汇川技术 公司是国内少数实现"工控→新能源车→机器人"跨行业技术复用的机电一体化平台型企业，在行业具备持续超越周期的α，2007-2024年营收和归 母净利润年化复合增速分别为38%和30%，超过工业自动化行业和可比公司增速。 国金证券股份有限公司姚遥,满在朋近期对汇川技术（300124）进行研究并发布了研究报告《工控&电梯筑基、电车贡献弹性，机器人构建远期空 间》，给予汇川技术买入评级，目标价81.1元。 1)新能源车业务：市占率稳步提升，规模效应有望释放经营弹性。24年公司国内乘用车电控产品份额上升至10.7%，第三方供应商中排名第一；24 年底公司境内外拥有超过80个定点项目预计将在25-26年实现SOP量产。24年公司新能源汽车实现营收160亿元，同比+70%，随着新产能投产，规 模效应有望进一步释放经营弹性，预计25-27年公司新能源车业务营收CAGR超30%。 2)机器人业务：工业机器人出货高增，人形机器人打开成长空间。凭借成本控制&渠道布局优势，工业机器人业务快速放量，24年实现营收11亿 元，同比+37%，24年国内市占率提升至9%，位居行业第三，同时积极研发人形机器人核心零部件，未来有望构建 ...

关于本栏目 高频数据难懂？挖掘信息不易？【图说经济】每周一期，与您一同从高频数据库中抽丝剥茧，看 懂全球经济的新变化。如需底层数据库，欢迎联系国金宏观团队。 本期Headline 洛杉矶港口进口与预期同时回落 韩国 5 月前 10 日出口大幅下滑 中国出口仍然维持韧性 国内商品价格下行压力延续 服务业高频好转，有望带动 GDP 增速小幅企稳 美国港口进口与预期同时回落 5月4日 -5月10日，美国洛杉矶港口船舶停靠数量下滑至16艘，4月均值为21.3艘；港口集装箱 进口吞吐量环比下滑-124%，已经连续两周大幅下滑，当周同比增速下滑至32.1%，4月末同 比为56%。 此外，美国洛杉矶港执行董事塞洛卡表示洛杉矶港原本预计5月份将有80艘船只抵达，但其中 20%已被取消。截至目前，客户已经取消了6月份的13个航次。 洛杉矶港进口量下滑或主要反映中美直接贸易往来在持续快速降温。 据统计，中国货物占洛 杉矶港业务量的45%，涵盖家具、玩具及电子产品等。 | | | 03 节后第一周，中国离港船舶数量和载重量维持韧性。 5月4日-5月10日，中国20大港口离港船舶数量均值为199.9艘，上周均值为203.6艘，同 比 ...

证券代码：600109 证券简称：国金证券 公告编号：临 2025－35 债券代码：115414 债券简称：23 国金 04 国金证券股份有限公司 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： ? 债权登记日：2025 年 5 月 23 日 ? 债券付息日：2025 年 5 月 26 日 国金证券股份有限公司 2023 年面向专业投资者公开发行公司债 券(第三期)（以下简称"本期债券" ），将于 2025 年 5 月 26 日开始支 付自 2024 年 5 月 26 日至 2025 年 5 月 25 日期间的利息。为保证本次 付息工作的顺利进行，现将有关事宜公告如下： 一、本期债券的基本情况 （一）债券名称：国金证券股份有限公司 2023 年面向专业投资 者公开发行公司债券(第三期) （二）债券简称：23 国金 04 （八）计息期限及付息日：本期债券计息期限自 2023 年 5 月 26 日至 2026 年 5 月 25 日，本期债券付息日为计息期限的每年 5 月 26 日（上述付息日如遇法定节假日，则 ...

