◎记者 严晓菲 黄冰玉 在政策引导与市场创新双轮驱动下，券商正积极为债市"科技板"建设添砖加瓦。上海证券报记者自业内 了解到，除承销科创债外，券商正在探索科创债做市新路径，希望借助"承销+做市"模式推动一二级市 场协同发展，激活科创债市场生态。 在业内人士看来，当前，券商发力科创债一二级市场联动，既面临着资质评估、资金成本等方面的挑 战，也迎来了自身发展的新机遇。在此背景下，市场正翘首以盼在机制安排等方面能进一步完善，为服 务科创用途资金的"源远流长"营造良好生态。 券商积极推动科创债发行 科创债发行如火如荼，背后离不开券商积极发挥资本市场中介作用：一方面，券商通过广泛推介询价， 帮助引入基石投资者；另一方面，券商积极开展做市报价服务，提升科创债市场的流动性。 债市"科技板"启动后，从头部券商到中小券商均积极抢滩科创债承销。例如，中信证券助力长江产业集 团成功发行14亿元科技创新公司债券，全场认购倍数达3.7倍；中信建投助力中国石化资本成功发行新 一期科技创新公司债券，该期债券创央企资本公司同期限科技创新公司债券发行利率历史新低。 对发行人而言，招商证券相关负责人表示，券商通过做市提供双边报价，提升科创债流动 ...

Summary of Key Points from Conference Call Records Industry Overview - **Real Estate Sector**: In April, real estate development investment decreased by 11.5% year-on-year, with new construction and completion areas down by 22% and 28% respectively. The land market remains concentrated in core cities, with premium rates for residential land at 14% in first-tier cities and 18% in second-tier cities. A recovery in national investment is expected to require a transmission from sales to land acquisition [1][3] - **Infrastructure Investment**: From January to April, broad infrastructure investment growth was 10.85%, slightly down by 0.65 percentage points from the previous quarter, marking the first minor decline since last year's second half. Energy-related investments have slowed, but government fund expenditures grew by 17.7%, indicating some support for infrastructure [1][5] - **REITs Market**: The REITs total return index rose by 1.2%, reaching a recent high. The newly issued Huatai Suzhou rental housing REIT saw a surge of over 50% in its first four days, reflecting high valuations and interest in policy-driven rental housing projects [1][7][8] Core Insights and Arguments - **Real Estate Sales Performance**: In April, nationwide commodity housing sales were relatively flat, with sales area down by 2.9% year-on-year. However, in the first three weeks of May, sales in 40 cities increased by 3% year-on-year, indicating volatility in sales momentum [2] - **Power Generation Data**: In April, power generation increased by 0.9% year-on-year, with coal-fired generation down by 2.3% and renewable sources like nuclear, wind, and solar showing growth rates of 12.4%, 12.7%, and 16.7% respectively [11][12] - **Coal Market Dynamics**: The average price of thermal coal in Qinhuangdao was 623 RMB/ton, down 1.58% month-on-month and 28.99% year-on-year. Despite this, coal consumption in inland and coastal power plants has increased, necessitating close monitoring of coal consumption and inventory changes [10] Additional Important Insights - **Investment Recommendations**: The report suggests focusing on companies like Binjiang Group and Jianfa Co. in the A-share market, and China Resources Land and New City Holdings in the Hong Kong market, particularly in the context of expanding domestic demand [4] - **Liang Chemical's Market Position**: Li Chemical's products, particularly glyphosate and its derivatives, are expected to see price increases due to market dynamics, including the potential bankruptcy of Monsanto and rising prices of glyphosate. The company has reported strong performance in Q1, with demand expected to rise in various regions [14] - **Phosphate Market Performance**: Double Ring Co. has shown strong performance in the phosphate market, with export profits remaining attractive due to reduced quotas. The company is expected to maintain a favorable valuation and high dividends, making it a solid investment choice [16]

