保险行业点评 万能险机制功能和定位迎来重构 2025 年 04 月 27 日 分析师：张凯烽 研究助理：李劲锋 执业证号：S0100524070006 执业证号：S0100124080012 邮箱：zhangkaifeng@mszq.com 邮箱：lijinfeng_2@mszq.com [Table_Author] 推荐 维持评级 ➢ 事件：2025 年 4 月 25 日，国家金融监督管理总局发布《关于加强万能型 人身保险监管有关事项的通知》（以下简称《通知》），就产品开发、保障水平、账 户管理、资金运用和销售行为等方面进行了规范和调整。 ➢ 产品管理：强化万能险保障属性，拉长万能险期限。1）万能险定义，产品 设计和开发规范化：《通知》明确万能险定义，通过四项特征（如名称含"万能 型"、保障功能、单独账户、最低收益保证）来正式确定万能险产品，引导万能险 产品设计规范化发展，有利于杜绝部分产品设计和功能"异化"，同时有望加强消 费者权益保护，减少相关产品误导。2）万能险机制的适用险种，同时引导产品 长期化：《通知》仅允许终身寿险、两全保险和年金保险设计为万能型，定期寿险 被剔除，同时保障期限不得低于 5 年。 ...

钢铁周报 20250427 关税政策有所缓和，钢价企稳回升 2025 年 04 月 27 日 ➢ 价格：本周钢材价格上涨。截至 4 月 25 日，上海 20mm HRB400 材质螺 纹价格为 3200 元/吨，较上周升 70 元/吨。高线 8.0mm 价格为 3410 元/吨， 较上周升 80 元/吨。热轧 3.0mm 价格为 3260 元/吨，较上周升 20 元/吨。冷轧 1.0mm 价格为 3710 元/吨，较上周降 80 元/吨。普中板 20mm 价格为 3490 元 /吨，较上周升 20 元/吨。本周原材料中，国产矿市场价格震荡，进口矿市场价 格上涨，废钢价格上涨。 ➢ 利润：本周钢材利润上升。长流程方面，我们测算本周行业螺纹钢、热轧和 冷轧毛利分别环比前一周变化+16 元/吨，+6 元/吨和-94 元/吨。短流程方面， 本周电炉钢毛利环比前一周变化+11 元/吨。 ➢ 产量与库存：截至 4 月 25 日，五大钢材产量上升，总库存环比下降。产量 方面，本周五大钢材品种产量 876 万吨，环比升 3.13 万吨，其中建筑钢材产量 周环比减 1.79 万吨，板材产量周环比升 4.92 万吨，螺纹钢本周减 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6][4]. Core Views - The company experienced a significant improvement in Q1 profitability, with a continuous optimization of product structure [1]. - Despite a decrease in revenue and net profit for 2024, the first quarter of 2025 showed a recovery in net profit [1][2]. - The company is focusing on high-end product development and international expansion, which are expected to drive future growth [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 322.116 billion yuan, a year-on-year decrease of 6.60%. The net profit attributable to shareholders was 7.362 billion yuan, down 38.36% year-on-year [1]. - For Q1 2025, revenue was 72.880 billion yuan, a decrease of 9.82% year-on-year, while net profit increased by 26.37% year-on-year to 2.434 billion yuan [1][2]. Sales and Margins - Steel sales in 2024 were 51.59 million tons, a slight decline of 0.6% year-on-year. The company aims to sell 52.24 million tons in 2025, a 1.3% increase [2]. - The average product price in 2024 was 4,507 yuan/ton, down 6.89% year-on-year. The gross margin improved to 7.22% in Q1 2025, up 2.09 percentage points year-on-year [2]. Dividend Policy - The company plans to distribute a cash dividend of 0.10 yuan per share, totaling approximately 2.15 billion yuan, with an overall payout of 4.516 billion yuan for the year, resulting in a dividend payout ratio of 61.34% [2]. Future Outlook - The company is optimizing its product structure, with a focus on high-strength steel and silicon steel products, which are gaining market share [3]. - Key projects are progressing, including the establishment of high-end steel production capacities [3]. - The company is expanding its international presence, with a notable increase in export volumes [3]. Profit Forecast - The company is expected to achieve net profits of 9.830 billion yuan, 11.122 billion yuan, and 12.427 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 15, 13, and 12 [4][5].

