Core Viewpoint - The report by China Galaxy Securities on Biyinlefen highlights the company's leadership in high-end fashion sportswear and its multi-brand international expansion strategy, initiating coverage with a "buy" rating [1] Group 1: Company Overview - Biyinlefen, established in 2003, focuses on high-end golf and outdoor sports apparel, operating multiple brands including Biyinlefen, Biyinlefen Golf, and international brands like KENT & CURWEN and CERRUTI 1881 [2][3] - The company has shown consistent revenue growth, with a CAGR of 20.38% from 2015 to 2024, achieving revenue of 4.404 billion yuan in 2024, a year-on-year increase of 13.24% [2] - Net profit increased from 123 million yuan in 2015 to 781 million yuan in 2024, with a CAGR of 22.80%, although it saw a decline of 14.28% in 2024 due to new brand investments and brand rejuvenation efforts [2] Group 2: Brand Strategy - The company is implementing a multi-brand strategy to establish itself as a leader in niche apparel markets, with Biyinlefen targeting the lifestyle and affordable luxury segments, while Biyinlefen Golf focuses on professional golf apparel [3] - Recent acquisitions of KENT & CURWEN and CERRUTI 1881 aim to enhance brand diversity and international presence, complementing Biyinlefen's existing brand portfolio [3][4] Group 3: Sales Channels - Biyinlefen has a strong offline channel presence, combining direct sales and franchising, with 2024 direct sales revenue reaching 2.568 billion yuan, accounting for 64.12% of total sales [4] - The franchise channel experienced a 24.14% growth in 2024, contributing 28.45% to total sales, while e-commerce sales grew by 35.03% to 263 million yuan, representing 6.57% of total sales [4] - The company operates 1,294 physical stores as of 2024, with a net increase of 39 stores year-on-year [4] Group 4: Investment Outlook - The company focuses on high-end apparel design, brand management, and supply chain optimization, aiming to meet the diverse dressing needs of elite consumers [5] - Despite short-term profit pressures, the company is expected to maintain steady growth in its main brand and expand its international brand presence, with projected net profits of 703 million yuan, 799 million yuan, and 901 million yuan for 2025, 2026, and 2027 respectively [5] - The current market valuation corresponds to 13.38, 11.78, and 10.44 times the estimated earnings for 2025, 2026, and 2027 [5]

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index down 0.17% and the Shenzhen Component Index down 0.19%, while the ChiNext Index opened slightly higher [1] - The sectors showing the highest gains included computing power supply, MLCC, and food and drug traceability, while the pet economy and shipping ports sectors experienced the largest declines [1] Stock Performance - Shanghai Composite Index: 3381.87, down 0.17%, with 451 gainers and 1464 losers [2] - Shenzhen Component Index: 10274.68, down 0.19%, with 476 gainers and 2045 losers [2] - ChiNext Index: 2065.41, unchanged, with 226 gainers and 1030 losers [2] U.S. Market Impact - U.S. stock markets fell sharply, with the S&P 500 down 1.61% to 5844.61 points, the Nasdaq Composite down 1.41% to 18872.64 points, and the Dow Jones Industrial Average down 1.91% to 41860.44 points, marking the largest decline in a month [3] - Chinese concept stocks also weakened, with the Nasdaq Golden Dragon China Index down 0.72%, and notable declines in Alibaba, JD.com, and Baidu, while XPeng Motors saw a significant increase of 13% after positive earnings [3] Industry Insights - Citic Securities forecasts a recovery in the domestic wind turbine industry, driven by improved supply-demand dynamics and a focus on product quality, with both onshore and offshore markets expected to expand [4] - China Galaxy Securities indicates that the recent asymmetric interest rate cuts will stabilize bank interest margins, with positive factors accumulating in the banking sector, suggesting an upcoming performance inflection point [5] - Huatai Securities highlights the global nuclear fusion industry benefiting from policy support and technological advancements, with the Tokamak industry chain poised for significant gains as commercial applications are anticipated by 2031-2040 [6]

中国银河证券股份有限公司（以下简称"本公司"）于 2024 年 11 月 18 日成功发行了中国银河证券股份有限公司 2024 年度第十一期短期融资券（以 下简称"本期短期融资券"），本期短期融资券发行额为人民币 40 亿元，票 面利率为 1.90%，短期融资券期限为 183 天，兑付日期为 2025 年 5 月 20 日。 （ 详 见 本 公 司 于 2024 年 11 月 19 日 刊 登 于 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）的《中国银河证券股份有限公司 2024 年度第十一期短期 融资券发行结果公告》）。 2025 年 5 月 20 日，本公司兑付了本期短期融资券本息共计人民币 4,038,104,109.59 元。 特此公告。 中国银河证券股份有限公司董事会 2025 年 5 月 22 日 证券代码：601881 证券简称：中国银河 公告编号：2025-035 中国银河证券股份有限公司 2024年度第十一期短期融资券兑付完成的公告 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个别及连带 责任 ...

