关税和国际贸易不确定性飙升 美国4月就业大幅放缓 金十数据4月30日讯，ADP周三报告称，公司在4月份大幅放缓招聘，以应对特朗普总统对美国贸易伙伴 征收关税的潜在影响。私营部门当月就业人数仅增加6.2万人，为2024年7月以来的最小增幅，原因是关 税实施程度及招聘计划和经济状况所受影响的不确定性加剧。工资涨幅也出现了倒退，没换工作的群体 工资同比增长4.5%，较3月份减少0.1个百分点。然而，换工作的人增加到6.9%，上升了0.2个百分点。 从行业角度来看，休闲和酒店业增幅最大，增加2.7万个就业岗位。其他出现增长的行业还包括贸易、 运输和公用事业（2.1万）、金融活动（2万）和建筑（1.6万）。教育和卫生服务岗位减少2.3万个，信 息服务岗位减少8000个。 ...

锚定高质量发展，国内外市场开拓成效显著 报告期内，公司牢牢把握高质量发展的主线，积极应对市场变化带来的机遇和挑战，着力推进"学政 策、创效益、深改革、优管理、促创新、防风险、强党建"七大任务，主要经营指标稳步增长。 具体来看，建筑业务加快拓展市场空间。2025年一季度，建筑业务新签合同额12037亿元，同比增长 8.4%。其中，基础设施业务4206亿元，同比增长40.0%，继续保持较快增长。实物量指标方面，房屋建 筑施工面积145808万平方米；新开工面积9293万平方米，同比增长61.8%；竣工面积2856万平方米。 地产业务方面，报告期内公司新增土地储备195万平方米，全部位于一线、强二线及省会城市，期末土 地储备7625万平方米，土地储备充足。实现营业收入537亿元，同比增长15.5%；实现毛利90.6亿元，同 比增长1.5%。其中，中海地产权益销售额、新增土地货值稳居百强房企前列，中建智地、中建信和、 中建东孚等合约销售额实现稳健增长。中国建筑持续聚焦"好房子"投资建设，建设安全、舒适、绿色、 智慧的"好房子"。 受益于公司海外业务的高质量发展战略布局，中国建筑海外新签订单额取得了显著增长。报告期内， ...

Company Overview - Hengchang Group International Limited primarily engages in providing electrical engineering services, solar business (supply and installation of solar photovoltaic components and equipment), and distribution system services (supply of distribution systems including distribution boards, junction boxes, cables, and switches) in China [2] Financial Performance - As of December 31, 2024, Hengchang Group International reported total operating revenue of 50.61 million yuan, a year-on-year decrease of 13.41% [1] - The company recorded a net profit attributable to shareholders of -15.10 million yuan, representing a year-on-year increase of 41.02% [1] - The gross profit margin stood at 6.39%, while the debt-to-asset ratio was 32.84% [1] Stock Performance - As of April 30, the stock price closed at 0.245 HKD per share, an increase of 11.36% with a trading volume of 30,000 shares and a turnover of 7,065 HKD [1] - Over the past month, the stock has experienced a cumulative decline of 4.35%, and year-to-date, it has shown no growth, underperforming the Hang Seng Index by 9.71% [1] Valuation Metrics - The average price-to-earnings (P/E) ratio for the construction industry (TTM) is 7.18 times, with a median of 1.79 times [1] - Hengchang Group International's P/E ratio is -1.02 times, ranking it 200th in the industry [1] - Comparatively, other companies in the industry have P/E ratios such as Pujiang International at 1.01 times, Jinsheng Group Holdings at 1.56 times, and China Pipe Industry at 1.57 times [1]

