证券研究报告 | 2025年07月03日 九号公司-WD（689009.SH） 优于大市 智能短交通及服务类机器人领军企业，多元新业务持续成长 智能短交通及服务类机器人领军企业，具备创新及智能化基因。九号公司早 期以平衡车及滑板车起步，依托小米销售渠道实现扩张，上市后发力自主品 牌，布局产品线广泛，2024 年电动平衡车及滑板车/电动两轮车/机器人/全 地形车收入占比分别为 23.8%/50.8%/6.3%/6.9%，电动两轮车收入占比最高。 公司智能化技术壁垒深厚，管理团队拥有较强智能化背景、技术中台能够实 现底层技术复用、积累智能化核心技术，获得市场认可。 智能化为矛，打开高端电动两轮车市场空间。2025 年以旧换新政策提升行业 景气度；新国标有望促进头部企业份额提升，长期看电动两轮车行业进入门 槛有望提高，头部品牌持续加强高端产品布局，引导消费者付出更高溢价， 高端电动两轮车市场空间有望扩容。高端市场主要以九号、小牛、极核等品 牌为主，九号在电动两轮车领域侧重软件及智能化布局，真智能系统从 1.0 到 3.0 持续迭代升级，构建完善智能化功能矩阵，带来较强感知。公司已经 在消费者心中树立智能化、高端品牌 ...

2024 年，全市场非金融产业债发行规模 76266 万元，较 2023 年增长 22%，且 为历史新高。从历年发债规模走势来看，2014 年-2016 年产业债发行规模增长 较快。2017 年监管政策相对收紧，产业债发行规模大幅回落。2018 年以来维 持震荡增长。另一方面，2024 年产业债净融资规模 16600 亿元，为历史次高， 仅低于2015年的19305亿元。2014年以来，产业债仅在2017年和2021年-2023 年两个周期内净融资为负值，均为融资政策相对较严的政策区间。 二、2024 年以来产业债发行期限整体延长 2014 年至 2016 年，产业债加权平均发行期限分别为 2.11 年、1.98 年和 2.1 年， 但随着 2017 年融资环境收紧，产业债发行期限也随之缩短。2017 年至 2023 年，产业债加权平均发行期限均在 2 年以内，其中 2021 年达到最低值 1.54 年。 但随着 2023 年"一揽子化债"启动和债市持续走牛，2024 年和 2025 年 1-5 月，产业债加权平均发行期限分别达到 3.09 年和 3.29 年，增长幅度较大。 三、近年来产业债平均发行成本持续 ...

Core Viewpoint - The Yanggu Traffic Police Brigade is implementing a modern governance approach to traffic safety by integrating accident prevention and conflict resolution, aiming for a significant reduction in traffic accidents by 2025 [1][10]. Group 1: Accident Prevention Strategies - The brigade has shifted from passive control to proactive prevention through a "Three-Dimensional Education" initiative, enhancing traffic safety awareness across the region [2]. - A targeted "Civilized Traffic Eight Musts" campaign has been launched, focusing on high-risk areas and vulnerable groups, with extensive outreach efforts covering 159 grassroots units and various community locations [3]. - Innovative methods such as "slogan warnings + smart broadcasting" have been introduced, with large, clear signage and real-time audio alerts at critical intersections to enhance public awareness [3][4]. Group 2: Conflict Resolution Mechanisms - The brigade has established a "Five Connections, Five Transformations" platform to create a comprehensive conflict resolution system, allowing for streamlined services across multiple departments [6]. - A tiered intervention model has been developed to address traffic accident disputes, ensuring that complex cases receive appropriate multi-faceted support [6][7]. - The implementation of a "Four Synchronization" mechanism allows for simultaneous handling of various aspects of conflict resolution, from immediate response to long-term preventive measures [7][9]. Group 3: Integrated Governance Approach - The integration of accident prevention and conflict resolution is facilitated through data sharing and analysis, identifying high-risk areas and vulnerable populations for targeted interventions [8]. - A "Three-in-One" closed-loop governance mechanism has been established, ensuring that education, real-time alerts, and hazard rectification are interconnected [9]. - The results of these initiatives have led to a 4.32% decrease in total traffic accidents and a 17.5% reduction in related disputes, with a conflict resolution rate of 78% [9]. Group 4: Future Directions - The Yanggu Traffic Police Brigade aims to further develop the "Yanggu Model" for traffic safety governance, promoting community involvement and responsibility in traffic safety [10].

