中泰证券研报指出，红利属性凸显，关注银行股投资价值。银行股红利属性凸显，建议积极关注银行股 的投资价值，关注大行、招行和优质城农商行。 NO.3 中信建投：5月市场或维持震荡格局，短期风险偏好继续边际改善 NO.1 中金：A股节后有望迎来"开门红" 5月6日，中金公司（601995）研报认为，一季度A股上市企业业绩边际改善，关税预期在小长假期间略 显和缓，港股美股在A股休市期间表现较好，国内外环境对A股整体影响偏积极，在此背景下A股节后 有望迎来"开门红"。配置层面，结合关税影响和行业景气度，建议考虑以下思路：1）景气回升并且受 关税影响不大的领域，例如DeepSeek突破加速AI产业发展，AI产业链中的云计算、算力等基础设施环 节，再到机器人、智能驾驶等应用环节，仍是重要主线。此外，部分对美敞口不高的出口链，如工程机 械、电网设备、商用车等也值得关注。2）现金流优质、与外需关联度不高的红利板块，例如水电、电 信运营商、食品饮料等行业的龙头公司。 NO.2 中泰证券（600918）：红利属性凸显，关注银行股投资价值 ｜2025年5月6日 星期二｜ 中信建投（601066）证券研报认为，上周全球市场避险情绪降温 ...

Allison Transmission (ALSN) Q1 2025 Earnings Call May 01, 2025 05:00 PM ET Company Participants Jacalyn Bolles - Executive Director of Treasury & IRDavid Graziosi - Chairman and CEOScott Mell - CFO & TreasurerG. Frederick Bohley - COOIsaac Sellhausen - Director - Equity ResearchTami Zakaria - Executive Director Conference Call Participants Kyle Menges - Vice President & Equity Research AnalystTim Thein - Managing Director & Research AnalystRob Wertheimer - AnalystAngel Castillo - AnalystLuke Junk - Senior R ...

Group 1: Social Security Fund Holdings - The Social Security Fund entered the top ten circulating shareholders of 215 A-share listed companies in the first quarter [1] - Zhongtong Bus had the highest number of new holdings by the Social Security Fund, with 3 new positions [1] - Other companies with 2 new holdings include Lens Technology, Inner Mongolia First Machinery, Anke Intelligent Electric, and several others [1] Group 2: Zhongtong Bus - Zhongtong Bus saw a new holding value of 137 million yuan from the Social Security Fund in Q1 [1] - The company reported a net profit of 76.51 million yuan in Q1, a year-on-year increase of 80.52% [2] - The company has ongoing international orders, including 895 electric buses for Chile, with 300 delivered and the rest expected in Q2 [2] Group 3: Lens Technology - Lens Technology had a new holding value of 1.088 billion yuan from the Social Security Fund in Q1 [3] - The company reported Q1 revenue of 17.063 billion yuan, a year-on-year increase of 10.10%, and a net profit of 429 million yuan, up 38.71% [3] - Growth is expected from new product structures and increased demand in various sectors, including smartphones and electric vehicles [3] Group 4: Inner Mongolia First Machinery - Inner Mongolia First Machinery had a new holding value of 295 million yuan from the Social Security Fund in Q1 [4] - The company reported a net profit of 186 million yuan in Q1, a year-on-year increase of 11.03% [4] - The company is expanding its military trade product system and has developed new products for international markets [4] Group 5: Anke Intelligent Electric - Anke Intelligent Electric had a new holding value of 251 million yuan from the Social Security Fund in Q1 [4] - The company reported a net profit of 43.72 million yuan in Q1, a year-on-year decrease of 28.92% [4] - The company is actively pursuing international cooperation following discussions at the Dubai Power Exhibition [4]

