证券研究报告 | 2025年05月03日 海南橡胶（601118.SH） 优于大市 2024 年报及 2025 一季报点评：受益橡胶行情回暖，业绩表现 维持同比修复趋势 受益橡胶行情回暖，业绩表现维持同比修复。公司 2024 年实现营业收入 496.73 亿元，同比+31.80%，主要得益于橡胶销售价格回暖以及橡胶贸易量 增加；2024 年实现归母净利润 1.03 亿元，同比-65.20%，原因系公司本期资 产处置补偿收入减少导致营业外收入减少约 5 亿元，"摩羯"台风灾害导致 营业外支出同比增加约 1.8 亿元，非洲胶园减值导致资产减值增加约 1.7 亿 元。扣除非经常性损益后，2024 年实现归母净利润-5.81 亿元，同比减亏约 40%，主要得益于橡胶行情回暖。分季度来看，公司 2025Q1 收入利润维持同 比修复趋势，其中营业收入 100.39 亿元，环比-40.14%，同比+23.30%;归母 净利润-1.08 亿元，环比-119.22%，同比+32.76%。 自有胶园因受灾减产，贸易规模维持扩张。2024 年公司橡胶板块整体收入 483.35 亿元，同比+29.93%，毛利率 2.91%，同比+1 ...

与高维玉面临"种什么"的难题不同，刘德坦要与村民一起把"种植历史悠久的桃树"种出新生机—— 品种老化、果品一般，怎么破解？刘德坦积极与中国农业科学院郑州果树研究所、省经济林管理站、省 经济林协会合作，在村里建立专家工作站，培育推广12个优质桃品种、15个观赏桃花品种，无偿向果农 提供新品种嫁接枝条、嫁接技术，帮助果农实现收入稳步增长。 擦亮"醉桃源·温庄"特色名片，着力打造景区化村庄，刘德坦带领村民修建了乡村五彩音乐公 路。"公路是'唱片'，汽车轮胎是'唱针'，'唱针'划过'唱片'，音乐就会响起。"刘德坦介绍，音乐公路长 280米，当车以时速35至40公里匀速经过时，车轮与地面的摩擦演奏出《歌唱祖国》的优美旋律；当车 速加快或减慢时，歌曲的"播放"速度就会相应"快进"或"拉慢"。"每逢假期，这条音乐公路就格外忙， 这个假期也不例外！" 李妹书为村子选定的发展路子是蔬菜种植。"为了确定这条路是科学的，我征询了村里每一位村民 的意见，去市场、企业调研了解实际情况，也咨询了有关专家意见。"李妹书说，刚开始大家有顾虑， 认为投上五六万元建一个大棚风险太大。于是，她联合5名村干部、6名农户成立福妹蔬菜种植专业合作 社， ...

Core Viewpoint - The article highlights the active role of youth in rural revitalization, showcasing their contributions in technology, entrepreneurship, and cultural preservation, which injects new energy into rural development [1][10]. Technology "Responsibility" - Young individuals are reshaping agricultural production through innovative techniques, such as vertical strawberry farming and modernized planting methods [2][4]. - Zhang Xiaolin, a returnee from university, improved strawberry cultivation by enhancing soil quality and reducing pesticide use, resulting in an increased income of over 10,000 yuan per acre [5]. - In Chengdu, agricultural manager Shu Xingyu has implemented full mechanization in farming processes, managing over 40,000 acres and investing nearly 4 million yuan in upgrading seedling centers [6][8]. Entrepreneurship "Responsibility" - Chen Kun, a 95-born entrepreneur, has developed an ecological model combining oil tea trees, goats, and fish, addressing local concerns and enhancing economic benefits [7][8]. - His company, Jiangshan Qinyuan Agricultural Development, has established over 3,000 acres of self-operated planting bases, with a projected revenue exceeding 30 million yuan in 2024, of which over 30% comes from overseas markets [8]. Cultural "Responsibility" - Yuan Xiaoxin, founder of a plant dyeing workshop in Chongqing, aims to preserve traditional dyeing techniques while integrating local cultural elements into her products, achieving significant popularity among tourists [9]. - As the youngest village committee director, she promotes rural tourism and encourages villagers to start various local businesses, thereby enhancing collective economic growth [9][10].