"这些隐患平时容易忽视，专业指导让我们心里更踏实。"超市经理李伟坦言，检查组不仅现场整改消防 通道堆货、完善冷藏柜温控记录，还科普货架承重标准，指导员工应急疏散流程，"查得比自家库管还 细！" 检查结束的座谈会上，地铁项目总工南宁掏出一张图纸："这是我们班组积分超市的改造方案。"未来， 惜福镇站将每月派技术骨干为超市做"安全体检"，超市则成为地铁工人的"暖心补给站"。李伟当场建 了"安全联防"微信群："有问题随时@工程师！" 每天清晨，青岛市城阳区王沙路惠丰生鲜超市刚拉开卷帘门，就迎来一群特殊"顾客"——青岛地铁9号 线惜福镇站安全总监刘浩然弯腰检查灭火器压力表，项目总工南宁用手电筒查看货架深处的电路穿线 管。这场由中铁十九局青岛地铁9号线2标04工区发起的"查找身边隐患"专项行动，联合属地街道办、消 防救援大队及商超，以"地铁+商超"安全共建模式，为安全生产月注入新实践。 作为全国"安全生产月""人人讲安全、个个会应急"主题的落地行动，此次检查覆盖消防、食品、设施、 应急四大领域。在生鲜区，食品安全专家张工蹲下身指出："冷藏柜角落的温度记录纸卡住了，实际监 测可能有偏差。"电工老周则拍下配电箱里"缠成耳机线 ...

2025.07. 03 "软建设"方面，在重点领域加快推出一批改革创新举措，包括优化长江沿线铁路投融资模式，建立健全城 市地下管网运行维护管理机制，完善国家物流枢纽规划布局，完善人才培养与经济社会发展需要适配机 制，探索"风电光伏+治沙"新模式等。 本文字数：2422，阅读时长大约4分钟 去年以来有关部门持续推动落实新一轮大规模设备更新和消费品以旧换新（"两新"），以及国家重大战略 实施和重点领域安全能力建设（"两重"），这也成为今年扩大内需、推动经济持续回升向好的重要政策抓 手。 作者 | 第一财经 祝嫣然 国家发展改革委近日安排超3000亿元支持2025年第三批"两重"建设项目。至此，今年8000亿元"两 重"建设项目清单已全部下达完毕。 近期，交通运输部、水利部等部门也通报了一批重大工程项目进展。前5月，交通固定资产投资1.2万亿， 水利建设投资达4089.7亿元。为提供充足的项目资金，财政政策和货币政策正协同发力，超长期特别国 债、专项债券等早发行早使用，新型政策性金融工具也在加紧谋划。 业内分析，重大项目对于投资平稳增长发挥了"压舱石"的作用。伴随项目建设专项债发行规模扩大以及项 目落地速度加快，后 ...

