Group 1 - Multiple securities firms are holding mid-term strategy meetings to discuss investment opportunities in the context of global changes, particularly focusing on China's prospects [1][3][10] - The mid-term strategy meetings are seen as a way for securities firms to enhance investor education and promote high-quality development in the capital market [4][5] - The meetings are expected to attract significant investor attention, as they often highlight new capital opportunities [7][10] Group 2 - Securities firms are optimistic about the equity market opportunities in the second half of 2025, with strategies focusing on domestic consumption, technology, and structural opportunities abroad [6][10] - Analysts predict that the A-share market will benefit from the restructuring of international order, with expectations of a stable index and structural bull market [6][10] - The upcoming strategy meetings will also address the impact of external uncertainties and the need for fiscal policies to boost domestic demand [7][10] Group 3 - The mid-term strategy meetings are being held in various formats, including online live broadcasts, to reach a broader audience, particularly younger and tech-savvy investors [5][6] - Major securities firms have scheduled additional strategy meetings for late May and June, indicating a trend of increased engagement with investors [8][9] - The discussions will also cover the implications of geopolitical dynamics on the capital market, with a focus on the comparative advantages of Chinese assets [10]

中美关税战暂时停火，抢运大潮或将开启，供需关系迅速趋紧，洲际干线运价有望迎来触底回升。重点 推荐洲际集装箱航运龙头中远海控。 油轮板块：油价下跌有望带动原油需求回暖 兴业证券发布研报称，集装箱航运行业值得重点关注。短期来看，中美贸易谈判下，5-7月或将出现抢 运大潮，带动美线运价大幅度上涨;长期来看，东南亚正逐渐成为中国产品出口和产能出口的主阵地， 中国-东南亚航线有望长期受益。近期重点推荐标的中远海控（601919），公司是全球集装箱航运龙 头，以洲际集装箱航运为主业，有望受益本轮抢运大潮;长期建议关注标的锦江航运（601083），公司 是东北亚区域航线龙头企业，正向东南亚稳步扩张，将其极具价值的快航业务复制到东南亚市场，抢占 区域先机。 兴业证券主要观点如下： 集装箱航运板块：中美贸易谈判取得初步成果，关注美线抢出口大潮 需求端，中美5月12日在日内瓦发布联合声明，互相仅保留10%加征关税，暂停24%加征关税90天，并 取消所有后续加征的关税。在此背景下，外贸商或将抓住90天窗口期进行"抢出口"，美线运输需求或急 速抬升。 供给端，红海绕行年内势难解决，一定程度上提供了良好的支撑;中美航线运力恢复尚需时日 ...

Overview - The company, Nanjing Maglev Technology Co., Ltd., is increasing capital in its subsidiary, Nanjing Zhihe Energy Technology Co., Ltd., through a related party transaction [1][2][9] Capital Increase and Related Transactions - The total capital increase amounts to RMB 2,000,000, with Nanjing Maglev contributing RMB 1,800,000 and Nanjing Xihe Juneng Investment Partnership contributing RMB 200,000 [1][9] - The existing shareholder, Nanjing Xihe, has agreed to waive part of its preemptive rights based on its contribution ratio [1][9] - The transaction does not meet the criteria for a major asset restructuring as per relevant regulations [2][10] Related Party Information - The controlling shareholder, Wu Ningchen, holds an 85.71% stake in Nanjing Xihe, which qualifies it as a related party [2][4] - Nanjing Xihe has not yet conducted any business and lacks financial data [2][4] Target Company Details - Nanjing Zhihe Energy focuses on the research, production, and sales of organic Rankine cycle (ORC) power generation systems [4][5] - The company aims to enhance its capital structure and operational capacity through this capital increase, raising its registered capital from RMB 1,000,000 to RMB 3,000,000 [5][7] Financial Performance - As of March 31, 2025, Nanjing Zhihe reported total assets of RMB 1,555.67 million, total liabilities of RMB 858.35 million, and a net asset value of RMB 697.32 million [6] - The company recorded a net loss of RMB 88.22 million for the first quarter of 2025 [6] Strategic Importance - The capital increase is aligned with the company's strategic planning and business needs, facilitating the expansion of Zhihe Energy's operational scale and R&D investment [9][10] - The investment is expected to improve Zhihe Energy's economic efficiency, technological capabilities, and market competitiveness [10][12] Approval Process - The transaction was approved by the company's board and supervisory committee, with independent directors expressing their agreement [11][12] - The transaction does not require shareholder approval as it falls within the board's authority [11][12]

