证券研究报告·行业研究·汽车与零部件 AI+汽车智能化系列之四—— FSD入华或加速车企淘汰赛进程 证券分析师：黄细里 执业证书编号：S0600520010001 联系邮箱： huangxl@dwzq.com.cn 联系电话：021-60199793 2024年5月13日 投资要点 ...

Summary of Conference Call Notes Industry or Company Involved - The report primarily discusses the macroeconomic implications of the Biden administration's recent tariff increases on China, particularly focusing on the clean energy and manufacturing sectors. Core Points and Arguments - **Political Motivation Behind Tariffs**: The Biden administration's tariff increases are seen as a strategic move to gain electoral support in key swing states, particularly in the "Rust Belt" regions like Pennsylvania and Michigan, where manufacturing jobs are crucial [1][2][4]. - **Scale of Tariff Increases**: The recent tariffs amount to $18 billion, which is significantly smaller than previous tariffs imposed during the Trump administration, representing only 3.6% of China's exports to the U.S. in 2023 [1][4]. - **Specific Tariff Rates**: Tariffs on electric vehicles have increased from 25% to 100%, while tariffs on lithium batteries and solar cells have also seen significant increases [1][4]. - **Impact on U.S. Clean Energy Sector**: The tariffs are intended to bolster the U.S. clean energy sector, which saw a record investment of $239 billion in 2023, a 38% increase from 2022 [2][4]. - **Limited Direct Impact on China**: The direct impact of these tariffs on China is expected to be limited, as the tariffs target specific products and the overall scale is relatively small compared to previous measures [1][4]. - **Export Structure Analysis**: The report highlights that steel, aluminum, and the "new three" (electric vehicles, solar cells, and lithium batteries) constitute a significant portion of China's exports, with over 20% of lithium battery exports going to the U.S. [4][24]. - **Concerns Over Trade Restrictions**: There are warnings about potential U.S. restrictions on transshipment trade, which could have broader implications for global trade dynamics [5][24]. Other Important but Possibly Overlooked Content - **Biden's Balancing Act**: The administration is attempting to balance the need for electoral support with the desire to maintain a workable relationship with China, leaving room for negotiation and adjustment in policy [4][5]. - **Long-term Strategy**: The report suggests that the Biden administration's approach is part of a broader strategy to enhance domestic manufacturing and clean energy capabilities while managing international trade relations [2][4]. - **Risk Factors**: Potential risks include slower economic recovery due to policy implementation delays and the possibility of a significant downturn in overseas economies affecting exports [5][24]. This summary encapsulates the key insights from the conference call, focusing on the implications of the recent tariff increases and their broader economic context.

东吴证券股份有限公司 章程 （2024 年 5 月修订） 1 目录 | 第一章 | 总则 | | --- | --- | | 第二章 | 经营宗旨和经营范围 | | 第三章 | 股份 | | 第一节 | 股份发行 | | 第二节 | 股份增减和回购 | | 第三节 | 股份转让 | | 第四节 | 股权管理 | | 第四章 | 股东和股东大会 | | 第一节 | 股东 | | 第二节 | 股东大会的一般规定 | | 第三节 | 股东大会的召集 | | 第四节 | 股东大会的提案与通知 | | 第五节 | 股东大会的召开 | | 第六节 | 股东大会的表决和决议 | | 第五章 | 董事会 | | 第一节 | 董事 | | 第二节 | 独立董事 | | 第三节 | 董事会 | | 第四节 | 董事会专门委员会 | | 第五节 | 董事会秘书 | | 第六章 | 总经理及其他高级管理人员 | | 第七章 | 监事会 | | 第一节 | 监事 | | 第二节 | 监事会 | | 第八章 | 风险、合规管理与内部控制 | | 第九章 | 党委 | | 第十章 | 财务会计制度和利润分配 | | 第一节 | 财务会计制 ...

证券代码：601555 股票简称：东吴证券 公告编号：2024-034 东吴证券股份有限公司关于完成注册资本工商变更 登记及修订公司《章程》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、准确性和完整性承 担法律责任。 2024 年 3 月 7 日，东吴证券股份有限公司（以下简称"公司"） 召开 2024 年第二次临时股东大会，审议通过了《关于公司注销回购 A 股股份并减少注册资本的议案》，同意公司注销回购 A 股股份 38,799,814 股并相应减少注册资本，授权董事会并同意董事会进一 步授权公司经营管理层具体办理上述注销回购 A 股股份并减少注册 资本相关事宜，包括但不限于在注销该部分股份后具体办理公司注册 资本工商变更手续，并相应修订公司《章程》中的相关条款（详见公 司公告 2024-017）。 2024 年 3 月 22 日，公司披露了《东吴证券股份有限公司关于回 购 A 股股份注销实施公告》（详见公司公告 2024-019）。同日，公司 完成了上述回购 A 股股份的注销工作。 近日，公司完成了上述注册资本减少的工商变更登记，并取得了 江 ...

