文/飞云 截至2025年4月30日，A股5411家上市公司中，共有5071家公司在2024年年度报告中披露了具体的研发费 用，其中研发费用过亿的有2012家。研发费用前五名分别为：比亚迪、中国建筑、中国移动、中国中铁、 中国交建。科创板、创业板公司研发费用最多的分别是百济神州、宁德时代。本文根据同花顺提供的最新 数据，整理统计了A股研发费用前100名、科创板和创业板研发费用的前30名，具体如下： 一、A股2024年研发费用前100名 研发费用最高的100家公司研发费用合计76995146.25万元，中位数为365510.85万元，平均数为769951.46万 元。比亚迪以5319474.50万元的研发费用位列2024年A股上市公司研发投入榜首。 | 序号 | 股票代码 | 股票简称 | 研发费用(万元) | | --- | --- | --- | --- | | | | | 2024/12/31 | | 1 | 002594.SZ | 比亚迪 | 5319474.50 | | 2 | 601668.SH | 中国建筑 | 4545933.90 | | 3 | 600941.SH | 中国移动 | 281630 ...

Report Summary - The report presents the top ten convertible bonds for May 2025 [1][10] Core Viewpoints - The report provides a detailed analysis of the top ten convertible bonds in May 2025, including their ratings, closing prices at the end of April, conversion premium rates, and P/E ratios of the underlying stocks. It also analyzes the business operations, financial performance, and company highlights of the corresponding issuing companies [10][20][30] Analysis of Each Convertible Bond 1. Zhongte Convertible Bond - Rating: AAA; 4 - month - end closing price: 107.723 yuan; Conversion premium rate: 111.03%; Underlying stock PE - TTM: 11.5 [10] - The company is a globally leading specialized special - steel material manufacturer with an annual production capacity of about 20 million tons. In 2024, its revenue was 109.203 billion yuan (-4.22% y/y), and in Q1 2025, revenue was 26.84 billion yuan (-5.59% y/y) [10] - Company highlights: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification, with over 20 million tons of annual production capacity. It has a complete industrial chain and is seeking external expansion opportunities [11] 2. Shanlu Convertible Bond - Rating: AAA; 4 - month - end closing price: 109.882 yuan; Conversion premium rate: 53.32%; Underlying stock PE - TTM: 3.7 [20] - The company's main business is road and bridge construction and maintenance. In 2024, its revenue was 71.348 billion yuan (-2.3% y/y), and in Q1 2025, revenue was 9.764 billion yuan (+1.95% y/y) [20] - Company highlights: It has the concept of "China - specific valuations" as its actual controller is the Shandong Provincial State - owned Assets Supervision and Administration Commission. It is expected to benefit from the infrastructure construction plan in Shandong during the 14th Five - Year Plan period [21] 3. Heshun Convertible Bond - Rating: AA -; 4 - month - end closing price: 126.801 yuan; Conversion premium rate: 23.13%; Underlying stock PE - TTM: 11.2 [30] - The company is a high - tech enterprise focusing on the R & D, production, and sales of polyamide 6 slices. In 2024, its revenue was 7.168 billion yuan (+19.11% y/y), and in Q1 2025, revenue was 1.563 billion yuan (-4.63% y/y) [30] - Company highlights: In 2024, the downstream market demand was good. It is promoting multiple new projects and actively expanding into the international market [31] 4. Aima Convertible Bond - Rating: AA; 4 - month - end closing price: 128.524 yuan; Conversion premium rate: 15.7%; Underlying stock PE - TTM: 17.6 [41] - The company is a leading enterprise in the electric two - wheeled vehicle industry. In 2024, its revenue was 21.606 billion yuan (+2.71% y/y), and in Q1 2025, revenue was 6.232 billion yuan (+25.82% y/y) [41] - Company highlights: The subsidy for trading in old vehicles may continue, and the implementation of the new national standard is expected to bring policy dividends and improve the gross profit margin [42] 5. Xingye Convertible Bond - Rating: AAA; 4 - month - end closing price: 116.521 yuan; Conversion premium rate: 24.23%; Underlying stock PE - TTM: 5.7 [51] - The company is one of the first joint - stock commercial banks established with the approval of the State Council and the People's Bank of China. In 2024, its revenue was 212.226 billion yuan (+0.66% y/y), and in Q1 2025, revenue was 55.683 billion yuan (-3.58% y/y) [51] - Company highlights: Its net interest income has grown steadily, asset quality is stable, and the scale has maintained stable growth [52] 6. Yonghe Convertible Bond - Rating: AA -; 4 - month - end closing price: 127.310 yuan; Conversion premium rate: 17.03%; Underlying stock PE - TTM: 32.7 [64] - The company's main business is the