1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report focuses on the performance of the ETF fund market in the week from April 7th to April 11th, including the market performance and capital flow of different types of ETF funds, to provide reference for investors [1]. - Most A - share - focused ETFs declined this week. Defense and military industry ETFs rose with an average increase of 0.67% for funds above a certain scale, while mid - stream manufacturing ETFs had a deeper decline with an average drop of 6.15% for funds above a certain scale. Commodity ETFs had the largest increase, with an average rise of 1.47% for funds above a certain scale [2][6]. - There was a significant inflow of funds into large - cap index ETFs, with a net inflow of 96.189 billion yuan throughout the week. On the contrary, there was a slight outflow of funds from financial real estate, TMT, cyclical, and Shanghai - Hong Kong - Shenzhen index ETFs [3][10]. 3. Summary by Related Catalogs 3.1 ETF Market Overall Performance Market Performance - Defense and military industry ETFs recorded an increase, with an average increase of 0.67% for funds above a certain scale; mid - stream manufacturing ETFs had a deep decline, with an average decrease of 6.15% for funds above a certain scale. Commodity ETFs had the largest increase, with an average increase of 1.47% for funds above a certain scale [2][6]. Capital Flow - There was a significant inflow of funds into large - cap index ETFs, with a net inflow of 96.189 billion yuan throughout the week. Financial real estate, TMT, cyclical, and Shanghai - Hong Kong - Shenzhen index ETFs had a slight outflow of funds [3][10]. - Tables 1 - 3 show the top - performing funds in terms of returns, the top ten funds with the largest capital inflows, and the top ten funds with the largest capital outflows in the past week [12][13][14]. 3.2 Different Popular Sub - type ETF Fund Market Performance - The report lists the market performance of different popular sub - type ETF funds, including various types such as broad - based index, industry - themed, SmartBeta, bond, QDII, and commodity ETFs, showing their latest scale, weekly capital flow, weekly return, and other data [16 - 32]. 3.3 Innovation Theme and Sub - industry ETF Fund Market Performance - The report presents the market performance of innovation theme and sub - industry ETF funds, including TMT innovation themes, consumer sub - industries, pharmaceutical sub - industries, new energy themes, central and state - owned enterprise themes, stable - growth themes, Shanghai - Hong Kong - Shenzhen/Hong Kong Stock Connect sub - industries, dividend/dividend low - volatility index families, and ChiNext index families, providing information such as weekly returns, year - to - date returns, and latest scales [34 - 43].

上市公司集体业绩说明会的提示性公告 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法律责任。 证券代码：600999 证券简称： 招商证券 编号： 2025－017 重要内容提示： 招商证券股份有限公司 关于参加招商局集团有限公司 （网址：http://roadshow.sseinfo.com/） 招商证券股份有限公司（以下简称公司或本公司）的实际控制人招商局集团 有限公司（以下简称招商局集团）将举办"'创新驱动，创建一流'招商局集团 上市公司集体业绩说明会"，旨在加强与投资者沟通，推进上市公司高质量发展。 招商局集团旗下五家沪市上市公司将于 2025 年 4 月 16 日下午共同参加在上海证 券交易所举办的集体业绩说明会。 一、说明会类型 本次投资者说明会以现场交流、视频直播、网络文字互动等形式召开，公司 将针对 2024 年度的经营成果及财务指标的具体情况与投资者进行坦诚互动、交 1 会议召开时间：2025 年 4 月 16 日（星期三）14:30-17:00 会议召开地点：上海证券交易所上证路演中心 会议召开方式：现场交流、视频直 ...

