本公司及董事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 兴业证券股份有限公司（以下简称"公司"）于 2025 年 7 月 22 日召开第五 届第七次职工代表大会，选举奚敬辉先生为公司董事会职工董事。根据中华总工 会相关规定，职工董事由职工代表大会选举产生后还需履行任前公示程序，本次 选举结果公示期截止日为 2025 年 7 月 29 日。公示结束后奚敬辉先生将正式履职 职工董事，与公司其他董事共同组成公司第六届董事会，任期至本届董事会届满 之日止。 证券代码：601377 证券简称：兴业证券 公告编号：临 2025-028 兴业证券股份有限公司职工董事选举结果公告 二○二五年七月二十四日 附件：奚敬辉先生简历 奚敬辉先生简历 奚敬辉，男，汉族，1984 年 9 月生，中国国籍，硕士。现任公司集团办 公室（党委办公室）主任、党群工作部（党委宣传部）部长。 1 奚敬辉先生未持有公司股票，与公司其他董事、高级管理人员、实际控制人 及持股 5%以上的股东不存在关联关系，不存在《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》第 3 ...

东海证券认为，高质量发展框架已基本成型，开放合作的大趋势仍将深化，一流投资银行建设的有效性 和方向性不改，分类评价指标优化助推业务细耕和效率提升，建议把握并购重组、财富管理转型、创新 牌照展业和ROE提升在内的逻辑主线，建议关注资本实力雄厚且业务经营稳健的大型券商。 证券ETF龙头紧密跟踪国证证券龙头指数，为反映沪深市场证券主题优质上市公司的市场表现，并为投 资者提供更丰富的指数化投资工具，编制国证证券龙头指数。 数据显示，截至2025年6月30日，国证证券龙头指数(399437)前十大权重股分别为东方财富(300059)、中 信证券(600030)、华泰证券(601688)、招商证券(600999)、国泰海通(601211)、广发证券(000776)、兴业 证券(601377)、东方证券(600958)、光大证券(601788)、财通证券(601108)，前十大权重股合计占比 78.71%。 截至2025年7月23日 09:52，国证证券龙头指数(399437)强势上涨1.08%，成分股国信证券(002736)上涨 3.14%，广发证券(000776)上涨2.87%，华泰证券(601688)上涨1.68%， ...

兴业证券发布研报称，需求方面，当前快递行业需求持续高增，整体表现超预期，预计未来较长一段时 间内，行业业务量增速仍将维持15%左右。竞争方面，预计本轮竞争持续时间较长，当前反内卷政策更 利好中后部企业，下半年竞争态势有望趋缓。同时建议积极关注电商快递末端效率提升空间，无人车等 因素或增强前中部企业竞争优势。短期看，反内卷政策有望托底行业价格，推荐关注提价利润弹性更大 标的。中长期看，行业竞争预计仍持续，网络实力更强的前中部企业优势更明显。 兴业证券主要观点如下： 快递行业历史"反内卷"复盘：2021年提价强势落地，2023-2024年局部托底 历史政策落地背景：2021年行业价格实现全面上调主要来自政策大力推动，2022年行业价格能够保持稳 定一方面因网络亟需修复，且管控压力下企业难有精力发动竞争，另一方面因供需不匹配导致总部产能 冗余，成本压力较大。 当前行业基本面符合"反内卷"诉求，低价托底较为明确：今年以来竞争持续深入，尤其是特价件部分不 断拉低行业均价，总部、加盟商经营压力均较大。参考历史"反内卷"政策，更多从民生角度出发，因此 当前"反内卷"落脚点预计优先在影响网络盈利能力及稳定性的特价件部分。 类 ...

在证券公司代销个人养老金产品规模排名中，代销规模超过千万元的券商仅有6家，依次为中 金公司（2482.76万元）、中国银河证券（1806.2万元）、广发证券（1718.36万元）、招 商证券（1391.35万元）、国信证券（1377.94万元）、兴业证券（1142.22万元）。 从个人养老金中的公募Y份额基金总规模来看，截至2024年年末，券商代销规模仅占发行总 规模（91.43亿元）的1.5%。 【导读】 首尾规模相差超百倍，券商如何破局养老金融？ 中国基金报记者 莫琳 "今年上半年，个人养老金基金代销还不到5000元。去年一分钱都没卖出去！"一家券商的个 人养老金业务负责人一直向记者感叹："业务实在太难做了。" "与三年前试点相比，券商和银行之间'天然的屏障'仍然未打破。银行可以代销全品类的个人 养老产品（储蓄、保险、理财、公募基金），而大多数券商只能代销公募基金。"上述负责人 告诉记者，"客户在银行就能实现1.2万元的资产配置，券商渠道就显得比较'鸡肋'了。" 记者在走访中发现，虽然券商开展个人养老金业务面临诸多难题，但仍有不少券商通过买方 投顾的形式为客户提供与其投资目标、投资期限等相匹配的养老规划方 ...

