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]

监管部门近期针对券商的处罚，暴露出行业在投行展业、人员管理、直播业务等方面仍存在诸多不规范 情形。 统计显示，今年4月，证券公司及子公司、分支机构、证券从业人员共收到行政处罚、行政监管措施及 自律管理措施29单，涉及15家证券公司（含分支机构及从业人员）。从处罚事由来看，罚单主要集中在 投行业务、经纪业务、从业人员管理。分析人士认为，证券公司仍需要强化内控管理，落实业务管理， 强化合规意识宣导，并加强从业人员执业行为管理。 投行业务领域监管动态频发 4月，券商投行业务"罚单"主要集中于发行股票尽职调查不到位、未尽职督导信息披露、内部控制不完 善等方面。 4月18日，深交所发布三份自律监管决定，直指海诺尔环保产业股份有限公司（以下简称"海诺尔"）创 业板IPO项目执业违规问题。作为项目保荐机构的申万宏源证券（000562）承销保荐有限责任公司及其 两名保荐代表人被采取约见谈话监管措施。 根据深交所自律监管决定，深交所现场督导发现，海诺尔存在研发投入相关内部控制执行不到位、研发 费用归集及会计处理不规范等情形，申万宏源及其两名保荐代表人在执业过程中未予以充分关注并审慎 核查，发表的核查意见不准确。此外，还存在核查 ...

Regulatory Actions - The Xinjiang Securities Regulatory Bureau imposed a fine of 50,000 yuan on Zhu Li, the financial supervisor of Bank of China International Securities Co., Ltd. (中银证券), for illegal stock trading on behalf of others [2][3] - Zhu Li was found to have controlled and used a securities account under the name "Xu Mouhua" to conduct stock trading from March 1, 2019, to January 28, 2025, with a total buy amount of 29.52 million yuan and a total sell amount of 29.41 million yuan, resulting in a loss of 200,600 yuan [3] Company Compliance Issues - Bank of China International Securities has faced multiple regulatory fines in the past year, including warnings for improper management and compliance failures at various branches [5] - Specific incidents include a warning issued to the Shaoxing Didi Lake Road branch for failing to report compliance personnel duties and another fine for improper use of client accounts by employees at the Hangzhou Global Center branch [5] Financial Performance - In 2024, Bank of China International Securities reported operating revenue of 2.888 billion yuan, a year-on-year decrease of 1.79%, while net profit attributable to shareholders was 906 million yuan, an increase of 0.64% [5] - In the first quarter of 2025, the company achieved revenue of 752 million yuan, a year-on-year increase of 22.12%, with net profit also increasing by 22.12% to 280 million yuan, attributed to growth in investment banking and brokerage service fees [6]

中国经济网北京5月15日讯中国证监会江西监管局网站昨日公布的关于对郭清平采取出具警示函措施的 决定(【2025】6号)显示，经查，郭清平在中银国际证券股份有限公司(股票简称"中银证券 （601696）"，601696.SH)赣州新赣州大道证券营业部担任经纪人期间，超出公司授权的执业范围，向 他人推介非中银国际证券股份有限公司提供的投资信息及发行或代销的金融产品信息。 上述行为违反了《证券经纪人管理暂行规定》(证监会公告(2020)20号)第十条第四项、第五项、第十二 条第九项、《证券经纪业务管理办法》(证监会令(第204号))第八条第八项和《证券公司代销金融产品管 理规定》(证监会公告(2020)20号)第十七条第一款的规定。 根据《证券经纪人管理暂行规定》第二十四条、《证券经纪业务管理办法》第四十四条和《证券公司代 销金融产品管理规定》第二十条相关规定，江西证监局决定对郭清平采取出具警示函的行政监管措施， 并记入证券期货市场诚信档案。 相关规定： 《证券经纪人管理暂行规定》第十条：取得证券经纪人证书后，证券经纪人方可执业。证券经纪人应当 在执业过程中向客户出示证券经纪人证书，明示其与证券公司的委托代理关系， ...

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]

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].