「解码 LP 」系投资界旗下专注 LP 报道公众号，关注各地基金政策，捕捉 LP 最新动态，欢迎关注！ 近日，广东省人民政府办公厅发布关于印发《广东省进一步激发市场主体活力加快建设现代 化产业体系的若干措施》的通知。其中提到，建强产业基金体系。全省统筹资源整合组建超 万亿元总规模的产业投资基金和创业投资基金，其中省级基金规模超过1 0 0 0亿元，以国有 资本带动社会资本，形成天使投资、风险投资、私募股权投资、企业并购投资、S基金等有 效投资体系，着力投早、投小、投未来、投硬科技。主动对接海外主权基金、国际知名投资 机 构 ， 每 年 促 成 1 0 0 个 以 上 投 资 合 作 项 目 。 实 施 " 粤 投 粤 引 " 项 目 路 演 专 项 行 动 ， 每 年 导 入 1 0 0 0个高成长项目。各市可结合实际设立细分赛道产业基金。 LP 上海科创三期母基金备案 投资界-解码LP获悉，4月3 0日，上海国际集团发起设立的上海科创三期母基金正式通过中 基协产品备案，目标规模8 0亿元的科创旗舰母基金再次扬帆起航。 上海科创基金是上海国际集团根据上海市委、市政府部署要求，在2 0 1 7年发起设立的全国 ...

Group 1: Company Overview - Hubei Yuanyuan Gas Co., Ltd. has established two major electronic specialty gas industrial parks in Yichang and Qianjiang, which are currently in the mass production and stable production phases, laying a foundation for future performance release [2][3] - The company possesses a complete industrial chain from raw materials to industrial products and electronic specialty gases, providing unique cost and scale advantages [2][3] Group 2: Market Position and Product Range - The product range covers multiple emerging industries, including semiconductors, panels, photovoltaics, new energy batteries, and biomedicine, meeting downstream customers' one-stop gas supply needs [3] - The company benchmarks against advanced foreign enterprises in terms of process technology and large-scale production, demonstrating strong competitiveness [3] Group 3: Performance and Future Focus - In 2024, the company's performance did not meet expectations due to the complexity of the planned industrial chain technology and strict safety audits, causing delays in product launch [3] - In 2025, the company will focus on enhancing profitability and development momentum, accelerating the stable and mass production of products in the semiconductor and panel industries to quickly improve revenue scale and profitability [3] Group 4: Risk Management - The communication included project progress and performance forecasts, with a reminder for investors to refer to official disclosures and exercise rational judgment regarding investment risks [3]

《中华人民共和国民营经济促进法》将于5月20日起正式施行。5月8日，多部门有关负责人在国新办举 行的新闻发布会上表示，民营经济促进法共9章78条，围绕公平竞争、投资融资促进、科技创新、规范 经营、服务保障、权益保护等方面建立完善相关制度机制，将党中央对民营经济平等对待、平等保护的 要求落实下来，持续优化稳定、公平、透明、可预期的民营经济发展环境。 不断优化信贷供给政策 国家金融监督管理总局副局长丛林表示，民营经济促进法第三章专门规定了投资融资促进，这些条款既 是对金融部门长期政策和实践的高度提炼，也明确了下一步工作的方向和任务。金融监管总局正重点推 进几方面工作，包括不断优化信贷供给政策、引导创新保险产品服务体系、协同创建信息对接共享机 制、强化融资担保的风险分担功能等。 有关部门将落实法律要求，推动各项配套规定尽早出台实施，不断完善促进民营经济发展的制度体系， 加快法律配套制度机制建设，加快完善民营企业参与国家重大项目建设长效机制，大力支持民营企业在 新兴产业、未来产业投资布局，推动金融业为民营经济提供更加高效、便捷、可持续的金融服务。 完善民企参与重大项目建设长效机制 国家发展改革委副主任郑备表示，这部法 ...