Core Viewpoint - The article emphasizes the need for "long money" in China's economy as it transitions from traditional growth models to new engines like advanced manufacturing, digital economy, and green energy [1][4]. Group 1: Economic Transition - China's economy is undergoing a critical period of transitioning from old to new growth drivers, with traditional sectors like infrastructure and real estate showing diminishing returns [1]. - Strategic emerging industries, characterized by long R&D cycles, rapid technological iterations, and significant capital expenditures, are becoming the new growth engines [1]. Group 2: Long-term Capital Supply - Compared to the U.S., the supply of "long money" from the private sector in China is currently limited, primarily due to the wealth accumulation being heavily reliant on real estate growth over the past two decades [1]. - As of 2022, over 90% of Chinese residents' total assets were accumulated from 2005 to 2022, with 41.9% of this increase attributed to urban housing asset growth [1]. Group 3: Market Support and Valuation - The Central Huijin Investment Company has entered the market to address the "long money" issue, providing support for stock market index funds and enhancing valuation momentum [4]. - The balance of the central bank's loans to financial companies increased significantly from 659.4 billion yuan at the end of March to 1.03 trillion yuan at the end of April, reflecting the market support during global market disruptions [4]. Group 4: Profit Expectations and Economic Confidence - The entry of long-term funds like Central Huijin has alleviated market downside risks, but a substantial improvement in profit expectations is necessary for the stock market to break upward [5]. - Confidence in China's medium to long-term economic growth is crucial, with new urbanization and industrialization processes showing a slowdown in their effects on economic growth [5]. Group 5: Globalization and Long-term Growth - Globalization is expected to enhance China's long-term growth outlook, although its benefits will take time to materialize [5]. - Deepening integration with global markets will allow China's efficient industrial capacity to meet broader global demand, supporting the transition from a "manufacturing giant" to a "manufacturing powerhouse" [5].

Core Points - Shandong Shanda Electric Technology Co., Ltd. has successfully completed its initial public offering (IPO) and is now listed on the ChiNext board, with the stock code "301609" and a price of RMB 14.66 per share [1][2] - The total number of shares issued in this IPO is 40.72 million, with all shares being newly issued and no existing shareholders selling shares [1][2] - The IPO includes a strategic placement of 6.108 million shares, accounting for 15% of the total issuance, with the final strategic placement being 4.072 million shares, or 10% of the total issuance [2][4] Strategic Placement - The initial strategic placement was set at 6.108 million shares, but after adjustments, the final strategic placement was 4.072 million shares, with the difference of 2.036 million shares being allocated to the offline issuance [2][4] - The strategic placement was primarily for the company's senior management and core employees through a dedicated asset management plan [2][4] Issuance Mechanism - The issuance was conducted through a combination of strategic placement, offline inquiries to qualified investors, and online pricing for public investors holding non-restricted A-shares [1][2] - The initial offline issuance was 26.2645 million shares, representing 71.67% of the total issuance after deducting the final strategic placement [3][4] Subscription and Allocation - The online subscription saw a high demand with an effective subscription multiple of 9,279.03602 times, leading to a mechanism that allowed for a 20% allocation to the online issuance [3][4] - The final online issuance was 17.7135 million shares, accounting for 48.33% of the total issuance after the strategic placement adjustments [3][4] Financial Details - The total expenses for this issuance amounted to RMB 68.5053 million, which includes various fees and taxes [6][7] - The underwriting by the lead underwriter, Industrial Securities Co., Ltd., included a total of 69,535 shares, representing 0.17% of the total issuance [5][6]

