基金管理人：鹏华基金管理有限公司 基金托管人：中泰证券股份有限公司 [重要提示] 1、鹏华创业板新能源交易型开放式指数证券投资基金（以下简称"本基金"）的募集及其基金份额的发 售已获中国证监会证监许可〔2025〕68号文注册。中国证监会对本基金的注册并不代表中国证监会对本 基金的风险和收益作出实质性判断、推荐或者保证。 2、本基金是交易型开放式，股票型基金。 3、本基金管理人为鹏华基金管理有限公司，基金托管人为中泰证券股份有限公司，登记机构为中国证 券登记结算有限责任公司。 4、本基金募集期为2025年06月09日至2025年06月20日，通过网上现金认购、网下现金认购2种认购方式 公开发售。本基金目前暂不开通网下股票认购，若后续开通网下股票认购，基金管理人届时将另行公 告。基金管理人可根据募集情况适当延长或缩短本基金的募集期限并予以公告。 5、网上现金认购是指投资人通过具有基金销售业务资格的深圳证券交易所会员用深圳证券交易所网上 系统以现金进行的认购，网下现金认购是指投资人通过基金管理人及其指定的发售代理机构以现金进行 的认购。 6、本基金募集对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投 ...

证券代码：600918 证券简称：中泰证券 公告编号：2025-025 中泰证券股份有限公司 关于股份回购进展公告 一、回购股份的基本情况 中泰证券股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日、2025 年 5 月 27 日分别召开公司第三届董事会第十一次会议、公司 2024 年度股东会，审议 通过了《关于〈公司以集中竞价交易方式回购股份方案〉的议案》，公司拟使用自 有资金 3 亿元（含）-5 亿元（含），以集中竞价交易方式回购部分公司股份，回购 价格不超过 9.42 元/股（含），回购的股份将用于减少公司注册资本。具体内容详 见公司于 2025 年 4 月 30 日在上海证券交易所网站披露的《中泰证券股份有限公 司关于以集中竞价交易方式回购股份的方案》（公告编号：2025-015）。 二、回购股份的进展情况 截至 2025 年 5 月末，公司暂未实施股份回购。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 1 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法律责任。 重要内容 ...

一、适用基金范围 ■ 根据上银基金管理有限公司（以下简称"本公司"）与上海国信嘉利基金销售有限公司（以下简称"国信 嘉利基金"）签署的销售协议和相关业务准备情况，自2025年6月4日起，国信嘉利基金将开始销售本公 司旗下部分基金。 注：在遵守基金合同、招募说明书及相关业务公告的前提下，销售机构办理各项基金销售业务的具体日 期、时间、流程、业务类型及费率优惠活动（如有）以销售机构的安排和规定为准。 二、投资者可通过以下途径咨询有关详情 1、上海国信嘉利基金销售有限公司 网站：www.gxjlcn.com 客户服务电话：021-68809999 2、上银基金管理有限公司 网站：www.boscam.com.cn 客户服务电话：021-60231999 风险提示：本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。基金投资有风险，投资者在做出投资决策之前，请认真阅读基金合同、招募说 明书（更新）和基金产品资料概要（更新）等法律文件，充分认识基金的风险收益特征和产品特性，认 真考虑基金存在的各项风险因素，并根据自身的投资目的、投资期限、投资经验、资产状况等因素充分 ...

Core Viewpoint - The report from Zhongtai Securities highlights the investment value in the IP industry, focusing on the commercialization of major IPs and identifying three key areas of interest: IP2C model leaders with strong operational and channel capabilities, content creators with strong creative abilities, and IP operators with quality IP and B2B customer resources [1] Group 1: Overview of the IP Licensing Industry - The IP licensing industry consists of two types of IPs, two main entities, and various models, including content IP and character IP, with significant revenue generated from merchandise licensing, particularly toys [1] - The Chinese market for licensed products is projected to reach a retail total of 155.09 billion yuan in 2024, indicating substantial potential for back-end development, as the current conversion rate of domestic content IP is relatively low [1] - Per capita spending on IP products in China is less than one-fourth of that in Japan and one-fifth of that in the United States, with back-end development revenue accounting for about 10% of the industry chain, significantly lower than the approximately 70% seen in the US and Japan [1] Group 2: Drivers of Development - The transition to a post-$10,000 GDP era is leading to a shift from survival-based consumption to development-oriented and enjoyment-based consumption [2] - Changes in population and social structure, particularly among Generation Z and Millennials, are creating new pressures and opportunities [2] - The "Japan Valley" phenomenon is enhancing licensing and sales channels domestically, improving the supply chain for IP derivative products [2] - Innovations in content and channel development are paving the way for cultural exports to enter a golden era [2] Group 3: Commercialization of IP - The monetization of IP relies on upfront licensing fees that can leverage multiple revenue streams downstream, with licensing fees typically ranging from 3% to 10% of sales for physical products [3] - Derivative product sales represent the primary revenue source in the downstream operation of IP, with significant profit margins available for IP operators and distributors [3] - The full value of IP is linked to user lifecycle value models, where ARPPU is influenced by emotional value, social currency, emotional companionship, and collectible value [3] Group 4: Core Competencies of IP Licensing Players - The potential of IP is assessed through the quantity and proprietary share of the IP matrix, with a larger and more exclusive IP portfolio leading to a more stable business model and stronger industry influence [4] - Operational capabilities are critical, with effective supply chain management and user engagement enhancing emotional connections and product quality [4] - Channel capabilities are essential for performance elasticity, with direct sales providing strong control and distribution models expanding market reach [4]

