契约锁 债券代码：149504 债券简称：21 新兴 01 光大证券股份有限公司 关于 新兴铸管股份有限公司 2024 年度分红派息实施 的临时受托管理事务报告 债券受托管理人 （住所：上海市静安区新闸路 1508 号） （七） 登载本临时受托管理事务报告的中国证监会指定网站： 契约锁 重要声明 本报告依据《公司债券发行与交易管理办法》、 《新兴铸管股份有 限公司 2021 年面向合格投资者公开发行公司债券（第一期）募集说 明书》 、《新兴铸管股份有限公司 2018 年面向合格投资者公开发行公 司债券债券受托管理协议》等相关文件、第三方机构出具的专业意见 以及新兴铸管股份有限公司（以下简称"新兴铸管"或"发行人"或 "公司"）出具的相关说明文件等，由"21 新兴 01"受托管理人光大 证券股份有限公司（以下简称"光大证券"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资 者应对相关事宜做出独立判断，而不应将本报告中的任何内容据以作 为光大证券所作的承诺或声明。 契约锁 巨潮资讯网（www.cninfo.com.cn） 二、 公司债券基本情况 （一）新兴铸管股份有限公司 2021 年面向合格投 ...

Core Insights - The article highlights the strong performance of top investment advisors in the A-share market, with significant excess returns compared to the market average, showcasing their capabilities in a volatile market environment [1][3]. Performance Overview - The average return of the top 300 advisors in the stock trading group reached 27.19%, while the top 10 advisors achieved an impressive average return of 47.41% [2][3]. - In June, the three major indices in the A-share market all showed positive performance, with the Shanghai Composite Index rising by 2.9%, the Shenzhen Component Index by 4.23%, and the ChiNext Index by 8.02% [3]. ETF Group Performance - The average return for the top 200 advisors in the ETF group was 17.34%, with the top 10 achieving an average return of 30.93% [10][11]. - Compared to the benchmark indices, the top advisors significantly outperformed, with the Shanghai Composite Index rising by 5.04% and the Shenzhen Component Index by 5.71% during the same period [11]. Advisor Strategies - Advisors from leading firms like Guangfa Securities and CITIC Securities shared their strategies, focusing on growth stocks and utilizing models like "5+30" to identify high-potential sectors [13][14]. - Risk management strategies were emphasized, including controlling drawdowns and diversifying portfolios to mitigate risks during market fluctuations [15][20]. Institutional Strength - Guangfa Securities, CITIC Securities, and China Galaxy Securities led the rankings in terms of the number of advisors participating in the evaluation, indicating their strong institutional capabilities [23][28]. - The competition among institutions reflects a shift towards a client-centric approach in wealth management, emphasizing the importance of professional capabilities [39]. Future Outlook - Advisors are focusing on sectors with high growth potential, such as innovative pharmaceuticals and aerospace, while also considering macroeconomic factors like Federal Reserve policies [17][22]. - The article suggests that as market volatility becomes the norm, the ability of professional advisors to create value will be crucial for their competitive edge [39].

Core Insights - The China Securities Association conducted a special data survey on the performance of securities firms in promoting financial "five major articles" for 2025, revealing the ranking of firms in terms of personal pension product distribution [1] Summary by Category Securities Firms Ranking - The ranking of securities firms based on the scale of personal pension product distribution (in ten thousand yuan) is as follows: - China International Capital Corporation: 248,276 - Galaxy Securities: 180,620 - GF Securities: 171,836 - China Merchants Securities: 139,135 - Guosen Securities: 137,794 - Industrial Securities: 114,222 - Guotai Junan Securities: 71,553 - CITIC Securities: 53,185 - Huatai Securities: 40,565 - Ping An Securities: 34,479 - Shenwan Hongyuan Securities: 25,942 - Dongfang Securities: 21,668 - Zhongtai Securities: 21,320 - CITIC Jianan Securities: 13,698 - Changjiang Securities: 9,807 - Dongfang Fortune Securities: 4,552 - Guotou Securities: 2,649 - Everbright Securities: 2,315 [1]

