Core Viewpoint - The China Central Enterprises Structural Adjustment Index has shown a decline in recent months, indicating challenges in the performance of central state-owned enterprises in the market [1][2] Group 1: Index Performance - The China Central Enterprises Structural Adjustment Index opened lower and closed down by 0.53% at 1132.92 points, with a trading volume of 42.13 billion yuan [1] - Over the past month, the index has decreased by 0.87%, by 4.75% over the last three months, and by 4.01% year-to-date [1] Group 2: Index Composition - The index is composed of representative listed companies from central state-owned enterprises, evaluated based on market capitalization, revenue scale, shareholder equity returns, dividend payment levels, and investment in technological innovation [1] - The top ten weighted companies in the index include Hikvision (5.16%), Guodian NARI (4.66%), China Merchants Bank (3.58%), Baosteel (3.49%), China Telecom (3.42%), Changan Automobile (3.41%), SMIC (3.25%), Yangtze Power (3.06%), China Shenhua (2.78%), and China State Construction (2.76%) [1] Group 3: Market Segmentation - The index's holdings are primarily listed on the Shanghai Stock Exchange (75.21%) and the Shenzhen Stock Exchange (24.79%) [1] - In terms of industry distribution, the index shows that industrial sector accounts for 33.96%, information technology for 13.89%, communication services for 11.00%, utilities for 9.66%, energy for 9.30%, materials for 7.20%, financials for 5.55%, consumer discretionary for 4.64%, healthcare for 3.16%, and real estate for 1.64% [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - The sample adjustment typically does not exceed 20%, with a buffer zone allowing for new samples ranked within the top 80 to enter preferentially, and older samples ranked within the top 120 to be retained preferentially [2] - In special circumstances, the index may undergo temporary adjustments, such as removing samples that are delisted or handling mergers and acquisitions according to maintenance guidelines [2] Group 5: Tracking Funds - Public funds tracking the structural adjustment index include various ETFs such as Huaxia Central Enterprise Structural Adjustment ETF and Bosera Central Enterprise Structural Adjustment ETF [2]

? 本次利润分配方案未触及《上海证券交易所股票上市规则 （2024 年 4 月修订）》（以下简称《股票上市规则》）第 9.8.1 条第 一款第（八）项规定的可能被实施其他风险警示的情形。 一、利润分配方案内容 证券代码：601186 证券简称：中国铁建 公告编号：临 2025—010 中国铁建股份有限公司 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。 重要内容提示： ? 每股分配比例：每股派发现金股利 0.30 元（含税） ? 本次利润分配以实施权益分派股权登记日登记的总股本为基 数，具体日期将在权益分派实施公告中明确。 ? 在实施权益分派的股权登记日前公司总股本发生变动的，拟维 持分配总额不变，相应调整每股分配比例，并将在相关公告中披露。 （一）利润分配方案的具体内容 经德勤华永会计师事务所（特殊普通合伙）审计，截至 2024 年 元。经董事会决议，公司 2024 年年度拟以实施权益分派股权登记日 证券代码：601186 证券简称：中国铁建 公告编号：临 2025—010 登记的总股本为基数分配利润，本次利润分配方案如下 ...

Profit Distribution Plan - The company plans to distribute a cash dividend of 0.16161 yuan per share (before tax) based on the total share capital registered on the dividend distribution date, amounting to approximately 2.631 billion yuan in total [1][2] - The cash dividend distribution represents 21% of the net profit attributable to shareholders, an increase of 1 percentage point compared to the 2023 cash dividend ratio [1][2] - The company has already distributed approximately 2.280 billion yuan in cash dividends for the first half of 2024 [1] Financial Performance - As of December 31, 2024, the company's audited undistributed profits amounted to 195.149 billion yuan, with a net profit attributable to shareholders of 23.384 billion yuan [1][2] - The total cash dividend for 2024 is approximately 4.911 billion yuan, which is lower than 30% of the net profit attributable to shareholders [3] Industry Context - The company operates in a highly competitive construction industry characterized by high asset-liability ratios and significant accounts receivable and inventory [3] - The company is in a growth phase, focusing on market opportunities and investing heavily in business restructuring and transformation to seek new growth points [3] Retained Earnings Strategy - The company aims to retain a certain proportion of undistributed profits to enhance risk resistance and financial stability, ensuring the smooth progress of ongoing projects [3] - The retained earnings will support traditional industry upgrades and the cultivation of new business areas [3] Decision-Making Process - The profit distribution proposal was unanimously approved by the company's board of directors during the meeting held on March 27, 2025, and will be submitted for shareholder approval [4] - The supervisory board also approved the profit distribution proposal, affirming its alignment with the long-term interests of the company and its shareholders [4]

