Employment and Social Support - Approximately 470,000 new urban jobs were created, with an urban survey unemployment rate around 5.5% [1] - Over 70,000 individuals facing employment difficulties received assistance to achieve employment [1] - A support plan for key sectors and small to medium enterprises released over 2 billion yuan in policy benefits, addressing a labor shortage of 720,000 positions [1] - 75% of new employees are aged between 18 and 45 years [1] - 21,000 training sessions were conducted for job subsidies [1] Elderly and Child Welfare - Employment for over 156,000 individuals from poverty-stricken populations was stabilized [2] - More than 20 institutions for the care of special needs individuals were upgraded [2] - The coverage rate of comprehensive elderly care institutions in towns and streets reached 50% and 80% respectively [2] - The per capita public funding for special education students increased by 1,000 yuan, exceeding 7,000 yuan [2] Healthcare Improvements - The average financial subsidy for residents' medical insurance was increased by 30 yuan [4] - The direct settlement rate for medical expenses for insured individuals seeking treatment away from home reached over 80% [4] - A free vaccination program for cervical cancer was initiated for girls under 14 years old [4] Infrastructure Development - 10,000 new 5G base stations were constructed, enhancing mobile network coverage in key areas [6] - 5,500 kilometers of rural roads were built or renovated, along with 300 old bridges [6] - 300 rural water supply projects were completed, achieving a 92% coverage rate for tap water in rural areas [7] Environmental and Safety Measures - The annual average concentration of PM2.5 was maintained below 34 micrograms per cubic meter [7] - 110,000 acres of afforestation were completed, and 10,800 acres of abandoned mines were rehabilitated [9] - Strict food safety regulations were enforced to ensure the quality of food in schools and public dining [9]

Core Insights - The recent enterprise innovation points meeting facilitated collaboration between eight technology companies, including Sendin Environmental Protection, and financial institutions, resulting in a credit signing amount exceeding 54 million yuan, marking a significant advancement in the rare earth high-tech zone's innovation points system [1] Group 1: Innovation Points System - The enterprise innovation points service platform, a first in the region, includes 18 core indicators across three categories: R&D investment intensity, patent quality, and talent density, providing a precise "digital portrait" of enterprises to support innovation [3] - The rare earth high-tech zone has established cooperative mechanisms with multiple banks to implement innovation points loans, contributing to high-quality local economic development [3] Group 2: Financial Impact and Policy Integration - The innovation points system extends its value beyond traditional financing, integrating a database of 12 policy categories for intelligent matching of policies to enterprises [6] - The Beike Robot Company utilized the system to secure 3 million yuan in points loans, enabling breakthroughs in key technologies and forming an innovation consortium with Tsinghua University, resulting in a production value exceeding 300 million yuan [6] - The rare earth high-tech zone is advancing a three-pronged mechanism of "dynamic assessment + data integration + product innovation" to assist enterprises in planning innovation paths, with a shared data platform breaking down information barriers [6] Group 3: Future Plans and Goals - The rare earth high-tech zone aims to enhance the integration of innovation points with industrial policies, with a target to cover more enterprises by 2025 [6] - Plans are underway to establish a cross-regional points recognition mechanism and develop innovative financial products in collaboration with financial institutions, aiming to create a technology finance ecosystem exceeding 5 billion yuan within three years [6]

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 ...