Core Insights - The 2024 annual reports indicate that listed companies in China are showing resilience, with 74% achieving profitability and 48% experiencing positive profit growth [1] - The focus on strategic emerging industries is evident, with over half of the listed companies concentrating on sectors such as new information technology, high-end equipment manufacturing, and new energy vehicles [2] Performance Overview - As of April 30, over 5,100 listed companies reported their 2024 annual results, highlighting a significant increase in cash flow and a faster collection of receivables [1] - The financial sector reported a net profit of 2.7 trillion yuan, marking a 10.3% year-on-year increase, further solidifying the role of listed companies as a stabilizing force in the national economy [1] Innovation and R&D - R&D expenditures for listed companies reached 1.6 trillion yuan in 2024, a 3.1% increase from the previous year, with R&D intensity rising to 2.6% of revenue [2] - The semiconductor and consumer electronics sectors saw substantial growth in R&D spending, with increases of 17.2% and 8.0% respectively, leading to net profit growth of 13.2% and 12.9% [2][3] Economic Activity - Consumer spending is on the rise, with net profits in the home appliance and automotive sectors increasing by 7.1% and 11.1% respectively, driven by government consumption-boosting policies [3][4] - The transportation sector also showed recovery, with net profits increasing by 11.5%, and significant growth in the performance of airlines and airports [4] International Expansion - The share of overseas business income for listed companies reached 14.3%, up 1.2 percentage points from 2023, indicating a growing trend towards internationalization [4] - A notable 63% of listed companies are actively pursuing overseas business opportunities, reflecting a strategic shift towards global markets [4] Financial Sector Recovery - The financial sector's performance improved, with brokerage and insurance companies reporting net profit increases of 16% and 110% respectively [5] - The non-performing loan ratio for listed banks decreased to 1.15%, indicating a healthier banking sector [5] Quality and Returns - Listed companies are increasingly focusing on enhancing efficiency, with a notable reduction in accounts receivable turnover days, indicating improved cash flow management [6] - Cash dividends reached a record high of 1.66 trillion yuan in 2024, with total dividends for the fiscal year amounting to 2.39 trillion yuan, a 7.2% increase year-on-year [7] Market Dynamics - A regularized delisting process is emerging, with 55 companies delisted in 2024, reflecting a commitment to improving market quality [8] - Companies are adopting measures to enhance their fundamentals, including restructuring and improving internal controls, contributing to overall market stability [8]

Core Insights - The overall performance of listed companies in 2024 showed resilience, with a total revenue of 1.71 trillion yuan, a year-on-year increase of 0.88%, and a net profit of 65.58 billion yuan [1] - Nearly half of the listed companies reported net profit growth, with over 20% achieving growth rates exceeding 50% [1] - The average debt financing cost for listed companies decreased from 4.24% to 3.99%, indicating a reduction in financing costs for small and medium-sized enterprises [2] Group 1: Company Performance - As of April 30, 2025, 5,844 listed companies disclosed their annual reports, with 78 companies reporting Q1 2025 results showing a total revenue of 893.9 million yuan and a net profit of 100.3 million yuan [1][2] - The top companies contributed 60% of the total net profit, with private enterprises accounting for about 90% of the market [1] - The average revenue growth rate for private enterprises over the past two years was 3.15%, surpassing the market average [1] Group 2: Industry Trends - The consumer goods, automotive, and entertainment industries showed overall positive performance, with the automotive sector experiencing a net profit compound growth rate of 44% over the past two years [2] - The entertainment industry benefited from digital consumption transformation, achieving a net profit growth of 35.11% in 2024 [2] - The transportation sector saw a significant net profit increase of 67.15% in 2024 due to enhanced consumer travel willingness [2] Group 3: R&D and Innovation - Listed companies collectively invested 61.016 billion yuan in R&D in 2024, maintaining growth for three consecutive years, with an average R&D intensity of 3.57% [3] - More than 30% of companies invested over 10 million yuan in R&D, and nearly 20% had an R&D intensity exceeding 10% [3] - The number of newly added invention patents reached 6,769, bringing the total to 34,100 [3] Group 4: Market Dynamics - The number of listed companies in strategic emerging industries has increased significantly over the past five years, with high-end equipment manufacturing companies rising from 88 to 141 [4] - The average revenue and net profit of newly listed companies since 2024 are 2.15 times and 5.24 times higher than the market average, respectively [4] - The total scale of mergers and acquisitions reached 8.479 billion yuan in 2024, marking a year-on-year growth of 34.33% [5]

