申万宏源：新疆电力供需发展空间广阔 金十数据5月26日讯，申万宏源发布研报称，"十五五"期间，风光装机规模快速成长，叠加火电机组装 机仍有增长空间，预计十五五末期新疆年发电量有望达9000亿千瓦时，其中风光发电量有望达3700亿千 瓦时，新能源发电占比有望超过40%。随着疆内产业园区发展及外省产能迁入，"十五五"期间新疆用电 量预计将保持高单位数或双位数增速。同时随着疆电外送通道的建成投产，至2030年新疆外年送电规模 有望达2400亿千瓦时，较2024年底接近翻倍。 ...

Group 1: Core Perspectives - The 12th Fortune Forum focuses on "Re-evaluating, Reconstructing, and Reigniting - The Leap in Asset Value Driven by AI" and gathers top experts to discuss global order changes, AI industry trends, asset allocation directions, and investment opportunities [1] - The forum features a roundtable discussion on the dual impact of geopolitical tensions and the AI technology revolution, clarifying the core logic for investors amidst changing macroeconomic conditions [1][2] - Experts emphasize that despite external disturbances, Chinese assets exhibit significant allocation value due to policy support, manufacturing resilience, and technological breakthroughs [3] Group 2: Investment Themes - Assets are categorized into three types: strong cyclical (real estate chain), stable (gold, high dividends), and tech emerging (AI, innovative pharmaceuticals), with gold seen as a hedge against weakening dollar credit [2] - The focus on AI applications and service consumption is highlighted as a dual upgrade opportunity, with a particular interest in the downstream applications of AI [3] - The importance of internationalization for external demand enterprises and the need for domestic enterprises to focus on rigid demand and innovation upgrades are discussed [4] Group 3: Sector Insights - The resilience of China's manufacturing sector is emphasized, with companies needing to shift from "manufacturing overseas" to "branding overseas" to enhance value [4] - The AI hardware capital expenditure is still in a deep water zone, indicating that China has broader space for AI applications in the long term [5] - Innovative pharmaceutical companies are seen as capable of withstanding decoupling risks through talent and technological barriers, with global authorization partnerships being key to market expansion [6]

药易购于2021年1月27日在深交所创业板上市，发行数量为2391.6671万股，发行价格为12.25元/股，保 荐机构为申万宏源证券（000562）承销保荐有限责任公司，保荐代表人为刘强、杨晓。 药易购募集资金总额为2.93亿元，扣除发行费用后，募集资金净额为2.49亿元。药易购最终募集资金净 额较原计划少1.96亿元。招股说明书显示，公司拟募集资金4.45亿元，分别用于合纵医药电商物流中心 项目、药易达物流配送体系建设项目、电子商务平台优化升级项目、补充流动资金项目。 中国经济网北京5月23日讯药易购（300937）(300937.SZ)昨晚发布股东询价转让计划书称，本次拟参与 询价转让的股东为海南合森、成都合齐。出让方拟转让股份的总数为2,469,000股，占药易购总股本的比 例为2.58%。转让原因均为自身资金需求。 | 拟转让股东 | 拟转让股份数 | 占总股本 | 占所持股份 比例(截至2025 | 转让原因 | | --- | --- | --- | --- | --- | | 名称 | t | 比例 | | | | | (股) | | 年5月22日) | | | 海南合森 | 2,040,00 ...

期货日报网讯（记者 韩雨芙）5月23日上午，在上海期货交易所与中国有色金属工业协会共同举办的 2025上衍有色论坛上，申万宏源证券首席经济学家赵伟发表主题为"春华秋实——中国宏观经济形势思 考"的主题演讲。赵伟认为，未来我国经济的潜在风险主要来自外部，人民币汇率或可作为观测指标。 考虑到特朗普2.0面临诸多现实约束，通过外政突破为内政解围大概率是其执政期间的重要手段，赵伟 认为，未来全球经济或将面临更多不确定性。 这是因为，在经济周期的自然规律下，特朗普加剧的不确定性叠加财富效应的负反馈，可能导致美国迎 来一次迟到的"衰退"。要知道，当前美国高收入群体持有权益资产更多，最高1%收入分位群体的资产 中公司权益占比达45.6%；而美国居民消费中，80-100%收入分位的高收入群体也贡献了39%、边际消 费倾向接近50%。在这样的背景下，赵伟道，"一旦美国股市持续下跌或加速该国消费走弱与'衰退'的到 来"。 尤其近期在经济周期下，美国不仅面临货币政策在就业与通胀间艰难平衡，持续扩张下利息支出占比明 显抬升还将带来财政两难，叠加，产业层面，强美元与制造业回流的难以兼容。在这样的情况下，特朗 普政府发起的"对等关税"， ...

