Group 1 - The report indicates that the enthusiasm for funding in the ultra-near-term IPO sector has increased, but caution is advised due to the ongoing adjustment cycle and overall disturbance expectations [1][2][11] - The average increase in the new stock sector was approximately 1.5% last week, with about 50.0% of new stocks achieving positive returns, showing improvement compared to previous weeks [11][24] - The report highlights that the upcoming IPOs include companies such as China Ruilin, Taihong Wanli, and Taihe Co., indicating a stable pipeline of new listings [3][30] Group 2 - The average issuance price-to-earnings ratio for new stocks last week was 13.9X, with a low average online subscription success rate of 0.0207% [19][24] - The first-day average increase for newly listed stocks was about 244.5%, with a first-week average increase of 264.8%, suggesting a recovery in trading sentiment [24][25] - The report notes that the average increase for new stocks listed in 2024 was 1.6%, with 50.0% of these stocks showing gains, while the North Stock Exchange saw an average increase of 3.1% [26][27] Group 3 - The report suggests that the pricing of new stocks remains stable, with the average issuance price-to-earnings ratio for upcoming IPOs at 17.7X, indicating a continued trend of moderate pricing [30][32] - Companies such as Kent Catalysts and Honggong Technology are highlighted for their upcoming inquiries, with a focus on reasonable pricing [30][33] - The report emphasizes the importance of performance expectations and cost-effectiveness in the current market environment, particularly for newly listed stocks [11][8]

成交价格方面，本周天津城投债成交收益率较高，超过 3%。从变动来看，与上 周相比，本周浙江、山东超长城投债成交收益率较上周上升较大，较上周分别 上升 52bp 和 51bp，本周安徽、河南超长城投债成交收益率较上周下降幅度较 大，较上周分别下降 26bp 和 16bp。另外，江苏低估值成交占比较上周下降 59 个百分点，河南、北京等地低估值成交占比较上周上升较多。 三、超长产业债：建筑装饰、机械设备行业成交量上升，电子、基础化工行业 低估值成交占比下降 蓄势待修复 ——超长信用债交易跟踪 一、超长信用债成交量下降，低估值成交占比上升 本周（2025 年 3 月 31 日-2025 年 4 月 3 日，下同）超长信用债每日成交活跃 度有所下降，超长信用债平均每日成交笔数为 2.7 笔，前值为 2.8 笔。本周剩 余期限在 15-20 年的超长信用债每日成交笔数较上周下降较多。从品种来看， 本周城投债每日成交活跃度高于产业债。本周超长信用债成交量有所下降。本 周超长信用债成交量为 280 亿元，较上周环比下降 42.15%，成交量下降主要体 现在剩余期限在 7-10 年的超长信用债中。 1）在成交期限方面，机构久 ...

Core Viewpoint - The article emphasizes that despite the volatility in the A-share market over the past four years, there has been a bull market for undervalued, high cash flow, and high dividend stocks, particularly among state-owned enterprises, with 30% of these stocks doubling in value [2][5]. Group 1: Market Performance - Over the past four years, 30% of state-owned enterprise dividend stocks have seen their prices more than double, with 90% reaching new highs since February 2021 [2][6]. - Specific sectors such as ports, highways, publishing, and construction have shown significant growth, with stocks like Tangshan Port increasing by 145% and maintaining a dividend yield of 4.77% [5][6]. Group 2: Investment Strategy - Investors are advised to focus on understanding their companies rather than trying to time the market, as this can lead to missed opportunities and costly mistakes [3][8]. - The article references Graham's perspective that many investors fail to profit because they chase market signals rather than focusing on the fundamentals of the companies they invest in [9][10]. Group 3: Company Analysis - The article highlights that companies with low valuations and strong balance sheets have been successfully identified by the market, leading to substantial price increases [5]. - In the publishing sector, companies like Phoenix Media and Shandong Publishing have also seen their earnings per share rise significantly, with dividend yields above 4% [6].

