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]

中国银河（601881）证券研报指出，2025年Q1汽车行业指数(ZX)相对于沪深300指数涨跌幅为 +12.51%，乘用车、商用车、零部件、摩托车及其他、汽车销售及服务板块均跑赢沪深300指数。Q1受 以旧换新补贴延续政策驱动，汽车市场销量高增长，叠加年初以来机器人行情火热，汽车板块超额收益 明显。2025年Q1基金(普通股票型+偏股混合型)重仓持股中汽车股票投资市值占比为3.47%，同比 +1.30pct，环比+0.53pct，公募基金资金继续增配汽车板块，持仓占比已连续五个季度实现环比增长， 续创历史新高，头部整车企业比亚迪（002594）、零跑、理想等以及机器人相关标的获资金青睐。展望 2025年Q2，上海车展自主品牌多款新能源新品亮相，市场迎来一轮密集新品供应期，有望驱动消费者 购车热情的继续提升，推动消费者购车需求释放，汽车市场高景气有望延续，板块仍具备良好的投资价 值。 ...

科创债发行主体扩容之后，券商积极响应。 沪深交易所官网显示，5月8日，中信证券、国泰海通、华泰证券、中国银河、申万宏源证券、中信建投、招商 证券、东方证券、平安证券、长城证券、国联民生、华福证券共计12家券商披露了公开发行科技创新公司债券 的公告，累计发行规模达到177亿元。另外，记者了解到，还有东吴证券等多家券商已提交了相关申请，但尚 未披露。 "科创债发行主体范围扩宽，契合了券商在服务科创企业的资金需求。证券公司不仅能为科创企业提供高质量 承销服务，还可以在股权、债券、基金投资、做市服务等方面为科创企业提供全方位的服务。"招商证券资金 部门相关负责人告诉券商中国记者。 券商"抢滩"科创债 5月7日，中国人民银行、中国证监会联合发布关于支持发行科技创新债券有关事宜的公告，其中一大亮点是在 发行主体上新增支持商业银行、证券公司、金融资产投资公司等金融机构发行科技创新债券。 "金融机构纳入科创债发行主体范围将推动科创债市场进一步扩容，增强贷、债、股资金支持科技创新的联动 性，拓宽科创债产品边界，全面提升市场活力。"中证鹏元研发部高级董事高慧珂对券商中国记者表示。 政策风起，券商也积极行动。上交所和深交所官网显示 ...

Core Viewpoint - Nanwei Technology has been covered for the first time with a "Buy" rating and a target price of 29.2 yuan, indicating strong growth potential in the domestic market for chromatography materials and instruments [1]. Financial Performance - In 2024, the company achieved revenue of 782 million yuan, a year-on-year increase of 33.33%, and a net profit attributable to shareholders of 83 million yuan, up 20.82%. The non-recurring net profit was 66 million yuan, showing a significant growth of 108.55% [2]. - For Q1 2025, the company reported revenue of 189 million yuan, a year-on-year increase of 22.39%, and a net profit attributable to shareholders of 29 million yuan, up 72.98%. The non-recurring net profit was 25 million yuan, reflecting an 85.28% increase [2]. Business Segments - The core business of chromatography fillers and media generated revenue of 451 million yuan in 2024, a growth of 10.20%. The revenue from large molecule chromatography media was 249 million yuan, flat year-on-year, while small molecule chromatography fillers saw a 16.13% increase to 165 million yuan [3]. - The newly added chromatography analysis instruments and accessories contributed 154 million yuan, primarily from the acquisition of Fuli Instruments. Revenue from protein chromatography systems and accessories decreased by 33.41% to 40 million yuan, while liquid chromatography columns and sample pretreatment products increased by 26.15% to 73 million yuan [3]. Market Dynamics - The chromatography filler market is expanding, driven by the growth of biopharmaceuticals and peptide drugs. Currently, the market is dominated by imported manufacturers, with domestic market share at only about 10%. The emphasis on cost reduction and supply chain security is accelerating domestic substitution [4]. - The company has established a comprehensive product layout and has gained recognition from leading domestic pharmaceutical companies. In 2024, the number of customers increased to 792, with strategic cooperation agreements signed with five new clients [4]. Investment Outlook - The company is evolving into a leading domestic supplier of chromatography fillers, consumables, and instruments, benefiting from ongoing domestic substitution and a robust project pipeline. Revenue projections for 2025-2027 are 977 million, 1.17 billion, and 1.37 billion yuan, with net profits of 134 million, 203 million, and 290 million yuan respectively [5].

港股券商股走强，招商证券(06099.HK)涨超7.5%、中信证券(06030.HK)涨超6%、国联民生(01456.HK) 涨5%、中国银河(06881.HK)涨4%、中金公司(03908.HK)涨近4%。 ...

截至发稿， 招商证券(06099.HK)涨7.68%、 中信证券(06030.HK)涨 6.35%、 国联民生(01456.HK)涨5.22 %、 中国银河(06881.HK)涨4.40 %、 中金公司(03908.HK)涨 3.92%。消息方面，中国人民银行行长潘功 胜5月7日在国新办发布会上宣布，降准0.5个百分点，并降低政策 利率0.1个百分点。 ...

