Core Viewpoint - The article emphasizes the importance of strengthening the leadership of the Party in state-owned financial enterprises, particularly in the context of evolving economic conditions, to ensure effective corporate governance and risk management [1][3]. Group 1: Corporate Governance - The board of directors of Industrial Securities has integrated Party leadership into all aspects of corporate governance, ensuring alignment with national strategies and effective decision-making [3][4]. - A governance structure has been established that includes the Party Committee, Board of Directors, Discipline Inspection Commission, Supervisory Board, and Management, creating a system of checks and balances [3][4]. - The company has implemented a dual-entry and cross-appointment leadership mechanism to enhance the integration of Party leadership and corporate governance [4]. Group 2: Strategic Development - Since the 18th National Congress, the importance of the capital market has increased, prompting Industrial Securities to undertake systematic reforms to achieve its goal of becoming a "first-class securities financial group" [5][6]. - The company has focused on group integration, transforming branch offices into comprehensive marketing and service platforms, and developing a dual-driven business model that combines large institutional and wealth management services [6][7]. Group 3: Financial Services and Social Responsibility - The "Finance for the People" concept is central to the company's operations, emphasizing service to the real economy and sustainable development [8][9]. - Industrial Securities has completed 329 equity financing projects totaling 490.7 billion and 3,047 debt financing projects amounting to 42,319.69 billion, supporting the transformation and high-quality development of enterprises [8]. - The company has established a long-term public welfare investment mechanism, donating nearly 500 million for various charitable projects, and has developed a comprehensive poverty alleviation strategy [11]. Group 4: Risk Management - In response to increasing market volatility and regulatory requirements, Industrial Securities has built a comprehensive risk management system with three lines of defense: the Board of Directors, management, and business departments [12][13]. - The company has implemented a robust risk monitoring and early warning system, ensuring effective management of various risk types, including market, credit, and operational risks [13]. Group 5: Future Outlook - As the capital market continues to play a crucial role in supporting the real economy and promoting high-quality development, Industrial Securities aims to leverage historical opportunities and enhance investor protection and shareholder returns [14].

兴业证券股份有限公司 关于厦门厦钨新能源材料股份有限公司 首次公开发行股票并在科创板上市 及2022年向特定对象发行股票 之持续督导保荐总结报告书 恪守业务规范和行业规范，诚实守信、勤勉尽责，对公司进行尽职调查，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、中国 证监会的审核，组织公司及中介机构对上海证券交易所、中国证监会的意见进行 答复，并与上海证券交易所、中国证监会进行专业沟通；按照交易所上市规则的 要求向上海证券交易所提交推荐股票上市及向特定对象发行股票相关文件，并报 中国证监会注册，最终顺利完成对公司的保荐工作。 （二）持续督导阶段 公司首次公开发行股票及 2022 年向特定对象发行股票完成后，本保荐机构 针对公司具体情况确定了持续督导的内容和重点，并承担了以下相关工作：督导 公司规范运作，关注公司内部控制制度建设和内部控制运行情况；督导公司履行 信息披露义务，审阅信息披露相关文件，督导公司合规使用与存放募集资金；持 续关注公司相关股东的承诺履行情况；督导公司有效执行并完善保障关联交易公 允性和合规性的制度；对公司董事、监事和高级管理人员等进行持续督导培训； 持续关注公司经 ...

Core Viewpoint - The central bank's monetary policy focus has shifted towards stabilizing growth, reducing the likelihood of significant adjustments in the bond market similar to Q1 2025, while presenting opportunities for capital gains in the bond market [1] Group 1: Monetary Policy Changes - The Q1 2025 monetary policy report shows minimal changes in wording compared to Q4 2024, but clear shifts in the central bank's stance are evident [1] - The main narrative for the bond market moving forward is expected to be "increased external pressure → prioritization of stable growth → reduction in money market and deposit rates → downward shift in bond yield curve" [1] - Two significant changes in monetary policy tools were noted: the suspension of government bond purchases on January 10 and the modification of MLF operations on March 24 to fixed quantity, interest rate bidding, and multi-price bidding [1][2] Group 2: Government Bond Operations - The central bank's suspension of government bond purchases is described as "temporary," with plans to resume based on market supply and demand conditions [2] - This suspension reduces the interest rate risk associated with holding government bonds, suggesting a likelihood of resuming purchases if rates rise significantly for macroprudential reasons [2] Group 3: MLF Operation Reform - The central bank has clarified that MLF will transition from a policy interest rate tool back to a liquidity provision tool [3] - The recent announcement on May 7 regarding reserve requirement ratio cuts and new structural tools indicates a shift towards a more accommodative monetary policy stance [3] Group 4: Insights from the Q1 2025 Monetary Policy Report - The Q1 2025 report introduced six sections instead of the usual four, providing additional insights into policy assessments [4] - Section 4 emphasizes the need for improved management of interest rate risks for investors, indicating significant macroprudential influences on monetary policy execution and bond market operations [4] - Section 5 highlights that China's government debt is supported by assets, suggesting substantial room for fiscal policy expansion, with monetary policy actively complementing fiscal measures [4] - Section 6 addresses the imbalance between strong supply and weak demand in the real economy, indicating that future monetary policy will likely focus on boosting effective demand, particularly in consumer spending and service sectors [4]

