南方财经全媒体记者陈梦璇 马嘉璐 南沙报道 4月27日，广州市南沙区公布一季度经济运行数据：地区生产总值（GDP）实现519.57亿元，按不变价 格计算，同比增长4.0%，增速位居全市第二。 4%增速背后，工业投资同比大幅增长22.7%、外贸进出口总值以792.7亿元领跑全市，而1月22日启幕的 2025年粤港澳大湾区灯会，通过文旅融合新场景，有效聚拢大湾区消费人气，全区累计接待游客211.94 万人次，带动零售住餐消费4.98亿元。 投资、外贸、消费三驾马车协同发力，为区域经济实现"开门红"构筑坚实基础，更锚定全区全年"向 高、向新、向好"的发展基调。今年是"十四五"规划收官之年，也是《南沙方案》第一阶段目标冲刺 年、叠加南沙建区20周年的节点，南沙在外部环境复杂度上升、支柱产业转型升级承压等内外双重挑战 下，以强产业为抓手，着力培养新质生产力增长极。 在此动能转换的关键节点，最考验发展韧性。南方财经全媒体记者观察到，南沙新兴产业布局已初见成 效，在"买卖全球"的贸易通道持续扩容的基础上，叠加产业载体、开放枢纽、政策创新三大优势，有望 在全年进一步释放高质量发展的潜力。 作为华南汽车制造重镇，南沙区此前受行 ...

Group 1 - Haier Smart Home (600690.SH) reported its Q1 2025 results, with 358 institutional investors disclosing holdings of A-shares, totaling 3.953 billion shares, which represents 42.13% of the total share capital [1] - The top ten institutional investors include Haier Kaos Co., Ltd., Haier Group, and others, holding a combined 38.52% of shares, with a decrease of 1.09 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 123 funds increased their holdings, with a holding increase ratio of 0.43%, including funds like E Fund Consumer Industry Stock and E Fund SSE 50 Enhanced A [2] - Conversely, 82 funds reduced their holdings, with a decrease ratio of 0.36%, including funds like Xingquan Helun Mixed A and Huatai-PB SSE 300 ETF [2] - A total of 73 new public funds were disclosed this period, while 887 funds were not disclosed compared to the previous quarter [2]

"我认为，AI板上钉钉会改变我们的生产、经营和工艺。无论是个人还是企业，谁不用AI，谁就会落 后。所以制造业这一波要大胆地冒头，去拥抱AI。"佛山大学副教授、佛山市达衍数据科技有限公司创 始人姜春涛说。 近年来，随着ChatGPT、Kimi、DeepSeek等大模型的横空出世，AI爆火出圈，人工智能的消费者教育得 以快速推进，传统企业对AI的认知度和认可度也大幅提升。今年，佛山市政府工作报告还首次提出， 实施"人工智能+千行百业"行动计划，释放出抢抓AI机遇的强烈信号。 然而，对多数制造企业而言，当下拥抱AI仍存在不少困惑：AI究竟能给制造企业带来什么？佛山制造 企业又该如何更有效地拥抱AI、应用AI技术呢？ 4月28日，围绕"AI赋能佛山制造"议题，在粤港澳大湾区（佛山禅城）人工智能创业基地启动仪式现 场，南方财经全媒体记者采访了数个人工智能领域的与会嘉宾。 受访对象认为，AI能显著帮助制造企业提升生产效率、优化管理流程、创新营销模式。不过，佛山AI 应用也存在企业认知不一、人才短缺、服务水平与能力不足等问题和挑战。因此，佛山亟须加速培育 AI创业企业，加快构建完善AI生态，全方位推动AI与制造业深度融合， ...

（原标题：美国经济自2022年以来首现萎缩！进口激增成主因） 智通财经APP获悉，由于在关税实施前进口量大幅飙升，同时消费者支出增长更为温和，美国经济在今 年年初出现了自2022年以来的首次萎缩，这也初步反映了特朗普贸易政策所产生的连锁反应。美国经济 分析局在4月30日周三公布的初步估算数据显示，经通胀因素调整后的美国国内生产总值(GDP)在第一 季度按年率计算下降了0.3%，远低于此前两年约3%的平均增长率。 占GDP三分之二的个人消费者支出增长年化环比增长了1.8%，虽为2023年年中以来的最低增速，但仍 好于经济学家的预期。在商业设备采购自2020年以来最快增速的推动下，这项衡量经济潜在需求的指标 仍表现稳健。 经通胀调整后的核心个人消费者支出(PCE)在第一季度加速上升，按年率计算达到3.5%，超出市场预期 的3.1%。消费者支出的增长得益于服务支出的全面增长以及非耐用品支出的回升。 数据公布后，美国股指期货延续跌势，美国国债收益率则有所上升。 目前，预测人士认为美国在未来一年内陷入衰退的可能性与不陷入衰退几乎持平。展望未来，许多经济 学家预计，更高的关税将引发供应冲击，给企业带来挑战，并导致需求回落 ...

