公司第五届董事会第十四次会议于 2025 年 5 月 9 日以现场加视频的方式在公司会 议室召开。本次会议的通知和会议资料于 2025 年 4 月 29 日以电子邮件方式发出。本 次会议由董事长施华先生召集和主持，应出席董事 9 名，实际出席董事 9 名（施华先 生、张忠民女士、张路先生、曹诗男女士、林钟高先生、柯荣富先生视频参会，何亚 刚先生、李岩先生、宋洪军先生现场参会），公司 3 名监事和部分高级管理人员列席了 会议。本次会议的召集、召开程序符合《公司法》、公司《章程》的有关规定。 经审议，本次会议形成如下决议： 一、审议通过了《关于补选姜志军先生为第五届董事会董事的议案》 证券代码：601901 证券简称：方正证券 公告编号：2025-017 方正证券股份有限公司 第五届董事会第十四次会议决议公告 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法律责任。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 特此公告。 方正证券股份有限公司董事会 2025 年 5 月 10 日 附件：姜志军先生简历 1969 年 2 月出生，汉 ...

方正证券（601901）公告，董事会于2025年5月9日收到董事、执行委员会主任及总裁何亚刚的辞职报 告。因已到退休年龄，何亚刚申请辞去公司相关职务，并确认与董事会及管理层无意见分歧，未持有公 司股份。辞职自报告送达董事会之日起生效。何亚刚自1992年加入方正证券，历任多项职务，为公司发 展作出重要贡献。董事会向其致以诚挚敬意和感谢。 ...

Core Viewpoint - The eighth New Fortune Best Investment Advisor Selection has attracted a record number of participants, with 39,893 qualified advisors from 90 securities firms, marking a significant increase in engagement within the industry [1][3]. Group 1: Participation Statistics - A total of 40,350 professionals registered for the competition, with 39,893 meeting the eligibility criteria, setting a new record for participation [1]. - Eleven securities firms had over 1,000 advisors participating, with GF Securities leading at 4,385 participants, followed by China Galaxy Securities and CITIC Securities with 3,860 and 3,477 respectively [3][5]. - The top 10 firms accounted for 25,913 participants, representing 65% of the total [3][5]. Group 2: Regional Distribution - Participants came from 31 regions across China, with Guangdong, Shanghai, Shandong, Zhejiang, and Beijing contributing the highest numbers, totaling 6,192, 2,942, 2,608, 2,537, and 2,401 respectively, which together account for 41.81% of the total [14]. - The advisors were distributed across 325 cities, with the top 20 cities contributing 19,848 participants, or 49.75% of the total [14]. Group 3: Evaluation Phases - The evaluation process consists of two main phases: the first phase, "Investment Management Capability Evaluation," runs from May 1 to October 31, 2025, focusing on stock trading and ETF groups [16][17]. - The second phase, "Service Capability Evaluation," will commence in November, with final results to be announced by the end of December 2025 [17]. Group 4: Technological Integration - The competition will utilize the Go-Goal platform, which includes an AI-driven tool called "Xiao Er Q&A" to assist advisors in their investment strategies, particularly in ETF selection and configuration [19]. - The focus on ETFs has increased due to the removal of the public fund allocation group, indicating a shift in investment strategies within the advisory community [19].

Core Viewpoint - The rapid decline in lithium salt prices is seen as a necessary phase for market clearing, with significant implications for upstream mining companies as operational pressures increase [1] Supply - The cost of lithium mining has decreased significantly, leading to a drop in Australian lithium prices, which fell to $743 per ton, a 9% decrease since April [1] - Some Australian mines reported substantial reductions in production costs, with Marion lithium mine's Q1 FOB cost dropping to 708 AUD/ton from 1076 AUD/ton in the second half of 2024 [1] - The overall cost reduction in lithium mining is expected to continue, but the survival space for Australian mines is shrinking due to lower lithium prices [1] Inventory - As of April 30, China's lithium carbonate inventory reached 96,000 tons, the highest level since 2021, indicating a supply surplus in the market [2] - The inventory held by smelters and downstream sectors also reached record highs, with smelters holding 51,000 tons and downstream holding 45,000 tons [2] Production - The rapid decline in lithium salt prices has led to a cost inversion for lithium salt refining companies, with production cash costs exceeding market prices [3] - In April, China's lithium carbonate production fell to 74,000 tons, a 7% decrease month-on-month, while lithium hydroxide production decreased by 1% to 25,000 tons [3] - The reduction in production is expected to intensify as the cost inversion deepens, particularly affecting higher-cost mining operations [3] Demand - Demand for lithium salts is primarily driven by the electric vehicle and energy storage battery markets, with a 42% year-on-year increase in China's new energy vehicle wholesale sales in the first four months of 2025 [4] - Global energy storage installations are projected to grow by 36% in 2025, reaching 216 GWh [4] - Despite some preemptive inventory accumulation due to tariff expectations, the overall growth rate for lithium salt demand remains robust and is expected to outpace supply growth [4]

