证券研究报 告 【策略专题】 分红能力盘点：周期&公用篇 ——自由现金流资产系列 12 工业金属：25Q1 现金流比例 33%，具备较大股东回报提升空间 石化：25Q1 现金流比例 26%，盈利周期熨平、现金流稳定 港口： 25Q1 现金流比例 33%，市场或已充分认知其稳定现金创造能力 2）行业逻辑演变带来现金流改善：航运受益于近年来地缘事件频繁、运价 大波动的时代背景，农业则正发生开支周期转向平稳阶段的积极变化： 航运：25Q1 现金流比例 41%，地缘事件频繁、运价大波动时代 农业：25Q1 现金流比例 34%，开支周期进入平稳阶段 3）景气周期承压：虽然资本开支力度下降，但 EPS 压力较大，包括煤炭、 钢铁、建材、航空机场、地产： 煤炭：25Q1 现金流比例 25%，煤价下跌与开支高位持续矛盾 钢铁：25Q1 现金流比例 42%，去库影响显著 建材：25Q1 现金流比例 28%，股东回报提升空间有限 航空机场：25Q1 现金流比例 64%，盈利规模与疫情前接近 地产：25Q1 现金流阶段性修复，去库补充现金流 4）仍处高资本开支阶段：资本开支力度均在 2 以上，行业逻辑仍以扩张为 主，包括贵金属、能 ...

Group 1 - The core objective of the implementation plan is to establish a comprehensive green low-carbon standard system by 2027, with over 100 standards to be revised or developed in the green low-carbon sector [1] - By 2030, the foundation of the industrial and information technology green low-carbon standardization work is expected to be more solid, with a more complete standard system and a more significant supporting role for standardization in green low-carbon development [1] - The plan emphasizes the importance of standard innovation in leading the cultivation of green low-carbon industries, including the development of standards for industrial green microgrids, clean low-carbon hydrogen applications, and efficient utilization of low-temperature waste heat [1] Group 2 - The implementation plan aims to strengthen the collaborative support of digitalization and greening standards, focusing on revising standards for key areas such as data centers and communication facilities [2] - It seeks to break through the application standards of digital technologies like artificial intelligence and blockchain in fine green management processes and supply chains [2] - The plan includes measures to accelerate the update of energy-saving and water-saving standards and promote the iterative upgrade of green manufacturing standards [2]

重要内容提示： ● 被担保人名称：福建三明海中环保科技有限责任公司（以下简称"三明海中 环保"），为安徽海螺水泥股份有限公司（以下简称"本公司"）附属公司。 ● 担保金额及已实际为其提供的担保余额：本次由本公司附属公司安徽海中环 保有限责任公司（以下简称"安徽海中环保"）为三明海中环保提供担保，担保金 额为人民币 1,000 万元。截止本公告披露日，除本次担保外，本公司及附属公司未向 三明海中环保提供其他担保。 ● 担保是否有反担保：无 三明海中环保与兴业银行股份有限公司三明分行（以下简称"兴业银行三明分 行"）签订了借款金额为人民币 1,000 万元的借款合同，借款期限为 1 年。同时，安 徽海中环保与兴业银行三明分行签订了保证合同，为上述借款提供全额连带责任保 证。 股票简称：海螺水泥 股票代码：600585 公告编号：临 2025-21 安徽海螺水泥股份有限公司 Anhui Conch Cement Company Limited 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本公司分别于 2025 年 3 月 24 ...

Meeting Information - The company will hold its second extraordinary general meeting of shareholders on July 11, 2025, at 14:30 [1] - The meeting will utilize both on-site and online voting methods [1] - Online voting will be available from 9:15 to 9:25, 9:30 to 11:30, and 13:00 to 15:00 on the same day [1] Eligibility and Attendance - Shareholders registered by the end of the trading day on the record date are eligible to attend and vote [2] - Other attendees include company directors, supervisors, senior management, and appointed lawyers [2] Agenda Items - The meeting will discuss proposals including the extension of certain fundraising investment projects and the allocation of surplus funds [3] - Proposal 2.00 requires a special resolution, needing over two-thirds approval from attending shareholders [3] Registration Process - Individual shareholders must present valid identification or authorization documents if represented by an agent [4] - Corporate shareholders must provide relevant documentation, including a power of attorney from the legal representative [4] Voting Procedures - Shareholders can vote on non-cumulative proposals by indicating their agreement, disagreement, or abstention [6] - Voting through the Shenzhen Stock Exchange trading system and internet voting system is detailed in the provided guidelines [6] Contact Information - For inquiries, shareholders can contact the company via provided phone numbers and email [4]

