上天天基金APP搜索【777】领 98 元券包 ，优选基金10元起投！限量发放！先到先得！ 一大批A股公司业绩暴增！ 上市公司一季报正在密集披露中。截至4月29日20：50，两市又有近1000家上市公司披露一季报。其中，不少 公司业绩大幅增长。 有研新材 一季报显示，公司一季度营收为18.4亿元，同比下降18.67%；净利润为6738万元，同比增长 14698%。公司净利润增长主要是报告期子公司有研亿金和控股子公司有研稀土净利润增加。其中，有研亿金 净利润同比增加67%；有研稀土净利润同比减亏64%。 北方稀土 的业绩也实现大幅增长。公告显示，一季度实现营业收入92.87亿元，同比增长61.19%；净利润4.31 亿元，同比增长727.3%。报告期内，公司以镨钕产品为代表的主要稀土产品一季度均价同比升高，原料成本 同比降低，毛利同比增加。 新黄浦公告， 一季度营业收入为2.32亿元，同比增长47.75%；净利润为7759万元，同比增长2123%。公司净利 润增长主要为报告期内投资收益增加所致。 4月29日晚间，又有不少公司披露了不错的业绩。一季度净利润方面，有研新材同比暴增14698%，新黄浦同比 增长212 ...

Group 1: US Market Signals - The Dow Jones has experienced six consecutive days of gains, but underlying issues such as Microchip's poor performance indicate a valuation crisis in tech stocks, with server inventory turnover days rising to 92 days and a significant 18% reduction in orders due to delayed customer pickups [2] - Consumer confidence index has fallen below pandemic lows, with median disposable income decreasing by 4.2%, raising concerns that this data is more alarming than the Federal Reserve's interest rate hikes [2] Group 2: A-Share Market Dynamics - Kweichow Moutai reported contrasting results, with the price of its flagship product falling below 2500 yuan, while its series of wines achieved over 10 billion yuan in quarterly revenue, indicating a trend of high-end consumption downgrade and the emergence of the light luxury market as a new opportunity [3] - Vanke's impressive repayment rate of over 100% is misleading, as it relies heavily on asset disposals, having sold over 20 billion yuan in commercial real estate in three months, a common survival strategy among real estate companies [3] Group 3: Energy Sector Developments - The Three Gorges Group's Yangjiang project has successfully connected to the grid, becoming the world's first offshore photovoltaic power station in a typhoon zone, exceeding expected output by 15% under 12-level wind conditions, creating a market space of 240 billion yuan [4] - Beneficiaries of this technological breakthrough are not the component manufacturers but rather the corrosion-resistant support structures and flexible cables, with orders for the latter extending to 2026 [4] Group 4: Investment Strategies - Position management suggests reducing total holdings to 50%, with 20% allocated to Changjiang Electric (4.3% dividend yield and dual drivers from flood control and power generation) and China Shenhua (lowest pithead coal cost in the industry) [5] - Identifying undervalued opportunities includes semiconductor equipment leader AMEC, which secured a major order of 12 etching machines from Yangtze Memory Technologies, and SMIC, which is trading at a 32% discount on Hong Kong stocks [5] - A hedging strategy includes a 3% allocation to a gold ETF (Shandong Gold trading at a 38% discount in Hong Kong compared to A-shares) and a 2% allocation to a dollar-denominated money market fund [5] Group 5: Key Observations for May - The MLF operation on May 15 could lead to a valuation recovery in the consumer sector if interest rates are cut by more than 10 basis points [6] - The LPR quote on May 20, particularly a reduction in the 5-year rate, is expected to stimulate the home appliance and building materials sectors [6] - The Federal Reserve's minutes on May 23 will be closely monitored for indications of a "slower balance sheet reduction," which may present buying opportunities in tech stocks [6]

一大批A股公司业绩暴增！ 上市公司一季报正在密集披露中。截至4月29日20：50，两市又有近1000家上市公司披露一季报。其中，不少 公司业绩大幅增长。 有研新材 一季报显示，公司一季度营收为18.4亿元，同比下降18.67%；净利润为6738万元，同比增长 14698%。公司净利润增长主要是报告期子公司有研亿金和控股子公司有研稀土净利润增加。其中，有研亿金 净利润同比增加67%；有研稀土净利润同比减亏64%。 北方稀土 的业绩也实现大幅增长。公告显示，一季度实现营业收入92.87亿元，同比增长61.19%；净利润4.31 亿元，同比增长727.3%。报告期内，公司以镨钕产品为代表的主要稀土产品一季度均价同比升高，原料成本 同比降低，毛利同比增加。 新黄浦公告， 一季度营业收入为2.32亿元，同比增长47.75%；净利润为7759万元，同比增长2123%。公司净利 润增长主要为报告期内投资收益增加所致。 4月29日晚间，又有不少公司披露了不错的业绩。一季度净利润方面，有研新材同比暴增14698%，新黄浦同比 增长2123%，中船防务同比增长1099.85%，北方稀土同比增长727.3%，国泰海通同比增长391 ...

