本报告导读： 2024 年营业收入35.3 亿元增加4.25%，归属于上市公司股东的净利润5.1 亿元增加5.10%。2025年计划实 现营业收入增加 0%-30%，归母净利润增加 0%-20%。 投资要点： (2)省内市场新签合同额29.28 亿元，同比下降17.98%，实现收入29.64亿元，同比下降5.29%；省外市场 新签合同额5.26 亿元，同比下降48.02%，实现收入5.55 亿元，同比下降1.07%。(3)勘察设计类业务新签 合同额17.75 亿元，同比下降21.74%，实现收入20.46 亿元，同比下降1.68%；工程管理类业务新签合同 额共计2.13 亿元，同比下降5.33%，实现收入1.67 亿元，同比增13.61%；工程总承包类业务新签合同额 共计14.66 亿元，同比下降29.82%，实现收入13.06 亿元，同比增13.76%。 建成行业AI 底座及数智化平台，2025 年计划归母净利润增0~20%。(1)加速数字化升级，建成行业AI 底 座及数智化平台，完成交通工程专业AI 大模型部署，2024 年"智慧+"业务新签2.85 亿元；聚焦国家战 略，拓展新型城镇化、低空经济等领域， ...

Core Insights - The 137th Canton Fair has highlighted the transformation of China's textile and apparel industry, showcasing innovative designs and technology integration, particularly in trendy fashion items [1][2][4] Group 1: Industry Trends - The fair has seen a significant focus on trendy apparel, with products like striped T-shirts and street-style flared jeans gaining attention [1] - Companies are leveraging technological advancements in fabric and design, leading to new orders and increased competitiveness in the global market [2][3] - The introduction of eco-friendly materials and innovative dyeing techniques, such as the use of natural plant dyes, has garnered positive feedback from international buyers [4][5] Group 2: Company Highlights - Jiangsu Shuntian Co., Ltd. showcased a new outdoor technology series, including a high-performance jacket with a durability index of 30,000 turns and waterproof rating exceeding 20,000mm [2] - Guangdong Province Textile Import and Export Co., Ltd. reported an intention order of 750,000 yuan for their biodegradable denim, emphasizing the blend of fashion and environmental sustainability [3] - The Guangdong Zhuangzini Fashion Co., Ltd. received a substantial order from a Mongolian buyer, highlighting the appeal of traditional cultural garments like the Ma Mian skirt and Xiangyun silk [5] Group 3: Market Dynamics - The fair attracted over 183,000 international buyers, with 51% coming from Belt and Road Initiative countries, indicating a broadening of international cooperation [8] - The integration of AI in design processes is expected to revolutionize the apparel industry, enhancing efficiency and creativity in product development [6][7] - The trend towards high-quality, culturally rich products is evident, with companies successfully marketing unique designs that resonate with global consumers [5][6]

Core Insights - The 137th China Import and Export Fair (Canton Fair) is showcasing the growth potential of the pet products export industry, focusing on innovative and high-quality offerings for global pet lovers [1][2] - Companies are emphasizing smart and eco-friendly designs, with products tailored to meet the needs of different consumer segments [2][4] Industry Trends - Lightweight and easy-to-assemble pet products, such as spacious pet cages and foldable pet beds, are gaining popularity, particularly among consumers in Europe and the U.S. who enjoy outdoor activities with their pets [1][2] - The future of pet products is leaning towards smart technology and brand development, with a focus on creating products that cater to specific customer needs [2] Product Innovations - A smart cat litter box that can be controlled via smartphone and features automatic cleaning capabilities has attracted attention from overseas markets [2] - Eco-friendly products, such as a mixed litter designed for environmentally conscious pet owners, are becoming increasingly important as consumer awareness of sustainability grows [2][4] Market Dynamics - The demand for pet health monitoring products is rising, with companies introducing innovative solutions like health monitoring urine pads that indicate the pH level of pet urine [4] - The pet apparel market is also expanding, with products designed for specific seasonal events, such as Christmas-themed pet sweaters, expected to see increased demand [4]

