Group 1: Economic Performance - The total import and export value of the Beijing-Tianjin-Hebei region reached 1.43 trillion yuan in the first four months of 2025, accounting for 10.1% of China's total during the same period, with exports hitting a record high of 445.46 billion yuan, a growth of 1.7% [1][2] - In April 2025, exports from the Beijing-Tianjin-Hebei region amounted to 121.66 billion yuan, marking a historical high for the same period, with an increase of 8%, the highest growth rate since June 2024 [1][2] Group 2: Technological Advancements - By the end of 2027, Beijing aims to achieve large-scale 5G applications, having already established over 140,000 5G base stations and more than 3.5 million 5G terminal connections [2] - The hydrogen energy industry is being prioritized in Beijing's 14th Five-Year Plan, focusing on key areas of the hydrogen supply chain, including production, storage, transportation, and refueling [4] Group 3: Renewable Energy Initiatives - Beijing and Xinjiang have successfully implemented a peak-shifting green electricity trading model, with 12 million kilowatt-hours of green electricity traded, primarily from photovoltaic power plants in Xinjiang [3] - The first offshore photovoltaic project in Hebei, with a total capacity of 1,800 megawatts, has entered large-scale construction, expected to generate approximately 2.75 billion kilowatt-hours annually, saving 840,000 tons of standard coal and reducing CO2 emissions by 2.1595 million tons [6] Group 4: Employment and Skills Development - Tianjin has launched a training initiative aiming to provide subsidized vocational skills training for over 100,000 individuals in 2025, focusing on advanced manufacturing, health care, and modern services [9] - The platform economy in Tianjin generated revenue of 157.8 billion yuan in the first quarter of 2025, reflecting a year-on-year growth of 23% [10] Group 5: Urban Development and Infrastructure - The 2025 Service Trade Fair will be held from September 10 to 14 at the Shougang Park, with over 30 countries and regions expressing intent to participate, aiming to enhance the event's international profile [5] - Hebei's port and shipping construction projects completed an investment of 1.84 billion yuan in the first quarter of 2025, achieving a year-on-year growth of 17.3% [8]

Group 1 - Six foreign enterprises in Beijing received approval for the second batch of value-added telecommunications business pilot projects, bringing the total to ten approved enterprises, which will inject new vitality into Beijing's economic growth and promote innovation among local companies through healthy competition and cooperation [1][2] - The "Beijing 5G Scale Application 'Sailing' Action Upgrade Plan (2025-2027)" was released, with a goal to establish a comprehensive 5G development pattern by the end of 2027, enhancing the application level of 5G across various industries and positioning Beijing as a leading benchmark city for 5G applications [1][2] - The Beijing Information and Communication Industry has launched ten measures to improve public service levels, focusing on enhancing network infrastructure and optimizing communication product supply, including the introduction of short-term phone cards for inbound tourists [2] Group 2 - The Beijing Computing Power Interconnection Platform has connected its first batch of industry partners, forming a sufficient computing power supply reserve with over 60 E FLOPS, and successfully interfacing with the national computing power interconnection public service platform [2]

Financial Performance - In 2024, the company achieved a sales revenue of 259,283.11 million CNY and a net profit attributable to shareholders of 4,687.22 million CNY [2] - For Q1 2025, the company reported a sales revenue of 39,625.02 million CNY and a net profit of 558.49 million CNY [2] Risk Management - The company has significant guarantees that are primarily for subsidiaries within the consolidated financial statements, which do not pose a risk [1] - For upcoming guarantees, the company has made financial arrangements to ensure timely repayment, mitigating any major impact on financial status [2] Industry Outlook - The ongoing promotion of 5G applications and stable growth in national defense budgets are expected to drive the development of the domestic wire and cable industry [2] - The wire and cable industry is crucial for national economic development, with applications in power, communication, military, civil aviation, and renewable energy sectors [3] Competitive Advantages - The company focuses on special cables and has participated in drafting various industry standards, establishing a complete independent intellectual property system [3] - Recognized as one of the top ten competitive enterprises in China's optical fiber and cable industry, the company is a key supplier for major