兴业证券股份有限公司关于 国金证券股份有限公司非公开发行股票 限售股解禁上市流通的核查意见 三、本次限售股上市流通的有关承诺 兴业证券股份有限公司（以下简称"保荐机构"或"兴业证券"）作为国金证券 股份有限公司（以下简称"国金证券"或"公司"）非公开发行股票的持续督导保荐 机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》 以及《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有关规 定，对国金证券非公开发行股票限售股份解禁上市流通事项进行了核查，并发表 核查意见如下： 一、本次限售股上市类型 经中国证券监督管理委员会于 2022 年 3 月 11 日出具的《关于核准国金证券 股份有限公司非公开发行股票的批复》（证监许可〔2022〕507 号）核准，国金 证券股份有限公司于 2022 年 5 月向共计 7 名发行对象非公开发行 700,000,000 股 人民币普通股（A 股）股票（以下简称"本次发行"或"本次非公开发行"）， 并于 2022 年 5 月 10 日在中国证券登记结算有限责任公司上海分公司办理完毕 了股份登记托管手续。其中，成都交子金融控股集团有限公司、成都产 ...

Investment Rating - The report maintains a positive outlook on the brokerage sector, highlighting high profitability and valuation discrepancies under favorable market conditions [8]. Core Insights - In Q1 2025, the brokerage sector's net profit attributable to shareholders increased by 83% year-on-year and 19% quarter-on-quarter, driven by strong performance in brokerage and proprietary trading [3][14]. - The report emphasizes the growth in light capital business, particularly in retail brokerage, while investment banking faced challenges with IPOs but saw significant growth in refinancing [4][8]. - The investment business is identified as a key driver for the substantial year-on-year growth in performance, with a notable improvement in investment yield and a reduction in funding costs contributing to net interest income growth [5][8]. Summary by Sections 1. Overview - The brokerage sector experienced double-digit asset expansion and significant year-on-year profit growth, with improved operational efficiency [10][11]. 2. Light Capital Business - Retail brokerage business thrived, with brokerage income rising to 32.7 billion yuan, a 49% increase year-on-year, while investment banking income grew by 5% to 6.7 billion yuan [4][12]. 3. Capital Business - Investment income surged by 44% to 59.1 billion yuan, with proprietary trading income reaching 48.7 billion yuan, a 45% increase year-on-year [8][14]. 4. Investment Analysis and Valuation - The report recommends focusing on companies with strong merger and acquisition potential and those with high earnings elasticity, such as China Galaxy and CICC [8][19].

Core Viewpoint - The wind power industry is experiencing a turning point in Q1 2025, with revenue and profitability expected to continue rising, driven by stable domestic prices and increased demand from both domestic and international markets [1][2]. Group 1: Industry Performance - In 2024, the domestic wind power sector is projected to add 87 GW of new installations, a year-on-year increase of 10%, despite a significant decline in sales prices [1]. - The revenue for SW wind power equipment in 2024 is expected to be 192 billion yuan, a decrease of 3.5% year-on-year, with a net profit of 5.75 billion yuan, down 26.6% year-on-year [1]. - In Q1 2025, new wind turbine tenders reached 28.6 GW, a year-on-year increase of 23%, indicating sustained high demand [2]. Group 2: Segment Analysis - The profitability of the complete machine manufacturing segment is stabilizing, with a decrease in profitability in Q1 2025 primarily due to a slowdown in power station transfers [3]. - The average sales price for wind turbines among leading companies has dropped to 1,550 yuan/kW, with limited further decline expected [3]. - The tower segment is facing profitability challenges due to declining prices in domestic land tower business and lower-than-expected demand for offshore wind [4]. Group 3: Material and Component Insights - The casting and forging segment has faced revenue and profit pressure due to significant declines in sales prices in 2024 [5]. - In Q1 2025, the casting segment is expected to show substantial recovery in performance, driven by adjustments in revenue structure and fixed cost amortization [5]. - Price increases for castings have been largely realized, with expectations for continued upward production in Q2 and Q3, contributing to performance elasticity [5].

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 ...

