序号股票简称PE(TTM)PE(静)市净率总市值(元)56兴业科技22.8815.041.2028.02亿行业平均 42.7532.862.3252.11亿行业中值25.6128.841.7529.41亿1红豆股份-844.41166.091.7649.84亿2红蜻 蜓-357.0758.571.0630.42亿3歌力思-268.9923.440.8724.77亿4欣龙控股-212.70-133.523.4322.18亿5安正时 尚-140.3244.391.0620.76亿6中胤时尚-89.92-90.583.0730.10亿7哈森股份-80.63-699.954.9037.31亿8欣贺股 份-62.7928.841.0728.88亿9华升股份-43.20-43.205.1421.31亿10ST摩登-33.07-17.444.3015.53亿11华纺股 份-30.52-30.521.4016.94亿 资金流向方面，4月25日，兴业科技主力资金净流入325.60万元，近5日总体呈流入状态，5日共流入 217.32万元。 来源：金融界 4月25日，兴业科技今日收盘9.6元，上涨1.16%，滚动市盈率PE（当前股 ...

周四早盘冲高回落后窄幅震荡，多空围绕"关税跳空缺口"反复争夺。周四 A 股早盘出现冲高回落，市场一度出现快速下跌，但午盘企稳后维持窄幅 震荡，多空双方围绕"关税缺口"反复争夺。周四收盘距离所谓"对等关税"宣布前的跳空缺口 3319 点仅一步之遥，市场分歧有所加大，追涨意愿下降，但 A 股的修复行情仍然在延续。从中期角度来看，在中央汇金等三家国资开始增持，叠加多家上市公司宣布回购增持后，市场已经迎来拐点。尽管 "对等关 税"的后续影响还存在一定不确定性，但市场交易开始克服恐慌心理，指数在波折中继续修复行情。 后市展望：关税事件的冲击最高峰已经过去，A 股将在波折中继续修复。4 月 7 日的极端下跌是对近期所谓"对等关税"事件的一次性反映，随着市场 情绪逐渐平稳和以中央汇金为代表的国资以及多家上市公司宣布回购增持后，目前 A 股已经进入修复性回升。但修复过程并非一帆风顺，美国对全球范 围加征所谓"对等关税"的后续变化对中国和全球经济产生的影响目前仍存在较大不确定性，市场预期变化也存在反复。后市争议较大的仍然是对海外业务 依赖性较高的行业，如消费电子、CXO 等会受到"对等关税"多大程度的影响。确定性较高的是内需和 ...

Export Characteristics - China's exports to the US are highly concentrated in the eastern region, with Guangdong, Zhejiang, and Jiangsu provinces accounting for nearly 60% of total exports to the US[2] - In 2024, the total export value to the US reached $524.66 billion, with a trade surplus of $361.03 billion, representing 36.4% of China's overall trade surplus[8] - The top three export categories to the US are electromechanical equipment, textiles and apparel, and furniture and toys, which together account for 77.3% of total exports[14] Import Characteristics - Major import regions include Beijing, Shanghai, Guangdong, Jiangsu, Zhejiang, and Sichuan, each exceeding $10 billion in imports from the US, collectively accounting for over 70% of total imports[20] - In 2024, the total import value from the US was $163.62 billion, with electromechanical equipment, mineral products, and food and beverages being the top three categories[25] - Sichuan and Tianjin show high dependency on US imports, with import dependency rates of 18.5% and 14.9% respectively, primarily for advanced manufacturing components[24] Trade Balance - 27 provinces in China have a trade surplus with the US, with Guangdong, Zhejiang, and Jiangsu provinces contributing to 70.8% of the total trade surplus of $361.03 billion[32] - Guangdong leads with a surplus of $115.42 billion, followed by Zhejiang at $73.35 billion and Jiangsu at $66.81 billion[32]

Core Viewpoint - The overall market sentiment has stabilized after initial panic due to the tariff war initiated by the U.S., but uncertainties in global economic recovery and geopolitical risks continue to pose challenges for future investments [5]. Group 1: Market Risk Assessment - The Zhongtai Asset Management risk system score for the CSI 300 index is 45.53, a slight decrease from 47.51 last month, indicating moderate to low risk in the market [2]. - The valuation of the CSI 300 has decreased to 38.93 from 45.01 last month, reflecting a general decline in market valuation levels [2]. - Valuation adjustments have occurred in previously high-valued sectors like electronics and computers, while defensive sectors have remained relatively stable [2]. Group 2: Market Expectations - The market expectation score has decreased to 48.00 from 56.00 last month, indicating a decline in market optimism [3]. - Fiscal and monetary policies are expected to continue supporting economic recovery, with local infrastructure spending showing improvement [3]. - Market sentiment has increased to 50.89 from 45.77 last month, primarily due to increased market volatility [3]. Group 3: Economic Indicators - The GDP growth rate for Q1 is reported at 5.4%, with industrial output and retail sales showing significant improvements [8]. - Fixed asset investment growth has strengthened to 4.3%, while real estate investment has declined [8]. - The government is focusing on expanding domestic demand, with measures to enhance consumption and support new industries [9]. Group 4: Sector-Specific Insights - The Zhongtai risk system score for the black commodity sector is 41.6, indicating low risk, with recent improvements in inventory and demand data [13]. - The real estate market is still in a phase of adjustment, with significant declines in development investment and new construction area [13]. - The overall scoring for the black commodity sector is approaching its lowest since the supply-side reform, suggesting high asset value from a valuation perspective [13].

