Core Viewpoint - The company has approved a share repurchase plan, intending to buy back a portion of its A-shares within a specified budget and timeframe [1]. Summary by Sections Share Repurchase Plan - The company plans to repurchase A-shares with a total fund amounting to no less than RMB 100 million and no more than RMB 150 million, with a maximum repurchase price of RMB 35 per share [1]. - The repurchase period will last for 12 months from the date of the annual general meeting where the plan was approved [1]. Initial Repurchase Details - On May 28, 2025, the company executed its first repurchase of 626,000 A-shares, representing 0.06% of the total share capital [1]. - The highest transaction price was RMB 19.97 per share, while the lowest was RMB 19.83 per share, with a total transaction amount of RMB 12,462,976 (excluding transaction fees) [1]. Compliance with Regulations - The company strictly adhered to the relevant regulations during the repurchase process, ensuring compliance with the Shenzhen Stock Exchange's guidelines [2][3]. - The company did not repurchase shares during periods that could significantly impact the trading price of its securities [2].

专题：2025基金高质量发展大会 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 5月24日，由新浪财经主办的2025基金高质量发展大会在深圳隆重启幕。大会汇聚学术界顶尖专家、公 私募基金领军人物、券商领袖及首席经济学家等业界翘楚，共话基金行业高质量发展新路径。 中国首席经济学家论坛 理事刘煜辉 会上，中国首席经济学家论坛理事刘煜辉出席并致辞。 他表示，当下关税战、贸易战可能预示着一次世界秩序的更替、均衡的重构。 按照现有的态势发展下去，2030年，中国制造业的工业总产值将占全球制造业总产值的45%，我个人有一个直觉，如 果从技术密度来看的话，中国供应链的power的比例可能更加惊人，我认为可能已经超过了60%。过去5、6年，大量的 中国企业、中国的资本为了降低地缘政治的风险，大规模的出海，把供应链中低端很多部分移到了海外，东南亚、墨 西哥、印度等，这个数据很明显。 2018年，中国对东盟的出口四千亿美金，今天已经超过了1.1万亿美金，6年时间翻了一番，所以供应链中低端部分剔 除了，留在国内的是技术密集型、技术产值更高的部分，所以从技术密度的角度去看，比例非常的惊人，我认为达到 了6 ...

Group 1: China's Role in Global Trade - China remains a key player in the global trade environment, as highlighted by various international organizations and business leaders at the 2025 Global Trade and Investment Promotion Summit [1] - The Chinese market is viewed as a significant opportunity for foreign investment, with 70% of Australian companies prioritizing China as an investment destination [2] - Chinese companies are recognized for their strengths in various technology sectors, attracting increasing interest from Japanese firms looking to collaborate [2] Group 2: Innovation and Technological Cooperation - Technological collaboration is a major focus of the summit, with emphasis on China's advancements in new technologies [3] - U.S. companies are encouraged to remain in China to leverage the ongoing market growth and innovation, particularly in the automotive sector [3] - Malaysia's businesses are set to collaborate with Chinese firms, benefiting from high-tech capabilities [3] Group 3: Confidence in Multilateralism - The summit participants reaffirmed their support for multilateralism, recognizing China's critical role in promoting cooperation and a win-win approach [4] - China is seen as a responsible participant in global trade, continuously opening its market and fostering a fair competitive environment amidst rising protectionism [4] - China's commitment to promoting globalization is viewed as essential for global stability [4]

