Report Industry Investment Rating No relevant content provided. Core Views of the Report - Last week, the A-share market declined, with most major global indices also falling. Only 4 out of the Shenwan industry indices closed higher, and 7.25% of the 1021 Wind concept sector indices closed up [3][6]. - Active equity funds underperformed last week. In the fixed - income category, products with higher equity attributes had weaker average returns than purer bond - type products. QDII funds also performed poorly on average, while gold funds stood out [3]. - The total scale of newly established funds last week reached 20.469 billion yuan, a 315.90% increase from the previous week. There were 9 newly issued, 4 newly established, and 11 newly listed on - exchange funds last week. This week, 15 ETFs are to be issued and 8 are to be listed [3]. - Some forward - looking public funds are targeting "pioneering" differentiated ETF products to gain a market edge. Bank wealth management is actively entering the market through ETFs [3]. Summary by Directory Market Review - A - share market: The Shanghai Composite Index fell 3.11% to close at 3,238.23, and the Shenzhen Component Index dropped 5.13% to 9,834.44. Among other indices, the ChiNext Index fell 6.73%, and the Kechuang 50 Index declined 0.63%, while the Beizheng 50 Index rose 0.92% [3][6]. - Global market: Most major global indices declined. In the US, the S&P 500 rose 5.70%, the Nasdaq Index increased 7.29%, and the Dow Jones Industrial Index climbed 4.95%. In the Asia - Pacific region, the Hang Seng Index fell 8.47%, and the Nikkei 225 Index dropped 0.58% [7]. - Industry performance: Among the Shenwan industry indices, the agriculture, forestry, animal husbandry, and fishery sector had the largest gain of 3.28%, followed by the commerce and retail sector with a 2.88% increase. The bottom - performing sectors were power equipment, communication, machinery, media, and steel [9]. - Concept sectors: 7.25% of the 1021 Wind concept sector indices closed up. The consecutive limit - up concept had the largest gain of 23.70%, followed by the first - board concept with a 21.68% increase [11]. Fund Performance Off - exchange Funds - Equity funds: On average, they underperformed. Common stock funds fell 3.86%, partial - stock hybrid funds dropped 3.86%, balanced hybrid funds declined 2.24%, and flexible allocation funds decreased 2.77%. The weekly return of Harvest Beijing Stock Exchange Select Two - Year Fixed - Open A was the highest at 6.24% [14]. - Fixed - income funds: Due to the weaker stock market than the bond market last week, products with higher equity attributes had weaker average returns. Partial - debt hybrid funds fell 0.71%, secondary - bond funds dropped 0.49%, primary - bond funds declined 0.04%, medium - and long - term pure - bond funds rose 0.16%, short - term pure - bond funds increased 0.10%, and the average 7 - day annualized yield of money - market funds was 1.44%. The weekly return of Green Fortune Interest - Rate Bond was the highest at 3.08% [16]. - QDII funds: They performed poorly on average. Stock - type QDII funds fell 4.79%, hybrid QDII funds dropped 4.90%, bond - type QDII funds declined 1.43%, and alternative - investment QDII funds decreased 3.56%. The weekly return of Invesco Great Wall Global Gold was the highest at 2.07%, and gold funds performed well [18][19]. On - exchange Funds - ETFs: The total on - exchange scale was 392.0119 billion yuan, with a net inflow of 107.626 billion yuan. Stock - type ETFs had a net inflow of 85.512 billion yuan, bond - type ETFs had a net inflow of 5.614 billion yuan, money - market ETFs had a net inflow of 7.936 billion yuan, QDII - type ETFs had a net outflow of 7.976 billion yuan, and alternative - investment ETFs had a net inflow of 16.539 billion yuan. The Grain 50 ETF performed well, and the CSI 300 ETF had the largest capital inflow [21][23]. - LOFs: The total on - exchange scale was 4.1905 billion yuan, with a net outflow of 717 million yuan. Stock - type LOFs had a net outflow of 105 million yuan, hybrid LOFs had a net outflow of 600 million yuan, bond - type LOFs had a net inflow of 2 million yuan, QDII - type LOFs had a net inflow of 102 million yuan, and alternative - investment LOFs had a net outflow of 73 million yuan. The Yin Hua Nei Xu LOF performed well, and the Hang Seng Index Fund LOF had the largest capital inflow [21][26]. Fund Issuance Dynamics Public Fund Issuance, Establishment, and Listing Dynamics - The total scale of newly established funds last week was 20.469 billion yuan, a 315.90% increase from the previous week. Among the established funds, China AMC Shanghai Science and Technology Innovation Board Composite Linked A had the largest scale of 4.892 billion yuan [31][33]. On - exchange Fund Issuance, Establishment, and Listing Details - Last week, there were 9 newly issued, 4 newly established, and 11 newly listed on - exchange funds. This week, 15 ETFs are to be issued, including Huaxia China National Aerospace and Aviation Industry ETF, etc., and 8 ETFs are to be listed, such as Fullgoal Shenzhen 100 ETF [35][37][38]. Market Hot - spot Review Public Funds Target "Pioneering" Differentiated ETF Products - The domestic ETF market has grown explosively, with the latest scale about to exceed 4 trillion yuan. However, the problem of intensified homogeneous competition is prominent. Some public funds are targeting "pioneering" differentiated products to gain an edge. For example, GF Fund's GF CSI Smart - Selected High - Dividend Strategy ETF is the first ETF linked to the Smart - Selected High - Dividend Index, and Harvest Fund's Harvest ChiNext New Energy Industry Theme ETF is the first of its kind in the market [42][43]. Bank Wealth Management Enters the Market Actively through ETFs - With the release of the 2024 annual reports of public funds, some wealth - management companies' investment operations of entering the market through stock ETFs have emerged. Some wealth - management products are among the top ten holders of stock ETFs. This is driven by multiple factors and is expected to become the mainstream choice for wealth - management funds to enter the market [45].

