2025 年 4 月 29 日 总量研究 关注三类资产 ——2025 年 5 月 A 股及港股月度金股组合 要点 4 月 A 股港股市场有所回落 4月港股市场波动明显。4月受海外风险事件扰动、国内政策预期升温等因素影 响，港股市场整体走势震荡，出现较大幅度波动。截至2025年4月25日，恒生香 港35、恒生综合指数、恒生指数、恒生中国企业指数、恒生科技的涨幅分别为 -3.3%、-4.5%、-4.9%、-5.1%、-7.6%。 A股观点：或震荡上行，关注三类资产 政策的持续支持以及中长期资金积极流入背景下， A 股市场有望震荡上行。当 前 A 股市场的估值处于 2010 年以来的均值附近，而随着政策的积极发力，中长 期资金带来的增量资金或将持续流入市场，对资本市场形成托底，A 股市场有望 震荡上行。 配置方向上，关注三类资产。方向一：稳定类资产，如高股息、黄金。稳定类资 产能够在市场面临不确定时提供确定性。方向二：产业链自主可控。在"双循环" 新发展格局和全球产业链重构的双重驱动下，国产替代相关机会也值得关注。方 向三：内需消费。海外政策可能长期处于不确定性的背景下，内需板块值得长期 关注。 港股观点：关注"哑 ...

Economic Overview - In the first quarter, Zhuhai's GDP reached 112.09 billion, with a year-on-year growth of 4.0%, indicating a stable economic start [1] - The primary industry added value was 1.64 billion, growing by 4.0%, while the secondary industry decreased by 0.6% to 44.94 billion, and the tertiary industry increased by 7.1% to 65.51 billion, becoming the main driver of economic growth [1] Tertiary Industry Performance - The tertiary industry's growth of 7.1% was primarily driven by significant increases in information transmission, software, and IT services (21.6%), cultural, sports, and entertainment (8.3%), and leasing and business services (7.9%) [1] - From January to February, the revenue of large-scale service industries reached 27.07 billion, up by 10.4%, with internet and related services, software and IT services, cultural, sports, and entertainment, and leasing and business services showing revenue growth of 114.5%, 32.2%, 12.3%, and 9.5% respectively [1] Retail and Consumption - The total retail sales of social consumer goods in Zhuhai for the first quarter reached 23.86 billion, a year-on-year increase of 5.7%, driven by the "old-for-new" policy [2] - Retail sales of household appliances surged by 84.7%, while automotive consumption showed weakness, with retail sales of automotive goods declining by 3.5% to 2.694 billion, accounting for 22.9% of total retail sales [2] Foreign Trade - Zhuhai's foreign trade performance was notable, with total import and export reaching 81.12 billion, a year-on-year increase of 15.7%, driven by a 26.5% increase in imports and an 11.2% increase in exports [2] - The number of foreign trade enterprises exceeded 3,000, marking an 8.8% increase, with significant growth in trade with the EU (21.8%), ASEAN (6.1%), and the Middle East (39.4%) [2] - Exports of electromechanical products reached 37.48 billion, growing by 13.1%, accounting for 68.6% of total exports, with notable increases in home appliances (6.4%), electronic components (18.1%), computers and parts (70.1%), and lithium batteries (122.3%) [2] Primary Industry Insights - The primary industry added value grew by 4.0%, reflecting accelerated agricultural modernization and significant achievements in marine ranching [3] - The total output value of agriculture, forestry, animal husbandry, and fishery increased by 5.1%, with fishery output accounting for nearly 80% [3] Secondary Industry Analysis - The secondary industry saw a 0.6% decline in added value, although high-tech sectors experienced growth, with industrial added value increasing by 4.8% [3] - Key sectors showed varied performance: precision machinery manufacturing increased by 41.7%, electronic information by 10.1%, and petrochemical by 9.2%, while biomedicine and home appliance sectors faced declines of 11.4% and 2.3% respectively [3] Investment Trends - Fixed asset investment decreased by 40.5%, although the decline narrowed by 5.9 percentage points compared to January-February, with industrial technological transformation investment achieving a positive growth of 5.6% supported by equipment renewal policies [3]

