丨证券研究报告丨 行业研究丨行业周报丨建材 [Table_Title] 特种玻纤高端品紧缺，继续推荐非洲建材 ——建材周专题 2025W21 报告要点 [Table_Summary] 特种玻纤高端品紧缺，继续推荐非洲建材 基本面：水泥价格计划提涨，玻璃库存小幅累积 推荐非洲链和国产替代链，存量龙头为全年主线 分析师及联系人 [Table_Author] 范超 张佩 李金宝 李浩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490516040002 SAC：S0490520080026 SAC：S0490523030002 SFC：BQK473 SFC：BVZ972 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 Low CTE 玻纤布紧缺，下游载板基材厂商三菱瓦斯发布延迟交货通知。全球 BT 载板用基材 龙头日本三菱瓦斯近日向客户发出延迟交付通知，交期延长至 4-5 个月。台积电 CoWoS 先进 封装需求火爆，推动 AI GPU 所用的 ABF 载板材料供应紧张，现在进一步向 BT 载板蔓延。当 前上游材料供应 ...

[Table_Title] 自强者胜——关税应对策略三部曲（三） %% %% %% %% research.95579.com 1 丨证券研究报告丨 联合研究丨行业深度 报告要点 [Table_Summary] 在宏观环境持续扰动的大背景下，世界"新格局"逐步显现，中国有望在各个领域得到长足发 展。在科技领域，我国明确提出自主可控发展路线，着力解决各"卡脖子"领域面临的技术和 产业化难题。在本篇报告中，长江策略联合金属、化工、机械、军工、电子、计算机、通信和 医药组，构建自上而下的自主可控行业研究框架，再结合自下而上视角梳理自主可控领域的核 心细分赛道和核心标的，以期得到较为完整的自主可控领域的投资图谱。 分析师及联系人 [Table_Author] 戴清 王鹤涛 马太 SAC：S0490524010002 SAC：S0490512070002 SAC：S0490516100002 SFC：BTR264 SFC：BQT626 SFC：BUT911 赵智勇 王贺嘉 杨洋 SAC：S0490517110001 SAC：S0490520110004 SAC：S0490517070012 SFC：BRP550 SFC ...

联合研究丨行业深度 [Table_Title] 自强者胜——关税应对策略三部曲（三） %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 在宏观环境持续扰动的大背景下，世界"新格局"逐步显现，中国有望在各个领域得到长足发 展。在科技领域，我国明确提出自主可控发展路线，着力解决各"卡脖子"领域面临的技术和 产业化难题。在本篇报告中，长江策略联合金属、化工、机械、军工、电子、计算机、通信和 医药组，构建自上而下的自主可控行业研究框架，再结合自下而上视角梳理自主可控领域的核 心细分赛道和核心标的，以期得到较为完整的自主可控领域的投资图谱。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 2 / 48 %% %% %% %% research.95579.com 2 SAC：S0490524010002 SAC：S0490512070002 SAC：S0490516100002 SFC：BTR264 SFC：BQT626 SFC：BUT911 赵智勇 王贺嘉 杨洋 SFC：BRP550 SFC：BUX462 SFC： ...