中国经济网北京5月23日讯天山电子（301379）(301379.SZ)昨日晚间发布关于部分高级管理人员、监事 减持股份计划预披露公告。公司于近日收到副总裁兼董事会秘书叶小翠、副总裁兼财务负责人陈元涛、 监事劳萍、监事黄万梁及监事劳玉娟分别出具的《关于拟减持公司股份的告知函》。 公司本次拟减持股份的部分高级管理人员、监事合计持股2,933,000股，占公司总股本的2.0673%(占剔除 公司回购专用账户中的股份数量后总股本的2.1064%)；计划通过集合竞价方式合计拟减持股份总数为 733,250股，占公司总股本的0.5168%(占剔除公司回购专用账户中的股份数量后总股本的0.5266%)。 本次拟减持计划期间为自公告披露之日起十五个交易日后的三个月内(即2025年6月16日至2025年9月15 日)。 | 股东名称 | 职务 | (股) | 拟减持数量 占公司总股本 占公司总股本(剔除回购 的比例(%) | 账户股份)的比例(%) | | --- | --- | --- | --- | --- | | 叶小翠 | 副总裁兼董事 | 315.000 | 0.2220% | 0.2262% | | | 会秘书 ...

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，並明確表示概不就因本公告全部或任何部分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。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6806） 海外監管公告 北京，2025年5月20日 於本公告日期，董事會成員包括執行董事劉健先生及黃昊先生；非執行董事朱志龍先生、張英女士、邵亞樓先生、 徐一心先生及嚴金國先生；獨立非執行董事楊小雯女士、武常岐先生、陳漢文先生及趙磊先生。 证券代码：000166 证券简称：申万宏源 公告编号：临2025-36 申 万 宏 源 集 团 股 份 有 限 公 司 关于申万宏源证券有限公司 2025 年面向专业 投资者公开发行科技创新公司债券（第一期） 在深圳证券交易所上市的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公告乃由申萬宏源集團股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規 則第13.10B條作出。 茲載列本公司於深圳證券交易所網站 ...

文/申万宏源证券有限公司大投行金融科技联合工作组 随着全面注册制的推进和"新国九条"的发布，证券公司需要积极履行资本市场"看门人"和融资"保荐 人"的作用，进一步防范风险，践行金融服务实体经济的使命。随着证券行业数字化转型加速推进，投 行业务数字化转型目前已进入从传统投行竖井式模块系统转向一体化智能全业务平台的阶段。申万宏源 证券从2022年开始逐步根据大投行三年金融科技规划，构建基于人工智能、大数据、云原生等技术打造 的投行智能一体化平台。目前已落地流程中心、项目中心、客户中心、文档中心、智能尽调中心等，助 力投行业务降本增效，降低合规风险，聚合投行业务专业知识，赋能投行业务数字化转型，做好"数字 金融"，进一步健全公司内部"一二三道防线"执业风险防范机制。 1. 业务流程方面，基于低代码BPM流程引擎，实现流程精细化管理。投行项目审批中涉及节点多，分 叉多，引入BPM流程引擎重构业务流程。平台建设了一套完整的流程体系，对客户管理、项目管理、 内核、文件合同、底稿、发行、持续督导管理等200+种类型流程进行重构，每个流程节点均进行精细 化的设置并且支持参数配置，提高了流程管理效率。 2. 项目管理方面，通过 ...

Core Insights - Logistics automation technology is rapidly penetrating various sectors such as manufacturing, e-commerce, and retail, driven by efficiency improvements and labor cost optimization [1][2] - The application of robotics and unmanned vehicles in logistics is increasing, particularly in the express delivery industry, with major players like SF Express deploying these technologies extensively [2][3] - Despite a slowdown in capital expenditure growth in the express delivery sector, the proportion of automated equipment continues to rise, indicating significant structural opportunities [2][3] Application Areas - Logistics automation can be categorized by application scenarios, including factory logistics automation, commercial delivery logistics automation, and consumer-end logistics automation [1] - Functional divisions include automated warehousing, automated transportation, automated sorting, and control systems [1] - The industry chain can be segmented into core components (motors, reducers), equipment (sorting and transportation devices), system solutions, and end application scenarios [1] Driving Forces - The main drivers for the adoption of robotics and unmanned vehicles in logistics are cost reduction and efficiency enhancement [2] - Rising labor costs and a decreasing supply of young labor force are pushing logistics scenarios that rely heavily on manual labor to seek automation solutions [2] - The maturity of robotic technology significantly improves operational efficiency compared to manual labor, enhancing competitive advantages for companies [2] Market Potential - There remains a vast space for logistics automation and robotics, as many manual tasks still exist in logistics operations, including handling, sorting, quality inspection, packaging, transportation, and last-mile delivery [3] - Advances in AI, sensors, and control technologies are enabling the deployment of humanoid/wheeled robots, unmanned vehicles, and drones in logistics [3] Relevant Companies - Dematic Technology focuses on logistics automation components and systems solutions, recently partnering with Luming Robotics for intelligent logistics applications [4] - Lanjian Intelligent specializes in industrial robotics for handling and warehousing, developing a comprehensive range of core equipment [4] - Zhongyou Technology offers intelligent sorting systems and is advancing the commercialization of unmanned delivery vehicles [4] - Today International provides comprehensive solutions for smart logistics and intelligent manufacturing systems [4] - Zhongke Weizhi is involved in intelligent logistics sorting systems, serving major clients like Zhongtong and SF Express [4] - Yinfeng Storage develops intelligent logistics robots and high-precision shelving equipment [4] - Kunshan Intelligent operates in the tobacco industry, focusing on intelligent logistics systems [4] - Anhui Heli is a leading forklift company also venturing into logistics robotics [4] - Hangcha Group covers a wide range of logistics equipment, including forklifts and automated guided vehicles (AGVs) [4]

