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。 中银国际证券股份有限公司 2025 年度第一期短期融资券已于 2025 年 5 月 12 日发行完毕，相关发行情况如下： 证券代码：601696 证券简称：中银证券 公告编号：2025-009 中银国际证券股份有限公司 2025 年度第一期短期融资券发行结果公告 | 债券名称 | | | 中银国际证券股份有限公司 | | | | | | | | 2025 | | 年度第一期短期融资券 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 中银证券 | | CP001 | 债券代码 | | 25 | | | | 072510076 | | | | | | 年 | | | 起息日 | | | 月 | | 日 | 月 | | | 年 | | | 年 | 月 | | 期限 | | | | | 日 | | | | | | 计划发行总额 | 亿元人民币 ...

Core Insights - The total trading volume of the ChiNext Index ETFs reached 3.697 billion yuan today, an increase of 1.721 billion yuan from the previous trading day, representing a growth rate of 87.06% [1] Trading Volume Summary - E Fund ChiNext ETF (159915) had a trading volume of 3.150 billion yuan, up 1.520 billion yuan from the previous day, with a growth rate of 93.29% [1] - GF ChiNext ETF (159952) recorded a trading volume of 260 million yuan, an increase of 74.83 million yuan, with a growth rate of 40.38% [1] - Tianhong ChiNext ETF (159977) saw a trading volume of 90.251 million yuan, up 70.278 million yuan, with a growth rate of 351.84% [1] - Notably, Bank of China Securities ChiNext ETF (159821) and Tianhong ChiNext ETF (159977) had significant increases in trading volume, with growth rates of 502.97% and 351.84% respectively [1] Market Performance - As of market close, the ChiNext Index (399006) rose by 2.63%, while the average increase for related ETFs tracking the ChiNext Index was 2.59% [1] - The top-performing ETFs included Industrial Bank ChiNext ETF (159958) and Jianxin ChiNext ETF (159956), which increased by 2.81% and 2.77% respectively [1]

■机构展望 ◎记者 汪友若 5月首个交易周，A股市场整体表现强势，日均成交额较4月底改善，情绪面显著回暖。消息面上，5月7 日，金融管理部门出台了一揽子金融政策支持稳市场稳预期。机构观点认为，一揽子金融政策的出台节 奏超出市场预期，显著提振了市场风险偏好。 市场风格演绎方面，机构称，短期科技板块的景气度高企，A股"科技叙事"逻辑有望伴随着产业突破得 到进一步强化。中长期来看，中国证监会5月7日印发了《推动公募基金高质量发展行动方案》，提出25 条措施督促行业从"重规模"向"重回报"转变，公募新规或推动A股市场风格向大盘权重股、红利资产等 方向演变。 一揽子金融政策提振市场信心 申万宏源证券分析称，上周金融管理部门出台一揽子政策，其政策落地的全面性、集中性、一致性显著 超出市场预期。招商证券认为，央行降准、降息、新设立结构性货币政策工具等多项政策落地，对市场 信心的提振较明显。 中金公司研究部首席国内策略分析师李求索认为，一揽子金融政策释放积极信号，有助于进一步稳增长 稳市场稳预期，在外部面临较大不确定性的环境下，助力促进投资者风险偏好回升。结合当前A股市场 估值仍处于相对低位具备较好投资吸引力，以及科技叙事和 ...

Core Viewpoint - The report highlights the significant growth in overseas revenue for Ding Sheng New Materials, indicating a strong global expansion strategy and maintaining a buy rating for the company [1][4]. Financial Performance - In 2024, Ding Sheng New Materials reported a total revenue of 24.022 billion yuan, a year-on-year increase of 26.01%, while the net profit attributable to shareholders was 301 million yuan, a decrease of 43.70% [3]. - For Q1 2025, the company achieved a revenue of 6.457 billion yuan, reflecting a year-on-year growth of 26.08%, with a net profit of 85 million yuan, marking a significant increase of 179.93% [3]. - The sales volume of aluminum foil products reached 816,100 tons in 2024, up 29.00%, generating revenue of 19.989 billion yuan, also up 29.06% [3]. Market Position and Strategy - The company is the largest manufacturer of battery aluminum foil globally, benefiting from scale advantages that enhance market competitiveness [2][4]. - Ding Sheng New Materials has established production bases in various locations, including Jiangsu, Zhejiang, Inner Mongolia, Thailand, and Europe, positioning itself as a leader in overseas expansion among aluminum foil manufacturers [4]. - The overseas revenue reached 8.850 billion yuan in 2024, representing a growth of 55.35%, indicating a strong foothold in international markets [4]. Valuation and Earnings Forecast - The earnings per share forecast for 2025-2027 has been adjusted to 0.53, 0.64, and 0.77 yuan, respectively, with corresponding price-to-earnings ratios of 16.4, 13.5, and 11.3 times [5]. - The company maintains a buy rating based on its growth potential and market position [5].

