Core Insights - Mubadala, the second-largest sovereign fund in the UAE, reported a 9.1% year-on-year growth in assets under management, reaching 1.2 trillion dirhams (approximately 2.4 trillion RMB) by the end of 2024, with a five-year annualized return of 10.1% [2][4] Investment in China - Mubadala has invested nearly $17 billion (approximately 123 billion RMB) in over 100 projects in China over the past decade, focusing on sectors such as consumer, healthcare, industrial, and enterprise services [2] - The fund has established strategic partnerships with leading fund managers, leading or co-leading investments in notable projects like Wanda Commercial Management Group and JD Health [2][3] Key Investments and Strategies - In 2024, Mubadala completed a significant acquisition of 60% of Dalian Wanda's commercial management subsidiary, marking its largest direct investment in China to date [2] - The fund's recent acquisition of the entire equity of U.S. biopharmaceutical company Upsher-Smith's mature product business in China reflects its investment strategy focused on central nervous system treatments [3] Focus Areas and Future Directions - Mubadala's investment strategy emphasizes sectors such as artificial intelligence, clean energy, life sciences, semiconductors, and advanced manufacturing, aligning with the UAE's development priorities [4] - The establishment of the MGX national AI investment platform in collaboration with G42 is a key initiative aimed at enhancing the UAE's position in global AI and advanced technology [4] Global Investment Expansion - Mubadala is expanding its global investment portfolio, with a focus on North America, Europe, and Asia, and raised $3.1 billion (approximately 11.4 billion dirhams) for its private equity fund, exceeding its initial target [6][9] - The fund's private credit investment portfolio has grown to $20 billion (approximately 73.5 billion dirhams), supported by partnerships with major financial institutions [8] Performance Metrics - Mubadala's capital deployment increased by 33.7% year-on-year, reaching 119 billion dirhams (approximately $32 billion), while total capital returned grew by 10% to 109 billion dirhams (approximately $30 billion) [9] - The fund disclosed a ten-year rolling internal rate of return of 8.7% for the first time in 2024 [9]

Group 1 - In April 2025, there were 12 new registered private equity and venture capital fund managers, a month-on-month decrease of 36.8% [1] - A total of 417 new private equity and venture capital funds were filed, showing a year-on-year and month-on-month increase of nearly 20 percentage points [1] - The domestic primary equity investment market recorded 518 financing events, a month-on-month increase of 10.0%, but a year-on-year decrease of 16.0% [1] Group 2 - The total disclosed financing amount was approximately 23.227 billion yuan, nearly halved compared to April 2024 and down 21.8% from March 2025 [1] - The average single financing amount was about 44.8391 million yuan, only slightly higher than the lowest point by 761.53 thousand yuan [1] - Institutions are accelerating their exit, with both fundraising and investment showing an increase in volume but a decrease in price [1] Group 3 - Meihua Venture Capital is one of the most active early-stage institutions in China, managing approximately 10 billion yuan and 100 million USD funds, focusing on sectors like new energy, semiconductors, and intelligent manufacturing [2] - As of the end of April 2025, Meihua Venture Capital registered only one fund, with a registered capital of 500 million yuan, primarily funded by state-owned enterprises [2] - Meihua Venture Capital disclosed 7 equity investment events during the reporting period, a year-on-year increase of 700% and a month-on-month surge of 250% [2] Group 4 - Over 85% of Meihua Venture Capital's participating projects in April were in the angel, Pre-A, and A rounds [4] - The advanced manufacturing and artificial intelligence sectors accounted for 85.8% of the investments [4] - Meihua Venture Capital participated in the financing of "Maimi Robot," a provider of intelligent logistics solutions, which has seen continuous investment from the firm [4] Group 5 - "Luming Robot," a company focused on embodied intelligent robotics, completed nearly 100 million yuan in financing over two rounds, with Meihua Venture Capital being a key investor [7] - The funds raised will be used for core technology development, talent acquisition, and commercialization [7] - Luming Robot signed a strategic cooperation agreement with Demar Technology to explore applications of embodied intelligence in logistics and manufacturing [8]