Group 1: REITs and Data Centers - The first data center REIT, Southern Runze Technology Data Center REIT, has been accepted for review on the Shenzhen Stock Exchange, attracting significant investor attention due to its business model and asset characteristics [4]. Group 2: Defense and AI - Kosi Technology (688788.SH) is positioned as a leader in AI and unmanned equipment for military applications, with a strong focus on AI command and control systems, having accumulated over 20 years of core data and experience [5][6]. - The company has invested over 1 billion yuan in R&D, with a team of over 400 people dedicated to AI and military applications, indicating significant growth potential in both military and civilian sectors [6]. Group 3: Healthcare - Meinian Health (002044.SZ) is leveraging AI to enhance efficiency and reduce costs in the health checkup industry, with over 600 branches and a leading position in the number of annual health checkups [7][8]. - The company is expected to achieve revenues of 10.826 billion yuan, 12.099 billion yuan, and 13.098 billion yuan from 2024 to 2026, with corresponding net profits of 326 million yuan, 617 million yuan, and 813 million yuan [8]. Group 4: Banking - Chongqing Rural Commercial Bank (601077.SH) is expected to benefit from the Chengdu-Chongqing economic circle, with projected net profit growth rates of 5.72%, 5.99%, and 6.53% from 2025 to 2027 [9]. - China Merchants Bank (600036.SH) has shown resilience with a return to profit growth in 2024, maintaining a leading position in the industry [10]. Group 5: Carbon Market and Construction - The national carbon market is expanding, with significant implications for the steel, cement, and aluminum industries, as companies adapt to new carbon pricing mechanisms [11]. - Key players in these sectors, such as Baosteel and China Aluminum, are expected to benefit from the transition to greener production methods [11]. Group 6: Coal Industry - China Shenhua Energy (H) has seen an increase in long-term investment interest, with a recent stake acquisition by Swiss Life Insurance, reflecting a reevaluation of the coal sector's value [14][15]. - The company has a low debt ratio of 23.4% and plans to distribute 44.9 billion yuan in cash dividends in 2024, indicating strong cash flow and dividend capacity [15][16]. Group 7: Chemicals and Materials - Sanwei Chemical (002469.SZ) reported a significant acceleration in Q4 performance, with a high dividend payout ratio of 99%, making it an attractive investment [21]. - China Jushi (600176.SH) achieved a revenue of 15.856 billion yuan in 2024, with a strong performance in Q4, indicating resilience in the fiberglass market [22][23]. Group 8: Consumer Goods - Nongfu Spring (09633.HK) reported stable growth with a revenue of 42.896 billion yuan in 2024, driven by strong brand value and product innovation [30]. - The company is expected to see net profits grow by 15.6%, 15.0%, and 16.0% from 2025 to 2027, maintaining its market leadership [30]. Group 9: Textile and Apparel - Shenzhou International (02313.HK) reported a revenue of 28.66 billion yuan in 2024, with a net profit increase of 37%, indicating strong demand and operational efficiency [31].

法国航空服务公司埃利奥尔落户香港 法国航空服务公司Elior Group SA(埃利奥尔集团股份有限公司)21日宣布有意拓展香港业务，并已与 香港机场管理局签署合作备忘录，作为该公司拓展亚洲业务的重要一步。 在香港特区政府财政司司长陈茂波见证下，香港机场管理局署理行政总裁张李佳蕙与埃利奥尔集团 主席兼行政总裁丹尼尔·德里舍堡(Daniel Derichebourg)于2月19日签署该合作备忘录。 陈茂波2月26日公布2025/2026财政年度特区政府财政预算案时曾提到，在特区政府投资推广署的协 调下，香港机场管理局已与一家领先的航空服务公司签署合作备忘录，探讨在港提供飞机拆解、部件回 收、人才培训等专业服务，推动香港发展成为亚洲首个飞机部件处理及交易中心。该公司即为埃利奥尔 集团。 特区政府商务及经济发展局局长丘应桦表示，香港一直是海外投资者和国际企业集团的首选之地。 香港会继续发挥内联外通的独特角色，吸引更多企业落户，巩固提升香港作为国际贸易中心和投资枢纽 的地位。 丹尼尔·德里舍堡说，公司在全球11个国家和地区经营广泛业务，涵盖航空、建筑、合约餐饮服务 等不同行业。未来将积极在香港寻找发展机会，进而拓展亚 ...

