173只创业板股公布截至4月30日最新股东户数，环比上期，股东户数下降的有79只，降幅超过一成的有 4只。 证券时报·数据宝统计显示，173只创业板股公布了4月30日股东户数，与上期（4月20日）比，股东户数 下降的有79只，其中股东户数降幅超一成的有4只。股东户数环比增长的有79只。 股东户数降幅最多的是蕾奥规划，截至4月30日最新股东户数为9814户，较4月20日下降18.51%，筹码 集中以来该股累计下跌10.74%，累计换手率为75.44%，其间主力资金净流出5269.18万元。 其次是山水比德，截至4月30日最新股东户数为5359户，较4月20日下降14.39%，筹码集中以来该股累 计上涨34.90%，累计换手率为45.92%。 *ST清研最新股东户数5932户，环比下降14.14%，筹码集中以来股价下跌0.27%，累计换手率为 64.10%。 市场表现方面，最新一期筹码集中股4月21日以来平均上涨6.37%，涨幅居前的有常山药业、山水比 德、金凯生科等，分别上涨41.48%、34.90%、31.90%。所属行业来看，筹码集中股中机械设备、电 子、环保等行业最为集中，分别有14只、11只、7只个股上 ...

| 煤炭 | 159.54 | -0.89 | -0.55 | | --- | --- | --- | --- | | 建筑装饰 | 330.66 | -0.99 | -0.30 | | 房地产 | 300.04 | -1.24 | -0.41 | | 食品饮料 | 489.54 | -1.47 | -0.30 | | 公用事业 | 430.32 | -2.80 | -0.65 | | 电力设备 | 1260.33 | -5.03 | -0.40 | | 银行 | 546.70 | -7.59 | -1.37 | 5月7日各行业融资余额环比变动 | 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 非银金融 | 1556.57 | 17.61 | 1.14 | | 计算机 | 1377.38 | 15.07 | 1.11 | | 国防军工 | 622.97 | 12.63 | 2.07 | | 电子 | 2119.07 | 10.06 | 0.48 | | 通信 | 616.64 | 7.04 | 1.16 | | 医药生 ...

Core Viewpoint - Several listed companies in the Shanghai and Shenzhen markets announced significant developments, including share buybacks, acquisitions, and changes in shareholding structures, which may present investment opportunities and insights into market trends [2]. Group 1: Share Buybacks - Kweichow Moutai repurchased a total of 934,800 shares in April 2025, amounting to 1.44 billion yuan, representing 0.0744% of its total share capital, with a maximum purchase price of 1,575 yuan per share [3] - As of the end of April 2025, Kweichow Moutai has repurchased 2.0175 million shares, accounting for 0.16% of its total share capital, with a total expenditure of 3.039 billion yuan [3] Group 2: Acquisitions - Hainan Development signed an agreement to acquire 51% of Wangying Technology for no more than 450 million yuan, aiming to transition into a digital economy service provider [4] - Qingdao Beer plans to acquire 100% of Jimo Yellow Wine for 665 million yuan, which will enhance its product line and market channels in the fermented beverage sector [8] Group 3: Shareholding Changes - Yonggui Electric announced that independent director Liu Jian was placed under detention, but this matter does not involve the company directly [5] - Haohai Biological's controlling shareholder Jiang Wei is under investigation for insider trading, which is not expected to impact the company's operations [6] - Zhongchao Holdings experienced a stock price fluctuation, with its actual controller Yang Fei selling 0.11% of the company's shares during this period [7] Group 4: Shareholding Reductions and Increases - Pan-Asia Micro透 announced that shareholders Sai Fu Venture and Southern Precision plan to collectively reduce their holdings by up to 7% [9] - Xinya Da's actual controller and major shareholder plan to reduce their holdings by a total of 327,000 shares [10] - China Railway Industry's controlling shareholder plans to increase its stake in the company by 160 million to 300 million yuan, with a maximum increase of 2% of the total share capital [12]

Group 1 - As of April 30, 109 companies listed on the ChiNext board reported their latest shareholder numbers, with 53 companies experiencing a decline in shareholder count compared to the previous period [1] - The company with the largest decline in shareholder count is Lei'ao Planning, which saw a decrease of 18.51% to 9,814 shareholders, and has experienced a cumulative drop of 13.68% in stock price since the concentration of shares [1] - Other notable declines include Shanshui Bide, with a 14.39% decrease to 5,359 shareholders and a cumulative increase of 18.99% in stock price, and Dinggu Jichuang, which saw a 10.71% decline to 8,636 shareholders with an 8.89% increase in stock price [1][2] Group 2 - A total of 16 companies on the ChiNext board have shown a continuous concentration of shares, with some experiencing a decline in shareholder numbers for more than three consecutive periods, and one company has seen a decline for 10 consecutive periods [1] - Among the companies with the largest cumulative declines in shareholder numbers are Weining Health, Junwei Electronics, and Zhongjian Huaneng, with declines of 27.27%, 20.16%, and 15.52% respectively [2] - The average stock price increase for concentrated shares since April 21 is 5.16%, with notable increases from Jinkai Biological, Naipu Mining, and Shanshui Bide, which rose by 25.24%, 19.70%, and 18.99% respectively [2]

