中国经济网北京5月12日讯 天风证券（601162）(601162.SH)近日发布关于向特定对象发行A股股票申请 获得上海证券交易所审核通过的公告。天风证券公告称，公司于2025年5月9日收到上海证券交易所出具 的《关于天风证券股份有限公司向特定对象发行股票的交易所审核意见》，认为公司向特定对象发行股 票申请符合发行条件、上市条件和信息披露要求。 本次向特定对象发行A股股票事项尚需经中国证监会同意注册后方可实施，最终能否获得中国证监会同 意注册的决定及时间尚存在不确定性。公司将根据进展情况及时履行信息披露义务，敬请投资者注意投 资风险。 2025年5月6日，天风证券发布的向特定对象发行A股股票募集说明书(修订稿)显示，公司本次向特定对 象发行A股股票募集资金总额不超过40亿元（含本数），拟用于财富管理业务、投资交易业务、偿还债 务及补充营运资金。 本次向特定对象发行股票的种类为境内上市的人民币普通股（A股），面值为人民币1.00元/股。 本次发行前，公司控股股东为宏泰集团，实际控制人为湖北省财政厅；本次发行完成后，宏泰集团仍为 公司控股股东，湖北省财政厅仍为公司实际控制人。本次发行不会导致公司控股股东和实际控 ...

天风证券股份有限公司孙潇雅,张童童近期对亿纬锂能进行研究并发布了研究报告《储能高增持续，消费、动 力保持增长》，给予亿纬锂能买入评级。 亿纬锂能(300014) 公司2024Q4/2025Q1重回收入和利润的正增长，具体经营结果数据如下：?24年：收入486亿，YOY-0.4%，归 母/扣非净利润41/32亿元，YOY+0.6%/15%。 24Q4：收入146亿，YOY+10%，QOQ+18%，归母/扣非净利润8.9/6.6亿元，YOY+42%/10%，QOQ- 16%/-34%。 25Q1：收入128亿元，YOY+37%，QOQ-12%，归母净利润11亿元，YOY+3%，QOQ+24%，扣非净利润8.2亿 元，YOY+17%，QOQ+24%。公司2024年分板块经营情况如下： 投资建议：考虑到公司24年利润微增，我们下调25-26年归母净利润为53、70亿元（上次预期67、83亿元）， 预计27年实现归母净利润92亿元，维持"买入"评级。 风险提示：电动车销量不及预期、储能需求不及预期、动力&储电池价格下降超预期、行业竞争加剧 最新盈利预测明细如下： | 报告日期 | 机构简称 | 研究员 | 沂三年业绩 ...

