卡倍亿（300863）公告，公司以自有资金500万日元投资设立全资孙公司卡倍亿电气(日本)有限公司 (NKBE JAPAN株式会社)。近日，公司已完成日本孙公司的注册登记相关手续，并取得了公司注册成立 的证明文件。日本孙公司注册资本为500万日元，注册地址位于埼玉県川口市。 ...

扬子晚报网5月27日讯（记者 范晓林）今天是周二，昨天汇得科技4连板，尚纬股份3连板，宜宾纸业、棕榈股份6天5板，莱绅通灵、京华激光5天4板，通 达电气4天。板。沪深两市全天成交额1.01万亿，较上个交易日缩量1456亿。盘面上，市场热点较为杂乱，个股涨多跌少，全市场超3700只个股上涨。板 块方面，可控核聚变、智能物流、PEEK材料、IP经济等板块涨幅居前。近期无人配送概念板块受到资金关注，可稍加留意。 A.利好精选 中毅达：如后续公司股票交易进一步出现重大异常 将依规申请停牌核查 中毅达(600610.SH)公告称，公司A股股票自2025年3月10日至5月26日期间，累计涨幅达299.26%，但公司基本面没有发生重大变化，公司2024年度处于亏 损状态，市净率远高于行业平均水平。公司股价严重脱离公司基本面，存在市场情绪过热情形及较高的炒作风险。此外，公司存在商誉减值风险和长期无 法分红的风险。如后续公司股票交易进一步出现重大异常，公司将依规申请停牌核查。 哈焊华通：公司产品可以用于可控核聚变项目 但目前用于该领域的产品收入占比较小 哈焊华通(301137.SZ)公告称，公司股票于2025年5月23日、26 ...

每经记者｜王海慜 李娜 每经编辑｜董兴生 随着宁德时代（HK03750，股价314.000港元，市值1.43万亿港元）上市，港交所IPO（首次公开募股） 募资规模重新成为世界第一。 尽管近几年市场几经起伏，但得益于中国新经济与科技企业持续成长，港交所2014~2024年IPO累计募 资规模在全球高居首位。 值得注意的是，这10年时间，港交所IPO公司的行业和地区分布结构变化，可以在一定程度上折射出中 国经济从投资拉动向创新引领的变迁。 据《每日经济新闻》记者观察，2025年以来，港股市场保持强势，指数涨幅在全球各重要市场中排名居 前。 近期，多家大型外资机构也纷纷表示看多中国资产。谈及后市表现，摩根大通首席亚洲及中国股票策略 师刘鸣镝建议逢低吸纳，"应该说，中国股票在2024年找到了底，2025年会继续向好"。另外，她坦言， 对于中国权益资产，目前更看好港股。"无论从业绩还是估值的角度，我觉得港股可能会更乐观。越来 越明显的是，现在内地投资人也喜欢到港股市场来买优质的成长股。" 大型IPO助力募资规模 日前，宁德时代正式登陆港交所，这笔2025年以来全球最大IPO，也令港交所2025年新股募资额超过 600亿 ...

