【公用事业 】 北方火电释放弹性，水电业绩稳健增长 投资建议： 维持公用事业行业"增持"评级。 火电：成本端改善明显，北方火电业绩高增。 25Q1 全国性火电公司盈利仍保持增长，但地方性火电公司 出现一定程度分化，北方火电厂盈利增速整体优于南方电厂。截至 23Q1 、 24Q1 、 25Q1 末火电样本 公司 PE 中位数分别为 15.7 、 12.9 、 10.4 倍， PE 估值持续降低。我们认为火电公司估值回落主要 由于市场对于后续火电盈利改善持续性存疑以及火电板块市场关注度有所降低。 25Q1 受暖冬等因素影 响，火电公司电量普遍大幅下滑，我们预计 25Q2 电量增速边际改善后，火电公司 25Q2 业绩有望持续 修复。 水电：业绩稳定性增强，估值稳健。 水电样本公司 25Q1 盈利维持了 23Q1 以来的高增速，业绩稳定性 较好（ 25Q1 业绩增速中位数 26% ），主要由于 25Q1 水电电量受蓄能影响较大，蓄水及调度持续优 化带来发电量上行。 23Q1 、 24Q1 、 25Q1 末水电样本公司 PE 中位数分别为 16.7 、 18.8 、 18.1 倍， PE 估值先升后降，但业绩稳定上行且 ...

Meeting Information - The annual general meeting of Shanghai Sanmao Enterprise (Group) Co., Ltd. is scheduled for June 20, 2025, at 14:00 [1] - The meeting will be held at the Shanghai Zhonggang Huiberman Hotel, with provisions for both on-site and online voting [1][3] - Participants include directors, supervisors, senior management, and registered shareholders [1] Agenda and Procedures - The meeting will start with the announcement of the meeting and the reading of attendance [3] - Various proposals will be reviewed and voted on, including the remuneration distribution plan [2][3] - Shareholders will have the opportunity to ask questions and receive responses during the meeting [3][4] Company Performance Overview - In 2024, the company achieved a revenue of 1.203 billion yuan, a year-on-year increase of 9.97%, and a net profit of 18.45 million yuan, up 4.84% [7][19] - The core business segments, including security services, import-export trade, and property leasing, showed resilience with a combined profit of approximately 22.29 million yuan [7][8] Corporate Governance and Compliance - The board of directors held seven meetings and two shareholder meetings in 2024, approving 11 proposals [9][10] - The company has implemented a 100% signing rate for the term system and contractual management for management members [8][10] Financial Highlights - The company reported a net cash flow from operating activities of -52.74 million yuan for 2024 [19][20] - The total assets increased to 908.65 million yuan, reflecting a 13.62% growth compared to the previous year [20] - The proposed cash dividend is 0.15 yuan per share, totaling approximately 3.01 million yuan, which is 16.34% of the net profit attributable to shareholders [22][24] Future Outlook - The company plans to enhance internal control and risk management systems while exploring business innovations to adapt to changing market conditions [21] - The 2025 financial budget aims to focus on improving operational quality and efficiency [21]

Core Insights - Beijing Daxing International Airport, operational since September 2019, has achieved significant growth in import and export activities, surpassing 102 billion yuan in total trade by April 2023 [1][2] - The airport has become a vital hub for high-tech product trade, with high-tech products accounting for 60.8% of total imports and exports [2] - The airport's trade activities are closely linked to the Belt and Road Initiative, with substantial growth in trade with participating countries [2][3] Trade Performance - Cumulative imports and exports at Daxing Airport reached 1,020 billion yuan, with imports at 337.7 billion yuan and exports at 682.3 billion yuan [1] - In the first four months of 2023, the airport's trade volume was 161 billion yuan, a year-on-year increase of 6.8%, with private enterprises contributing significantly [1][3] - High-tech product trade reached 619.8 billion yuan, representing 60.8% of total trade, with a notable increase in CPU exports [2] Regional Economic Impact - The Beijing-Tianjin-Hebei region's total import and export value reached 14.3 trillion yuan in the first four months of 2023, accounting for 10.1% of China's total trade [3] - Daxing Airport has facilitated trade for enterprises outside Beijing, with a total of 600 billion yuan in imports and exports from these companies since 2019 [3][4] - The airport has established new international cargo routes, enhancing cross-border e-commerce connections [3] Economic Zone Development - The Daxing Airport Comprehensive Bonded Zone is experiencing rapid growth, with imports and exports projected to reach 9.89 billion yuan in 2024 [4] - In the first four months of 2023, the bonded zone's trade volume was 2.67 billion yuan, reflecting a year-on-year increase of 50.9% [4] International Connectivity - Daxing Airport has expanded its international route network from 10 to 50 routes since its opening, significantly increasing its global reach [5] - The number of inbound and outbound passengers is expected to exceed 5.07 million in 2024, marking a 1.2-fold increase from 2023 [5][6] - In the first four months of 2023, the airport managed 1.923 million passengers and 10,611 flights, showing strong growth in international engagement [6]

