多数公司触及"净利润为负且营收不到3亿元"的情形 随着2024年报披露，退市新规威力大显。 据不完全统计，4月28日有6家上市公司被实施退市风险警示，29日还将有14家被披星戴帽，这20家公司 均触及财务类退市风险，多数公司触及"净利润为负且营收不到3亿元"的情形。 根据上市公司公告粗略统计，今年以来被实施退市风险警示的公司中，还有10余家触及"净利润为负且 营收不到3亿元"的情形。另有多家公司因为2024年末净资产为负值，被实施退市风险警示。还有些公司 预计触及上述情形，可能被*ST。 近年来存在一个较为普遍的现象，就是面临财务指标、重大违法等情形被强制退市的公司，最终率先被 投资者用脚投出市场。 南开大学金融发展研究院院长田利辉认为，财务指标趋严是退市新规核心，财务类退市将成为主流， 2025年预计有30～40家企业因此退市；同时，规范类、重大违法类退市同步强化，形成多元退市格局。 他称，退市新规的严格执行，标志着A股从"重融资"向"重投资"转型，通过财务指标、交易规则、违法 惩处的多维约束，推动市场形成"有进有出、优胜劣汰"的良性循环。 多数公司触及财务类退市风险 4月28日，6家上市公司被实施退市风险 ...

Group 1 - The Shanghai Composite Index opened lower and fluctuated, with the CSI 300 Capital Goods Index reported at 3466.88 points [1] - The CSI 300 Capital Goods Index has decreased by 7.46% in the past month, 4.71% in the past three months, and 7.97% year-to-date [2] - The index is composed of listed companies in the capital goods sector selected from the CSI 300 Index, reflecting the overall performance of these companies [2] Group 2 - The top ten weights in the CSI 300 Capital Goods Index are: CATL (22.14%), Huichuan Technology (4.95%), China State Construction (4.07%), SANY Heavy Industry (4.01%), Guodian NARI (3.25%), LONGi Green Energy (3.2%), Sungrow Power (3.02%), CRRC (3.02%), Weichai Power (2.92%), and XCMG (2.64%) [2] - The market share of the CSI 300 Capital Goods Index is 50.58% from the Shenzhen Stock Exchange and 49.42% from the Shanghai Stock Exchange [2] - The industry composition of the index includes: Power Equipment (49.10%), Machinery Manufacturing (28.23%), Construction Decoration (15.50%), and Aerospace and Defense (7.17%) [2] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with special cases allowing for temporary adjustments [3] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to calculation and maintenance guidelines [3]

以板块分布统计，社保基金持有个股中，主板有345只，创业板有81只，科创板有57只。所属行业来 看，社保基金持股主要集中在医药生物、基础化工、机械设备行业，分别有55只、43只、41只个股上 榜。 财报季，社保基金持股动向曝光！去年四季度末社保基金共现身483只个股前十大流通股东榜，新进141 只，增持130只。 证券时报 数据宝统计显示，社保基金最新出现在483只个股前十大流通股东名单中，合计持股量89.61亿 股，期末持股市值合计1423.83亿元。持股变动显示，不变88只，减持124只，新进141只，增持130只。 社保基金重仓股中，从前十大流通股东名单中社保基金家数来看，共有5只股获4家社保基金集中现身， 持股量居前的是常熟银行、太阳纸业、海信视像，持股量分别是有26840.05万股、15946.33万股、 7523.57万股。 从持股比例看，社保基金持有比例最多的是常熟银行，持股量占流通股比例为8.90%，其次是科锐国 际，社保基金持股比例为7.94%，持股比例居前的还有明泰铝业、英科再生、登康口腔等。持股数量方 面，社保基金持股数量在1亿股以上的共有15只，社保基金持股量最多的是常熟银行，共持有2 ...

