中国经济网北京5月19日讯聚胶股份（301283）(301283.SZ)5月15日披露关于2023年限制性股票激励计划首次授予部分第一个归属 期归属结果暨股份上市的公告。 公司于2025年4月11日召开第二届董事会第十五次会议及第二届监事会第十五次会议，审议通过了《关于2023年限制性股票激励 计划首次授予部分第一个归属期符合归属条件的议案》。近日公司已办理2023年限制性股票激励计划首次授予部分第一个归属期 限制性股票的归属登记工作。 聚胶股份本次归属的股票上市流通日为2025年5月19日，归属数量为41.7822万股，占目前公司总股本的0.5223%。本次归属人数36 人，归属价格(调整后)为16.31元/股。本次激励计划标的股票的来源方式为公司向激励对象定向发行的公司A股普通股股票。 本次归属后，聚胶股份总股本将由80,000,000股增加至80,417,822股，将对公司基本每股收益和净资产收益率产生一定影响，具体 以会计师事务所出具的年度审计报告为准。本次限制性股票归属不会对公司财务状况和经营成果产生重大影响。 2022年9月2日，聚胶股份在深交所创业板上市，公开发行新股2,000.00万股，占发行 ...

Group 1 - The core viewpoint emphasizes the strong demand for high school education, which is expected to maintain a stable population demand for the next 7-8 years due to a demographic dividend [1] - The number of high school candidates for the 2023 college entrance examination reached 12.91 million, an increase of 8% year-on-year, with the participation rate rising to 81% of the eligible population [1] - The government is supporting the expansion of high school education resources and promoting the integration of vocational and general education [2] Group 2 - The proportion of private high schools has been steadily increasing, with private institutions accounting for 30% of all high schools in 2023, up from 17% in 2011 [3] - In 2023, there were 15,381 high schools in China, with 4,567 being private high schools, and the number of students in private high schools reached 5.48 million, representing 20% of total high school enrollment [3] - The integration of vocational and general education is expected to enhance the potential for expansion in regions with a higher vocational-to-general education ratio [3]

印尼禁止煤炭出口，国内煤炭市场或将紧张，国内煤价将提前止跌企稳。 投资建议。当前煤炭价格已经处于预期底部，估值明显偏低，伴随动力煤长协基准提升、焦煤长协价预 计维持高位，资源优质企业具备长期价值，转型企业具备成长空间，板块估值提升开启，1）当前首 推：中国神华、靖远煤电、电投能源、兖矿能源、中国旭阳集团；2）推荐：陕西煤业、淮北矿业、中 煤能源、山西焦煤、潞安环能、兰花科创、盘江股份、平煤股份。 1）事件：根据12月31日印尼政府新规，2022年1月禁止煤炭出口。 2）本次印尼限制煤炭出口，我们认为核心原因在于印尼煤炭产量不及预期，且国内消费量增加，导致 煤炭供不应求。印尼矿产能源部公布最新统计数据显示，截至12月17日印尼煤炭开采量达5.81亿吨，完 成年度产量目标的93%，全年产量预计略低于6.25亿吨目标， 2022 年煤炭产量目标提高到 6.37 ~6.64 亿 吨，但由于国内需求提升，出口潜力将有下降。 3）中国2020年/2021年1-11月进口煤及褐煤30399/29232万吨，其中来自印尼13783/17822万吨，占进口 45%/61%、占国内产量3.6%/4.9%，印尼煤供应对国内影响巨大 ...

