锌：上方承压 莫骁雄 投资咨询从业资格号：Z0019413 moxiaoxiong@gtht.com 2025 年 05 月 20 日 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪锌主力收盘价 | 22455 | -0.20% | 伦锌 3M 电子盘收 | 2686 | -1.47% | | （元/吨） | | | 盘（美元/吨） | | | | 沪锌主力成交量 | 126096 | 7907 | 伦锌成交量（手） | 5141 | -872 | | （手） | | | | | | | 沪锌主力持仓量 | 85560 | -8786 | 伦锌持仓量（手） | 223679 | -4336 | | （手） | | | | | | | 上海 0# 锌升贴水 | 230 | 5 | LME CASH-3M 升 | -16.15 | 10.85 | | （元/吨） | | | 贴水（美元/吨） | | | | 广东 0# 锌升贴水 | 280 | 95 | 进口提单溢价（美 | 1 ...

Group 1 - The core viewpoint of the article emphasizes that investing in the ChiNext board represents an investment in the future, particularly focusing on emerging industries and innovation-driven companies [1] - The ChiNext board is highlighted as a frontier for the development of emerging industries, including new energy, biomedicine, and information technology, which are experiencing significant growth [2] - Companies on the ChiNext board are characterized by their core competitiveness in innovation, with substantial investments in research and development, leading to the continuous launch of new products and services [2] Group 2 - ChiNext companies are not only active in emerging industries but also provide technological support and innovative models for the transformation and upgrading of traditional industries [3] - The ChiNext index is noted for its market vitality and elasticity, allowing investors to conveniently capitalize on industry growth trends [3] - The index is expected to show significant upward movement during market uptrends due to its high growth potential, while also demonstrating resilience during market corrections [3] Group 3 - The ChiNext index will undergo a revision of its compilation method, which includes setting a 20% cap on individual stock weightings and introducing an ESG negative screening mechanism, effective June 16, 2025 [4] - The weight limit aims to enhance index stability and representation by controlling the impact of single stocks on overall index performance [4] - The introduction of the ESG mechanism is designed to promote sustainable investment by excluding stocks rated below B in the national ESG evaluation system, thereby reducing the likelihood of significant risk events [4] Group 4 - Overall, the optimization of the ChiNext index is expected to enhance its investability and accurately reflect the overall performance and structural characteristics of the ChiNext market [5] - This adjustment is anticipated to strengthen the focus on sustainable development in the capital market and attract more domestic and international investors to the ChiNext market [5]

编者按： 民营经济是推进中国式现代化的生力军，也是高质量发展的重要基础。今日，《中华人民共和国民营经 济促进法》（以下简称"民营经济促进法"）正式实施，以法治力量构筑起民营经济发展的"四梁八柱"。 本期《理论周刊》特邀权威专家及民营企业家代表，共同解读这部具有里程碑意义的法律文本。 民营经济促进法立法时间 2024年2月 立法启动：司法部、国家发展改革委等成立工作专班，起草草案。 2024年10月 首次公开征求意见：草案发布并征集社会意见。 2024年12月 国务院将草案提请全国人大常委会审议。 全国人大常委会首次审议草案。 2025年2月 草案二审稿新增禁止违法罚款、摊派等条款。 2025年4月 全国人大常委会三审通过民营经济促进法。 2025年5月20日 法律正式施行。 早在1992年，党的十四大就确立了"社会主义市场经济体制"，赋予了民营经济意识形态的合法性和合理 性。之后，国家在宪法和法律层面一直在努力保障民营企业的合法权益。不过，不可否认，民营企业在 发展上仍然面临着各种隐性壁垒，也影响了民营企业家的发展信心。民营经济促进法的出台意味着国家 将以法律手段来保护广大民营企业家群体，促进民营经济发展。 ...

关税中的宏观经济与资本市场 20250519 摘要 • 中美贸易谈判在日内瓦取得初步成果，双方虽有关税不平等（中国对美 10%，美国对华 30%），但均希望尽快达成协议，以避免美国缺货和中 国出口波动，短期内中国对美出口运输已恢复常态。 • 中国应对贸易战的策略是有准备地主动出击，通过各部门的迅速行动维稳 股市和金融市场，显示出政策制定上的章法，并期待通过这些政策实现稳 定和更好的结果。 • 中国宏观经济形势仍存不稳因素，房地产市场下行，消费相对低迷，内需 不振，一线城市消费下降与二线城市稳健形成反差，政策仍有改善空间， 解决收入和就业问题是关键。 • 中国出口情况有所好转，企业积极发货，美东、美西航线班次恢复正常， 主要为日用品和圣诞节商品，抓住 90 天宽限期，4、5 月出口超预期，但 内需未明显恢复，就业压力大。 • 中国政府采取以旧换新措施刺激内需，耐用消费品额度提升至 3,000 元， 但效果有限，应加大服务领域以旧换新或补贴力度，如旅游和演唱会消费 券，以更有效提振消费。 Q&A 今年第二季度即将结束，展望第三季度及下半年，资本市场的主要影响因素有 哪些？ 下半年资本市场的走向主要受三条主线影响： ...

