天风证券研报表示，6月美联储议息会议维持利率不变，符合市场预期。总体来看，特朗普政府政策不 确定性之下，美联储将保持谨慎，耐心等待更明确的降息信号。美联储主席鲍威尔的表态相对偏鹰。关 于就业，鲍威尔指出就业增长确实有所下降，但失业率仍在较低水平，劳动力供需都在同步下降。关于 通胀，鲍威尔表示"我们预计未来几个月将出现显著的通胀"，并指出关税对商品价格的影响是需要传导 时间的。下次降息的门槛仍然较高。我们认为9月降息落地仍有一定难度，下一次降息或许需要等待更 长时间（或在今年四季度）。通胀风险仍偏高，而失业率上行较慢，美联储或宁愿等待更长时间，而不 是先发制人犯下错误。3、总言之，9月美联储降息落地需要满足的条件，要么通胀在暑期继续下行、要 么失业率快速上升，目前看来都有一定难度。美联储或维持观望更长时间，叠加财政和关税政策的不确 定性，下半年美债仍有上行风险。 ...

Core Viewpoint - The company, Xing Shuai Er (002860), is actively engaging with investors and showcasing its strong innovation capabilities and product offerings in the cooling and electric motor sectors, while also focusing on new energy developments and market expansion [1][4]. Company Overview - Xing Shuai Er was listed on the Shenzhen Stock Exchange in April 2017 and is recognized as a high-tech enterprise with strong innovation and independent research capabilities [2]. - The main business includes the research, production, and sales of various types of thermal protectors for refrigeration compressors, starters, sealed connection columns, temperature controllers for small appliances, and various electric motor products, as well as photovoltaic components [4]. Research and Development - The company emphasizes its robust R&D capabilities, with a focus on high-efficiency permanent magnet motors and servo motors, and has established partnerships with universities for technological collaboration [2][4]. - The company plans to increase support for its subsidiary, Zhejiang Electric Motor, in terms of technology, finance, and human resources to enhance new product development and market expansion [4]. Market Applications - The products from the subsidiary, Zhejiang Electric Motor, are primarily used in various sectors including industrial machinery, mining machinery, oil fields, new energy vehicles, elevators, refrigerators, air conditioners, wind power generation, electric motorcycles, and military applications [3]. Financial Performance - In the first quarter of 2025, the company reported a main revenue of 503 million yuan, an increase of 8.37% year-on-year, and a net profit attributable to shareholders of 64.3 million yuan, up 21.73% year-on-year [4]. - The company’s gross profit margin stands at 20.32%, with a debt ratio of 37.1% [4]. Market Sentiment - Over the past 90 days, two institutions have rated the stock as a buy, with an average target price of 15.3 yuan [5]. - Recent financing data indicates a net inflow of 39.5 million yuan in financing over the last three months, suggesting positive market sentiment [7].

Core Viewpoint - Aolide has shown a mixed financial performance in 2024, with a slight increase in revenue but a significant decline in net profit, while the materials business has turned profitable and the company has secured a major order from BOE for 8.6-generation equipment, indicating potential future growth [2][4][5]. Financial Performance - In 2024, Aolide achieved operating revenue of 533 million yuan, a year-on-year increase of 3.0%, but the net profit attributable to shareholders decreased by 26.0% to 90 million yuan [2]. - The gross profit margin for the year was 51.22%, and the net profit margin was 16.97% [2]. - In Q4 2024, the company reported operating revenue of 69 million yuan, down 32.8% year-on-year and 43.3% quarter-on-quarter, with a net profit of -11 million yuan [2]. - For Q1 2025, Aolide's revenue was 153 million yuan, a decrease of 40.7% year-on-year but an increase of 121.8% quarter-on-quarter, with a net profit of 25 million yuan, marking a turnaround [2]. Business Segments - The materials business generated revenue of 363 million yuan in 2024, a growth of 14.31% year-on-year, and has shown consistent revenue growth for five consecutive years since the company went public [3]. - In Q1 2025, the materials segment achieved sales of 136 million yuan, a year-on-year increase of 5.33%, setting a record for first-quarter material revenue [3]. - The equipment business reported revenue of 169 million yuan in 2024, with significant projects completed and new orders secured, including a 655 million yuan order from BOE for 8.6-generation equipment [4]. Future Outlook - The company anticipates that new products in the materials segment will begin to gain market traction in 2025, contributing to revenue growth [3]. - Aolide's net profit forecasts for 2025, 2026, and 2027 are projected at 163 million, 343 million, and 565 million yuan, respectively, reflecting an adjustment in expectations due to the recent order from BOE [5].

