招商证券（600999）公告，公司第八届董事会第二十次会议于2025年6月3日以通讯表决方式召开。会议 审议通过了聘任朱江涛先生为公司总裁，任期自本次董事会审议通过之日起至第八届董事会届满之日 止。同时，提名朱江涛先生为公司第八届董事会执行董事候选人，并增补其为董事会战略与可持续发展 委员会委员。朱江涛先生，1972年12月生，曾任招商银行执行董事、副行长等职。 ...

招商证券股份有限公司、万家财富基金销售 （天津）有限公司为销售机构的公告 为了更好地满足广大投资者的理财需求，根据融通基金管理有限公司分别与招商证券股份有限公司、万 家财富基金销售（天津）有限公司签署的销售协议，从2025年6月3日起，上述销售机构开始销售融通增 元债券型证券投资基金。现将有关事项公告如下： 一、 适用基金 ■ 公司网址：www.rtfund.com 融通增元债券型证券投资基金新增 三、风险提示 本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也不保 证最低收益。基金的过往业绩及其净值高低并不预示其未来业绩表现。投资有风险，敬请投资者在投资 基金前认真阅读《基金合同》《招募说明书》等基金法律文件，了解基金的风险收益特征，并根据自身 的风险承受能力选择适合自己的基金产品。敬请投资者在购买基金前认真考虑、谨慎决策。 特此公告。 融通基金管理有限公司 2025年6月3日 二、咨询方式 1．招商证券股份有限公司 客户服务电话：95565 网址：www.cmschina.com.cn 2．万家财富基金销售（天津）有限公司 客户服务电话：021-38909613 网址： ...

Core Viewpoint - The introduction of the pilot program for company bond renewals and asset-backed securities expansion by the Shanghai Stock Exchange is expected to enhance the flexibility and efficiency of financing for issuers, as demonstrated by the successful renewals by CITIC Securities and China Merchants Securities [1][2]. Group 1: Company Bond Renewal - CITIC Securities and China Merchants Securities successfully conducted the first company bond renewals under the new regulations, raising 20 billion yuan and 15 billion yuan respectively [1]. - The renewed bonds from CITIC Securities have a coupon rate of 2.03% and a maturity date aligned with existing bonds, while China Merchants Securities' renewed bond increased its total issuance to 42 billion yuan [1][2]. Group 2: Market Impact - The pilot program simplifies the issuance process for primary market issuers, allowing for more flexible financing strategies and reducing the need for extensive review processes [2]. - The renewal mechanism is expected to improve the trading liquidity of existing bonds, thereby enhancing investor participation and pricing efficiency [2][3]. Group 3: Credit Market Dynamics - The introduction of bond renewals is anticipated to alleviate supply pressure in the primary market while improving liquidity in the secondary market, particularly for larger bond issues [3]. - The new policy may lead to a divergence in liquidity among different credit ratings, with lower-rated bonds facing more significant liquidity challenges compared to higher-rated bonds [3][4]. Group 4: Institutional Implications - The trend towards "credit rate normalization" may challenge institutional investors as bond yields decline, necessitating improved investment management strategies [4]. - The simplified renewal process may reduce the reliance of issuers on intermediaries, potentially diminishing the influence of these institutions in the bond issuance landscape [4].

Core Viewpoint - The Beijing Stock Exchange has decided to terminate the review of Xiamen Dongang Technology Co., Ltd.'s application for public stock issuance and listing due to the company's withdrawal of its application [1][3]. Company Overview - Xiamen Dongang Technology specializes in the research, production, and sales of professional mobile lighting tools, including various series such as folding lamps, floodlights, pocket lights, pen lights, long lights, and headlamps [3]. Application Details - The application for public issuance was initially accepted by the Beijing Stock Exchange on January 8, 2024, and the company submitted a withdrawal request on May 20, 2025 [3]. - The company intended to issue no more than 51,111,113 shares, with an option for an additional 15% (up to 7,666,666 shares) through an over-allotment option [4]. Fundraising Plans - Dongang Technology aimed to raise 26 million yuan, allocated for the construction of a high-end professional mobile lighting tool production base, a research and development center, and to supplement working capital [4][5]. - The total investment for the production base project is approximately 185.64 million yuan, with 184 million yuan expected to be funded from the raised capital [5]. Shareholding Structure - As of the signing date of the prospectus, the controlling shareholder and actual controller of Dongang Technology is Zhuang Junhui, who directly holds 83.14 million shares (54.22%) and indirectly controls an additional 22.5 million shares (14.67%), totaling 68.89% of the company's shares [3]. Underwriting Information - The lead underwriter for this issuance was China Merchants Securities Co., Ltd., with representatives Zhang Qian and Zhang Yang signing as the sponsoring representatives [6].

