Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The Hong Kong Stock Exchange is expected to benefit from the expansion of the asset side, with an increase in trading activity due to leading A-share companies listing in Hong Kong and quality Chinese concept stocks returning to the Hong Kong market [3][4] - The report highlights the recent relaxation of regulations regarding securities firms' private placements, with a focus on financing for sectors related to the real economy [4] - The insurance sector is anticipated to see a reduction in liability costs due to the recent decrease in LPR and deposit rates, which may lead to a further decline in the preset interest rates for insurance products [5] Summary by Sections Non-Bank Financial - The report indicates a positive outlook for the non-bank financial sector, with a focus on the benefits from the expansion of the asset side in the Hong Kong market [3][4] Securities Firms - The average daily trading volume for stock funds was 1.31 trillion, a decrease of 5.6% week-on-week, but a year-on-year increase of 50% [4] - The China Securities Association is developing a special evaluation method for securities firms, emphasizing support for technology-driven enterprises [4] - The report suggests that the valuation of the securities sector is currently low, and there are opportunities for growth due to continued macroeconomic support for the stock market [4] Insurance - The recent adjustments in LPR and deposit rates are expected to lower the cost of liabilities for insurance companies, potentially leading to improved operational quality [5] - The report anticipates a decline in new business value growth compared to 2024, but an overall improvement in operational quality is expected [5] Recommended and Beneficiary Stocks - Recommended stocks include Jiangsu Jinzhong, Hong Kong Stock Exchange, and China Pacific Insurance [6] - Beneficiary stocks include Guosen Securities, Jiufang Zhitu Holdings, and China Galaxy Securities [6]

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Xiamen Dongang Technology Co., Ltd.'s application for public stock issuance and listing due to the company's withdrawal of its application [1][3]. Company Overview - Xiamen Dongang Technology specializes in the research, production, and sales of professional mobile lighting tools, including various series such as folding lamps, floodlights, pocket lights, pen lights, long lights, and headlamps [3]. Application Details - The application for public issuance was initially accepted by the Beijing Stock Exchange on January 8, 2024, and the company submitted a withdrawal request on May 20, 2025 [3]. - The company intended to issue no more than 51,111,113 shares, with an option for an additional 15% (up to 7,666,666 shares) through an over-allotment option [4]. Fundraising Plans - Dongang Technology aimed to raise 26 million yuan, allocated for the construction of a high-end professional mobile lighting tool production base, a research and development center, and to supplement working capital [4][5]. - The total investment for the production base project is approximately 185.64 million yuan, with 184 million yuan expected to be funded from the raised capital [5]. Shareholding Structure - As of the signing date of the prospectus, the controlling shareholder and actual controller of Dongang Technology is Zhuang Junhui, who directly holds 83.14 million shares (54.22%) and indirectly controls an additional 22.5 million shares (14.67%), totaling 68.89% of the company's shares [3]. Underwriting Information - The lead underwriter for this issuance was China Merchants Securities Co., Ltd., with representatives Zhang Qian and Zhang Yang signing as the sponsoring representatives [6].

近日，上交所发布了试点公司债券续发行的相关通知。已在上交所上市挂牌的存量公司债券的发行人 可以进行增量发行，并将增量发行债券与存量债券合并上市挂牌。5月29日，中信证券、招商证券等作 为首批试点发行人，完成了首批公司债券的续发行。 "续发行机制的建立有效提升了债券市场的流动性水平，增强了市场活跃度，完善市场价格体系，助力交 易所债券市场向更加成熟的方向迈进。"中信证券称。 券商公司债券续发行 5月29日，中信证券成功开展"中信证券股份有限公司2025年面向专业机构投资者公开发行公司债券（第 一期）"的续发行工作，发行规模20亿元。该期债券是在原有存续债券的基础上完成的续发行创新。商业 银行、银行理财、证券公司、基金公司、保险公司等投资机构认购踊跃。 同日，招商证券作为首批试点发行人，在上交所成功开展2025年公开发行短期公司债券（第二期）（续 发行）簿记发行，发行规模15亿元。本次续发行债券是对招商证券在2025年4月7日完成发行的2025年 公开发行短期公司债券（第二期）的增量发行。该债券原存量规模为27亿元，本次续发行完成后，单只债 券累计规模达42亿元。本次续发行债券将与对应的存量债券合并上市交易、合并 ...

近日，上交所发布了试点公司债券续发行的相关通知。已在上交所上市挂牌的存量公司债券的发行人可以 进行增量发行，并将增量发行债券与存量债券合并上市挂牌。5月29日，中信证券、招商证券等作为首批试 点发行人，完成了首批公司债券的续发行。 中信证券称，本次续发行作为交易所首批公司债券续发项目，积极探索多元化发行路径，依托续发行"灵活扩 容"的优势优化债券发行定价流程，构建起更贴合市场供需的发行机制，为投资者提供多元资产配置标的，进 一步丰富交易所债券市场的产品结构层次。 增强市场流动性 5月21日，上海证券交易所发布《关于试点公司债券续发行和资产支持证券扩募业务有关事项的通知》，试点 开展公司债券续发行和资产支持证券扩募发行业务。公司债券续发行是指已在上交所上市挂牌的存量公司债券 的发行人进行增量发行，并将增量发行债券与存量债券合并上市挂牌。 5月29日，中信证券成功开展"中信证券股份有限公司2025年面向专业机构投资者公开发行公司债券（第一 期）"的续发行工作，发行规模20亿元。该期债券是在原有存续债券的基础上完成的续发行创新。商业银行、 银行理财、证券公司、基金公司、保险公司等投资机构认购踊跃。 同日，招商证券作 ...

