Group 1 - The number of free cash flow themed ETFs has increased to 21 within approximately four months, with 18 of them already closed for subscription, collectively raising over 10 billion yuan [1][2] - Several ETFs, including those from Huatai-PB, Southern Fund, and Da Cheng Fund, were launched and closed for subscription on the same day, with initial subscription sizes ranging from 4.41 billion yuan to 19.09 billion yuan [2][3] - Individual investors dominate the subscription of these ETFs, with personal holdings exceeding 90% in several funds [3][4] Group 2 - The ETFs are linked to a diverse range of indices, including the CSI All Share Free Cash Flow Index and the CSI 800 Free Cash Flow Index, among others [4] - The current market includes three more free cash flow ETFs still in the subscription phase, with varying closing dates [3][4] - As of April 27, four free cash flow ETFs have been listed for trading, with some experiencing significant growth in scale compared to their initial offerings [5][6]

Core Insights - The company, Beijing Keri International Human Resources Co., Ltd., achieved revenue and net profit growth in its 2024 annual report, but experienced a significant decline in net cash flow from operating activities [1][12]. Financial Performance - The company reported total revenue of 11,787,660,144.16 yuan, a 20.55% increase from 9,778,499,802.73 yuan in the previous year [2]. - The flexible employment business generated 11,136,854,475.11 yuan, accounting for 94.48% of total revenue, with a year-on-year growth of 22.42% [2]. - Net profit attributable to shareholders was 205,349,967.12 yuan, up 2.42% from 200,501,198.39 yuan [3]. - Basic earnings per share increased to 1.0434 yuan, a 2.33% rise from 1.0196 yuan [4]. Expense Analysis - Sales expenses decreased by 8.97% to 166,139,351.69 yuan, reflecting a strategic reduction in market investment [5]. - Management expenses rose by 8.42% to 277,039,614.96 yuan, driven by increased personnel costs and stock issuance [6]. - Financial expenses surged by 124,118.18% to 28,427,528.20 yuan due to new long-term borrowings and reduced interest income from deposits [7]. Research and Development - R&D expenses remained stable at 41,280,794.03 yuan, with a focus on digital product development and internal information systems [8]. - The number of R&D personnel decreased by 21.67% from 323 to 253, which may impact innovation capabilities [10]. - Capitalized R&D expenditures accounted for 75.20% of total R&D investment, indicating strong project conversion capabilities [11]. Cash Flow Insights - Net cash flow from operating activities fell by 32.40% to 118,299,677.73 yuan, attributed to increased business pre-financing [12]. - Investment cash inflows rose by 37.08% to 29,977,821.37 yuan, while outflows decreased by 14.74% to 96,611,675.46 yuan [13]. - Financing cash inflows increased by 61.09% to 6,976,156,878.50 yuan, with outflows rising by 53.33% to 7,251,891,099.42 yuan [14].

市场资金观点分歧， 建议配置上偏向均衡 —— 量化市场追踪周报（2025W17） 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_ReportTime] 2025 年 4 月 27 日 证券研究报告 金工研究 [Table_ReportType] 金工定期报告 [Table_Author] 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com [Table_Title] 量化市场追踪周报(2025W17)：市场资金观点分 歧，建议配置上偏向均衡 [Table_ReportDate] 2025 年 4 月 2 ...

事 件 点 评 2025 年 04 月 27 日 政策未超预期，经济或超预期 固定收益研究团队 ——事件点评 开 源 证 券 证 券 相关研究报告 《从上交所 3 号指引修订看城投债信 用分化—事件点评》-2025.4.10 《复盘 2016 年 10 月——债市再次处 于交易窗口期—固收专题》-2025.4.10 《关税冲击——再现 2020 年 3 月全球 疫情冲击—固收专题》-2025.4.8 陈曦（分析师） 刘伟（分析师） chenxi2@kysec.cn 证书编号：S0790521100002 liuwei1@kysec.cn 证书编号：S0790524070008 2025 年 4 月 25 日，中央政治局召开会议，分析研究当前经济形势和经济工作。 政策符合预期下，经济有望继续回升 我们认为，经济回升的关键不是"政策超预期"。 比如，2024 年四季度-2025 年一季度，2024 年 9 月 26 日之后市场期待特别国债、 消费补贴、化债规模等增量政策加码，但实际上，2024 年并未增发特别国债、 化债方式为"偿还存量"，超预期政策并未出现，但 2024 年四季度-2025 年一季 度，经济持续 ...

