2025年9月24日，宏润建设集团股份有限公司在宏润大厦召开现场会议，接受了华泰证券研究所、泉果 基金管理有限公司两家机构的特定对象调研。宏润建设财务总监黄全跃、董事会秘书薛锋参与接待，就 公司业务近况、发展规划等多个方面与机构进行了深入交流。 业务近况与利润水平 宏润建设城市基建业务主要集中在长三角区域，凭借装备、技术积累和良好口碑，订单持续获取，营收 规模稳定。公司注重基建业务回款稳定性带来的正现金流，而非追求高毛利率。房产业务处于存量去化 阶段，利润受项目土地增值税清算影响，今年上半年净利润较2024年有所下降。 "建筑 + 新能源 + 科技"战略布局 宏润建设发展战略规划为"建筑 + 新能源 + 科技"。在科技业务布局方面，公司作为浙江民营企业，有 着深厚实业情怀，积极践行新质生产力发展。机器人行业处于量产前期投入阶段，合作方需要资金、应 用场景和生产落地能力。宏润建设不仅拥有盾构换刀机器人联合研发经验和技术储备，还具备工程应用 场景和产业基地资源，与合作方契合度较高。 定增优化资产结构 2022年涉房企业融资政策放开，宏润建设抓住机遇筹划定增，在货币资金充足情况下，于去年成功向特 定对象发行5亿元。 ...

Group 1 - The fourth Global Digital Trade Expo in Hangzhou witnessed the signing of 45 projects with a total investment of 648.7 billion RMB (including 300 million USD), focusing on digital economy, artificial intelligence, smart manufacturing, new energy, smart logistics, and financial technology [1] - The signed projects emphasize the construction of Zhejiang's "415X" industrial cluster, highlighting the development of the digital economy and targeting high-quality investment projects in areas such as digital technology, digital intelligence, and digital health [1] - Significant projects include a large model application community project aimed at enhancing digital technology innovation, a storage production base project in Jiaxing with substantial investment to boost the new energy sector, and semiconductor equipment projects to strengthen Zhejiang's competitiveness in the semiconductor industry [1] Group 2 - The signing event featured diverse cooperation forms, enhancing international economic and trade collaboration, such as the Yiwu-Indonesia Economic and Trade International Hub project, and expanding business layouts through projects like the Yuntian Changxiang East China Business Center [2] - Several base projects were signed, including an intelligent wiring harness production base, showcasing Zhejiang's attractive investment environment and robust industrial development foundation [2] - The projects encourage collaboration platforms, resource sharing, and co-innovation, with initiatives like the smart logistics packaging box manufacturing project promoting sustainable development through a circular economy model [2]

Core Insights - The report by CCID Consulting highlights the deep empowerment and value release characteristics of digital city construction, indicating that urban digitalization has entered a "fusion deepening period" [1] - The report evaluates over 200 cities across six dimensions, identifying the top 100 digital cities for 2025, with cities like Xining, Dongying, Zaozhuang, and Dazhou showing significant progress in digital infrastructure and governance [1][2] Group 1 - The report categorizes cities into three levels: Excellence (A), Improvement (B), and Growth (C), based on their capabilities and efficiency in digital city construction [2] - Cities classified as "Excellence" in capability building have achieved significant advancements in digital infrastructure and online governance, with examples including Cangzhou, Baoding, Jining, Zhenjiang, and Zhangzhou [2] - Cities in the "Excellence" category for efficiency driving have established advanced models for infrastructure coverage and smart governance, with notable examples being Wuhan, Tianjin, Qingdao, Wuxi, and Jinan [2] Group 2 - The analysis indicates that digital city construction is now in a new phase combining large-scale promotion and deep empowerment, driven by new information technologies such as artificial intelligence and data elements [2] - Digital cities serve as experimental grounds for technology application and are crucial for fostering new productive forces and promoting high-quality development [2] - Cities are actively exploring shared digital infrastructure, data resource integration, and efficient digital governance, resulting in several exemplary practices that demonstrate the resilience and broad prospects of digital transformation [2]

