Core Viewpoint - The report from CICC suggests that A-shares are likely to experience a "good start" after the holiday due to marginal improvement in the performance of listed companies in the first quarter and positive external factors during the A-share market closure [1] Group 1: Market Performance - A-share companies showed marginal performance improvement in Q1 [1] - Positive external market conditions, including better performance of Hong Kong and US stocks during the A-share market closure, are expected to influence A-shares positively [1] Group 2: Investment Recommendations - Focus on sectors with recovering demand and low tariff impact, such as AI development, cloud computing, and robotics [1] - Consider export sectors with low exposure to the US, including engineering machinery, power grid equipment, and commercial vehicles [1] - Highlight high cash flow and low external demand correlation sectors, such as hydropower, telecommunications, and leading companies in the food and beverage industry [1]

Market Overview - The market has experienced a significant decline in recent weeks, followed by a rebound driven by optimism regarding trade deals and potential interest rate cuts [1] Investment Strategy - The investment strategy focuses on strategic buying opportunities, particularly in dividend and value stocks, which has led to a high rating on Tipranks.com and a substantial following on Seeking Alpha [1]

Core Viewpoint - The article emphasizes the rapid evolution and investment potential in the robotics sector, particularly highlighting the interest in humanoid robots and the significant role of Chinese companies in this market [2][6][7]. Group 1: Robotics Market Overview - Figure AI, a prominent humanoid robotics company in the U.S., has gained attention due to investments from major tech firms like Amazon and Nvidia [2]. - The Chinese company recognized by Figure AI's founder is called Luming Robotics, indicating international interest in Chinese robotics innovation [3]. - The speed of evolution in startup robotics companies is notably fast, with several investments made by Meihua Ventures in various robotics firms [4]. Group 2: Investment Focus - Meihua Ventures has partnered with Xiaomi to invest in ViTai Robotics, showcasing a collaborative approach to funding in the robotics sector [5]. - The company is actively investing in various types of robots, including humanoid, industrial, and special-purpose robots, indicating a broad investment strategy [6]. - China is recognized as the most proactive country in the application of robotics, with 70% of the world's industrial robots deployed and serviced in the country [7][8]. Group 3: Future Outlook - The company plans to increase investments in two key areas: low-altitude economy and general robotics, predicting the emergence of billion and trillion-dollar companies in these sectors over the next decade [9]. - The article encourages stakeholders to pay attention to the explosive growth of the Chinese robotics industry, suggesting significant opportunities ahead [10].

Financial Data and Key Metrics Changes - First quarter adjusted EBITDA was $591 million, compared to $544 million in the prior period, reflecting a year-over-year increase [19] - Adjusted EFO for the quarter was $345 million, which included a net gain of $114 million from the sale of an offshore oil services shuttle tanker operation [19] Business Line Data and Key Metrics Changes - The Industrial segment generated first quarter adjusted EBITDA of $304 million, benefiting from $72 million in tax benefits at the advanced energy storage operation [19] - The Business Service segment's adjusted EBITDA was CAD 213 million, an increase from CAD 205 million in 2024, driven by strong performance in residential mortgage insurance and improved project execution in construction [20] - The Infrastructure Services segment's adjusted EBITDA was $104 million, down from $143 million in the same quarter last year, impacted by weak market conditions in work access services [21] Market Data and Key Metrics Changes - The U.S. remains an attractive destination for capital, with ongoing investments in the backbone of the economy [7][9] - Growth in Europe has lagged behind the U.S., but there are signs of a pro-growth agenda from governments [9] - India and the Gulf countries are highlighted as bright spots in the global economy, providing a conducive deal-making environment [9] Company Strategy and Development Direction - The company aims to own great businesses with market-leading positions and enhance their performance and cash flows [6] - There is a focus on capital recycling initiatives, with $1.5 billion generated and $370 million committed to acquiring two industrial businesses [5] - The company is prepared for uncertain days ahead but remains optimistic about the quality of its businesses and operational capabilities [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that most businesses will not be entirely insulated from tariffs or potential downturns in global growth, but they are confident in their operational capabilities to adapt [6][17] - The company is evaluating proactive measures across its businesses to mitigate potential headwinds and prepare for changing environments [15][17] - Management expects the longer-term impacts from U.S. trade policy could be positive for their businesses, despite recognizing near-term disruption risks [17] Other Important Information - The company has a liquidity of approximately CAD 2.3 billion at the corporate level, which supports ongoing capital allocation priorities [21] - A $250 million repurchase program was launched, with $140 million already returned to shareholders [5][22] Q&A Session Summary Question: Impact of tariffs on Dexco's EBITDA - Management indicated that performance in Q1 was in line with plans, with some recovery in North America, but the market remains muted. They are managing costs effectively to improve margins [25][26] Question: Status of Clarios' tax filing - Management confirmed that the tax return for 2024 is being processed normally, and they expect to receive tax benefits in due course [27][61] Question: Plans for returning capital to shareholders - Management stated they are always looking for monetization opportunities and have a balanced approach to deleveraging, returning capital, and new investments [30] Question: Realignment at Scientific Games - Management highlighted significant opportunities in digitizing the lottery ecosystem and has appointed a new head of digital to enhance value [35] Question: Participation in Barclays payments business - Management confirmed that BBU will participate in the Barclays investment, aligning with their strategy in financial infrastructure [37] Question: Performance of Unidos in Brazil - Management reported stable performance in the fleet management side, with the car rental side also performing well despite rising interest rates [49][52]

