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 ...

Group 1: Trade Dynamics - Historical analysis indicates that exchange rates and non-tariff barriers may replace tariffs as key tools in trade conflicts[2] - The U.S. average effective tariff increased by nearly 9 percentage points from 1896 to 1899, highlighting the historical reliance on tariffs[2] - Since the collapse of the Bretton Woods system, exchange rate manipulation has become a significant weapon in international trade competition[2] Group 2: U.S.-China Trade Relations - The U.S. international investment net gap is projected to reach 100% of GDP by 2025, indicating unsustainable trends in trade deficits[3][31] - In 2024, the U.S. goods and services trade deficit reached $917.83 billion, a significant increase of $132.95 billion from the previous year[30] - The proportion of the U.S. trade deficit attributed to China decreased from 47.48% in 2018 to 24.33% in 2024, reverting to levels seen in 2004[34] Group 3: Future Trade Policies - The U.S. government may implement more non-tariff barriers and currency interventions if trade tensions escalate, similar to measures taken during the U.S.-Japan trade competition from 1970 to 1993[4] - The U.S. federal deficit is projected to reach historical highs, complicating efforts to reduce the deficit and impacting trade policy[4] Group 4: Strategies for Domestic Enterprises - Domestic companies are encouraged to explore non-U.S. export markets and adapt production capacities to meet European trade regulations[7] - The key to "exporting to domestic sales" lies in managing payment terms, with potential improvements in the policy environment for accounts receivable[7] - The "going abroad" strategy should focus on cost management, particularly labor costs, as domestic industries face challenges in maintaining competitiveness[7]

Group 1 - The core viewpoint of the news is the performance and composition of the Zhongzheng Su-Xi-Chang Development Theme Index, which reflects the overall performance of high R&D investment and growth-oriented listed companies in the Su-Xi-Chang region [1][2] - The Zhongzheng Su-Xi-Chang Development Theme Index has increased by 1.84% in the past month, decreased by 3.93% in the past three months, and has declined by 1.51% year-to-date [1] - The index consists of 80 sample companies selected for their high R&D investment and growth potential, with a base date of December 31, 2014, set at 1000.0 points [1] Group 2 - The top ten weighted companies in the index are: WuXi AppTec (11.5%), Changdian Technology (4.2%), Huadian Co., Ltd. (3.81%), Suzhou Bank (3.61%), Dongshan Precision (3.56%), Hengli Hydraulic (3.28%), Dongwu Securities (2.92%), Hengtong Optic-Electric (2.72%), Tianfu Communication (2.49%), and Zhaosheng Micro (2.42%) [1] - The market segment distribution of the index holdings shows that the Shanghai Stock Exchange accounts for 57.38% and the Shenzhen Stock Exchange accounts for 42.62% [1] - The industry composition of the index includes: Information Technology (26.89%), Industrial (21.84%), Healthcare (15.98%), Financials (13.80%), Consumer Discretionary (7.44%), Communication Services (6.42%), Materials (4.59%), Real Estate (1.04%), Utilities (0.71%), Energy (0.70%), and Consumer Staples (0.58%) [2] Group 3 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Companies that are delisted or undergo mergers, acquisitions, or spin-offs will be handled according to the calculation and maintenance guidelines [2]

