Fund Overview - The fund is named "Hui'an Quality Selection Enhanced Bond Investment Fund" and is a bond-type open-ended fund [11] - The fund is managed by Hui'an Fund Management Co., Ltd. and the custodian is CITIC Bank [11][49] Fund Raising Details - The fund's subscription period is from July 21, 2025, to August 1, 2025, with a maximum subscription amount of 6 billion RMB [5][21] - The minimum subscription amount for each fund share is 1.00 RMB [11][27] - The fund will not accept subscriptions from financial institutions' proprietary accounts, except for the manager's own funds [19] Subscription Categories - The fund offers two classes of shares: Class A and Class C, with different fee structures [3][12] - Class A shares charge subscription fees, while Class C shares do not charge subscription fees but deduct service fees from the fund's assets [3][12] Subscription Limits - Individual investors can subscribe up to 10 million RMB per day, with no cumulative limit during the fundraising period [2][19] - If a single investor's cumulative subscription reaches or exceeds 50% of the total fund shares, the fund manager may impose restrictions on further subscriptions [4][24] Performance Benchmark - The fund's performance benchmark is composed of 85% of the yield of the China Securities Index Quality Credit Bond Index, 10% of the yield of the China Securities Dividend Quality Index, and 5% of the after-tax bank demand deposit rate [9][10] Fund Management and Operations - The fund operates as a contractual open-ended fund with no fixed duration [11] - The fund management company reserves the right to adjust the fundraising arrangements based on various factors [6]

Group 1 - The core viewpoint of the article emphasizes maintaining three strategic approaches during the mid-year reporting season, focusing on industries with strong trends, performance and valuation alignment, and thematic investment opportunities [13] Group 2 - The first strategy highlights industries with strong industrial trend characteristics, particularly focusing on AI and innovative pharmaceuticals [13] - The second strategy targets industries driven by performance and valuation alignment, with attention on the North American computing chain within communications and electronics, as well as non-ferrous metals and gaming sectors [13] - The third strategy involves sectors with thematic and positional speculation, particularly in military and new energy related to anti-involution [13] - Overall, the rotation of non-ferrous metals, AI hardware, innovative pharmaceuticals, gaming, and military sectors is expected to be the main theme during the mid-year reporting season [13]

Core Viewpoint - The current market rally is driven by the financial sector, which is nearing the end of its role as a catalyst for the index breakout, paving the way for growth sectors, particularly in the technology space, to take the lead [1] Financial Sector - The financial stocks have played a significant role in boosting the index, but their influence may be diminishing as the market progresses [1] Growth Sectors - The growth sectors, especially those in the technology domain, are expected to gain momentum, with a focus on the AI sector and computing power supply chain, which are currently positioned favorably [1] Market Positioning - Certain industry trends and stock prices remain at historically low levels, indicating potential for growth, particularly in the AI sector, which has a trading volume share of only 23% since the beginning of 2023 [1]

Core Viewpoint - The company, Xingrong Environment, is a leading comprehensive water and environmental service provider in China, focusing on investment, research, design, construction, and operation across various segments of the water and waste management industry [2][7]. Business Overview - The company's main business segments include water supply, wastewater treatment, water reuse, and environmental services, which encompass waste incineration power generation, leachate treatment, sludge disposal, and kitchen waste disposal [2]. Operational Projects - The company currently operates and has under construction water supply projects with a total capacity of approximately 4.3 million tons per day and wastewater treatment projects exceeding 4.8 million tons per day. Notable projects include the Chengdu Xiwayan Reclaimed Water Plant, which has commenced operations, and several others in the commissioning phase [3]. Waste-to-Energy Projects - The company is advancing the Chengdu Wanxing Environmental Power Plant (Phase III), which will handle 5,100 tons per day of municipal waste, 800 tons per day of sludge, and 800 tons per day of kitchen waste, with an expected operational date in 2026 [4]. Accounts Receivable Management - The company has seen an increase in accounts receivable due to market expansion and business growth, and it places significant emphasis on managing and collecting these receivables [5]. Pricing Mechanism - The pricing for wastewater treatment services is determined by agreements with government entities, typically adjusted every 2 to 3 years. A recent approval set the tentative average price for wastewater treatment in Chengdu's central urban area at 2.63 yuan per ton for the 2024-2026 period [6]. Capital Expenditure and Dividends - The company has experienced substantial capital expenditures due to multiple ongoing water supply and waste projects, with expectations of reduced expenditures as these projects come online. The company is committed to increasing cash dividends for shareholders as operational capacity expands [7]. Financial Performance - In the first quarter of 2025, the company reported a main revenue of 2.023 billion yuan, a year-on-year increase of 9.61%. The net profit attributable to shareholders was 508 million yuan, up 11.19% year-on-year, with a debt ratio of 58.99% and a gross margin of 46.02% [7]. Analyst Ratings - Over the past 90 days, six institutions have rated the stock, with four buy ratings and two hold ratings, and the average target price set at 7.36 yuan [8]. Earnings Forecast - Various institutions have provided earnings forecasts for the company, with projected net profits for 2025 ranging from 2.115 billion yuan to 2.331 billion yuan, and increasing in subsequent years [9].

