5月20日，深圳广播电影电视集团改革发展大会举行，会上发布了《打造具有国际影响力、全国一流的 数智化传媒文化集团工作方案》。根据方案部署，下一步，深圳广电将从内容、渠道、技术、产业、机 制五个维度，强化新闻立台、全媒传播、技术引领、产业再造、机制重塑，力争以一系列实实在在的标 志性成果，进一步扩大集团全媒体传播力、引导力、影响力和公信力。活动现场还宣布了集团新一代数 智化旗舰客户端"第一现场"APP正式上线。(深圳卫视) ...

Core Viewpoint - The report highlights the steady improvement in profitability of Hangcha Group, with a positive outlook on its overseas business growth potential, leading to an "Accumulate" rating for the company [1] Financial Performance - In 2024, the company achieved operating revenue of 16.486 billion yuan, a year-on-year increase of 1.15% - The net profit attributable to shareholders was 2.022 billion yuan, up 17.86% year-on-year, while the net profit after deducting non-recurring gains and losses was 1.989 billion yuan, also up 17.82% year-on-year [1] - For Q1 2025, the operating revenue reached 4.506 billion yuan, a year-on-year increase of 8.02%, with a net profit of 436 million yuan, up 15.18% year-on-year [1] Profitability Metrics - The company achieved a historical best sales net profit margin of 13.11% in 2024, an increase of 1.84 percentage points year-on-year - The gross profit margin was 23.55%, up 2.77 percentage points year-on-year, with domestic and international gross profit margins at 18.74% and 30.72%, respectively [1] Market Position - The forklift industry saw a total sales volume of 1.2855 million units in 2024, a year-on-year increase of 9.52% - Hangcha Group sold approximately 280,000 units, a growth of 14.06% year-on-year, capturing about 22% of the market share [1] R&D and Product Development - In 2024, the company invested 774 million yuan in R&D, representing 4.7% of its revenue, and plans to develop humanoid intelligent logistics robots - The company launched new energy products, including high-pressure lithium battery forklifts and hydrogen fuel cell forklifts, with over 63% of its sales coming from new energy products [2] International Expansion - The company achieved a record overseas sales volume of over 100,000 units in 2024, generating foreign revenue of 6.846 billion yuan, a year-on-year increase of 4.75%, contributing 41.53% to total revenue - New overseas companies were established in the US, Europe, Indonesia, and Japan, with a manufacturing base in Thailand [2] Strategic Development - The company formed three major business groups focusing on intelligent logistics, high machines, and lithium batteries, with a contract amount exceeding 1 billion yuan for the first time in 2024 - The company plans to distribute a total cash dividend of 655 million yuan, representing 32.39% of the net profit attributable to shareholders, with a corresponding dividend yield of approximately 2.5% [3] Investment Outlook - The company is expected to benefit from the accelerating trends of high-end, digital, green, and international development in the forklift industry - EPS forecasts for 2025, 2026, and 2027 are 1.74, 1.94, and 2.14 yuan, respectively, with corresponding PE ratios of 11.1, 10.0, and 9.1 [4]

Group 1 - The "Ninggong Youliang" initiative aims to empower industrial workers and support industrial upgrades through digital innovation services [1] - The "Ninggong Yuedu" digital reading platform integrates over 1 million e-books, 3,000 e-journals, and 20,000 hours of audiobooks, providing a one-stop reading channel for workers [1] - Nanjing Panda Electronics showcased its "Digital Union" case, completing over 200 improvement projects annually, with 16 projects winning provincial and municipal awards, generating benefits exceeding tens of billions [1] Group 2 - The "Ninggong Shangxue" project offers mobile classrooms in parks and communities, providing training in areas such as short video production and AI office skills, benefiting nearly 1,000 workers across 11 districts [2] - Nanjing Mechanical and Electrical College collaborates with aerospace companies to establish training bases and innovate in satellite communication, while Jiangsu Baoqing Jewelry and other companies showcase traditional craftsmanship [2] - The Qinhuai Industrial Park Alliance released a shared development plan, including services for labor disputes and skill competitions, aiming to enhance enterprise growth through collaborative efforts [2]