Group 1: Key Recommendations - The report recommends Junsheng Electronics (均胜电子, 600699) due to the recovery of automotive safety profitability, the arrival of new automotive electronic technologies, and the company's investment in humanoid robots, which is expected to accelerate performance release [5] - The report highlights Bubugao (步步高, 002251) as a strong candidate for investment, citing its successful restructuring and significant sales growth post-adjustment, with expectations for rapid profit improvement [6] - The report identifies AsiaInfo Technology (亚信科技, 01675) as a key player in the AI sector, benefiting from its partnership with Alibaba in large model delivery, which is expected to drive revenue growth [7][9] - The report recommends Boke Technology (步科股份, 688160) for its leadership in frameless torque motors and the growth potential in humanoid robotics [10] - Gree Electric Appliances (格力电器, 000651) is noted for its recovery in management and channel reforms, which are expected to drive performance beyond expectations [11] Group 2: Financial Projections and Valuations - For Junsheng Electronics, projected revenues for 2025-2027 are 64.53 billion, 66.45 billion, and 71.02 billion CNY, with net profits expected to grow at rates of 59.7%, 19.5%, and 17.9% respectively [5] - Bubugao's revenue projections for 2025-2027 are 7.75 billion, 9.55 billion, and 12.10 billion CNY, with a remarkable revenue growth rate of 126.01% in 2025 [6] - AsiaInfo Technology's revenue is forecasted to reach 6.915 billion, 7.461 billion, and 8.269 billion CNY from 2025 to 2027, with net profit growth rates of 4.84%, 17.99%, and 15.25% [9] - Boke Technology's revenue is expected to be 684 million, 859 million, and 1.069 billion CNY for 2025-2027, with net profit growth rates of 76.0%, 26.2%, and 24.2% [10] - Gree Electric's projected revenues for 2025-2027 are 200.12 billion, 208.32 billion, and 216.82 billion CNY, with net profit growth rates of 10.32%, 7.99%, and 6.85% [12] Group 3: Market Insights and Trends - The report indicates that the automotive safety sector is stabilizing, with Junsheng Electronics expected to benefit from the recovery in profitability and the new technology production cycle [5] - Bubugao's restructuring has led to a significant increase in daily sales, with expectations for further improvements in profit margins as the company completes its store adjustments [6] - The AI industry is experiencing rapid growth, with AsiaInfo Technology positioned to capitalize on this trend through its comprehensive digital solutions [9] - The demand for frameless torque motors is expected to rise, driven by advancements in robotics and automation, benefiting Boke Technology [10] - Gree Electric is anticipated to see improved operational efficiency and profitability as it navigates through its channel reform phase [11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 7.757 billion yuan for 2024, a year-on-year decrease of 4.71%, with a net profit attributable to shareholders of 315 million yuan, down 37.90% year-on-year [2][4] - In Q4 2024, the revenue was 2.364 billion yuan, with a net profit of 77 million yuan [4] - For Q1 2025, the revenue was 1.216 billion yuan, an increase of 2.73% year-on-year, with a net profit of 69 million yuan, down 6.26% year-on-year [2][4] - The company is expected to benefit from the growing demand for data center infrastructure driven by AI applications, with a projected revenue growth of over 50% for data center products in 2025 [10] Summary by Sections Financial Performance - In 2024, the company's data center revenue was 3.152 billion yuan, up 14.07% year-on-year, while IDC revenue was 1.231 billion yuan, down 4.53% year-on-year due to declining rental prices [10] - The company's gross margin for IDC was 23.32%, a decrease of 2.91 percentage points year-on-year [10] - The company recorded a credit impairment of 78 million yuan and an asset impairment of 180 million yuan in 2024 [10] Future Outlook - The company anticipates continued growth in data center product orders, with IDC revenue expected to grow by 10-20% year-on-year in 2025 [10] - The renewable energy business is expected to continue reducing losses, supported by overseas market expansion and limited price declines for storage products [10] - Overall, the company projects a net profit of around 700 million yuan for 2025, corresponding to a PE ratio of 28 times [10]

Group 1 - The U.S. manufacturing sector requires at least $2.9 trillion in investment to reach the employment levels of 1979, which is a significant challenge given the current employment number of 12.8 million compared to the historical peak of 19.5 million in 1979 [2][4] - The need for approximately 6.7 million new jobs to achieve the historical employment level is almost equivalent to the total number of unemployed individuals reported in April, which was 7.2 million [4] - High labor costs, a shortage of skilled workers, and demographic challenges such as low birth rates and tightened immigration policies are major barriers to the return of manufacturing jobs [2][4] Group 2 - The trend of automation is reshaping the manufacturing landscape, with significant investments in robotics, which may conflict with the job creation goals