上市公司积极作为，直面剧烈变化、纷繁复杂的国际环境，开拓创新、克难奋进。上市公司年报如同多 棱镜，折射出中国优秀企业守正创新的生动实践。既有"向科技创新要增量"的果敢，也有"以全球布局 防风险"的远见；既包含传统产业"老树发新芽"的智慧，更彰显新兴产业"星火可燎原"的势能。 在全球经济的惊涛骇浪中，外部不确定性带来的风险客观存在，倒逼我们加快转型升级，加快高质量发 展的步伐。对于中国这样一个超大规模经济体而言，关键还是要集中精力办好自己的事。中国经济复苏 有活力，高质量发展有"向新力"，未来发展有潜力，经济长期向好的基本趋势没有改变，也不会改变。 （文章来源：经济日报） 根据Wind数据，截至4月25日，有超3500家上市公司披露2024年年报，合计实现营收56.67万亿元，同比 减少0.05%；实现归母净利润4.84万亿元，同比增长3.32%。这些数据不仅反映了微观主体的经营韧性， 更勾勒出中国经济在复杂国际环境中的稳健底色和韧性潜能。 创新驱动是价值链攀升的底层逻辑。年报显示，上市公司研发投入强度显著提升，以AI技术、半导 体、新能源为代表的创新领域正在成为增长引擎。中国优秀创新企业向全球价值链高端跃迁， ...

◎白丽斐 而随着人工智能、大数据、云计算、电动汽车的快速发展，相关行业用电量保持高速增长，且增速远远 高于全社会用电量平均增速。一季度，全国互联网和相关服务用电量日均同比增长25.7%，全国充换电 服务业用电量日均同比增长42.3%。 邢翼腾表示，当前国内新兴产业用电量的快速增长充分反映了我国经济转型升级的良好势头，也充分显 示了我国经济持续回升向好的强劲内生动力，充分展现了我国坚定不移推进高质量发展的战略定力。 中国电力企业联合会近日发布《2025年一季度全国电力供需形势分析预测报告》，预计2025年我国宏观 经济将继续保持平稳增长，拉动电力消费需求平稳较快增长。综合判断，预计2025年全国全社会用电量 10.4万亿千瓦时，同比增长6%左右，全年统调最高用电负荷15.5亿千瓦左右。 对于今年一季度全社会用电量同比增速较去年同期偏低的情况，国家能源局发展规划司副司长邢翼腾表 示，上一年是闰年和今年的气温较去年同期明显偏高两个因素，对一季度全社会用电量增速有较大的影 响。仅闰年因素就拉低用电量增速1.2个百分点，再受气温偏高影响，前两个月全国城乡居民生活用电 量仅同比增长0.1%，第二、三产业部分行业用电负荷也 ...

Group 1 - The company reported a total operating revenue of 450 million yuan for Q1 2025, representing a year-on-year growth of 47.36% [1] - The total profit reached 73 million yuan, with a year-on-year increase of 63.35% [1] - The net profit attributable to shareholders was 64 million yuan, showing a year-on-year growth of 57.43% [1] Group 2 - The company has established a competitive advantage in the spring industry through years of deep cultivation, focusing on technology, manufacturing, and customer resources [1] - Current capacity expansion projects are progressing smoothly, including an annual production capacity of 80 million high-performance springs and surface treatment upgrades, with an investment of 140 million yuan completed by the end of 2024 [1] - The high-precision new energy vehicle suspension spring intelligent production line project has seen an investment of 110 million yuan, with expected benefits of 18.23 million yuan in 2024 [1] Group 3 - The company is accelerating its domestic industrial layout and optimizing its material and product supply chain to enhance production efficiency and reduce logistics costs [2] - In 2024, the company initiated a global strategy, establishing a presence in Germany, Mexico, and Morocco, focusing on local production to respond to global supply chain restructuring [2] - The company aims to build a global network covering R&D, manufacturing, and supply chain, seizing opportunities for high-quality development and continuous performance growth [2]

