12月30日晚间，国投中鲁(600962)披露发行股份购买资产并募集配套资金暨关联交易报告书（草案）， 拟通过发行股份方式以60.26亿元收购中国电子工程设计院股份有限公司（简称"电子院"）100%股权， 并募集不超过17.26亿元配套资金，进军电子信息产业领域。 本次交易的标的资产电子院，是我国电子信息产业专业服务领域的领军企业，聚焦半导体、新型显示等 领域，提供产业化咨询、工艺设计、工厂建设、数字化服务等全生命周期综合服务。根据评估报告，以 2025年6月30日为基准日，电子院100%股份采用收益法评估的价值为60.26亿元，较母公司账面净资产 24.36亿元增值35.9亿元，增值率147.4%。 本次交易构成重大资产重组及关联交易，但不构成重组上市。交易前后，国投集团均为公司控股股东， 国务院国资委为实际控制人，公司控制权保持稳定。目前，交易已取得国务院国资委备案的资产评估报 告，尚需获得国务院国资委正式批准、公司股东会审议通过、上交所审核及中国证监会注册等多项程 序。 国投中鲁表示，本次交易是落实国家国企改革及提高上市公司质量政策的重要举措，通过注入电子信息 产业优质资产，公司将打造第二增长曲线，把握 ...

优化布局 引领国有资本精准投资 索普集团近十年来最大的产业项目——投资约32.3亿元的醋酸乙烯及EVA一体化项目在镇江经开区破土 动工；镇江城投集团运营的西津渡历史文化街区与现象级国风IP《剑网3》成功联动，三天吸引游客近 十万人次；多家市属国企相继摘得资本市场最高信用等级（AAA）评价，赢得广泛市场认可……"十四 五"以来，一幅以改革为笔、以主业为墨的壮阔画卷，正在镇江市属国有企业中全面铺开。 面对复杂多变的经济环境，镇江市国资委以刀刃向内的勇气重塑肌体，以聚焦实业的定力优化布局，在 转型升级的关键赛道上积蓄起澎湃的新动能。全市国有企业正以提升核心竞争力和增强核心功能为重 点，努力从传统的资产运营者向现代产业引领者和城市价值创造者转变，奋力在谱写"强富美高"新镇江 现代化建设新篇章中展现更大担当。 推动国有资本向关系城市安全、经济命脉和民生福祉的重要领域集中，是"十四五"以来镇江国资布局调 整的鲜明主线。通过系统性的顶层设计与主动作为，市属国企的发展路径从过去的分散布局转向了聚焦 主业的集约发展。 一场深刻的"主业重塑"行动在全市推开。镇江市国资委明确要求每家市属企业主业不超过3个，且必须 实现无交叉、无重 ...

金融服务实体能力显著增强。集团参与投资的长江能科在北交所成功上市，助力本土优质企业登陆 资本市场。新设的江苏镇江高端智能制造产业专项母基金、镇江战新私募基金管理公司正稳步推进，为 产业孵化埋下种子。深挖类金融牌照价值，灵活运用流贷、保理及并购贷等工具，进一步优化资金结 构。 改革破冰，激活"一池春水" 时至岁末，镇江国控集团交出亮眼成绩单：利润总额同比增长10.9%，新增融资票面成本同比下降 40BP，用工成本压降率6%以上……数字背后，是国控集团锐意改革、开拓进取的坚实足迹。 深化国企改革，是国控集团全年工作的主旋律。一份包含147项具体改革任务的"施工图"，至年 末，任务已基本"清零"。 动真碰硬，激发活力。国控集团全面推行经理层任期制和契约化管理，签约率达100%，由此责任 与激励更加明晰，治理结构进一步优化。制度改革刀刃向内：市场化用工引来26名新生力量，其中不乏 名校优生；灵活多样的激励工具让投资团队与股权投资项目实行利益共享责任共担。 深刻的治理变革同步进行。集团推动旗下30余家子企业完成监事会改革，取消监事会，强化董事会 责任，现代企业治理结构的"四梁八柱"更加稳固。持续推进子公司清理整合，使集 ...