坚定 当好能源供应 " 压舱石 " —— 国家 能源 集团 " 十四五 " 发展 成就 综述 习近平总书记指出，能源保障和安全事关国计民生，是须臾不可忽视的 " 国之大者 " ， " 能源的饭碗必须端在自己手里 " 。 " 十四五 " 期间， 作为能源骨干央企，国家能源 投资 集团 有限责任 公司 （ 以下 简称 " 国家能源集团 " ） 树牢 " 国家 思维 " ， 坚定 " 有解思维 " ， 巩固提升 " 煤电路港航、煤电油气化、产运销储用 " 一体化体系优势， 以更好 推进 中国式 现代化 进程 、 实现 可持续 增长 、 推进 高质量 发展 为 使命 担当， 坚定 当好能源供应 " 压舱石 " 。 " 十四五 " 期间，国家能源集团 煤炭产销量、发电量、供热量、铁路运量分别占全国的 1/6 、 1/8 、 1/8 和 1/9 ， 供应发电供热用煤约占国内 动力煤资源量供给的 1/4 ，以能源安全稳定供应彰显 着 " 国之重器 " 的 使命担当。 " 煤电路港航 " 全产业链 守护 能源 安全 国家能源集团积极发挥 " 煤电路港航、产运销储用 " 协同一体化核心优势，统筹推进煤炭稳产保供、电力安全运行、 ...

Core Viewpoint - The report from the Bank of China Research Institute indicates that while the interest business of commercial banks in China will continue to face pressure throughout the year, the downward trend is expected to slow down [1][2]. Group 1: Interest Margin Trends - In Q2 2025, the net interest margin of commercial banks in China is projected to be 1.42%, a year-on-year decrease of 0.12 percentage points, marking a new historical low [1]. - Compared to the data from 2024, the decline in net interest margin shows signs of narrowing [1]. Group 2: Factors Influencing Interest Business - The banking industry is promoting loan pricing and business risk alignment under the recent "anti-involution" trend, ensuring that loan rates remain at reasonable levels [1]. - The performance of the capital market in 2025 is expected to gradually influence residents' risk preferences and savings willingness, alongside listed banks timely reducing deposit rates, which may alleviate the trend towards short-term deposits [1]. - The acceleration of digital transformation will enable listed banks to effectively utilize AI and large models to enhance the precision control of interest business expenditures [1]. Group 3: Credit Scale and Asset Growth - The credit scale of commercial banks is expected to grow moderately throughout the year, with a focus on structural optimization, particularly in supporting consumer spending and new productivity development, which are anticipated to achieve higher growth rates [2]. - The asset and liability scale growth rate of commercial banks is projected to remain at a high level of approximately 8.5% in 2025 [2].

证券代码：002062 证券简称：宏润建设 5、公司发展战略规划为"建筑+新能源+科技"，请介绍 科技业务的布局和发展情况。 公司作为浙江民营企业，有着深厚的实业情怀，同时积极 践行新质生产力发展，助力企业产业转型升级。机器人行业作 为新质生产力的代表正处于量产前期投入阶段，合作方需要资 金、应用场景和生产落地能力。作为高新技术上市企业，公司 不仅拥有盾构换刀机器人联合研发经验和技术储备，更有工程 应用场景和产业基地资源，合作契合度较高。 6、公司去年出于哪些考量在货币资金充足的情况下定增 5 亿元？ 公司经营管理扎实，重视现金流管控。2022 年随着涉房企 业融资政策的放开，公司抓住机遇筹划定增事宜，成功完成向 特定对象发行 5 亿元。公司借助本次定增完成资本市场亮相， 打通融资路径，优化资产结构。 宏润建设集团股份有限公司投资者关系活动记录表 编号：2025-04 | 投资者关系 | ■特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参 ...

投资者关系活 动类别 ☐特定对象调研 ☐分析师会议 ☐媒体采访 业绩说明会 ☐新闻发布会 ☐路演活动 ☐现场参观 ☐其他（请文字说明其他活动内容） 参与单位名称 及人员姓名 参加2025年半年度业绩说明会的全体投资者 时间 2025年9月25日（星期四）15:00—17:00 地点 价值在线（www.ir-online.cn） 上市公司接待 人员姓名 董事长：贾廷纲 副董事长：郑英霞 董事、总裁：何爱彬 独立董事：李博 董事会秘书：杨仝焕 证券事务代表：曾裕欢 投资者关系活 动主要内容介 绍 公司管理层就投资者关心的问题进行了沟通交流，主要信息如下： 1.请介绍一下公司上半年整体业绩表现？ 答:尊敬的投资者，您好！2025年是公司落实七三战略的关键年份，我们始终聚焦主业，坚 定践行高质量发展理念。2025年上半年公司实现营业收入42.64亿元，归母净利润2.71亿元；经 营活动现金流净额较上年同期大幅改善，增幅达69.08%。同时第二季度业绩表现良好，单季营 收达29.26亿元，归母净利润2.56亿元。感谢您的关注。 2.各位好，请问今年上半年的新签订单情况如何?在手订单？ 答:尊敬的投资者，您好！今年新能源 ...