Economic Overview - In the first quarter, the province achieved a GDP of 13,543.49 billion yuan, with a year-on-year growth of 6.3% [1] - The primary industry added value was 828.69 billion yuan, growing by 3.2%; the secondary industry added value was 5,344.85 billion yuan, growing by 6.4%; and the tertiary industry added value was 7,369.95 billion yuan, growing by 6.5% [1] Agriculture - The agricultural sector's added value was 876.42 billion yuan, with a growth of 3.4% [1] - Key agricultural products showed stable production, with pork output at 968,400 tons, increasing by 6.2% [1] - Vegetable production reached 10,076,000 tons, growing by 3.8%, while fruit production increased by 10.1% to 284,500 tons [1] Industrial Production - The added value of large-scale industrial enterprises grew by 8.1%, accelerating by 0.4 percentage points compared to the previous year [1] - High-tech manufacturing saw a significant increase of 21.4%, contributing 36.4% to the growth of large-scale industry [1] - Major industries such as electrical, computer communication electronics, and chemicals experienced substantial growth rates, with electrical industry growing by 22.8% [1] Service Sector - The service sector's added value grew by 6.5%, with transportation and warehousing increasing by 13.7% [3] - The revenue of large-scale service enterprises reached 2,129.54 billion yuan, growing by 13.8% [3] - Financial institutions reported a deposit balance of 99,630.54 billion yuan, increasing by 8.7% year-on-year [3] Fixed Asset Investment - Fixed asset investment (excluding rural households) grew by 6.6%, with manufacturing investment increasing by 12.1% [4] - Infrastructure investment rose by 4.4%, while real estate development investment declined by 5.5% [4] - High-tech industry investment increased by 12.8%, with aerospace and computer equipment manufacturing seeing significant growth [4] Consumer Market - The total retail sales of social consumer goods reached 6,887.19 billion yuan, growing by 7.3% [5] - Sales of home appliances and furniture saw substantial increases, with growth rates of 21.1% and 26.3% respectively [5] - Online retail sales grew by 24.3%, indicating a strong shift towards e-commerce [6] Trade and Exports - The province's total import and export volume reached 1,743.1 billion yuan, with exports growing by 22.4% [7] - General trade accounted for 80.9% of the total trade volume, indicating a robust trade structure [7] - Machinery and electrical products exports increased by 19.2%, making up 54.7% of total exports [7] Employment and Income - The urban unemployment rate averaged 5.4%, remaining stable compared to the previous year [9] - The per capita disposable income for residents was 11,075 yuan, growing by 5.4% [10] - The income gap between urban and rural residents narrowed, with the ratio decreasing to 2.06 [10]

Economic Overview - The GDP of Guangxi Autonomous Region reached 683.39 billion yuan in Q1, with a year-on-year growth of 5.8% at constant prices [1] - The primary industry added value was 50.67 billion yuan, growing by 4.1%; the secondary industry added value was 224.32 billion yuan, growing by 6.7%; and the tertiary industry added value was 408.41 billion yuan, growing by 5.6% [1] Agriculture - The total output value of agriculture, forestry, animal husbandry, and fishery increased by 4.1% year-on-year [1] - Key growth areas included planting (4.4%), forestry (9.7%), and aquaculture (6.1%) [1] - Significant increases in livestock production were noted, with poultry egg production rising by 32.8% [1] Industrial Production - Industrial output value for large-scale enterprises grew by 8.5% year-on-year, with manufacturing leading at 10.5% [1] - High-tech manufacturing saw a remarkable increase of 30.1% year-on-year [1] - Notable growth in specific sectors included electrical machinery (77.9%) and paper products (48.2%) [1] Service Sector - The service sector's added value grew by 5.6% year-on-year, with profit-oriented services increasing by 12.4% [2] - High-tech service industry revenue surged by 21.4%, with legal services and technology transfer services growing significantly [2] Consumer Market - Retail sales of consumer goods increased by 3.6% year-on-year, with dining revenues up by 4.5% [3] - Notable growth in specific retail categories included cultural goods (63.1%) and home appliances (36.1%) [3] - Online retail sales of physical goods grew by 11.3% [3] Fixed Asset Investment - Fixed asset investment rose by 5.4% year-on-year, with industrial investment increasing by 18.4% [4] - Manufacturing investment saw a significant rise of 20.2% [4] - Infrastructure investment grew by 4.6%, with water management increasing by 73.3% [4] Foreign Trade - Total foreign trade volume reached 187.33 billion yuan, with exports growing by 42.4% [5] - Processing trade saw a substantial increase of 63.4% [5] - Exports of industrial products rose by 35.0%, with machinery and specialized equipment leading the growth [5] Financial Sector - Public budget expenditure reached 165.73 billion yuan, with 78.6% allocated to social welfare [6] - The balance of deposits and loans showed growth of 5.7% and 8.0%, respectively [6] Consumer Prices - Consumer prices overall decreased by 0.2%, with urban prices falling by 0.4% [6] Income and Employment - Per capita disposable income reached 9,221 yuan, with a nominal growth of 5.7% [7] - Urban employment figures showed 103,100 new jobs created in Q1 [7]

