Market Overview - The overall market showed little fluctuation, closing at a five-star rating [1] - Large and mid-cap indices experienced slight declines, while small-cap stocks saw minor gains [2] - Value style remained stable, whereas growth style faced significant declines [3] Sector Performance - The pharmaceutical industry demonstrated relative strength, with an overall increase [4] - Hong Kong stocks initially dipped but gradually rose in the afternoon, closing higher with technology, consumer, and pharmaceutical indices all up [5][6] Global Market Trends - In early April, global stock markets experienced considerable declines [7] - Following this, Hong Kong stocks rebounded for six consecutive weeks, recovering all losses from early April [8][9] Earnings Reports - Recent earnings reports from Hong Kong stocks indicate strong growth, particularly in technology and pharmaceuticals, contributing to the market's strong performance this year [11][12] - If companies continue to show year-on-year earnings growth in the second and third quarters, the current economic downturn may gradually improve [13] Investment Strategy - The market is expected to benefit from a combination of "valuation enhancement" and "earnings growth" [14]

事件评论 展望：2025 年基本面筑底，期待2026 年起的基本面弹性回升+估值改善。短期，新客高增、老客相对 稳定下预计2025 年仍可维持较优增速。中期，老客调整企稳叠加（次)新客户持续放量有望驱动新一轮 成长，积极产能扩张保障顺势时业绩弹性向上，行业格局优化叠加利润率恢复下，估值有望提升。预计 2025-2027 年归母净利润为40.3、46.7、54.8亿元，同比+5%、+16%、+17%，现价对应PE 为16、14、 12X，按70%分红比例下，2025 年对应股息率为4.3%，维持"买入"评级。 风险提示 1、海外宏观经济波动； 2、品牌库存去化不及预期； 3、产能投放进度不及预期。 收入：销量延续增长，产品结构调整下单价提升。2025Q1 人民币口径，公司营收为53.5亿元（人民币 同比+12.3%/美元同比+11.2%），次新&新客归母净利润7.6 亿元（人民币同比-3.2%/美元同比-4.2%）， 归母净利率同比-2.3pct/环比-1.1pct 至14.2%。量价拆分来看，Q1 销量0.49 亿双（同比+8.2%），新（次 新）客户放量下销量延续增长，部分老客户预计承压；单价约108.4 ...

Core Viewpoint - Central state-owned enterprises (SOEs) are addressing the issue of stock prices falling below net asset value (known as "破净") by implementing valuation enhancement plans to boost company value and investor confidence [2][3] Group 1: Valuation Enhancement Plans - 27 central SOEs have disclosed targeted valuation enhancement plans this year, with over 50 SOEs revealing their market value management systems [2] - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of addressing the long-term "破净" issue as a key annual task [2] - Companies are focusing on improving core business operations as the primary task in their disclosed valuation enhancement plans [3] Group 2: Strategic Development Initiatives - China Electric Power Construction plans to develop strategic emerging industries such as offshore wind power, hydrogen energy, and artificial intelligence in engineering [3] - China State Construction Engineering is focusing on industrialization, digitalization, and green transformation to enhance its competitive edge [4] Group 3: Mergers and Acquisitions - High-quality mergers and acquisitions are seen as essential for optimizing business layout and expanding market share in the steel industry [5] - China Communications Construction Company is planning to integrate its subsidiaries to reduce costs and enhance efficiency [5][6] Group 4: Long-term Return Mechanisms - The "three-piece set" of dividends, share buybacks, and stock repurchases is crucial for enhancing investor returns and is a significant part of the market value management toolbox [7] - Daqin Railway plans to maintain a cash dividend ratio of at least 55% of net profit by 2025, while other companies like China Merchants Port and Shanghai Energy are also increasing their dividend payouts [7][8] Group 5: Market Stabilization Efforts - Since April, central SOEs have initiated share buybacks and repurchases exceeding 30 billion yuan to stabilize the capital market [8] - A rapid response mechanism has been established by many central SOEs to address market fluctuations effectively [8]

Core Viewpoint - Shanxi Lanhua Technology Entrepreneurship Co., Ltd. has developed a 2025 valuation enhancement plan due to its stock price being below the audited net asset value per share for 12 consecutive months, aiming to improve investor returns and enhance company value [2][3]. Group 1: Valuation Enhancement Plan Trigger and Approval - The company’s stock price has been below the audited net asset value per share for 12 consecutive months, necessitating the formulation of a valuation enhancement plan [3]. - The board of directors approved the valuation enhancement plan on May 13, 2025, without requiring shareholder meeting approval [5]. Group 2: Specific Contents of the Valuation Enhancement Plan - The company will focus on optimizing its coal and coal chemical industries, enhancing operational efficiency, and reducing costs to promote steady growth [7]. - The company has a commitment to return at least 30% of its net profit to shareholders in cash dividends for 2025, continuing its tradition of shareholder returns [8]. - The company plans to strengthen investor relations through enhanced communication and regular performance briefings to improve market understanding and investor confidence [9]. Group 3: Information Disclosure and Market Engagement - The company will improve the quality of its information disclosure, ensuring it is timely, accurate, and comprehensive, while also increasing the transparency of its operations [10]. - The company aims to engage in share buybacks and encourage major shareholders to increase their holdings to bolster investor confidence and stabilize market value [11]. Group 4: Board's Explanation and Evaluation Arrangements - The board believes the valuation enhancement plan is reasonable and feasible, aligning with the company's operational status and future development plans [13]. - The company will evaluate the implementation of the valuation enhancement plan annually and report on its effectiveness during performance briefings [14].

