Group 1: Market Overview - The three major stock indices experienced narrow fluctuations, with the North Stock 50 Index showing relative strength, while the Shanghai Composite Index fell by 0.05% to 3286.65 points, and the Shenzhen Component Index also dropped by 0.05% to 9849.8 points [1] - The total trading volume in the Shanghai, Shenzhen, and North Stock markets was 10,419 billion, a decrease of 350 billion from the previous day [1] - Sectors such as electricity and insurance declined, while home furnishings, automotive, chemicals, healthcare, agriculture, food and beverage, home appliances, and semiconductors saw gains [1] Group 2: Investment Opportunities in Smart Connected Vehicles - The Ministry of Industry and Information Technology (MIIT) has released key points for automotive standardization by 2025, emphasizing the need to strengthen standards for driving assistance and autonomous driving [2] - CITIC Securities anticipates that companies in the industry chain will focus on improving product maturity and safety, with main manufacturers expected to refine hardware and software architectures [2] - Investment recommendations include leading manufacturers in smart driving development, top suppliers of laser radar, and companies providing testing and simulation services for smart connected vehicles [2] Group 3: Smart Imaging Devices Market - The market for handheld smart imaging devices is projected to reach 36.47 billion in 2023, with a compound annual growth rate (CAGR) of approximately 12.9% from 2023 to 2027, potentially reaching 59.2 billion by 2027 [3] - The panoramic camera market is expected to reach 5 billion, with applications expanding beyond daily life and sports to include video conferencing and robotics [3] - The global market for action cameras is expected to exceed 30 billion in 2023, driven by the rise of outdoor sports [3] Group 4: Vitamin D3 Price Outlook - The price of feed-grade Vitamin D3 is at a historical low, leading to production cuts and supply reductions among some manufacturers [5] - Demand for Vitamin D3 is steadily increasing, with manufacturers reducing output since the beginning of 2024, resulting in historically low inventory levels [5] - Recent price increases have been observed, with significant adjustments in quotes from manufacturers, indicating potential for further price rises [5] Group 5: Consumption Policy and Tax Refunds - The National Taxation Administration has revised the management measures for tax refunds for outbound tourists, simplifying processes and expanding coverage to more small and medium-sized businesses [6] - CITIC Securities estimates that the potential market for tax refunds could reach nearly 100 billion, which may further stimulate consumption and expand domestic demand [6] - Key sectors to watch include traditional retail companies with strong operational capabilities and those involved in consumer infrastructure and travel services [6] Group 6: Electricity Market Developments - The National Development and Reform Commission and the National Energy Administration have announced plans to accelerate the construction of a national electricity spot market, aiming for full coverage by the end of 2025 [8] - Specific timelines have been set for the transition to formal operations in various provinces, with a focus on continuous settlement operations [8] Group 7: Digital Economy Infrastructure - The National Development and Reform Commission is promoting the construction of a national integrated computing network to optimize resource allocation and support the development of the digital economy [9] Group 8: Livestock Production Adjustments - The Ministry of Agriculture and Rural Affairs has issued a plan to adjust and optimize pig production capacity, focusing on monitoring and guiding the market [10]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601878 证券简称：浙商证券 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一) 主要会计数据和财务指标 √适用 □不适用 合并财务报表主要项目会计数据 单位：元 币种：人民币 二、 股东信息 单位：元 币种：人民币 (二) 非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号——非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因 ...

监事会发表如下书面意见：公司 2025 年第一季度报告的编制和审议程序符 合相关法律、法规、《公司章程》和公司内部管理制度的各项规定，报告内容和 格式符合中国证监会和证券交易所的要求，报告真实反映公司的经营结果和财务 状况等事项，不存在任何虚假记载、误导性陈述或者重大遗漏。未发现参与报告 编制和审议的人员有泄密、违规行为。 表决结果：3 票同意、0 票反对、0 票弃权。 特此公告。 浙商证券股份有限公司监事会 本公司监事会及全体监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。 2025 年 4 月 30 日 浙商证券股份有限公司（以下简称"浙商证券"或"公司"）第四届监事会 第十九次会议于 2025 年 4 月 18 日以书面方式通知全体监事，于 2025 年 4 月 28 日以通讯表决方式召开。会议应出席监事 3 人，实际出席 3 人。会议的召开符合 《公司法》和《公司章程》规定。会议作出决议如下： 一、审议通过公司《2025 年第一季度报告》 证券代码：601878 证券简称：浙商证券 公告编号：2025-028 浙商证券股份有限公司 ...