一季度，全区农林牧渔业总产值126.69亿元，同比增长2.2%。主要农产品供给稳定，蔬菜及食用菌产量 增长3.7%，瓜果产量增长16.0%，水产品产量增长3.1%。肉牛出栏较快增长，肉牛出栏31.32万头，同比 增长8.0%。 二、工业生产稳步加快 一季度，全区规模以上工业增加值同比增长9.6%，比1-2月份加快3.4个百分点。分三大门类看，采矿业 增加值同比增长8.6%，制造业增长11.5%，电力、热力、燃气及水生产和供应业增长6.1%。分经济类型 看，国有控股企业增加值同比增长4.4%，民营企业增长15.0%；大中型企业增长10.1%，小微企业增长 8.4%。分产品看，工业发电量同比增长5.1%、烧碱增长3.1%、电石增长2.9%、化学农药原药增长 27.6%、初级形态塑料增长4.8%、化学药品原药增长25.0%、水泥增长35.3%、钢材增长39.0%、铁合金 增长12.1%、铝材增长8.5%、金属切削机床增长32.3%、矿山专用设备增长27.8%。 三、投资增长势头强劲 一季度，全区固定资产投资同比增长16.7%。分产业看，第一产业投资同比增长31.3%，第二产业投资 增长39.1%，第三产业投资下降1 ...

中国经济网4月28日讯据甘肃省统计局消息，根据地区生产总值统一核算结果，一季度，全省地区生产 总值3118.7亿元，按不变价格计算，同比增长6.2%。其中，第一产业增加值199.1亿元，增长6.6%；第 二产业增加值1022.7亿元，增长8.1%；第三产业增加值1896.9亿元，增长5.2%。 一、农业生产形势良好，畜牧业较快发展 一季度，全省农林牧渔业增加值同比增长6.8%。蔬菜种植面积、产量预计分别增长5.5%和6.5%。猪牛 羊禽肉产量44.5万吨，增长4.6%。其中，猪肉、牛肉、羊肉、禽肉产量分别增长0.8%、6.4%、8.3%和 23.4%。一季度末，生猪、牛存栏分别下降2.5%、1.0%，羊、家禽存栏分别增长4.4%、10.2%；一季 度，生猪、牛、羊、家禽出栏分别增长0.3%、6.4%、8.3%、23.4%。 二、工业生产快速增长，企业效益持续向好 一季度，全省规模以上工业增加值同比增长11.0%。分三大门类看，采矿业增长6.7%，制造业增长 12.4%，电力、热力、燃气及水生产和供应业增长14.0%。全省规模以上工业有生产活动的38个行业大 类中，28个行业实现增长。其中，有色金属冶炼和压延加 ...

一、农业生产稳定增长，畜牧业生产基本平稳 一季度，全省实现农林牧渔业(包括农林牧渔服务业)增加值178.75亿元，按可比价格计算，同比增长 3.6%。畜牧业生产保持稳定。一季度末，全省生猪存栏871.8万头，同比增长7.8%。一季度，生猪出栏 368.2万头，同比下降1.7%；牛出栏19.5万头，增长8.0%；羊出栏221.9万只，增长0.2%；家禽出栏 6740.3万只，增长9.2%。猪牛羊禽四种肉产量48.0万吨，增长2.5%；禽蛋产量35.3万吨，增长4.3%。 二、工业生产加快增长，新兴动能加快培育 一季度，全省规模以上工业增加值同比增长7.7%，增速较1-2月加快1.3个百分点。从三大门类看，采矿 业增长9.3%，制造业增长4.7%，电力、热力、燃气及水生产和供应业增长5.5%。从煤与非煤看，煤炭 工业增长8.7%，非煤工业增长6.2%。从行业看，40个行业大类中31个行业增加值实现增长，增长面为 77.5%。从产品看，15种主要工业产品中9种产品产量呈增长态势，增长面60%。3月份，全省规模以上 工业增加值增长10.2%。 新兴动能加快培育。一季度，全省规上装备制造业增加值增长10.7%，其中新能 ...