Financial Data and Key Metrics Changes - First quarter adjusted EBITDA was $591 million, an increase from $544 million in the prior period [16] - Adjusted EFO for the quarter was $345 million, which included a $114 million net gain from the sale of an offshore oil services operation [16] Business Line Data and Key Metrics Changes - The Industrial segment generated adjusted EBITDA of $304 million, benefiting from $72 million in tax benefits and contributions from a newly acquired electric heat tracing manufacturer [16] - The Business Service segment's adjusted EBITDA was CAD 213 million, up from CAD 205 million in 2024, driven by strong performance in residential mortgage insurance and improved project execution in construction [17] - The Infrastructure Services segment's adjusted EBITDA was $104 million, down from $143 million in the same quarter last year, impacted by the sale of offshore oil services [18] Market Data and Key Metrics Changes - Demand for advanced batteries in the advanced energy storage operation increased, contributing positively to results [17] - The company noted some demand headwinds in parts of Europe and softness in discretionary demand [14] Company Strategy and Development Direction - The company aims to own market-leading businesses and enhance their performance and cash flows, focusing on capital recycling and strategic acquisitions [4][5] - The strategy includes investing in areas like relocalization and digitalization, with a strong emphasis on the U.S. market as an attractive destination for capital [6][7] - The company is positioned to take advantage of growth opportunities and has recently agreed to acquire Antilia Scientific, a manufacturer of critical lab consumables [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating economic cycles and adapting to changes, despite potential impacts from tariffs and global growth downturns [5][11] - The company is preparing for a more uncertain outlook over the next 12 to 18 months, while recognizing the resilience of its businesses [14][15] Other Important Information - The company ended the quarter with approximately CAD 2.3 billion in liquidity at the corporate level, allowing for continued buybacks and strategic investments [19] - A $250 million repurchase program was launched, with $140 million already returned to shareholders [4][19] Q&A Session Summary Question: Impact of tariffs on Dexco's EBITDA - Management indicated that while there are signs of recovery in North America, the market remains muted, and they are managing costs effectively to improve margins [22][23] Question: Status of Clarios' tax filing - Management confirmed that there are no changes in views regarding tax credits, and the tax return for 2024 is being processed normally [24][25] Question: Plans for returning capital to shareholders - The company is exploring monetization opportunities and may consider a larger share buyback program, depending on market conditions [26][28] Question: Realignment at Scientific Games - Management highlighted significant opportunities in digitizing the lottery ecosystem and has appointed a new head of digital to drive this initiative [32][33] Question: Participation in Barclays payments business - The company confirmed participation in the Barclays investment, aligning with its strategy in financial infrastructure [35][36] Question: Performance of Unidos in Brazil - The fleet management side of Unidos is performing well, with stable pricing, while the car rental side is also doing fine despite rising interest rates [46][49]

Core Viewpoint - Primech Holdings Limited has announced a share repurchase program to buy back up to 20% of its outstanding Ordinary Shares, pending shareholder approval at an upcoming Extraordinary General Meeting [1][2][3] Group 1: Share Repurchase Program - The share repurchase program will be effective upon obtaining shareholder approval and will last until the next Annual General Meeting or as required by law, unless revoked or fully utilized earlier [2] - The program reflects the Board's and Management's confidence in the company's business strategy and future growth potential, aiming to enhance shareholder value [3] Group 2: Company Overview - Primech Holdings Limited is a technology-driven facility services provider based in Singapore, serving both public and private sectors with a wide range of services [4] - The company focuses on advanced facility maintenance, specialized cleaning solutions, and integrates eco-friendly practices and smart technology to improve operational efficiency [4]