Summary of Key Points from Conference Call Industry Overview - The discussion primarily revolves around the Japanese government bond (JGB) market and its dynamics, influenced by macroeconomic factors and monetary policies from the Bank of Japan (BoJ) [1][2][3]. Core Insights and Arguments - **Market Liquidity and Trading Factors**: The fluctuations in Japan's ultra-long-term bond yields are primarily driven by market liquidity and trading factors rather than fundamental changes in the economy [1][3][19]. - **Impact of Quantitative Easing (QE) and Tightening (QT)**: The BoJ's extensive QE and QT operations have distorted the liquidity and pricing mechanisms in the ultra-long-term bond market, making yields more sensitive to external changes [1][3][9][15]. - **Expectations of Interest Rate Hikes**: Market expectations of potential interest rate hikes by the BoJ in 2025 have led to a flattening of the yield curve, particularly affecting the spread between 10-year and 30-year bonds [3][10]. - **Global Financial Market Volatility**: The end of the U.S. technology cycle may increase volatility in global capital markets, impacting Japanese assets and increasing uncertainty [4][5]. - **U.S.-China Tariff Disputes**: The ongoing tariff disputes between the U.S. and China are affecting global trade volumes and dollar liquidity, contributing to increased volatility in financial markets [6][7]. - **Post-Pandemic Fiscal Policy Shift**: Major economies, including Japan, are shifting from expansive fiscal policies during the pandemic to more cautious approaches, leading to capital flow adjustments and increased market instability [7][8]. - **Insurance Funds' Reluctance**: Insurance funds are hesitant to purchase ultra-long-term JGBs due to concerns over inflation, fiscal issues, and market liquidity, creating a negative feedback loop that exacerbates market volatility [8][19]. - **Limited Upside for JGB Yields**: The potential for further increases in ultra-long-term JGB yields is limited, as current fluctuations are driven by technical and liquidity issues rather than fundamental economic changes [10][20]. - **Transmission Risks to Other Markets**: While there is currently no significant transmission of JGB yield increases to other financial markets, prolonged rises in ultra-long-term yields could heighten contagion risks [12][23]. Additional Important Content - **Market Response to Auction Data**: Upcoming auction data, particularly for 40-year bonds, and the BoJ's QT assessments are critical points to monitor, as poor performance could lead to further market impacts [21]. - **Global Fiscal Supply Risks**: Increased fiscal stimulus in major economies like the U.S., Germany, and Japan could lead to spillover risks for Japan's bond market, particularly if these policies exceed expectations [2][22]. - **Lack of Significant Contagion Effects**: Currently, there is no evident contagion effect among U.S., German, and Japanese bonds, although shared concerns over fiscal stability and increased issuance could enhance inter-market correlations in the future [23].

Summary of Conference Call Records Industry or Company Involved - **ZTO Express (中通快递)** - **Lao Pu Gold (老铺黄金)** - **Smart Imaging Equipment Industry (智能影像设备行业)** - **Health Supplements Industry (保健品行业)** Key Points and Arguments ZTO Express - ZTO Express's market share has rebounded, with a projected growth in warehouse volume of 20%-24% for 2025. The price reduction at headquarters is primarily due to an increase in lightweight items and a decrease in customer acquisition costs, with a 50% increase in orders over 5 yuan. The overall price reduction of 1.1 jiao only narrows the price gap with competitors and does not exceed expectations [1][2] - The company faced challenges in cost control, with a single ticket cost of 0.94 yuan remaining stable year-on-year. Despite volume growth, costs did not decrease, mainly due to an increase in scattered orders. Capital expenditure reached nearly 2 billion yuan, a 16% year-on-year increase, aimed at boosting future capacity and gradually lowering costs [4] - The express delivery industry is expected to face intensified price wars, particularly in the second half of the year. ZTO Express has advantages such as strong capital expenditure capabilities and a flexible response to market changes [5] Lao Pu Gold - Lao Pu Gold completed a fundraising of approximately 2.6 billion HKD to enhance its capital structure, with funds allocated for inventory replenishment and store openings. The company reported over 100% growth in SKP and Vientiane channels, with online promotions also contributing to sales [6][7] - New store openings are expected to significantly boost revenue in the second half of the year and next year, with minimal conflict with existing channels [7][8] Smart Imaging Equipment Industry - The smart imaging equipment market is approaching 100 billion RMB, driven by increased outdoor activities and social media penetration. Chinese companies like Sunny Optical and Weir shares are performing well in the supply chain, with DJI and Insta360 rapidly rising in brand recognition [10][12] - Xi'an Catering's panoramic camera revenue has a compound growth rate exceeding 60%, with significant sales growth. The company leads in AI stitching and stabilization technology, with a competitive edge in cost compared to overseas manufacturers [13][15] - Despite a decline in profit margins due to reduced subsidies and increased R&D investment, the company expects to stabilize net profit margins at 15%-20% through innovation and cost advantages [17][18] Health Supplements Industry - The health supplement market has seen significant changes, with a rise in emerging consumer trends and capital market interest. Online sales channels are growing rapidly, while traditional channels are declining [19][20] - New categories such as beauty and anti-aging products are experiencing rapid growth, with companies like H&H and Xianle Health actively expanding in this sector [21][22] - Happiness Health reported double-digit growth in order numbers in Q1 2025, with a low single-digit revenue growth, and has successfully adjusted its business model to embrace new consumer channels [23][24] Other Important but Possibly Overlooked Content - The competitive landscape for smart imaging equipment is expected to focus on leading brands and specific price segments, with Xi'an Catering maintaining a stable profit margin despite market pressures [18] - The brand strength of Lao Pu Gold is crucial for its growth, with innovative product designs and a strong market presence enhancing its competitive position [9] - The impact of the US-China trade war on Happiness Health has led to strategic adjustments, including optimizing business structures and enhancing production capabilities [25]

