4月最后一个交易日落下帷幕，从A股主要宽基指数表现来看，除了wind微盘股指数，其余宽基指数全数收绿，三大指数月线集体收跌，K线均为长下影阴 线。 其中，上证指数跌1.7%报3279点，深证成指跌5.75%报9899点，创业板指跌7.4%报1948点。偏爱成长风格的指数跌幅较小，科创50、科创综指、科创100在4 月分别跌1%、1.18%、1.35%。沪深300、中证A50、中证A500在4月均跌3%。创业板50、创业板指表现最差，4月分别跌7.4%和8.4%。 港股4月也是震荡回调，恒指、恒生科技指数截至4月29日分别跌4.8%和6.95%。 | 序号 | 指数代码 | 指数名称 | 4月涨跌幅% | | --- | --- | --- | --- | | 1 | 8841431.WI | 万得微盘股指数 | 4.99 | | 2 | 932047.CSI | 中证REITs全收益 | -0.81 | | 3 | 000688.SH | 科创50 | -1.01 | | 4 | 000680.SH | 科创综指 | -1.18 | | 5 | 000922.CSI | 中证红利 | -1.22 | | 6 ...

Economic Overview - In the first quarter, Zibo's GDP reached 119.116 billion yuan, with a year-on-year growth of 6.0% at constant prices [1] - The primary industry added value was 2.464 billion yuan, growing by 3.1%; the secondary industry added value was 53.567 billion yuan, also growing by 6.0%; the tertiary industry added value was 63.085 billion yuan, with a growth of 6.2% [1] Agricultural Sector - The total output value of agriculture, forestry, animal husbandry, and fishery in the first quarter was 4.26 billion yuan, increasing by 3.5% [1] - Vegetable production reached 357,000 tons, up by 3.0%, with a planting area of 62,000 acres, growing by 1.8% [1] - Fruit production was 7,000 tons, increasing by 5.9%, with a planting area of 3,000 acres, growing by 4.0% [1] - Poultry output reached 14.383 million, a significant increase of 27.7% [1] Industrial Sector - The industrial added value of Zibo in the first quarter grew by 8.1%, with 29 out of 38 major industry categories showing positive growth, resulting in a growth coverage of 76.3% [1] - The top ten industries by cumulative added value saw eight industries increase and two decrease, contributing an overall increase of 6.2 percentage points to the industrial added value [1] Service Sector - From January to February, the revenue of large-scale service enterprises reached 9.42 billion yuan, with a year-on-year growth of 9.8%, and all ten industry categories achieved positive growth [2] - Specific sectors such as information transmission, software and information technology services, and scientific research and technical services saw revenue growth of 8.3%, 9.0%, and 17.4% respectively [2] Fixed Asset Investment - In the first quarter, fixed asset investment grew by 4.9%, with industrial investment increasing by 33.4% and manufacturing investment by 21.9% [2] - Industrial technological transformation investment rose by 10.2%, while private investment surged by 25.0%, accounting for 61.4% of total investment [2] Domestic Consumption - The total retail sales of consumer goods reached 42.2 billion yuan in the first quarter, with a year-on-year growth of 7.7% [2] - Retail sales of essential goods such as grain, oil, and food increased by 23.4%, while sales of upgraded goods like home appliances and audio-visual equipment grew significantly, with increases of 96.3% and 35.1% respectively [2]

Economic Overview - In the first quarter of 2025, Jiangmen's GDP reached 91.723 billion yuan, with a year-on-year growth of 2.8% [2][6] - Jiangmen's GDP growth rate is lower than the provincial average of 4.1% [2] Sector Performance - The primary industry added value was 5.238 billion yuan, growing by 0.1% [2] - The secondary industry added value was 37.980 billion yuan, with a growth of 2.7% [2] - The tertiary industry added value was 48.505 billion yuan, showing a growth of 3.3% [2] Trade Performance - Jiangmen's total import and export volume in the first quarter was 47.15 billion yuan, with a growth rate of 10.1% [4] - The export volume was 40.44 billion yuan, increasing by 13.2% [4] County-Level GDP - Xinhui led the city with a GDP of 22.834 billion yuan, while Heshan showed the highest growth rate at 4% [5][7] - Other counties ranked by GDP include Pengjiang (21.361 billion yuan), Taishan (11.815 billion yuan), and Kaiping (10.978 billion yuan) [5][7] Industrial Growth - The total output value of agriculture, forestry, animal husbandry, and fishery was 13.891 billion yuan, with a growth of 0.9% [8] - The industrial added value for large-scale enterprises grew by 3.4%, with manufacturing increasing by 4.7% [8] Investment Trends - Fixed asset investment in Jiangmen decreased by 21.7% year-on-year [9] - The decline in investment was observed across all sectors, with the primary industry down by 36% and the secondary industry down by 26.1% [9] Consumer Spending - The total retail sales of social consumer goods reached 30.796 billion yuan, growing by 1.8% [10] - Urban retail sales grew by 1.7%, while rural retail sales increased by 2.1% [10]

