Core Viewpoint - The company reported a decline in revenue and profit for 2024, while maintaining a focus on strategic development and governance improvements to ensure sustainable growth and shareholder returns [2][4][12]. Financial Performance - The company's total revenue for 2024 was 769,792 million yuan, a decrease of 3.5% from 797,335 million yuan in 2023 [14]. - The total profit for 2024 was 93,546 million yuan, with a budget completion rate of 99.9%, reflecting a slight decrease of 0.6% compared to the previous year [14][15]. - Net profit increased by 9.0% to 67,983 million yuan, with earnings per share rising to 0.1989 yuan, an increase of 11.1% [14][15]. Business Segments - The smart broadcasting business generated 522,864 million yuan in revenue, accounting for 68.5% of total revenue, with a slight increase in profit margin [15]. - The cultural consumption business reported a revenue of 212,841 million yuan, a decrease of 12.05%, while the tourism business maintained stable performance with a revenue of 146,760 million yuan [15][16]. - The retail business faced significant challenges, with revenue dropping by 27.44% due to ongoing market downturns [16]. Governance and Compliance - The board of directors has been actively improving corporate governance structures and compliance with relevant laws and regulations, holding three shareholder meetings and multiple board meetings throughout the year [5][6]. - Independent directors have maintained objectivity and diligence in their roles, ensuring the protection of minority shareholders' interests [7][8]. Future Outlook - The company plans to implement a profit distribution plan for 2024, proposing a cash dividend of 0.10 yuan per share, with a total cash dividend distribution of 605,141,967.06 yuan [25][26]. - For 2025, the company aims to achieve a revenue target of 810,000 million yuan, reflecting a growth of 5.2%, while controlling costs and enhancing operational efficiency [28][30].

Group 1 - The company reported a total revenue of 351 million yuan in Q1 2025, a year-on-year decrease of 14.53% [1] - The net profit attributable to shareholders was a loss of 148 million yuan, compared to a loss of 93.17 million yuan in the same period last year [1] - The company’s cash flow from operating activities was 3.12 million yuan, an increase of 48.06% year-on-year [1] Group 2 - In the 2024 annual report, the company reported a net profit loss ranging from 1.05 billion to 1.26 billion yuan, compared to a loss of 626 million yuan in the previous year [1] - The company faced penalties from the China Securities Regulatory Commission for false statements in its 2022 annual report, which inflated total profits by 11.86 million yuan [2] - Legal consultations are available for investors who purchased shares between April 21, 2023, and December 24, 2023, and may seek compensation for losses [2]

证券研究报告：固定收益报告 发布时间：2025-06-03 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 分析师:崔超 SAC 登记编号:S1340523120001 Email:cuichao@cnpsec.com 近期研究报告 《2.2%以上，城投开抢？——信用周 报 20240526》 - 2025.05.26 固收点评 景气边际回升，政策仍需发力 ——5 月 PMI 解读 主要数据 5 月制造业 PMI 为 49.5%，前值 49.0%；非制造业商务活动指数 50.3%，前值 50.4%；综合 PMI 为 50.4%，前值 50.2%。 政策宽松力度不及预期，货币政策超预期收紧。 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 核心观点 5 月中美达成关税暂缓执行协议，中美贸易回暖，进口指数和新 出口订单指数回升，带动国内供需回暖，制造业 PMI 环比升高。考虑 到新订单指数仍处于景气线下，企业扩产意愿不强，价格水平继续走 低，外需边际改善对景气水平的提振或有限。美国逆全球化政策对中 国经济存在长期且负面影 ...

Core Viewpoint - Guangxi Broadcasting (600936) is undergoing a significant asset swap with its controlling shareholder, North Investment Group, to transition from traditional broadcasting to the more promising smart transportation sector [1][2]. Group 1: Asset Swap Details - The asset swap involves North Investment Group exchanging its 51% stake in Jiaoke Group for Guangxi Broadcasting's 100% stake in Guangxi Technology, with both assets valued at 1.411 billion yuan [1]. - Guangxi Technology is the only cable broadcasting operator in Guangxi Autonomous Region and will continue to operate broadcasting services post-transaction [1]. Group 2: Financial Impact - Following the transaction, Guangxi Broadcasting's projected revenue for 2024 is 3.19 billion yuan, an increase of 1.831 billion yuan compared to before the swap [2]. - The net profit attributable to the parent company is expected to reach nearly 200 million yuan, marking a turnaround from a loss, with earnings per share improving from -0.53 yuan to 0.12 yuan [2]. - The company's debt-to-asset ratio is anticipated to decrease significantly from 91.04% to 75.76%, reducing financial risk [2]. Group 3: Industry Context and Future Outlook - The asset swap aligns with national policies aimed at integrating cable television networks and advancing 5G development, contributing to the goal of creating a "national network" [2]. - This transaction is seen as a milestone for Guangxi Broadcasting and offers valuable insights for the broader broadcasting industry amid state-owned enterprise reforms [3]. - With the successful implementation of the asset swap and ongoing reforms, Guangxi Broadcasting is expected to enhance its core competitiveness and achieve significant success in the smart transportation sector [3].

