兴业证券股份有限公司 独立董事 2024 年度述职报告 （潘越） 本人潘越，作为兴业证券股份有限公司（以下简称"公司"）独立董事，严 格按照《公司法》《证券公司治理准则》《上市公司治理准则》等法律法规、规范 性文件，及《兴业证券股份有限公司章程》（以下简称《公司章程》）、《兴业证券 股份有限公司独立董事工作制度》等要求，忠实勤勉履职，在会计领域具备丰富 的专业知识和经验，能够积极有效履行独立董事职责，有效维护公司股东、特别 是中小股东的合法权益。现就本人 2024 年度的履职情况报告如下： 一、独立董事的基本情况 作为公司独立董事，本人在会计领域具备丰富的专业知识和经验，符合任职 所必需的条件。经自查，本人持续满足独立性要求，不存在影响独立性的情况。 本人的工作履历、专业背景以及兼职情况如下： 潘越，女，管理学博士（财务管理方向），中国注册会计师，教授，财政部 "全国高端会计人才"。现任公司独立董事，厦门大学社会科学研究处处长，文 科期刊中心主任，经济学院金融系主任、教授、博士生导师，兼任厦门国际银行 股份有限公司独立董事、兴银基金管理有限责任公司独立董事，以及中国总会计 师协会财务管理分会专业委员，中国金融 ...

兴业证券发布研报称，能源清洁化大背景下煤、电利润分配的均值回归仍在路上，2025年初以来火电发 电量降速叠加煤炭库存高企持续对煤价形成压力。年内重点关注内陆火电资产的业绩弹性，长期关注公 用事业属性加强后火电板块价值重估。一方面因2024年北方火电资产盈利能力较弱，2025年度电价并未 出现明显下滑;另一方面2025年初至今坑口煤价持续下跌，在此背景下该行综合判断北方火电资产更加 受益。推荐具备业绩弹性的全国性&京津冀电力资产。持续推荐价值有望重估的电力资产。 兴业证券主要观点如下： 能源清洁化大背景下煤、电利润分配的均值回归仍在路上，2025年初以来火电发电量降速叠加煤炭库存 高企持续对煤价形成压力 上一次火电行业利润阶段高点出现在2015年，主要原因为煤价因供需错配在2011-2015年连续下跌，火 电占据了煤、电利润分配的主导权。2021年国内煤价受下游需求拉动持续冲高，煤炭行业占据利润分配 主导权，同时火电企业因燃料成本上涨超过下游电价上涨而出现大面积亏损，当年SW火电归母净利润 总额为-418.17亿元。之后国家虽逐步通过提高火电市场电价上浮上限、放开进口煤等手段为火电企业 纾困，但截至2024年Q ...

Core Insights - The number of brokerage apps with over 1 million monthly active users reached 25, showing a positive month-on-month growth with an average increase of 3.35% in March compared to February [1][2] - The highest month-on-month growth was observed in Xinda Securities' app "Xinda Tianxia" with an increase of 5.29%, while the lowest growth was in Huaxi Securities' app "Huacai Rensheng" with an increase of only 2.07% [1][2] Monthly Active User Growth of Brokerage Apps - The top brokerage apps by month-on-month growth in March are as follows: - 1st: "Zhangle Caifutong" by Huatai Securities with a growth of 2.79% [2] - 2nd: "Guotai Haitong Junhong" by Guotai Junan Securities with a growth of 2.66% [2] - 3rd: "Ping An Securities" with a growth of 2.80% [2] - 4th: "Zhaoshang Securities" with a growth of 4.37% [2] - 5th: "CITIC Securities Xin E-Tou" with a growth of 3.95% [2] - 6th: "Guotai Haitong Tongcai" by Haitong Securities with a growth of 2.38% [2] - 7th: "Qingting Diankin" by CITIC JianTou Securities with a growth of 4.09% [2] - 8th: "GF Securities Yitaojin" with a growth of 3.84% [2] - 9th: "Xiaofang" by Fangzheng Securities with a growth of 3.53% [2] - 10th: "China Galaxy Securities" with a growth of 2.75% [2] - Other notable apps include "Xinda Tianxia" by Xinda Securities with a growth of 5.29% and "Yuli Bao" by Industrial Bank with a growth of 5.89% [2]

