Core Viewpoint - Despite a decline in the manufacturing PMI to 49% in April, the overall economic output in China continues to expand, indicating a long-term positive trend in the economy [1][5]. Manufacturing Sector - The manufacturing PMI decreased by 1.5 percentage points from the previous month, falling below the critical point due to high growth in previous months and changes in the external environment [1]. - The new export orders index dropped to 44.7%, a decrease of 4.3 percentage points, indicating a tightening of foreign demand [1]. - The manufacturing production index was recorded at 49.8%, down by 2.8 percentage points, reflecting a slight decline in overall production [2]. High-Tech Manufacturing - The high-tech manufacturing PMI stood at 51.5%, significantly above the overall manufacturing level, with both production and new orders indices above 52% [3]. - Industries such as food processing, pharmaceuticals, and beverages also showed strong performance, with production and new orders indices above 53% [3]. Non-Manufacturing Sector - The non-manufacturing business activity index was at 50.4%, slightly down by 0.4 percentage points, but still indicating stable expansion [3]. - The aviation transport and entertainment sectors saw significant increases in their business activity indices, both exceeding 55% [4]. Economic Outlook - The comprehensive PMI output index for April was 50.2%, indicating continued economic expansion despite a 1.2 percentage point decline from the previous month [4]. - The government emphasizes the need to stabilize employment, businesses, and market expectations to ensure high-quality development in response to external uncertainties [5].

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 报告摘要 PMI 数据：制造业 PMI 回落至荣枯线以下 4 月制造业 PMI 为 49.0% ，前值为 50.5% 。具体分项来看： 1 ） PMI 生产指数为 49.8% ，前值为 52.6% ，回落 2.8 个百分点。 2 ） PMI 新订单指数为 49.2% ，前值为 51.8% 。 PMI 新出口订单指数为 44.7% ，前值为 49.0% 。 3 ） PMI 从业人员指数为 47.9% ，前值为 48.2% 。 4 ）供货商配送时间指数 为 50.2% ，前值为 50.3% 。 5 ） PMI 原材料库存指数为 47.0% ，前值为 47.2% 。 其他行业： 1 ）建筑业：建筑业商务活动指数为 51.9% ，比上月下降 1.5 个百分点。 2 ）服务业：服务业 商务活动指数为 50.1% ，比上月下降 0.2 个百分点。 3 ）综合产出： 4 月，综合 PMI 产出指数为 50.2% ，比上月下降 1.2 个百分点，仍高于临界点。 PMI 点评：三类行业继续 ...

宏观研究 证 券 研 究 报 告 【宏观快评】 三类行业继续保持扩张态势 ——4 月 PMI 数据点评 ❖ PMI 数据：制造业 PMI 回落至荣枯线以下 4 月制造业 PMI 为 49.0%，前值为 50.5%。具体分项来看：1）PMI 生产指数 为 49.8%，前值为 52.6%，回落 2.8 个百分点。2）PMI 新订单指数为 49.2%， 前值为 51.8%。PMI 新出口订单指数为 44.7%，前值为 49.0%。3） PMI 从业 人员指数为 47.9%，前值为 48.2%。4）供货商配送时间指数为 50.2%，前值为 50.3%。5）PMI 原材料库存指数为 47.0%，前值为 47.2%。 其他行业：1）建筑业：建筑业商务活动指数为 51.9%，比上月下降 1.5 个百 分点。2）服务业：服务业商务活动指数为 50.1%，比上月下降 0.2 个百分点。 3）综合产出：4 月，综合 PMI 产出指数为 50.2%，比上月下降 1.2 个百分点， 仍高于临界点。 ❖ PMI 点评：三类行业继续保持扩张态势 （一）外部环境急剧变化影响下，部分指标出现下滑 4 月，受前期制造业较快增长形成较高基数叠加 ...