R & D, production, and sales of fluorochemical products. In 2024, its revenue was 4.606 billion yuan (+5.42% y/y), and in Q1 2025, revenue was 1.138 billion yuan (+12.36% y/y) [64] - Company highlights: In 2024, the prices of refrigerant products recovered, and the fluorochemical production base project of its subsidiary turned profitable [65] 7. Chongyin Convertible Bond - Rating: AAA; 4 - month - end closing price: 121.159 yuan; Conversion premium rate: 12.33%; Underlying stock PE - TTM: 7.2 [73] - The company is an early local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China. In 2024, its revenue was 13.679 billion yuan (+3.54% y/y), and in Q1 2025, revenue was 3.581 billion yuan (+5.3% y/y) [73] - Company highlights: It is expected to benefit from the Chengdu - Chongqing Twin - City Economic Circle strategy. Its asset scale has grown steadily, and it actively follows national strategies [74] 8. Beigang Convertible Bond - Rating: AAA; 4 - month - end closing price: 127.2 yuan; Conversion premium rate: 12%; Underlying stock PE - TTM: 19.2 [85] - The company is located at an important transportation hub. In 2024, its revenue was 7.003 billion yuan (+0.77% y/y), and in Q1 2025, revenue was 1.643 billion yuan (+6.73% y/y) [85] - Company highlights: Its cargo and container throughput have increased, and it has a complete transportation network and is actively exploring the market [86] 9. Huayuan Convertible Bond - Rating: AA -; 4 - month - end closing price: 127.228 yuan; Conversion premium rate: 12.95%; Underlying stock PE - TTM: 26.2 [96] - The company focuses on building a complete vitamin D3 industry chain. In 2024, its revenue was 1.243 billion yuan (+13.58% y/y), and in Q1 2025, revenue was 0.326 billion yuan (-1.18% y/y) [96] - Company highlights: It is a leading enterprise in NF - grade cholesterol and 25 - hydroxyvitamin D3 products. It is expanding its product portfolio and has achievements in the pharmaceutical manufacturing field [98] 10. Yushui Convertible Bond - Rating: AAA; 4 - month - end closing price: 122.423 yuan; Conversion premium rate: 26.22%; Underlying stock PE - TTM: 27.7 [106] - The company is the largest integrated water supply and drainage enterprise in Chongqing. In 2024, its revenue was 6.999 billion yuan (-3.52% y/y), and in Q1 2025, revenue was 1.652 billion yuan (+8.66% y/y) [106] - Company highlights: It has a high market share in Chongqing's water supply and drainage market, is expanding externally, and has achieved good results in cost control [108]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [12]. Core Viewpoints - The Central Political Bureau meeting on April 25 emphasized the need for proactive macroeconomic policies to stabilize growth and address risks in key areas, signaling positive stability for the real estate chain [2][9]. - The meeting highlighted the importance of high-quality development to respond to external uncertainties, particularly in the context of international trade tensions, such as the escalating US-China tariff situation [8][9]. - Infrastructure investment is expected to receive policy support as a key driver for economic growth, with a focus on enhancing funding and implementing new policies [10][11]. Summary by Sections Macroeconomic Policies - The report outlines the need for consistent policy orientation, utilizing more proactive fiscal policies and moderately loose monetary policies, including the issuance of special bonds and maintaining liquidity to support the real economy [9][10]. Real Estate Market - The report indicates that real estate development investment in March 2025 was CNY 0.9 trillion, a decrease of 10.0% year-on-year, with sales and new construction areas also showing declines [62][63]. Infrastructure Investment - In March 2025, narrow infrastructure investment reached CNY 1.9 trillion, up 5.9% year-on-year, while broad infrastructure investment was CNY 2.6 trillion, reflecting a 10.7% increase [54][55]. Sector Performance - The construction sector is advised to focus on the dual themes of stabilizing growth and the "Belt and Road" initiative, with recommendations for companies with high overseas exposure to benefit from increasing international orders [11][12].