关键财务指标分析 2025年4月，株洲宏达电子股份有限公司（以下简称"宏达电子"）发布2024年年度报告。报告期内，公 司实现营业收入15.86亿元，同比减少7.07%；归属于上市公司股东的净利润为2.79亿元，同比减少 40.81%。这两项数据的显著变化，凸显了公司在过去一年面临的挑战。以下将对宏达电子2024年年报 进行详细解读。 营收下滑，市场需求有待恢复 净利润降幅明显，盈利能力承压 归属于上市公司股东的净利润为2.79亿元，较上年同期的4.72亿元减少40.81%；归属于上市公司股东的 扣除非经常性损益的净利润为2.26亿元，同比减少40.38%。净利润的大幅下降，一方面源于营业收入的 减少，另一方面，成本费用的控制压力也对利润空间形成了挤压。公司虽持续推进降本增效，但仍难以 抵消外部环境带来的负面影响。 基本每股收益与扣非每股收益双降 基本每股收益为0.678元/股，较上年的1.1454元/股减少40.81%；扣除非经常性损益后的基本每股收益为 0.5496元/股，同比减少40.38%。这与净利润的下降趋势一致，反映了公司盈利能力的减弱，对股东的 回报水平也相应降低。 费用分析 费用控制有成效，但 ...

营收及归母净利润小幅回落。公司一季度营收及归母净利润均出 现小幅回落，主要受建筑施工业务收入减少影响，此外去年建筑 施工业务提供业绩增量较高，导致业绩基数偏高。 新签合同金额同比上涨。截至 2025 年 3 月底，公司累计新签合同 额 28.1 亿元，同比+171.7%，其中工程施工业务新签 26.0 亿元， 同比+249.9%，主要受益于一季度控股股东拿地情况同比去年显著 好转；工程咨询新签 2.0 亿元，同比-29.4%。 控股股东拿地积极，为业务发展奠定基础。在行业销售承压的背 景下，控股股东建发房产仍积极拿地，根据中指院，2025 年 1-3 月建发房产共拿土地 7 宗，总权益拿地金额达 207 亿元，同比去 年同期 43 亿权益拿地金额大幅增长，为一季度工程施工项目增长 提供重要支撑。此外 2025 年一季度建发房产权益拿地金额位列行 业第四，相比去年第 13 名大幅提升。考虑到未来建发房产持续新 获取项目，为后续公司业务发展提供了良好的基础。 现金流短期承压。2025 年 1-3 月公司经营性现金流量净额-2.63 亿元,同比-280.1%，主要受建筑施工业务回款减少及成本支出增 加的影响。考虑到 ...

Overall Overview - In Q1 2025, the company achieved total operating revenue of 39.57 million yuan, a year-on-year increase of 30.01% [1] - The net profit attributable to the parent company was -5.94 million yuan, a year-on-year increase of 28.0% [1] - The net profit after deducting non-recurring gains and losses was -6.20 million yuan, a year-on-year increase of 29.65% [1] Profitability - The company's gross profit margin reached 40.38%, an increase of 22.34 percentage points year-on-year [2] - The net profit margin was -16.63%, an increase of 38.65 percentage points year-on-year, indicating improved cost control and higher added value of products or services [2] Expense Control - Total sales, management, and financial expenses amounted to 13.98 million yuan, accounting for 35.33% of operating revenue, a decrease of 12.34 percentage points compared to the same period last year [3] Cash Flow and Debt Situation - Operating cash flow per share improved from -0.27 yuan to -0.09 yuan, a year-on-year increase of 65.37%, but remained negative [4] - Cash and cash equivalents decreased from 732 million yuan to 517 million yuan, a reduction of 29.39% [4] - Interest-bearing debt decreased from 6.78 million yuan to 4.41 million yuan, a decrease of 34.90% [4] Other Key Indicators - Net asset per share decreased from 10.93 yuan to 10.52 yuan, a year-on-year decrease of 3.77% [5] - Earnings per share improved from -0.08 yuan to -0.06 yuan, a year-on-year increase of 25.00% [5]