Group 1: Manufacturing Sector - In April, the Manufacturing Purchasing Managers' Index (PMI) decreased to 49.0%, down 1.5 percentage points from the previous month, indicating a contraction in the manufacturing sector [1] - All 13 sub-indices related to manufacturing showed a decline, with the production index, new orders index, and new export orders index experiencing significant drops, reflecting a contraction in demand [2][4] - The overall economic output remains stable, with the composite PMI output index at 50.2%, indicating continued expansion despite the decline in manufacturing PMI [1][4] Group 2: Non-Manufacturing Sector - The Non-Manufacturing Business Activity Index stood at 50.4%, down 0.4 percentage points from the previous month, but still above the critical point, indicating ongoing expansion in the non-manufacturing sector [1][8] - Key indices in the non-manufacturing sector, such as new orders and new export orders, also saw declines, but the construction and service industries showed resilience, particularly in tourism and entertainment [6][8] - The business activity expectation index has remained above 55% for seven consecutive months, indicating a stable optimistic outlook among enterprises for future market conditions [8] Group 3: Economic Policy and Outlook - Analysts emphasize the need for more proactive macroeconomic policies, including increased government investment in public goods to stimulate market demand and improve employment and income levels [5] - The overall economic environment is influenced by external uncertainties, including trade tensions, which necessitate a focus on stabilizing employment, enterprises, and market expectations [1][4] - The second quarter is expected to see stable performance in the non-manufacturing sector, supported by the release of economic stabilization policies [8]

天眼查App显示，近日，河北陆港航空物流有限公司成立，法定代表人为高皓天，注册资本300万人民 币，由石家庄陆港科技集团有限公司全资持股。 序号股东名称持股比例1石家庄陆港科技集团有限公司100% 经营范围含航空运输货物打包服务;航空运输设备销售;航空商务服务;航空运营支持服务;货物进出口;进 出口代理;技术进出口;日用品销售;国内货物运输代理;互联网销售（除销售需要许可的商品）;技术服 务、技术开发、技术咨询、技术交流、技术转让、技术推广;道路货物运输站经营;会议及展览服务;销售 代理;国内贸易代理;外卖递送服务（除依法须经批准的项目外，自主开展法律法规未禁止、未限制的经 营活动）许可项目：公共航空运输;通用航空服务;民用机场运营;城市配送运输服务（不含危险货物）; 道路货物运输（不含危险货物）;道路货物运输（网络货运）;公共铁路运输（依法须经批准的项目，经 相关部门批准后方可开展经营活动，具体经营项目以批准文件或许可证件为准） 企业名称河北陆港航空物流有限公司法定代表人高皓天注册资本300万人民币国标行业交通运输、仓储 和邮政业>航空运输业>航空客货运输地址河北省石家庄市裕华区体育南大街399号亿博大厦5 ...

天眼查App显示，近日，云梭低空智能科技（江苏）有限公司成立，法定代表人为舒银龙，注册资本 1000万人民币，由云梭智行低空智能科技（江苏）有限公司全资持股。 经营范围含许可项目：通用航空服务；公共航空运输；民用航空器驾驶员培训（依法须经批准的项目， 经相关部门批准后方可开展经营活动，具体经营项目以审批结果为准）技术服务、技术开发、技术咨 询、技术交流、技术转让、技术推广；航空商务服务；航空运输设备销售；广告发布；会议及展览服 务；科普宣传服务；旅游开发项目策划咨询；露营地服务；体育场地设施经营（不含高危险性体育运 动）；体育竞赛组织；体育赛事策划；体验式拓展活动及策划；租赁服务（不含许可类租赁服务）；业 务培训（不含教育培训、职业技能培训等需取得许可的培训）；婚庆礼仪服务；摄像及视频制作服务 （除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 企业名称云梭低空智能科技（江苏）有限公司法定代表人舒银龙注册资本1000万人民币国标行业交通运 输、仓储和邮政业>航空运输业>航空客货运输地址江苏省泰州市医药高新技术产业开发区凤凰西路168 号1号楼402-3企业类型有限责任公司（自然人投资或控股的法人独资） ...

一是结构上产需同步向好。 一季度，外需增速高于生产和内需。"抢出口"效应下以人民币计价的出口同比增 速达6.9%。内需提振政策效果延续，社零和投资分别增长4.6%、4.2%。其中，基建（11.5%）和制造业投资 （9.1%）保持高增，房地产投资（-9.9%）拖累减弱。生产端工业增加值增长6.5%，增速为2022年以来的次高 值。值得注意的是，供给强于需求的格局仍在继续，一季度产能利用率（74.1%）和产销率（94.6%）均略超 季节性回落。 图1：3月内外需求增速均有提升 资料来源：Wind，招商银行研究院 图2：消费提振，投资分化 资料来源：Wind，招商银行研究院 二是节奏上前稳后高。 3月多数经济数据增速较1-2月改善。生产加快修复，3月规模以上工业增加值同比增速 上行1.8pct至7.7%。需求端以基建投资好转最为显著，3月增速大幅提升2.6pct至12.6%。社零增速表现亮眼，3 月增速提升1.9cpt至5.9%，达到2020年以来的最高值【注释1】。制造业投资增速微升，房地产投资增速微 降。 图3：房地产销售降幅略有收窄，投资降幅再度扩张 一、总览：供需两旺 一季度我国经济开局良好，实际GDP同比 ...

