Core Insights - The report highlights a stable growth trend in new business establishments in China, with 6.063 million new entities registered in Q1 2025, including 2.1 million new enterprises and 3.949 million individual businesses [5][9] - The People's Bank of China and other departments have issued a plan to enhance cross-border financial services, aiming to improve digital service coverage for enterprises going global [6][9] - The semiconductor industry is experiencing significant developments, particularly in domestic AI chip production, with a focus on the upcoming launch of Harmony OS PCs in May 2025 [6][13] Domestic Market Performance - The Shanghai Composite Index closed at 3,291.43, with a slight increase of 0.45%, while the Shenzhen Component Index rose by 1.27% to 9,905.53 [4] - The A-share market showed a mixed performance, with software and semiconductor sectors leading the gains, while sectors like chemicals and real estate lagged [7][12] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45% respectively, while the Nikkei 225 saw a modest increase of 0.62% [5] Industry Analysis - The software and semiconductor sectors are highlighted as leading industries in the A-share market, with a focus on the growth of AI applications and digital services [6][12] - The food and beverage sector showed signs of recovery, with a 2.34% increase in March 2025, driven by rising prices in beer and liquor [31][32] - The agricultural sector is expected to benefit from the "Accelerating the Construction of an Agricultural Power" plan, with a rebound in chicken prices noted [21] Investment Recommendations - The report suggests a focus on sectors such as software development, internet services, and food and beverage for potential investment opportunities, while also highlighting the importance of monitoring policy changes and market dynamics [11][12][18] - In the semiconductor industry, the report recommends attention to domestic manufacturers benefiting from the U.S. tariff policies and the push for self-sufficiency in the supply chain [34][36]

合规 诚信 专业 稳健 分 析 师 ：邓淑斌 SAC登记编码：S0730518030001 分 析 师 ： 郑 婷 SAC登记编码：S0730524110001 研究助理 ： 徐 至 SAC登记编码：S0730812110006 发布日期：2025年4月21日 01 布雷顿森林体系的演变 02 目 录 Contents 全球资产价格走势 03 中美贸易摩擦及影响 04 美国"对等关税"事件及影响 05 启示与建议 内部资料 严禁外传 电子邮箱：zyzqyjs@ccnew.com 电话：021-50586973 前言 n构建于1944年的布雷顿森林体系是以美元为中心的国际货币体系，一度为推动二战后国际贸易、国际投 资和国际货币金融秩序稳定发挥了积极作用，但由于其自身存在的制度缺陷和经济环境发生变化，最终在 上世纪70年代逐步瓦解，逐步被"牙买加体系"（也称之为"后布雷顿森林体系"、"无体系的体系"） 所替代，全球货币循环方式和资产定价逻辑也由此发生变化。 n近期美国宣布所谓的"对等关税"政策，不仅引发国际社会强烈反对和全球金融市场大幅震荡，也让中 美贸易摩擦争端再度升级，尽管与之相关的反制与磋商谈判仍在持续，但 ...

Investment Rating - The report maintains a "Cautious Accumulate" rating for the company [1][10] Core Views - In 2024, the company's revenue reached 3.021 billion yuan, representing an 18.59% year-on-year increase, although the growth rate decreased by 8.05 percentage points compared to the previous year [5] - The first quarter of 2025 saw a revenue of 1.108 billion yuan, a 3.04% year-on-year increase, indicating a slowdown in sales growth [5] - The sales of high-end and mid-range liquor products showed significant growth, with high-end products priced above 300 yuan increasing by 41.17% and mid-range products priced between 100 to 300 yuan increasing by 15.38% in 2024 [5] - The product structure has improved, with the sales proportion of high-end liquor (above 300 yuan) increasing to 18.75% in 2024, while the proportion of low-end liquor (below 100 yuan) decreased to 28.1% [5] - The gross margin for all product tiers has declined, primarily due to a decrease in factory prices, with the gross margin for high-end products falling to 75.99% [5] Summary by Sections Revenue and Growth - The company achieved a revenue of 3.021 billion yuan in 2024, with a growth rate of 18.59% [5] - The revenue for Q1 2025 was 1.108 billion yuan, reflecting a slowdown in growth [5] Product Performance - High-end liquor sales increased significantly, with a 41.17% rise for products above 300 yuan [5] - The sales structure has shifted positively, with an increase in the proportion of high-end products [5] Profitability - The gross margin for high-end products decreased to 75.99%, indicating pressure on profitability [5] Market Channels - The dealer channel saw a revenue increase of 15.43% in 2024, contributing significantly to overall sales [7] - The internet channel experienced a high growth rate of 43.36% in 2024 [7] Earnings Forecast - The forecasted earnings per share for 2025, 2026, and 2027 are 0.81 yuan, 0.89 yuan, and 1.09 yuan respectively, with corresponding P/E ratios of 24.29, 22.06, and 18.08 [7]

新能源动力系统 分析师：牟国洪 登记编码：S0730513030002 mough@ccnew.com 021-50586980 业绩符合预期，储能出货持续高增长 ——亿纬锂能(300014)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-18) | 收盘价(元) | 39.99 | | --- | --- | | 一年内最高/最低(元) | 58.54/31.33 | | 沪深 300 指数 | 3,772.52 | | 市净率(倍) | 2.18 | | 流通市值(亿元) | 744.39 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 18.37 | | 每股经营现金流(元) | 2.17 | | 毛利率(%) | 17.41 | | 净资产收益率_摊薄(%) | 10.84 | | 资产负债率(%) | 59.36 | | 总股本/流通股(万股) | 204,572.15/186,143.4 | | | 6 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 -11% 1% 13% 24% 36% 47% 59% 70% ...