Core Viewpoint - Suzhou Bank has approved various reports and plans for 2024 and 2025, including sustainability, environmental information disclosure, and risk management policies, indicating a focus on transparency and governance [1][2][3][4][5][8][9][11][12][13][14][16][26][29][32]. Group 1: Reports and Approvals - The bank approved the 2024 Sustainable Development Report, which is available for investor review [1]. - The 2024 Environmental Information Disclosure Report was also approved, with unanimous support [2]. - The 2024 Third Pillar Information Disclosure Report received approval [3]. - The bank's 2025 First Quarter Third Pillar Information Disclosure Report was approved [4]. - The board's special opinion on the independence assessment of independent directors was approved [5]. - The 2024 Financial Settlement Report and 2025 Financial Budget Plan were approved by the Supervisory Board, pending shareholder meeting approval [63][66]. Group 2: Risk Management and Governance - The bank approved adjustments to the 2025 market risk limit indicators [11]. - A new risk preference statement for 2025 was established [12]. - The bank revised its Information Technology Risk Management Policy [12]. - The bank's Risk Charter was also updated [13]. - The bank's valuation enhancement plan was approved, focusing on improving service quality and governance [93][95][105]. Group 3: Shareholder Engagement and Returns - The bank plans to hold the 2024 Annual Shareholders' Meeting on May 23, 2025, with details provided for participation [32][34]. - A profit distribution plan for 2024 was proposed, with a total cash dividend of CNY 1.647 billion, representing 32.50% of the net profit attributable to shareholders [102]. - The bank's major shareholder has increased their stake, reflecting confidence in the bank's long-term value [103]. Group 4: External Audit and Compliance - The bank has proposed to reappoint Ernst & Young Hua Ming as the external auditor for 2025, with an audit fee of CNY 3.35 million [26][108][113]. - The bank has maintained a high standard of compliance and governance, receiving an A rating for information disclosure for four consecutive years [100].

21世纪经济报道记者 庞成 广州报道 近日，湖南首家上市银行——长沙银行（601577.SH）发布2024年年度报告及2025年一季度业绩报告。 值得注意的是，针对该行股价连续12个月"破净"，长沙银行近期亦发布了该行的估值提升计划，将通过 提升经营效率、完善公司治理、保持分红稳定、加强投资者关系管理等举措，促进公司高质量发展，提 升公司投资价值。 业绩增速放缓，净息差保持较优水平 从资产负债规模来看，长沙银行持续稳步扩表。在2023年突破万亿关口后，该行资产规模仍维持较稳定 增速，近五年资产规模平均增幅为13.77%。截至2024年末，长沙银行资产总额为11467.48亿元，较年初 增长约12.42%；负债总额为10663.98亿元，较年初增长约12.05%。 不过，受宏观环境变化影响，银行业净息差持续承压的背景下，该行业绩增速亦有所放缓。从经营绩效 来看，2024年，长沙银行实现营业收入约259.36亿元，同比增长约4.57%；归属于母公司股东的净利润 约78.27亿元，同比增长约4.87%。2023年，该行营业收入、归属于母公司股东的净利润两项指标增速分 别为8.46%、9.57%；2022年增速则是9 ...