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。 重要内容提示： ● 每股分配比例 A 股每股现金红利0.237元（含税）。 ● 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | A 股 | 2025/6/10 | － | 2025/6/11 | 2025/6/11 | ● 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 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。 二、分配方案 （一）发放年度：2024年年度 （二）分派对象： 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。 1 （三）分配方案： 本次利润 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the context of tightened local government debt supervision and narrowed traditional financing channels, ABS, with its advantages of revitalizing stock assets and innovating financing models, is becoming an option for urban investment platforms to break through financing bottlenecks. However, the urban investment ABS market also faces various challenges such as underlying asset compliance, cash - flow stability, and investor recognition [2][8]. - The development of the urban investment ABS market is mainly policy - oriented, evolving through four stages: exploration and start - up (2005 - 2013), transformation and expansion (2014 - 2017), contraction and adjustment (2018 - 2020), and transformation and upgrading (2021 to present) [2]. 3. Summary by Related Catalogs 3.1 Exploration and Start - up Stage (2005 - 2013) - Policy: In 2005, the "Administrative Measures for the Pilot Project of Credit Asset Securitization" and "Regulations on Accounting Treatment for the Pilot Project of Credit Asset Securitization" were issued, marking the official start of asset securitization business. In 2012, the CSRC restarted the pilot project of enterprise asset securitization by securities companies. In 2013, the regulatory framework for enterprise ABS was first clarified [9][11]. - Market: The total issuance scale of urban investment ABS was less than one billion yuan, far lower than that of urban investment bonds. Product types and underlying assets were relatively single. The market acceptance was low, and the coupon rate was high. This stage laid a cognitive foundation and opened an initial market for the rapid development of enterprise ABS [2][12]. 3.2 Transformation and Expansion Stage (2014 - 2017) - Policy: In 2014, the "Guiding Opinions on Strengthening the Management of Local Government - related Debts" and the "Guidelines for the Negative List of Underlying Assets in Asset Securitization Business" were issued. The filing system was implemented, and supporting systems were released by the SSE and SZSE. Subsequently, policies were introduced to strengthen market supervision and standardize financing behaviors [14][15]. - Market: The market scale of urban investment ABS grew rapidly, and the degree of marketization increased significantly. The types of underlying assets became more diversified, and the issuance efficiency was greatly improved. ABS gradually became an important financing tool for urban investment platforms [15][16]. 3.3 Contraction and Adjustment Stage (2018 - 2020) - Policy: In 2018, the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions" was issued, strengthening the requirements for underlying asset compliance and information disclosure. In 2019, policies prohibited urban investment enterprises from raising debts through non - standard means. In 2020, policies were issued to promote the standardization of ABS business [17][18][19]. - Market: The issuance of urban investment ABS was strictly restricted. The regulatory requirements forced urban investment platforms to transform to market - oriented operations. The issuance scale shrank, and high - quality urban investment platforms gradually dominated the issuance [20]. 3.4 Transformation and Upgrading Stage (2021 to present) - Policy: Policies have unified the information disclosure standards for credit bonds, refined the negative list of underlying assets for urban investment ABS, and promoted the transformation of ABS business from "policy - based financing" to "market - based financing". They also support urban investment enterprises in financing infrastructure construction through ABS and encourage product innovation [21][23]. - Market: Urban investment ABS has gradually transformed from policy - based financing to market - based financing. The policy promotes the combination of ABS with REITs, corporate bonds, etc., forming a multi - level financing system and promoting the healthy development of the market [24].

Market Positioning Signals - CSI 300: 3 indicators signal bullish, 20 indicators signal reduction; optimal single indicator signals reduction; both rolling momentum and rolling conservative strategies signal reduction[2] - CSI 500: 4 indicators signal bullish, 19 indicators signal reduction; optimal single indicator signals reduction; both rolling momentum and rolling conservative strategies signal reduction[2] - CSI 1000: 5 indicators signal bullish, 18 indicators signal reduction; optimal single indicator signals reduction; both rolling momentum and rolling conservative strategies signal reduction[2] Performance Metrics - The average excess annualized return from a single technical indicator based on volume-price divergence across 34 indices is 3.75%[3] - The 5-signal strategy achieved an annualized return of 2.54% on the CSI 1000, with an excess annualized return of 11.27%[3] - The rolling conservative strategy, with a rebalancing frequency of T+10, yields an average excess annualized return of 3.99%[3] Strategy Outcomes - In May, the rolling momentum strategy recorded excess returns of -0.13% for CSI 300, -0.04% for CSI 500, and 0.00% for CSI 1000[9] - The rolling conservative strategy showed a return of 0.17% for CSI 300, -0.04% for CSI 500, and -0.36% for CSI 1000[12] Risk Considerations - All statistical results are based on historical data, and future market conditions may change significantly[26] - Single-factor returns may exhibit substantial volatility, necessitating the integration of risk management methods[26] - Model calculations may contain relative errors and do not constitute actual investment advice[26]

Group 1 - The report focuses on adjusting index positions based on technical indicators to achieve excess returns, utilizing a variety of indicators derived from volume and price data [3][8]. - A total of 27 technical indicators were constructed and tested under specified backtesting conditions across three broad indices: CSI 300, CSI 500, and CSI 1000, as well as 31 Shenwan first-level industry indices [3][8]. - The average excess annualized return from the technical indicators designed based on the concept of volume-price divergence reached 3.75% across 34 indices [3][8]. Group 2 - The report outlines the latest performance statistics, indicating that the rolling momentum strategy achieved excess returns of -0.13% for CSI 300, -0.04% for CSI 500, and 0.00% for CSI 1000 in May [9][12]. - The rolling momentum strategy showed a strong performance in the CSI 1000 index, yielding an annualized return of 2.54% and an excess annualized return of 11.27% [3][10]. - The report distinguishes between two strategies: the rolling momentum strategy, which is suitable for investors with higher risk tolerance, and the rolling conservative strategy, which is more appropriate for those with lower risk tolerance [8][9]. Group 3 - As of early June, the model's position and signal judgments indicated that for CSI 300, 3 indicators signaled bullish, while 20 indicated a reduction in positions; similar trends were observed for CSI 500 and CSI 1000 [18][22]. - The report provides a detailed analysis of the number of bullish and bearish indicators across various sectors, highlighting the varying market conditions and potential investment opportunities [23][25]. - The report includes a comprehensive summary of the model's excess returns across different sectors, indicating performance variations and potential areas for investment focus [12][13].