Core Viewpoint - The company reported a revenue of 3.207 billion yuan for 2024, representing a year-on-year growth of 11.01%, and a net profit attributable to shareholders of 352 million yuan, up 76.59% year-on-year [1] Financial Performance - For the entire year of 2024, the gross margin and net margin were 47.21% and 11.21%, respectively, showing an increase of 4.93 percentage points and 4.07 percentage points year-on-year [2] - In Q4 2024, the company achieved a revenue of 1.047 billion yuan, a year-on-year increase of 13.11% and a quarter-on-quarter increase of 28.32%, with a net profit of 163 million yuan, up 145.18% year-on-year and 49.75% quarter-on-quarter [2] - The gross margin and net margin for Q4 2024 were 52.73% and 16.7%, respectively, reflecting a year-on-year increase of 10.52 and 8.17 percentage points [2] - For Q1 2025, the company reported a revenue of 618 million yuan, a year-on-year increase of 5.16% but a quarter-on-quarter decrease of 40.98%, with a net profit of 5 million yuan, up 302.86% year-on-year but down 97.05% quarter-on-quarter [2] Business Segmentation - The company generated revenue from various segments in 2024: measurement (750 million yuan), reliability (780 million yuan), life sciences (500 million yuan), electromagnetic compatibility (360 million yuan), integrated circuits (260 million yuan), and EHS evaluation (180 million yuan), with year-on-year growth rates of +3.8%, +17.5%, +2.7%, +10.2%, +26.3%, and +2.6%, respectively [3] - The gross margins for these segments were 50.5%, 50.9%, 39.8%, 54.9%, 45.2%, and 38.0%, with year-on-year changes of +2.4, +7.4, +8.8, +4.0, +4.3, and -6.49 percentage points [3] - The company focuses on emerging industries, with over 80% of its business coming from sectors such as special industries, automotive, new energy, integrated circuits, commercial aerospace, communication, low-altitude economy, and artificial intelligence [3] Shareholder Returns - The company conducted active market value management, distributing a total dividend of 224 million yuan for the year, with a mid-year dividend of 140 million yuan and a total of 614 million yuan in dividends and share buybacks, representing 174% of the annual net profit attributable to shareholders [4] - The projected net profits for 2025 to 2027 are 420 million yuan, 510 million yuan, and 600 million yuan, reflecting year-on-year growth rates of +20%, +20%, and +18%, respectively [4]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company achieved a revenue of 3.207 billion yuan in 2024, representing a year-on-year growth of 11.01%, and a net profit attributable to the parent company of 352 million yuan, up 76.59% year-on-year [1][2]. - The gross margin and net margin for 2024 were 47.21% and 11.21%, respectively, showing improvements of 4.93 percentage points and 4.07 percentage points year-on-year [2]. - The company focuses on emerging industries, with over 80% of its business coming from sectors such as special industries, automotive, new energy, integrated circuits, commercial aerospace, communication, low-altitude economy, and artificial intelligence [3]. Financial Performance - In Q4 2024, the company reported a revenue of 1.047 billion yuan, a year-on-year increase of 13.11%, and a net profit of 163 million yuan, up 145.18% year-on-year [2]. - For Q1 2025, the company achieved a revenue of 618 million yuan, a year-on-year increase of 5.16%, while the net profit was 5 million yuan, up 302.86% year-on-year [2]. - The company’s revenue from various segments in 2024 was as follows: Measurement (750 million yuan, +3.8%), Reliability (780 million yuan, +17.5%), Life Sciences (500 million yuan, +2.7%), Electromagnetic Compatibility (360 million yuan, +10.2%), Integrated Circuits (260 million yuan, +26.3%), and EHS Evaluation (180 million yuan, +2.6%) [3]. Market Management - The company actively engaged in market value management, distributing a total of 224 million yuan in dividends and repurchasing shares worth 390 million yuan, totaling 614 million yuan, which is 174% of the net profit attributable to the parent company for the year [4]. - The projected net profits for 2025, 2026, and 2027 are 420 million yuan, 510 million yuan, and 600 million yuan, respectively, reflecting year-on-year growth rates of 20%, 20%, and 18% [4].

