Core Viewpoint - The article summarizes important announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights for investors regarding their operational status, strategic moves, and financial activities [2]. Company Announcements - Lijun Co. confirmed that its operational status is normal and there are no undisclosed significant matters affecting its stock price, despite recent trading volatility [3]. - Wolong Nuclear Materials plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy and brand image, pending shareholder and regulatory approvals [4]. - Aikelan announced the termination of a share transfer agreement with a private equity fund, which will not affect the company's control or governance structure [6]. - Wanda Film's subsidiary plans to invest in Lezi Tiancheng and engage in strategic cooperation, focusing on IP toy product development and marketing [7]. - Sunshine Nuohuo intends to acquire 100% of Jiangsu Langyan Life Science Technology Co., enhancing its R&D and production capabilities, with stock resuming trading on May 13 [8]. Shareholding Changes - Ruineng Technology's controlling shareholder plans to reduce its stake by up to 2.89% through block trades and public offerings, with a reduction period from June 4 to September 3, 2025 [9]. - Tianqiao Hoisting's controlling shareholder plans to increase its stake by investing between 75 million to 150 million yuan, with a maximum purchase price of 5 yuan per share [10]. - Boyun New Materials' shareholder plans to reduce its stake by up to 3% within three months starting from June 5, 2025 [11]. Share Buybacks - Guomai Culture plans to repurchase shares worth between 50 million to 100 million yuan, with a maximum repurchase price of 16 yuan per share, to be completed within 12 months [12]. - Haizheng Pharmaceutical intends to repurchase shares worth between 50 million to 100 million yuan for an employee stock ownership plan, with a maximum price of 13 yuan per share [13]. Major Contracts - China CNR recently signed significant contracts totaling approximately 54.74 billion yuan, accounting for about 22.2% of its projected revenue for 2024, covering various sectors including urban rail vehicles and wind energy equipment [14].

证券代码：688569 证券简称：铁科轨道 公告编号：2025-013 北京铁科首钢轨道技术股份有限公司 关于参加 2024 年度科创板先进轨道交通行业 集体业绩说明会的公告 二、说明会召开的时间、地点 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 会议召开时间：2025 年 5 月 21 日(星期三)15：00-17：00 ? 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心视频和网络文字互动 ? 投资者可于 2025 年 5 月 14 日(星期三)至 5 月 20 日(星期二)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （bjtkgd@163.com 或 tkgdir@bjtkgd.com）向公司提问，公司将在说明会上对投 资者普遍关注的问题进行回答。 北京铁科首钢轨道技术股份有限公司（以下简称"公司"）已于 2025 年 3 月 29 日披露了公司 2024 年年度报告， ...

Core Insights - The China Central Enterprise Innovation Driven Index (000861) has shown a strong increase of 1.37% as of May 12, 2025, with notable gains in constituent stocks such as Ruike Laser (300747) up 11.37% and Guorui Technology (600562) up 9.99% [3] - The Central Enterprise Innovation Driven ETF (515900) has also risen by 1.34%, with a latest price of 1.44 yuan, and has a trading volume of 562.87 million yuan [3] - The ETF's scale has reached 3.3 billion yuan, ranking it in the top quarter among comparable funds [3] Performance Metrics - As of May 9, 2025, the Central Enterprise Innovation Driven ETF has achieved a net value increase of 24.83% over the past three years, ranking 312 out of 1747 in equity funds, placing it in the top 17.86% [4] - The ETF has recorded a maximum monthly return of 15.05% since inception, with the longest consecutive monthly gain being five months and a total gain of 24.91% [4] - The average return for the months with gains is 4.08%, and the annual profit percentage stands at 80.00%, with a historical three-year holding profit probability of 97.34% [4] Risk and Fee Structure - The management fee for the Central Enterprise Innovation Driven ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [4] - The tracking error over the past five years is 0.038%, indicating the highest tracking precision among comparable funds [4] Index Composition - The top ten weighted stocks in the Central Enterprise Innovation Driven Index include Hikvision (002415), State Grid NARI (600406), and China Telecom (601728), collectively accounting for 34.48% of the index [5][6] - The individual weights of the top stocks range from 5.08% for Hikvision to 2.60% for China Railway (601390) [8]

看"走出去"。一季度，我省大力实施贸易扩围专项行动，组织应对贸易摩擦、开拓国际市场等各类 外贸政策培训超30场次。创新举办全省跨境电商赋能产业带暨外贸新业态要素资源对接活动，500余家 省内企业及相应机构全面对接。组织830余家企业参加境内外重点展会，收到良好成效。前三月，全省 货物进出口1848亿元，同比增长2.5%，高于全国平均水平1.2个百分点。其中，出口951.1亿元，增长 10.5%，高于全国平均水平3.6个百分点，规模创历史同期新高。"卖全球"的产品中，钢材出口105.9亿 元，全国排名第五位，增长14.6%；船舶出口55亿元，全国排名第六位，增长54%；基本有机化学品出 口36.5亿元，全国排名第六位，增长18.1%。上述产品合计拉动一季度辽宁出口增速4.5个百分点。同 时，新质生产力加速孕育，航空产业提质升级带动飞机零部件出口增长20.4%；医药产业呈现良好发展 态势，生物医药出口增长41%，出口"含新量"不断提升。 当前，国际环境复杂多变。然而，一季度，辽宁实际使用外资、新登记外商投资经营主体、货物出 口均保持两位数以上的增速，表现十分抢眼。 看"引进来"。今年以来，我省与外资企业强化交流， ...

