相关报告 《市场分析：防御行业领涨 A 股震荡整理》 2025-06-17 《市场分析：成长行业领涨 A 股蓄势震荡》 2025-06-16 《市场分析：航天资源行业领涨 A 股震荡整 固》 2025-06-13 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 通信电子行业领涨 A 股先抑后扬 ——市场分析 联系人： 李智 电话： 0371-65585629 周三（06 月 18 日）A 股市场先抑后扬、小幅震荡上扬，早盘股指低 开后震荡回落，盘中沪指在 3376 点附近获得支撑，午后股指震荡回 升，盘中电子元件、消费电子、通信设备以及半导体等行业表现较 好；农药兽药、小金属、美容护理以及医疗服务等行业表现较弱， 沪指全天基本呈现小幅震荡整理的运行特征。创业板市场周三震荡 上行，创业板成分指数全天表现强于主板市场。 ◼ 后市研判及投资建议 周三 A 股市场先抑后扬、小幅震荡上扬，早盘股指低开后震荡回 落，盘中沪指在 3376 点附近获得支撑，午后股指震荡回升，盘中电 子元件、消费电子、通信设备以及半导体等行业表现较好；农药兽 药、小金属、 ...

Core Insights - The report highlights a moderate recovery in the Chinese economy, with consumption and investment as core drivers, and suggests that the A-share market is suitable for medium to long-term investment due to its current valuation levels [8][9][11]. Domestic Market Performance - The Shanghai Composite Index closed at 3,387.40, with a slight decline of 0.04%, while the Shenzhen Component Index fell by 0.12% to 10,151.43 [3]. - The average price-to-earnings ratios for the Shanghai Composite and ChiNext are 13.90 and 37.06, respectively, indicating a mid-level valuation compared to the past three years [8][9]. International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45%, respectively, while the Nikkei 225 rose by 0.62% [4]. Economic Policies and Developments - The State-owned Assets Supervision and Administration Commission (SASAC) reported that over 80% of key reform tasks for central and local state-owned enterprises have been completed as of Q1 2025 [5][8]. - The Henan provincial government has introduced guidelines to enhance high-quality investment attraction, promoting a dual approach of government and market-driven initiatives [5][8]. Industry Analysis - The software industry saw a revenue increase of 10.8% year-on-year in the first four months of 2025, with a notable rise in domestic AI chip localization from 20% to 34% [13]. - The lithium battery sector is projected to see significant growth, with a 43.97% year-on-year increase in new energy vehicle sales in China for the first five months of 2025 [17][25]. - The telecommunications sector reported a 1.0% year-on-year increase in revenue for the first four months of 2025, with a notable rise in 5G mobile phone users [26][27]. Investment Recommendations - The report suggests focusing on sectors such as consumer electronics, battery technology, and telecommunications for short-term investment opportunities, given their current performance and growth potential [8][9][11][29]. - In the lithium battery sector, attention is drawn to companies with strong research and development capabilities and those benefiting from the ongoing demand for electric vehicles [17][25]. Key Data Updates - The semiconductor industry is experiencing a recovery, with global sales expected to grow by 11.2% in 2025, driven by increasing demand for AI and consumer electronics [21][22][23]. - The chemical industry is seeing a slowdown in price declines, particularly in potassium and phosphorus fertilizers, indicating potential investment opportunities in these areas [19][20]. Sector Performance - The food and beverage sector showed resilience, with a 0.25% increase in May, despite challenges in the liquor segment, indicating a shift in consumer preferences towards other beverage categories [31][32]. - The electrical equipment sector is expected to benefit from increased domestic demand as the power grid construction accelerates, despite facing challenges from external trade policies [34][36]. Conclusion - The report emphasizes a cautiously optimistic outlook for various sectors, suggesting that investors should remain vigilant about policy changes and market dynamics while exploring opportunities in high-growth industries [8][9][11].

Market Overview - On June 17, the A-share market experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 3392 points[3] - The Shanghai Composite Index closed at 3387.40 points, down 0.04%, while the Shenzhen Component Index closed at 10151.43 points, down 0.12%[9] - Total trading volume for both markets was 12,438 billion yuan, a decrease from the previous trading day[9] Sector Performance - Strong performing sectors included batteries, consumer electronics, shipping ports, and medical devices, while jewelry, gaming, biopharmaceuticals, and cultural media sectors lagged[4] - Over 50% of stocks in the two markets declined, with mining, batteries, shipping ports, gas, and energy metals showing the highest gains[9] Valuation and Investment Strategy - The average P/E ratios for the Shanghai Composite and ChiNext indices are 13.90 times and 37.06 times, respectively, indicating a mid-level valuation over the past three years, suitable for medium to long-term investments[4] - The report suggests focusing on investment opportunities in consumer electronics, batteries, shipping ports, and medical devices in the short term[4] Economic Context - China's economy continues to show moderate recovery, with consumption and investment as core drivers[4] - The market anticipates that the Federal Reserve may implement its next interest rate cut as early as September, contributing to a more accommodative overseas liquidity environment[4] Risks - Potential risks include unexpected overseas economic downturns, domestic policy and economic recovery delays, and international relations changes affecting the economic environment[5]

