Core Viewpoint - Zhongyuan Securities indicates that A-shares are expected to continue a structural market in June, driven by policy support and profit recovery [1] Economic Data - Economic data released in May exceeded expectations, with industrial output, consumption, and exports performing well, providing fundamental support for A-shares [1] Monetary Policy - Nine joint-stock banks have followed suit in lowering deposit rates, which may drive funds towards the equity market, bringing incremental capital to A-shares [1] - A series of financial policies have been released to signal stable growth and cost reduction, including a 0.5 percentage point cut in the reserve requirement ratio, a 0.1 percentage point reduction in policy interest rates, and a 0.25 percentage point decrease in structural monetary policy tools and personal provident fund loan rates, improving market liquidity [1] Investment Strategy - The current market is characterized by a rotation between growth and value stocks, suggesting investors focus on two main lines: 1. Sectors benefiting from domestic demand, such as computers, components, electronics, and communications [1] 2. Defensive sectors with low valuations and high dividends, including banks, coal, and oil and petrochemicals [1]

Group 1 - The core viewpoint of the article is that Zhongyuan Securities has conducted a continuous supervision training for the management of Liaoning He Shi Eye Hospital Group Co., Ltd. to enhance their understanding of regulations related to fundraising and compliance [1][2] - The training took place on May 22, 2025, and was held both in-person and online, focusing on the key points of the "Regulations on the Supervision of Fundraising by Listed Companies" and other new rules [1] - Participants included directors, supervisors, senior management, and securities affairs representatives, indicating a comprehensive approach to compliance training [1][2] Group 2 - The training was well-received, with active participation from He Shi Eye Hospital and its attendees, which suggests a positive engagement with the training content [2] - The training aimed to strengthen the understanding of legal regulations regarding the use of raised funds, thereby enhancing the legal awareness and compliance consciousness of the management [2] - This initiative is expected to further improve the operational standards of He Shi Eye Hospital, indicating a commitment to regulatory compliance and governance [2]

Core Viewpoint - The report highlights the strategic significance of the merger between Haiguang Information and Zhongke Shuguang, emphasizing its potential to reshape the domestic computing power industry amid increasing localization trends in chip production [2][3]. Company Overview - Zhongke Shuguang announced the planned merger with Haiguang Information, which is seen as a pivotal move for the computing power industry, especially in the context of U.S. export controls affecting several companies [2]. - The merger aims to facilitate a complete domestic replacement across the industry chain, enhancing integration and development opportunities [2][3]. Financial Insights - As of May 23, prior to the suspension of trading, Zhongke Shuguang held significant stakes in several listed companies, with a total market value of approximately 948 billion yuan from its holdings in Haiguang Information, Shuguang Shuchuang, and Zhongke Xingtong [3]. - The company has diverse business operations, including server hardware, cloud computing platforms, and big data services, which contribute to its overall market presence [3]. Market Dynamics - The computing power industry is shifting from a globalized model to a polarized one, with domestic companies facing challenges due to international restrictions on chip supplies [2]. - The upcoming launch of new products from Haiguang, including the Haiguang 5 CPU and Shenxuan 3 DCU, is expected to be a critical milestone for the company [4]. Performance Metrics - Despite a projected revenue decline of 8.40% in server-related business for 2024, the gross profit margin is expected to improve by 5.46 percentage points, indicating a focus on enhancing revenue quality [4]. - Comparatively, domestic competitors are experiencing significant margin compression, highlighting Zhongke Shuguang's relative strength in maintaining profitability [4]. Investment Outlook - The investment rating for Zhongke Shuguang remains "buy," with projected earnings per share (EPS) for 2025, 2026, and 2027 estimated at 1.68 yuan, 2.28 yuan, and 3.02 yuan respectively [5]. - The average target price set by institutions over the past 90 days is 78.47 yuan, with 14 out of 16 institutions recommending a buy [5].