从最新持仓动向来看，choice数据显示， 社保基金一季度新进入215家个股的前十大流通股东名单 。其中， 中通客车新增社保基金持股家 数最多，达到3家 。 此外，蓝思科技、内蒙一机、安靠智电、学大教育、焦点科技、海兴电力、振华股份、绝味食品、珠江啤酒、北大 荒、安达智能、*ST松发、合合信息、奥士康和利民股份新增社保基金持股家数均达到2家。具体情况如下图： | 名称 | 持股机构家数 | 持股数量 | 持股市值 | 东财行业 | | --- | --- | --- | --- | --- | | | | (万股) | (亿元) | | | 中通客车 | 3 | 1212. 33 | 1. 37 | 商用车 | | 蓝思科技 | 2 | 4296. 86 | 10. 88 | 电子设备制造 | | 内蒙一机 | 2 | 2750. 53 | 2. 95 | 地面装备 | | 安靠智电 | 2 | 831. 39 | 2. 51 | 电线电缆 | | 学大教育 | 2 | 504. 15 | 2. 39 | 教育信息化服务 | | 焦点科技 | 2 | 534. 28 | 2. 30 | 电子商务B2B | | ...

证券研究报告·公司点评报告·商用车 福田汽车（600166） 2025 年一季报点评：Q1 业绩超预期，看好全 年业绩同比高增 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 56,097 | 47,698 | 69,836 | 74,959 | 78,707 | | 同比（%） | 20.78 | (14.97) | 46.41 | 7.34 | 5.00 | | 归母净利润（百万元） | 909.48 | 80.54 | 1,665.97 | 2,044.06 | 2,151.54 | | 同比（%） | 1,262.27 | (91.14) | 1,968.42 | 22.70 | 5.26 | | EPS-最新摊薄（元/股） | 0.11 | 0.01 | 0.21 | 0.26 | 0.27 | | P/E（现价&最新摊薄） | 22.63 | 255.58 | 12.36 | 10.07 | 9.57 ...

证券研究报告·公司点评报告·商用车 金龙汽车（600686） 2024 年及 2025 年一季度业绩点评：三龙整 合完毕，盈利中枢上移 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 19,400 | 22,966 | 24,987 | 26,757 | 28,497 | | 同比（%） | 6.36 | 18.38 | 8.80 | 7.09 | 6.50 | | 归母净利润（百万元） | 75.10 | 157.74 | 444.24 | 644.94 | 828.07 | | 同比（%） | 119.41 | 110.05 | 181.62 | 45.18 | 28.40 | | EPS-最新摊薄（元/股） | 0.10 | 0.22 | 0.62 | 0.90 | 1.15 | | P/E（现价&最新摊薄） | 125.85 | 59.91 | 21.27 | 14.65 | 11.41 | [Table ...

Core Insights - Company achieved a revenue of 14.34 billion yuan and a net profit of 29.05 million yuan in Q1 2025, demonstrating resilience in a complex market environment [1] - The company maintained its leading market share in the domestic medium and heavy truck sector, with a remarkable 375.6% year-on-year increase in sales of new energy products [1] - The company has accelerated its international development, exporting over 10,000 units [1] Technological Innovation - The commercial vehicle industry is transitioning towards comprehensive electrification and intelligence, with the company making significant advancements in new energy vehicle technology [2] - The company has developed a differentiated vehicle and fully autonomous core assembly technology platform, achieving industry-leading standards in energy consumption and lightweight design [2] - The company’s self-developed L2-level high-end heavy trucks have been verified and launched in the market, reaching world-class standards [2] New Energy Strategy - The company has launched its "15333" new energy strategy, focusing on core autonomous components to enhance product competitiveness and profitability [3] - Key technological breakthroughs in efficient oil-cooled electric drive bridges and lightweight technology for new energy vehicles have been achieved, laying the foundation for diverse product development [4] - The company has entered into strategic cooperation agreements for the delivery of thousands of new energy vehicles, showcasing its market competitiveness in the new energy sector [4] International Expansion - The company has established a wholly-owned subsidiary, Jiefang International, to enhance its international trade operations and support overseas market development [5] - The company is adopting differentiated development strategies based on local market conditions and policies to expand its global footprint [5] - Recent participation in international trade fairs has resulted in significant interest from global customers, with over 200 intention orders and more than 30 potential agents [5] Future Outlook - The company aims to continue leading the commercial vehicle industry by driving green, intelligent, and global transformation, contributing to the advancement of Chinese commercial vehicle brands on the world stage [6]