【导读】中美谈判超预期，人民币资产长期吸引力有望提升 日前，中美经贸高层会谈取得重要进展，将对中国宏观经济、股票市场带来哪些影响？市场资金趋势会 否出现变化？ 近期，摩根士丹利中国首席经济学家邢自强接受媒体采访，对中国宏观经济的发展趋势进行了展望。他 认为，中美关税谈判结果超出预期，财政政策年内有望进一步发力拉动内需。 今年两会提出的一系列经济刺激政策，如消费品补贴、加大基建投资、扶持科技领域等，在推动经济发 展方面发挥了积极作用。建议适时推出补充性财政政策，例如，下半年再推出万亿元级别的额外财政支 持政策，以进一步拉动内需和消费。 王滢分析，从4月下旬开始，被动基金重新流入中国股市。随着市场情绪趋于稳定，叠加投资者对宏观 和资本市场投资环境的理性分析，境外投资者逐渐达成共识——全球贸易摩擦背景下，中国股市的可投 资性和相对吸引力受影响程度，相比其他市场要小得多。 王滢认为，当下关税降低对中国股市构成利好，中国上市公司的可投资性继续改善。背后逻辑是中国政 府重申优先发展宏观经济，强调民营企业营商支持政策，对全球投资者了解决策方向起到了正向引导作 用；上市公司净资产收益率触底反弹；中国在高科技领域的可投资性提升 ...

近期，据智通财经报道，美国总统特朗普表示，印度已经向美国提出了一项零关税的贸易协议。然而值得一提的是，就在两天前，印度才刚刚提出要对部分 美国制造的商品征收进口关税，以回应美国对印度钢铝产品征收的25%关税。这也一度被认为是印度谈判态度转为强硬的迹象。 莫迪（资料图） 2025年5月12日中美达成关税和解的当天，新德里的政治精英们显然误判了形势。印度社会科学院教授比斯瓦吉特·达尔在电视访谈中激情洋溢地宣称："中 国证明只有强硬才能赢得尊重，现在是印度展现大国风范的时刻。"受此鼓舞，印度商务部次日便向WTO提交申诉文件，计划对价值32亿美元的美国农产 品、化工品征收报复性关税，试图复制中国"以战止战"的经典策略。 据环球网5月16日报道，当地时间15日，美国总统特朗普在访问中东期间透露，印度已经松口同意将美国输印商品的关税降为零。值得注意的是，特朗普并 未透露在印度取消对美国征收关税后，美方是否会对等降低或取消对印度商品的关税。据报道，在特朗普宣布对全世界发动无差别关税战后，在全世界范围 内只有中国采取了强硬反击的态度，面对美方施加的26%"对等关税"，印度方面最初采取了息事宁人的态度。 莫迪（资料图） 自从美 ...

在笔者看来，外资机构投下的"信任票"，背后核心正是一个"稳"字。 ■田鹏 在全球经济格局风云变幻的当下，中国资产正日益成为全球投资者眼中的"香饽饽"。"一个'稳稳的中 国'将为全球投资者提供投资兴业的沃土，中国资产向上重估成为全球投资者的热议话题，这个'共识'正 在不断扩大。"5月19日，深圳证券交易所理事长沙雁在深交所2025全球投资者大会上表示。 同日，国家外汇管理局公布的4月份银行结售汇和银行代客涉外收付款数据，更是有力地证明了上述观 点。数据显示，4月份境内外汇供求基本平衡，跨境资金总体呈现净流入，外资配置人民币资产意愿持 续向好。企业、个人等非银行部门跨境资金净流入173亿美元，其中，外资净增持境内债券109亿美元， 处于较高水平。这一数据表明，外资机构用真金白银对中国资产投下的"信任票"，彰显了中国资产强大 的吸引力。 创新"稳"激发增长动能。在大力发展新质生产力背景下，中国持续加大科研投入，全社会研发经费支出 占GDP比重连续多年超过2.5%，形成以企业为主体、市场为导向、产学研深度融合的技术创新体系。 正因如此，一大批科技创新成果接连涌现：在人工智能领域，DeepSeek横空出世，以开源生态推 ...

