5月9日，沪深两市成交额达1.29万亿元，较前一交易日缩量1749亿元。军工、铜缆高速连接等板块涨幅 居前，PEEK材料、农业等板块跌幅较大。截至收盘，沪指涨0.28%，深成指涨0.93%，创业板指涨 1.65%。 银河证券认为，汽车市场高景气有望延续。2025年第一季度汽车行业指数相对于沪深300指数上涨 12.51%。以旧换新补贴政策驱动下，汽车市场销量增长显著。公募基金对汽车板块的持仓占比已连续 五个季度实现环比增长，达到历史新高。展望第二季度，上海车展多款新能源新品亮相，有望进一步推 动消费者购车热情，释放市场需求。 中金公司表示，当前白酒需求景气度处于历史低位，但向下风险有限。政策宽松为消费回暖提供基础， 预计更多托底政策将助力白酒需求稳步筑底回升。未来白酒需求或以较慢斜率小幅回升，短期大众需求 偏刚性，宴席需求有望有所表现。全年白酒业绩在三四季度低基数支撑下或呈先抑后扬走势。 开源证券指出，央国企整合与硬科技并购成为本轮并购重组浪潮的核心趋势。国企改革政策支持、产业 转型升级等因素驱动下，央国企有望主导新一轮并购重组。支持科技型企业并购重组的相关政策频繁发 布，重点支持关键核心技术攻关企业。寻找潜 ...

本次补贴对象为个人消费者，鼓励享受补贴的消费者购买符合《电动自行车行业规范条件》企业生 产的合格电动自行车新车。用于参加以旧换新活动的电动自行车新车，应具有符合现行强制性国家标准 的产品合格证、强制性产品认证（CCC）证书。 记者昨日从市商务局获悉，为联动电动自行车销售企业、生产企业、回收企业，加力推进电动自行 车以旧换新，该局近日会同有关部门推出《郑州市推动2025年电动自行车以旧换新活动实施细则》。 据了解，本次活动时间自细则印发之日起至2025年12月31日。活动资金采取"总额控制、先到先 得，用完为止"。本次活动参与商家134家、回收企业40家。 按照要求，全市电动自行车以旧换新补贴范围是对交售老旧电动自行车，并在郑换购获得国家强制 性产品认证证书电动自行车新车的个人消费者，给予一次性分档定额立减补贴，即消费1000元（含）至 1499元，给予300元补贴；1500（含）至1999元，给予400元补贴；2000元及以上，给予500元补贴。每 位消费者可享受1次以旧换新补贴（即同一身份证只能使用1次）。最终销售价格以发票金额为准。 如何申报补贴？首先，消费者通过郑好办APP以旧换新活动专区选择意向商家， ...

贵州省启动电动自行车以旧换新补贴，对于报废旧车换购新车的消费者，最高可减1000元。 商务部最新数据显示，今年以来，以旧换新政策拉动汽车、家电、手机等数码产品以及家装厨卫、电动 自行车销售超7200亿元。全国各地也在持续发力，抓住这个"万亿级"的大市场，五一假期期间，纷纷推 出特色补贴，持续释放居民消费潜力。 在河南郑州，随着五一假期的到来，各大家电企业纷纷扎进社区，让家电新品来到消费者"家门口"集中 展示，工作人员现场讲解、代办，"直补立减""拖旧送新"等活动大大提升了社区居民以旧换新的体验。 在这场家电国补进社区活动中，家电企业不仅提供收购旧家电服务，还开展了免费上门检测、清洗旧家 电服务。 湖南省将无醛板材、湘绣、湘瓷等湖南特色产品列入家装厨卫补贴清单，加力扩围推动消费品以旧换 新。在资兴市兴宁镇，村民张建雄最近刚刚搬进了新房。趁着五一假期，他在当地的家装店定做了一套 无醛板材柜子。除了商品补贴外，他还获得了政府发放的装修补贴5805元。 为充分发挥以旧换新带动作用，这个假期，全国各地纷纷开展行动，"花式补贴"促消费。 福建省推出"五一消费季"千场促消费活动，组织步行街、商圈、电商平台联动，开展国货潮品 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 短期毛利率下滑、盈利水平承压。1）毛利率：25Q1 公司毛利率 45.5%，同比-11.0pct。2）费率端：25Q1 销售/管理费/研发/财务 费率分别为 27.8%/2.6%/7.8%/-2.2%，同比变动+7.0pct/-0.1pct/- 2.8pct/-1.4pct。销售费用率提升较多主要系公司加强海内外拓展， 以及为了提升在市场导入期的新品类的市场占有率。3）净利率： 25Q1 净利率 7.8%，同比-13.9pct。 海外生产实力逐步增强，积极市场策略下销售结构、渠道布局有望 进一步优化。生产能力方面，公司采用自建工厂和国内外代工厂相 结合的方式，完善供应链布局，面对贸易摩擦，目前公司海外产能 布局可覆盖美国市场半数以上并在持续快速爬坡。未来公司将持续 丰富产品矩阵及价格矩阵，推进产品结构升级，同时通过积极的市 场策略，进一步优化销售结构和渠道布局，助力业务向更好、更高 质量发展迈进。 盈利预测与投资建议。我们预计公司 2025-2027 年归母净利润分别 为 20.8/25.4/30.7 亿元，同比+5.2% ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 石头科技（688169.SH） 积极市场策略下收入进一步提速，短期盈利水平下滑 风险提示：消费恢复不及预期、行业竞争加剧、新品开拓不及预期。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8,654 | 11,945 | 16,060 | 19,355 | 22,995 | | 增长率 yoy（%） | 30.5 | 38.0 | 34.5 | 20.5 | 18.8 | | 归母净利润（百万元） | 2,051 | 1,977 | 2,080 | 2,542 | 3,071 | | 增长率 yoy（%） | 73.3 | -3.6 | 5.2 | 22.2 | 20.8 | | EPS 最新摊薄（元/股） | 11.10 | 10.70 | 11.26 | 13.76 | 16.63 | | 净资产收益率（%） | 18.0 | 15.4 | 14.1 | 14.9 ...

