TMC the metals company (TMC) Q1 2025 Earnings Call May 14, 2025 04:30 PM ET Speaker0 be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Dave Krabzewski, Chief Financial Officer. Please go ahead, sir. Speaker1 Thank you, Michelle. Please note that during this call, statements made by the company will be forward looking and based on management's beliefs and assumptions from information available at this time. These statements are subject to know ...

机械行业：2024 年报综述——持续关注新 质生产力 2025 年 5 月 14 日 看好/维持 机械 行业报告 | | | 投资摘要： 2024 年机械板块涨幅落后，2025 年以来涨幅居前。2024 年全年申万机械设备指数上涨 5.04%，相较于其他行业涨幅排名 靠后，跑输上证指数 7.63 个百分点，跑输深证成指 4.3 个百分点。2025 年初至今，申万机械设备一级行业指数涨幅 10.44%， 相较于其他行业排名居首，跑赢上证指数 10.43 个百分点，跑赢深证成指 12.52 个百分点。 2024 年机械板块扣非归母净利润下滑。从收入端来看，2024 年机械行业营业收入 19995.67 亿元，同比增长 6.55%，同比 增速相较于 2023 年有所下滑。从利润端来看，2024 年机械行业扣非归母净利润 863.64 亿元，同比下滑 3.28%。2025 年一 季度机械板块扣非归母净利润增速较高。从收入端来看，2025 年一季度机械行业营业收入 4540.09 亿元，同比增长 11.23%， 增速保持较高水平。从利润端来看，2025 年一季度机械行业扣非归母净利润 274.96 亿元，同比下滑 30 ...

Investment Rating - The report maintains a "Positive" investment rating for the machinery industry [1] Core Insights - The machinery sector underperformed in 2024 with a 5.04% increase in the Shenwan Machinery Equipment Index, lagging behind the Shanghai Composite Index by 7.63 percentage points and the Shenzhen Component Index by 4.3 percentage points. However, from the beginning of 2025, the index has risen by 10.44%, outperforming both major indices [2][17] - In 2024, the machinery industry's operating revenue reached CNY 19,995.67 billion, a year-on-year increase of 6.55%, while the net profit attributable to the parent company decreased by 3.28% to CNY 863.64 billion. In Q1 2025, operating revenue grew by 11.23% to CNY 4,540.09 billion, but net profit saw a significant decline of 30.03% [2][20][26] Summary by Sections Investment Summary - The machinery sector's performance in 2024 was below expectations, but it has shown strong recovery in 2025, leading the market [2][17] - The report suggests focusing on more proactive fiscal policies and new quality productivity to drive growth [4][41] Sector Performance - The internal segmentation of the machinery industry shows significant disparities, with semiconductor equipment (39.08%), photovoltaic processing equipment (29.60%), and motorcycles (17.85%) leading in revenue growth for 2024. In Q1 2025, semiconductor equipment (33.38%) and motorcycles (30.74%) continued to show strong growth [3][39] - The report highlights that the machinery sector's public fund allocation increased from 2.79% in 2024 to 3.27% in Q1 2025 [30] Policy Recommendations - The report emphasizes the importance of proactive fiscal policies to boost engineering machinery sales, with significant government bond issuance planned for infrastructure projects [5][44] - It also suggests continuous attention to new quality productivity sectors, including low-altitude economy, deep-sea technology, humanoid robots, and industrial mother machines [6][49] Emerging Opportunities - The low-altitude economy is expected to benefit from government support, with projections indicating substantial growth in drone deliveries and eVTOL aircraft by 2035 [7][50] - Deep-sea technology is crucial for energy security, with significant potential for domestic equipment replacement in deep-water oil and gas extraction [8][52] - Humanoid robots are positioned to address customization challenges in manufacturing, supported by government initiatives to expand application scenarios [9][53] - Industrial mother machines are identified as essential for reducing costs in mass production, with a growing market for core components [10][54]

