - The divergence in fund managers' strategies highlights the complexity of gold pricing logic and suggests potential increased volatility in the gold market [3]

重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 沪铜周报（4.21~4.25） 大越期货投资咨询部:祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85226759 目录 一、行情回顾 二、基本面（库存结构） 三、市场结构 上周回顾 沪铜周评: 上周沪铜企稳反弹，沪铜主力合约上涨1.74%，收报于77440元/吨。宏观面看，俄乌战争持续，地缘政 治扰动铜价,川普上台后，全面关税启动，衰退逻辑弥漫市场，目前情绪面有所好转。国内方面，消费 将进入旺季，等待消费指引，目前来看下游消费意愿一般。产业端，国内现货交易一般，整体还是刚 需交易为主。库存方面，铜库存LME库存203450吨，上周出现小幅减少，上期所铜库存较上周减54858 吨至116753吨。 期货主力 数据来源：Wind 供需平衡 2023供需紧平衡，2024过剩 数据来源：博易大师 基本面 1、PMI 2、供需平衡表 3、 ...

过去十余年，百事集团全球业绩从2013年的4049.26亿元人民币稳步增长至2024年的6650.17亿元， 展现出强劲的增长韧性与卓越的全球经营能力。持续巩固和拓展其在本土食品与饮料行业的领先地位。 在全球经济重塑与科技变革并行的时代，食品与饮料行业正步入一场深层次的系统性重构。FBIF2025 全体大会，汇聚全球领袖与思想先行者，以"系统性增长逻辑"为主线，穿越短期波动，重塑可持续增长 的底层方法论。 面对老龄化社会、消费分级、中增长市场的机遇与挑战，行业需要超越传统打法，在"用户资产沉淀"中 夯实内力，在"国际化双轮驱动"中拓展增长疆域。同时，AI驱动的新质生产力、智能供应链体系的重 塑，正在重构产品开发、渠道连接与组织效率的新边界。从战略并购与整合，到全球价值链重构， FBIF2025全体大会将前瞻性洞察新一轮行业洗牌与创新浪潮的方向，助力企业在不确定中掌握确定 性，在变量中锚定增长极。 这里，不仅是趋势的预见者，更是未来产业格局的塑造者。 大会主席致辞 强基固本，乘势而上：在变局中打造增长新范式 【分享时间】 5月10日 9:00-9:15 【分享嘉宾】虞坚 ，总经理， 央视市场研究（CTR） 【 ...

Core Viewpoint - The market consensus indicates that future volatility in gold prices may increase due to a combination of short-term risk retreat and long-term investment strategies by fund managers [1] Group 1: Factors Influencing Gold Volatility - The volatility of gold prices is influenced by several factors, including the Federal Reserve's monetary policy, with significant uncertainty surrounding the pace of interest rate cuts this year [1] - Economic uncertainties stemming from various reforms under the Trump administration may contribute to increased volatility in gold prices [1] - Geopolitical issues, while showing some signs of easing, remain uncertain and could lead to renewed tensions, further impacting gold price fluctuations [1]

技术哲学学者王小伟：我的恐惧感加剧了，不是对具体技术，而是对人的生存意义。 文 丨 朱丽琨 编辑 丨 钱杨 技术哲学学者王小伟问 DeepSeek："如果所有科技都越来越发达，有什么不好吗？" 在多轮问答后，它几乎说出了海德格尔式的观点—— 如果总是强调技术，人们可能会忽视技术的"背 景"，技术镶嵌在非常宏大的人性的基础上。过于专注在技术作为一种控制能力、作为权力意志的彰 显，会遮蔽人的存在。 海德格尔在六七十年前就预见到未来是以 "计算、快速和巨量" 为突出特征的技术时代。他警示，技术 只不过是人类的一种存在方式，但却被当成了唯一的存在方式。他忧虑于，现代技术对 "存在" 造成 "遮蔽"。 技术哲学实则是批判技术的哲学。王小伟持续观察 AI、手机、通勤、外卖等深入日常生活的技术，在 著作《日常的深处》中他思考和呈现了当代生活是如何被技术逻辑主宰。 从技术哲学的角度，"肥胖可看作是一种技术现象"，可能是因为食品工业发展、食物能量密度过高； 通勤的产生是城市生活消费化、所有关系商品化的结果——消费场所占据城市核心地段，人被挤到城 市边缘；外卖象征着当代生活被简化为效率优先、无内在价值的机械过程。手机上瘾，则是因 ...

2025 年 4 月 25 日 生猪：关注远端跨期矛盾 | 周小球 | 投资咨询从业资格号：Z0001891 | zhouxiaoqiu@gtjas.com | | --- | --- | --- | | 吴昊 | 投资咨询从业资格号：Z0018592 | wuhao023978@gtjas.com | | 【基本面跟踪】 | | | 生猪基本面数据 | | | 单 位 | 价 格 | | 同 | 比 | | --- | --- | --- | --- | --- | --- | --- | | 价 格 | 河南现货 | 元/吨 | 14920 | | -50 | | | | 四川现货 | 元/吨 | 14590 | | -200 | | | | 广东现货 | 元/吨 | 15840 | | 0 | | | 期 货 | | 单 位 | 价 格 | | 同 比 | | | | 生猪2505 | 元/吨 | 14075 | | 150 | | | | 生猪2507 | 元/吨 | 13495 | | -95 | | | | 生猪2509 | 元/吨 | 14135 | | -230 | | | | | 单 位 | ...