免责 声 明 近日，由申万宏源主承销的"中国中铁股份有限公司2025年面向专业投资者公开发 行科技创新可续期公司债券(第二期)"成功发行，品种一和品种二发行规模分别为12.5 亿元、12.5亿元，期限为3+N、5+N年期，票面利率为2.10%、2.16%。本期债券品种 一和品种二均创中国中铁同期限永续债券票面利率历史新低。 本内容最终解释权归申万宏源证券有限公司所有。 作为科技部、国务院国资委和中华全国总工会授予的全国首批"创新型企业"，中国 中铁在从事铁路、公路、城市轨道交通等领域专用施工机械的制造与研发方面处于国内 乃至世界领先地位，在科技创新实力、核心技术优势、生产制造水平、品牌知名度等方 面竞争力突出。中国中铁是全球领先的盾构机/TBM研发制造商，是全球领先的道岔和 桥梁钢结构制造商、国内领先的铁路专用施工设备制造商、世界领先的基础设施建设服 务型装备制造商。中国中铁研发制造的隧道掘进机、隧道机械化专用设备、工程施工机 械、道岔、钢桥梁等产品市场需求充盈稳定，相关产品市占率持续保持行业领先。旗下 控股子公司中铁工业（股票代码600528.SH）是我国铁路基建装备领域产品最全、A股 主板唯一主营轨道交通 ...

证券研究报告 工业/基础材料 Q1 境外工程高景气，加力城市更新 华泰研究 2025 年 4 月 27 日│中国内地 行业周报（第十七周） 本周观点：25Q1 海外工程订单景气，加力城市更新稳定消费建材需求 上周中共中央政治局会议提出"加强超常规逆周期调节"、"加力实施城市更 新行动"、"加强对企业'走出去'的服务"等，我们认为有利于内需基建投 资链、城市更新类建材、一带一路等细分板块。25Q1 我国对外承包工程新 签合同额/完成营业额 586.7/341.8 亿美元, 同比+26.0%/+5.5%，海外工程 保持较高景气。加大高品质住房供给，有利于稳定一线消费建材品牌龙头需 求；老旧小区改造和城中村改造有望从小 b 和大 b 不同渠道提供消费建材 增量需求。我们短期继续推荐内需逆周期及供给端约束较强的品种，重点推 荐四川路桥、中材国际、中国交建、中国核建、中国建筑国际、海螺水泥、 上峰水泥、中材科技、兔宝宝、中国联塑。 上周细分行业回顾 截至 4.25，上周全国水泥价格周环比-0.7%；水泥出货率 47.4%，周环比/ 同比-1.3%/-2.5pct；上周国内浮法玻璃均价 71 元/重量箱，周环比/同比持 ...

证券研究报告 工业/基础材料 从顺周期到逆周期，配置内需投资链 上周高层北京调研和国常会，均提出促进或持续推动"房地产市场平稳健康 发展"，市场对增量政策期待较高，我们相对推荐估值处于低位、经营业绩 有望稳健增长的石膏板龙头和板材龙头。二手房成交持续高景气，推荐涂料 和管材。3 月基建投资环比继续改善，外需扰动下有望继续发力，短期重点 推荐水利管网机会。光伏玻璃、玻纤等顺周期品种复价后，短期供给有所增 加。我们短期继续推荐内需逆周期及供给端约束较强的品种，重点推荐四川 路桥、中材国际、中国交建、中国核建、三联虹普、海螺水泥、华新水泥 H、 北新建材、兔宝宝、三棵树。 上周细分行业回顾 截至 4.17，上周全国水泥价格周环比-0.9%；水泥出货率 48.7%，周环比/ 同比+0.4%/-1.7pct；上周国内浮法玻璃均价 71 元/重量箱，周环比/同比 +0.7%/-23.3%，重点样本企业库存 5624 万重箱，周环比基本持平，年同比 +3.8%，库存天数约 28.93 天，环比增加 0.01 天。截至 4.17，3.2mm/2.0mm 光伏玻璃主流订单价格 22.3/14.3 元/平米，周环比基本持平，行业 ...

丨证券研究报告丨 联合研究丨公司点评丨中国建筑（601668.SH） [Table_Title] 需求整体承压，分红率大幅提升 报告要点 [Table_Summary] 公司全年实现营业收入 21871.48 亿元，同比减少 3.5%；归属净利润 461.87 亿元，同比减少 14.9%；扣非后归属净利润 415.81 亿元，同比减少 14.3%。 分析师及联系人 [Table_Author] 张弛 刘义 宋子逸 张智杰 袁志芃 SAC：S0490520080022 SAC：S0490520040001 SAC：S0490522080002 SAC：S0490522060005 SFC：BUT917 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中国建筑（601668.SH） cjzqdt11111 [Table_Title2] 需求整体承压，分红率大幅提升 [Table_Summary2] 事件描述 公司全年实现营业收入 21871.48 亿元，同比减少 3.5%；归属净利润 461.87 亿元，同比减少 14.9%；扣非后归属净利润 ...

