Financial Performance - The basic earnings per share for 2024 is -1.0900 yuan, showing an improvement of 5.22% compared to -1.1500 yuan in 2023 [1] - The net profit for 2024 is -10.01 billion yuan, a slight improvement of 4.67% from -10.5 billion yuan in 2023 [1] - The return on equity for 2024 is -25.45%, worsening from -21.76% in 2023 [1] - The total revenue for 2024 is 47.63 billion yuan, a minor decrease of 0.29% from 47.77 billion yuan in 2023 [1] - The net asset per share decreased by 22.64% to 3.69 yuan in 2024 from 4.77 yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 18,515.41 million shares, accounting for 21.09% of the circulating shares, which is a decrease of 3,320.09 million shares from the previous period [2] - LYONE GROUP PTE. LTD. remains the largest shareholder with 7,269.14 million shares, unchanged from the previous report [3] - Yunnan Zhaolong Enterprise Management Co., Ltd. also maintained its position with 5,168.85 million shares [3] - Hong Kong Central Clearing Limited reduced its holdings by 203.54 million shares to 1,903.98 million shares [3] - New entrant in the top ten shareholders is Guangfa CSI 1000 ETF with 256.13 million shares [3] Dividend Policy - The company has decided not to distribute dividends or increase capital [3]

2025 年 4 月 28 日 晨会速递 分析师点评 市场数据 总量研究 【宏观】特朗普释放和解信号，中国掌握谈判主导权——《大国博弈》系列第八十三 篇 近期美国资本市场对关税政策的负反馈，以及美国与其他国家的贸易谈判陷入停滞， 促使特朗普希望与中国达成预先和解，但其示好的筹码仅仅是美国对中国的关税将由 当前 145%的水平下降，而非降为零，且希望中国也做出实质性让步，诚意不足。总 体来看，中美贸易博弈已经走向间歇缓和的转折点。关税对决短兵相接，中国无论是 货币政策，还是财政政策均有对冲空间，谈判主导权掌握在中国手中。 【宏观】工业企业盈利恢复向好——2025 年 3 月工业企业盈利数据点评 受"两新"政策加力增效、"抢出口"等因素影响，一季度工业生产加快、利润率改 善，带动工业企业盈利恢复向好。二季度随着美国加征关税政策逐步落地，国内出口、 企业盈利和经营预期将面临一定程度的冲击。政策应对核心在于稳定和扩大国内市 场，加强制造业核心竞争力。当前伴随国内制造业高质量发展，装备制造和高技术制 造业利润已在持续改善，未来将成为工业企业利润增长的重要支撑。 【宏观】以高质量发展的确定性应对不确定性——2025 年 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 美国东部时间 4 月 24 日盘后，谷歌发布 25Q1 业绩，营收实现超预期加速增长，截至北京时间 4 月 25 日 8:00 ，谷歌盘后股价上涨 5.1% 。 风险提示： 宏观经济风险、关税政策不确定性风险、行业竞争加剧风险、 AI 相关投资带来成本压力。 Other Bets 驱动谷歌 25Q1 营业收入加速增长，净利率大幅超预期 25Q1 谷歌实现营业收入 902.3 亿美元，高于 Refinitiv 一致预期（下文简称一致预期） 1.25% ，同比增长 12.0% （ 24Q4 同比增长 11.8% ）。 Other Bets 收入超预期加速增长。 25Q1 Other Bets 收入 110.9 亿美 元，高 ...

