4月投资热点聚机器人、半导体自主可控、跨境支付三个板块 根据申万(2021)计算机、电子、传媒、通信、机械设备、国防军工、汽车、电力设备八个板块共计2531 家上市公司涨跌幅及换手率数据，得出结论4月投资热点聚焦在机器人、半导体自主可控、跨境支付三 个板块。机器人是科技方向4月表现最优的板块，特斯拉Optimus量产突破，国产机器人商业化案例涌 现;我国调整"集成电路"原产地相关规定，美系IDM厂商或受关税冲击，国产半导体中模拟芯片及射频 芯片迎来利好;跨境支付重要性有所提升。 智通财经APP获悉，招商证券发布研报称，四月投资热点聚焦机器人、半导体自主可控及跨境支付三大 板块。机器人成为四月科技领域表现最佳方向，特斯拉Optimus量产进展及国内商业化案例涌现推动板 块热度。海外AI芯片出口管制加码，国产算力链迎机遇。谷歌、微软等全球科技巨头持续加码AI基础 设施，同时国内AI模型也正加速迭代升级，该行建议重点关注国产算力及AI Agent。 招商证券主要观点如下： 海外AI芯片不确定性加大，国产算力链依然值得重点关注 谷歌、微软仍将加大AI基础设施建设支出，阿里、腾讯财报中对资本开支的指引将成为下一个关键指 ...

证券研究报告 供给侧改革驱动价值重估，AI赋能效率提升 ——证券行业2025年中期投资策略【勘误版】 证券分析师 ：孙 婷（非银金融行业首席分析师） 执业证书编号： S0600524120001 2025年5月4日 请务必阅读正文之后的免责声明部分 核心要点 数据来源：Wind，东吴证券研究所（截至2025年4月28日） 2 ➢ 2025年证券行业回顾：交投仍活跃，市场波动加剧。1）日均成交量显著提升，两融余额维持高位。2024年券商公募代销保有规模小 幅提升，ETF具有绝对优势。2）IPO数量及规模延续下降趋势；增发规模同比提升。3）资管新规以来，通道类资管规模持续下滑。 集合资管规模占比持续提升，主动管理转型趋势明显，预计券商资管规模有望企稳，业务结构有望优化。4）权益市场震荡加剧，券 商自营业务面临较大考验。今年以来权益及固收市场波动加剧，叠加去年固收类产品发行较好，较高基数下公募基金发行有所回落。 5）2025Q1 50家上市券商合计实现营业收入1361亿元，同比增长24%，实现归母净利润558亿元，同比增长80%。扣除因国泰君 安吸收合并海通证券产生负商誉，所带来的营业外收入85亿元，上市券商实现归 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report focuses on the performance of the ETF fund market, summarizing the past week's performance and capital flows of the overall ETF fund market, different popular segmented ETF funds, and innovative theme and segmented industry ETF funds for investors' reference [1]. 3. Summary by Relevant Catalogs 3.1 ETF Market Overall Performance - Market performance: From April 28th to April 30th, A-share-focused ETFs showed mixed performance. TMT ETFs had the largest increase, with an average rise of 2.20% among funds above a certain scale, while financial and real estate ETFs had the deepest decline, with an average drop of 1.27% among funds above a certain scale [2][5]. - Capital flow: There was a significant inflow of funds into bond ETFs, with a net inflow of 6.192 billion yuan for the whole week. Conversely, large-cap index ETFs experienced a significant outflow of funds, with a net outflow of 6.898 billion yuan for the whole week [3][6]. 3.2 Different Popular Segmented Type ETF Funds Market Performance - **Stock ETF - Broad-based Index**: Different broad-based index ETFs had varying performance in terms of weekly capital flow, weekly return, recent 1-month return, and year-to-date return, including super large-cap, large-cap, mid - small-cap, science and technology/growth enterprise board-related, all - market, and index enhancement [14][15][16]. - **Stock ETF - Industry Theme**: Different industry theme ETFs also showed different performance. For example, TMT sector ETFs generally had positive weekly returns, while financial and real estate sector ETFs had negative weekly returns [20][22]. - **Stock ETF - SmartBeta**: These ETFs also had different performance in terms of capital flow and return [27]. - **Bond ETF**: Some bond ETFs had capital inflows, such as the Haifutong CSI Short - Term Financing ETF with a net inflow of 4.516 billion yuan, while others had outflows [28]. - **QDII ETF**: Their performance also varied, with some having positive weekly returns and others negative [29]. - **Commodity ETF**: Gold ETFs generally had negative weekly returns and some had significant capital outflows [30]. 3.3 Innovative Theme and Segmented Industry ETF Funds Market Performance - **TMT Innovation Theme**: Indexes such as animation and gaming, cloud computing and big data, and artificial intelligence had positive weekly returns, with corresponding representative funds also showing certain increases [32]. - **Consumption Segmented Industry**: Indexes like household appliances had a positive weekly return, while food and beverage had a negative return [33]. - **Pharmaceutical Segmented Industry**: Indexes such as innovative drugs had positive weekly returns, while traditional Chinese medicine had a negative return [34]. - **New Energy Theme**: Indexes like new energy vehicles had a small positive weekly return, while photovoltaic industry had a negative return [35]. - **Central and State - owned Enterprises Theme**: Most indexes in this theme had negative weekly returns [36]. - **Stable Growth Theme**: Indexes such as rare earth industry had a positive weekly return, while real estate had a significant negative return [37]. - **Shanghai - Hong Kong - Shenzhen/Hong Kong Stock Connect Segmented Industry**: Indexes like Hong Kong Stock Connect Internet had a positive weekly return, while Hong Kong securities had a negative return [38]. - **Dividend/Dividend Low - Volatility Index Family**: Most indexes in this family had negative weekly returns [39]. - **Growth Enterprise Board Index Family**: Indexes such as Science and Technology Innovation 100 had a positive weekly return, while Growth Enterprise Board 50 had a negative return [40][41].