媒体 qiaoqi@ccnew.com 021-50586985 主营业务稳健，分红比例大幅提升 ——中原传媒(000719)年报点评 证券研究报告-年报点评 买入(上调) 市场数据(2025-04-18) | 收盘价(元) | 11.99 | | --- | --- | | 一年内最高/最低(元) | 12.81/9.28 | | 沪深 300 指数 | 3,772.52 | | 市净率(倍) | 1.06 | | 流通市值(亿元) | 79.99 | 基础数据(2025-03-31) | 每股净资产(元) | 11.34 | | --- | --- | | 每股经营现金流(元) | -0.38 | | 毛利率(%) | 33.16 | | 净资产收益率_摊薄(%) | 0.95 | | 资产负债率(%) | 36.27 | | 总股本/流通股(万股) | 102,320.37/66,714.75 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -17% -11% -6% -1% 5% 10% 15% 21% 2024.04 202 ...

分析师：张刚 登记编码：S0730511010001 资料来源：聚源，中原证券研究所 -14% -8% -3% 3% 8% 14% 19% 24% 2024.04 2024.08 2024.12 2025.04 上证指数 深证成指 | 国内市场表现 | | | | --- | --- | --- | | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | 3,276.73 | -0.11 | | 深证成指 | 9,781.65 | 0.23 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,772.52 | 0.01 | | 上证 50 | 2,443.97 | -0.52 | | 科创 50 | 891.46 | 0.14 | | 创业板 50 | 1,924.26 | -0.67 | | 中证 100 | 3,611.88 | 0.00 | | 中证 500 | 5,560.72 | 0.07 | | 中证 1000 | 6,116.76 | 0.33 | | 国证 2000 | 7,801.23 | 0.58 | | 资料来源：聚源，中原证券研究所 | ...

zhangyang-yjs@ccnew.com 021-50586627 财富管理份额持续提升，归母净利实现连续增长 ——方正证券(601901)2024 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-17) | 收盘价(元) | 7.39 | | --- | --- | | 一年内最高/最低(元) | 10.27/6.68 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 1.26 | | 总市值(亿元) | 608.35 | | 流通市值(亿元) | 608.35 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 5.85 | | 总资产(亿元) | 2,556.28 | | 所有者权益(亿元) | 481.80 | | --- | --- | | 净资产收益率(%) | 4.72 | | 总股本(亿股) | 82.32 | | H 股(亿股) | 0.00 | 个股相对沪深 300 指数表现 证券Ⅱ 分析师：张洋 登记编码：S0730516040002 资料来源：聚源、中原证券研究所 -13% -7% 0% 7% 13% ...

分析师：李济生 登记编码：S0730522100002 lijs@ccnew.com 分析师：郑婷 登记编码：S0730524110001 zhengting@ccnew.com 相关报告 《河南资本市场月报（2025 年第 2 期）》 2025-3-28 《河南资本市场月报（2025 年第 1 期）》 2025-2-27 联系人：李智 电话： 0371-65585629 河南资本市场月报 （2025 年第 3 期） 证券研究报告 发布日期：2025 年 4 月 18 日 投资要点： 风险提示：美国加征关税对全球贸易系统带来的不确定性风险；经济增 长和业绩不及预期；市场流动性风险。 本报告版权属于中原证券研究所股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第 1页/共 16页 | 图 | 1 | ：2025 | | | | 年全国各月信用债发行规模 | 7 | | --- | --- | --- | --- | --- | --- | --- | --- | | 图 | 2 | ：2025 | | | | 年河南各月信用债发行规模和占比 | 7 | | 图 | 3 | ：2025 | 年 ...

证券Ⅱ zhangyang-yjs@ccnew.com 021-50586627 财富管理份额持续提升，归母净利实现连续增长 ——方正证券(601901)2024 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-17) | 收盘价(元) | 7.39 | | --- | --- | | 一年内最高/最低(元) | 10.27/6.68 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 1.26 | | 总市值(亿元) | 608.35 | | 流通市值(亿元) | 608.35 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 5.85 | | 总资产(亿元) | 2,556.28 | | 所有者权益(亿元) | 481.80 | | --- | --- | | 净资产收益率(%) | 4.72 | | 总股本(亿股) | 82.32 | | H 股(亿股) | 0.00 | 个股相对沪深 300 指数表现 资料来源：聚源、中原证券研究所 -13% -7% 0% 7% 13% 20% 27% 33% 2024.04 2024.08 ...

基础数据(2024-12-31) | 每股净资产(元) | 8.49 | | --- | --- | | 每股经营现金流(元) | 1.75 | | 毛利率(%) | 26.43 | | 净资产收益率_摊薄(%) | 8.30 | | 资产负债率(%) | 52.02 | | 总股本/流通股(万股) | 847,497.80/846,421.5 | | | 8 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com021-50586775 "全球化、数智化、低碳化"战略持续发 力，行业复苏龙头盈利修复 ——三一重工(600031)2024 年报点评 证券研究报告-年报点评 买入(维持) 市场数据(2025-04-17) | 收盘价(元) | 19.06 | | --- | --- | | 一年内最高/最低(元) | 20.54/14.95 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 2.24 | | 流通市值(亿元) | 1,613.28 | 工程机械Ⅱ 相关报告 资 ...