■机构展望 ◎记者 汪友若 5月首个交易周，A股市场整体表现强势，日均成交额较4月底改善，情绪面显著回暖。消息面上，5月7 日，金融管理部门出台了一揽子金融政策支持稳市场稳预期。机构观点认为，一揽子金融政策的出台节 奏超出市场预期，显著提振了市场风险偏好。 市场风格演绎方面，机构称，短期科技板块的景气度高企，A股"科技叙事"逻辑有望伴随着产业突破得 到进一步强化。中长期来看，中国证监会5月7日印发了《推动公募基金高质量发展行动方案》，提出25 条措施督促行业从"重规模"向"重回报"转变，公募新规或推动A股市场风格向大盘权重股、红利资产等 方向演变。 一揽子金融政策提振市场信心 申万宏源证券分析称，上周金融管理部门出台一揽子政策，其政策落地的全面性、集中性、一致性显著 超出市场预期。招商证券认为，央行降准、降息、新设立结构性货币政策工具等多项政策落地，对市场 信心的提振较明显。 中金公司研究部首席国内策略分析师李求索认为，一揽子金融政策释放积极信号，有助于进一步稳增长 稳市场稳预期，在外部面临较大不确定性的环境下，助力促进投资者风险偏好回升。结合当前A股市场 估值仍处于相对低位具备较好投资吸引力，以及科技叙事和 ...

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [8] Core Insights - The report highlights that due to a decline in global asset risk appetite, the overall valuation of the sector has adjusted, leading to a significant improvement in the cost-effectiveness of investments. The strong performance of brokerage firms in the first quarter further enhances their investment value. The recent "comprehensive financial policy to stabilize the market and expectations" introduced by the State Council is expected to support the performance and valuation of the non-bank financial industry, suggesting an active allocation in May [2][5] Summary by Sections Market Performance - The non-bank financial index increased by 1.7% this week, with a year-to-date decline of 8.0%, ranking 30 out of 31 sectors. The overall performance of the non-bank sector remains weak [6][19] Key Industry News - The State Council's press conference discussed a "comprehensive financial policy to stabilize the market and expectations," with the central bank and regulatory bodies announcing various supportive measures [7][59] - The central bank and the CSRC jointly released announcements to support the issuance of technology innovation bonds [7][60] - The CSRC issued an action plan to promote the high-quality development of public funds [7][64] Brokerage Performance - The average daily trading volume in the two markets reached 13,534.26 billion yuan, up 22.69% week-on-week, indicating a recovery in market activity [40] - The margin financing balance increased to 1.81 trillion yuan, reflecting a 0.36% week-on-week rise [47] Investment Business - The equity market showed signs of recovery, with the CSI 300 index rising by 2.00% and the ChiNext index by 3.27% [44] - The report notes that the proportion of equity investments in brokerage firms is approximately 10%-30%, while bond investments account for 70%-90% [44] Financing Activities - In April, equity financing decreased to 23.575 billion yuan, down 58.5% month-on-month, while bond financing totaled 784 billion yuan, down 9.8% [50][51] - The report anticipates an increase in stock underwriting scale due to the promotion of refinancing regulations and registration systems [51] Asset Management - The issuance of collective asset management products by brokerages fell to 2.322 billion shares in April, down 8.6% month-on-month [53] - The new fund issuance in April was 58.09 billion shares, down 40.4% from the previous month [53]

Group 1 - The core viewpoint of the articles highlights the significant increase in new personal investor accounts in the A-share market, with nearly 10 million new accounts opened in the first four months of the year, despite a month-on-month decline in April [1][2][3] - In April, 191.58 thousand new personal investor accounts were opened, a decrease of 114.04 thousand from March, but still showing a year-on-year growth of over 30% [2][3] - The total number of new personal investor accounts opened in the first four months reached 936.58 thousand, with a total of 378 million personal investor accounts as of April 30 [2][3] Group 2 - The increase in new accounts is closely linked to the performance of brokerage firms' brokerage businesses, with many firms reporting positive growth in account numbers contributing to their performance [1][3] - The "money-making effect" in the market, particularly after the Spring Festival, has attracted a large number of new investors, leading to a surge in account openings, especially in March [2][3] - Various measures, including the central bank's support and adjustments in insurance fund allocations, have been implemented to stabilize market confidence, which has helped maintain investor enthusiasm for opening new accounts [3][4] Group 3 - The challenge for brokerage firms lies in converting new customer acquisition into long-term retention, as the industry faces declining commission rates [5] - Major brokerage firms have reported significant increases in new accounts, with some firms seeing year-on-year growth rates exceeding 90%, while smaller firms also achieved notable growth [5] - Companies are focusing on enhancing wealth management services and customer engagement strategies to provide comprehensive financial solutions and maintain a competitive edge in the market [5]

