晨会速递 2025 年 5 月 8 日 分析师点评 市场数据 总量研究 【宏观】"双降"落地，如何交易？——《央行观察》系列第十二篇 本次一揽子金融政策力度较大，超预期细节较多。下一步市场交易政策预期的重心会 切换到增量财政政策的落地。随着 5 月份陆续公布 4 月份主要经济指标，或将给出更 多推演线索。具体到不同市场，A 股更可能进入偏强震荡走势，债券收益率曲线大概 率先陡峭化再平坦化。风险提示：再贷款政策落地不及预期，流动性投放不及时导致 资金面意外收紧。 【策略】稳中求进——2025 年 5 月五维行业比较观点 若 5 月份市场情绪下降，五维行业比较框架打分靠前的行业分别为公用事业、银行、 建筑装饰、交通运输、食品饮料、煤炭；若市场情绪抬升，五维行业比较框架打分靠 前的行业分别为传媒、国防军工、计算机、电子、机械设备、汽车。行业表现预计会 在这两种情景间轮动，若海外扰动因素出现缓和，或产业端出现重大催化，市场或将 偏向第二种情景，反之市场将偏向第一种情景。 【策略】寻找确定性——2025 年 5 月策略观点 4 月 A 股市场先抑后扬，外部情绪风险扰动最严重的时候或许已经过去，内部政策与 中长期资金的确 ...

Core Viewpoint - The company held its 2024 annual performance briefing, highlighting strong investor engagement and a positive outlook for future growth despite recent challenges in stock performance [1][5]. Group 1: Financial Performance - The company reported a net profit of 484.97 million yuan for 2024, representing a year-on-year increase of 775.84% [6]. - The company plans to maintain steady growth in 2025, with confidence in securing more orders to support revenue stability [11][13]. Group 2: Market Expansion and Strategy - The company has established sales and after-sales service networks in various regions, including Southeast Asia, South Asia, the Middle East, Europe, Australia, Latin America, and Africa, to enhance its high-end equipment business [4][6]. - The company’s foreign sales accounted for 80.44% of total sales in 2024, indicating a strong international market presence [6]. Group 3: Product Development and Innovation - The company is actively exploring the application of artificial intelligence and smart technologies in its products, particularly in port lifting equipment, to improve operational efficiency [38]. - The company is expanding its offshore wind power equipment business, which accounted for approximately 5% of revenue in 2024, and is optimistic about future project opportunities in overseas markets [38]. Group 4: Corporate Governance and Shareholder Engagement - The company emphasizes the importance of market expansion and technological innovation, with plans for ongoing capital management to support these initiatives [7][8]. - The company is committed to transparent communication with shareholders regarding performance and market strategies, despite concerns about stock price fluctuations [5][7].

编号：2025006 证券代码：002483 证券简称：润邦股份 江苏润邦重工股份有限公司 投资者关系活动记录表 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 √业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称 | 2024 年度报告网上业绩说明会的投资 通过全景网参加公司 | | 及人员姓名 | 者。 | | 时间 | 2025 年 5 月 7 日 15:00-17:00 | | 地点 | 公司通过全景网（https://rs.p5w.net/）采用网络远程的方 | | | 式召开业绩说明会。 | | 上市公司 接待人员姓名 | 1、董事长 刘中秋 | | | 2、副董事长、总裁 吴建 | | | 3、独立董事 于延国 | | | 4、副总裁、董事会秘书 谢贵兴 | | | 5、副总裁、财务总监 左陈 | | 投资者关系活动 | 会议主要交流内容： | | | 1、润邦股份提到正在探索人工智能和数智赋能等新技术 | | | 在产品和服务中的应用，特别是在港口起重装备领域。目前公 | | | ...