Group 1 - The recent surge of A-share companies going public in Hong Kong is driven by an outbound strategy, institutional convenience, and improved liquidity in the Hong Kong stock market [1] - The attraction of the Hong Kong market is systematically increasing, with continuous improvement in asset supply structure and quality, as well as liquidity trends benefiting from the return of overseas funds [1] - The trend of more quality leading companies listing in Hong Kong may catalyze a shift in A-share market style towards core assets [1] Group 2 - A-shares are expected to remain in a high central tendency oscillation market in the second quarter, with short-term adjustments anticipated [2] - The upper limit of the oscillation is supported by export resilience, while the lower limit is linked to the relationship between loose monetary policy and capital market stability [2] - Short-term focus remains on sectors like pharmaceuticals (CXO and innovative drugs) and precious metals, while technology is still undergoing mid-term adjustments [2] Group 3 - The recent market sentiment has shown signs of retreat, with micro-cap stocks gaining trading heat, indicating potential market risks due to crowded trades [3] - The central bank's financial policies aim to support the real economy and may bring fresh capital into the market [3] - The focus remains on "new quality domestic demand growth" with an emphasis on service consumption and new consumption sectors [3] Group 4 - The recent volatility in overseas financial markets, including rising long-term bond yields, has increased market risk aversion [4] - The small-cap style has recorded significant relative gains, driven by a market environment of rapid rotation and stock selection for excess returns [4] - The trading volume of the CSI 2000 index has reached a high concentration level, indicating potential volatility risks [4] Group 5 - The market is expected to refocus on technology growth, particularly in the AI industry chain, with attention on upstream and downstream innovations [5][6] - Historical patterns suggest that industry rotation typically slows down from mid to late May into June, indicating a potential consolidation phase [5] Group 6 - A-share indices are likely to undergo revaluation as quality growth indices strengthen, driven by stable cash flows and declining capital expenditures [7] - The trend of a weak dollar and strong renminbi is expected to benefit core assets represented by quality growth indices [7] Group 7 - The recent rise in global risk aversion, driven by U.S. tariff policy fluctuations and rising long-term bond yields, may indirectly affect A-share sentiment [8] - The influx of long-term funds from social security, insurance, and pension schemes is expected to support a stable A-share market [8] Group 8 - The market is currently experiencing rapid style switching, with both large and small caps alternating in dominance [9] - Structural opportunities are present, particularly in high-margin assets and sectors benefiting from policy support for consumption [9] Group 9 - Short-term market consolidation is anticipated, with resilience remaining intact despite potential negative impacts from rising U.S. bond yields [10] - The current market environment is characterized by a balance of policy support and economic recovery expectations [10] Group 10 - The historical trend indicates that dividend-paying assets may face headwinds in June, but could present good entry points for long-term investors [12] - The ongoing geopolitical uncertainties and trade tensions suggest that dividend assets remain a solid long-term investment choice [12]

Core Insights - The main point of the article is the analysis of gold futures trading data as of May 23, 2025, highlighting the changes in positions and trading volumes among major market participants [1][2]. Group 1: Trading Volume and Position Changes - As of May 23, 2025, the main gold futures contract (2508) closed with a price change of +0.10%, and the trading volume reached 330,200 contracts, with an increase of 44,400 contracts from the previous day [1]. - The total trading volume for all gold futures contracts was 566,900 contracts, reflecting an increase of 44,400 contracts compared to the previous day [1]. - The top 20 positions showed a net long position with a difference of 60,059 contracts, indicating a bullish sentiment among traders [1]. Group 2: Long and Short Positions - Among the top 20 positions, long positions totaled 211,700 contracts, which is an increase of 1,455 contracts from the previous day, while short positions totaled 96,700 contracts, a decrease of 1,659 contracts [1]. - The top three long positions were held by Guotai Junan (33,196 contracts), CITIC Futures (28,677 contracts), and Zhongcai Futures (28,675 contracts) [1]. - The top three short positions were held by CITIC Futures (10,004 contracts), Guotai Junan (9,483 contracts), and Qisheng Futures (6,904 contracts) [1]. Group 3: Changes in Major Participants - The top three participants with the largest increase in long positions were Ping An Futures (3,144 contracts, +438), Guotou Futures (7,149 contracts, +315), and Yinhe Futures (5,501 contracts, +232) [1]. - The top three participants with the largest decrease in long positions were Haitong Futures (3,822 contracts, -960), Guotai Junan (16,405 contracts, -404), and Minsheng Futures (1,663 contracts, -204) [1]. - For short positions, the largest increases were seen in Dongzheng Futures (3,770 contracts, +302), Nanhua Futures (2,319 contracts, +284), and COFCO Futures (1,283 contracts, +133) [1].