2025 年 4 月 27 日 公司研究 谷歌 25Q1 广告收入超预期，财报季能否缓解美股市场恐慌？ ——美股互联网传媒行业跟踪报告（二十五） 互联网传媒 买入（维持） 作者 分析师：付天姿 CFA FRM 执业证书编号：S0930517040002 021-52523692 futz@ebscn.com 联系人：宾特丽亚 binteliya@ebscn.com 021-52523681 股价相对走势 资料来源：Wind 相关研报 谷歌 24Q4 云业务营收增速放缓，资本开支 指引大幅超预期——美股互联网传媒行业跟 踪报告（二十四）（2025-02-05） 谷歌 24Q2 业绩彰显云计算强劲需求，AI 广 告开始兑现业绩——美股互联网传媒行业跟 踪报告（十五）（2024-07-25） 谷歌 24Q1 净利润大幅超预期，首次宣布发 放股息——美股互联网传媒行业跟踪报告 （五）（2024-04-27） 谷歌 23Q4 广告收入不及预期，云业务首次 实现全年盈利——美股互联网传媒行业跟踪 报告（三）（2024-01-31） 23Q3 美股互联网巨头财报：顺周期业务回 暖，AI 商业化路径清晰——美国互联网科技 公 ...

Xml [Table_Page] 投资策略周报|传媒 证券研究报告 | [Table_Title] 互联网传媒行业 | | | | [Table_Gr ade] 行业评级 3570068 | 买入 | | --- | --- | --- | --- | --- | --- | | | | | | 前次评级 | 买入 | | 推出 与 OpenAI o3 | o4-mini | 新模型，快手升级可灵 | AI 2.0 | 报告日期 | 2025-04-20 | [Table_Summary] 核心观点： | 传媒行业•AI 周度跟踪之十 | 2025-04-19 | | --- | --- | | 三:OpenAI 发布 o3 与 o4-mini | | | 模型，图像推理融入思维链 | | | 游戏行业:游戏出海实力强劲， | 2025-04-15 | | 助力文化强国建设 | | | AI 应用系列报告（十）:从微软 | 2025-04-14 | | 看 AI 应用：持续完善生态，应 | | | 用场景丰富 | | [Table_Contacts] 联系人： 黄静仪 huangjingyi@gf.com.c ...

Macro Strategy - The report highlights that the Chinese technology industry is injecting stability into global assets, transitioning from "point breakthroughs" to "system evolution" in its innovation system, which is crucial for transforming into an innovation-driven economy [1][18] - The capital market is expected to continuously provide stable liquidity support for the technology industry, with "KOT estimates" likely to inject further stability into the revaluation of China's economic transformation [1][19] Fixed Income - The report analyzes the investment value of technology bonds, noting that despite increased trading sentiment, the market's growth rate is more significant, indicating ample trading space for technology bonds [3] - Technology bonds generally have a credit spread slightly higher than ordinary credit bonds of the same rating, with a notable advantage in the 3-5 year maturity range, suggesting a larger capital gain potential compared to ordinary credit bonds [3] - The valuation yield of technology bonds predominantly falls within the 2%-2.5% range, with longer maturities showing a significant upward trend, making them attractive for investors seeking stable returns [3] Industry Insights - The report emphasizes the potential for revaluation in various industries, particularly in high-tech, consumer, and emerging service sectors, suggesting that investors should explore valuation discrepancies in technology bonds from an industry perspective [5] - The computer industry is highlighted as a significant area for growth, driven by policy support and the emergence of a trillion-dollar market, indicating a multi-dimensional value opportunity [6] Environmental Industry - The report discusses the renewable energy subsidy projects released by the State Grid, focusing on the importance of stable operations and self-control in the environmental sector [7] - It suggests that defensive assets driven by domestic demand, such as solid waste and water services, are expected to see significant cash flow improvements and dividend increases [7] Company-Specific Analysis - The report provides a detailed analysis of Zhongwei Co., predicting a net profit of 18.6 billion yuan for 2025, with a target price of 44 yuan, maintaining a "buy" rating [8] - For Qianhe Flavor Industry, the report adjusts revenue expectations downward due to strategic adjustments but anticipates profit growth driven by cost advantages [9] - China XD Electric is projected to achieve a net profit of 17.0 billion yuan by 2025, with a "buy" rating maintained due to strong performance in its transformer and switch businesses [11]