Core Insights - The report from the China Listed Companies Association indicates that 5,412 listed companies have published their 2024 annual reports, with a total cash dividend amounting to nearly 2.4 trillion yuan, marking a historical high [1][2] - In 2024, the total operating revenue of listed companies reached 71.98 trillion yuan, with a year-on-year growth of 1.46% in Q4 and a quarter-on-quarter growth of 8.11%, indicating a positive trend in company performance [1] - The net profit for listed companies in Q1 2025 was 1.49 trillion yuan, reflecting a year-on-year increase of 3.55% and a quarter-on-quarter increase of 89.71%, further solidifying the recovery trend [1] Company Performance - Nearly 60% of listed companies achieved positive revenue growth, showcasing an overall improvement in performance [1] - High-tech manufacturing companies saw a revenue increase of 6.66% in 2024, driven by policies promoting innovation and industrial upgrades [1] - The industrial metals sector experienced rapid growth, with revenue and net profit increasing by 6.92% and 29.22%, respectively [2] R&D and Innovation - Listed companies' total R&D investment reached 1.88 trillion yuan in 2024, an increase of nearly 60 billion yuan from the previous year, accounting for 51.96% of the national R&D expenditure [2] - The innovative pharmaceutical and medical device sectors reported positive revenue growth, with the innovative drug sector's net profit increasing by 13.31% [2] Dividend and Share Buyback Trends - A total of 3,751 listed companies have announced or implemented cash dividend plans for 2024, with an average dividend payout ratio of 37.78% [2] - The number of companies implementing quarterly or semi-annual dividends increased significantly, with 1,013 companies participating [2] - In 2024, 1,564 new share buyback plans were announced, with a total proposed buyback amount of 227.4 billion yuan, and 14 companies planning to repurchase over 1 billion yuan [3]

36氪获悉，总部位于阿布扎比的主权投资机构穆巴达拉投资公司今日公布2024年财务业绩：截至2024年 末，公司资产管理规模同比增长9.1%达1.2万亿迪拉姆，过去五年年化回报率达10.1%。 另外，阿联酋环球铝业公司（EGA）收购了美国Spectro Alloys Corporation 80%的股份，收购欧洲 Leichtmetall公司，并持续建设阿联酋最大铝回收工厂，将EGA全球铝回收产能提升至14万吨，另有22.5 万吨产能在建。穆巴达拉还与阿尔达（Aldar）深化长期战略合作伙伴关系，共同开发和管理总价值超 过300亿迪拉姆（约82亿美元）的高端住宅、商业、零售和物流资产，助力阿布扎比实现可持续经济增 长与转型。 除此之外，其资本部署同比增长33.7%，达到1190亿迪拉姆；资金回笼总额（包括资产变现）同比增长 10%，达到1090亿迪拉姆。投资组合结构与去年基本保持一致：私募股权占比40%，公开市场占比 23%，基础设施与房地产占比17%。 通过多元资本市场工具筹集了305亿迪拉姆，包括： 全球首个AA评级的主权伊斯兰债券（Sukuk） 、新 兴市场中发行信用利差最窄的债券、穆巴达拉首个以迪拉姆计 ...

- The weighted share of active equity funds decreased by 1.93% in Q1 2025 compared to Q4 2024, with a total scale increase to 3.47 trillion yuan due to net value growth[9][41] - The top 10 active equity funds by Q1 2025 returns received a total net subscription of approximately 233 billion yuan, with two popular funds accounting for about 77.60% of the net subscription[11][14][41] - The top 10 active equity funds by Q1 2025 net subscription received a total of approximately 402 billion yuan, with the same two popular funds ranking first and second, collectively accounting for about 44.93%[18][19][41] - The median return rate for active equity funds in Q1 2025 was 9.48%[19] - In Q1 2025, the top 10 holdings of active equity funds included humanoid robots (1.37%), innovative drugs (0.93%), and Beijing Stock Exchange stocks (0.22%)[32][33][41] - Hong Kong stock holdings in the top 10 holdings of active equity funds reached 14.63% in Q1 2025, including internet stocks (5.67%), innovative drugs (1.24%), and consumer stocks (0.91%)[35][36][40][41]

深市公司2024年整体经营稳健向好 数据来源：深交所 ◎记者 时娜 2024年，深市上市公司继续劈波斩浪，稳"舵"前行，总体业绩稳中有进。截至4月30日，按期披露2024 年年报的深市2865家公司合计实现营业收入20.82万亿元，"十四五"以来复合增长率达8.55%；合计实现 净利润8064.47亿元。 其中，共有1585家公司实现收入增长，占比55.30%；2064家公司实现盈利，占比72.02%；1345家公司 净利润同比改善，占比46.93%。深市龙头公司表现尤其亮眼，36家千亿元市值公司以强劲的发展态势 为深市贡献约六成的利润。 龙头公司"压舱石"作用凸显 2024年，深市公司整体经营稳健向好，个股和板块表现均可圈可点。整体来看，共有32家公司2024年营 业收入实现倍增；910家公司连续盈利且同比增长；264家公司连续盈利且同比增长超过50%；142家公 司连续盈利且同比增长超过100%。 实体经济"基本盘"依然稳固，实体类上市公司平均营业收入69.49亿元，"十四五"以来复合增长率达 9.48%；平均净利润达2.82亿元。 分板块来看，深市主板公司2024年度合计实现营业收入16.78万亿元；合 ...