资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当中证中国内地企业全球综合指数调整样本时，指数样本 将相应调整。当样本公司有特殊事件发生，导致其行业归属发生变更时，将对指数进行相应调整。当样 本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆、停牌等情形的处理，参照计算与 维护细则处理。 金融界3月28日消息，上证指数低开低走，中证中国内地企业全球工业综合指数 (CN工业综合， H30377)报2481.23点。 数据统计显示，中证中国内地企业全球工业综合指数近一个月下跌1.25%，近三个月上涨1.67%，年至 今上涨3.71%。 据了解，中证中国内地企业全球行业综合指数系列从中证中国内地企业全球综合指数样本中按中证行业 分类标准进行分类，再以各自行业全部证券作为相应行业指数的指数样本，形成中证中国内地企业全球 行业综合指数系列，以反映中国内地企业中不同行业证券的整体表现。该指数以2004年12月31日为基 日，以1000.0点为基点。 从指数持仓来看，中证中国内地企业全球工业综合指数十大权重分别为：宁德时代（6. ...

Core Points - The China Securities Index for Global Industrial Comprehensive Index (CN Industrial Comprehensive, H30377) reported a value of 2497.07 points, with a recent decline of 0.64% over the past month, an increase of 2.85% over the past three months, and a year-to-date increase of 4.38% [1] - The index is designed to reflect the overall performance of different industry securities from mainland Chinese enterprises, classified according to the China Securities Industry Classification Standard [1] Index Holdings - The top ten weighted stocks in the CN Industrial Comprehensive Index include: CATL (6.36%), Beijing-Shanghai High-Speed Railway (1.52%), Huichuan Technology (1.37%), Sany Heavy Industry (1.08%), China State Construction (1.06%), Sungrow Power Supply (0.97%), LONGi Green Energy (0.97%), SF Holding (0.95%), Manbang Group (0.91%), and COSCO Shipping Holdings (0.87%) [1] - The market segment distribution of the index holdings shows that Shenzhen Stock Exchange accounts for 47.70%, Shanghai Stock Exchange for 44.55%, Hong Kong Stock Exchange for 4.31%, New York Stock Exchange for 1.76%, Beijing Stock Exchange for 0.61%, and others [2] Industry Composition - The industry composition of the index holdings indicates that Electric Equipment constitutes 29.52%, Machinery Manufacturing 29.12%, Transportation 13.34%, Construction Decoration 9.48%, Aerospace and Defense 7.98%, Commercial Services and Supplies 4.00%, and Environmental Protection 3.74% [2] - The index sample is adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December, and can also be adjusted temporarily under special circumstances [3]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 苏州柯利达装饰股份有限公司（以下简称 "公司"）股票价格于2025年3 月20日、3月21日、3月24日连续三个交易日收盘价格涨幅偏离值累计超过12%， 根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动情形。公 司于2025年3月25日披露了《股票交易异常波动暨风险提示公告》（公告编号： 敬请广大投资者注意交易风险，理性决策，审慎投资。公司现对股票交易提示说 明如下： 一、公司生产经营情况未发生重大变化 经自查，公司日常生产经营情况一切正常。 ST柯利达: 柯利达股票交易风险提示公告 证券代码：603828 证券简称：ST 柯利达 公告编号：2025-011 苏州柯利达装饰股份有限公司 关于股票交易风险提示公告 二、二级市场交易风险 多日涨停，与2025年3月11日公司股票收盘价3.24元/股相比累计涨幅达59.26%。 根据中证指数官网最新发布的市净率数据显示，公司市净率为3.89，公司所属的 行业分类"E50建筑装饰、装修和其他建筑业"最新的市净率为1.67。公 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [4] Core Views - The company is a leading player in infrastructure and construction, benefiting from policy support and overseas market expansion [4][7] - The company has shown steady growth in revenue and profit, with a compound annual growth rate (CAGR) of 12.8% in revenue and 10.3% in net profit from 2013 to 2023 [7] - The company is expected to maintain robust growth driven by fiscal expansion and the Belt and Road Initiative [7] Financial Performance Summary - Revenue for 2022 was 2,055,052 million RMB, with a projected increase to 2,371,844 million RMB by 2025, reflecting a growth rate of 3.59% [5] - The net profit for 2022 was 50,950 million RMB, expected to rise to 54,620 million RMB by 2025, with a growth rate of 4.33% [5] - Earnings per share (EPS) is projected to increase from 1.23 RMB in 2022 to 1.32 RMB in 2025 [5] Business Segments - The construction segment has seen a new contract value of 4.08 trillion RMB in 2024, a year-on-year increase of 5.4% [7] - The infrastructure business has benefited from fiscal expansion, with a revenue growth of 11.7% in the first half of 2024 [7] - The real estate development segment is strategically acquiring quality land in first-tier cities, with a leading sales amount in the industry [7] Market Position and Strategy - The company is ranked 14th in the Fortune Global 500 and operates in over 100 countries, showcasing its global reach [7] - The company has a strong focus on high-end construction, particularly in industrial facilities, which has seen a significant increase in demand [7] - The company has maintained a consistent dividend policy, with a dividend payout ratio of 20.82% in 2023, ranking 5th among 164 companies in the industry [7] Valuation and Future Outlook - The company is expected to have a price-to-earnings (P/E) ratio of 4.3 in 2024, which is lower than the average P/E of 5.93 for comparable companies [7] - The ongoing international expansion and participation in the Belt and Road Initiative are expected to provide substantial long-term growth opportunities [7]

