丨证券研究报告丨 联合研究丨公司点评丨新天然气（603393.SH） [Table_Title] 产量稳步释放，资源充足未来成长可期 分析师及联系人 [Table_Author] 魏凯 张韦华 王岭峰 司旗 SAC：S0490520080009 SAC：S0490517080003 SAC：S0490521080001 SAC：S0490520120001 SFC：BUT964 SFC：BQT627 报告要点 请阅读最后评级说明和重要声明 %% %% [Table_Summary] 公司发布 2025 年一季报。2025 年一季度，公司实现营业收入 10.64 亿元，同比减少 5.95%； 利润总额达到 5.38 亿元，同比增加 32.71%；实现归母净利润 3.77 亿元，同比增加 13.72%。 产量稳步提升，主业发展持续稳健；清洁能源专项资金期限延长，煤层气奖补力度加大；通过 "强链、延链和补链"战略，有望构筑和夯实"天然气全产业链化"。 research.95579.com 1 新天然气（603393.SH） cjzqdt11111 [Table_Title2] 产量稳步释放，资源充足未来成长可期 [ ...

Core Viewpoint - The article highlights the recognition of Lufeng Plant Dragon Ecological Agriculture Development Co., Ltd. as an advanced collective for its outstanding contributions to the "Hundred Million Project" and its significant achievements in the sweet potato industry [2][3][30]. Group 1: Company Achievements - Lufeng Plant Dragon has been deeply engaged in the sweet potato industry for many years, leading to its recognition as an advanced collective [4][12]. - The company has successfully developed high-quality innovative sweet potato varieties, including the Longlongjin series and Guangshu series, in collaboration with various agricultural research institutions [5][6]. - The company operates a standardized ecological planting base of 3,000 acres and has an annual production capacity of 600,000 sets for its self-developed Longlongjin Shantou powder, which has become a local culinary specialty [7][12]. Group 2: Technological Innovations - The "sweet potato seedling detoxification technology" promoted by the company has been recognized as an innovative case for high-quality development in the sweet potato industry, effectively addressing virus disease issues and improving yield and quality [10][11]. - The company has invited 18 doctoral experts from the Guangdong Academy of Agricultural Sciences to participate directly in the development of the entire sweet potato industry chain, addressing production technical challenges [15][16]. Group 3: Brand Development and Market Presence - The company has actively participated in major exhibitions, successfully promoting its "Longlongjin" brand, which has become a prominent representation of Lufeng sweet potatoes [18][19]. - The company has established a comprehensive innovation ecosystem across the entire industry chain, from soil improvement to sales, enhancing its brand value and market reputation [20][22]. Group 4: Future Plans and Investments - The company recently held a groundbreaking ceremony for its Longlongjin industrial headquarters, which will cover an area of 23,300 square meters and involve a total investment of nearly 100 million yuan [25][26]. - The headquarters will facilitate the integrated development of biotechnology, deep processing, and brand building within the sweet potato industry, serving as a model for the integration of primary, secondary, and tertiary industries [27][28]. - The company aims to continue strengthening its industry matrix and focus on building a national sweet potato brand, contributing to the development of agriculture in Shantou [29][30].

