Group 1 - The recent surge of A-share companies going public in Hong Kong is driven by an outbound strategy, institutional convenience, and improved liquidity in the Hong Kong stock market [1] - The attraction of the Hong Kong market is systematically increasing, with continuous improvement in asset supply structure and quality, as well as liquidity trends benefiting from the return of overseas funds [1] - The trend of more quality leading companies listing in Hong Kong may catalyze a shift in A-share market style towards core assets [1] Group 2 - A-shares are expected to remain in a high central tendency oscillation market in the second quarter, with short-term adjustments anticipated [2] - The upper limit of the oscillation is supported by export resilience, while the lower limit is linked to the relationship between loose monetary policy and capital market stability [2] - Short-term focus remains on sectors like pharmaceuticals (CXO and innovative drugs) and precious metals, while technology is still undergoing mid-term adjustments [2] Group 3 - The recent market sentiment has shown signs of retreat, with micro-cap stocks gaining trading heat, indicating potential market risks due to crowded trades [3] - The central bank's financial policies aim to support the real economy and may bring fresh capital into the market [3] - The focus remains on "new quality domestic demand growth" with an emphasis on service consumption and new consumption sectors [3] Group 4 - The recent volatility in overseas financial markets, including rising long-term bond yields, has increased market risk aversion [4] - The small-cap style has recorded significant relative gains, driven by a market environment of rapid rotation and stock selection for excess returns [4] - The trading volume of the CSI 2000 index has reached a high concentration level, indicating potential volatility risks [4] Group 5 - The market is expected to refocus on technology growth, particularly in the AI industry chain, with attention on upstream and downstream innovations [5][6] - Historical patterns suggest that industry rotation typically slows down from mid to late May into June, indicating a potential consolidation phase [5] Group 6 - A-share indices are likely to undergo revaluation as quality growth indices strengthen, driven by stable cash flows and declining capital expenditures [7] - The trend of a weak dollar and strong renminbi is expected to benefit core assets represented by quality growth indices [7] Group 7 - The recent rise in global risk aversion, driven by U.S. tariff policy fluctuations and rising long-term bond yields, may indirectly affect A-share sentiment [8] - The influx of long-term funds from social security, insurance, and pension schemes is expected to support a stable A-share market [8] Group 8 - The market is currently experiencing rapid style switching, with both large and small caps alternating in dominance [9] - Structural opportunities are present, particularly in high-margin assets and sectors benefiting from policy support for consumption [9] Group 9 - Short-term market consolidation is anticipated, with resilience remaining intact despite potential negative impacts from rising U.S. bond yields [10] - The current market environment is characterized by a balance of policy support and economic recovery expectations [10] Group 10 - The historical trend indicates that dividend-paying assets may face headwinds in June, but could present good entry points for long-term investors [12] - The ongoing geopolitical uncertainties and trade tensions suggest that dividend assets remain a solid long-term investment choice [12]

智通财经APP获悉，兴业证券发布研究报告称，日债利率自月初持续上升，但异动发生于本周，集中于 超长期债券。此外，日元套息交易平仓活跃度已突破2012年以来新高，也可能对美股美债产生冲击。进 一步地，若美元资产抛售引发资金回流日本，关注是否会影响美日贸易谈判对"金融条款"的涉及。 兴业证券主要观点如下： 日债利率自月初持续上升，但异动发生于本周，集中于超长期债券。虽然5月日债利率持续上升，但10 年期日债和美债利率的趋势、涨幅基本一致，利率上行压力或来自美债市场的传导。值得关注的异动发 生于本周二(5月20日)，日债利率曲线从走平转为陡峭，20、30年期利率分别跳升13和12基点，单日即 贡献近半当月累计涨幅，且该异动无法从超长期美债利率走势中找到对应。 市场讨论的部分因素对异动的解释力或许不足。 利率上行本已加剧市场对政府债务的担忧，财政刺激方案进一步催化情绪。5月20日超长期债券利率跳 升的催化事件为20年期日债拍卖遇冷——利率已处于上升通道，而日本政府近期讨论财政刺激以应对外 需压力，杠杆率超200%的日本政府若在加息周期举债将加剧债务的不可持续风险。日本2025财年政府 预算草案显示，政府支出中债务赎回 ...

