点击图片▲立即收听 " 中东有着我们 30 年前的人口结构， 15 年前的发展水平， 15 年后的收入水平。 " 文 / 巴九灵（微信公众号：吴晓波频道） 这几日，广交会二期正在如火如荼地进行，我们实地走访了第一期后发现：在近17万名境外采购商中，来自中东地区的采购商占比14.3%，一举超 过欧美国家的10.5%，成为本届广交会"最积极下订单"的区域之一。 一个来自上海的自动化设备供应商告诉我们，他们的客户主要集中在印度、中东、非洲、东南亚、土耳其等市场，欧美已经不再是"默认主场"。 与此同时，在上海国际车展的现场，中东买家"榜一大哥"的身影也明显增多。媒体报道称，这些来自沙特、阿联酋等国的土豪们，最爱买的不是奔 驰宝马，而是中国国产车。有沙特友人透露，他们国家50%—60%的车都是中国品牌，国王开的也是。 中东，正在成为中国企业全球化新地图上最被低估的一块"高价值地带"。 自4月2日特朗普挑起关税战以来，越来越多中国企业开始重新思考出海的路径：美国不稳、东南亚内卷、印度不好搞，那还有哪里值得试？ 很多人这才发现，过去我们谈出海总是盯着东南亚，但真正具备增量红利、政策热情和购买力三位一体的地区，或许恰恰是那个 ...

截至2025年3月31日，招商基金旗下招商瑞恒一年持有期混合C(009378)期末净资产2.52亿元，比上期减 少12.55%，该基金经理为余芽芳。 | 日期 | 期间申购(亿份) | 期间赎回(亿份) | 期末总份额(亿份) | 期末净资产(亿元) | 净资产变动率 | | --- | --- | --- | --- | --- | --- | | 2025-03-31 | 0.00 | 0.00 | 0.02 | 0.02 | -2.54% | | 2024-12-31 | 0.00 | 0.02 | 0.02 | 0.02 | -47.96% | | 2024-09-30 | 0.00 | 0.02 | 0.04 | 0.04 | -27.77% | | 2024-06-30 | 0.29 | 0.35 | 0.06 | 0.06 | -49.10% | 数据显示，该基金近3个月收益率-0.67%，近一年收益率0.16%，成立以来收益率为12.21%。其股票持 仓前十分别为：渝农商行（601077）、格力电器（000651）、四川路桥（600039）、歌尔股份 （002241）、迪威尔、云铝股份（000 ...

点击小程序查看报告原文 提振内需的必要性与政策实施的有效性正在提升 外部冲击之下，"扩内需"必要性进一步提升。 美国近期实施的关税政策力度远超预期，扰动全球贸易秩序，加剧全球经济放缓风险。中美贸易摩擦动态 演绎，截至4月16日，中国出口美国的个别商品累计各种名目的关税已达到245%[1]。在此背景下，我国政府迅速采取针对性措施，包括对等关税、出口管 制、反倾销调查、WTO诉讼等[2]，维护多边贸易。与此同时，在外部尤其贸易前景尚不明朗的背景下，更为积极地实施内需刺激政策必要性提升，以国 内增长确定性应对外部环境的不确定性。 当前时点"扩内需"的效果或优于以往。第一，从政策空间来看， 近期公布的物价数据显示，CPI同比2月起再次进入负增长区间，PPI同比持续低位运行， 通胀低位为货币宽松和财政刺激提供了更大操作空间。 第二，从政策目标来看， 扩大内需是去年底经济工作会议以及两会明确的首要任务[3]。特别地， 2024年地方政府债务置换计划落地后，地方偿债压力缓解，为新增投资及民生支出释放财政空间，地方政府配合中央逆周期调控的能力和意愿增强。 第 三，私人部门信心逐步企稳。 3月统计局公布的商品房销售面积、销售金 ...