Core Viewpoint - The performance of listed companies in Xiamen demonstrates strong profitability and growth potential, contributing significantly to the stability of the regional economy, with 68 companies achieving a combined net profit of 3.816 billion yuan in Q1 2025 [2]. Group 1: Financial Performance - 68 listed companies in Xiamen reported a total net profit of 3.816 billion yuan in Q1 2025, with 62 companies profitable, representing over 90% [2]. - 38 companies experienced year-on-year profit growth, accounting for nearly 60% of the total [2]. - 17 companies reported profits exceeding 100 million yuan, highlighting the strong financial performance of the Xiamen market [2]. Group 2: Top Performing Companies - Xiamen Bank led with a net profit of 645 million yuan, with management expecting a gradual increase in return on investment (ROI) throughout the year [9]. - Jianfa Co. achieved a net profit of 584 million yuan, with total revenue reaching 143.773 billion yuan, a year-on-year increase of 9.47% [9]. - Yilian Network reported a net profit of 562 million yuan, with total revenue of 1.205 billion yuan, reflecting a year-on-year growth of 3.57% [9]. Group 3: Emerging Industries - Weike Technology's revenue reached 539 million yuan, a year-on-year increase of 64.37%, with net profit doubling to 77.3928 million yuan [11]. - Tebao Bio's revenue was 673 million yuan, up 23.48%, with a net profit of 182 million yuan, reflecting a 41.40% increase [12]. - Huamao Technology reported revenue of 537 million yuan, a 14.37% increase, with net profit rising by 60.34% to 86.4219 million yuan [12]. Group 4: Strategic Developments - Xiamen Xiangyu's net profit was 509 million yuan, a year-on-year increase of 24.88%, supported by improved risk management and financial structure [10]. - Companies are enhancing profitability through upstream and downstream integration and optimizing product structures, with Weike Technology focusing on high-performance precision molds for emerging industries [12].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company achieved a revenue of 3.207 billion yuan in 2024, representing a year-on-year growth of 11.01%, and a net profit attributable to the parent company of 352 million yuan, up 76.59% year-on-year [1]. - The gross margin and net margin for 2024 were 47.21% and 11.21%, respectively, showing improvements of 4.93 percentage points and 4.07 percentage points year-on-year [2]. - The company focuses on emerging industries, with over 80% of its business coming from sectors such as special industries, automotive, new energy, integrated circuits, commercial aerospace, communication, low-altitude economy, and artificial intelligence [3]. - The first quarter of 2025 saw a double-digit growth in overall order amounts, indicating a positive outlook for the company's performance in the upcoming quarters [3]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 1.047 billion yuan, a year-on-year increase of 13.11%, and a net profit of 163 million yuan, up 145.18% year-on-year [2]. - The company’s revenue from various segments in 2024 was as follows: Measurement (750 million yuan, +3.8%), Reliability (780 million yuan, +17.5%), Life Sciences (500 million yuan, +2.7%), Electromagnetic Compatibility (360 million yuan, +10.2%), Integrated Circuits (260 million yuan, +26.3%), and EHS Evaluation (180 million yuan, +2.6%) [3]. - The company plans to distribute a total dividend of 224 million yuan for 2024, with a share buyback amounting to 390 million yuan, totaling 614 million yuan, which is 174% of the net profit attributable to the parent company [4]. Financial Forecast - The projected net profits for 2025, 2026, and 2027 are 422 million yuan, 508 million yuan, and 599 million yuan, respectively, reflecting year-on-year growth rates of 19.90%, 20.41%, and 17.80% [4]. - The company’s revenue is expected to grow to 3.757 billion yuan in 2025, with a growth rate of 17.16% [4].

