交银国际研究 每日晨报 2025 年 5 月 6 日 今日焦点 | 京能清洁能源 | | 579 HK | | --- | --- | --- | | 1 季度受一次性项目影响，但新分红政策应对估 | | 评级: 买入 | | 值提升起积极作用 | | | | 收盘价: 港元 2.37 | 目标价: 港元 3.03↑ | 潜在涨幅: +27.8% | | 郑民康 | wallace.cheng@bocomgroup.com | | 公司 2025 年 1 季度盈利同比微降 2.7%，我们认为当中一次性的影响较 多。事实上公司毛利同比增长 11%，我们认为是公司风/光的新增装机推 动盈利增长。 公司在 4 月定出 2025-27 年的分红政策，公司给出 2025-27 年分红比率 为可供分配利潤的 42%/44%/46%的新政策，大超市场预期。我们目前上 调公司 2025-27 年每股分红预期至 0.18/0.21/0.24 元。 我们提升公司的估值至 2025 年的 6.5 倍市盈率(原为 5.4 倍) ，目标价上 调至 3.03 港元，维持买入评级。 | 全球主要指数 | | | | | --- | --- ...

Group 1: Global Gold Demand - In Q1 2025, global gold demand reached 1206 tons, a year-on-year increase of 1% despite gold prices exceeding $3000 per ounce [1] - Gold ETF demand surged, leading to a more than doubling of gold investment demand to 552 tons, a 170% year-on-year increase, marking the highest quarterly level since Q1 2022 [1] - Retail investment in gold bars and coins in China increased by 3% to 325 tons, the second-highest quarterly demand on record [1] Group 2: Securities Firms Performance - In Q1 2025, 49 securities firms reported a total revenue of 132.4 billion yuan, a year-on-year increase of 27.1% [1] - The net profit attributable to shareholders reached 55.39 billion yuan, up 75.55% year-on-year; excluding special impacts, the growth rate was 49.26% [1] - Proprietary trading accounted for 39% of total net income, making it the largest revenue source, followed by brokerage business at 26% [1] Group 3: Television Market Forecast - TrendForce predicts a 0.7% year-on-year decline in global TV shipments in 2025 due to the impact of U.S. tariffs and reduced consumer demand [2] Group 4: Public Cloud Market Growth - IDC reports that the public cloud IaaS market in China is expected to grow to 94.82 billion yuan in H2 2024, a 13.8% year-on-year increase, driven by AI [2] - Alibaba Cloud ranks first in market share, with a continuous recovery over three consecutive quarters [2] Group 5: Instant Retail Development - Taobao's "Hour Delivery" service has been upgraded to "Taobao Flash Purchase," launching in 50 cities with plans for nationwide expansion [2] Group 6: Seafood Market Trends - The price of crayfish has dropped significantly, with medium-sized crayfish prices falling from 40 yuan per jin to 17 yuan per jin, a decline of over 50% [3] - Companies like Guolian Aquatic and Anjijin Food reported declines in revenue and net profit, attributed to market conditions and reduced demand for crayfish [3] Group 7: AstraZeneca's Tax Issues - AstraZeneca faces potential fines exceeding $800,000 due to allegations of tax evasion related to the import of a specific drug in China [3] Group 8: Chengdu Rural Commercial Bank Performance - Chengdu Rural Commercial Bank reported a total asset size of 914.26 billion yuan, marking a significant growth trend [5] Group 9: Investment Strategy Insights - Notable investor Mark Mobius stated that 95% of his fund's position is in cash, reflecting a cautious approach amid upcoming trade negotiations [5] Group 10: Corporate Governance Changes - Several executives at Xiaogoods City have resigned due to organizational changes [8] Group 11: Financial Regulatory Updates - The China Securities Regulatory Commission approved the IPO registration of Shandong Xintong Electronics [6] Group 12: Legal and Compliance Issues - Tianjin Pharmaceutical was fined 69.19 million yuan for engaging in monopolistic practices [6] - Jiangwei New Energy received a warning from the Shenzhen Securities Regulatory Bureau for failing to fulfill a shareholding commitment [7]

智通财经4月30日电，记者获悉，融创服务全资附属公司融远投资近日与广西老彰家物业服务有限公司 等正式签署协议，融创服务以8.27亿元的价格向后者转让其所持广西彰泰融创智慧服务集团80%股权。 此次交易完成后，融创服务将全面退出彰泰服务集团，这标志着双方自2021年以来的战略合作正式终 止。（智通财经记者 李洁） 融创服务出售彰泰物业80%股权 交易代价约8.3亿元 ...