国轩高科（002074.SZ）2024 年年报及 2025 年一季报点评 资料来源：Wind，民生证券研究院预测；（注：股价为 2025 年 4 月 25 日收盘价） 业绩符合预期，优质客户持续突破 2025 年 04 月 27 日 ➢ 事件。2025 年 4 月 25 日，公司发布 2024 年年报和 2025 年一季报。24 年公司全年实现营收 353.92 亿元，同比+11.98%；实现归母净利润 12.07 亿元， 同比+28.56%；扣非后归母净利润 2.63 亿元，同比+125.86%。25 年一季度实 现营收 90.55 亿元，同比+20.61%；实现归母净利润 1.01 亿元，同比+45.55%； 扣非后归母净利润 0.15 亿元，同比+37.59%。 ➢ Q4 拆分。营收和净利：公司 2024Q4 营收 102.17 亿元,同比+3.97%，环 比+21.91%；归母净利润为 7.94 亿元，同比+22.72%，环比+463.12%；扣非 后归母净利润为 2.05 亿元，同比+215.38%，环比+2462.50%。毛利率：2024Q4 毛利率为 18.05%，同比+1.28pcts，环比- ...

国轩高科（002074.SZ）2024 年年报及 2025 年一季报点评 业绩符合预期，优质客户持续突破 2025 年 04 月 27 日 ➢ 事件。2025 年 4 月 25 日，公司发布 2024 年年报和 2025 年一季报。24 年公司全年实现营收 353.92 亿元，同比+11.98%；实现归母净利润 12.07 亿元， 同比+28.56%；扣非后归母净利润 2.63 亿元，同比+125.86%。25 年一季度实 现营收 90.55 亿元，同比+20.61%；实现归母净利润 1.01 亿元，同比+45.55%； 扣非后归母净利润 0.15 亿元，同比+37.59%。 ➢ Q4 拆分。营收和净利：公司 2024Q4 营收 102.17 亿元,同比+3.97%，环 比+21.91%；归母净利润为 7.94 亿元，同比+22.72%，环比+463.12%；扣非 后归母净利润为 2.05 亿元，同比+215.38%，环比+2462.50%。毛利率：2024Q4 毛利率为 18.05%，同比+1.28pcts，环比-0.28pct。净利率：2024Q4 净利率为 7.30%，同比+1.11pcts，环比+6. ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company achieved a revenue of 370 million yuan in Q1 2025, representing a year-on-year increase of 4.5%, while the net profit attributable to shareholders decreased by 6.1% to 40 million yuan [1] - The company opened 711 new stores in Q1 2025, with a net increase of 501 stores, bringing the total to 5,644 stores. This includes 504 stores from acquisitions and 44 from new brands [2] - The company’s gross margin for Q1 2025 was 25.5%, a decrease of 0.5 percentage points year-on-year, primarily due to increased costs from the new Wuhan factory [3] - The company is expected to achieve revenue growth of 10.6%, 10.2%, and 7.7% for the years 2025, 2026, and 2027, respectively, with net profits projected to be 260 million, 290 million, and 310 million yuan [4] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 370 million yuan, with a year-on-year growth of 4.5%. The net profit attributable to shareholders was 40 million yuan, down 6.1% year-on-year [1] - The company’s gross margin was 25.5%, down 0.5 percentage points year-on-year, mainly due to additional costs from the new factory [3] Store Expansion - The company opened 711 new stores in Q1 2025, achieving a net increase of 501 stores, with a total of 5,644 stores. The closure rate improved compared to the previous quarter [2] - The company aims to open 1,000 new stores throughout 2025, with expectations for single-store revenue to recover [4] Revenue Projections - The company forecasts revenues of 1.85 billion, 2.04 billion, and 2.19 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 10.6%, 10.2%, and 7.7% [5][4] - The projected net profits for the same years are 260 million, 290 million, and 310 million yuan, with a slight decline in 2025 followed by growth in subsequent years [5][4]

计算机行业动态报告 AI+政务：最具执行力的 AI 应用落地方向 2025 年 04 月 26 日 ➢ AI 为政务办公实现效率提升。政务 IT 涉及大量办公场景（12345 热线、社 保、公积金等等），通过 AI 辅助有望大幅提升办公效率，新点软件承建的智能政 务助手"深小 i"，让公众通过日常对话式提问即可获取精准指引。该系统已整合 企业注册、社会保障、户籍办理等六大民生高频领域的智能化知识库，实际运行 数据显示，该平台在政务服务咨询场景下单次应答准确率达 90%，处理效能显著 优于传统人工模式。 ➢ 投资建议：DeepSeek 出圈引发国内 AI 落地进程加速，而近期深圳推出"AI+ 政务助手"大幅提升政务工作效率，也引起了社会广泛关注。我国政务信息化市 场空间广阔，包含招采、财政、税务、司法等大量专业的垂直领域，同时链接 B 端、C 端用户，AI 赋能带来的提效降本空间较大。同时政务信息化体系建设节奏 大多自上而下推动，在全年拥抱 AI 的浪潮下，AI+政务有望更快速落地。建议关 注：1）AI+政务产业链：新点软件、数字政通、博思软件、税友股份、中科江南、 南威软件；2）政务云与一体机产业链：科大讯飞 ...