Core Insights - Heilongjiang Province's industrial technology transformation investment increased by 47.4% year-on-year from January to August 2023, surpassing the national growth rate by 45.4 percentage points [1] Group 1: Industrial Growth - The equipment industry in Heilongjiang experienced a year-on-year growth of 14.7%, exceeding the national average by 5 percentage points [1] - Manufacturing investment in the province grew by 12.4% year-on-year, which is 7.3 percentage points higher than the national average [1] - High-tech manufacturing investment maintained strong momentum, with a year-on-year increase of 39.8% [1] Group 2: Future Plans - Heilongjiang Province aims to continue focusing on promoting new industrialization and cultivating new productive forces [1] - The province plans to intensify efforts in the fourth quarter to ensure the successful completion of annual industrial revitalization and development goals [1]

Group 1 - The article emphasizes that a stable capital market allows investors to earn consistently, which in turn supports the real economy [1] - The capital market plays a crucial role in funding emerging industries and future sectors, creating a positive cycle of "technological breakthroughs - market recognition - capital influx - industrial upgrade" [1][2] - The long-term bull market in the US stock market is driven by technology, with companies like Intel, Apple, and Nvidia converting technological premiums into shareholder returns [1][2] Group 2 - A strong capital market must reflect the direction of economic transformation, with hard technology companies taking on significant roles [2] - The ongoing AI technology revolution is highlighted, with major tech companies investing heavily to stay competitive [2] Group 3 - The A-share market shows mixed performance, with the Shanghai Composite Index slightly down by 0.01%, while the Shenzhen Component, ChiNext, and Sci-Tech 50 indices saw increases of 0.67%, 1.58%, and 1.24% respectively [3] - The total trading volume in the Shanghai and Shenzhen markets reached 23,711 billion yuan, an increase of 443 billion yuan from the previous day [3] Group 4 - The market is expected to consolidate or experience slight upward fluctuations, with a higher probability of the latter [4] Group 5 - Small-cap indices like the CSI 1000, CSI 2000, and micro-cap indices are lagging, indicating a shift of funds towards mid and large-cap stocks [6] - The strong performance of the ChiNext index is attributed to significant weight in sectors like AI hardware, humanoid robots, innovative pharmaceuticals, and solid-state batteries [6] Group 6 - CATL's A-share market value briefly surpassed that of Kweichow Moutai, marking a significant shift towards advanced manufacturing driven by technological innovation [7][8] - This shift signifies the replacement of traditional consumption models with advanced manufacturing as a new engine for value creation in China's economy [8] Group 7 - AI-related sectors such as IT equipment, internet, communication devices, and software services are leading the market [9] - The AI hardware sector, including communication devices, is showing signs of rotation, indicating a shift in investment focus [9] Group 8 - The AI application sector, particularly in areas like online gaming and humanoid robots, is performing strongly, with ongoing speculation in various AI-related sub-sectors [10] - The storage segment of the AI industry is also seeing significant developments, with Yangtze Memory Technologies completing its restructuring and a valuation exceeding 160 billion yuan [11] Group 9 - The semiconductor sector is experiencing a breakthrough, with domestic companies showcasing significant advancements in production capabilities [12] - The market is expected to remain volatile, with a focus on the performance of the ChiNext and Sci-Tech 50 indices as indicators for future trends [12]

昨天下午，央广网发表了一篇名为《让股民长期安稳赚钱的资本市场 才能给实体经济更长久的支持》 的文章。 该文章指出，慢牛让股民能够安安稳稳地从股市赚到钱，进而推高了资本市场的景气度。更值得关注的 是，繁荣的资本市场为实体经济提供了源源不断的支持。 在达哥看来，资本市场的重要功能，在于为引领新兴产业及未来产业提供资金支持与成长沃土。以当前 备受关注的人形机器人与半导体行业为例，其二级市场的活跃表现，不仅能有效反哺一级市场，为早期 技术及新技术研发注入信心，更能通过强烈的财富示范效应，引导社会资本加速流向实体创新领域，形 成"技术突破-市场认可-资本涌入-产业升级"的良性循环。 纵观全球，美股的长期牛市，本质上是一部科技驱动的发展史。20世纪80年代以来，以英特尔、苹果、 英伟达为代表的硬科技公司，一代接一代把技术溢价转化为股东回报，最终沉淀为指数权重，形成"科 技-市值-指数"的正向循环。 美股长牛给我们的启示是：一个强大的资本市场，其结构必须反映经济转型升级的方向。 达哥认为，真正强大资本市场的重任，必然要由代表新质生产力的硬科技企业来承担，要让科技板块成 为权重中枢与情绪锚。 谈到科技，就不得不谈到人工智能科 ...