Quantitative Models and Construction Methods 1. Model Name: Fund Position Estimation Model - **Model Construction Idea**: The model aims to estimate the daily stock positions of public funds by simulating their complete stock holdings based on disclosed top 10 heavy holdings and other related data[8][9][10] - **Model Construction Process**: 1. Use quarterly fund reports to obtain the top 10 heavy holdings and combine this with the top 10 shareholders' information from listed companies[9] 2. Simulate the complete stock holdings by estimating the remaining non-heavy holdings based on the assumption that the types of stocks held in non-heavy positions remain unchanged between two periods, with only the weights adjusted proportionally[10] 3. At the end of January, April, August, and October each year, simulate the fund holdings, with August data being the actual semi-annual report holdings[12] 4. Split the fund holdings into large-cap and small-cap components and use weighted least squares to estimate the fund's allocation to large-cap and small-cap indices at each time point[12] 5. Monitor daily fund positions and analyze average style changes across dimensions such as large/small-cap allocation, market capitalization exposure, and industry allocation[12] - **Model Evaluation**: The model provides a detailed and dynamic monitoring of fund positions, enabling insights into style shifts and allocation trends[12] --- Backtesting Results of Models 1. Fund Position Estimation Model - **Stock Position Median**: - Ordinary equity funds: 88.30% - Partial equity hybrid funds: 85.28%[4][15] - **Large-Cap Allocation**: - Ordinary equity funds: 41.4% - Partial equity hybrid funds: 34.3%[14] - **Small-Cap Allocation**: - Ordinary equity funds: 46.9% - Partial equity hybrid funds: 50.9%[14] - **Weekly Changes in Large-Cap Allocation**: - Ordinary equity funds: -0.67% - Partial equity hybrid funds: -2.01%[15] - **Weekly Changes in Small-Cap Allocation**: - Ordinary equity funds: -0.48% - Partial equity hybrid funds: +0.21%[15] - **Percentile of Current Position Estimates (2016-Present)**: - Ordinary equity funds: 49.38% - Partial equity hybrid funds: 52.69%[15] --- Quantitative Factors and Construction Methods 1. Factor Name: Large-Cap and Small-Cap Allocation Factors - **Factor Construction Idea**: These factors aim to quantify the allocation of public funds to large-cap and small-cap stocks, reflecting their style preferences and market exposure[12] - **Factor Construction Process**: 1. Split the simulated fund holdings into large-cap and small-cap components[12] 2. Use the daily returns of the fund, large-cap index, and small-cap index to estimate the allocation weights through weighted least squares regression[12] 3. Calculate the allocation factors dynamically to monitor changes in fund style preferences over time[12] - **Factor Evaluation**: These factors effectively capture the dynamic allocation preferences of funds, providing valuable insights into their market positioning and style shifts[12] --- Backtesting Results of Factors 1. Large-Cap and Small-Cap Allocation Factors - **Large-Cap Allocation**: - Ordinary equity funds: 41.4% - Partial equity hybrid funds: 34.3%[14] - **Small-Cap Allocation**: - Ordinary equity funds: 46.9% - Partial equity hybrid funds: 50.9%[14] - **Weekly Changes in Large-Cap Allocation**: - Ordinary equity funds: -0.67% - Partial equity hybrid funds: -2.01%[15] - **Weekly Changes in Small-Cap Allocation**: - Ordinary equity funds: -0.48% - Partial equity hybrid funds: +0.21%[15]

Core Viewpoint - Tianfeng Securities has received approval from the Shanghai Stock Exchange for its non-public stock issuance, marking a significant breakthrough in its efforts to deepen state-owned enterprise reform and optimize its capital structure [1][2]. Group 1: Company Developments - The approval of the non-public stock issuance is seen as a reinforcement of Tianfeng Securities' strategic foundation as a state-controlled entity, indicating a new phase in the reform process of state-owned enterprises [1]. - The company is focusing on enhancing its capital strength and risk resistance through this capital injection, which will also support its strategic layout in the financial services sector [1][2]. - Tianfeng Securities is committed to deepening its reform efforts, improving corporate governance, and enhancing operational efficiency through various measures, including establishing a research procedure led by the party committee and strengthening internal supervision [2]. Group 2: Strategic Focus - The company aims to align its operations with the strategic goals of the Hubei provincial government, which emphasizes the transformation towards a market-oriented and securities-based model by 2025 [1]. - Tianfeng Securities is pursuing three main strategies: focusing on its core responsibilities, enhancing services for the real economy and wealth growth for residents, and expanding its influence from Hubei to the entire nation [2]. - The company plans to leverage the approval of the stock issuance to further its role as a new type of securities firm with strong management, excellent performance, and extensive service capabilities [2].

关于向特定对象发行 A 股股票申请 获得上海证券交易所审核通过的公告 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。 本次向特定对象发行 A 股股票事项尚需经中国证券监督管理委员会（简称 "中国证监会"）同意注册后方可实施，最终能否获得中国证监会同意注册的决 定及时间尚存在不确定性。 证券代码：601162 证券简称：天风证券 公告编号：2025-018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"）于 2025 年 5 月 9 日收到上海 证券交易所出具的《关于天风证券股份有限公司向特定对象发行股票的交易所审 核意见》，认为公司向特定对象发行股票申请符合发行条件、上市条件和信息披 露要求。 公司将根据进展情况及时履行信息披露义务，敬请投资者注意投资风险。 特此公告。 天风证券股份有限公司董事会 2025 年 5 月 9 日 ...

