Group 1: Stock Market Activity - On the institutional leaderboard, 30 stocks were listed, with 16 seeing net purchases and 14 experiencing net sales [1] - The top three stocks with the highest net purchases by institutions were Zhongzhou Special Materials (CNY 345 million), Beingmate (CNY 154 million), and Yifang Bio (CNY 97.38 million) [1][2] Group 2: Pet Economy - The pet economy is experiencing rapid growth, with companies like Tianyuan Pet and Yuanfei Pet showcasing a wide range of products including pet beds, food, and toys [2] - The upcoming 2025 Shanghai Pet Expo is expected to break historical records in terms of attendance and transaction volume, indicating strong market interest [2] - According to a report by Founder Securities, the pet sector's listed companies have shown better-than-expected performance, driven by industry expansion and domestic brand development [3] Group 3: Millet Economy - The millet economy in China is projected to reach a market size of CNY 168.9 billion in 2024, with a year-on-year growth of 41%, and is expected to exceed CNY 200 billion by 2025 [5] - The potential for growth in the millet industry is significant due to the underdeveloped commercial chain for IP development and licensing in China compared to the US and Japan [5] - Guotai Junan highlights that various toy categories, including IP toys, are expected to see explosive growth, making companies with strong IP, product, and channel advantages worth monitoring [5]

Summary of Key Points Core Viewpoint - The Beijing Stock Exchange (BSE) has seen significant trading activity and new listings, indicating a growing market with increased investor interest and participation. Trading Activity - As of May 18, 2025, there are 266 companies listed on the BSE with a total share capital of 36.498 billion shares and a circulating share capital of 23.096 billion shares [2] - For the week of May 12 to May 18, the trading volume reached 8.072 billion shares, a week-on-week increase of 42.28%, while the trading amount was 173.488 billion yuan, up 39.35% from the previous week [3] - The average trading price during this period was 21.49 yuan, reflecting a decrease of 2.06% [3] - The BSE 50 Index rose by 3.13% to 1422.43 points, with 25 stocks increasing, none remaining flat, and 25 declining [3] New Listings - One company successfully listed on the BSE during the week, bringing the total to 266 [6] - Tian Gong Co., Ltd. (stock code: 920068) was the latest addition, listed on May 13, 2025, and is the first company to split from a Hong Kong stock to list on the BSE [7] - On its first trading day, Tian Gong's stock peaked with a 498.98% increase, closing at 20.17 yuan, a rise of 411.93% with a trading volume of 1.076 billion yuan [7] - As of May 19, 2025, Tian Gong's stock price reached 22.99 yuan, with a total market capitalization of 14.9 billion yuan, reflecting a 4.45% increase from its listing day [7] Upcoming Listings and Applications - As of May 18, 2024, there are 62 companies awaiting approval for listing on the BSE, including 5 under review, 48 in inquiry, and 8 submitted for registration [5] - One company, Youli Intelligent Equipment Co., Ltd. (stock code: 874325), passed the listing committee meeting during this period [12] - Youli Intelligent plans to raise 358 million yuan for the construction of a production base for photovoltaic support components and other projects [13] Financial Performance of Listed Companies - Tian Gong's revenue for 2022 to 2024 was 383 million yuan, 1.035 billion yuan, and 801 million yuan, with net profits of 70.31 million yuan, 175 million yuan, and 174 million yuan respectively [9] - For the first quarter of 2025, Tian Gong expects to achieve revenue of 192 million yuan [10] - Youli Intelligent's revenue for the same period was 433 million yuan, 658 million yuan, and 729 million yuan, with net profits of 42.19 million yuan, 78.17 million yuan, and 90.05 million yuan [14] Other Companies in the Pipeline - Several companies, including Yuelong Technology, Kelairedi, and Kanghua Co., have passed the counseling acceptance process, indicating their readiness for potential listing [20][21][24] - These companies are involved in various sectors, including medical devices, chemical pharmaceuticals, and tourism services, showcasing the diversity of industries represented on the BSE [24][26][27]