21世纪经济报道记者 孙永乐 上海报道 为洞察下半年资本市场投资机会，兴业证券于5月20日至22日在上海举办"2025年资本市场论坛暨中期策 略会"。 其中，2025年度中期策略会于5月20日上午线上举行，会议展望了2025年下半年宏观经济形势、宏观中 期策略、海外市场及A股中期投资策略。 中国资产是明确的避风港 在全球动荡期，应对不确定的时代，兴业证券全球首席策略分析师张忆东称，全球市场有三大配置机 遇：一是黄金、军工、数字资产；二是科技创新相关的机遇；三是中国资产迎来了配置的机遇期，中国 资产的重估可能刚刚开始。 值得注意的是，关于港股市场的投资策略，张忆东分析称，受益于国际秩序的重构，中国资产的重估会 驱动港股走出长牛，港股的深层逻辑开始发生变化。要战略性做多中国资产，拥抱港股的新时代。 张忆东表示，从行情的节奏看，2025下半年港股会呈现振荡向上，"风雨之后见彩虹"。分两个阶段：第 一阶段属于风雨之中，在二、三季度较长一段时间，在经济风险释放之前，港股会体现底部抬升的大箱 体振荡格局；但到了第二阶段，随着中国经济对冲政策逐步落地，中国经济在下半年将会充分消化关税 的影响，港股将会在三季度迎来基本面和风 ...

Core Viewpoint - Ningbo Homelink Eco-iTech Co., Ltd. has successfully issued convertible bonds to raise funds for its operations, with a total of 7.5 million bonds issued, amounting to RMB 750 million, which will be used for various projects and operational needs [2][14][27]. Section 1: Bond Overview - The bond issuance was approved by the company's board and shareholders, with the registration approved by the China Securities Regulatory Commission [2][3]. - The bonds will be traded on the Shenzhen Stock Exchange starting January 18, 2024, under the name "Homelink Convertible Bonds" with the code "123236" [3][27]. - The bonds have a fixed interest rate of 1.80% for the first five years and 2.00% for the sixth year, with annual interest payments [3][4]. Section 2: Company Overview - Ningbo Homelink Eco-iTech Co., Ltd. specializes in the research, production, and sales of plastic products, biodegradable materials, and plant fiber products, providing green packaging solutions for various industries [11][12]. - The company reported a revenue of RMB 2.33 billion for the reporting period, a 35.16% increase year-on-year, with a net profit of RMB 57 million, up 25.68% [12][13]. Section 3: Financial Performance - The company's gross profit margin decreased to 17.62%, down 1.61% from the previous year, attributed to lower capacity utilization and increased costs [13]. - The company’s total assets increased by 10.57% to RMB 4.55 billion, while the asset-liability ratio rose to 59.81% [12][13]. Section 4: Fund Utilization - The net proceeds from the bond issuance, after deducting issuance costs, are planned to be invested in specific projects, including the production of biodegradable materials [14][15]. - As of December 31, 2023, the company had allocated RMB 50.09 million of the raised funds to its projects, achieving 67.34% of the planned investment [15][18]. Section 5: Debt Management - The company has established a series of measures to ensure timely repayment of the bonds, including regular financial disclosures and adherence to the bondholder meeting rules [21][23]. - The first interest payment of RMB 2.00 per bond was made on December 23, 2024, confirming the company's commitment to fulfilling its debt obligations [24][21]. Section 6: Credit Rating - The credit rating agency maintained the company's long-term credit rating at AA- and the bond rating at AA-, with a stable outlook [24].

