金十图示：2025年05月09日（周五）富时中国A50指数成分股今日收盘行情一览：银行、石油、煤炭、电池等板块收高，证券、 消费电子、有色金属等板块收高。 @ JIN10.COM 金十数据 | 一个交易工具 +0.03(+0.78%) +0.06(+1.15%) +0.17(+2.33%) 保险 0.000 中国太保 中国平安 中国人保 0 3294.69亿市值 3062.15亿市值 9423.80亿市值 6.44亿成交额 15.08亿成交额 4.12亿成交额 51.75 7.45 31.83 +0.09(+1.22%) +0.04(+0.13%) -0.21(-0.40%) 酸酒行业 贵州茅台 山西汾酒 五粮液 19988.37亿市值 5107.42亿市值 2480.43亿市值 37.58亿成交额 4.95亿成交额 14.55亿成交额 1591.18 203.32 131.58 +12.99(+0.82%) -0.92(-0.45%) -0.22(-0.17%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2922.20亿市值 2354.91亿市值 3344.26亿市值 17.28亿成交额 21.0 ...

金十图示：2025年05月09日（周五）富时中国A50指数成分股午盘收盘行情一览：银行、航运港口、电力等板块走高，半导体、 消费电子、证券等板块走低 +0.16(+2.19%) +0.05(+0.96%) +0.05(+1.29%) 保险 中国太保 中国平安 中国人保 0 3294.69亿市值 3062.15亿市值 9452.93亿市值 4.22亿成交额 8.83亿成交额 2.68亿成交额 7.45 31.83 51.91 +0.09(+1.22%) +0.04(+0.13%) -0.05(-0.10%) 酸酒行业 贵州茅台 山西汾酒 五粮液 19941.76亿市值 2477.99亿市值 5109.36亿市值 19.69亿成交额 2.57亿成交额 7.74亿成交额 1587.47 131.63 203.12 +9.28(+0.59%) -1.12(-0.55%) -0.17(-0.13%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2911.18亿市值 2351.60亿市值 3349.60亿市值 10.58亿成交额 11.71亿成交额 8.88亿成交额 697.36 144.11 440.23 -8 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report The report provides an in - depth analysis of Zhonghe Technology's business operations, development strategies, and responds to investors' questions. The company has achieved certain results in 2024 and has clear development plans for 2025, aiming to become a leading domestic provider in the space information industry [24][25]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Zhonghe Technology, belonging to the transportation equipment industry. The reception time was on May 7, 2025. The listed company's reception personnel included Vice - President and Board Secretary He Junli, Vice - President Yang Yanjie, and Financial Controller Wang Meijiao [17]. 3.2. Detailed Research Institutions - The reception objects include online investors and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data 3.4.1. Company Introduction and 2024 Business Performance - **Overall Business**: In 2024, the company achieved an operating income of 2.024 billion yuan and a net profit of 24.36 million yuan. It completed a cash dividend of 100.4252266 million yuan in the middle of 2024, and a share repurchase of 12.165 million shares, with 3.6054 million shares cancelled, equivalent to a dividend of 199.851666 million yuan. It also successfully completed a private placement of about 684 million yuan and initially laid out the three - dimensional transportation strategy [24]. - **Business Segments**: - **Aerospace and Three - Dimensional Transportation Scenarios**: - **Intelligent Rail Transit**: The intelligent rail transit business achieved an operating income of 1.53 billion yuan, with new order amounts of about 3.15 billion yuan, setting a new record. The signal system business had a market share of 23.46%, ranking second [24]. - **Low - altitude**: The company launched three core products in 2024, covering the flight control system of low - altitude unmanned aerial vehicles and low - altitude infrastructure [24]. - **Semiconductor Materials**: The company's subsidiary, Haina Co., Ltd., achieved an operating income of 403 million yuan, a year - on - year increase of 21.06%, and a net profit attributable to the parent company of 17.7458 million yuan. The revenue proportion of high - value - added polished wafers remained above 60%, and the revenue proportion of medium - and large - sized products exceeded 40% [24][25]. 3.4.2. Future Development Plan for 2025 - **Strategic Goals**: The company aims to become a leading domestic provider of core domestic software and overall solutions in the space information industry, and adopts the "super subcontractor" model for business layout [25]. - **Technical Base and Innovation**: Upgrade the "platform generalization + scenario customization" technology and product architecture [25]. - **Industrial Layout**: Strengthen capital support for the cornerstone industry, accelerate the implementation of the space information strategy, expand overseas markets, and restructure the resource allocation system [25]. - **Team Building**: Actively recruit and reserve talent [25]. - **Disclosure and Internal Control**: Improve information disclosure and internal control to promote high - quality development of the listed company [25]. 3.4.3. Answers to Investor Questions - **Low - altitude Business**: The company's low - altitude business mainly focuses on the flight control system of unmanned aerial vehicles and low - altitude infrastructure, with three core products [26]. - **Reasons and Advantages for Entering Low - altitude and Low - orbit Fields**: The three fields of rail transit, low - altitude, and low - orbit are important components of three - dimensional transportation, with broad market prospects. They have similarities in management, technology, safety, and application scenarios. The company has technical bases in rail transit and can extend its capabilities to these fields [26][27]. - **Low - orbit Satellite Layout**: The company will focus on high - end equipment digital overall solutions for the satellite Internet industry and has strategically controlled Chenji Digital Satellite Technology (Zhejiang) Co., Ltd. in early 2025 [27][28]. - **Cooperation in Low - altitude Field**: The company's flight control safety computer products are in offline discussions with some unmanned aerial vehicle and eVTOL manufacturers, with no public information available [28]. - **Semiconductor Business**: Haina Co., Ltd. mainly produces 3 - 8 - inch single - crystal silicon ingots, ground wafers, and polished wafers, which are used in semiconductor discrete devices and integrated circuits [29]. - **Semiconductor Planning**: The company will accelerate the production capacity release of the Shanxi single - crystal silicon ingot base and the Jinhua polished wafer base, expand the market, and optimize the capital structure [29]. - **2025 Q1 Profit**: The net profit attributable to shareholders of the listed company in the first quarter of 2025 was - 49.9707184 million yuan, mainly due to reduced project delivery in intelligent transportation, increased management, finance, and R & D expenses [30]. - **ST Risk**: The company's financial situation is stable and does not meet the conditions for special treatment (ST) [30]. - **Interest - related Issues**: Hangzhou Xinyihui Technology Partnership is the company's founding partner's shareholding platform, which does not involve interest transfer or damage to shareholders' interests [30][31]. - **Circulating Shares**: As of December 31, 2024, the company's circulating shares accounted for 80.36% of the total shares, and the proportion does not directly reflect market sentiment [31]. - **Computing Power Project**: The pre - calculated total computing power scale of the company's computing power project is 2000P, to be deployed in batches according to market conditions, and it has not been put into operation yet. A 502 - million - yuan investment fund has been established [31]. - **Healthcare Business**: The company's healthcare business is in the incubation period but has generated revenue [31]. - **Overseas Business**: The company has no business in Pakistan. Its overseas business follows the "Belt and Road" strategy, focusing on Central Asia, Southeast Asia, and the Middle East. In April 2025, it won a 175 - million - yuan contract in Kazakhstan [32][33]. - **Project Payment Cycle**: The company's intelligent transportation business realizes revenue mainly within 1 - 2 years after winning a bid, and the payment cycle varies according to different projects [33]. - **Market Value Management**: The company will actively carry out market value management to enhance company value and return to investors [33]. - **Stock Price Fluctuation**: The company believes that stock price fluctuations are affected by macro - economic and market sentiment factors [33]. - **Shareholding of Hangzhou State - owned Assets Supervision and Administration Commission**: As of now, the Hangzhou State - owned Assets Supervision and Administration Commission and its concerted actors hold 32.381 million shares, accounting for 4.77%, and there is no notice of further share acquisition [33][34].