Group 1: Anti-Competition Measures - The core focus of the 2025 economic work report is the comprehensive rectification of "involution-style" competition, emphasizing legal governance of low-price disorderly competition and guiding companies to enhance product quality [1] - The newly revised Anti-Unfair Competition Law and Price Law provide institutional support for the "anti-involution" initiative, which has shown positive results in various sectors including platform economy, automotive, photovoltaic, and power batteries [1][2] - The photovoltaic industry has seen the establishment of a "polysilicon capacity integration acquisition platform," and manufacturers of lithium iron phosphate cathode materials have collectively raised prices [1] Group 2: State-Owned Enterprise Reform - 2025 marks the concluding year of the deepening reform of state-owned enterprises, with significant progress reported by the State-owned Assets Supervision and Administration Commission [2] - The reform has led to a clearer strategic function, more standardized corporate governance, and more scientific and effective state asset supervision [2] Group 3: Private Economy Promotion Law - The "Private Economy Promotion Law," effective from May 20, 2025, is China's first foundational law specifically for the development of the private economy, establishing multiple systems to promote fair competition and protect rights [3] Group 4: Local Government Debt Resolution - The resolution of local government debt risks is progressing rapidly, with a plan to replace 10 trillion yuan of hidden debts over five years, achieving nearly 6 trillion yuan in debt replacement by the end of 2025 [4] - The balance of hidden local government debt is expected to drop from 14.3 trillion yuan at the end of 2023 to below 8 trillion yuan by 2025, with significant savings in interest expenses [4] Group 5: Special Long-Term Bonds - The issuance of special long-term bonds reached 1.3 trillion yuan in 2025, an increase of 300 billion yuan from 2024, with 800 billion yuan allocated to support major projects and 500 billion yuan for expanding consumption policies [5] - The bonds have gained favor among institutions, showcasing their advantages in long-term investment and resource allocation [5] Group 6: Consumption Promotion Initiatives - The "Consumption Promotion Special Action Plan" launched in March 2025 includes seven major actions aimed at increasing residents' income and improving consumption quality [6][7] - The plan emphasizes stable employment and reasonable growth of wage income, marking a shift towards demand-side policies [6] Group 7: Social Security Regulations - 2025 is a pivotal year for the social security system, with new regulations encouraging flexible employment and ensuring comprehensive coverage for all workers [8] Group 8: A-Share Market Performance - The Shanghai Composite Index reached 4,000 points for the first time in ten years, driven by a recovery in the technology sector and supported by state funds [8][9] - A-share trading volume exceeded 400 trillion yuan for the first time, with total market capitalization surpassing 100 trillion yuan [9] Group 9: Gold Price Surge - Gold prices experienced a historic rise, reaching a peak of 4,550 USD per ounce, with a year-to-date increase of 70% [10] - The surge is attributed to macroeconomic factors, geopolitical tensions, and significant purchases by central banks [10] Group 10: Innovation in AI and Robotics - The introduction of the "Innovation Growth Layer" on the Sci-Tech Innovation Board has accelerated the IPO process for unprofitable companies, marking a significant step in capital market support for technology innovation [11] - The robotics industry saw a surge in new orders, indicating a shift from concept to practical applications in 2025 [12] Group 11: Changes in the Food Delivery Industry - The food delivery sector underwent significant changes with the entry of new players like JD.com and the upgrade of Ele.me, leading to increased competition and consumer choice [13] Group 12: Challenges in the Animation Industry - The success of "Nezha 2" with a box office of 15.446 billion yuan highlights the rise of Chinese animation, but the industry still faces challenges in global recognition and talent shortages [14][15] Group 13: Regulatory Changes in the Charging Industry - A safety crisis in the charging industry led to the implementation of stringent new regulations, resulting in a significant reshaping of the market [16] Group 14: Automotive Industry Marketing Issues - The automotive market is facing intense competition and marketing irregularities, prompting regulatory responses to restore order and promote healthy industry growth [17]

