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） 韩港（微信 HGK1366） 核心观点 本文从行业协会视角出发，观察 20 大中观行业的现状与未来趋势。 1 ）当前供需失衡、需求不足等问题仍然存在。 2 ）但边际上，已出现一定积极迹象， 表现为：企业正通过调整改造、并购重组等方式重构行业格局（例 如百货行业）；在总量偏弱背景下不乏结构性亮点（例如珠宝消费承压，但黄金高增）； 3 ）往后看，关注四个趋势： 通过供改改善行业环境（如光伏 / 钢铁 / 石化 / 水泥等 ）；新的增长极正在 形成（ AI/ 软件 / 演出等）； AI 助力降本提效（如餐饮 / 珠宝 / 百货等）；深耕细分领域（服装 / 珠宝 / 白酒等）。 报告摘要 一、供需失衡等症结仍存 1 ）供求失衡问题，主要集中在周期、制造业领域 ，例如： a ）石化，"面临深度调整的阵痛期"； b ）钢 铁，需求自 2020 年连续 4 年下滑，且"新的供需动态平衡机制尚未建立"； c ）水泥，"水泥市场饱和度较 高"，在需求下滑的背景下， 内卷式竞争加剧； d ） ...

ETF Industry News - The three major indices mostly declined, with several ETFs in the pharmaceutical and biotechnology sector rising, such as the Huatai-PB Innovation Drug ETF (517120.SH) up 3.23% and the Hong Kong-Shenzhen Innovation Drug ETF (159622.SZ) up 2.73% [1] - The pharmaceutical sector continues to rebound, particularly in the innovative drug sub-sector, driven by recent tariff increases between China and the US, which may benefit domestic innovation [2] - Gold prices surged, leading to record inflows into gold-themed ETFs, with 14 gold-themed ETFs collectively attracting over 51 billion yuan from January 1 to April 18, 2025, and their total asset size reaching 145.1 billion yuan, more than doubling from the end of 2024 [3] - Major funds increased their holdings in four leading CSI 300 ETFs during the first quarter, with a total investment of approximately 4.471 billion yuan [4] Market Overview - On April 22, the Shanghai Composite Index rose by 0.25% to 3299.76 points, while the Shenzhen Component Index fell by 0.36% and the ChiNext Index dropped by 0.82% [5] - In terms of sector performance, retail, construction materials, and transportation sectors led the gains, while media, communication, and computer sectors lagged behind [7] ETF Performance - The average performance of commodity ETFs was the best among various categories, with an average increase of 2.78%, while stock-themed index ETFs had the worst performance with an average decline of 0.25% [10] - The top-performing ETFs included the Huatai-PB Innovation Drug ETF (517120.SH) and the Hong Kong-Shenzhen Innovation Drug ETF (159622.SZ), with daily returns of 3.23% and 2.73%, respectively [12][13] Trading Activity - The top three ETFs by trading volume included the CSI 300 ETF (510300.SH) with a trading volume of 2.919 billion yuan, followed by the South China A500 ETF (159352.SZ) at 2.652 billion yuan and the A500 ETF (159338.SZ) at 2.339 billion yuan [15][16]

"华尔街一哥"戴蒙在本季度出售了价值约2.34亿美元的股票。根据彭博财富指数，他的净资产为30亿美 元。 华盛顿服务公司（Washington Service）的数据显示，在美国总统特朗普的关税声明扰乱市场之前，今年 前三个月的美国企业主要内部人士套现了价值超过100亿美元的股票。其中包括元平台（META）的马 克・扎克伯格（Mark Zuckerberg）和摩根大通（JPM）的杰米・戴蒙（Jamie Dimon）。 据追踪内部人士买卖情况的华盛顿服务公司分析，扎克伯格在第一季度通过他的陈 - 扎克伯格倡议 （Chan Zuckerberg Initiative）及其相关基金会出售了110万股股票，价值7.33亿美元。所有抛售都发生 在1月和2月，当时元平台的股票交易价格仍在600美元以上，并在情人节当天达到了超过736美元的峰 值。自那以后，在整体市场走弱的情况下，这家社交媒体公司的股价已下跌了32%。 抛售金额仅次于扎克伯格的另一位主要内部人士是甲骨文（ORCL）的萨弗拉・卡茨（Safra Catz），她 在这家科技巨头的股价下跌超过30%之前，抛售了380万股股票，价值7.05亿美元。根据彭博亿万富翁 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688318 证券简称：财富趋势 公告编号：2025-017 深圳市财富趋势科技股份有限公司 部分董事、高级管理人员减持股份结果公告 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律责任。 重要内容提示： ● 董事、高级管理人员持股的基本情况 截至本公告披露之日，深圳市财富趋势科技股份有限公司（以下简称"公司"）董事、副总经理、核心技 术人员张丽君先生持有公司股份1,252,973股，占公司总股本的0.68%；副总经理秦涛先生持有公司股份 131,300股，占公司总股本的0.07%。 ● 减持计划的实施结果情况 公司于2024年12月30日在上海证券交易所网站（www.sse.com.cn)披露了 《深圳市财富趋势科技股份有限公司部分董事、高级管理人员减持股份计划公告》（公告编号：2024- 049）。因自身资金需要，张丽君先生计划通过集中竞价交易与大宗交易相结合的方式减持其所持有的 公司股份，减持数量不超过343,943股，即不超过公司总股本的0.19%；秦涛 ...

