鞍钢股份(000898.SZ)去年亏损超71亿元。 鞍钢股份近日发布公告称，2024年公司实现营业收入1051.01亿元，同比下降9.06%；归属于上市公司股东的净亏损为71.22亿元，同比下降118.8%。该公司 经营活动产生的现金流量净额为-7.87亿元，同比减少148.08%。 由于近两年持续亏损，属于长期破净公司，鞍钢股份3月30日发布《估值提升计划》称，将在聚焦主业的同时，进一步优化资产结构，将鲅鱼圈基地打造为 国际领先的中厚板生产基地；在非钢产业上，拓展制氢和氢应用产业链；计划采取措施提升公司经营效率和盈利能力、提升上市公司投资价值、提高股东回 报能力。 在股东回报方面，公司承诺在当年盈利且累计未分配利润为正的情况下，每年以现金方式分配的利润不低于当年母公司实现的可供分配利润的 10％。 鞍钢股份是国内大型钢铁生产和销售企业，1997年分别在香港联合交易所和深圳证券交易所挂牌上市，是鞍钢集团的核心企业，拥有鞍山、营口、朝阳三大 主要生产基地。 截至2025年4月2日上午收盘，鞍钢股份股价下跌0.82%至2.42亿元，市值215亿元。 在鞍钢股份巨亏的同时，其董事长薪酬却大涨超八成。年报显示，202 ...

Core Viewpoint - In 2024, Industrial Bank achieved significant financial recovery with total assets exceeding 10 trillion yuan, marking a turnaround in revenue and net profit growth amidst a challenging banking environment [1][2]. Financial Performance - As of the end of 2024, Industrial Bank's total assets reached 10.51 trillion yuan, a 22.14% increase from the end of 2021, with an annual growth rate of 6.89% [2]. - The bank reported operating income of 212.23 billion yuan, a year-on-year increase of 0.66%, and net profit of 77.21 billion yuan, up 0.12%, indicating a reversal from previous declines [2]. - The improvement in revenue was attributed to growth in interest-earning assets and increased investment income, while net profit benefited from controlled interest margin decline and reduced risk and operating costs [2]. Interest Margin Management - In 2024, Industrial Bank's net interest margin was 1.82%, with a year-on-year decline of 11 basis points, maintaining a relatively good level compared to peers [3]. - The bank plans to enhance interest margin management through initiatives focused on corporate finance, retail, and financial markets [3]. Non-Interest Income and Asset Quality - Non-interest income decreased by 0.32% due to regulatory impacts on fees, but the bank aims to expand intermediary business income to diversify revenue sources [4]. - Industrial Bank reported a reduction in non-performing assets and improved asset quality, with a decrease in credit card non-performing rates by 0.29 percentage points [5]. Dividend Policy and Shareholder Returns - The bank plans to distribute a dividend of 1.06 yuan per share, totaling 22.02 billion yuan, with a payout ratio exceeding 30% for the first time [6]. - Industrial Bank's stock has increased by 21% over the past three years, with a current price-to-book ratio of 0.58 and a dividend yield of 4.98%, indicating a relatively attractive valuation [7]. Valuation Management Strategy - The bank is implementing a valuation management plan to enhance shareholder value through accelerated transformation, efficient capital use, and balanced dividend policies [8]. - The focus is on creating a larger profit pool for distribution to shareholders while maintaining a stable and increasing dividend rate [8].

Core Viewpoint - The company has initiated a valuation enhancement plan due to its stock price being below the audited net asset value per share for 12 consecutive months, aiming to improve investment value and shareholder returns through various strategic measures [1][2][7]. Group 1: Triggering Conditions and Review Process - The valuation enhancement plan was triggered as the company's stock price has been below the audited net asset value of 6.71 yuan per share since April 28, 2024 [2]. - The plan was approved during the 25th meeting of the company's 10th board of directors [1][2]. Group 2: Specific Measures of the Valuation Enhancement Plan - The company will focus on high-quality development of its core business, enhancing supply chain services, and integrating resources to improve service capabilities [2][3]. - It aims to expand its international business in sectors like automotive and steel, leveraging financial technology for growth [3]. - The company plans to actively pursue mergers and acquisitions to strengthen its market position and ensure business continuity [3][4]. - A long-term dividend strategy will be established to enhance shareholder returns, with an increased cash dividend ratio planned for 2025 [4][5]. - Investor relations management will be strengthened through improved communication channels and regular engagement activities [5][6]. - The company will implement a performance evaluation system to motivate management and employees towards enhancing company value [6][7]. - Information disclosure practices will be improved to enhance transparency and investor trust [6][7]. - The company will consider stock buybacks and other measures to stabilize its stock price and boost market confidence [6][7]. Group 3: Board's Explanation and Evaluation Arrangements - The board believes the valuation enhancement plan is reasonable and feasible, aligning with the company's actual situation and aimed at increasing investment value [7][8]. - The company will evaluate the effectiveness of the plan annually, especially in cases of prolonged undervaluation [8].