Investment Rating - The industry investment rating is "Positive (Maintained)" [5] Core Viewpoints - The military industry is experiencing a short-term performance bottoming out, with revenue and profit under pressure in 2024 and Q1 2025. The overall revenue for the military sector is projected to be 578.2 billion yuan in 2024, a year-on-year decrease of 1%, while the net profit attributable to shareholders is expected to be 19.5 billion yuan, down 39% year-on-year [1][2] - The report highlights three main investment themes for 2025: new domains and new qualities, military trade, and restructuring [3][4][6] Summary by Sections Financial Performance - The military sector's revenue and profit are both declining, with Q1 2025 revenue at 110.4 billion yuan, flat year-on-year, and net profit at 5.8 billion yuan, down 12% year-on-year. Excluding 11 shipbuilding companies, the remaining 124 companies are expected to see a revenue decrease of 4% and a net profit decrease of 54% in 2024 [1][2] - The gross margin for the military sector in 2024 is projected to be 20.8%, down 2.4 percentage points year-on-year, while the net margin is expected to be 3.5%, down 3.5 percentage points year-on-year [2] Sector Breakdown - In Q1 2025, the aerospace equipment sector is expected to see a revenue decline of 4% and a net profit decrease of 20%. The military electronics sector is projected to experience a revenue drop of 12% and a net profit decrease of 111% in 2024 [3][4] - The report indicates that the growth in contract liabilities and inventory in certain areas suggests strong downstream demand, which is expected to lead to performance recovery in Q2 2025 [3][4] Investment Recommendations - The report recommends focusing on downstream main engine manufacturers and high-barrier, well-structured midstream targets, including companies like China Shipbuilding, AVIC, and others in the aerospace and military electronics sectors [7][9] - The new domains and new qualities are highlighted as significant future equipment directions, including drones and commercial aerospace, which are expected to accelerate in 2025 [3][4][9]

Core Viewpoint - The export growth in April 2025 reached 8.1% year-on-year, exceeding expectations despite the impact of new tariffs from the U.S. [1][5][6] Group 1: Export Performance - April's export growth of 8.1% is higher than the 5.8% growth in the first quarter and significantly above the market expectation of 0.6% [5][6] - Exports to the U.S. decreased by 21.0% year-on-year, but this was still better than anticipated [6][7] - Exports to ASEAN, India, Africa, and Latin America showed strong growth rates of 20.8%, 21.7%, 25.3%, and 17.3% respectively, providing a counterbalance to the decline in U.S. exports [8][6] Group 2: Export Product Categories - Labor-intensive products such as textiles, bags, clothing, and toys saw a combined year-on-year decline of 0.8% [9] - Electronics, particularly mobile phones, were significantly affected by tariffs, with exports down 21.4% for phones and 1.7% for automatic data processing equipment [11] - Home appliances and furniture exports also declined, with year-on-year decreases of 2.9% and 7.8% respectively [12] - Automotive exports showed slight improvement, with a year-on-year growth of 4.4% in April, up from 2.2% in the first quarter [13] - Notable growth was observed in several categories: general machinery equipment exports increased by 17.0%, ship exports surged by 36.1%, and integrated circuit exports rose by 20.2% [13][11] Group 3: Competitive Advantage of Chinese Manufacturing - The April export data highlights the competitiveness and resilience of "Made in China" products [13] - China's manufacturing sector has both scale and efficiency advantages, as indicated by its global manufacturing value added share of approximately 31% in 2021, compared to the U.S. at 16% and Japan at 6% [14] - The Competitive Industrial Performance (CIP) index shows that China has improved its ranking from 35th in 1990 to 2nd in 2021, indicating enhanced efficiency [14] Group 4: Tariff Impact and Future Outlook - Caution is advised regarding the potential impact of tariffs, as historical data suggests that the effects may intensify in the coming months [15] - The PMI for April showed a 4.3-point decline in export orders, indicating a slowdown in demand, particularly in textiles, chemicals, and midstream equipment manufacturing [16] - The current growth dynamics suggest a need for policies to stimulate domestic demand, especially in light of the ongoing tariff pressures [17]