该服务是基于客户现有持仓，通过智能化算法高频捕捉同一股票的日内价格波动，执行量化微趋势买卖 交易，在持仓股票日内价格高位实施减持、低位进行回补，形成完整的当日买卖交易闭环。 作为今年券商APP的推广重点，T0算法服务已经在天风证券、招商证券、西南证券等20余家券App中上 线。据21世纪经济报道记者了解，还有部分中型券商在筹备推出T0算法服务。 值得关注的是，尽管T0算法交易有诸多优势，但其同样存在风险。首先从策略本身看，T0算法并非稳 赚不赔的万能工具，其也出现了投资者做亏的情况。其次是极端行情导致策略失效等风险。 21世纪经济报道记者李域 深圳报道 量化交易加速走向个人投资者。 5月26日，中泰证券官宣，齐富通T0算法已上线。据介绍，该算法服务是中泰证券联合头部T0算法服务 商，为高净值客户设计的日内交易解决方案。 "对于躺着赚钱这些揽客的说法需要警惕。"有业内人士指出，T0算法下沉，对散户而言，既是武器升 级的机会，也是认知突围的考验，技术平权不等于能力平权，唯有理性驾驭工具，才能真正有所收获。 争相布局 越来越多的券商开展T0算法服务。 近日，中泰证券上线的齐富通T0算法备受市场关注。此前一月，西南证 ...

2025年1-5月，共有21家律师事务所为这43家新上市公司IPO提供了法律服务。 2025年1-5月，共有24家保荐机构承担了这43家新上市公司的IPO上市业务。 国泰海通、华泰联合、中信证券并列第一，业务单数各5单。（注：国泰君安与海通证券合并计算，其中海通证券有3单，国泰君安有2单） 一、保荐机构业绩排名 随着5月29日古麒绒材（001390）在深主板上市，2025年1-5月A股合计新上市公司43家，其中沪市主板9家、科创板6家、深市主板6家、创业板18家、北交所4家。 相较去年同期的38家，同比增长13.16%。这43家新上市公司募资净额为249.39亿元，相较去年同期的244.18亿元，同比增长2.13%。 | 6 | 天风证券 | 2 | | --- | --- | --- | | 8 | 华安证券 | l | | 8 | 东方证券 | 1 | | 8 | 光大证券 | 1 | | 8 | 广发证券 | 1 | | 8 | 国金证券 | 1 | | 8 | 国投证券 | 1 | | 8 | 国信证券 三三 | FOR IT | | 8 | | 国元证券TONWOOD TREF | | 8 | 民生 ...

Investment Rating - The report maintains a "Market Perform" rating for the securities industry, in line with the performance of the CSI 300 index [1]. Core Insights - The securities industry achieved a year-on-year revenue growth of 11.15% and a net profit increase of 21.35% in 2024, with self-operated business income reaching a near ten-year high [7][13]. - In Q1 2025, listed securities firms reported a revenue increase of 24.60% and a net profit growth of 83.48% year-on-year, driven primarily by retail brokerage, self-operated, and margin financing businesses [7]. - The report emphasizes the importance of policy support for maintaining a stable and active capital market, which is expected to positively influence the overall operating environment for the securities industry [7]. Summary by Sections 1. Industry Performance in 2024 and Q1 2025 - The securities industry saw a recovery in operating performance, with total revenue reaching CNY 4,511.69 billion and net profit at CNY 1,672.57 billion in 2024, marking a significant recovery from previous years [13]. - The performance of listed securities firms showed a clear recovery trend, with 42 firms reporting a total revenue of CNY 5,088.47 billion and a net profit of CNY 1,478.35 billion in 2024 [13][17]. - The average leverage ratio for the industry slightly decreased to 3.31 times, while the return on equity (ROE) increased to 5.50% in 2024 [20][24]. 2. Business Segment Analysis - The self-operated business segment's revenue share reached a ten-year high at 38.6%, while other business segments saw a decline in their revenue contributions [27]. - Brokerage and self-operated businesses were the main drivers of the industry's overall performance recovery, with brokerage fees increasing by 16.60% and investment income rising by 43.02% in 2024 [31]. - The report highlights a significant drop in investment banking revenues, which fell by 35.47%, indicating ongoing challenges in that segment [31]. 3. Market Outlook and Investment Recommendations - The report suggests that the overall operating environment for the securities industry is expected to stabilize and improve, supported by recent policy measures aimed at maintaining market stability [7]. - The average price-to-book (P/B) ratio for the securities sector has been fluctuating between 1.278 and 1.544, indicating a relatively low valuation compared to historical averages, presenting potential investment opportunities [7]. - The report encourages continued attention to leading securities firms, particularly those with strong wealth management capabilities and significant equity exposure, as they are likely to benefit from market recovery [7].

