美国共同基金业绩比较基准如何披露并监管？ （1）美国证监会（SEC）自 1993 年起逐步完善对共同基金业绩比较基准的监 管框架，对基准重视程度高。1993 年，SEC 发布的《共同基金业绩与投资组 合管理人披露规则》首次要求共同基金在招募说明书中披露与宽基指数的业绩 对比；1998、2001、2022 年分别对 Form N-1A 进行数次修订。发展至今，Form N-1A 对于业绩比较基准相关披露规定已较为明确。 （2）渠道端提高对业绩比较基准的披露要求。2020 年 12 月美国证监会修订 了《1940 年投资顾问法》，投资顾问仅展示收益而无视指数基准表现的情况存 在虚假陈述嫌疑，推荐采用相关指数或基准作为比较，披露其投资业绩。 （3）行业自律层面，GIPS 作为行业较为权威的统一标准规范行业发展。GIPS 对于基准的设定原则、披露方法进行了细致的规定，为行业自律提供指导。 证 券 研 究 报 告 非银金融行业跟踪报告 如何定义比较基准？海外经验与考核探讨 推荐（维持） ——公募基金改革跟踪系列报告二 前言：5 月 7 日，证监会印发《推动公募基金高质量发展行动方案》，提出强 化业绩比较基准的约束作用， ...

评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,118 | 6,046 | 6,902 | 7,692 | | 同比增速(%) | 19.2% | 18.1% | 14.2% | 11.4% | | 归母净利润(百万) | 1,628 | 2,015 | 2,378 | 2,660 | | 同比增速(%) | 11.4% | 23.7% | 18.0% | 11.9% | | 每股盈利(元) | 0.76 | 0.94 | 1.11 | 1.25 | | 市盈率(倍) | 22 | 18 | 15 | 14 | | 市净率(倍) | 5.5 | 4.1 | 3.4 | 2.8 | 公司研究 证 券 研 究 报 告 恺英网络（002517）2024 年报和 2025 年一季报点评 推荐（维持） Q4 符合、Q1 超预期，产品储备丰富，关注 AI 应用上线进度 事项： 事件：24Q4 符合预期，25Q1 大超预期。公司发布 24 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 13.5 yuan [2][8]. Core Insights - The company achieved a revenue of 754 million yuan in 2024, representing a year-on-year increase of 13.28%. The net profit attributable to the parent company was 70 million yuan, down 2.59% year-on-year. In Q1 2025, the company reported a revenue of 213 million yuan, up 33.41% year-on-year, and a net profit of 33 million yuan, up 47.71% year-on-year, indicating strong performance that exceeded market expectations [2][4][8]. - The revenue growth in Q1 2025 is attributed to the domestic self-owned brands benefiting from national subsidies, with domestic market revenue reaching 523 million yuan, up 5.45% year-on-year, and overseas market revenue for self-owned brands soaring by 95.49% to 64 million yuan [8]. - The gross margin improved to 49.87% in Q1 2025, up 1.15 percentage points year-on-year, driven by a higher proportion of revenue from self-owned brands and ongoing cost reduction measures [8]. - The company has a strong brand presence and product innovation capabilities, with 267 patents, including 68 domestic invention patents and 33 overseas invention patents. The company has received multiple design awards, enhancing its brand reputation [8]. Financial Summary - The total revenue forecast for 2024 is 754 million yuan, with expected growth rates of 15.7% in 2025, 12.3% in 2026, and 9.9% in 2027. The net profit attributable to the parent company is projected to be 91 million yuan in 2025, 107 million yuan in 2026, and 125 million yuan in 2027, with corresponding growth rates of 31.6%, 17.5%, and 16.7% respectively [4][8]. - The earnings per share (EPS) are expected to be 0.28 yuan in 2025, 0.33 yuan in 2026, and 0.38 yuan in 2027, with price-to-earnings (P/E) ratios of 44, 37, and 32 respectively [4][8].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [19]. Core Insights - In 2025, insurance capital has made 14 stake acquisitions, showing a preference for high-quality dividend assets. The insurance index rose by 2.89%, outperforming the market by 0.89 percentage points [1][3]. - The report highlights that insurance capital's stake acquisitions are primarily concentrated in H-shares, with 12 out of 14 occurring in this category. The preference for H-shares is attributed to their attractive discount rates and dividend yields [3]. - The report suggests that the current low interest rates and regulatory support for long-term investments will continue to drive insurance capital's market participation [2][3]. Summary by Sections Market Performance - The insurance index increased by 2.89%, with individual stock performances varying significantly. Notable