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 ...

A股快速轮动、冲高回落后，进入5月下旬，市场将作何表现呢？ 智通财经搜集了10家券商的观点，大部分券商认为，随着资本市场基础制度改革提速和资金情绪略有回 升，叠加经济基本面有望脉冲式改善，接下来A股指数有望进一步缓步推高，并向上挑战震荡区间上 限。 国泰海通证券表示，展望后市仍然保持乐观，随着资本市场基础制度改革提速，继续看好中国股市。同 时贴现率下降是如今中国股市上升的重要动力，A股指数有望进一步缓步推高。 中信证券：回归基准是通过基准的行业配比向基金持仓配比演化而不是相反 当前，市场对于公募考核新规以及回归基准行业配置的讨论存在一些误区。从海外经验来看，回归基准 是通过基准的行业配比向基金持仓配比演化而不是相反；产品投资策略向客户盈利导向回归，在长期视 野下，这与追求排名和绝对收益并不矛盾，反而是统一的；跑输基准的惩罚机制最终导致的是基金减少 博弈性持仓，长期来看最大的影响是活跃头寸的占比下降。 "二季度经济基本面有望脉冲式改善。二季度从'抢转口'到'抢出口'，外需从初步显现下行压力，到可能 脉冲式上行。尽管基本面改善尚无法外推，但短期数据验证有望保持强势，至少排除了下行风险。5月 政策兑现成为主要矛盾阶 ...

证券代码：601555 证券简称：东吴证券 公告编号：2025-018 东吴证券股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： ● 东吴证券股份有限公司（以下简称"公司"）2024 年年度股东大会（以 下简称"本次会议"）是否有否决议案：无 一、会议召开和出席情况 （一）股东大会召开的时间：2025 年 5 月 16 日 （二）股东大会召开的地点：江苏省苏州工业园区星阳街 5 号 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 829 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,107,916,213 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例 | 42.4239 | | （%） | | （四）表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况 等。 本次会议的召集、召开程序及表决方式符合《中华人民共和国公司法》和《东 ...

律師(上海)事務所 NDALL LAW FIRM (SHANGHA 昆明 天津 成都 宁波 福州 西安 南京 南宁 济南 香港 ------ 上海市静安区山西北路 99号苏河湾中心 MT25-28 楼 27F, Garden Square, 968 West Beijing Road, Shanghai 200041 电话/Tel: +86 21 52341668 传真/Fax: +86 21 523416' 网址/Website: http://www.grandall.c 国浩律师(上海)事务所 关于东吴证券股份有限公司 2024 年年度股东大会的 法律意见书 致:东吴证券股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和 国证券法》(以下简称"《证券法》")和中国证券监督管理委员会《上市公司股东 会规则》(以下简称"《股东会规则》")的规定,国浩律师(上海)事务所接受东 吴证券股份有限公司(以下简称"公司")董事会的聘请,指派律师出席并见证了公 司于 2025年 5 月 16 日召开的公司 2024年年度股东大会现场会议,并依据有关法 律、法规、规范性文件的规定以及《东 ...

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The report emphasizes the importance of a "sustained, stable, and active capital market" as a key driver for market sentiment and growth [6][7] - It highlights the significant growth in the securities industry, particularly in brokerage and proprietary trading, with a notable increase in revenue and net profit for listed brokers in Q1 2025 [36][37] Summary by Sections 1. Policy Interpretation on "Sustained, Stable, and Active Capital Market" - The report discusses recent policy measures aimed at stabilizing and invigorating the capital market, including support for long-term capital inflows and the promotion of new regulatory frameworks [8][7] - It outlines specific actions from the China Securities Regulatory Commission (CSRC) to enhance market liquidity and investor confidence [8] 2. Securities Industry Q1 2025 Performance Overview and Outlook - In Q1 2025, 42 listed brokers achieved revenues of CNY 125.93 billion, a year-on-year increase of 19%, and a net profit of CNY 52.18 billion, up 77.8% [37][38] - The fastest-growing segments were proprietary trading (up 45.5%) and brokerage services (up 43.2%), while investment banking and asset management saw slight declines [36][37] - The report notes that the average return on equity (ROE) for listed brokers improved to 8.05%, reflecting enhanced profitability across the sector [47][46] 3. Investment Recommendations - The report suggests that the ongoing reforms and market conditions present favorable investment opportunities within the securities sector, particularly in brokerage and proprietary trading [36][37] - It identifies potential benefits for underweighted sectors, indicating a shift in investment strategies towards areas with lower current allocations [15]