中原证券股份有限公司 关于九江善水科技股份有限公司 部分募投项目结项并将节余募集资金永久补充流动资金的核查意见 中原证券股份有限公司（以下简称"中原证券"或"保荐机构"）作为九江 善水科技股份有限公司（以下简称"善水科技"或"公司"）首次公开发行股票 并在创业板上市的保荐机构，根据《中华人民共和国公司法》 《中华人民共和国 证券法》《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市 规则》等有关规定，对善水科技部分募投项目结项并将节余募集资金永久补充 流动资金事项进行了核查，情况如下： 一、募集资金及募投项目的基本情况 经中国证券监督管理委员会《关于同意九江善水科技股份有限公司首次公开发行股 票注册的批复》 （证监许可〔2021〕3471 号）同意注册，九江善水科技股份有限公司首 次公开发行人民币普通股（A 股）股票 53,660,000 股，发行价格为每股 27.85 元。善水 科技实际募集资金总额为 1,494,431,000.00 元，扣除发行费用 110,458,694.23 元（不含 税）后，募集资金净额为 1,383,972,305.77 元。本次发行股票所募集的资金在扣除发行 费用后 ...

Core Viewpoint - The securities industry is undergoing a systematic restructuring of its corporate governance, with several brokerages announcing the cancellation of their supervisory boards to enhance governance efficiency and structure [1][3]. Group 1: Changes in Corporate Governance - Brokerages such as Guotai Junan and Zhongyuan Securities are eliminating their supervisory boards and establishing audit committees composed of directors to take over the responsibilities previously held by the supervisory boards [1][3]. - The revised Company Law of the People's Republic of China allows joint-stock companies to set up audit committees within the board of directors, exercising the powers of the supervisory board without needing to establish one [2][3]. Group 2: Implementation and Transition - Multiple brokerages have announced plans to cancel their supervisory boards, with Zhongyuan Securities and Hualin Securities already taking steps to do so, indicating a trend among firms to streamline management processes [3]. - The China Securities Regulatory Commission has provided transitional arrangements to ensure that financial institutions implement these changes smoothly by January 1, 2026 [2]. Group 3: Optimization of Governance Structure - The decision to cancel supervisory boards is aimed at optimizing corporate governance structures, reducing overlapping supervisory functions, and enhancing decision-making flexibility [4]. - The audit committees are expected to have a higher level of professionalism compared to traditional supervisory boards, as their members are required to have financial and auditing backgrounds [4]. Group 4: Strengthening Governance Post-Cancellation - Following the cancellation of supervisory boards, brokerages need to enhance their governance in several areas, including establishing a multi-dimensional supervisory mechanism and improving internal audit processes [4]. - It is crucial for brokerages to strengthen the role of independent directors, improve communication with investors, and ensure transparency in information disclosure [4].

2022年至2024年，零点有数实现营业收入分别为3.25亿元、3.77亿元和3.43亿元，实现归属于上市公司 股东的净利润分别为-1057.64万元、-5328.20万元和-7195.57万元，实现归属于上市公司股东的扣除非经 常性损益的净利润分别为-1782.82万元、-5920.30万元和-7560.36万元，经营活动产生的现金流量净额分 别为2177.05万元、-4562.14万元和-3582.47万元。 零点有数首次公开发行股票的发行费用总额为5624.82万元，其中，承销及保荐费用2976.55万元。 零点有数于2021年11月3日在深交所创业板上市，公开发行新股1805.99万股，发行价格为19.39元/股， 保荐机构为中原证券（601375），保荐代表人为铁维铭、郭鑫。 中国经济网北京6月12日讯零点有数（301169）(301169.SZ)近日披露2025年第一季度报告，报告期内， 该公司实现营业收入2548.52万元，同比下降44.62%；实现归属于上市公司股东的净利润-2197.54万元， 上年同期为-1619.92万元；实现归属于上市公司股东的扣除非经常性损益的净利润-2242.63万 ...