兴业证券指出，AI浪潮带动算力需求爆发，服务器、光模块、存储、PCB板等环节价值量将大幅提升。 3D打印在消费电子领域即将加速渗透，折叠机铰链、手表/手机中框等精密零部件是潜在场景，3D打印 消费电子应用元年有望开启。训练、推理成本的降低有望推动AI应用繁荣，端侧AI潜力巨大，耳机和 眼镜或成为端侧AI Agent的重要载体。在中美紧张局势背景下，中国大力推动国内生产替代，加上"以 旧换新"补贴计划，导致韩国8英寸晶圆代工厂订单激增，中国本土晶圆代工企业迅速提升全球份额。 2024年光刻先行，国产设备先进工艺突破持续推进，未来3年"先进工艺扩产"将成为自主可控主线， CoWoS及HBM卡位AI产业趋势，先进封装重要性凸显。OLED面板收入在2025年Q1同比增长2%，得益 于AR眼镜、汽车、智能手表等出货量增长，被动元件、数字SoC、射频、存储、封测等上游领域呈现 复苏趋势。 消电ETF跟踪的是消费电子指数，该指数由中证指数有限公司编制，从沪深市场中选取主营业务涉及智 能手机、可穿戴设备等消费电子产品制造的上市公司证券作为指数样本。该指数聚焦于科技硬件与消费 趋势相结合的领域，旨在反映中国消费电子行业上市公司 ...

Core Insights - The central government emphasizes the strategic importance of the marine economy, aiming for a total marine production value exceeding 10 trillion yuan in 2024, reflecting a year-on-year growth of 5.9% [1][2] - The emerging marine industry is projected to account for 24.4% of the main marine industry value added in 2024, with a compound annual growth rate (CAGR) of 9.0% over the past five years [1][4] Group 1: Marine Economic Development - The Central Financial Committee's sixth meeting highlights the need for high-quality development of the marine economy, reinforcing its strategic position following the inclusion of "deep-sea technology" in the new productive forces category [1][3] - The marine economy's total production value is expected to reach 10,543.8 billion yuan in 2024, contributing 7.8% to the national GDP, with significant growth in marine shipbuilding and marine power sectors, both exceeding 14% [2] Group 2: Policy Support and Regional Development - Policies are being implemented to support emerging marine industries, with a focus on enhancing marine strategic technology and promoting regional coordinated development through the establishment of high-quality marine economic demonstration zones [3][5] - The three major marine economic circles in China are the Bohai Rim, Yangtze River Delta, and South China Sea, each contributing to regional development through their unique advantages and integration strategies [5] Group 3: Emerging Marine Industries - The emerging marine industry's value added is expected to grow significantly, with marine power and shipbuilding sectors showing CAGRs of 19.7% and 12.8% respectively over the past five years, indicating strong market potential [4] - The offshore wind power market is projected to reach an installed capacity of 70.2 GW in 2024, with a year-on-year increase of 13.6%, and forecasts suggest a substantial increase to 389.3 GW by 2035 [4]

Inflation Data - The US CPI for June 2025 increased by 2.7% year-on-year, up from 2.4% in May, and slightly below the expected 2.6%[6] - Core CPI rose by 2.9% year-on-year, compared to 2.8% in the previous month, aligning with expectations[6] - Month-on-month CPI increased by 0.3%, up from 0.1% in May, while core CPI rose by 0.2%[6] Energy and Core Goods - Energy CPI saw a month-on-month increase of 1.94%, with fuel CPI rising by 3.5 percentage points to 1.03%[6] - Core goods CPI increased by 0.24 percentage points to 0.2%, marking the highest growth in four months[6] - Significant inflation pressure was noted in products highly dependent on China, such as clothing and furniture, reflecting tariff adjustments and inventory consumption[6] Rental and Super Core Inflation - Rent inflation rebounded with a month-on-month increase of 0.03 percentage points to 0.29%, while year-on-year growth remained stable[6] - Super core inflation, excluding housing, increased by 0.17 percentage points to 0.21%, driven by rising prices in air travel and medical services[6] Market Expectations and Risks - The expectation for a July interest rate cut has diminished, with market focus shifting to September for potential cuts[3] - Risks include persistent inflation exceeding expectations and the Federal Reserve's rate cuts being less aggressive than anticipated[4]

2025 年 7 月 16 日，公司完成本期短期融资券兑付，本息合计人民币 4,564,109,589.04 元。 特此公告。 兴业证券股份有限公司 董 事 会 二〇二五年七月十六日 证券代码：601377 证券简称：兴业证券 公告编号：临 2025-027 兴业证券股份有限公司 2024 年度第三期短期融资券兑付完成公告 本公司及董事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 兴业证券股份有限公司(以下简称"公司")于 2024 年 10 月 29 日发行 2024 年度第三期短期融资券，发行总额人民币 45 亿元，票面利率 2.00%，期限 260 天， 兑付日为 2025 年 7 月 16 日（详见公司 2024 年 10 月 30 日披露的《关于 2024 年 度第三期短期融资券发行结果的公告》）。 ...