全国首单中小微企业支持可续期公募公司债券在北交所发行,引 导金融资源流向中小微企业 北交所点评报告 证券研究报告/行业点评报告 2025年05月23日 北交所 增持(维持) 呼级· 报告摘要 全国首单中小微企业支持可续期公募公司债券在北交所成功发行 1）2025年4月23日,江西省金融控股集团有限公司在北交所公开发行全国首单中 小微企业支持可续期公司债券。本期债券发行规模5亿元,期限 3+N 年,发行利率 2.50%。 2 )本期债券募集资金中 3.5 亿元用于支持产业链上下游或自身经营业务相关的中小微 企业发展,1.5 亿元用于补充流动资金。本期发行通过为集团产业链上下游相关中小 微企业提供流动性支持的方式,贯彻普惠金融导向,破解中小微企业"融资难、融资产" 问题。 Email: fengsheng@zts.com.cn 分析师:杨帅 执业证书编号:S0740524040002 Email: yangshuai01@zts.com.cn 基本状况 | 上市公司数 | 265 | | --- | --- | | 行业总市值(亿元) | 7,962.42 | | 行业流通市值(亿元) | 4,745.49 | ...

执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 生物制品 执业证书编号：S0740524060002 Email：caozy01@zts.com.cn 分析师：穆奕杉 三生制药（01530.HK） 证券研究报告/公司点评报告 2025 年 05 月 23 日 执业证书编号：S0740524070001 Email：muys@zts.com.cn | 总股本(百万股) | 2,398.58 | | --- | --- | | 流通股本(百万股) | 2,398.58 | | 市价(港元) | 19.98 | | 市值(百万港元) | 47,923.65 | | 流通市值(百万港 | 47,923.65 | | 元) | | 相关报告 现，IO 双抗出海预期》2025-03-29 2、《多轮驱动，高效研发，兼具业 绩、创新、出海属性--三生制药深度 报告》2025-03-11 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ...

生物制品 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 执业证书编号：S0740524060002 Email：caozy01@zts.com.cn 分析师：穆奕杉 执业证书编号：S0740524070001 Email：muys@zts.com.cn | 总股本(百万股) | 2,398.58 | | --- | --- | | 流通股本(百万股) | 2,398.58 | | 市价(港元) | 19.98 | | 市值(百万港元) | 47,923.65 | | 流通市值(百万港 | 47,923.65 | | 元) | | 报告摘要 基本状况 事件：5 月 20 日公司公告，与辉瑞就 PD1×VEGF 双抗 SSGJ707 签订授权许可协 议，授予对方在全球（除外中国大陆）开发、生产、商业化的权益。公司将收到合作 方辉瑞支付的 12.5 亿美元首付款，潜在 48 亿美元开发、监管和销售里程碑，及净销 售额双位数的特许分成。该首付款金额 12.5 亿美金为中国创新药 Lisence out 之最， 再次刷新记录。 1、《业绩超预期，近上市管线将兑 风险提示：在研 ...

生物制品 执业证书编号：S0740524060002 Email：caozy01@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 616.79 | | 流通股本(百万股) | 616.79 | | 市价(元) | 56.69 | | 市值(百万元) | 34,965.59 | | 流通市值(百万元) | 34,965.59 | 股价与行业-市场走势对比 1、《产品收入强势增长，临床管线突 破在即》2025-03-26 2、《利润超预期高增长，自免管线商 业化临近，早研有亮点》2025-01-20 三生国健（688336.SH） 证券研究报告/公司点评报告 2025 年 05 月 23 日 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 公司点评报告 | 盈利预测表 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 资产负债表 | | | 单位:百万元 | | 利润表 | | | | 单位 ...

| 基本状况 | | | --- | --- | | 总股本(百万股) | 4,025.39 | | 流通股本(百万股) | 4,025.39 | | 市价(港元) | 4.51 | | 市值(百万港元) | 18,154.52 | | 流通市值(百万港元) | 18,154.52 | 房地产开发 执业证书编号：S0740523020005 Email：youzp@zts.com.cn 执业证书编号：S0740523080001 Email：houxd@zts.com.cn 业绩短期承压，积极布局核心城市 ——越秀地产年报点评 越秀地产（00123.HK） 证券研究报告/公司点评报告 2025 年 05 月 21 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：由子沛 | | 营业收入（百万元） | 80,353 | 86,401 | 90,375 | 92,634 ...

