4月29日，A股早盘弱势震荡，截至9:40，沪指跌0.12%，深证成指跌0.26%，创业板指跌0.22%。 盘面上，钢铁板块继续强势，柳钢股份、广东明珠等涨停；算力产业链延续活跃，鸿博股份走出3连 板；CPO概念股反弹，博创科技20%涨停。下跌方面，电力股回调，旅游、白酒、半导体军工等板块涨 幅居前。 展望后市，东方证券表示，节后市场风格或转向成长，把握政策催化与一季度业绩确定性板块。 热门板块 钢铁板块继续强势，柳钢股份、广东明珠涨停，友发集团、八一钢铁、安阳钢铁跟涨。 点评：中信证券研报称，预计2025年是中国钢铁行业的拐点年份。2025年Q1有望成为钢铁行业长期业 绩拐点。当前在估值底部和产业即将持续利润再分配的阶段是钢铁行业的黄金配置时期。 机构观点 1、长城证券：后市依然建议关注红利板块，重视经济周期下大类资产价格规律 长城证券表示，4月重要会议的表述相对符合市场预期，仍是强调底线思维，但是"底线"中带有"增 量"的色彩，对于科技和消费的方面有较为重点的着墨。从资产配置的角度来说，依然建议关注红利板 块，重视经济周期下大类资产的价格规律，而科技板块中的半导体设备、AI芯片、光通信与服务器 等"硬科技 ...

A股算力租赁板块震荡走强，大位科技、鸿博股份双双涨停，天娱数科涨超7%，宏景科技、并行科 技、奥飞数据跟涨。 ...

Investment Rating - Industry rating is maintained at "Outperform" [5] Core Viewpoints - The report emphasizes a more proactive fiscal policy and a demand for stabilizing domestic consumption, with a focus on accelerating the issuance and utilization of local government special bonds and ultra-long-term special treasury bonds [2][13] - The construction sector is expected to benefit from improved infrastructure investment, particularly in the central and western regions of China, as well as from cyclical opportunities in related sectors [2][30] - The report highlights a recovery in operational rates and an increase in new orders from central and state-owned enterprises, indicating an upward trend in construction activity [20][24] Summary by Sections Fiscal Policy and Economic Outlook - The April 25 Politburo meeting stressed the need for more active macroeconomic policies, including the use of fiscal and monetary tools to support the real economy [2][13] - The meeting also indicated a commitment to stabilizing the real estate market and enhancing local government investment capabilities [13][15] Market Performance - The construction index rose by 0.56% during the week of April 21-25, outperforming the CSI 300 index by 0.16 percentage points [4][25] - Key stocks that performed well included Hanjia Design (+31%), Sanwei Chemical (+22%), and Meichen Technology (+16%) [25][30] Investment Recommendations - Focus on traditional construction blue-chip stocks and cyclical opportunities in infrastructure, particularly in water conservancy, railways, and aviation projects [30][31] - Recommendations include high-performing local state-owned enterprises such as Sichuan Road and Bridge, Zhejiang Communications, and Anhui Construction [30][31] - Attention is also drawn to emerging business directions such as computing power and cleanroom investments, as well as the semiconductor sector [32][33]

智通财经4月25日电，拓维信息封涨停，此前鸿博股份、天娱数科涨停，宏景科技、云赛智联、迈信 林、并行科技、铜牛信息、优刻得均涨超5%。 算力租赁概念持续拉升 拓维信息涨停 ...

