解锁【第一财经智享会员】实时解读市场动态，把握投资先机。 【第一财经智享会员专属】 【 今 日 早 盘 】 东方证券投资顾问应雁芳认为，我们要去重视一些板块和个股的* * * * * *。在下一阶段，对于 * * * * * *的板块，如* * * * * *、* * * * * *等，鉴于其短期涨幅过于巨大，在后续基本面验证期能 否兑现预期，则需要投资者进行深入甄别与审慎评估。 国联证券投资顾问刘俊认为，当前阶段市场参与者可能更倾向于* * * * * *的出现或* * * * * *的 确 认 。 该 阶 段 股 指 更 可 能 呈 现 震 荡 格 局 ， 下 行 空 间 预 计 有 限 。 市 场 或 将 围 绕 * * * * * * 反 复 震 荡，以静待* * * * * *或* * * * * *涌现，进而驱动估值重拾升势。 深圳前海多盈财富资产管理基金经理凡明认为，当前市场整体呈现防御基调。短期而言，大 盘股发挥托底作用，小盘股则展现进攻姿态，预示着指数下行空间有限。关于新一轮反弹行 情的启动时点，随着市场调整逐步临近尾声，预计或将于* * * * * *迎来方向性选择。整体而言 持 乐 观 ...

Group 1 - The core event involved the signing of 21 agreements and projects between Guolian Group and Wuxi High-tech Zone, with a total investment exceeding 9 billion yuan [1] - Wuxi High-tech Zone, established in 1992, has become a significant economic growth engine and innovation base in Wuxi, playing a crucial role in national strategic initiatives [1] - Guolian Minsheng Securities signed a cooperation agreement with Taihu Bay Science and Technology City for a science and technology investment insurance linkage project [1] Group 2 - Taihu Bay Science and Technology City is a key development area in Wuxi High-tech Zone, focusing on emerging industries such as IoT, integrated circuits, life sciences, and high-end software, with high-tech industry output accounting for over 80% [2] - Guolian Minsheng Securities aims to leverage its regional advantages to attract quality projects and contribute to the establishment of a science and technology capital formation center in Wuxi [2] - The collaboration between Taihu Bay Science and Technology City and Guolian Minsheng Securities is expected to enhance the development ecosystem for science and technology enterprises in Wuxi, promoting a symbiotic relationship between finance and industry [2]

Group 1 - Chinese brokerage stocks collectively rose, with notable increases: Guolian Minsheng up 5.4% to HKD 3.92, Everbright Securities up 4.46% to HKD 8.66, CICC up 3.88% to HKD 16.6, CITIC Securities up 2.86% to HKD 10.08, and Huatai Securities up 2.56% to HKD 15.24 [1] - The recent issuance of the "Opinions on Deepening Reform and Innovation in the Shenzhen Comprehensive Reform Pilot" by the Central Committee and the State Council allows companies in the Guangdong-Hong Kong-Macao Greater Bay Area listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange [1] - This policy is expected to enhance the connectivity between the capital markets of mainland China and Hong Kong, increasing trading activity and opening growth opportunities for brokerage investment banking businesses [1] - Current brokerage valuations are at historical lows, and with market recovery and favorable policies, brokerage businesses such as brokerage, investment banking, and capital intermediary services are likely to benefit, leading to further valuation recovery in the brokerage sector [1] Group 2 - The 2025 Lujiazui Forum will be held in Shanghai on June 18-19, where major financial policies are expected to be announced by central financial management departments [2] - It is anticipated that more policies aimed at activating the capital market will be released, focusing on enhancing the quality of listed companies, market activity, and investor returns [2] - The market sentiment is expected to be catalyzed by the policy announcements during the Lujiazui Forum, according to Donghai Securities [2]