Core Viewpoint - The shipbuilding industry is experiencing a significant supply-demand gap, with a robust order backlog and expected growth in delivery volumes, indicating a positive outlook for the sector [1][3]. Group 1: Order Backlog and Delivery Expectations - As of the end of Q1 2025, global shipyards have a total order backlog of 381 million deadweight tons (DWT) / 162 million compensated gross tons (CGT), representing a 2% / 1% increase from the end of 2024 [1][3]. - The expected global ship delivery volume for 2025 is 97.28 million DWT / 44.63 million CGT, reflecting a year-on-year growth of 9% for both metrics [1][3]. - The order coverage ratio for global shipyards is projected to reach 3.8 years in 2024, marking a historical high, while the proportion of order capacity held is at a relatively low level of 12% [1][3]. Group 2: Financial Performance and Profitability - The shipbuilding sector is anticipated to achieve revenues of 210.3 billion yuan in 2024, a 12% year-on-year increase, driven by high industry demand and order fulfillment [2]. - Net profit attributable to shareholders is expected to reach 7.2 billion yuan, representing a substantial 103% increase year-on-year, supported by an improved delivery structure with a higher proportion of high-priced, low-cost orders [2]. - The ship price index remains elevated, with a slight decline of 1% to 187 at the end of Q1 2025, indicating stable pricing across various ship types [3]. Group 3: Market Dynamics and Future Outlook - The global new ship market saw a significant decline in new orders in Q1 2025, with a total of 19.8 million DWT / 8.95 million CGT, down 56% / 46% year-on-year, attributed to pre-emptive demand and market uncertainties [4]. - Despite the drop in new orders, the long delivery times (18-24 months) suggest that shipyards will still fulfill existing orders, potentially leading to a recovery in new ship demand starting in 2026 [4]. - The average age of the global fleet reached 13.1 years as of Q1 2025, with an expected increase in aging vessels driving replacement demand over the next decade [5]. Group 4: Investment Recommendations - The company recommends investing in China State Shipbuilding Corporation (CSSC) and paying attention to key players like China Power (600482.SH) and Songfa Co., Ltd. (603268.SH) for their quality shipbuilding assets [7].

Core Viewpoint - The report indicates that Aerospace Hongtu's 2024 performance fell short of market expectations, with a focus on expanding data element services and enhancing core product competitiveness [1][2][3][4]. Financial Performance - In 2024, Aerospace Hongtu reported revenue of 1.575 billion yuan, a year-on-year decrease of 13.39%, and a net loss attributable to shareholders of 1.393 billion yuan, an increase in loss of 272.23% year-on-year [2][3]. - For Q1 2025, the company achieved revenue of 124 million yuan, down 44.10% year-on-year, with a net loss of 115 million yuan, a decrease in loss of 23.91% year-on-year [2][3]. Operational Insights - The decline in performance is attributed to macroeconomic pressures and a reduction in order quantities in 2023 and 2024, compounded by a pause in military procurement leading to inventory impairment provisions [3]. - The company is focusing on enhancing the competitiveness of its core products, with plans to upgrade its industrial development model and optimize core product capabilities [3]. Strategic Initiatives - Aerospace Hongtu has completed the networking of 12 radar remote sensing satellites, achieving a global revisit cycle of up to 6 hours, which is valuable in fields such as land surveying and disaster reduction [3]. - The company aims to strengthen its cloud platform infrastructure and transition core products to the cloud, enhancing its service capabilities and facilitating seamless migration for clients from offline to online [3][4]. Data Element Services - The company has launched 14 categories of data products on the Shanghai Data Exchange, targeting various sectors including surveying, land, disaster reduction, and agriculture, to support the digital economy [4]. - Aerospace Hongtu is committed to becoming a leading "data merchant," leveraging its data processing capabilities to assist in the construction of digital government and society [4]. Earnings Forecast - The EPS forecast for 2025-2026 has been revised down to 0.48 yuan and 0.81 yuan, respectively, with a projected EPS of 1.26 yuan for 2027 [4]. - The company maintains a "buy" rating, anticipating a recovery in business as downstream customer orders resume [4].

