Group 1 - The core viewpoint is a bullish outlook on Chinese assets, particularly in technology and new consumption sectors, indicating that the revaluation of these assets is just beginning [1][2] - The first strategic asset dimension focuses on technology leaders with potential for augmented reality (AR) business models, especially in Hong Kong and A-share internet companies, robotics, and business intelligence (BI) industries [1] - The second dimension emphasizes opportunities in the new consumption sector, suggesting to look for alpha in emerging consumer brands, particularly in the trendy toy and organizational economy sectors, with a recommendation to wait for pullbacks to find better value [1] Group 2 - The third strategic asset dimension includes military and gold as hedging assets, highlighting the fragility of the international order and the ongoing expansion in the global military sector, which is different from the post-World War II order [2] - There is a call for confidence in China amidst short-term uncertainties, maintaining a long-term bullish stance on Chinese assets, particularly during the current adjustment phase in Hong Kong and A-shares [2]

4月7日，全球股市巨震，兴业证券全球首席策略分析师、经济与金融研究院联席院长张忆东做客新浪证 券直播间，为投资者解读全球资本市场走向。直播详情>> 张忆东表示，当前贸易战的局势若不妥协，美国若执意升级，美国经济将面临先衰退后滞胀的大概率风 险。他分析称，2020年美国曾遭遇流动性冲击，叠加疫情导致的衰退，当时采取了无上限量化宽松政 策。然而，与当时相比，如今美联储对市场的救市能力已大不如前。 兴业证券全球首席策略分析师 经济与金融研究院联席院长 SAC: S0190510110012 直播时间: 4月7日 17:00 6 微博 『火线解读』 全球市场巨震 当下该关注哪些资产? 张忆东 尽管短期内美联储可能会随时进行政策放松，但真正影响行情趋势的是内因，即基本面。美国的基本面 是先衰退后滞胀，这意味着美国的牛市可能已经宣告结束，而熊市基本确立。张忆东指出，除了对冲流 动性冲击之外，美联储无法左右特朗普政府的决策，也无法改变关税战对美国基本面的中期影响。 张忆东进一步分析了贸易战对全球资本市场的外溢效应。他提醒大家要突破一个误区，即美国走熊并不 意味着全球股市都将陷入熊市。他举例说，过去几年美国处于牛市时，不少大 ...

Core Viewpoint - The article discusses the significant decline in brokerage commission income from fund distribution in 2024, primarily due to the reform of public fund commission rates and a decrease in trading volume [3][4][9]. Summary by Sections Fund Distribution Commission Income - In 2024, the total commission income from fund distribution for brokerages was 10.652 billion yuan, a decrease of 35% compared to 16.466 billion yuan in 2023, marking a third consecutive year of decline [3]. - The decline in commission income is attributed to two main factors: a decrease in public fund stock trading volume, which was 20.51 trillion yuan in 2024, down approximately 8% from 22.34 trillion yuan in 2023, and a significant reduction in commission rates from 0.0737% in 2023 to approximately 0.0519% in 2024 [3][4]. Performance of Major Brokerages - Among large and medium-sized brokerages, Huatai Securities, GF Securities, and Zheshang Securities experienced smaller declines in commission income, ranging from 17% to 24%, while Everbright Securities and Galaxy Securities saw declines exceeding 50% [4]. - The ranking of the top ten brokerages by fund distribution commission income in 2024 included CITIC Securities, GF Securities, and Changjiang Securities, with some brokerages like Zheshang Securities improving their rankings [6][7]. Changes in Brokerage Rankings - CITIC Securities, GF Securities, and Xingye Securities maintained their rankings from 2023, while Zheshang Securities improved by six positions. Conversely,招商证券 and中信建投证券 dropped in rankings due to significant declines in their commission income, with decreases of 46.59% and 37.35%, respectively [8][10]. Impact of Regulatory Changes - The new regulations separating fund sales from public trading commissions have shifted the focus towards research value, leading to a more pronounced differentiation in income among brokerages [9][14]. - The concentration of commission income remains high, with the top 30 brokerages accounting for approximately 87% of total commission income, indicating challenges for smaller brokerages to capture market share [14]. Strategies for Adaptation - Brokerages are exploring diverse development paths to counteract declining commission income, including enhancing wealth management services, expanding overseas client bases, and creating integrated research systems [17][18][19]. - Specific strategies include leveraging research to support wealth management, developing international service platforms, and optimizing research resources to enhance service levels for core clients [18][19].