gains were seen in ZhongAn (+6.95%), Taibao (+6.63%), and AIA (+5.94%) [1]. - The 10-year government bond yield is at 1.63%, reflecting a slight increase of 1 basis point from the previous week [1]. Recent Developments - The Financial Regulatory Bureau announced plans to expand the pilot scope for long-term insurance investments by an additional 60 billion yuan and to adjust the risk factors for stock investments [2]. - In the first four months of 2025, over 10 million new energy vehicle insurance policies were issued [2]. Stake Acquisitions - As of May 9, 2025, insurance capital has made 14 stake acquisitions, with a notable focus on bank stocks and public utilities [3]. - The majority of the acquired stocks exhibit high dividend characteristics, with only three stocks having a dividend yield below 3% [3]. Investment Recommendations - The report recommends a focus on companies with strong dividend yields and suggests that the insurance sector may see a valuation recovery due to regulatory support and strategic adjustments in investment assumptions [3]. - Current price-to-earnings (PE) and price-to-book (PB) ratios for key companies are provided, with Ping An rated as "Strong Buy" and others like China Life and China Pacific rated as "Recommended" [8].

债券研究 证 券 研 究 报 告 【债券月报】 提支同业存款降价，货基如何应对？ ——5 月流动性月报 ❖ 提支降价，货基如何应对？ （一）同业存款变化：活期外流，定期相对持稳 定价优化倡议发布以来，同业负债压力明显放大。分期限结构看，主要系活期 大幅外流，定期存款规模相对持稳。一方面，同业存款外流主要集中在大行， 与同业活期存款主要分布在大行的特征对应。另一方面，根据重要货基定期报 告年末同业活期存款由 H1 的 4719 亿元压降至 1528 亿元，外流规模接近 70%； 同业定期存款规模由 H1 的 7234 亿元压缩至 6818 亿元，仅减少 6%。 （二）货基定存超"限制资产"的规模有多大？ 1、截至 2024 年年末，重要货基资产净值中定期存款规模占比约在 30%附近。 若按照 2025 年一季度数据全部货基资产净值规模 13.3 万亿推算，同业定期存 款大约规模在 4 万亿附近。 2、按照 10%的受限资产的上限观察，当前货币基金到期日 10 个交易日以上 的同业定期存款的上限或在 1.3 万亿附近，其余超期的定期存款需签订可提前 支取条款或需调整为 14D 及以下短久期的定期存款。 3、假设当 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 20.8 yuan, indicating an expected upside of 27% from the current price of 16.45 yuan [1][7]. Core Views - The company's performance in Q1 2025 shows significant improvement, with a revenue of 140.9 billion yuan, a year-on-year increase of 1.6%, and a quarter-on-quarter increase of 29%. The net profit attributable to shareholders reached 3.02 billion yuan, up by 3.1 billion yuan year-on-year and 82.6 billion yuan quarter-on-quarter, marking a turnaround from losses [6]. - The company has undergone a comprehensive reform in its passenger vehicle segment, aiming to enhance operational efficiency and reduce costs. The "Large Passenger Vehicle Segment" is expected to launch 10 new or significantly updated models in 2025, including 8 new energy vehicles [6]. - A partnership with Huawei has been established to create the "Shangjie" brand, which is anticipated to have a large market potential and optimistic sales outlook. The first model is expected to be launched in Q4 2025 [6]. - The company's current valuation is considered low, with a price-to-earnings ratio (PE) of 158 for 2025, and a price-to-book ratio (PB) of 0.6, indicating favorable investment value [6]. Financial Summary - The total revenue for 2024 is projected at 627.59 billion yuan, with a year-on-year growth rate of 15.7%. The net profit attributable to shareholders is expected to be 16.66 billion yuan, reflecting a substantial year-on-year growth of 88.2% [2][6]. - For 2025, revenue is estimated at 646.25 billion yuan, with a modest growth rate of 3.0%. The net profit is forecasted to soar to 12.04 billion yuan, a staggering increase of 622.8% compared to 2024 [2][6]. - The earnings per share (EPS) is projected to rise from 0.14 yuan in 2024 to 1.04 yuan in 2025, indicating a strong recovery in profitability [2][6].