5月9日，中国银河股票收盘大跌2.28%，天眼查工商信息显示，中国银河证券股份有限公司成立于2007年，位于北京市，是一家以从事资本市场服务为主的 企业。企业注册资本1093440.2256万人民币，法定代表人为王晟。 数据显示，国泰基金旗下国泰中证全指证券公司ETF为中国银河前十大股东，今年一季度增持。今年以来收益率-10.61%，同类排名3352(总3406)。 资料显示，国泰基金管理有限公司成立于1998年3月，董事长为周向勇，总经理为李昇。目前，国泰基金共有3名股东，中国建银投资有限责任公司持股 60%、Assicurazioni Generali S.p.A.持股30%、国网英大国际控股集团有限公司持股10%。 来源：金融界 简历显示，艾小军先生:中国国籍,硕士研究生,2001年5月至2006年9月在华安基金管理有限公司任量化分析师;2006年9月至2007年8月在汇丰晋信基金管理有 限公司任应用分析师;2007年9月至2007年10月在平安资产管理有限公司任量化分析师;2007年10月加入国泰基金,历任金融工程分析师、高级产品经理和基金 经理助理。2014年1月起任国泰黄金交易型开放式证券投资基金 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has demonstrated strong advantages in wealth management and is focused on building a modern first-class investment bank [12] - The company achieved total operating revenue of 35.471 billion yuan in 2024, a year-on-year increase of 5.43%, and a net profit attributable to shareholders of 10.031 billion yuan, up 27.31% year-on-year [2] - The company has a strategic mission of "serving the country through finance and prioritizing customer needs" and aims to become a leading domestic and internationally recognized modern investment bank [12] Summary by Sections Financial Performance - In 2024, the company reported total operating revenue of 35.471 billion yuan, with a net profit of 10.031 billion yuan, and a basic earnings per share of 0.81 yuan [2] - As of the end of 2024, total assets reached 737.471 billion yuan, with net assets of 140.481 billion yuan [2] - For Q1 2025, the company achieved operating revenue of 7.558 billion yuan, a year-on-year increase of 4.77%, and a net profit of 3.016 billion yuan, up 84.86% year-on-year [3] Business Segments - The wealth management business is a key strength, with the company positioning itself as a "financial advisor for the common people" [4] - The brokerage business generated net income of 6.189 billion yuan in 2024, accounting for 5.37% of the industry total [4] - The investment banking segment showed a 10.6% increase in net income despite a 73.6% decline in the A-share market's equity financing scale [7] Strategic Initiatives - The company is focused on enhancing its wealth management services and has established a strong presence in Southeast Asia, ranking first in Malaysia and third in Singapore for brokerage services [5] - The strategic plan for 2023-2025 emphasizes a "five-in-one" business model and aims for market, platform, and digital integration [12] Shareholder Structure - The largest shareholder is China Galaxy Financial Holdings, with significant stakes held by the Central Huijin Investment and the Ministry of Finance [8] - The company benefits from strong shareholder support, which facilitates resource collaboration and prudent risk management [8] Future Outlook - The company has adjusted its profit forecasts, expecting revenues of 38.14 billion yuan in 2025 and 40.62 billion yuan in 2026, with net profits of 9.54 billion yuan and 9.87 billion yuan respectively [13] - The estimated earnings per share for 2025 and 2026 are projected to be 0.76 yuan and 0.80 yuan [13]

中国银河证券股份有限公司 关于湖北福星科技股份有限公司 预计 2025 年度日常关联交易的核查意见 中国银河证券股份有限公司（以下简称"银河证券"或者"保荐机构"）作 为湖北福星科技股份有限公司（以下简称"福星股份"、 "公司"）2022 年度向特 定对象发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证 券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》以及《深圳证券交易所上市公司自律监管指引第 7 号—— 交易与关联交易》等有关规定，对福星股份预计 2025 年度日常关联交易的事项 进行了审慎核查，核查情况如下： （二） 预计 2025 年度日常关联交易内容和金额 公司预计 2025 年度发生的日常关联交易内容如下： 单位：万元 | 关联交 | 关联交易 | | 关联交易 | 合同签订金额 | | 截止披露日 | | 上年发 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 关联方 | | | | | | | | | | 易类别 | | 内容 | 定价原则 | 或预计金额 | ...

Core Viewpoint - China Logistics Group Co., Ltd. is acquiring a 36.60% stake in China Railway Material Co., Ltd. through a non-compensatory transfer, resulting in China Logistics Group holding 37.81% of the shares and becoming the controlling shareholder of China Railway Material [1][5]. Group 1: Acquisition Overview - The acquisition involves the transfer of 2,214,495,506 shares from China Railway Material's parent company, China Railway Material Holdings Co., Ltd., to China Logistics Group, aligning with national economic development strategies [4]. - The transfer was approved on December 15, 2023, and completed on April 11, 2024, with China Logistics Group becoming the controlling shareholder while the actual controller remains the State-owned Assets Supervision and Administration Commission [5][6]. Group 2: Compliance and Reporting - China Logistics Group has fulfilled its reporting and announcement obligations throughout the acquisition process, adhering to relevant regulations [5][11]. - The financial advisor confirms that the acquisition complies with the regulations that allow for non-offer share transfers when the actual controller remains unchanged [5][19]. Group 3: Commitments and Governance - China Logistics Group has made commitments to maintain the independence of China Railway Material, ensuring no interference in its operations and protecting the rights of minority shareholders [7][9]. - The company has also committed to avoiding any competition with China Railway Material and ensuring fair and transparent related-party transactions [9][10]. Group 4: Future Plans and Governance Structure - There are no plans to change the main business operations or make significant adjustments to the governance structure of China Railway Material in the next 12 months [11][12]. - The company has appointed new management and board members, ensuring compliance with legal procedures and information disclosure requirements [13][15][16].