Core Viewpoint - The decline in coal prices is in line with expectations, and the sector shows strong resilience, indicating that there is no need for concern regarding coal prices. The off-peak season may not be as weak as anticipated, and investment in coal stocks should focus on alpha opportunities rather than beta, with high dividends and transformation prospects being key themes throughout the year [1][3]. Investment Highlights - The significant drop in the CCTD reference price for Q5500 coal to 900 RMB/ton from 1020 RMB/ton reflects a decrease of 120 RMB, aligning with the government's price control measures. The coal sector experienced a slight adjustment, with CS coal down by 1.25%, showing relative resilience compared to the Shanghai and Shenzhen 300 index [2]. - The government’s control over coal prices, alongside measures such as increased production and port adjustments, is expected to stabilize the coal market. Anticipation of the upcoming Two Sessions and the 20th National Congress later in the year suggests that supply capacity will be maintained, supporting coal prices. Additionally, the benchmark price for Indonesian thermal coal rose to 188.4 USD/ton, which translates to a domestic cost exceeding 1237 RMB/ton, likely increasing demand for domestic coal [2]. - In 2022, investment in coal stocks should not overly focus on coal prices and government controls. Instead, identifying alpha opportunities through high dividends and transformation potential is crucial. The long-term contract price for Qinhuangdao Q5500 coal in February was 725 RMB/ton, indicating a significant year-on-year increase. This suggests a sustainable optimization of capital expenditure, cash flow, and dividends, with new dividend plans expected following the annual reports in March [3]. Investment Recommendations - The coal sector is currently at a perceived bottom with low valuations. With the expected increase in long-term contract prices for thermal coal and coking coal, high-quality resource companies are seen as having long-term value, while transformation-focused companies offer growth potential. The sector is poised for valuation improvement [4]. - Recommended investment themes include high dividends, green energy transformation, and growth-oriented coal chemical companies. Specific recommendations include China Shenhua, Jingyuan Coal Electricity, Electric Power Investment Energy, Yanzhou Coal, China Xuyang Group, and Baofeng Energy. Additionally, high-quality resource companies such as Shaanxi Coal and Chemical Industry, Huaibei Mining, China Coal Energy, Shanxi Coking Coal, Lu'an Environmental Energy, Lanhua Sci-Tech, Panjiang Coal, and Pingmei Shenma are also recommended [4].

铅产业链周度报告 国泰君安期货研究所 有色及贵金属 莫骁雄 投资咨询从业资格号：Z0019413 日期：2025年5月18日 Guotai Junan Futures all rights reserved, please do not reprint Special report on Guotai Junan Futures 强弱分析：中性 铅：供需双弱，底部横盘 再生铅低产维持 铅锭库存累积 Special report on Guotai Junan Futures 资料来源：SMM、钢联、同花顺、Bloomberg、国泰君安期货研究所 第 2 页 ◆ 再生铅亏损较为显著，开工率维持偏低位。原生铅方面，山东炼厂进入常规检 修。再生铅方面，废电池供应由于处于消费淡季而紧张，废电池较为挺价。因 而传导至再生铅炼厂亏损较深，据匡算目前亏损在600元/吨附近。原料供应偏 紧叠加亏损，再生铅炼厂大多以检修减产维持，复产的信号仍未释放。 ◆ 消费迈入淡季，铅锭需求空间较为受限。电池端迈入消费淡季，蓄电池企业+终 端经销商成品库存有所累积，下游开工率承压。而周内铅价受宏观因素影响有 阶段性抬升，下游畏高慎采，市场交 ...

Group 1 - The AI computing power industry chain is expected to accelerate its development by 2025, driven by evolving demand on the inference side, which will create broader growth opportunities for the telecommunications industry [1] - Capital expenditure in computing power remains in a high growth phase, with the domestic market closely following the global AI development process, indicating significant room for improvement in telecommunications sector holdings [1] - Nvidia continues to upgrade its GPU capabilities, while Broadcom's AI-related revenue and network switching chip shipments are experiencing rapid growth, contributing to strong performance for companies closely linked to the overseas AI industry chain [1] Group 2 - The domestic AI industry is undergoing significant changes, with major internet companies in China expected to increase capital expenditure on cloud and AI infrastructure, with Alibaba projecting that its spending over the next three years will exceed the total of the past decade [1] - Tencent's capital expenditure is expected to triple year-on-year in 2024, reaching $10.7 billion, indicating a strong commitment to infrastructure investment [1] - The telecommunications sector's fund holdings decreased in Q1 2025, with a market value share of 2.59%, ranking 13th among 31 primary industries [1] Group 3 - The focus of major stock holdings remains primarily on the AI industry chain, with an increase in the proportion of domestic industry chain holdings [2] - The top ten holdings account for 58% of the telecommunications sector's holdings, with a decrease of 3 percentage points; eight companies in the AI industry chain represent 82% of the top ten holdings [2] - The proportion of stocks benefiting from the development of the domestic computing power industry chain has significantly increased [2]