证券研究报告 政策加码预期升温，板块博弈机会凸显 地产行业周报 行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2025年4月13日 请务必阅读正文后免责条款 1 核心摘要 2 周度观点：政策加码预期升温，或迎来政策面与基本面共振。本周申万地产板块下跌1.47%，好于沪深300（-2.87%），排名行业第6。 "对等关税"出台后，扩内需背景下市场对地产政策预期明显升温。站在当下时点，我们认为板块短期投资风险收益比提升：1）扩内 需背景下地产支持政策有望进一步加码；2）短期楼市整体延续节后弱复苏，若政策加码或进一步夯实楼市底部；3）经历前期调整， 保利、招商等标的较上年9月低点涨幅不足20%，但当前楼市及政策环境明显好于上年9月，同时内房股整体PB仍处较低水平，向下空间 有限。 重申"好房子+一二线核心区"率先止跌回稳，关注一季度地王项目后续去化及毛利率。近期土拍市场持续升温，在房企投资策略趋同 背景下，市场担忧优质房企能否获取充足货值及保障项目毛利率。正如我们上周周报中强调，核心城市优质地块升温正侧面印证我们 持续强调的"好房子+一二线核心区"率先止跌回稳逻辑。同时一季度多数高地价项目具备"好地段+ ...

有色金属与新材料 2025 年 4 月 13 日 有色金属与新材料周报 避险情绪发酵，中期黄金投资意愿或将持续上升 强于大市（维持） 行情走势图 证 券 研 究 报 告 告 行 证券分析师 核心观点： 贵金属-黄金： 中期 黄 金投 资 意愿 或 将 持续 上 升。 截 至 4.11， COMEX 金主力合约环比上涨 6.51%至 3254.9 美元/盎司。SPDR 黄 金ETF环比上升 2.2%为 953.15 吨。美国 2 月核心 PCE 同比2.79%， 环比上升 0.13 个百分点。美国 3 月制造业 PMI49，环比下降 1.3 个百 分点。周内特朗普关税政策反复，中国反制措施跟进，全球风险资产 周内现宽幅震荡，黄金避险属性再次提升。我们认为美国贸易政策短 期或仍有反复可能，中长期来看，美国政治不稳定性显现，其贸易政 策对美国自身经济亦带来较大损害，美元信用及国际货币地位或将呈 现加速弱化，美债资产安全性同步下降，此背景下黄金的底层储备属 性放大趋势不变，黄金投资意愿或将持续上升。 工业金属：宏观预期充分交易后，建议关注铜基本面定价逻辑。 行 业 深 度 报 行 业 深 度 报 行 业 周 报 -3 ...

