Group 1 - The core viewpoint of the report is that Everbright Securities initiates coverage on Youjia Innovation (02431) with an "Overweight" rating, driven by the ongoing advancement in automotive intelligence and increasing demand for smart cockpit products [1] - The company is expected to see revenue growth from 1.01 billion RMB in 2025 to 2.01 billion RMB in 2027, with year-on-year growth rates of 54%, 47%, and 36% respectively [1] - Youjia Innovation ranks fourth among emerging technology companies in China based on revenue from Level 10 to L2+ solutions, indicating a strong market position [1] Group 2 - Youjia Innovation develops a range of automated smart driving solutions based on its fully self-developed software and hardware technology, with its business covering smart driving, smart cockpit, and vehicle-road collaboration [2] - The revenue breakdown for 2024 is projected to be 484 million RMB for smart driving solutions, 104 million RMB for smart cockpit solutions, and 63 million RMB for vehicle-road collaboration, with smart driving solutions accounting for 73.9% of total revenue [2] - The revenue from smart cockpit solutions is expected to grow significantly, with a year-on-year increase of 12.1 percentage points [2]

Group 1 - Chinese brokerage stocks collectively strengthened, with Everbright Securities (06178.HK) rising over 5% [1] - Hongye Futures (03678.HK) increased by more than 3% [1] - Guangfa Securities (01776.HK), CICC (03908.HK), and Huatai Securities (06886.HK) saw nearly 2% gains [1]

Group 1 - The core viewpoint is that the Hang Seng Index is expected to trend upward in the second half of the year, driven by new stimulus policies from mainland China, with a target price of 25,000 points and reduced overall volatility [1] - The widening interest rate differential between China and the US has historically pressured Hong Kong stocks, but this trend has reversed in recent years, with the recent increase in the differential coinciding with a rise in Hong Kong stocks [1] - The current valuation of the Hang Seng Index is considered reasonable, with an average dividend yield of 3.9% and a price-to-earnings ratio of 10.6 times, both near historical averages [1] Group 2 - There has been a significant inflow of mainland funds into Hong Kong stocks, with over HKD 575.5 billion net inflow as of May 9 this year, driven by the higher dividend yield of Hong Kong stocks compared to declining long-term bond yields in mainland China [1] - The inflow of international funds into Hong Kong stocks has primarily come from Southeast Asia and some European and American funds, with expectations of further inflows if US-China relations improve and the Chinese economy remains stable [2] - Key sectors to watch in the second half include domestic consumption, innovative technology, new energy vehicles, and traditional thermal power, as more stimulus policies targeting daily consumer spending are anticipated [2]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The maintenance season for PX, PTA, and MEG is coming to an end, and demand negative feedback is gradually emerging [2][152]. - For PX, as of May 30, the Asian PX operating load was 72%, a month - on - month increase of 4.1 percentage points; the Chinese PX operating load was 82.1%, a month - on - month increase of 8.9 percentage points. There are still some device maintenance plans from June to July, especially concentrated in July, with tight supply - demand. The cost side is expected to continue to be under pressure, but the PX fundamentals are expected to be favorable, supporting price and PXN profit repair [152]. - For PTA, as of May 30, the PTA operating load was 76.4%, a month - on - month decrease of 1.3 percentage points. In June, more PTA devices will restart, and there are still maintenance plans for some devices. There is an expectation of increased supply. The polyester operating load may show a slight downward trend in June. With increased supply and stable demand, the TA price faces upward pressure [152]. - For MEG, as of May 29, the overall operating load of ethylene glycol in mainland China was 59.83% (a month - on - month decrease of 8.6%), and the operating load of synthetic gas - based ethylene glycol was 57.19% (a month - on - month decrease of 5.02%). The cost of coal - based production has decreased, and the subsequent production is expected to increase. With increased supply and stable demand, the EG price may show a weak and volatile trend [152]. 3. Summaries According to the Directory 3.1 PX&PTA&MEG Price: Following Crude Oil Price Fluctuations - **Futures Prices**: From April 30 to May 30, 2025, PTA futures closing price increased by 266 yuan/ton (6.0%), MEG increased by 194 yuan/ton (4.7%), and PX increased by 406 yuan/ton (6.5%) [6]. - **PTA Basis and Spread**: The PTA basis and spread showed certain changes from April to May 2025, with the basis expanding significantly [15]. - **MEG Basis and Spread**: Similar to PTA, the MEG basis and spread also changed, and the basis expanded [12][15]. - **TA - EG Spread**: From April 30 to May 30, 2025, the TA - EG spread increased by 72 yuan/ton (25.8%) [18]. - **TA - PX Processing Spread**: From April 30 to May 30, 2025, the TA - PX * 0.656 spread remained unchanged [22]. - **Domestic and Overseas Ethylene Glycol Spread**: From April 30 to May 29, 2025, the price difference between domestic and overseas ethylene glycol changed, with the European - Chinese spread decreasing by 34.1% [25]. - **PX - Related Spreads**: The spreads between PX and crude oil, MX, and naphtha all changed from April to May 2025 [28]. 3.2 PX&PTA&MEG Supply Situation: Focus on Device Maintenance Implementation - **PX**: As of May 30, Asian and Chinese PX operating loads increased. There are still maintenance plans from June to August, especially in July, with a concentrated supply loss of 24.8 million tons [33][37][152]. - **PTA**: As of May 30, the PTA operating load decreased. In June, more devices will restart, and there are still some maintenance plans. New device production is expected to increase supply [35][152]. - **MEG**: As of May 29, the overall MEG operating load in mainland China decreased. There are maintenance and restart plans for domestic and overseas devices in different months [53][55][56][57]. 3.3 PX&PTA&MEG Import and Export Situation: High Global Trade Concerns - **PX**: In April 2025, China's PX imports decreased. The decrease was due to device maintenance, reduced downstream demand, and tariff concerns [63]. - **PTA**: In April 2025, China's PTA exports increased. The main export destinations include Turkey, Egypt, etc. [65]. - **MEG**: In April 2025, China's MEG imports decreased month - on - month but increased year - on - year. The main import sources are Saudi Arabia, Canada, etc. [68]. - **Polyester Products**: In April 2025, China's polyester product exports reached a record high for the same period. Different polyester products showed different export trends [71]. 3.4 PX&PTA&MEG Inventory Situation: Rising Downstream Raw Material Inventory - **PTA**: PTA polyester factories' raw material inventory increased, and the number of warehouse receipts decreased [91]. - **MEG**: As of May 26, the MEG port inventory in the East China main port area was about 68.7 million tons, showing a de - stocking trend [94]. 3.5 Polyester Demand Situation: Terminal Demand Underperforms Expectations - **Domestic Polyester Data**: In May 2025, compared with April, the polyester load decreased slightly, while the load of some related equipment increased. The inventory days and cash flow of some products changed [97]. - **Terminal Demand**: Terminal demand support is insufficient, and the inventory of polyester yarns has increased. The digestion of the weaving industry is weak, but the daily trading volume of the Light Textile City is expected to recover [98][101][103]. - **Textile and Garment Exports**: In April 2025, China's textile and garment exports increased year - on - year, with different trends for textiles and clothing [112]. - **Domestic Garment Retail**: In April 2025, the retail sales of domestic clothing - related products increased year - on - year but decreased month - on - month [115]. 3.6 PX&PTA&MEG Position Situation - **PTA Futures Position**: On May 30, 2025, the PTA futures total position increased compared with April [126]. - **MEG Futures Position**: On May 30, 2025, the MEG futures total position increased compared with April [126]. - **PX Futures Position**: On May 30, 2025, the PX futures total position increased compared with April [126].