Core Insights - The company has experienced a significant deterioration in its operating performance, with total revenue declining by 39.87% year-on-year to 2.319 billion yuan and a net profit attributable to shareholders of -1.787 billion yuan, a decrease of 154.55% [1] - The company's profitability has sharply declined, with a gross margin of -28.12%, down 2616.17% year-on-year, and a net margin of -80.33%, down 328.49% [2] - The company faces severe cash flow and debt issues, with a net cash flow from operating activities of -0.29 yuan per share, a decrease of 519.63%, and interest-bearing liabilities increasing to 2.581 billion yuan, up 1.24% [4] Financial Performance - Total revenue for the year was 2.319 billion yuan, a 39.87% decrease year-on-year, while the net profit attributable to shareholders was -1.787 billion yuan, reflecting a 154.55% decline [1] - In Q4, total revenue was 446 million yuan, down 64.35% year-on-year, with a net profit of -999.2 million yuan, a 62.46% decrease [1] Profitability Metrics - The company's gross margin stands at -28.12%, a reduction of 2616.17% year-on-year, indicating severe challenges in core business profitability [2] - The gross margins for specific segments are as follows: decoration and landscaping at -47.88%, property management and services at 13.56%, and design and other services at 8.00% [2] Cost Control Issues - The company's operating expenses (selling, administrative, and financial expenses) accounted for 18.81% of revenue, an increase of 97.70% year-on-year [3] - Financial expenses increased by 55.58% due to higher loan penalty provisions, while selling expenses decreased by 43.68% due to reduced sales activities [3] Cash Flow and Debt Situation - The net cash flow from operating activities was -0.29 yuan per share, a significant decrease of 519.63% year-on-year [4] - Cash and cash equivalents decreased by 63.07% to 237 million yuan, while interest-bearing liabilities rose to 2.581 billion yuan, reflecting a 1.24% increase [4] Industry Environment and Future Development - The construction decoration industry still holds potential for growth under the "14th Five-Year Plan," but the company faces severe internal and external challenges [5] - The company plans to enhance its core competitiveness through governance optimization, brand strategy reinforcement, talent strategy enhancement, and corporate culture development [5]

信用策略周报 20250427 理财增量买了多少信用？ 2025 年 04 月 27 日 当周聚焦：跨季后的理财规模回暖情况如何？增量理财配置方向如何？信用 利差为何买不下去？ ➢ 信用继续偏弱 当周，信用债收益率跟随利率进入盘整期，但整体表现仍偏弱，信用利差震 荡上行： （1）资金面继续均衡宽松的情况下，叠加配置盘仍有需求，短信用跌幅有 限，信用利差小幅震荡走高； （2）2-3 年期中短端信用收益率及信用利差上行幅度偏大，其中中低等级 下沉城投品种在较高收益保护下表现稍好； （3）4-5 年长端信用收益率上行幅度相对不大，部分中低等级信用利差小 幅收窄； （4）5 年期以上的超长普信继续阴跌且跌幅不浅，买盘力量不强；相较之 下，市场寻求票息且对流动性较为在意的情形下，超长二永表现稍好。 ➢ 跨季后，理财规模增长了多少？ 截至 2025 年 4 月 20 日，全市场理财产品规模合计 30.84 万亿元，较 3 月 底增长了 1.82 万亿元，跨季后的增长规模整体介于 2023 年和 2024 年同期之 间，增长幅度并不算小。 ➢ 理财增配的方向 截至 2025 年 4 月 26 日，理财在二级净买入债券规模基 ...

| 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0200 | -0.0300 | 33.33 | -0.0400 | | 每股净资产（元） | 1.25 | 1.68 | -25.6 | 1.55 | | 每股公积金(元) | 1.17 | 1.17 | 0 | 1.16 | | 每股未分配利润(元) | -1.00 | -0.57 | -75.44 | -0.68 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 7 | 7.82 | -10.49 | 7.47 | | 净利润(亿元) | -0.15 | -0.29 | 48.28 | -0.34 | | 净资产收益率(%) | -1.37 | -2.05 | 33.17 | -2.57 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 28311.35万股，累计占流通股比： 35.23%，较上期变化： ...

Core Viewpoint - Jiangsu Hengshang Energy-Saving Technology Co., Ltd. reported stable financial performance for 2024, with operating revenue of 2.159 billion yuan and net profit attributable to shareholders of 93.353 million yuan, driven by strategic focus and innovation [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 2.159 billion yuan and a net profit of 93.353 million yuan in 2024 [1]. - The new signed project amount reached 2.084 billion yuan, reflecting a year-on-year increase of 5.36% [2]. Group 2: Business Operations - Hengshang Energy-Saving specializes in the design, manufacturing, and construction of building curtain walls and windows, focusing on high-end public building projects [1]. - The company has a diverse project portfolio, including high-end office buildings, commercial complexes, high-tech industrial parks, and residential buildings [1]. Group 3: Market Strategy - The company is deepening its presence in the Yangtze River Delta region, securing several landmark projects [2]. - Research and industrial building projects accounted for approximately 20.64% of revenue, while commercial complexes and high-end office buildings contributed 37.19% and 21.26%, respectively, totaling about 79.09% of revenue [2]. Group 4: Innovation and Sustainability - Hengshang Energy-Saving is enhancing its technological capabilities and optimizing production processes to solidify its core technical barriers [2]. - The company established a wholly-owned subsidiary, Wuxi Hengzhishang New Materials Co., Ltd., to expand into green energy-saving building materials [2][3].