每经记者｜姚亚楠 每经编辑｜肖芮冬 近日，七部门联合印发《加快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举措》，再次提及国家创业投资引导基金相关情况，备受关注 的"航母级"引导基金即将诞生。 在基金设立方面，广州、深圳、西安、厦门等地均有基金宣布设立或完成注册，主要投资方向包括半导体、农业科技、固态电池、康养服务等 "航母级"引导基金来了 《加快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举措》（以下简称《政策举措》）近日印发，其中最值得关注的是国家创业投资引导基 金相关情况，该基金被视为今年创投圈最大的"活水"。 具体来看，《政策举措》提到，国家创业投资引导基金将促进科技型企业成长作为重要方向，培育发展战略性新兴产业特别是未来产业，推动重大科技成果 向现实生产力转化，加快实现高水平科技自立自强，培育发展新质生产力。 这只国家级引导基金并非首次提出，早在今年3月，国家发展和改革委主任郑栅洁透露，国家正在推动设立"航母级"的国家创业投资引导基金，该基金主要 引导金融资本投早、投小、投长期、投硬科技，将吸引带动地方、社会资本近1万亿元。 在投资方向上，该基金聚焦人工智能、量子科技、氢能储能等 ...

Group 1 - Ningbo's A-share listed companies play a crucial role in the local economy and are significant in the national industrial landscape, reflecting the region's economic vitality and competitiveness [1] - As of May 13, 2024, Ningbo has 122 A-share listed companies, ranking 7th among prefecture-level cities and 4th among non-provincial capital cities, with a total market capitalization of 1.36 trillion yuan [2] - In 2024, Ningbo's A-share listed companies achieved a total revenue of 816.67 billion yuan, a year-on-year increase of 3.43%, while net profit was 60.86 billion yuan, a decline of 2.41% [2][4] Group 2 - 18 Ningbo listed companies reported revenues exceeding 10 billion yuan, with Jintian Co. leading at 124.16 billion yuan, followed by Ningbo Bank and others [4] - In Q1 2024, Ningbo's listed companies generated 189.36 billion yuan in revenue and 17.64 billion yuan in net profit, with growth rates of 1.82% and 4.29%, respectively, both surpassing the overall A-share market [4] Group 3 - The industry structure of Ningbo's listed companies shows a dual pattern of "traditional dominance and emerging rise," with significant representation in automotive, machinery, and power equipment sectors [5] - Ningbo is a key production base for automotive and components, with leading companies like Junsheng Electronics and Top Group integrated into the global automotive supply chain [5] - Emerging industries such as new energy, semiconductors, and artificial intelligence are rapidly developing, with companies like Samsung Medical achieving significant breakthroughs in overseas markets [5][6] Group 4 - Several Ningbo listed companies rank among the top in their respective industries, with Bull Group leading in light manufacturing and Top Group in the automotive sector [6][7] - As of May 13, 2024, four Ningbo companies have entered the top ten in their industries by market capitalization, including Bull Group and Yageo [7] Group 5 - Ningbo's economic growth is supported by government policies and a focus on high-quality development, with a GDP of 1.81477 trillion yuan in 2024, growing by 5.4% [8] - The local government has implemented initiatives to enhance the efficiency of company listings and encourage R&D investments, fostering technological innovation [9] - The future outlook for Ningbo's A-share listed companies suggests a transition from quantity growth to quality improvement, enhancing their position in the global industrial chain [9]

证券研究报告·行业研究·专业服务 检测服务行业2024年&2025年一季报总结 板块增速企稳，关注内需复苏与高壁垒高增长的新兴赛道 首席证券分析师：周尔双 执业证书编号：S0600515110002 zhouersh@dwzq.com.cn 证券分析师：韦译捷 执业证书编号：S0600524080006 weiyj@dwzq.com.cn 2025年5月9日 请务必阅读正文之后的免责声明部分 1 检测服务板块相关公司 • 本报告分析基于A股19家主营业务为检测服务的上市公司。选取公司及其业绩及市场表现如下。 表：检测服务相关标的梳理（2025/5/4） | 证券代码 | 证券简称 | 2025/5/4 | | | | 2024/12/31 | | | | | 主要下游 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 市值（亿元） | 营业总收入 | YOY | 归母净利润 | YOY | 毛利率 | 归母净利 | ROE | PE-LYR | | | | | | （亿元） | | （亿元） | ...