智通财经APP获悉，兴业证券发布研报称，3月美国非农就业超预期大增22.8万人，联邦政府就业降幅 收窄，州和地方政府就业高增。近期美联储认为劳动力市场的供需平衡状况对通胀形成的压力正在弱 化。关税政策下，市场对通胀的关注或更多转向商品和通胀预期端。向后看，二季度将是对经济和通胀 数据的关键后验期，市场对"滞胀"风险的担忧可能跟随数据波动而反复，加上特朗普政策容易"朝令夕 改"，美联储决策和预期管理预计维持"走走停停"。 兴业证券主要观点如下： 非农就业超预期大增22.8万人，虽有前值下修的影响，但服务业和政府韧性仍强 (1)私营部门服务业就业走强。教育医疗行业新增7.7万人，仍为最大贡献；或受到极端天气缓和后的回 补影响，休闲酒店业扭转1-2月的就业下降趋势，3月新增4.3万人；罢工结束后零售行业新增就业从2月 的负增长反弹至2.4万人，但即使此前受到了罢工的扰动，零售行业近3个月均值仍显著高于疫前中 枢；"其他服务"类新增1.9万人，维修保养、个人洗护等行业就业均升温。 (2)联邦政府就业降幅收窄，州和地方政府就业高增。虽然DOGE政府精简进程仍在持续，但联邦政府就 业下降放缓、联邦雇员初请失业金人数高位回 ...

Core Viewpoint - The report outlines the continuous supervision and compliance of Beijing Yubang Electric Technology Co., Ltd. by the sponsor, Industrial Securities Co., Ltd., during its initial public offering and bond issuance on the Sci-Tech Innovation Board, emphasizing the company's adherence to regulations and internal controls [1][2][3]. Continuous Supervision Work - The sponsor has established and effectively implemented a continuous supervision system, along with a corresponding work plan [1]. - A continuous supervision agreement has been signed, clarifying the rights and obligations of both parties during the supervision period [2]. Compliance and Internal Control - The internal control systems of Yubang Electric are in compliance with relevant regulations and have been effectively executed, ensuring the company's standardized operation [4]. - The sponsor has verified the design, implementation, and effectiveness of the internal control systems, including financial management and auditing [4]. Information Disclosure - The sponsor has ensured that the information disclosure documents submitted by Yubang Electric do not contain false records or misleading statements [5]. - Any issues found in the information disclosure documents are promptly addressed, and if the company fails to correct them, the sponsor reports to the Shanghai Stock Exchange [5]. Financial Performance - In 2024, Yubang Electric reported a revenue of 940.14 million yuan, a 67.35% increase from 561.79 million yuan in 2023 [12]. - The net profit attributable to shareholders reached 111.32 million yuan, reflecting a 195.77% increase from 37.64 million yuan in the previous year [12]. - The net cash flow from operating activities was 141.17 million yuan, up 36.81% from 103.19 million yuan [12]. Core Competitiveness - Yubang Electric is recognized as a national high-tech enterprise, with a strong focus on technology research and development, holding 385 intellectual property rights, including 154 patents [15][21]. - The company has established a robust quality management system and adheres to strict quality control procedures throughout its operations [18]. Industry Risks - The company faces risks related to core competitiveness, operational challenges, and financial stability, particularly due to the competitive landscape and reliance on major clients like State Grid and Southern Power Grid [7][8][10]. - The macroeconomic environment and industry investment trends could significantly impact the company's performance and procurement demand [10][11]. Use of Raised Funds - Yubang Electric successfully raised 410.81 million yuan through the issuance of convertible bonds, with a net amount of 403.65 million yuan after deducting issuance costs [21][23]. - The company has complied with regulations regarding the use of raised funds, ensuring proper storage and usage [24].

兴业证券股份有限公司 关于北京煜邦电力技术股份有限公司 首次公开发行股票并在科创板上市 之保荐总结报告书 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为北京 煜邦电力技术股份有限公司（以下简称"煜邦电力"、"上市公司"或"公司"） 首次公开发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管 理办法》 《上海证券交易所科创板股票上市规则》 《上海证券交易所科创板上市公 司自律监管指引第 1 号——规范运作》等相关规定，兴业证券对煜邦电力的持续 督导时间为该上市公司上市当年及其后 3 个完整的会计年度，煜邦电力于 2021 年 6 月 17 日起在上海证券交易所挂牌上市，持续督导期为 2021 年 6 月 17 日至 据相关法律法规，出具本保荐总结报告。 一、保荐机构及保荐代表人承诺 保荐机构依照法律、行政法规和中国证监会及上海证券交易所的有关规定， 恪守业务规范和行业规范，诚实守信、勤勉尽责，对煜邦电力及其主要股东进行 尽职调查，组织编制申请文件并出具推荐文件；提交推荐文件后，主动配合上海 证券交易所审核、中国证监会注册相关工作，组织煜邦电力及中介机构对上海证 券交易所、中国证监会的 ...