美国关税政策反复，基本面偏弱下油价续跌 强于大市（维持） 行情走势图 石油石化 2025 年 4 月 13 日 石油石化周报 -40% -20% 0% 20% 40% 24-01 24-05 24-09 25-01 沪深300 石油石化 基础化工 证券分析师 核心观点： 行 业 报 告 行 业 报 告 行 业 深 度 报 行 业 深 度 报 行 业 周 报 证 券 研 究 报 告 告 告 陈潇榕 投资咨询资格编号 S1060523110001 chenxiaorong186@pingan.com.cn 马书蕾 投资咨询资格编号 S1060524070002 mashulei362@pingan.com.cn 石油石化：美国关税政策反复，油价继续震荡下跌。据 ifind 数据， 2025 年 4 月 4 日-2025 年 4 月 11 日，WTI 原油期货收盘价(连续)下 跌 1.31%，布伦特油期货价下跌 2.23%。地缘局势有所降温：俄乌方 面，4 月10 日，美国与俄罗斯代表团在土耳其伊斯坦布尔完成了就双 方大使馆恢复正常运转的第二轮会谈，本次谈判就推动为两国外交使 团提供不间断的银行和金融服务及俄罗斯向 ...

Market Overview - REITs outperformed stocks but underperformed bonds during the period from March 28 to April 11, with the REITs index declining by 0.56% [2][11] - The best-performing REITs included 华夏北京保障房 REIT, 华夏大悦城商业 REIT, and 博时津开科工产业园 REIT, with increases of 6.42%, 5.42%, and 4.77% respectively [2][19] Strategy Outlook - Tariff frictions have suppressed risk appetite, negatively impacting cyclical REITs. The correlation between REITs and stocks/bonds has been low this year, indicating some independence in market movements [3] - Structural differentiation is evident, with stable sectors like保障房, 水利, and 市政 showing gains, while cyclical sectors such as产业园 and 仓储物流 have declined [3] - Coastal logistics REITs are directly affected by tariff impacts, with specific REITs in Shenzhen, Shanghai, and Hangzhou experiencing declines of 4.41%, 2.11%, and 2.05% respectively [3] Convertible Bonds - The convertible bond market saw a decline of 2.03%, following the broader equity market downturn, but exhibited moderate resilience [4][33] - Defensive strategies, particularly high-rated (AAA) convertible bonds, performed relatively well, while sectors with high overseas revenue contributions faced deeper declines [4][47] - The average price of convertible bonds has rebounded to 119 yuan, indicating a narrowing of potential returns, with ongoing uncertainty in the policy environment [4][56]

Investment Rating - The investment rating for the company is "Recommended" [1][4][16] Core Views - The company has made significant progress in its new trading business, integrating its products with trusted computing and AI capabilities [1][9] - The company reported a decrease in revenue and net profit for 2024, with revenue at 664 million yuan, down 10.78% year-on-year, and net profit at 194 million yuan, down 16.84% year-on-year [4][8] - The company continues to invest in R&D, maintaining a high absolute level of net profit margin despite a slight decline [8][9] Financial Performance Summary - **Revenue and Profit**: In 2024, the company achieved revenue of 664 million yuan, a decrease of 10.78% year-on-year, and a net profit of 194 million yuan, down 16.84% year-on-year [4][8] - **Future Projections**: Expected revenue growth for 2025-2027 is projected at 802 million yuan, 989 million yuan, and 1.234 billion yuan, respectively, with corresponding net profits of 239 million yuan, 297 million yuan, and 373 million yuan [7][14] - **Margins**: The gross margin for 2024 was 67.0%, with a net margin of 29.2% [8][14] R&D and Product Development - The company has increased its R&D investment to 152 million yuan in 2024, focusing on its "3+1" foundational technology platform [8][11] - The new trading system A5 has been successfully implemented with multiple brokerage firms, indicating strong market demand [9][11] Market Position and Strategy - The company is actively promoting financial innovation and has made strides in its new trading system and wealth management products, which are now integrated with AI capabilities [9][11] - The company has established a strong client base, with over 300 clients in its wealth management business [11] Valuation Metrics - The projected P/E ratios for 2025-2027 are 33.2, 26.8, and 21.3, respectively, indicating a favorable valuation outlook as earnings are expected to grow [7][14]