中国经济网4月28日讯据海南省统计局消息，根据地区生产总值统一核算结果，全省地区生产总值 1904.17亿元，按不变价格计算，同比增长4.0%。分产业看，第一产业增加值393.45亿元，增长4.8%； 第二产业增加值292.33亿元，增长8.0%；第三产业增加值1218.39亿元，增长2.9%。 五、市场销售稳中有升，以旧换新相关商品销售增长较快 一季度，全省社会消费品零售总额649.55亿元，同比增长4.2%，比上年全年加快8.4个百分点。按消费 类型分，全省商品零售573.43亿元，同比增长5.0%；餐饮收入76.13亿元，同比下降1.5%。基本生活类 商品销售较好，限额以上单位粮油食品类、饮料类商品零售额分别增长17.4%、11.6%。全省积极推动 消费品以旧换新加力扩围，促消费取得积极成效。限额以上单位家用电器和音像器材类、文化办公用品 类、家具类、通讯器材类商品零售额分别增长24.0%、83.0%、172.0%、4.4%。汽车类商品零售额增长 70.9%，其中新能源汽车增长147.4%。城乡市场共同壮大，城镇消费品零售额增长4.7%，乡村消费品零 售额增长2.1%，比上年全年分别加快9.4、4个百分 ...

Economic Overview - The province achieved a GDP of 823.57 billion yuan in Q1, with a year-on-year growth of 5.6% at constant prices [1] - The primary industry added value was 25.40 billion yuan, growing by 2.8%; the secondary industry added value was 333.44 billion yuan, increasing by 6.5%; the tertiary industry added value was 464.72 billion yuan, rising by 5.1% [1] Agriculture - The agricultural, forestry, animal husbandry, and fishery sector's added value grew by 2.8% year-on-year [2] - Crop production showed good performance with a 4.1% increase in added value; vegetable and edible fungus output reached 3.41 million tons, up by 4.3% [2] - Livestock production remained stable, with total meat output at 403,000 tons, down by 4.1%; pig production decreased by 4.7%, while beef and lamb production increased by 3.9% and 3.5%, respectively [2] Industrial Production - The industrial added value for large-scale enterprises grew by 9.9% year-on-year, accelerating by 2.1 percentage points compared to the previous year [3] - Mining industry added value increased by 11.9%, manufacturing by 9.0%, and electricity, heat, gas, and water supply by 3.2% [3] - Energy industry maintained rapid growth with an 8.8% increase; coal mining and washing grew by 12.3%, while oil and gas extraction rose by 8.3% [3] - Non-energy industries achieved double-digit growth, with added value increasing by 11.8%; equipment manufacturing led this growth with a 14.4% increase [3] Service Sector - The service sector's added value grew by 5.1% year-on-year [4] - Wholesale and retail trade increased by 6.6%, accommodation and catering by 6.1%, and transportation, warehousing, and postal services by 6.0% [4] - Modern service industries showed strong growth, with leasing and business services revenue up by 19.5% and cultural, sports, and entertainment sectors growing by 17.0% [4] Investment - Fixed asset investment increased by 5.8% year-on-year, with the first industry investment rising by 30.7% and the second industry by 19.2% [5] - Industrial investment grew by 21.7%, with manufacturing investment up by 28.8% and industrial technological transformation investment increasing by 22.8% [5] - Private investment saw a significant rise of 21.3%, while real estate development investment grew by 1.6% [5] Consumer Market - The total retail sales of consumer goods reached 290.41 billion yuan, growing by 5.4% year-on-year [6] - Urban retail sales were 257.59 billion yuan, increasing by 5.3%, while rural retail sales reached 32.82 billion yuan, up by 6.1% [6] - Significant growth in the sales of household appliances and audio-visual equipment, with a 30.4% increase; communication equipment sales surged by 78.2% [6] Foreign Trade - The total import and export value was 111.28 billion yuan, down by 1.5% year-on-year; exports were 77.35 billion yuan, up by 2.8%, while imports fell by 10.0% [8] - The trade surplus was 43.43 billion yuan, with mechanical and electrical products exports growing by 5.2%, accounting for 85.3% of total exports [8]