袁方1 张端怡（联系人）2魏薇（联系人）3 2025 年 05 月 19 日 内容提要 国投证券宏观定期报告 周度经济观察 ————关税影响体现，后续风险可控 4 月工业增加值同比、PPI 环比出现走弱，同时投资、消费、出口出现小幅 下滑，这些数据表明受对等关税的影响，我国总需求出现收缩。 不过考虑到关税谈判的积极进展、与稳增长政策的出台，预计 5 月、6 月经 济减速的幅度或许相对温和，经济失速的风险可控。 近期资金利率出现抬升，部分投资者担心 1 月中旬局面的重现。不过当前经 济面临的下行压力大于年初、汇率贬值的压力弱于当时、同时债券市场收益率的 中枢也更高。因此从各个维度来讲，央行重新大幅收紧资金的概率似乎有限。 风险提示：（1）地缘政治风险 （2）政策出台超预期 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1宏观团队负责人，yuanfang@essence.com.cn，S1450520080004 2联系人，zhangdy2@essence.com.cn，S1450123040002 3联系人，weiwei2@essence.com.cn，S1450123100017 第 1 页， ...

来源：金融界 经营范围含第二类医疗器械销售；第二类医疗设备租赁；第一类医疗设备租赁；医护人员防护用品生产 （Ⅰ类医疗器械）；第一类医疗器械生产；技术服务、技术开发、技术咨询、技术交流、技术转让、技 术推广；货物进出口；医护人员防护用品批发；医用口罩批发；软件开发；软件销售；软件外包服务； 人工智能应用软件开发；人工智能基础软件开发；人工智能理论与算法软件开发；计算机软硬件及辅助 设备批发；会议及展览服务；机械设备租赁；机械设备销售；机械设备研发；普通机械设备安装服务； 电子产品销售；智能机器人销售；智能机器人的研发；光学仪器销售；机械零件、零部件销售；信息系 统集成服务；数据处理和存储支持服务；承接档案服务外包；远程健康管理服务；健康咨询服务（不含 诊疗服务）；人体干细胞技术开发和应用；医学研究和试验发展。（除依法须经批准的项目外，凭营业 执照依法自主开展经营活动） 企业名称深圳德尚普博医疗科技有限公司法定代表人杨璐瑶注册资本200万人民币国标行业制造业>医 药制造业>化学药品制剂制造地址深圳市宝安区福海街道新田社区新田大道71-3号501企业类型有限责任 公司营业期限2025-5-16至无固定期限登记机关 ...

Core Viewpoint - The number of "A+H" companies is significantly increasing in 2025, driven by favorable policies supporting domestic companies to list in Hong Kong, with expectations that the total will exceed the number from 2022 [1][2][3] Group 1: A+H Company Listings - In 2025, 22 A-share companies have submitted applications to list on the Hong Kong Stock Exchange, with 11 of these submissions occurring in April alone [2] - As of now, 25 A-share companies have applied to list in Hong Kong, with 22 being first-time applicants this year [2] - Notable companies like Ningde Times and Heng Rui Pharmaceutical have passed the Hong Kong Stock Exchange's hearing and are expected to list soon [2][3] Group 2: Financing and Internationalization - Many A-share companies aim to leverage Hong Kong's financing capabilities to accelerate their internationalization process [3][5] - Companies like Midea Group and SF Holding have outlined their fundraising purposes to enhance global operations and logistics networks [3][5] Group 3: Regulatory Support - A series of supportive policies initiated in April 2024 has facilitated the surge in companies seeking to list in Hong Kong [6][7] - The China Securities Regulatory Commission has streamlined the approval process for companies looking to list abroad, reducing the time and requirements for applications [7][8] Group 4: Market Performance Post-Listing - Companies that have listed in Hong Kong have shown significant growth in overseas business and overall revenue, with Midea's overseas e-commerce sales increasing over 50% year-on-year [4][10] - The performance of A+H companies post-listing indicates a narrowing of the price difference between A-shares and H-shares, reflecting improved market conditions [10][11] Group 5: Future Outlook - Deloitte forecasts that the total amount raised from IPOs in Hong Kong could reach between 130 billion to 150 billion HKD in 2025, potentially placing it back among the top three global markets for new stock offerings [1][9] - The trend of A-share companies listing in Hong Kong is expected to continue, with an anticipated wave of IPOs in the second half of 2025 [2][9]

