Group 1 - The company Zhejiang Dayuan Pump Industry Co., Ltd. is issuing convertible bonds named "Dayuan Convertible Bonds" with a total issuance scale of 450 million yuan [2][3] - The bond has a term of 6 years, with interest rates starting at 0.60% in the first year and increasing to 3.00% in the sixth year [2][3] - The bond's interest payment will occur annually, with the first interest payment date set for December 5, 2023, and the maturity date on December 4, 2028 [2][3] Group 2 - The bond is secured by a pledge of shares from several individuals, ensuring the bondholders' rights are protected [2][3] - The bond has received a credit rating of AA- from Zhongceng Pengyuan Rating Agency, indicating a stable credit quality [3] - The funds raised from the bond issuance will be used for expanding the production capacity of high-efficiency energy-saving pumps and for supplementing working capital [3] Group 3 - The company announced a profit distribution plan, with the record date for the distribution set for June 13, 2025, and the ex-dividend date on June 16, 2025 [4] - The conversion price for the bonds has been adjusted from 20.79 yuan per share to 20.59 yuan per share, effective from the ex-dividend date [4] - The company assures that the profit distribution process complies with legal regulations and will not adversely affect its daily management, operations, or debt repayment capabilities [4]

浙商证券股份有限公司 本期发行短期融资券的相关文件已在以下网站上刊登： 1、中国货币网，http://www.chinamoney.com.cn； 2、上海清算所网站，http://www.shclearing.com。 2025 年度第五期短期融资券发行结果公告 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个别及连带责任。 浙商证券股份有限公司 2025 年度第五期短期融资券已于 2025 年 6 月 11 日 发行完毕，相关发行情况如下： | 短期融资券名称 | 浙商证券股份有限公司 | 2025 年度第五期短期融资券 | | | --- | --- | --- | --- | | 短期融资券发行简称 | 25 浙商证券 CP005 | 短期融资券流通代码 | 072510100 | | 发行日 | 2025 年 6 月 10 日 | 起息日期 2025 | 年 6 月 11 日 | | 兑付日期 | 2026 年 6 月 11 日 | 期限 | 365D | | 计划发行总额 | 15 亿元人民币 | 实际发行总额 15 | 亿 ...

Group 1 - The three major indices opened higher, with the CSI A500 Index rising by 0.8%, driven by significant gains in stocks such as Shengyi Technology, Shanshan Co., and Xinjubang, which all increased by over 5% [1] - The A500 Index ETF (159351) rebounded by 1.04% after a previous decline, with a trading volume of 1.151 billion yuan, making it the top performer among its peers [1] - UBS's emerging market strategist Xingchen Yu recommends strategic investment in Chinese stocks, highlighting the potential for further gains in Chinese tech stocks due to improving fundamentals and supportive policies [1] Group 2 - Zheshang Securities maintains a positive outlook for the A-share market, suggesting that the Shanghai Composite Index may experience short-term fluctuations but has the potential to break through the annual resistance level and target above 3509 points [2] - Continuous policy support, including interest rate cuts and accelerated issuance of special bonds, is expected to bolster market confidence [2]