据市场消息，中原证券原执行委员会委员、首席投资官刘灏已加入上海证券，拟担任副总裁，分管自营业务。 对此，有内部人士向南都·湾财社记者确认，上述传言属实。 此前，4月18日，中原证券发布公告称，刘灏因工作变动原因，辞去执行委员会委员、首席投资官职务。 根据简历，刘灏生于1972 年，自 1993 年 7 月参加工作，先后在深圳中华会计师事务所、光大证券有限责任公司、华泰联合证券有限公司工作；2011 年至 2018年 6 月在民生证券股份有限公司工作，先后担任投资银行总监、固定收益事业部总裁、公司执委会委员副总裁等职务。主要全面负责债券发行、债券交 易、固定收益投资以及债券委托管理等业务。 2018年6月，刘灏加入中原证券，2020年5月至2025年4月任公司首席投资官，2022年1月至2025年4月任中原证券执行委员会委员。 根据中原证券年报，2024年，刘灏在中原证券的薪酬为124.79万元。 业绩方面，中原证券年报显示，2024年公司营业收入约为16.90亿元，同比下降14.13%；归母净利润为2.46亿元，同比增长16.18%。截至2024年末的资产总 额约为516.14亿元，同比下降0.17%。 从业 ...

暗盘资金正涌入这些股票，点击速看>>> 天汽模（002510）今日跌2.83%，成交额49.92亿元，换手率56.88%，盘后龙虎榜数据显示，中原证券 （601375）广州分公司净卖出2.33亿元，二机构专用席位净买入5727.61万元。 ...

一、 募集资金基本情况 经中国证券监督管理委员会《关于同意无锡智能自控工程股份有限公司向特 定对象发行股票注册的批复》（证监许可20231779 号文）的同意，公司向 5 家 （名）特定投资者发行人民币普通股（A 股）股票 20,905,922 股，每股发行价格 为人民币 8.61 元，募集资金总额为人民币 179,999,988.42 元，根据有关规定扣除 发行费用 3,831,358.83 元后，实际募集资金金额为 176,168,629.59 元。该募集资 金已于 2023 年 8 月到账。上述资金到账情况业经容诚会计师事务所（特殊普通 合伙）容诚验字2023100Z0025 号《验资报告》验证。公司对募集资金采取了专 户存储管理。 二、 募集资金投资项目的基本情况 中原证券股份有限公司 关于无锡智能自控工程股份有限公司 部分募集资金投资项目延期的核査意见 中原证券股份有限公司（以下简称"中原证券"或"保荐机构"）作为无锡 智能自控工程股份有限公司（以下简称"智能自控"或"公司"）2023 年度以 简易程序向特定对象发行股票的保荐机构，根据《深圳证券交易所上市公司自律 监管指引第 1 号——主板上市公司 ...

瑞财经 王敏 5月初，中原证券党委书记、董事长张秋云一行到访河南种业集团，同河南种业集团党委书 记、董事长赵博，党委副书记、总经理刘旸进行业务访谈。 张秋云表示，种业是农业的"芯片"，是国家战略性基础核心产业，中原证券作为省属重点金融企业，应 积极发挥"河南资本市场战略性载体"功能作用和社会职能，期待与河南种业集团达成长期战略合作，推 进河南种业集团"产业+资本+科技"发展规划的有效落地，助力河南种业集团在资本赛道上腾飞。 据悉，这是张秋云上任中原证券董事长后的首次露面。 今年4月底，根据公司第七届董事会第三十四次会议决议，张秋云自2025年4月29日起任公司董事长，任 期至公司第七届董事会换届之日止。鲁智礼不再担任公司董事长，仍继续履行董事职责。 张秋云，女，1972年2月出生，复旦大学经济学博士，现任公司党委书记、董事。历任开封市第一中学 教师，河南省发展和改革委员会财政金融处副调研员、副处长，河南省宏观经济研究院党支部书记，中 国(河南)自由贸易试验区郑州片区管委会常务副主任，河南投资集团金融管理部主任，河南投资集团副 总经理。自2021年1月至2025年4月兼任中原银行董事。2020年6月至2021年 ...