Group 1 - Citic Securities maintains a "Hold" rating for Bloom Energy (BE.N), expecting adjusted net profit to turn positive in 2024, with strong order backlog and data center business growth [1] - First Shanghai maintains a "Buy" rating for Coinbase Global (COIN.O) with a target price of $305, citing long-term growth potential from S&P 500 inclusion and market expansion [1] - CMB International maintains a "Buy" rating for PDD Holdings (PDD.O) with a target price of $134, anticipating a profit growth turning point in Q4 2025 despite Q1 2025 performance falling short [1] Group 2 - Haitong International maintains an "Outperform" rating for Hesai Technology (HSAI.O) with a target price of $21, expecting revenue and net profit growth from ADAS lidar expansion and new product launches [1] - CMB International raises the adjusted net profit forecast for JOYY Inc. (JOYY.O) to $270 million for 2025, maintaining a "Buy" rating with a target price of $60 [1] - Loop Capital maintains a "Strong Buy" rating for Pinduoduo (PDD.O), projecting a Non-GAAP net profit of 113 billion yuan for 2025, with a target price range of $113-$134 [1] Group 3 - CMB International maintains a "Buy" rating for Pinduoduo (PDD.O) with a target price of $135, optimistic about long-term recovery in profitability despite Q1 2025 underperformance [1] - CICC maintains an "Outperform" rating for Tuya Smart (TUYA.N) with a target price of $3, despite revenue forecast adjustments due to tariff uncertainties, citing strong Q1 2025 performance [1] - Tianfeng Securities maintains a "Buy" rating for Microsoft (MSFT.O), highlighting strong growth driven by AI and cost management improvements [2]

Core Viewpoint - Jiusong Electric reported a decline in revenue and significant losses in net profit for the fiscal year 2024, indicating financial challenges faced by the company [1][2]. Financial Performance Summary - Total revenue for 2024 was 1.911 billion yuan, a decrease of 4.64% compared to 2.004 billion yuan in 2023 [2]. - The net profit attributable to shareholders was -35.56 million yuan, a decline of 170.18% from a profit of 50.68 million yuan in the previous year [2]. - The net profit after deducting non-recurring gains and losses was -40.17 million yuan, down 181.49% from 49.29 million yuan in 2023 [2]. - The net cash flow from operating activities was -281.42 million yuan, showing an improvement of 49.97% from -562.46 million yuan in the previous year [2]. Earnings Per Share and Return on Equity - Basic and diluted earnings per share for 2024 were -0.16 yuan, a decrease of 172.73% from 0.22 yuan in 2023 [2]. - The weighted average return on equity was -3.36%, down 8.05% from 4.69% in the previous year [2]. Asset and Equity Position - Total assets at the end of 2024 were 3.517 billion yuan, an increase of 15.91% from 3.034 billion yuan at the end of 2023 [2]. - The net assets attributable to shareholders decreased by 5.94% to 1.025 billion yuan from 1.089 billion yuan in the previous year [2]. Q1 2025 Performance - For Q1 2025, total revenue was 471.77 million yuan, a growth of 24.01% compared to 379.62 million yuan in the same period last year [3]. - The net profit attributable to shareholders was -6.62 million yuan, a decline from a profit of 6.39 million yuan in Q1 2024 [3]. - The net cash flow from operating activities was -45.05 million yuan, worsening by 282.14% from -11.79 million yuan in the previous year [3]. Fundraising and Use of Proceeds - Jiusong Electric raised a total of 626 million yuan, with a net amount of 508 million yuan after deducting issuance costs, exceeding the original plan by 39.73 million yuan [4][5]. - The funds were intended for projects including the production of inorganic insulated cables and to supplement working capital [5].

