Group 1 - The company will suspend large-scale subscription (including regular fixed investment) and conversion transfer business for the招商安本增利债券型证券投资基金 starting from June 16, 2025, if the single or cumulative application amount exceeds 1,000,000.00 yuan [1] - The large-scale subscription and conversion transfer business will resume on June 30, 2025, without further announcement [2] - During the suspension period, other business such as conversion and redemption will continue to be processed as usual [2] Group 2 - Certain funds will suspend subscription, redemption, conversion, and regular fixed investment business on June 19, 2025, due to holidays in major overseas investment markets, and will resume on June 20, 2025 [4] - The announcement specifies that the status of each fund's subscription, redemption, and conversion will be detailed in related announcements [5] - If there are changes in the holiday arrangements of major overseas investment markets, the company will make corresponding adjustments and announcements [6] Group 3 - The company has added Dongwu Securities Co., Ltd. as a broker for on-site subscription and redemption starting from June 16, 2025 [7] - Investors are encouraged to consult the company's website or customer service for detailed information regarding fund operations [8]

Core Insights - Lightweight design is becoming a core direction for humanoid robot iteration, significantly enhancing endurance and dynamic response speed through structural optimization and the use of lightweight materials like magnesium alloy, carbon fiber, and PEEK [1] Group 1: Importance of Lightweight Design - Lightweight design aims to reduce the weight of humanoid robots while meeting functional and performance requirements, allowing for longer endurance and higher dynamic response speed [1] - Leading humanoid robot manufacturers are focusing on lightweight as a core aspect of their product iterations, utilizing self-developed high-torque density motors, topological optimization structures, and composite materials [1] - Current lightweight materials include aluminum alloy, magnesium alloy, carbon fiber, and high-performance engineering plastics like PEEK, with a future trend towards multi-material collaborative applications [1] Group 2: Magnesium Alloy Insights - Magnesium alloy has a density of only two-thirds that of aluminum alloy, showcasing advantages in specific strength, shock absorption, electromagnetic shielding, and processing performance [2] - The industrialization of magnesium alloy has been previously hindered by high costs, complex forming processes, and corrosion resistance issues, but recent improvements in price and processing have boosted its penetration rate [2] - The price of magnesium has decreased, with the magnesium-aluminum price ratio dropping to nearly 1.0, alleviating price pressures [2] - Advances in semi-solid magnesium alloy die-casting technology have improved safety and performance, with leading companies investing in this technology for various applications, including industrial robots [2] Group 3: PEEK Material Characteristics - PEEK exhibits excellent mechanical properties, flame resistance, wear resistance, corrosion resistance, hydrolysis resistance, heat resistance, and biocompatibility, outperforming metal materials [3] - The high cost of PEEK is a barrier to large-scale use, primarily due to complex production processes and limited supply of core raw materials [3] - The application of PEEK in humanoid robots is expected to open new scenarios, with potential for cost reduction as demand increases [3]

根据介绍，第八届"东吴证券杯"上海金融行业八人制足球赛将于6月23日开赛，本届赛事预计将有16支 球队、300余名运动员参加。赛事将体育精神与上海金融行业企业文化建设相结合，为上海金融行业搭 建了一个足球比赛、文化交流、沟通合作的平台。回顾去年，东吴证券足球代表队在比赛中问鼎最高组 别金牛组冠军。 此外，在今年6月28日，由苏州市委金融工委、苏州市财政局主办，东吴证券承办的2025年第四届"东吴 证券杯"篮球邀请赛也将在苏州拉开帷幕，将有来自苏州市机关、企事业单位的16支代表队参赛。在去 年的比赛中，东吴证券代表队获得了团体赛季军、个人技巧挑战赛冠军的好成绩。 "'东吴证券杯'不仅是一场场精彩纷呈的体育赛事，更是一座文化凝聚的舞台、行业协作的桥梁，持续 凝聚行业情谊、深化文化共识，生动诠释了公司'共享共赢 敢创未来'的文化理念，成为彰显企业责任、 促进行业融合、倡导健康文化的有力载体。"东吴证券表示，期待这些赛场能够成为友谊的链接、信任 的基石，化作金融行业坚守初心、服务实体、勇拓未来的独特注脚。 面对复杂多变的市场环境与全新的发展机遇，东吴证券表示，将持续秉持不惧挑战、勇于创新、追求卓 越的精神，以开放包容 ...

