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主动基金持仓超配比例修复,军工电子系配置反弹先锋
Tianfeng Securities· 2025-04-29 05:42
行业报告 | 行业专题研究 国防军工 证券研究报告 2025 年 04 月 29 日 | 投资评级 | | | --- | --- | | 行业评级 | 强于大市(维持评级) | | 上次评级 | 强于大市 | 总体视角: 2025 年一季度主动+被动型基金对军工板块持股占比超配比例逐步修复,超配比例达-0.66%,相较于 24Q4 超配比例提升 0.04%。目前已有连续 7 个季度板块配比处于标配比例之下,我们认为,25 年 Q1 板块配比有所修复或意味着基本面修复逐步出现,配比有望出现渐进式反弹,25 年 Q2 超配比 例有望进一步提升,且仍存后续较大增长空间。 主动配置总量视角: 2025 年一季度主动型基金军工板块持股占比为 2.35%,超配比例为-0.21%,相较于 24Q4 超配比例提 升 0.04%,主动基金持仓超配比率逆转 2024Q4 的下降趋势,有望进入持续增长区间。我们认为,2025 年为"十四五"收官、"十五五"开端之年,军工板块景气度有望持续修复,同时地缘政治复杂程度 加深,系统性避险属性不断加强,军工行业有望进入新地缘变化下新估值阶段,主动型基金对军工 板块超配比例有望不断修复。 ...
新柴股份(301032) - 2025年4月28日投资者关系活动记录表(2024年度网上业绩说明会)
2025-04-28 08:44
证券代码:301032 证券简称:新柴股份 浙江新柴股份有限公司 投资者关系活动记录表 | 告相关内容。若涉及需披露的重大事项,公司将及时履行信息披露 | | --- | | 义务,感谢您的关注! | | 3.总经理好,新柴股份二四年赢利是不是假的阿 | | 答:您好,公司严格按照《上市公司信息披露管理办法》《深 | | 圳证券交易所创业板股票上市规则》等规定履行信息披露义务, | | 2024年的财务数据经审计机构审计,不存在虚假记载情形。感谢关 | | 注。 | | 4.【查询-001】高管您好。请问贵公司本期财务报告中,盈利 | | 表现如何?谢谢。 | | 答:您好,报告期内公司实现营业总收入22.60亿元,较上年同 | | 期下降2.4%;营业利润7,887.50万元,较上年同期上涨211.09%; | | 利润总额7,882.50万元,较上年同期上涨213.48%;归属于上市公 | | 司股东的净利润为7,910.60万元,较上年同期上涨147.52%。公司 | | 《2024年年度报告》已于2025年4月22日在巨潮资讯网披露,具体 | | 财务数据请您参阅公司定期报告相关内容。谢谢关注! | ...
坚守三线,铸造战机“中国心”
Ke Ji Ri Bao· 2025-04-27 01:00
原标题:坚守三线,铸造战机"中国心" "从歼7到歼8,温俊峰院士把20年最美青春献给了我国航空发动机研制事业,用一生凝成了爱党爱 国的精神丰碑。"中国航发贵州红林航空动力控制科技有限公司党委副书记王新明追思道。 4月23日,中国工程院院士、航空发动机设计专家温俊峰因病医治无效,在山东烟台逝世,享年97 岁。 温俊峰1929年4月20日出生在绥远省(今内蒙古自治区)五原县。童年亲历战火,他从小立志为祖 国强盛而奋斗。1949年,他以优异的成绩考入北洋大学采矿系,半年后进入清华大学航空系。 求学期间,温俊峰得知志愿军入朝作战,空军缺少飞机,暗下决心要学好知识建设强大空军。毕业 后,他留校任教,参与了北京航空航天大学初建,领导筹建了我国第一个航空发动机薄壳强度课题研究 组,先后完成《三层圆柱壳超出弹性极限之稳定性》《喷气发动机壳体零件强度计算》《冲压发动机构 造》等论著。 1967年,国家作出"三线建设"的战略决策,在贵州建设生产歼击机和教练机的三线航空基地。"我 没多想,就申请到贵州工作,因为在那里可以更好地释放我的光和热。"温俊峰生前这样提起自己人生 中的重要选择。 初到贵州,温俊峰白天和众多建设者一起忙设计, ...
