证券研究报告 策略 资金透视:资金回流意愿升温 华泰研究 2025年5月13日|中国内地 策略周报 核心观点 上周,增量资金入市意愿边际回暖:1)交易型资金中,融资资金在净流出 6周后,首次转向净流入,方向上,短线资金对于成长行业的配置边际均有 增强:2)配置型外资转向净流入,向后看,关税摩擦缓解下,外资配置意 鹰或边际回升,截至4月初,新兴市场配置型基金、全球 ex US 基金持有 A 股仓位仍位于 2018年以来 40%以下相对低位水准。此外,上周"一揽子全 融政策"出台,"类平准基金"表述支撑资金面韧性,《推动公募高质量发展 行动方案》或加速Ａ股市场"机构化",引导资金向基准配置靠拢,目前银 行/公用事业/石油石化等方向相对基准指数仍低配。 关注点 1:交易型资金回暖,风险偏好有所回升 | 研究员 | 何康, PhD | | --- | --- | | SAC No. S0570520080004 | hekang@htsc.com | | SFC No. BRB318 | +(86) 21 2897 2202 | | 研究员 | 王伟光 | | SAC No. S0570523040001 wangw ...

2025 年 05 月 13 日 证券研究报告 | 金融工程周报 分析师：柏逸凡 分析师登记编码：S0890524100001 电话：021-20321081 邮箱：baiyifan@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 021-20515355 相关研究报告 向 — 市 场 环 境 因 子 跟 踪 周 报 （2025.04.30）》2025-05-07 2、《关税问题反复，大盘延续稳健—市场 中 观 因 子 跟 踪 周 报 （ 2025.04.27 ）》 2025-04-29 3、《市场进入降波阶段，风格稳定性上升 —量化数据看板跟踪周报（2025.04.20）》 2025-04-23 关税下调之后，市场分歧仍存 市场环境因子跟踪周报（2025.05.09） 风 险 特 征 解 析 — 量 化 策 略 视 点 》 2024-12-17 投资要点 报告统计时间为 2025.05.05-2025.05.09。 分析师：程秉哲 静观其变，谋而后动。关税下调之后，可适度控制仓位，静观其变， ...

LinkedIn最新报告显示，Z世代正在转向快速成长的技能型行业，这意味着美国大学毕业生可能要放弃笔记本电 脑，戴上安全帽。图片来源：Getty Images 毕业季来临，学生们最终要面对一个无法回避的问题："我接下来该做什么？" 许多毕业生将面对一个尴尬现实：尽管渴望进入企业界，但他们最有可能找到的工作可能是进入那些放 弃读大学的老同学们所在的建筑工地。 这是因为根据LinkedIn发布的《2025应届毕业生指南》（2025 Grad Guide），建筑、公用事业、石油、 天然气和采矿业是应届生最可能成功开启职业生涯的行业。 尽管人工智能工程师、数据中心技术员和系统工程师等依旧是最热门的岗位，可能仍会有Z世代在这些 行业的办公室工作，但他们或许会羡慕那些蓝领同事——后者无需背负约4万美元学生贷款，也不必担 心被AI取代，却能获得丰厚薪酬。 某些技术工种收入甚至更为可观：例如电梯和自动扶梯安装工年薪超过10万美元，且仅需高中学历即可 入行。 面对就业市场需求变化，超半数Z世代正考虑投身技能型行业。 应届毕业生就业增长最快的10大行业 应届毕业生增长最快的10大岗位 · 建筑 · 公用事业 · 石油、天然气与采 ...

近期中美关税政策成为市场的一大关注点。12日，中美日内瓦经贸会谈联合声明发布，双方关税大幅下 降。 多位券商分析师认为，关税降级幅度大超市场预期，经济基本面预期和市场情绪都可能大幅改善，或助 力国内权益市场波动中枢抬升。 中美经贸会谈进展超预期，5月13日A股高开，沪指探出近期这波反弹中的新高3386.23点，最终收于 3374.87点，收涨0.17%。 当日，沪深两市获主力资金流入3808.3亿元，有7个行业获得主力资金净流入，主要为美容护理、医药 生物、基础化工、交通运输、社会服务、纺织服饰、公用事业等行业，而国防军工、计算机、电子、机 械设备、汽车、电力设备等行业遭主力资金卖出较多。这与12日主力资金净流入和净流出的行业有所相 反。类似的情况在近期反复出现。 就A股后市走势来看，上述券商分析师认为，短期A股延续震荡偏强走势，可能突破上行；在中期维度 上，指数级别走势依然依赖于基本面改善。 主力资金净流入7个行业 5月13日，A股市场成交1.326万亿元。其中，电子、机械设备、计算机、电力设备行业成交额超过千亿 元，国防军工、汽车、基础化工、医药生物、通信等行业的成交额在500亿～1000亿元之间。相较而 ...