致：香港交易及結算所有限公司 公司名稱: 光大證券股份有限公司 呈交日期: 2025年6月3日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年5月31日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601788 | 說明 | | A股(上海證券交易所) | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,906,698,839 | RMB | | 1 | RMB | | 3,906,698,839 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,906,698,839 | RMB | | | 1 RMB | | 3,906,698,8 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report The report argues that there is no need to be overly worried about the liquidity situation at this stage. The probability of the monetary authorities actively tightening the liquidity is low, and factors such as CD maturities and deposit rate cuts are not the main factors affecting money market interest rates. There is a high probability of an expected difference in the liquidity situation, and the medium - and long - end of the yield curve may be repriced. However, the downward space of the yield curve this year is limited compared to the same period last year [2][4]. 3. Summary by Related Catalog Why Not Worry About the Liquidity? - **Low Probability of Monetary Authorities Tightening Liquidity**: In May 2025, the 10Y Treasury bond yield was 1.67%, up about 5bp from the end of April. The long - end of the yield curve rose due to investors' concerns about the liquidity. But the probability of the monetary authorities actively tightening the liquidity is low. The spread between the 10Y Treasury bond and 7D OMO has recovered, and the uncertainty of the external environment has increased, so the monetary authorities are more concerned about the liquidity. For example, the average and volatility of DR007 in Q1 were 2.11% and 0.44% respectively, and have dropped to 1.71% and 0.10% since Q2 (as of the end of May) [1][2]. - **CD Maturity and Interest Rate Relationship**: CD maturity and net issuance demand are different concepts, and CD interest rates are not sensitive to maturities. From early 2020 to May 2025, the Pearson correlation coefficient between CD maturities and the monthly average of CD interest rates was - 0.30, and - 0.34 between maturities and the end - of - month values. In months with significantly rising CD maturities in recent years, the 1Y AAA - rated CD interest rate did not necessarily increase [3]. - **Deposit Rate Cuts and CD Interest Rates**: Deposit rate cuts do not necessarily lead to a decline in CD interest rates. For example, when state - owned large - bank deposit rates were cut in October 2024, the 1Y AAA - rated CD interest rate decreased over the following months [3]. - **Expected Difference in Liquidity and Yield Curve**: The short - end of the yield curve is mainly affected by monetary policy. The monetary authorities' urgency to tighten the liquidity to guide up long - bond yields has decreased, and they will not allow CD interest rates to rise significantly. There is a high probability of an expected difference in the liquidity situation. The short - end, mid - end, and long - end of the yield curve all have downward space until the end of the year, but the downward space is limited compared to last year. For example, the average of DR007 may gradually fall from 1.63% in May to about 1.5% in the next two months, and trading days with rates below 1.4% are not common [4].