疾速施政：行政命令重塑权力格局引争议 4月29日是特朗普就任美国第47任总统的第100天。执政百天以来，从内政到外交，从经济到民生，特朗 普政府的每一项政策，都让美国社会在短短几个月内，感受到了剧烈的冲击。 央视记者 许弢：首先在内政方面。根据《华盛顿邮报》的统计，特朗普在百日内签署了近一百四十项 行政命令，这些命令覆盖能源、教育、移民、贸易等多个领域，迅速重塑了联邦政府的架构和运行模 式。但其中多项政策遭到广泛批评，包括加速大规模驱逐移民，大幅削减医疗、社保、高校和基础科研 等领域拨款，隐性剥夺少数族裔权利等。 央视记者 许弢：布鲁金斯学会专家、前克林顿政府官员伊莱恩·卡马克指出，缺乏国会立法支撑的行政 命令虽然推进速度快，但政策基础相对脆弱，很多可能难以在特朗普离任后长期延续。 央视记者 许弢：而在国际舞台上，特朗普大幅调整了美国的外交策略，强调"美国优先"，大幅加征关 税，削减对外援助，同时与传统盟友的关系趋于冷淡。 央视记者 许弢：路透社指出，这种激进的单边主义路线，正在重塑全球力量格局。特朗普还曾承诺上 任后"24小时内结束俄乌冲突"，但和平谈判现在还没有取得进展。在美国《时代》周刊25日发表的采访 ...

采取更有针对性的措施。 增长下行压力下，稳增长究竟需要什么样的政策组合？初步的回答是，稳增长需要三方面的政策相互配 合。 一是宏观经济政策。所谓宏观经济政策就是通过货币政策和财政政策进行逆周期调节——经济过热时收 紧政策，经济低迷时放松政策。今天讨论稳增长，主要是指如何提振经济，因此货币宽松和财政宽松是 基本做法，这也是我们多年来一直在做的。 宏观经济政策主要适用于短期逆周期调节。"没有一个经济体是靠印钞票走出经济困难的"，这提醒我 们，当经济面临下行压力时，采取宏观经济政策进行应对是没有问题的，但如果连续两年三年甚至五年 十年一直依赖政策宽松，显然是不可持续的。 二是行业政策。我国面临经济下行压力，除了受到一些短期冲击（如美国金融危机）的影响外，还有一 个非常重要的现象：部分行业因为成本逐渐提高和市场环境变化而失去了竞争力，正在快速退出，与此 同时，我们需要新兴产业不断进入市场来支持经济增长。这种情况下，行业政策就显得尤为重要。 例如，我国"新三样"（电动汽车、锂电池、光伏产品）发展很好，但体量还不够大，还不足以支撑下一 轮中国经济增长。同时，"新三样"产业非常集中。需要思考如何通过政策引导行业适当调整，尤 ...

Group 1 - The core viewpoint highlights the increasing preference for defensive assets, particularly the Hong Kong dividend low volatility ETF (520550), which has seen continuous net inflows for nine weeks and a nearly 6% increase in fund size year-to-date, reaching a historical peak [3] - The structural differences in high dividend assets between A-shares and Hong Kong stocks are noted, with A-shares concentrated in traditional industries like coal, banking, and textiles, while Hong Kong's high dividend sectors are more diversified, including real estate, public transport, and construction [3] - The defensive nature of dividend assets is emphasized, showing significant excess returns during market downturns, although absolute returns remain positively correlated with overall market trends [3] Group 2 - The Hong Kong dividend low volatility ETF (520550) is designed to optimize investment experience through a low management fee of 0.2%, monthly dividend distribution, and T+0 trading to enhance liquidity [4] - The ETF focuses on mature industry leaders in finance and energy, with strict weight limits on individual stocks to avoid "dividend traps," creating a balanced investment portfolio [4] - Analysts suggest that in the current complex market environment, Hong Kong dividend assets with valuation advantages and dividend certainty may become a key strategic allocation choice, especially as the interconnectivity between mainland and Hong Kong markets deepens [4]

