Investment Rating - The investment rating for the company is maintained as "Buy" [8] Core Views - The company has shown robust performance with a revenue increase of 33.20% year-on-year in 2024, reaching 5.143 billion RMB, and a net profit growth of 100.59% to 397 million RMB [1][2] - The company is focusing on three major material technology platforms: Powder Metallurgy (P&S), Soft Magnetic Composite (SMC), and Metal Injection Molding (MIM), targeting sectors such as new energy and high-end manufacturing [4] - The company is expected to maintain stable earnings with projected net profits of 487 million RMB, 585 million RMB, and 626 million RMB for 2025, 2026, and 2027 respectively [5] Revenue and Profitability - In Q1 2025, the company achieved a revenue of 1.459 billion RMB, a year-on-year increase of 32.41%, while the gross margin was 21.95%, showing a slight decline [3] - The MIM business has seen significant growth, with a revenue increase of 92.19% year-on-year, driven by the recovery in the smartphone market [2][3] Financial Projections - The company forecasts a revenue of 5.737 billion RMB for 2025, with a year-on-year growth of 11.56% [7] - The expected earnings per share (EPS) for 2025 is projected at 0.79 RMB, with a price-to-earnings (PE) ratio of 27.7 times, leading to a target price of 21.88 RMB [5][9]

■■ 回顾：亚太股市重拾外资关注 在特朗普新政与美国经济走弱的预期影响下，逆向投资成为了2025年一季度最有效的投资策略。过去两年大 幅上涨的美日股市收跌，而恒生指数领跑亚太。欧洲国家在财政赤字扩大和俄乌冲突停火可能性上升的背景 下领跑发达国家股市。此外Deepseek等AI agent获得了更广泛的市场关注，并带动全球科技投资者进行国别 资产再平衡，这成为了推动中国科技股表现的另外一个因素。 基于美国经济走弱、美联储政策摇摆以及特朗普政府带动地缘风险升温这三点因素，我们认为国际资金将持 续出现交易一致性的松动，国际投资者将开始尝试寻求美国资产以外的备选投资方案。我们认为国际资本流 出美股所面临的"资产荒"将成为影响二季度全球股市最重要的驱动因素，面对诸多不确定性，具备资金规模 容量优势的中国股市（A股及港股）有望成为外资全球配置的重要选项。此外，当前基本面的改善趋势仍未 成为市场共识，且市场仍需要更充分的数据验证经济的复苏趋势，因此我们认为资金面的变化在二季度将较 基本面有更强的定价权。虽然海外地缘不确定性将加剧市场的波动率水平，但资金面改善将有望通过估值扩 张带动A股市场走强。 下调对沪深300的净利润增 ...

Group 1: Company Performance - In 2024, the company's overseas revenue was 9,886.54 million yuan, accounting for 4.26% of total revenue, an increase of 18.78% year-on-year [1] - In Q1 2025, the company achieved a revenue of 34,110.93 million yuan, a decrease of 39.64% year-on-year [1] - The net profit attributable to shareholders in Q1 2025 was 4,658.06 million yuan, down 24.33% year-on-year [1] - Excluding the impact of the non-consolidation of Arno Precision, the revenue decreased by approximately 6.53%, while net profit increased by about 1.20% [1] Group 2: Business Segment Performance - Compressor business revenue was 22,070.96 million yuan, up 2.66% year-on-year, indicating steady growth [1] - Vacuum pump business revenue was 6,114.66 million yuan, down 31.34% year-on-year, affected by fluctuations in the photovoltaic industry [1] - Hydraulic pump business revenue was 5,724.69 million yuan, down 1.70% year-on-year, showing a relatively stable trend [1] Group 3: Product Applications and Strategies - The company is a leading manufacturer of screw compressors, with products widely used in various industries including light industry, mining, electronics, and pharmaceuticals [2] - The vacuum pump segment has made significant technological advancements, offering a diverse product line to meet the needs of industries such as photovoltaics and food [3] - The hydraulic pump segment, managed by Wicks Hydraulic, focuses on energy-saving systems and has been recognized as a "little giant" enterprise by the Ministry of Industry and Information Technology [4]

