Core Viewpoint - The report from Dongwu Securities indicates that the A-share market is expected to enter a new phase of "East Rising, West Falling" trading, driven by liquidity overflow from a weak dollar, which will benefit non-US markets and Chinese assets, with a focus on technology growth styles [1] Investment Direction - Specific investment directions include sectors such as robotics, artificial intelligence, AI edge devices, computing power industry chain, controllable nuclear fusion, military informationization, autonomous driving, innovative pharmaceuticals, solid-state batteries, AI agents, low-altitude economy, and satellite internet [1]

Group 1 - The company is under continuous supervision by Dongwu Securities, which has established a sound supervision system and developed a corresponding work plan based on the company's specific situation [1][2][3] - A sponsorship agreement has been signed between Dongwu Securities and the company, clarifying the rights and obligations of both parties during the supervision period [2][3] - The company has complied with the information disclosure obligations, and the disclosed announcements are consistent with the actual situation, with complete disclosure content [9][10] Group 2 - The company reported a net profit attributable to shareholders of -332,059,388.86 yuan for 2024, indicating a continued loss but a narrowing of losses compared to the previous year [10][11] - The company's operating income for 2024 was 11,680,468,636.74 yuan, a decrease of 28.94% compared to 2023 [10][11] - The company has faced challenges in the electric vehicle market, including a slowdown in demand and declining prices for battery products, which could impact revenue and profitability [10][11][12] Group 3 - The company has established a long-term cooperative relationship with major clients, including Mercedes-Benz, which significantly impacts its profitability and market position [11][12] - The company is actively involved in the development of next-generation battery technologies, including solid-state batteries, to maintain its competitive edge [14][21] - The company has a comprehensive core technology covering the entire battery production chain, which is crucial for its competitive advantage in the market [21][22] Group 4 - The company has faced various operational risks, including reliance on key raw materials and potential supply chain disruptions, which could adversely affect production and financial performance [10][11][12] - The company is experiencing financial pressure due to the need for significant working capital to support ongoing capacity construction [17][18] - The company has reported a significant decline in total assets, with a decrease of 11.67% from the previous year [10][11]

特此公告。 证券代码：601555 股票简称：东吴证券 公告编号：2025-020 东吴证券股份有限公司董事会 东吴证券股份有限公司 2025 年 5 月 24 日 东吴证券股份有限公司（以下简称"公司"）于2024年5月24日 成功发行东吴证券股份有限公司2024年度第七期短期融资券,发行总 额为人民币20亿元，票面利率为2.15%，期限为363天，兑付日期为2025 年5月22日。 2025年5月22日，公司完成兑付本期短期融资券本息共计人民币 2,042,764,383.56元。 2024 年度第七期短期融资券兑付完成的公告 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。 ...

近日，105家券商2024年文化建设年报在中国证券业协会网站公布。 （图：国泰海通、东吴证券文化建设年报内页） （图：中金公司、华泰证券、广发证券、中国银河证券文化建设年报内页） 党建引领仍是各内资券商文化建设年报最鲜明的共性之一，不少券商创新了党建形式，打造了特色党建品牌。例如，中泰证券打造了"红心如磐"党建品牌；华安证 券打造了"赤金"党建品牌；华源证券探索"智慧党建云+源文化+国企担当"融合发展模式；国泰海通证券则打造"融·党建"活动室特色宣传教育阵地，创新学习方式、 凝聚宣讲力量，推动党的创新理论深入一线、深入群众、深入人心。 打造廉洁文化，加强员工职业道德建设也是诸多券商近一年文化建设工作的重点之一。2024年9月，中国证券业协会修订发布了新版《证券从业人员职业道德准 则》，旨在引导证券从业人员珍惜职业声誉、恪守职业道德。 自2019年证券基金行业文化建设拉开序幕以来，今年已是各券商第四年提交文化建设年报。相比前三年，今年券商提交的文化建设年报更为体系化，案例更为丰 富，年报排版与设计精美度也直线上升。 从内容与形式来看，券商文化建设工作"卷"出新高度，一些券商新创设了党建、廉洁从业等子品牌，通过打 ...