1. Report Industry Investment Rating There is no information regarding the industry investment rating in the provided report. 2. Core Viewpoint of the Report The report forecasts the May convertible bond strategy, suggesting a focus on performance as the foundation, with opportunities in oversold targets and terms as the driving forces. It anticipates the end of the phased impact of tariff negatives and advocates for left - side oversold layout under monetary easing. The recommended convertible bond portfolio for May includes Wenshan Convertible Bond, Hongfa Convertible Bond, etc. [3][46] 3. Summary According to the Catalog 3.1 April Convertible Bond Market Review 3.1.1 Convertible Bond Market Review: Resilient Against the Underlying Stocks Amid Tariff Games, with Declining Parity but Rising Valuation - In April, the equity market fell 3.2%, and the convertible bond market followed with a 1.3% decline. The convertible bond ETF scale contracted 5.0% to 41.3 billion yuan. The trading activity of the equity - biased market declined, and the convertible bond parity dropped 7.4% to 86.9 yuan, while the 100 - yuan parity premium rate (MA5) rose 2.8pp to 25.3% [3][5][8] 3.1.2 Industry and Style: Media and Agriculture Led the Gains in April, with Medium - priced, Small - cap, and High - rated Styles Outperforming - In April, most industries' convertible bonds declined. Media (2.8%) and agriculture (1.9%) led the gains, while coal (-3.9%) and power equipment (-3.2%) had the largest declines. In terms of style, medium - priced, small - cap, and high - rated convertible bonds were more advantageous [22][25][29] 3.2 May Convertible Bond Market and Strategy Outlook 3.2.1 Convertible Bond Market Outlook: The End of the Phased Impact of Tariff Negatives, Left - side Oversold Layout Under Monetary Easing - In 2024, the performance of convertible bond underlying stocks was generally under pressure, but there was marginal improvement in Q1 2025. Targets with overseas revenue accounting for over 20% were still 3% more oversold than the industry average in April and may have room for repair. About 32% of convertible bonds that entered the call - back progress and 45% that triggered the call - back clause since last year chose to implement the call - back. The central bank announced a 50BP reserve requirement ratio cut and a 10BP interest rate cut on May 7 [35][41][45] 3.2.2 Convertible Bond Strategy Outlook: Performance as the Foundation, Opportunities in Oversold Targets and Terms as the Driving Forces - The strategy combines a 40% base position of broad - based large - cap targets, 30% for oversold repair, and 30% for call - back clause opportunities. The recommended convertible bond portfolio for May includes Wenshan Convertible Bond, Hongfa Convertible Bond, etc. [46][47] 3.3 Quantitative Strategies: Medium - volatility Strategies Outperformed, High - volatility Strategies Underperformed 3.3.1 Low - volatility Strategy: Low - price Enhancement Strategy - The strategy uses the low - price factor and relaxed the overseas revenue ratio constraint after April 22. The performance from April 1 - 30 was 0.01%, outperforming the benchmark by 1.32%. The current holdings and changes compared to the previous period are also provided [52][53][57] 3.3.2 Medium - volatility Strategy: Improved Dual - low Strategy - The strategy selects convertible bonds with relatively low prices and conversion premium rates. The performance in April was 1.28%, outperforming the benchmark by 2.59%. The current holdings and changes are presented [59][62][63] 3.3.3 High - volatility Strategy: High - price and High - elasticity Strategy - The strategy selects high - price and low - premium convertible bonds and balances industry allocation. The performance in April was - 2.20%, underperforming the benchmark by 0.89%. The current holdings and changes are detailed [65][66][70] 3.4 Primary Market Tracking 3.4.1 May Primary Market Issuance - As of May 5, there were no announced convertible bonds pending listing or issuance in May. Convertible bonds listed in April included Zhengfan Convertible Bond, Haohan Convertible Bond, etc. The issuance process of convertible bonds and the list of recently fast - tracked convertible bonds are also provided [72][73][75]

Group 1: Market Performance - The Hong Kong Dividend ETF Fund (513820) saw a volume increase and closed up 0.82%, marking two consecutive days of gains, with funds increasing by over 95 million yuan for five consecutive days [1] - The Bank ETF leader (512820) ended a three-day decline with a 1.42% increase, with a trading volume exceeding 54 million yuan, a 39% increase compared to the previous period [3] Group 2: Insurance Capital Preferences - In 2022, insurance capital initiated a new wave of "stake acquisitions," with eight insurance companies making a total of 20 acquisitions, predominantly targeting dividend assets, particularly the Industrial and Commercial Bank of China H-shares, which exhibit low valuation and high dividend characteristics [5] - In 2023, insurance giants have made 12 stake acquisitions involving 11 stocks, continuing their preference for banks and Hong Kong dividend assets [5] Group 3: Investment Environment - The insurance capital's demand for equity asset allocation has increased due to new regulations aimed at reducing profit volatility and a shift towards flexible dividend insurance products [7] - Policies are strongly supporting insurance capital and other long-term funds entering the market, with a target for large state-owned insurance companies to invest 30% of new premiums in A-shares starting in 2025 [7] Group 4: Dividend Asset Characteristics - High dividend assets are favored in a low-interest-rate environment, as they provide stable returns and lower volatility compared to growth stocks, making them attractive for insurance capital [7] - The Hong Kong dividend assets have a higher cash dividend ratio of 48.9% compared to A-shares at 41.8%, and the dividend yield of the Hong Kong Dividend ETF Fund (513820) is 8.88%, leading the market's mainstream dividend indices [8][9] Group 5: Banking Sector Insights - The banking sector is characterized by high dividends and low valuations, with the Bank ETF leader (512820) showing a dividend yield of 6.71%, the highest among all secondary industry indices [9] - The banking industry is closely tied to macroeconomic growth, and with ongoing policies to stabilize growth, there is potential for improvement in profitability and valuations within the banking sector [10]

