| 项目 | 本报告期 | 上年同期 | 增减变动幅度（％） | | --- | --- | --- | --- | | 营业总收入 | 1,235,383.35 | 1,062,716.32 | 16.25 | | 营业利润 | 308,167.76 | 296,331.91 | 3.99 | | 利润总额 | 308,118.73 | 295,209.18 | 4.37 | | 归属于上市公司股东 的净利润 | 216,404.81 | 196,437.10 | 10.16 | | 归属于上市公司股东 | | | | | 的扣除非经常性损益 | 202,317.77 | 186,455.69 | 8.51 | | 的净利润 | | | | | 基本每股收益（元） | 0.2385 | 0.2261 | 5.48 | | 加权平均净资产收益 | 3.81% | 3.70% | 增加 0.11 个 | | 率 | | | 百分点 | | | 本报告期末 | 本报告期初 | 增减变动幅度（％） | | 总资产 | 30,101,579.05 | 27,361,144.53 | 10.02 | | 归属于上市公司 ...

证券代码：601377 证券简称：兴业证券 公告编号：临 2025-005 兴业证券股份有限公司 2025 年第一季度业绩增长快报 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。 本公告所载兴业证券股份有限公司（以下简称"公司"）2025年第一季度主要财 务数据为初步核算数据，未经会计师事务所审计，具体数据以公司2025年第一季度报 告中披露的数据为准，提请投资者注意投资风险。 二、经营业绩和财务状况情况说明 2025年一季度，公司保持战略定力，聚焦金融"五篇大文章"，积极发挥证券金 融机构的功能性，"以客户为中心"做深做细客户综合服务体系，各项业务实现良好 开局。公司当季度实现营业收入27.92亿元，同比增长17.48%；实现归属于上市公司股 东的净利润5.16亿元，同比增长57.32%。公司当季度收入和净利润增长的主要原因是 财富管理、信用交易、投资交易等业务发展良好、业绩稳步增长。 三、风险提示 本公告所载2025年第一季度主要财务数据为初步核算数据，未经会计师事务所审 计，相关数据可能与公司2025年第一季度报告中披露 ...

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 ...

公募基金费率改革影响下，券商2 0 2 4年的基金分仓佣金收入首份榜单出炉。 天相投顾统计数据显示，2 0 2 4年，券商分仓佣金收入为1 0 6 . 5 2亿元，较2 0 2 3年的1 6 4 . 6 6亿元 下 降 了 3 5% ， 呈 现 " 三 连 降 " 态 势 。 2 0 2 2 年 、 2 0 2 3 年 ， 券 商 分 仓 佣 金 收 入 的 同 比 降 幅 分 别 为 1 5%、11%。 分仓佣金规模下滑主要有两方面原因，一是公募基金股票交易量在下降 ，据天相投顾统计， 2 0 2 4年公募基金的股票交易量为2 0 . 5 1万亿元，较2 0 2 3年的2 2 . 3 4万亿元减少了约8%； 二是 公募基金证券交易佣金率降幅明显 ，2 0 2 3年的佣金率为万分之7 . 3 7，而2 0 2 4年佣金率约为万 分之5 . 1 9。 2 1 世 纪 经 济 报 道 记 者 注 意 到 ， 分 仓 佣 金 " 蛋 糕 " 缩 小 的 过 程 中 ， 各 家 券 商 的 收 入 表 现 呈 现 分 化。 以大中型券商为例，同比口径下，2 0 2 4年，华泰证券、广发证券、浙商证券的分仓佣金收入 降 ...

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]