Group 1: A-shares Market Outlook - The A-share market has shown relative stability despite significant fluctuations in external markets, with low volatility and turnover rates [2][3] - Recent economic data indicates a stable and improving macroeconomic environment in China, supporting long-term growth for A-shares [2] - The export structure in China has been optimizing since 2018, with increased exports of intermediate and high-value-added products, enhancing resilience against risks [2] Group 2: Investment Strategies - The domestic consumption sector, particularly daily consumer goods, is expected to demonstrate strong resilience against risks, making it a key investment focus [3] - There is a notable increase in overseas investors' interest in Chinese assets, with a rising allocation ratio since the third quarter of last year [3] Group 3: Currency and Global Financial Dynamics - The RMB is expected to maintain stability amidst global financial system restructuring, enhancing its trust and usage in international trade [4][5] - Investors are diversifying their currency allocations, increasing exposure to currencies like the Euro and Yen due to concerns over the US dollar's dominance [4] Group 4: US Market and Technology Stocks - The US stock market has experienced significant volatility, particularly in the consumer goods sector, while leading technology companies maintain strong profit prospects [6][7] - Despite short-term uncertainties, technology stocks are viewed as a long-term investment opportunity, with upcoming earnings reports being crucial for future market direction [7] Group 5: Gold as an Investment - Gold retains long-term value as a hedge against currency credit risk and global economic uncertainty, although short-term price volatility necessitates caution [8] - The relationship between gold and equities may shift, with potential downward pressure on gold prices if market sentiment improves [8] Group 6: Multi-Asset Investment Approach - Fidelity's multi-asset fund has gained attention, emphasizing cross-market and cross-asset diversification to reduce volatility and enhance portfolio stability [9] - Investors are encouraged to maintain a balanced asset allocation, incorporating various investment vehicles to hedge against risks in a low-interest-rate environment [9]

Core Viewpoint - Shenzhen's government has introduced a set of ten support policies aimed at helping local enterprises expand their domestic market presence, thereby boosting consumption demand and stabilizing orders for businesses [1][3]. Group 1: Policy Measures - The Shenzhen Municipal Bureau of Commerce has outlined ten specific measures, including subsidies for consumer goods exchange programs, domestic trade credit insurance, digital upgrades, group exhibitions, and the creation of new domestic brands [1]. - These measures are designed to actively expand consumer demand and enhance the consumption market, which is crucial for the economic development of China [1]. Group 2: Market Context - The rise of domestic demand is seen as a significant buffer against tariff impacts and is expected to enhance the attractiveness of the Chinese market, thereby expanding its trade relationships [1]. - Shenzhen, known as "China's foreign trade capital," faces challenges that necessitate a focus on deepening its domestic market efforts to assist foreign trade enterprises in developing internal sales channels [1]. Group 3: Quality Assurance and Branding - The introduction of a quality certification system by the government is proposed to help Shenzhen products gain consumer trust and lower market entry barriers [1][2]. - The Q-mark certification from Hong Kong serves as a successful model, providing a dual guarantee of quality and credibility, which has helped brands like Maxim's and Yuen Long Wing Wah enter broader markets [2]. - Shenzhen has implemented a similar initiative with the "Zhenpin" brand, which has certified 1,823 products as of September last year, guiding consumers towards safe food options [2]. Group 4: Long-term Economic Development - Expanding the domestic market is not only a current necessity but also vital for the long-term development of the Chinese economy [3]. - Establishing a city consumption brand can attract more enterprises, promote high-quality development across industries, and ultimately contribute to the enhancement and optimization of China's consumption structure [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [6][14]. Core Insights - The company reported a revenue of 8.978 billion RMB for 2024, representing a year-on-year growth of 9.69%, and a net profit of 695 million RMB, up 19.81% [2]. - For Q1 2025, the company achieved a revenue of 2.605 billion RMB, a significant increase of 36.47%, with a net profit of 249 million RMB, also up 36.26% [2]. - The company is expected to benefit from dual growth drivers in the consumer goods and medical sectors [2]. Performance Analysis - The consumer goods segment showed strong growth, with Q4 2024 revenue reaching 2.908 billion RMB, a 33.72% increase [3]. - For 2024, the medical supplies and consumer goods segments generated revenues of 3.906 billion RMB and 4.991 billion RMB, growing by 1.14% and 17.09% respectively [3]. - Key product categories such as cotton soft towels and children's clothing saw revenue increases of 31.19% and 13.21% respectively [3]. Q1 2025 Development - In Q1 2025, the medical segment generated 1.25 billion RMB, a 46.3% increase, with core categories like surgical supplies and high-end dressings showing remarkable growth [4]. - The consumer segment achieved 1.34 billion RMB in revenue, up 28.8%, with the "Princess Nais" sanitary napkin leading the category with a 73.5% increase [4]. - E-commerce contributed 59.9% of total revenue, with rapid growth in supermarket channels, which saw a 70.9% year-on-year increase [4]. Profitability - The gross margin for 2024 and Q1 2025 was 48.46% and 47.32% respectively, with a slight improvement in Q1 2025 due to product mix optimization [5]. - The net profit margin remained stable at 7.75% for 2024 and improved to 9.54% in Q1 2025 [5]. - The company aims to enhance brand strength and operational efficiency while focusing on core product categories [5]. Earnings Forecast and Valuation - The company is projected to have EPS of 1.80, 2.12, and 2.54 RMB for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 27, 23, and 19 [6].

凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢 迎访问：http://finance.ifeng.com/ 以下文章来源于凤凰网财经 ，作者凤凰网财经 作者： 凤凰网财经 来源： 凤凰网财经 特朗普或 创下 "尴尬"新纪录 。 据财联社报道， 自 1月20日特朗普重返白宫至4月25日，美元指数累计下跌近9% ， 料将 创下 1973年尼克松时代以来美国总统任期前100天的最大跌幅。这一表现与1973年 " 尼克松冲击 " 时期形成历史性呼应 ——彼时布雷顿森林体系崩溃引发全球抛售美元，而如今特朗普反复无常的 关税威胁、对美联储独立性的干预，以及对传统国际秩序根基的动摇，正重演"去美元化"浪潮。 数据显示，自尼克松第二任期开启至拜登执政前，美国总统任内前 100天美元平均回报率为 0.9%，而特朗普的政策已使美元成为全球资本的"弃儿"。欧元、瑞郎和日元兑美元汇率涨幅均 超8%，黄金价格同步攀升，蒙特利尔银行指出："美元作为储备货币的三大支柱——制度信任、 自由贸易和稳定外交政策正在瓦解。" 01 历史重现——布雷顿森林体系崩塌与美元"假死" 1971年 ...

帮助企业找市场，深圳再出实招。日前深圳市商务局发布"2025年深圳服务企业拓展国内市场支持政策 要点十条"，提出支持企业参加消费品以旧换新补贴活动、投保国内贸易信用保险、数字化升级、组团 参展、打造国货潮品新品牌等10条具体措施，真金白银助力企业稳订单开拓国内市场。 深圳积极落实国家2025年以旧换新政策，支持符合条件的企业参与消费品以旧换新补贴活动，拓展国内 市场。对个人消费者购买家电、数码产品按照销售价格给予最高2000元补贴。 深圳对投保国内贸易信用保险且符合条件的企业，按其实际缴纳保险费用给予25%的资金补助，单家企 业每年累计资助金额最高50万元，以此降低企业交易风险；支持商圈、行业协会、企业举办系列促消费 活动，对纳入"深圳购物季"市级重点活动项目，按实际投入的50%给予最高200万元资助；支持商贸企 业数字化改造，对商贸企业消费场景数字化和信息化投入，按实际投入的20%给予最高300万元资助。 支持企业拓展国内市场、降低交易风险，对投保国内贸易信用保险且符合条件的企业按其实际缴纳保险 费用给予25%的资金补助，单家企业每年累计资助金额最高50万元。 支持商圈、行业协会、企业举办系列促消费活动，筹 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 60.06 RMB [8][9]. Core Views - The company reported a strong start in Q1 2025, with revenue growth accelerating. For 2024, the company achieved revenue of 8.98 billion RMB, a year-on-year increase of 9.7%, and a net profit of 700 million RMB, up 19.8% year-on-year. The Q1 2025 revenue was 2.61 billion RMB, reflecting a year-on-year growth of 36.5% [1][5]. - The growth in revenue and profit is attributed to the acceleration in consumer goods and the consolidation of GRI in the medical business. The consumer goods segment is showing improvement, and the medical segment has effectively absorbed high base pressures [1][2]. Summary by Sections Consumer Goods - In 2024 and Q1 2025, the health lifestyle consumer goods segment achieved revenues of 4.99 billion RMB and 1.34 billion RMB, respectively, with year-on-year growth of 17.1% and 28.8%. Key product categories such as cotton soft towels and sanitary napkins saw significant growth, with revenues increasing by 31% and 18% respectively in 2024 [2]. Medical Supplies - The medical supplies segment reported revenues of 3.91 billion RMB in 2024 and 1.25 billion RMB in Q1 2025, with year-on-year growth of 1.1% and 46.3%. The infection protection products faced a high base pressure, with a revenue decline of 61.2% in 2024, but this pressure is gradually being absorbed [3]. Financial Metrics - The gross margin for 2024 