专家表示，虽然4月份外贸环境的变化给我国制造业带来一定的扰动，但是我国超大规模市场、完备产业链供应链体系等优势持续发挥作用， 可有效抵御外部冲击，保障经济的稳定运行。 中国物流与采购联合会副会长胡大剑介绍，我国在制造业发展当中，配套能力在全球是无法替代的。同时，数字化包括智能化应用方面，我国 比全球其他经济体也更具优势。 央视网消息：中国物流与采购联合会、国家统计局服务业调查中心4月30日公布4月份中国采购经理指数。受外部环境急剧变化等因素影响，4 月份，制造业采购经理指数较上月有所回落，但高技术制造业等相关行业继续保持扩张，以内销为主的制造业企业生产经营总体稳定。 4月份，中国制造业采购经理指数为49%，较上月下降1.5个百分点。从重点行业看，新动能市场需求整体保持稳中有增势头，国内市场需求保 持较好增长。 4月份，高技术制造业采购经理指数为51.5%，明显高于制造业总体水平，延续较好发展态势。消费品制造业新订单指数也处于50%的临界点， 意味着消费品制造业国内市场需求较好释放。 从企业预期看，4月份，生产经营活动预期指数为52.1%，继续位于扩张区间。 国家统计局服务业调查中心企业景气处处长霍丽慧介绍，企 ...

Group 1 - The event organized by Hangzhou's Commerce Bureau aims to enhance vocational skills in the commercial service industry through competitions, promoting a culture of learning and skill development among workers [1] - The competition is part of Hangzhou's strategy to build an international consumption center, focusing on standardizing and upgrading service levels in the commercial sector [1] - A total of 36 individuals from various professions, including internet marketing, tea arts, and e-commerce, were recognized as technical models and skilled workers in the 2024 competition [1] Group 2 - Following the rise of the "Hangzhou Six Little Dragons," the city is poised for rapid development, with the Commerce Bureau collaborating with various departments to cultivate high-quality skilled talent through annual competitions [2] - The competitions are designed to establish a solid foundation for the growth of the commercial service industry in Hangzhou [2]

Economic Overview - In the first quarter of 2025, the GDP of Zhongshan reached 97.309 billion yuan, with a year-on-year growth of 4.2% [2] - The primary industry added value was 1.423 billion yuan, growing by 4.3%; the secondary industry added value was 47.405 billion yuan, growing by 5.1%; and the tertiary industry added value was 48.482 billion yuan, growing by 3.4% [2] Agricultural Sector - The total output value of agriculture, forestry, animal husbandry, and fishery was 3.233 billion yuan, increasing by 7.0% [2] - Agricultural output value reached 1.238 billion yuan, growing by 4.7%; total vegetable and edible fungus output was 99,300 tons, increasing by 4.1%; and total fruit output was 23,900 tons, growing by 6.8% [2] Industrial Production - The industrial added value above designated size grew by 5.6% year-on-year [3] - Manufacturing sector increased by 6.2%, while the electricity, heat, gas, and water production and supply sector decreased by 5.9% [3] - High-tech manufacturing grew by 14.3%, accounting for 18.0% of the industrial output [3] Service Sector - The added value of the service industry increased by 3.4% year-on-year [3] - Information transmission, software, and IT services grew by 9.0%, while leasing and business services increased by 7.5% [3] Fixed Asset Investment - Fixed asset investment decreased by 16.7% year-on-year [4] - Infrastructure investment fell by 23.5%, and real estate development investment decreased by 24.4% [4] Consumer Market - The total retail sales of consumer goods grew by 0.4% year-on-year [4] - Retail sales of home appliances and audio-visual equipment increased by 62.2%, while communication equipment sales grew by 56.5% [4] Price Levels and Income - The Consumer Price Index (CPI) increased by 0.1% year-on-year, with service prices down by 0.7% and consumer goods prices up by 0.5% [5] - The per capita disposable income reached 19,214 yuan, growing by 2.5% year-on-year [5]

Core Insights - The Eurozone's April services sector sentiment index is reported at 1.4, which is below the expected 2.2 and a revision from the previous value of 2.4 [1] Summary by Category - **Economic Indicators** - The services sector sentiment index for April is 1.4, indicating a decline in sentiment compared to expectations and previous values [1]