Group 1 - The core theme of the news is the role of intellectual property in driving the revitalization of Northeast China, with Harbin Engineering University (HEU) as a key player in this initiative [1][2] - HEU has implemented artificial intelligence technology to enhance the management of its patent assets, successfully revitalizing 6,683 existing patents, making it the second university in China to achieve this [1] - The university's Technology and Innovation Support Center (TISC) provides comprehensive intellectual property information services, including patent retrieval and analysis, which supports local companies like Heilongjiang Hachuan Carbon Material Technology Co., Ltd. [1] Group 2 - During the 14th Five-Year Plan period, HEU has transformed 374 scientific and technological achievements, generating approximately 112 million yuan in revenue [1] - Notable achievements include the development of high-performance flame-retardant polypropylene honeycomb materials, which have led to a core patent technology transfer worth 4 million yuan, with projected annual output value of 1 to 3 billion yuan by 2025 [1] - Another significant innovation is the long-lasting antibacterial indoor pollution treatment agent developed by HEU, which is expected to generate 100 million yuan in industry chain value within three years through a 5 million yuan patent transfer and equity arrangement [2] Group 3 - HEU's president emphasizes the commitment to deepening reforms in the intellectual property sector, aiming to protect, transform, and operate high-value patents while exploring diverse transformation models [2] - The university's efforts are aligned with national strategic needs and aim to contribute significantly to the high-quality development and sustainable revitalization of the Heilongjiang region [2]

Group 1 - The Henan Kaifeng Ruida Pharmaceutical Technology Company has achieved results in the major scientific and technological project "Research and Clinical Application of New Targeted (Innovative) Drugs for Malignant Tumors" [1] - The innovative drug RDc001 has received approval for clinical trials, supported by local government policies [1] - The company focuses on biopharmaceutical research, particularly in high-tech cancer-targeted drug projects, which require significant funding and have long development cycles [1] Group 2 - Kaifeng City has implemented a "loan-equity linkage" model to support enterprises, establishing a science and technology innovation fund to provide equity investment [1] - In the first quarter, the number of banks cooperating with the "Bian Ke Loan" program expanded to five, enhancing financial services for technological innovation [1] - Kaifeng's high-tech industry added value accounted for a significant portion of the province's industrial output, with 333 high-tech enterprises reported [1] Group 3 - The Kaifeng Shunhe Hui Autonomous District is home to the Kaifeng Times New Energy Technology Company, which focuses on core technologies for all-vanadium flow batteries [2][3] - The district has successfully cultivated several high-tech enterprises, including Deerl Air Separation and Kaifeng Times, through a collaborative model involving leading enterprises, research institutions, and innovation teams [3] - Kaifeng has secured 13 provincial science and technology projects this year, including an "AI + new materials" project by Aitu Environmental Technology Company [3]

Group 1: Company Developments - Lawson opened a new store in Tokyo utilizing AI and robotics technology, featuring product recommendations on electronic screens and robots for cooking and display [1] - Yonghui Supermarket announced a plan to remodel 200 stores by September 30, completing the first 100 remodels, marking a systematic phase of its "Fat Donglai" model [1] - China Metallurgical Group established a new investment company in Xiong'an with a registered capital of 100 million RMB, focusing on investment activities and management consulting [2] - Haitian Flavouring and Food Co. signed a cooperation agreement with Sichuan University to establish a joint innovation research center, investing 50 million RMB over five years [3] - JD Logistics began recruiting full-time riders for its food delivery service, enhancing operational efficiency and service offerings [4] Group 2: Financing Activities - "Yikong Zhijia" completed over 400 million RMB in Series D financing, led by CATL Capital, to focus on R&D and international market expansion [5] - Jiangsu Liwan Electronics announced the completion of several million RMB in A+ round financing for the development of wafer testing equipment [6] - Mipure Biotechnology completed 20 million RMB in Series A financing to enhance product development and market expansion [8] Group 3: New Products and Innovations - Huawei Cloud launched its new CloudDevice product line at HDC 2025, featuring cloud-based devices with high performance and low latency [9] - Faraday Future introduced the FF AI 2.0 system, which integrates with the FF 91 model and supports real-time language switching and complex command understanding [10]