去年7成深市上市公司实现盈利。 随着年报季的结束，上市公司整体业绩情况出炉。 数据显示：深市上市公司总体业绩稳中有进，合计实现营业收入20.82万亿元，"十四五"规划以来复合 增长率达到8.55%；合计实现净利润8064.47亿元。其中，1585家上市公司收入有所增长，占比55.30%； 2064家公司实现盈利，占比72.02%；1345家公司净利润同比改善，占比46.93%。 龙头公司持续发挥着"压舱石"作用，深市千亿市值公司有36家，合计市值占深市25.49%，比亚迪 （002594.SZ）、宁德时代（300750.SZ）市值超万亿。36家龙头公司资产占深市33.77%，营业收入占深 市21.93%，净利润占深市60.21%。合计营业收入4.56万亿元，同比增长7.76%；合计净利润4858.02亿 元，同比增长18.24%。 主板千亿俱乐部VS创业板研发天团 实体经济是社会的"基本盘"，数据显示：深市实体类上市公司平均营业收入69.49亿元，"十四五"规划 以来复合增长率达到9.48%；平均净利润2.82亿元。其中，32家公司营业收入实现翻倍式增长；910家公 司连续盈利且同比增长，占比32.73%；2 ...

Group 1 - The core viewpoint of the article highlights the significant inflow of southbound funds into the Hong Kong stock market, driven primarily by ETF investments, with over 600 billion HKD accumulated this year [1][6] - In March, the net inflow of funds into mainland investable Hong Kong stock ETFs reached a record 23.4 billion HKD, followed by nearly 35 billion HKD in April, indicating strong investor interest [2][6] - The overall scale of Hong Kong stock ETFs reached 178.99 billion HKD by the end of Q1 2025, reflecting a 45% increase from the previous quarter [7] Group 2 - Active equity funds have increased their allocation to Hong Kong stocks, with the allocation ratio exceeding 30%, the highest in nearly five years [10] - The top stocks favored by active equity funds include Tencent Holdings, Alibaba-W, and Pop Mart, with significant increases in their holdings [11] - The inflow of southbound funds is expected to continue, with estimates suggesting an additional 200 to 300 billion HKD for the year, driven by both active equity funds and insurance capital [14][15] Group 3 - The article discusses the performance of Hong Kong stock ETFs during market fluctuations, noting that despite a decline in indices, ETF investments have remained robust [4][5] - The analysis indicates that the current valuation of Hong Kong stocks is attractive compared to A-shares and US stocks, which is a key factor in attracting investment [5][6] - The outlook for the technology sector in Hong Kong remains positive, with expectations of continued growth driven by AI and other technological advancements [15][16]

Group 1 - The core viewpoint of the news is the ongoing "Finding Venture Capital Golden Eagle to Discover New Seed Enterprises" initiative, which aims to promote the integration of technology and capital, driving innovation and industry upgrades [1][2] - The initiative has been successfully held since 2009, witnessing the growth of many innovative enterprises supported by capital [1] - This year's plan includes early-stage investment institutions and overseas investment institutions in the evaluation scope, highlighting their importance in discovering cutting-edge technology projects and supporting internationalization [1] Group 2 - The event will utilize a rigorous evaluation mechanism, combining hard indicators, expert reviews, and online voting, with online voting accounting for 15% [2] - A total of 17 awards will be presented in this initiative, covering various categories such as annual investors, VC institutions, PE institutions, and outstanding M&A cases [3][4][5] - The initiative aims to showcase the innovative stories, investment strategies, and growth journeys of the selected outstanding candidates through in-depth media coverage [2]

文 ｜ 刘春彤 裘翔 ▍ 本期更新中信证券2 0 2 5年5月金股组合。 ▍ 板块配置：关注交易性机会，聚焦自下而上产业逻辑清晰的绩优股。 亮马组合是基于策略聚焦观点和行业研究精选推荐，遴选出的月度金股组合。本篇报告为2 0 2 5年第5期，更新中信证券5月1 0大 金股组合。时点上，贸易战仍处僵持阶段，中国政策没有强刺激，也不会和美国达成妥协式协议，是当下的现实情形，5月有望 迎来前期筹码出清后的交易性机会。配置上，自下而上寻找优质个股，主要方向是先进制造，和非美国家特别是欧洲方向的需 求追踪。组合包含金融、周期、地产、医药、制造等产业，以实现多元化配置。 本文节选自中信证券研究部已于 2025年4月29日 发布的《 中信证券亮马组合202505—自下而上，发掘高确定性机会 》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为面向专业机构投资者的卖方研究团队。通过微信形式制作 的本资料仅面向中信证券客户中的金融机构专业投资者，请勿对本 ...