Group 1 - In the first quarter of this year, China Railway Nanning Bureau Group Co., Ltd. completed cargo dispatch of 35.26 million tons, a year-on-year increase of 6.5% [1] - Container shipments reached 644,000 TEUs, totaling 17.73 million tons, with the container volume accounting for 50.3% of total cargo dispatch [1] - The high proportion of container transport in Guangxi reflects the accelerated economic and industrial transformation in the region, highlighting the effectiveness of regional development and demand expansion [1] Group 2 - The aluminum industry is a key sector in Baise, with significant transportation cost savings achieved through the use of rail containers, including a reduction of 4 yuan per ton compared to road transport, leading to annual savings of 28 million yuan for aluminum ore and 5 million yuan for coal [2] - The Nanning Bureau has successfully launched a "one ticket" iron-sea intermodal transport project, enhancing the logistics network for Guangxi products and establishing six sugar iron-sea fast lines to the Beibu Gulf Port [2] - In the first quarter, the Western Land-Sea New Corridor sent 345,000 TEUs, a year-on-year increase of 68.2%, with expectations to exceed 1 million TEUs for the year [2] Group 3 - The Nanning Bureau plans to adapt to industrial transformation and regional economic development by focusing on the development of aluminum ore and coal, promoting the shift from bulk to container transport [3] - The bureau aims to utilize market pricing mechanisms to organize fast logistics trains covering Guangxi, Guangdong, and Chongqing, creating a logistics network that connects the Guangdong-Hong Kong-Macao Greater Bay Area and the Southwest Economic Circle [3]

Core Viewpoint - Cloud Aluminum Co., Ltd. (云铝股份) is actively managing its cash and investments to maximize returns while addressing investor concerns regarding its financial performance and supplier relationships [2][3]. Group 1: Financial Performance - As of April 25, 2025, Cloud Aluminum's stock closed at 15.35 yuan, reflecting a 1.25% increase with a turnover rate of 1.4% and a trading volume of 483,900 shares, amounting to a transaction value of 750 million yuan [1]. - The company reported a significant difference in cash interest income compared to its competitor, Shenhuo Co., Ltd., despite having double the average cash balance [2]. Group 2: Supplier Relationships - The second-largest supplier for Cloud Aluminum is speculated to be its electricity supplier, with procurement amounting to 8.3 billion yuan, which is approximately half of the company's total fuel and power costs of 15.8 billion yuan [2]. - The company maintains that information regarding its key suppliers is confidential and cannot be disclosed to protect both the company and investor interests [2]. Group 3: Market Activity - On April 25, 2025, the net capital flow for Cloud Aluminum showed a net outflow of 33.01 million yuan from institutional investors, while retail investors experienced a net outflow of 10.29 million yuan, and speculative funds saw a net inflow of 43.30 million yuan [3].

证券研究报告 | 宏观深度 2025 年 04 月 27 日 投资要点 分析师：罗志恒 执业编号：S0300520110001 电话：010-83755580 邮箱：luozhiheng@ykzq.com 分析师：马家进 执业编号：S0300522110002 电话：13645711472 邮箱：majiajin@ykzq.com 研究助理：孙文婷 邮箱：sunwenting1@ykzq.com 近期报告 《【粤开宏观】政治局会议释放的七大信 号》2025-04-25 《【粤开宏观】中国 31 省份对美进出口的 基本格局与特征》2025-04-24 《【粤开宏观】财政如何应对关税战？》 2025-04-24 《【粤开宏观】中国 31 省份进出口全景图 （2024）：区域格局、商品结构与贸易方式》 2025-04-22 《【粤开宏观】"双标"的美国产业政策： 类型、动因、效果及思考》2025-04-15 宏观研究 【粤开宏观】博弈视角看"关税战"： 特朗普的意图与各经济体的不同反应 摘要 特朗普于第二届任期之初，向全球发起"关税战"，将导致国际经贸体系发生 剧烈调整。全球经济处于高度不确定的状态，严重影响全球和 ...

周度报告—氧化铝 、smingfTable_Title] 几内亚矿石下跌预期增强， 氧化铝价格阶段企稳 | [T走ab势le_评R级an：k] | 氧化铝：震荡 | | | | | | --- | --- | --- | --- | --- | --- | | 报告日期： | 2025 4 | 年 | 月 | 27 | 日 | [Table_Summary] ★几内亚矿石下跌预期增强，氧化铝价格阶段企稳 有 色 金 属 原料：上周国内矿石价格处于下行通道，山西矿 58/5 的含税报 价 700 元/吨（较上周下调 20 元/吨），河南的 58/5 的含税价格 为 668 元/吨, 贵州 60/6 铝土矿的到厂含税价格维持 596 元/吨。 矿山资源整合政策持续深化，部分矿山因资源整合、环保、安全 等合规要求暂处停产状态，山西矿整体供应仍呈现紧缺的状态， 复产矿山以及存量矿山的产出稳定性有待观察。进口方面，几内 亚矿（45/3）的成交价格进一步回落至 80 美元/干吨下方，价格 下跌幅度有所超预期。市场已呈现出明显的过剩态势，下游多数 企业对现货采购寥寥。GIC 方面表示纠纷问题会很快得到解决。 到货方面，期内 ...