| 证券代码：600109 | 证券简称：国金证券 | | 公告编号：临 2025－35 | | --- | --- | --- | --- | | 债券代码：115414 | 债券简称：23 | 国金 04 | | 国金证券股份有限公司 2023年面向专业投资者公开发行公司债券(第三期) 2025年付息公告 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： 国金证券股份有限公司 2023 年面向专业投资者公开发行公司债 券(第三期)（以下简称"本期债券"），将于 2025 年 5 月 26 日开始支 付自 2024 年 5 月 26 日至 2025 年 5 月 25 日期间的利息。为保证本次 付息工作的顺利进行，现将有关事宜公告如下： 一、本期债券的基本情况 （一）债券名称：国金证券股份有限公司 2023 年面向专业投资 者公开发行公司债券(第三期) 债权登记日：2025 年 5 月 23 日 债券付息日：2025 年 5 月 26 日 （二）债券简称：23 国金 04 （三）债券代码：115414.SH ...

Core Viewpoint - Guojin Securities has developed a series of indices called "Five Major Articles," focusing on key financial sectors to provide institutional investors with precise policy-focused investment tools [1][2]. Group 1: Indices Overview - The "Five Major Articles" were introduced at the 2023 Central Financial Work Conference, covering technology finance, green finance, inclusive finance, pension finance, and digital finance, aimed at promoting high-quality financial development and serving the real economy [1]. - Guojin Securities has created indices based on a refined industry classification system, which received national invention patent authorization in November 2024, to accurately reflect policy trends and empower investor asset allocation [1]. Group 2: Specific Indices Focus - The Guojin Technology Finance Index targets high-tech industries such as electronic information, aerospace, and artificial intelligence, facilitating strategic emerging industries and future industry layouts [2]. - The Guojin Green Finance Index focuses on environmental governance and clean energy, tracking the green and low-carbon transformation of high-emission industries and renewable energy construction [2]. - The Guojin Inclusive Finance Index addresses widespread service and welfare needs, covering sectors like agriculture, home appliances, food and beverage, healthcare, beauty care, clothing, and furniture [2]. - The Guojin Pension Finance Index concentrates on banking, insurance, and healthcare sectors related to pension services, delving into the silver economy [2]. - The Guojin Digital Finance Index revolves around the digital transformation of banking, insurance, and brokerage sectors, showcasing automated calculations and data sets that enhance investment research efficiency [2]. Group 3: Institutional Positioning - Guojin Securities is the first Chinese institution to hold index licenses from five major Asian stock exchanges (Shanghai, Shenzhen, Beijing, Hong Kong, Tokyo), establishing itself as a leading market index institution in China [3]. - The company has built a matrix of ten industry track indices, including new energy, Chinese manufacturing, infrastructure, digital economy, electronic technology, commodities & raw materials, healthcare, consumer goods, national defense, and cyclical value, providing unique value as strategic tools for investors [3].

Group 1 - The event held in Chengdu on May 15 aimed to promote investor education under the theme "Caring for Investors, Working Together" [1] - The establishment of the Sichuan Panda Investor Education Alliance marks a new phase in investor protection efforts, integrating resources and enhancing collaboration among financial institutions [2] - The event attracted nearly 20,000 participants, focusing on differentiated content for various demographics, including middle-aged, family investors, and young social media users [5] Group 2 - Interactive activities, such as games and workshops, were designed to engage participants and educate them on investment risks and rights [5][6] - The event creatively combined financial knowledge with local culture, providing a unique experiential learning environment [7] - Future trends in investor education are expected to emphasize a more stylized, business-oriented, and innovative approach to content delivery, catering to the evolving demographics of investors [8] Group 3 - The event highlighted the importance of investor protection as a foundation for stable capital markets and financial inclusivity [9] - A multi-faceted protection network was established, involving regulatory oversight, industry collaboration, and community participation [9]

国金证券股份有限公司（以下简称"本公司"）于2024年9月12日发 行了2024年度第三期短期融资券，发行金额为人民币10亿元，票面利率 为2.03%，发行期限为245天，兑付日为2025年5月15日。详见公司于2024 年9月13日在上海证券交易所网站（www.sse.com.cn）披露的《关于2024 年度第三期短期融资券发行结果公告》以及2025年5月8日登载于中国货 币网（www.chinamoney.com.cn）、上海清算所网站（www.shclearing.com ）的《国金证券股份有限公司2024年度第三期短期融资券兑付公告》。 证券代码：600109 证券简称：国金证券 公告编号：临 2025－34 国金证券股份有限公司 关于2024年度第三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。 国金证券股份有限公司 董事会 二〇二五年五月十六日 2025年5月15日，本公司兑付了该期短期融资券本息共计人民币 1,013,626,027.40元。 特此公告。 ...

