3、港交所与香港证监会已根据特区政府的指示做好准备，并已与部分相关企业接触。若仍未在香港市 场上市的"中概股"希望回流，会为其香港上市提供适当的指引与协助。 4、腾讯对其混元大模型研发体系进行了全面重组，主要围绕算力、算法和数据三大核心板块刷新团队 部署，加码研发投入。 2、国家发展改革委下达今年第二批810亿元超长期特别国债资金，继续大力支持消费品以旧换新。 智通财经4月29日晚间新闻精选 5、9天6板红墙股份：广东科创、何元杰、韩强减持计划已实施完毕。万科A：拟出售7295.6万股库存股 补充流动性。浪潮信息：一季度净利润同比增长53%。工业富联：第一季度净利润同比增长25%。中远 海控：第一季度净利润同比增长73.12%。中金黄金：一季度净利润同比增长33%。贵州茅台：一季度净 利润268.47亿元 同比增长11.56%。工商银行第一季度净利润841.6亿元 同比下降4%。7天5板永安药 业："牛磺酸价格暴涨几倍"等传闻不实。 1、习近平在上海考察时强调，不断增强科技创新策源功能和高端产业引领功能，加快建成具有全球影 响力的科技创新高地。 ...

Group 1: Market Overview - In April, both A-share and Hong Kong stock markets experienced a decline, with the A-share market showing a cumulative drop of 0.6% for the Shanghai 50 index and a maximum drop of 7.4% for the ChiNext index as of April 25, 2025 [1][8] - The Hong Kong stock market showed significant volatility in April, influenced by overseas risk events and domestic policy expectations, with the Hang Seng Index declining by 4.9% [1][10] Group 2: A-share Insights - The A-share market is expected to experience a rebound due to continuous policy support and inflow of medium to long-term funds, with current valuations near the average since 2010 [2][13] - Three asset categories are recommended for investment: stable assets (high dividend stocks, gold), self-sufficient industrial chains, and domestic consumption [2][15][16] Group 3: Hong Kong Stock Insights - The Hong Kong market is anticipated to continue its upward trend, supported by low valuations of the Hang Seng Index and Hang Seng Technology Index [3][17] - A "barbell" investment strategy is suggested, focusing on technology growth and high dividend stocks, particularly in sectors like telecommunications, utilities, and banking [3][17] Group 4: Stock Recommendations - The A-share stock selection for May 2025 includes: Zhongzi Technology, Hengrui Medicine, Gree Electric Appliances, Haier Smart Home, China Petroleum, CNOOC Development, Zijin Mining, Muyuan Foods, Honglu Steel Structure, and Puyang Refractories [4][23] - The Hong Kong stock selection for May 2025 includes: Alibaba-W, Pop Mart, Tencent Holdings, Xindong Company, NetEase Cloud Music, and Horizon Robotics-W [4][26]

Investment Rating - The investment rating for the company is "Buy" with a target price of 9.50 RMB [7][8]. Core Views - The company reported a revenue of 3.555 billion RMB in 2024, a slight decrease of 0.75% year-on-year, and a net profit attributable to shareholders of 95.88 million RMB, down 40.24% year-on-year. The lower profit was attributed to higher impairment losses than previously expected [1]. - In Q1 2025, the company achieved a revenue of 682 million RMB, representing a year-on-year increase of 17.81%, and a net profit of 24.43 million RMB, up 15.36% year-on-year. This indicates a recovery in revenue growth, supported by potential increases in infrastructure investment [1][4]. - The company’s comprehensive gross margin for 2024 was 32.79%, a decrease of 2.33 percentage points year-on-year, primarily due to a decline in capacity utilization [2]. Summary by Sections Revenue and Profitability - The company’s revenue for high-performance water reducers, efficient water reducers, functional materials, and testing services in 2024 was 1.86 billion, 50 million, 670 million, and 760 million RMB respectively, showing a year-on-year decline of 8.8%, 52.0%, an increase of 29.5%, and a slight increase of 0.8% [2]. - The gross margin for high-performance water reducers, efficient water reducers, functional materials, and testing services was 26.79%, 22.42%, 30.47%, and 52.86% respectively, with slight year-on-year changes [2]. Cost Management - The company maintained good control over operating expenses, with a total expense ratio of 25.20% in 2024, down 1.28 percentage points year-on-year. The breakdown includes sales, management, R&D, and financial expense ratios [3]. - The company reported an operating cash inflow of 580 million RMB in 2024, a year-on-year increase of 57.0% [3]. Profit Forecast and Valuation - The profit forecast for the company has been adjusted, with expected net profits for 2025, 2026, and 2027 being 160 million, 210 million, and 240 million RMB respectively, reflecting an upward adjustment of 10% and 6% compared to previous estimates [4]. - The target price of 9.50 RMB is based on a PE ratio of 25 times for 2025, considering the company’s leading position in the additives sector and its potential benefits from infrastructure investments [4].