新华社天津5月3日电（记者刘惟真、杨文）走进天津巴特瑞科技有限公司的生产车间，在技术工匠与智 能化设备的合力下，一块块动力电池正安全高效地"重获新生"。对电池组进行智能化拆解，测试电池电 压、内阻，评估电池的梯次价值……每天，该公司工程装备部PMC经理马友维要"重启"不少电池的"生 命周期"。 马友维主要负责电池包的结构件和模组拆解等工作。被送进车间的电池看似已经"退役"，但在员工的眼 中，它们却"全身是宝"。 马友维解释说，电池包箱体的铁、铝等金属，电池的外壳以及铜箔、铝箔等正负极材料都可以进行再生 循环，拆解后的部分通用结构件、电器件也可以用于二手汽车的维修。电池经过破碎处理后，能够产出 黑粉、铜、铝等有价物质，经过再生提炼的黑粉还能制成电池级碳酸锂等。"用我们的话说，就是要 把'退役电池'的价值'吃干榨净'。" 截至2024年底，全国新能源汽车保有量达3140万辆，占汽车总量的8.90%；今年一季度，我国新能源汽 车产销量累计分别完成318.2万辆和307.5万辆，新能源汽车产销量多年位居世界第一。以旧换新政策出 台后，一定程度上提升了消费者换车的积极性，新能源汽车颇受市场青睐，电池回收拆解产业的市场规 ...

今年香山公园的园艺师更添匠心巧思——将去年国庆花坛回收的黄栌叶片钢骨架重塑重生，经黄栌叶煮 水浸染、彩漆喷涂后，以彩色编织线缠绕其上，勾勒出蜿蜒舒展的"春日脉络"，既呼应了春日生机勃发 的意象，又将传统编织工艺融入自然景观，诠释了"春光·织"的主题内涵。游客既可沉浸于花毛茛的绚 烂色彩中，亦可驻足观赏钢架与麻绳交织的创意美学，感受环保理念与艺术创意的碰撞。 紫竹院公园大花葱即将进入花期 "五一"假期的紫竹院公园，阳光明媚，秩序井然，游园舒适度高。进入公园东门，绿毯诗韵景区南侧的 两株高大茂盛的猬实，花序紧凑、花密色艳，满树淡红正值盛开。位于公园北门入口处的大花葱也已经 陆续绽放花苞，白色、紫色的巨大花球，分分钟吸引人们的眼球。 "五一"假期第三天，碧空如洗、清爽宜人，正是游园赏花、放松心情、拍照出片的好天气。记者从市公 园管理中心获悉，"五一"假期第三日，市属公园及中国园林博物馆共接待游客83.8万余人次，游客量排 名前三的是天坛公园21.66万人次、颐和园20.27万人次、北京动物园9.47万人次。市属公园中几处避开 人潮、静享自然，人少景美、小众出片的好去处受到市民游客青睐，吸引了不少人拍照打卡。 国家植 ...

Core Points - The U.S. Environmental Protection Agency (EPA) plans to reduce its workforce to the lowest level since 1980 [1] - The agency will also cut its budget by $300 million [1] Group 1 - The workforce reduction indicates a significant shift in the agency's operational capacity and priorities [1] - The budget cut of $300 million reflects broader governmental fiscal constraints impacting environmental regulation and enforcement [1]

Industry Overview - The toy and baby products industry is a significant part of the light industry, playing a crucial role in nurturing children and meeting family expectations [1][3] - The industry is experiencing growth, with the domestic toy retail sales expected to reach CNY 97.85 billion in 2024, a year-on-year increase of 7.9% [1][13] - The retail sales of children's strollers are projected to be CNY 16.98 billion, growing by 17.5%, while children's safety seats and bottles are expected to see increases of 13.2% and 8.1% respectively [1][13] Policy Support - The Chinese government has implemented various policies to support high-quality development and regulation in the toy and baby products sector [5][6] - Key policies include the "Guiding Opinions on Accelerating the Transformation and Upgrading of Traditional Manufacturing" and the approval of national standards for baby products [5][6] Market Dynamics - The industry is characterized by a diverse supply chain, including raw material suppliers, manufacturers, wholesalers, and retailers [7] - The macroeconomic environment, consumer disposable income, and preferences significantly influence demand for baby products [7] Export Performance - China is the largest toy producer and exporter globally, with toy exports (excluding games) projected to reach USD 39.87 billion in 2024 [9][10] - The United States remains the primary export destination, accounting for 26.39% of toy exports in early 2025 [10] Quality Control - The number of recalls for Chinese-made toys in the U.S. decreased by 6.4% in 2024, while the EU saw a 34.1% increase in recalls [15][17] - The Chinese government reported 1,121 batches of non-compliant products in 2024, reflecting increased regulatory scrutiny [17] Key Players - Major global players include Mattel, Hasbro, Bandai, and LEGO, while domestic companies like Aofei Entertainment and Pop Mart are significant in the Chinese market [19][21] - Aofei Entertainment reported a 4.85% increase in baby product revenue, while Pop Mart's revenue surged by 106.92% in 2024 [21][23] Future Trends - The integration of technology in toys is expected to accelerate, with a growing demand for smart toys and educational products [25] - Environmental concerns are driving the use of sustainable materials, with a focus on safety and compliance with international standards [26] - Personalization and IP collaborations are becoming key drivers for consumer engagement and product differentiation [27][28]