预见2025:《2025年中国航空发动机行业全景图谱》(附市场现状、竞争格局和发展趋势等)
Qian Zhan Wang· 2025-04-26 01:11
Industry Overview - The aviation engine industry is crucial for national economy and security, serving as the power source for various aircraft and representing a country's comprehensive strength [1] - Aviation engines can be categorized into several types based on thrust generation principles and oxidizer sources, including piston engines, rocket engines, ramjet engines, and turbine engines [1] Industry Chain Analysis - The aviation engine industry chain includes research and design, manufacturing (raw materials, components, complete machine manufacturing), operation, and maintenance [3] - China has established a complete research and production system for aviation engines, with key participants including universities and research institutes [4] Development History - The Chinese aviation engine industry has evolved from imitation to independent research and development, achieving significant self-innovation capabilities supported by national policies [5][8] Policy Background - The "14th Five-Year Plan" emphasizes accelerating the research and development of advanced aviation engine materials and technologies, promoting the development of civil large bypass ratio turbofan engines [10] Current Market Status - The aviation engine industry has vast market potential, with a global annual output of over 14,000 units and an estimated annual value of around $70 billion [12] - The Chinese commercial aviation engine market is expected to experience explosive growth, with projected deliveries reaching 19,000 units and a market value exceeding $300 billion over the next 20 years [12] Demand Trends - Both military and civil aviation sectors in China are witnessing an upward trend in aircraft numbers, with the military fleet expected to reach 3,309 aircraft by the end of 2024 [14] - The number of civil passenger and cargo aircraft in China has also been increasing, with approximately 4,400 aircraft expected in 2024 [15] Competitive Landscape - The aviation engine market is primarily dominated by foreign manufacturers, with significant gaps in capabilities compared to the US, Russia, and other military powers [17][19] - The global commercial aviation engine market is largely controlled by a few companies, with CFM International and Pratt & Whitney holding substantial market shares [20] Future Development Trends - The Chinese aviation engine manufacturing industry is expected to focus on independent innovation, quality improvement, international cooperation, and sustainable development [24]
浑瑾李岳最新交流:关注涌现出的三大新刚需,消费老白马或许是下半年最大的预期差……
聪明投资者· 2025-04-24 03:25
以下文章来源于IN咖 ,作者聪明投资者 IN咖 . 多视角关注优秀投资人和企业家 以上是 浑瑾资本李岳 在 4月14日的一场线上路演中分享的最新观点。 在 AI大趋势如火如荼的当下,李岳从消费中看到了更多的机会。 "投资这件事的终极意义在于战胜货币供应量,全球货币供应量是以每年8%~10%的速度在增长,只有全球最稀缺的优质资产才能穿越周期。" "打个比方,美国人是用龙虾、鲍鱼才能做出了米其林,中国人用小米粥就熬出了米其林。所以,出现了 科技平权。 " " 以往消费刚需聚焦于衣食住行,未来则涌现出三大新刚需: IP消费、悦己消费以及国产平替。" 成立浑瑾之前, 2009年至2011年 李岳 曾在华夏基金担任消费行业分析师和国际业务部研究副主管 , 2011年加入高瓴,于2020年 离任,离开 时是高 瓴二级市场大消费组合的负责人,主导超过百亿美元基金的大消费板块投资工作。 在过往十几年的投资生涯中, 李岳 专注于大消费领域,以及制造业等投研工作。 在本次交流会中,通过李岳对于大量公司案例的分析,不难看出他对这些领域的生意非常了解。 尤其是对于新消费中 IP消费的理解,李岳并非简单探讨了趋势,而是从本质出发,理解 ...
新柴股份去年净利同比大增147.52% 多项财务指标改善经营质量跃升
Zheng Quan Ri Bao· 2025-04-21 14:08
