Core Viewpoint - Shengwei Times Technology Co., Ltd. is facing significant challenges on its path to an IPO in Hong Kong, as its rapid growth is underpinned by various risks, including heavy reliance on Alibaba, questionable profitability, and independence issues [1] Financial Performance - Revenue for Shengwei Times increased from RMB 553.53 million in 2021 to RMB 1,206.49 million in 2023, reflecting a growth rate of 47.80% [2] - The company reported a net loss of RMB 483 million in 2023, with a continued loss of RMB 285 million in the first half of 2024, indicating a persistent negative net margin [7][14] - Gross profit margins have fluctuated, with gross profit of RMB 85.89 million in 2023, representing a margin of 7.1% [2] Revenue Composition - Over 80% of Shengwei Times' revenue is derived from Alibaba and its affiliates, particularly through the Gaode platform, which accounts for a significant portion of its ride-hailing service revenue [3][4] - The company's ride-hailing services accounted for 84.7% of total revenue in 2021, increasing to 88.5% in 2023 [4][5] - Despite low direct revenue from Alibaba, the dependence on Gaode for ride-hailing services creates a "nominal independence, substantial binding" revenue structure [6] Business Model and Market Position - Shengwei Times positions itself as a leading provider of intercity and urban transportation information services, but its growth is largely driven by internal cycles within the Alibaba ecosystem rather than market expansion [7][9] - The company operates with a high commission rate of 9% paid to Gaode, which is higher than competitors, indicating a lack of control over its business terms [7][10] - The governance structure shows a lack of independence, with major shareholders controlling approximately 42.20% of voting rights, further complicating its position as a standalone entity [13] Market Perception and Future Outlook - The market remains skeptical about Shengwei Times' valuation, as it is heavily reliant on future cash flow assumptions rather than current business fundamentals [14] - The company's growth is primarily driven by internal revenue transfers within the Alibaba ecosystem, raising concerns about its ability to compete in the broader market [14][15] - To gain market acceptance, Shengwei Times must demonstrate technological independence and the ability to attract customers outside the Alibaba ecosystem [14][15]

东南亚市场成为 出海战略最重要一站 广州日报新花城：我们留意到，今年前三个月菲律宾、泰国等东南亚国家已经名列中国汽车出口目的地 前十，从早期的出海探索到"1551"国际化战略，广汽在出海区域的布局上有哪些变化？ 出海，是中国汽车产业绕不开的话题，中美关税战延续、国际政治经济环境纷繁复杂的特殊背景，为汽 车企业出海增加了诸多不确定性。 2024年，广汽集团宣布了三年"番禺行动"计划，将出口目标提升到"2027年进入全球100个国家和地区， 挑战出口50万辆"的高度，这意味着要在3年时间内实现出口销量翻3倍。广汽集团出海计划的执行者将 如何破解这个难题呢？在上海车展期间，广州日报新花城记者专访了广汽国际总经理卫海岗。 卫海岗：去年广汽自主品牌出海首次突破了10万台的大关，增速明显、跑赢大市。不过，我们目前的出 口体量跟排在头部的中国品牌来比，还有不小的差距。2025年我们的目标是17.2万辆，同比增速要超过 70%，2027年我们要挑战50万辆的目标。 广汽最早的出海地区是中东。我们的第一家店是在科威特，我们已经和他们合作了12年。最近这里正在 进行店端改造，我们希望将它打造成全球的模板以及中东的标杆。后来我们又 ...