一、主要会计数据和财务指标 前十大流通股东累计持有： 6486.69万股，累计占流通股比： 53.47%，较上期变化： -20.43万股。 | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 杜玉林 | 4341.41 | 35.79 | 不变 | | 李红 | 776.16 | 6.40 | 不变 | | 交通银行股份有限公司-万家行业优选混合型证券投资基 金(LOF) | 300.00 | 2.47 | 新进 | | 招商银行股份有限公司-兴全合润混合型证券投资基金 | | | | | 212.76 | | 1.75 | 新进 | | 宿迁森希投资合伙企业(有限合伙) | 158.02 | 1.30 | -6.06 | | 宿迁梦泽投资咨询合伙企业(有限合伙) | 150.27 | 1.24 | -6.44 | | 全国社保基金一一零组合 | 146.42 | 1.21 | 新进 | | 宿迁硕裕投资合伙企业(有限合伙) | 146.02 | 1.20 | -6.70 | | 中国工商银行股份有限 ...

Market Overview - The A-share market opened lower but saw a midday rally, with the ChiNext Index leading the gains. As of the midday close, the Shanghai Composite Index rose by 0.3%, the Shenzhen Component Index increased by 0.72%, and the ChiNext Index was up by 1.05% [2][3]. Sector Performance - The consumer sector showed strong performance, particularly in cross-border e-commerce stocks, which boosted the retail sector. Notable stocks such as Pinwo Food and Bubugao hit the daily limit up, with several others like Baida Group and Xujiahui also experiencing significant gains [5][7]. - Precious metals, cross-border payment, and retail sectors led the gains, while sectors like liquor, telecommunications, and banking experienced fluctuations [5][6]. Key Stock Movements - In the consumer sector, stocks such as Pinwo Food surged by 20%, while Bubugao and Baida Group rose by over 10%. Other notable gainers included Xujiahui and Guofang Group, both nearing the daily limit up [8][9]. - The AI application sector also saw a strong performance, with software stocks like Hengfeng Information and Lakala leading the way, achieving significant price increases [12][13]. Gold Sector Activity - Gold stocks were notably active, with companies like Chao Hong Ji and Pengxin Resources hitting the daily limit up. The price of spot gold reached a new high of $3,380 per ounce, reflecting a daily increase of over 1.5% [10][11]. - Domestic gold jewelry brands also saw price increases, with physical gold prices reported at 1,039 RMB per gram for brands like Chow Tai Fook and Lao Feng Xiang [12]. AI Application Growth - The AI application sector is expected to benefit from advancements in general reasoning capabilities, with software and internet sectors poised for growth. Investment opportunities are anticipated in both application and hardware segments as multi-modal technology progresses [14].

Core Viewpoint - The A-share market has shown signs of recovery following the support from "national team" funds, with indices and individual stocks rebounding after a period of decline [1][5]. Group 1: Market Performance - After a series of gains, A-shares experienced a slight decline at the end of the week, with many stocks and the Shanghai Composite Index showing an eight-day winning streak [2]. - The market has become more cautious regarding tariff information, leading to a shift from increased trading volume to a period of reduced trading activity [3]. - The rebound in the A-share market has been influenced by the "national team" funds, which have actively supported the market since April 7, particularly through significant purchases of major banks [5]. Group 2: Fund Flows - In the past five days, significant net inflows have been observed in various indices, with the banking index seeing a net inflow of 13.056 billion and the retail index 5.557 billion [6]. - The "national team" holds approximately 1.04 trillion yuan in ETFs, accounting for about 36% of the total A-share stock-type ETF market, with net inflows exceeding 200 billion yuan in recent weeks [7]. Group 3: Economic Indicators - The first quarter GDP growth was reported at 5.4% year-on-year, with improvements in investment, consumption, and exports compared to the first two months of the year [9]. - The real estate sector has shown signs of recovery, with March data indicating a smaller decline in sales area and sales amount compared to previous months [11][13]. - Consumer sector performance has been strong, with companies like Dongpeng Beverage reporting significant revenue and profit growth in their first-quarter results [15]. Group 4: Policy and Future Outlook - The government is expected to implement policies to stimulate domestic demand and stabilize the real estate market, with potential measures including infrastructure investment and consumption subsidies [24][26]. - Analysts predict that monetary policy will also be adjusted, with expectations of a reduction in the reserve requirement ratio and interest rates to improve liquidity [25][30]. - The market is closely monitoring the timing and scale of these policy measures, as they will significantly influence market expectations and economic stability [28][36].