Group 1: Company Performance and Financials - The company achieved a revenue of 959,848,668.68 CNY in Q1 2025, representing a year-on-year growth of 27.89% [8] - The net profit attributable to shareholders for the same period was 116,773,485.23 CNY, showing an increase of 83.60% compared to the previous year [8] - The company’s revenue growth in 2024 was 104.56%, primarily driven by drilling equipment, which accounted for 62.84% of total revenue [22] Group 2: Market Trends and Industry Outlook - The global PCB industry is expected to grow by 6.8% in 2025, with a compound annual growth rate (CAGR) of 5.2% projected from 2024 to 2029 [19] - The demand for PCB products is increasing due to advancements in AI, 5G technology, and the recovery of consumer electronics [7][22] - The company is focusing on high-tech products such as high-layer boards and IC packaging substrates to meet market demands [15] Group 3: Strategic Initiatives and Future Plans - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its capital base [13] - There is an emphasis on expanding into Southeast Asian markets, leveraging partnerships with local clients to adapt to regional supply chain dynamics [11][16] - The company is committed to developing energy-efficient PCB equipment in response to green manufacturing demands [6] Group 4: Customer Base and Market Position - The company serves 80% of the top 100 global PCB companies and has established relationships with numerous domestic and international clients [4] - It ranks first in the CPCA Top 100 list for specialized equipment for 15 consecutive years, indicating a strong market position [18] Group 5: Challenges and Responses - The company acknowledges the impact of stock price decline since its IPO, with a 40% drop from the issue price, and is focused on improving operational management [3] - In response to raw material supply challenges, the company is enhancing its procurement strategies and building relationships with key suppliers [10]

Market Overview - The A-share market experienced fluctuations with the Shanghai Composite Index closing at 3288.41, down 0.20% [2] - The total market capitalization of the Shanghai Composite Index is 6344.43 billion, with a PE ratio of 11.70 and a PB ratio of 1.22 [3] - The overall market sentiment is cautious, with a significant number of stocks declining [10] Economic Policies - The central bank will continue to implement a moderately loose monetary policy to support the real economy [15][16] - Measures to stabilize employment and promote high-quality economic development are set to be introduced [17][18] - The central bank conducted a 279 billion 7-day reverse repurchase operation, injecting liquidity into the market [19] Industry Dynamics - The engineering machinery export maintained growth momentum in Q1 2025, with total exports reaching 13.61 billion USD, up 7.6% year-on-year [27][28] - The export of excavators saw a significant increase, with a total of 2.34 billion USD, up 21.4% year-on-year [28] - The industrial vehicle sector experienced a slight decline in exports, totaling 2.06 billion USD, down 1.3% year-on-year [29] Company Performance - Keda Li (002850.SZ) reported a Q1 2025 net profit of 387 million, up 25.51% year-on-year, with revenue of 3.022 billion, reflecting a 20.46% increase [34][35] - Jin Lei Co., Ltd. (300443.SZ) achieved a net profit of 55.91 million in Q1 2025, up 91.2% year-on-year, with revenue of 505 million, up 97.5% [36] - Qingsong Co., Ltd. (300132.SZ) turned a profit with a net profit of 54.68 million in 2024, compared to a loss in the previous year [38] - Hualing Cable (001208.SZ) reported a net profit of 28 million in Q1 2025, up 101.34% year-on-year, driven by improved gross margins [46] Investment Opportunities - The banking sector is highlighted as a defensive investment due to its stable dividend yields amid market volatility [10][11] - The energy sector, particularly electric power, is expected to see increased demand as summer approaches, presenting potential investment opportunities [11] - Companies in the AI industry chain and those benefiting from domestic consumption expansion are recommended for long-term investment [11]