证 券 研 究 报 告 招商证券（600999）2025 年一季报点评 推荐（维持） 业绩符合预期，自营环比略有回落 目标价：22.37 元 事项： 招商证券发布 2025 年一季报。剔除其他业务收入后营业总收入：46 亿元，同 比+8.1%。归母净利润：23.1 亿元，环比-9.3 亿元，同比+7%。 点评： 风险提示：市场交易量回落；资本市场创新不及预期；实体经济复苏不及预期。 公司研究 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万) | 20,891 | 24,913 | 26,316 | 28,348 | | 同比增速(%) | 5% | 19% | 6% | 8% | | 归母净利润(百万) | 10,386 | 12,567 | 13,564 | 14,561 | | 同比增速(%) | 19% | 21% | 8% | 7% | | 每股盈利(元) | 1.13 | 1.45 | 1.56 | 1.67 | | 市盈率(倍) | ...

智通财经APP获悉，招商证券发布研究报告称，截至4月30日上午，A股上市公司2024年年报和2025年 一季报业绩基本披露完毕(披露率99.8%)。受政策效果持续显现以及科技创新趋势驱动，整体A股盈利增 速转正。大类行业中信息技术、消费服务增速相对领先，TMT、资源品和中游制造业边际改善。推荐 关注业绩增速相对较高、自由现金流边际改善的领域。 招商证券主要观点如下： 利润端：一季度上市公司业绩边际改善。根据一致可比口径和整体法测算，A股2024Q3/2024Q4/2025Q1 单季度净利润增速依次为3.7%/-15.7%/3.2%，非金融石油石化2024Q3/2024Q4/2025Q1单季度净利润增速 为-10.5%/-50.2%/4.5%。 收入端：全部A股单季度收入增速较24Q4放缓，但仍高于24Q3，延续改善。全部A股 2024Q3/2024Q4/2025Q1单季度收入增速依次为-2.0%/1.4%/-0.3%，非金融石油石化板块 2024Q3/2024Q4/2025Q1单季度收入增速依次为-2.9%/1.2%/0.5%。海外营收增幅扩大，海外营收占收入 的比例持续提升。 25年一季度A股盈利回暖主要受 ...

互换便利工具在去年下半年推出，不少券商陆续获得了参与互换便利的业务资格。不过，究竟有哪些券商实际落地了互换 便利业务？参与额度又有多少？部分券商年报有披露。 有的券商在年报中表示，公司使用互换便利获得的资金持仓股票和股票ETF。还有的券商称，公司主动参与央行第二批互换便 利操作且积极配置A股市场。年报数据显示，有的券商互换便利质押式回购接近50亿元。 买入股票和股票ETF "作为首批获得互换便利业务资格的金融机构，整体参与进度属于同业前列；发挥做市商专业优势，为中小微企业提供专业化 的流动性支持，公司在北交所做市业务中创市场先例，首家通过互换便利账户开展北交所做市业务，向市场传递积极信号。" 申万宏源表示 。 财通证券称， 互换便利作为国家支持资本市场健康发展的增量政策，为资本市场和行业发展带来了重大政策机遇。公司积极 承接政策，获得互换便利业务资格，并在第一时间完成股票增持的首笔交易。据悉，财通证券使用互换便利获得的资金持仓 股票和股票ETF。 东吴证券称， 响应国家政策号召，成功取得互换便利操作资格，主动参与央行第二批互换便利操作且积极配置A股市场。 东方证券 稳妥使用互换便利资金，高效筛选合适的A股标的 ...