央视网消息："五一"假期将至，人们的出行意愿日渐攀升，消费市场持续火热，不断激发出消费新活力。 "火车向着景区开" 旅游热线受追捧 从车票预售情况分析，旅游热门线路受追捧。"火车向着景区开"成为新趋势。临近假期，北京、郑州、广州、新疆等地提前开行银发旅游列车。"五一"前 夕，郑州至开封间新型城际动车组列车上线运营。"五一"假期，还将有"熊猫专列""丝路号"等多个品牌旅游列车开行。同时，旅游列车还与沿线酒店、景 区、餐饮企业联动，拓展旅游消费新场景。 休渔期前 市民开启囤货模式 从5月1日12时起，东海将全面进入休渔期。许多市民在休渔期前开启"囤货"模式。在浙江宁波的一处水产摊位前，记者看到，鲳鱼、黄鱼、带鱼等海鲜一应 俱全，受到顾客的青睐。 市场工作人员表示，休渔期间，冻品海鲜、养殖类海鲜以及水产品的供应充足，可以满足市民消费需求。 为了缓解部分场馆和景区"一票难求"的情况，一些地方还通过扩容扩时等举措，来满足游客需求。在陕西，秦始皇帝陵博物院将开始检票时间由早上8:30提 前至7:00，停止检票时间由17:00推迟至19:00，门票数量日均增加1.5万张。白鹿原影视城、华清宫等多个景区自2025年4月28日 ...