Group 1 - The article discusses the contrasting measurements of China's GDP using exchange rate and purchasing power parity (PPP), highlighting a significant discrepancy in the perceived economic size of China compared to the US [5][10][12] - According to exchange rate calculations, China's GDP is approximately $19 trillion, about 65% of the US GDP of $29 trillion, while PPP estimates China's GDP at around $38 trillion, suggesting it surpasses the US [5][10][12] - The article emphasizes the importance of understanding the underlying economic structures and the implications of these measurements on global perceptions of China's economic strength [12][26][38] Group 2 - China's agricultural output has consistently ranked first globally over the past decade, producing nearly 100 million tons more than the US, indicating a strong foundation for its economy [14][16] - In industrial production, China dominates global supply chains, contributing over 50% of the world's steel production, around 60% of electrolytic aluminum, and close to 45% of copper [18][20][24] - The manufacturing sector in China is robust, with the country leading in automobile production, home appliances, and electronics, holding significant global market shares [20][24] Group 3 - The article points out that the statistical methods used to measure GDP may overlook significant contributions from emerging service sectors and informal economies, leading to an underestimation of China's economic output [28][30][34] - The rise of gig economy workers and small businesses, which often operate outside traditional economic measurements, contributes to a substantial but unaccounted economic value [30][34] - The undervaluation of the Chinese yuan in international markets may also distort GDP figures when converted to foreign currencies, further complicating the assessment of China's economic size [36][38] Group 4 - The future of China's economic measurement may improve with more detailed service sector statistics and the ongoing internationalization of the yuan, which could provide a more accurate reflection of its economic standing [40]

| | □特定对象调研□分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访√业绩说明会 | | 类别 | □新闻发布会□路演活动 | | | □现场参观□电话会议 | | | □其他：（请文字说明其他活动内容） | | 参与单位名称 | *ST恒久2024年度业绩说明会采用网络远程方式进行，面向全体投资者 | | 及人员姓名 | | | 时间 | 年 5 月 19 日 15:00-17:00 2025 | | 地点 | 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云访谈"栏目 | | 公司接待人员 | 主持人：*ST恒久 | | | 董事长：余荣清 | | 姓名 | 董秘：张冬云 | | | 财务负责人：冯芬兰 | | | 独立董事：林开涛 | | | 1.高管您好，请问您如何看待行业未来的发展前景？谢谢。 | | | 答：您好，影像产业，由于目前打印与复印和印刷产业三者已日益 | | | 融合，并且在国家信创政策的驱动下，国产整机已获得突破，因此在可 | | | 见的未来，国产整机产业在满足日益扩大的国内市场，已开始在国际市 | | 投资者关系活 ...

Core Viewpoint - The independent financial advisor, Huaxing Securities, has been appointed to oversee the major asset sale and related transactions of Shanghai Guao Electronic Technology Co., Ltd. (Guao Technology) [1][2] Group 1: Transaction Overview - Guao Technology plans to sell a 2.00% equity stake in Donggao Technology (Guangdong) Development Co., Ltd. to Shanghai Muyu Enterprise Management Center (Limited Partnership) for cash [4][6] - The transaction price is based on a previous acquisition cost of approximately 79.24 million yuan and a performance compensation receivable of about 73.66 million yuan, with a net difference of 5.57 million yuan to be offset [4][6] - The asset valuation report indicates that as of May 31, 2024, the assessed value of the 2.00% stake is approximately 23.41 million yuan, with a transaction price of 500,000 yuan, reflecting a significant appreciation [4][6] Group 2: Compliance and Approval - The transaction has undergone the necessary decision-making and approval processes, complying with relevant laws and regulations [5][6] - The independent financial advisor confirms that all parties involved have fulfilled their responsibilities and obligations as per the announced transaction plan [6][31] Group 3: Company Performance - Guao Technology's main business includes providing comprehensive solutions for smart financial systems and financial software products, serving clients such as banks and securities firms [32] - In 2024, Guao Technology reported total revenue of 298 million yuan, with a net loss attributable to shareholders of 355 million yuan, and recognized an investment loss of 217 million yuan primarily from investments in Xincun Technology [32] - The financial information services segment experienced a revenue decline of 20.38%, while other income dropped by 83.04% [32]