Core Viewpoint - AI technology is accelerating the transformation of the consumer electronics and intelligent driving industries, with hardware innovation and scenario expansion as the core driving forces [1] Group 1: Consumer Electronics Industry - AI empowers traditional smart terminals, leading to higher performance demands on hardware such as heat dissipation, storage, and battery life [2] - Innovations in optical technology, including periscope lenses and large-format sensors, are expected to drive upgrades in smartphone optics [2] - The entry of Apple into the foldable smartphone market is anticipated to accelerate the maturity of the foldable smartphone supply chain [2] Group 2: New Intelligent Hardware - AI is creating incremental demand for new intelligent hardware, with smart glasses emerging as a significant application [3] - Global sales of AI smart glasses are projected to reach 1.52 million units in 2024 and potentially 10 million units by 2026 [3] - The integration of AI with AR is seen as a trend, enhancing user interaction and product experience across various devices [3] Group 3: Intelligent Driving Industry - AI is driving the "intelligent driving equality" process, with companies like BYD expected to enter a new era of high-level intelligent driving by 2025 [4] - The number of cameras in vehicles is projected to increase significantly, with pixel requirements rising from 2-3M to 5-8M for high-level driving assistance [4] - The demand for high-frequency and high-speed connectors and advanced driving chips is expected to double as the industry evolves [4] Group 4: Investment Recommendations - Focus on stable performance leaders in the consumer electronics supply chain, such as Luxshare Precision, GoerTek, and Lens Technology [5] - In the AI new hardware chain, key companies include GoerTek, Longqi Technology, and Huakong Technology [5] - For the AI-enabled intelligent driving chain, attention should be given to companies in the camera, connector, lidar, and chip segments, including Yutong Optical and Horizon Robotics [5]

Core Viewpoint - The coal industry is expected to face significant pressure in 2024 due to falling coal prices, leading to an estimated 18.8% year-on-year decline in net profit attributable to shareholders, with a further decline of 29.7% anticipated in Q1 2025 [1][2]. Industry Summary - The total revenue for the coal industry in 2024 is projected to be 1.3574 trillion yuan, a decrease of 4.9% year-on-year, with a net profit of 146.8 billion yuan, reflecting an 18.8% decline [2]. - In Q1 2025, the coal industry is expected to generate 279.5 billion yuan in revenue, down 17.7% year-on-year, and a net profit of 28.65 billion yuan, representing a 29.7% decline [2]. - The supply-demand dynamics for thermal coal are expected to weaken, with a notable increase in coal imports and the release of production capacity in the latter half of 2024, leading to further price pressures [2]. Coal Segment Analysis - The coking coal segment is anticipated to see a revenue decline of 11.4% in 2024, with net profit expected to drop by 45.5% due to weak demand and policy constraints [3]. - Coking coal prices are influenced by the overall health of the black metal industry, with a decrease in demand from key sectors like real estate and infrastructure contributing to price declines [3]. Investment Logic - High-dividend coal companies are expected to exhibit defensive characteristics, with recommendations to focus on firms with strong resource endowments and stable performance, such as China Shenhua (601088), Shaanxi Coal (601225), and China Coal Energy (601898) [4]. - The coal-electricity joint operation model is seen as a way to mitigate cyclical fluctuations and benefit from price differentials between market and long-term contract coal prices, with suggested companies including Xinjie Energy (601918), Shaanxi Coal, and China Shenhua [5]. - The cyclical sector may benefit from economic stimulus policies, with expectations of increased domestic demand driven by government fiscal measures, recommending attention to Shanxi Coking Coal (000983), Huaibei Mining (600985), and Pingdingshan Coal (601666) [6].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][19]. Core Insights - The company's Q1 2025 performance met expectations, with a significant revenue increase of 49.2% year-on-year, reaching 3 billion yuan, and a net profit of 1.2 billion yuan, reflecting a year-on-year growth of 52.4% [1]. - The report highlights the company's strong growth trajectory, driven by a low base effect from the previous year and favorable market conditions [1][8]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.35, 0.38, and 0.41 yuan respectively, with a corresponding price-to-book (PB) ratio of 1.23, 1.17, and 1.11 [8][9]. Financial Performance Summary - The main financial indicators for the company are as follows: - Main revenue for 2024 is projected at 7,718 million yuan, with a growth rate of 8%. For 2025, it is expected to reach 10,606 million yuan, reflecting a growth rate of 37% [4]. - The net profit attributable to the parent company is forecasted to be 2,207 million yuan in 2024, increasing to 2,843 million yuan in 2025, with a growth rate of 29% [4]. - The company's return on equity (ROE) is expected to improve, with projections of 5.81%, 6.20%, and 6.30% for the years 2025, 2026, and 2027 respectively [8][9]. Market Position and Valuation - The current market capitalization of the company is approximately 61.33 billion yuan, with a current share price of 7.45 yuan and a target price set at 9.65 yuan [5][8]. - The report emphasizes the company's favorable position in the market, supported by a robust business model and positive industry trends [8].