Core Viewpoint - The "Health and Environmental Walk" event organized by the Asia-Olympic Business Circle New Consumption Innovation Alliance aims to promote health, environmental awareness, and public welfare through diverse leisure and consumption experiences from May 1 to May 4 [1][2]. Group 1: Event Overview - The event is themed "Health and Environmental Protection, Public Welfare Together," aligning with the national initiative for weight management and promoting a healthy lifestyle [2]. - It features a "digital check-in and low-carbon consumption" approach, connecting 14 unique check-in points in the Asia-Olympic business area, including notable landmarks like the Bird's Nest and the Olympic Museum [2][5]. - The initiative encourages participants to engage in low-carbon travel methods such as walking and cycling, enhancing the area's cultural and commercial vibrancy [2][5]. Group 2: Participation and Rewards - Participants can use the "Asia-Olympic Circle" app for navigation and check-in, earning points that can be redeemed for various rewards, including hotel vouchers and cultural tickets [5][6]. - The event includes surprise musical performances and a consumption market at several check-in points, enriching the leisure experience for attendees [5][6]. Group 3: Organizational Background - The Asia-Olympic Business Circle New Consumption Innovation Alliance was established on December 28, 2022, by the Chaoyang District Committee, District Government, and Beichen Group, comprising 23 member units [9]. - The Asia-Olympic business area serves as a significant consumption hub in northern Beijing, featuring a mix of commercial, tourism, exhibition, cultural, and sports venues, contributing to the city's economic vitality [9].

Core Insights - The company reported a revenue of 1.565 billion yuan for 2024, a year-on-year increase of 1.35%, but faced a net loss of 26.21 million yuan attributable to shareholders [1] - In Q1 2025, the company achieved a revenue of 403 million yuan, reflecting a year-on-year growth of 7.52%, with a net profit of 7.70 million yuan attributable to shareholders [1] - The company focuses on low-carbon and environmental protection sectors, strategically planning a business matrix of "environmental catalysts, energy storage and energy storage +, and complex high-performance composite materials" [1] Financial Performance - The company's R&D investment in 2024 totaled 110 million yuan, accounting for 7.01% of revenue, which is a 26.13% increase compared to the previous year [1] - Nearly 70% of the R&D investment was directed towards new materials and new energy [1] Market Expansion - As one of the few major domestic manufacturers in the environmental catalyst field, the company achieved a breakthrough of one million units sold in the passenger vehicle catalyst sector [2] - The company secured multiple platform project designations from major domestic clients and successfully entered the supply chain of a joint venture brand [2] - The hydrogen fuel cell electrocatalyst segment generated sales revenue of 7.32 million yuan in 2024, marking a year-on-year increase of 1273% [2] New Energy Sector Growth - The energy storage and energy storage + segment achieved a revenue of 80.17 million yuan in 2024, with a growth rate exceeding 300% [2] - The company has obtained various certifications for its products, including EU CE certification, CB certification, and CNAS certification [2] Future Outlook - The company is planning to build an annual production capacity of 500,000 square meters of prepreg and 30 tons of aerospace composite components, with the prepreg pilot line already in operation [2] - The manufacturing base is currently under construction and is expected to be operational by the end of 2025 [2] - The company aims to enhance its competitiveness in the fields of environmental protection, new energy, and high-end manufacturing through its strategic layout across three major business segments [2]

证券研究报告 | 公司点评 | 包装印刷 裕同科技(002831) 报告日期：2025 年 04 月 30 日 Q1 经营稳健向好，25 年期待利润修复 ——裕同科技点评报告 投资要点 ❑ 公司公告 24A 实现营收 171.57 亿（同比+12.71%，下同）、归母净利 14.09 亿（-2.05%）、 扣非净利 15.14 亿（+1.34%） 。 24Q4 单季营收 48.98 亿（+10.92%）、归母净利 2.95 亿（-34.93%）、扣非净利 3.84 亿（-16.01%），主要系公司策略性处置武汉艾特、广东鸿铭股权以及确认员 工持股计划股份支付费用所致。 25Q1 单季营收 36.99 亿（+6.42%）、归母净利 2.41 亿（+10.26%）、扣非净利 2.46 亿（+1.37%），Q1 经营稳健。 ❑ 3C 基本盘牢固、环保持续向好 1）3C 业务-基本盘：根据 IDC 发布的最新报告，2025Q1 全球智能手机出货量同 比增长 1.5%至 3.049 亿部，实现连续第三个季度增长，带动公司手机等传统消 费电子产品收入稳定增长。24A 前 5 名客户销售金额合计占比总收入 38.26% （ ...