Group 1 - The core viewpoint is that China's foreign energy investment projects from 2020 to 2024 will reach $168 billion, with significant investments in the Middle East, particularly in Saudi Arabia, Iraq, UAE, Kuwait, Qatar, and Angola, totaling $50.28 billion, of which $29.15 billion is in oil and gas projects, showing a year-on-year increase [1] - The Middle East oil service market is estimated to be in the hundreds of billions, with the oil service equipment market at least in the tens of billions, indicating a high growth potential for Chinese oil service equipment companies, which currently have a low market share in the region [1] - The "Belt and Road" initiative is deepening cooperation, creating vast opportunities in the Middle East oil service market [1] Group 2 - Jerry's business model involves long project cycles with a focus on high-end equipment and non-standard customization, leading to an average delivery time of 1.5 years, while Neway's model is based on standardized products with shorter delivery times of 3-6 months [2] - Jerry's project-based approach results in longer customer validation periods but fosters strong customer relationships, while Neway benefits from scale effects and management efficiency [2] - Both companies are experiencing rapid order growth in the Middle East, with Jerry and Neway expanding their production capacities in the region to meet rising demand [3] Group 3 - Jerry has established a strong market presence in the Middle East, completing significant projects and gaining recognition, while Neway is increasing its order volume through certifications from major clients like Saudi Aramco and ADNOC [3] - The competitive landscape shows that domestic competitors lack the overseas competitiveness that Jerry and Neway possess, allowing them to leverage China's manufacturing advantages [3] - The management teams of both companies are driven by professional managers, enhancing corporate vitality and responsiveness [3] Group 4 - Recommended stocks include Jerry (002353.SZ) for its explosive order growth in the Middle East and Neway (603699.SH) for its strong visibility in demand and anticipated steady performance growth [4]

