Group 1 - The core viewpoint is that the pricing power of core assets is gradually shifting southward, driven by the increasing attractiveness of the Hong Kong stock market due to improved asset supply structure, quality, and liquidity [1] - The recent surge in A-share companies going public in Hong Kong is attributed to a combination of outbound strategies, institutional conveniences, and improved liquidity in the Hong Kong market [1] - The historical context indicates that each round of institutional reform in the Hong Kong Stock Exchange has led to bull markets that align with the characteristics of the times [1] Group 2 - The A-share market is expected to remain in a high central tendency oscillation phase in the second quarter, with short-term adjustments anticipated [2] - The upper limit of the oscillation is supported by export resilience, while the lower limit is linked to the relationship between loose monetary policy and capital market stability [2] - Short-term focus remains on sectors like pharmaceuticals (CXO and innovative drugs) and precious metals, while technology is still undergoing a mid-term adjustment phase [2] Group 3 - The market sentiment has shown signs of retreat, with increased trading activity in micro-cap stocks, indicating potential market risks due to crowded trading [3] - The central bank's financial policies aim to support the real economy and may bring fresh capital into the market [3] - The focus is on "new quality domestic demand growth," emphasizing sectors like social services, retail, and pharmaceuticals [3] Group 4 - The recent volatility in overseas financial markets, including rising long-term bond yields, has increased market risk aversion, necessitating a more cautious approach [4] - The micro-cap style has recorded significant relative gains, driven by a market environment characterized by rapid rotation and stock selection for excess returns [4] - The trading volume of the CSI 2000 index has reached a high of 32%, indicating a crowded market that may lead to increased volatility [4] Group 5 - The market is expected to refocus on technology growth, particularly in the AI industry, with attention on upstream and downstream applications [5][6] - Historical patterns suggest that industry rotation typically slows down from mid to late May, indicating a potential consolidation phase for market leadership [5] Group 6 - A-share indices are likely to undergo revaluation as quality indices strengthen, driven by stable cash flows and declining capital expenditures [7] - The trend of a weak dollar and strong renminbi is expected to benefit core assets represented by quality growth indices [7] Group 7 - The recent rise in global risk aversion, primarily due to fluctuating U.S. tariff policies and rising long-term bond yields, may indirectly affect A-share sentiment [8] - The regulatory environment is supportive of the stock market, with expectations of continued inflows from long-term funds [8] Group 8 - The market is currently experiencing a lack of sustained upward momentum, with frequent style switches between large and small caps [9] - Structural opportunities are present, particularly in high-margin assets and sectors benefiting from policy support for consumption [9] Group 9 - The short-term outlook for A-shares is characterized by a consolidation phase, with resilience expected as long as there is no global liquidity crisis [10] - The market's upward potential is contingent on the strength of economic recovery, with "quasi-stabilizing funds" helping to mitigate downside risks [10] Group 10 - The historical performance of dividend assets shows a tendency to underperform in June, suggesting a potential "headwind" period for these assets [12] - Despite this, dividend assets remain a long-term strategic choice for investors amid geopolitical uncertainties and ongoing trade tensions [12]

Group 1 - The recent surge of A-share companies going public in Hong Kong is driven by an outbound strategy, institutional convenience, and improved liquidity in the Hong Kong stock market [1] - The attraction of the Hong Kong market is systematically increasing, with continuous improvement in asset supply structure and quality, as well as liquidity trends benefiting from the return of overseas funds [1] - The trend of more quality leading companies listing in Hong Kong may catalyze a shift in A-share market style towards core assets [1] Group 2 - A-shares are expected to remain in a high central tendency oscillation market in the second quarter, with short-term adjustments anticipated [2] - The upper limit of the oscillation is supported by export resilience, while the lower limit is linked to the relationship between loose monetary policy and capital market stability [2] - Short-term focus remains on sectors like pharmaceuticals (CXO and innovative drugs) and precious metals, while technology is still undergoing mid-term adjustments [2] Group 3 - The recent market sentiment has shown signs of retreat, with micro-cap stocks gaining trading heat, indicating potential market risks due to crowded trades [3] - The central bank's financial policies aim to support the real economy and may bring fresh capital into the market [3] - The focus remains on "new quality domestic demand growth" with an emphasis on service consumption and new consumption sectors [3] Group 4 - The recent volatility in overseas financial markets, including rising long-term bond yields, has increased market risk aversion [4] - The small-cap style has recorded significant relative gains, driven by a market environment of rapid rotation and stock selection for excess returns [4] - The trading volume of the CSI 2000 index has reached a high concentration level, indicating potential volatility risks [4] Group 5 - The market is expected to refocus on technology growth, particularly in the AI industry chain, with attention on upstream and downstream innovations [5][6] - Historical patterns suggest that industry rotation typically slows down from mid to late May into June, indicating a potential consolidation phase [5] Group 6 - A-share indices are likely to undergo revaluation as quality growth indices strengthen, driven by stable cash flows and declining capital expenditures [7] - The trend of a weak dollar and strong renminbi is expected to benefit core assets represented by quality growth indices [7] Group 7 - The recent rise in global risk aversion, driven by U.S. tariff policy fluctuations and rising long-term bond yields, may indirectly affect A-share sentiment [8] - The influx of long-term funds from social security, insurance, and pension schemes is expected to support a stable A-share market [8] Group 8 - The market is currently experiencing rapid style switching, with both large and small caps alternating in dominance [9] - Structural opportunities are present, particularly in high-margin assets and sectors benefiting from policy support for consumption [9] Group 9 - Short-term market consolidation is anticipated, with resilience remaining intact despite potential negative impacts from rising U.S. bond yields [10] - The current market environment is characterized by a balance of policy support and economic recovery expectations [10] Group 10 - The historical trend indicates that dividend-paying assets may face headwinds in June, but could present good entry points for long-term investors [12] - The ongoing geopolitical uncertainties and trade tensions suggest that dividend assets remain a solid long-term investment choice [12]

