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 ...

"'高加索号'开创了里程碑！" 2024年4月23日，当目睹本国最大隧道顺利贯通，格鲁吉亚公路局副主席莎乐美·祖祖米娅在社交媒体留 言分享喜悦，并配上了"钢铁巨龙"穿山而出的震撼画面。 前者所说的"高加索号"，正是全球最大直径全断面硬岩盾构机，由中铁工程装备集团(以下简称中铁装 备)为格鲁吉亚古多里隧道项目量身定制。 以直径15.08米、最大推力2.26万吨的"高加索号"为例，不仅成功穿越埋深1121米、强度130兆帕的硬岩 山体，还克服有害气体、地下渗水等地质灾害，创造了月掘进426米的世界纪录，提前30天完成施工任 务。 盾构机是一种大型圆柱状工程机械，专门用于挖掘地下隧道。 其原理颇似蚯蚓，前面合金刀盘不断旋转，破碎"吃进"岩石或土壤，传送带将渣土后运排出，所经之处 就形成一条中空隧道。 相比传统的爆破掘进法，盾构机安全性显著提升，可钻透各类地质构造，工效提高3至5倍，同时降低碳 排放，更加绿色环保。 放眼全球，掌握14米以上超大直径盾构机自主核心技术者，仅中、美、德、日等极少数国家。 但很多人不知道的是，几十年前，该领域中国尚无一席之地。 1997年，为修建秦岭隧道，我国购入两台德制盾构机，单价高达近 ...

Group 1 - The Hong Kong stock market has recently shown an attractive upward trend after a period of stagnation, with many fund managers noting that despite a turbulent first quarter, valuations remain low compared to global capital markets [1][3] - The Hong Kong stock market is home to many scarce consumer and technology leaders from the A-share market, particularly in AI, smart driving, and advanced manufacturing, which are expected to resonate with economic recovery and drive further upward potential [1][3] - As of March 2025, the Hang Seng Tech Index has a price-to-earnings ratio of approximately 30 times, significantly lower than the Nasdaq's 37 times, indicating a historical low valuation [3] Group 2 - The unique liquidity advantage of the Hong Kong stock market has made it a favored target for international investors, especially with the recent peak and retreat of U.S. Treasury yields and the anticipation of domestic growth stabilization policies [3] - Southbound capital is currently the main support for the strength of the Hong Kong stock market, and if AI makes substantial progress, the likelihood of foreign capital returning will increase, potentially leading to a gradual recovery in market valuations and more investment opportunities [3] - Investors are advised to diversify their positions in the Hong Kong stock market to mitigate the impact of single asset volatility on their investment portfolios [3] Group 3 - Extreme Securities, established in 2015, is a leading global platform for trading financial derivatives including U.S., A-share, and Hong Kong stocks, aiming to provide a safe and convenient trading experience for global investors [4] - The platform allows for easy account opening without cumbersome conditions, enabling investors to participate in quality asset allocation and better capture investment opportunities from global capital flows [4] - Extreme Securities is actively expanding its agency cooperation plan globally, inviting partners interested in financial technology and international market expansion to join, thus creating sustainable business development opportunities [4]

Core Viewpoint - The article highlights the advancements in the robotics and renewable energy sectors, showcasing the investment strategies of Huazhong Fund, particularly through the expertise of fund manager Xiong Zheying, who focuses on AI and advanced manufacturing opportunities [1][8]. Group 1: Investment Strategy - Xiong Zheying employs a three-pronged investment framework: "grasp structure + adjust rhythm + select stocks," aiming for a more comfortable experience in growth stock investments [3]. - The investment approach emphasizes controlling drawdowns while maintaining a balanced exposure to advanced manufacturing sectors, with a focus on high-concentration individual stocks [4]. - The portfolio of Huazhong New Energy Theme A is diversified across three major sectors: electric equipment and new energy (30.22%), non-ferrous metals (28.24%), and basic chemicals (23.38%), with individual stock concentration reaching 44.44% [4]. Group 2: Market Outlook - The renewable energy sector is expected to enter an upward cycle, with lithium batteries, electric vehicles, and energy systems leading the global competitiveness ranking [8]. - By the end of 2024, the renewable energy industry is anticipated to experience a supply-side turning point, leading to improved capacity utilization and ROE [8][9]. - Xiong Zheying predicts that the renewable energy sector will surpass the ROE bottom by 2025, with potential volume and price increases in the lithium battery and wind power supply chains [9]. Group 3: AI and Robotics Investment - The AI industry, particularly in application development, is seen as a significant growth area, transitioning from training to inference applications, which will foster innovation [9]. - The investment in robotics is entering a second phase driven by AI, with advancements in cognitive capabilities and sensor technology expected to create new demand [9]. - The development of AI applications is likened to industrial automation, evolving from discrete needs to broader process requirements, indicating a potential explosion in demand [9].