Group 1: Investment and Financing Activities - Baiyiyuan Biotechnology received several million RMB in financing from Kangzhe Pharmaceutical, aimed at new product development, market expansion, and production line upgrades [2] - Shanghai Natu Intelligent Technology completed 10 million RMB in angel round financing to develop an intelligent perception cloud platform [2] - SAIC Group's mobility brand, Xiangdao Travel, announced over 1.3 billion RMB in Series C financing, marking the largest single financing in the domestic travel industry in three years [3] - Shandong Future Robotics secured several hundred million RMB in strategic investment from PetroChina Kunlun Capital to expand production capacity and optimize operations [3] - Fanlian Information raised funds to focus on distributed storage product development and sales system upgrades [4] - Zhitong Technology completed over 100 million RMB in Series B financing to build an intelligent product manufacturing center [5] - Chuan Yuan Technology announced several million RMB in Series A financing to enhance product iteration and global brand development [5] - Xingkeyuan completed several million RMB in angel plus round financing to develop next-generation products [7] - Cloud Saint Intelligent completed 500 million RMB in Series D financing to support new product development and automated manufacturing strategies [8] - White Rhino secured 200 million RMB in Series B financing to enhance product development and supply chain optimization [8] Group 2: Company Profiles and Market Focus - Baiyiyuan Biotechnology specializes in developing and producing new biomedical materials for tissue repair and regenerative medicine [2] - Shanghai Natu Intelligent Technology focuses on intelligent perception cloud platforms, collaborating with multiple robotics manufacturers [2] - Xiangdao Travel is an internet-based ride-hailing service platform established by SAIC Group [3] - Shandong Future Robotics is a high-tech company focusing on deep-sea operation equipment and has achieved full domestic production [3] - Fanlian Information operates in the trillion-level intelligent computing center market, offering a technology ecosystem centered around high-performance distributed file systems [4] - Zhitong Technology, founded by FAW Liberation, focuses on autonomous driving technology and integrated solutions for various scenarios [5] - Chuan Yuan Technology specializes in battery lifecycle detection technology and has established a global service network [6] - Xingkeyuan is focused on the production and research of silicon-carbon anodes for lithium batteries [7] - Cloud Saint Intelligent integrates low-altitude technology and AI to promote the development of the low-altitude economy [8] - White Rhino is an L4-level autonomous driving company focusing on urban unmanned delivery [8]

华源证券近日发布深海科技系列（一）：深海通常指水深超过200米的海域，深海科技 是指用于探索、开发和利用深海资源，并研究深海极端环境的一系列先进技术和跨学科体 系。其定义不仅包含技术工具，更承载国家战略安全、经济新增长极和国际竞争格局重塑的 多重使命。 以下为研究报告摘要： 2025年3月12日政府工作报告首提"深海科技"，对标商业航天及低空经济，"深海科 技"首次被正式列入国家未来产业发展重点。"深海"在政府报告中并非首次提及，其内涵在 政策支持下逐渐丰富。作为国家战略性新兴产业的核心领域，深海科技正从科研探索向产业 化加速迈进，叠加2024年海洋经济突破10万亿元的产业基础，深海资源开发、装备制造新能 源及信息技术等多个产业迎来系统性发展新 机遇。 深海通常指水深超过200米的海域，深海科技是指用于探索、开发和利用深海资源，并 研究深海极端环境的一系列先进技术和跨学科体系。其定义不仅包含技术工具，更承载国家 战略安全、经济新增长极和国际竞争格局重塑的多重使命。 深海科技为多个产业带来发展新机遇 深海科技主要有六大产业方向：深海能源与矿产；深海高端装备制造：深潜器与作业平 台、水下机器人；深海信息技术；深海 ...

Economic Development - Sanya's GDP surpassed 90 billion yuan in 2023 and is projected to exceed 100 billion yuan in 2024, marking a significant growth compared to 2006 levels [2] - The city aims to create a modern industrial system and high-quality development through the "one benchmark, five districts" strategy [2][7] Tourism and Consumption - Sanya has transformed from a remote destination to a preferred international tourist spot, with the opening of the Phoenix International Airport facilitating access [3] - The city is developing an international tourism consumption center, enhancing service experiences and promoting high-end tourism products [3][4] - Sanya International Duty-Free City has become a key player in integrating commerce and tourism, attracting over 92 million visitors since its opening in 2014 [4][5] Infrastructure and Connectivity - Sanya has established 26 international routes and connections to 20 overseas cities, enhancing its global connectivity [3] - The city is focusing on developing a modern trade and financial services environment, with significant growth in revenue and foreign investment since 2020 [9] Industrial Diversification - Sanya is shifting from a single-industry economy to a diversified industrial matrix, with initiatives to develop various sectors including deep-sea technology, modern agriculture, and high-end services [7][8] - The city has introduced a "chain leader system" for industrial development, aiming to create a comprehensive industrial cluster by 2030 [7] Innovation and Technology - Sanya is enhancing its technological innovation capabilities, with the establishment of multiple national and provincial research platforms and partnerships with leading research institutions [11] - The city is positioning itself as a hub for seed and deep-sea technology innovation, contributing to national food security and marine exploration efforts [12][13]