金融界4月28日消息，上证指数低开震荡，中证香港300内地高贝塔指数 (H300CNHB，H30237)报890.34 点。 数据统计显示，中证香港300内地高贝塔指数近一个月下跌5.65%，近三个月上涨7.30%，年至今上涨 5.77%。 据了解，中证香港策略指数系列从多种策略投资的角度反映了在香港交易所上市证券的整体表现。该指 数以2005年12月30日为基日，以1000.0点为基点。 从指数持仓来看，中证香港300内地高贝塔指数十大权重分别为：微创机器人-B（4.73%）、华虹半导 体（3.15%）、小鹏汽车-W（2.82%）、碧桂园服务（2.63%）、国泰君安（2.61%）、中国金茂 （2.61%）、阿里健康（2.57%）、药明生物（2.51%）、龙湖集团（2.3%）、微创医疗（2.26%）。 从中证香港300内地高贝塔指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港300内地高贝塔指数持仓样本的行业来看，房地产占比23.24%、金融占比20.61%、医药卫生 占比17.65%、可选消费占比16.63%、信息技术占比10.68%、通信服务占比4.05%、原材料占比3.03%、 主 ...

Core Viewpoint - The new national standard for "good houses," the revised "Residential Project Specification," will be officially implemented on May 1, emphasizing safety, comfort, green technology, and intelligence in housing construction [2][3]. Group 1: New Standards and Guidelines - The revised "Residential Project Specification" defines "good houses" across four dimensions: safety, comfort, green, and smart, with specific standards for ceiling height, elevator installation, sound insulation, and facilities for the elderly [3][4]. - Compared to the previous version from 2011, the new standards raise requirements, such as increasing residential ceiling height from 2.8 meters to 3 meters and mandating elevators in buildings of four stories or more [3][4]. - Various cities, including Chengdu, Hangzhou, Shenzhen, and Beijing, are developing local guidelines based on the new standards, with specific requirements for green space, facilities, and elderly-friendly designs [4]. Group 2: Market Dynamics and Demand Shifts - The housing demand is shifting from "availability" to "quality," with an increasing focus on high-quality residential options, particularly in the context of improving living standards [6][8]. - The introduction of the "good house" standards and the relaxation of price controls have led to a noticeable increase in the supply of safe, comfortable, green, and smart housing [7]. - The market is witnessing a surge in demand for high-quality residential projects, with a reported average initial sales rate of 43% for new housing projects in 15 cities since the beginning of 2024 [7]. Group 3: Implications for Construction and Design - The new standards will transform the construction industry, moving from traditional development models to a focus on quality and service, thereby reshaping the competitive landscape of real estate [10]. - The design of residential buildings is evolving from merely meeting functional needs to optimizing user experience, necessitating enhanced design capabilities and technical skills [11]. - The construction sector will need to adopt advanced industrialized building methods to meet the new standards, which include higher requirements for safety, durability, and sustainability [11]. Group 4: Opportunities for Related Industries - The building materials and home furnishings industry is expected to experience growth due to increased demand for high-performance green materials and smart home technologies [11]. - Property management companies will face higher service standards, requiring the integration of smart management systems and a focus on green property management practices [12].

专利摘要显示，本发明提出一种多任务执行方法、系统、设备及介质，其方法包括：接收用户登入信 息，根据所述用户登入信息确定待执行的多个目标任务；基于当前目标任务创建任务卡并显示于终端页 面上；其中，所述任务卡上包含执行按键，所述执行按键包括禁用状态以及可用状态；获取用户实时位 置，当所述用户实时位置位于所述当前目标任务所匹配的任务定位范围内时，切换所述执行按键为所述 可用状态；监听所述执行按键的按下事件，在接收到所述按下事件时判断所述当前目标任务是否完成， 在所述当前目标任务已完成的情况下将下一目标任务更新至所述终端页面。本发明流程简单直观，可降 低操作难度，使整个作业过程流畅易行，特别适合年长用户使用。 作者：情报员 天眼查资料显示，碧桂园生活服务集团股份有限公司，成立于2004年，位于佛山市，是一家以从事房地 产业为主的企业。企业注册资本36000万人民币。通过天眼查大数据分析，碧桂园生活服务集团股份有 限公司共对外投资了189家企业，参与招投标项目2310次，财产线索方面有商标信息291条，专利信息38 条，此外企业还拥有行政许可93个。 金融界2025年4月25日消息，国家知识产权局信息显示，碧桂园生活服 ...