Core Viewpoint - The company, Jin Guan Electric Co., Ltd., has approved a differentiated equity distribution plan for the fiscal year 2024, with a cash dividend accounting for 81.86% of the net profit attributable to shareholders [1][6]. Group 1: Differentiated Equity Distribution Plan - The profit distribution plan includes a cash dividend of 0.55 yuan per share, with a total of 135,623,509 shares participating in the distribution after excluding shares in the repurchase account [3][5]. - The total share capital of the company is 136,613,184 shares, with 989,675 shares (0.72% of total capital) held in the repurchase account, which will not participate in the profit distribution [2][3]. Group 2: Calculation Basis for Distribution - The reference price for ex-dividend trading is calculated as (previous closing price - cash dividend) / (1 + change in circulating shares ratio), with the circulating shares ratio being 0 since only cash dividends are distributed [3][5]. - The calculated ex-dividend reference price based on the previous closing price of 13.92 yuan per share is approximately 13.3740 yuan per share [4][5]. Group 3: Compliance and Verification - The company has committed not to undertake any actions that could alter the total share capital or the number of shares in the repurchase account from the application submission date until the equity distribution implementation date [6]. - The sponsor institution has verified that the differentiated equity distribution complies with relevant laws and regulations, ensuring no harm to the interests of the company and all shareholders [6].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **automotive**, **real estate**, and **foreign trade** sectors in China, highlighting their performance and trends in May 2025 [5][2]. Core Insights and Arguments 1. **Automotive Sales Growth**: - Automotive sales have shown robust growth, with average daily sales of passenger cars reaching **60,896 units** in the second week of May, a **30%** year-on-year increase. The third week saw sales of **51,175 units**, marking a **14%** increase compared to the same period last year. This growth is attributed to the continued effects of subsidy policies [5][2]. 2. **Real Estate Market Recovery**: - The year-on-year decline in the sales area of commercial housing in 30 cities has narrowed significantly, from **-21.7%** at the end of April to **-4.4%** in the last week of May. The total transaction area has exceeded **1.9 million square meters** in recent weeks, indicating a potential stabilization in the real estate market [5][2]. 3. **Foreign Trade and Shipping Rates**: - The export shipping price indices (NCFI, SCFI, CCFI) have shown a recovery from their lows, with NCFI increasing by **21.8%** and SCFI by **18.3%** since the last week of April. This improvement is linked to the reduction of tariffs between China and the US, enhancing trade relations [5][2]. 4. **Port Cargo Throughput**: - Cargo throughput at Chinese ports has remained high, exceeding **260 million tons** in the past two weeks, which is **6.4%** and **6.9%** higher than the average levels from the previous year. This trend supports the notion that export growth will continue to be strong in May [5][2]. 5. **Investment and Industrial Performance**: - Despite the positive consumer and external demand indicators, investment in heavy industrial products remains weak. The overall economic outlook is supported by strong consumption and external demand, but risks such as geopolitical tensions and domestic policy implementation remain [5][2]. Additional Important Content - **Risk Factors**: The report highlights potential risks including geopolitical tensions, domestic policy execution falling short of expectations, and the possibility of a global recession impacting major economies [5][2]. - **Production and Capacity Utilization**: Various sectors, including steel and cement, are experiencing fluctuations in production and capacity utilization rates, with some sectors showing declines while others stabilize or improve [45][48][67]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and outlook of the automotive, real estate, and foreign trade sectors in China.

Core Viewpoint - The appointment of Zhang Xing and Wang Zhijian as vice presidents of China Merchants Securities marks a significant management transition, filling the vacancies left by recent executive departures and reflecting a new leadership structure within the company [2][11]. Group 1: Executive Appointments - Zhang Xing, previously the Chief Compliance Officer and Chief Risk Officer, has extensive experience in risk management and compliance, having held various senior roles since 2017 [5][11]. - Wang Zhijian, with a focus on investment, has served as Chief Investment Officer and has a background in investment banking, including senior positions at CITIC Securities prior to joining China Merchants Securities [6][7][11]. Group 2: Recent Management Changes - The recent changes in management include the retirement of President Wu Zongmin and the resignation of Vice President Zhang Haochuan, indicating a period of transition for the company [9][10]. - The current executive structure of China Merchants Securities consists of one chairman and five vice presidents, with Zhang Xing and Wang Zhijian now included in this leadership team [11].

Group 1 - The first batch of 26 new floating rate funds has been launched, with 16 funds available for subscription today, indicating strong regulatory support for innovation in the public fund sector [1] - The rapid approval and issuance of these funds, with only one trading day between approval and launch, reflects a streamlined regulatory process aimed at enhancing market liquidity [1] - Investors can subscribe through various channels, which is expected to attract more capital into the fund management industry, positively impacting related sectors [1] Group 2 - China Merchants Securities has appointed two "post-70s" executives as vice presidents, showcasing the company's internal talent development capabilities [2] - The new vice presidents, Zhang Xing and Wang Zhijian, bring extensive experience in compliance risk management and investment banking, respectively, which may enhance the company's operational efficiency [2] - Frequent changes in senior management may raise short-term concerns about company stability, but the professional backgrounds of the new appointees are likely to bolster investor confidence in the long run [2] Group 3 - Western Securities is actively pursuing the acquisition of controlling stakes in Guorong Securities, indicating its intent to expand within the securities industry [3] - The acquisition process is currently under regulatory review, and the progress of this review will be a focal point for market observers, potentially affecting investor expectations regarding the company's future performance [3] Group 4 - Oriental Red Asset Management has announced a self-purchase of 10 million yuan in its floating rate fund, demonstrating confidence in its product and reinforcing the alignment of interests between fund managers and investors [4] - This self-purchase initiative is expected to enhance market trust in fund managers and could lead to increased capital inflows into related sectors, positively influencing overall market sentiment [4]