Group 1: Banking and Financial Sector - The report emphasizes that bills have dual attributes of funding and credit, with both funding conditions and credit issuance affecting bill rates. The tightness of the funding environment determines the central level of bill rates, but at certain critical times, credit attributes may override funding attributes in determining bill rates [1] - It highlights that real transaction relationships and shorter bill durations can help limit arbitrage behavior, as the discount financing cost of bills is lower than that of bank loans, leading to potential fictitious trade activities among related enterprises to obtain bank discount funds [1] - The new regulations on bank acceptance bills will impose limits on the proportion of bank acceptance bill balances to total bank assets and the proportion of guarantee deposits to total deposits, but the actual impact is expected to be limited [1] Group 2: Semiconductor Industry - The semiconductor sector outperformed major indices in Q1 2025, with a total revenue of 128.1 billion yuan, showing a year-on-year growth of 0.2%, and a net profit of 7.9 billion yuan, reflecting a year-on-year increase of 15.1% [2] - The report notes a positive outlook for storage prices and supply-demand structure since the end of March 2025, with major companies like SanDisk and Micron joining the price increase trend, driven by continuous investment from cloud service providers in AI hardware [2] - The domestic substitution process has entered a transformative stage, with expectations for overall industry profit margins to enter an upward channel as the price-cutting cycle led by Texas Instruments is likely to end [2] Group 3: Construction and Building Materials - The construction sector is projected to face revenue decline in 2024, with total revenue of 86,997 billion yuan, down 4.1% year-on-year, and a net profit of 168.9 billion yuan, down 14.4% year-on-year [3] - The international engineering segment performed well, with companies like China Aluminum International and Northern International showing year-on-year growth of 14.3% and 9.7%, respectively [3] - New signed orders in the traditional infrastructure sector showed signs of recovery in Q1, with significant year-on-year growth in new signed orders for major state-owned enterprises [3] Group 4: Electric Power and Utilities - The report indicates that the company achieved a revenue of 17.015 billion yuan in Q1 2025, representing a year-on-year growth of 8.7%, and a net profit of 5.181 billion yuan, up 30.56% year-on-year [16] - Financial expenses were significantly reduced, with a year-on-year decrease of 13% in Q1 2025, contributing to improved profitability [16] - The company is expected to achieve net profits of 34.33 billion yuan, 36.18 billion yuan, and 37.68 billion yuan from 2025 to 2027, maintaining a "buy" rating [16] Group 5: Consumer Goods and Retail - The report highlights that the company experienced a revenue decline of 0.30% in Q1 2025, with a net profit decrease of 10.90% year-on-year, indicating ongoing challenges in the retail sector [23] - The company is undergoing internal transformation to address governance and operational management issues, with a focus on improving efficiency and channel structure [23] - The overseas business showed strong performance, with a revenue increase of 37.25% in 2024, indicating successful market penetration in international markets [24]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company achieved a revenue of 556 million yuan in Q1 2025, representing a year-on-year growth of 23.65%. The net profit attributable to shareholders was 25 million yuan, turning positive compared to the previous year, while the net profit after deducting non-recurring items was 21 million yuan, also turning positive year-on-year [2][4] Summary by Sections Revenue and Profitability - The company experienced double-digit revenue growth, benefiting from the gradual advancement of overseas business and improved domestic management efficiency. The optimistic outlook for the year is supported by the gradual improvement in domestic aluminum template and climbing frame businesses, as well as the expansion of overseas leasing and sales of aluminum templates [11] - The comprehensive gross profit margin for Q1 2025 was 28.08%, an increase of 6.36 percentage points year-on-year. The expense ratio decreased by 4.25 percentage points to 21.78% [11] Cash Flow and Financial Health - The cash flow significantly improved in Q1, achieving a net inflow of 116 million yuan, turning positive year-on-year. The cash collection ratio was 129.06%, up by 9.66 percentage points year-on-year [11] - The company's asset-liability ratio decreased by 1.77 percentage points to 66.00%, and the accounts receivable turnover days reduced by 30.43 days to 235.29 days [11] Strategic Initiatives - The company is collaborating with Quantum Innovation Center and Micro Era to integrate AI and quantum technology into new material research. A joint venture was established with Micro Era, which focuses on bringing cutting-edge quantum computing applications to various industries [11] - The company plans to launch an equity incentive program before the National Day in 2024, with performance targets set for net profit and overseas revenue for the years 2024-2026 [11]