中国经济网北京5月16日讯四方新材（605122）(605122.SH)近日披露2025年第一季度报告。报告期内， 该公司实现营业收入2.48亿元，同比下降23.69%；实现归属于上市公司股东的净利润-85.89万元，上年 同期为1540.04万元；实现归属于上市公司股东的扣除非经常性损益的净利润-1395.34万元，上年同期为 1361.07万元；经营活动产生的现金流量净额为1.03亿元，同比增长298.44%。 2024年，四方新材实现营业收入14.12亿元，同比下降28.93%；实现归属于上市公司股东的净利润-1.64 亿元，上年为1296.45万元；实现归属于上市公司股东的扣除非经常性损益的净利润-1.76亿元，上年为 961.13万元；经营活动产生的现金流量净额为1180.28万元，同比下降87.50%。 四方新材首次公开发行股票募集资金总额132,499.20万元，扣除发行费用后募集资金净额123,512.30万 元。四方新材于2021年2月25日披露的招股说明书显示，该公司原拟募集资金123,512.30万元，拟用于装 配式混凝土预制构件项目、干拌砂浆项目、物流配送体系升级项目、补充流动资金。 ...

53岁的张秋云是雷厉风行的实干家，刚出任中原证券董事长没几天，就带着团队开始拜访企业，2025年5月初去了河南种业集团。 "（中原证券）应积极发挥'河南资本市场战略性载体'功能作用和社会职能……助力河南种业集团在资本赛道上腾飞"带着公司常务副总 裁、执委会委员、郑州投行总部、企业融资总部等部门的相关负责人，张秋云向河南种业集团董事长赵博表达了中原证券的合作希望。 之所以才上任就马不停蹄地"跑业务"，是因为张秋云接手的中原证券，正面临着"业绩下滑、自营不佳、IPO项目停滞"的局面，如何带领 这家老牌券商实现业绩提升，是她必须考虑的问题。 衍生品亏损9亿拖累利润 天眼查显示，中原证券成立于2002年11月8日，注册资本464288.47万元，法定代表人鲁智礼。鲁此前的身份是公司董事长。 截图来源于天眼查 成立12年之后，2014年6月，中原证券实现了在香港上市；2017年1月又完成了在上交所主板上市，成为在香港和境内主板上市的券商，风 头一时无两。 但是2024年，中原证券的营收、利润开始遭遇严峻挑战。 财报数据显示，2024年，中原证券实现营收16.90亿元，同比下降14.13%；归母净利润同比增长16.18% ...

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The report emphasizes the importance of a "sustained, stable, and active capital market" as a key driver for market sentiment and growth [6][7] - It highlights the significant growth in the securities industry, particularly in brokerage and proprietary trading, with a notable increase in revenue and net profit for listed brokers in Q1 2025 [36][37] Summary by Sections 1. Policy Interpretation on "Sustained, Stable, and Active Capital Market" - The report discusses recent policy measures aimed at stabilizing and invigorating the capital market, including support for long-term capital inflows and the promotion of new regulatory frameworks [8][7] - It outlines specific actions from the China Securities Regulatory Commission (CSRC) to enhance market liquidity and investor confidence [8] 2. Securities Industry Q1 2025 Performance Overview and Outlook - In Q1 2025, 42 listed brokers achieved revenues of CNY 125.93 billion, a year-on-year increase of 19%, and a net profit of CNY 52.18 billion, up 77.8% [37][38] - The fastest-growing segments were proprietary trading (up 45.5%) and brokerage services (up 43.2%), while investment banking and asset management saw slight declines [36][37] - The report notes that the average return on equity (ROE) for listed brokers improved to 8.05%, reflecting enhanced profitability across the sector [47][46] 3. Investment Recommendations - The report suggests that the ongoing reforms and market conditions present favorable investment opportunities within the securities sector, particularly in brokerage and proprietary trading [36][37] - It identifies potential benefits for underweighted sectors, indicating a shift in investment strategies towards areas with lower current allocations [15]