Core Insights - Guangdong is experiencing a rapid emergence of various industrial clusters, referred to as "industrial valleys," focusing on new and future industries, leveraging its manufacturing base, consumption market, and innovative technology ecosystem [1][2][6] - The transformation from traditional industrial clusters to industrial valleys emphasizes the integration of upstream and downstream supply chains, enhancing the overall competitiveness of the industrial ecosystem [2][6][10] Industrial Valleys Overview - Shenzhen has developed a "robotics valley" with companies like UBTECH and Yujian Technology, supported by nearby educational institutions, fostering a collaborative environment [3][8] - Guangzhou's "digital economy valley" has attracted over 36,000 digital enterprises and 160,000 digital talents, creating a complete chain from technology research to commercial application [3][4] - Other industrial valleys include the "new energy valley" in Shantou and the "潮玩 creative valley" in Dongguan, showcasing the diverse industrial landscape across Guangdong [4][5] Transition to New Industries - The shift from labor-intensive industries to emerging industries is characterized by a focus on digitalization and smart technologies, enhancing the resilience of the industrial ecosystem [2][10] - The industrial valleys are not merely geographical labels but represent a significant upgrade in industrial positioning, reflecting a move towards technology-intensive sectors [6][11] Competitive Advantages - Guangdong's industrial valleys are supported by a robust market foundation, high marketization levels, and a strong talent pool, which collectively enhance the region's competitive edge [7][10] - The integration of high-level talent and technology is crucial for the success of these industrial valleys, as it attracts capital and fosters innovation [11][12] Policy and Support - The Guangdong government has initiated various policies to support the development of artificial intelligence and robotics, aiming to unlock new application scenarios for emerging technologies [13][14] - Programs like the "Million Talents Gathering in Nanyue" aim to attract top talent to support the growth of new industries [11]

本报记者 丁蓉 稀土，被誉为"工业黄金"，是不可再生的重要战略性矿产资源。今年以来，稀土市场企稳回升。根据中 国稀土行业协会5月7日发布的最新数据，当日稀土价格指数为173.4，较前一日上涨0.35%，较2024年12 月31日的163.8，上涨5.86%。 财达证券研报显示："根据相关资料，单台人形机器人稀土永磁材料用量约为3.5千克，假设2030年人形 机器人的出货量达到89万台，我们测算出人形机器人领域的稀土永磁材料需求量将达到3115吨。" 近年来，我国稀土产业整合加速，行业集中度进一步提高，产业韧性与活力得到增强。 今年一季报显示，稀土行业上市公司整体迎来业绩修复。全球稀土龙头企业中国北方稀土（集团）高科 技股份有限公司（以下简称"北方稀土"）今年第一季度实现营业收入92.87亿元，同比增长61.19%；实 现归属于上市公司股东的净利润4.31亿元，同比增长727.30%。盛和资源控股股份有限公司第一季度实 现营业收入29.92亿元，同比增长3.66%；实现归属于上市公司股东的净利润1.68亿元，同比扭亏为盈。 中国稀土集团资源科技股份有限公司第一季度实现营业收入7.28亿元，同比增长141.32% ...

每经记者 刘艳美 每经编辑 杨欢 图片来源：摄图网_500194487 刚刚结束的"五一"假期，文旅市场创下近三年新高。据文化和旅游部数据中心测算，假期5天全国国内出游3.14亿人次，同比增长6.4%；国内游客出游总花 费1802.69亿元，同比增长8.0%。入境旅游持续复苏，缅甸、韩国、马来西亚、澳大利亚、英国、泰国、菲律宾、俄罗斯、越南、日本等为主要入境旅游客 源地，占外国游客总数的57.4%。 另据国家移民管理局通报，今年"五一"假期全国边检机关共保障1089.6万人次中外人员出入境，日均217.9万人次，较去年"五一"假期增长28.7%。其中：内 地居民出入境577.8万人次，较去年同期增长21.2%，港澳台居民出入境400.3万人次，较去年同期增长37.1%；外国人出入境111.5万人次，较去年同期增长 43.1%。 解读：各地"五一"旅游数据也陆续出炉。 | | | | 口的 · 假期王要城市旅游餐馆 | | | --- | --- | --- | --- | --- | | 城市 | 接待游客 | 旅游收入 | 接待游客 | 历史 元子 | | | (万人次) | (亿元) | 同比增长 | 同 ...