收入同比下滑，毛利率承压。25 年3 月，我国商品房销售面积11123 万平方米，同比-0.88%。自24 年4 月起，商品房单月销售面积虽同比降幅整体呈收窄态势，但仍未转正。持续萎缩的下游市场给建材企业 经营带来压力，并持续至今。25 年Q1 公司实现收入8.95 亿元，同比-10.20%。收入下降对规模效应的 发挥带来一定影响，25Q1公司毛利率40.45%，同比-1.03pct。 事件：公司发布2025 年一季报，报告期内，公司实现收入8.95 亿元，同比-10.20%；归母净利润1.14 亿 元，同比-25.95%；扣非归母净利润1.14 亿元，同比-19.42%。 实施大额分红，积极回报股东。2024 年中期公司向全体股东每10 股派发现金红利1.00 元（含税），共 计派发1.57 亿元，并于2024 年9 月26 日实施完毕。2024 年公司拟向全体股东每10 股派发现金红利5.00 元（含税），共计派发7.86 亿元。公司2024年度累计现金分红总额为9.43 亿元，占本年度归属于上市公 司股东净利润的99.00%。 公司敢于高额分红的底气在于主业为公司提供了稳定的现金流、低负债率以及极强的偿 ...

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-over-year growth in both revenue and net profit, indicating robust operational resilience and effective cost management [1][2][4]. Financial Performance - In Q1 2025, the company achieved revenue of 585 million yuan, representing a year-over-year increase of 23.70%, marking the highest quarterly revenue growth since 2022 [1][2]. - The net profit attributable to shareholders reached 70 million yuan, reflecting a substantial year-over-year increase of 76.97%, driven by improved gross margins and effective control of operating expenses [1][2]. Profitability Metrics - The gross margin for Q1 2025 was 23.82%, an increase of 1.92 percentage points year-over-year, attributed to an optimized business structure and a higher proportion of high-value products [3]. - The net profit margin improved significantly to 12.48%, up 4.06 percentage points year-over-year, benefiting from both gross margin enhancement and a notable reduction in the expense ratio, which decreased by 5.58 percentage points to 9.76% [3]. Growth Outlook - The company is positioned as a leading player in the prestressed steel and track slab sectors, with a comprehensive product matrix and strong technical and brand capabilities [4]. - The company is expected to continue its growth trajectory, with projected revenues of 3.651 billion yuan, 4.222 billion yuan, and 4.804 billion yuan for 2025-2027, reflecting year-over-year growth rates of 19.6%, 15.6%, and 13.8% respectively [4]. - Net profit forecasts for the same period are 331 million yuan, 433 million yuan, and 525 million yuan, with year-over-year growth rates of 39.8%, 30.8%, and 21.2% respectively [4].