证券之星消息，12月30日重庆国企改革板块较上一交易日下跌0.79%，重药控股领跌。当日上证指数报 收于3965.12，下跌0.0%。深证成指报收于13604.07，上涨0.49%。重庆国企改革板块个股涨跌见下表： 从资金流向上来看，当日重庆国企改革板块主力资金净流出6922.49万元，游资资金净流入434.33万元， 散户资金净流入6488.15万元。重庆国企改革板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Investment Rating - The report assigns a "Strong Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is positioned as a leader in the domestic engineering machinery sector, with a strategic goal to achieve revenue of 60 billion yuan by 2030, focusing on comprehensive solutions, full automation, and internationalization [7][29]. - The company has experienced a significant recovery in the domestic market, with a 21.5% year-on-year growth in excavator sales in the first three quarters of 2025, driven by infrastructure projects and equipment renewal policies [7][9]. - The mixed-ownership reform has revitalized the company's operational vitality, leading to a 52.9% year-on-year increase in net profit for 2024, indicating a shift towards high-quality growth [9][31]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 30,063 million, 34,258 million, 39,887 million, and 45,801 million yuan respectively, with year-on-year growth rates of 9.2%, 14.0%, 16.4%, and 14.8% [3]. - Net profit attributable to shareholders is forecasted to be 1,327 million, 1,627 million, 2,237 million, and 2,773 million yuan for the same years, with growth rates of 52.9%, 22.6%, 37.5%, and 24.0% [3]. - Earnings per share (EPS) are expected to be 0.65, 0.80, 1.10, and 1.36 yuan for 2024A, 2025E, 2026E, and 2027E respectively [3]. Business Overview - The company has established a comprehensive product system covering various machinery types, including excavators, loaders, and industrial vehicles, with a global presence in over 180 countries [14][16]. - The company has implemented a "three major growth curves" strategy, focusing on stabilizing its core earth-moving machinery business, accelerating growth in emerging sectors, and enhancing its international presence [7][29]. - The company is transitioning from a product-centric approach to a customer-centric model, providing integrated solutions that encompass the entire lifecycle of equipment [30]. Market Performance - The company has seen a significant increase in overseas revenue, which accounted for 46.9% of total revenue in the first half of 2025, serving as a stabilizing force against domestic market fluctuations [7][34]. - The company’s profitability has improved, with a gross margin stabilizing above 22% and a net margin increasing from 2.44% in 2022 to 4.93% in the first three quarters of 2025 [36]. Strategic Initiatives - The company has launched a convertible bond issuance to fund smart manufacturing and production upgrades, aiming to enhance operational efficiency and risk resilience [27]. - The mixed-ownership reform has led to a diversified shareholding structure, which is expected to facilitate further integration of resources and innovation [19][21]. Future Outlook - The company aims to achieve a revenue target of 60 billion yuan by 2030, with a focus on increasing the international revenue share to over 60% and improving net profit margins [29]. - The strategic emphasis on electric and high-margin products is expected to enhance competitiveness and profitability in the face of domestic price pressures [36].

Core Viewpoint - The company, Zhonghong Medical, is experiencing a decline in stock price and trading volume, while focusing on the development of innovative medical products and benefiting from the depreciation of the RMB [1][4]. Group 1: Company Overview - Zhonghong Medical specializes in the research, production, and sales of high-quality disposable protective gloves, including nitrile and PVC gloves, with a revenue composition of 89.48% from health protection products, 6.22% from safety infusion products, and 4.30% from innovative incubation products [9]. - The company was established on December 22, 2010, and went public on April 27, 2021, with its headquarters located in Tangshan, Hebei Province [9]. - As of September 30, 2025, the company reported a revenue of 1.864 billion yuan, a year-on-year increase of 1.38%, but a net profit loss of 7.21 million yuan, a decrease of 114.13% compared to the previous year [10]. Group 2: Market Position and Financials - The company has a significant international presence, with 81.56% of its revenue coming from overseas markets, benefiting from the depreciation of the RMB [4]. - The company operates under an ODM direct sales model, producing medical devices and consumables for overseas brand owners [3]. - As of September 30, 2025, the number of shareholders increased to 22,400, with an average of 17,531 circulating shares per person, a decrease of 10.11% from the previous period [10]. Group 3: Product Development and Innovations - The company is collaborating with Guilin University of Technology to develop a multi-layer nuclear radiation protective glove, which includes a chemical protective layer and a nuclear radiation protective layer [2]. - At the 12th Beijing Pet Expo, Zhonghong Medical showcased its veterinary infusion pumps, which feature IP34 waterproof design and dual CPU architecture, providing various infusion modes and safety features [2].