Core Viewpoint - The supply side of non-financial enterprises in the A-share market is still in a bottoming phase, with both inventory and capacity remaining weak, but there are signs of marginal recovery on the demand side [1][3][6]. Supply Side Analysis - The supply side is characterized by weak replenishment and expansion intentions, with inventory growth for Q1 2025 at -1.63% year-on-year and stock growth at -4.46%, both showing declines compared to 2024 [1][3]. - The capacity utilization rate for Q1 2025 is at 2.32, down 0.04 from 2024, marking 12 consecutive quarters of decline since mid-2022 [3]. - Expansionary capital expenditure for Q1 2025 has a year-on-year decline of 20.69%, the first negative value since 2018, indicating weak investment intentions among listed companies [3]. Industry Focus - Key industries to focus on include those with relatively tight supply and good profitability, those that have shown signs of recovery from the bottom, and those still on the left side of the turning point but entering the later stages of clearing [1][10]. - Specific industries identified for potential support to performance include metal products, broiler farming, entertainment products, and gaming, with only the entertainment products sector showing high levels of expansionary capital expenditure [1][70]. Detailed Industry Breakdown Cyclical Sector - Industries with tight supply include those with high capacity utilization and low inventory, indicating potential for profitability improvement [12]. - Industries at the bottom include construction materials, chemicals, and photovoltaic power, which are experiencing supply structure optimization [12][25]. Manufacturing Sector - Tight supply industries include cable components, photovoltaic auxiliary materials, and metal products, with low expansionary capital expenditure [26][40]. - Bottomed industries include the new energy chain and military electronics, which are likely to face hard constraints on future production capacity [26][37]. Consumer Sector - Tight supply industries include broiler farming and entertainment products, with the latter showing high expansionary capital expenditure [41][54]. - Bottomed industries include pharmaceuticals and food processing, with signs of marginal improvement in capacity utilization and profitability [41][49]. TMT Sector - Tight supply industries include gaming, with low expansionary capital expenditure, indicating hard constraints on future supply [55][69]. - Industries at the bottom include electronic components and security equipment, with potential for recovery in capacity utilization and profitability [55][63].

2025Q1全国原煤产量同比增8.1%至12.03亿吨，增幅主要源于2024年山西安全检查导致的低基数效应， 若按年化测算，全年产量已经回归至同比微增的常态。当前行业普遍采取"以量补价"策略应对市场压 力，短期依然受"减产受损、增产受益"的博弈影响。但是，当前行业亏损面过半，有形和无形的手都可 期待发挥作用，预计产量增速拐点即将显现。焦煤方面，25Q1精煤洗选率降至36.4%。同时，焦煤长期 资源枯竭问题凸显，一方面煤企积极参与优质资源整合收购，另一方面是本轮资源的释放需要时 间。"资源瓶颈+开发时间差"为未来一段时间的价格提供供给端的支撑，进而强化生产端的价格托底逻 辑。 进口：三大进口国预期减量，边际定价锚点抬升 1)今年2月，印尼能源与矿产资源部要求所有煤炭销售使用HBA价格定价，随着定价政策落地，采购印 尼煤面临成本随之增加。目前，印尼高成本矿山亏损面扩大，全年出口或延续减量。同期，我国进口印 尼煤到岸价与内贸价格倒挂，预计全年印尼煤进口量有限。2)俄罗斯煤企亏损加剧，叠加远东运力瓶颈 难解，预计进口俄动煤将持续减量;3)蒙古焦煤受山西增产及口岸库存高企制约，进口量有望同比下 降。 兴业证券主要观点如 ...