Group 1 - Zhejiang Securities Regulatory Bureau issued a warning letter to Everbright Securities Lishui Lighthouse Street Securities Business Department for internal control deficiencies and non-compliance issues [1] - The department was found to have assigned marketing tasks to non-marketing personnel and failed to separate incompatible job responsibilities [1] - The head of the department, Lei Haijun, received a warning letter and was required to enhance compliance awareness and improve internal control mechanisms [1] Group 2 - Guangxi Securities Regulatory Bureau penalized Everbright Securities Nanning Jinpu Road Securities Business Department for improper practices, including paying commissions to client introducers and facilitating "circumventing regulations" for clients [2] - The company reported a revenue of 9.598 billion yuan in 2024, a decrease of 4.32% year-on-year, and a net profit of 3.058 billion yuan, down 28.39% year-on-year [2] - The brokerage business net income increased to 2.991 billion yuan in 2024, compared to 2.77 billion yuan in 2023, benefiting from market conditions [2] Group 3 - As of the end of 2024, Everbright Securities had 14 branches and 227 securities business departments, having reduced 15 departments during the year [3] - Increased competition in the industry has led to a situation where excessive business outlets do not guarantee profit growth, potentially intensifying competition [3] - The emergence of technology and AI is transforming service models, reducing the necessity for physical outlets, and prompting cost-cutting measures in a weak market [3]

Core Viewpoint - The personnel adjustment at Everbright Securities reflects the company's adherence to leadership tenure management regulations, with the former Vice President Mei Jian being reassigned as a senior expert after serving for eight years [1][3]. Group 1: Personnel Changes - Mei Jian has been reassigned from Vice President to Senior Expert due to leadership tenure regulations, which typically limit the duration of holding the same level leadership position to 6-8 years [1]. - This adjustment is part of a broader trend within financial institutions, including similar changes at Everbright Bank, indicating a systematic approach to leadership management [1][2]. Group 2: Business Performance - Everbright Securities reported a total revenue of 9.598 billion yuan in 2024, with a net profit of 3.008 billion yuan, marking a year-on-year increase of 60.66% [3]. - The wealth management business has become increasingly important, contributing 4.8 billion yuan to the overall revenue, which accounts for 49% of total income, with a 10% increase in total clients and an 8.5% increase in total client assets [2][3]. - The company has a financing scale of 87.22 billion yuan for real economy enterprises, reflecting a 13.4% year-on-year growth, with over 5 billion yuan directly financing private enterprises [3]. Group 3: Strategic Focus - Everbright Securities is focusing on enhancing its service to the real economy and national strategies, positioning itself as a key player in maintaining financial stability [3]. - The company continues to prioritize the transformation and development of its wealth management business, alongside its futures and overseas operations [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 光大證券股份有限公司 Everbright Securities Company Limited （於中華人民共和國註冊成立的股份有限公司） （股份代號：6178） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 光大证券股份有限公司（以下简称公司）第七届董事会第七次会 议通知于 2025 年 5 月 28 日以电子邮件方式发出。会议于 2025 年 5 月 30 日以通讯方式召开。本次会议应到董事 12 人，实到董事 12 人。 全体董事同意豁免本次会议的通知时限。本次会议的召开符合有关法 律、行政法规、部门规章和公司章程的有关规定。 公司董事经认真审议，通过了《关于高级管理人员职务调整的议 案》，因领导干部职务任职期限相关规定，梅键 ...

证券代码：601788 股票简称：光大证券 公告编号：临 2025-017 H 股代码：6178 H 股简称：光大证券 光大证券股份有限公司 第七届董事会第七次会议决议公告 1 公司董事经认真审议，通过了《关于高级管理人员职务调整的议 案》，因领导干部职务任职期限相关规定，梅键先生不再担任公司副 总裁职务，改聘为公司高级专家。 议案表决情况：同意 12 票，反对 0 票，弃权 0 票。 特此公告。 光大证券股份有限公司董事会 2025 年 5 月 31 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 光大证券股份有限公司（以下简称公司）第七届董事会第七次会 议通知于 2025 年 5 月 28 日以电子邮件方式发出。会议于 2025 年 5 月 30 日以通讯方式召开。本次会议应到董事 12 人，实到董事 12 人。 全体董事同意豁免本次会议的通知时限。本次会议的召开符合有关法 律、行政法规、部门规章和公司章程的有关规定。 ...