of the current administration [5] - The report from Wells Fargo indicates that to make domestic manufacturing competitive again, sufficient tariff protection and a stable policy environment are necessary, but political and economic costs may lead to a reduction in current tariffs [5] - The Federal Reserve's hesitation to lower interest rates is keeping borrowing costs high, which is putting pressure on capital goods production industries [6] Group 3 - The uncertainty in global trade policies, particularly those stemming from the U.S., is causing businesses to reassess their investment strategies, potentially leading to a slowdown in the global economy [8][9] - The European Union has downgraded its export growth forecasts due to the impact of trade tensions, predicting only 0.7% growth in 2025 [8] - The evolving tariff strategies of the Trump administration are characterized by significant volatility and systemic risks, which could further deteriorate the global economic and financial situation if uncertainty persists [9]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Report's Core View - In the context of asset allocation, April is expected to mark the peak of the debt growth rates of the government and the real - sector in the year, with the balance sheet shrinking resuming in May. Considering the trend of the stock - bond cost - performance favoring bonds during the balance - sheet shrinking cycle and the 10 - year bond yield rising above the lower limit (1.7%) of the predicted range, the trading value of bonds is emerging. The position of the convertible bond broad - based portfolio will remain at 70% next week, with an 8:2 ratio of low - price (pure - bond substitution) to double - low bonds, all allocated to value - type targets [4]. - High - rated convertible bonds are currently more cost - effective. The reasons include the scarcity of alternative high - quality assets, the continuous low valuation of high - rated convertible bonds, the un - recovered concerns about credit risks in the convertible bond market, the relatively good performance of the value sector after interest rate cuts, the central bank's support for the banking system, the high - rated convertible bonds being the core allocation of fixed - income + products, and the preference of social security and insurance funds for high - rated convertible bonds [6]. Group 3: Summary by Related Catalogs Stock and Bond, Convertible Bond Market Review - The equity market fluctuated and declined last week, with the performance of large and small - cap stocks diverging and hotspots rotating rapidly. Micro - cap stocks hit a record high at the beginning of the week, and merger - acquisition and ST stocks were strong. Funds may have temporarily supported low - level consumer stocks, with large - consumer sectors such as food, beauty, and pets strengthening at the beginning of the week due to economic data but leading the decline at the weekend. From the middle of the week, small and medium - cap stocks weakened, while heavy - weight stocks, especially banks and insurance, strengthened against the trend. Trump's "Most - Favored - Nation Drug Price" proposal led to the strong performance of innovative drugs throughout the week. The potential escalation of the Israel - Palestine conflict caused a significant increase in the gold price, breaking through $3345 per ounce at the highest, and precious - metal stocks led the gains. The Hong Kong stock market performed strongly, with overseas funds optimistic about the cost - performance of Chinese assets, especially Hong Kong stocks, and CATL rising 16% on its first listing day. The A - bond market fluctuated, affected by factors such as large banks' deposit - rate cuts, the implementation of the central bank's LPR cut, the intensive issuance of treasury bonds, and the weakening of the equity market. Overseas, the US stock, bond, and foreign - exchange markets suffered a triple - kill due to factors such as the downgrade of the US sovereign credit rating, Trump's fiscal - spending bill, and tariff - policy uncertainties. The US dollar index fell below 100 and oscillated narrowly at a low level, and the 30 - year US Treasury yield exceeded 5% [2]. - Convertible bonds performed significantly better than underlying stocks last week, supported by valuation. The median price of the entire convertible - bond market oscillated slightly around 120 yuan, and the conversion value declined slightly. The conversion premium rate closed at 31.2% (64% in historical percentile), the implied volatility remained stable at 26.4% (50% in historical percentile), and the median implied - volatility difference remained at - 19% (23% in historical percentile). Some industry convertible bonds saw an active increase in valuation, and even the convertible bonds rose while the underlying stocks fell, such as those in the banking, food, mining, pharmaceutical, and textile - clothing industries, mainly concentrated in low - price and inert convertible bonds, indicating that the market continues to value the bond - floor protection of convertible bonds rather than their elasticity. In terms of market sentiment, the average daily trading volume last week was 5.28 billion yuan, a 9% decline from the previous week. The