Core Viewpoint - The report outlines the continuous supervision and compliance of Suzhou Shangsheng Electronics Co., Ltd. by Dongwu Securities, emphasizing the company's adherence to regulations and its operational integrity post-IPO [1][2][3]. Continuous Supervision Work - The sponsor has established and effectively implemented a continuous supervision system, creating specific work plans for ongoing oversight [1][2]. - The sponsor has signed relevant agreements with the company, clarifying rights and obligations during the supervision period, which have been filed with the Shanghai Stock Exchange [2]. - Regular communication, site visits, and due diligence checks are conducted to understand the company's business situation [2][3]. Compliance and Governance - The company has not reported any violations or breaches of commitments during the supervision period [3]. - The sponsor has ensured that the company and its executives comply with laws, regulations, and the business rules set by the Shanghai Stock Exchange [3][4]. - The company has established effective internal control systems, including financial management and information disclosure protocols [7][8]. Financial Performance - The company's operating revenue for the reporting period reached approximately CNY 2.78 billion, a 19.32% increase from the previous year [13]. - The net profit attributable to shareholders increased by 47.92%, driven by growth in the automotive market and enhanced product competitiveness [14]. - The company’s total assets grew by 15.47% year-on-year, reaching approximately CNY 3.33 billion [13]. Market and Industry Risks - The company faces risks related to core competitiveness, particularly in technology innovation, as the automotive industry demands higher performance standards [9][10]. - Export sales account for 35.48% of the company's revenue, with significant exposure to markets like the U.S. and Europe, which may be affected by geopolitical tensions [10][11]. - Fluctuations in raw material prices and currency exchange rates pose additional financial risks [10][12]. Competitive Advantages - The company maintains a strong technological edge through continuous R&D, holding numerous patents and focusing on automotive acoustic technology [15][16]. - It has developed a global delivery capability, establishing production bases in key automotive regions to enhance responsiveness to customer needs [20][21]. - The company has built stable relationships with major automotive manufacturers, ensuring a consistent customer base [23]. R&D and Innovation - The company has increased its R&D investment, resulting in the application for 81 new patents during the reporting period [24]. - The R&D team has expanded, focusing on new products and technologies to maintain competitive advantages in the automotive sector [24]. Use of Raised Funds - As of December 31, 2024, the company has fully utilized the raised funds in compliance with relevant regulations, with no remaining balance [24].

Core Viewpoint - The company, Jin Hong Gas Co., Ltd., has approved a differentiated profit distribution plan, which includes a cash dividend of 1.00 yuan per 10 shares for the fiscal year 2024, with no stock dividends or bonus shares [2][4]. Group 1: Profit Distribution Plan - The net profit attributable to the parent company for 2024 is projected, and the cash dividend will be distributed based on the total shares held by shareholders as of the record date [2][3]. - The company plans to maintain the per-share distribution ratio even if there are changes in total share capital due to convertible bonds, share buybacks, or other corporate actions [2][3]. Group 2: Share Buyback Details - The company initiated a share buyback program starting from August 27, 2021, and has continued to approve additional buyback plans in subsequent years, with the latest buyback completed on February 12, 2025, totaling 2,465,747 shares [3][4]. - As of the upcoming profit distribution, the company will hold 4,829,996 shares in the buyback account, which will not participate in the profit distribution [3][4]. Group 3: Special Ex-Dividend Treatment - The company has applied for special ex-dividend treatment based on the regulations that state repurchased shares do not have rights to dividends or voting [4][5]. - The impact of the differentiated profit distribution on the ex-dividend reference price is calculated to be minimal, with an absolute value impact of approximately 0.0059% [5]. Group 4: Compliance and Verification - The sponsor, Dongwu Securities, has verified that the differentiated profit distribution complies with relevant laws and regulations, ensuring no harm to the interests of the company or its shareholders [5].

Global Liquidity Overview - Global liquidity remains tight, with the M2 money supply growth rate near historical lows, indicating a constrained liquidity environment[1] - The strength of the US dollar significantly influences global liquidity trends, following a cyclical pattern every 4-5 years[1] US Dollar Liquidity Analysis - Current indicators show that US dollar liquidity is generally tight, but there is no immediate risk of liquidity shocks[2] - The net liquidity in the US financial system has tightened since 2021, remaining below the long-term trend line, suggesting a constrained liquidity scale[2] - As of May 9, 2025, the 2-year and 10-year US Treasury yields are at 3.88% and 4.37%, respectively, both at historically high levels[2] Future Liquidity Projections - A weaker dollar trend is expected to lead to a loosening of global liquidity, driven by the need to balance fiscal policies and reduce trade deficits[3] - The Federal Reserve is anticipated to restart interest rate cuts in the second half of the year, which would lower dollar interest rates and promote looser global liquidity conditions[3] A-Share Market Valuation - The loosening of global liquidity is likely to benefit global risk assets, particularly non-US assets that have been under pressure due to a strong dollar[5] - The nominal growth rate difference between China and the US has narrowed significantly from 6.6% in Q2 2022 to just 0.1% in Q1 2025, enhancing the relative value of Chinese assets[7] - The "stock-bond yield spread" model indicates that the current A-share market offers attractive investment opportunities, with a yield spread of approximately 4.3%, suggesting high configuration value[8]