5月12日，中国证监会新疆监管局（简称"新疆证监局"）公告称，中银证券某营业部时任财务主管朱 丽，因违规买卖证券行为受到行政处罚，被处以5万元罚款。 21世纪经济报道记者 孙永乐 上海报道 又见券商员工违规炒股，中银证券（601696.SH）遭监管"点名"。 值得注意的是，2024年，中银证券曾三次受到监管处罚，其中涉及员工"代客交易"等违规从业行为。 与此同时，今年以来，监管已曝光多起券商员工违规炒股案例。 违规炒股亏损20万元，被罚5万元 2024年9月19日，浙江证监局向中银证券杭州环球中心证券营业部出具《关于对中银国际证券股份有限 公司杭州环球中心证券营业部采取责令改正措施的决定》行政监管措施。 公告显示，中银证券存在"代客交易"等合规问题，上述营业部员工直系亲属证券账户在营业部供客户使 用的交易电脑上存在委托下单记录，部分员工存在使用上述账户替客户办理证券认购、交易的行为，营 业部对此缺乏管控及监督。 此外，浙江证监局于去年9月14日向中银证券绍兴迪荡湖路证券营业部出具出具警示函，原因系营业部 存在指定兼职合规人员代为履行分支机构负责人职务且未按规定报告，基金销售业务负责人未取得基金 从业资格的问题 ...

Core Viewpoint - Company maintains a "buy" rating based on strong performance in 2024 and positive trends continuing into Q1 2025, with a focus on enhancing its product lines in DDR5 memory modules and automotive electronics [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.028 billion yuan, a year-on-year increase of 46.17%, and a net profit attributable to shareholders of 290 million yuan, up 189.23% [3]. - For Q1 2025, the company reported a revenue of 261 million yuan, a year-on-year increase of 5.6%, and a net profit of 99 million yuan, up 94.71% [3]. - The gross margin for 2024 was 54.81%, an increase of 8.22 percentage points, while the net profit margin was 28.23%, up 13.96 percentage points [3]. Product Growth - The DDR5 SPD product line saw significant sales growth due to increased penetration in the market and improved inventory levels among downstream memory module manufacturers [4]. - The automotive-grade EEPROM products successfully entered multiple leading automotive electronics Tier 1 suppliers, with sales and revenue experiencing rapid growth [4]. - The company is expanding its NOR Flash product offerings, with various capacities achieving mass production and passing reliability tests [4]. Market Dynamics - Despite differentiated demand across various downstream markets in 2025, the company’s strategic positioning in storage chips has mitigated the impact of declining sales in certain product categories [5]. - The company’s R&D investment reached 41 million yuan in Q1 2025, the highest level for the same period historically, aimed at enhancing core technology and product variety [5]. Valuation and Forecast - The company is expected to achieve revenues of 1.374 billion yuan, 1.719 billion yuan, and 2.049 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 454 million yuan, 597 million yuan, and 714 million yuan [6]. - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 26.7, 20.3, and 16.9 respectively, maintaining a "buy" rating [6].

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 ...

中银国际证券股份有限公司武佳雄,李扬近期对鼎胜新材进行研究并发布了研究报告《全球化布局持续推进， 海外收入增长明显》，给予鼎胜新材增持评级。 鼎胜新材(603876) 结合公司年报和一季报，考虑到铝箔加工费下降，我们将公司2025-2027年的预测每股盈利调整至 0.53/0.64/0.77元（原2025-2026年预测摊薄每股收益为0.66/0.84元），对应市盈率16.4/13.5/11.3倍；维持增持 评级。 评级面临的主要风险 产业链需求不达预期；原材料价格出现不利波动；新能源汽车产业政策不达预期；新能源汽车产品力不达预 期。 公司发布2024年年报和2025年一季报，2024年业绩有所承压，2025年一季度归母净利润同比显著增长；公司 是全球产销量最大的电池铝箔制造商，规模优势明显，未来营收和业绩有望增长；维持增持评级。 支撑评级的要点 2024年归母净利润3.01亿元：公司发布2024年年报，全年实现营业收入240.22亿元，同比增长26.01%；归母净 利润3.01亿元，同比减少43.70%；扣非归母净利润2.71亿元，同比减少43.57%。 2025年一季度归母净利润同比显著增长：公司发布20 ...

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].

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 ...