Group 1 - The issuer of the bonds is China National Railway Group Co., Ltd., which is the restructured entity of the former China Railway Corporation [1][42] - The total issuance scale of the bonds is 10 billion yuan, specifically the "2025 Fifth Phase China Railway Construction Bonds" [4][43] - The lead underwriter for this bond issuance is CITIC Securities [5][42] Group 2 - The bonds are divided into two types: a 10-year bond with a scale of 5 billion yuan and a 30-year bond also with a scale of 5 billion yuan, totaling 10 billion yuan [43] - The coupon rate for the 10-year bond is based on the Shibor benchmark rate plus a basic spread ranging from -0.5% to 0.5%, while the 30-year bond has a spread range of -0.4% to 0.6% [43] - The Shibor benchmark rate used for this issuance is the average of the one-year Shibor rate over the five working days prior to the announcement, which is 1.68% [43] Group 3 - The bidding for the bonds will take place on May 20, 2025, with the issuance results announced on May 21, 2025 [20][44] - The bonds will be issued through a single-rate (Dutch-style) bidding process, and the final coupon rate will be determined based on market results [18][44] - The bonds will be listed on the interbank bond market and the Shanghai Stock Exchange, allowing participation from both institutional and individual investors [28][44]

Summary of Key Points from Conference Call Records Industry or Company Involved - Focus on the impact of tariffs on the China-U.S. trade relationship, particularly regarding Chinese manufacturing and exports to the U.S. [1][3] Core Insights and Arguments - Despite a 145% tariff increase by the U.S., China's exports to the U.S. only decreased by 20% in April, indicating that Chinese manufacturing is difficult to replace in the short term [1][3] - The U.S. has exempted 26.3% of Chinese goods from tariffs, reflecting the pressure on U.S. importers and consumers to seek exemptions due to high tariff burdens [1][3] - Chinese industries such as electric vehicles, domestic smartphones, and athletic shoes maintain a significant price advantage, making them resilient to tariff increases [1][7] - U.S. imports of rubber, plastics, chemicals, leather, and textiles from China have seen price increases but have not reduced dependency, indicating strong demand characteristics [1][8] - Key U.S. industries reliant on Chinese imports include apparel, leather, electrical equipment, machinery, and consumer electronics, which continue to import despite rising prices due to strong supply chain dependencies [1][9] - Port logistics have improved, with a rebound in foreign trade cargo volume at key ports, indicating ongoing export activities [1][15] Other Important but Possibly Overlooked Content - The April U.S. Consumer Price Index (CPI) rose by 2.3%, slightly below expectations, with retail data showing a 0.1% month-on-month increase, suggesting a potential future softening in economic performance [2][27] - The resilience of Chinese manufacturing is highlighted by the lower-than-expected impact of tariffs on exports, contrasting with the significant declines seen during the previous tariff conflicts in 2018-2019 [3][4] - The evaluation of industry replaceability under current tariff conditions can be analyzed through six dimensions, providing a comprehensive understanding of the trade relationship and its economic impacts [4] - The potential for other countries to replace China in supply chains is limited, with Vietnam and Mexico facing challenges in matching China's production capabilities [10][11] - Recent industrial production has remained stable, with some sectors showing improvement, while investment performance has been weak, particularly in the real estate sector [12][13] - The outlook for U.S. economic performance suggests a potential shift towards stagnation or recession, with inflation pressures and consumer spending being critical areas to monitor [17][24]