Summary of China Railway Construction Corporation (CRCC) Conference Call Industry Overview - The construction industry in 2024 is expected to face significant challenges, with notable market changes impacting overall performance [3] - CRCC anticipates a year-on-year decline in key metrics such as orders on hand and revenue [3] Company Performance - In the first three quarters of 2024, CRCC reported a net cash outflow of nearly 90 billion yuan, but the situation improved in Q4 with a positive operating cash flow exceeding 50 billion yuan [3][4] - Despite an expected decline in annual profits, the decrease is projected to be less severe in Q4 compared to the first three quarters [4] Future Outlook - For 2025, CRCC is optimistic about opportunities in the infrastructure sector, particularly following the introduction of supportive policies from the national government [4] - The company plans to maintain and slightly increase the scale of new orders, focusing on investments in railways, water conservancy, and energy infrastructure [4][5] Cash Flow and Project Progress - Q4 2024 saw significant progress in cash recovery and project advancement, aided by national debt relief policies and effective internal collection efforts [6] - The company expects improved cash flow and project progress in Q1 2025, with a better outlook compared to previous years [7] Measures to Enhance Performance - CRCC is implementing measures to optimize order structure, enhance the quality of orders, and improve project payment progress [8] - The company emphasizes high-quality operations to achieve profit growth and improve cash flow management [8] International Expansion - CRCC has seen significant growth in overseas orders, particularly in Africa, the Middle East, Europe, and emerging markets [12] - The company aims to increase the proportion of overseas revenue, targeting 10% in the short term and potentially 15% or higher in the long term [13] Human Resource Reforms - The company has introduced competitive hiring, performance-based income distribution, and merit-based promotions to enhance governance [14] - These reforms focus on project execution rates, conversion rates, and cash flow generation capabilities [14] Operational Management - CRCC prioritizes maintaining company value and aims to stabilize and potentially increase dividend payouts to meet investor expectations [15] - The company is considering share buybacks and other strategies to address market volatility and improve investor perception [16]

Group 1: Economic Trends - The economic index for the entire industry continued to rise in February, indicating an improvement in the economic climate[1] - Key areas of improvement include midstream manufacturing, consumer goods, and certain cyclical products[1] - The real estate chain is recovering with a 32% year-on-year increase in housing sales in 30 major cities in February[4] Group 2: Midstream Manufacturing - Significant improvement in midstream manufacturing, driven by demand in sectors like construction machinery, automation, and specialized equipment[2] - Excavator sales in January-February increased by 27.2% year-on-year, indicating strong demand[2] - Prices for photovoltaic materials and battery components have rebounded, suggesting a recovery in supply-demand dynamics[2] Group 3: Consumer Demand - Domestic consumption is showing signs of recovery, particularly in dairy products and travel services, benefiting from the Spring Festival[3] - The average daily passenger volume for civil aviation in February showed positive year-on-year growth, reflecting improved demand[3] - The price decline for milk has narrowed, indicating a potential price recovery in consumer goods[3] Group 4: Price Trends in Cyclical Products - Precious metals prices continued to rise, with COMEX gold prices increasing year-on-year[4] - Energy metals like cobalt and nickel are experiencing price strength, while lithium resources are showing short-term weakness[4] - Chemical products such as PVC and urea have seen price improvements, indicating a positive trend in the chemical sector[4] Group 5: Risks and Considerations - Risks include the possibility of domestic economic recovery falling short of expectations and external demand not meeting projections[6] - There is a potential risk of model failure, which could impact forecasts and investment strategies[6]