| 行业名 | 成交量（亿 | 成交量较昨日增减 | 换手率 | 涨跌幅 | 今日主力资金净流入（亿 | | --- | --- | --- | --- | --- | --- | | 称 | 股） | （%） | （%） | （%） | 元） | | 计算机 | 80.08 | 16.11 | 4.54 | 3.65 | 56.72 | | 电子 | 73.37 | 23.97 | 2.68 | 2.64 | 46.98 | | 非银金 融 | 42.19 | 31.55 | 1.02 | 1.38 | 24.29 | | 机械设 备 | 90.99 | 18.74 | 3.40 | 3.04 | 22.76 | | 有色金 属 | 43.08 | 42.69 | 1.97 | 2.57 | 20.75 | | 通信 | 31.97 | 41.66 | 1.85 | 3.59 | 20.12 | | 电力设 备 | 54.55 | 8.54 | 2.26 | 2.16 | 15.08 | | 汽车 | 53.94 | 4.84 | 2.51 | 2.20 | 13.02 | | 传媒 | 41.10 | 1 ...

Core Insights - The Social Security Fund has disclosed its stock holdings as of the end of the fourth quarter, appearing in the top ten shareholders of 574 companies, with new investments in 164 companies and increased holdings in 156 companies [1][2] - The total number of shares held by the Social Security Fund is 10.876 billion, with a total market value of 173.808 billion yuan [1] - The fund's major holdings include Changshu Bank, Sun Paper, and Hisense Visual, with shareholdings of 268.4005 million, 159.4633 million, and 75.2357 million respectively [1][2] Stock Performance - Among the stocks held by the Social Security Fund, 313 companies reported a year-on-year increase in net profit, with Guangxi Energy showing the highest growth at 3704.04% [2] - The average increase in the fund's heavy stocks this year is 0.79%, outperforming the Shanghai Composite Index [2] - The best-performing stock is Shuanglin Shares, with a cumulative increase of 185.96%, followed by Yipin Hong and Zhenyu Technology with increases of 133.47% and 121.81% respectively [2] Sector Distribution - The Social Security Fund's holdings are primarily concentrated in the pharmaceutical, basic chemical, and machinery equipment sectors, with 64, 48, and 47 stocks respectively [2] - The fund holds 408 stocks in the main board, 92 in the ChiNext, and 74 in the Sci-Tech Innovation Board [2] Major Shareholdings - The top holdings by the Social Security Fund include: - **Fenzhong Media**: 295.6604 million shares, 2.05% of circulating shares [3] - **Changshu Bank**: 268.4005 million shares, 8.90% of circulating shares [3] - **Guanghui Energy**: 236.2740 million shares, 3.60% of circulating shares [3] - **China Construction**: 205.1700 million shares, 0.50% of circulating shares [3] - **Sun Paper**: 159.4633 million shares, 5.77% of circulating shares [3]

建筑装饰 2025 年 05 月 05 日 行 业 研 究 / 行 业 点 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 (8621)23297818× tangmeng@swsresearch.com 本期投资提示： ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数-1.26%，沪深 300 指 数-0.43%，相对收益为-0.83pct。周涨幅最大的三个子行业分别为生态 园林（+2.85%）、装饰幕墙（+1.31%）、设计咨询（+0.34%），对应 行业内三个公司：大千生态（+20.19%）、全筑股份（+17.86%）、建 研 设 计（ +6.69% ）；年 涨 幅最 大 的三 个 子行 业 分别 是 生态 园林 （+5.16%）、钢结构（+1.38%）、专业工程（+1.19%），对应行业内 三个公司：*ST 农尚（+74.52%）、精工钢构（+5.30%）、志特新材 （+ ...

Group 1 - In 2024, a record 290 A-share listed companies have R&D expenditures exceeding 1 billion yuan, and 925 companies have R&D spending accounting for over 10% of their revenue, both figures marking historical highs [1] - 27 companies have R&D expenditures exceeding 10 billion yuan, with BYD, China State Construction, China Mobile, China Petroleum, and China Railway ranking as the top five [1] - BYD's R&D expenditure in 2024 reached 54.161 billion yuan, marking the first time in A-share history that it has ranked first in R&D spending [1] Group 2 - The table lists various companies along with their A-share market value, projected decline in 2025, rolling market demand ratio, and industry classification [2] - Notable companies include Ningde Times with a market value of 1,019.386 billion yuan and a projected decline of 10.80% [2] - Other companies such as Huazheng Detection and Aikang Innovation show significant market values and varying projected declines, indicating diverse performance across sectors [2]