序号股东名称持股比例1江苏鸿泰汇远新能源汽车服务有限公司100% 经营范围含许可项目：通用航空服务；升放无人驾驶气球、系留气球（依法须经批准的项目，经相关部 门批准后方可开展经营活动，具体经营项目以审批结果为准）工程和技术研究和试验发展；智能无人飞 行器制造；智能无人飞行器销售；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广； 新材料技术研发；民用航空材料销售；科技推广和应用服务；航空运输货物打包服务；航空运输设备销 售；摄影扩印服务；紧急救援服务；租赁服务（不含许可类租赁服务）；信息技术咨询服务；广告设 计、代理；广告制作；进出口代理；航空运营支持服务；组织体育表演活动；组织文化艺术交流活动 （除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 天眼查App显示，近日，江苏青鸾航空工业有限公司成立，法定代表人为魏广玲，注册资本1000万人民 币，由江苏鸿泰汇远新能源汽车服务有限公司全资持股。 企业名称江苏青鸾航空工业有限公司法定代表人魏广玲注册资本1000万人民币国标行业交通运输、仓储 和邮政业>航空运输业>航空客货运输地址江苏省南京市江北新区科创大道9号智能制造产业园(智合 园)A2幢4 ...

Core Viewpoint - The article discusses the significant market downturn in the U.S. stock market, driven by fears of a trade war initiated by President Trump, leading to a reassessment of economic outlooks, inflation trends, interest rates, and corporate earnings [3]. Economic Data Focus - Key economic data to watch includes the U.S. Consumer Price Index (CPI) report for March, which is expected to influence market volatility if it exceeds expectations [3][4]. - The Producer Price Index (PPI) and the University of Michigan Consumer Sentiment Index will also be released, with particular attention to inflation expectations [3][4]. Company Earnings Reports - The earnings season is approaching, with major companies like JPMorgan, Wells Fargo, Morgan Stanley, BlackRock, and Delta Air Lines set to report their results, which will provide insights into consumer and corporate demand [5]. Cal-Maine Foods - Cal-Maine Foods is expected to report a significant increase in earnings, with estimates suggesting a rise of over 250% year-over-year, driven by a shortage in egg supply and strong demand [6][8]. - The projected earnings per share (EPS) for Cal-Maine is $10.75, up from $3.01 in the same quarter last year, with quarterly revenue expected to grow by 102% to $1.42 billion [8]. - Despite recent declines in egg prices due to softening consumer demand, the company remains optimistic due to ongoing supply issues from avian influenza [8][10]. Delta Air Lines - Delta Air Lines faces a challenging outlook, with analysts downgrading earnings forecasts due to a weakening economy affecting consumer spending [11][13]. - The expected EPS for Delta is $0.44, reflecting a slight decline of 2% year-over-year, with revenue anticipated to grow by 7% to $13.6 billion [13]. - The airline's stock has seen a significant drop of 38.4% year-to-date, and concerns about its financial health are reflected in a moderate rating of 5.9 out of 10, primarily due to issues with its balance sheet and cash flow [15].

Company Overview - Tianjin Tianji Low Altitude Technology Development Co., Ltd. has been established with a registered capital of 10 million RMB [1] - The company is wholly owned by Tianjin Dicheng Construction Investment Co., Ltd. [1] Business Scope - The business scope includes technology services, development, consulting, and transfer, as well as aviation operation support services [1] - The company is involved in the manufacturing and sales of intelligent unmanned aerial vehicles (UAVs) [1] - Additional services include satellite communication, artificial intelligence application system integration, and information technology consulting [1] Regulatory and Operational Details - The company is classified under the national standard industry of transportation, storage, and postal services, specifically in the aviation transportation sector [1] - The operational address is located in Baodi District, Tianjin [1] - The business license allows for various activities, including general aviation services and civil aviation maintenance training, subject to regulatory approval [1]