1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report analyzes the bond custody data for April 2025, indicating that the total bond custody increased less month - on - month. All types of bonds saw a net increase in custody. Except for policy banks which significantly reduced their bond custody, other major bond market institutions increased their holdings. The bond market leverage ratio decreased month - on - month [1][2]. 3. Summary by Related Catalogs 3.1 Bond Custody Total and Structure - The total bond custody increased less month - on - month. As of the end of April 2025, the total bond custody of CCDC and SHCH was 167.82 trillion yuan, with a net increase of 1.61 trillion yuan month - on - month, 1.05 trillion yuan less than the month - on - month increase in March [1][11]. - All types of bonds had a net increase in custody. Interest - rate bonds had a custody of 114.03 trillion yuan, accounting for 67.95% of the inter - bank bond market custody, with a net increase of 0.99 trillion yuan; credit bonds had a custody of 18.35 trillion yuan, accounting for 10.94%, with a net increase of 0.07 trillion yuan; non - policy financial bonds had a custody of 11.95 trillion yuan, accounting for 7.12%, with a net increase of 0.18 trillion yuan; and inter - bank certificates of deposit had a custody of 21.56 trillion yuan, accounting for 12.85%, with a net increase of 0.38 trillion yuan [1][11]. 3.2 Bond Holder Structure and Changes 3.2.1 Changes in Custody by Institution Month - on - Month - Policy banks increased their holdings of inter - bank certificates of deposit and major credit products while significantly reducing their holdings of major interest - rate products. - Commercial banks continuously increased their holdings of major interest - rate products and credit products while continuously reducing their holdings of inter - bank certificates of deposit. - Credit unions increased their holdings of inter - bank certificates of deposit and reduced their holdings of major interest - rate products and credit products. - Insurance institutions and securities companies continuously increased their holdings of major interest - rate products and reduced their holdings of inter - bank certificates of deposit and major credit products. - Non - legal person products and overseas institutions showed comprehensive increases in holdings [2][25]. 3.2.2 Changes in Custody by Bond Type Month - on - Month - Treasury bond custody continued to increase month - on - month. Policy banks continuously reduced their holdings, while commercial banks continuously increased their holdings. - Local government bond custody continued to increase month - on - month. Policy banks significantly reduced their holdings, while commercial banks continuously increased their holdings. - Policy - financial bond custody changed to a reduction this month, with commercial banks being the main reduction entity. - Inter - bank certificate of deposit custody continued to increase month - on - month. Non - legal person products continuously increased their holdings, while commercial banks continuously reduced their holdings. - Corporate bond custody continued to decrease month - on - month, and all institutions showed a reduction in holdings. - Medium - term note custody continued to increase month - on - month. Commercial banks continuously increased their holdings, while securities companies changed to a reduction in holdings. - Short - term financing and ultra - short - term financing custody changed to an increase this month, with non - legal person products being the main increase entity. - Non - publicly - oriented debt instrument custody continued to decrease month - on - month, with non - legal person products being the main reduction entity [3][27][28]. 3.2.3 Holder Structure of Major Bond Types - Treasury bonds: Commercial banks accounted for 66.78%, overseas institutions 6.27%, policy banks 11.40%, non - legal person products 8.54%, securities companies 3.29%, insurance institutions 2.59%, and credit unions 1.12% [33]. - Policy - financial bonds: Commercial banks accounted for 53.86%, non - legal person products 32.42%, overseas institutions 3.39%, credit unions 3.18%, insurance institutions 2.13%, securities companies 1.08%, and policy banks 3.94% [36]. - Local government bonds: Commercial banks accounted for 74.70%, non - legal person products 8.85%, policy banks 9.99%, insurance institutions 4.89%, securities companies 1.01%, credit unions 0.55%, and overseas institutions 0.02% [39]. - Corporate bonds: Non - legal person products accounted for 53.53%, commercial banks 33.04%, securities companies 8.98%, insurance institutions 3.27%, policy banks 0.75%, credit unions 0.35%, and overseas institutions 0.09% [41]. - Medium - term notes: Non - legal person products accounted for 61.79%, commercial banks 23.71%, securities companies 5.50%, nominal holder accounts (domestic) 3.06%, policy banks 2.50%, insurance institutions 2.40%, overseas institutions 0.30%, others 0.48%, and credit unions 0.27% [42]. - Short - term financing and ultra - short - term financing: Non - legal person products accounted for 62.52%, commercial banks 21.02%, nominal holder accounts (domestic) 6.74%, policy banks 4.84%, securities companies 4.45%, others 0.24%, credit unions 0.18%, overseas institutions 0.01%, and insurance institutions 0.00% [45]. - Non - publicly - oriented debt instruments: Non - legal person products accounted for 57.91%, commercial banks 26.11%, policy banks 1.28%, credit unions 2.08%, others 3.32%, nominal holder accounts (domestic) 1.93%, securities companies 1.26%, overseas institutions 6.01%, and insurance institutions 0.11% [47]. - Inter - bank certificates of deposit: Non - legal person products accounted for 64.69%, commercial banks 27.84%, nominal holder accounts (domestic) 3.31%, securities companies 0.84%, policy banks 2.05%, others 0.20%, insurance institutions 0.08%, credit unions 0.05%, and overseas institutions 0.94% [49]. 3.3 Observation of Bond Market Leverage Ratio - The balance of bonds to be repurchased decreased seasonally, and the bond market leverage ratio decreased month - on - month. As of the end of April 2025, the estimated balance of repurchase - pledged repos was 105,472.92 billion yuan, a decrease of 1,780.97 billion yuan month - on - month. The leverage ratio was 106.71%, a decrease of 0.19 percentage points month - on - month and 0.58 percentage points year - on - year [4][50].