Group 1 - The company achieved an operating revenue of 2.26 billion yuan and a net profit attributable to shareholders of 79.11 million yuan, representing a year-on-year growth of 147.52% [2] - The company's net cash flow from operating activities improved significantly to 50.85 million yuan, while sales and management expenses decreased by 6.84% and 8.24% respectively, indicating effective cost control [2] - The diesel engine segment generated an operating revenue of 2.02 billion yuan, a year-on-year decline of 3.29%, but the gross margin increased by 0.89% to 9.25%, reflecting successful cost reduction and quality enhancement efforts [2] Group 2 - The company's parts business achieved an operating revenue of 231 million yuan, a year-on-year increase of 6.75%, indicating stable demand in the aftermarket services [3] - The release of the "Action Plan for Large-Scale Equipment Renewal and Consumer Goods Replacement" aims to accelerate the update of engineering machinery and support the renewal of old agricultural machinery, which is expected to benefit the industry [3] - The domestic agricultural machinery sector is seeing an increase in the localization rate of diesel engine components, breaking the monopoly of foreign brands in the high-end power sector, presenting growth opportunities for the company [3]
华丰股份:2024年净利润7358.8万元 现金流显著改善
Zhong Zheng Wang· 2025-04-21 06:02
Core Insights - Despite external challenges such as global economic fluctuations and weak market demand, the company reported a total revenue of 916 million yuan and a net profit of 73.588 million yuan for the year 2024, indicating a year-on-year decline in both revenue and profit [1] - The company has established a technical cooperation with Weichai Lovol in the diesel engine sector, successfully completing product adaptation development for the M4000 and P4000 platforms, and has expanded its customer base in agricultural machinery exports [1] - The company has made significant progress in cash flow management, with net cash flow from operating activities improving from -55.2982 million yuan in 2023 to 264 million yuan, attributed to enhanced sales collection efficiency and optimized bill discounting strategies [2] Business Development - The company is focusing on overseas markets for its intelligent generator business, having completed design upgrades and deliveries for silent generator sets for communication stations in Congo and the Philippines, while actively participating in bids for backup power sources in data centers and mining sectors [1] - A joint research and development center with the Shanghai Institute of Ceramics, Chinese Academy of Sciences, has achieved milestones in the field of composite polymer solid-state electrolytes, with patent applications submitted and positive progress in battery performance metrics [2] - The company has initiated a project for intelligent manufacturing of core engine components, enhancing production line flexibility and precision, with its subsidiary in Jiangsu starting mass production [1][2] Quality and Innovation - The company adheres to a "quality first" development philosophy, integrating management systems such as IATF16949 and ISO9001 to ensure efficient operation of quality systems and continuous improvement in customer satisfaction [3] - The company has established a joint R&D center with Xiamen University focusing on optimizing cooling liquid systems, aiming to develop replicable solutions for new functional materials [2] - The company plans to distribute 2 yuan per 10 shares to all shareholders, while emphasizing diversification of customers, process upgrades, and expansion into overseas markets to mitigate risks associated with macroeconomic fluctuations and high customer concentration [3]
低空经济行业专题系列二:eVTOL动力系统的市场空间、技术趋势和产业链机遇【国信汽车】
车中旭霞· 2025-04-17 02:33
核心观点 低空经济产业链格局初显,国内市场规模潜力巨大 我国低空经济供应链已形成"上游自主突破、中游协同攻关、下游标准引领"的全链条发展格局,以eVTOL、无人机整 机制造为核心,产业链呈现技术快速迭代与订单落地的产能扩张态势。从未来大规模商业化的潜力来看,测算中期存 量国内旅游观光场景、通勤场景可分别带来2.4万架和8.5万架的eVTOL需求,整机存量销售市场规模超2500亿。 低空经济系列 车中旭霞 行业深度 《 低空 空经济行业专题系列二:eVTOL动力系统的市场空间、技术趋势和产业链机遇 》——202 50417 《 eVTOL行业专题:低空经济的先导产业,飞行汽车商业化渐近》——20240516 行业点评 《 低空经济点评:亿航智能运营合格证落地,低空经济从试点迈向商业化运营阶段》——20250331 公司深度 《亿航智能(EH.O)-低空经济领先企业,集齐适航三证,商业化落地有望加速》 ——2024-08-11 《 万丰奥威(002085.SZ)-汽车轻量化为基,通航飞机打开低空经济成长空间》——20240928 公司点评 《亿航智能(EH.O)- 单四季度收入同比增长190%,商业化落地运营可期 ...