Core Insights - The core strategy of Dingdong Maicai is to build a comprehensive supply chain from farm to table, enhancing its brand visibility and supply chain strength through its own brand "Heizhuanshijia" [1][2] - Dingdong Maicai's shift from merely selling pork to raising pigs represents a significant strategic upgrade, addressing quality concerns and cost control in the black pig market [2][3] Group 1: Market Challenges - The black pig market in China faces structural contradictions between consumer upgrades and industrial imbalances, leading to trust issues and bottlenecks in the industry [4] - Consumers are increasingly concerned about food safety, with frequent food safety issues causing doubts about the quality of black pork, despite its higher price compared to white pork [4][7] - The lack of effective quality identification methods and the misuse of "local pig" labels have contributed to a trust crisis in the black pig industry [4] Group 2: Strategic Moves by Dingdong Maicai - Dingdong Maicai's strategy involves deep collaboration with Gaojin Foods to explore an order-based breeding model, planning to invest in 30,000 specialty black pigs over the next year [10] - The company aims to create a traceable system to ensure the quality and safety of black pigs, addressing consumer trust issues [10][19] - By focusing on consumer data to customize pig specifications and developing high-value products, Dingdong Maicai seeks to maximize the economic value of black pigs [10][15] Group 3: Supply Chain Innovations - Dingdong Maicai's approach includes a transparent supply chain where consumers can trace the entire lifecycle of the pigs, enhancing trust and quality assurance [17][19] - The company has established a "pig chip" barrier through molecular breeding technology, improving lean meat rates and creating detailed product solutions [19] - The integration of cold chain logistics ensures that pork remains fresh and safe, with a commitment to daily sales and no overnight meat [14][20] Group 4: Market Positioning and Consumer Engagement - Dingdong Maicai's "Heizhuanshijia" brand has achieved significant sales, with over 200,000 users and a high rate of repeat customers, indicating strong market acceptance [12] - The company is expanding its offline presence with dedicated stores, allowing consumers to see the quality of the meat firsthand, thus bridging the gap between online and offline experiences [21] - By collaborating with well-known restaurant chains, Dingdong Maicai is positioning itself as a quality supplier in the food service industry, enhancing its market influence [20]

我国是水产养殖大国，2024年养殖产量预计达到6061万吨，约占我国水产品总产量的82%。目前，尽管我国四大海域已经进入伏季休渔期，但发达的水产养 殖业依然可以源源不断向市场提供优质海鲜。 记者：现在是高峰期吗？ 在生蚝重要养殖基地——广东阳西程村镇，生蚝为了赶上"五一"大市场的热度，如何抢"鲜"出发？一起来看↓ 总台央视记者 李啸虎：在国家农业产业强镇广东阳西程村镇，"五一"期间，这里的生蚝迎来大量上市。这片占地六万多亩的生蚝养殖基地里，养殖户正从 水下收获一排排成熟的生蚝，40多万箱新捕捞的海鲜正从这里走上百姓的节日餐桌。 记者注意到，每个生蚝由绳子串起固定在蚝排上。养殖户只需将绳子提起便可快速捕捞生蚝。由于生蚝对海水盐度十分敏感，这种新设计有利于生蚝吸收海 水中的养分，迅速成长，同时也能降低养殖成本。 阳西县程村镇党委副书记 曹瀚：以前的立柱式养殖必须要有水泥桩，还要打桩进去，人工的成本比较高。延绳吊养生蚝的时候，我们能够及时根据海水咸 湿度情况进行转移，有利于蚝尽快长大。 不到一小时，捕捞船上便已装满了新鲜的生蚝。养殖户们马不停蹄将生蚝就近运往码头。 记者：师傅，您要把生蚝拉到哪里去？ 货车司机 刘师 ...

原标题：宁夏石嘴山：工业遗存"蝶变"影视文旅热土 5月1日，取景于宁夏石嘴山市大武口区石炭井工业文旅影视小镇的电影《大风杀》上映。 当日，记者走进成为众多影视作品取景地的石炭井工业文旅影视小镇，斑驳褪色的红色砖瓦墙、错 落有致的工业厂房、纵横交错的钢铁轨道，瞬间将人们带回到20世纪六七十年代的石炭井工业区。 石炭井，位于贺兰山北段腹地，曾因出产被誉为"煤中之王"的太西煤而声名远扬，享有贺兰山"百 里矿区"的盛誉。21世纪初，这个曾经热闹非凡的小镇退出历史舞台，留下一片片工业遗迹。 2017年，宁夏打响贺兰山生态整治修复保卫战，生态环境实现"由黑变绿"的华丽转身，石炭井迎来 重大转折。 石嘴山市敏锐捕捉到石炭井独特的自然地貌、丰富的工业遗存以及深厚的文化底蕴所蕴含的巨大潜 力，利用当地留存的20世纪60年代至90年代的厂房、学校、医院、火车站等大量建筑，打造石炭井工业 文旅影视小镇，一场工业遗迹的"蝶变"之旅拉开帷幕。 石炭井独特的工业风貌，极其适合拍摄历史和军事等题材的影视剧，而影视剧通过剧情和宣传，吸 引大量游客前来观光体验，做到了以游带影、以影促游，打造出集影视拍摄、影视旅游、文化体验等于 一体的"全产业 ...