证券研究报告 | 2025年05月13日 | 晨会纪要 | | --- | | 数据日期:2025-05-12 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3369.24 | 10301.15 | 3890.60 | 11419.34 | 2856.96 | 1011.23 | | 涨跌幅度（%） | 0.81 | 1.72 | 1.15 | 1.33 | 2.38 | 0.48 | | 成交金额（亿元） | 5220.80 | 7863.28 | 2961.22 | 2828.54 | 3681.44 | 265.23 | $$\overline{{{\overline{{\mathbb{M}}}}}}\cong\pm\overline{{{\mathbb{M}}}}$$ 【常规内容】 宏观与策略 宏观专题:宏观经济专题研究-对美出口损失背景下的中国 GDP 增速预测 宏观快评:中美经贸会谈联合声明解读-中美积极寻找共识，合作明显改 善两国 ...

今天A股市场缩量调整，截至收盘，多数宽基指数录得下跌。 此外，"要大力提振消费、提高投资效益，全方位扩大国内需求"的表述，也切中当前经济复苏堵点和市场预期堵点，预计能有效对冲外部环境的 不确定性，短期内，也有望对冲消除特朗普交易对市场信心的不利影响。 总之，此次会议表态相当超预期，不仅短期大涨无疑，也为A股本轮跨年行情的演绎进一步打开空间。 唯一的担忧，是开盘即大涨，比较安心的上车窗口关闭了。 回到今天的市场，调整主要源于对政策不确定性的担忧。重要会议召开在即，临近靴子落地，政策预期交易进入验证窗口。鉴于前期市场对政策 刺激存在提前交易，部分资金选择在靴子落地前撤离，即所谓"买预期、卖兑现"，市场情绪有所回落。 具体看，今天红利指数、大盘权重指数收涨；科创板、创业板和小盘股指数跌幅靠前。 红利风格仍有支撑，成长性风格出现明显回调，市场风险偏好有所回落。 收盘后，政治局会议通稿发布，表述相当超预期，港股和富时A50瞬间拉涨。A股，收盘太早了，明天大概率会有长阳。 回顾2024年，会议指出，"全年经济社会发展主要目标任务将顺利完成"，预示着今年5%左右的GDP增速目标能够达成，为市场关于今年经济增速 的博弈画上句 ...