Core Insights - The article highlights the significant growth and evolution of fund advisory services in China, with institutions like E Fund and Yingmi Fund reporting impressive performance metrics and a shift towards more personalized client services [1][2][3]. Group 1: Performance Metrics - Yingmi Fund's advisory assets exceeded 41 billion RMB by February 2025, with a growth rate of 28% in 2024 and an overall increase of 88% from 2022 to 2024 [3]. - E Fund's advisory services have served over 120,000 individual clients and more than 100 institutional clients, with a profitability rate of approximately 70% since the service's launch [3]. - By the end of 2024, the advisory service of China Merchants Securities had a client base of 80,200 and an asset scale of 5.112 billion RMB, marking a 9.79% increase from the previous year [3]. Group 2: Client Behavior and Needs - The demand for advisory services is diverse, requiring a shift from simple product recommendations to comprehensive financial planning and personalized investment strategies [2][5]. - Clients of Yingmi Fund have an average holding period of 690 days, indicating a long-term investment approach, with 70% of client assets allocated to equity products [5]. - The relationship between advisors and clients is built on trust and understanding, which helps clients navigate market volatility and achieve better long-term returns [5]. Group 3: Future Directions and Innovations - The advisory business is transitioning from a fund-based model (1.0) to a client-account-based model (2.0), focusing on financial planning and asset allocation [7][8]. - High-quality advisory talent is essential for the sustainable development of the advisory business, with a need for standardized training and certification processes [9]. - Technological innovation, including the responsible use of AI, is crucial for enhancing advisory services and improving client experiences [10].

Core Insights - The 2025 Q1 Bloomberg China Bond Underwriting Rankings reveal significant trends in the bond market, highlighting the performance of various banks and securities firms in the issuance of bonds [2][3]. Group 1: Market Overview - The total issuance of Panda bonds in 2024 exceeded 208.25 billion RMB, while in Q1 2025, the issuance by foreign institutions in the domestic market reached 41.6 billion RMB, showing a decrease of 38.28% compared to the same period last year [4]. - The overall issuance of domestic credit bonds in Q1 2025 was approximately 3.77 trillion RMB, reflecting a decline of about 12.61% year-on-year [6]. - The issuance of interbank certificates of deposit increased to approximately 8.35 trillion RMB in Q1 2025, up 11.97% from the previous year [10]. Group 2: Rankings and Performance - In the Bloomberg Q1 2025 China Bond Rankings, the top three positions were held by Bank of China (5.918%), CITIC Bank (5.675%), and Industrial Bank (5.297%) [7]. - For corporate bonds, CITIC Securities (13.450%), CITIC Jiantou (9.988%), and former Guotai Junan Securities (8.053%) maintained their top three positions [7]. - In the offshore RMB bond rankings (excluding certificates of deposit), the top three were held by Amundi (12.248%), HSBC (7.117%), and Standard Chartered Bank (5.021%) [7]. Group 3: Local Government Bonds - The issuance of local government bonds in Q1 2025 was approximately 2.66 trillion RMB, a significant increase of about 78.26% year-on-year [12]. - The issuance included about 0.38 trillion RMB in general bonds and approximately 2.28 trillion RMB in special bonds, with debt resolution remaining a key focus [12]. Group 4: Offshore Bond Market - The issuance of offshore bonds (excluding certificates of deposit) by Chinese enterprises exceeded 401.4 billion RMB in Q1 2025, marking a year-on-year growth of approximately 35.36% [16]. - The issuance of "Kung Fu Bonds" surpassed 30 billion USD (approximately 219.2 billion RMB), showing a significant increase of over 122.20% compared to the previous year [16].

Core Viewpoint - The current trend of market demand segmentation is ongoing, with a recommendation to focus on brands that are rapidly expanding product categories and optimizing channels, which are likely to maintain stable operations during market fluctuations and gain market share during demand recovery [1][2]. Industry Overview - In 2024, the revenue growth rate of leading sports footwear and apparel brands is expected to slow down, particularly in the basketball category, while online sales are primarily driven by high growth on platforms like Douyin, with sales growth for Li Ning, Anta, and FILA projected at 25%, 112%, and 58% respectively [3]. - Offline, the strategy of opening fewer but larger stores is being implemented, with store efficiency for Li Ning, Anta, and FILA expected to be +5%, +10%, and -3% respectively in 2024 [3]. - The profitability of leading sports brands is declining, and there is a need to optimize inventory structure [3]. Overseas Market Tracking - Performance among top brands is diverging, with ongoing acceleration in category expansion. Brands positioned in sports fashion are maintaining good growth, and top brands are accelerating the introduction of new products, with a dense release of new products expected in the second half of 2025 to enhance the prosperity of niche markets [4]. Domestic Market Future Expectations - Category expansion and channel optimization are core strategies, with healthy operational conditions being essential. Companies that lead in category expansion and channel optimization, such as Anta and Li Ning, are expected to achieve stable growth. These brands are expanding into outdoor and sports fashion categories while enhancing online operations and exploring new retail formats [5]. - Attention should be paid to the health of brand operations, including discount and inventory balance, expense management, and cash flow adequacy, with Anta Sports currently showing better overall performance [5].