Core Viewpoint - The company reported a stable financial performance for 2024, with a net profit of RMB 336.28 billion, reflecting a growth of 1.15% year-on-year, and plans to distribute a total cash dividend of RMB 1,007.54 billion for the year [18][24][28]. Company Overview - China Construction Bank Corporation is a leading large commercial bank in China, headquartered in Beijing, with a market capitalization of approximately USD 212.43 billion as of the end of 2024, ranking sixth among global listed banks [2]. - The bank serves 771 million individual customers and 11.68 million corporate clients, with a total of 376,847 employees and 14,750 branches [2]. Financial Performance - The total assets of the group reached RMB 40.57 trillion, an increase of 5.86% year-on-year, while net loans and advances amounted to RMB 25.04 trillion, growing by 8.48% [4][18]. - The bank's total liabilities were RMB 37.23 trillion, up 5.90% from the previous year, with customer deposits reaching RMB 28.71 trillion, an increase of 3.83% [18]. - The average return on assets was 0.85%, and the weighted average return on equity was 10.69% [18]. Dividend Distribution - The board proposed a final cash dividend of RMB 0.206 per share (including tax), totaling approximately RMB 515.02 billion, in addition to an interim cash dividend of RMB 0.197 per share distributed earlier [24][28]. - The total cash dividend for the year amounts to RMB 0.403 per share, with a total distribution of approximately RMB 1,007.54 billion [24][28]. Economic Context - The global economic growth momentum was weak in 2024, with China's GDP growing by 5% year-on-year, supported by proactive fiscal and monetary policies [3]. - The domestic financial market remained stable, with a reasonable growth in total financing and a decline in loan interest rates [3]. Future Outlook - The bank aims to enhance its service capabilities and risk management while focusing on high-quality development and expanding its customer base in key sectors [20][21]. - The bank plans to continue its stable cash dividend policy and improve investor relations to enhance market confidence [57][63].

Core Viewpoint - The fund's equity investment ratio decreased to below 80% at the end of Q4, indicating a cautious approach due to rising valuations and reduced potential returns from certain stocks [2][3][4] Group 1: Fund Positioning and Strategy - The fund manager emphasizes a bottom-up approach to stock selection, leading to a reduction in positions for certain high-flying stocks as their potential returns diminished [2][4] - The fund's investment strategy is not to fully allocate capital when there are insufficient attractive investment opportunities, reflecting a cautious market outlook for Q4 2024 [2][3] - The fund maintains a minimum stock allocation of 60%-70%, but may lower return expectations if market valuations rise significantly [5][6] Group 2: Market Valuation and Return Expectations - As market valuations increase, the potential return rates for selected stocks decrease, prompting the fund to adjust its positions accordingly [4][5] - The fund manager notes that the required return rates are influenced by the prevailing market conditions and risk-free rates, rather than arbitrary targets [6][8] - The manager acknowledges that achieving higher returns (10%-15%) may be challenging due to elevated valuations and market dynamics [7][8] Group 3: Risk Assessment and Cash Flow Analysis - The risk-reward ratio is assessed based on the probability of achieving expected cash flows, with a focus on potential downside risks [9][10] - The fund manager highlights the importance of understanding market space and competitive dynamics, which can significantly impact stock valuations and future cash flows [10][14] - Continuous monitoring of company performance and market conditions is essential to reassess investment decisions and manage risks effectively [13][15] Group 4: Industry Insights and Research Approach - The fund manager's research spans various sectors, including renewable energy, consumer goods, and chemicals, leveraging insights from a collaborative research team [19][20] - The manager emphasizes the importance of understanding the business model and cash flow generation rather than getting bogged down in technical details [20][21] - The approach to investment is based on identifying companies with strong fundamentals and potential for growth, while also considering market limitations [16][18]

中国交通建设股份有限公司 证券代码：601800 证券简称：中国交建 公告编号：临 2025-012 关于估值提升计划及市值管理方案的公告 中国交通建设股份有限公司（简称中国交建、本公司或公司）董事会及全 体董事保证本公告内容不存在任何虚假记载、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责任。 重要提示： ? 估值提升计划触发情形：2024 年 1 月 1 日至 2024 年 12 月 31 日，公司 股票已连续 12 个月内每个交易日收盘价低于最近一个会计年度经审计的每股归 属于公司普通股股东的净资产。 ? 估值提升计划审议程序：经公司第五届董事会第四十五次会议审议通过。 ? 公司计划通过持续聚焦主责主业，提升产业体系现代化水平，持续提高 信息披露质量，提升公司透明度，优化分红政策，稳健提升股东回报等措施推动 估值提升。 ? 风险提示：本估值提升计划仅为公司行动计划，不代表公司对业绩、股 价、重大事件等任何指标或事项的承诺。公司业绩及二级市场表现受到宏观形势、 行业政策、市场情况等诸多因素影响，相关目标的实现情况存在不确定性。 一、估值提升计划的触发情形及审议程序 (一) 触 ...