证券代码：601377 证券简称：兴业证券 公告编号：临 2025-014 兴业证券股份有限公司 二○二五年五月九日 为进一步加强与投资者的互动交流，兴业证券股份有限公司（以下简称"公 司"）将参加由福建证监局指导，福建省上市公司协会主办与深圳市全景网络有 限公司联合举办的"2025 年福建辖区上市公司投资者网上集体接待日活动"，现 将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次互动交流，活动时间为 2025 年 5 月 14 日（周三）15:30-17:00。届时 公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、融资 计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流， 欢迎广大投资者踊跃参与。 特此公告。 兴业证券股份有限公司 董 事 会 关于参加 2025 年福建辖区上市公司投资者 网上集体接待日活动的公告 本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 ...

Core Viewpoint - The recent press conference by the State Council emphasized a comprehensive financial policy package aimed at stabilizing the market and expectations, with a balanced approach between bottom-line support and development initiatives [1] Group 1: Monetary Policy Measures - The People's Bank of China (PBOC) announced a series of interest rate cuts, including a 25 basis points reduction in the housing provident fund loan rate, effective May 8, and a comprehensive reduction in the 7-day reverse repurchase rate [1][2] - The PBOC's proactive measures include a total reduction in the reserve requirement ratio (RRR) and interest rates, with the RRR cut scheduled for May 15 [1][2] Group 2: Support for Technology and Innovation - The PBOC increased the quota for re-lending for technological innovation and technical transformation from 500 billion yuan to 800 billion yuan, aiming to support tech enterprises [2] - The China Securities Regulatory Commission (CSRC) plans to promote the development of technology innovation bonds and establish risk-sharing tools for these bonds [2] Group 3: Capital Market Stability - The CSRC is focused on encouraging long-term capital inflows into the market, with initiatives such as the "Action Plan for High-Quality Development of Public Funds" [3] - The PBOC supports the Central Huijin Investment Ltd. in increasing its holdings of index funds, providing sufficient re-lending support [3] Group 4: Real Estate Market Support - The PBOC will lower the personal housing provident fund loan rate by 25 basis points, which is expected to save residents over 20 billion yuan annually in interest payments [4] - The financial regulatory authority is expediting the introduction of financing systems that align with new models of real estate development [4] Group 5: Consumer Sector Support - The PBOC will temporarily reduce the reserve requirement ratio for auto finance and financial leasing companies to 0%, facilitating financial support for automotive consumption and equipment upgrades [5] - A new 500 billion yuan "Service Consumption and Elderly Care Re-lending" program will be established to encourage financial institutions to support key service sectors and the elderly care industry [5]

Investment Rating - The report maintains a positive outlook on the brokerage sector, highlighting high profitability and valuation discrepancies under favorable market conditions [8]. Core Insights - In Q1 2025, the brokerage sector's net profit attributable to shareholders increased by 83% year-on-year and 19% quarter-on-quarter, driven by strong performance in brokerage and proprietary trading [3][14]. - The report emphasizes the growth in light capital business, particularly in retail brokerage, while investment banking faced challenges with IPOs but saw significant growth in refinancing [4][8]. - The investment business is identified as a key driver for the substantial year-on-year growth in performance, with a notable improvement in investment yield and a reduction in funding costs contributing to net interest income growth [5][8]. Summary by Sections 1. Overview - The brokerage sector experienced double-digit asset expansion and significant year-on-year profit growth, with improved operational efficiency [10][11]. 2. Light Capital Business - Retail brokerage business thrived, with brokerage income rising to 32.7 billion yuan, a 49% increase year-on-year, while investment banking income grew by 5% to 6.7 billion yuan [4][12]. 3. Capital Business - Investment income surged by 44% to 59.1 billion yuan, with proprietary trading income reaching 48.7 billion yuan, a 45% increase year-on-year [8][14]. 4. Investment Analysis and Valuation - The report recommends focusing on companies with strong merger and acquisition potential and those with high earnings elasticity, such as China Galaxy and CICC [8][19].