Group 1: Power Generation Sector - The profitability of thermal power operators is improving in 2024 mainly due to the decline in coal prices, but there is regional differentiation, with Guangdong's thermal power operators experiencing worsening profitability due to a relaxed power supply-demand situation and further declines in market electricity prices [1][4] - Northern thermal power units show greater profitability improvement, with representative companies like Datang Power, Jingtou Energy, and Jingneng Power benefiting from a low base in 2023 [1][4] - In terms of profit per kilowatt-hour, Datang Power's coal-fired profit is 1.3 cents/kWh, while Huaneng International, Huadian International, and Guodian Power report profits of 1.9, 2.6, and 3.7 cents/kWh respectively [1][4] Group 2: Hydropower - Hydropower performance is stable, with a reaffirmation of its investment value; improved rainfall in 2024 is expected to contribute to increased electricity generation in early 2025 [2] - The pricing advantage of local hydropower remains compared to other local power sources, and the value of hydropower as a regulatory power source has yet to be fully priced [2] Group 3: Wind Power - Wind power operators are facing short-term performance declines due to poor wind conditions, while solar power operators are affected by declining electricity prices and increased curtailment rates [3] - Despite short-term challenges, the long-term value of wind power operators is emphasized, with a recommendation to focus on those with better investment potential [3] Group 4: Coal Industry - The coal industry is under pressure due to declining prices, with Q1 2025 coal prices continuing to fall; the average price of Qinhuangdao port thermal coal is reported at 721 RMB/ton, down 12.3% month-on-month and 20.0% year-on-year [11][12] - The overall performance of the coal sector is declining, with 28 listed coal companies reporting a total revenue of 273.9 billion RMB, down 17.0% year-on-year, and a net profit of 30.18 billion RMB, down 30.5% year-on-year [11][12] - The upcoming summer peak demand may help reduce inventory levels, potentially stabilizing coal prices [12]

| 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 ...

5月6日，九州一轨今日收盘9.98元，上涨2.57%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到126.99倍，总市值15.00亿元。 从行业市盈率排名来看，公司所处的环保行业行业市盈率平均48.39倍，行业中值29.42倍，九州一轨排 名第108位。 股东方面，截至2025年3月31日，九州一轨股东户数6222户，较上次增加450户，户均持股市值35.28万 元，户均持股数量2.76万股。 北京九州一轨环境科技股份有限公司的主营业务是轨道交通减振降噪技术研发、产品制造、工程设计、 市场推广、测试咨询以及轨道运维管理工程技术服务。公司的主要产品是钢弹簧浮置道床减振系统、预 制式钢弹簧浮置板、其他、大荷载阻尼弹簧隔振器建筑用聚氨酯减振垫、声屏障、一系弹簧组、轨道声 纹在线监测系统、车载轨道声纹检测仪、轻量化轨道智能巡检小车、智能数据一体机。 最新一期业绩显示，2025年一季报，公司实现营业收入2605.84万元，同比-44.47%；净利润-6024851.04 元，同比9.86%，销售毛利率15.59%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)108九州一轨126.99134. ...

Investment Rating - The report maintains a "Positive" investment rating for the large energy sector [5] Core Viewpoints - The report emphasizes the stable performance of hydropower, the negative impact of wind conditions on short-term performance, and the differentiation in thermal power profitability [6][31][37] Hydropower Summary - Hydropower performance is expected to be stable with improved rainfall in 2024, contributing to an increase in electricity generation in Q1 2025. The national rainfall is projected to be 9% above normal, with hydropower utilization hours increasing by 6.9% year-on-year [20][21] - Major hydropower companies are expected to see performance align with expectations, with notable growth in Q1 2025 for companies like Changjiang Power and Huaneng Hydropower [25][26] - The report highlights the importance of local hydropower pricing advantages and the stability of the business model and policy environment as key factors for investment [28][29] Renewable Energy Summary - Wind power operators are facing short-term performance declines due to poor wind conditions, while solar power operators are impacted by falling electricity prices and increased curtailment rates [31][36] - The report suggests focusing on long-term value in wind power operators despite current challenges, as the market is expected to favor those with sustainable development returns [36][37] Thermal Power Summary - The thermal power sector is experiencing improved profitability due to declining coal prices, although there is significant regional differentiation in performance [37] - The report notes that while northern thermal power operators are seeing better performance, regions like Guangdong are facing challenges due to market price declines [8][37] Investment Recommendations - The report provides three stock selection strategies: focusing on state-owned enterprises undergoing asset integration, selecting resilient hydropower assets, and identifying undervalued wind power operators [9][11] - Key recommended stocks include: - Hydropower: Guotou Power, Changjiang Power, Chuan Investment Energy - Wind Power: Longyuan Power, Xintian Green Energy, Datang Renewable - Thermal Power: Wan Energy, Shanghai Electric, Huaneng International [9]

| 略 | | 投资策略 | | --- | --- | --- | | | [Table_MainInfo] 全 A | 净利边际改善，价格和政策有支撑的领域占优 | | 研 | | ——A 股市场 2025 年一季报业绩综述 | | 究 | 分析师： 宋亦威 | SAC NO： S1150514080001 2025 年 05 月 06 日 | | | [Table_Analysis] 证券分析师 | [Table_Summary] | | | 宋亦威 | 投资要点： | | | 022-23861608 |  2025Q1 全 A 单季营收同比增速较 2024Q4 出现回落，而单季归母净利 | | | songyw@bhzq.com | 同比增速由负转正显著改善。具体而言，2025Q1 全 单季营收和净利 A | | | [Table_Author] 严佩佩 | | | | | 同比增速分别为-0.2%/3.7%，前者较 2024Q4 回落 1.7 个百分点，后者 | | | 022-23839070 SAC No:S1150520110001 | 较 2024Q4 回升 17.5 个百分点。 | | ...