证券代码：601878 证券简称：浙商证券 公告编号：2025-027 浙商证券股份有限公司 第四届董事会第三十一次会议决议公告 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个别及连带责任。 表决结果：9 票同意，0 票反对，0 票弃权。 特此公告。 浙商证券股份有限公司董事会 表决结果：9 票同意，0 票反对，0 票弃权。 本议案提交董事会前已经公司董事会审计委员会审议通过。 具体内容详见同日在上海证券交易所网站（www.sse.com.cn）上披露的《浙 商证券股份有限公司 2025 年第一季度报告》。 二、审议通过公司《关于制定<浙商证券股份有限公司市值管理制度>的议 案》 浙商证券股份有限公司（以下简称"浙商证券"或"公司"）第四届董事会 第三十一次会议于 2025 年 4 月 18 日以书面方式通知全体董事，因临时增加议案 公司于 2025 年 4 月 25 日向全体董事发送了补充通知，会议于 2025 年 4 月 28 日在浙商证券 1702 会议室以现场结合电话表决方式召开。会议应出席董事 9 人， 实际出席董事 9 人 ...

新浪期货 根据交易所数据，截至4月29日收盘主力合约中证1000指数期货2506,涨跌+0.70%,成交量11.62万手，持仓数据显示前20席 位呈现净空，差额头寸为17010手。 中证1000指数期货期货全合约总计成交17.88万手，比上一日减少9018手。全合约前20席位多头持仓21.95万手，比上一日减少3655 手。全合约前20席位空头持仓24.79万手，比上一日减少2709手。 根据合并数据显示，多头前三席位为国泰君安，总持仓45437、中信期货，总持仓41114、国投期货，总持仓13619；空头前三席位 为中信期货，总持仓60356、国泰君安，总持仓40841、海通期货，总持仓16591； 主力合约前20席位中，多头增仓前三名分别是：国泰君安、持仓22105、增仓1074，中信期货、持仓21092、增仓552，东海期货、 持仓2214、增仓284；多头减仓前三名分别是：中泰期货、持仓4891、减仓-466，国信期货、持仓2611、减仓-376，华泰期货、持 仓4035、减仓-279； (*文中全合约指交易所公布持仓成交数据的所有合约) 新浪合作大平台期货开户 安全快捷有保障 责任编辑：小浪快报 文 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,993,854,049.22, a decrease of 22.89% compared to CNY 3,882,423,873.09 in the same period last year[5] - Net profit attributable to shareholders was CNY 555,582,922.16, representing a 24.17% increase from CNY 447,423,004.80 year-on-year[5] - Total revenue for Q1 2025 was CNY 2,993,854,049.22, a decrease of 22.8% compared to CNY 3,882,423,873.09 in Q1 2024[18] - Operating profit for Q1 2025 was CNY 701,508,369.22, an increase of 25.3% from CNY 559,165,834.65 in Q1 2024[19] - Net profit for Q1 2025 reached CNY 566,890,013.38, up 24.0% from CNY 457,824,391.76 in Q1 2024[19] Cash Flow - The net cash flow from operating activities was negative at CNY -1,331,817,103.28, a decline of 140.45% compared to CNY 3,292,570,342.26 in the previous year[5] - In Q1 2025, the total cash inflow from operating activities was CNY 19.60 billion, a significant increase from CNY 11.97 billion in Q1 2024, representing a growth of approximately 63.5%[21] - The net cash outflow from operating activities in Q1 2025 was CNY -1.33 billion, compared to a net inflow of CNY 3.29 billion in Q1 2024, indicating a decline of 140.5%[22] - Cash inflow from financing activities in Q1 2025 was CNY 5.35 billion, up from CNY 2.57 billion in Q1 2024, marking an increase of approximately 108.5%[23] - The net cash flow from financing activities in Q1 2025 was CNY 539.96 million, a turnaround from a net outflow of CNY -463.82 million in Q1 2024[23] Assets and Liabilities - The total assets at the end of Q1 2025 were CNY 171,416,601,617.52, an increase of 11.25% from CNY 154,085,739,578.88 at the end of the previous year[6] - Total liabilities rose to CNY 134,428,131,878.58, compared to CNY 117,561,353,377.24, marking an increase of 14.4%[16] - Shareholders' equity totaled CNY 36,988,469,738.94, up from CNY 36,524,386,201.64, indicating a growth of 1.3%[16] Income Sources - Interest income for Q1 2025 was CNY 247,179,757.93, a 63.12% increase from CNY 151,536,309.91 in the same period last year[10] - Investment income surged to CNY 460,032,879.77, compared to a loss of CNY -159,496,163.93 in the previous year[10] - Net interest income increased to CNY 247,179,757.93 from CNY 151,536,309.91, representing a growth of 63.1%[18] - Net commission and fee income rose to CNY 904,207,877.55, up 12.5% from CNY 803,726,896.23 in the previous year[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 179,590[12] - Zhejiang Shangsan Expressway Co., Ltd. holds 2,124,825,159 shares, representing 46.46% of total shares[12] - The company has no known related party transactions among the top shareholders[13] - The top 10 shareholders do not participate in the securities lending business[14] Other Financial Metrics - The weighted average return on equity decreased to 1.57%, down by 0.07 percentage points from 1.64%[6] - Basic earnings per share remained stable at CNY 0.12, while diluted earnings per share increased to CNY 0.12 from CNY 0.11[20] - The total monetary funds as of March 31, 2025, amount to ¥52,696,836,854.42, an increase from ¥41,864,300,738.09 on December 31, 2024[14] - Customer funds deposits are ¥45,627,036,125.22, up from ¥34,105,636,050.13 in the previous period[14] - The total amount of loans to customers is ¥24,840,653,915.44, compared to ¥24,224,341,732.66 previously[14] - The derivative financial assets decreased to ¥392,802,049.85 from ¥570,460,834.61[14] - The total buy-back financial assets are valued at ¥5,952,396,496.48, an increase from ¥5,491,055,870.52[14] Operational Status - The company has not reported any significant changes in the operational situation during the reporting period[14]