trading of traditional speculative bonds such as newly - issued bonds, low - rated convertible bonds, and high - price - high - premium convertible bonds remained sluggish. Recently, the convertible - bond valuation has declined from a high level, opening up some space for bond selection. Although inert convertible bonds with valuations to be adjusted still account for the largest proportion overall, there are more double - low and equity - type convertible bonds with good elasticity in industries such as banking, electrical appliances, agriculture, non - ferrous metals, and automobiles [3]. Market Outlook and Strategy Recommendation - From the perspective of large - scale asset allocation, April is expected to mark the peak of the debt growth rates of the government and the real - sector in the year, and the balance sheet will shrink again in May. Considering that the stock - bond cost - performance trend favors bonds during the balance - sheet shrinking cycle and the 10 - year bond yield has risen above the lower limit (1.7%) of the predicted range, the trading value of bonds has begun to emerge. Next week, the position of the convertible - bond broad - based portfolio will remain at 70%, with an 8:2 ratio of low - price (pure - bond substitution) to double - low bonds, all allocated to value - type targets. The convertible - bond broad - based portfolio outperformed the CSI Convertible Bond Index by 0.04 percentage points last week. Since its establishment in July 2024, the convertible - bond broad - based portfolio has outperformed the CSI Convertible Bond Index by 16.16 percentage points in cumulative terms, with a maximum drawdown of 7.7% (compared to 7.5% for the CSI Convertible Bond Index during the same period) [4][5].

Core Viewpoint - The 2025 Investor Online Reception Day in Henan highlighted the focus on performance growth, new business development, market strategies, and investor engagement among listed companies in the region [1][13]. Group 1: Performance Growth - Many companies, including Palm Holdings, Luoyang Molybdenum, and Huifeng Diamond, received inquiries about their growth plans during the event [3]. - Palm Holdings emphasized three key areas for 2025: strengthening core business, adjusting debt structure, and optimizing asset structure while seeking new growth avenues [3]. - Luoyang Molybdenum reported a copper production guidance of 600,000 to 660,000 tons for 2025, focusing on geological exploration and resource upgrades [4]. Group 2: New Business Development - Huifeng Diamond is expanding its market share in ultra-fine and nano-powder sectors and plans to enhance applications of functional diamonds in new fields [5][6]. - Tongda Co. is developing cables for robotics and data centers, anticipating increased demand from these rapidly growing industries [6]. - Shuanghui Development is diversifying its product offerings to meet various consumer needs, particularly in the processed meat sector [6]. Group 3: Market Value Management - Companies like Yuguang Gold Lead and Zhongyuan Environmental Protection are focusing on enhancing their intrinsic value and market management strategies [7]. - Yuguang Gold Lead aims to strengthen its leading position in electrolytic lead and silver production while expanding its business scope [7]. - Zhongyuan Environmental Protection is committed to improving investor returns and promoting high-quality development through effective market management [7]. Group 4: Shareholder Returns - Shenhua Co. maintains a cash dividend tradition, with a payout ratio of approximately 41.78% for 2024, reflecting its commitment to shareholder returns [8]. - Hualan Biological has a three-year dividend plan to ensure stable returns for investors [8]. Group 5: Response to Tariff Impacts - Companies like Zhiou Technology and Yutong Bus are implementing strategies to mitigate the impact of tariffs on their operations [9][10]. - Zhiou Technology is establishing low-cost inventory in the U.S. to stabilize market share and is increasing procurement from Southeast Asia to counter tariff effects [9]. - Yutong Bus reported that U.S. tariffs do not directly affect its overseas sales, as its primary markets are in Europe, Latin America, and Asia [10]. Group 6: Embracing New Technologies - Zhiou Technology is prioritizing AI development, enhancing customer service efficiency and product management through AI applications [11]. - The company plans to integrate various ecosystems to improve operational efficiency and product lifecycle management by 2025 [11]. Group 7: Mergers and Acquisitions - Companies like Chengfa Environment and Jiaozuo Wanfang are actively engaging in mergers and acquisitions to enhance their market positions [12]. - Jiaozuo Wanfang is currently auditing its acquisition of Sanmenxia Aluminum, aiming to create a complete aluminum material industry chain post-restructuring [12]. Group 8: Investor Engagement and Protection - The event facilitated significant interaction between investors and companies, with a response rate of 87.89% to investor inquiries [13][14]. - In 2024, Henan listed companies achieved a total revenue of 1,055.935 billion yuan, marking a 6.01% year-on-year growth, with 87 out of 111 companies reporting profits [15][16].