智通财经4月30日电，利弗莫尔证券显示，活力集团控股有限公司向港交所提交上市申请书，联席保荐 人为招商证券国际、民银资本。 ...

Financial Performance - In 2024, the company achieved revenue of 20.891 billion yuan (+5.40%) and a net profit attributable to shareholders of 10.386 billion yuan (+18.51%) [1] - The basic earnings per share reached 1.13 yuan (+20.21%), with a return on equity (ROE) of 8.82%, an increase of 0.91 percentage points year-on-year [1] Wealth Management Transformation - The company reported net income from brokerage business of 6.183 billion yuan (+11.79%) and income from agency securities trading of 6.779 billion yuan (+18.29%) [2] - The total transaction volume for stock-based transactions was 26.71 trillion yuan (+6.08%), with a market share of 4.51% [2] - The number of wealth management clients reached 627,500 (+16.66%), including 34,700 high-net-worth clients (+9.46%) [2] Investment Banking Performance - The investment banking segment saw a significant decline, with net income of 856 million yuan (-34.25%) and equity underwriting volume of 9.126 billion yuan (-54.84%) [3] - Bond underwriting performed well, with a total underwriting volume of 426.524 billion yuan (+30.91%), including financial bonds at 166.136 billion yuan (+36.14%) [3] - Asset-backed securities underwriting volume increased to 144.9 billion yuan (+57.84%) [3] Asset Management - The asset management business generated net income of 717 million yuan (+0.56%), but the total asset management scale decreased to 267.392 billion yuan (-9.31%) [4] - The scale of collective asset management increased to 126.562 billion yuan (+9.87%), while single and special asset management continued to decline [4] Credit Business - The credit business reported income of 1.134 billion yuan (-21.90%), with a financing margin balance of 90.879 billion yuan (+9.81%) [5] - The balance of stock pledge repurchase business decreased to 18.489 billion yuan (-18.82%) [5] Proprietary Trading and Derivatives - The proprietary trading segment showed strong performance with income of 9.527 billion yuan (+41.56%) [6] - The scale of financial assets reached 378.822 billion yuan (+1.13%), with a focus on bond investments [6] Investment Outlook - The company is expected to enhance overall performance due to strong capabilities in proprietary and wealth management businesses, alongside a moderate upward trend in the secondary market [7] - Earnings per share forecasts for 2025-2027 are 1.32 yuan, 1.36 yuan, and 1.45 yuan, respectively [7]

上市券商经纪收入整体增49% 中信、国泰海通、广发、招商、华泰居前五 智通财经4月30日电，记者全面梳理统计上市券商一季报，从经纪业务来看，42家数据可比上市券商经 纪业务净收入合计327.36亿元，同比增48.7%，净收入排名前十券商分别为中信证券（33.25亿）、国泰 海通（26.52亿）、广发证券（20.45亿）、招商证券（19.66亿）、华泰证券（19.36亿）、中国银河 （19.22亿）、国信证券（18.61亿）、中信建投（17.36亿）、申万宏源（13.19亿）、中金公司（12.98 亿）。（智通财经记者 高艳云） ...

文/梧桐数据中心 榜单前三名： 随着4月25日众捷汽车（301560）在创业板上市，2025年1-4月A股合计新上市公司37家，其中沪市主板8家、科创板5家、深市主板5家、创业板16家、北交所3家。 相较去年同期的35家，同比增长5.71%。这37家新上市公司募资净额为219.58亿元，相较去年同期的237.06亿元，同比下降7.37%。 一、保荐机构业绩排名 2025年1-4月，共有22家保荐机构承担了这37家新上市公司的IPO上市业务。 第一名：国泰海通（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） 第二名：华泰联合（4单）、中信证券（4单） | 排名 | 保存机构 | 业务更数 | | --- | --- | --- | | | 国泰海通 | 5 | | | 华泰联合 | 4 | | 2 ● | > 中信证券 | | | --- | --- | --- | | 40 | | | | 5 | UIVVV 东兴证券 | | | 5 | 申万宏源 | 2 | | 5 | 天风证券 | 2 | | 8 | 华安证券 | 1 | | 8 | 东方证券 | 1 | | 8 | 光大证 ...