浙商证券（601878）公告，2025年第一季度营收为29.94亿元，同比下降22.89%；净利润为5.56亿元， 同比增长24.17%。 ...

Core Insights - Securities firms have intensified their efforts in the interbank bond market this year, focusing on underwriting business [1] - Several securities firms have been approved for independent lead underwriting qualifications for non-financial corporate debt financing instruments and have successfully completed their first transactions [1] Group 1: Market Dynamics - A total of 92 firms are identified as general lead underwriters for non-financial corporate debt financing instruments, with 25 of them being securities firms [1] - Among the 69 underwriters, 21 are from securities firms, indicating a growing presence of these firms in the underwriting space [1] Group 2: Company Strategies - Zheshang Securities (601878) has successfully attracted participation from multiple high-quality financial institutions by accurately identifying issuance windows and employing refined pricing strategies [1]

Core Viewpoint - Securities firms are increasingly engaging in the underwriting of non-financial corporate debt financing tools in the interbank bond market, with several firms obtaining independent underwriting qualifications and successfully executing their first deals [1][2]. Group 1: Independent Underwriting Qualifications - Multiple securities firms, including Dongwu Securities and Changcheng Securities, have been approved to independently underwrite non-financial corporate debt financing tools [2][3]. - As of March, Dongwu Securities received approval from the China Interbank Market Dealers Association to conduct independent underwriting [2]. - Changcheng Securities announced its qualification for independent underwriting and has initiated 107 projects, issuing 70 bonds in 2024 [2]. Group 2: Conditions for Independent Underwriting - Non-financial corporate debt financing tools are securities issued by non-financial enterprises in the interbank bond market, with various types including short-term financing bonds and medium-term notes [3]. - Underwriting firms are categorized into underwriters, general underwriters, and independent underwriters, with increasing qualification requirements [3]. - A well-known securities firm was warned for conducting underwriting activities without the necessary qualifications [3]. Group 3: Successful First Deals - Several securities firms have successfully executed their first deals in the independent underwriting space, including Chengtong Securities and Huazhong Securities [4][5]. - Chengtong Securities participated in the successful issuance of super short-term financing bonds for Overseas Chinese Town Group, marking its entry into the interbank market [5]. - Changcheng Securities successfully issued its first independent medium-term note, indicating a significant breakthrough in its debt financing tool capabilities [6].

记者注意到，多家券商陆续获批了非金融企业债务融资工具独立主承销资格，也有的券商在获批相关业 务资格后完成了首单业务落地。浙商证券称："公司精准把握发行窗口，通过多渠道投资者路演、精细 化定价策略，吸引多家优质金融机构积极参与认购。"最新数据显示，非金融企业债务融资工具一般主 承销商92家，其中券商25家；承销商69家，其中券商21家。（券商中国） ...