Group 1 - The core point of the announcement is that Huaxia Wealth has been approved by the China Securities Regulatory Commission to sell open-end mutual funds from Hai Futong Fund Management Co., Ltd, starting from May 22, 2025 [1][2][4] - Investors can open accounts, subscribe, and redeem the mentioned open-end funds through Huaxia Wealth starting from May 22, 2025, with specific procedures and timings as per Huaxia Wealth's regulations [2][4] - The fee discount activity allows investors to subscribe to the funds without discount limits, except for those with fixed subscription fees, with specific discount rates determined by Huaxia Wealth's promotional activities [4][5][6] Group 2 - The announcement includes important reminders for investors to read the fund contracts, prospectuses, and related legal documents for detailed information about the funds [7][8] - The fee discount activity applies only to the front-end fee model of the funds during the normal subscription period at Huaxia Wealth and does not include redemption fees or other service fees [8][9] - Investors can consult for more details through Huaxia Wealth and Hai Futong Fund Management Co., Ltd's official websites and customer service [11][12]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 光大证券(601788)研报指，在医疗康复领域，外骨骼机器人主要应用于三大场景：1)脊髓损伤修复、2) 脑卒中偏瘫康复、3)老龄化辅助。全球外骨骼机器人市场正进入高速增长期，根据Grand View Research 数据显示，2024年市场规模达18亿美元，预计2030年将突破120亿美元，年复合增长率28%。叠加中 国"十四五"规划将外骨骼纳入高端医疗装备重点发展领域，多地医保已将部分康复型外骨骼纳入报销范 围，光大证券认为外骨骼机器人在医疗康复领域的商业化有望加速落地。(格隆汇) (责任编辑：宋政 HN002) 格隆汇5月20日｜港股机器人概念股普遍上涨，其中，国华、小米、盛业、德昌电机控股涨超2%，速腾 聚创、中芯国际、华虹半导体涨超1%。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 0 ...