gzitiao 立足线缆深耕军工，业绩有望持续改善 电网设备 执业证书编号：S0740521080001 Email：chendr01@zts.com.cn 执业证书编号：S0740522020001 Email：zengbiao@zts.com.cn 分析师：马梦泽 执业证书编号：S0740523060003 Email：mamz@zts.com.cn | 总股本(百万股) | 525.74 | | --- | --- | | 流通股本(百万股) | 452.94 | | 市价(元) | 8.39 | | 市值(百万元) | 4,410.95 | | 流通市值(百万元) | 3,800.13 | 相关报告 通达股份（002560.SZ） 证券研究报告/公司点评报告 2025 年 05 月 20 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：陈 ...

证券研究报告 【中泰汽车|何俊艺团队】汽车周报（05/12-05/18） 持续看好强势自主整车，年度重视整车&智驾&机器人 | 汽车行业首席分析师：何俊艺 | 汽车行业分析师：刘欣畅 | 汽车行业分析师：毛䶮玄 | | --- | --- | --- | | S0740523020004 | S0740522120003 | S0740523020003 | | hjy@zts.com.cn | liuxc03@zts.com.cn | maoyx@zts.com.cn | | 汽车行业分析师：汪越 | 汽车行业分析师：白臻哲 | | | S0740525010002 | S0740524070006 | | | wangyue07@zts.com.cn | baizz@zts.com.cn | | 2025年5月21日 1 目 录 一、核心观点：持续看好强势自主整车，年度重视整车&智驾&机器人 二、行情跟踪：全行业&汽车板块&覆盖标的跟踪 三、行业景气度：终端&订单&出口总量+分车企数据跟踪 四、重要新闻 五、个股跟踪 六、风险提示 2 核心观点：持续看好强势自主整车，年度重视整车&智驾&机器人 3 ◼ 周 ...