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - This week, the bond market remained in a slight oscillation. The 10-year Treasury bond yield dropped from 1.675% last Friday to 1.6525%, a decrease of 2.25bp. Future focus should be on tariff policies and the possibility of the central bank restarting Treasury bond purchases. The 10-year Treasury bond yield is expected to oscillate within the range of 1.6% - 1.7%. If the central bank restarts Treasury bond purchases, the short-term interest rates are more likely to decline [12][17]. - This week, affected by better - than - expected non - farm data, the US Treasury bond yield curve rebounded across the board. The Fedwatch shows that the pricing for interest rate cuts this year is less than two times. The US Treasury bond yield may continue to oscillate at a high level, as the domestic game uncertainty in the US has increased [17]. - The final values of the US Markit manufacturing and service PMI in May both expanded, increasing inflationary pressure. The growth of new non - farm employment slowed down but remained resilient, and the unemployment rate remained stable at 4.2%. The Federal Reserve decided to keep interest rates unchanged in June, emphasizing a data - dependent stance. There is a low probability of an interest rate cut in June, but if economic data weakens, July - September may be the starting point for a 25bp interest rate cut [20][21][22]. Summary of Each Section According to the Table of Contents 1. Week - long Viewpoints - **Analysis of Bond Yields**: This week (2025.6.3 - 2025.6.6), the yield of the 10 - year Treasury bond active bond decreased by 2.25bp from 1.675% last Friday to 1.6525%. During the week, factors such as trade frictions, central bank policy expectations, and Sino - US phone calls affected the yield fluctuations. In the future, the 10 - year Treasury bond yield is expected to oscillate within the range of 1.6% - 1.7%. If the central bank restarts Treasury bond purchases, the short - term interest rates are more likely to decline [12][13][17]. - **Analysis of US Treasury Bond Yields**: Affected by better - than - expected non - farm data this week (0602 - 0606), the US Treasury bond yield curve rebounded across the board. The Fedwatch shows that the pricing for interest rate cuts this year is less than two times. The US Treasury bond yield may continue to oscillate at a high level due to increased domestic game uncertainty in the US [17]. 2. Domestic and Foreign Data Summaries 2.1. Liquidity Tracking - **Open Market Operations**: From May 30 to June 6, 2025, the total net investment in the open market was - 6717 billion yuan [32]. - **Interest Rate Analysis**: The money market interest rates and the yields of various bonds showed certain changes. For example, the yields of 10 - year Treasury bonds and some national development bonds decreased [12][110]. 2.2. Domestic and Foreign Macroeconomic Data Tracking - **US Economic Data**: In May 2025, the final value of the US Markit manufacturing PMI was 52.0, the final value of the service PMI was 53.7, and the final value of the composite PMI was 53. New non - farm employment in May increased by 139,000, and the unemployment rate remained at 4.2%. The labor force participation rate decreased by 0.2 percentage points to 62.4%. The first - time unemployment claim in the week of May 31 increased to 247,000, and the continued unemployment claim in the week of May 24 slightly decreased to 1.904 million [20][21]. - **Commodity Price Data**: Steel prices declined, LME non - ferrous metal futures official prices fluctuated, and the prices of commodities such as coal, oil, vegetables also showed certain trends [56][57]. 3. Weekly Review of Local Government Bonds 3.1. Primary - Market Issuance Overview - **Issuance Scale**: From June 2 to June 6, 2025, 26 local government bonds were issued in the primary market, with an issuance amount of 109.595 billion yuan, including 93.615 billion yuan of refinancing bonds, 7.304 billion yuan of new special bonds, and 8.676 billion yuan of new general bonds. The repayment amount was 59.094 billion yuan, and the net financing amount was 50.501 billion yuan [68]. - **Regional Distribution**: Six provinces and municipalities issued local government bonds this week. The top three in terms of issuance amount were Tianjin, Jilin, and Hunan, with issuance amounts of 43.428 billion yuan, 19.938 billion yuan, and 14.2 billion yuan respectively [73]. - **Special Refinancing Bonds**: Two provinces and municipalities, Tianjin and Jilin, issued local special refinancing bonds for replacing hidden debts, with a total issuance amount of 27.701 billion yuan. From January 1 to this week, the national total issuance of such bonds was 1,656.813 billion yuan [74]. - **Early Redemption of Urban Investment Bonds**: The total early redemption scale of urban investment bonds this week was 2.465 billion yuan, with Hunan, Fujian, Chongqing, Anhui, and Heilongjiang leading in redemption scale in order [75]. 3.2. Secondary - Market Overview - **Trading Volume and Turnover Rate**: The current stock of local government bonds is 51.07 trillion yuan, the trading volume is 35.2324 billion yuan, and the turnover rate is 0.69%. The top three provinces with the most active local government bond trading are Sichuan, Shandong, and Guangdong. The top three most - traded local government bond tenors are 10Y, 30Y, and 15Y [86]. - **Yield Changes**: The yields of local government bonds generally declined this week [90]. 3.3. This Month's Local Government Bond Issuance Plan The issuance plans of local government bonds in Yunnan, Shanxi, Shandong, Liaoning, Hunan, and Henan from June 9 to June 13 are given, but specific data are not detailed in the text [91]. 4. Weekly Review of the Credit Bond Market 4.1. Primary - Market Issuance Overview - **Overall Issuance**: This week, 240 credit bonds (including short - term financing bills, medium - term notes, enterprise bonds, corporate bonds, and PPNs) were issued in the primary market, with a total issuance amount of 272.106 billion yuan, a total repayment amount of 147.525 billion yuan, and a net financing amount of 124.581 billion yuan, an increase of 76.681 billion yuan compared with last week [93]. - **Sub - category Issuance**: Urban investment bonds had a net financing amount of - 9.85 billion yuan; industrial bonds had a net financing amount of 134.431 billion yuan. By bond type, short - term financing bills had a net financing amount of 13.474 billion yuan, medium - term notes had a net financing amount of 104.47 billion yuan, enterprise bonds had a net financing amount of - 4.315 billion yuan, corporate bonds had a net financing amount of 16.33 billion yuan, and PPNs had a net financing amount of - 5.378 billion yuan [96][97]. 4.2. Issuance Interest Rates The actual issuance interest rates of short - term financing bills, medium - term notes, enterprise bonds, and corporate bonds showed different changes. For example, the issuance interest rate of short - term financing bills decreased by 4.74bp, and that of medium - term notes decreased by 6.04bp [105]. 4.3. Secondary - Market Trading Overview The total trading volume of credit bonds this week was 424.662 billion yuan, with different trading volumes for each bond type [108]. 4.4. Maturity Yields The maturity yields of national development bonds decreased across the board. The yields of short - term financing bills, medium - term notes, enterprise bonds, and urban investment bonds showed different trends, with some decreasing and some fluctuating [110][111][112]. 4.5. Credit Spreads The credit spreads of short - term financing bills, medium - term notes, enterprise bonds, and urban investment bonds generally widened, but there were also some narrowing situations [113][114][116]. 4.6. Grade Spreads The grade spreads of short - term financing bills and medium - term notes showed a differentiated trend, the grade spreads of enterprise bonds generally narrowed, and the grade spreads of urban investment bonds generally widened [122][125][127]. 4.7. Trading Activity The top five most - traded bonds for each bond type are listed, and this week, the industrial sector had the largest weekly trading volume of bonds, reaching 245.829 billion yuan [133]. 4.8. Changes in Subject Ratings The subject ratings or outlooks of Xinjiang Zhongtai (Group) Co., Ltd. and Shanghai Jing'an Investment (Group) Co., Ltd. were upgraded [136].