Core Insights - The company achieved a revenue of 14.743 billion yuan in 2024, representing a year-on-year growth of 7.8% [1] - The acquisition of Hunan Shizhu Garden Nonferrous Metals Co., Ltd. significantly enhanced the company's performance, contributing 3.571 billion yuan in revenue and 705 million yuan in net profit in 2024 [2] - The overall gross margin for 2024 was 22.07%, an increase of 0.85 percentage points year-on-year, with specific product margins showing varied performance [2] - The company reported a net profit attributable to shareholders of 939 million yuan in 2024, a year-on-year increase of 17.47% [3] - The company’s asset-liability ratio decreased to 52.40% in 2024, down by 2.51 percentage points [4] Revenue Breakdown - Revenue from cutting tools and tools was 3.189 billion yuan, up 4.31% year-on-year, driven by market expansion [1] - Revenue from hard alloys was 3.356 billion yuan, down 2.19% year-on-year [1] - Revenue from refractory metals was 2.426 billion yuan, up 11.68% year-on-year [1] - Revenue from powder products was 4.573 billion yuan, up 32.22% year-on-year [1] Profitability Analysis - The gross margin for blade products was 33.30%, down 1.72 percentage points year-on-year [2] - The gross margin for alloy products was 18.63%, down 0.51 percentage points year-on-year [2] - The gross margin for refractory metals was 10.33%, down 2.68 percentage points year-on-year [2] - The gross margin for powder products was 23.61%, up 5.09 percentage points year-on-year [2] Expense and Cash Flow - The operating expense ratio for 2024 was 13.42%, an increase of 1.12 percentage points year-on-year [3] - The company’s cash flow from operations improved, with a net cash inflow of 900 million yuan, an increase of 750 million yuan year-on-year [3] - The investment cash flow was negative at -850 million yuan, reflecting increased spending on technological upgrades and land acquisition [3] Future Outlook - The company is expected to achieve net profits of 1.094 billion yuan, 1.323 billion yuan, and 1.476 billion yuan from 2025 to 2027 [4]

证券研究报告 | 公司点评报告 2025 年 05 月 01 日 中钨高新（000657.SZ）年报及一季报点评 收入稳定增长，柿竹园并表增厚业绩 周期/金属及材料 q 风险提示：钨价格波动风险、汇率风险、下游需求不及预期。 财务数据与估值 强烈推荐（维持） 当前股价：9.55 元 基础数据 | 总股本（百万股） | 2279 | | --- | --- | | 已上市流通股（百万股） | 1247 | | 总市值（十亿元） | 21.8 | | 流通市值（十亿元） | 11.9 | | 每股净资产（MRQ） | 4.2 | | ROE（TTM） | 11.5 | | 资产负债率 | 48.6% | | 主要股东 | 中国五矿股份有限公司 | | 主要股东持股比例 | 33.37% | 股价表现 % 1m 6m 12m 绝对表现 -3 2 -11 相对表现 -0 5 -15 资料来源：公司数据、招商证券 -40 -30 -20 -10 0 10 20 May/24 Aug/24 Dec/24 Apr/25 (%) 中钨高新 沪深300 相关报告 1、《中钨高新（000657）—收入稳 定增长，净利润下滑》20 ...