5月21日，中国银河（601881）证券新发展研究院全球南方研究中心正式成立。据了解，全球南方研究 中心将以服务国家战略、搭建协同网络、推动叙事革新为宗旨，致力于为国家对外开放政策提供前瞻性 研判，为全球南方国家搭建政产学研合作桥梁，以全球南方视角推动全球治理体系重构。该中心未来将 侧重中长期问题研究，聚焦"全球南方"国家的经贸合作、产业链融合、金融合作、数字经济协同、可持 续发展等领域，发挥研究力量，赋能公司业务，服务国家战略。(人民财讯) ...

A股快速轮动、冲高回落后，进入5月下旬，市场将作何表现呢？ 智通财经搜集了10家券商的观点，大部分券商认为，随着资本市场基础制度改革提速和资金情绪略有回 升，叠加经济基本面有望脉冲式改善，接下来A股指数有望进一步缓步推高，并向上挑战震荡区间上 限。 国泰海通证券表示，展望后市仍然保持乐观，随着资本市场基础制度改革提速，继续看好中国股市。同 时贴现率下降是如今中国股市上升的重要动力，A股指数有望进一步缓步推高。 中信证券：回归基准是通过基准的行业配比向基金持仓配比演化而不是相反 当前，市场对于公募考核新规以及回归基准行业配置的讨论存在一些误区。从海外经验来看，回归基准 是通过基准的行业配比向基金持仓配比演化而不是相反；产品投资策略向客户盈利导向回归，在长期视 野下，这与追求排名和绝对收益并不矛盾，反而是统一的；跑输基准的惩罚机制最终导致的是基金减少 博弈性持仓，长期来看最大的影响是活跃头寸的占比下降。 "二季度经济基本面有望脉冲式改善。二季度从'抢转口'到'抢出口'，外需从初步显现下行压力，到可能 脉冲式上行。尽管基本面改善尚无法外推，但短期数据验证有望保持强势，至少排除了下行风险。5月 政策兑现成为主要矛盾阶 ...

中信证券：关于回归基准配置的几个误区和几个事实 我们认为市场对于公募考核新规以及回归基准行业配置的讨论存在一些误区。从海外经验来看，回归基准是通 过基准的行业配比向基金持仓配比演化而不是相反；产品投资策略向客户盈利导向回归，在长期视野下，这与 追求排名和绝对收益并不矛盾，反而是统一的；跑输基准的惩罚机制最终导致的是基金减少博弈性持仓，长期 来看最大的影响是活跃头寸的占比下降。 此外，用前瞻眼光去看，未来如果外资逐步回流，市场生态也会相较过去3年发生重大转变，不能用后视镜视 角静态去看行业配比，好公司和差公司之间的差异会远远超过所谓的"好行业"和"差行业"。 申万宏源：公募持仓向业绩比较基准靠拢未必是普遍趋势 《推动公募基金高质量发展行动方案》是长期改革，而其短期映射，成为结构性行情的主要线索。在我们看 来，主动公募产品调整业绩比较基准，是集中梳理产品策略的一次机遇。而持仓向业绩比较基准靠拢却未必是 普遍趋势。 如何去有效地设定基准是长期而言实现客户利益、赢得竞争并避免被被动型产品替代的最关键问题。对于主动 权益型产品而言，沪深300、中证800以及A500作为全市场基金基准都有较大的局限性，能够反映新质生产力 ...

Investment Rating - The report maintains a positive investment rating for the non-banking sector, highlighting the potential for recovery and growth in various segments [7]. Core Insights - The report emphasizes the ongoing reforms in public fund management fees, which are expected to enhance market participation and investor returns [3]. - The third batch of long-term investment trials for insurance capital has been approved, indicating a shift towards stable, high-dividend stocks, which may bolster market stability [4]. - Recent regulatory changes in merger and acquisition rules are anticipated to stimulate activity in the investment banking sector, leading to a recovery in related revenues [5]. - Overall, the report suggests that favorable policies and market conditions are likely to improve investor sentiment and drive valuation recovery across the sector [6]. Summary by Sections Market Review - Major indices saw increases, with the Shanghai Composite Index rising by 0.76% and the Shenzhen Component Index by 0.52% during the week [10]. - The non-banking financial sector outperformed, with the insurance index increasing by 3.58% [10]. Securities Sector - The report notes that the total IPO underwriting scale for the year reached 25.81 billion yuan, while refinancing underwriting amounted to 236.59 billion yuan [17]. - Margin trading balances increased by 0.25% week-on-week, totaling 1.81 trillion yuan, reflecting a 17.88% year-on-year growth [17]. Insurance Sector - The total assets of insurance financial institutions reached 37.8 trillion yuan by the end of Q1 2025, marking a 5.4% increase from the beginning of the year [38]. - The report highlights a 0.8% year-on-year growth in original insurance premium income, amounting to 2.2 trillion yuan in Q1 2025 [38]. Liquidity Tracking - The central bank conducted a reverse repurchase operation of 486 billion yuan, indicating a tightening of liquidity with a net withdrawal of 475.1 billion yuan [30]. - Bond yields showed an upward trend, with the 10-year government bond yield rising to 1.68% [30]. Industry News and Company Announcements - The report discusses the approval of new floating management fee products by 26 fund management companies, which aligns with the push for high-quality development in public funds [38]. - The establishment of a new fund by China Life Asset Management, focusing on large-cap, liquid stocks, is noted as a significant move in the insurance investment landscape [38].