截至4月29日，市场最新融资余额为17913.26亿元，较上个交易日环比减少13.50亿元，分行业统计，申 万所属一级行业有12个行业融资余额增加，公用事业行业融资余额增加最多，较上一日增加3.15亿元； 融资余额增加居前的行业还有汽车、通信、家用电器等，融资余额分别增加2.60亿元、1.06亿元、1.01 亿元；融资余额减少的行业有19个，医药生物、计算机、机械设备等行业融资余额减少较多，分别减少 4.27亿元、2.76亿元、2.35亿元。 以幅度进行统计，纺织服饰行业融资余额增幅最高，最新融资余额为67.95亿元，环比增长1.28%，其次 是公用事业、煤炭、钢铁行业，环比增幅分别为0.73%、0.51%、0.45%；融资余额环比降幅居前的行业 有商贸零售、美容护理、农林牧渔等，最新融资余额分别有214.77亿元、54.29亿元、259.07亿元，分别 下降0.97%、0.83%、0.73%。（数据宝） | 农林牧渔 | 259.07 | -1.90 | -0.73 | | --- | --- | --- | --- | | 商贸零售 | 214.77 | -2.11 | -0.97 | | 国防军工 | ...

截至4月29日，北交所融资融券余额合计52.06亿元，较前一交易日减少977.97万元，其中，融资余额 52.05亿元，较前一交易日减少954.43万元，为连续3个交易日减少；融券余额为46.88万元，较前一交易 日减少23.53万元。 证券时报·数据宝统计显示，截至4月29日，北交所股票中，融资余额居前的为锦波生物、艾融软件、贝 特瑞，最新融资余额分别为2.18亿元、1.44亿元、1.32亿元，从最新融资余额占流通市值比例看，算术 平均值为1.20%，最新融资余额占流通市值比例居前的有派诺科技、美登科技、国子软件等，占比分别 为7.63%、5.75%、4.40%。 活跃度来看，获融资净买入超百万元个股4月29日加权平均换手率为4.44%，换手率居前的有万达轴 承、科拜尔、亿能电力等，日换手率分别为23.44%、18.91%、18.08%，当日北交所股票日均换手率为 4.22%。（数据宝） 4月29日融资余额增加居前的北交所股票 | 代码 | 简称 | 4月29日涨跌幅 | 最新融资余额 | 较上一日增加 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | -- ...

● 本报记者 董添 稳定分红提升公司价值 从分红角度看，5294家上市公司发布2024年度利润分配方案。其中，3638家公司拟现金分红，占比 68.68%，合计拟派息1.65万亿元。剔除金融股，中国移动、中国石油、中国神华、贵州茅台、中国海 油、美的集团等公司拟派息金额居前。 年报显示，上市公司加速锻造新质生产力，战略性新兴产业成为驱动转型的核心力量，为中国经济向新 向智向未来注入澎湃势能。 加码研发投入 从申万一级行业看，农林牧渔、非银金融、电子、交通运输、汽车、家用电器、通信、商贸零售、食品 饮料、公用事业、有色金属等行业上市公司业绩回暖明显。其中，农林牧渔中的养殖业、饲料板块，电 子行业中的光学光电子、元件、消费电子、半导体板块，交通运输中的航空机场、航运港口板块净利润 同比增幅居前。 上市公司持续加码研发投入，巩固技术壁垒，提升产品核心竞争力。在AI浪潮席卷下，上市公司纷纷 拥抱AI技术，重视AI领域的研发投入，抢占市场机遇。 研发投入方面，Wind数据显示，4256家上市公司披露研发投入相关金额，合计约为1.59万亿元。其中， 比亚迪以541.6亿元再度位居A股上市公司年度研发投入榜榜首，中国建筑、 ...

Group 1 - In Q1 2025, 75.47% of the 5148 listed companies reported profits, with a total operating revenue of 15.77 trillion yuan, remaining stable year-on-year, and a net profit of 14.41 trillion yuan, reflecting a 3.63% increase [1] - The ChiNext board showed the fastest net profit growth in Q1 2025, with a net profit of 8910.03 billion yuan, up 15.29% year-on-year, while the Shenzhen and Shanghai main boards reported increases of 11.36% and 2.54%, respectively [1] - Among 31 primary sub-industries, 16 reported year-on-year net profit growth in Q1 2025, with notable increases in sectors such as computer, agriculture, and home appliances, all exceeding 10% [1] Group 2 - Leading companies showed impressive performance in Q1 2025, with Light Media achieving a net profit of 2.016 billion yuan, a significant increase of 374.79% due to successful film releases and growth in related businesses [2] - The agriculture and forestry sector saw strong recovery, with over 10 companies reporting net profit growth of over 100%, including Haida Group, which reported a net profit of 1.282 billion yuan, up 48.99% [2] - Contemporary Amperex Technology Co., Ltd. (CATL) reported operating revenue of 84.705 billion yuan, a 6.18% increase, and a net profit of 13.963 billion yuan, reflecting a 32.85% growth [2] - Several private enterprises benefited from market recovery, with Cambrian achieving operating revenue of 1.111 billion yuan, a staggering increase of 4230.22%, and a net profit of 355 million yuan, compared to a loss in the previous year [2]

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]