Core Insights - The company achieved operating revenue of 20.891 billion yuan in 2024, a year-on-year increase of 5.40% [1] - The net profit attributable to shareholders reached 10.386 billion yuan, up 18.51% year-on-year [1] - Basic earnings per share (EPS) was 1.13 yuan, reflecting a 20.21% increase year-on-year [1] - The weighted average return on equity (ROE) was 8.82%, an increase of 0.91 percentage points year-on-year [1] - A year-end dividend of 3.77 yuan (before tax) is proposed [1] Business Performance - The net income from brokerage business and investment income (including fair value changes) increased, while the net income from investment banking and asset management decreased [1] - The overall trading volume of equity funds in the market saw a slight increase, but the company's market share declined, with net income from brokerage fees increasing by 11.79% year-on-year [1] - The scale of equity financing decreased due to market conditions, while debt financing continued to grow, leading to a 34.25% year-on-year decline in net income from investment banking fees [1] - The asset management business improved in quality and efficiency, with stable public fund operations, resulting in a 0.56% year-on-year increase in net income from asset management fees [1] - Both equity and fixed income directional businesses achieved good investment returns, with investment income (including fair value changes) increasing by 33.23% year-on-year [1] - The margin financing balance slightly rebounded, while the scale of stock pledges significantly decreased, leading to a 21.90% year-on-year decline in net interest income [1] Investment Outlook - Despite a decline in market share for equity fund trading volume, the company's key indicators in brokerage business remain among the top five in the industry [2] - The decline in equity financing scale was significantly influenced by market conditions, but the company improved its ranking, and the growth in debt financing partially offset the decline in investment banking net income [2] - The strong performance in equity and fixed income directional businesses, along with record investment income, has laid a solid foundation for the company's net profit attributable to shareholders to exceed 10 billion yuan [2] - As the largest securities firm within the State-owned Assets Supervision and Administration Commission system, the company is expected to benefit from policies aimed at promoting strong firms and eliminating weak ones [2] - EPS forecasts for 2025 and 2026 are 1.16 yuan and 1.22 yuan, respectively, with BVPS estimates of 14.00 yuan and 14.79 yuan, leading to corresponding P/B ratios of 1.22 and 1.15 based on the closing price of 17.07 yuan on April 9 [2]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [1] Core Views - The company achieved an operating income of 20.891 billion yuan in 2024, a year-on-year increase of 5.40%, and a net profit attributable to shareholders of 10.386 billion yuan, up 18.51% year-on-year [5][8] - The company’s investment income (including fair value changes) significantly increased, contributing to a solid foundation for net profit recovery [6][22] - Despite a decline in market share for brokerage services, the company remains among the top five in key brokerage metrics [6][11] - The company is expected to benefit from government policies aimed at fostering strong firms and building a first-class investment bank [6][26] Summary by Sections Financial Performance - In 2024, the company reported a basic earnings per share (EPS) of 1.13 yuan, a 20.21% increase year-on-year, and a return on equity (ROE) of 8.82%, up 0.91 percentage points [5][8] - The proposed dividend for 2024 is 3.77 yuan per share (including tax), with a total dividend payout ratio of 40.02% of the net profit attributable to shareholders, an increase of 15 percentage points year-on-year [8] Business Segments - The proportion of brokerage and investment income increased, while the net income from investment banking and asset management decreased [5][9] - The company’s brokerage business net income increased by 11.79% year-on-year, despite a slight decline in market share [11][12] - The investment banking segment saw a significant decline in net income, down 34.25% year-on-year, due to a drop in equity financing [13] Investment Strategy - The company’s investment strategy focuses on high-dividend investments and diversified investment strategies, achieving a 33.23% year-on-year increase in investment income [22] - The company is actively developing capital intermediary transactions and quantitative strategies in its equity derivatives business [22] Future Projections - The company expects EPS of 1.16 yuan and 1.22 yuan for 2025 and 2026, respectively, with corresponding book value per share (BVPS) of 14.00 yuan and 14.79 yuan [6][26] - The price-to-book (P/B) ratios are projected to be 1.22 and 1.15 for 2025 and 2026, respectively, based on the closing price of 17.07 yuan on April 9 [6][26]

