证券代码：601099 证券简称：太平洋 公告编号：临 2025-11 太平洋证券股份有限公司 关于参加云南辖区上市公司 2024 年度投资者 网上集体接待日活动的公告 太平洋证券股份有限公司董事会 二〇二五年五月十三日 1 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2025 年 5 月 16 日（周五）16:00-17:00。 届时公司董事会秘书栾峦女士等相关人员将在线就公司 2024 年度业绩、公 司治理、发展战略、经营状况等投资者关心的问题，与投资者进行沟通与交流， 欢迎广大投资者踊跃参与。 特此公告。 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。 为进一步加强与投资者的互动交流，太平洋证券股份有限公司（以下简称 "公司"）将参加由云南证监局指导，云南省上市公司协会与深圳市全景网络有 限公司联合举办的"2024 年度云南辖区上市公司投资者网上集体接待日"，现 将相关事项公告 ...

Core Viewpoint - The joint issuance of opinions by five departments aims to support Nansha in aligning with international high-standard institutional rules, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement, while exploring pilot programs for institutional openness in the financial sector [1] Group 1 - The People's Bank of China, financial regulatory authorities, and the Guangdong provincial government are collaborating to enhance financial support for Guangzhou Nansha [1] - The initiative includes implementing a pre-access national treatment and negative list management model, which aims to simplify restrictive measures [1] - The plan encourages qualified foreign institutions to participate in financial business pilot programs [1]

Quantitative Models and Construction 1. Model Name: Industry Crowdedness Monitoring Model - **Model Construction Idea**: This model is designed to monitor the crowdedness levels of Shenwan First-Level Industry Indices on a daily basis, identifying industries with high or low crowdedness levels to provide insights into market dynamics[4] - **Model Construction Process**: The model calculates the crowdedness levels of various industries based on daily data. It identifies industries with significant changes in crowdedness levels and tracks the inflow and outflow of major funds across industries over different time periods[4] - **Model Evaluation**: The model effectively highlights industries with extreme crowdedness levels and significant changes, providing actionable insights for market participants[4] 2. Model Name: Premium Rate Z-Score Model - **Model Construction Idea**: This model is used to screen ETF products for potential arbitrage opportunities by calculating the Z-score of premium rates over a rolling window[5] - **Model Construction Process**: The Z-score is calculated as follows: $ Z = \frac{(P - \mu)}{\sigma} $ - Where $P$ represents the premium rate of the ETF, $\mu$ is the mean premium rate over the rolling window, and $\sigma$ is the standard deviation of the premium rate over the same period. The model identifies ETFs with extreme Z-scores as potential arbitrage opportunities[5] - **Model Evaluation**: The model provides a systematic approach to identify ETFs with potential mispricing, though it also highlights the need to be cautious of potential price corrections[5] --- Model Backtesting Results 1. Industry Crowdedness Monitoring Model - **Top Crowded Industries (Previous Trading Day)**: Defense & Military, Textile & Apparel, Machinery Equipment[4] - **Low Crowdedness Industry**: Coal[4] - **Significant Changes in Crowdedness**: Communication and Non-Banking Financials experienced large single-day changes in crowdedness levels[4] - **Major Fund Flows (Last 3 Days)**: - **Inflow**: Defense & Military, Communication, Electric Equipment - **Outflow**: Computers, Basic Chemicals, Electronics[4] 2. Premium Rate Z-Score Model - **Identified ETFs with Arbitrage Signals**: Specific ETFs were flagged based on their Z-scores, though detailed numerical results were not provided in the report[5] --- Quantitative Factors and Construction 1. Factor Name: Crowdedness Factor - **Factor Construction Idea**: Measures the level of crowdedness in industries to identify overbought or oversold conditions[4] - **Factor Construction Process**: The crowdedness factor is derived from daily industry-level data, incorporating metrics such as fund flows and relative changes in crowdedness levels over time[4] - **Factor Evaluation**: The factor is effective in identifying industries with extreme market positioning, aiding in tactical allocation decisions[4] --- Factor Backtesting Results 1. Crowdedness Factor - **Top Industries by Crowdedness (Previous Trading Day)**: Defense & Military, Textile & Apparel, Machinery Equipment[4] - **Industries with Low Crowdedness**: Coal[4] - **Industries with Significant Crowdedness Changes**: Communication, Non-Banking Financials[4]

Core Viewpoint - Westpac Bank predicts that oil prices are likely to plummet to $60 per barrel following OPEC+'s agreement to increase production, while the "Liberation Day" is expected to drive iron ore trading prices below $100 per ton [1] Oil Industry - OPEC+ has agreed to raise production levels, which is anticipated to lead to a significant decrease in oil prices [1] - The forecasted price drop to $60 per barrel indicates a bearish outlook for the oil market [1] Iron Ore Market - The term "Liberation Day" is associated with a decline in iron ore prices, with expectations that trading prices will fall below $100 per ton [1] - This suggests a potential oversupply or reduced demand in the iron ore market, impacting pricing dynamics [1]