2021年8月，交通运输部同意交科院开展固废资源化利用技术研发及产业化应用试点。明确通过1～2年 时间，完成工业废渣、尾矿渣、工程废弃渣等固体废弃物理化特性、力学路用性能、工程利用机理研 究，形成固废行业和应用指导分类等研究成果。 通过3～5年时间，固废关键技术研究实现突破，在固废处置方面研究形成技术体系，在固废评价方面形 成关键指标和示范准则，在固废工程方面形成系列应用成果和建养工艺工法。 据交科院试点任务完成情况介绍，从30余种固体废弃物中选取年产量和堆存量大、处置难度高、产量增 长快的12种适合道路工程应用的典型固废，结合道路不同结构层位的应用要求，开展固化/稳定剂等材 料配合比试验，测试抗压强度、抗剪强度等力学性能，根据测试结果调整和优化材料配合比。建立了大 宗固废道路建设应用整体解决方案，有效控制了固废应用的环境风险。 试点实施以来，交科院在全国17个省区市铺筑共102公里的示范路段，累计利用各类固废493万吨，减少 筑路材料购置支出5亿元，节约占地15.4万平方米，降低道路工程建设全生命周期碳排放6.1万吨，推动 实现道路固废资源化利用"原材料选配—无害化处置—工程性能提升—施工质量控制"全链条闭 ...

Group 1 - The 2025 "Shanghai Summer" International Consumption Season will start on July 4, focusing on promoting inbound consumption during the summer [1] - From January to June this year, Shanghai received 4.248 million inbound tourists, a year-on-year increase of 38.5%, and the sales of tax refund goods increased by 85% [1] - The event aims to enhance Shanghai's global attractiveness as an international consumption center by tailoring activities and products to different regional tourist characteristics [1] Group 2 - The event will provide various conveniences and benefits for inbound tourists, including exclusive discounted flight tickets from China Eastern Airlines and over 1 million taxi vouchers from Didi [2] - More than 200 hotels under Jin Jiang International Group will offer special accommodation deals, and Dazhong Dianping will launch a multilingual summer food guide [2] - Shanghai will enhance its tax refund services, including full coverage of tax refund stores in the city center and the introduction of electronic payment channels for refunds [2][3] Group 3 - As of June 2023, Shanghai has implemented a plan to optimize the tax refund consumption environment, proposing 16 measures across four areas [3] - The number of tax refund stores has increased to 1,391, nearly doubling since the end of last year, with centralized refund points established in major shopping areas [3] - Self-service tax refund machines have been installed at airports, facilitating easier processing for international travelers [3]

Group 1 - The central government is promoting high-quality development of the marine economy, emphasizing top-level design and increased policy support to encourage social capital participation [1][5] - A surge in marine economy concept stocks was observed on July 2, with several stocks hitting the daily limit, including Deepwater Haina and Guolian Aquatic Products [1] - The marine economy encompasses various sectors such as marine fisheries, transportation, shipbuilding, salt industry, oil and gas, and coastal tourism [5] Group 2 - Multiple local governments have introduced policies to boost marine economic development, including Guangdong's new regulations and Shanghai's development plan for 2025-2035 [6] - Hainan has proposed a strategy to create a "Sea Hainan," focusing on innovation platforms in key areas and enhancing traditional industries like marine fisheries and tourism [6] - The marine production value in China is projected to exceed 10 trillion yuan in 2024, accounting for 7.8% of the national GDP, with a 5.7% year-on-year growth in the first quarter [7] Group 3 - Companies like Yaxing Anchor Chain are expanding their product offerings to include advanced mooring chains for offshore wind power and mining projects [7] - CIMC Raffles is recognized as a leading contractor for high-end marine engineering equipment, with orders for deep-sea oil and gas equipment scheduled until 2027 [7] - The current marine economy policies are characterized by a trend towards high-end, intelligent, and green development, aiming to enhance technological innovation and regional collaboration [8]