Revenue and Profit - The company achieved significant revenue and profit growth in Q1 2025, with total operating revenue reaching 714 million yuan, a year-on-year increase of 22.6% [2] - The net profit attributable to shareholders was 85.073 million yuan, up 193.36% year-on-year, while the net profit excluding non-recurring items was 65.8237 million yuan, reflecting a 395.17% increase [2] Profitability - The company's gross margin was 44.21%, a decrease of 3.62 percentage points compared to the same period last year, but the net margin reached 11.92%, an increase of 139.28% year-on-year [3] - Earnings per share were 0.68 yuan, representing a year-on-year growth of 195.65% [3] Cost Control - The company demonstrated strong cost control, with total selling, administrative, and financial expenses amounting to 210 million yuan, accounting for 29.45% of revenue, a decrease of 6.7% year-on-year [4] Cash Flow Situation - The operating cash flow per share was -3.49 yuan, a significant decline of 2822.02% year-on-year, indicating considerable pressure on cash flow from operating activities [5] Assets and Liabilities - The company's cash and cash equivalents were 856 million yuan, a decrease of 76.44% from 3.631 billion yuan in the same period last year [6] - Accounts receivable increased by 26.41% year-on-year to 129 million yuan, while interest-bearing liabilities decreased by 86.06% to 37.945 million yuan, indicating improved debt management [6] Overall Summary - Overall, the company achieved significant growth in revenue and net profit in Q1 2025, with improved profitability and effective cost control. However, the cash flow situation raises concerns that require close monitoring of future cash flow management and operational performance [7]

Core Insights - Yinghuate (301272) reported a total revenue of 95.51 million yuan in Q1 2025, reflecting a slight year-on-year increase of 0.67%. However, the company recorded a net loss attributable to shareholders of -2.02 million yuan and a net profit excluding non-recurring items of -2.74 million yuan, representing a year-on-year decline of 124.92% and 136.63% respectively, indicating a loss in this quarter [1][2]. Financial Performance - Gross margin decreased to 21.2%, down 15.24 percentage points year-on-year, indicating a weakening in the profitability of the core business [3]. - Net margin was -2.11%, a decrease of 124.76 percentage points year-on-year, further reflecting challenges in cost control [3]. - Earnings per share were -0.03 yuan, a decline of 121.43% year-on-year, indicating damage to shareholder equity [3]. - The ratio of operating expenses to revenue was 8.92%, an increase of 19.03% year-on-year, suggesting higher spending on sales, management, and financial expenses [3]. - Operating cash flow per share was -0.22 yuan, a decrease of 145.23% year-on-year, indicating negative cash flow from operating activities and worsening conditions compared to the previous year [3]. - Accounts receivable amounted to 54.52 million yuan, a decrease of 10.10% year-on-year, but still represented 73.51% of the latest annual net profit, highlighting concerns over accounts receivable recovery risks [3]. - Cash and cash equivalents were 52.08 million yuan, a significant decrease of 80.73% year-on-year, reflecting a substantial decline in cash reserves [3]. - Return on invested capital (ROIC) was at a general level of 6.91% last year [3]. - The net margin last year was 12.43%, indicating a high added value of the company's products or services after accounting for all costs [3]. Financing and Dividend Policy - Since its listing, the company has raised a total of 752 million yuan and distributed dividends amounting to 29.84 million yuan, resulting in a dividend-to-financing ratio of only 0.04, indicating a preference for equity financing to support business development [3].

Revenue and Profit - The company achieved total revenue of 638 million yuan in Q1 2025, representing a year-on-year increase of 21.45% [2] - However, the net profit attributable to shareholders was 4.34 million yuan, a year-on-year decrease of 15.46%, while the net profit after deducting non-recurring items was 1.41 million yuan, down 41.76% year-on-year [2] Profitability - The company's gross margin was 8.33%, a decrease of 24.39% year-on-year, and the net profit margin was 0.87%, down 4.29% year-on-year, indicating weakened profitability in core operations [3] Costs and Expenses - Total selling, administrative, and financial expenses amounted to 46.58 million yuan, accounting for 7.3% of revenue, which is a year-on-year decrease of 27.24%. Despite improved cost control, overall profitability did not see significant enhancement [4] Cash Flow and Accounts Receivable - The operating cash flow per share was -0.09 yuan, a year-on-year decrease of 9853.29%, indicating tight cash flow conditions in operational activities [5] - Accounts receivable reached 586 million yuan, which is 4170.25% of the latest annual net profit, highlighting significant pressure in accounts receivable management [5] Assets and Liabilities - Cash and cash equivalents amounted to 600 million yuan, a year-on-year decrease of 26.47%, while interest-bearing liabilities increased to 203 million yuan, a year-on-year increase of 3579.45%, indicating pressure on the company's debt situation [6] Overall Summary - In Q1 2025, the company experienced revenue growth but faced significant challenges in profitability, cash flow management, and accounts receivable. There is a need for further optimization of cost structure, enhancement of accounts receivable management, and improvement of cash flow conditions to boost overall operational efficiency and profitability [7]