Core Viewpoint - The company has announced a valuation enhancement plan due to its stock price being below the audited net asset value per share for 12 consecutive months, aiming to improve investment value and protect stakeholders' rights [1][2]. Summary by Sections Valuation Enhancement Plan Trigger and Review Process - The plan was triggered as the closing price of the company's stock was below the audited net asset value per share, which was 3.80 CNY from January 1, 2024, to March 21, 2024, and 3.82 CNY from March 22, 2024, to December 31, 2024 [2]. Specific Content of the Valuation Enhancement Plan - The company will focus on its core business to promote high-quality development, emphasizing strategic leadership, resource integration, and collaboration among enterprises [2][3]. Exhibition Business Sector - The company aims to strengthen its exhibition business by establishing a leading brand and enhancing cooperation with international organizations and government agencies to increase the number of government and international exhibitions [3][4]. Commercial Property Sector - The company will innovate in commercial property management, focusing on office buildings, apartments, and commercial parks, while enhancing operational efficiency and exploring new consumption models [4][5]. Real Estate Development Sector - The company plans to accelerate fund recovery, manage cash flow, and transition from traditional real estate development to high-quality, service-oriented development [5]. Diversified Financing System - The company has raised over 100 billion CNY through various financing channels since its listing, which supports its business expansion and strategic transformation [5][6]. Strategic Cooperation - The company emphasizes strategic partnerships with financial institutions and industry leaders to enhance resource sharing and operational efficiency [6][7]. Mergers and Acquisitions - The company will explore M&A opportunities to optimize resource allocation and enhance the exhibition industry chain, aiming for high-end, digital, and green development [7][8]. Cash Dividends and Shareholder Returns - The company has maintained a cash dividend ratio of over 30% for the past decade and aims to balance operational development with shareholder returns [8][9]. Shareholder Buybacks and Market Value Stability - The company is implementing a share buyback plan to stabilize its market value and enhance investor confidence [9][10]. Information Disclosure Quality - The company has received an A rating for information disclosure for four consecutive years and aims to enhance transparency and communication with investors [9][10]. ESG Governance - The company is building an ESG-brand-value ecosystem to enhance brand value and capital recognition through responsible practices [10][11]. Investor Relations Management - The company has established multiple communication channels with investors to foster trust and enhance its capital market image [11][12]. Corporate Governance - The company is committed to improving its governance structure and internal controls to ensure compliance with regulations and enhance decision-making effectiveness [12][13].

Core Viewpoint - Korean investors are increasingly buying Chinese stocks, with a monthly trading volume of $782 million in February, nearly doubling from the previous month, marking the highest level since August 2022 [3]. Group 1: Market Performance - The Korean Composite Index has declined by 5% over the past year, while the CSI 300 has increased by 10.8% during the same period [5][6]. - The depreciation of the Korean won provides additional currency gains for Korean investors when converting to invest in A-shares [7]. Group 2: Investment Trends - Korean pension funds are gradually reducing their domestic stock allocations, aiming to lower it to 15% by 2025 [9]. - The negative correlation between Chinese and Asian stock markets is evident, with historical data showing a clear inverse relationship [14][28]. Group 3: Influence of Wall Street - Wall Street's investment strategy prioritizes long-term planning, which influences capital allocation across global markets, leading to a zero-sum game in Asian stock markets [23][24]. - Despite the limited absolute capital from Wall Street in Asia, its perceived expertise causes significant market reactions due to herd behavior [27]. Group 4: Current Market Dynamics - The recent bullish sentiment towards Chinese stocks has attracted substantial follow-on investments from Korean investors [32]. - However, the withdrawal of foreign capital from Hong Kong stocks raises concerns about the sustainability of this trend [34]. Group 5: Valuation Concerns - The recent rise in Hong Kong stocks is primarily driven by valuation increases, which inherently heightens risk [36]. - The speculative nature of A-share valuations, particularly in sectors like robotics and semiconductors, poses additional risks [39]. Group 6: Long-term Market Confidence - The long-term growth of the A-share market relies on domestic policy support, economic growth, and investor confidence [50].