Core Viewpoint - Hainan Huatie's financial performance for 2024 and Q1 2025 meets expectations, with a revenue increase of 16.4% year-on-year, but a decline in net profit due to competitive pressures in the high-altitude work platform sector [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 5.17 billion yuan, a year-on-year increase of 16.4%, and a net profit attributable to shareholders of 600 million yuan, a year-on-year decrease of 24.5% [1] - For Q1 2025, the company reported a net profit of 190 million yuan, a year-on-year increase of 21.7% [1] - The revenue breakdown shows that high-altitude work platform business generated 3.94 billion yuan, a year-on-year increase of 26.9%, while construction support equipment revenue was 1.13 billion yuan, a year-on-year decrease of 13.7% [1] Group 2: Operational Metrics - The company’s equipment inventory reached 168,000 units by the end of 2024, with an addition of 47,000 units compared to 2023, achieving a market share of 27.9%, an increase of 4.8 percentage points year-on-year [2] - The rental rate for 2024 was 81.67%, a year-on-year decrease of 3.64 percentage points, indicating pressure on demand but still maintaining industry-leading asset management efficiency [2] Group 3: Business Development - The company expanded its offline channels to 370 locations by the end of 2024, with 96 new outlets, and established a presence in South Korea with nearly 600 units of equipment [3] - Online business channels generated 1.7 billion yuan in revenue, a year-on-year increase of 29%, with 30,300 effective orders [3] - The company is exploring a multi-category operational strategy, focusing on forklifts and heavy-duty drones, with forklift rental rates increasing from 8% to 84% [3] Group 4: Growth Opportunities - The company has accelerated its computing power leasing business, signing service contracts worth 6.67 billion yuan by March 2025, with asset delivery exceeding 900 million yuan [4] - The computing power service contracts are billed monthly, and significant revenue growth is expected in the second half of 2025 as order deliveries accelerate [4] - Projected net profits for 2025-2027 are 840 million yuan, 990 million yuan, and 1.12 billion yuan, representing year-on-year growth rates of 39%, 18%, and 13% respectively [4]

Macro Strategy - The core impact of the recent reciprocal tariffs is on the existing global tariff and trade system rather than solely on China's exports, with the overall tariff rate on Chinese imports reaching 64.66% [18][19] - The new tariffs may lead to a GDP growth drag of approximately 1.5% for China, with a potential 31.5% decline in exports to the US [19] Fixed Income Analysis - The analysis indicates that the adjusted yield of bank assets can signal interest rate turning points, specifically when the adjusted yield of 3M interbank certificates rises to the level of corporate loan yields, indicating a potential downward turning point for interest rates [20][21] - The report highlights the importance of comparing yields between different asset classes to predict market movements [20] Industry Insights - In the engineering machinery sector, the direct export cost burden due to tariffs has increased to 79%, but the overall exposure to the US market is manageable for major players like SANY and XCMG, with their US exposure being relatively low [24] - Companies with manufacturing facilities in North America or Mexico are better positioned to mitigate tariff risks, with SANY and Hengli Hydraulic being notable examples [24]

Core Viewpoints - The short-term catalysts for the A-share market may diminish, while the upcoming April earnings season could enhance profit pricing power [1][5] - External demand may face downward pressure, but the fundamental landscape still supports long-term bonds [1][4] Equity Market - Zhongtai Securities focuses on small-cap technology stocks, suggesting that they may benefit from capital expenditures by leading firms and local investments, potentially releasing performance elasticity this year [3] - Guohai Securities believes that financial and technology sectors may benefit from index breakthroughs, with a strong recovery in policy, monetary, or fundamentals being necessary for sustained upward movement [4] - Huatai Bairui Fund anticipates an increase in profit pricing power as the market risk appetite recovers, with a focus on emerging growth assets and dividend cash flow sectors benefiting from declining interest rates [5] Macroeconomic and Fixed Income - Penghua Fund indicates that the domestic economy is in a weak recovery trend, with real estate still seeking a bottom and external trade policies potentially dragging down exports [17] - Boshi Fund asserts that the fundamental landscape supports long-term bonds, with slow recovery in real estate and potential downward pressure on external demand [18] - CICC suggests that long-term interest rates may experience narrow fluctuations due to recent liquidity easing and a stable economic environment [19] Asset Allocation - Guolian Minsheng Securities recommends a barbell strategy in a volatile market, focusing on sectors with reasonable valuations and strong fundamentals while avoiding high-risk speculative areas [21][22]

Core Viewpoints - The A-share market experienced slight adjustments on Tuesday, with the Shanghai Composite Index closing at 3369.98 points, unchanged from the previous day, while the Shenzhen Component Index fell by 0.43% and the ChiNext Index decreased by 0.33%. The total market turnover was 128.75 billion yuan, a decrease of 18.69 billion yuan from the previous day, with over 2700 stocks declining across the market. Sectors such as controllable nuclear fusion, chemicals, coal, and electricity saw the largest gains, while sectors like computing leasing, marine engineering equipment, and robotics faced the largest declines [2][7]. Important News - The Ministry of Commerce announced on March 25 that it will accelerate the implementation of various consumption expansion policies. The focus will be on upgrading products, expanding services, cultivating new types of consumption, and innovating consumption scenarios. With these measures in place, the overall consumption market is expected to continue a stable development trend this year [3][8]. - In the first two months of 2025, China's total foreign direct investment amounted to 159.62 billion yuan, a year-on-year decrease of 3.1% (approximately 22.24 billion USD, down 4.1%). Domestic investors made non-financial direct investments in 2799 overseas enterprises across 142 countries and regions, totaling 164.86 billion yuan, which represents a growth of 10.2% (approximately 22.97 billion USD, up 9.1%) [3][8].