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。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意天风证券股份有限公司向特定对象发行股票注册的批复》（证监 许可〔2025〕1164号）同意，天风证券股份有限公司（以下简称"公司"）向特定对象发行A股股票 1,476,014,760股，每股发行价格为人民币2.71元，募集资金总额人民币3,999,999,999.60元，扣除不含税 发行费用人民币18,833,000.69元，公司实际募集资金净额为人民币3,981,166,998.91元。截至2025年6月 12日，募集资金已足额划至公司本次发行募集资金专户。2025年6月12日，大信会计师事务所（特殊普 通合伙）出具了《天风证券股份有限公司向特定对象发行A股股票募集资金到位情况验资报告》（大信 验字[2025]-00005号）。 二、《募集资金专户存储三方监管协议》的签订情况和募集资金专户的开立情况 ■ 注：表中募集资金专户存储金额包括部分尚未支付的发行费用。 三、《募集资金专户存储三方监管协议》的主要内容 协议约定的主要 ...

证券代码：601162 证券简称：天风证券 公告编号：2025-030号 天风证券股份有限公司 注：表中募集资金专户存储金额包括部分尚未支付的发行费用。 关于签订募集资金三方监管协议的公告 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法律责任。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意天风证券股份有限公司向特定对象发 行股票注册的批复》（证监许可〔2025〕1164号）同意，天风证券股份有限公司 （以下简称"公司"）向特定对象发行A股股票1,476,014,760股，每股发行价格为 人民币2.71元，募集资金总额人民币3,999,999,999.60元，扣除不含税发行费用人 民币18,833,000.69元，公司实际募集资金净额为人民币3,981,166,998.91元。截至 2025年6月12日，募集资金已足额划至公司本次发行募集资金专户。2025年6月12 日，大信会计师事务所（特殊普通合伙）出具了《天风证券股份有限公司向特定 对象发行A股股票募集资金到位情况验资报告》（大信验字[2025]-00005号）。 二、 ...

Group 1: Commodity Market Insights - Citigroup predicts gold prices will fall below $3000 per ounce in the coming quarters, with a target range of $2500-$2700 by mid-2026 due to weakening investment demand and improved global economic outlook [1] - Citigroup expects Brent crude oil prices to trade around $70-$80 per barrel in the near term, while maintaining a long-term forecast of $60-$65 per barrel [2] - Bank of America warns of declining foreign demand for U.S. Treasury bonds, with custodial assets dropping over $60 billion since April [3] Group 2: Economic Policy and Market Impact - Morgan Stanley suggests that the "Beautiful America" bill may increase the deficit without significantly boosting economic growth, predicting a fiscal drag on GDP in the medium term [2] - Dutch Bank analysts indicate limited upside potential for the U.S. dollar, as geopolitical tensions and rising oil prices may not provide sufficient support [4] - German Bank analysts note that the recent strength of the dollar is primarily driven by rising oil prices rather than its safe-haven status [5] Group 3: Domestic Economic Outlook - CITIC Securities forecasts continued rapid economic growth in Q2, driven by strong industrial and service sector performance, with a focus on consumer demand and investment trends [8] - CITIC Securities identifies a long-term growth trend in the controllable nuclear fusion industry, supported by favorable policies and increased financing [8] - CITIC Securities anticipates that recent policy changes in drug and medical supply procurement will benefit high-quality innovative companies in the pharmaceutical sector [8] Group 4: Market Trends and Predictions - Zheshang Securities predicts a dual bull market for stocks and bonds in the second half of the year, driven by improved economic conditions and supportive policies [9] - Huatai Securities highlights the potential for a surge in oil transportation rates due to increased risks in the Strait of Hormuz, impacting global shipping supply chains [10] - Tianfeng Securities recommends focusing on high-elasticity industries such as storage and AI, anticipating optimistic growth in the semiconductor sector [10]

天风证券（601162）研报称，稳定币正从加密资产的"连接器"升级为全球支付新基建，合规化浪潮下增 量资金与场景有望快速跃升。预计2025年2月全球稳定币供应量达2140亿美元，链上活跃地址超3000 万。稳定币规模指数级增长，重构跨境支付新范式，应用场景多元化，包括跨境支付、企业薪资支付、 美债抵押结算等。同时，政策催化助力稳定币发展，美港监管破局打开增量天花板。市场空间方面，花 旗预测2030年稳定币规模达1.6-3.7万亿美元。 ...