Group 1 - The China Securities High-end Equipment Sub-index 50 has seen a strong increase of 3.55%, with notable gains from stocks such as AVIC Chengfei up 14.81% and Zhong UAV up 12.48% [1] - The High-end Equipment ETF (159638) has risen by 3.47%, marking a third consecutive increase [1] - The High-end Equipment ETF has recorded a turnover of 4.39% and a transaction volume of 51.2344 million yuan, with its latest scale reaching 1.145 billion yuan and shares totaling 1.528 billion, a new high for the year [3] Group 2 - The High-end Equipment ETF has experienced continuous net inflows over the past six days, with a maximum single-day net inflow of 11.0926 million yuan, totaling 16.9623 million yuan [3] - The index tracked by the ETF is currently at a historical low valuation, with a price-to-book ratio (PB) of 4.03, which is lower than 80.18% of the time over the past five years, indicating strong valuation attractiveness [3] - As of April 30, 2025, the top ten weighted stocks in the index account for 45.74% of the total, including companies like AVIC Optoelectronics and AVIC Shenyang Aircraft [3] Group 3 - The People's Bank of China announced an increase in the re-lending quota for technological innovation and technological transformation from 50 billion yuan to 80 billion yuan, supporting the implementation of "two new" policies [4] - The head of the Financial Regulatory Bureau emphasized the need for high-quality development of technology insurance to support major technological breakthroughs and promote insurance products in emerging fields such as robotics and low-altitude aircraft [4] - The low-altitude economy is expected to tap into a trillion-level blue ocean market, driven by policy support and technological upgrades, with significant market potential for low-altitude infrastructure [4] Group 4 - Investors can consider the China Securities High-end Equipment Sub-index 50 ETF linked fund (018028) to capitalize on industry rotation opportunities [5]

按照《方案》要求，申请入库企业需为有效期内自治区专精特新中小企业和当年及下一年度参与复 核的"小巨人"企业，并围绕"三新一强"制定推进计划，承诺两年内完成相关投资目标。自治区将建立部 门协同机制，强化动态跟踪和服务指导，严格审核申报材料，重点遴选服务重点产业链、攻克"卡脖 子"技术、布局未来产业的企业，确保资金精准用于技术研发、成果转化和产业链协同等关键环节，提 升政策效能。 自治区工业和信息化厅有关负责人表示，《方案》的出台，是广西深化中小企业梯度培育、加快新 型工业化进程的重要举措，旨在通过三年努力，构建覆盖企业全生命周期的培育体系，形成创新能力 强、专业化水平高、产业链支撑作用突出的专精特新企业集群。下一步，自治区工业和信息化厅、财政 厅将联合各设区市及有关单位，推动政策落地见效，助力更多中小企业向"专业化、精细化、特色化、 新颖化"迈进。（骆万丽） 《方案》明确，重点支持企业加强创新能力建设，突破关键核心技术，推动科技成果转化应用；鼓 励企业围绕新能源汽车、高端装备制造、新材料等重点领域龙头企业的产业链需求，提升配套能力，增 强产业链韧性和安全水平。同时，引导企业对标国家专精特新"小巨人"评价标准，补 ...

此外，2024年以来，科创板共有320家公司推出回购、增持方案，合计金额上限超350亿元；78家公司利用专项贷 款实施回购、增持，合计金额上限近90亿元。 长江商报消息 ●长江商报记者 徐佳 面对复杂多变的外部环境，科创板上市公司坚定创新驱动发展理念，为我国加快发展新质生产力、推进高水平科 技自立自强贡献科创板力量。 根据上交所发布数据，2024年，科创板586家公司共实现营业收入1.42万亿元，同比增长0.24%；净利润475.23亿 元，其中五成公司实现净利润增长，30家公司实现翻番，32家公司扭亏为盈。 2024年，科创板公司研发投入总额达1680.78亿元，同比增长6.4%，最近3年复合增速达10.7%；研发投入占营业收 入比例中位数达12.6%，持续领跑A股各板块。截至2024年末，科创板已会聚研发人员24万人，研发人员占员工总 数比例近三成。 值得关注的是，2024年1月，科创板率先开展"提质增效重回报"专项行动。本次年报披露期间，超470家科创板公 司在评估2024年度行动方案的同时发布2025年度行动方案，板块覆盖面超八成。超六成公司推出2024年现金分红 方案，合计分红总额达386.82亿元 ...

Group 1 - As of May 6, 2024, 5,403 A-share listed companies have released their annual reports, with 5,087 disclosing R&D expenditure totaling 1,868.422 billion yuan, a year-on-year increase of 2.35%, with an average R&D expenditure of 36.7 million yuan [1] - 2,913 companies reported positive growth in R&D spending last year, and 260 companies saw their R&D expenditure increase by over 50% [1] - The manufacturing sector accounted for 862.630 billion yuan in R&D spending, representing 46.17% of the total disclosed R&D expenditure, with a year-on-year growth of 3.62% [1] Group 2 - BYD topped the high-end equipment manufacturing sector with R&D spending of 54.161 billion yuan, driving the Chinese electric vehicle industry towards the global value chain [2] - Companies like CATL and LONGi Green Energy have made significant investments in battery materials and photovoltaic components, creating a complete innovation chain in the new energy sector [2] - In the specialized equipment manufacturing sector, companies such as SANY Heavy Industry and Zoomlion have exceeded 10 billion yuan in R&D spending, promoting the electrification and intelligence of engineering machinery [2] Group 3 - The top 20 companies in R&D spending are concentrated in Beijing, Guangdong, and Shanghai, with Beijing having 13 companies, indicating a strong regional innovation ecosystem [3] - Increased R&D spending is expected to help companies develop more competitive products and services, enhancing market share and profitability, particularly in high-tech sectors [3] - Continuous innovation through increased R&D investment allows companies to identify new growth opportunities and maintain competitive advantages in a complex global economic environment [3]