Group 1 - The core viewpoint of the article highlights the active trading environment of the Beijing Stock Exchange (BSE) and the impressive performance of related thematic funds, with a focus on the insights from the fund manager of CITIC Construction Investment's BSE Select Two-Year Open-End Fund, Cold Wenpeng [1] - As of the end of Q1 this year, there are 32 thematic funds in the BSE market with a total management scale of approximately 13.6 billion yuan, including 11 actively managed products totaling 4.35 billion yuan and 21 passive index products totaling 9.26 billion yuan [1] - Over 70% of BSE thematic funds achieved returns exceeding 20% in Q1, attributed to the market's institutional advantages and the long-term commitment of fund research teams [1] Group 2 - Cold Wenpeng's investment framework consists of six key dimensions, emphasizing diversified allocation, focusing on undervalued growth, a top-down approach for industry selection, a bottom-up approach for company selection, contrarian thinking, and strict risk management [1] - The future development of the BSE is viewed positively, with expectations of continued growth, high-quality expansion, ongoing institutional innovation, and increased returns to investors through dividends and buybacks [2] - The BSE is positioned to serve innovative small and medium-sized enterprises, representing a significant market for new productive forces, with a focus on improving supply quality and attracting institutional investors [2]

智通财经5月23日电，利弗莫尔证券显示，深圳市华曦达科技股份有限公司向港交所提交上市申请书， 独家保荐人为中信建投国际。 ...

中信建投证券股份有限公司 关于卧龙新能源集团股份有限公司 本次交易前 12 个月内购买、出售资产的核查意见 卧龙新能源集团股份有限公司（以下简称"公司"、"上市公司"）拟向浙 江卧龙舜禹投资有限公司出售其持有的卧龙矿业（上海）有限公司 90%股权（以 下简称"标的资产"）（以下简称"本次交易"、"本次重组"、"本次重大资 产重组"）。 经核查，独立财务顾问认为：除上述交易外，上市公司本次交易前 12 个月 内未发生《上市公司重大资产重组管理办法》规定的其他重大资产购买、出售事 项，不存在购买、出售与本次重大资产重组标的资产为同一或相关资产的情形。 （以下无正文） 中信建投证券股份有限公司（以下简称"独立财务顾问"）作为本次重大资产 重组的独立财务顾问，对上市公司本次交易前 12 个月内购买、出售资产的情况 进行核查。如无特别说明，本核查意见中的简称和释义与《卧龙新能源集团股份 有限公司重大资产出售暨关联交易报告书（草案）》中的简称和释义具有相同含 义。 根据《上市公司重大资产重组管理办法》第十四条第四款的规定：上市公司 在十二个月内连续对同一或者相关资产进行购买、出售的，以其累计数分别计算 相应数额。已按照本 ...

Core Viewpoint - The article discusses the impact of the major asset restructuring of Wolong New Energy Group Co., Ltd. on the company's immediate returns and outlines measures to prevent and compensate for potential dilution of these returns [1][5]. Group 1: Financial Impact of the Transaction - The transaction will lead to a dilution of the company's earnings per share (EPS) for the fiscal year 2024, with the basic EPS expected to decrease from 0.14 to 0.06 after the transaction [2]. - The company's operating revenue before the transaction was 488,125.64 million, which is projected to be 240,522.57 million post-transaction [2]. Group 2: Measures to Mitigate Dilution - The company has developed specific measures to mitigate the potential dilution of immediate returns, including optimizing asset quality and enhancing core competitiveness [2]. - The company plans to focus on expanding its profitability in the renewable energy sector, particularly in wind, solar, and hydrogen storage [2]. Group 3: Governance and Commitment - The company will adhere to relevant laws and regulations to ensure that the board of directors and shareholders can exercise their rights effectively, particularly in protecting the interests of minority shareholders [3]. - The board and senior management have made commitments to avoid actions that could harm the company's interests and to ensure that their compensation is linked to the execution of the return compensation measures [4]. Group 4: Disclosure and Compliance - The company will regularly disclose the status of the measures taken to compensate for the dilution of immediate returns in its periodic reports [5]. - The independent financial advisor has confirmed that the anticipated impact of the restructuring on immediate returns aligns with the company's actual situation and that the proposed measures are effective [5].