东方金诚宏观研究 5 月稳增长政策发力叠加关税战降温，带动宏观经济景气度回升 ———— 2025 年 5 月 PMI 数据点评 王青 闫骏 冯琳 事件：根据国家统计局公布的数据，2025 年 5 月，中国制造业采购经理指数（PMI）为 49.5%，比 4 月上升 0.5 个百分点；5 月非制造业商务活动指数为 50.3%，比 4 月下降 0.1 个百分点，其中，建筑 业商务活动指数为 51.0%，比 4 月下降 0.9 个百分点，服务业 PMI 指数为 50.2%，比 4 月上升 0.1 个百 分点；5 月综合 PMI 产出指数为 50.4%，比 4 月上升 0.2 个百分点。 5 月 PMI 数据要点解读如下： 5 月制造业 PMI 指数上升 0.5 个百分点，符合预期。历史数据显示，5 月制造业 PMI 指数季节性规 律并不明显。由此，当月制造业 PMI 指数主要受关税战、宏观政策及经济基本面牵动。5 月制造业 PMI 指数回升，背后主要有两个原因：一是 4 月 25 日中央政治局会议部署"加强超常规逆周期调节"， "加紧实施更加积极有为的宏观政策"。5 月 7 日央行等部门推出包括降息降准在内的一揽子金 ...

摘要 事件： 5月31日，国家统计局公布5月PMI指数，制造业PMI为49.5%、前值49%；非制造业PMI为50.3%、前值 50.4%。 观察细分行业看，内需主导尤其国内消费支撑力大的制造业PMI表现更好，出口依赖度高或投资驱动影响大的行 业表现偏弱。 5月，装备制造、消费品等行业受内需支撑较大，两个行业PMI边际上行1.6、0.8pct至51.2%、 50.2%；食品加工、专用设备等行业也受内需影响较大，生产指数和新订单指数均高于54.0%。相比之下，出口依 赖度较高的纺织、化学纤维、黑色压延等行业生产及新订单指数均低于临界点；同时，高耗能行业PMI受外需及 国内投资较弱的双重拖累，较前月下行0.7pct至47%。 核心观点： 5月新出口指数偏低，但内需如消费品、装备制造行业PMI明显改善。 制造业分项中，新订单指数的表现，也指向内外需驱动力的分化在进一步拉大，其中内需订单的修复程度好于新 出口。 5月，内需订单指数再度回升至荣枯线以上（+0.3pct至50.1%）；4-5月平均看，该指数较3月回落2.2pct。相 比之下，新出口订单指数尽管边际回升2.8pct至47.5%，但4-5月平均值仍较3月下行 ...

Group 1 - The Hang Seng Index closed down 0.57% at 23,157.97 points on June 2 [1] - Energy and Energy Global (01142.HK) shares rose by 37.04% to HKD 1.48, with a trading volume of 5.5465 million shares and a turnover of HKD 7.4559 million, showing a volatility of 42.59% [1] - Over the past month, Energy and Energy Global has seen a cumulative increase of 18.68%, and a year-to-date increase of 71.43%, outperforming the Hang Seng Index's increase of 16.1% [1] Group 2 - For the fiscal year ending September 30, 2024, Energy and Energy Global reported total revenue of HKD 217 million, a year-on-year decrease of 31.92% [1] - The company recorded a net profit attributable to shareholders of -HKD 84.6537 million, a year-on-year decrease of 328.36% [1] - The gross profit margin stood at 1.46%, with a debt-to-asset ratio of 193.08% [1] Group 3 - Currently, there are no institutional investment ratings for Energy and Energy Global [1] - The average price-to-earnings (P/E) ratio for the general metals and minerals industry (TTM) is -2.96, with a median of -0.1 [1] - Energy and Energy Global has a P/E ratio of -5.58, ranking 46th in the industry, while other companies in the green economy sector have P/E ratios ranging from 1.8 to 2.97 [1] Group 4 - Energy and Energy Global's main business activities include coal mining and trading in Russia, digital television broadcasting in China, and vertical agriculture in China [2]

