Core Viewpoint - The company proposes to repurchase a portion of its A-shares through centralized bidding, with a total fund amounting to RMB 150 million to 300 million, aimed at maintaining company value and shareholder rights [1] Summary by Relevant Sections Repurchase Proposal - The chairman, Zhang Qicheng, suggested the repurchase of shares on April 9, 2025, with a maximum repurchase price not exceeding 150% of the average trading price over the 30 trading days prior to the board's approval of the repurchase plan [1] - The specific repurchase plan is subject to board approval, and the repurchase period is set to be within three months from the date of board approval [1] Funding and Trading Activity - The funds for the repurchase will come from the company's own resources [1] - Zhang Qicheng has not bought or sold any company shares in the six months prior to the proposal and has no plans to increase or decrease holdings during the repurchase period [1]

智通财经APP获悉，财通证券发布研报称，阻断激活素受体(ActR)通路被临床用于治疗肌肉萎缩相关疾 病(如SMA等遗传性神经肌肉疾病或因癌症、减肥导致的肌肉流失)。近年来GLP1RA类药物的广泛使 用，目前的GLP-1RA疗法会带来使用者约25-40%肌肉流失，因此老龄人群和减重人群也存在较大的增 肌治疗需求。建议关注国内布局相关资产的公司，如来凯医药-B(02105)、宜明昂科(01541)等。 财通证券主要观点如下： 阻断ActR信号通路可以有效促进肌肉增长 增肌治疗需求较大，市场空间广阔 遗传性神经肌肉疾病患者(如SMA、DMD等)、老龄人群和减重人群均存在较大增肌治疗需求。SMA患 者接受SMN靶向治疗后仍会因肌无力而逐渐丧失功能，SMN靶向治疗+肌肉靶向治疗是未来治疗趋势; 目前全球获批SMA药物均为SMN靶向治疗，合计销售额大约45亿美元左右，暂无肌肉靶向治疗获批， 存在较大临床未满足需求。除了SMA、DMD等基因相关疾病导致的肌肉萎缩，衰老和减肥等也都会带 来肌肉流失、肌力衰弱，会带来全因死亡风险的显著提升;尤其是近年来GLP1RA类药物的广泛使用， 目前的GLP-1RA疗法会带来使用者约25- ...

核 心 观 点 3月以来，央行对资金面的态度边际缓和，资金面转向均衡态势。那么，4月政府债供给有多少？流动性缺 口有多大？资金面转松了么？ 资金面有何变化？ 资金利率方面 ， 3月 短端资金利率趋于下行，资金面整体均衡偏松；流动性分层现象 接近消失，R007与DR007利差处于较低位。 央行操作方面 ，中下旬以来，央行公开市场由净回笼转为净 投放，呵护税期流动性，月末央行开展4500亿元MLF操作，为去年8月以来首次超额续作，同时价格改为 多重招标。 长债利率方面 ，3月债市快速回调后企稳，10Y国债利率较2月末上行9.8BP。 债券托管方面 ，3月债券托管规模环比增速上行，分券种看，利率债托管环比增量扩大，其中地方债继续贡献主要增 量；分机构看，2月政府债券供给大幅抬升，商业银行仍是承接的主要力量。 政府债供给多少？ 国债方面 ，4月已经公布的两只附息国债发行规模较3月进一步增长，据此我们预计4月 普通国债或将发行1.16万亿元，考虑1.2万亿元的到期量后，4月国债净融资规模约-455亿元。 地方债方面 ，我们预计4月地方政府新增债和普通再融资债规模分别为3200亿元和3800亿元；特殊再融资债预计二季 度 ...