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Core Insights - The digital transformation in wealth management is centered around brokers enhancing their app platforms to create a new online service ecosystem [1][4] - In April, the total active users of securities apps reached 167 million, marking a year-on-year increase of 14.29% [2][4] - The trend of upgrading app functionalities, particularly through AI technologies, is becoming a focal point for brokers [3][4] Group 1: Market Activity - The A-share market has seen increased activity, with 9.4 million new accounts opened in the first four months of the year, a year-on-year growth of 31.51% [2] - In April, 11 brokers had apps with over 5 million monthly active users, with Huatai Securities' "Zhangle Wealth" leading at 11.22 million [2][4] - Despite a slight month-on-month decline of 2.7% in active users, the year-on-year growth remains strong [2] Group 2: Technological Advancements - Brokers are focusing on integrating AI and other advanced technologies into their app functionalities to enhance service quality and efficiency [3][4] - Recent updates to apps include features like intelligent investment tools, market tracking, and ETF investment options [3] - The use of AI models is seen as essential for brokers to meet diverse investor needs and improve resource allocation efficiency [4] Group 3: Competitive Landscape - The competition among brokers is intensifying, with a need to differentiate through unique features and services [5] - Brokers are encouraged to leverage user behavior data and AI algorithms to create customized investment solutions [5] - Future developments in broker apps are expected to focus on smart, scenario-based, and diversified services to enhance user engagement [5]

| | 2022 年 | 2021 年 | 本年比上年增减 | 2020 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 939, 823, 483. 63 | 1, 115, 367, 986. 58 | -15. 74% | 1, 378, 393, 381. 42 | | 归属于上市公司股东 的净利润(元) | -223, 327, 446. 93 | -354, 266, 400. 59 | 36. 96% | 30,887, 181. 78 | | 归属于上市公司股东 的扣除非经常性损益 的净利润(元) | -237,814,312.86 | -363, 705, 483. 96 | 34. 61% | 10, 026, 386. 61 | | 经营活动产生的现金 流量净额(元) | 66, 283, 203. 80 | 47, 297, 923. 16 | 40. 14% | -85, 177, 850. 97 | 宝明科技募集资金总额为7.71亿元，扣除不含税发行费用后的募集资金净额为7.07亿元。宝明科技于2020年7月22日 披露的招股书显示， ...

