Core Viewpoint - The report outlines the continuous supervision and monitoring responsibilities of the sponsor, Fangzheng Securities, for Shanghai Sailun Biotechnology Co., Ltd. (Sailun Bio) following its initial public offering on the STAR Market, emphasizing compliance with relevant regulations and the company's operational status [1]. Continuous Supervision Work Situation - The sponsor has established and effectively implemented a continuous supervision work system, including a work plan tailored to specific supervisory tasks [2]. - A continuous supervision agreement was signed with Sailun Bio, clarifying the rights and obligations of both parties during the supervision period [2]. - The sponsor conducts regular communication, site visits, and due diligence to understand Sailun Bio's operational conditions [2][3]. - The sponsor ensures that Sailun Bio complies with laws, regulations, and business rules issued by the Shanghai Stock Exchange [2][3]. - The sponsor monitors the company's governance structure and internal control systems, ensuring they are effectively executed [2][3]. Financial Performance - In 2024, Sailun Bio reported a revenue of approximately 194.92 million yuan, a 2.51% increase from 2023 [9]. - The net profit attributable to shareholders was approximately 44.29 million yuan, reflecting a 14.23% increase year-on-year [9]. - The net cash flow from operating activities increased by 53.12% to approximately 50.25 million yuan [9]. - The company's total assets decreased by 0.75% to approximately 1.12 billion yuan, while net assets increased by 0.89% to approximately 1.10 billion yuan [9]. Core Competitiveness - Sailun Bio has developed a strong competitive advantage in the research and production of antivenom and antitoxin products, with proprietary technologies and patents in various critical processes [11][12]. - The company is the sole domestic producer of specific antivenom products, enhancing its market position [11]. - Continuous innovation and improvement in production processes have led to significant advancements in product quality [11][12]. Research and Development Progress - The R&D expenditure accounted for 12.23% of revenue, a decrease of 3.76 percentage points compared to the previous year [16]. - Key R&D projects are progressing steadily, including the development of antivenom for pit viper bites and honeybee venom, with clinical trials and regulatory submissions underway [17]. - The company is also focusing on improving the production processes of existing products, which has yielded significant results [17]. Use of Raised Funds - The company raised approximately 89.38 million yuan from its IPO, with net proceeds of about 78.49 million yuan after deducting issuance costs [18]. - As of December 31, 2024, the company had utilized approximately 235.99 million yuan of the raised funds, maintaining compliance with regulatory requirements regarding fund usage [18].

Core Viewpoint - The company Weihaide (301318.SZ) announced a share reduction plan by major shareholders, which includes a total reduction of 2,487,500 shares, accounting for 1.84% of the company's total share capital [1][2][3]. Shareholder Reduction Plans - Major shareholder Wang Yan holds 16,846,050 shares (12.49% of total shares) and plans to reduce up to 800,000 shares (0.59%) from June 11, 2025, to September 10, 2025 [1][3]. - Director and Vice President Chen Liwu holds 3,775,200 shares (2.80%) and plans to reduce up to 900,000 shares (0.67%) during the same period [1][2]. - Vice President Lü Jialong holds 1,950,000 shares (1.45%) and plans to reduce up to 487,500 shares (0.36%) [2][3]. - Financial Director Wu Wenjuan holds 1,209,000 shares (0.90%) and plans to reduce up to 300,000 shares (0.22%) [2][3]. - The total planned reduction by these shareholders amounts to 2,487,500 shares, representing 1.84% of the company's total share capital [2][3]. Company Background - Weihaide was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on August 10, 2022, with an initial public offering of 17.36 million shares at a price of 64.68 yuan per share [4]. - The company is currently in a state of share price decline, having fallen below its initial offering price [4]. Fundraising and Projects - Weihaide raised a total of 1.1228448 billion yuan in its public offering, with a net amount of 1.0448897 billion yuan after deducting issuance costs [5]. - The original fundraising target was 490.6798 million yuan for projects including the industrial expansion of audio and video communication equipment, R&D center construction, marketing network development, and working capital [5][6]. Dividend Announcements - The company announced a dividend plan on May 20, 2023, proposing a bonus of 5 shares for every 10 shares held and a pre-tax dividend of 3 yuan, with the record date on May 26, 2023 [7]. - A subsequent dividend announcement for May 18, 2024, includes a proposal for a bonus of 3 shares for every 10 shares held and a pre-tax dividend of 2 yuan, with the record date on May 23, 2024 [7].