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase in stock price relative to the market index [6][26][33]. Core Views - The company achieved a revenue of 20.891 billion yuan in 2024, representing a year-on-year increase of 5.40%, and a net profit attributable to shareholders of 10.386 billion yuan, up 18.51% year-on-year [5][8]. - The report highlights that while the overall market share in equity trading has slightly declined, the brokerage business remains among the top five in the industry [6][26]. - The company is expected to benefit from government policies aimed at fostering strong firms and limiting weaker ones, positioning it well for future growth [6][26]. Summary by Sections Financial Performance - In 2024, the company reported a basic earnings per share (EPS) of 1.13 yuan, a 20.21% increase year-on-year, and a return on equity (ROE) of 8.82%, up 0.91 percentage points [5][8][31]. - The proposed dividend for 2024 is 3.77 yuan per share (before tax), with a total dividend payout ratio of 40.02% of the net profit attributable to shareholders, an increase of 15 percentage points year-on-year [8][31]. Business Segments - The brokerage and investment income (including fair value changes) have increased in proportion, while the investment banking and asset management segments have seen a decline in their revenue contributions [5][9]. - The company’s brokerage business net income increased by 11.79% year-on-year, despite a slight decrease in market share to 4.51% [11][12]. - The investment banking segment experienced a significant decline in revenue, with a 34.25% drop in net income from fees, attributed to a decrease in equity financing activities [13][26]. Investment Strategy - The company has successfully enhanced its investment strategies, focusing on high-dividend investments and diversified approaches, leading to a 33.23% increase in investment income [22][26]. - The report anticipates EPS of 1.16 yuan and 1.22 yuan for 2025 and 2026, respectively, with corresponding book value per share (BVPS) of 14.00 yuan and 14.79 yuan [6][26][31].

Core Viewpoint - The report from China Merchants Securities indicates that the liquor sector is undervalued and offers both defensive and offensive opportunities, while the food sector is poised for upward trends and high growth potential [1][2]. Liquor Sector - High-end liquor demand remains stable, with companies focusing on controlling supply to maintain prices, leading to a robust performance in Q1 [3]. - Moutai's price remains stable, with expectations of double-digit growth in Q1, while Wuliangye is projected to see slight growth [3]. - The performance of mid-range liquor companies is mixed, with some actively reducing market burdens [3]. - Regional brands continue to perform strongly, with competition intensifying in certain markets [3]. Food Sector - Overall demand in the food sector is stabilizing, with retail sales growth improving [4]. - The dairy sector is expected to see improved demand, while the seasoning and snack sectors continue to exhibit high growth [4][5]. - The seasoning sector is experiencing a recovery, although some companies face pressure due to high base effects from the previous year [6][7]. - The beer sector is adopting inventory reduction strategies, with demand expected to improve in the coming year [8]. Snack Foods - The snack food sector is performing steadily, with attention on single product growth and new channel opportunities [9]. - The demand for ready-to-eat foods is weak, with some companies facing pressure on sales and profits [10].

Core Viewpoint - The wind power bidding volume in 2024 is expected to increase significantly by 90% year-on-year, reaching a historical high of 164 GW, with the industry anticipated to enter a concentrated delivery period in 2025, leading to improved profitability in the upstream manufacturing sector [2][3]. Group 1: Wind Power Bidding and Delivery - The wind power bidding volume is projected to grow by 90% in 2024, indicating a strong upward trend in the industry [3]. - The industry is expected to enter a concentrated delivery phase in 2025, correlating with the increased bidding volume [3]. Group 2: Component Sector Dynamics - The growth rate of construction projects in the component sector has turned negative, with capital expenditure significantly slowing down, leading to a reduction in fixed costs as delivery volumes increase [4][5]. - The profitability in the component sector is expected to improve due to the effective dilution of fixed costs and potential price increases in certain segments [5]. Group 3: Complete Machine Sector Insights - The complete machine sector is experiencing a stabilization in bidding prices, with the average bidding price reaching 1527 RMB/kW in December 2024, a 10% increase from April 2024 [6]. - There is a positive trend in exports for complete machines, with leading domestic manufacturers now capable of competing in overseas markets, which may enhance their profitability [6].