Group 1 - The friendship between China and Hungary is highlighted as a stable bridge amidst global uncertainties, with a history dating back to the Silk Road era [1][6] - Hungary is positioned as a key gateway for Chinese companies entering the European market, offering a welcoming environment and supportive policies for investment [8][9] - The cooperation between China and Hungary spans various sectors, including high technology, infrastructure, and cultural education, with significant potential for future collaboration [1][6][12] Group 2 - The importance of mutual understanding and cooperation over confrontation is emphasized, with China advocating for shared responsibility in building a community with a shared future [2][4] - Hungary's role in the Belt and Road Initiative is recognized, with ongoing projects like the Hungary-Serbia railway enhancing regional connectivity and economic opportunities [12] - The potential for increased cultural and educational exchanges is noted, with initiatives such as bilingual schools fostering deeper ties between the two nations [6][8]

Core Viewpoint - The company has successfully achieved the conditions for the first unlock period of the 2024 restricted stock incentive plan, allowing 58 incentive targets to unlock a total of 1,698,000 shares, which represents 1.36% of the company's total share capital [1][6][7]. Approval Procedures - The company held meetings to review and approve the relevant proposals regarding the 2024 restricted stock incentive plan, including the first grant of restricted stocks and the adjustment of related matters [2][3][4]. Performance Conditions - The first unlock period for the restricted stocks is set from 12 months after the grant date, which was on May 6, 2024, until the last trading day within 24 months [5]. - The company achieved a net profit growth rate of 66,621,475.09 yuan, meeting the performance assessment criteria for the unlock conditions [5][6]. Unlock Conditions - The unlock conditions were met as the company did not experience any disqualifying events, and all 58 incentive targets achieved "excellent" performance ratings [6][7]. - The total number of shares eligible for unlocking is 1,698,000, with specific allocations to various management levels [6]. Legal Opinions - The legal counsel confirmed that the company has obtained the necessary authorizations and approvals for the unlock of restricted stocks, and all conditions stipulated in the relevant laws and regulations have been satisfied [7][8].

目前而言，我国占据世界稀土市场的主要出口份额，短期内美国很难找到替代。而美国半导体、汽车和军工行业对中国稀土的依赖又非常 大，这种情况下，不管美国作何选择都是痛苦的。一方面，特朗普不愿主动向中国低头服软，另一方面，对中国稀土依赖严重的美国企业又 面临生存问题，长期下去，对美国的影响会非常大。美媒报道，特朗普政府正考虑大幅度降低对华关税，同时美国也希望中国能采取同等措 施，并且取消对美稀土出口的限制！但中国似乎并不想受制于美国，而是在同一天宣布展开多部门专项行动，重点打击战略矿产走私出口。 中方的这步棋，可不是临时起意，而是多年布局的结果。回看2023年，中国早已对包括镓、锗、锑、石墨等战略矿产实施严控，出口须经许 可。同年，中国稀土产量占全球总供应的60%以上，而在加工领域，中国控制了全球高达92%的产能，处于几乎垄断的地位。虽然2025年5月 10日至11日在瑞士的日内瓦举行了中美经贸高层会晤。会谈结束后，双方联合发布会后声明，确认此次磋商的核心突破之一，是就绝大多数 追加关税达成"取消共识"。 根据中国日报网报道，中国对镓、锗、锑、钨、中重稀土等战略矿产实施出口管制以来，部分境外实体与境内不法人员相互勾结 ...

Group 1 - India's dramatic shift from proposing a "zero tariff" trade agreement with the US to planning to raise tariffs on certain American goods highlights the complexities of its trade strategy [1][3] - Modi's government is under pressure domestically to adopt a firmer stance against US tariffs, particularly after witnessing China's successful negotiations with the US [3][5] - The bilateral trade between India and the US reached $129.1 billion in 2024, with India exporting $87.5 billion and importing $41.6 billion, resulting in a trade surplus of $45.9 billion for India [5][6] Group 2 - The potential for a "zero tariff" agreement could benefit India by facilitating smoother trade flows and enhancing its manufacturing sector, particularly in labor-intensive goods [5][6] - India's strategy to focus on mid to low-end manufacturing, such as clothing and household items, aims to replicate China's economic model, leveraging its large population for labor [6][8] - However, India's negotiating position is weaker compared to China, lacking the same level of manufacturing capability and economic scale, which may hinder its ability to secure favorable terms with the US [8][10] Group 3 - The Modi government is expected to adopt a flexible approach in negotiations, balancing between seeking concessions from the US and addressing domestic pressures [10] - The outcome of these negotiations could determine whether India becomes the third country, after the UK and China, to sign a trade agreement with the US [10]