Summary of Key Points Core Viewpoint - The glass futures market shows a mixed trend with a slight increase in the main contract price, while trading volume and positions indicate a net short position among the top 20 participants [1]. Trading Data - As of July 3, the main contract for glass (2509) closed with a price increase of 1.56%, with a trading volume of 3,468,400 contracts, a decrease of 642,000 contracts from the previous day [1]. - The top 20 positions show a total long position of 1,007,900 contracts, down by 29,300 contracts, and a total short position of 1,295,000 contracts, up by 101,000 contracts [1]. Position Changes - The top three long positions are held by Guotai Junan (total position 123,994), CITIC Futures (77,440), and Huatai Futures (67,699) [1]. - The top three short positions are also led by Guotai Junan (256,566), followed by Galaxy Futures (110,307) and CITIC Futures (97,134) [1]. Notable Changes in Positions - The largest increase in long positions was seen in Shenyin Wanguo (26,127 contracts, an increase of 7,179), followed by GF Futures (30,838 contracts, an increase of 5,437) and CITIC Jiantou (39,244 contracts, an increase of 4,652) [1]. - The largest decrease in long positions was recorded by Dongzheng Futures (58,894 contracts, a decrease of 21,625), followed by Haitong Futures (30,643 contracts, a decrease of 11,952) and Everbright Futures (27,650 contracts, a decrease of 7,549) [1]. Overall Market Sentiment - The overall market sentiment appears to be leaning towards bearishness, as indicated by the increase in short positions among the top participants [1].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 光大證券股份有限公司 呈交日期: 2025年7月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601788 | 說明 | | A股(上海證券交易所) | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,906,698,839 | RMB | | 1 | RMB | | 3,906,698,839 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,906,698,839 | RMB | | | 1 RMB | | 3,906,698,8 ...

Core Viewpoint - The article emphasizes the importance of focusing on structural alpha opportunities in various sectors, particularly in real estate and metals, as market conditions evolve and performance indicators shift [4][5][6]. Group 1: Market Overview - In June, major A-share indices experienced an overall increase, with the ChiNext index rising by 6.1% [4]. - The Hong Kong stock market showed a fluctuating upward trend due to improved overseas conditions and domestic risk appetite [4]. Group 2: Real Estate Sector - The real estate sector is currently exhibiting weak beta, but structural highlights are emerging due to further regional and urban differentiation [5]. - From January to May 2025, the sales amount of commercial residential properties in key cities (Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, and Chengdu) increased by 14.4% [5]. - The transaction volume and price of land in 30 core cities tracked by Everbright rose, with a transaction area increase of 15.6% and a floor price increase of 23.9% [5]. Group 3: Metals Sector - The price of electrolytic aluminum reached a three-month high, indicating potential recovery in the steel sector's profitability towards historical average levels [6]. - The Ministry of Industry and Information Technology revised the "Steel Industry Normative Conditions," which may positively impact steel companies [6]. Group 4: Copper Industry - LME copper inventory has dropped to a 22-month low, leading to tight copper supply outside the U.S. and a subsequent price increase due to short-covering [8]. - Domestic air conditioning production is expected to decline by 13% year-on-year from July to September, indicating a slowdown in demand [8]. Group 5: Semiconductor and Chemical Materials - The global semiconductor sales are projected to reach approximately $630.5 billion in 2024, with a year-on-year growth of about 19.7% [9]. - The steady growth in the semiconductor market is expected to drive demand for semiconductor materials [9]. Group 6: Renewable Energy - The wind power sector is anticipated to see improved profitability due to stable pricing and cost reductions in components [10]. - The photovoltaic sector is expected to benefit from upcoming policies aimed at preventing excessive competition, with a focus on specific technologies and companies [10].

关于旗下光大阳光混合型集合资产管理计划2025年部分港股通非交易日暂停开放公告 尊敬的投资人： 为了保障产品平稳运作，维护份额持有人利益，根据上海证券交易所《关于2024年岁末及2025年沪港通 下港股通交易日安排的通知》以及深圳证券交易所《关于2024年底及2025年深港通下的港股通交易日有 关安排的通知》，公司作为管理人决定暂停光大阳光混合型集合资产管理计划（以下简称"本集合计 划"）2025年部分港股通非交易日的申购（含定期定额申购）、赎回及转换（如有）等业务，并自下列 日期的下一开放日起恢复本集合计划的上述业务，届时不再另行公告。 上海光大证券资产管理有限公司 二、特别提示： 1.关于光大阳光混合型集合资产管理计划2025年后续港股通非交易日暂停开放安排将由本公司确定后另 行公告。 2．若境外主要市场状况发生变化，或将来根据法律法规和本集合计划合同的约定需要调整上述安排 的，本集合计划管理人将另行调整并公告。投资者可拨打全国免长途费的客户服务电话95525查询，或 登陆本公司网站了解相关情况。敬请投资者提早做好交易安排，避免因假期原因带来不便。 风险提示：本集合计划投资于港股通标的股票的比例不超过股票 ...