2、 《 煤价跌倒，火电吃饱 》摘要 ■ 今年4月21日，国务院新闻办公室举行的发布会再度提到"游戏"行业，这标志着游戏行业再次被纳 ■ 经济增速不如预期，但用电增速已在3月得到改善，表明用电量进入底部区域，市场对用电量的负 面预期已大幅钝化。 ■ 发改委和能源局发布了煤电升级专项行动方案，推动煤电机组改造升级，增强灵活调节能力，预计 煤电在现货市场中的表现将大幅提升。 ■ 煤价下跌对火电企业构成明显利好，尽管电价有所下调，但电价下跌幅度远小于煤价带来的成本降 低，火电企业的盈利能力因此得到提升。 ■ 预计到2027年，AI产业链的用电量将达到三峡水电站全年的发电量，这为电力需求提供了强劲的增 长动力。 ■ 随着煤价下跌，火电企业的成本降低，股息率有望提升，特别是对于一些高股息的火电企业（如华 电国际、华能国际等），将吸引更多的长线资金。 ■ 尽管绿电板块普遍回调，但部分优质绿电PE仍具备较好的底部价值，A股和港股的部分绿电公司如 龙源电力H、中闽能源具有不错的投资潜力。 ■ 由于煤价下跌，火电企业股息率有望提升，投资者可以关注股息率较高的火电公司，如华电国际 （H股25E股息率6.5%）、华能国际（H股股息 ...

邮箱： XUBYUN372@pingan.com.cn 2025年4月28日 请务必阅读正文后免责条款 证券研究报告 受益于"国补政策" ，25Q1中国智能手机 市场出货量正增长 电子行业 强于大市（维持） 平安证券研究所 电子团队 分析师： 徐碧云 S1060523070002（证券投资咨询） 行业动态 "国补"叠加春节旺季，推动中国手机市场开年延续同比增长趋势 2020年1月10日 根据IDC报告，2025年第一季度，中国智能手机市场出货量在"国补"政策叠加春节销售旺季的共同推动下，同比增长3.3%，达到7160万 部，延续了过去五个季度的增长趋势，Android市场中更多价位段的产品可以进入到"国补"行列中，因此市场表现相对更好，同比增长 5.3%；iOS市场第一季度同比下降9.0%。 核心摘要 风险提示： 1）供应链风险上升。2）市场需求可能不及预期。3）国产替代不及预期。 行业要闻及简评： 1）根据IDC报告，2025Q1，中国智能手机市场出货量在"国补"政策叠加春节销售旺季的共同推动下 ，同比增长3.3%，达到7160万部，延续了过去五个季度的增长趋势；2）根据IDC报告，2025Q1中国折叠屏手 ...

Core Viewpoint - The semiconductor industry in China is expected to accelerate domestic substitution due to new customs regulations regarding the origin of integrated circuits, which will recognize the wafer fabrication location as the origin for import declaration [1][5]. Market Overview - From April 8 to April 22, 2025, the CSI 300 Index increased by 5.42%, while the Shenwan Electronics Index rose by 4.06%, ranking 29th among Shenwan's primary industry indices [2]. - The global semiconductor sales reached $54.92 billion in February, showing a year-on-year increase of 19.0% but a month-on-month decrease of 2.8% [2]. - China's semiconductor sales in February amounted to $15.06 billion, reflecting a year-on-year growth of 6.6% and a month-on-month decline of 3.2% [2]. Storage Industry Insights - The DRAM market is entering a new price increase cycle, with average spot prices for DDR3, DDR4, and DDR5 rising by 1.15%, 2.25%, and 2.81% week-on-week as of April 22, 2025 [3]. - NAND product prices for 256GB and 512GB SSDs remained stable week-on-week, but year-to-date prices increased by 11.84% and 11.45%, respectively [3]. - Major storage manufacturers, including SanDisk, plan to raise product prices due to recovering demand driven by AI and smart terminals [3]. End-user Demand Trends - In February 2025, domestic smartphone shipments reached 19.66 million units, a year-on-year increase of 37.9% [4]. - In March 2025, China's automobile sales totaled 2.92 million units, up 8.2% year-on-year, with new energy vehicle sales growing by 40.1% [4]. - Global PC shipments in Q1 2025 were 58.95 million units, reflecting a year-on-year increase of 4.8% [4]. Industry Events - The China Semiconductor Industry Association announced new customs regulations on April 11, 2025, which will impact the import declaration of integrated circuits [5]. - NVIDIA's H20 GPU has been banned from export to China and Israel without a license, as per U.S. government regulations [5]. - TrendForce predicts that the contract prices for memory chips will see an expanded increase in Q2 2025 due to changes in supply and demand strategies [5]. Investment Recommendations - The electronic industry is rated as "outperforming the market," with a focus on AI-related companies, domestic substitution in semiconductor equipment, and potential price increases in the storage sector [6].