Group 1: Social Security Fund Holdings - The Social Security Fund entered the top ten circulating shareholders of 215 A-share listed companies in the first quarter [1] - Zhongtong Bus had the highest number of new holdings by the Social Security Fund, with 3 new positions [1] - Other companies with 2 new holdings include Lens Technology, Inner Mongolia First Machinery, Anke Intelligent Electric, and several others [1] Group 2: Zhongtong Bus - Zhongtong Bus saw a new holding value of 137 million yuan from the Social Security Fund in Q1 [1] - The company reported a net profit of 76.51 million yuan in Q1, a year-on-year increase of 80.52% [2] - The company has ongoing international orders, including 895 electric buses for Chile, with 300 delivered and the rest expected in Q2 [2] Group 3: Lens Technology - Lens Technology had a new holding value of 1.088 billion yuan from the Social Security Fund in Q1 [3] - The company reported Q1 revenue of 17.063 billion yuan, a year-on-year increase of 10.10%, and a net profit of 429 million yuan, up 38.71% [3] - Growth is expected from new product structures and increased demand in various sectors, including smartphones and electric vehicles [3] Group 4: Inner Mongolia First Machinery - Inner Mongolia First Machinery had a new holding value of 295 million yuan from the Social Security Fund in Q1 [4] - The company reported a net profit of 186 million yuan in Q1, a year-on-year increase of 11.03% [4] - The company is expanding its military trade product system and has developed new products for international markets [4] Group 5: Anke Intelligent Electric - Anke Intelligent Electric had a new holding value of 251 million yuan from the Social Security Fund in Q1 [4] - The company reported a net profit of 43.72 million yuan in Q1, a year-on-year decrease of 28.92% [4] - The company is actively pursuing international cooperation following discussions at the Dubai Power Exhibition [4]

有这样一批劳动者，他们在异国他乡奋发拼搏，用辛勤与汗水助力世界各国建设与发展；他们凭着专注与敬业，让全世界感受到中国人的智慧与担当。 "五一"国际劳动节到来之际，环球资讯广播特别策划《劳动荣光 筑梦海外》，聚焦奋斗在海外的中国劳动者，致敬每一份闪光的坚守。 在南太平洋岛国斐济，中国菌草被当地民众称为"神奇的草""致富草""友谊草"。自2014年引入以来，菌草技术已在斐济扎根、开花、结果，使当地农民受 益，有力促进了斐济农业的可持续发展。 中国援斐济菌草技术示范中心项目组组长林兴生：菌草在斐济推广之初，对斐济人来说是新领域、新品种、新技术、新产业，经历了从不了解到接受、从深 受欢迎到备受重视的过程。起初，不少斐济人怀疑菌草种的菇能不能吃、能不能赚钱，菌草能否作为饲料喂养畜禽，菌草治理水土流失是否有效等等问题。 中国菌草技术团队通过培训、示范和推广，长期面对面、手把手进行技术指导，逐步改变了当地人的观念。 林兴生：当他们亲身体验用菌草为原料栽培的菌草菇不仅干净，还是营养丰富、美味健康的食品，他们欣然接受并格外青睐。在推广菌草作为饲料发展养殖 时，一家职业技术学校有很大的牧场，养了牛、羊、猪等，牧场工人用菌草养殖后 ...

Core Viewpoint - The Ministry of Agriculture and Rural Affairs emphasizes the importance of stabilizing the production and supply of key agricultural products to support the continuous recovery of the economy [1] Group 1: Agricultural Production and Supply - The Ministry is focused on ensuring the production of summer grain and has established a rapid response mechanism for drought and disaster situations [1] - Efforts will be made to implement measures for stabilizing and increasing production ahead of the critical summer harvest period [1] Group 2: Market Analysis and Risk Management - There will be an enhancement in the analysis and monitoring of the market for key agricultural products, along with strengthened regulatory measures to stabilize market expectations [1] - The Ministry aims to prevent and mitigate risks in the agricultural sector by conducting safety inspections in key areas such as fishing vessels and agricultural machinery [1]