Investment Rating - The overall industry investment rating is "Positive," indicating an expected return exceeding 5% above the CSI 300 index in the next six months [36]. Core Viewpoints - The report highlights a significant increase in the construction of a technology finance system, which is expected to accelerate [1][33]. - The non-bank financial sector has shown a positive performance, with the Shenwan Non-Bank Index increasing by 2.49%, outperforming the CSI 300 index by 1.37 percentage points [9]. - The report recommends specific companies for investment, including "Fangzheng Securities," "Xiangcai Shares," and "China Life," all rated as "Buy," while "Zhong An Online" is rated as "Hold" [3][35]. Summary by Sections Market Review - The Shanghai Composite Index, CSI 300, and ChiNext Index recorded weekly changes of 0.76%, 1.12%, and 1.38%, respectively [9]. - The Shenwan Non-Bank Index's performance was driven by the securities sector, which rose by 2.18%, and the insurance sector, which increased by 3.58% [9][11]. Data Tracking - As of May 16, 2025, the PE-TTM valuation for the securities sector is 19.21x, and the PB-LF valuation is 1.37x [5]. - The average trading volume for the week in the stock market was 1.56 trillion yuan, reflecting a 21.42% increase week-on-week [5][19]. Industry Dynamics - The China Securities Regulatory Commission has implemented revised regulations for major asset restructuring, aimed at enhancing the efficiency of mergers and acquisitions [32]. - A joint policy initiative from the Ministry of Science and Technology and other departments aims to accelerate the construction of a technology finance system to support high-level technological self-reliance [33]. - The Supreme People's Court and the CSRC have issued guidelines to ensure fair law enforcement and judicial support for the high-quality development of the capital market [34].

Group 1 - The company, Founder Securities, announced the suspension of new client sign-ups for the Cash Port Money Market Collective Asset Management Plan starting from May 21, 2025, while existing clients can continue to process subscriptions and redemptions normally [1] - The company issued a fourth reminder regarding the potential triggering of contract termination for the Xinxiang Three-Month Rolling Bond Collective Asset Management Plan, which has a maximum duration of three years, set to expire on May 25, 2025 [3][4] - Upon termination of the Xinxiang plan, there will be no open periods for subscriptions or redemptions, and no further income distribution will occur, with the plan entering a liquidation process [4] Group 2 - The company emphasizes the importance of investors understanding the risks associated with the asset management plans, including the fact that past performance does not guarantee future results [2][5] - Investors are advised to carefully read the asset management contracts and related documents to fully comprehend the risk-return characteristics of the investment products [5][6]

拜耳是全球草甘膦龙头，若孟山都破产或致使全球草甘膦供给格局重塑 当前草甘膦全球产能约118万吨，其中海外拜耳公司产能37万吨，其余81万吨产能都集中在中国。若拜 耳草甘膦致癌诉讼和解失败导致孟山都最终破产，或导致草甘膦龙头企业产能出清，全球草甘膦供需格 局或重塑，我国草甘膦生产企业有望凭借完善的产业链和成本优势掌握主动权。同时，产能出清背景下 或带来草甘膦盈利能力回暖，相关企业有望实现盈利增长。 方正证券发布研报称，据媒体报道，拜耳正在准备一项计划，以解决其在密苏里州因Roundup除草剂引 发的一些大规模诉讼，如果努力失败，拜耳还可能寻求旗下孟山都公司破产。草甘膦行业或处于供需格 局重塑的大变局之中，我国草甘膦生产企业有望凭借完善的产业链和成本优势掌握主动权，建议关注： 兴发集团（600141）、江山股份（600389）、和邦生物（603077）、扬农化工（600486）、广信股份 （603599）等。同时，草铵膦有望受草甘膦变局影响需求端迎来快速增长，建议关注：利尔化学 （002258）等。 方正证券主要观点如下： 草甘膦是全球用量最大的除草剂 作为一种非选择性除草剂，草甘膦可以同时杀死杂草和农作物，因此 ...