上天天基金APP搜索【777】领 98 元券包 ，优选基金10元起投！限量发放！先到先得！ 中信证券：A股将继续呈现风偏回暖、主题轮动特征 展望5月，中信证券预计风险偏好还有回升空间，A股将继续呈现风偏回暖、主题轮动的特征，以低机构持仓 的主题型交易机会为主。但从经济层面来看，真实的影响已经悄然发生，中信证券预计中美经济在二季度尾声 可能会面临新的变数。 配置上，除了短期的热点主题轮动，中信证券依然建议聚焦三个不变的大趋势：一是中国自主科技能力的提升 趋势不会动摇；二是欧洲重建自主防务，提升能源、基建和资源储备的趋势不会动摇；三是中国势必要走 通"双循环"，加速完善社会保障并激发内需潜力是政策的必选项。 广发证券：景气投资回归 短期A股考虑三重因素：一是一些负面的一季报靴子落地；二是TMT反应度模型已经处于下限位置；三是国内 外大厂在大模型、算力芯片、端侧、AI应用的进展不断，5月—6月继续看好科技股的机会。 中期角度来说，回到三类资产对应的三个模型，在出现地产周期大反弹或科技应用大爆发之前，中长期对中性 股息组合保持关注。另外，考虑到国内科技大厂资本开支正在加大、产业链订单开始释放，景气成长组合以及 所代表 ...

证券代码：601377 证券简称：兴业证券 公告编号：临2025-013 兴业证券股份有限公司 第六届董事会第三十次会议决议公告 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"或"兴业证券"）第六届董事会第三十次会议于2025年4月25日 以电子邮件方式发出会议通知，于2025年4月30日以通讯方式召开。公司现有董事9名，全体董事参加会 议。会议的召集、召开及表决程序符合《公司法》及《兴业证券股份有限公司章程》的相关规定。 本次会议审议通过了以下议案： 表决结果：同意9票；反对0票；弃权0票。 三、《关于聘任首席信息官的议案》 根据《兴业证券股份有限公司章程》《兴业证券股份有限公司首席类管理人员管理办法》以及相关监管 规定，经董事会薪酬与考核委员会提名，董事会同意聘任蒋剑飞先生为公司首席信息官，任期至第六届 董事会任期届满之日止。 蒋剑飞先生未持有本公司股票，与公司其他董事、监事、高级管理人员、实际控制人及持股5%以上股 东不存在关联关系，未受过中国证监会及其他有关部门的处罚和证券交易所 ...

Core Viewpoint - The export chain of listed companies in Q1 2025 is expected to perform well, driven by factors such as foreign trade enterprises "grabbing exports," accelerated expansion of mid-to-high-end products in overseas markets, and the ongoing efforts of the "Belt and Road" initiative. The net profit growth rate of the export chain in Q1 2025 is projected to be 15.33%, a significant increase of 14.54 percentage points compared to 2024A [1]. Group 1: Export Chain Performance - The net profit growth rate of the export chain in Q1 2025 is 15.33%, up from 0.80% in 2024A, outperforming the overall non-financial A-share market, which saw a decline of 12.94% [1]. - The export chain's performance indicates strong support from external demand over the past six months [1]. Group 2: Industry Overseas Revenue Proportion - As of the end of 2024, the highest overseas revenue proportion is in the electronics industry at 41.7%, followed by home appliances at 38.5% [2]. - Industries with over 20% overseas revenue proportions include automotive (26.5%), machinery manufacturing (23.8%), and light industry manufacturing (22.5%) [2]. - The light industry manufacturing sector saw a significant increase in overseas revenue proportion, rising by 4.76 percentage points compared to 2023 [2]. Group 3: Trends in Overseas Revenue - Since 2018, sectors such as automotive, personal care, and machinery have rapidly increased their overseas revenue proportions, reflecting a trend towards high-end, intelligent, and green exports [2]. - The electronics and communications sectors have experienced a noticeable decline in overseas revenue proportions due to geopolitical issues [2]. Group 4: Industry-Specific Developments - In 2024, industries such as non-ferrous metals and mid-to-high-end manufacturing have made significant progress in overseas business, with notable increases in overseas revenue proportions [4]. - The sectors with the most substantial marginal improvements in overseas revenue proportions include other electronics (+15.06 percentage points) and home goods (+9.23 percentage points) [4]. Group 5: Exposure to International Markets - The report categorizes industries based on their exposure to various international markets, highlighting those with high exposure to the U.S. and those with declining exposure [6]. - Industries currently with high exposure to the U.S. include home appliances, medical devices, and computer equipment, while sectors like communications and media have seen a decrease in U.S. exposure [6].

公司研究 证 券 研 究 报 告 ROE 环比有所回落，轻资本业务高基数下回落 事项： 兴业证券发布 2025 年一季报。剔除其他业务收入后营业总收入：23 亿元，同 比+29.9%。归母净利润：5.2 亿元，同比+57.3%。 点评： 风险提示：市场交易量回落；资本市场创新不及预期；实体经济复苏不及预期。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万) | 12,354 | 14,479 | 15,064 | 15,879 | | 同比增速(%) | 16% | 17% | 4% | 5% | | 归母净利润(百万) | 2,164 | 2,336 | 2,512 | 2,769 | | 同比增速(%) | 10% | 8% | 8% | 10% | | 每股盈利(元) | 0.24 | 0.27 | 0.29 | 0.32 | | 市盈率(倍) | 24.1 | 21.4 | 19.9 | 18.0 | | 市净率(倍) | 0.91 | ...