齐鲁晚报.齐鲁壹点王佳潼通讯员王莹 与此同时，临朐合力攻坚"培育千万条级别的鲟鱼、虹鳟鱼梯次养殖体系""构建高端鱼子酱、鲟鱼肉制 品、虹鳟鱼代养、三文鱼肉制品四大产业板块"两大目标任务，加快推动相关产业迈向中高端迈进。鼓 励引导食品加工企业、渔业养殖企业、渔业养殖大户等上设备、上项目，加强补链延链强链。 在冶源街道徐家王舍村浩润淡水鱼养殖场，负责人徐建告诉记者，他家现有5000多条带卵鲟鱼。如果一 条50斤左右的鲟鱼，作为带卵鲟鱼卖，每斤能卖60多元，一条鱼是3000多元；100斤左右重的鲟鱼，每 斤能卖100元，一条鱼是10000元。 一条鱼能卖几千甚至上万元，在多说人的眼中这已经很划算了，但徐建却不这样认为。在徐建看来，鲟 鱼生长周期较慢，一条雌鱼从幼鱼到成熟带卵，大约需要喂养四五年的时间；长到四五十斤以上，则需 要六七年时间。 "周期长、投入大、风险大，带鱼子酱的鲟鱼还被当作鱼肉卖，有点太不划算。"徐建给记者算了一笔 账："一条50斤左右重的带卵鲟鱼，能采集6斤左右的鱼子酱，市场上的普通鲟鱼鱼子酱一斤能卖到1500 元左右，仅鱼子酱就能卖到9000元，价值是卖鱼价格的3倍。且不包含鱼肉、鱼筋等的价值。" ...

以市场规律为牵引 构建多元协同能源生态链 习近平总书记在民营企业座谈会上强调，新时代新征程民营经济发展前景广阔、大有可为。扎扎实实落实促进民营经济发展的 政策措施，是当前促进民营经济发展的工作重点。这一重要论述为新时代民营经济发展指明了方向。4月28日，《国家能源局关 于促进能源领域民营经济发展若干举措的通知》（以下简称《通知》）公开发布，引导民营经济在推进能源绿色低碳转型和建 设新型能源体系中做大做优做强。在加快构建新型能源体系的背景下，作为关乎国计民生的能源领域，必须充分释放民营经济 的创新活力与市场灵活性，形成国有经济与民营经济相互促进、共同发展的良好局面。《通知》遵循市场经济基本规律，促进 能源领域民营经济健康发展，为民营经济参与新型能源体系建设稳固市场根基、增强发展动能、激发市场活力提供坚实基础， 对于保障国家能源安全、推动能源结构优化升级、实现能源高质量发展具有重大战略意义。 一、稳基础：能源领域民营经济重要性凸显 我国能源行业基于计划经济体制演变而来。新中国成立以来，基本建立起包括煤炭、石油、天然气、电力、核能、可再生能源 等的多样化能源工业体系。在以打基础、搭架子、聚资源为主要特征的能源发展初 ...

Core Viewpoint - The article emphasizes the importance of promoting the development of the private economy in the energy sector, highlighting the strategic significance of the recent policy measures aimed at enhancing the role of private enterprises in building a new energy system in China [2][3]. Group 1: Importance of Private Economy in Energy Sector - The private economy has gradually become an effective supplement to the national energy security system, especially as the country moves towards a new energy system characterized by low-carbon and diversified energy supply [3][4]. - Private enterprises have shown significant advantages in emerging fields such as new energy, energy storage, and hydrogen energy, contributing over half of the exports in key green industries like new energy vehicles and lithium batteries [4][5]. Group 2: Advantages of Private Enterprises - Private enterprises possess unique advantages over state-owned enterprises, including flexible decision-making, strong innovation drive, market sensitivity, high capital utilization efficiency, and effective incentive mechanisms [5][6]. - The ability of private enterprises to quickly adapt to market changes and seize opportunities positions them as key players in the energy sector's transformation [5]. Group 3: Policy Measures to Support Private Economy - The recent policy measures aim to break down market entry barriers and deepen reforms in the energy sector, allowing private enterprises to participate more fully in high-barrier projects [6][7]. - The policy encourages mixed-ownership reforms, allowing private capital to invest in state-owned energy enterprises, thereby enhancing market vitality and innovation [6][7]. Group 4: Enhancing Market Fairness and Legal Protection - The policy emphasizes the establishment of a fair mechanism for resource acquisition and the enhancement of legal protections for private enterprises, ensuring their rights and interests are safeguarded [7][8]. - It also aims to provide guidance for private enterprises in the energy sector, encouraging innovation and international cooperation, particularly in renewable energy projects [8].