Company Updates - Caocao Travel has submitted an IPO application to the Hong Kong Stock Exchange [1] - Luckin Coffee has appointed Li Hui as the new chairman, replacing Guo Jinyi, who will continue as CEO [6] - Douyu has been enforced to pay approximately 3.5 million RMB due to a court ruling [5] - The first quarter financial results of major companies show varied performance, with Gree Electric achieving a net profit of 32.185 billion RMB, a 10.91% increase year-on-year, despite a 7.26% decline in revenue [3] Financial Performance - Adidas reported a net profit of 428 million euros in Q1, exceeding market expectations of 376.4 million euros [14] - China Petroleum's Q1 net profit was 46.81 billion RMB, a 2.3% increase year-on-year, with revenue down 7.3% [15] - China Life's Q1 net profit reached 28.802 billion RMB, up 39.5% year-on-year, despite an 8.9% decline in revenue [16] - Guizhou Moutai reported a Q1 revenue of 50.601 billion RMB, a 10.54% increase year-on-year [17] Market Trends - The Long Triangle Railway expects a 6% increase in passenger volume during the May Day holiday, with an estimated 2.88 million passengers over the holiday period [7] - The cultural industry in China saw a 6.2% year-on-year increase in revenue in Q1 2025, with new business models growing by 12.5% [8] - The U.S. stock market saw all three major indices rise, with notable performances from Tesla and Netflix [9] Investment and Financing - Anhui Wanzhi Construction Engineering Co., Ltd. completed a 26 million RMB Pre-A round financing to advance smart construction technology [28] - "Yinshi Robot" completed nearly 100 million RMB in B3 round financing to enhance technology development and market expansion [29] - "Zhiyuan Gold Chain" secured angel round financing to develop distributed computing resources using blockchain technology [30]

Core Insights - The 2024 annual reports of A-share listed companies reveal a significant increase in R&D investments, with many companies focusing on core business and innovation to enhance product competitiveness [1][2] - Leading companies in the new energy vehicle sector, such as BYD and CATL, have set new records for R&D spending, indicating a strong commitment to technological advancement [2][3] - The trend of embracing AI is evident as companies expand their investments in AI technologies to seize market opportunities [1][5] R&D Investment Trends - A total of 4,233 listed companies reported a combined R&D investment of 1,585.9 billion yuan in 2024, with 22 companies exceeding 10 billion yuan and 9 companies surpassing 20 billion yuan in R&D spending [1][2] - BYD leads the A-share market with an R&D investment of 54.16 billion yuan, followed by major players like China Construction, China Mobile, and China Petroleum [2] - Companies such as CATL, China CRRC, Midea Group, and Hikvision also reported record-high R&D investments, each exceeding 10 billion yuan [2][3] Diversification Strategies - Several companies are diversifying their investments while focusing on their core businesses, with a notable shift in strategic positioning to adapt to market changes [3][4] - 瑞斯康达 is enhancing its capabilities by transitioning from a "access network" supplier to a "core network" supplier, aiming to integrate software and hardware for smarter services [3] AI Investment Focus - Companies are increasingly investing in AI, with iFLYTEK reporting an R&D expenditure of 4.58 billion yuan in 2024, marking a 19.37% increase [5][6] - iFLYTEK is focusing on large model R&D and applications, while Hikvision is integrating AI technologies to enhance its digital product offerings [5][6] - Traditional manufacturing firms are also adopting AI, with 伯特利 establishing an AI R&D team to explore intelligent control systems [6]

证券代码：603955 证券简称：大千生态 公告编号：2025-025 大千生态环境集团股份有限公司 2025 年第一季度主要经营数据的公告 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、准确性和完整性承担个别及连带责任。 大千生态环境集团股份有限公司（以下简称"公司"）根据《上海证券交易 所上市公司自律监管指引第 3 号——行业信息披露》之《第八号——建筑》的相 关规定，现将 2025 年第一季度主要经营数据（未经审计）公告如下： （一）新中标及签订项目合同的数量及合计金额 2025 年 1-3 月，公司及子公司无新中标项目及新签订项目合同。 （二）本年累计中标及签订项目合同的数量及合计金额 截至 2025 年第一季度末，公司及子公司无新中标项目及新签订项目合同。 特此公告。 大千生态环境集团股份有限公司董事会 2025 年 4 月 29 日 ...

园林股份（605303）公告，公司拟对外投资设立控股子公司，分别从事建筑业、文化旅游业及新材料产 业。建设子公司拟定注册资本为1.05亿元，文旅子公司拟定注册资本2000万元，新材料子公司拟定投资 金额不超过1000万元。公司已于2025年4月29日召开董事会审议通过该议案，无需提交股东大会审议。 子公司设立尚需办理工商注册登记相关手续，最终审批时间存在不确定性。 ...