2025 年 07 月 04 日 证券分析师 高子剑 执业证书：S0600518010001 021-60199793 gaozj@dwzq.com.cn 证券研究报告·金融工程·金工专题报告 金工专题报告 20250704 基于宏观风险因子的大类资产轮动模型绩 效月报 20250630 ◼ 风险提示：模型所有统计结果均基于历史数据，未来市场可能发生重大 变化；单一模型可能存在风险，实际应用需结合资金管理、风险控制等 方法；模型测算可能存在相对误差，不构成实际投资建议。 研究助理 刘静恒 执业证书：S0600123070085 liujingheng@dwzq.com.cn 相关研究 《 新 价 量 相 关 性 因 子 绩 效 月 报 20250630》 2025-07-01 《估值异常因子绩效月报 20250630》 2025-07-01 东吴证券研究所 1 / 11 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 基于宏观风险因子的大类资产轮动模型绩效：2011 年 1 月至 2023 年 12 月，模型年化收益率 9.93%，年化波动率 6.83%。夏普比率 ...

Industry News - The Ministry of Industry and Information Technology emphasizes the need to regulate low-price disorderly competition in the photovoltaic industry, guiding companies to improve product quality and promote the orderly exit of backward production capacity for sustainable development [5] - The National Medical Products Administration has announced new measures to support the innovation and development of high-end medical devices, including guidance on the registration of products based on artificial intelligence and biomaterials [7] - The National Energy Administration held a meeting to emphasize the importance of resource survey pilot work for wind and photovoltaic power generation, aiming to enhance collaboration and accelerate progress [8] - The Ministry of Commerce is set to strengthen guidance on the export of second-hand vehicles, promoting healthy and orderly development in this sector [6] Company News - Hualing Steel announced that Xintai Life Insurance has acquired a stake in the company through the secondary market [9] - Vanke A has applied for a loan of no more than 6.249 billion yuan from Shenzhen Metro Group and extended part of its existing loans [10] - Aerospace Chengtong has restored its procurement qualifications for military material engineering services [11] - Haowang Bio announced that its HW130 injection has completed Phase I clinical trials [12] - Donghu High-tech is participating in the establishment of the Donggao Frontier Phase II Fund [13] - Nuotai Bio expects a year-on-year increase of 32% to 45% in net profit attributable to shareholders for the first half of the year, driven by significant growth in sales of peptide raw materials [14] - Wealth Trend's actual controller and chairman plans to reduce his holdings by no more than 3% of the company's shares [15] - Wankai New Materials announced that some production facilities will undergo maintenance, which is expected to significantly impact the company's overall performance [16] - Huaya Intelligent stated that it is engaged in the research and production of dry electrode rolling equipment systems for solid-state batteries [17] - Changling Hydraulic announced that its controlling shareholder is planning a change of control, leading to a suspension of its stock [18] - China Power Construction signed a contract for a mining and transportation project in Guinea worth approximately 5.063 billion yuan [19]

