村级"一肩挑"人员是带领村民致富、引领乡村治理的"领头雁"。贵州省纪检监察机关坚持靶向施策，提 升监督能力，强化对村干部特别是"一肩挑"人员的监督管理，督促其规范行权、廉洁履职，推进全面从 严治党向基层延伸、小微权力规范运行。 该省纪检监察机关围绕村干部职能职责，聚焦村（社区）党组织作用发挥、村级"三资"管理和民生保障 等重点工作，着重从财务管理、项目建设、资产资源收益管理、小微权力运行、干部作风转变等方面入 手，精准监督、靶向纠治。持续推动各市（州）、县（市、区）纪委监委采取提级监督的方式，加强对 规模较大、资源资产富集、集体资金较多、信访量较大的村（社区）党组织书记、村（居）委会主任监 督。同时，加强与省农业农村厅的沟通协调，通过"室组地""室地""组地"等方式开展联动监督，推动对 清产核资、经营管理、资产处置等方面存在的突出问题开展整治。 健全监督体系、整合监督力量，提升基层监督能力。贵州省纪委监委协助省委制定出台实施意见，加强 乡镇（街道）纪检监察组织建设，加强人员力量配备，选优配强村级党组织纪委书记（纪检委员），并 按规定推动担任村（居）务监督委员会主任，把监督触角向基层延伸。同时，针对基层监督力量 ...

Industry Overview - China's zinc concentrate production has shown a decline overall, stabilizing around 3.5 million tons since 2020. In 2023, domestic zinc concentrate production reached 3.69 million tons, a year-on-year increase of 11%. However, in 2024, production is expected to decrease to 3.4688 million tons, a year-on-year decline of 6.12% [1][10] - The supply situation for zinc ore in 2024 is significantly below expectations due to adjustments in mining plans, declining ore grades, and weather conditions. Advances in exploration technology, such as deep exploration techniques, are expected to uncover more zinc resources, providing a resource base for increased zinc concentrate production [1][10] Industry Chain Definition and Classification - The zinc mining industry encompasses a complete system from resource exploration to end-product application. The upstream focuses on exploration and mining, the midstream is dedicated to smelting and processing, and the downstream involves the application and recycling of zinc products across various industries [3] Development History - The development of China's zinc mining industry has gone through three stages: initial establishment, rapid growth, and integration upgrade. Initially, the industry was weak and relied on imports, but it gradually achieved self-sufficiency. After the reform and opening up, the industry experienced rapid growth with significant improvements in mining and smelting technologies. In the 21st century, the industry began to integrate and upgrade, focusing on technological innovation and resource recycling [5][6] Current Development Status - China is one of the world's major zinc resource countries, with proven zinc reserves ranking among the top globally. As of 2023, China's zinc reserves reached 59.9271 million tons, with significant concentrations in regions such as Inner Mongolia, Yunnan, and Qinghai [8][12] Key Enterprises Analysis - The competitive landscape of China's zinc mining industry is diverse and intense. Key players include: - Chihong Zn & Ge Co., Ltd., which has a complete industry chain and leading technology in zinc mining and processing [14][16] - Zhongjin Lingnan Nonfemet Company, which has a strong resource reserve and comprehensive industry chain layout [14][16] - Luoping Zinc & Electricity Co., Ltd., focusing on high-quality zinc smelting and processing [14][16] - Zijin Mining Group, a global mining giant with advanced technology and a global business network [14][16] Future Development Trends - Intelligent mining and ore selection are becoming important trends in the zinc mining industry, utilizing advanced technologies such as big data and AI to optimize mining processes [20] - The development of green smelting technology is crucial for sustainable development, focusing on energy conservation and resource recycling [21][22] - Extending the industry chain and enhancing product added value are key directions for transformation and upgrading, allowing companies to diversify and improve profitability [23]

Core Viewpoint - Puer City, known as the "Coffee Capital of China," is leveraging its unique natural conditions and rich coffee culture to enhance the entire coffee industry chain, contributing to rural revitalization [1][3]. Group 1: Industry Overview - Puer City has a coffee plantation area of 680,000 acres, with 250,000 coffee farmers and over 250 coffee shops, making it the largest coffee production area in China [3]. - The city is focusing on multiple aspects of the coffee industry, including cultivation, processing, and consumption, to improve the quality and efficiency of Puer coffee [3]. Group 2: Cultivation and Processing Innovations - Puer is promoting ecological coffee garden construction to enhance coffee quality, utilizing intercropping with trees to provide shade and pest control [3]. - The introduction of automated processing lines in local coffee companies is increasing production efficiency and product quality [3]. Group 3: Consumer Experience and Product Diversification - Puer is integrating coffee with tourism by establishing over 20 boutique coffee estates and creating coffee-themed parks and streets to enhance immersive experiences [3]. - The city is innovating in the coffee product line by developing unique coffee derivatives, such as yarn made from coffee grounds, which has gained market popularity [4][6]. Group 4: Future Projections and Branding Efforts - For the 2024-2025 coffee season, Puer's coffee bean production is projected to reach 85,000 tons, with a premium bean rate of 36.3% [6]. - Recent initiatives include global project solicitations and logo design competitions to enhance the brand image of Puer coffee [6].