Core Viewpoint - The performance of listed securities firms in A-shares shows a recovery trend, with many firms discussing future growth opportunities and competitive advantages during their earnings presentations for 2024 and Q1 2025 [1][4]. Group 1: Earnings and Growth Prospects - Pacific Securities highlighted that the securities industry is expected to enter a new development opportunity period due to improved systems, accelerated capital market development, and increased wealth management demand [1]. - Guotai Junan reported a significant increase in revenue, achieving 1.562 billion yuan in Q1 2025, a year-on-year growth of 800.98%, and turning a profit with a net profit of 376 million yuan [2]. - 38 out of 42 listed securities firms reported a year-on-year increase in net profit for Q1 2025, continuing the recovery trend observed in the 2024 annual reports [4]. Group 2: Strategic Focus and Competitive Advantages - Dongwu Securities outlined five strategic areas for growth: leveraging financial technology in wealth management, enhancing research capabilities in key regions, strengthening investment banking functions, improving investment trading capabilities, and enhancing asset management skills [4][5]. - Guoyuan Securities plans to expand AI technology applications in various areas, including intelligent investment research and customer service, while focusing on digital transformation and enhancing financial technology competitiveness [5]. - First Capital emphasized a customer-centric approach, aiming to develop fixed-income specialties and enhance asset management and investment banking capabilities to drive comprehensive financial services [6]. Group 3: Corporate Governance and Compliance - Dongwu Securities addressed the need for enhanced internal control and compliance in response to stricter regulatory requirements, focusing on promoting a culture of integrity and conducting regular risk assessments [3]. - Guotai Junan expressed a commitment to prudent management in potential mergers and acquisitions, ensuring quality and risk control in their strategic decisions [2].

Core Viewpoint - Jiangsu Pacific Quartz Co., Ltd. reported significant declines in financial performance for 2024, with total revenue dropping by 83.15% to CNY 121,028.05 million and net profit attributable to shareholders decreasing by 93.38% to CNY 33,357.14 million, indicating challenges in the quartz industry, particularly in the photovoltaic sector [18][19][32]. Financial Performance - The company achieved a total revenue of CNY 121,028.05 million in 2024, a decrease of 83.15% compared to CNY 718,423.11 million in 2023 [19][32]. - Net profit attributable to shareholders was CNY 33,357.14 million, down 93.38% from CNY 503,913.29 million in the previous year [18][19][32]. - The basic earnings per share fell to CNY 0.62 from CNY 9.30, reflecting a decline of 93.33% [20][32]. Business Segments - Revenue from the photovoltaic segment plummeted by 93.97%, contributing CNY 38,134.73 million in 2024 compared to CNY 632,142.18 million in 2023 [19][32]. - The light source segment saw a slight decrease of 5.71%, generating CNY 30,584.39 million in 2024 [19][32]. Corporate Governance - The board of directors emphasized the importance of adhering to legal regulations and maintaining corporate governance standards, ensuring that all major decisions are compliant with laws and beneficial to shareholders [28][30]. - The company plans to enhance its internal control systems and governance structures to support sustainable development [27][28]. Future Outlook - The company aims to optimize its product structure and increase market share in the semiconductor and photovoltaic sectors, focusing on sustainable growth and innovation [26][27]. - There is a commitment to increasing research and development investments to achieve technological breakthroughs and enhance competitive advantages in the quartz industry [27][28].

《中国民航报》、中国民航网 记者路泞 通讯员李周翔 报道：4月30日，东航MU749西安-武汉-悉尼的 漫长旅途中，意外发生了惊心动魄的一幕。密闭的客舱内，不同国籍的人们因一场突如其来的危机紧密 相连，共度危机。 当航班飞行至次日凌晨，在后服务间厕所门口，一名女性旅客突然陷入昏迷，同行的男旅客将她抱到后 舱寻求机组的帮助。乘务长郝敏、安全员贾建文第一时间察觉到异常，快步冲到旅客身边，询问该旅客 身体状况，一边安慰旅客的同行男友，一边拿出血压计为旅客测量血压，并仔细询问病史。 北京时间早5点多，航班历经漫长飞行，终于顺利落地悉尼。早已等候在停机坪的急救医生携带专业设 备迅速登机，乘务组将旅客情况详细告知，完成交接。万米高空的生命救援，在全体机组、地面医疗团 队和中国国籍留学生的共同努力下，成功为旅客的生命安全保驾护航。不同语言的交流、不同国籍的协 抢救中（东航供图） 作，在云端旅程中汇聚成一股温暖而强大的力量，让机上所有人见证了专业与温情的力量，彰显了跨越 国籍的互助精神。（编辑：王亚玲 校对：金杰妮 审核：韩磊） 乘务组迅速启动空中救援程序，将情况报告机长，并争分夺秒展开初步救治，为旅客提供吸氧，将她移 至后 ...