项目建设是稳定经济增长的"压舱石"。近期，苏州顶地电气成套有限公司在1个月内完成全部审批手 续，做到"拿地即开工"，见证着"黄桥速度"。 位于相城区黄桥街道的苏州顶地电气成套有限公司人工智能及新能源电力设备研发及产业化项目，于 2025年2月19日成功摘地。仅仅9天后，该项目便马不停蹄地取得了工程规划许可证和审图合格证；第15 天，施工许可证也迅速获批，项目火速进入实质性建设阶段，整个前期审批流程较以往大幅压缩，实现 火速开工。 项目达产后，将实现年产能近6万台一二次融合标准化成套环网箱（环保气体）、标准化高低压开关柜 等先进电气设备，为区域经济发展注入强劲动力，目前基坑围护桩正在施工中。 苏州顶地电气成套有限公司的项目负责人赞叹道："以前至少要等上小半年，现在政府主动帮我们抢时 间，真的太高效了！" 这一大提速巨大转变来源于黄桥通过审批流程再造、部门协同发力，将"接力跑"变为"并肩跑"的创新实 践。 从土地摘牌到桩基进场，项目建设周期实现大幅缩减，持续刷新的"黄桥效率"，正成为黄桥发展的鲜明 标识。 街道创新实施"节点倒逼、要素前置、堵点销项"工作机制，通过建立项目服务专班机制，践行"流程围 着审批改、要素 ...

Group 1: Event Overview - The 2025 Investor Online Reception Day and Performance Briefing for listed companies in Heilongjiang was held on May 14, with over 120 executives from 36 companies participating [3][4] - The event focused on corporate governance, operational status, financial reports, development strategies, risk management, and sustainable development, addressing investor concerns [3][4] Group 2: Key Topics Discussed - High-frequency topics included "innovation development," "market value management," "shareholder returns," "profit growth points," and "future planning" during the nearly two-hour live interaction [3] - A total of 1,220 questions were raised by investors, with 928 questions answered by company representatives, resulting in an overall response rate of 76% [3] Group 3: Technological Innovation and Industry Upgrades - Companies like Zhongzhi Co. are focusing on technological upgrades in response to the rapid development of emerging industries such as artificial intelligence and low-altitude economy [4] - Zhongzhi Co. has integrated its helicopter business assets through restructuring, enhancing its gross margin and return on equity (ROE) [4] Group 4: Business Strategies and Market Positioning - Boshi Co. is investing heavily in smart factory solutions, integrating AI technologies with industrial internet communications to enhance production safety and efficiency [5] - Companies like Guolian Aviation and Guangzhi Technology are committed to increasing R&D investment and technological innovation to achieve high-quality development amid competitive pressures [5] Group 5: Value Creation and Market Confidence - Beidahuang plans to distribute a total cash dividend of 978 million yuan, with a payout ratio of 89.93%, an increase of 16.4 percentage points from the previous year [6] - Dong'an Power aims to sell 600,000 complete machines in 2025, a growth of over 20% compared to the previous year, to improve profitability through increased sales volume [6] Group 6: Strategic Development Focus - Haya Co. is focusing on major disease areas such as cardiovascular, digestive, respiratory, and oncology, aiming to develop competitive products in the elderly and children's medication sectors [9] - Huadian Energy achieved a net profit of 166 million yuan in 2024, marking a turnaround, and plans to optimize its energy structure in response to industry changes [9][10]