快递 3 月数据点评：顺丰件量增速超预 期，通达系价格竞争依旧激烈 事件：快递行业 3 月件量同比增长 20.3%，行业增速维持较高水平， 价格竞争依旧激烈。 点评： 3 月快递件量增速维持高位，顺丰增速超预期：3 月全国快递服务企业 业务完成量 166.56 亿件，同比增长 20.3%，增速较 1-2 月累计的增长 22.4%略有放缓，但依旧维持在较高水平。分类型看，3 月同城件业务 量同比增长 4.3%，异地件业务量增长 21.9%。 3 月顺丰业务量增速提升至 25.4%，高于其他通达系上市公司；公司市 场份额同比提升 0.3pct。公司公告称其高增长主要得益于公司凭借丰 富的产品矩阵及综合物流解决方案能力，持续渗透生产制造和生活消 费各类物流场景，有效满足客户多元化业务需求。 通达系中，圆通、申通及韵达的增速与行业均值都较为接近，其中圆 通增速略高，结合其单票收入的变化看，圆通近期对于市场份额的诉 求较为强烈。3 月圆通市场份额同比提升 0.3pct；申通市场份额同比基 本持平，韵达份额下降 0.3pct。 圆通单票收入降幅较大，价格竞争依旧激烈：价格方面，行业的价格 竞争依旧激烈。通达系方面，申通、 ...

公司报告 | 年报点评报告 中国电建（601669） 证券研究报告 24 年收入稳步增长，现金流同比大幅改善 24 年收入稳步增长，维持"买入"评级 24 年公司实现营收 6336.85 亿元，同比+4.07%，归母净利润 120.15 亿元， 同比-7.21%，扣非归母净利润 110.97 亿元，同比-5.26%。其中，单 Q4 实 现营收 2082.05 亿元，同比+10.49%，归母净利润 32.09 亿元，同比-7.21%， 扣非归母净利润 31.8 亿元，同比+29.08%。随着公司持续深化业务调整转 型升级，在巩固水利水电工程建设等传统主业的同时，积极获取新能源和 抽水蓄能建设任务，进一步提升核心竞争力。考虑到公司收入增速放缓， 减值存在一定压力，我们下调公司25-27 年归母净利润分别为128/140/157 亿元（25-26 年前值为 145、166 亿），维持"买入"评级。 水利水电、新能源业务带动公司收入稳步增长 分业务来看，24 年公司工程承包与勘测设计/电力投资与运营/其他业务分 别实现收入 5750.03/254.04/312.81 亿元，同比分别+4.42%/+5.95%/-1.7 ...

Core Viewpoint - The article discusses the initiatives taken by the Urumqi Municipal Market Supervision Administration to promote the transformation of individual businesses into enterprises, enhancing the vitality of the private economy and optimizing the market structure [1][2]. Group 1: Policy Implementation - The Urumqi Municipal Market Supervision Administration has established a "green channel" for the transformation process, allowing for a streamlined service that can complete registrations in as little as two hours while retaining the original business name and social credit code [1]. - A new "direct change registration" model has been introduced, breaking away from the traditional "cancel and re-establish" method, thus simplifying the process and maintaining the continuity of business history and administrative licenses [1]. - The administration is utilizing multiple channels for policy promotion, including WeChat groups and service windows, to provide one-on-one guidance to individual business owners considering transformation [1]. Group 2: Economic Impact - The transformation from individual businesses to enterprises is expected to enhance competitiveness and brand value, allowing businesses to benefit from various policy incentives such as financing support and tax reductions [2]. - This initiative aims to optimize the market structure by promoting the growth of small and micro enterprises, addressing the high proportion of individual businesses [2]. - The transformation is anticipated to attract investment and facilitate participation in bidding processes, thereby promoting regional economic and industrial upgrades [2]. - By retaining customer resources and expanding operational boundaries, transformed enterprises are expected to enhance their resilience against risks [2]. - The initiative contributes to sustainable economic development by fostering high-quality market entities, creating a development chain from "individual to enterprise" to "standardization and integration" to "industrial upgrading" [2].

21世纪经济报道记者缴翼飞 北京报道 近日，一季度国民经济运行数据陆续公布。根据中电联的最新数据，一季度全国全社会用 电量2.38万亿千瓦时，同比增长2.5%，增速低于GDP增速。其中，1~2月、3月全社会用电量同比分别增长1.3%和4.8%。 4月28日，国家能源局发展规划司副司长邢翼腾在国家能源局例行新闻发布会上就此事回应了21世纪经济报道记者，他提到，上 一年是闰年和今年的气温较去年同期明显偏暖两个因素对一季度全社会用电量增速产生较大的影响。 此外，当前部分传统行业需求不足和新兴产业快速发展的换挡叠加，也是影响用电量增速的一个因素。数据显示，一季度全国 房地产开发投资同比下降9.9%，全国消费品制造业用电量同比增长0.6%，扣除闰年因素以后日均同比增长1.7%，低于2024年一 季度、四季度日均同比增速。 与此同时，随着人工智能、大数据、云计算、电动汽车的快速发展，相关行业用电量保持高速增长，增速远远高于全社会用电 量平均增速，这也彰显了我国新兴产业、高技术产业的蓬勃发展态势。 图：国家能源局发展规划司副司长邢翼腾 （缴翼飞/摄） "仅闰年因素就拉低用电量增速1.2个百分点，受气温偏暖影响，1~2月全国 ...

