24 年营收、利润承压下滑，净利率及周转率拖累 ROE 提升 24 年 CS 建筑板块实现营收 86997 亿元，同比-4.1%，实现归母净利润 1689 亿元，同比-14.4%，营收增速同比下降 11.8pct，业绩增速同比下降 21.4pct。 利润增速慢于营收增速主要系费用率上升、减值损失增加、周转率均小幅下 滑。24 年 ROE（摊薄）6.5%，同比下降 1.49pct。25Q1 建筑板块营收/归母 同比-6%/-8.4%。25Q1 建筑板块或受一季度开复工慢于去年农历同期，项目 落地进度放缓影响，展望 Q2 以及下半年，新增专项债发行提速、资金到位 加快，考虑到关税态势下外需面临的较大压力，内需刺激政策有望进一步发 力，加速推动实物工作量落地，建筑公司基本面或将迎来修复。

大类资产总览：4 月大类资产普遍历经风险的集中释放，A 股超跌修复， 债市走牛，商品分化、黄金走强，全球股指涨跌不一。2）A 股：4 月主要宽 基指数均收跌，成长、周期领跌，仅稳定风格收涨，美容护理、农林牧渔行 业领涨；4 月关税落地、中方反制，宽基指数企稳修复，走出 V 字底，期间 与中方反制相关的农业板块以及资金避险的稳定板块相对抗跌。3）债券：4 月债市走牛，收益率打破一季度上行趋势、扭头下行，长端利率下行幅度更 大，期限利差收窄，利率曲线趋于平坦；存单利率与 10 年期国债利率继续 倒挂；信用利差震荡上行。4）商品：4 月商品多数走弱，原油大跌，黄金继 续走牛，美元信用下行叠加资金避险需求上行，comex 黄金 4 月 21 日突破 3400 报 3411 美元/盎司。5）海外权益：全球股指涨跌不一，美股整体走弱、 欧股、亚太分化；欧股中德国 DAX30 指数收涨；亚太股指中仅台湾加权指数、 恒生指数以及 A 股宽基指数收跌。6）美债：流动性踩踏促使美债利率一度 走高，10 年期利率最高接近 4.5%，4 月美债期限利差上行，隐含通胀回落， 中美利差走阔。

市场回顾：截至 4 月 21 日收盘，汽车（中信）行业指数下跌 6.62%，跑输同期沪深 300 指数 3.99pct，在中信 30 个一级行业 中排名第 27 名。本月个股涨幅靠前的 5 名分别是林泰新材、九 菱科技、曙光股份、浩淼科技、双林股份。

An automotive touch screen control system is an all-in-one unit that can control various functions in a vehicle, which can be navigated using a touch screen panel; this touch screen panel eliminates many of the switches, buttons, and cluttered dials that occupy the dashboard of a vehicle. An automotive touch screen control system can provide fast response time, unlimited touch identification, low power consumption, and robust operation to touch-based designs. An automotive touch screen control system provides quick access to various temperature control systems and infotainment and allows the fine-tuning and control of the vehicles air conditioning system. Furthermore, an automotive touch screen control system enables immediate access to important data, such as engine status, inside and outside temperatures, battery levels, tire pressure, and fuel efficiency.

An automotive transmission gearbox is a crucial component of a vehicles powertrain that transmits power from the engine to the wheels while regulating speed and torque. It allows the driver to change gears efficiently, optimizing performance, fuel efficiency, and drivability. Transmission gearboxes come in various types, including manual transmissions (MT), automatic transmissions (AT), continuously variable transmission (CVT), and electric vehicle (EV) transmissions, each designed to meet different driving needs and vehicle applications.

Boat docks and lifts are a type of machinery that is used to lift and handle boats. This machinery helps in keeping the boats safe and sustaining their integrity by protecting them from corrosion and breakage. These machines are generally used for transporting boats between water at two different elevations and offer an alternative to the canal lock and the canal inclined plane. These machines find applications in household and commercial spaces. The global boat docks and lifts market comprises establishments that are primarily engaged in the manufacturing of docks, lifts, and related accessories.

Body worn video cameras are valuable tools that can be used by law enforcement personnel to record arrests, traffic stops, interviews and sobriety tests. Body worn video camera systems generally consist of a camera, battery, microphone, and onboard data storage. They are designed to be worn or head-mounted at different locations on the body, depending on the model.

Business process automation refers to the use of technology and software to streamline and automate repetitive and manual tasks within a business. It involves identifying, analyzing, and optimizing existing processes to eliminate inefficiencies, reduce human error, and increase productivity. Business process automation typically involves the implementation of digital tools such as workflow software, robotics, and artificial intelligence, to automate tasks, including data entry, document processing, and customer support. By automating these processes, organizations can improve operational efficiency, achieve cost savings, free up the time of the employees for more valuable work, ensure greater accuracy, and provide a better experience for both employees and customers.

Business process management (BPM) is a practice in operations management that includes analyzing and modeling business processes to work in different scenarios, executing improvements, and monitoring and optimizing the improved processes continuously. It is an ongoing activity that involves continuous process re￾engineering. BPMaaS refers to software solutions that enable enterprises to implement BPM to increase the efficiency of their business workflows.

Business Intelligence (BI) is application software that captures business data and presents it in user-friendly views such as reports, dashboards, charts, and graphs. Business intelligence allows business entities to gather, store, analyze, and gain a better understanding of in-house data for an effective decision-making process. This application program uses a fact-based support system to derive insights and provide a business advantage to an organization. A few of the features of the business intelligence and analytics platform are online analytical processing, query and reporting, advanced analytics, corporate performance management, and collaborative business intelligence.