Core Insights - The report highlights that despite the impact of US tariff policies, the economic data for April 2025 shows stability with a slight decline in growth rates, particularly in manufacturing and infrastructure investments, which remain at relatively high levels [2] - Retail sales in April 2025 reached 3.72 trillion yuan, growing by 5.1% year-on-year, with significant growth in gold and jewelry sales at 25.3% due to low base effects and high demand for investment preservation [4] Macro Analysis - The economic performance in April 2025 reflects a stable growth trajectory, with consumer spending on services and the "old-for-new" policy positively influencing sales [2] - Manufacturing and infrastructure investment growth rates have slightly decreased but are still considered high, indicating the effectiveness of previous policies [2] Retail Sector Insights - The total retail sales for the first four months of 2025 amounted to 16.18 trillion yuan, marking a year-on-year increase of 4.7% [4] - Categories such as sports entertainment, home appliances, and cultural office supplies maintained double-digit growth rates, indicating robust consumer demand in these segments [4]

光大证券股份有限公司 关于诚达药业股份有限公司 保荐人名称：光大证券股份有限公司 被保荐公司简称：诚达药业 保荐代表人姓名：杨科 联系电话：021-22169999 保荐代表人姓名：范国祖 联系电话：021-22169999 一、保荐工作概述 项目 工作内容 （1）是否及时审阅公司信息披露文件 是 （2）未及时审阅公司信息披露文件的次数 0次 的情况 （1）是否督导公司建立健全规章制度（包 括但不限于防止关联方占用公司资源的制 是 度、募集资金管理制度、内控制度、内部 审计制度、关联交易制度） （2）公司是否有效执行相关规章制度 是 （1）查询公司募集资金专户次数 12 次 （2）公司募集资金项目进展是否与信息披 是 露文件一致 （1）列席公司股东会次数 0次 （2）列席公司董事会次数 0次 （1）现场检查次数 1次 （2）现场检查报告是否按照本所规定报送 是 （3）现场检查发现的主要问题及整改情况 无 （1）发表专项意见次数 6次 （2）发表非同意意见所涉问题及结论意见 无 （1）向本所报告的次数 0次 （2）报告事项的主要内容 不适用 （3）报告事项的进展或者整改情况 不适用 （1）是否存在需要关注的事项 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 1、 二级市场 2025年5月12日-2025年5月16日（以下简称"本周"），我国已上市公募REITs的二级市场价格整体呈现震荡 上行的趋势：加权REITs指数收于137.87，本周回报率为1.7%。与其他主流大类资产相比，回报率由高至 低排序分别为：美股>REITs>可转债>A股>纯债>原油>黄金。 从项目属性来看，本周产权类REITs和特许经营权类REITs均整体呈现震荡上行趋势，产权类REITs的涨幅 更大。 从底层资产类型来看，从底层资产类型来看，本周消费类REITs涨幅最大。本周回报率排名前三的底层资 产类型分别为消费类、园区类和保障房类。 从单只REIT层面来看，本周公募REITs涨跌互现，有52只REITs上 ...

查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 点击注册小程序 本周，基本面因子在多数行业表现较差，其中净利润增长率因子在煤炭行业正收益显著。估值类因子中， BP因子在综合行业正收益显著。流动性因子在交通运输、美容护理、化工、商业贸易和轻工制造行业正收 益显著。市值风格上，本周多数行业表现为小市值风格。 PB-ROE-50组合跟踪： 本周PB-ROE-50组合在中证500、中证800股票池中获取正超额收益。中证500股票池中获得超额收益 0.88%，中证800股票池中获得超额收益0.43%，全市场股票池中获得超额收益-0.02%。 量化市场跟踪 大类因子表现： 本周全市场股票池中，残差波动率因子和盈利因子分别获取正收益0.55%、0.26%；市值因子和非线性市值 因子分别获取负收益-0. ...