Core Viewpoint - Company reported a revenue of 6.54 billion yuan for 2024, representing a year-on-year increase of 6.4%, while net profit attributable to shareholders was 740 million yuan, down 13.3% year-on-year [1] Group 1: Revenue Breakdown - Third-party channel revenue grew by 10.4% in 2024, with total revenue from third-party business reaching 4.57 billion yuan, accounting for 69.8% of total revenue [2] - Revenue from third-party hot pot seasoning was 2.33 billion yuan, up 6.4% year-on-year, with sales volume and price changes of +14.1% and -6.8% respectively [2] - Revenue from third-party convenient food reached 1.45 billion yuan, increasing by 11.1% year-on-year, with a notable growth of 56.7% in the revenue from sour and spicy noodles [2] Group 2: Related Party Business - Revenue from related party business was 1.97 billion yuan, down 1.8% year-on-year, accounting for 30.2% of total revenue [3] - Revenue from related party hot pot seasoning was 1.75 billion yuan, down 7.7% year-on-year, with a significant drop in sales price by 13.0% [3] - Related party revenue in the Chinese compound seasoning and convenient food segments grew by 126.8% and 87.8% respectively, driven by product diversification and low base effects from the previous year [3] Group 3: Profitability and Costs - Gross margin for the company was 31.3%, a slight decrease of 0.3 percentage points year-on-year, primarily due to pricing adjustments by related parties [5] - Net profit margin decreased by 2.6 percentage points to 11.3%, influenced by increased sales expenses [5] - Sales expense ratio increased by 2.2 percentage points to 11.8%, while management expense ratio decreased by 0.2 percentage points to 4.2% [5] Group 4: Market Expansion - Company is actively expanding its coverage in B-end and overseas markets, with a focus on small B-end clients and Southeast Asia [4] - The establishment of a supply center in Thailand is expected to enhance the company's capacity to penetrate overseas markets [4] - The company aims to increase its market share in overseas mainstream supermarkets and local B-end markets by 2025 [4]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, emphasizing the need for improved compensation management linked to fund performance [1] Summary by Category Compensation Management - The action plan requires fund companies to establish a sound compensation management system that ties compensation to fund investment returns [1] - Fund managers with performance below the benchmark by more than 10% over three years will see a significant decrease in their performance-based compensation [1] - Fund managers who significantly exceed the benchmark can receive reasonable increases in their performance-based compensation [1] Fund Performance Analysis - Among mixed funds established for over three years, 1,635 out of 3,741 funds underperformed the benchmark by over 10%, accounting for more than half of the total [2] - Specific funds, such as Morgan Small Cap A, have shown significant underperformance, with a three-year return of -10.40% compared to the benchmark's 104.29% [2] - The worst-performing fund, Jin Ying Multi-Strategy A, has a three-year return of -71%, ranking last in its category [3][4] Salary Adjustments - Fund managers with strong performance, such as Zhai Xiangdong from the招商优势企业 fund, achieved a cumulative return of 104% over three years, leading to salary increases [8][9] - Conversely, managers of poorly performing funds, such as 嘉实智能汽车, which saw a return of -79.94%, are subject to salary reductions [13][14] Market Context - The overall market, represented by the CSI 300 index, has declined by 2.57% over the past three years, highlighting the challenging investment environment [13] - The action plan aims to enhance accountability among fund managers and improve overall fund performance in a difficult market [1][13]

Core Viewpoint - Huayou Cobalt Co., Ltd. has demonstrated significant growth in net profit for both 2024 and Q1 2025, supported by its integrated advantages and global expansion strategy, leading to a maintained "Buy" rating from analysts [1][2]. Financial Performance - In 2024, the company reported a revenue of 60.946 billion yuan, a decrease of 8.08% year-on-year, while net profit attributable to shareholders reached 4.155 billion yuan, an increase of 23.99%. The adjusted net profit was 3.795 billion yuan, up 22.71% [3]. - For Q1 2025, the company achieved a revenue of 17.842 billion yuan, a year-on-year increase of 19.24%. The net profit attributable to shareholders was 1.252 billion yuan, showing a remarkable growth of 139.68%, with adjusted net profit at 1.227 billion yuan, up 116.05% [3]. Product Shipment Growth - The company reported a significant increase in nickel product shipments, with approximately 184,300 metric tons shipped, reflecting a year-on-year growth of 45.78%. Cobalt product shipments were about 46,800 metric tons, up 13.18% [3]. Global Expansion and Supply Chain Synergy - Huayou Cobalt has enhanced its global footprint, with a total production capacity of approximately 245,000 metric tons of nickel intermediate products. Projects in Indonesia are progressing, which will strengthen the company's resource development advantages. Additionally, the company has established a comprehensive cobalt-copper resource development system in the Democratic Republic of Congo and invested in lithium projects in Zimbabwe [4]. - The company has also made strides in lithium battery materials, with projects in Indonesia and Europe advancing, which are expected to enhance overall competitiveness through efficient industrial synergy [4]. Valuation Adjustments - Based on the company's annual and quarterly reports, the earnings per share forecasts for 2025-2027 have been adjusted to 3.04, 3.61, and 4.06 yuan, respectively, reflecting a price-to-earnings ratio of 11.0, 9.3, and 8.2 times [5].