Group 1 - The stock price of Zhongtai Securities (600918) closed at 6.09 yuan on May 30, 2025, down by 0.16% with a turnover rate of 0.35% and a trading volume of 139,800 shares, amounting to a transaction value of 85.03 million yuan [1] - On May 30, the net outflow of main funds was 5.05 million yuan, while retail investors saw a net inflow of 4.36 million yuan [2][3] - Zhongtai Securities announced that its wholly-owned subsidiary, Zhongtai Financial International Co., Ltd., provided an unconditional and irrevocable guarantee for a 200 million USD, 2-year dollar bond issued by its wholly-owned subsidiary Zhongtai International Finance (British Virgin Islands) Ltd [2][3] Group 2 - As of the announcement date, the total guarantee amount provided by Zhongtai Financial International Co., Ltd. for the bond was 400 million USD, equivalent to approximately 287.6 million yuan [2] - The total assets of the guaranteed party amounted to 1,608,230,697 HKD, with total liabilities of 1,586,475,326 HKD, resulting in a net asset value of 21,755,371 HKD [2] - The guarantee covers the bond principal, interest, and other payable amounts, with the guarantee period lasting until the bond is fully repaid [2]

Market Outlook - A-shares are expected to experience a structural market in June, with a focus on core assets despite short-term downward pressure [1][2] - Institutions suggest maintaining dividend assets as a base while exploring growth and consumption opportunities, particularly in banking, computing industry chain, card games, and innovative pharmaceuticals [1][5] Market Performance Review - In May, the three major indices saw gains, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 2.09%, 1.42%, and 2.32% respectively [1] - Daily trading volume in A-shares remained above 1 trillion yuan [1] Economic and Policy Factors - Economic recovery and positive domestic policies are expected to enhance market risk appetite, leading to a potential upward trend in June [2] - The stability of the Chinese economy and policy expectations may continue to favor Chinese assets, even amid global uncertainties [2] Sector Performance - In May, 25 out of 31 Shenwan first-level industries saw gains, with environmental protection, pharmaceuticals, defense, and banking leading the way [3] - There is a divergence among institutions regarding market style and focus for June, with some favoring technology growth while others lean towards large-cap value stocks [3][4] Investment Strategies - Suggested strategies include focusing on technology growth sectors, consumer sectors benefiting from domestic policies, and banking sectors with stable earnings and high dividends [5][6] - Specific recommendations include investing in robotics, artificial intelligence, and sectors with recent thematic catalysts, such as innovative pharmaceuticals and military electronics [5][6]

Group 1 - Zhongtai Securities plans to publicly issue corporate bonds (Phase 1) to professional investors from May 21 to 22, 2025, with an issuance amount not exceeding 3 billion yuan [2][3] - The bonds are unsecured, with a term of 3 years and interest paid annually [2] - The funds raised will be used to replace the company's own funds for repaying maturing corporate bond principal [3] Group 2 - As of the end of 2024, Zhongtai Securities has interest-bearing liabilities totaling 91.227 billion yuan, with 65.44% of these liabilities maturing within one year [4] - The company has a new tax debt of 3,428.84 yuan as of March 6, 2025, related to corporate income tax [4] Group 3 - Zhongtai Securities, originally named Qilu Securities, was established in May 2001 and is a large comprehensive listed brokerage firm in China [6] - The company reported a revenue of 10.891 billion yuan for 2024, a year-on-year decrease of 14.66%, and a net profit attributable to shareholders of 0.937 billion yuan, down 47.92% year-on-year [6]