Market Performance - On May 8, the Shanghai Composite Index opened lower but closed up by 0.28%, while the CSI A500 Index rose by 0.58% [1] - The A500 ETF (512050) increased by 0.64%, with a trading volume exceeding 3.1 billion yuan, ranking first among similar funds [1] - The A500 ETF experienced a net inflow of 208 million yuan yesterday [1] Company Actions - In the past month, 370 companies in the A-share market have announced share buyback and increase plans, with 18 companies launching buyback schemes exceeding 1 billion yuan [1] - CATL (宁德时代) is leading the implementation of significant buyback initiatives, reflecting companies' confidence in their development prospects [1] Market Outlook - Huachuang Securities believes the market is currently in a "golden pit," suggesting that pullbacks present opportunities for allocation [1] - The annual strategy maintains that domestic dual easing policies will continue to combat low prices and asset sell-off, ultimately reversing the contraction in corporate profits and restoring private sector confidence [1] - Focus areas for capital markets include domestic demand and self-sufficiency, which are seen as key under ongoing external uncertainties [1]

隔夜美联储结束了为期两天的利率会议，如市场预期的按兵不动，联邦基金利率仍维持在4.25%-4.50% 区间。迄今为止，美联储已在连续三次会议上维持利率不变。 美联储主席鲍威尔在新闻发布会上表态略偏鹰派，他表示，美联储不必急于调整利率，目前的政策是适 度限制的。值得一提的是，鲍威尔还表示，总统特朗普对降息的呼声"根本不会影响"美联储的工作，美 联储从未主动要求与任何总统会面，并且将来也不会。 受上述消息影响，市场对降息的预期微有弱化，目前市场的最新观点是，美联储最早将于今年7月才有 可能下调利率。 继周三冲高回落后，周四A股各大股指以涨为主。截至收盘，上证综指涨0.28%至3352.00点；深综指涨 1.03%，创业板综指涨1.48%，科创50指数跌0.36%，北证50指数涨0.98%。全A总成交额为13218亿元， 较周三的15051亿元明显萎缩。 由个股看，前一天表现强劲的航空航天等军工股继续领涨。军工类股票异常强劲应部分与近期地缘局势 趋向紧张相关，比如南亚局势，这使投资者对国防工业的重要性有了更新的认识。 除军工股涨势喜人外，通信设备、交运设备、通用设备、光伏设备、电机、橡胶制品板块涨幅也相对领 先。下 ...