Summary of Key Points Core Viewpoint - The company plans to utilize part of its idle raised funds for cash management to enhance fund efficiency and increase returns for the company and its shareholders [1][8]. Fundraising Overview - The company raised a total of RMB 649,999,990.52 through the issuance of 51,505,546 shares at a price of RMB 12.62 per share, with a net amount of RMB 643,574,544.72 after deducting issuance costs [1][2]. Investment Project Details - The raised funds will be allocated to two main projects: 1. Smart Emergency Command Product Upgrade and Industrialization Project 2. Next-Generation Smart Emergency Digital Transformation Key Technology Research Project - The total planned investment for these projects is RMB 65,000,000, with adjustments made to intermediary fees and working capital [2][3]. Cash Management Plan - The company intends to use up to RMB 58,600,000 of the idle funds for cash management within a 12-month period, ensuring that it does not affect the ongoing investment projects [3][4]. - The cash management will focus on low-risk, high-liquidity financial products from institutions with capital protection commitments [4][5]. Implementation and Oversight - The company's board of directors has authorized the chairman to make decisions regarding the cash management, including selecting financial products and signing contracts [4][7]. - The finance department will manage the purchased products, while the audit department will oversee the cash management's usage and security [7][8]. Independent Financial Advisor's Opinion - The independent financial advisor has confirmed that the cash management plan complies with relevant regulations and will not alter the intended use of the raised funds, thus supporting the company's investment plans [7][8].

Group 1 - The announcement details the addition of new sales institutions for the funds managed by Jianxin Fund Management Co., Ltd., effective from April 2, 2025 [1][2][4] - The new sales institutions include Everbright Securities Co., Ltd., Shanxi Securities Co., Ltd., and Industrial Bank Securities Co., Ltd. [1][2][4] - Investors can conduct business related to the funds at the branches of these sales institutions, following the specific rules and processes of both the fund company and the sales institutions [1][2][4] Group 2 - Contact information for the new sales institutions is provided, including addresses, customer service numbers, and websites [1][2][4] - Jianxin Fund Management Co., Ltd. emphasizes the importance of reading legal documents such as the fund contract and prospectus before investing [1][2][4]

Core Viewpoint - The significant decline in brokerage commission income reflects the changing landscape of the public fund industry, emphasizing the importance of research capabilities among brokerages [2][4][21]. Summary by Sections Brokerage Commission Income - In 2024, the total brokerage commission income from fund distribution reached 10.7 billion yuan, a 36% decrease from 16.8 billion yuan in 2023 and a 51% drop from 22 billion yuan in 2021, marking three consecutive years of decline [2][5][21]. - The income trend from 2019 to 2024 shows a "U-shaped" curve, peaking at 22 billion yuan in 2021 before declining [5][21]. Top Brokerage Rankings - The top five brokerages by commission income in 2024 are CITIC Securities, GF Securities, Changjiang Securities, CITIC Construction Investment, and Guolian Minsheng, with Changjiang Securities moving up to third place [2][10]. - Only four brokerages surpassed 500 million yuan in commission income in 2024, with CITIC Securities leading at 757 million yuan, followed by GF Securities at 648 million yuan [7][11]. Changes in Market Dynamics - The competition among top brokerages has intensified, with Guolian Minsheng entering the top five for the first time, showing a 348% year-on-year increase in commission income [10][13]. - The threshold to enter the top ten for commission income is now over 320 million yuan, with 31 brokerages earning over 100 million yuan [9][10]. Research Capabilities and Market Trends - The decline in commission income has led to a greater focus on research capabilities as a key differentiator for brokerages, with fund managers increasingly selecting brokerages based on their research strength [21][22]. - The regulatory environment is shifting, with new rules on commission rates for public funds set to take effect, further impacting brokerage income [22][23]. Future Outlook - The merger of Guotai Junan and Haitong Securities is expected to disrupt the rankings in the coming year, similar to the impact of the Guolian Minsheng merger [15][26]. - Brokerages are encouraged to diversify their client base and explore international markets to mitigate the effects of declining commission income [26].

自由现金流ETF（159201）紧密跟踪国证自由现金流指数，指数的编制方法通过自由现金流质量筛 选、动态调仓机制及权重约束，使得指数更容易聚焦于高质量、高现金回报的标的，为投资者提供了一 条可跟踪的"质量红利"投资路径。自由现金流ETF（159201）管理费年费率为0.15%，托管费年费率为 0.05%，均为市场最低费率水平，最大程度让利投资者。 每日经济新闻 3月31日，A股低开低走，三大指数盘中均跌逾1%。盘面上，科技股全线回调，黄金与银行股逆势 走强。自由现金流ETF（159201）震荡调整，盘中成交额突破3.8亿元，交投活跃。指数成分股中，潍 柴重机涨停，中南传媒、美的集团等领涨。 规模方面，截至3月30日，自由现金流ETF（159201）最新流通规模为26.90亿元，流通份额26.63亿 份，再次刷新创上市以来新高。最近连续10个交易日资金净流入，吸金11.98亿元，资金抢筹特征显 著。 兴业证券认为，3月中旬到4月上旬，市场将逐渐步入一个风格更乱、缺乏明确主线的阶段。这一表 象背后，一方面是市场通过阶段性的轮动，消化此前大涨带来的交易拥挤。另一方面，也是海外市场尤 其是科技龙头大跌，以及特朗普关税 ...