据深圳特区报，4月29日，深圳市委常委会召开会议。会议强调，要拿出更加有力有效的政策和工作措 施，突出应用导向，加快打造全国乃至全球人工智能产业发展高地。 中泰证券（600918）认为，无论是底层以算力资源为基础的数字产业集群，还是大模型、智能机器人、 AI手机、AIPC等丰富多彩的终端应用，背后都是以人工智能为发展主线与技术基础，政府工作报告中 的这部分内容进一步明确了人工智能在我国新质生产力乃至数字经济发展中的重要地位与抓手作用。以 人工智能为抓手，将成为我国新一阶段科技与数字经济发展的重要主题，泛人工智能产业仍将是未来中 长期内最为明确的产业趋势与投资主题。 中银证券（601696）认为，人工智能在各行各业提升生产效率和创新业务模式方面的优势，可以有效促 进经济增长和创造就业机会。从短期来看，B端项目制落地仍然是大模型基座能力变现的主要方式，当 前以央国企为需求主力，已率先在政务、教科、通信、能源等领域落地。C端应用场景广泛，但多数C 端AI产品仍需解决用户黏性不足、收费持续性不足的问题。AI智能硬件或将成为C端突破口，随着AI大 模型逐步成熟，加入AI元素可提升产品表现能力。AI大模型在语音交互、高性 ...

签订日常关联交易框架协议的公告 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。 证券代码：601696 证券简称：中银证券 公告编号：2025-008 中银国际证券股份有限公司 关于预计公司2025年度日常关联交易及 重要内容提示： 本次日常关联交易预计及签订日常关联交易框架协议需提交公司股东大会审议。 中银国际证券股份有限公司（以下简称"公司"）于2025年4月29日召开的第二届董事 会第三十四次会议审议通过了《关于2025年度预计关联交易的议案》和《关于中国银行股份 有限公司与中银国际证券股份有限公司金融市场类交易统一交易协议的议案》，关联董事回 避表决，无反对票或弃权票。前述两项议案将提交公司股东大会审议批准，关联股东将在股 东大会上对相关议案回避表决。 公司董事会审计委员会已对前述两项议案进行预审，同意提交董事会审议。公司独立董 事专门会议已对前述两项议案进行预审，关联独立董事对《关于2025年度预计关联交易的议 案》回避表决，非关联独立董事一致同意该议案并同意提交董事会审议；全体独立董事同意 《关于中国银行股份有限公 ...

中银国际证券股份有限公司 2024 年会计师事务所履职情况评估报告 中银国际证券股份有限公司（以下简称"公司"）聘请安永华明会计 师事务所（特殊普通合伙）（以下简称"安永华明"）作为公司 2024 年度 年报审计机构。根据财政部、国资委及证监会颁布的《国有企业、上市公 司选聘会计师事务所管理办法》，公司对安永华明 2024 年审计过程中的履 职情况进行评估。经评估，公司认为安永华明资质等方面合规有效，履职 保持独立性，勤勉尽责，公允地表达了审计意见，具体情况如下： 3、诚信记录 一、机构信息 1、基本信息 安永华明于 1992 年 9 月成立，2012 年 8 月完成本土化转制，从一家中 外合作的有限责任制事务所转制为特殊普通合伙制事务所。安永华明总部 设在北京，注册地址为北京市东城区东长安街 1 号东方广场安永大楼 17 层 01-12 室。 截至 2024 年末拥有合伙人 251 人，首席合伙人为毛鞍宁先生。安永华 明一直以来注重人才培养，截至 2024 年末拥有执业注册会计师逾 1700 人， 其中拥有证券相关业务服务经验的执业注册会计师超过 1,500 人，注册会 计师中签署过证券服务业务审计报告的注 ...