金十图示：2025年05月08日（周四）富时中国A50指数成分股午盘收盘行情一览：保险、白酒、消费电子等板块走高，半导体、 银行等板块涨跌不一 +0.03(+0.58%) +0.06(+0.83%) +0.02(+0.52%) 保险 中国太保 中国平安 中国人保 9500.28亿市值 0 3272.58亿市值 3093.90亿市值 12.56亿成交额 25.34亿成交额 3.12亿成交额 52.17 7.40 32.16 +0.86(+2.75%) +0.99(+1.93%) +0.05(+0.68%) 酸酒行业 贵州茅台 五粮液 山内对酒 19924.55亿市值 2513.49亿市值 5138.47亿市值 35.93亿成交额 4.22亿成交额 19.91亿成交额 1586.10 132.38 206.03 +31.10(+2.00%) +1.76(+0.86%) +2.39(+1.84%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2399.30亿市值 2955.64亿市值 3418.17亿市值 8.42亿成交额 18.95亿成交额 17.12亿成交额 147.06 449.16 708.01 + ...

5月7日，国新办举行新闻发布会介绍"一揽子金融政策支持稳市场稳预期"有关情况，会上央行、金融监管总局、证监会提出具体政策措施。 截至2025年5月8日 10:46，中证A500指数(000510)上涨0.35%，成分股新易盛(300502)上涨10.38%，中航成飞(302132)上涨9.87%，盈峰环境(000967)上涨 9.66%，中际旭创(300308)上涨7.24%，甘李药业(603087)上涨6.97%。A500ETF基金(512050)上涨0.54%， 冲击4连涨。流动性方面，A500ETF基金盘中换手 9.45%，成交15.69亿元。拉长时间看，截至5月7日，A500ETF基金近1年日均成交37.45亿元，居可比基金第一。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600519 | 贵州茅台 | 0.63% | 4.28% | | 300750 | 宁德时代 | 3.00% | 2.96% | | 601318 | 中国平安 | 1.93% | 2.46% | | 600036 | 招商银行 | 2.38% | 2.37% | ...

创业板指涨超1%，沪指涨0.26%，深成指涨0.53%，脑机接口、交运设备、保险、CPO等方向领涨，沪 深京三市上涨个股超3000只。 ...

国泰海通证券认为，1)股市贴现率进入向下走廊，继续看好中国A/H股市。2)货币先行明确支持经济立 场，股市风险溢价下降。3)推动资本市场改革，投资中国股市的机会成本下降，无风险利率降低。4)中 国股市升势远未结束，新兴科技是主线，金融周期是黑马。在外需压力验证的关键时间窗口，决策层再 度明确扭转经济形势与支持资本市场的决心，中国政策的连续性将稳定风险前景。 中原证券认为，周三A股市场高开低走、小幅震荡上行，盘中航天航空、农牧饲渔、交运设备以及贵金 属等行业表现较好；游戏、互联网服务、半导体以及文化传媒等行业表现较弱。政策重心转向扩大内 需，本月重点关注财政政策落地及消费刺激措施。央行释放宽松信号，汇金增持托底市场，融资余额有 望回升，ETF资金持续流入提供流动性支撑。预计短期市场以稳步震荡上行为主，市场或延续政策与业 绩双轮驱动的结构性行情，投资者需平衡防御与成长，聚焦业绩确定性高、政策催化明确的板块，同时 警惕外部风险引发的短期波动。 财信证券认为，周三大盘高开后震荡，多数个股冲高回落，反映出当前位置压力较大，不过周三全天市 场的承接动能相对较好，特别是尾盘阶段大盘再度上涨，反映出资金仍具备一定信心。短期内 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 防御行业走强 A 股震荡上行 ——市场分析 相关报告 《市场分析：成长行业领涨 沪指突破 3300 点》 2025-05-06 《市场分析：成长行业领涨 A 股小幅整理》 2025-04-30 《市场分析：汽车互联网行业领涨 A 股震荡 整固》 2025-04-29 联系人： 李智 风险提示：海外超预期衰退，影响国内经济复苏进程；国内政 策及经济复苏进度不及预期；宏观经济超预期扰动；政策超预期 变化；国际关系变化带来经济环境变化；海外宏观流动性超预期 收紧；海外波动加剧。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共7页 11784 电话： 0371-65585629 证券研究报告-市场分析 发布日期：2025 年 05 月 07 日 投资要点： ◼ A 股市场综述 周三（05 月 07 日）A 股市场高开低走、小幅震荡上行，早盘股指高 开后震荡回落，盘中沪指在 3328 点附近获得支撑，午后股指维持震 荡，尾盘再度回升，盘中航天航空 ...