Core Viewpoint - The asset management business of securities firms, approaching a scale of 10 trillion yuan, is undergoing a transformation amid intensified competition, with a focus on enhancing active management capabilities and obtaining public fund licenses [1][4]. Group 1: Industry Trends - The number of large collective products in the asset management industry totals 167, with a combined management scale of 357.032 billion yuan as of the end of the first quarter [1]. - Only 15 securities firms or their asset management subsidiaries hold public fund licenses, leading many to face restrictions when large collective products mature [1][4]. - The competition in the asset management industry is becoming increasingly fierce, prompting firms to seek differentiation through public fund penetration [1][4]. Group 2: Strategic Moves - Many firms are shifting from "passive rectification" to "active collaboration," changing the management of large collective products to affiliated public fund companies [2][3]. - For example, CITIC Securities Asset Management plans to change the management of 17 large collective products to Huaxia Fund, which is 62.2% owned by CITIC Securities [2]. - This strategy aims to maintain product continuity, avoid the loss of scale from liquidation, and enhance market competitiveness through resource sharing between securities firms and fund companies [3]. Group 3: Importance of Public Fund Licenses - Obtaining public fund licenses is crucial for securities firms to broaden their client base and enhance the competitiveness of their asset management services [4]. - As of the end of 2024, the total scale of the securities industry's asset management business is projected to reach 9.7 trillion yuan, a year-on-year increase of 5.7% [4]. - The active management product scale, including public funds and collective asset management, is expected to account for approximately 44% of the total, continuing to exceed the scale of directed asset management products for three consecutive years [4]. Group 4: Performance Disparities - The net income from asset management fees for 42 listed securities firms in 2024 totaled 44.092 billion yuan, a slight year-on-year decline of 0.35% [5]. - Despite the overall decline, some firms like Dongwu Securities and Guolian Minsheng have reported growth in asset management revenue for 2024 and the first quarter of 2025 [5]. - The private asset management scale of securities firms has decreased to 5.32 trillion yuan, down 530.962 billion yuan from its peak in July 2024 [5]. Group 5: Competitive Landscape - As of the end of the first quarter, four securities firms and their asset management subsidiaries have public fund management scales exceeding 100 billion yuan, indicating a tiered competitive landscape [6]. - Firms like Dongfanghong Asset Management and Huatai Asset Management lead with management scales of 158.559 billion yuan and 136.562 billion yuan, respectively [6]. - Many securities firms are leveraging their dual licenses to accelerate business expansion, focusing on optimizing product structures and enhancing investor experience [6].

中银国际证券股份有限公司苏凌瑶,李圣宣近期对生益电子进行研究并发布了研究报告《深化产品布局驱动增 长，强研发重产投凝聚新动能》，给予生益电子买入评级。 生益电子(688183) 评级面临的主要风险 宏观经济波动风险、AI需求不及预期、行业景气不及预期、研发水平不及预期、国际贸易摩擦加剧 投资摘要 证券之星数据中心根据近三年发布的研报数据计算，东北证券李玖研究员团队对该股研究较为深入，近三年 预测准确度均值为72.78%，其预测2025年度归属净利润为盈利8.9亿，根据现价换算的预测PE为27.88。 最新盈利预测明细如下： 公司发布2024年年报及2025年一季报，2024年公司利润实现大幅度扭亏，1Q25经营延续同比向好态势，维 持"买入"评级。 支撑评级的要点 2024年生益电子营收增长，利润大幅度扭亏，1Q25经营延续同比向好态势。公司2024年全年实现收入46.87亿 元，同比+43.19%，实现归母净利润3.32亿元，实现扣非归母净利润3.27亿元，同比皆大幅度扭亏。单季度来 看，公司25Q1实现营收15.79亿元，同比+78.55%/环比+4.79%，实现归母净利润2.00亿元，同比+656.87 ...

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（以下简称"公司"）于 2024 年 5 月 17 日成功 发行了中银国际证券股份有限公司 2024 年度第一期短期融资券（以下简称"本 期短期融资券"）。本期短期融资券发行额为人民币 20 亿元，票面利率为 2.11%， 短期融资券期限为 364 天，兑付日期为 2025 年 5 月 16 日（若遇节假日顺延）。 详见公司于 2024 年 5 月 18 日刊登于上海证券交易所网站（www.sse.com.cn）的 《中银国际证券股份有限公司 2024 年度第一期短期融资券发行结果公告》（公 告编号：2024-011）。 证券代码：601696 证券简称：中银证券 公告编号：2025-010 中银国际证券股份有限公司 2024 年度第一期短期融资券兑付完成公告 中银国际证券股份有限公司董事会 2025 年 5 月 19 日 1 2025 年 5 月 16 日 ， 公 司 兑 付 了 本 期 短 期 融 资 券 本 息 共 计 人 民 币 2,042,084 ...