截至2024年三季报，共有31家机构持仓英方软件，其中基金31家，合计持股数30.99万股，持股市值0.09 亿元。 本文源自：金融界 上海英方软件股份有限公司主要从事于为客户提供数据复制相关的软件、软硬件一体机及软件相关服 务。公司的软件产品类别包括容灾产品系列、大数据产品系列、云灾备产品系列、备份产品系列、统一 数据管理平台。公司2021年6月获得上海市知识产权局颁发的上海市专利工作试点企业称号；2021年4月 获得中国软件行业协会2020年中国软件行业优秀解决方案等荣誉称号。 作者：行情君 4月16日，英方软件今日收盘29.35元，下跌2.39%，最新市净率2.21，总市值24.51亿元。 最新一期业绩显示，2024年三季报，公司实现营业收入1.18亿元，同比-9.96%；净利润-31663716.81 元，同比-828.72%，销售毛利率87.06%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)23英方软件-85.99-85.992.2124.51亿行业平均 138.19119.417.78109.81亿行业中值76.5275.663.6752.10亿1国新健康-4662.05-128.1 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating expected relative performance above the market benchmark over the next 12-18 months [5][9]. Core Insights - The company's revenue is projected to grow steadily, with estimates of 6.99 billion RMB for 2025, 7.93 billion RMB for 2026, and 9.16 billion RMB for 2027. Net profit attributable to shareholders is expected to be 0.09 billion RMB in 2025, 0.30 billion RMB in 2026, and 0.56 billion RMB in 2027 [5][9]. - The target price has been raised to 17.83 HKD, reflecting a dynamic price-to-sales (PS) ratio of 8.5x for 2025 [5][9]. - The company is experiencing stable performance with operating net cash flow growing significantly, projected at 0.93 billion RMB for 2024, an increase of 42.9% [5][9]. Financial Data and Forecast - The company's financial forecasts indicate a revenue of 6.26 billion RMB in 2024, representing a year-over-year growth of 10.2%. The net profit is projected to be -0.14 billion RMB, showing a 32.3% improvement [4][5]. - Cloud service revenue is expected to reach 5.11 billion RMB in 2024, accounting for 81.6% of total revenue, with a cloud subscription annual recurring revenue (ARR) of 3.43 billion RMB, reflecting a 20% increase [5][9]. - The report highlights the rapid growth of the company's cloud services, particularly the Kingdee Cloud Cangqiong and Xinghan, which achieved a combined revenue of 1.30 billion RMB in 2024, a 32.9% increase [5][9]. AI Integration and Product Development - The company is accelerating the integration of AI with its ERP systems, launching over 20 AI applications and signing contracts with nearly 20 large enterprises. This includes significant advancements in financial management and HR [5][9]. - The AI applications are expected to enhance customer transaction values, with over 7,500 small micro enterprises benefiting from AI-enabled products [5][9].

Core Viewpoint - The company's overall performance in 2024 meets market expectations, with a positive long-term growth potential due to continuous product line enhancement and localized service advantages [1] Investment Highlights - The investment recommendation is to maintain a "buy" rating, with the target price raised to 52.42 yuan (+8.99 yuan). The company is expected to enhance product competitiveness and market share through continuous product line improvement and layout in the信创 market, further consolidating and expanding domestic and international markets. EPS forecasts for 2025-2027 are 1.15 (+0.27), 1.36 (+0.21), and 1.58 yuan respectively. A PE of 45.5 times is assigned for 2025, leading to the target price adjustment [2] - In 2024, the company achieved an operating income of 289 million yuan, a year-on-year increase of 3.93%. The CAD software business's domestic market revenue slightly declined due to cyclical fluctuations in downstream industries and a slowdown in demand from small and medium-sized clients. However, the CAD cloud business and internet advertising promotion business saw significant growth, driven by the promotion of the CAD viewing product, becoming the main growth drivers for the company's performance. The net profit attributable to shareholders in 2024 was 62.99 million yuan, a year-on-year increase of 16.37%, mainly due to increased interest income and a decrease in financial expenses by 10.2 million yuan [2] Product Development and Market Strategy - The company is continuously enhancing its product line to solidify its core business competitiveness. In the CAD software sector, the company completed the full acquisition of Hungarian CadLine and released multiple upgraded versions, accelerating localized R&D and building a self-controlled domestic 3DBIM software system. In the CAD cloud business, the company launched the cloud product Haocad CAD 365 for B-end application scenarios, promoting product upgrades to cloud-based cross-terminal solutions and actively exploring the construction of a domestic CAD cloud platform, gradually forming a differentiated competitive advantage [3] - The acceleration of domestic substitution and emphasis on global layout in software exports provide the company with a competitive edge. Recent national policies focus on core technology breakthroughs in software, and under the encouragement of policies for Chinese companies to go global, domestic industrial software is experiencing new development opportunities. The company has actively promoted信创 business, with over 70% of downstream clients being state-owned enterprises across various industries, while also expanding its global presence in the Asia-Europe market, demonstrating resilience against U.S. tariff policies. The company aims to leverage superior product quality, relative price advantages over international competitors, and lightweight product features to gain a more favorable position in global competition [3]