兴业证券全球首席策略分析师张忆东表示，在2025年下半年乃至更长远的未来，中国资本市场大有可 为，A股有望呈现出"指数稳，结构牛"的局面。中国资产有望迎来价值重估的配置机遇，关键性亮点在 于科技和新兴消费两方面。 立足当下，展望未来，光大证券策略首席分析师张宇生从流动性视角切入，他认为："基本面的修复进 程或将呈现温和且渐进的特征，宏观、微观流动性共振与产业升级有望驱动市场上涨，在中长期资金有 望成为市场重要增量资金之一的背景下，A股市场或将呈现结构性牛市上涨特征。" "2025年下半年，资本市场有望呈现'股债双牛'的走势。"浙商证券首席经济学家李超表示，策略方面， 以红利为本，以科技突围。红利相关板块可能受益于公募新规下机构的配置方向调整，科技板块也有望 出现一定的超额收益。 有望呈现"股债双牛"走势 浙商证券以"柳暗花明，股债双牛"明确市场趋势，开源证券聚焦"大变局下，投资范式的变与不变"，兴 业证券提出"有惊无险，乱中取胜"。上述关键词共同传递出一个核心判断：新一轮价值发现进程已悄然 启动，资本市场正迎来新的发展机遇。 近期，各大券商密集召开2025年中期策略会，围绕下半年A股市场走势与投资策略展开深度 ...

Group 1: Core Perspectives - The 12th Fortune Forum focuses on "Re-evaluating, Reconstructing, and Reigniting - The Leap in Asset Value Driven by AI" and gathers top experts to discuss global order changes, AI industry trends, asset allocation directions, and investment opportunities [1] - The forum features a roundtable discussion on the dual impact of geopolitical tensions and the AI technology revolution, clarifying the core logic for investors amidst changing macroeconomic conditions [1][2] - Experts emphasize that despite external disturbances, Chinese assets exhibit significant allocation value due to policy support, manufacturing resilience, and technological breakthroughs [3] Group 2: Investment Themes - Assets are categorized into three types: strong cyclical (real estate chain), stable (gold, high dividends), and tech emerging (AI, innovative pharmaceuticals), with gold seen as a hedge against weakening dollar credit [2] - The focus on AI applications and service consumption is highlighted as a dual upgrade opportunity, with a particular interest in the downstream applications of AI [3] - The importance of internationalization for external demand enterprises and the need for domestic enterprises to focus on rigid demand and innovation upgrades are discussed [4] Group 3: Sector Insights - The resilience of China's manufacturing sector is emphasized, with companies needing to shift from "manufacturing overseas" to "branding overseas" to enhance value [4] - The AI hardware capital expenditure is still in a deep water zone, indicating that China has broader space for AI applications in the long term [5] - Innovative pharmaceutical companies are seen as capable of withstanding decoupling risks through talent and technological barriers, with global authorization partnerships being key to market expansion [6]

Group 1 - The global economic and technological landscape is undergoing unprecedented changes by 2025, influenced by the US's tariff policies, leading to significant shifts in global capital markets [1][2] - There are three major investment opportunities identified: gold, military industry, and digital assets; opportunities related to technological innovation; and Chinese assets [3][4] - The revaluation of Chinese assets is just beginning, and the core logic of asset valuation in China remains unchanged despite tariff impacts [1][3] Group 2 - The current era is characterized by uncertainty, with the greatest certainty being the prevalence of uncertainty in the coming years [2][3] - The Chinese capital market is expected to thrive in the long term, with a stable A-share index and structural bull market anticipated [4][5] - China's economy is seen as a stabilizing anchor in the global economy amidst international turmoil, benefiting from a positive feedback loop between the stock market and economic expectations [4][5] Group 3 - Technological breakthroughs in China are boosting national confidence and enhancing global investor sentiment towards Chinese assets [5] - The service consumption sector in China has significant potential, with new consumption trends emerging that focus on emotional resonance and identity recognition [5] - The Hong Kong market is poised for a long-term bull run, driven by the revaluation of Chinese assets and a changing market ecology [6][7] Group 4 - Investment strategies should focus on strategically increasing exposure to Chinese assets while maintaining a balanced approach to market fluctuations [6][7] - The Hong Kong market is expected to experience a two-phase recovery, with initial volatility followed by improvements in fundamentals and risk appetite [6][7]

Group 1 - The core point of the article is the issuance of convertible bonds by GoldenHome Living Co., Ltd., with a total amount of RMB 770 million, approved by the China Securities Regulatory Commission [1][11] - The bonds are convertible into A-shares and will be listed on the Shanghai Stock Exchange, with a maturity period of six years from April 17, 2023, to April 16, 2029 [1][3] - The initial conversion price is set at RMB 39.57 per share, with provisions for adjustments based on corporate actions such as stock dividends and capital increases [3][4] Group 2 - The bond has a tiered interest rate structure, starting at 0.30% in the first year and increasing to 2.00% in the sixth year, with annual interest payments [1][3] - The total amount raised from the bond issuance, after deducting issuance costs of RMB 10.23 million, is RMB 759.77 million, which will be used for the Golden West IoT Manufacturing Base Project [12][13] - The company has reported a decline in net profit attributable to shareholders by 31.76% year-on-year, with total revenue decreasing by 4.68% [13][12] Group 3 - The company has established a special account for the management of raised funds, ensuring compliance with regulatory requirements and proper usage of the funds [13][12] - The bondholders have specific rights, including the ability to convert bonds into shares, exercise redemption rights, and participate in bondholder meetings [10][11] - The company has implemented measures to ensure timely payment of interest and principal, including the establishment of a bondholder meeting rule and the role of a bond trustee [14][11]