Quantitative Models and Construction Methods 1. Model Name: Changjiang Momentum Index - **Model Construction Idea**: The index uses the momentum effect in the A-share market, selecting stocks with strong momentum characteristics and relatively high liquidity[26][27] - **Model Construction Process**: - Momentum indicator = (1-year stock return) - (1-month stock return, excluding stocks with price limits)[26][27] - Select the top 100 stocks in the A-share market with the strongest momentum characteristics and relatively high liquidity as index constituents[26][27] - **Model Evaluation**: The index effectively represents the overall trend of stocks with the strongest momentum characteristics in the A-share market[26][27] 2. Model Name: Changjiang Reversal Index - **Model Construction Idea**: The index captures the reversal effect in the A-share market, selecting stocks with strong reversal characteristics and good liquidity[28] - **Model Construction Process**: - Screening indicator = 1-month stock return[28] - Select the top 100 stocks in the A-share market with the strongest reversal characteristics and good liquidity as index constituents[28] - Weight the constituents based on their average daily trading volume over the past three months[28] - **Model Evaluation**: The index aims to accurately represent the overall performance of stocks with high reversal characteristics in the A-share market during different phases[28] --- Model Backtesting Results 1. Changjiang Momentum Index - **Relative Return (Momentum vs. Reversal)**: - 1 week: -0.2% - 1 month: 5.5% - Year-to-date: 8.5%[26][27] 2. Changjiang Reversal Index - **Relative Return (Reversal vs. Momentum)**: - 1 week: 0.2% - 1 month: -5.5% - Year-to-date: -8.5%[26][27] --- Quantitative Factors and Construction Methods 1. Factor Name: Style Crowdedness - **Factor Construction Idea**: Measures the crowdedness of different investment styles (e.g., growth, dividend, small-cap, large-cap) based on turnover rates[34][120] - **Factor Construction Process**: - Calculate the z-score standardized turnover rate of each style index over the past n trading days[120] - Subtract the turnover rate of the Wind All A Index from the style index turnover rate[120] - Compute the rolling y-year percentile of the difference[120] - Parameters: - 6-month crowdedness: n = 126, rolling window = 3 years - 1-year crowdedness: n = 252, rolling window = 6 years[120] - **Factor Evaluation**: Provides insights into the relative popularity and valuation of different investment styles over time[34][120] 2. Factor Name: Style Excess Cumulative Net Value - **Factor Construction Idea**: Measures the relative performance of style indices compared to the Wind All A Index[121] - **Factor Construction Process**: - Base date: January 4, 2016[121] - Daily cumulative net value = (style index closing value) / (base date closing value)[121] - Excess cumulative net value = (style index cumulative net value) / (Wind All A cumulative net value)[121] - **Factor Evaluation**: Tracks the relative performance trends of different styles over time[121] --- Factor Backtesting Results 1. Style Crowdedness - **Growth vs. Dividend**: - Growth crowdedness: 0% (1-year percentile), unchanged from last week[34] - Dividend crowdedness: 16% (1-year percentile), down from 22% last week[34] - **Small-cap vs. Large-cap**: - Small-cap crowdedness: 0% (1-year percentile), down from 1% last week[38] - Large-cap crowdedness: 29% (1-year percentile), down from 32% last week[38] - **Micro-cap vs. Fund-heavy**: - Micro-cap crowdedness: 6% (1-year percentile), unchanged from last week[40] - Fund-heavy crowdedness: 6% (6-month percentile), unchanged from last week[40] 2. Style Excess Cumulative Net Value - **Growth vs. Dividend**: - 1 week: +0.4% - 1 month: +2.3% - Year-to-date: +0.6%[26][34] - **Small-cap vs. Large-cap**: - 1 week: -1.4% - 1 month: -0.5% - Year-to-date: +1.5%[26][38] - **Micro-cap vs. Fund-heavy**: - 1 week: +1.3% - 1 month: +10.8% - Year-to-date: +26.5%[26][40]

Group 1 - The short-term A-share market may lack strong upward catalysts, but the expectations for fundamental recovery and policy release have not been disproven, indicating limited downside risk [1][2] - The recent US-China Geneva trade talks resulted in a joint statement agreeing to significantly reduce bilateral tariff levels, boosting market confidence [2] - April's financial data showed that new social financing maintained a year-on-year increase trend, with the stock of social financing growing at a rate of 8.7%, suggesting an upward trend in fundamentals and A-share earnings [2][5] Group 2 - The recent US restrictions on high-end computing chips for China may temporarily impact Huawei's chip exports, but domestic demand for local computing chips is strengthening [26][30] - Huawei's Cloud Matrix 384 computing cluster has achieved performance metrics that surpass Nvidia's flagship product GB200 NVL72, marking a significant breakthrough in China's AI infrastructure [31][32] - The capital expenditure of major cloud service providers like Tencent and Alibaba has decreased significantly compared to the previous quarter, but remains above historical averages, indicating a potential shift in investment strategy [25][30] Group 3 - The recent US-China tariff negotiations have led to a recovery in industries closely related to exports, such as e-commerce, chemical fibers, and shipping ports [15] - The technology sector is showing signs of recovery, but the market consensus suggests a phase of consolidation and potential volatility ahead [17][21] - The overall industry scores indicate a high allocation recommendation for sectors like electronics, computers, and automation equipment, while sectors like real estate and coal are rated for lower allocation [33]