【环球网财经综合报道】一季度，稀土行业上市公司迎来业绩增长，中国稀土、北方稀土、广晟有色交出亮眼财报。 北方稀土此前于4月8日预告一季度业绩，预计归母净利润达4.25亿至4.35亿元，同比增716.49%至735.70%；扣非后净利润更是同比飙升超114倍（4.29亿至 4.39亿元）。公司分析称，上游原料供应收紧、下游消费刺激政策落地，推动稀土镨钕等主流产品价格持续上涨，市场活跃度显著提升。 广晟有色同日公告，预计一季度归母净利润4000万至5000万元，同比扭亏（上年同期亏损3.44亿至3.54亿元），业绩驱动因素同样指向稀土市场行情企稳回 升。 行业内三家上市公司业绩集体飘红，在业内看来作为新能源、高端制造等战略新兴产业的关键原料，稀土价格波动与政策导向、下游需求紧密相关，本轮复 苏或预示行业长期价值回归。 国金证券研报认为，稀土价格看涨，战略价值进一步提升。稀土供需有望持续修复，下游人形机器人和低空经济有望持续打开稀土领域新增需求，磁材标的 有望与稀土资源标的共振。（闻辉） 具体来看，中国稀土于4月27日披露一季报显示，公司一季度实现营业收入7.28亿元，同比激增141.32%；归母净利润7261.8 ...

中国证券报：可以看到，你新发的产品大摩景气智选混合涵盖了港股市场，这是你管理的首只可以投资 港股的基金。为何选择发行这一类型产品？港股近期明显回调，怎么看待港股后市机会？ 雷志勇：是的，根据大摩景气智选的合同，我们投资港股通标的占股票资产的比例最高可以到50%。就 港股市场而言，我们看到，外资对中国资产的低配状态正在扭转，随着国内经济复苏，港股资产吸引力 也在增强，海外资金有望重新流入，港股估值或将迎来修复。 □本报记者 张韵 雷志勇，曾任中国移动总部项目经理、中国移动（广东）中级网络运行支撑主管、东莞证券研究所通讯 行业研究员、南方基金产品经理。2014年10月加入摩根士丹利基金，历任研究管理部研究员、基金经理 助理，2019年4月起担任基金经理。现任摩根士丹利基金权益投资部总监、基金经理。 4月以来，A股市场的宽幅波动受到市场关注。就机构层面而言，公募基金如何看待此轮震荡调整？后 市又将把投资重点转向哪里？近日，摩根士丹利基金权益投资部总监雷志勇在接受中国证券报记者专访 时表示，政策支持、流动性宽松及产业升级等核心逻辑尚未看到明显变化，对A股中长期表现依然可以 保持乐观。 他认为，科技创新引领中国资产向上 ...

以下文章来源于超募研究所 ，作者FOFWEEKLY研究 超募研究所 . 结合实操业务及公域&私域数据，为私募股权行业从业者（FOF、LP、GP等）提供专业性、垂直类研 究内容输出。 本期导读： 国家级引导基金成为GP优先级最高的募资对象，主要原因在于这类基金具备独特的政策背书、资源 优势以及长期稳定性，能够为GP及其投资项目带来多维度的战略价值。 作者丨FOFWEEKLY研究 本期推荐阅读5分钟 一级市场每年变化很快，在宏观经济承压与产业周期更迭的双重作用下，市场资金端呈现出结构性 调整特征。尽管部分传统LP基于风险规避考量选择阶段性退出，但也不断有新的LP入场并重塑市 场格局。为了帮助GP及市场参与者穿透市场迷雾把握配置风向，我们对一级市场各类LP进行了最 新、最全的梳理，本系列梳理预计6-8篇，计划涵盖国家级引导基金、地方政府引导基金、险资、 银行系、CVC、市场化LP、S基金、公共型LP等相对活跃的LP类型。希望本系列研究可以给到行 业一些帮助，也欢迎各同仁与我们交流。 当前，国家级引导基金成为GP优先级最高的募资对象，主要原因在于这类基金具备独特的政策背 书、资源优势以及长期稳定性，能够为GP及其投资 ...