金融工程 | 金工定期报告 金融工程 证券研究报告 在当前市场中，分析师报告数量众多，以行业报告为例，每周通常有超过 500 篇的报告。而阅读这些报告通常要花费大量的时间和成本。针对这一 需求，我们利用 DeepSeek-V3 大模型的总结能力对分析师行业报告进行智 能总结和整合，提炼出核心观点和关键信息。 利用大模型衡量景气度 行业研究报告通常提供分析师对行业趋势的深入分析与总体评价，但其应 用性较弱，主要有两个原因。首先，行业评级是行业研报中的标准化输出， 但其并非连续指标，通常仅分为三类，缺乏足够的区分度。因此，分析师 细微的态度和用词变化可能不会导致行业评级的调整。其次，不同证券公 司采用的行业分类标准并不一致，这些差异使得行业比较变得困难。 大模型普及之前，并不容易解决这些问题，而大模型的应用可能为此提供 更有效的支持。为了深入挖掘行业研报的信息，我们对其进行了进一步的 整理与标准化。我们构造了一个能够提取行业研报所涉具体中信一级、二 级行业名称以及对应行业景气度的提示词，并使用 DeepSeek-V3 模型，将 研报摘要作为输入文本得到该研报所属行业、景气度等指标结果。 最新行业研报文本景气度 我 ...

证券研究报告 宏观 大消费需求初现暖意 华泰研究 2025 年 3 月 16 日│中国内地 国内周报 研究员 易峘 evayi@htsc.com 研究员 吴宛忆 SAC No. S0570524090005 SFC No. BVN199 wuwanyi@htsc.com +(86) 10 6321 1166 研究员 常慧丽，PhD SAC No. S0570520110002 SFC No. BJC906 changhuili@htsc.com +(86) 10 6321 1166 联系人 王洺硕，CFA，PhD wangmingshuo@htsc.com +(86) 10 6321 1166 一周概览 整体而言，相较于去年春节假期后消费需求及价格指标明显走弱，今年部分 消费量价有边际企稳的积极迹象，或部分受气温回暖提振：上周二手房成交 同比仍在高位、尤其一线城市在高基数下继续回升，或显示大城市居民购房 需求偏强；同时，3 月首周汽车销售额同比回升，上周市内出行活动同比亦 走强。复工方面行业分化加剧，部分工业品价格亦有上行：制造业生产整体 回暖，但建筑钢材成交量同比走弱，春节后铜价/铝价持续上行，光伏产业链 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index in the next six months [25]. Core Insights - The government has set a GDP growth target of around 5% for 2025, maintaining a balance between short-term stability and long-term transformation, reflecting a pragmatic yet challenging policy stance [1]. - The fiscal deficit is projected at 5.66 trillion yuan, with a deficit rate of around 4%, marking a historical high for the two sessions, which aligns with the direction of a more proactive fiscal policy [2]. - The issuance of special bonds and local government bonds is expected to reach 6.2 trillion yuan this year, significantly higher than the previous year's total of 4.9 trillion yuan, indicating an increase in effective fiscal spending [3]. - The monetary policy is characterized as "moderately loose," with expectations for potential reductions in reserve requirements and interest rates throughout the year [4]. - CPI is projected to show a "high-low-high" trend throughout the year, with an expected year-end CPI increase of around 1.2% [12]. - PPI is anticipated to narrow its decline throughout the year, with a forecasted annual decrease of -1.2% [14]. Summary by Sections Macroeconomic Policy - The government work report emphasizes a combination of "expansive fiscal and monetary policies" to stabilize growth expectations [1][4]. - The fiscal policy aims to enhance domestic demand through increased public spending and special bond issuance [2][3]. Inflation and Price Trends - February 2025 CPI showed a year-on-year decrease of -0.7%, with core CPI also negative for the first time since January 2021 [11]. - The CPI is expected to rise later in the year due to strong growth policies and increased consumer spending [12]. Trade and Export Performance - Exports in the first two months of 2025 increased by 2.3% year-on-year, while imports decreased by 8.4%, indicating a mixed trade environment [15]. - The impact of U.S. tariffs on exports has not yet fully materialized, suggesting resilience in certain sectors [17]. Market Performance - The REITs market experienced a limited rebound, with the CSI REITs index up by 1.14% [18]. - Market liquidity has decreased, with average daily trading volume dropping to 787 million yuan [19].