天风证券（601162）公告，公司于2025年5月9日收到上海证券交易所出具的《关于天风证券股份有限公 司向特定对象发行股票的交易所审核意见》，认为公司向特定对象发行股票申请符合发行条件、上市条 件和信息披露要求。本次向特定对象发行A股股票事项尚需经中国证券监督管理委员会同意注册后方可 实施，最终能否获得中国证监会同意注册的决定及时间尚存在不确定性。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：IPO再融资组/秦勉 近期，42家纯证券业务A股上市券商年报披露完毕。 42家券商中，2024年资本杠杆率最高的是太平洋，数值为66.83%；最低的是广发证券，数值为11.98%。流动性覆盖率最高的是太平洋，数值为1963.29%； 最低的是山西证券，数值为144.26%。净稳定资金率最高的是中银证券，数值为275.55%；最低的是天风证券，数值为103.81%，不仅触及预警线还马上违反 监管规定。风险覆盖率最高的是国金证券，数值为564.07%；最低的依旧是天风证券，数值为122.65%，在预警线附近徘徊。 天风证券不仅上述两项风控指标垫底需关注流动性危机，并且公司2024年是42家券商中唯一亏损的券商。此外，公司也是唯一一家信用减值损失超净利润的 公司。上市以来，天风证券一直在募资的路上，但巨额的募资与常年亏损的业绩、寥寥无几的分红形成强烈反差。投资者广泛质疑，天风证券的钱"钱去哪 了"，为何还要定增募资。 净稳定资金率已触及预警线濒临违规 证监会《证券公司风险控制指标管理办法》明确了以净资本为核 ...

Core Insights - Tianfeng Securities, as the only securities company owned by Hubei Province, is providing strong financial support for Hubei's development through its "urban investment bank" strategy [1][4] Group 1: Strategic Transformation and Achievements - Since Hubei Hongtai Group became the controlling shareholder in 2023, Tianfeng Securities has completed a strategic transformation, financing over 120 billion yuan for Hubei enterprises in the past three years [3] - The company has successfully completed multiple IPO projects, including Jin Ying Heavy Industry, Youzhi You Biological, and Xingfu Electronics, and has assisted several companies in raising funds through private placements, convertible bonds, and major asset restructurings [3] - In 2024, Tianfeng Securities helped local entities issue 15 bonds, raising 12.52 billion yuan, and assisted Wuhan Metro Group in issuing overseas bonds [3] Group 2: Urban Investment Bank Strategy - The "urban investment bank" strategy aims to optimize regional industrial structure and serve the real economy, focusing on local financial advisory roles, financial-driven industrial investment, comprehensive financial services, and promoting regional enterprise listings [3][4] - Multiple investment liaison stations have been established under Tianfeng International to actively support Hubei's overseas capital investment efforts [3] - In the area of international economic and trade cooperation, Tianfeng Securities is building financial bridges to assist Hubei enterprises in "going global" and attracting foreign capital [3] Group 3: Financial Product Innovation - Tianfeng Securities has launched the first basket of local government bonds in the national interbank market, effectively reducing local government financing costs [3] Group 4: Future Focus - As the state-owned enterprise reform approaches its conclusion, Tianfeng Securities will align closely with Hubei's development strategic goals, focusing on the overall requirements of state-owned enterprise reform and continuing to advance the "urban investment bank" strategy [4]