state-owned enterprises and research institutions [3] Accounts Receivable Management - The company has seen an increase in credit impairment losses on accounts receivable by 576.26 million CNY and is implementing measures to strengthen collection management [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The A - share market withstood the downward pressure from reciprocal tariffs, and the implied volatility significantly declined. After the multi - department "stabilizing the market" combination punches since April 7, market confidence was greatly boosted. It is recommended to cautiously go long, focusing on China's policies to boost the domestic economy [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Series**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 3712.20, 3699.80, 3673.00, and 3624.00 respectively, with increases of 53.80, 54.80, 52.80, and 56.20. The trading volumes were 51403.00, 6892.00, 83748.00, and 15704.00, and the positions were 72066.00, 13205.00, 141689.00, and 54672.00, with position changes of - 7839.00, - 46.00, - 8901.00, and - 2634.00 [1] - **IH Series**: The previous day's closing prices of IH contracts were 2598.40, 2596.00, 2582.20, and 2553.00, with increases of 22.40, 22.00, 19.00, and 19.20. The trading volumes were 23535.00, 3041.00, 43873.00, and 8311.00, and the positions were 27480.00, 5453.00, 48237.00, and 19584.00, with position changes of - 5513.00, - 153.00, - 10558.00, and - 750.00 [1] - **IC Series**: The previous day's closing prices of IC contracts were 5509.00, 5452.20, 5381.20, and 5259.60, with increases of 100.60, 102.00, 104.00, and 103.00. The trading volumes were 60899.00, 7746.00, 53950.00, and 12652.00, and the positions were 65270.00, 15766.00, 97111.00, and 45043.00, with position changes of - 12254.00, 578.00, - 7542.00, and - 1801.00 [1] - **IM Series**: The previous day's closing prices of IM contracts were 5744.80, 5666.20, 5578.20, and 5419.00, with increases of 134.80, 130.60, 127.20, and 125.20. The trading volumes were 96804.00, 14381.00, 222566.00, and 35576.00, and the positions were 92361.00, 20103.00, 174420.00, and 72984.00, with position changes of - 14457.00, 452.00, - 10128.00, and - 4151.00 [1] - **Inter - month Spreads**: The current inter - month spreads of IF, IH, IC, and IM were - 12.40, - 2.40, - 56.80, and - 78.60 respectively, compared with the previous values of - 14.80, 0.60, - 55.20, and - 80.20 [1] 3.2 Stock Index Spot Market - **Major Indexes**: The previous day's closing prices of the CSI 300, SSE 50, CSI 500, and CSI 1000 were 3686.79, 2612.62, 5439.77, and 5784.59, with increases of 0.99%, 0.60%, 2.12%, and 2.34% respectively [1] - **Industry Indexes**: Different industries in the CSI 300 had different performance. For example, the raw materials industry increased by 2.79%, the optional consumption industry increased by 2.23%, while the energy industry decreased by 0.33% [1] 3.3 Futures - Spot Basis - The current basis values of IF, IH, IC, and IM contracts against their corresponding spot indexes changed compared with the previous two - day values, showing different convergence or divergence trends [1] 3.4 Other Domestic Main Indexes and Overseas Indexes - **Domestic Indexes**: The previous day's closing prices of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3186.81, 9539.89, 5937.04, and 1858.36, with increases of 1.31%, 1.22%, 0.90%, and 0.98% respectively [1] - **Overseas Indexes**: The previous day's closing prices of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 20264.49, 31714.03, 5456.90, and 19670.88, with increases of 0.68%, - 3.93%, 9.52%, and - 3.00% respectively [1] 3.5 Macroeconomic Information - China's March CPI decreased by 0.4% month - on - month and 0.1% year - on - year, with the decline significantly narrowing; PPI decreased by 0.4% month - on - month and 2.5% year - on - year. The core CPI increased by 0.5% year - on - year [2] - The US March CPI increased by 2.4% year - on - year, significantly lower than the previous month's 2.8%, and decreased by 0.1% month - on - month, lower than market expectations [2] - More than 450 listed companies have obtained bank stock repurchase and increase loans, with a total loan limit of over 90 billion yuan [2] - China will improve the modern national export control system, and the stance on the US tariff war is that China is not afraid to fight back [2] 3.6 Industry Information - The new mechanism for toll roads encourages private enterprises to participate, and prohibits using BT models to变相 raise debts [2] - China's new energy storage industry is developing rapidly, with a new energy storage installed capacity of over 75 million kilowatts by the end of February [2] - China will moderately reduce the import of US films due to the US tariff policy [2] - Beijing plans to achieve large - scale 5G applications by the end of 2027 [2]