2025年，上海全筑控股集团股份有限公司（以下简称"全筑股份"）发布2024年年度报告，各项财务数据 变动较大，其中经营活动产生的现金流量净额同比下降1803.98%，筹资活动产生的现金流量净额同比 增长2423.57%，凸显公司在经营与资金运作方面面临的挑战与变化。以下将对全筑股份2024年年报进 行详细解读。 关键财务指标解读 营收下滑，市场拓展遇阻 2024年全筑股份营业收入为781,927,418.51元，相较于2023年的1,039,516,897.30元，下降了24.78%。从 业务板块来看，公装施工收入下降较为明显，同比减少43.11%。这一下滑态势反映出公司在市场拓展 方面遭遇困境，可能受到行业竞争加剧、市场需求萎缩等因素影响。例如，房地产市场的持续调控，导 致公装项目数量减少，公司获取项目难度增大。 净利润由盈转亏，经营压力增大 归属于上市公司股东的净利润为 -110,136,571.63元，而203年为94,885,709.99元，同比下降216.07%，由 盈利转为亏损。净利润的大幅下滑，一方面源于营业收入的减少，另一方面成本费用的控制效果不佳也 对利润产生了负面影响。如营业成本虽同比下 ...

Core Viewpoint - Tunnel Corporation announced a cash distribution plan for the fiscal year 2024, proposing a dividend of 2.2 yuan per 10 shares (including tax), amounting to a total cash payout of 6.92 billion yuan, which represents 24.35% of the net profit and a dividend yield of 3.38% based on the average trading price for the year [1][2]. Financial Performance - The company reported a total revenue of 688.16 billion yuan for the fiscal year 2024, reflecting a year-on-year decline of 7.28% - The net profit for the same period was 28.41 billion yuan, down 3.54% year-on-year - Basic earnings per share were recorded at 0.9 yuan, with a weighted average return on equity of 9.4% [2]. Dividend History - The company has a history of 28 cumulative cash distributions since its listing - The latest proposed dividend of 2.2 yuan per 10 shares is compared to previous distributions, such as 2.3 yuan in 2023 and 2.7 yuan in 2022, indicating a slight decrease in the dividend amount [1][2]. Market Activity - The stock experienced a net outflow of 874,200 yuan in principal funds on the day of the announcement, with a total net outflow of 4.73 million yuan over the past five days [3]. - The latest margin financing balance for the stock was 485 million yuan, showing a decrease of 5.66 million yuan, or 1.15%, over the past five days [4]. Industry Comparison - In the construction and decoration industry, Tunnel Corporation's cash distribution ranks among the lower end compared to peers, with China State Construction leading with a cash payout of 112.18 billion yuan, followed by China Railway and China Railway Construction with payouts of 44.04 billion yuan and 40.74 billion yuan, respectively [5].

Investment Rating - The investment rating for the company is "Buy" [9] Core Views - The company reported a 31% year-on-year increase in new contracts signed in Q1 2025, with overseas contracts showing strong growth of 46% [5] - The company's Q1 2025 revenue was 10.147 billion yuan, a slight decrease of 1.37% year-on-year, while net profit increased by 4.19% to 663 million yuan [4] - The gross profit margin decreased to 17.0%, down 2.51 percentage points year-on-year, while the net profit margin improved slightly to 6.99% [5] Financial Performance - The company expects revenues of 48.7 billion yuan in 2025 and 50.4 billion yuan in 2026, representing year-on-year growth of 5.61% and 3.41% respectively [6] - The projected net profit for 2025 is 3.12 billion yuan, increasing to 3.31 billion yuan in 2026, with corresponding PE ratios of 7.9X and 7.4X [6] - The company's total assets are projected to grow from 629 billion yuan in 2025 to 664 billion yuan in 2026 [10] Key Financial Ratios - The company's asset-liability ratio stands at 61.3% [3] - The projected EPS for 2025 is 1.18 yuan, increasing to 1.25 yuan in 2026 [10] - The projected P/B ratio is expected to decrease from 1.06 in 2025 to 0.98 in 2026 [10]