板块方面，近20个交易日涨幅前五的板块为：种植业林业涨6.18%、美容护理涨5.76%、零售涨5.69%、 贵金属涨3.37%、农产品(000061)加工涨4.44%；跌幅前五的板块为：光伏跌12.25%、医疗服务跌 10.23%、元件跌9.67%、其他电源设备跌9.4%、通信服务跌8.54%。 格隆汇4月30日｜今日A股4月收官，三大指数月线集体收跌，K线均为长下影阴线，其中，上证指数跌 1.7%报3279点，深证成指跌5.75%报9899点，创业板指跌7.4%报1948点。 个股方面，4月涨幅前五的个股为：信凯科技涨183.28%、泰禾股份涨161.34%、联合化学涨159.09%、 首航新能涨137.03%、肯特催化涨136.07%；同期，跌幅前五的个股为：*ST吉药跌77.66%、东方通 (300379)跌73.02%、普利退跌71.89%、*ST汇科跌65.37%、*ST鹏博跌59.74%。(格隆汇) (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考 ...

Group 1 - The core viewpoint emphasizes the implementation of policies to enhance agricultural productivity and ensure food security in Guangxi, aligning with national directives on rural revitalization [1] Group 2 - Continuous enhancement of grain and important agricultural product supply capabilities is prioritized, with a target to stabilize total grain production at approximately 14.1 million tons [2] - A multi-faceted food supply system is being constructed, ensuring the breeding stock of sows remains stable at around 2.1 million heads [3] - Strengthening farmland protection and quality improvement through strict management and monitoring of farmland usage [4] Group 3 - Agricultural technology collaboration is being promoted, focusing on smart agriculture and digital supply chain advancements [4] - Disaster risk monitoring and agricultural emergency response capabilities are being enhanced to mitigate agricultural losses [5] Group 4 - Efforts to consolidate and expand poverty alleviation achievements include a focus on employment stability for over 2.68 million people [5] - Establishing a layered and categorized assistance system to prevent poverty recurrence and support low-income rural populations [6] Group 5 - Development of modern characteristic rural industries is being pursued, with initiatives to upgrade agricultural product processing and promote e-commerce [6] - Integration of rural culture and tourism is emphasized, with plans for eco-tourism and seasonal travel routes [7] Group 6 - Channels for increasing farmers' income are being broadened, supporting stable partnerships between farmers and enterprises [7] - A focus on enhancing rural infrastructure, including water supply and transportation systems, is underway [8] Group 7 - Improvement of basic public services in rural areas is prioritized, including education and healthcare enhancements [9] - Environmental governance in rural areas is being strengthened, targeting pollution control and waste management [10] Group 8 - Strengthening rural governance systems through enhanced party organization and community engagement is a key focus [11] - Reducing bureaucratic burdens on grassroots organizations to improve efficiency and responsiveness [12] Group 9 - Mechanisms for ensuring the sustainable management of rural resources and assets are being established [14] - Innovative financing mechanisms for rural revitalization projects are being developed, including support for agricultural insurance and credit systems [15]

Core Points - The meeting focused on drought conditions and water supply assurance in key wheat-producing areas in northern and southwestern China [1][2] - National average rainfall has decreased by 11% since March, with northern regions experiencing nearly a 30% reduction [1] - The drought situation is expected to persist, impacting the critical growth stages of winter wheat [1] Group 1 - The Ministry of Water Resources emphasizes the importance of drought prevention and water supply assurance as a key focus of disaster reduction efforts [1] - The goal is to ensure safe drinking water for urban and rural residents, as well as water for large-scale livestock and timely irrigation for crops [1][2] - A precise approach is required, including targeted measures and responsibilities to ensure effective drought response [1] Group 2 - Continuous monitoring of rainfall, water conditions, soil moisture, agricultural conditions, and existing water resources is essential for decision-making [2] - Implementation of the "3+1" standardization model for rural water supply to ensure no household is overlooked in drought-affected areas [2] - Precise scheduling of water releases from reservoirs and rivers is necessary to meet irrigation needs in drought-stricken areas [2]