Core Insights - The foreign trade import and export value of Heze city increased by 54.4% year-on-year in the first four months of the year, reaching a total of 263.7 billion yuan [4] Group 1: Trade Efficiency Improvements - The establishment of Heze Airport International Cargo Station has significantly reduced the customs clearance time for imported materials from Southeast Asia from 5-7 days to 2-3 days, saving logistics costs by approximately 2,000 yuan per batch [2] - The cargo station, which covers 4,300 square meters and integrates eight functional areas, has streamlined the customs process to a full electronic operation, reducing the clearance time for high-value and time-sensitive goods to 10-20 hours [2][3] - Since its operation, the cargo station has facilitated the import of 13.7 tons of human hair products and the export of 15,000 stems of fresh-cut flowers, showcasing its efficiency [2] Group 2: Economic Impact and Growth - The Heze Inland Port Bonded Logistics Center (Type B) has effectively addressed issues related to export tax rebates and import goods storage for local manufacturing and trade enterprises, significantly lowering operational costs [3] - In the first four months of the year, the bonded logistics center achieved an import of 280 tons of human hair products, an export value of 5 million yuan in gift boxes, and the export of 83 vehicles [3] - The center's first-line business import and export volume reached 210 million yuan, ranking 42nd among over 80 bonded logistics centers nationwide and 2nd in the province [3] Group 3: Policy Support and Innovation - Heze Customs has conducted policy briefings focusing on tariff reductions under RCEP and other free trade agreements, assisting over 200 foreign trade enterprises with policy interpretation and technical guidance [4] - The city has implemented various supportive policies and innovations to enhance foreign trade, resulting in a significant increase in the number of new import and export enterprises [4][5] - The local government emphasizes the importance of foreign trade enterprises as key drivers of economic growth and is committed to providing proactive services and support [5]

据海关总署广东分署统计，今年前4个月，广东省民营企业进出口1.89万亿元，增长5.6%，占同期广东省进出口总值的63.9%；民营企业进出口 已连续3个月同比增长。 张超表示，下一步，广东分署将统筹抓好《中华人民共和国民营经济促进法》和海关促进民营企业发展政策措施的有效落实，进一步深化关地 合作，推动企业信用升级、管理增效、发展提质，更好地激发民营企业的外贸活力和发展动力，更好服务广东外贸高质量发展。 文、图｜记者 汪海晏 通讯员 关悦 据海关总署广东分署稽查工作处处长张超介绍，目前，广东正在有效开展跨境贸易便利化专项行动。海关会同多部门从强化政策供给、促进物 流畅通、优化监管模式、推进互联互通、促进降本增效等五个方面，为广大民营企业在内的外贸主体，提供了29项便利化措施；同时海关进一 步严格规范涉企行政检查，切实保护民营企业合法权益。相关举措将持续优化口岸营商环境，为民营企业有效应对国际经贸形势提供更多动 能。 今年以来，广东省内海关聚焦深化信用管理，精准靶向培训，加大对民营企业信用培育力度；同时，不断强化海关AEO企业便利措施落实， 加强AEO企业联合激励；依托"关企直通车""企业问题清零""关长送政策上门 ...

Core Viewpoint - The successful implementation of the world's first interoperable digital collection (D/P) paperless trade project between Beijing's Free Trade Zone and Singapore's IMDA marks a significant advancement in international trade and financial services, establishing a new digital payment method for trade transactions [1][2]. Group 1: Project Overview - The project is a collaboration between COFCO Industrial Food Import and Export Co., Ltd. and Singapore's YCH Group, utilizing a B2B cross-border e-commerce model for exports [1]. - The project involves the use of digital bills of lading and other digital trade documents, enhancing the efficiency and security of document flow among stakeholders such as shipowners, cargo owners, and banks [2]. Group 2: Cost and Time Efficiency - The transition from traditional paper-based document transmission to digital methods has reduced document circulation costs by approximately 30% and significantly mitigated risks of fraud and loss [3]. - The time required for payment processing has been reduced from about 20 days to approximately 5 days, greatly improving cash flow efficiency [3]. - Singaporean companies have also experienced similar benefits, with YCH saving 60% of document processing time [3]. Group 3: Future Developments - The Beijing "Two Zones" Office and IMDA plan to expand the "Trust Trade Chain + TradeTrust" model to include more countries, industries, and business types, promoting digital transformation in international trade and financial services [4].