Core Viewpoint - The Chinese crayfish industry is expected to maintain stable growth in 2024, with a total output value exceeding 460 billion yuan, driven by technological innovation and structural optimization despite facing cost pressures and market fluctuations [1] Industry Overview - In 2024, the crayfish farming area is approximately 30 million acres, with total production exceeding 3 million tons, remaining stable compared to 2023 [2] - Traditional production areas like Hubei, Anhui, and Hunan continue to dominate, but growth in these regions is slowing, while non-traditional areas such as Guangxi, Sichuan, and Hainan are emerging due to off-season farming practices [2] Processing Sector - The crayfish processing industry is experiencing growth in both capacity and profit, with 41 surveyed enterprises reporting a total crayfish purchase volume of 260,000 tons, a year-on-year increase of 11.9% [3] - The total output value of these enterprises reached 5.06 billion yuan, up 13.5% year-on-year, with a notable shift towards high-value-added products [3][4] - Online sales of crayfish products have increased, reflecting the growing importance of e-commerce platforms in the industry [3] Consumer Trends - Consumer demand for crayfish is high, with preferences shifting towards quality and price sensitivity, particularly among younger demographics [5] - The average spending per transaction is concentrated in the 100-150 yuan range, indicating a balance between quality and cost [5] - The pre-prepared crayfish market has seen explosive growth, with online sales increasing by 40% in 2024 [6] Challenges and Solutions - The industry faces challenges such as rising farming costs and imbalances in profit distribution between farmers and processors [7] - Adoption of smart feeding technology and ecological mixed farming are suggested as solutions to reduce costs and risks [7] - Strengthening order agriculture models and establishing price linkage mechanisms are recommended to stabilize the market [7][8] Long-term Trends - The industry is moving towards self-sufficiency in seed supply, with a target of 80% self-sufficiency in seed production [9] - Integration of the entire industry chain is becoming a trend, with cultural and tourism events boosting local economies and contributing over 10% to the total output value [9] - Enhanced policy support is expected to facilitate technological innovation and market expansion, promoting high-quality development in the crayfish industry [9]

Core Viewpoint - The performance of Songcheng Performance in 2024 is outstanding, with a net profit of 1.049 billion yuan, accounting for 63.6% of the total net profit of 22 tourism and scenic area listed companies in A-shares [1][2] Group 1: Financial Performance - In 2024, the total net profit of 22 tourism and scenic area listed companies reached 1.648 billion yuan, with Songcheng Performance contributing 1.049 billion yuan [1] - Songcheng Performance's revenue increased by 25.49% year-on-year, while management expenses grew by only 17.79%, resulting in a management expense ratio of 7.14%, a decrease of 0.47 percentage points from 2023 [1] Group 2: Brand and Marketing Strategy - The company has established a commercial closed loop through four major festival IPs, including "Carnival Chinese New Year," which enhances brand communication and drives consumer engagement [1] - The average visitor stay at some of the company's scenic spots can reach up to 7 hours, indicating strong customer engagement [1] Group 3: Operational Management - Songcheng Performance employs a dual-driven strategy of "internal growth + external introduction," creating a talent matrix that covers the entire cultural tourism industry chain [1] - The company focuses on dynamic human resource allocation to reduce costs, emphasizing "professional talent, digital management, and agile organization" for efficient operations [1] Group 4: New Projects and Market Impact - The newly opened "Qian Guqing" scenic areas have generated significant consumer interest, with the Guangdong Qian Guqing area achieving profitability in its first year [2] - The "Three Gorges Qian Guqing" scenic area generated over 100 million yuan in revenue within 100 days of opening, boosting local tourism revenue by over 40% [2]

医药生物/医疗器械 联影医疗（688271.SH） 国内市场蓄势待发，海外市场高歌猛进 2025 年 04 月 30 日 《打破医学影像垄断格局，国内市占 持续提升+海外装机快速放量驱动业 绩强势增长—公司首次覆盖报告》 -2025.3.12 余汝意（分析师） 石启正（联系人） 日期 2025/4/30 当前股价(元) 132.90 一年最高最低(元) 152.00/92.00 总市值(亿元) 1,095.31 流通市值(亿元) 788.49 总股本(亿股) 8.24 流通股本(亿股) 5.93 近 3 个月换手率(%) 46.1 司 信 息 更 新 报 告 股价走势图 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 2025-04 联影医疗 沪深300 数据来源：聚源 相关研究报告 投资评级：买入（维持） shiqizheng@kysec.cn 证书编号：S0790125020004 国内招采回暖，业绩有望快速放量，海外市场高歌猛进，维持"买入"评级 2024年实现营业收入103.00亿元（yoy-9.73%），归母净利润12.62亿元（yoy-36.09 ...