东吴证券发布了一篇建筑材料行业研报称，近期贸易战情绪有所缓和，出口板块领涨。国内方面政治局 会议以落实存量政策为主，储备增量政策为辅，例如"创设新的货币政策工具"，"大力发展服务消费"等 等。整体而言，地产链的斜率放缓但方向不变，地产链出清已近尾声，供给格局大幅改善，25年需求平 稳且企业增长预期较低，板块具备较高的胜率。以旧换新补贴推动下，24年Q4家电消费加速，到25年3 月家具消费明显加速，我们期待25年Q3家装也会迎来明显加速。首选低估值的消费龙头和扩张型公 司。其次，如果外部需求快速回落，中西部基建很有可能成为救急的方向。最后，在25年流动性充裕的 背景下，科技属性强的公司仍有较高关注度。 北京商报讯（记者 翟枫瑞）4月29日，装修建材板块小幅增长，以11851.20点收盘，涨幅为1.52%。在 板块带动下，多只装修建材股午盘股价实现增长。梦百合以7.67元/股收盘，涨幅为10.04%，领涨装修 建材股。顾家家居以25.07元/股收盘，涨幅为10.00%，涨幅位列装修建材股第二。菲林格尔以7.14元/股 收盘，涨幅为5.93%，涨幅位列装修建材股第三。除此之外，亚振家居以6.12元/股收盘，跌幅为 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 15.57 billion yuan in 2024, a year-on-year decrease of 7.78%, and a net profit attributable to shareholders of 248 million yuan, down 24.07% year-on-year [2] - The company is facing operational pressure due to weak overall industry demand and intensified competition, but performance is expected to gradually improve with national subsidies and increased industry concentration favoring leading companies [2][5] - The company has maintained a leading position in product innovation with over 1,600 patents, and the recent increase in consumer subsidies is anticipated to boost downstream demand [5] Summary by Sections Financial Performance - In 2024, the company's overall revenue declined, with smart home products accounting for 85.24% of total revenue despite a 7.39% year-on-year decrease [3] - The gross margin for 2024 decreased by 3.37 percentage points to 47.98%, primarily due to intensified competition and accounting adjustments [4] - The company plans to distribute a cash dividend of 2 yuan per 10 shares (tax included) [2] Market Position and Strategy - The company is enhancing its online sales channels and optimizing offline channels to cope with market pressures, with a focus on new product iterations [3] - The company has launched several new products, including the GW-129 and GW-118 series, to strengthen its position in the smart drying sector [3] Future Outlook - Revenue forecasts for 2025-2027 are adjusted to 16.35 billion yuan, 18.22 billion yuan, and 20.65 billion yuan respectively, with corresponding EPS estimates of 0.68 yuan, 0.76 yuan, and 0.90 yuan [7] - The company is expected to benefit from the rapid development of the smart home sector and its status as a leading player [7]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 17.10 CNY for the next six months [4][6]. Core Views - The company has shown strong growth in overseas sales, with a year-on-year increase of 15.8% in Q1, driven by robust demand for small household appliances and increased inventory needs due to uncertainties in U.S. tariff policies [2]. - Domestic sales have shown marginal improvement, with a year-on-year decline of 4.9% in Q1, compared to a decline of 11.2% in Q4 2024, supported by government subsidies for replacing old appliances [2]. - The company's profitability has improved, with a net profit margin of 6.4% in Q1, up by 1.5 percentage points year-on-year, attributed to better investment returns and a favorable exchange rate [3]. Financial Performance Summary - In 2024, the company achieved a revenue of 16.82 billion CNY, a year-on-year increase of 14.8%, and a net profit of 1.05 billion CNY, up by 7.7% [1]. - For Q1 2025, the company reported a revenue of 3.83 billion CNY, a year-on-year increase of 10.4%, and a net profit of 0.25 billion CNY, up by 43.0% [1][3]. - The company's gross profit margin improved by 0.5 percentage points year-on-year, indicating better cost management and product mix [3]. Future Outlook - The company is expected to benefit from ongoing government subsidies for small household appliances, which will likely enhance domestic sales [4]. - The establishment of a manufacturing base in Indonesia is anticipated to mitigate trade policy risks and support stable growth in overseas sales [2]. - The projected earnings per share (EPS) for 2025 to 2027 are estimated to be 1.43 CNY, 1.62 CNY, and 1.88 CNY respectively, indicating a positive growth trajectory [7].

Core Viewpoint - Shun'an Environment reported a strong Q1 performance with revenue of 3.02 billion yuan, a year-on-year increase of 15.0%, and a net profit attributable to shareholders of 220 million yuan, up 4.3% year-on-year, driven by the old-for-new subsidy policy stimulating domestic air conditioning sales [1][2] Group 1: Financial Performance - Q1 revenue reached 3.02 billion yuan, reflecting a 15.0% year-on-year growth [1] - Net profit attributable to shareholders was 220 million yuan, representing a 4.3% year-on-year increase [1] - The company's net profit margin for Q1 was 7.2%, down 0.7 percentage points year-on-year, primarily due to rising copper prices [2] Group 2: Market Dynamics - The old-for-new subsidy policy has positively impacted air conditioning sales, leading to increased demand for upstream valve components [1] - Industry sales data shows that the sales of key components like shut-off valves, four-way valves, and electronic expansion valves increased by 7.1%, 7.5%, and 14.4% year-on-year, respectively [1] - Looking ahead, the combination of national subsidy policies and the peak season for air conditioning is expected to further stimulate sales performance [1] Group 3: Operational Efficiency - Q1 operating cash flow net amount was 150 million yuan, a significant year-on-year increase of 118.4% [2] - The company managed to reduce cash payments for goods and services by 18.2% year-on-year, while cash received from sales increased by 1.0% [2] - The company's cash balance at the end of the period was 2.9 billion yuan, up 7.4% year-on-year, indicating a strong liquidity position [2] Group 4: Future Outlook - The company is expected to continue its rapid revenue growth, with projections for EPS of 1.05, 1.17, and 1.35 yuan for 2025 to 2027 [2] - The company is actively expanding into high-margin commercial refrigeration components and automotive thermal management businesses, which is anticipated to improve profitability [2] - A target price of 15.68 yuan is set based on a 15 times dynamic price-to-earnings ratio for 2025 [2]