Report Industry Investment Rating - The overall rating for commodities and stock index futures is neutral [4] Core Viewpoints - External risks are rising, but the domestic trend remains optimistic. The Two Sessions in China set a positive tone for the year, with more proactive fiscal and moderately loose monetary policies. The government has also increased the deficit ratio and set clear targets for CPI, while expanding government credit. China's official manufacturing PMI in March showed improvement, but the year-on-year performance is still weak, and the industry is showing differentiation. The external tariff pressure from the US has increased the possibility of further domestic easing [2] - Trump's "reciprocal tariff" policy has led to a significant shock in the global financial market. China has quickly taken countermeasures. The US tariff policy will lead to a decrease in demand and an increase in inflation, which will ultimately harm the US economy itself and put the Fed in a policy dilemma of stagflation. After a short-term adjustment, anti-inflation assets such as commodities and gold can be over-allocated [2] - From the perspective of commodity investment, in the short term, we need to be vigilant against the emotional impact of the tariff event, especially for industrial products. In the long term, we should focus on the stagflation configuration. Currently, the certainty of gold is relatively high [3] - For investment strategies, in the short term, pay attention to the liquidity risk caused by the tariff event. After the market stabilizes, focus on the allocation opportunities of anti-inflation assets such as gold and commodities, as well as A-shares [4] Summary by Related Catalogs Market Analysis - The Two Sessions in China set a positive tone for the year, with a deficit ratio of 4% and a CPI target of 2%. The government has also set a special bond quota of 4.4 trillion, a local debt replacement quota of 2 trillion, and a special treasury bond of 1.8 trillion. China's official manufacturing PMI in March was 50.5, showing a month-on-month improvement but a year-on-year weakness [2] - On April 7, the US tariff policy led to a global financial market shock. A-shares opened lower, and the central Huijin Company carried out market stabilization operations. The Shanghai Composite Index fell 7.34%, the Shenzhen Component Index fell 9.66%, and the ChiNext Index fell 12.5%. The central bank has continuously increased its gold reserves for five months, and the Ministry of Commerce held a roundtable meeting for US-funded enterprises [2] - Trump signed an executive order on "reciprocal tariffs" on April 2, imposing a 10% "minimum benchmark tariff" on trading partners and higher tariffs on some. China has taken countermeasures, including imposing a 34% tariff on all US imports and controlling the export of medium and heavy rare earths. The US tariff policy will lead to stagflation and put the Fed in a policy dilemma [2] Commodity Analysis - For industrial products such as black and non-ferrous metals, be vigilant against the emotional impact of the US stock adjustment. For agricultural products, the probability of price upward fluctuations caused by tariffs is greater, and pay attention to the change in the soybean-palm oil price difference. In the energy sector, the crude oil price has declined, and the medium-term supply is expected to be relatively loose [3] - Currently, the certainty of gold is relatively high, as the de-dollarization and overseas stagflation narratives support the gold price [3] Strategy - The overall strategy for commodities and stock index futures is neutral. In the short term, pay attention to the liquidity risk caused by the tariff event. After the market stabilizes, focus on the allocation opportunities of anti-inflation assets such as gold and commodities, as well as A-shares [4] - Pay attention to three signals of market sentiment easing: the stop of the decline of US stocks and gold, the unexpected easing of central banks such as the Fed, and the progress of tariff negotiations [4] Important News - Affected by overseas tariffs, A-shares adjusted, with the Shanghai Composite Index falling 7.34% to 3096.58 points, the Shenzhen Component Index falling 9.66%, and the ChiNext Index falling 12.5% [2][6] - The central Huijin Company announced that it has increased its holdings of exchange-traded funds (ETFs) and will continue to do so to maintain the stability of the capital market [6] - China's gold reserves at the end of March were 73.7 million ounces, an increase from 73.61 million ounces at the end of February [6] - The Ministry of Commerce held a roundtable meeting for US-funded enterprises, strongly condemning the US tariff policy and emphasizing China's countermeasures to protect the legitimate rights and interests of enterprises and promote the US to return to the correct track of the multilateral trading system [6] - Central banks in Indonesia, South Korea, and Japan have taken measures to stabilize the market. The US Treasury yield curve has become steeper, and the market expects the Fed to cut interest rates significantly this year [6] - The Fed will hold a closed-door meeting on April 7 to review and determine the advance and discount rates charged by the Federal Reserve Banks [2][6] - The US dollar has depreciated against the Japanese yen and the Swiss franc [6]