Core Viewpoint - The event held in Zhengzhou on May 22 aimed to enhance communication between investors and executives of listed companies in Henan, focusing on annual reports, risk management, investor protection, and sustainable development [3][4]. Group 1: Financial Performance - In 2024, Henan A-share listed companies achieved a total operating revenue of 10,559.35 billion yuan, marking a year-on-year increase of 6.01%, and this is the first time their revenue exceeded 1 trillion yuan [6]. - The net profit attributable to shareholders reached 720.80 billion yuan, reflecting a year-on-year growth of 31.91% [6]. - Among 111 listed companies, 87 reported profits, resulting in a profitability rate of 78.38% [6]. Group 2: Investor Returns - A total of 82 listed companies in Henan distributed cash dividends amounting to 41.688 billion yuan in 2024, an increase of 10.131 billion yuan or 32.10% compared to the previous year [6]. - 47 companies had a cash dividend payout ratio exceeding 40%, and there is a growing trend of companies opting for multiple dividends within a year [6]. Group 3: Investor Engagement - The event recorded a response rate of 87.89%, with 1,230 questions posed by investors and 1,081 answered by company representatives [9]. - Key topics of interest included stock prices, dividends, buybacks, and market value management [9]. Group 4: Market Strategies - Companies like Tianma New Materials and XJ Electric are focusing on enhancing market value management and operational efficiency to address stock price declines [10][11]. - The merger and acquisition landscape is becoming increasingly active, with companies like Chengfa Environment and Jiaozuo Wanfang engaging in strategic acquisitions to enhance market presence and operational capabilities [12][13]. Group 5: Future Outlook - Zheng Coal Machine plans to invest in market growth areas and new industries to sustain revenue and profit increases [15]. - Blue Sky Gas reported a revenue decline of 3.87% to 4.755 billion yuan and a net profit drop of 16.98% to 503 million yuan, attributing this to a sluggish real estate market and pricing issues [16]. - Ankai High-Tech aims to implement four key strategies in 2025, including market expansion, cost control, project focus, and resource acquisition to enhance competitiveness [17].

国务院印发的《2030年前碳达峰行动方案》明确，要加大中央对地方推进碳达峰的支持力度,选择 100个具有典型代表性的城市和园区开展碳达峰试点建设。目前，零碳园区的建设发展正在提速。 2024年中央经济工作会议首次提出"建立一批零碳园区"，2025年政府工作报告明确提出"建立一批零 碳园区、零碳工厂"。多部委密集出台政策，推动园区能源清洁化、产业绿色化、管理智慧化协同发 展。 全面提升零碳园区标准化水平、加快构建国际互认的评价体系，也成为目前行业内正在全力推进的重 要议题。此次《指南》的发布，是行业内各方携手合作、推进零碳园区标准化的重要标杆，未来还将 围绕不同领域和行业进行系列行动计划。活动现场，施耐德电气、上海交通大学环境社会治理研究 院、上海第一财经传媒有限公司携手共同启动了《零碳园区可持续影响力行业报告》（下称《报 告》）的编制工作，以及"零碳园区调研走访及高端沙龙"等系列行动计划。该行动计划将首先以"制 造业+泛建筑行业"案例调研为基础开展，旨在提供深入行业的实践经验参考。 在全球气候变化加剧与资源环境约束趋紧的背景下，构建零废零碳工业园区已成为实现"双碳"目标、 推动产业绿色低碳转型的关键路径。 5 ...