证券代码： 601375 证券简称： 中原证券 公告编号：2025-015 中原证券股份有限公司 第七届董事会第三十五次会议决议公告 中原证券股份有限公司（以下简称"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。 公司第七届董事会第三十五次会议于 2025 年 6 月 9 日以现场结合通讯表决 方式召开。2025 年 6 月 3 日，公司以电子邮件的形式向全体董事发出会议通知。 会议应出席董事 8 人，实际出席董事 8 人。本次会议的召集、召开及表决程序符 合《公司法》等法律、行政法规、部门规章和《公司章程》的有关规定。本次会 议由董事长张秋云女士主持，审议并通过了以下议案： 一、审议通过了《关于取消公司监事会的议案》 表决结果：同意 8 票，反对 0 票，弃权 0 票。 本议案事先经公司董事会发展战略委员会预审通过。 本议案需提交股东大会审议。 二、审议通过了《关于修订<公司章程>的议案》 表决结果：同意 8 票，反对 0 票，弃权 0 票。 本议案事先经公司董事会发展战略委员会预审通过。 具体内容请参阅与本公告同日披露 ...

中原证券股份有限公司章程 中国·郑州 1 | | | | 附件二：中原证券股份有限公司董事会议事规则 140 | | --- | 第 一 章 总 则 第一条 为维护中原证券股份有限公司（以下简称"公司"）、 股东、职工和债权人的合法权益，规范公司的组织和行为，根据《中 华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国 证券法》（以下简称《证券法》）、《香港联合交易所有限公司证券 上市规则》（以下简称《香港上市规则》）、中国证监会《上市公司 章程指引》和其他有关规定，制定本章程。 第二条 公司系依照《公司法》《证券法》和其他有关规定成立 的股份有限公司。 公司经中国证券监督管理委员会（以下简称"中国证监会"）证 监机构字 〔2002〕326 号文《关于同意中原证券股份有限公司开业 的批复》及河南省人民政府豫股批字 〔2002〕31 号文《关于同意设 立中原证券股份有限公司的批复》批准，由许继集团有限公司、河南 省经济技术开发公司、河南省建设投资总公司、安阳钢铁集团有限责 任公司、安阳市经济技术开发公司、安阳市信托投资公司、河南神火 集团有限公司、焦作市经济技术开发有限公司、鹤壁市经济发展建设 投资公 ...

中原证券股份有限公司章程 中国·郑州 1 | | | | 附件二：中原证券股份有限公司董事会议事规则 140 | | --- | 第 一 章 总 则 第一条 为维护中原证券股份有限公司（以下简称"公司"）、 股东、职工和债权人的合法权益，规范公司的组织和行为，根据《中 华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国 证券法》（以下简称《证券法》）、《香港联合交易所有限公司证券 上市规则》（以下简称《香港上市规则》）、中国证监会《上市公司 章程指引》和其他有关规定，制定本章程。 第二条 公司系依照《公司法》《证券法》和其他有关规定成立 的股份有限公司。 公司经中国证券监督管理委员会（以下简称"中国证监会"）证 监机构字 〔2002〕326 号文《关于同意中原证券股份有限公司开业 的批复》及河南省人民政府豫股批字 〔2002〕31 号文《关于同意设 立中原证券股份有限公司的批复》批准，由许继集团有限公司、河南 省经济技术开发公司、河南省建设投资总公司、安阳钢铁集团有限责 任公司、安阳市经济技术开发公司、安阳市信托投资公司、河南神火 集团有限公司、焦作市经济技术开发有限公司、鹤壁市经济发展建设 投资公 ...

证券代码：601375 证券简称：中原证券 公告编号：2025-018 中原证券股份有限公司 关于公司董事离任及提名董事候选人的公告 中原证券股份有限公司（以下简称"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、董事离任的情况 (一) 提前离任的基本情况 鲁智礼先生与李兴佳先生分别向公司董事会确认其与公司董事会并无意见 分歧，亦无其他因辞职而需知会股东或债权人的事宜。在公司股东大会选举产生 新任董事之日前，鲁智礼先生与李兴佳先生将继续履行董事相关职责。其辞任不 会影响公司董事会依法规范运作和公司的正常经营。 鲁智礼先生和李兴佳先生在公司任职期间恪尽职守、勤勉尽责，为推进公司 健康发展和规范运作发挥了积极作用。公司及公司董事会对鲁智礼先生和李兴佳 先生在任期间为公司发展所做出的贡献表示衷心的感谢！ 二、提名董事候选人的情况 依照《公司法》《证券法》及《公司章程》等有关规定，根据控股股东河南 投资集团有限公司提名，公司第七届董事会第三十五次会议审议通过了《关于提 名第七届董事会董事候选人的议案》，同意推荐李文强先生、冯若 ...