开源证券指出，央行和中央汇金等表态积极，充分发挥国家"平准基金"功能，增持ETF和股票利于稳定 权益市场。一季度以来，证监会连同各方持续推动中长期资金入市，创设证券、基金、保险互换便利工 具，鼓励上市公司回购和增持。券商板块4月8日PB估值1.26倍，估值和机构持仓仍在低位，受益于活跃 度提升券商1季报业绩有望超预期，看好券商板块机会，三条选股主线：金融科技、并购主线以及业绩 弹性突出的零售优势券商。 NO.3中信证券：看好扎根内需，兼具成长和分红属性的物业服务板块 中信证券研报表示，物业服务行业在2024年围绕催收、节流、退盘、提质和分红五个关键词，实现了经 营性现金持续正流入198亿和货币资金净增加60亿元，平均股利支付率大幅提升到65%。展望2025年， 中信证券认为逐渐理顺定价机制，鼓励优质优价；减值计提和周期性业务拖累见顶；持续增加现金分红 是行业三大催化剂。看好扎根内需，兼具成长和分红属性的物业服务板块。 ｜2025年4月9日 星期三｜ NO.1中信证券：政策赋能农业兴，农机产业焕新机 中信证券研报表示，中共中央、国务院近日印发《加快建设农业强国规划（2024-2035 年）》（下 称"规划"）， ...

文 ｜ 陈聪 张全国 刘河维 李俊波 顺势而为，宏观把握行业周期，中观布局高景气板块，微观精选业绩高确定性个股，综合梳理两条 投资主线：一、优选业绩高成长，估值持续消化标的；二、聚焦行业龙头，中长期核心受益标的。 ▍ 关键词1：催收：CPI增速放缓和前期物业费局部限价影响了板块的营收增长，也增加了收缴 难度（分析样本为具备可持续经营能力的1 4家中大市值上市公司，下同）。 到2 0 2 4年年底，物业服务板块一年以上的贸易应收款金额达到2 7 7亿元，较2 0 2 3年大幅增加 3 8%，客观上说明了收缴的难度。不过，2 0 2 4年板块贸易应收增长9 . 2%，较2 0 2 3年1 7%的增速 明显下降，这一方面说明在困难的环境之下，催收工作取得了积极成果，另一方面说明长期欠费 业主占比仍然较小，绝大多数业主认可物业服务定价，及时缴费。同时，物业服务企业积极计提 应收减值，净新增应收减值6 0亿，比2 0 2 3年提升1 6亿元，一定程度夯实了报表。 ▍ 关键词2：节流：面对严峻形势，物业服务公司也开始努力节流。 首先，板块合同负债在2 0 2 4年提升了6%，总金额较2 0 2 3年增加了1 9亿元，企业 ...

裘翔｜中信证券首席A股策略师 S1010518080002 板块配置｜六大主线板块当前处在什么位置？ 一个季度过去了，市场最关注的几个主线板块都处在什么位置？后续还可以期待什 么？我们从股价、估值、基本面等维度自上而下梳理了科技、消费、医药、新能源、 红利、出海六大板块一季度运行动态，并给出了相关配置线索。 风险因素：中美科技、贸易、金融领域摩擦加剧；国内政策力度、实施效果及经济复 苏不及预期；海内外宏观流动性超预期收紧；地缘政治风险。 尹欣驰 ｜中信证券 汽车及零部件行业首席分析师 S1010519040002 商用车｜卡车电动化最后一块拼图：重卡混动发展前瞻 重卡新能源化进展如火如荼，趋势明确不可逆。但现有主流的纯电动重卡受限于续航 里程限制，主要在短途和特定场景下渗透，中长距离场景的新能源化仍待开拓。复盘 乘用车新能源化进程，混动车型于纯电车型普及后两年开始加速渗透，我们认为混动 也将成为重卡新能源化的最后一块拼图。混动重卡在政策大力支持的新能源重卡范畴 内、且在中长距离运输场景中满足高效运输需求，经济性表现远超柴油重卡、且混动 技术已较为成熟，我们认为其已具备大范围商业化基础。我们预计2024/202 ...

裘翔｜中信证券首席A股策略师 S1010518080002 策略聚焦｜关税余波尚存，聚焦核心资产 关税进展仍有不确定性，但衰退预期交易正加速切换到衰退交易，中美周期同频时点 可能提前。短期看，特朗普正以极限施压策略换取更大利益，后续关注各国协商进展 和行业豁免情况，在此之前，预计风险偏好降低，市场波动加剧，但仍处于衰退预期 交易阶段。中期看，关税政策使美国经济面临更大的滞胀风险，也让美联储的对冲政 策受到制约，市场从衰退预期交易转向衰退交易的可能性上升。中国政策发力时点可 能提前，中美周期同频时点可能提前，核心资产的配置性机会窗口随之提前，甚至可 能与此次外部冲击落地带来的交易性机会出现重合。风格上，从政策经济周期、相对 盈利优势、长线资金定价和市场生态变化四个维度看，核心资产将迎来新周期， GARP策略预计将明显跑赢。配置上，短期建议聚焦自主可控、军工、内需、红利四 大方向，长期建议关注全球各国制造业重建需求与中国技术出海的趋势。 风险因素：中美科技、贸易、金融领域摩擦加剧；国内政策力度、实施效果或经济复 苏不及预期；海内外宏观流动性超预期收紧；俄乌、中东地区冲突进一步升级；我国 房地产库存消化不及预期。 ...