广发证券 资深宏观分析师 贺骁束 hexiaoshu@ gf.com.cn 广发宏观郭磊团队 摘要 第一， 工业部门开工率同比涨跌互现，其中钢铁、焦化等内需链仍偏强，纺服产业链相关的江浙织机开工率 有一定放缓迹象，有待后续继续观察确认。截至4月第三周，全国247家高炉开工率（期末值，下同）同比增 长3.0pct；焦化企业开工率同比增长6.8pct。苯乙烯开工率同比增长0.6pct；PTA江浙织机负荷率同比回落 8.1pct，环比回落5.0pct；涤纶长丝江浙织机开工率同比回落16.4pct，环比回落7.7pct；山东地炼开工率 同比回落6.3pct；PVC开工率同比增长0.5pct。汽车半钢胎开工率同比回落2.6pct，全钢胎开工率同比增长 1.9pct。 第二， 中电联口径，截至4月10日纳入统计的发电集团燃煤电厂本月累计发电量同比下降6.4%。这一数据和 3月大致相当，今年3月1-27日同一口径燃煤发电量同比回落6.7%。近年来新能源发电占比迅速提升，火电 对经济的代表性下降，如一季度统计局口径火电、风电、太阳能发电同比增长分别为-4.7%、9.3%、 19.5%，所以燃煤发电数据只有同口径对比的意义。 ...

Core Viewpoint - Longjian Road and Bridge Co., Ltd. (龙建股份) is facing a lawsuit over a contract dispute involving overdue payments exceeding 20 million yuan, despite reporting revenue and profit growth for 2024 [2][5]. Group 1: Lawsuit Details - The lawsuit involves a subcontracting agreement for a road construction project signed in September 2015, with an estimated contract price of approximately 212 million yuan [3]. - Longjian has paid around 231 million yuan to the plaintiff, Zhongtai Lu'an, but still owes 20.01 million yuan [4]. - Zhongtai Lu'an is seeking payment of 7.49 million yuan for overdue project payments and 12.53 million yuan for quality assurance funds, along with overdue interest [5]. Group 2: Financial Performance - In 2024, Longjian reported revenue of 18.29 billion yuan, a year-on-year increase of 4.95%, and a net profit of 413 million yuan, up 23.59% from the previous year [7]. - The company's asset-liability ratio remains high at 82.40%, slightly down from 83.94% in 2023, continuing a trend of over 80% for more than a decade [7]. - Accounts receivable have significantly increased, with figures of 5.86 billion yuan, 9.37 billion yuan, and 9.5 billion yuan for the years 2022 to 2024, respectively, indicating a 59.91% increase in 2023 [7]. Group 3: Industry Context - Longjian primarily engages in road engineering, municipal road and bridge construction, and related infrastructure investment and management [8]. - The construction industry typically involves long project durations and large contract amounts, leading to substantial accounts receivable and slower turnover rates, which pose certain recovery risks [8].

Group 1 - The Hang Seng Index fell by 1.91% to close at 21,056.98 points on April 16 [1] - China New Holdings (08125.HK) closed at HKD 0.305 per share, up 32.61%, with a trading volume of 1.4784 million shares and a turnover of HKD 412,700, showing a volatility of 37.39% [1] - Over the past month, China New Holdings has seen a cumulative decline of 35.21%, and a year-to-date decline of 17.56%, underperforming the Hang Seng Index which has risen by 7.01% [1] Group 2 - As of September 30, 2024, China New Holdings reported total revenue of HKD 27.1295 million, a year-on-year increase of 2.6%, and a net profit attributable to shareholders of HKD -4.9454 million, a year-on-year increase of 10.97% [1] - The gross profit margin stands at 10.51%, and the debt-to-asset ratio is 26.34% [1] - Currently, there are no institutional investment ratings for the stock [1] Group 3 - The average price-to-earnings (P/E) ratio for the construction industry (TTM) is 6.52 times, with a median of 2.19 times [1] - China New Holdings has a P/E ratio of -4.56 times, ranking 165th in the industry [1] - Comparatively, other companies in the industry have P/E ratios such as Pujiang International (02060.HK) at 1.01 times, China Pipe Industry (00380.HK) at 1.5 times, and others ranging from 1.56 to 2.19 times [1][2]

Group 1 - The CEO of Sika stated that the optimism in the U.S. construction industry is being affected by trade uncertainties related to Trump [1] - The construction sector is experiencing mixed sentiments due to ongoing trade discussions and potential tariffs [1] - Sika's performance may be influenced by these external factors, impacting their market outlook [1] Group 2 - The overall sentiment in the construction industry remains cautious amid the trade policy changes [1] - Companies in the construction sector are closely monitoring developments in trade negotiations [1] - The uncertainty surrounding tariffs could lead to fluctuations in material costs and project timelines [1]