有色金属周报 20250426 美对华关税政策缓和，工业金属价格持续反弹 2025 年 04 月 26 日 ➢ 本周（04/21-04/25）上证综指下跌 0.07%，沪深 300 指数上涨 0.07%，SW 有 色指数上涨 0.27%，贵金属 COMEX 黄金上涨 0.60%，COMEX 白银上涨 3.10%。工业 金属 LME 铝、铜、锌、铅、镍、锡价格分别变动+1.96%、+2.19%、+3.46%、 +1.16%、-0.18%、+1.97%，工业金属库存 LME 铝、铜、锌、铅、镍、锡分别变动- 2.90%、-4.66%、-7.83%、-2.68%、-1.01%、-1.40%。 ➢ 工业金属：美对华关税政策缓和，降息预期升温，内需维持强势，工业金属价格持 续反弹。核心观点：宏观层面关税矛盾缓和，美联储降息预期升温；国内旺季叠加贸易 套利反复，工业金属价格持续反弹。铜方面，供应端，本周 SMM 进口铜精矿指数报- 42.52 美元/吨，周度环比减少 7.81 美元/吨，海外 Antamina 铜矿事故停产，铜精矿供 应进一步趋紧，冶炼厂亏损加剧。需求端，国内铜线缆企业开工率 91.23%，环比增长 3. ...

视源股份（002841.SZ）2024 年年报及 2025 年一季报点评 Q1 收入稳增，毛利率环比企稳 2025 年 04 月 27 日 ➢ 事件：2025 年 04 月 23 日，公司发布 2024 年年报和 2025 年一季度业绩报告， 2024 年公司实现营收 224.01 亿元，同比增长 11.05%；归母净利润 9.71 亿元，同比下 降 29.13%；扣非归母净利润 8.37 亿元，同比下降 27.94%；拟现金分红总额 4.72 亿元， 分红率达 48.57%，提升 5.7pct。25Q1 营收 50.05 亿元，同比增长 11.35%；归母净利 润 1.62 亿元，同比下降 9.23%；扣非归母净利润为 1.04 亿元，同比下降 26.63%。 分析师 马天诣 执业证书： S0100521100003 邮箱： matianyi@mszq.com 分析师 范宇 执业证书： S0100525030002 邮箱： fanyu@mszq.com 相关研究 ➢ 24 年收入增速稳健，家用控制器及海外业务引领成长。分产品看，24 年 1）智能控 制部件营收达 102.74 亿元，同比增长 20.37%， ...

Investment Rating - The report maintains a "Recommended" rating for Huayang Co., Ltd. (600348.SH) [5] Core Views - The company has maintained a high dividend payout ratio of 50% for two consecutive years, with a dividend yield of 4.7% based on the closing price on April 25, 2025 [3] - The company is expected to see a gradual recovery in net profit from 2025 to 2027, with projected net profits of 2.40 billion, 2.78 billion, and 3.15 billion yuan respectively, corresponding to EPS of 0.66, 0.77, and 0.87 yuan per share [3][4] - The company has effectively controlled costs in the first quarter of 2025, leading to a year-on-year increase in gross profit despite a decline in revenue [2] Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 25.06 billion yuan, a decrease of 12.13% year-on-year, and a net profit attributable to shareholders of 2.23 billion yuan, down 57.05% year-on-year [1] - For Q1 2025, the company achieved operating revenue of 5.82 billion yuan, a decline of 5.53% year-on-year, and a net profit of 597 million yuan, down 31.18% year-on-year [1] - The company experienced non-recurring gains of 127 million yuan in 2024 and non-recurring losses of 34 million yuan in Q1 2025 [1] Coal Production and Sales - In 2024, coal production and sales were 38.37 million tons and 35.54 million tons respectively, down 16.42% and 13.32% year-on-year [2] - In Q1 2025, coal production increased significantly by 16.85% year-on-year to 9.94 million tons, and sales rose by 5.67% to 8.75 million tons [2] - The gross profit margin for Q1 2025 was 35.96%, an increase of 3.83 percentage points year-on-year, driven by effective cost control [2] Dividend Policy - The company plans to distribute a cash dividend of 0.309 yuan per share for the 2024 fiscal year, totaling 1.115 billion yuan, maintaining a dividend payout ratio of 50.11% [3] - The high dividend payout ratio reflects the company's commitment to returning value to shareholders while pursuing growth [3]