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have announced support for the issuance of technology innovation bonds, expanding the range of issuers to include financial institutions, technology companies, private equity investment institutions, and venture capital institutions [1][2] Group 1: Issuance Plans - Major financial institutions such as the China Development Bank, Industrial and Commercial Bank of China, and Industrial Bank have announced plans to issue technology innovation bonds, with total issuance expected to reach 200 billion yuan from the China Development Bank and 100 billion yuan from the Industrial Bank [1] - As of May 8, 36 companies have announced plans to issue technology innovation bonds with a total scale of 21 billion yuan, while 14 companies have registered for issuance with a total scale of 18 billion yuan [1][2] - Securities firms have also responded actively, with announcements for a total of up to 17.7 billion yuan in technology innovation bonds, including plans from major firms like CITIC Securities and China Merchants Securities [2] Group 2: Funding Utilization - The funds raised from the issuance of technology innovation bonds will primarily support the development of technology innovation businesses, including investments in national technology innovation demonstration enterprises and manufacturing champions [1][3] - Specific allocations include 70% of funds from Guotai Junan being directed towards supporting technology innovation sectors such as integrated circuits, artificial intelligence, and renewable energy [3] Group 3: Market Impact and Trends - The inclusion of financial institutions as issuers of technology innovation bonds is expected to enhance market vitality and expand the market for technology innovation bonds, facilitating better funding support for technology innovation [2][4] - Data indicates that the issuance scale of technology innovation bonds is projected to exceed 1.2 trillion yuan in 2024, reflecting a year-on-year growth of 59% [3] - The average issuance interest rate for 5-year AAA-rated technology innovation bonds is expected to remain lower than that of ordinary corporate bonds, indicating a favorable financing environment for issuers [3][5]

证券代码：601555 股票简称：东吴证券 公告编号：2025-025 东吴证券股份有限公司 第四届董事会第三十次（临时）会议决议公告 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。 一、董事会会议召开情况 东吴证券股份有限公司（以下简称"公司"）第四届董事会第三十次（临时） 会议通知和材料于2025年6月27日以电子邮件的方式发出，董事会于2025年7月2 日以通讯表决的方式召开，本次会议应出席董事11名，实际出席董事11名，占董 事总数的100%。本次会议的召开、召集和表决程序符合《中华人民共和国公司法》 等有关法律、法规、规范性文件和《东吴证券股份有限公司章程》的有关规定。 二、董事会会议审议情况 会议审议了相关议案并以书面表决方式形成了以下决议： （一）审议通过《关于调整合规负责人的议案》 表决结果：11 票同意、0 票反对、0 票弃权，本议案获得通过。 1.同意李齐兵先生因年龄原因辞去公司合规总监职务； 2.同意公司总裁薛臻先生代行公司合规负责人职责，代行时间不超过6个月。 本议案已经公司董事会薪酬、考核与提名委员会 ...

Group 1 - The core viewpoint of the news indicates that the growth style is currently favored, with strong performance in sectors such as communication, computer, and electronics, while the dividend style remains a high-certainty direction [1][2] - The CSI 500 Quality Growth Index is at a historical low valuation, with a latest price-to-book (PB) ratio of 1.86, which is lower than 91.23% of the time over the past three years, highlighting its attractive valuation [2] - The top ten weighted stocks in the CSI 500 Quality Growth Index account for 20.42% of the index, with notable companies including Dongwu Securities, Kaiying Network, and Huagong Technology [2] Group 2 - The 500 Quality Growth ETF has shown a recent upward trend, with a 0.31% increase, marking three consecutive days of gains [1] - According to Dongwu Securities, the communication sector has a relatively high risk but is currently the strongest trend, while the computer sector has lower risk and greater potential for catch-up [1] - The banking sector is expected to rebound after June, influenced by the timing of mid-year reports [1]

Group 1 - The core viewpoint of the report is that the demand for ball screws will increase due to the rise in domestic high-end machine tool and equipment production, as well as the development of the electric vehicle sector and humanoid robots [1][2] - Ball screws are a critical linear motion component with high technical barriers, and the domestic production rate is lower compared to other core components [1] - The report recommends specific companies such as Fuda Co., Ltd. (603166.SH) and Beite Technology (603009.SH), while also suggesting to pay attention to Shuanglin Co., Ltd. (300100.SZ), Wuzhou Xinchun (603667.SH), Rongtai Co., Ltd. (605133.SH), and Zhenyu Technology (300953.SZ) [1] Group 2 - The humanoid robot market presents significant demand, with ball screws accounting for approximately 19% of the value of humanoid robots [2] - The potential market for planetary roller screws is expected to exceed 45 billion yuan by 2030, driven by the demand from humanoid robots [2] - European companies dominate the market, with significant room for domestic replacement, as major global manufacturers hold substantial market shares in China [2]