国金证券（600109）公告，2024年度第三期短期融资券已于2025年5月15日兑付完成，兑付本息共计 10.14亿元。该期融资券发行金额为10亿元，票面利率2.03%，发行期限245天，兑付日为2025年5月15 日。 ...

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The report emphasizes the importance of a "sustained, stable, and active capital market" as a key driver for market sentiment and growth [6][7] - It highlights the significant growth in the securities industry, particularly in brokerage and proprietary trading, with a notable increase in revenue and net profit for listed brokers in Q1 2025 [36][37] Summary by Sections 1. Policy Interpretation on "Sustained, Stable, and Active Capital Market" - The report discusses recent policy measures aimed at stabilizing and invigorating the capital market, including support for long-term capital inflows and the promotion of new regulatory frameworks [8][7] - It outlines specific actions from the China Securities Regulatory Commission (CSRC) to enhance market liquidity and investor confidence [8] 2. Securities Industry Q1 2025 Performance Overview and Outlook - In Q1 2025, 42 listed brokers achieved revenues of CNY 125.93 billion, a year-on-year increase of 19%, and a net profit of CNY 52.18 billion, up 77.8% [37][38] - The fastest-growing segments were proprietary trading (up 45.5%) and brokerage services (up 43.2%), while investment banking and asset management saw slight declines [36][37] - The report notes that the average return on equity (ROE) for listed brokers improved to 8.05%, reflecting enhanced profitability across the sector [47][46] 3. Investment Recommendations - The report suggests that the ongoing reforms and market conditions present favorable investment opportunities within the securities sector, particularly in brokerage and proprietary trading [36][37] - It identifies potential benefits for underweighted sectors, indicating a shift in investment strategies towards areas with lower current allocations [15]

Core Viewpoint - The company, Yuhuan CNC, is actively expanding its product offerings and market presence in high-end manufacturing sectors, particularly in the CNC grinding and machining equipment industry, with a focus on import substitution and technological advancement [2][5]. Business Development - The company's main products include CNC grinding machines, CNC polishing machines, CNC lathes, and intelligent equipment, which are widely used in various industries such as consumer electronics, automotive, aerospace, and semiconductors [2]. - In 2024, all business segments of the company are expected to develop evenly, with an increase in orders from high-end manufacturing sectors like automotive parts and aerospace [2]. Application in Consumer Electronics - The consumer electronics sector is a primary application area for the company's products, serving major clients like Apple, Huawei, and Samsung, particularly in the processing of components for mobile phones and other electronic devices [2]. Import Substitution - In 2024, China's grinding machine imports amounted to $830 million, a 7.7% increase year-on-year, indicating a growing demand for high-precision machining tools [4]. - The company is pushing high-end grinding machines to the market, contributing to the import substitution process in the CNC lathe sector following its acquisition of Hunan Southern Machine Tool Co., Ltd. [4]. Future Development Prospects - The company sees strong growth potential in high-end CNC grinding machines, driven by the domestic economic transformation and the increasing demand for precision in manufacturing [5]. - The company aims to enhance its core competitiveness in high-end equipment import substitution and expand into new materials processing and overseas markets [5]. Financial Performance - In Q1 2025, the company reported a main revenue of 125 million yuan, a year-on-year increase of 20.11%, while net profit attributable to shareholders decreased by 72.04% to 3.349 million yuan [5]. - The company's debt ratio stands at 28.77%, with a gross profit margin of 30.33% [5]. Market Activity - Recent financing data indicates a net inflow of 89.58 million yuan in the stock over the past three months, suggesting increased investor interest [6].