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The report analyzes the bond - allocation strategies of banks from the perspective of the three - account classification of bank financial investments. It finds that in a low - interest - rate environment, banks reduce the proportion of the allocation portfolio and increase the proportion of the trading portfolio, especially OCI - type assets that have less impact on the income statement. It also suggests paying attention to the marginal changes in the behavior of state - owned large - scale banks, as their investment scale is large and their behavioral changes have a significant impact on the bond market [5]. 3. Summary According to the Directory 3.1 Bank as an Important Participant in the Bond Market - The report uses 135 banks as samples, with a representativeness of 93.5% in terms of total assets. Bank self - operated investment in the asset side has been increasing marginally since 2022, with a significant increase in 2024. In April 2025, commercial banks' bond custody accounted for 53%, making them the largest custody institution type. The self - operated investment of sample banks at the end of 2024 was 106.8 trillion yuan, directly participating in the bond market through bond allocation and indirectly through outsourcing [23][26][29]. 3.2 Performance Contribution Driving Banks to Increase Self - Operated Investment Proportion - Among different types of banks, state - owned large - scale banks had the most obvious increase in the proportion of self - operated investment in the asset side in 2024. From the perspective of asset allocation, banks' asset allocation is structurally inclined to self - operated investment during the recovery of effective credit demand. From the perspective of performance management, due to the pressure on net interest margins and the reduction of intermediate business fees, banks have a strong demand to increase the performance contribution of self - operated investment [10][35]. 3.3 Accounting Classification and Performance Impact of Bank Self - Operated Investment 3.3.1 Account Classification of Bank Self - Operated Investment - Based on the business model and contract cash - flow characteristics of financial assets, bank self - operated investment is classified into three types of accounts in accounting: AC, OCI, and TPL. AC corresponds to bond investment, OCI corresponds to other bond investments and other equity instrument investments, and TPL corresponds to trading financial assets. Based on the measurement methods and trading constraints of the three types of accounts, bank self - operated investment can be divided into the allocation portfolio (AC - type assets) and the trading portfolio (OCI and TPL - type assets) [11][50]. 3.3.2 Impact of Three Accounts on the Bank's Income Statement - TPL - type assets' fair - value fluctuations and coupon income are immediately reflected in the income statement. The coupon income of OCI and AC - type assets is included in the interest income in the income statement, and the capital gains from disposal are included in the investment income. During the holding period, the fair - value fluctuations of OCI - type assets are reflected in other comprehensive income, affecting the bank's capital adequacy ratio, while AC - type assets are not measured at fair value during the holding period [11]. 3.3.3 Differences in the Structure of Three Accounts among Different Types of Banks - At the end of 2024, state - owned large - scale banks had the highest proportion of AC accounts among the four types of banks, rural commercial banks had the highest proportion of OCI - type assets, and joint - stock banks and city commercial banks had a relatively high proportion of TPL accounts [11]. 3.4 Reflection of the Three - Account Structure on Bank Self - Operated Investment Strategies 3.4.1 Reducing the Allocation Portfolio and Expanding the Trading Portfolio in a Low - Interest - Rate Environment - In a low - interest - rate environment, banks gradually reduce the proportion of AC accounts in self - operated investment to reduce passive holding risks. They expand the trading portfolio to capture spread - earning opportunities in market fluctuations. Four types of banks all show the characteristics of compressing the TPL account and increasing the OCI account proportion [75]. 3.4.2 Realizing Floating Profits by Disposing of Assets in AC and OCI Accounts - Banks can sell bonds in OCI or AC accounts when profits are under pressure to realize floating profits and support current performance. In 2024, the investment income from disposing of OCI and AC account assets contributed 2.2% to the current operating income of listed banks [81]. 3.5 Attention to the Changes in the Self - Operated Investment Strategies of State - Owned Large - Scale Banks - Since 2024, the proportion of the trading portfolio of state - owned large - scale banks has been gradually increasing. Their trading can increase market consensus, reduce the volatility of regular trading days in the bond market, but may lead to large fluctuations in the bond market after unexpected events. In the long run, it is beneficial for state - owned large - scale banks to play a greater role in guiding the reasonable pricing of the bond market [97][98].

丨证券研究报告丨 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信行业周观点：海外算力链信心强化，国内算 力互联网建设提速 报告要点 [Table_Summary] 2025 年第 22 周，通信板块上涨 2.02%，在长江一级行业中排名第 4 位；2025 年年初以来， 通信板块下跌 2.78%，在长江一级行业中排名第 24 位。上周英伟达发布 FY26Q1 业绩，数据 中心主业强劲增长，微软、谷歌推理 Token 用量爆发，海外算力链信心持续增强。IDC 预测中 国智算规模快速扩张；工信部发布《算力互联互通行动计划》，支持算力互联建设。AI 与算力 主线景气延续，带动数据中心通信需求上行，当前板块估值仍处低位，配置性价比较高。 分析师及联系人 [Table_Author] 于海宁 祖圣腾 SAC：S0490517110002 SAC：S0490523030001 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title 通信行业周观点：海外算力链信心强化，国内算 2] ...

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 震荡市，寻找可能的边际变化 报告要点 [Table_Summary] 当前债市震荡行情已经维持较长时间，债市为何震荡——当前债市的估值偏贵，这使得债市难 以对一般的利好信息进行定价反映；债市将出现哪些边际变化——债市对中美贸易摩擦已逐渐 脱敏，当前资金价格已基本接近上沿，且当前债市对基本面的变化也并不十分敏感。预计在稳 增长政策出台前债市收益率整体依然震荡下行，建议 10 年期国债收益率在 1.65%-1.7%之间逢 调配置，另外关注短端同业存单的配置机会。 分析师及联系人 [Table_Author] 赵增辉 SAC：S0490524080003 SFC：BVN394 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 丨证券研究报告丨 cjzqdt11111 2025-06-04 固定收益丨点评报告 [Table_Title2] 震荡市，寻找可能的边际变化 [Table_Summary2] 事件描述 今年以来债市的典型特点是快速走完行情+随后长时间窄幅震荡，直到后一个超预期事件发生， 债市再次短时 ...