Core Viewpoint - The performance of equity funds with over 10 billion in scale has shown significant divergence in Q1 2025, testing fund managers' reallocation abilities and industry allocation strategies. Notably, the once-popular fund manager Ge Lan is facing challenges with both scale and performance, as her total managed assets have dropped from 110.34 billion yuan at the end of Q4 2021 to 40.44 billion yuan, a decrease of nearly 70 billion yuan, or 63.3% [1] Fund Performance Summary - Ge Lan's flagship fund, China Europe Medical Health A, saw a slight increase of 2.37% in Q1, but over a longer period, it has declined by 5.47% in the last six months and has accumulated a loss of 34.51% over three years, with its scale plummeting by 58.4% from its peak of 77.51 billion yuan to 32.09 billion yuan [3][5] - In contrast, China Europe Medical Innovation A rebounded strongly with a Q1 increase of 20.33%, ranking 23rd among its peers, while China Europe Mingrui New Starting Point Mixed Fund fell by 3.85% in Q1, widening the performance gap with China Europe Medical Innovation A to 30.23 percentage points over three months, ranking at the bottom of its category [6][12] Fund Manager Insights - Ge Lan noted that the A-share market exhibited significant structural differentiation in Q1, with the technology growth sector outperforming. Key investment areas included artificial intelligence and high-end manufacturing, while traditional cyclical sectors lagged due to weakened global energy demand [12][13] - Looking ahead to Q2, the A-share market is expected to continue its structural trend, with a shift in driving logic from thematic expectations to a combination of fundamental verification and policy catalysts. The technology growth sector remains a core focus, with potential investment opportunities in supply innovation, channel expansion, and consumption upgrades [13][14] Fund Holdings Analysis - The top ten holdings of China Europe Mingrui New Starting Point Mixed Fund include companies like Luxshare Precision, Zhaoyi Innovation, and Ningde Times, with significant changes in holdings compared to the end of last year. New entries include companies like SMIC and BYD, while others exited the top ten [12] - China Europe Medical Health A's top holdings include major pharmaceutical companies, with a new entry of Kelun Pharmaceutical in Q1, while Tong Ren Tang exited the top ten [14]

Group 1 - The company plans to distribute a cash dividend of 1.19 RMB per 10 shares (including tax) for the fiscal year 2024, pending approval at the annual shareholders' meeting [4][20][81] - The total cash dividend for 2024, including previously distributed dividends, is projected to be 210,185,980.56 RMB, which represents 12.02% of the net profit attributable to shareholders [80][81] - The company has maintained a cumulative cash dividend of 532,857,275.34 RMB over the past three years, exceeding the average net profit distribution requirement of 30% [82] Group 2 - The company reported a consolidated revenue of 32,320,871.9 thousand RMB and a net profit of 1,748,479.0 thousand RMB for the reporting period, with a return on equity of 10.65% and basic earnings per share of 1.46 RMB [12] - The company has established itself as a leader in the aluminum processing industry, focusing on high-end manufacturing and low-carbon economy strategies, with a diverse product range and over 4,000 customers [5][6] - The company has advanced capabilities in recycling aluminum, with an annual processing capacity of over 1 million tons of scrap aluminum and 120,000 tons of aluminum ash [6] Group 3 - The company has adopted a production model based on customer orders, ensuring efficient production and cost management [9] - The sales strategy includes direct sales to large users and distribution through dealers, optimizing the sales network and enhancing operational efficiency [10] - The company has a stable procurement model, primarily sourcing aluminum ingots and recycled aluminum based on market prices and long-term agreements with suppliers [8] Group 4 - The company is committed to sustainable development and innovation, focusing on high-value-added products in sectors such as new energy and lightweight materials for vehicles [6][84] - The company aims to enhance its competitive edge by maintaining sufficient operational funds, which helps reduce financial costs [20][84] - The company is actively engaging with shareholders, particularly minority shareholders, to gather feedback on dividend policies and ensure transparency [85][86]