证券研究报告·行业深度报告·计算机 计算机行业深度报告 关注地方国企资本运作——国企改革和地方 增收的交汇点 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 12 月 30 日 证券分析师 王紫敬 执业证书：S0600521080005 021-60199781 wangzj@dwzq.com.cn 行业走势 -14% -10% -6% -2% 2% 6% 10% 14% 18% 22% 26% 2024/12/30 2025/4/30 2025/8/29 2025/12/28 计算机 沪深300 相关研究 《梳理 SpaceX 的 A 股供应商》 2025-12-29 《商业航天 还有哪 些事件 值得期 待？》 2025-12-21 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 ◼ 土地财政规模承压，盘活存量资产。地方财政收入来源一共"四本账"， 其中国有土地使用权出让收入一直是地方财政收入的重要来源，而 2022 年以来，土地财政收入规模承压，因此 2022 年开始，国家和地方都陆 续出台了各项政策和措施提升土地使用权出让以外的财政收入，路径 ...

行情回顾及主要观点： 港股方面，上周恒生港股通中国央企红利指数上涨0.52%，恒生指数上涨0.50%，恒生科技指数上涨 0.37%。A股方面，上周中证国企红利指数上涨0.31%，沪深300上涨1.97%。（数据来源：Wind，截至 2025/12/26，均为对应全收益指数的收益率） 中央企业负责人会议12月22日至23日在京召开。会议强调，央企要围绕增强核心功能、提升核心竞争 力，进一步深化改革、强化创新、优化结构，着力防范化解重大风险挑战，持续推动国有资本和国有企 业做强做优做大，更好发挥科技创新、产业控制、安全支撑作用，高质量完成好"十四五"规划目标任 务，为实现"十五五"良好开局打牢基础。 央企经营指标进一步优化。 "一利五率"经营指标体系总体稳定、个别优化，"一利"仍为利润总额， 用"营业收现率"替换"营业现金比率"，总要求是"一增一稳四提升"，即利润总额稳定增长，资产负债率 保持总体稳定，净资产收益率、研发经费投入强度、全员劳动生产率、营业收现率同比提升。央国企经 营考核指标体系不断优化，引导央国企提高经营效率，更加符合资本市场审美。 国企改革持续推进，国资央企的盈利能力较为稳健，其2025 年前三 ...

"科技创新突破卷"。 市属国企累计研发投入超200亿元，研发强度超4.5%，长期稳居全省第一；建成国 省级创新平台103个，培育国省级"专精特新"企业49户。 更有一批"硬核成果"惊艳亮相：长虹量子重力 仪、中玖FLASH放疗设备等达到国际领先水平，九洲航天线缆填补国内空白；华丰连接器、长虹电源 系统等走进神舟飞船、C919大飞机，让中国科技城的"金字招牌"更闪亮。 "国企改革深化卷"。 高质量完成国企改革三年行动和深化提升行动，改革成效获省国资委"优秀"评 价，九洲改革案例入选国务院国资委典型案例。 资本布局持续优化，整合同质化业务，组建现代种 业、低空经济等新兴产业企业。 资产证券化再提速，新增4家上市公司，市属国有控股上市公司增至9 户。 机制创新全面深化，"能上能下、能进能出、能增能减"的市场化机制落地生根，专业化、体系 化、法治化监管体系进一步健全，改革红利加速释放。 "民生服务暖心卷"。 市属国企在岗职工超10万人，"十四五"新增就业1.5万余人；燃气、水务集团服务 覆盖主城区60%、75%用户，稳稳兜住民生"基本盘"。 为7769户中小微企业减免房租2.75亿元，驰援武 汉、保供上海、援助西藏， ...