4月29日，在黑龙江省齐齐哈尔富拉尔基站，随着一声汽笛长鸣，一辆搭载着190吨上横梁特种超限货物 的特种车辆，缓缓驶出中国一重（601106）专用线，向着337公里外的哈尔滨东北轻合金有限责任公司 进发。这是中国铁路哈尔滨局集团有限公司首次为中国一重定制的"一单制"物流总包项目正式落地，实 现了"一次委托、一份单证、一次结算"的高效模式，以安全性、稳定性和时效性的物流服务。 中国一重集团有限公司拥有国家级企业技术中心、国家工程研究中心、国家能源重大装备材料研发中心 等核心创新平台，在重大装备制造领域占据着举足轻重的地位。此次装运的上横梁货物，是东北轻合金 有限责任公司油压机重要设备，单件重达190吨。属于超大超重设备，长距离运输对运输过程中运输设 备稳定性及安全保障均提出极高要求。 此次物流总包项目的成功实施，不仅减轻了企业物流负担，助力中国一重将更多资源聚焦于生产、研发 与创新，更体现了国有企业间的高效协同与创新突破，为完善产业链协同发展、提升我国重大装备运输 保障能力提供了可借鉴的范例。(张学鹏) 铁路部门成立工作专班，联合中铁特货（001213）公司、中铁快运公司，为企业量身定制"站到门"物流 解决方案 ...

事件：2025 年4 月16 日，恒力石化发布2024 年年报，公司2024 年营业收入为2362.73 亿元，同比上升 0.63%；归母净利润70.44 亿元，同比上升2.01%；扣非净利润52.09 亿元，同比下降13.14%。对应4Q24 公司实现营业收入585.10 亿元，同比下降5.14%，环比下降10.30%；归母净利润19.39亿元，同比上涨 61.03%，环比上升78.39%。 风险提示：原油价格波动风险；炼化产品产能过剩风险；新增产能不达预期；安全环保风险等。 点评：2024 年石化行业需求扩大，公司产销双增。2024 年公司总体销售毛利率为9.86%，较上年同期 下降1.39pcts。2024 年公司财务费用同比下降2.44%，销售费用同比上升11.23%，管理费用同比上升 10.38%，研发费用同比上升24.20%。2024 年公司净利率为2.99%，较上年同期上升0.05pcts。 我们认为，公司2024 年业绩有所改善主要是受益于原油与煤炭价格持续下行，纺织需求保持稳定增 长，带来公司的降本增效以及产品产销的双增长。 公司2024 年经营活动产生的现金流同比有所增长。2024 年公司 ...

Core Viewpoint - Hubei Yihua (000422.SZ) has significantly improved its profitability through continuous enhancement of industrial chain collaboration, despite a slight decline in revenue for 2024. Group 1: Financial Performance - In 2024, Hubei Yihua achieved operating revenue of 16.964 billion yuan, a slight decrease of 0.48% year-on-year, while net profit attributable to shareholders reached 653 million yuan, an increase of 44.32% [1][2] - The company plans to distribute a cash dividend of 2 yuan per 10 shares, totaling 217 million yuan, which accounts for 33.18% of the net profit for 2024 [5] - The total assets of the company at the end of 2024 were 26.713 billion yuan, a year-on-year increase of 24.40%, and the equity attributable to shareholders was 7.362 billion yuan, up 11.88% [2] Group 2: Business Strategy - Hubei Yihua focuses on its core business by repurchasing minority stakes in its subsidiary Yihua Fertilizer, investing in phosphate and ammonium projects, and divesting low-relevance assets [1][2] - The company aims to achieve an operating revenue of no less than 18 billion yuan in 2025 by optimizing resource allocation and enhancing operational efficiency [1] Group 3: Product and Market Position - Hubei Yihua is a leading player in the nitrogen fertilizer industry, with urea production capacity of 1.56 million tons per year and a market share ranking fourth in the country for diammonium phosphate [2] - The company has a PVC production capacity of 720,000 tons per year, ranking among the top ten in China, and a global second position in the production of pentaerythritol [2] Group 4: Research and Development - The company emphasizes R&D, with R&D expenses reaching 813 million yuan in 2024, a year-on-year increase of 10.45% [3] - Hubei Yihua has developed new products and technologies, including a high-purity gypsum production process and various specialty resins [3] Group 5: Shareholder Returns - Hubei Yihua has established a dual-driven system of "cash dividends + market value management" to enhance shareholder returns [5] - The company has committed to a cash dividend totaling no less than 30% of the annual net profit for the next three years, ensuring a consistent return to investors [5]