亮相，本是戏曲名词，指的是演员在台上富有雕塑感的造型展示。在人生的道路上，我们会经历无数次 亮相，也需要多种多样的舞台。《宝贝亮相吧》把舞台交给孩子，把镜头聚焦孩子，通篇贯穿"孩子 演、孩子看"的主线。在节目中的20余次表演里，孩子是绝对的主角，穿插其中的大演员不乏名角大 腕，诸如知名相声演员李伟建、获得戏剧梅花奖的京剧演员蓝天，然而，在这个"小人国"里，他们甘为 配角，担任烘托一朵朵"小红花"的"大绿叶"，或与小演员搭档配戏，或献唱经典儿童歌曲助阵。当《一 分钱》《邋遢大王奇遇记》《葫芦娃》《大头儿子和小头爸爸》等熟悉的旋律，伴随60后、70后、80 后、90后大朋友的演唱在耳畔响起，所有人瞬间穿越回了童年。 在大约120分钟的时间里，各个精彩节目轮番登场。多剧种《穆桂英挂帅》、豫剧《五世请缨》等饱含 家国大义，京剧《定军山》塑造英雄气概，京剧《岳母刺字》彰显爱国情怀，粤剧《赛龙夺锦》表现奋 斗精神。流行美与中国风结合的越剧戏歌《陪你这一程》以及激昂慷慨的《少年中国说》，则在跨越时 空的青春对话中，引导小观众用创新的眼光看待传统，自觉树立起担当时代大任的文化志向。 （作者系中国文联理论研究室副主任） 传统戏 ...

Group 1: Manufacturing Sector - The manufacturing PMI for May 2025 is reported at 49.5%, a 0.5 percentage point increase from the previous month, aligning with market expectations[2][4] - The production index rose to 50.7%, up 0.9 percentage points from last month, indicating a recovery in production activities[5][14] - New orders index increased to 49.8%, up 0.6 percentage points, reflecting improved demand conditions[5][14] - High-tech manufacturing PMI stands at 50.9%, while energy-intensive industries continue to decline, with a PMI of 47.0%[6][19] Group 2: Service and Construction Sectors - The service sector PMI slightly increased to 50.2%, driven by the "May Day" holiday effect, with significant activity in tourism and hospitality[31][32] - The construction sector PMI is at 51.0%, down 0.9 percentage points, indicating a slowdown in expansion due to housing demand constraints, although infrastructure projects are accelerating[35][36] - Special bonds issuance in May reached 443.2 billion yuan, significantly higher than April's 230.1 billion yuan, supporting investment in infrastructure[35]

Manufacturing Sector - The manufacturing PMI for May 2025 is reported at 49.5%, a significant increase of 0.5 percentage points from the previous month, aligning with market expectations[2][4] - The production index rose to 50.7%, up 0.9 percentage points from last month, indicating a recovery in production activities[5][14] - New orders index increased to 49.8%, up 0.6 percentage points, reflecting improved demand conditions[5][14] - High-energy industries continue to decline, with the PMI dropping to 47.0%, down 0.7 percentage points, indicating ongoing challenges in these sectors[6] External Trade - The new export orders index rose to 47.5%, a significant increase of 2.8 percentage points, indicating a recovery in export activities following tariff reductions[21] - The import index increased to 47.1%, up 3.7 percentage points, suggesting improved import conditions[21] Service Sector - The service sector PMI increased slightly to 50.2%, up 0.1 percentage points, remaining in the expansion zone, driven by increased tourism and hospitality activities during the May Day holiday[31] Construction Sector - The construction PMI is at 51.0%, down 0.9 percentage points, indicating a slowdown in expansion primarily due to weakened housing demand, although infrastructure projects are accelerating[35] - Special bond issuance has increased significantly, with 443.2 billion yuan issued in May, up from 230.1 billion yuan in April, supporting investment in infrastructure[35]