Summary of the Conference Call for China Communications Construction Company (CCCC) Industry and Company Overview - The conference call pertains to China Communications Construction Company (CCCC), a major player in the construction and infrastructure industry in China, particularly involved in urban construction, housing engineering, and infrastructure development. Key Points and Arguments 1. **2025 Contract and Revenue Goals** - CCCC aims for a new contract signing target of 7.1% year-on-year growth and a revenue growth rate of no less than 5% for 2025, reflecting confidence in future market expansion. However, revenue growth is constrained by the availability of funding, as projects without secured funding will not commence [2][4]. 2. **State-Owned Enterprise Reform Initiatives** - The company is actively pursuing state-owned enterprise reforms, including market value management, valuation enhancement, and the establishment of long-term dividend and buyback mechanisms, which will be disclosed in the annual report [2][5]. 3. **Asset Management and Return on Equity (ROE)** - CCCC is focused on revitalizing existing assets and improving asset turnover to enhance ROE. The company is also planning to increase share buybacks and aims to provide more predictable returns to investors, with mid-term dividends being contingent on cash flow and profit realization [2][5]. 4. **Water Conservancy Business Growth** - The company is consolidating its water conservancy qualifications and capabilities to create a CCCC Water Conservancy platform, with new orders in this sector seeing over 100% year-on-year growth [2][8]. 5. **Cash Flow Improvement** - Cash flow showed significant improvement in Q4 2024, although the overall situation remains in a phase of accumulation. The State-owned Assets Supervision and Administration Commission (SASAC) has adjusted performance indicators to focus more on actual cash received rather than merely reducing accounts receivable [2][9]. 6. **Investment Business Strategy** - CCCC is reducing investment-related businesses and enhancing project pre-audit and management, leading to a decrease in period expenses and an increase in gross and net profit margins [2][15]. 7. **International Business and Belt and Road Initiative** - CCCC's overseas business is primarily in urban construction, housing engineering, and infrastructure projects, with significant participation in the Belt and Road Initiative [3][19]. 8. **Market Recovery and Order Growth** - The company anticipates good development in new orders and Q1 2025 orders due to proactive market expansion efforts post-Spring Festival [10]. 9. **Debt Management** - CCCC does not face repayment pressure regarding short-term and perpetual debts, but it plans to reduce the scale of perpetual debts as part of its overall strategy [16]. 10. **Future Cash Flow Prospects** - The improvement in cash flow is attributed to a strategic reduction in investment projects, which has led to a significant enhancement in free cash flow. The company expects continued improvement in cash flow as investment-related business optimizes [15]. 11. **Response to PPP Project Buyouts** - CCCC has encountered situations where governments buy back PPP projects that did not meet expectations, although the specific impact varies by project and region [20]. 12. **Asset Restructuring Plans** - The company is considering asset restructuring and mergers, particularly in areas like aviation and low-altitude economy, with plans for integration when the timing is right [21]. 13. **Participation in Disaster Recovery** - CCCC is actively involved in ongoing projects in regions affected by disasters, such as the Russia-Ukraine area, and is prepared to engage in reconstruction efforts [22]. Additional Important Insights - The company emphasizes the importance of cash flow management and has adjusted its performance metrics to align with market expectations, focusing on actual cash receipts [9][12]. - CCCC's strategic focus on water conservancy and energy sectors is expected to yield significant growth, with plans to enhance capabilities and participate in major national projects [8][17]. - The management's optimistic outlook for 2025 is based on a combination of market conditions, policy support, and internal operational improvements [23].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 证券代码：000050 证券简称：深天马A 公告编号：2025-010 天马微电子股份有限公司 估值提升计划 1、自 2024 年 1 月 1 日至 2024 年 12 月 31 日，天马微电子股份有限公司（以 下简称"公司"）股票连续 12 个月每个交易日的收盘价均低于公司最近一个会计 年度经审计的每股归属于普通股股东的净资产（以下简称"每股净资产"），根据 《上市公司监管指引第 10 号——市值管理》的相关规定，属于应当制定估值提 升计划的情形。本估值提升计划已经公司第十届董事会第二十六次会议审议通过。 2、公司估值提升计划拟通过持续提升经营质效、提升信息披露质量、优化 投资者关系管理、推动控股股东增持及不减持、积极寻求并购重组机会等措施， 提升公司投资价值和股东回报能力，推动公司投资价值合理反映公司质量，增强 投资者信心、维护全体股东利益，促进公司高质量发展。 3、本估值提升计划仅为公司行动计划，不代表对公司股价、市值、未来业 绩、重大事项等任何指标或事项的承诺。公司业绩及公司股票在二级市场 ...