Core Viewpoint - Junshi Bioscience reported a strong revenue growth of 31.46% year-on-year for Q1 2025, driven by its core product, Toripalimab, which achieved a sales revenue of 447 million yuan, reflecting a 45.72% increase year-on-year [2] Group 1: Financial Performance - The company achieved a total revenue of 500 million yuan in Q1 2025, with a net loss of 235 million yuan, which is a reduction in loss compared to the previous year [2] - Cash and cash equivalents, along with trading financial assets, totaled 3 billion yuan as of March 31, 2025 [2] - Sales expenses increased by 17.79% year-on-year to 226 million yuan, accounting for 45% of total revenue, a decrease of 5 percentage points from Q1 2024 [2] Group 2: Product Development and Regulatory Approvals - Toripalimab has received approval for 12 indications in China, with 10 included in the national medical insurance directory, four of which are exclusive indications [3] - The company has made progress in international expansion, with Toripalimab approved in multiple countries including the US, EU, and Australia, and has established commercial partnerships in over 80 countries [3] - Two early-stage pipelines, JS212 and JS213, have received clinical trial approvals from the National Medical Products Administration [3] Group 3: Future Catalysts - Key catalysts for 2025 include data readouts for Toripalimab combined with Lenvatinib for first-line HCC, early clinical data for JS107, and early clinical data for JS015 targeting gastrointestinal tumors [4] - The company plans to submit for market approval for JS005 for psoriasis treatment by the end of 2025 [4] Group 4: Investment Recommendation - The target market value is estimated at 47.4 billion yuan, corresponding to a target price of 48.10 yuan per share, maintaining a "buy" rating [5] - Recent analyst coverage indicates a consensus target price of 48.1 yuan, with two institutions giving a buy rating [7]

Market Performance - The pharmaceutical sector increased by 0.45% on April 29, 2025, outperforming the CSI 300 index by 0.62 percentage points, ranking 15th among 31 sub-industries in the Shenwan classification [1] - Among sub-industries, medical research outsourcing (+2.91%), pharmaceutical distribution (+1.62%), and offline pharmacies (+1.61%) showed the best performance, while other biopharmaceuticals (-0.46%), vaccines (-0.39%), and in vitro diagnostics (+1.10%) lagged behind [1] - Top three gainers in individual stocks were Xingqi Eye Medicine (+14.14%), Saily Medical (+10.05%), and Lanfang Medical (+10.02%), while the top three losers were Jiangsu Wuzhong (-10.11%), Weiming Pharmaceutical (-10.03%), and Rongchang Biopharmaceutical (-9.38%) [1] Industry News - Johnson & Johnson announced positive results from the Phase 2 SunRISe-1 study's fourth cohort, evaluating the efficacy of its innovative bladder drug delivery system TAR-200 in specific bladder cancer patients [2] - Preliminary results indicated that TAR-200 achieved a disease-free survival rate (DFS) exceeding 80% in high-risk non-muscle invasive bladder cancer (HR-NMIBC) patients who did not respond to Bacillus Calmette-Guérin (BCG), with 94% of patients able to retain their bladders without needing further induction therapy [2] - TAR-200 is designed for sustained local release of gemcitabine in the bladder, maintaining local drug exposure for several weeks [2] Company News - Haoyuan Pharmaceutical (688131) reported Q1 2025 revenue of 606 million yuan, a year-on-year increase of 20.05%, with a net profit attributable to shareholders of 62 million yuan, up 272.28%, and a non-recurring net profit of 59 million yuan, up 323.19% [3] - Yifan Pharmaceutical (002019) announced Q1 2025 revenue of 1.327 billion yuan, a slight increase of 0.05%, with a net profit attributable to shareholders of 153 million yuan, up 4.83%, and a non-recurring net profit of 95 million yuan, down 13.55% [3] - Dabo Medical (002901) reported Q1 2025 revenue of 550 million yuan, a year-on-year increase of 28.80%, with a net profit attributable to shareholders of 103 million yuan, up 67.04%, and a non-recurring net profit of 97 million yuan, up 96.76% [3] - Aoxiang Pharmaceutical (603229) disclosed Q1 2025 revenue of 307 million yuan, a 1.90% increase, with a net profit attributable to shareholders of 119 million yuan, up 5.97%, and a non-recurring net profit of 112 million yuan, up 2.81% [3]

麦夸里岛地区[太平洋]附近发生6.4级左右地震 智通财经4月29日电，中国地震台网自动测定：04月29日22时53分在麦夸里岛地区[太平洋]附近（南纬 54.26度，东经155.47度）发生6.4级左右地震，最终结果以正式速报为准。 ...