Quantitative Models and Construction Methods 1. Model Name: Macro Scoring Model - **Model Construction Idea**: The model evaluates macroeconomic factors to generate asset allocation signals, providing directional views on various asset classes such as equities, bonds, and commodities [13][15] - **Model Construction Process**: - The model aggregates multiple macroeconomic factors, including domestic and global indicators such as inflation, monetary policy, credit conditions, and economic sentiment - Each factor is scored, and the scores are combined to derive an overall macro score for each asset class - The scoring results are used to determine the directional view (e.g., bullish, neutral) for each asset class [13][15] - **Model Evaluation**: The model provides a systematic and data-driven approach to assess macroeconomic conditions and their implications for asset allocation [13] 2. Model Name: US Equity Timing Model - **Model Construction Idea**: This model aims to predict the medium-term performance of US equities by analyzing three dimensions: economic sentiment, capital flows, and financial stress [16] - **Model Construction Process**: - The model assigns equal weights to three sub-indicators: economic sentiment, capital flows, and financial stress - The latest readings of these indicators are aggregated to calculate a composite timing score - For example, the latest composite score is 52.5, reflecting a moderately positive outlook for US equities [16] - **Model Evaluation**: While the model maintains a bullish view, its effectiveness may be reduced due to data lag, particularly in the context of external shocks like tariff uncertainties [16] 3. Model Name: Gold Timing Model - **Model Construction Idea**: This model identifies the timing for gold investments based on macroeconomic risks, such as tariff disputes and rising US debt levels [19] - **Model Construction Process**: - The model uses a timing indicator that oscillates around a zero axis - The indicator reflects the balance of macroeconomic risks and their potential impact on gold prices - Currently, the indicator has fallen near the zero axis due to a temporary reduction in US deficits, but the long-term trend remains upward due to expected fiscal pressures [19] - **Model Evaluation**: The model highlights gold as a strong hedge against macroeconomic uncertainties, particularly in high-risk environments [19] 4. Model Name: Crude Oil Timing Model - **Model Construction Idea**: This model evaluates the outlook for crude oil prices based on global economic conditions and supply-demand dynamics [21] - **Model Construction Process**: - The model constructs an oil sentiment index, which currently stands at 0.3 - The index reflects factors such as stable global economic data and a weakening US dollar, balanced against risks from tariff policies and OPEC's production cycle [21] - **Model Evaluation**: The model suggests that crude oil prices are likely to remain range-bound due to mixed macroeconomic signals [21] --- Model Backtesting Results 1. Macro Scoring Model - **May Return**: 0.1% - **1-Year Return**: 8.0% - **Maximum Drawdown**: 3.3% [23] 2. US Equity Timing Model - **Latest Composite Score**: 52.5 [16] 3. Gold Timing Model - **Latest Indicator Value**: Near 0 axis [19] 4. Crude Oil Timing Model - **Latest Sentiment Index**: 0.3 [21]

证券代码：601878 证券简称：浙商证券 公告编号：2025-033 浙商证券股份有限公司 关于召开2024年年度股东大会的通知 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 26 日 10 点 00 分 召开地点：杭州市五星路 201 号浙商证券十一楼会议室 股东大会召开日期：2025年6月26日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 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。 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 26 日 至2025 年 6 月 26 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:1 ...

浙商证券股份有限公司 2024 年年度股东大会会议资料 浙商证券股份有限公司 2024 年年度股东大会 会议资料 浙商证券股份有限公司董事会 二〇二五年六月 1 / 100 七、投票表决 八、会场休息（统计现场、网络投票结果） 九、宣布会议表决结果 十、律师宣布法律意见书 十一、宣布会议结束 2 / 100 浙商证券股份有限公司 2024 年年度股东大会会议资料 2024年年度股东大会议程 现场会议时间：2025年6月26日上午10:00 现场会议地点：杭州市五星路201号浙商证券十一楼会议室 主持人：董事长吴承根 一、宣布会议开始 二、宣布出席现场会议的股东人数、代表股份数 三、介绍现场参会人员、列席人员 四、推举现场计票人、监票人 五、审议议案 六、股东发言及公司董事、监事、高管人员回答股东提问 浙商证券股份有限公司 2024 年年度股东大会会议资料 会议须知 为维护股东的合法权益，确保浙商证券股份有限公司（以下简称 "公司"）2024年年度股东大会（以下简称"本次大会"）的正常秩序和 议事效率，根据《公司法》《上市公司股东大会规则》等法律、法规 和《公司章程》等规定，现就会议须知通知如下： 一、本次大会 ...