兴业证券股份有限公司(以下简称"公司")于 2024 年 10 月 22 日发行 2024 年度第二期短期融资券，发行总额人民币 50 亿元，票面利率 1.98%，期限 212 天， 兑付日为 2025 年 5 月 22 日（详见公司 2024 年 10 月 23 日披露的《关于 2024 年 度第二期短期融资券发行结果的公告》）。 2025 年 5 月 22 日，公司完成本期短期融资券兑付，本息合计人民币 5,057,501,369.86 元。 特此公告。 二〇二五年五月二十三日 兴业证券股份有限公司 证券代码：601377 证券简称：兴业证券 公告编号：临 2025-015 兴业证券股份有限公司 董 事 会 2024 年度第二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。 ...

Group 1 - The core viewpoint of the report emphasizes three main investment themes in the chemical industry: focusing on high ROE core assets, growth opportunities from domestic substitution in new materials, and the importance of agricultural chemicals and civil explosives [1] - In 2024, the chemical product prices are expected to decline, with a slight increase in revenue for listed companies, but a decrease in profitability, indicating the industry is still in a bottoming process [1] - The average CCPI for 2024 is projected to be 4560 points, a year-on-year decrease of 2.56%, while the average for Q1 2025 is expected to be 4343 points, down 5.80% year-on-year and 0.44% month-on-month [1] Group 2 - In Q1 2025, the chemical industry achieved a total revenue of 5860.15 billion yuan, a year-on-year increase of 5.84%, while the net profit attributable to the parent company was 360.16 billion yuan, also up 5.63% year-on-year [2] - Among 18 sub-industries, net profits increased year-on-year, while 15 sub-industries saw declines; 29 sub-industries improved their profits quarter-on-quarter, with only 4 experiencing declines [2] Group 3 - The growth rate of construction projects in the chemical industry turned negative for the first time in Q1 2025, indicating a tightening of expansion efforts [3] - The total fixed assets in the basic chemical industry reached 15086.71 billion yuan, a year-on-year increase of 14.49%, while the total amount of construction projects decreased by 9.13% year-on-year [3] Group 4 - The average inventory scale in the chemical industry increased by 6.00% year-on-year to 4078.05 billion yuan, while the inventory turnover days slightly decreased [4] - The operating cash flow turned positive in Q1 2025, with a net inflow of 135.82 billion yuan, reversing from a net outflow in the previous year [4] Group 5 - The chemical industry is currently underweight in institutional holdings, with a market value proportion of 3.78% in actively managed public funds, indicating a potential for value appreciation [5] - The proportion of heavy holdings in the petroleum and petrochemical sector is also low, suggesting a similar underweight situation [5]

Core Viewpoint - AIDC capital expenditure is experiencing rapid growth, driven by strong industry demand, with global tech giants expected to invest over 2 trillion RMB by 2025, maintaining a growth rate of over 50% to support generative AI model training, cloud computing expansion, and real-time data processing [1] Group 1: HVDC Demand and Power Supply - Increased power demand is expected to drive HVDC demand, as data centers globally adopt UPS for power assurance, with HVDC offering advantages such as efficiency, reliability, and low cost [1] - The integration of BBU and supercapacitors in power systems is anticipated to enhance power supply safety, especially with the rise in server power requirements [2] Group 2: Energy Quality and Renewable Energy - The demand for power quality equipment is likely to increase due to the growing reliance on renewable energy in data centers, necessitating precise reactive power and harmonic management [3] Group 3: Server Power Supply Market - The value per watt of server power supplies is expected to improve due to increased power density, with potential advancements including the replacement of silicon-based devices with SiC and GaN, and the adoption of liquid cooling methods [4] - The server power supply market is becoming more concentrated, with Taiwanese companies dominating, particularly Delta holding over 50% market share, while mainland firms like Megmeet are beginning to enter the supply chain [4]

Group 1 - The core viewpoint of the report is that the aviation industry is expected to see a turnaround in performance starting in 2025, driven by declining oil prices and long-term supply-demand optimization [1] - The overall trend in the aviation sector from 2025 onwards is characterized by increased volume and stable pricing, with international routes nearing full recovery [1][2] - Airlines are shifting their strategy from price prioritization to a balance of volume and price, with expectations of rising capacity and load factors in 2024, despite pressure on ticket prices [2] Group 2 - Supply of capacity remains constrained due to factors such as supply chain bottlenecks and trade frictions, with aircraft delivery rates expected to be below expectations in the coming years [3] - The significant drop in oil prices is expanding profit margins for airlines, with a 1% decrease in oil prices leading to cost reductions or profit increases for major airlines [4] - If fuel prices remain low in 2025, it will provide substantial support to airline profits [4]