证券代码：601696 证券简称：中银证券 公告编号：2025-011 中银国际证券股份有限公司 第二届董事会第三十五次会议决议公告 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。 中银国际证券股份有限公司（以下简称"公司"）第二届董事会第三十五次会议于 2025 年 6 月 3 日以视频会议、通讯表决方式召开，会议通知于 2025 年 5 月 23 日以电子邮 件方式发出。本次会议应参与表决董事 13 名，实际参与表决董事 13 名。会议由董事长宁 敏女士主持，公司监事和相关高级管理人员等列席会议。本次董事会会议的召集、召开符 合有关法律、行政法规、部门规章、规范性文件和《中银国际证券股份有限公司章程》的 规定。本次会议审议并通过以下议案： 一、审议通过《关于提名董事候选人的议案》 表决结果：同意【13】票；反对【0】票；弃权【0】票。 同意卢莹女士为董事候选人，当选董事后兼任董事会战略与发展委员会委员。详见公 司于同日披露的《关于公司董事辞任及补选董事的公告》。 本议案已经公司董事会薪酬与提名委员会事前审议通过。 本议案需 ...

Core Viewpoint - The report highlights the continuous growth in product sales and steady improvement in operational performance for Huangma Technology, leading to a "buy" rating from analysts [1][2]. Financial Performance - In 2024, Huangma Technology achieved operating revenue of 2.333 billion yuan, a year-on-year increase of 23.17% - The net profit attributable to shareholders reached 398 million yuan, up 22.50% year-on-year - The net profit excluding non-recurring gains and losses was 377 million yuan, reflecting a 27.81% increase year-on-year - For Q4 2024, the company reported operating revenue of 611 million yuan, a 25.09% year-on-year growth, and a net profit of 112 million yuan, up 24.61% year-on-year [2]. Production and Sales Growth - In 2024, the production and sales volume of specialty surfactants were 183,100 tons and 179,300 tons, respectively, representing year-on-year growth of 30.66% and 26.85% - In Q1 2025, production and sales volume were 45,500 tons and 47,300 tons, showing year-on-year increases of 11.08% and 16.99% respectively [2][3]. Capacity Utilization and Project Progress - The capacity utilization rate for Huangma Shangyi factory in 2024 was 82.36%, an increase of 17.08 percentage points year-on-year - The net profit for this factory was 264 million yuan, up 22.65% year-on-year - The Green Science and Technology factory had a capacity utilization rate of 79.58%, with a net profit of 144 million yuan, reflecting a 35.76% year-on-year increase - The new production project for polyether amine is set to commence in Q3 2024, and the construction of the third factory is progressing smoothly [3]. Research and Development - In 2024, the company invested 88.4 million yuan in R&D, a 16.02% increase year-on-year - The company obtained 18 new national invention patents and 3 international invention patents, along with 9 new utility model patents - The total number of national key new products reached 10, with 15 new provincial product trial plans added [3]. Valuation and Earnings Forecast - Based on Q1 2025 sales growth and projections for 2026, the earnings per share (EPS) are estimated to be 0.84 yuan, 0.98 yuan, and 1.14 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 15.0, 12.9, and 11.1 [3].

中银国际证券股份有限公司余嫄嫄,范琦岩近期对联化科技（002250）进行研究并发布了研究报告《业绩 扭亏为盈，看好行业需求回暖、产品布局有序推进》，给予联化科技买入评级。 联化科技 公司发布2024年年报，2024年实现营收56.77亿元，同比-11.88%；归母净利润1.03亿元，同比+122.17%； 其中24Q4实现营收13.18亿元，同比-7.44%，环比-4.55%；归母净利润0.71亿元，同比扭亏为盈，环比 +284.98%。公司发布2025年一季报，25Q1实现营收15.10亿元，同比+3.02%，环比+14.55%；归母净利润 0.50亿元，同比+1747.04%，环比-29.02%。公司拟向全体股东每10股派发0.2元(含税)的现金分红。看好公 司所处植保行业景气度回暖，各业务产品布局有序推进，上调至买入评级。 支撑评级的要点 公司归母净利润扭亏为盈，盈利能力逐渐改善。根据公司2024年年报，2024年公司营收同比略有下滑，公 司及时调整经营策略，精益管理，提升效率以稳定各基地生产经营情况并实现归母净利润扭亏为盈。2024 年公司毛利率为26.06%(同比+6.20pct)，净利率为2.67 ...

ETF Industry News - Major indices experienced fluctuations with the Shanghai Composite Index down 0.02%, Shenzhen Component down 0.26%, and ChiNext down 0.31. Multiple transportation sector ETFs saw gains, including the Logistics Express ETF (516530.SH) up 1.23%, Logistics ETF (516910.SH) up 1.15%, and Transportation ETF (561320.SH) up 0.93 [1] - The logistics industry is expected to maintain rapid growth in 2024, despite a decline in package value and ticket prices due to trends towards smaller packages. Rail passenger volume is projected to grow at a double-digit rate in 2024, while road freight and passenger transport will continue to increase [1] - In the ETF market, as of the end of April, the Shanghai Stock Exchange had 680 ETFs with a total market value of 2.96 trillion yuan and total shares of 1.75 trillion. The Shenzhen Stock Exchange had 467 ETFs with a total market value of 1.09 trillion yuan and total shares of 866.68 billion [3][4] - The top three brokers in terms of ETF trading volume on the Shanghai Stock Exchange in April were Huatai Securities, China Galaxy, and CITIC Securities, with market shares of 10.94%, 8.52%, and 7.94% respectively [4] - The overall performance of ETFs showed that strategy-based ETFs had the best average return of 0.43%, while thematic ETFs had the worst average return of -0.37% [11] - The top three performing stock ETFs for the day were Communication ETF (515880.SH) with a return of 1.42%, 800 Cash Flow ETF (563990.SH) with 1.37%, and 180 Governance ETF (510010.SH) with 1.24% [13] - The top three stock ETFs by trading volume were A500 ETF Fund (512050.SH) with 2.798 billion yuan, A500 Index ETF (159351.SZ) with 2.533 billion yuan, and CSI 300 ETF (510300.SH) with 2.130 billion yuan [17]

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].