Core Points - The China Securities Index for Zhejiang State-owned Enterprises rose by 1.29% to 2293.62 points, with a trading volume of 12.048 billion yuan [1] - Over the past month, the index has increased by 6.85%, by 7.04% over the last three months, and by 8.54% year-to-date [1] Index Composition - The index consists of 50 representative listed companies with high state-owned shareholding, large market capitalization, strong profitability, and high R&D intensity, reflecting the overall performance of Zhejiang's state-owned listed companies [1] - The top ten weighted stocks in the index are: Hangzhou Bank (11.67%), Ningbo Bank (10.41%), Small Commodity City (9.72%), Zheshang Bank (8.39%), Juhua Co. (8.34%), Zheshang Securities (4.54%), Caitong Securities (4.19%), Zhejiang Energy Power (4.05%), Zhejiang Shuzi Culture (3.02%), and Wuchan Zhongda (2.75%) [1] Market Segmentation - The index's holdings are primarily listed on the Shanghai Stock Exchange (76.04%) and the Shenzhen Stock Exchange (23.96%) [1] - In terms of industry distribution, the index shows a significant allocation to finance (41.21%), followed by industrials (24.00%), materials (13.16%), communication services (6.30%), healthcare (5.86%), utilities (5.83%), consumer discretionary (2.44%), and consumer staples (1.21%) [2] Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Group 1 - The core viewpoint of the news highlights the performance and market activity of the credit bond ETF BoShi, indicating a neutral to moderately optimistic outlook for the bond market, with a focus on strategic trading opportunities [3] - As of June 3, 2025, the credit bond ETF BoShi has a latest price of 100.73 yuan, with a trading volume of 10.52 billion yuan and a turnover rate of 13.81%, reflecting active market participation [3] - The fund's latest scale reached 77.26 billion yuan, marking a new high since its inception, and it ranks in the top quarter among comparable funds [3] Group 2 - The credit bond ETF BoShi has recorded a monthly profit percentage of 75.00% since its inception, with a historical holding period profit probability of 100.00% [4] - The maximum drawdown since inception is 0.89%, with a recovery time of 26 days, indicating strong resilience [4] - The management fee of the credit bond ETF BoShi is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [4]

Core Insights - 2025 is expected to be a significant year for AIGC applications, driven by substantial investments in generative AI infrastructure, although revenue generation remains weak [1] - The development of AI edge hardware is anticipated to accelerate the integration of AIGC technology into various scenarios, enhancing technology adoption [2] - The AIGC is likely to reshape the terminal product market, particularly in mobile phones and PCs, as AI functionalities become a key differentiator [3] Group 1: AI Infrastructure and Market Dynamics - Significant capital expenditure is required for AI infrastructure, with companies needing to find ways to generate returns on these investments [1] - The emergence of various AI products in the market indicates a growing sales scale and continuous iteration after initial explorations [1] - The reduction in model training costs through innovations like the DeepSeek model will facilitate the entry of more non-large AI companies into the market [1] Group 2: AI Edge Hardware Development - AI edge hardware is expected to see rapid growth, serving as a user entry point and enabling personalized AI applications [2] - The introduction of products such as AIPC, AI smartphones, and AI wearables has laid a foundation for market maturity, with significant sales achievements noted in smart glasses [2] - The ongoing investment in AI infrastructure and the reduction in training costs will further catalyze product scaling [2] Group 3: Market Growth and Restructuring - The integration of AI functionalities in mobile phones and PCs is likely to alter market dynamics, affecting total sales, penetration rates, and component changes [3] - The AI capabilities in smart glasses and headphones are expected to expand market applications and increase sales volumes, benefiting both brand manufacturers and component suppliers [3] - AI companion products are in the early stages of commercialization, with significant demand potential driven by advancements in large models and reduced usage costs [4]

Market Outlook - A-shares are expected to experience a structural market in June, with a focus on core assets despite short-term downward pressure [1][2] - Institutions suggest maintaining dividend assets as a base while exploring growth and consumption opportunities, particularly in banking, computing industry chain, card games, and innovative pharmaceuticals [1][5] Market Performance Review - In May, the three major indices saw gains, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 2.09%, 1.42%, and 2.32% respectively [1] - Daily trading volume in A-shares remained above 1 trillion yuan [1] Economic and Policy Factors - Economic recovery and positive domestic policies are expected to enhance market risk appetite, leading to a potential upward trend in June [2] - The stability of the Chinese economy and policy expectations may continue to favor Chinese assets, even amid global uncertainties [2] Sector Performance - In May, 25 out of 31 Shenwan first-level industries saw gains, with environmental protection, pharmaceuticals, defense, and banking leading the way [3] - There is a divergence among institutions regarding market style and focus for June, with some favoring technology growth while others lean towards large-cap value stocks [3][4] Investment Strategies - Suggested strategies include focusing on technology growth sectors, consumer sectors benefiting from domestic policies, and banking sectors with stable earnings and high dividends [5][6] - Specific recommendations include investing in robotics, artificial intelligence, and sectors with recent thematic catalysts, such as innovative pharmaceuticals and military electronics [5][6]