Report Industry Investment Rating - There is no information provided regarding the report industry investment rating. Core View of the Report - The discussion on bank liability pressure should clarify the concept, which depends on the scale of the liability gap and the difficulty of filling it, and the liability gap can be measured by regulatory indicators and banks' own demands [1][8]. - The regulatory - indicator - based liability gap is rigid but easy to fill due to the central bank's ample liquidity supply, while the gap based on banks' own demands is flexible but difficult to fill, mainly referring to the demand for deposits [1][8][9]. - Banks' attempts to increase deposit rates to attract deposits due to scale - related concerns lead to an involution - style competition, which reduces the industry's profitability and affects the sustainability of financial support for the real economy and the space for monetary policy [2][11]. - Although the monetary authorities have achieved good results in regulating the deposit and loan market competition order, the involution - style competition caused by scale concerns may resurface, and the root solution lies in abandoning the one - sided pursuit of scale, perhaps by having the board of directors reduce scale - based assessments [3][13]. Summary by Relevant Directory 1. By Bank Liability Pressure - Many investors think that after the new round of deposit rate cuts on May 20, a large amount of deposits flowed to wealth management products, increasing banks' liability pressure [1][8]. - The liability pressure depends on the scale of the liability gap and the difficulty of filling it, and there are two measurement scales: regulatory indicators and banks' own demands [1][8]. - The regulatory - indicator - based liability gap is easy to fill as the central bank has provided ample liquidity, such as a 1 - trillion - yuan reserve requirement ratio cut on May 15, about 0.5 billion yuan of medium - term funds through MLF in May and June, and 1.4 trillion yuan of outright reverse repurchase operations on June 6 and 16 [8]. - The yields of 1Y AAA - grade CDs and 5Y AAA - grade commercial bank financial bonds are at relatively low levels since early May, indicating low demand for funds and easy access to liquidity at low cost for commercial banks [8]. - The gap based on banks' own demands is mainly the demand for deposits, which is difficult to fill as the total deposit scale is relatively fixed [9]. - Banks usually raise deposit rates explicitly or implicitly, but this leads to a zero - sum game, and if other banks follow suit, it may cause a phased increase in deposit rates [2][9][11]. - Banks' desire to increase deposit rates is due to scale concerns, such as not meeting the deposit growth target after the May rate cut, worrying about ranking decline, or wanting to improve their ranking [2][11]. - This involution - style competition also affects the asset side, resulting in an unreasonable decline in loan rates, and overall, it reduces the industry's net interest margin and profit growth [2][11]. - The monetary authorities have regulated the market competition order, but the involution - style competition may resurface, and the root solution is to abandon the one - sided pursuit of scale [3][13].

Market Overview - The secondary market for publicly listed REITs in China showed an overall downward trend, with the weighted REITs index closing at 143.24 and a weekly return of -1.22% [2] - In comparison to other major asset classes, the return rates ranked from high to low are: convertible bonds, US stocks, A-shares, pure bonds, REITs, gold, and crude oil [2] - Among different project attributes, both property and concession REITs experienced price declines, with property REITs showing a smaller drop [2] - The transportation infrastructure REITs had the largest decline, while the top three performing asset types were affordable housing, energy, and ecological protection [2] Trading Activity - The total trading volume for publicly listed REITs was 2.9 billion yuan, with municipal facility REITs leading in average daily turnover rate [3] - The average daily turnover rate for all listed REITs was 0.93% [3] - The top three REITs by trading volume were Guotai Junan Dongjiu New Economy REIT, Zhongjin ProLogis REIT, and Huaxia China Communications Construction REIT [3] Net Inflow and Block Trading - The total net inflow for the week was 81.54 million yuan, indicating a decrease in market trading enthusiasm [4] - The top three asset types for net inflow were consumer infrastructure, park infrastructure, and energy infrastructure [4] - The total amount of block trading reached 789.97 million yuan, significantly higher than the previous week, with the highest single-day block trading occurring on June 24, 2025, at 309.6 million yuan [4] New Listings - Two new REITs were listed this week: Zhongjin Yizhuang Industrial Park REIT on June 26, 2025, and Zhongjin China Green Development Commercial Asset REIT on June 27, 2025 [5]