截至2025年4月20日，中泰资管风险系统对各大资本市场的系统评分情况如下： 沪深300指数的中泰资管风险系统评分为45.53，较上月47.51略有下降，市场情绪出现一定波动，整体风险 评分仍处于中等偏低风险区间。 沪深300估值较上月有所下降（本月38.93，上月45.01），显示出市场整体估值水平有所回落。从行业分布 来看，部分前期估值较高的行业如电子、计算机等，估值有所调整，而部分防御性板块或低估值板块的估 值相对稳定。 行业间估值分化有所减小。 目前，28个申万一级行业中钢铁、房地产、国防军工、计算机 的行业估值高于历史60%分位数；农林牧渔、纺织服装、公共事业、非银金融等行业的估值低于历史10% 分位数。 市场整体估值的调整，有超预期的关税冲击的影响，也反映了市场对经济复苏节奏和企业盈利 预期的重新评估。 市场预期分数较上月有所下降（本月48.00，上月56.00）。分析师认为，政策层面持续发力，财政政策和 货币政策协同配合，为经济复苏提供了有力支持。财政方面，当月地方基建支出有所改善，土地市场的恢 复虽不均衡，但政府债发行提速，继续支撑政府性基金支出。预计二季度财政仍将保持积极。但全球经济 复苏的 ...

Core Viewpoint - Shenzhou International (02313) reported a total revenue of 29.898 billion yuan for the fiscal year 2024, marking a year-on-year growth of 14.88% and a net profit attributable to shareholders of 6.241 billion yuan, which represents a year-on-year increase of 36.94% [2] Financial Performance - Total revenue for 2024 was 29.898 billion yuan, up 14.88% year-on-year [2] - Net profit attributable to shareholders reached 6.241 billion yuan, reflecting a 36.94% increase compared to the previous year [2] - Operating cash flow net amount was 5.273 billion yuan, showing a slight growth of 0.89% year-on-year [2][27] - Basic earnings per share were 4.15 yuan, with a weighted average return on equity of 17.97%, an increase of 3.74 percentage points from the previous year [2][23] Dividend Distribution - The company proposed a dividend distribution plan for 2024, with a payout of 1.28 HKD per share, equivalent to 1.19 RMB [2] Valuation Metrics - As of April 23, the price-to-earnings ratio (TTM) was approximately 11.72 times, the price-to-book ratio (TTM) was about 2.04 times, and the price-to-sales ratio (TTM) was around 2.55 times [2] Revenue Composition - The revenue composition for 2024 included: - Sports products: 19.7994 billion yuan - Leisure products: 7.2072 billion yuan - Underwear: 1.4358 billion yuan - Other knitted products: 0.2206 billion yuan [17] Cash Flow and Debt Management - Cash flow from financing activities was -2.651 billion yuan, a decrease of 2.984 billion yuan year-on-year [27] - Cash flow from investing activities was -3.469 billion yuan, compared to -1.38 billion yuan in the previous year [27] - As of the end of 2024, the company’s long-term borrowings decreased by 100%, while short-term borrowings increased by 25.62% [42] Asset and Liability Changes - As of the end of 2024, cash and cash equivalents increased by 47.65%, while fixed assets decreased by 1.53% [39] - The current ratio was 2.29, and the quick ratio was 1.88 [46]