截至2025年4月3收盘，长城汽车市值2142亿，市盈率17倍（港股PE仅8,5倍），估值在A股车企中垫底。说明投资者对长城汽车的靓丽业绩认可程度不高， 主要原因是缺乏深入了解，担心有"隐情"。 营收"暴起" 2025年3月29日，长城汽车（SH：601663.SH；HK：02333）披露了《2024年度报告》。报告显示：2024年长城汽车销量仅增0.37%，营收却增长16.7%、达 2202亿；归母净利润127亿、同比增长80.8%。#反差巨大# 2016年长城汽车营收986亿、同比增长30%；2017年勉强突破"千亿大关"后连续回落，2019年营收962亿、低于2016年。 2021年长城汽车营收增速陡然提高到32%、达到1364亿；2022年营收1374亿、增速仅0.7%； 2023年、2024年，营收连续"两位数增长"，2024年突破2000亿、同比增长16.7%。 若以2020年营收为基准，2021年、2022年营收指数分别为132、133；2023年"暴起"至168，2024年达196。 长城汽车将营收分为整车销售、零售部两大部分。2019年以前，整车销售占比超过90%。2020年以来呈缓慢下降。 ...

浙江泰鸿万立科技股份有限公司 首次公开发行股票主板上市公告书 提示性公告 保荐人（主承销商）：东方证券股份有限公司 扫描二维码查阅公告全文 本公司及全体董事、监事、高级管理人员保证信息披露的内容真实、准确、 完整、及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所审核同意，浙江泰鸿万立科技股份有限公司（以下简称"泰 鸿万立"或"公司"）发行的人民币普通股股票将于 2025 年 4 月 9 日在上海证券 交易所主板上市，上市公告书全文和首次公开发行股票的招股说明书全文披露于 上海证券交易所网站（www.sse.com.cn）和符合中国证监会规定条件网站（中证 网，网址 www.cs.com.cn；中国证券网，网址 www.cnstock.com；证券时报网， 网址 www.stcn.com；证券日报网，网址 www.zqrb.cn；经济参考网，网址 www.jjckb.cn；中国金融新闻网，网址 www.financialnews.com.cn；中国日报网， 网址 www.chinadaily.com.cn），并置备于发行人、上交所、本次发行保荐人（主 承销商）东方证券股份有限公司的住所，供投资者查阅 ...

Group 1 - The core point of the news is that Great Wall Motors Co., Ltd. has applied for a patent related to a method for verifying the depolarization duration of battery packs, which aims to ensure the accuracy of remaining battery capacity calculations [1] - The patent application, titled "Verification Method, Device, Vehicle, and Storage Medium for Depolarization Duration of Battery Packs," was published under CN 119758135 A and was filed on December 2024 [1] - The method involves obtaining state characteristic values of the battery pack at preset intervals when it is unloaded, including individual cell voltage values, and recording these values under certain conditions to determine the remaining capacity [1] Group 2 - Great Wall Motors Co., Ltd. was established in 2001 and is located in Baoding City, primarily engaged in the automotive manufacturing industry [2] - The company has a registered capital of 848,655.9123 million RMB and has made investments in 74 enterprises [2] - Great Wall Motors has participated in 2,314 bidding projects and holds 5,000 trademark and patent information records, along with 602 administrative licenses [2]

专利摘要显示，本发明公开了 EGR 冷却器热工性能测试系统及其测试方法，涉及冷却器测试技术领 域，解决当前 EGR 冷却器热工性能测试方式无法模拟真实工况，导致测试数据与实际使用存在偏差， 且不能全面反映 EGR 冷却器综合性能的问题，包括密封测试模块、热交换能力评估模块、传热效率分 析模块、热响应分析模块和热工性能鉴定模块，所述密封测试模块用于对冷却器的密封性进行测试，所 述热交换能力评估模块用于对冷却器的热交换能力进行评估，所述传热效率分析模块用于分析冷却器的 热传递效率，所述热响应分析模块用于对冷却器的热响应时长进行分析，所述热工性能鉴定模块用于对 冷却器的热工性能进行鉴定，本发明实现对 EGR 冷却器热工性能的全面测试。 金融界 2025 年 4 月 5 日消息，国家知识产权局信息显示，江西江铃汽车集团上饶实业有限公司申请一 项名为"EGR 冷却器热工性能测试系统及其测试方法"的专利，公开号 CN 119756923 A，申请日期为 2025 年 3 月。 天眼查资料显示，江西江铃汽车集团上饶实业有限公司，成立于2008年，位于上饶市，是一家以从事汽 车制造业为主的企业。企业注册资本5000万人民币， ...