公 司 报 告 计算机 2025年04月12日 顶点软件(603383.SH) 新交易业务进展顺利，公司产品持续融合信创与AI能力 事项： 公司发布2024年年度报告，2024年公司实现营业收入6.64亿元，同比减少 10.78%，实现归母净利润1.94亿元，同比减少16.84%。利润分配预案为：向 全体股东每10股派发现金红利6元（含税）。 股价:38.72元 行情走势图 相关研究报告 【平安证券】顶点软件（603383.SH）*季报点评*公 司持续加大研发投入，积极推动金融信创创新*推荐 20241030 证券分析师 闫磊 投资咨询资格编号 S1060517070006 推荐 ( 维持) 平安观点： 证 券 公 司 年 报 点 评 研 究 报 告 YANLEI511@pingan.com.cn | 黄韦涵 | 投资咨询资格编号 | | --- | --- | | | S1060523070003 | | | HUANGWEIHAN235@pingan.com.cn | | 研究助理 | | 王佳一 一般证券从业资格编号 S1060123070023 WANGJIAYI446@pingan.com.cn | ...

行 业 报 告 行业点评 集成电路原产地认定标准落地，自主可控有望进一步提速 强于大市( 维持) 证券分析师 徐碧云 投资咨询资格编号 S1060523070002 XUBIYUN372@pingan.com.cn 事项： 4月11日，中国半导体行业协会发布《关于半导体产品"原产地"认定规则的紧 急通知》，明确了集成电路原产地的认定标准，即以"晶圆流片工厂"所在地作 为原产地的判定依据。 平安观点： 行 业 点 评 证 券 半导体 2025年04月12日 研 究 报 告 以模拟芯片为例，根据WSTS的数据，全球模拟芯片的市场规模在2024 年下滑2.2%，约793.44亿美金，预计2025年将增长4.7%至831.57亿美 金。目前全球模拟芯片制造商中，美国企业TI和ADI是龙头。2024财年TI 的总收入为156.41亿美元，其中来自中国区的收入为30.12亿美元，即占 比19.26%。2024财年，TI模拟业务收入为121.61亿美元，假设中国区销 售占比接近整体营收中的中国区占比，那么2024年TI在中国区销售的模 拟芯片超过23亿美元。然而，2024年中国模拟芯片自给率仅有16%。此 前由于TI等国际 ...

证券研究报告 2025年美元债与外汇二季度策略： 踩准滞胀交易切换节点 平安证券研究所 固定收益团队 分析师：刘璐 S1060519060001 （证券投资咨询） 邮箱：liulu979@pingan.com.cn 研究助理：王佳萌 S1060123070024（一般从业资格） 邮箱：wangjiameng709@pingan.com.cn 2025年4月11日 请务必阅读正文后免责条款 1 核心摘要 市场回顾：海外乐观情绪逆转，衰退交易升温。受到政府削减支出、关税和地缘政治的不确定性影响，年初美国企业和居民的乐 观情绪逐渐消失；叠加寒冷天气拖累基本面表现，海外衰退交易升温。年初以来，2Y和10Y美债利率分别下行34BP和24BP，曲线 趋陡。25年一季度，高收益中资美元债依旧取得较好表现，跑赢境内外信用债。高收益中资美元债的良好表现或来自于其较好的 供需结构以及房企违约风险的回落。 利率策略：对等关税带来的扰动仍在持续，软数据走弱或先于通胀压力显现。4月初美国对等关税力度超预期，预计所有已宣布 关税政策落地可能抬升美国平均关税税率23个百分点左右。预计对等关税对美国通胀的向上压力在2.3pp，对GDP的拖累 ...

证券研究报告 稳健策略专题一： 低利率环境下，固收+有望再迎发展，关注中波稳健策略 证券分析师 目录CO N T E N T S 低利率环境下，固收增强策略有望再迎发展 | 陈 | 瑶 | 投资咨询资格编号：S1060524120003 | | --- | --- | --- | | 郭子睿 | | 投资咨询资格编号：S1060520070003 | | 研究助理 | | | | 高 | 越 | 一般从业资格编号：S1060124070014 | | 任书康 | | 一般从业资格编号：S1060123050035 | | 胡心怡 | | 一般从业资格编号：S1060124030069 | 2025年4月11日 请务必阅读正文后免责条款 报告摘要 本文通过对比分析高中低波固收增强策略特征，提出在低利率环境下，关注中波固收增强策略机会，并基于此构建旨在超越二级债基的稳健策略。 2 • 低利率环境下，固收增强策略有望再迎发展：2014年我国经济进入"新常态"之后，纯债投资迎来低利率时代，固收类资产收益中枢会持续降低，且投资操作 难度提升。 银行和保险作为债券市场最主要的参与方，资产端收益持续下降，对其资产负债管理提 ...