联合研究丨组合推荐 [Table_Title] 金融制造行业 6 月投资观点及金股推荐 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 长江金融行业（地产、非银、银行）和制造行业（电新、机械、军工、轻工、环保）2025 年 6 月投资观点及金股推荐。 分析师及联系人 [Table_Author] 邬博华 于博 赵智勇 SAC：S0490514040001 SAC：S0490520090001 SAC：S0490517110001 SFC：BQK482 SFC：BUX667 SFC：BRP550 王贺嘉 蔡方羿 徐科 SAC：S0490520110004 SAC：S0490516060001 SAC：S0490517090001 SFC：BUX462 SFC：BUV463 SFC：BUV415 刘义 吴一凡 马祥云 SAC：S0490520040001 SAC：S0490519080007 SAC：S0490521120002 SFC：BUV416 SFC：BUV596 SFC：BUT916 请阅读最后评级说明和重要声明 2 / 13 ...

行业研究丨深度报告丨房地产 [Table_Title] 红利乘风起，物管正当时 ——物业价值论系列一 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 物管基石管理规模仍稳中有增，提质增效盈利修复已在路上；持续加码应收规模管控，减值压 力逐步收敛，优质物企仍有望实现业绩的长期稳定甚至保持一定增速。多数物企可以实现从"有 利润的收入"向"有现金流的利润"平稳过渡，具备较强回款与占款能力的物企则会有更佳的 现金流表现。高度重视股东回报，分红回购比例持续上行，主流物企含分红与回购的综合回报 率均值逾 6%，轻资产现金流价值如期兑现。充裕的超额现金或意味着未来更高的分红潜力， 后续物企价值重估值得期待，优质国央企与部分民营物管标的长期投资价值逐步凸显。 分析师及联系人 [Table_Author] 刘义 袁佳楠 SAC：S0490520040001 SAC：S0490520070001 SFC：BUV416 请阅读最后评级说明和重要声明 2 / 22 %% %% %% %% research.95579.com 2 [Table_Title ...

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 跨月资金利率平稳——流动性和机构行为周 报告要点 [Table_Summary] 2025 年 5 月 26 日-5 月 30 日，央行公开市场净投放资金，跨月资金利率整体平稳。2025 年 5 月 26 日-6 月 1 日，政府债净融资规模提升；同业存单小幅净融资，同业存单到期收益率多数 上升；银行间债券市场杠杆率小幅提升。2025 年 6 月 2 日-6 月 8 日政府债预计净融资-448 亿 元。 分析师及联系人 [Table_Author] 赵增辉 马月 SAC：S0490524080003 SAC：S0490125010043 SFC：BVN394 请阅读最后评级说明和重要声明 央行净投放资金，维护跨月资金面。2025 年 5 月 26 日-5 月 30 日，央行逆回购投放 16026 亿 元、回笼 9460 亿元，净投放 6566 亿元。2025 年 6 月 3 日-6 月 6 日公开市场逆回购将到期 16026 亿元。2025 年 5 月央行开展了 7000 亿元买断式逆回购，其中 3 个月期为 4000 亿元、 6 个月期为 3 ...

丨证券研究报告丨 固收资产配置丨点评报告 [Table_Title] 转债市场小幅回暖，关注供给下行风险 ——可转债周报 20250531 报告要点 [Table_Summary] 当周（2025 年 5 月 26 日–2025 年 5 月 31 日）A 股维持震荡整理，行业轮动深化，医药生 物、环保等方向领涨，家用电器、电力设备、综合等板块调整幅度居前。可转债市场小幅回暖， 估值分化加剧，低价区压缩、中高价区有修复弹性。短期市场结构切换频繁，资金风格由高弹 性向稳健、低位修复切换。一级市场供给平稳，但条款博弈活跃，提前赎回及下修个券数量有 所提升，需关注供给下行风险。建议重点布局低估值、具备景气支撑的中高价转债，兼顾高评 级蓝筹转债配置价值，灵活参与主题轮动机会。 分析师及联系人 [Table_Author] 赵增辉 熊锋 SAC：S0490524080003 SAC：S0490524120004 SFC：BVN394 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 转债市场小幅回暖，关注供给下行风险 2] ——可转债周报 20250 ...