Core Insights - The recent surge in gold prices is primarily driven by increased purchases from global central banks and heightened investment demand, reflecting new characteristics in gold demand structure [1][2][3] - Short-term fluctuations may occur due to profit-taking by investors and a temporary slowdown in central bank purchases, but a long-term upward trend in gold prices is expected due to declining dollar credibility and ongoing central bank gold accumulation [1][3] Supply and Demand Analysis - Gold prices are determined by supply and demand balance, with supply being relatively stable due to gold's scarcity. Demand is categorized into jewelry manufacturing, industrial use, central bank purchases, and investment [4][6] - Central bank gold purchases have significantly increased in recent years, accounting for 21.77% of total demand by the end of 2024, making it a crucial factor influencing gold prices [6][9] Historical Trends - Gold's historical price movements can be divided into three phases: the Bretton Woods system (1944-1971), a period of volatility post-1971, and the current phase characterized by increased central bank purchases since 2022 [2][31] - The current phase of gold price increases is marked by central bank purchases and investor demand driven by inflation expectations and geopolitical tensions [2][65] Future Outlook - Short-term corrections in gold prices may occur, but a long-term upward trend is anticipated due to factors such as declining dollar trust, the onset of a Federal Reserve rate-cutting cycle, and sustained central bank gold purchases [3][65] - The interplay of gold's financial, commodity, and monetary attributes will continue to influence its demand and pricing dynamics in the context of global economic uncertainties [18][26][70]

方正证券主要观点如下： 2)新趋势：功效多元化、剂型零食化，对供给端的研发能力提出更高的要求。功效方面，当前"悦己经 济"蓬勃发展，消费者对功效的期待变得更加具体且个性化，比如单个产品开发复合功效，这要求供给 端具备市场洞察捕捉各类群体的隐蔽健康痛点，同时也要具备开发循证有效产品的研发能力;剂型方 面，软糖、饮品等新兴剂型兼具适口性与便利性，有利于培养消费者的日常服用习惯，根据灼识咨询， 22-24年软糖/饮品剂型CAGR分别约为40%/30%，剂型增速领先，这要求供给端具有充足的新剂型产能 及出色的研发能力。 方正证券发布研报称，当前中国营养保健食品市场处于重要变革期，新消费驱动下行业呈现渠道多元 化、产品创新化、人群全龄化三大特征。该行重视积极把握新消费变革趋势的头部B端企业，新消费驱 动业绩增长，或有望带来板块的估值切换。建议关注积极布局新消费赛道的头部企业，推荐聚焦高价值 客户拓展的仙乐健康（300791）(300791.SZ)及布局跨境与宠物营养的百合股份（603102） (603102.SH)。该行预计，未来行业将保持中高个位数复合增长，头部企业集中度有望加速提升。 当前中国营养保健食品市场处于重 ...

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].

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]

销售均价：重点上市猪企四月商品猪销售均价环比小幅上涨 重点上市猪企四月生猪出栏量同比+37.2% 13家重点上市猪企中，12家出栏量同比为正值，其中正邦科技(+236.0%)、正虹科技(+111.3%)同比增幅 超100%，增幅较大;仅京基智农(-2.8%)同比出栏量小幅下降。由于牧原股份出栏量占比较大，剔除其影 响后，剩余12家重点猪企4月出栏量同比+27.4%。牧原股份4月商品猪出栏量在24年大基数之上，同比 再增长51.8%。 出栏体重：该行测算，重点猪企四月生猪出栏均重环比约+0.6% 4月，8家重点上市猪企生猪出栏均重约124.7kg/头，高位环比持续增长。其中，仅金新农(-2.1%)、温氏 股份(-1.0%)出栏均重小幅下调，重点猪企出栏均重基本在120kg以上。该行认为，受标肥价差影响，上 市猪企为优化头均盈利水平，普遍采取增重出栏措施，后续压栏情绪或随价差收窄有所减弱。 智通财经APP获悉，方正证券发布研报称，4月重点上市猪企整体出栏量环比小幅下降，变动值在正常 生产经营调整范围内。该行测算，重点猪企四月生猪出栏均重环比约+0.6%。重点上市猪企四月商品猪 销售均价环比小幅上涨生猪板块在低猪价 ...