Core Viewpoint - Mengniu Dairy is positioned as a leading player in the domestic dairy industry, leveraging its partnership with COFCO Group to drive growth through new product categories and international expansion [1] Company Overview - Mengniu Dairy's revenue composition for 2024 is projected to be 82.40% from liquid milk, 5.84% from ice cream, 3.74% from milk powder, 4.87% from cheese, and 3.15% from other dairy products, indicating a stable performance in its core liquid milk business [1] - The company has established six production bases overseas, contributing to its international business growth, with overseas revenue share increasing since 2019 [1] - Mengniu has over a thousand cooperative farms in China, with daily milk collection exceeding 20,000 tons, ensuring a solid supply chain [3] Industry Trends - The raw milk supply and demand are expected to rebalance, with a 24.53% decline in average raw milk prices from the end of 2021 to July 2023, indicating a potential price stabilization [2] - The industry is witnessing a shift towards high-quality and health-oriented products, with innovations such as low-temperature short-shelf-life milk and sugar-free yogurt gaining traction [2] Product Development and Strategy - Mengniu is expanding its product matrix beyond liquid milk to include fresh milk, cheese, ice cream, and milk powder, with increasing revenue contributions from these categories [3] - The company has implemented a "deep distribution" strategy since 2017, enhancing its penetration in rural markets and improving operational efficiency through digitalization [3] Financial Outlook - The company's net profit margin is relatively high compared to regional dairy companies, with expectations for improved profitability as raw milk prices stabilize and product upgrades continue [4] - Projected net profits for 2025 and 2026 are estimated at 5.08 billion and 5.69 billion respectively, with current PE ratios around 13 times and 12 times, indicating significant upside potential [4]

证券代码：000932 证券简称：华菱钢铁 湖南华菱钢铁股份有限公司投资者关系活动记录表 回复：VAMA 凭借安赛乐米塔尔的技术优势，在新能源汽车结构件 领域建立了差异化的竞争优势，2024 年汽车板二期已经满产，一期、二 期合计产销量约 160 万吨。今年年初，安赛乐米塔尔集团执行董事长拉 克什米·米塔尔到访 VAMA 时表示，安赛乐米塔尔将继续加大资源投入， 深化与中方股东的合作，积极推动高端钢种的推广转化和三期项目建设， 助力 VAMA 迈向更高水平发展。未来，如安赛乐米塔尔将向 VAMA 转 让 24 个先进钢种，包括备受瞩目的 Ductibor®1500 和 Fortiform®系列， 助力 VAMA 迈向更高水平发展。目前，汽车板三期项目方案尚待可行性 研究和论证。 5、未来资本性开支和分红计划？分红比例有提升空间吗？ 回复：近几年公司的资本性开支主要围绕品种结构升级、数智化转 型、超低排放等领域展开，2025 年预计新开工项目 54.67 亿元。2024 年 度，公司每 10 股派发现金红利 1.00 元（含税），现金分红比例为 2024 年度公司归母净利润的 34%，较上年提高 2.7 个百分 ...

Core Viewpoint - Huatai Co., Ltd. is adapting to the challenges in the paper industry by optimizing its product structure and enhancing market competitiveness through transformation and upgrades [2] Group 1: Company Overview - Huatai Co., Ltd. is a leading domestic newsprint manufacturer and a key supplier for party newspapers and periodicals, with newsprint classified as a national strategic material [2] - The company has implemented comprehensive institutional reforms and accelerated the transition of its paper industry, focusing on improving efficiency and reducing costs [2] Group 2: Financial Management - The company collaborates closely with major state-owned banks to leverage unified credit advantages, ensuring low-cost and efficient fund utilization [3] - Huatai Co., Ltd. utilizes its financial subsidiary to centralize fund management, enhancing financial innovation through various financial instruments and systems [3] Group 3: Digital Transformation - The company is advancing its smart factory initiatives, having launched a 5G paper industrial cloud platform, marking it as the first provincial-level industrial internet platform in the paper industry [4] - Huatai Co., Ltd. is focusing on a comprehensive digital transformation that integrates research, production, supply chain, marketing, and management services [4] - By 2025, the company aims to accelerate the conversion of research achievements and promote the progress of Industry 4.0 in the paper sector [4] Group 4: Chemical Industry Development - The chemical sector is the second major pillar for Huatai Co., Ltd., with a focus on developing high-end salt chemical products in the Dongying Salt Chemical Industrial Park [5] - The company has successfully launched a 100,000-ton chloracetic acid project and a joint venture with Solvay Group for a high-purity electronic cleaning agent [5] Group 5: Industry Outlook - The paper industry is facing complex domestic and international environments, with weakening global market demand and structural overcapacity in some products [5] - Despite challenges, the overall production in the paper industry is improving, driven by stable economic operations and accelerated transformation towards high-end, intelligent, and green development [5]