该服务是基于客户现有持仓，通过智能化算法高频捕捉同一股票的日内价格波动，执行量化微趋势买卖 交易，在持仓股票日内价格高位实施减持、低位进行回补，形成完整的当日买卖交易闭环。 作为今年券商APP的推广重点，T0算法服务已经在天风证券、招商证券、西南证券等20余家券App中上 线。据21世纪经济报道记者了解，还有部分中型券商在筹备推出T0算法服务。 值得关注的是，尽管T0算法交易有诸多优势，但其同样存在风险。首先从策略本身看，T0算法并非稳 赚不赔的万能工具，其也出现了投资者做亏的情况。其次是极端行情导致策略失效等风险。 21世纪经济报道记者李域 深圳报道 量化交易加速走向个人投资者。 5月26日，中泰证券官宣，齐富通T0算法已上线。据介绍，该算法服务是中泰证券联合头部T0算法服务 商，为高净值客户设计的日内交易解决方案。 "对于躺着赚钱这些揽客的说法需要警惕。"有业内人士指出，T0算法下沉，对散户而言，既是武器升 级的机会，也是认知突围的考验，技术平权不等于能力平权，唯有理性驾驭工具，才能真正有所收获。 争相布局 越来越多的券商开展T0算法服务。 近日，中泰证券上线的齐富通T0算法备受市场关注。此前一月，西南证 ...

Core Viewpoint - The recent 60 billion yuan private placement by Zhongtai Securities marks a significant development after nearly two years, indicating a limited recovery in the brokerage sector's equity financing under policy guidance aimed at structural adjustment [1][2]. Group 1: Fundraising Details - Zhongtai Securities has announced a private placement of up to 20.91 billion shares, not exceeding 30% of the total share capital prior to the issuance, with a total fundraising target of 60 billion yuan [1]. - The revised fundraising allocation includes 15 billion yuan for information technology and compliance risk control, 10 billion yuan for alternative investments, 10 billion yuan for market-making business, 5 billion yuan for wealth management, 5 billion yuan for bond investments, and 15 billion yuan for debt repayment and liquidity support [1]. - Compared to the initial plan in June 2023, the revised allocation shows a reduction in heavy capital business, with debt repayment funds decreased from 25 billion yuan to 15 billion yuan, while increasing investments in bond and wealth management [1]. Group 2: Market Context and Strategic Implications - In May 2024, Zhongtai Securities, along with Nanjing Securities and Tianfeng Securities, had a total fundraising amount of 150 billion yuan accepted, indicating a selective "targeted thaw" rather than a full reopening of refinancing for brokerages [1][2]. - The controlling shareholder, Zhaomining Group, plans to subscribe to 36.09% of the new shares, amounting to no more than 21.66 billion yuan [2]. - The shift towards light capital investments, with over 40% of the funds directed towards financial technology and wealth management, aligns with regulatory guidance emphasizing the need for efficiency in capital usage [2]. Group 3: Financial Performance - In 2024, Zhongtai Securities reported a year-on-year decline in revenue and net profit of 14.66% and 47.92%, respectively, although net profit showed a recovery of 11.61% in Q1 2025, with a slight revenue increase of 0.23% [2]. - Compared to peers, Zhongtai Securities faces significant performance pressure, highlighting the need for a strategic shift towards light capital and technology-driven services to ensure long-term viability [2].

Core Viewpoint - The recent acceptance of capital increase applications by several listed securities firms, including Zhongtai Securities, indicates a thawing in the previously stagnant environment for securities firms' private placements, aligning with regulatory encouragement for firms to focus on their core responsibilities and enhance their service capabilities to the real economy [2][4][11] Group 1: Zhongtai Securities' Capital Increase - Zhongtai Securities plans to raise no more than 6 billion yuan through a private placement, with its controlling shareholder, Zaozhuang Mining Group, participating in the subscription [1][2] - The issuance will not exceed 30% of the company's total share capital prior to the issuance, amounting to no more than 2.091 billion shares [2] - The funds raised will be allocated to various areas, including information technology, alternative investment, market-making, wealth management, and debt repayment [3] Group 2: Regulatory Environment and Trends - The recent trend shows that three securities firms, including Zhongtai, Tianfeng, and Nanjing Securities, have updated their capital increase plans, all involving their controlling shareholders and focusing on enhancing services to the real economy [2][8] - The regulatory environment has shifted to support securities firms in supplementing capital through reasonable means, reflecting a broader policy direction [4][10] - The participation of state-owned shareholders in these capital increases is seen as a dual benefit, enhancing the firms' capital strength while supporting local economic development [9] Group 3: Changes in Fund Allocation - The revised capital increase plans from Zhongtai and Nanjing Securities indicate a shift in fund allocation towards core business areas, including compliance and risk control, as well as debt repayment [5][10] - The emphasis on aligning fundraising purposes with regulatory encouragement highlights the ongoing scrutiny and expectations from regulatory bodies regarding the financing strategies of listed securities firms [10][11]