Core Points - The company focuses on the homewear industry, emphasizing product innovation and brand diversification to enhance market position [4][8][10] - The company has been recognized as one of the top 500 manufacturing enterprises in Guangdong, ranking 243rd, showcasing its leadership in the homewear sector [9] - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares to all shareholders, with no stock bonus or capital reserve conversion [3][12] Company Overview - The company specializes in the research, design, production, and sales of homewear, aiming to lead the industry trends and enhance the home living experience [4][8] - Key brands include Fenteng, Marensa, Fenteng Ke'an, and Qianxianyi, each targeting different consumer segments with unique product offerings [4][5][6][7] Business Performance - The company reported a 16.80% year-on-year increase in online sales revenue, reaching 1.298 billion yuan in 2024 [10] - Offline sales through distributors decreased by 5.02% year-on-year, totaling 405.52 million yuan [11] Strategic Initiatives - The company is enhancing its digital transformation and supply chain efficiency through advanced technology and modern management systems [14][15] - A brand strategy upgrade event was held to strengthen the brand ecosystem and leverage digital tools for market growth [10][12] Social Responsibility - The company actively engages in social responsibility initiatives, including donations totaling 1.2 million yuan to local charities and educational projects [17] Future Plans - The company is set to hold its 2024 annual shareholder meeting on May 15, 2025, to discuss various proposals, including the profit distribution plan and future strategic directions [59][60]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [5][18]. Core Insights - The company experienced a revenue decline of 1.9% in 2024, with a significant drop in net profit by 29.1% due to increased market investment and brand promotion costs [1][2]. - The multi-brand strategy has been successfully implemented, enhancing the company's core competitiveness and risk resistance [9]. - The company has established a balanced development of its brand matrix, with three brands exceeding 1 billion in revenue [4]. Financial Performance Summary - **Revenue and Profit**: - 2023 revenue was 5,254 million, projected to decrease to 5,153 million in 2024, then increase to 5,505 million in 2025 [1]. - Net profit for 2023 was 698 million, expected to drop to 495 million in 2024, with a recovery to 544 million in 2025 [1]. - **Profitability Ratios**: - The gross margin for 2024 is projected at 65.02%, a slight increase from the previous year [2]. - The net profit margin for 2024 is expected to be 10.09%, down 3.78 percentage points year-on-year [2]. - **Earnings Per Share (EPS)**: - The latest diluted EPS for 2024 is projected at 0.34, down from 0.48 in 2023, with a gradual increase expected in subsequent years [1][9]. Brand Performance Summary - **Brand Revenue**: - The Hazzys brand achieved a revenue of 1.781 billion, a growth of 1.29%, while the Lefuye brand saw a significant increase of 27.95% to 335 million [3]. - The Baonia brand's revenue was 1.009 billion, down 2.89%, and the Baoxin brand revenue decreased by 8.35% to 1.585 billion [3]. - **Channel Development**: - The company has established 1,815 offline stores across various key locations and is actively expanding its online presence through major e-commerce platforms [3]. Market Position and Strategy - The company has a well-balanced brand matrix with mature, growth, and nurturing brands, allowing for resource sharing and collaborative development [4]. - The acquisition of the international outdoor brand Woolrich marks a significant step towards enhancing the company's multi-brand strategy and international expansion [9].

□ 南京日报/紫金山新闻记者 黄琳燕 "苏豪股份亮相2025年外贸优品中华行江苏站首场活动""快轮科技亮相外贸优品展，助力'江苏制造'拓内 需"……4月19日—20日，"外贸优品中华行江苏站"活动在南京国际展览中心举行。展会结束了，但参展 企业仍在通过官微等各种途径介绍自己的产品，助力外贸优品开拓内销市场"新"空间。 "外贸优品中华行江苏站"首场活动让"外贸优品"火了。记者在现场看到，外贸企业鼓足干劲开拓新市 场、寻找新商机。 南京快轮智能科技有限公司把直播间搬到了展会现场，不仅在现场卖货，还在直播间推广公司的产品。 现场工作人员告诉记者，公司产品主要出口到欧美、东南亚等地区，目前正在积极开拓国内市场。公司 和华为合作了一款电动滑板车，已经在天猫、京东等电商平台上线；新研发的一款可以自动吐泡泡的电 动儿童车也在抖音直播间开始销售。记者看到，很多人被现场展示的一辆造型很酷的电动自行车吸引。 工作人员介绍，这款车主打户外越野，主要销往欧洲市场。"这款车符合今年9月要实施的新国标，到时 候我们会在国内市场进行销售。" 除了拓展销售渠道，有些外贸企业已经开始研发新品以满足国内消费者的需求。"外贸优品中华行江苏 站"首 ...

Group 1 - The core viewpoint of the articles highlights the strengthening trade relationship between Liaoning and ASEAN countries, with a significant increase in import and export activities, particularly in the first quarter of this year [1] - In the first quarter, Liaoning's import and export volume with ASEAN reached 24.26 billion yuan, marking a 19.7% year-on-year growth and setting a historical record for the same period [1] - Exports to Vietnam, Malaysia, and Cambodia saw substantial increases of 9.6%, 32.7%, and 54.5% respectively [1] Group 2 - The automotive industry in Liaoning is experiencing robust growth, with exports to ASEAN showing a notable increase, supported by the establishment of a comprehensive service base for automobile exports [2] - In the first quarter, a total of 6,837 vehicles were exported from Dalian Port to ASEAN, with a total value of 676 million yuan, representing a year-on-year growth of 2,691% and 416% respectively [2] - Dalian Customs is actively facilitating the development of the automotive industry by enhancing logistics and customs processes, thereby reducing operational costs for enterprises [2]