Core Insights - The service industry in Huai'an City has shown significant growth, with a value-added output of 74.022 billion yuan, representing a 7.7% increase, and a revenue growth of 23.3% in the regulated service sector, ranking second in the province [1] - The city focuses on three main industries: ecological culture and tourism, modern logistics, and modern commerce, driving high-quality economic development [1][7] Group 1: Cultural and Tourism Industry - In the first quarter, Huai'an's cultural and tourism industry experienced a strong start, receiving 11.372 million domestic and international visitors, a 12.9% increase, and generating total tourism revenue of 13.43 billion yuan, up 12.4% [2] - The city implemented various promotional activities, including the "Hi Tour Huai'an" campaign, offering discounts and issuing over 10 million yuan in tourism consumption vouchers [2] - Huai'an's cultural, sports, and entertainment sector saw a revenue growth of 19.8%, highlighting the sector's contribution to economic growth [2] Group 2: Modern Logistics - The modern logistics sector has become a key growth driver, with railway freight volume reaching 723,000 tons, a remarkable 87.9% increase, and inland port cargo throughput at 20.1305 million tons, up 11.29% [3] - The city has launched a plan to reduce logistics costs and improve efficiency, enhancing the business environment for logistics operations [3] - Huai'an has established 12 stable public-rail-water intermodal transport routes, fostering the development of smart port projects [3] Group 3: Modern Commerce - The modern commerce sector displayed robust growth, supported by the "Huai'an Consumption Expansion Action Plan," which stimulated consumer spending through various promotional activities [4] - The city organized events to promote local cuisine and participated in trade fairs, achieving a record high of nearly 20 million USD in intended transactions [4] - The "Happiness 666" promotional series successfully encouraged consumer spending in sectors like automotive and home appliances, generating over 800 million yuan in consumption [4] Group 4: Project Development - Project construction is a cornerstone of Huai'an's service industry development, with 16 service projects signed in the first quarter, including three with over 1 billion yuan in investment [5][6] - The city has optimized its business environment to facilitate project execution, achieving rapid project initiation and completion [6] - A total of 23 projects have been included in the provincial service industry key project list for 2025, with a planned total investment of 32.029 billion yuan [6] Group 5: Future Outlook - Huai'an aims to leverage the synergy of its three main industries to achieve a service industry value-added output exceeding 300 billion yuan for the year [7] - The city plans to enhance its cultural tourism brand, develop logistics hubs, and stimulate consumer activity to support its goal of becoming a modernized city in the northern Yangtze River Delta [7]

● 胡雨 谭丁豪 在陈雳看来，多项经济数据表现喜人的背后，折射出供给侧改革与扩大内需协同推进下产业结构的深度 调整，数字经济、生产性服务业等新动能正加速成长，新质生产力对经济的拉动作用已进入加速期。 陈雳认为，从出口产品结构看，一季度我国出口同比增长6.9%。其中，新能源乘用车厂商出口量同比 增长19.8%，集成电路一类的高技术产品出口数量同比增长22.0%，表明我国出口正从传统劳动密集型 产品向高技术、高附加值领域转型。从内需看，一季度社会消费品零售总额12.46万亿元，同比增长 4.6%，其中新能源乘用车零售242万辆，同比增长36.4%，新质生产力在一些领域驱动产业结构优化的 典型特征已经显现，并正在形成"供给创新-需求升级-供给再创新"的良性循环。 政策驱动也为新质生产力发展提供了必要支撑。数据显示，2025年中央财政制造业领域专项资金安排 118.78亿元、增长14.5%，科技创新和技术改造再贷款规模扩大至8000亿元至1万亿元。陈雳认为，从国 际比较角度看，我国高技术制造业增加值占GDP比重正在向德国等高端制造业大国靠近，但在研发投入 强度、核心技术自主率等方面仍有提升空间。 赋能传统产业"老树发 ...

"十四五"开局之年明确提出"一核两带三极"空间布局："一核"聚势。主城区聚焦金融商务、类金融与高 端商务服务，打造现代服务业核心引擎；"两带"联动，沿江科技创新带与港口物流带，依托泰兴经济开 发区、虹桥工业园，推动研发设计、智慧物流与临港经济深度融合；"三极"突围，科技服务极、现代物 流极、电商服务极差异化定位，形成辐射全域的增长极。 2024年，《泰兴市深入推进先进制造业和现代服务业融合发展实施方案》重磅落地，明确提出"双向促 进制造业服务化跃升与服务业赋能制造业转型"，以制度创新打通"两业融合"的关键节点。值得关注的 是，泰兴已连续四年迭代升级《现代服务业招商工作方案》，从顶层设计到项目落地全链条发力，聚焦 生产性服务业招引靶向，构建"需求画像+精准匹配+动态评估"的全周期管理机制。 平台筑基 以生态思维锻造创新引擎 科技赋能，破解难题。泰兴市瞄准产业链关键环节，以"平台+场景"双轮驱动，构建多层次创新载体。 聚焦新材料、生物医药等前沿领域，落地黄桥特医所、高新区陶瓷所等重大研发平台，推动基础研究与 产业需求精准对接；依托智光科技服务业集聚区，整合国家级孵化器、检验检测中心等资源，打造"技 术攻关—中试孵 ...