Investment Rating - The report assigns a positive outlook for AMD, indicating strong growth potential in the upcoming quarters, particularly in the data center and client segments [1][4]. Core Insights - AMD's FY2025 Q1 revenue reached $7.4 billion, representing a 36% year-over-year increase, driven by growth in data center, client, and gaming segments [2][7]. - The GAAP gross margin was 50%, up 3 percentage points year-over-year, while the Non-GAAP gross margin was 54%, up 2 percentage points year-over-year [2][7]. - Non-GAAP EPS was reported at $0.96, slightly above market expectations of $0.94 [2][7]. Business Segment Summary Data Center Segment - Revenue for the data center segment in FY2025 Q1 was $3.7 billion, a 57% year-over-year increase, attributed to growth in cloud computing and enterprise CPU server market share, along with strong performance from AMD Instinct GPUs [3][8]. - The operating profit margin for this segment was 25%, an increase of 2 percentage points year-over-year, with operating profit reaching $932 million, up from $534 million in the same period last year [3][8]. Client and Gaming Segment - The client and gaming segment generated $2.9 billion in revenue, a 28% year-over-year increase. Client revenue was $2.3 billion, up 68% year-over-year, driven by strong demand for the latest AMD Ryzen Zen 5 processors [3][9]. - Gaming revenue was $647 million, down 30% year-over-year, primarily due to a decrease in semi-custom business revenue [3][9]. - The operating profit margin for this segment was 17%, up 7 percentage points year-over-year, with operating profit of $496 million, compared to $237 million in the previous year [3][9]. Embedded Segment - The embedded segment reported revenue of $823 million, a 3% year-over-year decline, with an operating profit margin of 40%, down 1 percentage point year-over-year [3][10]. Performance Guidance - AMD expects FY2025 revenue to be between $73.7 billion and $74.3 billion, with a gross margin forecast of 43%, which includes an $800 million one-time inventory charge. Excluding this charge, the gross margin is expected to be 54% [4][11].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 20.8 yuan, indicating an expected upside of 27% [1][6]. Core Views - The company's performance in Q1 2025 shows significant improvement, with a notable recovery in its fundamentals. The revenue for Q1 2025 was 1,409 million yuan, a year-on-year decrease of 1.6%, but the net profit attributable to shareholders was 30.2 million yuan, an increase of 3.1 million yuan year-on-year [6][7]. - The company has undergone a comprehensive reform in its passenger vehicle segment, aiming to enhance operational efficiency and reduce costs. The "Large Passenger Vehicle Segment" was established to integrate various subsidiaries and improve resource allocation [6][7]. - A partnership with Huawei has been initiated to develop the "Shangjie" brand, which is expected to capture a significant market share in the economy car segment, with optimistic sales projections [6][7]. Financial Summary - Total revenue is projected to increase from 627,590 million yuan in 2024 to 780,228 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 8.2% [2][7]. - The net profit attributable to shareholders is expected to rise from 1,666 million yuan in 2024 to 16,875 million yuan in 2027, with a significant growth rate of 622.8% in 2025 [2][7]. - The earnings per share (EPS) is forecasted to grow from 0.14 yuan in 2024 to 1.46 yuan in 2027, indicating a strong recovery in profitability [2][7]. Market Position and Strategy - The company plans to launch 10 new and significantly updated models in 2025, including 8 new energy vehicles, to strengthen its market position [6][7]. - The collaboration with Volkswagen has been extended until 2040, with plans to introduce new electric and hybrid models tailored for the Chinese market starting in 2026 [6][7]. - The current valuation metrics indicate a low price-to-earnings (P/E) ratio of 15.8 for 2025, suggesting that the company is undervalued relative to its growth potential [6][7].