Group 1 - The core viewpoint of the news is that China National Heavy Duty Truck Group Hubei Huawi Special Automobile Co., Ltd. has obtained a patent for a safety device that prevents unauthorized access to the manhole cover of tank vehicles, enhancing security against oil theft [1] Group 2 - China National Heavy Duty Truck Group Hubei Huawi Special Automobile Co., Ltd. was established in 2002 and is primarily engaged in the automotive manufacturing industry [2] - The company has a registered capital of 62.77 million RMB and has made investments in 2 other enterprises [2] - The company has participated in 142 bidding projects and holds 258 patents along with 4 trademark registrations and 64 administrative licenses [2]

4月3日，高企认定官网披露对江苏省认定机构2024年认定报备的高新技术企业进行第二批补充备案的公 告，苏州晟域汽车零部件有限公司在列，证书编号GR202432018708，发证日期为2025年4月3日。 公司经营范围包括，许可项目：道路货物运输(不含危险货物)(依法须经批准的项目，经相关部门批准后 方可开展经营活动，具体经营项目以审批结果为准)一般项目：汽车零部件及配件制造；汽车零部件研 发；汽车零配件批发；汽车零配件零售；智能车载设备制造；智能车载设备销售；金属材料制造；金属 材料销售；金属链条及其他金属制品制造；金属链条及其他金属制品销售；金属制品研发；金属制品销 售；模具制造；模具销售；专用设备制造(不含许可类专业设备制造)；通用设备制造(不含特种设备制 造)；通用零部件制造；机械零件、零部件加工；机械零件、零部件销售；普通机械设备安装服务；机 械设备销售；机械设备研发；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；货物 进出口；技术进出口；进出口代理(除依法须经批准的项目外，凭营业执照依法自主开展经营活动)。 主要股东信息显示，苏州晟域汽车零部件有限公司由江苏统联科技股份有限公司持股10 ...

Group 1: Market Overview - The Hong Kong stock market is expected to experience low trading activity ahead of the Qingming Festival, with investors adopting a wait-and-see approach following the announcement of reciprocal tariff measures by the U.S. President [2][3] - The Hang Seng Index opened lower and fluctuated throughout the day, ultimately closing at 23,202, a slight decrease of 4 points, with total market turnover reaching 216.598 billion [3] Group 2: Macro & Industry Dynamics - Hong Kong is reportedly considering establishing an over-the-counter trading market for delisted stocks, providing investors with an opportunity to recover losses from nearly worthless securities [6] - Deloitte forecasts that Hong Kong's IPO market will remain strong, with expectations of 80 new listings and a fundraising scale of 130 to 150 billion, following a significant increase in new listings and capital raised in the first quarter [7] Group 3: Company News - Dongfeng and Changan Automobile are in the final stages of merger negotiations, which would create the largest automotive company in mainland China, focusing on electric vehicle development [9] - BYD has announced a price reduction for its electric vehicles in Japan, marking its first price cut in the country, aimed at boosting sales amid stagnant demand [10] - Postal Savings Bank of China plans to raise 130 billion RMB through A-share placement, which is expected to enhance its core Tier 1 capital ratio by 1.5 percentage points [11]

证券代码：301535 证券简称：浙江华远 公告编号：2025-008 浙江华远汽车科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 召开第二届董事会第六次会议，审议通过《关于提请召开 2025 年第一次临时股 东大会的议案》，公司决定于 2025 年 4 月 18 日召开 2025 年第一次临时股东大 会（以下简称"股东大会"）。根据有关规定，现将本次会议的有关事项通知如下： 一、会议召集基本情况 会第六次会议审议通过，召集程序符合《公司法》《公司章程》《公司股东 大会议事规则》等有关规定。 （1）现场会议召开时间：2025 年 4 月 18 日（周五）14:00 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体 时间为 2025 年 4 月 18 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证 券交易所互联网投票系统投票时间为：2025 年 4 月 18 日 9:15 至 15:00 期间 的任意时间。 （1）现场投票：股东本人出席本次会议现场会议或者通过授权委托书（见 附件 2）委托他 ...

Core Viewpoint - Avita Technology (Chongqing) Co., Ltd. has applied for a patent related to customer resource distribution control methods, which aims to enhance customer conversion rates and improve management efficiency [1]. Group 1: Patent Application - The patent application titled "A Customer Resource Distribution Control Method, Device, Equipment, and Storage Medium" was published with the number CN 119740774 A, and the application date is November 2024 [1]. - The method involves determining suitable business personnel based on target customer resource distribution instructions and their retention information, followed by distributing business resources accordingly [1]. - The technology aims to update the personal weight of candidates after each distribution operation based on their current business time and target quantity information [1]. Group 2: Company Overview - Avita Technology (Chongqing) Co., Ltd. was established in 2018 and is primarily engaged in the automotive manufacturing industry [2]. - The company has a registered capital of approximately 199.5 million RMB and has made investments in three other enterprises [2]. - The company has participated in 1,111 bidding projects and holds 795 trademark records and 2,229 patent records, along with eight administrative licenses [2].