券商发行科创债又有新动作。近日，中信证券、中金公司（601995）以及国泰海通集体公告称，已获得 央行批准，将在银行间市场发行科创债。数据显示，这3家券商合计获批额度接近400亿元。 科创债的发行市场包括银行间市场和交易所市场。在科创债新政策出台后，券商发行的科创债此前集中 于交易所市场。而此次获批则意味着，券商今后也能在银行间市场发行科创债。 3家获批近400亿额度 日前，中信证券公告称，收到的央行准予行政许可决定书显示，央行同意中信证券发行不超过150亿元 科技创新债券，核准额度自该决定书发出之日起两年内有效，有效期内公司可自主选择分期发行时间。 中信证券称，将按照相关规定，认真做好科技创新债券发行和存续期间的信息披露等相关工作。 中金公司也公告称，央行同意中金公司在全国银行间债券市场发行不超过98亿元科技创新债券，专项用 于支持科技创新领域投融资。 此外，国泰海通也发布类似公告称，央行同意国泰海通在全国银行间债券市场发行不超过150亿元科技 创新债券，专项用于支持科技创新领域投融资。 科创债的发行市场涵盖交易所市场与银行间市场。值得注意的是，此次央行批准的3家券商均在银行间 市场发行科创债，而此前5月至 ...

21世纪经济报道记者 孙永乐 上海报道 6月13日，21世纪经济报道记者获悉，民生证券首席策略分析师、院长助理牟一凌已离职。上周民生证 券内部已通知牟一凌卸任研究院院长助理的消息。 国联民生证券（601456.SH）内部人士向记者证实了该消息，但尚未知悉牟一凌的去向。同时，记者于 中证协官网查询发现，现已无法查询到牟一凌的备案信息。 Wind信息显示，6月2日晚，牟一凌参加了在民生证券的最后一场路演。 牟一凌研究团队的官方微信公众号"一凌策略研究"，最新一篇推文发布时间也定格在了6月1日，标题为 《2025年6月金股推荐 | 民生研究》。 新生代策略分析师的佼佼者 6月13日上午，牟一凌在朋友圈发布了民生策略团队的合影，并配文"独家记忆"。据公开资料，其团队 成员包括纪博文、吴晓明、王况炜、方智勇、梅锴、沈心怡、季宏坤。 牟一凌从民生证券研究所离职的同时，国联民生正稳步推进研究业务整合。 此前透露的分工安排显示，民生证券副总裁、研究院院长胡又文，作为组长主要负责协调研究业务整合 工作。副组长则为包承超和李敏捷。 两家券商在投行、研究等核心部门推行"双负责人制"，由国联与民生中层联合管理，设置6个月的过渡 期。 ...

| 银行：超配（维持） | | --- | | 证券：标配（维持） | 2025 年 6 月 13 日 分析师：吴晓彤 SAC 执业证书编号： S0340524070001 电话：0769-22119302 邮箱： wuxiaotong@dgzq.com.cn 金融指数走势 金融行业双周报（2025/5/30-2025/6/12） 保险：超配（维持） 银行板块持续活跃，年内南银转债等多只银行可转债触发强赎 资料来源：东莞证券研究所，iFind 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 请务必阅读末页声明。 投资要点： ◼ 证券：今年以来，证券板块整体呈现震荡调整态势，表现弱于 大盘，目前板块PB为1.40，估值处于近5年45.96%分位点。短期来看，目 前中美谈判处于真空期，政策催化不足，市场主线尚未明晰，整个大盘 缺少向上突破的驱动力。展望下半年，从外围扰动看，若后续美国关税 政策进一步缓和，有望提振全球风险偏好，为券商自营业务创造更稳定 的外部环境；政策层面，资本市场改革持续深化。政府工作报告明确提 ...

Group 1 - The article highlights the career trajectory of a prominent analyst,牟一凌, who transitioned from an intern to a chief strategist and has recently left his position at Minsheng Securities amid a wave of mergers in the Chinese securities industry [1][4] - In 2021,牟一凌 returned to Minsheng Securities as the chief strategist after a decade of experience, having previously worked at various firms including Guotai Junan and Kaiyuan Securities, where he gained recognition for his market insights [2][4] - His notable predictions included a bullish stance on cyclical stocks during market fluctuations, which later proved accurate as these stocks outperformed others in 2021 [2][3] Group 2 - The merger between Guolian Securities and Minsheng Securities marks a significant event in the industry, with Guolian acquiring a 30.30% stake in Minsheng for 9.1 billion yuan, leading to a complete takeover by the end of 2024 [4][5] - Following the merger, the new entity, Guolian Minsheng Securities, is undergoing integration challenges, with a reported 40.80% decline in net profit for the year 2024, indicating difficulties in recovering from the impacts of the merger [1][4] - The restructuring of research operations within the merged entity poses challenges, as both firms have distinct strengths, with Minsheng excelling in investment banking and Guolian in wealth management and fund advisory [5]