中国中铁（601390）发布2024年度环境、社会与管治报告暨社会责任报告。 3月28日，中国中铁发布2024年度环境、社会与管治报告暨社会责任报告。 在公司治理方面，2024年，公司组织开展新一届董事任前培训和上市公司独董、新任高管培训，组织董监高参加财务造假犯罪案件、诚信建设和反舞弊等专 题国资证券监管培训27人次；举办为期5天的二级子公司外部董事监事、董事会日常工作机构业务培训，线上线下（300959）521人参加；利用多平台开展公 司治理、宏观经济、建筑行业、战新产业（300832）等多领域专业培训，持续提升董事会成员的知识水平和履职能力。 在环境方面，公司开展总部办公楼节能降碳行动，通过技术改造提升能效。2024年共节约能耗费用约100万元，为全公司绿色办公梳理示范标杆。 此外，公司坚持生态保护与工程建设同步规划、同步实施，委托专业机构开展水土保持、植被保护等专项环境影响评估，严守生态保护底线。通过全过程生 态管控，确保已竣工项目环评通过率连续保持100%。 | 组织开展"中国中铁绿色施工 "盾构渣 | | --- | | 科技示范工程"评比,评选出 纳入国家 | | 术推广目 100项中国中铁绿色 ...

Group 1 - The Hang Seng Index rose by 0.23% to close at 21,466.27 points on April 15, with Giant Construction (01459.HK) seeing a significant increase of 16.22% to HKD 0.43 per share, with a trading volume of 6,000 shares and a turnover of HKD 2,810 [1] - Over the past month, Giant Construction has experienced a cumulative increase of 23.33%, and a year-to-date increase of 10.45%, outperforming the Hang Seng Index by 6.77% [1] - Financial data for Giant Construction shows total revenue of CNY 6.781 billion for the year ending December 31, 2024, a decrease of 18.45% year-on-year, and a net profit attributable to shareholders of CNY 5.019 million, down 52.51% year-on-year, with a gross margin of 4.09% and a debt-to-asset ratio of 74.03% [1] Group 2 - Currently, there are no institutional investment ratings for Giant Construction [2] - The average price-to-earnings (P/E) ratio for the construction industry (TTM) is 6.77 times, with a median of 2.25 times, while Giant Construction has a P/E ratio of 36.41 times, ranking 94th in the industry [2] - Comparatively, other companies in the industry have lower P/E ratios, such as Pujiang International (02060.HK) at 1.01 times and China Pipe Industry (00380.HK) at 1.51 times [2] Group 3 - Giant Construction Group Co., Ltd. was established in 1965 and listed on the Hong Kong H-share main board in 2016 (stock code 01459.HK), primarily engaged in construction engineering contracting and is a private group enterprise under Zhejiang Giant Holdings Group Co., Ltd. [3] - The company holds various qualifications, including special-grade construction engineering contracting and has received over 300 quality engineering awards, as well as numerous honors for standardized construction sites [3] - Giant Construction emphasizes technological innovation, having obtained multiple national and provincial-level patents and awards, and is actively expanding into overseas markets, including projects in Indonesia [3]

Company Overview - China Laika New Energy Group Limited is a Hong Kong investment holding company primarily engaged in providing construction and structural engineering consulting services [2] - The company also offers licensing consulting services, renovation and extension engineering, small-scale engineering consulting services, inspection and certification services, and other construction-related consulting services [2] - Subsidiaries include Energetic Tree Limited and Qijie Construction Consulting Limited [2] Financial Performance - As of September 30, 2024, the company achieved total operating revenue of 13.9868 million yuan, representing a year-on-year increase of 16.69% [1] - The net profit attributable to the parent company was -253,400 yuan, a decrease of 3.69% year-on-year [1] - The gross profit margin stood at 26.96%, while the asset-liability ratio was 107.62% [1] Market Performance - As of April 14, the stock price closed at 0.114 HKD per share, an increase of 18.75% with a trading volume of 48,000 shares and a turnover of 5,520 HKD [1] - Over the past month, the stock has seen a cumulative decline of 11.11%, and a year-to-date decline of 28.89%, underperforming the Hang Seng Index by 4.26% [1] Valuation Metrics - The company's price-to-earnings (P/E) ratio is -9.73, ranking 147th in the industry [1] - The average P/E ratio for the construction industry (TTM) is 6.63, with a median of 2.25 [1] - Comparatively, other companies in the industry have P/E ratios such as Other Pujiang International at 1.01, China Pipe Industry at 1.47, and others ranging from 1.56 to 2.25 [1]