Core Viewpoint - The article discusses the implementation and impact of the "swap convenience tool" introduced by the central bank, highlighting how various securities firms have engaged with this tool to enhance liquidity and support the capital market [1][13]. Group 1: Participation and Impact of Swap Convenience Tool - Several securities firms have successfully obtained qualifications to participate in the swap convenience business, with some reporting significant engagement in their annual reports [1][2]. - Firms like Shenwan Hongyuan and Caitong Securities have actively utilized the swap convenience to acquire stocks and ETFs, indicating a proactive approach to capital market support [3][4]. - Dongwu Securities and other firms have reported successful participation in the second batch of swap convenience operations, contributing to the A-share market [4][5]. Group 2: Financial Metrics and Performance - Some firms disclosed that their swap convenience-related repurchase agreements approached 5 billion yuan, showcasing the scale of their operations [2][7]. - Citic Securities reported being the first to complete a swap convenience transaction on the Shanghai and Shenzhen exchanges, emphasizing their role in maintaining market stability [5]. - By the end of 2024, Guosen Securities noted that the fair value of bonds obtained through swap convenience for repurchase agreements was 2.944 billion yuan, reflecting the financial implications of these operations [9]. Group 3: Future Outlook and Strategic Plans - Firms like Caitong Securities and Dongwu Securities expressed intentions to continue leveraging the swap convenience tool to enhance their investment strategies and contribute to market stability [12][4]. - Guosen Securities plans to refine its asset allocation strategy while balancing non-directional and directional investment approaches, indicating a strategic focus on stability and flexibility [12]. - Zhongtai Securities aims to improve its research and investment capabilities, highlighting the importance of the swap convenience tool in enhancing asset allocation effectiveness and return stability [11][12].

Group 1 - The core viewpoint of the news is that as of April 30, 2025, institutional investors hold a significant portion of the shares of Founder Securities, with a total of 53.44 billion shares, representing 64.91% of the company's total equity [1] - The top ten institutional investors collectively hold 64.83% of the shares, with a slight decrease of 0.32 percentage points compared to the previous quarter [1] - The major institutional investors include New Founder Holdings, National Social Security Fund, China Cinda Asset Management, and several major banks and investment funds [1] Group 2 - In the public fund sector, two funds increased their holdings, accounting for a 0.15% increase, while three funds saw a slight decrease in their holdings [2] - A total of 220 public funds did not disclose their holdings in this period, including several major ETFs related to the securities industry [2]

清华教授马少平表示，技术发展会创造出新的岗位，即使替换了已有人力的工作岗位，也可能会带来新的休息时间和假期。 整理 ｜丁丁炒面 点击上方【36氪随声听】，一键收听大公司热门新闻。听完音频记得添加进入 【我的小程序】 中哟！ 曹操出行 36氪获悉，据港交所，曹操出行在港交所提交IPO申请。 活力集团 活力集团控股有限公司于2024年10月29日递交的港股招股书满6个月，于2025年4月29日失效，递表时招商证券（香港）有限公司、民银资本有限公司为 其联席保荐人。（界面新闻） 清华教授表示将来有望每周上三休四 4月28日，清华教授马少平 在选择与回响眼界沙龙中表示，技术发展会创造出新的岗位，即使替换了已有人力的工作岗位，也可能会带来新的休息时间和 假期。未来有望一周只上三天班，有四天休息游玩时间。所以不要畏惧技术的发展，AI的发展一定会让人们更加轻松。（腾讯新闻） 永辉超市回应标价7.96元实收8元 奈雪的茶门店通知能喝奶茶就不要喝水 近日，刘先生在重庆永辉超市金源时代店购买标价为7.96元的淡虾米，支付100元现金后找零92元。按实际金额计算应支付7.96元，但超市采用分位"四舍 五入"规则，实际收取8元。刘先 ...