Investment Rating - The investment rating for Tianfeng Securities is "Neutral" (maintained) [1][7]. Core Views - The report highlights that the negative profit is mainly influenced by heavy capital business, while the quarterly ROE has improved sequentially [1][5]. - The total operating revenue for the year was 2.6 billion RMB, a year-on-year decrease of 21.9%, with a quarterly revenue of 1.3 billion RMB, showing a sequential increase of 7.3 billion RMB [5]. - The net profit attributable to shareholders was -30 million RMB, a year-on-year decrease of 109.7%, with a quarterly profit of 510 million RMB, reflecting a sequential increase of 7.2 million RMB and a year-on-year increase of 6.2 million RMB [5]. Financial Performance Summary - The company's financial leverage ratio at the end of the reporting period was 3.63 times, a decrease of 0.21 times year-on-year, remaining stable sequentially [5]. - The asset turnover rate was 3.1%, down 0.6 percentage points year-on-year, while the quarterly asset turnover rate was 1.6%, up 0.8 percentage points sequentially [5]. - The net profit margin for the reporting period was -1.1%, a decrease of 10.2 percentage points year-on-year, with a quarterly net profit margin of 37.9%, up 73% sequentially [5]. Business Segment Performance - The net income from heavy capital business was 620 million RMB, with a quarterly income of 740 million RMB, showing a sequential increase of 590 million RMB [5]. - The self-operated business revenue totaled 2.34 billion RMB, with a quarterly revenue of 1.12 billion RMB, reflecting a sequential increase of 530 million RMB [5]. - Brokerage business revenue was 820 million RMB for the quarter, showing a significant sequential increase of 98% and a year-on-year increase of 40.6% [5]. Regulatory Indicators - The risk coverage ratio was 122.7%, an increase of 6.5 percentage points from the previous period, with a risk capital reserve of 12.5 billion RMB [5]. - The net stable funding ratio was 103.8%, up 0.4 percentage points from the previous period [5]. - The capital leverage ratio was 16.6%, an increase of 0.1 percentage points from the previous period [5].

Investment Rating - The investment rating for Tianfeng Securities is "Neutral" (maintained) [1][5]. Core Views - The report highlights that the negative profit is primarily influenced by heavy capital business, although the quarterly ROE has improved sequentially [1][5]. - The total operating revenue, excluding other business income, is reported at 2.6 billion RMB, a year-on-year decrease of 21.9%, with a quarterly revenue of 1.3 billion RMB, reflecting a sequential increase of 7.3 billion RMB [5]. - The net profit attributable to shareholders is -30 million RMB, a year-on-year decline of 109.7%, with a quarterly profit of 510 million RMB, showing a sequential increase of 7.2 billion RMB and a year-on-year increase of 6.2 billion RMB [5]. Financial Performance Summary - The company's return on equity (ROE) for the reporting period is -0.1%, a decrease of 1.4 percentage points year-on-year, while the quarterly ROE is 2.2%, an increase of 3.1 percentage points sequentially and 2.7 percentage points year-on-year [5]. - The financial leverage ratio at the end of the reporting period is 3.63 times, a decrease of 0.21 times year-on-year, remaining stable sequentially [5]. - The asset turnover ratio is 3.1%, down by 0.6 percentage points year-on-year, with a quarterly asset turnover ratio of 1.6%, up by 0.8 percentage points sequentially and 0.7 percentage points year-on-year [5]. - The net profit margin for the reporting period is -1.1%, a decrease of 10.2 percentage points year-on-year, while the quarterly net profit margin is 37.9%, an increase of 73% sequentially and 52.2% year-on-year [5]. Business Segment Performance - The net income from heavy capital business is reported at 620 million RMB, with a quarterly income of 740 million RMB, reflecting a sequential increase of 590 million RMB [5]. - The self-operated business income totals 2.34 billion RMB, with a quarterly income of 1.12 billion RMB, showing a sequential increase of 530 million RMB [5]. - Brokerage business revenue has significantly improved in Q4, with a quarterly income of 3 billion RMB, reflecting a sequential increase of 98% and a year-on-year increase of 40.6% [5]. - Investment banking revenue is reported at 650 million RMB, with a quarterly income of 150 million RMB, showing a slight sequential decrease of 20 million RMB and a year-on-year decrease of 40 million RMB [5]. Future Financial Projections - The projected main operating revenue for 2024 is 2.7 billion RMB, with a year-on-year growth rate of -21% [7]. - The projected net profit attributable to shareholders for 2025 is 123 million RMB, reflecting a significant year-on-year growth rate of 516% [7]. - The estimated earnings per share (EPS) for 2025 is 0.01 RMB, with a price-to-earnings (P/E) ratio of 285.0 times [7].