Core Insights - The Shanghai Stock Exchange Science and Technology Innovation Board Composite Index (000680) has shown a slight increase of 0.08% as of April 28, 2025, with notable gains in constituent stocks such as Deep Science and Technology (688328) up by 16.51% and Link Measurement Technology (688113) up by 8.90% [3] Market Performance - The Huaxia Science and Technology Innovation Index ETF (589000) experienced a trading volume of 61.31 million yuan with a turnover rate of 1.83% [3] - The ETF's average daily trading volume over the past week reached 214 million yuan, ranking it first among comparable funds [3] - The latest scale of the Huaxia ETF reached 3.372 billion yuan, marking a new high since its inception and placing it in the top 1/12 of comparable funds [3] - The ETF's share count has also reached 3.640 billion shares, another record high since inception, maintaining its position in the top 1/12 of comparable funds [3] Fund Inflows - The Huaxia ETF has seen continuous net inflows over the past 12 days, with a peak single-day net inflow of 1.361 billion yuan, totaling 2.579 billion yuan in net inflows [3] Policy Insights - The Central Political Bureau meeting on April 25, 2025, discussed the current economic situation and proposed new structural monetary policy tools to support technological innovation, expand consumption, and stabilize foreign trade [3] - According to Zhongyin International, the market may experience a temporary slowdown in upward momentum following the meeting, but the downside risks remain manageable [3] - The current low valuation levels and favorable Q1 fundamental data are expected to support the market against significant downward risks, although future trends will depend on clearer policy releases or fundamental recovery expectations [3] Investment Strategy - The current investment focus is on domestic demand and self-sufficiency, which are identified as the two main lines of allocation [3] - Once the uncertainty surrounding tariffs stabilizes, profitability factors are expected to regain dominance in the market, potentially leading to a return to growth styles, with the AI industry chain likely becoming a focal point again [3]

Core Viewpoint - The article discusses the performance and recent developments of the Sci-Tech Innovation Board 100 Index and its corresponding ETF, highlighting market trends, liquidity, and upcoming events that may influence investment strategies [3][4][5]. Group 1: Index Performance - As of April 28, 2025, the Sci-Tech Innovation Board 100 Index rose by 0.84%, with notable individual stock performances such as Borui Pharmaceutical increasing by 9.51% and Pioneering Technology by 5.94% [3]. - The Sci-Tech 100 Index ETF (588030) increased by 0.63%, with a latest price of 0.96 yuan, and has shown a cumulative increase of 0.85% over the past week, ranking 3rd among comparable funds [3][4]. Group 2: Liquidity and Fund Flows - The Sci-Tech 100 Index ETF had a turnover rate of 1.56% during the trading session, with a transaction volume of 95.42 million yuan [3]. - Over the past week, the ETF's scale grew by 88.28 million yuan, ranking 2nd among comparable funds, and its shares increased by 19.8 million, also ranking 2nd [5]. - The latest net inflow for the ETF was 203 million yuan, with a total of 154 million yuan accumulated over the last five trading days [5]. Group 3: Market Outlook and Policy Impact - Following the recent Politburo meeting, short-term policy expectations may lead to a stabilization in market momentum, with a focus on domestic demand and self-sufficiency as key investment themes [4]. - The upcoming "Hot Industry Week" from April 28 to May 9, 2024, will feature collective performance briefings in high-interest sectors such as semiconductors, AI, and renewable energy [3][4]. Group 4: Fund Characteristics - The management fee for the Sci-Tech 100 Index ETF is 0.15%, and the custody fee is 0.05%, making it one of the lowest in its category [6]. - As of April 25, 2025, the ETF's tracking error over the past six months was 0.017%, indicating high tracking precision compared to similar funds [6]. Group 5: Top Holdings - The top ten weighted stocks in the Sci-Tech 100 Index include Hengxuan Technology (3.40%), Baiji Shenzhou (3.28%), and Ruichuang Micro-Nano (2.61%), collectively accounting for 23.76% of the index [6][8].