PS: 本周一在本号发布的 《 绩优线是明牌，暗线是谁？ 》 特别提出的华为鸿蒙和昇腾机会这两天都明显收 获： 一、 行情复盘：机器人全线暴涨、 AI 概念强势轮动，银行拖累沪指 今天 三大指数 明显 分化，创业板指（ +0.83%）>深成指（+0.51%）>沪指（-0.23%）。 两市 共 成交 1.17万亿 （ 较前一日放量 1472亿 ， 14%+） ， 节前最后一天的 市场交投活跃。超 3400股上涨，市场 整体赚钱效应尚可，但短线情绪分化明显。 题材 及行业板块表现上，科技线明显回归，机器人全线暴涨、 AI概念强势轮动 ，银行、电力拖累 大盘。 其中 强势题材：机器人、 AI概念全线爆发 ， 机器人概念 共 1 0余股涨停，外骨骼机器人分支、PEEK材料 表现强势 ，智元机器人和华为机器人都有不错表现 。 AI产业链 的 算力：鸿博股份 4连板，东珠生态6天4 板，电光科技一字涨停 ； 端侧 AI：AI眼镜（深康佳A涨停）、端侧芯片（瑞芯微涨停、乐鑫科技 、恒玄科 技 大涨） ； 华为昇腾：常山北明 、川润股份 涨停， 拓维信息、芯海科技、神州数码、软通动力等 华为 昇腾和鸿蒙概念 股活跃。 抢出口 ...

4月30日连板股分析：高位股持续退潮 机器人板块连续两天大涨 今日共73股涨停，连板股总数10只，其中三连板及以上个股2只，上一交易日共6只连板股，连板股晋级率33.33%（不含ST股、退市股）。个股方面，全市 场超3400只个股上涨，高位股依旧表现低迷，昨日连板股中仅渝三峡A、鸿博股份2只晋级，天元股份3连跌停，昨日尝试"地天板"失败的步步高跌停，而此 前抗跌的红墙股份、永安药业、安记食品也纷纷跌停。板块方面，随着业绩披露期结束，题材炒作又有重新活跃迹象，机器人板块连续两天大涨，宁波东力 走出6天3板，全筑股份2连板，北交所倍益康30CM涨停。 | 连板数 | 晋级率 | | 2025-4-30 | | --- | --- | --- | --- | | 3 #4 | 2/2=100% | 渝三峡A(化工+业绩) | | | 1讲2 | 8/53=15% | 宁波东力 (机器人+业绩) | | | | | 东珠生态(参股AI企业) | | | | | 中欣氟材（化工+PEEK） | | | | | 汉商集团(零售+医美) | | | 其他涨停 | | 润贝航科10天5板 (大飞机+业绩) | | | | | ...

Market Overview - The market experienced fluctuations in the morning session, with the three major indices showing mixed results. The total trading volume in the Shanghai and Shenzhen markets reached 714 billion, an increase of 68.3 billion compared to the previous trading day [1]. Sector Performance - The computing power concept stocks showed strong performance, with Changshan Beiming hitting the daily limit. Robotics concept stocks were also active, with Jinggong Technology reaching the daily limit [1]. - Chip stocks rebounded, with Ruixin Microelectronics hitting the daily limit. In contrast, bank stocks collectively adjusted, with Huaxia Bank dropping over 8% [1]. - The software development, HarmonyOS concept, computing power, and humanoid robot sectors led the gains, while banking, electricity, port, and steel sectors saw declines [1]. Index Performance - As of the close, the Shanghai Composite Index fell by 0.08% to 3283.97, the Shenzhen Component Index rose by 0.73% to 9921.88, and the ChiNext Index increased by 1.01% to 1951.43 [2].

Core Insights - The company achieved a total revenue of 985 million yuan in 2024, showing a slight decline year-on-year, but the comprehensive gross profit margin increased to 37.20%, and the net profit attributable to shareholders after deducting non-recurring items rose to 43 million yuan, both maintaining a steady growth trend year-on-year [2][3] R&D Focus and Technological Advancements - The company is focusing on ecological layout and technological breakthroughs in fields such as artificial intelligence, robotics, new energy, and new logistics, with core technologies for train inspection and operation robots being independently developed [2] - The company has established a specialized technical team and has produced a series of artificial intelligence-related technological achievements that are widely applied in five major smart solutions, achieving successful practices in areas such as intelligent operation evaluation and robot task planning [2] R&D Investment and Progress - In 2024, the company's R&D investment amounted to 78.856 million yuan, with an average of over 10% of revenue allocated to R&D in the past three years [3] - Significant progress has been made in R&D projects in areas such as smart training and intelligent operation, laying a technical foundation for future business growth [3] International Expansion Strategy - The company is responding to the national railway "going out" strategy by focusing on markets along the Belt and Road Initiative, maintaining close cooperation with strategic partners for timely market layout adjustments [3] Business Development Strategy - The company will continue to focus on core business, provide rapid and high-quality responses to key customer needs, strengthen technological innovation and product upgrades, and plan the development path of intelligent business through a combination of "internal growth + ecological cooperation + excellent operation" to achieve high-quality growth [3]