除亚洲的目的地外，输往其他地区的部分主要目的地的整体出口货值录得跌幅，尤其是荷兰(跌38.4%) 和英国(跌24.1%)。另一方面，输往德国(升30.8%)的整体出口货值则录得升幅。 同期，来自大部分主要供应地的进口货值录得升幅，尤其是越南(升107.3%)、英国(升59.5%)、中国台湾 省(升50.6%)和内地(升14.8%)。另一方面，来自韩国(跌21.3%)的进口货值则录得跌幅。 智通财经APP获悉，5月26日，香港政府统计处发表的对外商品贸易统计数字显示，2025年四月份香港 整体出口和进口货值均录得按年升幅，分别上升14.7%和15.8%。继2025年三月份录得18.5%的按年升幅 后，2025年四月份商品整体出口货值为4,345亿元，较2024年同月上升14.7%。同时，继2025年三月份录 得16.6%的按年升幅后，2025年四月份商品进口货值为4,505亿元，较2024年同月上升15.8%。2025年四 月份录得有形贸易逆差160亿元，相等于商品进口货值的3.6%。 2025年首四个月的商品整体出口货值较2024年同期上升11.9%。同时，商品进口货值上升11.4%。2025 年首四个月录得 ...

Core Viewpoint - The "2025 China Youth Innovation and Entrepreneurship Week" in Changsha aims to foster youth entrepreneurship and innovation through various initiatives, including competitions and funding opportunities, thereby addressing talent retention challenges in Hunan province [2][3][6]. Group 1: Event Overview - The event includes the "Golden Seed Cup" college student entrepreneurship competition, showcasing innovative projects from around the world, with 160 teams participating across four industry tracks [16][17]. - The competition attracted 40,400 projects globally, with 9,928 valid entries from 142 universities in Hunan and 267 from outside the province [17]. - The event features a series of activities, including investment matching sessions and training camps, aimed at creating a supportive environment for young entrepreneurs in Hunan [7][9]. Group 2: Key Initiatives - The "2025 China Youth Technology Innovation" list identifies 122 technical challenges across eight fields, with competitions set to take place in eight cities, including Changsha, which will focus on high-end equipment [5][6]. - The "Golden Seed" projects that win awards will receive financial support, mentorship, and access to resources to facilitate their development and implementation in Hunan [18][19]. - The event emphasizes a collaborative approach between universities, government, and investment institutions to nurture young talent and innovative projects [15][19]. Group 3: Success Stories - Entrepreneurs like Hu Hanbing and Wang Yufeng share their experiences of overcoming challenges with the support of local institutions and funding initiatives, highlighting the conducive environment for startups in Hunan [3][10][12]. - Projects such as the "Low-Carbon Agent" developed by Li Jiarui have already begun implementation in Hunan, demonstrating the practical impact of the initiatives [18][19]. - The event serves as a platform for international collaboration, with participants from various countries leveraging local resources to establish businesses in Hunan [14].

每周一景： 云南玉龙雪山 点击右上角菜单，收听朗读版 【 宏观】出口反弹，内需分化 上周高频数据显示，消费方面冷热不均，其中汽车销售仍较强。 投资方面，基建投资加速发力，地产销售 边际改善但土地市场低迷。进出口加速反弹，海外需求韧性犹存，关税缓和期港口数据和出口运价快速回 升，或因前期积压库存集中出货和抢出口。生产呈现行业分化的趋势，光伏生产指数回升，钢铁、石化等 部分行业开工率回落。库存方面，煤炭库存高位回落，钢材加速去库。物价表现一般， CPI 和 PPI 相关 高频指标大多下行。流动性方面，美元指数大幅回落，人民币持续升值。 风险提示： 贸易局势不确定性 。 >>以上内容节选自国泰海通证券已经发布的研究报告 ： 出口反弹，内需分化 ，具体分析内容（包括风险提示等） 请详见完 整版报告。 【 海外策略】贸易摩擦缓和期资产价格如何走 2018-19 年中美贸易摩擦共历时近两年，期间经历四次缓和窗口期。 具体包括： 2018 年 5 月华盛顿 会谈后双方发布联合声明、 2018 年 12 月阿根廷 G20 峰会双方元首会晤、 2019 年 6 月大阪 G20 峰 会后的谈判重启、 2019 年 10 月华盛顿 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 光大研究一周热榜，精选"光溯" 小程序本周阅读量前十研报。 No.1 行业动态 2025-05-18 洞悉光的观察 / 聆听光的声音 / 了解光的态度 No.2 餐饮行业有望复苏，关注供应链相关标的——餐饮 链板块跟踪报告 李嘉祺,叶倩瑜,董博文 行业动态 2025-05-21 根据章鱼小数据，25Q1餐饮市场热度相较24年全年呈现缓慢复 苏，门店数量有所增加。25Q1一线城市餐饮热度环比提升，政 策刺激有望带动需求改善，门店端竞争淘汰加剧。相对刚需且 客单价不高的品类依旧保持较高的开店率，平价餐饮趋势依旧 明显。考虑提振内需政策加码，餐饮消费及供应链需求后续有 望修复,龙头公司积极拥抱渠道变革、优化经营效率,建议关 注上游供应链相关 ...