Quantitative Models and Construction Methods 1. Model Name: PB-ROE-50 - **Model Construction Idea**: The PB-ROE-50 model selects stocks based on a combination of Price-to-Book (PB) ratio and Return on Equity (ROE), aiming to capture value and profitability factors[25][26]. - **Model Construction Process**: The model ranks stocks within the China Securities 800 Index (CSI 800) and the broader market based on PB and ROE metrics. Stocks with the best combined scores are selected to form a portfolio of 50 stocks. The portfolio is rebalanced periodically to maintain its factor exposure[25][26]. - **Model Evaluation**: The model demonstrates the ability to generate excess returns over benchmarks, particularly in the CSI 800 and broader market stock pools[25][26]. 2. Model Name: Bulk Transaction Portfolio - **Model Construction Idea**: This model leverages the information embedded in bulk transactions, focusing on stocks with high transaction amounts and low volatility[31]. - **Model Construction Process**: Stocks are selected based on two key metrics: "bulk transaction amount ratio" (higher is better) and "6-day transaction amount volatility" (lower is better). The portfolio is rebalanced monthly to align with these criteria[31]. - **Model Evaluation**: The model effectively captures excess returns by exploiting the "high transaction, low volatility" principle[31]. 3. Model Name: Directed Issuance Portfolio - **Model Construction Idea**: This model identifies investment opportunities in stocks involved in directed issuance events, considering factors like market capitalization and rebalancing cycles[36]. - **Model Construction Process**: Stocks are selected based on their involvement in directed issuance events, with adjustments for market capitalization and portfolio constraints. The portfolio is rebalanced periodically to reflect updated event data[36]. - **Model Evaluation**: The model demonstrates consistent excess returns, indicating the effectiveness of event-driven strategies in the directed issuance space[36]. --- Model Backtesting Results 1. PB-ROE-50 Model - **CSI 500**: Weekly excess return -1.38%, YTD excess return 2.37%, weekly absolute return 2.54%, YTD absolute return 4.84%[26]. - **CSI 800**: Weekly excess return 0.50%, YTD excess return 5.53%, weekly absolute return 2.99%, YTD absolute return 5.92%[26]. - **Broad Market**: Weekly excess return 0.09%, YTD excess return 6.83%, weekly absolute return 3.43%, YTD absolute return 10.50%[26]. 2. Bulk Transaction Portfolio - **Weekly Excess Return**: 1.16% - **YTD Excess Return**: 24.68% - **Weekly Absolute Return**: 4.53% - **YTD Absolute Return**: 28.95%[32]. 3. Directed Issuance Portfolio - **Weekly Excess Return**: 1.05% - **YTD Excess Return**: 9.32% - **Weekly Absolute Return**: 4.42% - **YTD Absolute Return**: 13.07%[37]. --- Quantitative Factors and Construction Methods 1. Factor Name: Beta Factor - **Factor Construction Idea**: Measures a stock's sensitivity to market movements, capturing systematic risk[20]. - **Factor Construction Process**: Calculated as the covariance of a stock's returns with market returns, divided by the variance of market returns. $ \beta = \frac{\text{Cov}(R_i, R_m)}{\text{Var}(R_m)} $ Where \( R_i \) is the stock return and \( R_m \) is the market return[20]. - **Factor Evaluation**: Demonstrates positive returns in the current week, indicating favorable market conditions for high-beta stocks[20]. 2. Factor Name: Liquidity Factor - **Factor Construction Idea**: Captures the ease of trading a stock, with higher liquidity stocks expected to perform better in certain market conditions[20]. - **Factor Construction Process**: Measured using metrics like average daily trading volume or bid-ask spread over a specific period[20]. - **Factor Evaluation**: Generated positive returns this week, reflecting a preference for liquid stocks in the market[20]. 3. Factor Name: Residual Volatility Factor - **Factor Construction Idea**: Measures the idiosyncratic risk of a stock, with lower residual volatility stocks often preferred in risk-averse environments[20]. - **Factor Construction Process**: Calculated as the standard deviation of the residuals from a stock's regression on market returns[20]. - **Factor Evaluation**: Negative returns this week, indicating underperformance of low-volatility stocks[20]. --- Factor Backtesting Results 1. Beta Factor - Weekly return: 1.06%[20]. 2. Liquidity Factor - Weekly return: 0.37%[20]. 3. Residual Volatility Factor - Weekly return: -0.31%[20].