Economic Data - The US Redbook retail sales increased by 7.4% year-on-year, with a four-week moving average of 6.5%, surpassing the previous value of 6.1%, indicating robust consumer spending [7][9] - March new home sales were annualized at 724,000 units, a month-on-month increase of 7.4%, marking the highest growth rate in 11 months [7][8] - March existing home sales were annualized at 4.02 million units, with a month-on-month decrease of 5.9%, the lowest growth rate in 28 months [7][8] - Initial jobless claims for the third week of April were 222,000, in line with expectations, with a four-week moving average of 220,000, showing a downward trend [8][11] - The New York Fed's weekly economic index was 2.7, with a 13-week moving average of 2.5, indicating an overall upward trend [8] Market Sentiment - The US Economic Policy Uncertainty Index (EPU) reported 398 points, with a seven-day moving average of 418 points, significantly down from a previous high of 703 [12][13] - Retail investor sentiment showed that 55.6% were bearish on the market, while 21.9% were bullish, with a bullish-to-bearish ratio of 0.39, a decrease from the previous value of 0.45 [12][15] - The Fear and Greed Index improved from 'extreme fear' to 'fear', closing at 35 points, with notable improvements in volatility metrics [12][17] Global Market Overview - Global equity markets rose by 3.9% last week, with developed markets up 4.1% and emerging markets up 2.7%, with the US stock market leading globally [16] - Gold's upward momentum has slowed, with a weekly increase of 0.1%, while Bitcoin surged by 11.7%, making it the best-performing asset class for the week [16] Industry Performance - Among 36 secondary industries in the US stock market, 32 saw gains, with significant increases in the automotive, semiconductor, and electrical equipment sectors [19] - The software services sector had the highest estimated daily fund strength at approximately $133.5 billion, indicating strong investor interest [26] S&P 500 Valuation - As of now, 180 companies in the S&P 500 have reported Q1 2025 earnings, with overall EPS exceeding expectations by 10.0%, higher than the five-year average of 8.8% and the ten-year average of 6.9% [10] - The S&P 500 PE (TTM) stands at 24.7 times, at the 34.2 percentile, slightly above the ten-year average of 24.5 times [10] - Forward PE increased from approximately 20.0 times to 20.8 times, a rise of about 4.0%, while Forward EPS slightly decreased from $265 to $264, a decline of about 0.4% [10]

证券研究报告 | 行业周报 gszqdatemark 2025 04 27 年 月 日 纺织服饰 周专题：adidas 发布 2025Q1 业绩预告，经营表现超预期 【本周专题】 adidas 披露 2025Q1 业绩预告，营收同比增长 13%。根据公司披露 2025Q1 公司预计实现营收 61.53 亿欧元，货币中性基础上同比增长 13%，剔除 Yeezy 业务影响后公司预计 adidas 品牌营收同比增长 17%， 整体表现优异，超公司预期，分地区看公司预计各消费市场均有双位数 的增长表现。从利润率层面来看，公司 2025Q1 毛利率同比提升 0.9pcts 至 52.1%，其中 adidas 品牌毛利率提升 1.6pcts，经营利润率同比提升 3.7pcts 至 9.9%，经营利润大幅增长至 6.1 亿欧元。 此前公司发布 2024 年报时，曾预计 2025 年公司营收增长高单位数。 公司此前预计 2025 年营收同比增长高单位数，其中 adidas 品牌营收同 比增长双位数，分地区看预计 2025 年 adidas 品牌在北美/大中华区/新兴 市场/拉丁美洲营收同比增长双位数，欧洲/日韩营收增长高单位 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 2．不触及其他风险警示情形的具体原因 4.深圳证券交易所要求的其他文件。 特此公告。 公司最近一个会计年度净利润为正值，且合并报表、母公司报表年度末未分配利润均为正值，2022- 2024年累计现金分红及回购注销总额2,366,583,519.48元，占最近三个会计年度平均净利润 1,597,358,031.67元的148.16%，最近三个会计年度累计现金分红金额不低于最近三个会计年度年均净利 润的30%。公司不触及《深圳证券交易所股票上市规则》第9.8.1条规定的可能被实施其他风险警示情 形。 3.现金分红方案合理性说明 公司2024年度现金分红方案已充分考虑所处行业特点、发展阶段、自身经营模式、盈利水平、偿债能 力、资本需求等因素，兼顾业务持续健康发展与股东综合回报。 公司2024年度利润分配预案符合中国证监会《上市公司监管指引第3号一一上市公司现金分红》等法律 法规、规范性文件、《公司章程》及《未来三年（2024年-2026年）股东回报规划》等规定和要求，该 利润分配预案综合考虑公司经营业绩、经营净现金流情况、未来经营发展和股东回报等因素，具备合法 性、 ...

（A股股票代码：600919） 一重要提示 1本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资 者应当到上海证券交易所网站等中国证监会指定媒体上仔细阅读年度报告全文。 2本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 登录新浪财经APP 搜索【信披】查看更多考评等级 公司拟向全体A股普通股股东派发现金股利，具体为：以本公司2024年末普通股总股份数18,351,324,463 股为基数，2024年全年以每10股派发现金股利人民币5.206元（含税），合计派发现金股利人民币 955,370万元。其中：2024年半年度已按每10股派发现金股利人民币3.062元（含税），派发现金股利人 民币561,918万元；2024年年度拟以每10股派发现金股利人民币2.144元（含税），合计分配现金股利人 民币393,452万元。该方案尚待公司股东大会审议批准，具体情况将另行公告。 二公司基本情况 1公司简介 ■ 2公司主要会计数据和财务指标 2.1近三年的主要会计数据和财务指标 ■ ...