中国航发动力股份有限公司关于参加中国航空发动机集团有限公司 所属上市公司2024年度集体业绩说明会的公告
Zhong Guo Zheng Quan Bao - Zhong Zheng Wang· 2025-04-15 03:32
Group 1 - The company will hold an annual performance briefing on April 25, 2025, from 14:30 to 17:00 [2][3] - The meeting will be conducted in a hybrid format, combining video interaction and on-site communication, with on-site interaction scheduled from 14:30 to 16:00 and online interaction from 16:00 to 17:00 [3] - Key personnel attending the meeting will include the company's chairman or general manager, board secretary, independent directors, and relevant department staff [3] Group 2 - Investors can submit questions for the briefing from April 17, 2025, to April 24, 2025, by visiting the Shanghai Stock Exchange Roadshow Center website [4] - The company will address commonly asked questions during the performance briefing [4] - After the briefing, investors can access the meeting's details and main content through the Shanghai Stock Exchange Roadshow Center [5]
4月3日早间重要公告一览
Xi Niu Cai Jing· 2025-04-03 05:09
Group 1: 华盛锂电 - Company plans to invest in a project to produce 60,000 tons of vinyl carbonate annually, with the first phase targeting 30,000 tons [1] - Total investment for the project is approximately 950 million yuan, funded by the company's own or raised funds [1][2] Group 2: 万里扬 - Shareholder plans to reduce holdings by up to 1.5% of the company's total shares, equating to a maximum of 19.69 million shares [3] - The reduction is due to the shareholder's own funding needs [3][4] Group 3: 云南旅游 - Company intends to raise no more than 191 million yuan through a private placement of up to 304 million shares [5] - Funds will be used for the construction of a cultural tourism equipment industrial park and to repay debts [5][6] Group 4: 冠农股份 - Company reported a 71.58% decline in net profit for 2024, amounting to 205 million yuan [9] - Revenue decreased by 11.15% to 3.863 billion yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [9][10] Group 5: 华光新材 - Company achieved a 93.78% increase in net profit for 2024, totaling 80.6174 million yuan [11] - Revenue grew by 35.52% to 1.918 billion yuan, with a proposed cash dividend of 2.77 yuan per 10 shares [11][12] Group 6: 南大光电 - Company reported a 28.15% increase in net profit for 2024, reaching 271 million yuan [13] - Revenue increased by 38.08% to 2.352 billion yuan, with a proposed cash dividend of 1 yuan per 10 shares and a stock bonus of 2 shares for every 10 shares held [13][14] Group 7: 博瑞医药 - Company experienced a 6.57% decrease in net profit for 2024, amounting to 189 million yuan [15] - Revenue increased by 8.74% to 1.283 billion yuan, with a proposed cash dividend of 0.96 yuan per 10 shares [15][16] Group 8: 贵州茅台 - Company reported a 15.38% increase in net profit for 2024, totaling 862 million yuan [17] - Revenue grew by 15.71% to 170.9 billion yuan, with a proposed cash dividend of 276.24 yuan per 10 shares [17][18] Group 9: 西部建设 - Company reported a net loss of 263 million yuan for 2024, compared to a profit of 645 million yuan in 2023 [19] - Revenue decreased by 11.01% to 20.347 billion yuan, with a proposed cash dividend of 1.25 yuan per 10 shares [19][20] Group 10: 锡业股份 - Company achieved a 2.55% increase in net profit for 2024, totaling 1.444 billion yuan [21] - Revenue slightly decreased by 0.91% to 41.973 billion yuan, with a proposed cash dividend of 1.9 yuan per 10 shares [21][22] Group 11: 海天味业 - Company reported a 12.75% increase in net profit for 2024, amounting to 6.344 billion yuan [23] - Revenue increased by 9.53% to 26.901 billion yuan, with a proposed cash dividend of 8.6 yuan per 10 shares [23][24] Group 12: 台基股份 - Company experienced an 18.77% decrease in net profit for 2024, totaling 25.2935 million yuan [25] - Revenue increased by 10.76% to 354 million yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [25][26] Group 13: 金盘科技 - Company reported a 13.82% increase in net profit for 2024, amounting to 574 million yuan [27] - Revenue grew by 3.5% to 6.901 billion yuan, with a proposed cash dividend of 5.06 yuan per 10 shares [27][28] Group 14: 中油资本 - Company reported an 8.14% decrease in net profit for 2024, totaling 4.652 billion yuan [29] - Revenue slightly increased by 0.08% to 39.024 billion yuan, with a proposed cash dividend of 0.57 yuan per 10 shares [29][30] Group 15: 锐捷网络 - Company achieved a 43.09% increase in net profit for 2024, amounting to 574 million yuan [31] - Revenue increased by 1.36% to 11.699 billion yuan, with a proposed cash dividend of 6.06 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [31][32] Group 16: 华瓷股份 - Company reported a 14.21% increase in net profit for 2024, totaling 205 million yuan [33] - Revenue grew by 8.79% to 1.34 billion yuan, with a proposed cash dividend of 4 yuan per 10 shares [33][34] Group 17: 金龙羽 - Company experienced a 14.14% decrease in net profit for 2024, amounting to 14 million yuan [35] - Revenue decreased by 6.53% to 3.675 billion yuan, with a proposed cash dividend of 3 yuan per 10 shares [35][36] Group 18: 恒帅股份 - Company reported a 5.75% increase in net profit for 2024, totaling 214 million yuan [37] - Revenue increased by 4.21% to 962 million yuan, with a proposed cash dividend of 4 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [37][38] Group 19: 爱玛科技 - Company expects a 25.12% increase in net profit for the first quarter of 2025, amounting to 605 million yuan [39] - Main business includes the development, production, and sales of electric bicycles and motorcycles [39][40] Group 20: 西王食品 - Company reported a net loss of 444 million yuan for 2024, compared to a loss of 16.8658 million yuan in 2023 [41] - Revenue decreased by 9.43% to 4.972 billion yuan [41][42]