Market Overview - The market experienced fluctuations with mixed performance across the three major indices, with over 3,100 stocks rising [1] - Key sectors that performed well included robotics, low-altitude economy, consumer electronics, and home appliances, while sectors such as gold, food, agriculture, and retail saw declines [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.23 trillion yuan, an increase of 139.7 billion yuan compared to the previous trading day [1] Fund Performance Top Performing Funds - The top performing fund was Penghua Carbon Neutral Theme A, with a daily net value growth rate of 8.33% and a year-to-date return of 56.3%, managing a fund size of 10.896 billion yuan [2] - Other notable funds included Fangzheng Fubon Technology Innovation A with an 8.32% daily increase and a year-to-date return of 19.44%, and Yongying Advanced Manufacturing Smart Selection A with an 8.25% daily increase and a year-to-date return of 49.56% [2] Underperforming Funds - The worst performing fund was Huafu Yongxin A, which saw a daily decline of 6.54% but still had a year-to-date return of 29.2% [3] - Other underperformers included Qianhai Kaiyuan Gold and Silver Jewelry A with a -5.83% daily return and a year-to-date return of 29.82%, and Yinhua Domestic Demand Select with a -4.64% daily return and a year-to-date return of 20.39% [3] Bond Fund Performance Top Bond Funds - The best performing bond fund was Jiahe Panshi A, with a daily net value growth rate of 3.4% and a year-to-date return of -2.16%, managing a fund size of 0.42 billion yuan [4] - Other top bond funds included Huashang Shuangxuan A with a 2.56% daily increase and a year-to-date return of 0.11%, and Rongtong Income Enhancement A with a 2.41% daily increase and a year-to-date return of 4.54% [4] Underperforming Bond Funds - The worst performing bond fund was Industrial Bank Convertible Bond Preferred A, which declined by 1.79% on the day but had a year-to-date return of 4.6% [4] - Other underperformers included Industrial Bank Tanhui A with a -1.7% daily return and a year-to-date return of 2.19%, and Industrial Bank Jufeng A with a -1.5% daily return and a year-to-date return of 3.98% [4] Company Performance - Yiyuan Communication announced a projected net profit increase of 548% for 2024, with expected revenue of 18.594 billion yuan, reflecting a year-on-year growth of 34.14% [5] - The company plans to distribute a cash dividend of 4.2 yuan per 10 shares to shareholders [5] Growth Drivers - The significant growth in Yiyuan Communication's performance is attributed to the enhancement of various module businesses, including LTE, automotive, 5G, edge computing, GNSS, and Wi-Fi modules, alongside the expansion of antenna and ODM businesses [6] - The company is also focusing on accelerating the development of intelligent solutions and diversifying revenue streams, while improving operational efficiency through supply chain enhancements and digital transformation [6]

《美国优先投资政策》备忘录延续了特朗普政府加强外资审查力度的立场，核心在于建 立"差别化"的审查机制：一方面放宽盟国对美投资限制，另一方面严格管控与"外国对 手"国家的双向投资活动。 文：国金宏观宋雪涛/联系人厉梦颖 随着对等关税和对等反制的升级，市场担心贸易摩擦可能向其他领域蔓延，在此背景下，2月21日特朗 普政府出台的《美国优先投资政策》备忘录引发关注。 就在《美国优先投资政策》发布一个月前的1月20日，特朗普政府发布的《美国优先贸易政策》备忘录 已释放信号——将重新评估上届政府的对外投资法规。 《美国优先投资政策》备忘录延续了特朗普政府加强外资审查力度的立场，核心在于建立"差别化"的审 查机制： 一方面放宽盟国对美投资限制，另一方面严格管控与"外国对手"国家的双向投资活动 。 虽然目前公布的只是政策框架，但特朗普政府已明确要求相关政府部门启动配套法规制定程序，为后续 出台具体监管措施铺平道路。 特朗普第一任期和拜登政府时期，均颁布过一些对外投资限制命令。 比如特朗普第一任期的2020年11月12日第13959号行政命令，2021年6月3日第14032号行政命令 （对第13959号的修订），拜登政府时期的 ...