Group 1 - The provincial secretary emphasizes the importance of stabilizing employment, enterprises, markets, and expectations to enhance public satisfaction and security [1] - The focus is on improving grassroots governance and enhancing service capabilities for enterprises and the public [1] - The company is encouraged to accelerate project construction, reduce costs, and strengthen safety production while pursuing green and high-quality development [1] Group 2 - The company is advised to strengthen field management during the wheat filling period to ensure stable summer grain production [2] - There is an emphasis on developing rural industries and promoting the integration of agriculture, culture, and tourism to increase collective income and farmer prosperity [2] - The need for rectifying formalism and corruption issues at the grassroots level is highlighted to improve public perception of governance [2]

海外签单延续高增，在手订单充裕支撑业绩增长。2024 年公司新签订单222.85 亿元（（ 含合合体）， 同增 24%，其中境内/境外分别新签 135.3/87.6亿元，同增7%/65%。境外订单延续强劲增势，2022-2024 年CAGR 为114%，占比提升28pct 至39%；境内新兴领域持续发力，新材料、新能源新签订单约占国内 订单总额1/3。公司工程板块业务结构持续调整，不断拓宽成长路径，非化工程领域新签订单约占全年 新签订单总额1/2。截至2024 年末，公司未完合同额498 亿元，为2024 年营收5.6 倍，在手订单充裕支 撑业绩增长，陕煤重大项目及新疆煤化工潜在订单规模可期。 投资建议：我们预计公司2025-2027 年归母净利润分别为5.1/6.5/8.0 亿元，同增24%/29%/22%，EPS 分 别为0.72/0.92/1.13 元/股，当前股价对应PE 分别为14.5/11.3/9.2 倍，维持"买入"评级。 风险提示：新疆煤化工投资规模不及预期，项目建设进度不及预期，海外经营风险等。 全年营收业绩稳健增长，Q4 收入大幅提速。2024 年公司实现营业总收入88.6 亿元，同增17 ...

Macro Analysis - The upcoming National People's Congress (NPC) is expected to maintain an economic growth target of around 5%[11] - Key focuses include boosting consumption, fiscal and monetary policy coordination, and structural reforms to improve the business environment[11] - Five major industry themes for 2025 are identified: AI and AI+, quality consumption, new urbanization, infrastructure overseas, and food security[11] Market Impact - The NPC is anticipated to establish industry trends with policies supporting AI and AI+ as the most significant trends for 2025[16] - Enhancing consumer sentiment and happiness is a core policy concern, with current consumption performance being relatively weak[16] - The transition from old to new economic drivers will take time, with price rather than volume being a key factor influencing major asset changes in 2025[16] Investment Highlights - Jiufeng Energy (605090.SH) shows steady growth in clean energy with LNG domestic sales increasing, and the company’s gross profit per ton is improving[17] - Solid growth in the traditional Chinese medicine sector is noted for Guoshengtang (02273.HK), with a CAGR of 26.2% from 2018 to 2023[21] - Ximai Food (002956.SZ) has seen a steady increase in revenue, with a 5-year CAGR of 13.1% despite profit fluctuations[24] Risk Considerations - Risks include potential underperformance of policy support, slower-than-expected economic recovery, and competition in various sectors[7][12][30]