decreased by 1.7 percentage points to 47.3%, primarily due to rising raw material costs. The expense ratio also decreased by 1.7 percentage points to 35.5%, benefiting from revenue growth diluting expenses [4]. - The company has adjusted its revenue forecasts for 2025-2026 upwards, with expected net profits of 1.06 billion RMB, 1.30 billion RMB, and 1.59 billion RMB for 2025, 2026, and 2027 respectively. The target price is based on a 33 times PE ratio for 2025 [5][9].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 60.06 [8][9]. Core Insights - The company reported a revenue of RMB 8.98 billion in 2024, a year-on-year increase of 9.7%, and a net profit of RMB 700 million, up 19.8% year-on-year. The revenue exceeded previous expectations, while profit was slightly below due to an asset impairment loss of approximately RMB 240 million [1]. - In Q1 2025, the company achieved a revenue of RMB 2.61 billion, representing a year-on-year growth of 36.5%, and a net profit of RMB 250 million, also up 36.3% year-on-year. This growth is attributed to accelerated consumer goods sales and the consolidation of GRI in the medical segment [1]. - The company is expected to benefit from a dual growth strategy in consumer and medical sectors, with a strong growth momentum anticipated in 2025 [1]. Summary by Sections Consumer Products - The health and lifestyle consumer products segment generated revenues of RMB 4.99 billion in 2024 and RMB 1.34 billion in Q1 2025, with year-on-year growth rates of 17.1% and 28.8%, respectively. Key product categories such as cotton soft towels and sanitary napkins saw double-digit growth [2]. Medical Supplies - The medical supplies segment reported revenues of RMB 3.91 billion in 2024 and RMB 1.25 billion in Q1 2025, with year-on-year growth of 1.1% and 46.3%, respectively. The high base effect from infection prevention products is gradually being digested, while regular products showed strong growth [3]. Financial Metrics - The gross margin for 2024 decreased by 1.7 percentage points to 47.3%, primarily due to rising raw material costs. The expense ratio also decreased by 1.7 percentage points to 35.5%, benefiting from revenue growth [4]. - The company has adjusted its revenue forecasts for 2025-2026 upwards, with expected net profits of RMB 1.06 billion, RMB 1.30 billion, and RMB 1.59 billion for 2025, 2026, and 2027, respectively. The corresponding EPS is projected to be RMB 1.82, RMB 2.23, and RMB 2.73 [5].