Core Viewpoint - Stock buybacks and increases have become important measures for listed companies in managing market value, especially during periods of market volatility, providing additional funds to effectively respond to short-term shocks and stabilize investor confidence [1] Group 1: Buyback and Increase Loan Overview - Since the announcement of the stock buyback and increase loan policy on October 18, 2022, listed companies and major shareholders have actively responded, with the total amount of buyback and increase loans reaching 102.14 billion yuan as of April 17, 2023 [2] - Among the companies utilizing buyback loans, Muyuan Foods has the highest amount at 2.5 billion yuan, followed by Haier Smart Home, Hikvision, China Railway, and Wens Foodstuffs with amounts of 1.8 billion yuan, 1.75 billion yuan, 1.6 billion yuan, and 1 billion yuan respectively [2] - The number of companies obtaining large increase loans is higher, with Dongfang Shenghong's increase loan amount reaching 2.8 billion yuan, and six other companies exceeding 1 billion yuan [2] Group 2: Bank Participation in Loans - Seven large state-owned banks and twelve commercial banks are involved in providing these loans, with the "Big Four" state-owned banks contributing over 10 billion yuan each, totaling 66.25 billion yuan, which accounts for 64.86% of the total loan amount [3] - CITIC Bank leads among commercial banks with a total of 8.8 billion yuan in loans [3] Group 3: Corporate Nature and Loan Distribution - Private enterprises have the highest total loan amount at 54.61 billion yuan, followed by local state-owned enterprises and central state-owned enterprises at 19.93 billion yuan and 18.05 billion yuan respectively [4] - Central state-owned enterprises show a stronger inclination towards buybacks, with 51.5% of their loans used for this purpose compared to 30.68% for private enterprises [4] - The enthusiasm of central state-owned enterprises for buybacks is closely linked to supportive policies from the State-owned Assets Supervision and Administration Commission [4] Group 4: Recent Trends in Buyback and Increase Loans - In April 2023, the number of announcements regarding buyback and increase loans surged, with 67 companies reporting a total loan amount of 19.33 billion yuan, a month-on-month increase of 67.71% [5] - The People's Bank of China has been actively promoting the stock buyback and increase loan business through various initiatives, encouraging state-owned listed companies to take the lead [6]

Group 1 - The A-share market saw a strong performance in the afternoon, particularly among companies with "China" in their names [1] - Chalco International (中铝国际) surged to a trading limit, indicating significant investor interest [1] - China Shipbuilding Emergency Response (中船应急) experienced a nearly 5% increase, reflecting positive market sentiment [1] Group 2 - Other companies in the China Shipbuilding sector, such as China Shipbuilding (中国船舶) and Jiuzhiyang (久之洋), also showed active trading performance [1]

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - In March, narrow infrastructure investment reached 1.9 trillion yuan, a year-on-year increase of 5.9%, with a month-on-month increase of 0.3 percentage points. Broad infrastructure investment was 2.6 trillion yuan, a year-on-year increase of 10.7%, with a month-on-month increase of 1.0 percentage points. For the first three months, narrow infrastructure investment totaled 3.2 trillion yuan, a year-on-year increase of 5.8%, and broad infrastructure investment was 4.3 trillion yuan, a year-on-year increase of 10.3% [2][8] Summary by Sections Investment Performance - In March, narrow infrastructure investment increased, with notable growth in transportation, storage, and postal services, which accounted for 0.8 trillion yuan, a year-on-year increase of 4.7%. Water conservancy, environment, and public facilities management saw an investment of 1.0 trillion yuan, a year-on-year increase of 10.7% [14] Broad Infrastructure Insights - Broad infrastructure investment in March was 2.6 trillion yuan, with a year-on-year increase of 10.7%. The electricity, heat, gas, and water production and supply sector contributed 0.7 trillion yuan, a year-on-year increase of 26.4% [14] Physical Workload Analysis - Cement production in the first three months saw a year-on-year decline of 1.4%, but March showed a recovery with a 2.3% increase. Excavator sales increased by 28.5% year-on-year, indicating strong demand in water conservancy projects [14] Debt Issuance and Future Outlook - Special bond issuance accelerated compared to the previous year, with a total of 1.0183 trillion yuan issued by April 12, 2023. The government plans to issue 4.4 trillion yuan in special bonds for infrastructure investment, which is expected to support steady growth in infrastructure investment throughout the year [14]