Group 1: Company Overview - JunDa Co., Ltd. is conducting an IPO for H-shares in Hong Kong, with a global offering of 63.43 million shares priced between HKD 20.40 and HKD 28.60, expected to list on May 8, 2025 [1] - The company is recognized as the "first A+H stock in photovoltaic" and has key cornerstone investors including Zhuhai Highview and Modern Direct Investment [1] Group 2: Industry Context - The global push for carbon neutrality is driving the growth of renewable energy installations, with photovoltaic (PV) power expected to account for 76.1% of new renewable energy capacity in 2024 [2] - The cumulative installed capacity of PV is projected to grow from 2,557 GW in 2025 to 6,437 GW by 2030, with a compound annual growth rate of 20.3% [2] Group 3: Technological Leadership - JunDa has maintained a leading position in PV technology, achieving over 26% average mass production conversion efficiency in 2023 and introducing the MoNo2 series N-type TOPCon battery in 2024, improving efficiency by 0.5% [8][9] - The company has a global market share of approximately 17.9% in PV batteries, ranking second, and leads the N-type TOPCon battery market with a 24.7% share [10] Group 4: Global Strategy and Financial Performance - JunDa's overseas market revenue accounted for 58% in Q1 2024, a significant increase of 34.15 percentage points compared to the entire year of 2024, leading to a net profit increase of 39.23% [12] - The company plans to use 75% of the funds raised from the IPO to build a 5 GW PV battery production base in Oman, expected to increase production capacity by 11.3% [13] Group 5: Market Dynamics and Competitive Strategy - The company is addressing the challenges of irrational competition and price wars in the PV industry by focusing on global expansion and technological innovation [11] - JunDa has strategically reduced its reliance on outdated P-type production, achieving a 100% N-type TOPCon production structure, which positions it favorably for profit recovery as market conditions improve [18] Group 6: Conclusion - JunDa's IPO and global strategy reflect a deeper logic of transformation in China's renewable energy sector, aiming to establish a competitive advantage through technological differentiation and capital market integration [20]

新京报讯（记者叶红梅）4月27日下午，首都高技能人才联谊活动在北京老舍茶馆举办。目前全市技能 人才总量达到358万人，其中高技能人才超122万人，他们活跃在生产服务和技术创新一线，是引领新经 济、培训新动能、推动首都高质量发展的重要力量。 下一步，北京市将深化改革创新，加强服务保障，继续深入实施"技能北京"建设行动，多措并举支持技 能人才的培养和发展。通过实施高技能领军人才培育计划、开展青年技能提升专项行动、打造"产教 评"技能生态链、培育首都特色技能品牌，以及实施技能人才激励保障计划等五项举措，切实提升劳动 者职业素质和技能水平，引领更多劳动者走技能成才、技能报国之路，促进劳动者高质量充分就业。 活动现场准备了精彩纷呈、形式多样的表演节目：既有京剧彩唱、民乐演奏、口技等传统京味节目，又 有长嘴壶茶艺、木偶戏、巧耍花坛等精湛技能展示，还有魔术表演、现场访谈等交流互动环节，让广大 技能劳动者走到台前、站上"C位"，切实感受全社会对技能人才工作的关心、重视与支持。 据北京市人社局相关负责人介绍，北京市高度重视技能人才的培养和发展，在全市启动"产教评"技能生 态链建设，推行"岗位需求+技能培训+技能评价+就业服务" ...