证券研究报告|公司点评报告 [Table_Date] 2025 年 05 月 09 日 [Table_Title] 财富管理优势突出，聚力打造现代一流投行 [Table_Title2] 中国银河(601881)：2024 年报及 2025 年一季报点评 | [Table_DataInfo] 评级： | 增持 | 股票代码： | 601881 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 19.33/9.7 | | 目标价格： | | 总市值(亿) | 1,428.46 | | 最新收盘价： | 16.20 | 自由流通市值(亿) | 1,771.37 | | | | 自由流通股数(百万) | 7,243 | [Table_Summary] 事件概述 中国银河披露 2024 年年报及 2025 年一季报。2024 年，公司实现营业总收入 354.71 亿元/yoy+5.43%，归 母净利润 100.31 亿元/yoy+27.31%，归母扣非净利润 99.95 亿元/yoy+26.75%；期间公司总股本 109.344 亿股， 扣除当期永续债股 ...

Core Viewpoint - The eighth New Fortune Best Investment Advisor Selection has attracted a record number of participants, with 39,893 qualified advisors from 90 securities firms, marking a significant increase in engagement within the industry [1][3]. Group 1: Participation Statistics - A total of 40,350 professionals registered for the competition, with 39,893 meeting the eligibility criteria, setting a new record for participation [1]. - Eleven securities firms had over 1,000 advisors participating, with GF Securities leading at 4,385 participants, followed by China Galaxy Securities and CITIC Securities with 3,860 and 3,477 respectively [3][5]. - The top 10 firms accounted for 25,913 participants, representing 65% of the total [3][5]. Group 2: Regional Distribution - Participants came from 31 regions across China, with Guangdong, Shanghai, Shandong, Zhejiang, and Beijing contributing the highest numbers, totaling 6,192, 2,942, 2,608, 2,537, and 2,401 respectively, which together account for 41.81% of the total [14]. - The advisors were distributed across 325 cities, with the top 20 cities contributing 19,848 participants, or 49.75% of the total [14]. Group 3: Evaluation Phases - The evaluation process consists of two main phases: the first phase, "Investment Management Capability Evaluation," runs from May 1 to October 31, 2025, focusing on stock trading and ETF groups [16][17]. - The second phase, "Service Capability Evaluation," will commence in November, with final results to be announced by the end of December 2025 [17]. Group 4: Technological Integration - The competition will utilize the Go-Goal platform, which includes an AI-driven tool called "Xiao Er Q&A" to assist advisors in their investment strategies, particularly in ETF selection and configuration [19]. - The focus on ETFs has increased due to the removal of the public fund allocation group, indicating a shift in investment strategies within the advisory community [19].

Group 1 - The issuance of technology innovation bonds (科创债) by 12 securities firms has reached a total scale of 17.7 billion yuan, aimed at funding strategic emerging industries such as integrated circuits, artificial intelligence, and renewable energy [1] - The expansion of the bond issuance is expected to enhance the confidence in the technology innovation sector and attract capital inflows into related industries [1] - Overall, the issuance of technology innovation bonds is beneficial for optimizing the capital market structure and injecting new vitality into the stock market [1] Group 2 - The scale of newly issued public funds has surpassed 340 billion yuan this year, with equity funds accounting for over 50% of the total, indicating a growing demand for equity assets [2] - Leading institutions such as Fortune Fund, Huaxia Fund, and E Fund have shown significant issuance scales, reflecting investor trust in top-tier fund managers [2] - This trend is likely to promote the development of equity funds and enhance market activity [2] Group 3 - In April 2025, the number of new A-share accounts reached 1.92 million, showing a significant year-on-year increase of 30.6% compared to April 2024 [3] - Despite a slight decline from the previous month, the new account openings indicate a high level of market participation and a recovery in investor confidence [3] - The increase in new accounts may positively impact the brokerage sector and enhance stock market liquidity [3] Group 4 - In the past six months, four vice presidents have left Cinda Australia Fund, including a prominent fund manager, reflecting intensified competition and performance pressure in the public fund industry [4][5] - Over 60% of the active equity products from Cinda Australia Fund have reported negative returns over the past three years, suggesting a need for strategy adjustments [5] - The personnel changes may temporarily affect investor confidence, but the ongoing industry reshuffling is expected to promote healthier development and improve overall management standards [5]