Core Viewpoint - The chemical industry is currently at the bottom of its cycle, with prices and spreads still stabilizing, while demand is expected to improve with government policies aimed at economic recovery [1] Group 1: Industry Overview - The chemical industry is experiencing a bottoming phase, with most chemical prices and spreads still in a stabilization process [1] - Domestic capacity is gradually being released, leading to a significant slowdown in supply growth [1] - The report suggests focusing on sectors with relatively certain demand, such as agricultural chemicals and the civil explosives industry benefiting from western development [1] Group 2: Key Recommendations - Emphasis on long-term value of leading companies in the chemical sector, as core assets are expected to see profit and valuation recovery [1] - Recommended leading companies include Wanhua Chemical, Hualu Hengsheng, Huafeng Chemical, Longbai Group, Yangnong Chemical, New Hecheng, Satellite Chemical, Baofeng Energy, Hengli Petrochemical, and Rongsheng Petrochemical [1] Group 3: Subsector Insights - Agricultural chemicals show rigid demand, with steady growth in grain planting area and recovery in compound fertilizer volume and profit [2] - The civil explosives industry is driven by domestic demand, particularly in regions like Xinjiang and Tibet, with increasing concentration benefiting leading companies [2] Group 4: New Material Opportunities - The domestic replacement of chemical new materials is accelerating due to trade tariffs and anti-monopoly pressures [3] - Key areas include adsorption separation materials, lubricating oil components, OLED materials, and high-end photoresists, with specific companies recommended for investment [3] Group 5: Price Recovery Potential - Certain sectors may see profit improvements as supply growth slows and policy constraints are anticipated, particularly in organic silicon and spandex industries [4] - The petrochemical sector may present strategic opportunities following a potential bottoming of oil prices, with recommendations for strategic layouts in refining and downstream polyester filament industries [4]

智通财经APP获悉，兴业证券发布研报称，当前美容护理整体推荐顺序，个护>化妆品>线下美护，个护 板块由于线上化所带来的竞争格局变化，给国货品牌带来突围机会。国民收入提高与健康需求增强推动 个护行业市场规模稳步扩大，国货替代空间大，民族自信与技术创新推动国货品牌市场份额持续提升， 渠道红利仍存，带来结构性竞争格局变化机会。25Q1化妆品行业增速超预期，渠道表现分化，外资增 长乏力，面临业绩+撤柜双重压力，品牌壁垒松动;头部国货品牌持续推新，顺应"香氛经济"趋势，扩充 大单品矩阵。医美行业成长性属于消费板块头部，供给创造需求。 兴业证券主要观点如下： 个护：行业延续增长，抖音个护GMV增速领跑化妆品，线上化带来新机遇 抖音渠道红利驱动个护线上化加速，2024年抖音个护GMV增速达38.86%，显著高于化妆品。线上化带 来竞争格局变动，头部国货品牌凭借技术专利与全域运营能力抢占增量。建议配置以下属性标的：(1) 技术护城河明确(抗敏/益生菌/智肽等专利布局)，具备一定品牌力;(2)全域运营能力突出(线上发展快，抖 音GMV增速突出)，推荐登康口腔、润本股份，建议关注拉芳家化、若羽臣等兼具技术迭代实力与渠道 把控力的 ...

兴业证券股份有限公司 关于深圳市誉辰智能装备股份有限公司 保荐机构名称： 被保荐公司名称： 兴业证券股份有限公司 深圳市誉辰智能装备股份有限公司 联系方式：13564617817 保荐代表人姓名：尹涵 联系地址：上海市浦东新区长柳路 36 号丁 香国际商业中心东塔 10 层 联系方式：13501787067 保荐代表人姓名：王海桑 联系地址：上海市浦东新区长柳路 36 号丁 香国际商业中心东塔 10 层 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为深圳市誉辰 智能装备股份有限公司（以下简称"誉辰智能"或"公司"）首次公开发行股票并在科 创板上市的持续督导机构，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》《上市公司监管指引第 2 号—上市公司募集资金管理和使用的监管要求》等法律法 规的有关规定，对誉辰智能进行持续督导，并出具本年度持续督导跟踪报告。 于上市公司股东的净利润-12,798.75 万元，同比下降 327.99%；归属于上市公司股东的 扣除非经常性损益的净利润-13,570.64 万元，同 ...