智通财经APP获悉，兴业证券发表研报称，黄金作为"物化财富"的三大功能凸显：抗通胀、避险及储备 货币属性。随着美国经济深度金融化加剧脆弱性，债务驱动模式难以为继，叠加新兴市场瓦解美元循环 体系，黄金成为美元信用与多元货币体系双重重估工具。历史数据显示，霸权转移期往往伴随金价大 涨，近期各国央行增持黄金印证其政治资产价值。市场层面，地缘风险频发与通胀压力推升黄金需求， 供需失衡或进一步放大价格波动。黄金价格波动本质是国际体系过渡阶段矛盾的市场化表达，在"去美 元化"进程中战略地位持续提升。 兴业证券主要观点如下： 底层货币：稀缺性的物理验证使得黄金保留了货币属性 15世纪首次出现具有全球影响力的货币体系以来，国际货币体系大致历经了银本位-金银复本位-金币本 位制-金块/金汇兑本位制-布雷顿森林体系-牙买加体系6个阶段，世界权力中心经历了热那亚-伊比利 亚、荷兰、英国和美国四个体系周期。货币体系作为霸权转移的杠杆，权力中心的转移通常伴随着货币 体系的变迁。遵循货币找锚与脱锚的演变，黄金在货币体系中的作用从储备功能转为货币之锚，最后非 货币化。历史经验看，面对货币信任机制的崩坏，世界权力中心转移与货币体系混乱的阶段 ...

Group 1 - The core viewpoint emphasizes that China's policy options are more abundant, providing greater space and endurance compared to the U.S. during the trade war stalemate [1] - A-shares are seen as a key factor in boosting confidence, with a belief in the government's commitment to stabilize the capital market [1] - The article suggests that sectors benefiting from European capital expenditure expansion, essential consumer goods, and materials that do not rely on short-term performance will outperform [1] Group 2 - The market is expected to be more self-reliant, with a stable domestic economic foundation and timely responses to external uncertainties [2] - Internal demand and self-sufficiency are highlighted as focal points for economic momentum and short-term policy support [2] - The market is better prepared psychologically to handle external uncertainties compared to the previous trade conflict in 2018 [2] Group 3 - A-shares are anticipated to see a stabilization in risk appetite, with defensive assets likely to yield absolute and relative returns during adjustment phases [3] - The technology sector is expected to gain weight in the market as confidence in capital market stability increases [3][4] - The next phase of A-share market growth is likely to be driven by structural technology trends [4] Group 4 - The configuration value of the A-share market is expected to rise, supported by a resilient domestic economy and ample policy reserves [5] - The market is projected to achieve stable and healthy long-term development as it adapts to tariff policies [5] Group 5 - The Chinese stock market's upward momentum is not yet over, with a shift in the main contradictions of valuation [6] - A decline in discount rates is identified as a key driver for the stock market's rise by 2025 [6] Group 6 - The market's downward volatility risk is considered limited, with a focus on internal demand policies [7] - The upcoming months are expected to see more fiscal policy implementation, particularly in May and June [7] Group 7 - The A-share market is viewed as having controllable downside risks and potential for upward movement, with a focus on sectors experiencing local economic recovery [9] - Recommendations include sectors with high free cash flow and low penetration but high growth potential, such as AI and humanoid robots [9] Group 8 - The resilience of A-shares and the government's determination to stabilize the stock market are emphasized, with a favorable outlook for medium to long-term investments [10] - The A-share market is expected to maintain an advantage over global indices due to valuation benefits [10] Group 9 - The short-term equity market is in a consolidation phase, but domestic policy support and resilient internal demand are expected to maintain its relative strength [11] - Focus areas include domestic technology self-sufficiency and quality assets benefiting from domestic demand expansion [11] Group 10 - The expectation of a rebound in global recession forecasts suggests a need for China to find suitable demand to maintain its manufacturing capacity advantage [13] - Recommended sectors include consumer industries benefiting from domestic demand and resource products amid global economic restructuring [13]