东吴证券股份有限公司 关于苏州宝丽迪材料科技股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易 之实施超额业绩奖励暨关联交易的的核查意见 独立财务顾问 二零二五年五月 东吴证券股份有限公司（以下简称"东吴证券"、"本独立财务顾问"）接 受苏州宝丽迪材料科技股份有限公司（以下简称"宝丽迪"、"上市公司"或"公 司"）委托，担任本次发行股份及支付现金购买资产并募集配套资金（以下简称 "本次交易"）的独立财务顾问。根据《上市公司重大资产重组管理办法》《上 市公司并购重组财务顾问业务管理办法》等相关规定，对业绩承诺方关于厦门鹭 意彩色母粒有限公司（以下简称"厦门鹭意"、"标的公司"）业绩承诺实现情 况及实施超额业绩奖励暨关联交易的事项进行了核查，核查情况及核查意见如下： 公司于 2025 年 5 月 21 日召开第三届董事会第九次会议和第三届监事会第八 次会议，审议通过了《关于实施超额业绩奖励暨关联交易的议案》，同意公司根 据与厦门鹭意签署的《业绩承诺及补偿协议》等相关协议的约定，对厦门鹭意核 心管理团队进行业绩奖励，奖励金额合计为 90.018 万元。本次超额业绩奖励人 员包括公司董事、副总经理陈劲松 ...

Group 1 - The core viewpoint of the report is that Spring Autumn Electronics is expected to benefit from the recovery in the PC market and the growth of magnesium alloy applications in automotive electronics, leading to a positive outlook for revenue and profit growth [1][4]. Group 2 - In 2024, the company is projected to achieve revenue of 3.945 billion yuan, representing a year-on-year increase of 21.11%, with a net profit of 86 million yuan, reflecting a significant year-on-year growth of 336.99% [2]. - The first quarter of 2025 saw a revenue of 868 million yuan, down 4.55% year-on-year, while the net profit reached 40 million yuan, up 178.70% year-on-year [2]. Group 3 - The global PC market has shown continuous growth for five consecutive quarters, with a projected total shipment of 255.5 million units in 2024, marking a 3.8% increase [3]. - The demand for PC structural components is expected to expand due to innovations such as AI and foldable PCs, with the company maintaining long-term partnerships with major brands like Lenovo and HP [3]. Group 4 - The magnesium alloy business has entered the mass production phase, with applications in various components of electric vehicles, benefiting from the lightweight trend in the automotive industry [4]. - The company has established stable orders and is gradually releasing production capacity, with clients including NIO, Xpeng, BYD, and BMW [4]. Group 5 - The profit forecast for the company indicates a net profit of 254 million yuan in 2025, 328 million yuan in 2026, and 395 million yuan in 2027, with corresponding P/E ratios of 22, 17, and 14 times [4].

Core Viewpoint - The asset management business of securities firms, approaching a scale of 10 trillion yuan, is undergoing a transformation amid intensified competition, with a focus on enhancing active management capabilities and obtaining public fund licenses [1][4]. Group 1: Industry Trends - The number of large collective products in the asset management industry totals 167, with a combined management scale of 357.032 billion yuan as of the end of the first quarter [1]. - Only 15 securities firms or their asset management subsidiaries hold public fund licenses, leading many to face restrictions when large collective products mature [1][4]. - The competition in the asset management industry is becoming increasingly fierce, prompting firms to seek differentiation through public fund penetration [1][4]. Group 2: Strategic Moves - Many firms are shifting from "passive rectification" to "active collaboration," changing the management of large collective products to affiliated public fund companies [2][3]. - For example, CITIC Securities Asset Management plans to change the management of 17 large collective products to Huaxia Fund, which is 62.2% owned by CITIC Securities [2]. - This strategy aims to maintain product continuity, avoid the loss of scale from liquidation, and enhance market competitiveness through resource sharing between securities firms and fund companies [3]. Group 3: Importance of Public Fund Licenses - Obtaining public fund licenses is crucial for securities firms to broaden their client base and enhance the competitiveness of their asset management services [4]. - As of the end of 2024, the total scale of the securities industry's asset management business is projected to reach 9.7 trillion yuan, a year-on-year increase of 5.7% [4]. - The active management product scale, including public funds and collective asset management, is expected to account for approximately 44% of the total, continuing to exceed the scale of directed asset management products for three consecutive years [4]. Group 4: Performance Disparities - The net income from asset management fees for 42 listed securities firms in 2024 totaled 44.092 billion yuan, a slight year-on-year decline of 0.35% [5]. - Despite the overall decline, some firms like Dongwu Securities and Guolian Minsheng have reported growth in asset management revenue for 2024 and the first quarter of 2025 [5]. - The private asset management scale of securities firms has decreased to 5.32 trillion yuan, down 530.962 billion yuan from its peak in July 2024 [5]. Group 5: Competitive Landscape - As of the end of the first quarter, four securities firms and their asset management subsidiaries have public fund management scales exceeding 100 billion yuan, indicating a tiered competitive landscape [6]. - Firms like Dongfanghong Asset Management and Huatai Asset Management lead with management scales of 158.559 billion yuan and 136.562 billion yuan, respectively [6]. - Many securities firms are leveraging their dual licenses to accelerate business expansion, focusing on optimizing product structures and enhancing investor experience [6].