Investment Rating - The investment rating for the company is "Buy" [12] Core Views - The company reported a revenue of 6.246 billion yuan in Q1 2025, representing a year-on-year increase of 5.09%, and a net profit attributable to shareholders of 842 million yuan, up 2.46% year-on-year [4][5] - The main business of gypsum board remains resilient, with a slight increase in sales expected despite industry pressures, while other segments such as waterproofing and coatings have shown significant growth [5][6] - The company is pursuing a "one body, two wings" strategy, focusing on its core gypsum board business while expanding into new categories and regions, which is expected to drive long-term growth [6] Financial Summary - The company has a total market capitalization of 49.9 billion yuan and a circulating market value of 48.2 billion yuan [3] - The projected revenues for 2025 and 2026 are 29.7 billion yuan and 33.2 billion yuan, respectively, with year-on-year growth rates of 15.1% and 11.8% [8][11] - The expected net profit attributable to shareholders for 2025 and 2026 is 4.56 billion yuan and 5.17 billion yuan, reflecting growth rates of 25.1% and 13.4% [6][11]

Group 1 - The core point of the article is that Sanhe Pile (003037) reported a revenue of 1.392 billion yuan in the first quarter of 2025, reflecting a year-on-year growth of 10.07% [1] - The net profit for the same period was 34.6013 million yuan, showing a significant year-on-year increase of 418.95% [1]

制作生物支架和生物矿化形成建筑材料的过程 图源 上述论文 论文作者Heveran强调，生物矿化材料还不是一个即插即用的混凝土替代品。正如 Heveran 所指出的，"生物矿化材料的强度不足以在所有应用中取代混 凝土，但我们和其他人正在努力改善其性能。下一步是进一步延长材料的使用寿命，并弄清楚如何大规模种植它——甚至可能在现场种植。" 声明： 因水平有限，错误不可避免，或有些信息非最及时，欢迎留言指出。本文由作者重新编写，仅作新材料相关领域介绍，本文不构成任何投资建议！转载请注明来源！ 近日，在一篇发表在Cell Reports Physical Science上的研究论文中，美国蒙大拿州立大学的研究人员推出了一种 由真菌菌丝体和细菌组成的新型建筑材 料 。这种材料的特别之处在于，在营造建筑时它依然具有生物活性。理论上，这种材料可以自我维护，通过生长修补自身的裂缝，甚至帮助净化受污染 的环境。 那么，科学家们是如何开发这一略带科幻色彩的生物材料的呢？首先，科学家发现，一些微生物会进行微生物诱导的碳酸钙沉淀，形成坚固的结构。这一 过程被称为生物矿化，它的最初用途不是生成有生命的材料，而是利用微生物的瞬时活力来进行 ...

长江总量联合行业 4 月政治局会议解读 20250126 摘要 • 当前宏观政策强调稳就业、稳企业、稳市场和稳预期，通过加强逆周期调 节和实施积极财政政策，如加快政府债发行，以应对外部冲击和不确定性。 • 货币政策保持适度宽松，可能适时降准降息，并创设新的结构性货币政策 工具，重点支持科技创新、扩大消费及稳定外贸，2025 年重启该工具。 • 扩内需是政策主线，重点支持服务消费，包括设立服务消费和养老再贷款， 扩大服务业开放试点，并关注中低收入群体收入提高，以激发需求和增加 供给。 • 外贸纾困措施包括提高受关税影响企业的失业保险稳岗返还比例，加强融 资支持，帮扶困难企业，并巩固房地产市场稳定态势及活跃资本市场。 • 股票市场投资关键字为"稳"，关注宏观场景与股票市场之间的关系，通 过底部判断寻找投资机会，关注自主可控、扩内需及稳定红利主线。 • 房地产行业定调积极但不激进，通过优化存量商品房收购政策和加大高品 质住房供给，解决资金成本问题并创造结构性增量市场，维持行业稳定。 • 银行股在二季度有望加速低估值修复，配置方向包括股息率优势显著的港 股大行、偏防御风格的 A 股大行以及招商银行等底仓品种，同时关注 ...