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 14.00 CNY [2] Core Views - The company achieved a revenue of 4.923 billion CNY in 2024, a year-on-year increase of 0.98%, and a net profit of 353 million CNY, up 46.42% year-on-year [2] - The company is actively expanding into the fire safety robot sector and has seen steady growth in its industrial and commercial markets [2][7] - The report forecasts revenue growth for 2025 to 2027, estimating 5.182 billion CNY, 5.599 billion CNY, and 6.339 billion CNY respectively, with corresponding growth rates of 5.3%, 8.0%, and 13.2% [2][8] Financial Performance - In Q1 2025, the company reported a revenue of 883 million CNY, a year-on-year increase of 3.64%, and a net profit of 69 million CNY, up 12.37% year-on-year [2] - The company's gross margin is projected to be 37.63%, supported by vertical integration and scale advantages [7] - The company’s total assets are expected to grow from 8.887 billion CNY in 2024 to 11.596 billion CNY by 2027 [8] Market Expansion - The overseas business generated 703 million CNY in revenue in 2024, accounting for 14.27% of total revenue, with a year-on-year growth of 9.92% [7] - The company is enhancing its brand influence and market share through localized production and market development in North America and Europe [7] Product Development - The company is focusing on technological innovation in fire safety robots, integrating AI image analysis and intelligent control systems to enhance product capabilities [7] - The company’s traditional business segments are under pressure, but it is successfully navigating challenges through pricing strategies and supply chain optimization [7]

Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 48.35 CNY and a current price of 39.49 CNY [2][6][10]. Core Views - The company is positioned as a global leader in mobile charging solutions, benefiting from the growth in consumer electronics driven by AI technology, as well as expanding into the electric vehicle and digital energy sectors [6][10][14]. - The report highlights the company's strong market share in mobile chargers and its strategic partnerships with major clients, which are expected to drive revenue growth [6][10][14]. Summary by Sections Company Overview - The company is a leading player in mobile charging solutions, focusing on the design, development, and production of chargers and power banks for smart devices [14][15]. - It has expanded its business into electric vehicles and digital energy, aiming to capture growth in these sectors [14][15]. Financial Performance - Projected total revenue for 2024 is 6,423 million CNY, with a year-on-year growth of 24.1% [2]. - The net profit attributable to shareholders is expected to reach 465 million CNY in 2024, reflecting a growth of 5.4% [2]. - The company has shown consistent revenue growth, with a significant increase in its digital energy segment [25][32]. Consumer Electronics - The demand for mobile chargers is expected to rise due to the recovery in smartphone shipments and the increasing penetration of AI technology, which enhances charging power and battery capacity [33][36]. - The company maintains the largest market share in mobile chargers globally, with a focus on both original equipment manufacturer (OEM) and aftermarket segments [6][10][33]. Electric Vehicles - The electric vehicle market is growing rapidly, and the company aims to establish itself as a key player in the international electric control sector through strategic acquisitions [6][10][14]. - The acquisition of a controlling stake in a key electric control company has significantly boosted revenue and market penetration [6][10][14]. Digital Energy - The company is expanding its digital energy product line, including server power supplies and charging stations, with a focus on high-power applications [6][10][14]. - The server power supply segment is projected to benefit from the increasing demand driven by AI applications, with products covering power ranges from 550W to 8000W [6][10][14].