大宗商品研究所 有色金属研发报告 投资咨询从业证号： Z0018401 联系方式： :010-68569793 铝 5 月报 2025 年 4 月 27 日 研究员：陈婧 期货从业证号： F03107034 :chenjing_qh1@china stock.com.cn 关税为铝需求增加不确定 氧化铝供需矛盾转移至矿端 第一部分 前言摘要 行情回顾： 氧化铝价格持续下降带动行业亏损扩大后，氧化铝厂弹性生产产能规模扩大，部分计划 检修至月底或复产时间仍不确定，短期市场检修情况对供需过剩格局带来缓解，4 月下旬国 内外现货成交价格有企稳迹象，而氧化铝厂的检修带动铝土矿供应的过剩更为凸显，市场目 光聚集到矿端。4 月几内亚铝土矿发运等问题消息不断，不过实质性影响较小。 电解铝方面，受美国关税政策拖累，4 月铝价大幅下跌，全球年度供需平衡预期由短缺 转为过剩带动铝价重心下移，虽然国内 4 月表观消费超预期，但难改全年过剩预期。铝消费 强现实弱预期带动沪铝月差扩大，铝锭进口亏损从 1700 余元收窄至 1100 元附近。 行情展望： 氧化铝减产检修后，供需矛盾转移至矿端，预计后续铝土矿开工发运相关信息将更加频 繁出现 ...

Core Viewpoint - The company reported a strong performance in Q1 2025, with significant year-on-year growth in revenue and net profit, despite a quarter-on-quarter decline in revenue [1][2]. Financial Performance - In Q1 2025, the company achieved operating revenue of 55.784 billion yuan, a year-on-year increase of 13.95%, but a quarter-on-quarter decrease of 11.86% [1]. - The net profit attributable to shareholders was 3.538 billion yuan, reflecting a year-on-year growth of 58.78% and a quarter-on-quarter increase of 4.56% [1]. - The non-recurring net profit was 3.444 billion yuan, up 57.78% year-on-year and 5.53% quarter-on-quarter [1]. Production and Sales - The company produced 1.94 million tons of electrolytic aluminum in Q1 2025, a year-on-year increase of 9.0%, and 4.48 million tons of alumina, up 5.4% year-on-year [1]. - The external sales volume of alumina reached 1.68 million tons, marking a year-on-year increase of 12.0% and a quarter-on-quarter increase of 6.3% [1]. - The average price of electrolytic aluminum was 20,400 yuan/ton, up 7.3% year-on-year but down 0.5% quarter-on-quarter; the average price of alumina was 3,863 yuan/ton, up 15.4% year-on-year but down 27.4% quarter-on-quarter [1]. Profitability and Cost Management - The company's gross profit margin was 15.86%, an increase of 0.52 percentage points year-on-year but a decrease of 1.33 percentage points quarter-on-quarter [1]. - Operating cash flow reached 6.260 billion yuan, a year-on-year increase of 75.06%, driven by increased operating profit and improved cash flow management [2]. - The company’s expense ratio was 3.86%, down 0.98 percentage points year-on-year, with reductions in sales, management, R&D, and financial expense ratios [2]. Project Development and Resource Management - Key projects, including the Guangxi Huasheng Phase II alumina project and Inner Mongolia Huayun Phase III electrolytic aluminum project, have been put into operation, enhancing resource security [2]. - The company has increased its supply of bauxite resources, with production and shipment from its Guinea mine rising by 8.18% and 27.89% year-on-year, respectively [2]. Profit Forecast and Valuation - The company forecasts net profits of 10.913 billion yuan, 12.690 billion yuan, and 13.896 billion yuan for 2025-2027, with year-on-year changes of -11.99%, +16.28%, and +9.50% respectively [3]. - Earnings per share (EPS) are projected to be 0.64 yuan, 0.74 yuan, and 0.81 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 10.4, 8.9, and 8.2 times [3].

前十大流通股东累计持有： 40258.17万股，累计占流通股比： 46.75%，较上期变化： 205.46万股。 一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0022 | 0.0093 | -76.34 | 0.0103 | | 每股净资产（元） | 1.63 | 1.65 | -1.21 | 1.63 | | 每股公积金(元) | 0.1 | 0.1 | 0 | 0.1 | | 每股未分配利润(元) | 0.46 | 0.48 | -4.17 | 0.46 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 2.99 | 4.08 | -26.72 | 5.6 | | 净利润(亿元) | 0.02 | 0.09 | -77.78 | 0.1 | | 净资产收益率(%) | 0.13 | 0.57 | -77.19 | 0.64 | 数据四舍五入，查看更多财务数据>> 二、前10名 ...