Summary of the Conference Call on Heavy-Duty Trucks Industry Industry Overview - The report focuses on the heavy-duty truck (HDT) industry, particularly the export market and its growth potential, highlighting the significant contribution from regions such as the Commonwealth of Independent States (CIS), Africa, Southeast Asia, and the Middle East [2][4][21]. Key Insights Export Growth - The export of heavy-duty trucks has seen explosive growth since 2021, with sales increasing from 61,000 units in 2020 to 276,000 units in 2023, representing a compound annual growth rate (CAGR) of 65.4% [2][9]. - The CIS, Africa, and Southeast Asia are identified as the top three export markets, accounting for 81.7% of total exports in 2023, with sales of 136,000, 64,000, and 43,000 units respectively [2][21]. Market Potential - The total overseas market for heavy-duty trucks is estimated at over 1.54 million units, with a reachable market size of approximately 560,000 units. The potential export volume in the next 3-5 years could reach around 400,000 units, indicating a growth potential of 45.7% [2][34]. - The report categorizes markets into three segments: difficult-to-reach (Europe, North America, East Asia, South Asia), reachable but slow to develop (Latin America, Australia), and high-potential markets (Southeast Asia, Middle East) [2][34]. Competitive Landscape - China National Heavy Duty Truck Group (CNHTC) leads the export market with a 43.7% share, followed by Shaanxi Heavy Duty Automobile, FAW Jiefang, and Dongfeng Motor [4]. - The report emphasizes that the competitive advantage of Chinese brands lies in their reliability, cost-effectiveness, and adaptability to different market needs [4][36]. Future Outlook - The report forecasts that the market share of Chinese heavy-duty trucks in overseas markets will increase from 17.9% to 26.2% over the next 3-5 years, with the CIS and Africa expected to dominate with shares of 80% and 85% respectively [2][4]. - The potential for growth in the Southeast Asian and Middle Eastern markets is highlighted, with expected market shares of 60% in these regions [2][4]. Risks and Challenges - Potential risks include slower-than-expected recovery in the domestic freight market, geopolitical uncertainties affecting exports, and intensified competition in overseas markets [4][36]. Additional Insights - The report notes that the export products primarily consist of tractors and cargo trucks, with tractors showing the highest growth rate in exports [14]. - The report also provides a detailed breakdown of market sizes and competitive dynamics across various regions, emphasizing the dominance of European and North American brands in their respective markets [35][50]. This comprehensive analysis underscores the significant growth potential for Chinese heavy-duty truck manufacturers in international markets, driven by strategic exports and competitive advantages.

2024年5月9日，公司完成兑付本期短期融资券本息共计人民币 2,023,360,655.74元。 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、准确性和完整性承 担法律责任。 东吴证券股份有限公司（以下简称"公司"）于2023年12月11 日成功发行东吴证券股份有限公司2023年度第十九期短期融资券,发 行总额为人民币20亿元，票面利率为2.85%，期限为150天，兑付日期 为2024年5月9日。 证券代码：601555 股票简称：东吴证券 公告编号：2024-033 东吴证券股份有限公司 2023 年度第十九期短期融资券 兑付完成的公告 2024 年 5 月 11 日 特此公告。 东吴证券股份有限公司董事会 ...

Investment Rating - The report maintains an "Outperform" rating for Soochow Securities with a target price of Rmb 8.61 [1][3][17]. Core Insights - Soochow Securities, a regional brokerage, excels in bond underwriting and benefits from a robust risk control system and comprehensive business expansion, particularly in the Yangtze River Delta development [3][17]. - In 2023, the company achieved a revenue of Rmb 11.28 billion, a year-on-year increase of 7.6%, and a net profit attributable to shareholders of Rmb 2 billion, up 15.4% year-on-year [3][17]. - The company's investment profit (including fair value) surged by 267.4% year-on-year to Rmb 2.35 billion in 2023, indicating strong performance driven by proprietary trading [20][21]. Financial Performance Summary - For 2023, Soochow Securities reported: - Revenue: Rmb 11.28 billion, up 7.6% YoY - Net Profit: Rmb 2 billion, up 15.4% YoY - EPS: Rmb 0.40, ROE: 5.2%, up 0.5 percentage points YoY - Q4 2023 revenue: Rmb 3.24 billion, up 83.5% YoY; NPAtS: Rmb 260 million, down 48.7% YoY [3][17]. - For Q1 2024: - Revenue: Rmb 2.23 billion, down 1.3% YoY - Net Profit: Rmb 460 million, down 21.8% YoY - EPS: Rmb 0.09, ROE: 1.14%, down 0.37 percentage points YoY [3][17]. Brokerage and Investment Banking Performance - Brokerage income faced pressure in 2023, with a total market average daily trading volume of Rmb 962.5 billion, down 4.0% YoY [18]. - The company's brokerage income for 2023 was Rmb 1.64 billion, down 9.9% YoY, while Q1 2024 brokerage income was Rmb 370 million, down 6.8% YoY [18]. - Investment banking income for 2023 was Rmb 1.08 billion, down 4.3% YoY, with a notable decline in equity underwriting volume by 38.3% YoY, while bond underwriting volume increased by 12.4% YoY [19]. Asset Management and Proprietary Trading - Asset management income in 2023 was Rmb 110 million, down 45.0% YoY, but saw a significant increase in Q1 2024 to Rmb 40 million, up 64.0% YoY [20]. - The total scale of asset management business reached Rmb 61.39 billion by the end of 2023, with active management scale at Rmb 53.91 billion [20]. - Proprietary trading was a key driver of overall performance growth in 2023, with investment profit reaching Rmb 2.35 billion [20]. Earnings Forecast - The forecast for EPS from 2024 to 2026 is Rmb 0.40, Rmb 0.42, and Rmb 0.46 respectively, with BVPS projected at Rmb 8.61, Rmb 9.08, and Rmb 9.56 [21].