Core Insights - The company reported a revenue of 8.98 billion yuan for 2024, representing a year-on-year growth of 9.7% [1] - Excluding infection protection products, the revenue was 8.62 billion yuan, with a year-on-year growth of 18.6% [1] - The net profit attributable to shareholders was 700 million yuan, showing a year-on-year increase of 19.8% [1] - The non-recurring net profit attributable to shareholders was 590 million yuan, reflecting a year-on-year growth of 43.4% [1] Business Segments - The company operates in two main business segments: medical consumables and consumer products [1] - The medical consumables segment, branded as Winner, generated a revenue of 3.91 billion yuan, with a slight year-on-year increase of 1.1% [1] - The consumer products segment, branded as Purcotton, achieved a revenue of 4.99 billion yuan, marking a year-on-year growth of 17.1% [1] Profit Distribution - The board approved a profit distribution plan, proposing a cash dividend of 2.5 yuan per 10 shares (including tax), with no bonus shares [1] - The total cash dividend for 2024 is 379 million yuan (including tax), accounting for 54.43% of the net profit attributable to shareholders [2] - The mid-year cash dividend was 4 yuan per 10 shares, totaling 233 million yuan [2] Recent Performance - In the first quarter of 2025, the company reported a revenue of 2.605 billion yuan, reflecting a year-on-year growth of 36.47% [2] - The net profit attributable to shareholders for the first quarter was 249 million yuan, with a year-on-year increase of 36.26% [2]

Core Insights - The company reported a strong performance in 2024, with revenue of 8.978 billion yuan, a year-on-year increase of 9.69%, and a net profit of 0.695 billion yuan, up 19.81% [1] - The first quarter of 2025 continued the growth trend, achieving revenue of 2.605 billion yuan, a 36.47% increase year-on-year, and a net profit of 0.249 billion yuan, up 36.26% [1] - The dual-engine model of "medical + consumer" is driving significant growth through both organic growth and acquisitions [1] Consumer Business Performance - The consumer segment, represented by All Cotton Era, achieved revenue of 4.99 billion yuan in 2024, a 17.1% increase, and 1.34 billion yuan in Q1 2025, a 28.8% increase [2] - The cotton soft towel business generated 1.56 billion yuan in revenue, up 31.2%, while the female care product line saw revenue growth to 0.7 billion yuan, an 18.0% increase [2] - The company is focusing on health and environmental concepts, enhancing product offerings in homewear and intimate apparel, with adult clothing revenue reaching 0.96 billion yuan, a 15.4% increase [2] Channel and Brand Strategy - The company adapted to online consumption trends, achieving online revenue of 3.07 billion yuan, an 18.9% increase, with Douyin platform revenue growing over 109% [3] - The company opened 92 new stores, bringing the total to 487, and increased its membership base to nearly 61 million, a 15.8% growth [3] - The brand's 15th anniversary celebration reinforced its commitment to sustainability and enhanced consumer emotional connection [3] Medical Segment Performance - The medical segment achieved revenue of 3.9 billion yuan in 2024, maintaining positive growth despite previous high base effects, with a 20.3% increase in other categories excluding pandemic-related products [4] - In Q1 2025, the medical segment revenue reached 1.25 billion yuan, a 46.3% increase, driven by both organic growth and expansion [4] - Key product lines such as high-end dressings and surgical consumables showed significant growth, with high-end dressings generating 0.78 billion yuan, a 31.2% increase [4] Global Expansion and Innovation - The company acquired U.S. medical consumables firm GRI, contributing 0.29 billion yuan in new revenue and enhancing its global supply chain [5] - Overseas revenue grew by 37.7%, accounting for over 54% of total medical revenue, indicating a strong international presence [5] - The company holds 1,087 R&D patents and continues to innovate in high-end consumables and chronic disease management [5] Shareholder Returns and Future Strategy - The company plans to distribute a total cash dividend of 6.50 yuan per 10 shares, representing 54.43% of net profit, reflecting strong cash flow management [7] - The chairman outlined a strategic goal of "century-long stability and brand enhancement," focusing on operational excellence, global expansion, brand building, talent strategy, sustainable development, and product innovation [7][8] - The dual focus on medical and consumer sectors is expected to drive sustainable growth and establish the company as a leader in global health and quality consumption [8]

对话资深财政专家：如何解读一季度政治局会议？ 20250427 摘要 • 2025 年一季度中国 GDP 同比增长 4.59%，实现"开门红"，但财政收 入疲软，需关注财政支出问题。中美贸易战对出口造成冲击，政府正积极 应对，通过扩大内需替代受阻外贸，稳定经济基本面。 • 政府从消费端、供给端和改革端多管齐下，提振消费服务，帮扶困难企业， 推动关键技术攻关和产业升级，深化改革建设统一大市场，旨在应对不确 定性，促进经济高质量发展。 • 中央政治局强调实施积极有为的宏观政策，加快地方专项债券和超长期国 债发行使用，并兜牢基层"三保"底线，防范风险，确保资金流与工程进 度相适应，提振消费。 • 今年将发行 1.3 万亿超长期特别国债，其中 5,000 亿用于重大项目建设、 设备更新和以旧换新，财政增量主要来自中央政府国债，以扩大重大工程 建设和设备更新投资，同时促进消费品以旧换新。 • 财政政策关注精准性，提高失业保险基金的稳岗返还比例，健全分层分类 的社会救助体系，扩大监控范围，为低收入和特困人群提供更全面保障， 应对贸易战冲击。 Q&A 如何解读 2025 年一季度政治局会议的主要内容及其对经济形势的判断？ ...