致：香港交易及結算所有限公司 公司名稱: 中國銀河證券股份有限公司 呈交日期: 2025年5月6日 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4月30日 狀態: 新提交 I. 法定/註冊股本變動 | 2. 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) | 601881 | 說明 | | 於上海證券交易所上市 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,243,417,623 | RMB | | 1 RMB | | 7,243,417,623 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,243,417,623 | RMB | | 1 RMB | | 7,243,417,623 | 本月底法定/註冊股本總額 ...

智通财经APP获悉，中国银河证券发布研报称，据交通运输部，五一假期前三日，全社会跨区域人员流 动总量91524万人次/同比+5.8%。结合携程数据，相较清明假期，五一黄金周游客出行距离呈现显著延 伸：五一期间跨市住宿订单占比已突破80%，连住两日及以上的深度游用户比例预期将达到20%。据国 家移民管理局预测，今年"五一"假期全国口岸日均出入境人员将达215万人次，较去年同期增长27%。 其中，受益于入境免签及境外旅客购物离境退税"即买即退"举措，携程数据显示今年五一入境游订单量 同比去年增长173%。 中国银河证券主要观点如下： 五一假期前三日出游人次增长超预期，假期天数增加推动出行半径扩大 山东省：假期前三日，全省重点监测的200家旅游景区累计接待游客1648万人次/同比+7.5%，景区营业 收入合计9亿元/同比+8.1%，人均消费54.6元/同比+0.6%。上海迪士尼乐园：假期前三日，园区客流量 合计30万人次/同比+12.5%。 出入境人次维持高增长，免签政策推动入境游订单大增 据国家移民管理局预测，今年"五一"假期全国口岸日均出入境人员将达215万人次，较去年同期增长 27%。其中，受益于入境免签及境 ...

Core Viewpoint - The company's performance and forecasts are in line with expectations, accelerating the implementation of a three-year strategy, which is expected to seize opportunities for building a first-class investment bank and achieve better-than-expected growth [1]. Investment Highlights - The company maintains a "Buy" rating with a target price of 19.60 yuan, corresponding to a 1.8x PB for 2025. In Q1 2025, revenue and net profit attributable to shareholders are projected at 7.56 billion and 3.02 billion yuan, respectively, representing year-on-year increases of 4.8% and 84.9%, consistent with performance forecasts [2]. - The weighted average ROE increased by 1.14 percentage points to 2.44%. The acceleration of supply-side reforms in the industry and the company's ongoing three-year strategy implementation are expected to lead to better-than-expected growth [2]. - The recovery in investment and the high growth of wealth management business are driving profit growth. The brokerage, investment banking, asset management, and investment businesses achieved year-on-year growth of 53%, 59%, 19%, and 94%, respectively. Investment income contributed 68% of the revenue increase, while brokerage business contributed 30% [2]. - The high growth in investment business is primarily due to improved investment returns from a low base, with an annualized investment return rate of 3.3%, up 1.6 percentage points year-on-year. The scale of financial assets decreased by 9% year-on-year to 386.3 billion yuan [2]. Strategic Progress - The company is accelerating the implementation of its three-year strategy, aiming to seize opportunities for building a first-class investment bank. The new "National Nine Articles" focuses on returning to the essence of the industry and strengthening leading institutions through mergers, reorganizations, and organizational innovations [3]. - The company has made significant progress in its three-year strategy, enhancing its "five-in-one" business model and continuously improving its professional capabilities. The institutional business has launched the "Galaxy Tiangong 2.0" platform to deepen and expand its service system [3]. - The investment banking business is undergoing professional reforms, showing gradual results, while the international business has officially launched the "Galaxy Overseas" brand, aiming to become a modern investment bank based in Asia [3]. - The new round of capital market reforms has accelerated since the beginning of the year, providing the company with opportunities to expedite the construction of a first-class investment bank and achieve better-than-expected growth [3].

上天天基金APP搜索【777】领 98 元券包 ，优选基金10元起投！限量发放！先到先得！ 中信证券：A股将继续呈现风偏回暖、主题轮动特征 展望5月，中信证券预计风险偏好还有回升空间，A股将继续呈现风偏回暖、主题轮动的特征，以低机构持仓 的主题型交易机会为主。但从经济层面来看，真实的影响已经悄然发生，中信证券预计中美经济在二季度尾声 可能会面临新的变数。 配置上，除了短期的热点主题轮动，中信证券依然建议聚焦三个不变的大趋势：一是中国自主科技能力的提升 趋势不会动摇；二是欧洲重建自主防务，提升能源、基建和资源储备的趋势不会动摇；三是中国势必要走 通"双循环"，加速完善社会保障并激发内需潜力是政策的必选项。 广发证券：景气投资回归 短期A股考虑三重因素：一是一些负面的一季报靴子落地；二是TMT反应度模型已经处于下限位置；三是国内 外大厂在大模型、算力芯片、端侧、AI应用的进展不断，5月—6月继续看好科技股的机会。 中期角度来说，回到三类资产对应的三个模型，在出现地产周期大反弹或科技应用大爆发之前，中长期对中性 股息组合保持关注。另外，考虑到国内科技大厂资本开支正在加大、产业链订单开始释放，景气成长组合以及 所代表 ...