在中央金融工作会议提出做好科技金融等"五篇大文章"的战略指引下，私募行业正迎来从"服务资 本"向"服务科创"的历史性转型。5月16日，"中国银河证券·中国证券报私募行业星耀领航计划"正式启 动，通过设立专业奖项、科创奖项和ESG奖项三大评价体系，着力发掘私募行业服务科技创新的"领航 者"。 中国银河证券党委书记、董事长王晟在致辞中表示，未来中国银河证券将以"星耀领航计划"为起点，做 中国科创的"播种者"、金融改革的"破冰者"、高质量发展的"同行者"，与中国证券报携手共进书写私募 基金行业高质量发展的新篇章。 ● 本报记者 刘英杰 周璐璐 马爽 全方位支持科创企业成长 2023年10月召开的中央金融工作会议提出，做好科技金融、绿色金融、普惠金融、养老金融、数字金 融"五篇大文章"。2025年2月7日，中国证监会发布《关于资本市场做好金融"五篇大文章"的实施意 见》，再度提出做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"。如何贯彻落 实相关要求便成为资本市场持续探索的重要课题。王晟表示："党中央提出金融'五篇大文章'，将科技 金融置于首位，这就要求金融体系全方位支持科创企业成长。" 自2014 ...

Group 1 - The event "China Galaxy Securities · China Securities Journal Private Equity Industry Star Navigation Plan" was launched in Beijing, focusing on the theme of "Investing in Science and Technology Innovation, Empowering Science and Technology" [1] - Industry experts emphasized the necessity of embracing technological innovation as a key investment strategy to enhance research and investment capabilities, aligning investments with China's economic transformation and the development of the science and technology sector [1][2] - The concept of "new productive forces" is highlighted as a crucial driver for high-quality economic development, creating new industrial forms, business models, and development opportunities [2] Group 2 - The roundtable discussion featured insights from various industry leaders who expressed optimism about the development prospects of new productive forces driven by technological innovation [2][3] - The Central Financial Work Conference outlined the importance of focusing on "five major financial articles," including technology finance, green finance, inclusive finance, pension finance, and digital finance, to guide high-quality financial development [2] - There is a consensus among financial institutions, including banks and private equity firms, to increase allocations to technology-related themes, reflecting a strategic shift towards supporting innovation [3] Group 3 - Companies are focusing on major asset allocation strategies that align with market trends and national policy directives, particularly increasing investments in technology companies [3] - The insurance sector is advised to carefully consider its capacity for investment in technology themes due to the inherent volatility of technology stocks [3][4] - Private equity firms are increasingly integrating AI, algorithms, and large models into their investment strategies, positioning themselves as technology-driven entities [4] Group 4 - The private equity industry is seen as having a direct role in supporting technological innovation, with firms like quantitative private equity managers adopting a technology-centric approach [4][5] - The market has experienced a series of policy initiatives since September of the previous year, creating opportunities for the industry [4][5] - China Galaxy Securities aims to enhance the private equity industry's high-quality development through a comprehensive service ecosystem that includes products, advisory services, and investment support [5]

作为证券行业的先行者之一，中国银河证券见证并深度参与了私募行业从萌芽到壮大的全过程。中国银 河证券表示，今年是公司成立25周年。25年来，公司始终与国家经济和资本市场同频共振。此次启 动"星耀领航计划"，是践行金融央企责任、服务实体经济的重要举措。未来，中国银河证券将继续以专 业能力赋能私募行业，为金融"五篇大文章"书写银河方案，为中国科创事业注入金融"活水"，为中国经 济高质量发展贡献力量。 启动仪式当天，有近百位来自券商、银行、保险、公募基金、私募基金的专业人士汇聚一堂，共同见证 私募行业这一重要发展时刻，并在大会上纵论金融行业应该如何进一步服务好金融"五篇大文章"，为中 国科创企业发展赋能创新力量。 2024年8月，《私募证券投资基金运作指引》正式落地，私募基金行业迈入高质量发展阶段。在私募服 务领域，中国银河证券通过资源整合、专业服务和平台搭建，助力私募机构成长，激发资本市场活 力。"星耀领航计划"将充分紧扣时代主题，聚焦服务好金融"五篇大文章"和"国家科创战略"，以私募行 业为纽带，引导私募基金管理人向"投硬科技"持续发力，推动金融资源与科创企业的深度对接，旨在打 造"国内最具影响力的科创类私募赋能 ...