Core Viewpoint - The market is experiencing a rebound, with expectations for further upward movement in the index, particularly with a focus on small-cap stocks and technology sectors [2][3]. Index Analysis - The index opened at 3295, with a pressure point identified at 3313, which was surpassed, reaching 3316-3317 by the end of the trading day [2]. - The next resistance level is projected at 3326, aligning with the 60-day moving average, indicating a potential for further gains [2][3]. - The overall market sentiment is positive, with most sectors showing gains, except for the banking sector, which was in the red [2]. Sector Performance - A shift in market style is noted, transitioning from large-cap to small-cap stocks, and from defensive to aggressive sectors, with controllable nuclear fusion leading the gains [2][3]. - Other sectors showing strong performance include humanoid robots, consumer electronics, and semiconductors [2][3]. Investment Opportunities - Two main investment opportunities are highlighted: 1. Core sectors such as computing power and humanoid robots, which are expected to lead the market [3]. 2. Potential rebound sectors that have lagged behind, such as deep-sea technology, which may catch up in the coming days [3]. Trading Strategy - The current market position suggests an opportunity to increase positions, with a focus on strong performers and avoiding distractions from weaker stocks [4]. - Emphasis is placed on aligning trading strategies with market trends rather than following popular sentiment [4]. ETF Insights - Food and Beverage ETF (515170) has seen a slight decline of 0.67% over the past five days, with a market cap of 56.9 billion and a net outflow of 247.4 million [7]. - Gaming ETF (159869) has increased by 4.17% recently, with a market cap of 62.1 billion and a net outflow of 572.3 million [7]. - Semiconductor ETF (588170) has gained 1.50%, with a market cap of 2.3 billion and a net inflow of 641.2 million [8]. - Cloud Computing ETF (516630) has risen by 5.13%, with a market cap of 5.3 billion and a net inflow of 177.8 million [8].

作 者丨周潇枭 编 辑丨周上祺 4月2 4日，国家发展改革委、商务部、市场监管总局联合对外发布《市场准入负面清单（2 0 2 5 年版）》（以下简称《2 0 2 5年版清单》）。 市场准入负面清单制度，是以清单的形式将我国境内"禁止"和经政府"许可"才能够投资经营的 行业、领域、业务汇总列出；市场准入负面清单之外，各类经营主体皆可依法平等进入。 2 0 2 5年版市场准入负面清单事项数量， 由2 0 2 2年版的11 7项缩减至1 0 6项， 市场准入限制进 一步放宽，市场准入管理更加优化。 国家发展改革委有关负责人表示，市场准入负面清单制度的 核心要求是"全国统一" ，我国境 内各类依法设定的市场准入管理措施，全部列入全国统一的市场准入负面清单，各地区、各部 门不得另行制定市场准入性质的负面清单，即实行"全国一张清单"管理模式，做到"一单尽 列、单外无单"。另一大核心要求是"非禁即入"，市场准入负面清单之外领域，无论是国有企 业、民营企业，还是大企业、中小企业，各类经营主体皆可依法平等进入。 负面清单事项缩减至1 0 6项 实行市场准入负面清单制度，是构建高水平社会主义市场经济体制的重要制度安排。 市场准入 ...

智通财经4月23日电，神开股份涨停，巨力索具、邵阳液压、尤夫股份涨超5%，佛山照明、克莱特、坤 博精工、海默科技等跟涨。消息面上，东吴证券发布研报称，全球95%的深海区域尚未开发，深海资源 的巨大潜力成为推动深海科技发展的核心动力。 深海科技概念股震荡反弹 神开股份涨停 ...

Core Viewpoint - The Shandong Provincial Department of Industry and Information Technology has initiated the cultivation and recognition of manufacturing innovation centers, focusing on traditional, emerging, and future industries in the province [1] Group 1: Traditional Industries - The initiative emphasizes traditional industries such as metallurgy, chemicals, light industry, building materials, textiles and apparel, and machinery [1] - The goal is to encourage leading enterprises to take the lead in creating provincial manufacturing innovation centers [1] Group 2: Advantageous Industries - Key advantageous industries targeted include high-end chemicals, automotive, smart home appliances, industrial mother machines, rail transportation, marine engineering equipment, agricultural machinery, high-end aluminum materials, and modern food [1] Group 3: Emerging Industries - The focus also extends to emerging industries such as next-generation information technology, high-end equipment, new energy materials, modern medicine, green environmental protection, new energy vehicles, low-altitude economy, safety emergency equipment, and magnetic levitation [1] Group 4: Future Industries - Future industries highlighted in the initiative include the metaverse, artificial intelligence, life sciences, future networks, quantum technology, humanoid robots, and deep-sea and aerospace technologies [1]