白酒板块：需求企稳弱复苏，谨慎经营为主 一季度需求企稳弱复苏，节后平淡中有亮点。春节动销整体表现温和复苏态势，节后淡季如期转淡，但 有一定亮点：1)商务场景渐有起色，宽松政策或落地、或在途，次高端/高端需求有触底企稳迹象;2)大 众宴席普遍回暖，下沉渠道的反馈更加积极;3)库存普遍回归良性，批价平稳，节后渠道补货积极性提 高。价在量先成为共识，酒企经营更加从容。2024年调整期内，酒企更多处于探索、试错阶段;进入 2025年，确定性的战略调整/变革方案纷纷出炉，步伐领先者如五粮液（000858）的系统性营销改革。 总结来看：1)2025年目标务实理性形成共识，普遍围绕个位数增长做布局;2)价在量先的长期主义贯彻始 终，主品控量调控不再有量的负担;3)营销动作更加精准和聚焦，个性化策略当道，公式化的市场管理 成为过去时。总体判断，白酒板块1Q2025或普遍降速，但相较于2024年下半年或有边际好转。白酒供 给端的调整逐步到位，去库已入尾声，需求端以稳为主，边际或再难向下。 大众品板块：库存低位预期有望回升，啤酒饮料和复调相对占优 财通证券发布研报称，食饮行业基本面进入筑底阶段，一季报在高基数下呈现分化态势，由于 ...

为更好地对母基金在中国资本市场里所发挥的重要作用进行系统研究，发挥政府出资产业投资 基金等的资源和战略优势，加强政府对社会资本的管理和引导，促进社会资本流向创新创业型 企业和实体经济，推动中国投资行业特别是母基金行业的健康发展， "中国国际科技促进会母 基金分会"（简称"科促会母基金分会"）成立。科促会母基金分会领导班子所在机构及参会机 构共 7 8 家，科促会母基金分会于每周二更新相关机构的一周资讯。 【内容提要】 1 . 2 0亿，这支专项母基金招GP 2 . 湖北首支主动管理 AIC基金正式注册设立 5 . 招商资本举办跨境电商海外仓行业研讨会 6 . 合肥高新控股集团与合作基金管理机构共谋发展新篇章 7 . 咸阳财金力量激活区域新动能集中签约会圆满落幕 01 20亿，这支专项母基金招GP 为贯彻落实江苏省委省政府部署要求，发挥长期资本、耐心资本、战略资本作用，促进江苏省 战略性新兴产业发展，着力打造发展新质生产力的重要阵地，江苏省战略性新兴产业母基金 （以下简称省级母基金）与盐城市共同出资设立江苏盐城绿色低碳产业专项母基金（有限合 伙）（以下简称产业专项母基金），规模 2 0亿元。产业专项母基金基本情 ...

证券代码：601108 证券简称：财通证券 公告编号：2025-009 转债代码: 113043 转债简称:财通转债 财通证券股份有限公司 可转债转股进展暨股份变动公告 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。 重要内容提示： 1.自2021年6月16日至2025年3月31日期间，公司A股可转债累计有560,000元 转换为公司A股股份，累计转股数量为46,746股，占可转债转股前公司已发行股 份总数（3,589,000,000股）的0.0013%。 2.截至 2025 年 3 月 31 日，公司尚未转股的可转债金额为 3,799,440,000 元， 占可转债发行总量的 99.9853%。 3.自 2025 年 1 月 1 日至 2025 年 3 月 31 日期间，公司 A 股可转债转股数量 为 267 股。 一、可转债发行上市概况 根据相关规定和《财通证券股份有限公司公开发行 A 股可转换公司债券募 集说明书》的约定，公司该次发行的"财通转债"自 2021 年 6 月 16 日起可转换为 本公司股份，当前转股价格为 ...

Core Viewpoint - The announcement from Caitong Securities Asset Management Co., Ltd. indicates the departure of fund manager Gong Zhifang due to internal adjustments, while he continues to manage several other funds [1][2]. Fund Performance Summary - Caitong Asset Management Xin Yi Mixed Fund (A, C) was established on August 30, 2017, and the E class was established on March 7, 2023. As of March 28, 2025, the year-to-date returns are 0.46%, 0.41%, and 0.36%, with cumulative returns since inception of 38.90%, 36.72%, and -9.12%, and cumulative net values of 1.3890, 1.3672, and 1.3777 respectively [1]. - Caitong Asset Management Active Yield Bond Fund (A, C) was established on July 19, 2016, and the E class on July 20, 2018. As of March 28, 2025, the year-to-date returns are -1.05%, -1.15%, and -1.08%, with cumulative returns since inception of 33.95%, 29.27%, and 20.80%, and cumulative net values of 1.3188, 1.2762, and 1.2062 respectively [2]. - Caitong Asset Management Stable Growth Six-Month Holding Period Mixed Fund (A, C) was established on March 9, 2022. As of March 28, 2025, the year-to-date returns are 0.67% and 0.58%, with cumulative returns since inception of 5.61% and 4.33%, and cumulative net values of 1.0561 and 1.0433 respectively [2]. Fund Manager Change Details - Gong Zhifang has been dismissed as the fund manager for Caitong Asset Management Xin Yi Mixed Fund, Active Yield Bond Fund, and Stable Growth Six-Month Holding Period Mixed Fund, with other managers including Li Jing and Shi Yushan continuing to manage these funds [3][4].