北交所进一步支持发行科技创新债券，服务新质生产力 ——北交所点评报告 分析师：冯胜 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 分析师：杨帅 执业证书编号：S0740524040002 Email：yangshuai01@zts.com.cn | | | | 上市公司数 | 265 | | --- | --- | | 行业总市值(亿元) | 8,414.15 | | 行业流通市值(亿元) | 5,018.26 | 1、《北交所修订募集资金指引和重组 相关规则，强化监管与激发市场活力 并举》2025-05-20 2、《北交所交易热度上涨，募集资金 管理新规即将实施》2025-05-18 3、《北交所存量股票 920 代码上线， 独 立 代 码 增 强 市 场 辨 识 度 》 2025-05-16 北交所 证券研究报告/行业点评报告 2025 年 05 月 22 日 评级： 增持（维持） 报告摘要 中国人民银行、中国证监会联合发布通知，支持发行科技创新债券 1）党的二十届三中全会明确提出，要加快多层次债券市场建设，构建同科技创新相 适应的科技金融体制。近日，中 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [5] Core Viewpoints - The current banking sector rally is based on a two-phase logic: the first phase focuses on the certainty of bank stocks, while the second phase involves a "rush" by public funds that are underweight in banks. The outlook for bank stocks remains strong due to their stability and dividend value in an uncertain economic environment [7][10][12]. Summary by Sections 1. Two-Phase Logic of the Current Banking Rally - The first phase emphasizes the relative certainty of bank stocks amid economic uncertainty, highlighting the resilience and dividend value of the banking sector [7][10]. - The second phase indicates a "rush" by active funds that are underweight in bank stocks, with a reported underweight difference of 8.33% in Q1 2025, the largest among all sectors [7][12]. 2. Outlook for the First Phase Logic - The certainty of bank stocks is a strong logic, with expectations of continued market activity supported by favorable policies. The banking sector is transitioning from a "pro-cyclical" to a "weak-cyclical" phase due to three main reasons: increased correlation with fiscal policies, a stable customer base supported by national credit, and a controlled risk release environment [7][21][22]. 3. Stability of Banking Sector Performance - The banking sector shows strong fundamental resilience, with a non-performing loan generation rate of 0.64% in Q1 2025, indicating a slight improvement. The provision coverage ratio stands at 237.99%, ensuring stability in asset quality and profit growth [12][13][19]. 4. Outlook for the Second Phase Logic - The second phase requires monitoring of policy details and the behavior of public funds. The "Action Plan for Promoting High-Quality Development of Public Funds" is expected to shift fund allocations towards larger weight sectors, potentially increasing capital inflows into the banking sector [20][22]. 5. Investment Recommendations - The report suggests focusing on banks with regional advantages and strong certainty, particularly city commercial banks in regions like Jiangsu, Shanghai, and Chengdu, as well as large banks with high dividends such as Agricultural Bank, Construction Bank, and Industrial and Commercial Bank [20][24].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The Sino - US trade friction has shown substantial easing after the Geneva economic and trade talks. The two sides announced a 90 - day suspension of new tariffs, retained some low - level tax rates, and established a follow - up dialogue mechanism, with China taking the leading role in this round of negotiations [4]. - Although the "reciprocal tariffs" suspension is beyond expectations, the comprehensive tax rate between China and the US remains at a relatively high level. If the 24% tariff is re - implemented later, the US's comprehensive tariff on China may still remain above 50% [4]. - In the short term, the narrative of "rising in the East and falling in the West" is strengthened, and risk appetite is repaired. However, there are still structural differences, and the room for tariff reduction in the medium and long term is limited [4][5]. - The market index is expected to maintain strong resilience. Funds are expected to rotate around sub - sectors with high first - quarter report performance and medium - term industrial trends, and investors are advised to make low - level layouts in relevant sub - sectors [5]. 3. Summary by Relevant Catalogs Market Review - **Market Performance**: Most major market indices rose last week, with the ChiNext 50 having a relatively large increase of 2.00%. Among major industries, the financial index and optional consumption index performed relatively well, with weekly changes of 1.91% and 1.69% respectively, while the information technology index and telecommunications service index performed weakly, with weekly changes of - 0.84% and - 0.55% respectively. Among the 30 Shenwan primary industries, 19 industries rose, with beauty care, non - bank finance, and automobiles having relatively large increases of 3.08%, 2.49%, and 2.40% respectively, and computer, national defense and military industry, and media having relatively large declines of 1.26%, 1.18%, and 0.77% respectively [8][16][18]. - **Trading Heat**: The average daily trading volume of the Wind All - A Index last week was 12662.67 billion yuan (the previous value was 13534.26 billion yuan), which was at a relatively high historical level (84.90% of the three - year historical quantile) [20]. - **Valuation Tracking**: As of May 16, 2025, the valuation (PE_TTM) of the Wind All - A Index was 19.05, an increase of 0.14 from the previous week, and it was at the 66.90% quantile of the historical level (in the past 5 years). Among the 30 Shenwan primary industries, 18 industries' valuations (PE_TTM) recovered [25]. Market Observation - **How the market may evolve after the Sino - US talks in Switzerland**: The Sino - US trade friction has eased, but there are still structural differences. The current tariff "cooling" is more like a "temporary truce", and the tariff pressure may rise again in the future. In the short term, it can boost investors' risk appetite [4][5]. - **Investment Recommendations**: The market index is expected to maintain strong resilience. Investors are advised to make low - level layouts in sub - sectors such as public utilities and other dividend - type assets, AI upstream and Hang Seng Technology leaders, gold, nuclear power equipment, military industry, and pet and beauty related to the consumption downgrade of young people. They should also pay attention to high - quality leading stocks in the CSI 300 whose institutional allocation concentration is significantly lower than the index component ratio [5]. Economic Calendar - The report mentions to pay attention to global economic data, but specific data is not provided [27]