Summary of Data Port Conference Call Company Overview - **Company**: Data Port - **Year**: 2024 - **Revenue**: 1.72 billion (17.2亿元), up 11.57% YoY [2][4] - **Profit**: 132 million (1.32亿元), up 7.49% YoY [2][4] - **Net Profit (Excluding Non-recurring Items)**: 127 million (1.27亿元), up 27% YoY [2][4] - **Data Center Capacity**: 371 MW, primarily 8,000 W cabinets [2][4] - **Customer Concentration**: Single customer accounts for 98% of revenue [2][4] Key Business Insights - **2025 Business Expansion Focus**: - Mergers and acquisitions of existing projects [5] - Purchase of land with completed energy consumption management [5] - Self-acquisition of land and application for energy evaluation and power filing [5] - **Financial Position**: Cash and trading financial assets around 1.6 to 1.7 billion (十六七亿元) [6] - **Expected Revenue from Langfang Project**: Anticipated to generate income in Q4 2025, with costs recognized earlier [6][10] Market Dynamics - **Industry Pricing Trends**: Market prices have been low since November 2022, with expectations of a potential recovery in the second half of 2025 [11] - **Supply and Demand Challenges**: Difficulty in achieving supply-demand balance due to mismatched data [12] - **Energy Consumption and Power Approval**: Tightening since H2 2021, with core cities still facing challenges [13] Operational Insights - **Current Project Utilization**: Average project utilization rate over 80%, meeting expectations [8] - **Langfang Project Details**: Pricing aligns with market averages, delivery schedule consistent with market standards [9] - **IRR Expectations**: Langfang project IRR initially expected at 10%, but industry conditions have led to a decline [11] Future Strategic Directions - **Focus on Wholesale Business**: Emphasis on large clients and bulk orders to achieve scale [15] - **Exploration of Computing and Intelligent Computing**: Plans to develop computing power leasing and related services [15] - **AI Data Center Conversion**: Challenges in converting old data centers to AI centers, with wholesale data centers being easier to modify [16] Emerging Trends - **Customer Demand Changes**: Increased scale and faster delivery requirements, with more dispersed bidding projects [19][20] - **Liquid Cooling Technology**: Adoption depends on necessity; usage varies by region [24] - **Domestic Equipment Utilization**: Shift towards domestic equipment for diesel generators, indicating a trend towards local alternatives [25] Conclusion - **Overall Performance**: Data Port shows solid growth in revenue and profit, with strategic plans for expansion and adaptation to market conditions. The focus on large clients and new technologies positions the company for future opportunities despite current market challenges.

A股复盘 | 人心散了，队伍不好带啊 标题是我替债市问的，哈哈哈 自从去年政治局会议提出货币政策回归适度宽松后，YM就一直强调择机降准降息。 今天又召开会议学习两会精神，再次提出择机降准降息。但是外围好像上半年不会降息哎。 择机到底是什么时候啊？ 今天A股这个盘啊，相当弱势，这不是之前那种弱，之前是大家看到低开非常兴奋，心想又可 以抄底了，又有机会了，一会就拉起来了。 现在部分资金已经跑路，大家都在观望，什么机器人啊、算力啊、AI应用啊早就炒得"滚瓜烂 熟"了，根本找不到新方向啊，资金只能观望， 盘中根本来不起来。 尾盘又出来个海洋经济，原来是 "深海科技首次被明确写入国家层面的政府工作报告，标志着 我 国深海探索正式上升为国家战略重点。" 总算找着一个口了！ 早上看到涨得好 的 是 "三桶油"、"四大行"啥的 ，我就知道，该干嘛干嘛了！ 兴业证券统计了近十年各类风格相对全A指数的胜率，发现存在明显的日历效应。每年2月到3 月上旬，小市值、高弹性风格的胜率最高，而大市值、低估值、绩优股往往较难跑赢。 3月 中下旬到4月上旬，市场将逐渐步入一个更加均衡、各类风格胜率基本相当、没有特别明确主 / 2025.03. ...