Core Viewpoint - The current market is characterized by a "stable East and turbulent West" global macro environment, emphasizing the need for confidence and a focus on internal certainties [1] Group 1: Market Environment - Since April, external uncertainties have continued to disrupt the market, with the U.S. imposing a 245% tariff on China and trade negotiations between the U.S. and EU at a standstill [1][2] - The domestic economy remains stable, with a Q1 GDP growth of 5.4% and signs of recovery in March, which is expected to further stabilize market confidence [3] - The Chinese government has actively responded to external uncertainties, with measures to stabilize the stock market and promote healthy development in the real estate sector [3][5] Group 2: Investment Focus - Internal demand and self-sufficiency are seen as key areas for long-term economic transition and short-term policy support, making them focal points for market attention [5][6] - As the earnings season begins in April, low-performing stocks with strong earnings improvement expectations are identified as having high certainty for future performance, particularly in sectors like consumption, finance, infrastructure, and TMT [7] - Classifying dividend assets into categories such as quasi-bond dividends, cyclical dividends, and consumption dividends, quasi-bond dividends are recommended as stable foundational investments due to their lower volatility and strong correlation with long-term bond yields [8]

证券之星消息，2025年4月14日中控技术(688777)发布公告称公司于2025年4月10日接受机构调研，兴业证券、博道基金、建信基金、海富通基金 参与。 具体内容如下： 问：如何理解公司出的"1+2+N"工业AI驱动的企业智能运行新架构？ 答：基于工业I的技术发展及公司最新的战略指引，公司在全球率先提出了"1+2+N"工业I驱动的企业智能运行新架构。"1"代表1个工厂操作系统， 实现统一工业数据集成，为工业I奠定强大的数据基座。"2"包括两个核心大模型一个是时间序列大模型TPT(Time-series Pre-trained Transformer)， 打造工业I模型基座，深度挖掘工业数据价值，实现生产过程自动化(Process utomated，P)，帮助用户实现生产过程安全、高效、高质的自主运 行；另一个是超图大模型HGT(Hyper GraphTransformer)，实现企业运营自动化(Business utomated，B)帮助用户实现企业的卓越运营。"N"代表N个 覆盖工业全场景的工业PP/gents，它们如同智能工厂中的"特种兵"，能够在各自的垂直领域内发挥专长，协同作战，让工厂变得更聪明、 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1][30]. Core Insights - The first quarter earnings of brokerage firms are expected to increase significantly, with a maximum year-on-year growth rate of 400% reported by some firms. Eight out of ten firms reported growth exceeding 50% [3][9]. - Several brokerage firms have announced share buybacks to stabilize stock prices and enhance shareholder value amid market volatility [4][9]. - The overall market is showing signs of recovery after significant adjustments, with expectations for further valuation recovery in the brokerage sector as long-term capital enters the market [4][9]. Summary by Sections Investment Recommendations - The report highlights that ten brokerage firms have disclosed their first-quarter earnings, with all showing growth. The low base from the previous year and active market conditions contributed to this performance [9]. - Share buybacks were announced by multiple firms, including Dongfang Securities and Guotai Junan, aimed at maintaining company value and reflecting management confidence in future growth [4][9]. Market Review - Major indices experienced declines, with the Shanghai Composite Index down 3.11% and the ChiNext Index down 6.73%. The non-bank financial index fell by 5.19%, ranking 18th among 31 sectors [10]. - The average daily trading volume in A-shares reached 1.61 trillion yuan, a 41.84% increase from the previous period [13][14]. Key Industry Data Tracking 1. Market Performance and Scale: Major indices saw declines, with the A-share trading volume at 8.06 trillion yuan for the week [13]. 2. Credit Business: As of April 11, the market had 3,173.67 million pledged shares, accounting for 3.92% of total equity [16]. 3. Fund Issuance: In March 2025, new fund issuance reached 1,009.26 million units, a 53.42% increase from the previous month [16]. 4. Investment Banking: In March 2025, the equity underwriting scale was 577.90 billion yuan, with IPOs amounting to 92.18 billion yuan [16]. 5. Bond Market: The total price index for bonds fell by 0.50% since the beginning of the year, with the 10-year government bond yield at 1.66%, up 4.91 basis points [16]. Regulatory Policies and Industry Dynamics - The report notes progress in the acquisition of Wanhe Securities by Guosen Securities, which has been accepted for review by the Shenzhen Stock Exchange [24]. - Recent credit and social financing data exceeded expectations, indicating a robust financial environment [24]. Key Announcements from Listed Companies - Dongfang Securities reported a revenue of 5.382 billion yuan and a net profit of 1.436 billion yuan, with year-on-year changes of 49.04% and 62.08%, respectively [25]. - Guotai Junan's net profit is projected to be between 11.201 billion yuan and 12.445 billion yuan, reflecting a year-on-year increase of 350% to 400% [25].