5月5日晚间，*ST工智（证券代码：000584）公告，公司收到终止上市事先告知书。 因连续两年财务报告被出具"无法表示意见"的审计结果，叠加内部控制审计的否定意见，*ST工智触发深交所强制退市条款。 收到终止上市事先告知书 根据公告，*ST工智于2025年4月30日收到深圳证券交易所送达的《终止上市事先告知书》（公司部函[2025]第196号）。 2025年4月28日，*ST工智披露的股票交易被实施退市风险警示后的首个年度报告显示，公司2024年度财务会计报告被出具无法表示意见的审计报告，财 务报告内部控制被出具否定意见的审计报告。 因触及《股票上市规则（2025年修订）》第9.3.12条第一款第（三）项和第（五）项规定的股票终止上市情形，深交所拟决定终止*ST工智股票上市交 易。 因2023年度财务会计报告被出具无法表示意见的审计报告，*ST工智公司股票交易自2024年5月6日起被实施退市风险警示。 根据相关规定，*ST工智有权申请听证或者提出书面陈述和申辩。若申请听证的，公司应当在收到告知书之日起五个交易日内，以书面形式向深交所提出 申请，并载明具体事项及理由。提出陈述和申辩的，应当在收到本告知书之日起 ...

根据公告，*ST工智于2025年4月30日收到深圳证券交易所送达的《终止上市事先告知书》（公司部函[2025]第196号）。 5月5日晚间，*ST工智（证券代码：000584）公告，公司收到终止上市事先告知书。 因连续两年财务报告被出具"无法表示意见"的审计结果，叠加内部控制审计的否定意见，*ST工智触发深交所强制退市条款。 收到终止上市事先告知书 因2023年度财务会计报告被出具无法表示意见的审计报告，*ST工智公司股票交易自2024年5月6日起被实施退市风险警示。 审计证据以作为对财务报表发表审计意见的基础，所以最终作出了"无法表示意见"。 具体来看，尤尼泰振青会计师事务所对*ST工智2024年财报形成无法表示意见的基础，主要源于股权投资平台处置与收入确认两大问题。 其中，*ST工智对四家股权投资平台（初始投资6.5亿元）的处置未完成，导致3.09亿元转让款中部分款项未收回，且存在大额权益性投资与关联资金往来疑点。 2025年4月28日，*ST工智披露的股票交易被实施退市风险警示后的首个年度报告显示，公司2024年度财务会计报告被出具无法表示意见的审计报告，财务报告内部 控制被出具否定意见的审计报告。 因 ...

Employment Situation - In the first quarter, the province added 139,000 urban jobs and 208,000 new employment personnel, representing year-on-year increases of 8.4% and 3.9% respectively, indicating overall employment stability [1] - The province has prioritized employment work, implementing a comprehensive revitalization action plan to boost job creation, particularly targeting youth employment [1][4] Policy Measures - A "policy collection" approach is being utilized to support enterprises in stabilizing and expanding jobs, including financial, policy, skills, and space support for startups [2][3] - The province has introduced 19 support measures focused on 22 key industrial clusters, utilizing employment subsidies and reduced social insurance rates to alleviate burdens on enterprises [3] Recruitment Activities - Over 4,061 recruitment events were organized in the first quarter, with 946,000 job vacancies available, addressing a labor shortage of 188,000 positions [6] - A series of recruitment activities, including "Vibrant Future" and "Spring Warmth" events, have led to the release of over 53,000 job positions from various enterprises [4] Targeted Employment Initiatives - The province has developed 108,000 job positions specifically for college graduates in the first quarter, with ongoing initiatives to connect students with employers [7] - Special recruitment events for veterans and their families have been conducted, resulting in over 33,000 job offers and 2,630 employment intentions [8] Skills Training and Development - A new training initiative aims to provide vocational skills training to 1 million individuals throughout the year, focusing on emerging sectors such as artificial intelligence and elder care [9][10] - The province has established 19 provincial labor service brands to facilitate rural labor transfer and enhance employment opportunities [11]