Overview - The report emphasizes the importance of domestic demand as a key theme in the current economic landscape [1] Research Insights Machinery Equipment - XCMG Machinery (000425.SZ) reported a total revenue of CNY 91.66 billion in 2024, a decrease of 1.28% year-on-year, while net profit attributable to shareholders increased by 12.2% to CNY 5.976 billion. In Q1 2025, revenue grew by 10.92% to CNY 26.815 billion, and net profit rose by 26.37% to CNY 2.022 billion, with a net profit margin of 7.6% [6] Construction Decoration - China Railway (601390.SH) faced a 19% decline in net profit in Q1 2025, attributed to pressure in traditional infrastructure sectors, although overseas orders showed strong growth. The projected net profit for 2025-2027 is CNY 28.1 billion, CNY 28.3 billion, and CNY 28.9 billion, respectively [7] Steel - Hunan Steel (000932.SZ) saw a significant improvement in Q1 2025, with net profit increasing by 43.55% to CNY 562 million. The overall profitability of the steel industry is recovering, with a gross profit margin expected to improve [8] Automotive - Silver Wheel Co., Ltd. (002126.SZ) reported a revenue of CNY 3.4 billion in Q1 2025, a 15% increase year-on-year, with net profit rising by 11% to CNY 210 million. The company is well-positioned for growth in the automotive sector [11] Home Appliances - Haier Smart Home (600690.SH) achieved a revenue of CNY 79.118 billion in Q1 2025, a 10.06% increase, with net profit rising by 15.09% to CNY 5.487 billion. The company is expected to maintain a steady growth trajectory [14] Food and Beverage - Hengshun Vinegar (600305.SH) reported a revenue of CNY 626 million in Q1 2025, a 35.97% increase, with net profit rising by 2.36% to CNY 57 million. The company is focused on strengthening its core business and expanding into new markets [15] Construction Materials - Oriental Yuhong (002271.SZ) faced challenges in Q1 2025, with a decline in performance due to reduced demand in new construction areas. The company is optimizing its distribution channels [22] Power - Zhejiang Energy Power (600023.SH) reported stable performance in Q1 2025, with revenue projected to be CNY 87.698 billion in 2025, a slight decrease of 0.3% year-on-year. Net profit is expected to be CNY 6.25 billion [20] Textile and Apparel - Jian Sheng Group (603558.SH) reported a 2% increase in revenue in Q1 2025, but net profit decreased by 27%. The company is adjusting its production capacity to match orders [29] Coal - Shanxi Coking Coal (000983.SZ) reported a revenue of CNY 90.26 billion in Q1 2025, a decrease of 14.46%, with net profit down by 28.33% to CNY 6.81 billion. The company is focusing on cost reduction and efficiency improvements [43]