证券代码：600109 证券简称：国金证券 公告编号：临 2025－29 国金证券股份有限公司 关于预计二〇二五年度担保总额的公告 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。 重要内容提示： 一、担保情况概述 （一）担保基本情况 被担保人：国金证券资产管理有限公司（以下简称"国金资管"）、 国金金融控股（香港）有限公司（以下简称"国金金控"）及 国金证券（香港）有限公司（以下简称"国金香港"），全部 为公司全资子公司。 本次预计担保总额及已实际为其提供担保总额：预计 2025 年 度公司为上述三家子公司提供担保总额不超过人民币 10 亿元 （或等值外币），占公司最近一期经审计合并净资产比例约 2.95%。截至本公告日，公司已为上述子公司实际提供的担保 总额为人民币 76,460.02 万元。 本次担保是否有反担保：无 对外担保逾期的累计数量：无 特别风险提示：被担保人国金香港资产负债率超过 70%，敬请 投资者注意风险。 本事项尚需提交公司 2024 年度股东会审议。 为满足公司下属全资子公司日常经营与业务发展需要， ...

重要内容提示： 一、财务资助事项概述 为支持公司下属相关控股子公司的经营发展，提升市场竞争 力，满足其日常经营所需资金，公司拟通过"统借统还"模式向下 证券代码：600109 证券简称：国金证券 公告编号：临 2025－30 国金证券股份有限公司 关于向下属子公司提供财务资助的公告 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。 公司拟通过"统借统还"借款方式向相关控股子公司提供总 额不超过人民币 10 亿元财务资助。本次财务资助额度有效 期为自公司 2024 年度股东会审议通过之日起 36 个月。 公司第十二届董事会第二十三次会议审议通过了《关于向下 属子公司提供财务资助的议案》，本项议案尚需提交公司 2024 年度股东会的审议。 本次财务资助对象为公司合并报表范围内的控股子公司，公 司对其具有实质的控制和影响，能够对其业务、资金管理实 施有效的风险控制，确保公司资金安全，不存在损害公司及 股东特别是中小股东利益的情形，不会影响公司正常业务开 展及资金使用，也不属于上海证券交易所《股票上市规则》 等规定的不得提供财务 ...

文/梧桐数据中心 榜单前三名： 随着4月25日众捷汽车（301560）在创业板上市，2025年1-4月A股合计新上市公司37家，其中沪市主板8家、科创板5家、深市主板5家、创业板16家、北交所3家。 相较去年同期的35家，同比增长5.71%。这37家新上市公司募资净额为219.58亿元，相较去年同期的237.06亿元，同比下降7.37%。 一、保荐机构业绩排名 2025年1-4月，共有22家保荐机构承担了这37家新上市公司的IPO上市业务。 第一名：国泰海通（5单）（注：国泰君安与海通证券合并计算，其中海通证券有3单，国泰君安有2单） 第二名：华泰联合（4单）、中信证券（4单） | 排名 | 保存机构 | 业务更数 | | --- | --- | --- | | | 国泰海通 | 5 | | | 华泰联合 | 4 | | 2 ● | > 中信证券 | | | --- | --- | --- | | 40 | | | | 5 | UIVVV 东兴证券 | | | 5 | 申万宏源 | 2 | | 5 | 天风证券 | 2 | | 8 | 华安证券 | 1 | | 8 | 东方证券 | 1 | | 8 | 光大证 ...

Core Viewpoint - The company is experiencing a significant increase in brokerage and investment business due to active market trading in Q1 2025, while facing challenges in investment banking performance in 2024 [1][3]. Financial Performance - The company maintains a "Buy" rating and slightly raises the target price to 9.42 yuan. Projected revenue and net profit for 2024 are 6.664 billion and 1.670 billion yuan, reflecting a year-on-year decrease of 0.98% and 2.80% respectively. The weighted average ROE is expected to decline by 0.35 percentage points to 5.04% [2]. - In Q1 2025, revenue and net profit are projected at 1.885 billion and 583 million yuan, showing year-on-year increases of 27.14% and 58.82%. The weighted average ROE is expected to rise by 0.59 percentage points to 1.71% [2]. - The company has adjusted its earnings per share (EPS) forecast for 2025-2026 to 0.49 and 0.51 yuan, with a new 2027 EPS forecast of 0.53 yuan, leading to a slight increase in the target price [2]. Business Segments - The investment banking business saw a year-on-year decline of 32.04% in 2024, contributing negatively to adjusted revenue, while the investment business net income increased by 7.19% to 1.81 billion yuan, positively impacting performance [3]. - In Q1 2025, the brokerage business experienced a significant year-on-year increase of 58.26% to 608 million yuan, which was a major driver of revenue growth. The investment business net income also rose by 48.5% to 642 million yuan [3]. - The financial asset scale increased by 64.65% quarter-on-quarter, enhancing investment returns [3]. Technological Advancements - The company is actively promoting the application of AI in business scenarios, aiming to achieve digital transformation and operational efficiency. This includes enhancing AI-driven wealth management services and optimizing research capabilities [4]. - The focus on building an AI-friendly organization is expected to lead to cost reduction and increased revenue generation [4]. Industry Trends - The effectiveness of AI applications in the securities industry is gradually becoming evident, serving as a catalyst for growth [5].

