Core Viewpoint - Several listed companies in the Shanghai and Shenzhen markets announced significant developments, including share buybacks, acquisitions, and changes in shareholding structures, which may present investment opportunities and insights into market trends [2]. Group 1: Share Buybacks - Kweichow Moutai repurchased a total of 934,800 shares in April 2025, amounting to 1.44 billion yuan, representing 0.0744% of its total share capital, with a maximum purchase price of 1,575 yuan per share [3] - As of the end of April 2025, Kweichow Moutai has repurchased 2.0175 million shares, accounting for 0.16% of its total share capital, with a total expenditure of 3.039 billion yuan [3] Group 2: Acquisitions - Hainan Development signed an agreement to acquire 51% of Wangying Technology for no more than 450 million yuan, aiming to transition into a digital economy service provider [4] - Qingdao Beer plans to acquire 100% of Jimo Yellow Wine for 665 million yuan, which will enhance its product line and market channels in the fermented beverage sector [8] Group 3: Shareholding Changes - Yonggui Electric announced that independent director Liu Jian was placed under detention, but this matter does not involve the company directly [5] - Haohai Biological's controlling shareholder Jiang Wei is under investigation for insider trading, which is not expected to impact the company's operations [6] - Zhongchao Holdings experienced a stock price fluctuation, with its actual controller Yang Fei selling 0.11% of the company's shares during this period [7] Group 4: Shareholding Reductions and Increases - Pan-Asia Micro透 announced that shareholders Sai Fu Venture and Southern Precision plan to collectively reduce their holdings by up to 7% [9] - Xinya Da's actual controller and major shareholder plan to reduce their holdings by a total of 327,000 shares [10] - China Railway Industry's controlling shareholder plans to increase its stake in the company by 160 million to 300 million yuan, with a maximum increase of 2% of the total share capital [12]

Core Insights - The euro has risen to a three-year high against the dollar, increasing over 9%, which is putting significant pressure on major European exporters [3] - Companies like SAP, Porsche, Heineken, and Schneider Electric have warned investors about potential performance declines due to the strong euro [3] - The appreciation of the euro reduces the value of dollar revenues when converted back to euros, directly impacting profit margins for these companies [3] Company Strategies - In response to the currency challenge, some European companies are adjusting their strategies by increasing local sourcing in the U.S. to create a natural hedge against currency fluctuations [3] - Other firms are seeking protection through the foreign exchange derivatives market, although this approach raises financial costs [3] Economic Context - The ongoing strength of the euro is attributed to the divergence in monetary policies between the European Central Bank and the Federal Reserve, with expectations of potential rate cuts by the Fed later this year while the ECB maintains a hawkish stance [3] - Investors are advised to closely monitor upcoming earnings calls for these companies, as discussions on currency issues will be key indicators of their ability to cope with the challenges posed by the strong euro [3] - Mid-sized companies that heavily rely on U.S. market revenues and have limited currency hedging capabilities may face more severe challenges [3]

Core Viewpoint - Changgao Electric New Technology Co., Ltd. has won multiple bids from the State Grid Corporation of China, which is expected to positively impact the company's performance in 2025 [1] Group 1: Bidding Details - The State Grid Corporation of China announced the results of its 23rd and 24th procurement batches for 2025, which included bids for substation equipment [1] - Changgao Electric's subsidiaries, including Hunan Changgao Electric Co., Ltd., Hunan Changgao High Voltage Switch Co., Ltd., Hunan Changgao Senyuan Power Equipment Co., Ltd., and Hunan Changgao Complete Electrical Equipment Co., Ltd., won bids in three product categories: combined electrical appliances, isolating switches, and switchgear [1] Group 2: Financial Impact - The total amount of the bids won by Changgao Electric is 235 million yuan, which accounts for 13.35% of the company's audited consolidated revenue for 2024 [1] - The signing of formal contracts is anticipated to have a positive effect on the company's operating performance in 2025 [1]

九洲集团：近日中标可克达拉金海生物科技有限公司60万吨玉米深加工项目氨基酸发酵车间及淀粉糖车 间低压柜及附属设备采购订单，中标金额1279.29万元。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 6.742 billion yuan in 2024, a year-on-year decrease of 2%, and a net profit attributable to shareholders of 753 million yuan, down 27% year-on-year [2][6] - In Q4 2024, the company achieved a revenue of 1.576 billion yuan, a decline of 26% year-on-year, with a net profit of -157 million yuan [2][6] - For Q1 2025, the company reported a revenue of 1.124 billion yuan, down 28% year-on-year, and a net profit of 124 million yuan, a decrease of 43% year-on-year [2][6] Summary by Sections Smart Metering Segment - The company strengthened its domestic market share and expanded its overseas presence, winning contracts worth approximately 631 million yuan from State Grid and 601 million yuan from Southern Grid in 2024 [12] - Revenue from smart meters and terminals reached 2.704 billion yuan, an increase of 18.9% year-on-year, with a gross margin of 36.12%, up 1.19 percentage points [12] New Energy Segment - The company is steadily advancing its power station construction and expanding its intelligent operation and maintenance scale, with over 1,245 MW of projects under construction and over 545 MW of projects started in 2024 [12] - Revenue from power station sales was 1.186 billion yuan, down 8.5% year-on-year, with a gross margin of 25.94%, up 14.46 percentage points [12] Energy Storage Segment - The company has delivered over 4.5 GWh of energy storage systems and has over 10 GWh of projects in reserve, maintaining a stable gross margin during a period of declining industry prices [12] - Revenue from the energy storage business was 919 million yuan, with a gross margin of 17.64%, up 1.55 percentage points year-on-year [12] - The company anticipates significant growth in its overseas energy storage business in 2025, with overall revenue expected to enter a high growth phase [12]