Group 1: Market Overview - The global tactile sensor market is projected to reach $16.4 billion by 2024, with manufacturing applications accounting for over 40% of the market share [1][2] - The top three application sectors for tactile sensors in 2023 are manufacturing (42%), aerospace & defense (27%), and automotive (17%) [2] Group 2: Technology Analysis - Tactile sensors can be categorized into various types, including contact sensors, torque sensors, pressure sensors, and slip sensors, with fingertip tactile sensors being the core component for precise control in dexterous hands [1] - Capacitive sensors operate based on changes in capacitance due to external stimuli, allowing for the measurement of three-dimensional forces [2] - Resistive sensors detect changes in resistance when force is applied to conductive materials, while piezoelectric sensors utilize the piezoelectric effect to generate electrical charges under mechanical stress [2] Group 3: Key Players in the Industry - HeShan Technology focuses on capacitive sensor technology and is the only company in China providing a complete solution that includes underlying chips, tactile sensors, and algorithms [3] - Pashini Perception Technology employs magnetic sensors and excels in hardware design and algorithm architecture [3] - GelSight utilizes a vision-based tactile sensing approach, achieving micrometer-level resolution through a combination of gel and visual technology [3]

Core Viewpoint - The humanoid robot industry is expected to experience strong growth, with a significant demand for harmonic reducers projected by 2027, leading to potential supply shortages [1][2]. Group 1: Industry Growth and Demand - The traditional industrial sector, which includes industrial robots, is expected to demand approximately 2 million units in 2024, with an annual growth rate of 8-10% [2]. - The average usage of harmonic reducers in humanoid robots is over 10 units per machine, with global humanoid robot sales potentially exceeding 500,000 units by 2027, resulting in a demand for 6 million harmonic reducers [2]. - Total demand, combining traditional and humanoid robots, could reach 8.72 million units by 2027 [2]. Group 2: Supply and Capacity - By 2025, global effective production capacity for harmonic reducers is estimated at 5 million units, with a utilization rate of less than 50% [2]. - A demand surge in 2027 may create a supply gap exceeding 2 million units, with the long-term global market for harmonic reducers potentially exceeding 100 billion [2]. Group 3: Competitive Landscape - The competitive landscape is rapidly evolving, with domestic companies leading the incremental demand for humanoid robots [3]. - In 2024, Harmonic Drive (哈默纳科) is projected to hold a 58% global market share, while domestic company Green Harmonic (绿的) leads the first tier with a 15% share [3]. - New entrants are focusing on the humanoid sector, emphasizing manufacturers with strong technical capabilities and customer advantages [3]. Group 4: Pricing and Cost Structure - The mainstream price for harmonic reducers ranges from 1,000 to 2,000 per unit, with a slight downward trend expected [3]. - The manufacturing cost of harmonic reducers accounts for over 50% of the total cost, indicating significant potential for cost reduction through scale [3].

Group 1 - The report from Dongwu Securities indicates that the consumption growth rate among the 20-39 age group has significantly declined, contributing to approximately 44% of the overall consumption decrease from 2018 to 2022, compared to a 30.3% increase from 2010 to 2018 [1][5] - The consumption decline is most pronounced in the 20-30 age group, where their contribution to consumption growth plummeted from 13.8% (2010-2018) to just 0.8% (2018-2022) [5][24] - The elderly population (60 years and older) has become the largest contributor to consumption growth, particularly in food and healthcare sectors, contrasting sharply with the declining consumption in entertainment categories like KTV and bars [7][24] Group 2 - The average age in China has reached a median of 40 years, indicating a demographic shift where the primary consumer base will transition from those under 40 to those over 40 in the next decade [10][40] - The report highlights a concerning trend of increasing youth unemployment, which is linked to the decline in consumption among younger demographics, creating a chain reaction affecting overall consumption [5][17] - The elderly population, while contributing significantly to consumption growth, faces challenges as their income and average consumption levels have not kept pace with the rapid aging of the population [29][30] Group 3 - The consumption tendency among the youth has dropped dramatically, with a decline of 46.1 percentage points for the 20-39 age group since 2020, indicating a shift towards more conservative spending behaviors [34][35] - The report suggests that as the population ages and the youth demographic shrinks, businesses will increasingly target consumers aged 40 and above, who tend to be more rational and less impulsive in their spending [27][28] - The overall consumer landscape is changing, with brands likely to shift focus from younger consumers to older demographics, reflecting the broader societal changes in consumption patterns [39][40]