Core Viewpoint - New Aluminum Era (301613) reported strong financial performance for Q1 2025, with significant increases in revenue and net profit compared to the same period last year [1] Financial Performance - Total revenue for Q1 2025 reached 630 million yuan, a year-on-year increase of 69.89% [1] - Net profit attributable to shareholders was 52.648 million yuan, up 20.67% year-on-year [1] - The gross profit margin was 20.9%, down 17.33% year-on-year, while the net profit margin was 8.92%, a decrease of 26.86% [1] - Total expenses (selling, administrative, and financial) amounted to 34.41 million yuan, accounting for 5.46% of revenue, a decrease of 7.83% year-on-year [1] Cash Flow and Debt Situation - The company has a significant amount of accounts receivable, with accounts receivable accounting for 144.48% of the latest annual net profit [1][2] - Cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 23.93% and average operating cash flow over the past three years being -61.46% [2] Shareholder Information - The largest fund holding New Aluminum Era is the Hua Bao S&P China A-Share Dividend Opportunity ETF, with a current scale of 188 million yuan and a recent net value increase of 0.4% [3]

Group 1: Fixed Income and Currency - The recent decline in the US dollar index indicates a weakening of its safe-haven attributes, influenced by multiple long-term and short-term factors, including tariff policies and economic recession concerns [2][3] - Gold is identified as a primary beneficiary of a weak dollar, although it is currently overbought and sensitive to negative news [2] - The report suggests that Eurozone assets may replace US dollar assets as a new safe haven, with potential opportunities in the Japanese yen and Japanese stocks [2] Group 2: Internet and Gaming Industry - The gaming industry shows resilience with new game launches, particularly from Tencent and NetEase, expected to enhance revenue streams [3][4] - In Q1, domestic iOS game revenue increased by 2.8% year-on-year, with significant growth during the Spring Festival for popular games [3] - The government is providing more policy support for the gaming industry, including initiatives to promote overseas expansion and the establishment of new educational programs [3] Group 3: Real Estate Sector - Public fund holdings in real estate stocks have decreased, while concentration has increased, indicating a mixed sentiment among institutional investors [5] - The report anticipates a potential increase in policy support for the real estate sector, driven by seasonal trends and external economic factors [5] Group 4: Pharmaceutical and Health Sector - The gene sequencing industry is entering a new era, with domestic companies expected to accelerate their market share due to recent government restrictions on foreign competitors [6] - Companies like BGI are positioned as leaders in the sequencing service market, with a comprehensive approach to health and disease prevention [6] Group 5: Telecommunications Industry - China Mobile reported a slight increase in revenue and a notable growth in net profit, driven by advancements in AI services [7][8] - The company is transitioning from cloud computing to AI-integrated services, which is expected to become a new revenue growth driver [7] Group 6: Consumer Goods and Retail - Pop Mart's Q1 performance exceeded expectations, with significant revenue growth attributed to both domestic and international markets [9] - The company is expanding its product offerings and optimizing its store formats to enhance customer engagement and sales [9] Group 7: Electric Equipment and New Energy - Dongfang Cable reported a substantial increase in revenue and net profit, driven by growth in high-margin export sales [10] - The company is well-positioned to benefit from the increasing demand for offshore wind projects and related cable installations [10] Group 8: Agriculture and Food Sector - Salted Fish's revenue and net profit showed strong growth, driven by an expanding product range and improved distribution channels [15] - The company is leveraging its diverse product offerings to capture market share and enhance profitability [15] Group 9: Financial Services - The internet finance sector is experiencing stable growth, with healthy loan quality and increasing profitability [6] - Regulatory changes are expected to positively impact leading platforms while potentially accelerating the exit of smaller players [6] Group 10: Materials and Chemicals - Feikai Materials reported significant growth in net profit, supported by new projects and a strong market position in the semiconductor sector [22] - The company is expected to continue benefiting from the demand for lithium battery materials, with improving profitability anticipated [22]

以下文章来源于雷达Finance ，作者X编辑 雷达Finance . 作者： 孟帅 来源： 雷达Finance （lD： leidaplus） 在不久前胡润研究院发布的《2025胡润全球富豪榜》中，郑淑良家族以1150亿元的雄厚财富荣 膺山东女首富之位，再度成为外界瞩目的焦点。 事实上，郑淑良家族积累的财富，离不开其丈夫张士平凭借魏桥创业集团所奠定的坚实根基。往 昔，张士平家族也曾登上山东首富的巅峰之位，但今年山东首富的桂冠被居住于聊城的信发铝电 张刚家族摘下。 回溯过去，张士平与郑淑良均诞生于 1946年 ，二人相互扶持，携手创业。张士平从油棉厂一名 普通工人起步，凭借不懈努力成长为厂长。 在 张士平 的引领下，魏桥创业集团持续拓展版图，先后进军纺织、铝业等行业，连续 13年跻身 世界500强，成绩斐然。 得益于企业的迅猛发展，张士平收获了"亚洲棉王"、"铝业大王"等诸多 美誉，多次荣登山东首富之位。在他的精心运作下，魏桥系一度坐拥三家上市公司。 但天有不测风云，2019年，张士平因病离世。张士平辞世后，其一手缔造的魏桥商业帝国由遗孀 郑淑良与子女接管。家族接手后，魏桥创业集团依旧维持着良好的发展态势，2 ...