Core Insights - The report highlights that the inbound economy may boost China's GDP by approximately 0.2 percentage points in 2025, driven by policy changes aimed at optimizing the outbound tax refund system and increasing inbound consumption [5][6][7] - The report provides a detailed analysis of various industries and companies, indicating a mixed performance across sectors, with some companies showing strong growth while others face challenges [3][4] Industry Overview - **Chemical Industry**: Huafeng Chemical (002064.SZ) reported Q1 performance exceeding expectations, with revenue of 6.314 billion yuan, a year-on-year decrease of 5.15%, and a net profit of 504 million yuan, down 26.21% year-on-year, but a significant increase of 145.60% quarter-on-quarter [28][29] - **Coal Mining**: Lu'an Environmental Energy (601699.SH) faced a decline in both volume and price, leading to a projected annual revenue of 35.85 billion yuan, down 16.9% year-on-year, and a net profit of 2.45 billion yuan, down 69.1% year-on-year [32][33] - **Textiles and Apparel**: Mousse Co., Ltd. (001323.SZ) reported a Q1 revenue of 1.12 billion yuan, a decrease of 6.7% year-on-year, with expectations for recovery following government subsidies [54][55] - **Home Appliances**: Dechang Co., Ltd. (605555.SH) achieved a Q1 revenue of 1 billion yuan, up 21.33% year-on-year, with a focus on expanding production capacity in Southeast Asia [40][41] Company-Specific Insights - **Huafeng Chemical**: The company is consolidating its position in the polyurethane industry through vertical mergers and acquisitions, maintaining a "buy" rating with projected net profits of 2.474 billion, 3.110 billion, and 3.822 billion yuan for 2025-2027 [28][30] - **Lu'an Environmental Energy**: The company is expected to see a rebound in coal prices, with a focus on capacity growth and price elasticity, maintaining a "buy" rating despite recent performance challenges [32][34] - **Mousse Co., Ltd.**: The company is enhancing its multi-channel and multi-category market layout, with a projected net profit of 799 million, 872 million, and 956 million yuan for 2025-2027 [54][55] - **Dechang Co., Ltd.**: The company is expanding its overseas production capacity and expects significant growth in its automotive motor segment, maintaining a "buy" rating [40][41]

丨证券研究报告丨 [Table_Summary] 截至 2025 年 4 月 23 日，发布 2024 年分红预案的公司数量超过三分之一，统计数据发现，半 数以上的行业分红率实现提升，红利策略继续挖掘"新红马"。从一级行业看，截至 2025 年 4 月 23 日，我们自下而上统计得到的行业 2024 年与 2023 年分红率差值，结果发现半数以上行 业分红率实现提升，其中预期股息率超过 3.5%的行业中，家电制造、交通运输等行业 2024 年 分红率提升较多；细分行业看，小家电、快递、楼宇设备等行业分红率提升靠前。 分析师及联系人 [Table_Author] SAC：S0490524010002 SFC：BTR264 戴清 胡飞 投资策略丨专题报告 [Table_Title] 价值策略周报：分红率普涨，寻觅"新红马" 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 价值策略周报：分红率普涨，寻觅"新红马" [Table_Summary2] 上市公司分红预案跟踪：行业分红率普遍提升，继续挖掘"新红马" 2024 年上市公司 ...

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a total revenue of 18.4 billion in 2024, representing a year-over-year increase of 21%, with a net profit attributable to shareholders of 1 billion, up 30% year-over-year [1] - The overseas market performance was strong, with overseas revenue reaching 13.495 billion in 2024, a growth rate of 31.82%, and self-owned brand overseas revenue increasing by 51% [2] - The company's profitability improved in Q1 2025, with a gross profit margin of 22.6%, up 2.52 percentage points year-over-year, and a net profit margin of 12%, up 1.2 percentage points year-over-year [3] Summary by Sections Revenue Performance - In 2024, the revenue from refrigerators and freezers was 15.5 billion (up 19% YoY), washing machines revenue was 2.7 billion (up 33% YoY), and other businesses generated 150 million (down 11% YoY) [2] - The company is rapidly expanding its self-owned brand in overseas markets, with significant growth in the global strategy from Hefei appliances [2] Profitability - The gross profit margin for 2024 was 23% (down 0.65 percentage points YoY), while the net profit margin was 10.6% (up 0.44 percentage points YoY) [3] - The company has enhanced its manufacturing capabilities for high-end products, significantly improving profitability [3] Financial Forecast - The company expects revenues of 20.5 billion, 22.7 billion, and 24.9 billion for 2025, 2026, and 2027 respectively, with net profits projected at 1.17 billion, 1.3 billion, and 1.44 billion for the same years [8] - The earnings per share (EPS) are forecasted to be 1.08, 1.20, and 1.33 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 10, 9, and 8 [8]

Core Viewpoint - Midea Group plans to spin off its subsidiary, Ande Intelligent Supply Chain Technology Co., Ltd., for a listing on the main board of the Hong Kong Stock Exchange, which will not significantly change the company's equity structure and will maintain control over Ande Intelligent [1] Group 1 - The spin-off is expected to help Midea Group streamline its business management structure [1] - The move aims to unlock the valuation potential of the smart logistics segment [1] - The spin-off will provide Ande Intelligent with broader financing channels and improve its incentive mechanisms, enhancing the company's competitiveness [1]