Group 1: Core Insights - The report highlights the industries showing signs of economic prosperity based on medium-term data and profit forecasts, indicating potential investment opportunities [3][6]. - The report emphasizes the importance of monitoring macroeconomic indicators and sector performance to identify favorable investment sectors [3][6]. Group 2: Industry Performance - The top-performing industries in January, March, and over the past year include Communication (7.9%, 0.3%, 28.0%), Banking (6.0%, 11.2%, 33.4%), and Media (4.6%, 0.2%, 42.6%) [1]. - Conversely, the bottom-performing industries include Food & Beverage (-7.3%, -7.6%, -1.7%), Automotive (-6.9%, -6.7%, 27.4%), and Household Appliances (-6.6%, -8.0%, 9.0%) [1]. Group 3: Environmental Sector Insights - The environmental sector is experiencing stricter monitoring standards, with leading companies positioned to benefit from these changes, particularly in waste management and recycling [5][7]. - The report identifies specific companies such as Huaneng Environment and Huicheng Environmental as key players benefiting from carbon neutrality initiatives and significant project wins [5].

在谈及香港的绿色发展进程时，他引述一系列数据称，自2014年碳达峰后，香港正稳步朝着2050年实现 碳中和的目标迈进。在绿色金融方面，去年在香港发行的绿色及可持续债务总额超过840亿美元。 香港特首李家超：期待欧盟企业参与香港北部都会区建设 中新社香港6月23日电 (记者 戴小橦)香港特区行政长官李家超23日表示，北部都会区是香港绿色发展新 引擎，希望欧盟公司参与香港北部都会区建设。 6月23日，香港特区行政长官李家超出席"绿色之道2025:加速变革"活动并致辞。(香港特区政府新闻 处供图) 李家超当日出席"绿色之道2025:加速变革"活动时致辞表示，欧盟长期以来是香港重要的商业伙伴，目 前有1640家欧盟企业扎根香港，双方在商业、教育、文化、科技创新等多领域合作紧密，在应对气候变 化等议题上也有着共同目标。 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 他提到，不少欧盟企业在废物管理、循环利用等环保领域拥有专业技术和丰 ...

Meeting Agenda - The second extraordinary general meeting of shareholders will be held on June 30, 2025, at 14:30, lasting half a day [1] - The meeting will include the following proposals: 1. Proposal on the progress of performance commitment compensation for the controlling subsidiary 2. Proposal to adjust the business scope and amend the Articles of Association 3. Proposal to amend company systems 4. Proposal to provide guarantees for affiliated companies [1][2] Proposal Summaries Proposal 1: Performance Commitment Compensation Progress - The controlling subsidiary, Zhejiang High Energy Times Recycling Technology Co., Ltd., plans to sell its 51% stake in Lankai High Energy Lijia Medical Technology Co., Ltd. for 35.4762 million RMB due to unmet performance targets over two consecutive years [4][5] - The performance targets for 2023 and 2024 were not achieved, with net profits of 9.2367 million RMB and 14.2802 million RMB against targets of 10 million RMB and 15 million RMB respectively [5][6] - The transaction is expected to recover cash of 37.27 million RMB, alleviating financial burdens and aligning with the company's long-term strategy [6][7] Proposal 2: Adjustment of Business Scope and Amendment of Articles of Association - The company proposes to expand its business scope to include additional activities such as geological exploration services and precious metal manufacturing [8][9] - The amendments to the Articles of Association will be comprehensive, aligning with current laws and regulations [9] Proposal 3: Revision of Company Systems - The company aims to revise its internal systems to enhance corporate governance and protect investor rights, particularly for minority shareholders [10] Proposal 4: Guarantee for Affiliated Company - The company plans to provide a guarantee of up to 1.5 million RMB for a loan application by its affiliated company, Jin Yu Environment, to support its daily operations [10][11] - Jin Yu Environment has a total asset of approximately 499.80 million RMB and a debt ratio of 67.78% as of March 31, 2025 [12]