Market Overview - A-shares experienced a low open and high close, with the Shanghai Composite Index rising by 0.35%, Shenzhen Component Index by 0.41%, and ChiNext Index by 0.66% [1] - The total market turnover reached 12,435 billion, with over 3,500 stocks in the market closing in the green [1] Stablecoin Concept - The stablecoin concept surged throughout the day, with the digital currency sector rising by 4.72%, making it the top-performing industry concept [2] - Notable stocks included Tianyang Technology and Sifang Jingchuang hitting the 20% limit up, while Lakala rose over 15% [2] - The positive sentiment is attributed to favorable policies boosting investor confidence, with long-term prospects for stablecoins expected to drive the virtual asset industry [3] Financial Sector Performance - The banking sector showed strong performance, with Qingnong Commercial Bank and Sunong Bank rising over 3%, and several banks reaching historical highs [4] - The People's Bank of China reported an increase in social financing scale and new RMB loans, indicating a robust financial environment [4] - Analysts suggest that bank stocks have strong earnings certainty and recommend focusing on their investment value due to stable fundamentals and low valuations [5] Real Estate Sector Activity - The real estate sector exhibited strong performance, with a 1.69% overall increase, and 81 out of 91 stocks rising [6] - Positive policy signals from the government aim to stabilize the real estate market, with measures to optimize existing policies and enhance market expectations [6][7] - The National Bureau of Statistics indicated that the real estate market is moving towards stabilization, supported by the implementation of various policies [7]

Core Viewpoint - The company, Guangdong Jushi Chemical Co., Ltd., is undergoing a delay in some of its fundraising projects, which has been reviewed and approved by its board of directors, ensuring compliance with relevant regulations and maintaining the integrity of its investment plans [1][5]. Fundraising Overview - The company raised a total of RMB 855.1667 million through the issuance of 23.333334 million shares at a price of RMB 36.65 per share, with all funds received by January 19, 2021 [1][2]. - The raised funds are stored in a special account approved by the board, with a regulatory agreement in place with the sponsoring institution and the bank [2]. Investment Project Status - As of March 31, 2025, the total planned investment for the projects is RMB 1.2005951 billion, with cumulative investment amounting to RMB 552.4919 million, achieving a progress rate of 99.39% [3]. - The company has decided to conclude certain projects and reallocate surplus funds to enhance liquidity [3]. Delay Details - The delay in the "Chizhou Halogen-Free Flame Retardant Expansion Project" and "Anqing Polystyrene Production Project" is attributed to various factors, including climate conditions, construction capabilities, equipment debugging, and administrative approvals [4]. - The company has taken a cautious approach to control the investment pace of the "Anqing Polystyrene Production Project" due to external economic conditions and internal strategic adjustments [4]. Measures for Completion - The company plans to closely monitor market changes, expedite administrative approvals, optimize resource allocation, and enhance project supervision to ensure timely completion of the delayed projects [4]. Impact of Delay - The delay is a prudent decision based on actual project conditions and does not alter the investment content, total investment, or intended use of funds, thus not significantly impacting the company's normal operations or shareholder interests [4][5]. - The company will continue to adhere to regulatory requirements and strengthen both internal and external oversight of fund usage [5].

证券代码：601162 证券简称：天风证券 公告编号：2025-029号 天风证券股份有限公司 天风证券股份有限公司（以下简称"公司"）本次向特定对象发行A股股票 （以下简称"本次发行"）的发行承销总结及相关文件已经上海证券交易所备案 通过，公司将依据相关规定尽快办理本次发行新增股份的登记托管事宜。 本次发行的具体情况详见公司同日在上海证券交易所网站（www.sse.com.cn） 披露的《天风证券股份有限公司向特定对象发行A股股票发行情况报告书》及相 关发行文件。 特此公告。 天风证券股份有限公司董事会 2025 年 6 月 17 日 关于向特定对象发行A股股票发行情况的提示性公告 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。 ...