Group 1 - Citic Securities maintains a "Hold" rating for Bloom Energy (BE.N), expecting adjusted net profit to turn positive in 2024, with strong order backlog and data center business growth [1] - First Shanghai maintains a "Buy" rating for Coinbase Global (COIN.O) with a target price of $305, citing long-term growth potential from S&P 500 inclusion and market expansion [1] - CMB International maintains a "Buy" rating for PDD Holdings (PDD.O) with a target price of $134, anticipating a profit growth turning point in Q4 2025 despite Q1 2025 performance falling short [1] Group 2 - Haitong International maintains an "Outperform" rating for Hesai Technology (HSAI.O) with a target price of $21, expecting revenue and net profit growth from ADAS lidar expansion and new product launches [1] - CMB International raises the adjusted net profit forecast for JOYY Inc. (JOYY.O) to $270 million for 2025, maintaining a "Buy" rating with a target price of $60 [1] - Loop Capital maintains a "Strong Buy" rating for Pinduoduo (PDD.O), projecting a Non-GAAP net profit of 113 billion yuan for 2025, with a target price range of $113-$134 [1] Group 3 - CMB International maintains a "Buy" rating for Pinduoduo (PDD.O) with a target price of $135, optimistic about long-term recovery in profitability despite Q1 2025 underperformance [1] - CICC maintains an "Outperform" rating for Tuya Smart (TUYA.N) with a target price of $3, despite revenue forecast adjustments due to tariff uncertainties, citing strong Q1 2025 performance [1] - Tianfeng Securities maintains a "Buy" rating for Microsoft (MSFT.O), highlighting strong growth driven by AI and cost management improvements [2]

Core Viewpoint - Jiusong Electric reported a decline in revenue and significant losses in net profit for the fiscal year 2024, indicating financial challenges faced by the company [1][2]. Financial Performance Summary - Total revenue for 2024 was 1.911 billion yuan, a decrease of 4.64% compared to 2.004 billion yuan in 2023 [2]. - The net profit attributable to shareholders was -35.56 million yuan, a decline of 170.18% from a profit of 50.68 million yuan in the previous year [2]. - The net profit after deducting non-recurring gains and losses was -40.17 million yuan, down 181.49% from 49.29 million yuan in 2023 [2]. - The net cash flow from operating activities was -281.42 million yuan, showing an improvement of 49.97% from -562.46 million yuan in the previous year [2]. Earnings Per Share and Return on Equity - Basic and diluted earnings per share for 2024 were -0.16 yuan, a decrease of 172.73% from 0.22 yuan in 2023 [2]. - The weighted average return on equity was -3.36%, down 8.05% from 4.69% in the previous year [2]. Asset and Equity Position - Total assets at the end of 2024 were 3.517 billion yuan, an increase of 15.91% from 3.034 billion yuan at the end of 2023 [2]. - The net assets attributable to shareholders decreased by 5.94% to 1.025 billion yuan from 1.089 billion yuan in the previous year [2]. Q1 2025 Performance - For Q1 2025, total revenue was 471.77 million yuan, a growth of 24.01% compared to 379.62 million yuan in the same period last year [3]. - The net profit attributable to shareholders was -6.62 million yuan, a decline from a profit of 6.39 million yuan in Q1 2024 [3]. - The net cash flow from operating activities was -45.05 million yuan, worsening by 282.14% from -11.79 million yuan in the previous year [3]. Fundraising and Use of Proceeds - Jiusong Electric raised a total of 626 million yuan, with a net amount of 508 million yuan after deducting issuance costs, exceeding the original plan by 39.73 million yuan [4][5]. - The funds were intended for projects including the production of inorganic insulated cables and to supplement working capital [5].

◎记者 张欣然 在政策支持与市场热度双重驱动下，科创债市场正在蓬勃发展。自5月7日相关配套政策密集宣布以来， 科创债发行数量和规模显著增长，银行类机构贡献突出。 与此同时，浦发银行、兴业银行、中金公司等机构持续推进柜台交易、回购借贷、信用衍生品等创新业 务，二级市场基础设施日益完善。随着估值稳定、流动性改善及增信机制的推进，科创债正吸引越来越 多机构投资者配置，成为推动科技金融建设的关键力量。 金融机构成发行主力 自5月7日科创债配套政策出台以来，市场反应积极。多位业内人士表示，当前市场认购热度持续走高， 融资成本处于相对低位，债市"科技板"建设初现雏形。 统计显示，5月7日至27日，市场共计发行148只科创债，累计发行规模达3242.42亿元，显示出政策效应 正在加快释放。 从科创债发行主体分类看，金融债为主力品种。据华福证券统计，金融机构发行的科创债中包含19只银 行债和22只券商债，合计发行规模占比高达65.04%。其次为短期融资券和公司债，各发行33只，但单 笔规模相对较小，合计发行规模分别为403亿元和378.10亿元。 银行类机构贡献最大。其中，国有大行与政策性银行合计发行规模达1700亿元，占比 ...