证券研究报告·公司点评报告·商用车 金龙汽车（600686） 2024 年及 2025 年一季度业绩点评：三龙整 合完毕，盈利中枢上移 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 19,400 | 22,966 | 24,987 | 26,757 | 28,497 | | 同比（%） | 6.36 | 18.38 | 8.80 | 7.09 | 6.50 | | 归母净利润（百万元） | 75.10 | 157.74 | 444.24 | 644.94 | 828.07 | | 同比（%） | 119.41 | 110.05 | 181.62 | 45.18 | 28.40 | | EPS-最新摊薄（元/股） | 0.10 | 0.22 | 0.62 | 0.90 | 1.15 | | P/E（现价&最新摊薄） | 125.85 | 59.91 | 21.27 | 14.65 | 11.41 | [Table ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has significant growth potential in the commercial vehicle information technology sector, with a notable increase in product value due to continuous technological iterations. Compared to its US counterpart, Samsara, the company's valuation is significantly lower, indicating potential for upward valuation adjustments in the future [1][3]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 2.777 billion yuan, a year-on-year increase of 63.45%, and a net profit attributable to shareholders of 290 million yuan, up 184.50%. In Q1 2025, the company reported revenue of 515 million yuan, a year-on-year increase of 2.53%, and a net profit of 101 million yuan, up 89.60% [3][8]. - The company's domestic revenue in 2024 was 693 million yuan, a year-on-year increase of 14.80%, while overseas revenue reached 1.281 billion yuan, up 44.99%. Revenue from commercial vehicle information technology products was 1.671 billion yuan, an increase of 25.99% [8]. Market Expansion and Strategy - The company has established a localized marketing network and a dual-brand strategy, particularly making strides in the European commercial vehicle market, which has enhanced its competitiveness in international markets. Plans are in place to establish subsidiaries in more countries and regions to deepen its global business network [8]. - The company is committed to a global strategy, with significant improvements in production efficiency and quality control at its smart factory in Vietnam, which has gained recognition from clients in various regions [8]. Research and Development - The company continues to invest in R&D, with R&D expenses amounting to 284 million yuan in 2024, a year-on-year increase of 15.14%. The R&D expense ratio decreased from 16.57% in 2023 to 14.37% in 2024, indicating improved efficiency [8]. - The company has integrated AI algorithms with 5G and vehicle networking technologies, transitioning its products from "passive monitoring" to "active warning" and "active intervention," aligning better with industry demands for safety and efficiency [8]. Profitability Forecast - The company is expected to achieve net profits of 406 million yuan, 526 million yuan, and 717 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 40%, 30%, and 36%. The corresponding price-to-earnings ratios are projected to be 21, 17, and 12 times [8].

Core Viewpoint - China National Heavy Duty Truck Group (China National Heavy Truck) emphasizes its commitment to sustainable development through comprehensive integration of ESG principles into its operations, focusing on innovation and green transformation [1][3]. Group 1: Innovation and R&D - The company is driving its transformation towards intelligent and green products, with a 2024 R&D investment of 2.9% of its revenue, amounting to 2.74 billion yuan [3][4]. - China National Heavy Truck is focusing on two main technological routes: pure electric and hydrogen fuel cell, with significant advancements in electric control systems and the development of over 10 hydrogen fuel cell models for various applications [3][4]. Group 2: Financial Performance - Revenue from new energy products increased by 67% year-on-year, with clean technology R&D expenses reaching 470 million yuan and 144 clean technology patents obtained [4]. Group 3: Environmental Initiatives - The company is actively integrating environmental protection into its strategy, investing 51.57 million yuan in 2024 for environmental facility upgrades and pollution control technologies, achieving over 10% reduction in wastewater and harmful waste emissions compared to 2021 [6][7]. - China National Heavy Truck aims to enhance energy efficiency through green technology upgrades and renewable energy applications, achieving a comprehensive energy consumption of 13 kg standard coal per 10,000 yuan of output, significantly below its target of 22 kg [7]. Group 4: Governance Structure - The company has established a robust ESG governance framework with a three-tier structure to ensure effective management of ESG matters, with the board of directors overseeing ESG strategies and performance [9][10].