证券代码：837344 证券简称：三元基因 公告编号：2025-045 北京三元基因药业股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 活动时间：2025 年 5 月 15 日至 2025 年 5 月 16 日 活动地点：通过中证路演中心（https://www.cs.com.cn/roadshow/） 网络远程的方式交流，通过进门财经网络交流平台以网络电话形式交 流。 参会单位及人员： 正圆私募基金、青榕资管、尚诚资管、上海玖鹏资管、中天汇富 基金、鸿运私募基金、上海泾溪投资、东吴证券、上海荣冰私募、益 和源资管、复通（山东）私募、翼虎、盟洋投资、耕霁（上海）投资、 中英人寿、开源证券、太朴生科私募、北京百镕投资、深圳慧利资管、 横琴智合远见私募、五地私募基金、金长川资本、冰河资产、劲邦、 太平国发资本、华鑫证券、雪石资管、深圳光影资本、荣泽石资管 ...

Group 1 - The core viewpoint of the articles emphasizes the significant role of the "old-for-new" policy in driving China's economic growth and transforming consumption into a key engine of the economy [1][2][8] - The "old-for-new" policy has led to the purchase of over 100 million home appliances, indicating a rapid update of consumer goods in Chinese households [1][5] - The contribution of wholesale and retail industries to GDP has exceeded 10%, showcasing the impact of consumer spending on economic development [1] Group 2 - The articles discuss the shift in China's economic model from reliance on investment and exports to a focus on domestic consumption, highlighting the diminishing returns of investment in saturated infrastructure [2][4] - The importance of enhancing domestic demand is not only for economic growth but also for increasing China's global influence, as a large domestic market attracts international trade [3][8] - The "old-for-new" policy is seen as a crucial mechanism for achieving sustainable economic and ecological development, contributing to the establishment of a comprehensive recycling system for old appliances [6][7] Group 3 - The articles highlight the dual benefits of the "old-for-new" policy: increasing market scale and improving quality, which together support the expansion of the domestic market [5][6] - The policy has facilitated a digital and intelligent transformation in the home appliance market, with significant growth in smart home products and digital appliances [4][5] - The recycling efforts under this policy have led to a projected recovery of 200 million appliances this year, significantly reducing carbon emissions and enhancing resource self-sufficiency [7][8] Group 4 - The "old-for-new" policy is positioned as a long-term strategy for economic transformation, reflecting China's unique market advantages and forward-looking policy design [8] - The establishment of a nationwide recycling network and the creation of jobs in the reverse logistics industry are key outcomes of the policy, contributing to a circular economy [7][8] - The articles suggest that this policy serves as a model for sustainable development, providing valuable lessons for other developing countries [8]

在深圳工作的程序员肖先生住在安居乐寓，4月他从公司下班回家，发现公寓楼栋大门上新了碰 一下"开门"服务，抱着试试看的心态，他按指引解锁手机、碰一下大门上的智能小蓝环，咔嗒门 就开了，"很方便"。从此就再也没有用过其他方式开门。 "我原来只是平常买东西会用'支付宝碰一下'，没想到在公寓楼下，也可以用上了，"肖先生 说。 据了解，"碰一下"是支付宝推出的服务新入口，基于全新的交互方式，用户解锁手机后无需 打开a p p直接碰就能直达相应服务，相比以往更为简单。 生活里，简单便捷的交互方式天然就会受到欢迎。自3月中旬安居乐寓与支付宝合作推出"碰 一下"开门后，不到1个月时间，旗下有小区6 0%住户改用"碰一下"开门。接下来，安居乐寓 旗下所有项目，都将上线"碰一下"开门服务。 进入2 0 2 5年，全国上线"碰一下"开门新服务的小区，正越来越多起来。自 2 0 2 4 年 11 月支付 宝联合行业伙伴推出"碰一下开门"以来，这一便捷的物业服务迅速受到市场欢迎。2 0 2 5 年新 春以来，2 个月里吸引1 0 0 0 0多个小区接入。 从 业 主 、 到 亲 友 访 客 、 外 卖 小 哥 等 ， " 碰 一 下 ...

行业相对指数表现（相对值） 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 -15% -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 快递 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 证券研究报告：快递|点评报告 发布时间：2025-05-20 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 2463.41 | | --- | --- | --- | | 52 | 周最高 | 2768.46 | | 52 周最低 | | 2098.61 | 快递单量保持高增，顺丰增速领跑 l 邮政局披露 2025 年 4 月运营数据 邮政局披露 2025 年 4 月邮政行业运行情况。4 月快递业务量 163.2 亿件，同比增长 16.7%，快递业务收入 1212.8 亿元，同比增长 10.8%，快递业务单价 7.43 元，同比下降 7.0%。 细分市场方面，2025 年 4 月同城快递业务量 13.4 亿件， ...