Group 1 - Multiple regions in China are implementing supportive policies for the elderly care industry, including Guangzhou and Shaanxi, aiming to enhance the financial services for elderly care and establish a robust support system by 2035 [1][2] - Shenzhen has released implementation opinions focusing on pension finance, elderly service finance, and elderly industry finance, with 17 specific measures to create a high-quality elderly care model [2] - The aging population in China is projected to exceed 310 million by the end of 2024, creating significant opportunities for the elderly care industry, with a market size expected to reach approximately 106 trillion yuan by 2050 [2] Group 2 - As of May 14, 2023, over 40 stocks related to the elderly care industry in A-shares have seen an average price increase of 2.21% this year, with notable performers like Miaokelan and Haoyue Nursing rising over 40% [3] - Approximately half of the elderly care concept stocks have received increased leverage funding, with significant net purchases exceeding 100 million yuan for companies like Aier Eye Hospital and Heng Rui Medicine [3] - In Q1 2024, 17 elderly care concept stocks reported net profits exceeding 100 million yuan, with China Life Insurance leading at 28.802 billion yuan, reflecting a substantial year-on-year growth of 39.5% [3] Group 3 - Zhejiang Medicine and New Harmony achieved remarkable net profit growth of 273.08% and 116.18% respectively in Q1, indicating strong performance in the elderly care sector [4] - Among the high-performing stocks with net profits over 100 million yuan, 12 received ratings from at least five institutions, with projected profit growth for 2025, including predictions of 88.64% for Covestro and 18.62% for Hualan Biological [4]

证券代码： 002900 证券简称：哈三联 哈尔滨三联药业股份有限公司 投资者关系活动记录表 编号：2025-001 | 投资者关系活 | □特定对象调研 □ 分析师会议 | | □ 现场参观 | | --- | --- | --- | --- | | 动类别 | □ 媒体采访 | √ 业绩说明会 | □ 其他 | | | □ 新闻发布会 | □ 路演活动 | | | 参与单位名称 | 关于参加黑龙江辖区上市公司 年投资者网上集体接待日活动暨业 | 2025 | | | 及人员姓名 | 绩说明会，投资者网上提问。 | | | | 时间 | 2025 年 5 月 14 日（周三）下午 14:00~16:30 | | | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | | | 公司接待人员 | 1、董事、副总裁兼董事会秘书梁延飞先生 | | | | 姓名 | 2、财务总监赵志成先生 | | | | | 1、公司医美产业发展如何？有没有特色优势产品？ | | | | | 尊敬的投资者您好：公司大健康板块目前包括化妆品、医用敷料、 | | | | | "好好"系列纳米乳化饮 ...

Core Points - The company held its 2024 Annual General Meeting to discuss various proposals and reports, including financial performance and governance matters [1][5][6] Group 1: Financial Performance - In 2024, the company achieved a revenue of 602.62 million yuan, an increase of 0.42% compared to the previous year [24] - The net profit attributable to shareholders was -190.67 million yuan, a decrease of 4.33 million yuan from the previous year [7][22] - The company proposed not to distribute profits for 2024 due to the negative net profit, maintaining a focus on sustainable operations [22][26] Group 2: Governance and Reporting - The board of directors and the supervisory board presented their respective work reports, emphasizing compliance with legal and regulatory requirements [7][16] - The company plans to enhance its governance structure and internal control systems to ensure effective decision-making and operational efficiency [10][19] Group 3: Asset Management - The company proposed to recognize an asset impairment provision totaling 37.26 million yuan for various assets, including accounts receivable and inventory [29][30] - The company reported a significant reduction in various liabilities, including a 72.77% decrease in other current liabilities [27][28] Group 4: Future Financing - The company intends to apply for a comprehensive financing credit limit of up to 1 billion yuan from banks and financial institutions to support business development [30][31] - The company currently has an external guarantee balance of 312.61 million yuan, which exceeds its audited net assets [31]