Investment Rating - The report maintains an "Outperform" rating for the company, with a reasonable value range of 7.75-8.61 yuan [1][3] Core Views - The company is positioned as a regional securities firm with advantages in regional bond underwriting and a comprehensive risk control system, benefiting from the development of the Yangtze River Delta [3] - In 2023, the company achieved revenue of 11.28 billion yuan, a YoY increase of 7.6%, and net profit attributable to shareholders of 2.00 billion yuan, a YoY increase of 15.4% [3] - The company's self-operated business drove overall performance growth in 2023, with investment income (including fair value) reaching 2.35 billion yuan, a YoY increase of 267.4% [4] - The asset management business showed strong performance in Q1 2024, with revenue increasing by 64.0% YoY to 40 million yuan [4] Stock Information - The stock closed at 6.80 yuan on May 6, with a 52-week price range of 6.02-9.92 yuan [1] - The total share capital is 4.969 billion shares, all of which are tradable A-shares [1] Financial Performance - In 2023, the company's brokerage business revenue was 1.64 billion yuan, a YoY decrease of 9.9%, while the margin financing balance increased by 12% YoY to 19 billion yuan [3] - The underwriting business revenue in 2023 was 1.08 billion yuan, a YoY decrease of 4.3%, with bond underwriting scale increasing by 12.4% YoY to 41.7 billion yuan [4] - The company has 6 IPO reserve projects, ranking 8th in the market, including 4 on the Beijing Stock Exchange and 2 on the GEM [4] Market Performance - The company's stock showed a 1-month absolute decline of 2.9%, a 2-month decline of 5.6%, and a 3-month increase of 2.3% compared to the CSI 300 index [2] Future Projections - The report forecasts EPS for 2024-2026 to be 0.40/0.42/0.46 yuan, with BVPS of 8.61/9.08/9.56 yuan [4] - Revenue is expected to grow by 8% in 2024, 8% in 2025, and 10% in 2026, reaching 14.41 billion yuan by 2026 [5]

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 24Q1 各项业务下滑幅度优于上市券商均值 z hangyang-yjs@ccnew.com 021-50586627 ——东吴证券(601555)2023 年年报及 2024年一季报点评 证券研究报告-年报点评 增持(维持) 市场数据(2024-04-30) 发布日期：2024年05月06日 收盘价(元) 6.84 2023年年报及 2024年一季报概况:东吴证券2023年实现营业收 一年内最高/最低(元) 9.62/6.22 入112.81亿元，同比+7.58%；实现归母净利润20.02亿元，同比 沪深300指数 3,604.39 +15.38%；加权平均净资产收益率5.16%，同比+0.54个百分点。2023 市净率(倍) 0.84 年拟10派1.88元（含税）。24Q1实现营业收入22.25亿元，同比- 总市值(亿元) 339.86 1.31%；实现归母净利润4.56亿元，同比-21.81%。 流通市值(亿元) 339.86 点评：1.2023年公司投资收益（含公允价值变动）占比出现提高，经纪、 基础数据(2024-03-31) 投行、资管 ...

股 票 研 究 [Table_industryInfo] 综合金融/金融 [ Table_Main[东ITnaf 吴bol]e 证_Ti券tle]( 601555) [评Tab级le_：Inv est] 增持 上次评级： 增持 投行业务承压，差异化优势持续积累 目标价格： 11.21 上次预测： 11.21 公 ——东吴证券2023 年报及 2024 一季报点评 当前价格： 6.84 司 刘欣琦(分析师) 王思玥(研究助理) 2024.05.05 更 021-38676647 021-38031024 [交Ta易bl数e_M据a rket] liuxinqi@gtjas.com wangsiyue028676@gtjas.com 新 52周内股价区间（元） 6.22-9.62 证书编号 S0880515050001 S0880123070151 报 总市值（百万元） 33,986 本报告导读： 总股本/流通A股（百万股） 4,969/4,969 告 流通 B股/H股（百万股） 0/0 2024Q1 投行业绩下滑致使业绩承压；公司坚持功能性定位，差异化特色化优势持续 流通股比例 100% 积累，有望实现差异化发 ...