Core Viewpoint - The report summarizes the continuous sponsorship work of Dongwu Securities for Funeng Technology (Ganzhou) Co., Ltd., detailing the company's stock issuance and the subsequent management of raised funds, as well as significant events during the sponsorship period [1][2][3]. Group 1: Company Overview - Funeng Technology (Ganzhou) Co., Ltd. issued 140 million A-shares at a price of 23.70 RMB per share, raising a total of 3.318 billion RMB [1]. - The company is located in Jiangxi Province, with a registered capital of 1.222 billion RMB [3]. - The actual controller of the company is the People's Government of Guangzhou [3]. Group 2: Sponsorship Work Overview - Dongwu Securities established a robust continuous sponsorship work system, conducting regular communication, site inspections, and due diligence [2]. - The company adhered to relevant laws and regulations regarding information disclosure and the management of raised funds [2][10]. Group 3: Significant Events During Sponsorship - The company postponed the completion date of the "8GWh lithium-ion power battery project" to July 2023, with independent directors and the sponsor providing consent [3]. - The company approved the use of idle raised funds for cash management, which was subsequently ratified by independent directors [4]. - The company terminated part of the fundraising projects and redirected the remaining funds (265.2629 million RMB) to new projects, including a 30GWh new energy battery project [4][5]. Group 4: Financial Performance and Risks - The company has been operating at a loss, with risks of further losses due to slowing demand in the new energy vehicle market and declining battery prices [6]. - The company is expected to complete its major projects by December 2025, but initial phases may incur losses due to low capacity utilization and increased depreciation [6][10]. Group 5: Control Changes - Following the continuous sponsorship period, the company's control shifted from Hong Kong Funeng to Industrial Control Group, with the actual controller changing to the People's Government of Guangzhou [8][9].

东吴证券股份有限公司关于苏州华亚智能科技股份有限公 司发行股份及支付现金购买资产并募集配套资金暨关联交 易之部分限售股份解禁上市流通的核查意见 东吴证券股份有限公司（以下简称"东吴证券"、"独立财务顾问"）担任苏 州华亚智能科技股份有限公司（以下简称"华亚智能"或"公司"）本次发行股 份及支付现金购买资产并募集配套资金（以下简称"本次交易"）的独立财务顾 问。根据《上市公司重大资产重组管理办法》《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 等有关规定的要求，对公司向特定对象发行股份之限售股份解禁上市流通事项进 行了审慎核查，并发表本核查意见，具体情况如下： 一、本次解除限售股份的基本情况 经中国证券监督管理委员会《关于同意苏州华亚智能科技股份有限公司发行 股份购买资产并募集配套资金注册的批复》（证监许可〔2024〕1231 号），公司 向特定对象发行人民币普通股 A 股 7,247,436 股，发行价格 39.21 元/股。 中国证券登记结算有限公司深圳分公司于 2024 年 11 月 11 日出具《股份登 记申请受理确认书》，受理华亚智能向特定对象 ...

证券代码：601555 证券简称：东吴证券 公告编号：2025-019 东吴证券股份有限公司 关于公司 2025 年度第二期短期融资券发行结果的公告 2025年5月20日 | 短期融资券名称 | | 东吴证券股份有限公司2025年度第二期短期融资券 | | | --- | --- | --- | --- | | 短期融资券简称 | 25东吴证券CP002 | 短期融资券期限 | 205天 | | 短期融资券代码 | 072510083 | 发行日期 | 2025年5月16日 | | 起息日期 | 2025年5月19日 | 兑付日期 | 2025年12月10日 | | 计划发行总额 | 20亿元人民币 | 实际发行总额 | 15.70亿元人民币 | | 发行价格 | 100元/张 | 票面利率 | 1.65% | 本期发行短期融资券的相关文件已在以下网站上刊登： 1、中国货币网（www.chinamoney.com.cn）； 2、上海清算所网站（www.shclearing.com.cn）。 特此公告。 东吴证券股份有限公司董事会 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 ...