Group 1 - Multiple important domestic data will be released this week, including May CPI, PPI, M2 money supply, social financing, and import-export data [1][2] - The U.S. will release May CPI and PPI data, which are critical for assessing inflation trends [1][2] - Significant events include He Lifeng's visit to the UK and the opening of Apple's Worldwide Developers Conference [1][2] Group 2 - A total of 41 stocks will face lock-up expiration this week, with a total unlock volume of 2.054 billion shares, amounting to a market value of 44.123 billion yuan [3][4] - The top three companies by unlock market value are: Dameng Data (10.752 billion yuan), Huahai Qingke (10.4 billion yuan), and YN Technology (3.059 billion yuan) [3][4] Group 3 - He Lifeng will visit the UK and hold the first meeting of the China-U.S. economic and trade consultation mechanism [5] - The Ministry of Commerce addressed concerns regarding China's export control measures on rare earths, emphasizing compliance and communication with other countries [5] - The People's Bank of China has increased its gold reserves for the seventh consecutive month, reaching 73.83 million ounces by the end of May [5] Group 4 - As of the end of May, China's foreign exchange reserves stood at 328.53 billion USD, reflecting a slight increase of 36 million USD from the previous month [6][7] - The Shanghai Stock Exchange is promoting increased dividend payouts by listed companies to enhance investment value [7] - Central Huijin has become the actual controller of multiple securities and fund management companies [7] Group 5 - The Ministry of Industry and Information Technology is implementing an "AI + Manufacturing" initiative to deepen the application of AI in the industrial sector [7] - The U.S. State Department has resumed processing student visas for international students planning to attend Harvard University [8] Group 6 - Two new stocks will be issued this week: Huazhi Jie on the Shanghai main board and Xinhenghui on the ChiNext [9][10] - The subscription limits and prices for these new stocks have been set, with Huazhi Jie priced at 19.88 yuan [10] Group 7 - Various securities firms are optimistic about sectors such as new consumption, banking, and insurance, indicating strong short-term demand and long-term investment value [11][12] - The focus on technology and high-end manufacturing sectors is expected to continue, particularly in defense and semiconductor industries [12][13] - The market is anticipated to experience a rotation of themes, with potential opportunities in new consumption, innovative pharmaceuticals, and AI technologies [13]