Core Viewpoint - The financial performance of Senying Windows (森鹰窗业) for the year 2024 shows significant declines in revenue and net profit compared to the previous year, indicating potential challenges for the company moving forward [1][2]. Financial Performance Summary - The company's operating revenue for 2024 was 567 million yuan, a decrease of 39.71% year-on-year [1][2]. - The net profit attributable to shareholders was -42.19 million yuan, compared to a profit of 14.60 million yuan in the previous year, marking a decline of 128.90% [1][2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -56.74 million yuan, down 144.42% from 12.77 million yuan in the previous year [1][2]. - The net cash flow from operating activities was 12.43 million yuan, a decrease of 16.32% year-on-year [1][2]. Q1 2025 Performance Summary - In the first quarter of 2025, the company reported an operating revenue of 63.81 million yuan, a decline of 27.96% compared to the same period last year [3]. - The net profit attributable to shareholders for Q1 2025 was -7.98 million yuan, worsening from -1.76 million yuan in the previous year, reflecting a decline of 353.01% [3]. - The net cash flow from operating activities improved to 10.37 million yuan, compared to -17.54 million yuan in the same quarter of the previous year, indicating a 159.10% increase [3]. IPO and Fundraising Information - Senying Windows publicly issued 23.70 million shares, raising a total of 906.53 million yuan, with a net amount of 823.70 million yuan after expenses [4]. - The company initially planned to raise 673.46 million yuan for projects related to energy-efficient wooden windows and working capital [4]. - The total issuance costs amounted to 82.82 million yuan, including underwriting fees of 56.39 million yuan [4].

这家中小券商布局海外业务。 6月12日晚，西部证券表示计划出资等值10亿元人民币设立中国香港全资子公司，暂定名为"西部证券国际金融 控股有限公司"，旨在打造国际化业务平台，服务公司跨境客户需求。此举是西部证券推进收购国融证券后另 一重大布局。 今年港股二级市场交投活跃、赚钱效应凸显，吸引各方资金关注；一级市场则迎来内地企业赴港上市热 潮，"A+H"上市模式尤为活跃。在此背景下，中资券商迎来新的业务周期。 西部证券拟赴港落子 2020年1月华福证券获得证监会的批文，监管部门同意其在香港设立华福国际（香港）金融控股有限公司。更 早则要追溯至2019年年底，华安证券及国联证券陆续被证监会批准赴香港设立香港子公司，其中华安证券（香 港）在2年后（2021年12月）才举行试营业。 香港IPO平均募资额同比增长逾5倍 自2024年下半年以来港股表现强劲，尤其今年年初"中国资产重估"叙事带动港股流动性明显改善，在此背景 下，企业赴港上市掀起一波热潮。多家券商投行人士表示，港股市场已成为公司布局的重点。 一家华中地区中小型证券公司投行人士向券商中国记者透露，公司年初已着手摸排项目，积极推动部分原计划 在沪深交易所上市的IPO ...

中国经济网北京6月12日讯天地在线（002995）(605399.SH)2024年年度报告显示，2024年，公司实现营业收 入13.38亿元，同比下降27.49%；归属于上市公司股东的净利润-6754.39万元，上年同期为-2610.33万元；归 属于上市公司股东的扣除非经常性损益的净利润-6744.31万元；经营活动产生的现金流量净额为-1.28亿元。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 1,337,598,463.12 | 1, 844, 767, 135. 86 | -27.49% | 3,044,650,272.67 | | 归属于上市公司股东 的净利润(元) | -67,543,913.19 | -26, 103, 270. 20 | -158.76% | 3.147.985.01 | | 归属于上市公司股东 的扣除非经常性损益 | -67, 443, 091. 16 | -44,643,071.04 | -51.07% | 936,871.17 | | 的净利润(元) ...