中超控股盘中涨停，已连收3个涨停板，截至9:26，该股报3.60元，换手率1.32%，成交量1728.28万股， 成交金额6221.81万元，涨停板封单金额为4.01亿元。连续涨停期间，该股累计上涨33.33%，累计换手 率为5.88%。最新A股总市值达49.28亿元，A股流通市值46.98亿元。 证券时报·数据宝统计，两融数据来看，该股最新（5月6日）两融余额为1.95亿元，其中，融资余额1.95 亿元，较前一个交易日减少262.82万元，环比下降1.33%，近3日累计减少1554.14万元，环比下降 7.39%。 公司4月30日在交易所互动平台中披露，截至最新（4月30日）股东户数为82138户，较上期（4月20日） 减少6821户，环比下降7.67%。 4月30日公司发布的一季报数据显示，一季度公司共实现营业总收入10.35亿元，同比增长0.81%，实现 净利润-0.20亿元，同比增长23.08%。（数据宝） 近日该股表现 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.05.06 | 10.10 | 1 ...

2025 年 5 月 7 日 晨会速递 分析师点评 市场数据 总量研究 【策略】盈利探底回升，科技板块景气度上行——A 股及港股财报分析 A 股 2024 年盈利增速回落，但 2025Q1 盈利增速显著回升。全部 A 股 2024 年归母 净利润同比下降2.3%，较2024年前三季度归母净利润增速回落2.4pct，而其2025Q1 归母净利润同比增长 3.6%，较 2024 年全年归母净利润增速回升 5.9pct。此外，港 股方面，2024H2 港股盈利增速较 2024H1 回升，恒生科技盈利保持高增。 市场基准利率以政策利率为中枢运行既是健全市场化利率调控机制的应有之义，也是 内嵌于"牵 OMO 利率之一发而带动各市场利率全身"的必然选择。即便没有美国加 征高额关税等事件，今年一季度以来的"正偏离"亦将向常态回归，而 4 月份相关事 件的出现加速了这一过程的到来。 行业研究 【汽车】新势力改款+新车相继发布，关注节后终端优惠变化——特斯拉与新势力 4 月销量跟踪报告(买入) 4 月车市表现平稳，新车上市/老车型终端优惠持续提振新势力销量，五一新势力购车 权益总体稳定，1）预计以旧换新驱动的 2025E 国内 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind,中原证券 -18% -13% -8% -3% 2% 7% 12% 18% 2024.05 2024.09 2025.01 2025.05 上证指数 深证成指 | 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | | 上证指数 | | 3,316.11 | 1.13 | | | 深证成指 | | 10,082.34 | 1.84 | | | 创业板指 | | 2,022.77 | -0.47 | | | 沪深 | 300 | 3,808.54 | 1.01 | | | 上证 | 50 | 2,443.97 | -0.52 | | | 科创 | 50 | 891.46 | | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | | 中证 | 100 | 3,653.14 | 0.99 | | | 中证 | 500 | 5,740. ...

Group 1 - The core viewpoint of the news highlights significant developments in the nuclear fusion and chemical industries, indicating strong market interest and strategic expansions by companies [1][2][3] Group 2 - The compact fusion energy experimental device (BEST) project has officially commenced assembly, marking a critical step in China's nuclear fusion advancements, with expectations for commercial viability in energy generation [1] - Huayi Group plans to acquire 60% of San Aifu's shares for 4.091 billion yuan, aiming to enhance its presence in the fluorochemical sector and diversify its business [2] - Zijin Mining has completed the acquisition of control over Zangge Mining, increasing its resource reserves in copper, lithium, and potassium, and aims for deeper collaboration to enhance operational efficiency [3]

证券时报·数据宝统计显示，公司本次发行总量为1596.70万股，发行价为33.06元，其中，网上最终发行 量为774.40万股，占本次发行总量的48.50%，网上发行最终中签率为0.0175741941%，网下发行量为 822.30万股。 泽润新能公布新股发行结果，网上投资者认购数量为769.75万股，认购金额为2.54亿元，网上投资者弃 购数量为4.65万股，网上弃购率为0.600500%，弃购金额为153.75万元，网下投资者全额认购。 本次新 股发行，投资者放弃认购股数全部由主承销商包销；包销股份的数量占发行总量的比例为0.29%。 泽润新能新股发行结果 网上 网下 认购数量（万股） 769.75 822.30 认购金额（万元） 25447.92 27185.09 弃购数量（万股） 4.65 0.00 弃购金额（万元） 153.75 0.00 公司主要从事新能源电气连接、保护和智能化技术领域，专业提供光伏组件接线盒产品一体化解决方 案。 从近一个月发行新股看，网上发行弃购数量居前的有天有为、肯特催化、江顺科技等，弃购数量分别为 38.48万股、10.51万股、8.96万股，网上发行弃购率居前的有天有为、 ...