Group 1 - The brokerage sector experienced a surge on June 5, with Huaxin Co. hitting the daily limit, and Dongwu Securities, Guotai Junan, Jinlong Co., and China Galaxy rising over 2% [2] - The China Securities Regulatory Commission (CSRC) plans to deepen reforms in the capital market's technology finance system, enhancing the integration of technological and industrial innovation while protecting the rights of investors, especially small and medium-sized ones [2] - The National Financial Regulatory Administration will increase financial support for technological innovation, focusing on enhancing the product system and risk control capabilities of financial institutions, as well as developing insurance policies related to technology [2] Group 2 - Donghai Securities highlighted the new "National Nine Articles" top-level design, which clarifies the effectiveness and direction of cultivating first-class investment banks, suggesting a focus on mergers and acquisitions, high financial ratios, and ROE improvement [3] - The long-term logic of an active capital market remains unchanged, with recommendations to focus on large brokerages with strong capital and stable operations for investment opportunities [3]

Group 1 - Brokerage stocks experienced a surge, with Huaxin Securities (600621) hitting the daily limit, while Dongwu Securities (601555), Jinlong Co. (000712), China Galaxy (601881), Everbright Securities (601788), and Hualin Securities (002945) also saw increases [1] - There is a notable influx of dark pool capital into these stocks, indicating potential investor interest and market activity [1]

Group 1 - The pharmaceutical sector has recently experienced a significant pullback, with the innovative drug concept seeing a net outflow of nearly 2.5 billion yuan in A-shares [1] - The Tianhong Innovative Drug ETF (517380) reached a new high for the year before experiencing a substantial decline, dropping 2.75% with a trading volume of 22 million yuan, and most constituent stocks fell nearly 5% [1] - The Tianhong Innovative Drug ETF is the only product tracking the Hang Seng-Hu-Shen-Hong Kong Innovative Drug Selected 50 Index, which includes leading innovative drug companies from the three markets [1] Group 2 - Dongwu Securities predicts that 2025 will mark the explosive growth of China's innovative drug industry, driven by three core factors: significant BD transactions, profitability turning points for leading companies, and an improving policy environment [2] - Guosheng Securities acknowledges short-term trading pullback risks but emphasizes the solid underlying logic and clear trends in the innovative drug sector, maintaining a positive outlook for the innovative drug bull market [2] - The market size of China's innovative drugs is expected to exceed 2 trillion yuan by 2030, with a compound annual growth rate of 24.1% [2]

重要内容提示： 证券代码：601555 证券简称：东吴证券 公告编号：2025-023 东吴证券股份有限公司 2024年年度权益分派实施公告 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。 ● 每股分配比例 A股每股现金红利0.237元（含税）。 本次利润分配方案经东吴证券股份有限公司（以下简称："公司"）2025年5月16日的2024年年度股东大 会审议通过。 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。 （三）分配方案： 本次利润分配以方案实施前的公司总股本4,968,702,837股为基数，每股派发现金红利0.237元（含税）， 共计派发现金红利1,177,582,572.37元（含税）。 三、相关日期 （一）实施办法 除自行发放对象外，无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记 日上海证券交易所收市后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。已办理指定 交易的投资者可于红利发放 ...