Core Viewpoint - Jiangxi Yuenan New Materials Co., Ltd. has initiated a stock incentive plan for 2025, which includes the first grant of restricted stocks to selected employees and management, aimed at enhancing motivation and aligning interests with shareholders [1][6][15]. Summary by Sections Independent Financial Advisor Report - The independent financial advisor, Everbright Securities Co., Ltd., has confirmed that the stock incentive plan has undergone necessary approval procedures and complies with relevant regulations [6][15]. - The plan involves granting restricted stocks to 257 individuals, with a total of 1.8753 million shares allocated, adjusted from an initial 1.9173 million shares due to changes in eligible participants [8][15]. Approval Process - The approval process included discussions and resolutions at the board and supervisory committee meetings, ensuring that all necessary checks and balances were in place [6][7]. - The plan was publicly disclosed on the Shanghai Stock Exchange, ensuring transparency and compliance with regulatory requirements [8][15]. Grant Conditions - The grant of restricted stocks is contingent upon the fulfillment of specific conditions, including the absence of negative audit opinions and compliance with legal regulations [9][15]. - The vesting schedule for the restricted stocks is structured over a maximum of 60 months, with specific percentages vesting at designated intervals [11][12]. Impact on Financials - The implementation of the stock incentive plan is expected to have implications for the company's financial status and operational results, which will be assessed in accordance with accounting standards [16][17].

Core Viewpoint - The report summarizes the issuance of convertible bonds by Shandong Zhangqiu Blower Co., Ltd., detailing the amount raised, the use of funds, and the compliance with regulatory requirements [3][9][12]. Group 1: Issuer Basic Information - Shandong Zhangqiu Blower Co., Ltd. has registered capital as of the end of Q1 2025 [3]. - The company issued 2.43 million convertible bonds with a face value of RMB 100 each, raising a total of RMB 24.3 million [3]. Group 2: Fundraising Overview - The net amount raised after deducting issuance costs was RMB 238,629,781.92, with all funds received by October 23, 2023 [3]. - The issuance was approved by the China Securities Regulatory Commission (CSRC) [3]. Group 3: Due Diligence and Continuous Supervision - The sponsor conducted due diligence and complied with regulations during the issuance process, including responding to inquiries from the Shenzhen Stock Exchange [4]. - Continuous supervision included monitoring the company's governance structure and ensuring compliance with commitments and information disclosure [5][6]. Group 4: Fund Usage and Compliance - The company established a special account for the raised funds and has been managing them according to regulations, although there were instances of non-compliance in fund usage that were rectified [9][10]. - The company has been using idle funds for cash management, which is within the regulatory framework and does not affect the normal operation of fundraising projects [10][11]. Group 5: Conclusion on Fund Management - The sponsor concluded that the company's management of raised funds is compliant with relevant regulations, and there are no violations regarding the use of funds [12]. - As of December 31, 2024, some raised funds remain unutilized, and the sponsor will continue to oversee their usage [12].

Core Viewpoint - The transition of public collective investment products from large brokerage firms to their affiliated fund companies is nearing completion, aligning with regulatory guidance and enhancing resource sharing and collaboration within the industry [1][8]. Group 1: Transfer of Products - Recently, Guangfa Securities applied to transfer seven public collective investment products to Guangfa Fund Management, while Huazhong Securities transferred two products to its subsidiary Huafu Fund Management [1]. - Earlier, CITIC Securities transferred all 19 of its public collective investment plans to Huaxia Fund Management, with some applications already approved by the CSRC [1][5]. - Other firms like Founder Securities, Guoyuan Securities, Donghai Securities, and Everbright Securities are also transferring their public collective investment plans to affiliated fund companies [1]. Group 2: Industry Trends - The public collective investment product transformation is expected to conclude by June 30, indicating a significant shift towards compliance and standardization in the industry [8]. - Currently, less than 20% of brokerage asset management companies hold public fund licenses, necessitating the transfer of products to licensed fund companies for continued operation [8]. - The transition is anticipated to enhance the operational efficiency of asset management firms, allowing them to focus on high-value private equity sectors while public fund operations are managed by specialized fund companies [8]. Group 3: Market Impact - As of the end of Q1 2025, there are 303 public collective investment products with a total asset size of approximately 3,565.42 billion yuan, indicating a significant scale increase for the involved fund companies [9]. - The publicization of these products is expected to improve compliance and market acceptance, pushing brokerage asset management towards a more transparent and standardized operational model [8].