Core Viewpoint - Chinese automotive and battery companies are actively expanding into overseas battery recycling markets, forming strategic partnerships to establish a global recycling and after-sales service network [2][3][8]. Group 1: Strategic Partnerships - Guoxuan High-Tech and JinJing New Energy have formed a strategic partnership to build a battery recycling and after-sales service system, aiming to establish 100 service points globally [2][3]. - Huayou Recycling has signed a memorandum of understanding with France's Suez to explore battery recycling cooperation in Europe, indicating a trend of international collaboration in this sector [4][8]. Group 2: Market Expansion - Companies like BYD and Guoxuan High-Tech are entering the overseas battery recycling market, with BYD signing a three-year exclusive recycling agreement in Australia [6][8]. - The global market for battery recycling is expected to grow significantly, with projections indicating that by 2030, the European battery market could reach hundreds of billions of euros [11]. Group 3: Technological and Regulatory Challenges - The EU's new battery regulations impose strict requirements on battery manufacturers, including extended producer responsibility and high recovery rates for key metals [16][17]. - Chinese companies face challenges in logistics efficiency and high transportation costs when operating overseas, which can impact recovery efficiency and overall costs [12][16]. Group 4: Future Outlook - The increasing demand for battery recycling is driven by the growing number of electric vehicles, with predictions of significant volumes of retired batteries in the coming years [11][12]. - The establishment of a robust recycling network and compliance with international regulations will be crucial for Chinese companies to succeed in the global battery recycling market [20][21].

丨证券研究报告丨 公司研究丨点评报告丨海信家电（000921.SZ） [Table_Title] 季度营收延续增长，业绩实现大幅提升 报告要点 [Table_Summary] 2025 年第一季度公司实现营业收入 248.38 亿元，同比增长 5.76%，实现归母净利润 11.27 亿 元，同比增长 14.89%，实现扣非归母净利润 10.08 亿元，同比增长 20.27%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 海信家电（000921.SZ） cjzqdt11111 [Table_Title2] 季度营收延续增长，业绩实现大幅提升 [Table_Summary2] 事件描述 公司发布 2025 年一季报：2025 年第一季度公司实现营业收入 248.38 亿元，同比增长 5.76%， 实现归母净利润 11.27 亿元，同比增长 14.89%，实现扣非归母净利润 10.08 亿元，同比增长 20.27%。 事件评论 风险提示 1、宏观经济波动 ...

Group 1 - Li Ziqi's appearance at the 2025 CCTV Spring Festival Gala highlighted the popularity of peony porcelain accessories, which combine traditional craftsmanship with modern aesthetics [1] - The peony porcelain products, including rings, earrings, bracelets, and hair accessories, have become a popular representation of "Guochao" culture, appealing to younger consumers [1] - The production of peony porcelain reached nearly 70,000 pieces last year, showcasing the growth of this traditional craft [2] Group 2 - The peony porcelain gained international recognition as a "national gift" during the China-ASEAN Expo, featuring a stunning plate that symbolizes the beauty of Eastern aesthetics [2] - The development of peony pastries has evolved, with a new "pure peony" recipe achieved in 2023, enhancing the product's quality and appeal [3] - The extended product line of peony-related items, including paintings, pastries, and teas, has led to an annual output value exceeding 60 million yuan, demonstrating the economic potential of this industry [4]

Industry Overview - Sturgeon (Acipenseriformes) is a group of bony fish known for its large size and long lifespan, with a history of over 200 million years, often referred to as "living fossils" [2][5] - China has become the world's largest sturgeon farming country, with production increasing from 10,900 tons in 2003 to 149,400 tons in 2023, accounting for over 85% of global sturgeon farming [1][9] - The domestic sturgeon farming industry is expected to exceed 150,000 tons in 2024, driven by technological advancements and market demand [1] Production and Technology - The sturgeon farming industry in China has developed a complete industrial chain from breeding to processing, with significant advancements in breeding technologies such as hybrid breeding and genome selection [5][18] - Various farming methods are employed, including pond farming, flow-through systems, and recirculating aquaculture systems, tailored to local conditions [3][5] - The introduction of the new sturgeon variety "Jinglong No. 1" in September 2023 marks a significant milestone in the industry [1] Regional Distribution - The sturgeon industry in China is highly concentrated in regions such as Guizhou, Yunnan, Hubei, and Shandong, which together account for over 60% of national production [9][18] - Guizhou has emerged as the leading province in sturgeon production, surpassing Yunnan in 2023, with production growth rates of 24.2% and 72.5% for Guizhou and Hubei, respectively [9] Export and Import Dynamics - China's sturgeon production fully meets domestic demand, leading to an increase in export volumes while reducing import needs [11] - In 2024, sturgeon exports reached 342,432 kilograms, a year-on-year increase of 24.14%, with a total export value of $9.8 billion, up 18.5% [11] - The export market is diverse, with significant shares going to the United States, Germany, Belgium, France, and Japan, accounting for 68.53% of total exports [11] Competitive Landscape - The sturgeon industry is characterized by a diverse competitive landscape, with key players like Xunlong Technology and Sichuan Runzhao Aquaculture leading the market [13][14] - Companies are increasingly focusing on technological innovation and ecological farming practices to enhance product quality and expand market reach [13][16] Development Trends - The sturgeon farming industry is experiencing continuous expansion and regional concentration, with a shift towards larger-scale cold-water farming systems [18] - The industry is moving towards high-value transformation, with a focus on deep processing of sturgeon products, including caviar and health supplements [20] - Technological innovations, such as gene editing and smart farming systems, are expected to drive industry upgrades and improve sustainability [21]