值得一提的是，近期，多家中央企业持续积极发声，全力支持控股上市公司高质量发展，持续巩固投资 者信心，充分彰显央企责任担当。例如，中国船舶所属中船汉光（300847）近日发布《关于"质量回报 双提升"行动方案的公告》，表示公司始终践行央企使命责任，聚焦公司高质量发展目标，结合公司发 展战略、经营管理等情况，制定"质量回报双提升"行动方案。未来，公司将继续建立更加科学、合理的 投资者回报机制，在充分考虑股东要求和意愿的基础上，平衡股东回报与公司未来发展的关系，保证股 利分配政策的稳定性和可行性，保证股东长期利益的最大化。 同时，在新"国九条"大力推动分红的背景下，上市公司分红回购再创新高，回报投资者力度持续加大。 统计显示，2024年，3472家沪深上市公司宣告年报现金分红，金额合计1.66万亿元；叠加前期中期分 红，2024财年分红金额合计2.39万亿元，同比增长7.2%；近5年来，两市累计分红超10万亿元，分红金 额连续5年超过当年再融资额。 以科创板为例，科创板公司在兼顾研发投入、可持续发展的同时，增加投资者回报的意识和行动显著提 高。超六成公司推出2024年现金分红方案，合计分红总额达386.82亿元。其 ...

Core Viewpoint - The A-share market experienced a positive closing with the Shanghai Composite Index rising by 0.80%, driven by significant gains in the defense, agriculture, and aviation sectors [1] Market Performance - The three major indices opened high but fluctuated before closing, with the Shanghai Composite Index up by 0.80%, the Shenzhen Component Index up by 0.22%, and the ChiNext Index up by 0.51% [1] - The total market turnover exceeded 1.5 trillion yuan, with approximately 3,300 stocks rising [1] Sector Highlights - The defense and military industry saw substantial gains, with around 20 stocks, including Aerospace Long-March and Dazhong Technology, hitting the daily limit [1] - The agriculture sector, particularly seed and grain concepts, surged in the afternoon, with Qiule Seed Industry rising by approximately 18% [1] - The aviation sector also performed well, with stocks like Lijun Co. reaching the daily limit [1] - Other sectors that showed significant increases included shipbuilding, agriculture, insurance, real estate, large aircraft concepts, and fertilizer concepts [1] - Conversely, sectors such as semiconductors and media experienced declines [1]

经营范围含许可项目：民用航空器（发动机、螺旋桨）生产；民用航空器零部件设计和生产（依法须经 批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以审批结果为准）技术服务、技术开 发、技术咨询、技术交流、技术转让、技术推广；民用航空材料销售；高性能纤维及复合材料销售；玻 璃纤维及制品销售；玻璃纤维增强塑料制品销售；新材料技术研发；新材料技术推广服务；微特电机及 组件销售；机械设备销售；工程和技术研究和试验发展；机械设备研发；金属加工机械制造；工业工程 设计服务；机械零件、零部件加工（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 来源：金融界 天眼查App显示，近日，大横智旋（苏州）科技有限公司成立，法定代表人为李勇，注册资本300万人 民币，上海昀尚智旋科技有限公司、苏州伊斯丹实业有限公司持股。 企业名称大横智旋（苏州）科技有限公司法定代表人李勇注册资本300万人民币国标行业制造业>铁 路、船舶、航空航天和其他运输设备制造业>城市轨道交通设备制造地址江苏省苏州市太仓市城厢镇南 郊文治路5号力合未来科技谷1号楼338室企业类型有限责任公司(自然人投资或控股)营业期限2025-5-6至 无固定期限 ...

专利摘要显示，本申请涉及新能源技术领域，特别是涉及一种动力装置和新能源设备。动力装置包括： 底盘横梁；储能模块，在第一方向上位于底盘横梁一侧，与底盘横梁机械连接；功能模块，在第一方向 上位于储能模块的远离底盘横梁的一侧，功能模块用于控制储能模块；电机模块，与底盘横梁机械连 接，且与储能模块电性连接，储能模块用于驱动电机模块。本申请通过模块化处理动力装置，从而能够 使得动力装置的生产更加高效和灵活，可以快速组装和定制不同配置的模块，从而满足多样化的市场需 求。同时，模块化的动力装置也便于维修升级，故障模块可快速更换，减少时间和成本，提高设备可靠 性，且易于技术升级，还可以降低生产成本，减少新件采购。 金融界2025年5月5日消息，国家知识产权局信息显示，中铁高新工业股份有限公司;中铁工程装备集团 隧道设备制造有限公司申请一项名为"动力装置和新能源设备"的专利，公开号CN119898179A，申请日 期为2025年3月。 天眼查资料显示，中铁高新工业股份有限公司，成立于1999年，位于北京市，是一家以从事铁路、船 舶、航空航天和其他运输设备制造业为主的企业。企业注册资本222155.1588万人民币。通过天眼查大 ...