Core Viewpoint - The "2025 Jiangsu Green Low-Carbon Building International Expo" aims to showcase innovations and technologies in green and low-carbon urban construction, emphasizing the integration of technology in promoting sustainable development in the housing and urban construction sectors [1][2]. Group 1: Event Overview - The expo will take place from April 1 to April 3, 2025, at the Nanjing International Expo Center, focusing on the theme "Technology Lights Up Green Urban and Rural Areas" [1]. - It is organized by the Jiangsu Provincial Department of Housing and Urban-Rural Development, with participation from various enterprises and institutions [1]. Group 2: Industry Achievements - Jiangsu's real estate and construction industries contributed 6.2% and 7.3% to the provincial GDP in 2024, respectively [2]. - The province has established four pilot areas for carbon peak and carbon neutrality in urban construction, aiming to achieve carbon peak in this sector by 2028, two years ahead of the national target [2]. Group 3: Expo Highlights - The expo will feature 119 domestic and international exhibitors, with over 55% representing new energy, new materials, digitalization, and advanced manufacturing sectors [3]. - Notable participants include six Fortune Global 500 companies and leading firms like Huawei, which will showcase smart home solutions based on its HarmonyOS ecosystem [3]. Group 4: Special Exhibition Areas - Eight themed exhibition areas will be set up, including sections for improved housing, carbon peak pilot areas, smart construction, urban renewal, and green finance [4]. - The improved housing area will provide real-life demonstrations of housing quality and new technologies, while the carbon peak area will showcase the progress of pilot projects [4]. Group 5: Concurrent Activities - A series of activities will be held to promote collaboration among government, industry, academia, and finance, including product promotions and academic exchanges [5][6]. - The previous expo facilitated financing intentions exceeding 3 billion yuan, with around 60% of participating companies engaging in discussions with government and industry associations [6].

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Investment Rating - The report maintains an "Accumulate" rating for the industry, indicating a positive outlook for the next 6 to 12 months [27]. Core Insights - The overall performance of the North Exchange is expected to improve in 2025, following a significant adjustment in the index, with a focus on spring market activity [6][24]. - The North Exchange has 469 listed companies with a total market capitalization of 798.74 billion and a circulating market capitalization of 480.61 billion [1]. - The North Exchange 50 Index increased by 1.33% during the week of March 10 to March 14, 2025, closing at 1409.76 points, while the Shanghai and Shenzhen 300 Index rose by 1.59% [3][9]. Summary by Sections North Exchange Market Overview - As of March 14, 2025, there are 264 constituent stocks in the North Exchange, with an average market capitalization of 3.03 billion [3][19]. - The average daily trading volume for the week was 42.05 billion, a decrease of 7.44% from the previous week, with a turnover rate of 11.41% [11][19]. Industry Performance - The top-performing sectors during the week included utilities, food and beverage, non-ferrous metals, home appliances, and textiles, with respective gains of 21.81%, 21.35%, 16.46%, 14.64%, and 13.79% [15][19]. Individual Stock Performance - Out of 264 stocks listed on the North Exchange, 214 stocks rose, 50 fell, and none remained flat, resulting in an 81.06% increase in stock prices [19][24]. New Stock Listings - No new stock issuances occurred during the week, but several companies updated their review statuses, including one company accepted for review and three under inquiry [4][22]. Key News - The North Exchange conducted training sessions for listed companies to enhance communication with investors and improve the quality of information disclosure [5][23]. Investment Strategy - The report suggests focusing on sectors such as data centers, robotics, semiconductors, consumer goods, and military information technology for potential investment opportunities in 2025 [6][24].