4月27日，记者获悉，省工业和信息化厅、省财政厅日前联合下发通知，决定开展河南省制造业转型升 级试点县(市、区)工作，大力推进"智改数转网联"新技改，以龙头企业为牵引，实施产业链上下游协同 改造，带动面上特色优势产业转型升级，形成一批可复制、可推广的典型经验，推进我省新型工业化进 程。本次试点工作的实施主体为各县(市、区)人民政府或国家级高新区、国家级经济技术开发区等功能 区管委会。省级财政对每个入选试点县(市、区)给予不超过1000万元资金奖励。(河南日报) ...

Core Viewpoint - Recent fluctuations in gold prices have significantly impacted the retail gold market, with high prices suppressing consumer demand for gold jewelry and prompting a shift towards new product offerings and business models [1][2][3] Group 1: Market Impact - COMEX gold prices reached a historical high of $3509.9 per ounce on April 22, followed by a decline to $3330.2 per ounce by April 25 [1] - The high gold prices have led to a decrease in sales of heavier gold jewelry and ornaments, as consumers exhibit a wait-and-see attitude [1] - The high price volatility is seen as both a challenge and an opportunity for the gold retail industry, prompting a need for transformation and innovation [1][3] Group 2: Consumer Trends - There is a growing preference among consumers for lightweight gold jewelry, such as bracelets, pendants, and earrings, which are becoming popular among younger demographics [2] - The gold recycling market is also experiencing increased activity, with more consumers seeking to sell gold for cash [2] Group 3: Business Strategies - Companies are adapting to market changes by exploring long-term strategies, such as Zhou Dasheng Jewelry's announcement of engaging in gold forward trading and leasing to mitigate the impact of price fluctuations [2] - Some firms are leveraging technology, such as AI and big data, to enhance their gold recycling processes, offering quick and efficient services [2] - Collaborative product launches with popular IPs are being utilized to differentiate offerings, with companies like Chow Tai Fook and Zhou Dasheng introducing unique themed jewelry lines [3] Group 4: Industry Outlook - The high price environment is reshaping the competitive landscape of the gold retail market, requiring companies to be agile in responding to consumer demand changes and to integrate resources effectively to reduce costs and improve efficiency [3]

Core Viewpoint - The company reported stable operations in 2024 with a slight increase in revenue but a significant decline in net profit, while showing signs of recovery in early 2025 with improved revenue and profit figures [1] Financial Performance - In 2024, the company achieved an operating revenue of 3.989 billion yuan, a year-on-year increase of 2.23%, while the net profit attributable to shareholders was 102 million yuan, a year-on-year decrease of 65.91% [1] - The first quarter of 2025 showed a strong start with operating revenue of 1.071 billion yuan, a year-on-year increase of 10.49%, and a net profit of 67.3032 million yuan, a year-on-year increase of 14.43% [1] - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, totaling 83.9151 million yuan, with a payout ratio of 82.39% for 2024 [1] Business Operations - The company faced profit declines in 2024 due to competition in the photovoltaic industry, leading to an asset impairment provision of approximately 399.248 million yuan [1] - Despite the challenges, the company reported over 10% year-on-year revenue growth in both Q4 2024 and Q1 2025, indicating a rebound in performance [1] - The company is focused on improving operational efficiency, with a reduction in sales and management expenses in 2024 [1] R&D and Product Development - The company increased its R&D investment to 196 million yuan in 2024, a year-on-year increase of 9.3%, with a higher proportion of revenue allocated to R&D [1] - A total of 49 key R&D projects were initiated, leading to new product sales revenue exceeding 540 million yuan [1] Market Position and Future Outlook - The company is a leading player in the adhesive industry in China, with growth in product sales in electronics and automotive sectors, as well as an increase in photovoltaic silicone sales [1] - The company is accelerating the progress of ongoing projects, including the completion of a 44,000-ton organic silicone sealant production facility in Hubei and a 10,000-ton lithium battery polyurethane adhesive production line expected to be operational by the end of October 2025 [1]