Group 1 - The company,交银施罗德基金管理有限公司, has signed sales agreements with multiple fund sales agencies, effective from March 28, 2025, to expand its distribution network [1][3][8][13][17][22]. - The newly added sales agencies include 财通证券股份有限公司, 蚂蚁（杭州）基金销售有限公司, 上海基煜基金销售有限公司, 上海利得基金销售有限公司, 上海天天基金销售有限公司, and 珠海盈米基金销售有限公司 [1][3][8][13][17][22]. - Investors can consult details regarding the fund sales through the respective customer service numbers and websites of the sales agencies and the company [5][10][15][20][24]. Group 2 - The company emphasizes that the specific time, process, business types, and any fee discount activities for fund sales will be determined by the sales agencies and their arrangements, in compliance with the fund contracts and prospectuses [4][9][14][19][23]. - The company has committed to managing and utilizing fund assets with honesty and diligence, although it does not guarantee profits or minimum returns [26][27].

证券代码：601108 证券简称: 财通证券 公告编号：2025-008 财通证券股份有限公司 本期发行短期融资券的相关文件已在以下网站上刊登： 2025年度第一期短期融资券发行结果公告 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。 财通证券股份有限公司 2025 年度第一期短期融资券已于 2025 年 3 月 14 日 发行完毕， 相关发行情况如下： | 短期融资券名称 | | | 财通证券股份有限公司 | | | 2025 年度第一期短期融资券 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 短期融资券简称 | 25 | 财通证券 | | | CP001 | 短期融资券代码 | 072510036 | | | 发行日 | 2025 | 年 | 3 月 | 13 | 日 | 起息日期 | 2025 年 3 月 14 | 日 | | 兑付日期 | 2025 | 年 | 8 月 | 15 | 日 | 期限 | 154D | | | 计划发行总额 | ...

Core Viewpoint - The demand for civil explosives is expected to increase due to significant infrastructure projects supported by government funding, particularly in the northwest region of China, driven by the "Western Development" policy [1][4]. Group 1: Industry Expansion and Policy Influence - The civil explosive industry is experiencing continuous expansion, with a projected CAGR of 3.6% in main business revenue from 2019 to 2024, driven by rapid growth in blasting service revenue, which is expected to rise from 46.12% of total revenue in 2019 to 78.35% in 2024 [2]. - Profitability in the civil explosive sector is anticipated to improve significantly, with total profits expected to increase by 45.0% in 2023 and 13.0% in 2024 [2]. - Key policy directions include promoting industry consolidation, optimizing product structure, and encouraging production companies to extend into blasting services, leading to an integrated model of research, production, and blasting services [2]. Group 2: Demand Drivers - The civil explosive industry is closely linked to mining and hydropower infrastructure, with high prices for copper and gold expected to sustain mining sector demand, supported by new legislation aimed at enhancing domestic exploration and production [3]. - Traditional infrastructure investment is stable, while green transformation is driving investment in hydropower projects, with installed capacity projected to reach 436 million kilowatts by the end of 2024 and potentially exceed 540 million kilowatts by 2030 [3]. Group 3: Regional Opportunities - In Xinjiang, diverse mineral resources and significant coal production growth (CAGR of 17.9% from 2019 to 2024) are expected to stimulate civil explosive demand, alongside ongoing transportation infrastructure investments [4]. - Tibet's rich mineral reserves and the development of complex construction projects are anticipated to drive demand for civil explosives, particularly in hydropower projects [4]. - Inner Mongolia's abundant coal and rare earth resources, along with the acceleration of a comprehensive transportation network, are expected to support civil explosive demand [4].