Financial Data and Key Metrics Changes - In Q1 2025, consolidated revenues totaled $550.1 million, a 4.2% increase from Q1 2024 [20] - Consolidated gross profit was $20.3 million, reflecting a 53.1% increase year-over-year, with a gross profit margin of 3.7% compared to 2.5% in Q1 2024 [20] - The net loss attributable to common stock improved to $17.9 million, or a diluted loss per share of $0.20, from a net loss of $25.1 million, or $0.35 per share, in the same period last year [21] - Adjusted EBITDA was $24.2 million, approximately 20% higher than the prior year, with an adjusted EBITDA margin of 4.4%, up from 3.8% [21] Business Line Data and Key Metrics Changes - The U.S. Gas segment revenue totaled $197.7 million, a year-over-year decrease of 12.7%, with a gross profit margin declining to -7.5% from -1.8% due to weather disruptions [22][23] - The Canadian Gas segment revenue was $39.8 million, down 2.9% year-over-year, but the segment margin improved to 17.8% from 7.5% [24] - Union Electric segment revenue increased by 7.1% to $175.5 million, with core Union Electric growth of 32.7% driven by increased bid project activity [25] - Nonunion Electric segment revenue rose by 41.9% to $137.1 million, with gross profit increasing to 11.9% from 2.9% due to higher crew counts and work hours [26] Market Data and Key Metrics Changes - The U.S. Gas segment faced adverse weather conditions impacting performance, but March showed significant improvement [18] - The nonunion electrical segment benefited from strong market trends in the Sunbelt and Southeast, driven by storm damage recovery efforts [19] Company Strategy and Development Direction - The company is focused on implementing a unified business development strategy aimed at high growth pipeline development and securing new awards [10][12] - There is an emphasis on enhancing capital efficiency and improving free cash flow through better management of capital equipment and working capital [28] - The company aims to grow its customer base and expand market presence, leveraging its scale and capabilities in utility services [9][10] Management's Comments on Operating Environment and Future Outlook - Management does not anticipate significant impacts from the global trade war or tariffs in 2025, citing a resilient business model [7][29] - The outlook for full-year 2025 remains unchanged, with expectations to deliver revenues between $2.6 billion and $2.8 billion [28][29] - Management expressed confidence in achieving a book-to-bill ratio exceeding 1.1 times for the year, supported by a strong sales pipeline [13][29] Other Important Information - The company reported a record booking quarter with new bookings totaling $1.2 billion in Q1 2025, significantly up from $221 million in Q4 2024 [13] - The backlog increased to $4.5 billion as of Q1 2025 from $3.7 billion at the end of 2024 [13] Q&A Session Summary Question: How will the company achieve the upper end of revenue guidance despite a weaker Q1 in U.S. Gas? - Management noted that the gas business experienced a slow start due to weather but recovered in March and April, with work under contract supporting the guidance [34][35] Question: What were the key findings from the strategic review? - The review highlighted the need for a fully integrated sales pipeline, improved cross-selling capabilities, cultural shifts towards growth, and alignment of KPIs with profitability goals [37][40] Question: How does the U.S. Gas segment's loss compare to expectations? - Management acknowledged that Q1 is typically slow for the gas segment due to weather, but they are working to mitigate impacts by expanding operations in warmer regions [44][45] Question: What is the expected cadence for bookings throughout the year? - Management anticipates some lumpiness in bookings, with Q2 and Q4 expected to be strong, while Q3 may be quieter [50][51] Question: Can you provide details on the new MSAs and their risk profile? - The new work involves familiar services and customers, maintaining the same risk profile as previous contracts [59][60] Question: What is the outlook for EBITDA margins? - Management expects to achieve full-year guidance without needing significant changes, as the business is on track to meet budget expectations [66][67]

黑石集团据悉正在谈判收购新墨西哥州公用事业公司TXNM，黑石与TXNM的谈判仍有可能推迟或动 摇。（彭博） ...

黑石集团据悉正在谈判收购新墨西哥州 公用事业公司 TXNM。 ...

Core Viewpoint - The main focus of the news is the significant net inflow of capital into various industries, particularly highlighting the strong performance of the defense and military sector amid rising geopolitical tensions and increased global military spending [2][8]. Group 1: Market Overview - The net inflow of capital in the Shanghai and Shenzhen markets today reached 13.556 billion yuan, with the ChiNext board seeing a net inflow of 6.869 billion yuan and the CSI 300 index stocks experiencing a net inflow of 6.905 billion yuan [2]. - Among the 27 industries tracked, the defense and military industry led with a rise of 4.8%, followed by the power equipment industry with a 2.69% increase, and several other sectors, including machinery and non-bank financials, also saw gains exceeding 2% [3]. Group 2: Capital Flow by Industry - A total of 19 industries experienced net capital inflows, with the power equipment sector leading at 2.998 billion yuan, followed closely by the defense and military sector with a net inflow of 2.673 billion yuan. The electronics and machinery sectors also saw inflows exceeding 2.1 billion yuan [4]. - Conversely, 12 industries faced net capital outflows, with the agriculture, forestry, animal husbandry, and fishery sector leading the decline at over 700 million yuan. Other sectors such as non-ferrous metals, retail, textiles, and transportation also reported outflows exceeding 200 million yuan [4]. Group 3: Individual Stock Performance - There were 29 stocks with net capital inflows exceeding 200 million yuan, with 12 of those stocks seeing inflows over 360 million yuan [5]. - Notable individual stock performances included Dongfang Caifu with a net inflow of 1.341 billion yuan, followed by AVIC Chengfei with 1.06 billion yuan, as the military sector stocks showed strong performance [6][7]. - Other stocks with significant inflows included Luxshare Precision, Tosida, and Xinyi Technology, with inflows of 902 million yuan, 838 million yuan, and 605 million yuan, respectively [9]. Group 4: End-of-Day Capital Movements - At the end of the trading day, six stocks had net inflows exceeding 200 million yuan, with AVIC Chengfei leading at 983 million yuan [12]. - On the other hand, 19 stocks experienced net outflows exceeding 400 million yuan, with Ningde Times leading the outflows at 895 million yuan [13].