Core Viewpoint - The report highlights that Saiwei Times (301381) has shown impressive revenue growth, but profitability is under pressure due to increased investment in new product promotions and adjustments in pricing strategies [1][3]. Financial Performance - For the fiscal year 2024, the company reported revenue and net profit of 1.0275 billion and 214 million yuan, reflecting a year-on-year increase of 56.55% and a decrease of 36.19% respectively [1]. - In Q4 2024, revenue and net profit were 347.4 million and 19 million yuan, showing an increase of 58.66% and a significant decline of 83.46% [1]. - For Q1 2025, revenue, net profit, and net profit excluding non-recurring items were 245.8 million, 47 million, and 41 million yuan, representing increases of 36.65% and declines of 45.35% and 42.32% respectively [1]. Business Analysis - Revenue from apparel and accessories, non-apparel and accessories, and logistics services for 2024 was 744.7 million, 232.4 million, and 45.5 million yuan, with growth rates of 59.43%, 33.85%, and 261.49% respectively [2]. - The top five brands achieved revenues of 218.9 million, 208.2 million, 87.5 million, 56 million, and 33.8 million yuan, with growth rates of 50.42%, 61.87%, 39%, 145.66%, and 86.5% respectively [2]. - Revenue by region for 2024 was 900.7 million, 70.3 million, 2.3 million, and 2.3 million yuan from North America, Europe, Asia, and other regions, with growth rates of 53.40%, 40.87%, 12.27%, and 128.86% respectively [2]. - Revenue from channels such as Amazon, Walmart, Temu, and TikTok was 839.4 million, 38.6 million, 26.5 million, and 14.9 million yuan, with growth rates of 45.47%, 44.63%, 6503.07%, and 10453.93% respectively [2]. Profitability and Cost Structure - The overall gross margin for 2024 was 43.4%, a decrease of 2.07 percentage points year-on-year, primarily due to Amazon's commission adjustments and the introduction of a low-price mall [3]. - The gross margins for apparel and accessories, non-apparel and accessories, and logistics services decreased by 2.23, 0.21, and 7.96 percentage points respectively [3]. - The expense ratios for sales, management, and financial costs were 35.67%, 3.69%, and -0.28%, with an increase in sales expense ratio attributed to enhanced brand marketing and rising labor costs [3]. Earnings Forecast and Valuation - The company forecasts EPS for 2025, 2026, and 2027 to be 0.63, 0.84, and 1.1 yuan, with current stock prices corresponding to PE ratios of 33, 24, and 19 times [4].

Core Viewpoint - The report highlights Shenzhou Cell's strong performance driven by eight key products, achieving profitability for the first time and showcasing a rich pipeline for future growth [1][3]. Financial Performance - In 2024, the company reported revenue of 2.513 billion, net profit attributable to shareholders of 112 million, and a non-recurring net profit of 474 million, marking a 33% year-on-year revenue growth [2][3]. - For Q1 2025, the company recorded revenue of 519 million, net profit attributable to shareholders of 64 million, and a non-recurring net profit of 24 million, reflecting a year-on-year decline of 15%, 14%, and 85% respectively [2]. Operational Analysis - The restructuring of the eight key products led to a revenue of nearly 2.5 billion in 2024, with the first-ever achievement of positive profitability [3]. - The product Anjain achieved stable sales of 1.89 billion, growing by 6.18% year-on-year, despite price reductions in regional and alliance collective procurement [3]. - Sales of three antibody products exceeded 620 million, with a remarkable year-on-year growth of 499.80% [3]. Research and Development - In 2024, the company invested 936 million in R&D, focusing on clinical studies for products like SCT1000, SCT650C, and SCTB14, as well as preclinical development of multiple pipeline products [4]. - The monoclonal antibody SCT-I10A was approved for marketing in China in February 2025 for treating head and neck squamous cell carcinoma and liver cancer [4]. - Several innovative biologics and vaccines are in development, including SCT650C for autoimmune diseases and SCTB14 for solid tumor immunotherapy, with Phase II clinical trials initiated [4]. Profit Forecast and Valuation - The revenue forecasts for 2025 and 2026 have been adjusted downwards by 7% and 17% to 3 billion and 3.9 billion respectively, with net profit forecasts reduced by 47% and 39% to 224 million and 450 million [5]. - The company is expected to achieve a revenue of 4.9 billion and a net profit of 789 million by 2027 [5]. - The rating for the company remains "Buy" [5].