新浪期货 根据交易所数据，截至5月16日收盘主力合约中证1000指数期货2506,涨跌-0.15%,成交量13.19万手，持仓数据显示前20席 位呈现净空，差额头寸为16567手。 中证1000指数期货期货全合约总计成交19.46万手，比上一日减少3.75万手。全合约前20席位多头持仓21.11万手，比上一日减少 6970手。全合约前20席位空头持仓24.19万手，比上一日减少5754手。 主力合约前20席位中，空头增仓前三名分别是：国泰君安、持仓22546、增仓1038，国投期货、持仓6225、增仓460，东证期货、 持仓9790、增仓423；空头减仓前三名分别是：中信期货、持仓37211、减仓-840，海通期货、持仓7201、减仓-367，银河期货、 持仓5240、减仓-281。 文章来源:新浪期货 | | | | | 2025年5月16日中证1000指数期货主力合约2506持仓数据 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 增减 | 会员 | 持买車 ...

文章来源:新浪期货 新浪期货 根据交易所数据，截至5月16日收盘主力合约沪深300指数期货2506,涨跌-0.66%,成交量5.58万手，持仓数据显示前20席位 呈现净空，差额头寸为14438手。 | | | | | 2025年5月16日沪深300指数期货主力合约2506持仓数据 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 增减 | 会员 | 持买車 | 增减 | 会员 | 持卖单 | 增减 | | J | 国泰君安 | 16,025 | -1,646 | 国泰君安 | 26,151 | 176 | 中信期货 | 32,995 | -1,389 | | 2 | 中信期货 | 14,639 | -2.146 | 海通期货 | 16,167 | 814 | 国泰君安 | 19.873 | 877 | | 3 | 东证期货 | 7,650 | -197 | 中信期货 | 12,110 | -1,204 | 国投期货 | 11,313 | 172 | | 4 | 海通 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 國泰海通證券股份有限公司(「本公司」) 呈交日期： 2025年5月16日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | A股於上海證券交易所上市(證券代號: 601211) | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份 ...

Core Insights - The main contract of the Shanghai Stock Exchange 50 Index futures closed at 2506, with a decrease of 1.01% as of May 16, 2025, and a trading volume of 35,500 contracts, indicating a net short position among the top 20 positions with a difference of 5,800 contracts [1][3]. Group 1: Trading Volume and Positions - The total trading volume for all contracts of the Shanghai Stock Exchange 50 Index futures was 53,500 contracts, a decrease of 1,887 contracts from the previous day [1][4]. - The top 20 positions showed a long position of 55,200 contracts, down by 3,307 contracts, and a short position of 66,000 contracts, down by 3,319 contracts [1][4]. Group 2: Major Players in Long and Short Positions - The top three long positions were held by Guotai Junan with a total holding of 9,623 contracts, CITIC Futures with 8,607 contracts, and Dongzheng Futures with 3,963 contracts [1][3]. - The top three short positions were held by Guotai Junan with 12,951 contracts, CITIC Futures with 9,294 contracts, and GF Futures with 6,907 contracts [1][3]. Group 3: Changes in Positions - Among the top 20 positions, the largest increase in long positions was seen in Haitong Futures with an increase of 537 contracts, CITIC Jiantou with an increase of 338 contracts, and Hongyuan Futures with an increase of 179 contracts [1][3]. - The largest decrease in long positions was recorded by Guotai Junan with a decrease of 493 contracts, CITIC Futures with a decrease of 441 contracts, and Galaxy Futures with a decrease of 243 contracts [1][3]. - For short positions, the largest increase was in Haitong Futures with an increase of 571 contracts, followed by Shenyin Wanguo with an increase of 171 contracts, and Huatai Futures with an increase of 159 contracts [1][3].