Core Viewpoint - The Shenzhen Stock Exchange has announced the inclusion of the credit bond ETF Boshi (159396) in the margin trading list, marking it as the only fund among four tracking the Shenzhen benchmark market-making credit bond index to be included [1] Group 1: Market Sentiment and Trends - The market is experiencing heightened risk aversion, leading to a significant increase in bond market sentiment due to a more relaxed funding environment and changes in the central bank's stance [1] - Recent macroeconomic fluctuations and tariff issues have contributed to a broad asset market volatility, further boosting the bond market's performance [1] - Short-term market adjustments are expected, with a potential shift in sentiment from macro narratives to central bank operations and specific funding prices, which may introduce volatility [1] Group 2: Investment Recommendations - Investors are advised to maintain a positive outlook on credit bonds while closely monitoring market sentiment and marginal changes in funding [2] - The current credit bond market is transitioning from an independent trend to following the overall bond market, suggesting a gradual shift from short to medium-term credit bond allocations as interest rates decline [2] - The credit bond ETF Boshi (159396) closely tracks the Shenzhen benchmark market-making credit bond index, reflecting the operational characteristics of the Shenzhen credit bond market [3]

智通财经APP获悉，兴业证券发布研报称，在实际产业应用中，往往会同时考虑光学检测技术与电子检 测技术特性，优势互补使用。明暗场晶圆缺陷检测设备壁垒高市场广，是龙头厂商的兵家必争之地。当 前中美博弈背景下，半导体量检测设备板块具备极大的国产替代空间和极强的自主可控必要性。半导体 量检测市场空间广阔，国产替代需求迫切，该行非常看好半导体量检测设备国产替代带来的投资机会。 兴业证券主要观点如下： 半导体量检测设备：芯片良率关键，光学和电子束技术优势互补 半导体量检测设备主要用于前道晶圆制造和中道先进封装中的工艺控制，是芯片良率的关键。随着半导 体工艺制程的不断缩小，芯片内部结构日趋复杂，同时应用于HBM等新兴领域的2.5D/3D先进封装技术 也快速发展，行业对于工艺控制要求愈发严苛，下游客户对高端半导体质量控制设备的技术要求及需求 量也持续提升。从底层技术上看，目前产业中半导体量检测设备多应用光学和电子束技术，光学检测效 率高，电子束检测精度高，在实际产业应用中，往往会同时考虑光学检测技术与电子检测技术特性，优 势互补使用。 明暗场晶圆缺陷检测设备壁垒高市场广，是龙头厂商的兵家必争之地 风险提示：设备验证和国产化推 ...