Summary of Conference Call Notes Company and Industry Overview - The conference call primarily discusses the steel industry, focusing on a specific company, which appears to be a leading player in the sector, referred to as "南钢" (Nangang) [1][3][12]. Key Points and Arguments Economic Outlook - The IMF projects a global economic growth rate of 3.2% for 2024, a slowdown from 4.3% in 2023, while China's GDP is expected to grow by 5% [2]. - Global crude steel production is forecasted at 1.883 billion tons in 2024, with China's output at 1.005 billion tons, reflecting a year-on-year increase of 1.7% [2]. Company Performance - The company reported total assets of 69.1 billion yuan, a decrease of 5.5%, with sales of 61.8 billion yuan, down 17.7%. Net profit was 2.192 billion yuan, with earnings per share (EPS) of 0.37 yuan, up 6.38% [3]. - The company has maintained a strong operational efficiency despite market pressures, achieving a production capacity of 10 million tons annually [1][3]. Product and Market Development - The company has received multiple awards for technological advancements, including high-strength steel and applications in various sectors such as renewable energy, shipbuilding, and automotive [4]. - The sales distribution across sectors includes 17.21% for new energy equipment, 19.42% for shipbuilding, and 15.22% for rail transportation [4]. Financial Strategy and Dividends - The company has a consistent dividend policy, maintaining a payout ratio of 50% for 2024, with plans for similar distributions in the future [12][14]. - Cash flow remains strong, with a reported cash inflow of 3.2 billion yuan for 2024, supported by effective inventory management [17]. Challenges and Risks - The company faces challenges from trade protectionism and fluctuating demand in the steel market, particularly in construction and manufacturing sectors [11][21]. - Export dynamics are affected by increased tariffs, particularly from the U.S., but the company has managed to mitigate these impacts due to its focus on specialty steel products [18][19]. Environmental and ESG Initiatives - The company has completed significant emissions reduction projects and is recognized as a leader in environmental practices within the industry [7][10]. - It has achieved various certifications for its products, emphasizing sustainability and compliance with international standards [8]. Future Outlook - The company aims to enhance its product mix towards high-end materials, with a target production increase to 9.9 million tons in 2024 [34]. - There is a focus on maintaining competitive advantages through innovation and differentiation in product offerings [40][41]. Additional Important Content - The company has developed a comprehensive strategy to integrate advanced materials into its production processes, aiming for a higher gross margin from these products [30][31]. - The management emphasizes the importance of adapting to market changes and customer needs, indicating a proactive approach to maintaining market share and profitability [39][40]. This summary encapsulates the key discussions and insights from the conference call, highlighting the company's performance, market conditions, and strategic initiatives within the steel industry.

面对市场对短期波动的担忧，国雄资本选择坚守长期主义。"我们维持持有策略，聚焦低估值潜力品种。科技自主绝非短期主题，而是未来5- 10年驱动A股的核心动能。"姚尚坤表示，团队已深入研究逾200家细分领域公司，重点挖掘具备全球竞争力的高端制造企业。今年一季度，国 雄资本凭借对AI赛道的提前布局，平均收益率超50%，验证了其前瞻性。 姚尚坤介绍，目前公司投研团队已形成"产业研判+价值挖掘"双轮驱动模式，持续跟踪技术迭代与商业落地进展。他指出，在贸易摩擦常态化 背景下，科技自主主线将持续获得政策与资本双重加持。国雄资本的策略体现了专业机构在结构性机会中的前瞻布局能力——通过提前布局产 业变革拐点，在波动中锁定超额收益。随着AI应用加速向制造、消费等领域渗透，具备核心技术壁垒的龙头企业有望开启新一轮增长周期。 （陈十一） 尽管4月以来外部环境不确定性增加，AI应用板块出现回调，但国雄资本有限公司董事长姚尚坤认为，AI应用、高端制造等赛道正迎来战略布 局窗口期。"中国坐拥全球最大的工程师红利和工业应用场景，从DeepSeek月活用户突破千万到宇树机器人全球出货量超万台，都印证了本土 创新的爆发力。"他强调，当前AI技术渗 ...