主要产品产销量提升，助力营收实现增长 事件 闰土股份发布2024 年度业绩报告：2024 全年实现营业总收入56.95 亿元，同比+1.91%；实现归母净利 润2.13 亿元，同比+366.42%。其中2024Q4 单季度实现营业收入16.23 亿元，同比+17.98%、环比 +17.36%，实现归母净利润0.63 亿元，同比+210.97%、环比+34.91%。 2024 年公司主要产品染料价格下降，但得益于主要产品销售规模的扩大和市场份额的增加，公司营业 收入仍实现增长。 分产品产销情况来看，2024 年公司染料产量为19.37 万吨，同比+4.61%，销量为19.01 万吨，同比 +8.61%；助剂产量为3.49 万吨， 同比+28.61% ， 销量为3.51 万吨， 同比+22.33%；其他化工原料产量 为94.59 万吨，同比+5.34%，销量为94.92 万吨，同比+5.49%。 财务费用率上升，主因利息收入减少 期间费用方面，公司2024 年销售/管理/财务/研发费用率分别同比-0.17/-2.10/+0.33/+0.30pct，其中财务费 用率上升主因利息收入减少。研发方面，公司将加强研发以延 ...

4 月，全球资本市场因太平洋彼岸朝令夕改的关税政策而坠入过山车模式， 在 未来全球贸易前景不定和经济增长放缓的多重压力下，低风险、高分 红投资标的，成为了投资者心中的"白月光"。 4 月 27 日，格力电器正式发布 2024 年度报告。数据显示， 2024 年全年实现营业总收入 1900.38 亿元，归母净利润 321.85 亿元，同比增长 10.91% ，盈利能力持续提升。 与此同时，格力电器公布了 2024 年度分红政策，拟向全体股东每 10 股派发现金红利 20 元，持续稳定地回馈投资人，再次显示出一家优质企业的 分红能力和"低风险、高回报"本色标签。 更难能可贵的是，其财报显示出来的盈利增长模式，更让不安与内卷的国内市场，看到了突围的希望。 01 告别内卷式的规模增长，格力树立可持续发展范本 格力电器 2024 年度财报一经发布，就引发市场关注。市场的焦点无一例外都聚焦在这份财报的一个亮点上：营收下降而利润却在增长。 财报显示格力电器 2024 年营收从 2023 年的 2039.79 亿元，下降 148.16 亿，至 1900.38 亿元，利润则从 290.17 亿元，增长 31.67 亿元，至 3 ...

淮北矿业（600985.SH）2025 年一季报点评 业绩超预期，中长期成长性充足 2025 年 04 月 30 日 ➢ 事件：2025 年 4 月 29 日，公司发布 2025 年一季报。2025 年一季度，公 司实现营业收入 105.67 亿元，同比下降 39.0%；归母净利润 6.92 亿元，同比下 降 56.5%；扣非归母净利润 6.74 亿元，同比下降 57.0%。 ➢ 25Q1 期间费率同比抬升。25Q1 公司四费同比减少 1.49 亿元，四费费率 同比上升 3.4pct ，其中销售 / 管 理 / 研 发 / 财 务 费 用 费 率 分 别 同 比 +0.2/+2.1/+0.9/+0.2pct。 ➢ 25Q1 煤炭量价双降，成本降幅不及售价致毛利率受损。2025 年一季度， 公司商品煤产量 430.80 万吨，同环比-17.7%/-11.8%；商品煤销量 297.20 万 吨，同环比-26.2%/-14.8%；吨煤售价 937.8 元/吨，同环比-20.3%/-10.8%； 吨煤成本 519.9 元/吨，同环比-12.3%/-3.4%；吨煤毛利 417.9 元/吨，同环比- 28.4%/-18. ...