近年来，南通市始终坚持先进制造业和现代服务业"双轮驱动"，在坚定不移走产业立市、制造强市之路 的基础上，想方设法、多措并举推进现代服务业高质量发展。今年一季度，南通市规模以上服务业营业 收入同比增长16%、列全省第三位。 坚持招引攻坚 汇聚服务业高质量发展新动能 招商引资是服务业发展的源头活水，南通市坚持战略思维抓招引，以接续不断的项目落地为服务业高质 量发展注入强劲动能。今年以来，南通市深入开展"招商引资质效提升年"活动，将服务业作为全市招商 攻坚的重点领域，一季度累计开展服务业相关招商对接、推介活动155次，累计拜访企业570家次，新签 约服务业项目114个，计划总投资104.1亿元。 在两业融合发展领域，南通市注重打造创新服务平台，近年来，围绕"616"现代产业体系、海洋产业， 引进国家技术转移东部中心南通分中心、东南大学南通海洋高等研究院、哈工程长三角高等研究院等一 批优质创新平台，持续为产业融合走深、走实集聚创新活力。 与此同时，南通市着力打造融合标杆，中天科技（600522）作为国家级两业融合试点单位，为国内超 200家企业提供了智能制造系统解决方案，成功打造国家级双跨"爱尚(ASUN)工业互联网 ...

现代服务业是城市经济的主导产业。近年来，盐都紧扣汽车消费新趋势，加速推动汽车消费从"功能 型"向"体验型"转变，持续完善"汽车+生活"全链条服务生态，为激活城市经济"引擎"注入新动能。 4月14日下午，在东方汽车广场某汽车品牌4S店，市民孟女士在国补和省补优惠政策的吸引下专程前来 进行实车体验。在工作人员的陪同下，她不仅深度了解了该品牌汽车的先进技术、车载生态系统等核心 优势，更在店内特设的影音室与休闲区，沉浸式感受品牌倡导的"看车+休闲"消费新场景。 现代服务业是推动高质量发展的重要内容，是发展新质生产力的重要支撑，也是塑造发展新优势的重要 保障。近年来，盐城市盐都区围绕先进制造业与现代服务业"双轮驱动"，通过推动产城融合、政策创 新、重大项目建设和城乡统筹发展，着力构建以生产性服务业为主导、生活性服务业为支撑的现代服务 业体系，不断塑造城市经济发展新动能新优势，城市经济指标稳中有进，载体能级持续提升，融合发展 优势彰显。 做强城市经济集聚区 跑出产城融合加速度 盐都区城市经济推进工作会议强调，全区上下要把城市经济工作放在更加突出位置，坚持数量和质量齐 抓，加快推进城市经济工作补短板、壮规模、提能级、聚人气 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company has experienced explosive growth in mineral product output, with revenue reaching 9.942 billion yuan in 2024, a year-on-year increase of 34.37%, and a net profit of 1.584 billion yuan, up 53.59% [1][12] - The mining service business remains stable, while the mining resource development business has shown rapid growth, with revenue from this segment increasing by 412.85% year-on-year [2][3] - The company is expected to benefit from ongoing capital expenditure in the mining industry and the gradual release of its own mining projects, enhancing its performance and valuation elasticity [12] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 9.942 billion yuan, a 34.37% increase year-on-year, and a net profit of 1.584 billion yuan, reflecting a 53.59% growth [1][12] - For Q1 2025, the company reported operating revenue of 2.811 billion yuan, up 42.49% year-on-year, and a net profit of 422 million yuan, a 54.10% increase [1] Mining Service Business - The mining service business generated revenue of 6.544 billion yuan in 2024, a slight decrease of 0.96% year-on-year, accounting for 65.8% of total revenue [2] - The company undertook 35 large-scale mining engineering and operation management projects, with a total contract amount of approximately 11.5 billion yuan signed in 2024 [2] Mining Resource Development - The mining resource development segment saw revenue of 3.209 billion yuan in 2024, a significant increase of 412.85% year-on-year, contributing a gross profit of 1.356 billion yuan [3] - The company acquired an 80% stake in the Lubambe copper mine, which is expected to enhance production capacity and improve profitability over time [3][10] Future Outlook - The company forecasts operating revenues of 12.877 billion yuan, 14.813 billion yuan, and 16.850 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.347 billion yuan, 2.825 billion yuan, and 3.287 billion yuan [12][13] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 3.76 yuan, 4.53 yuan, and 5.27 yuan, respectively [12][13]