新赣江(873167)4月23日发布2024年年度报告，报告期内实现营业收入1.54亿元，实现归属于上市公司股 东的净利润2241.10万元，每股收益0.32元。公司拟向全体股东每10股派发现金红利1元，合计派发现金 红利约708.61万元。 自成立以来，新赣江一直致力于巩固葡萄糖酸盐系列原料药业务，并向制剂类业务不断延伸，基于在手 产品批文，依托现有销售渠道进行重点战略布局，逐步打造以维生素类、感冒类药品为核心梯队，完善 公司大健康生态链，努力实现由原料药为主的制药企业向综合性品牌制药企业转变。2024年公司制剂药 及中成药实现收入7384.62元，已占到公司总收入的48%。 2024年，新赣江紧紧围绕公司战略规划，高度重视研发工作，不断发展新质生产力，对现有原料药及制 剂产品的技术和工艺进行革新、优化，将现有品种达到国内市场领先水平。同时加强新药研发，丰富产 品种类，并补充新型产品的目标，研发支出占营业收入比例已超5%，包括琥琥珀酸多西拉敏及片剂、 甲硝唑片、乌鸡白凤丸生产用原料粉碎技术研究在内，有超过20项新产品、新工艺、新品类处于研究开 发状态，其中高效节能酶法制备葡萄糖酸钙的方法研究已进入中试阶段， ...

文 ｜ 徐涛 胡叶倩雯 梁楠 唐佳 展望2 0 2 5年，华为有望在各类智能终端上持续创新，基于硬件形态、鸿蒙升级及产品线布局等角 度，我们认为最值得关注的产品包括首款鸿蒙+折叠PC、折叠手机、中低端手机等。本文聚焦以上 产品，梳理了相关升级方向及对应供应链。 ▍ 手机：我们预计华为2 0 2 5年智能手机出货量6 0 0 0 - 6 5 0 0万，重点关注华为鸿蒙升级、AI落地 及低端布局。 ▍ 风险因素： 全球宏观经济低迷风险；国际政治环境变化和贸易摩擦加剧风险；下游需求不及预期；AI创新不 及预期；下游厂商竞争加剧；通胀导致的原材料涨价风险；制裁加码的风险；汇率大幅波动等。 ▍ 投资策略。 我们建议投资者重点关注：1）手机方向；2）PC/PAD方向。 本文节选自中信证券研究部已于 2025年3月2日 发布的《 消费电子行业华为专题—华为新机展望：关注鸿蒙升级、低端布局及折叠形态创新 》报告，具体分析内容（包括相关风险提示等）请详见报告。若因对报告的摘编而产生歧义，应以报告发布当日的完整内容为准。 本资料所载的证券市场研究信息是由中信证券股份有限公司（以下简称"中信证券"）的研究部编写。中信证券研究部定位 ...

导 语：十年间，资本从土地储备流向算法模型，再到新能源汽车轰鸣，中国首富的权杖在十年间完成从"土地霸权"到"硬科技霸权"的交接。 财富迭代，更是一场关于"中国制造"向"中国智造"跃迁的无声宣言。 2025年2月27日，雷军以3600亿元身家登顶"中国首富"。 凭借小米汽车量产、高端手机全球份额突破20%，以及蔚来、美团的股权增值，雷军完成了从"互联网劳模"到"科技投资巨擘"的蜕变。他的登顶， 标志着中国首富的权杖，彻底从消费品、房地产转向硬科技与全球化赛道。 回溯十年风云，首富的每一次更迭，都是一部中国经济结构转型的微观史诗——有人乘势而起，有人跌落神坛，有人隐退江湖，有人绝地求生。 雷军（2025年首富）：生态链造风者的终极实验 雷军的首富之路，是"生态链经济学"的胜利。 2025年，小米汽车年交付量突破50万辆，SU7车型在德国NCAP碰撞测试中获五星评级；手机业务高端化战略见效，全球500美元以上价位段份额达 22%，超越苹果位列第二。 小米的"人车家全生态"战略打破行业壁垒。通过投资490家供应链企业，实现电机、电池、芯片的70%自研率。在研发端，小米澎湃OS打通手机、汽 车、IoT设备的底层架构，成 ...