Group 1 - The private equity securities fund industry has shown strong performance in 2023, with an average return of 2.52% as of April 30, and nearly 70% of products achieving positive returns [1] - Multi-asset strategy products lead the market with an average return of 2.87%, while stock strategy products follow closely with a return of 2.56% [1] - The performance of futures and derivatives strategies, combination fund strategies, and bond strategies also demonstrated strong market adaptability, with average returns of 2.34%, 2.10%, and 1.87% respectively [1] Group 2 - Index enhancement strategies have delivered impressive results, with an average return of 6.42% and an average excess return of 9.10% as of April 30 [2] - Large private equity firms with over 10 billion in assets have achieved an average return of 7.53% in their index enhancement products, with all products realizing positive excess returns [2] - Smaller private equity firms also performed well, with average returns between 6% to 7% across various asset sizes, maintaining excess returns above 9% [2] Group 3 - The strong performance of index enhancement products is attributed to improved market liquidity, increased trading activity, and high market volatility, which create favorable conditions for excess return generation [3] - The unique "dual-drive" advantage of index enhancement strategies allows them to benefit from overall market gains (Beta returns) while also employing refined Alpha strategies to enhance returns [3] - This structure of "market Beta as a foundation, active Alpha as an enhancement" demonstrates significant competitiveness in the current market environment [3]

Core Viewpoint - The company has established a comprehensive management system for futures and derivatives trading to mitigate foreign exchange risks and ensure asset safety, in compliance with relevant laws and regulations [1][2][3]. Group 1: Management Structure - The management system applies to the company and its subsidiaries, requiring headquarters' approval for subsidiaries to engage in futures and derivatives trading [1][2]. - The board of directors and shareholders are responsible for reviewing futures and derivatives trading within their authority [1][2]. Group 2: Responsibilities and Procedures - The general manager is responsible for reviewing and signing relevant agreements and documents within authorized limits [2]. - The finance department manages daily operations, including drafting regulations, monitoring market risks, and ensuring sufficient funds for settlement [2][6]. - The audit department oversees the actual operations of futures and derivatives trading, including fund usage and compliance with internal controls [2][3]. Group 3: Risk Management and Compliance - The audit committee evaluates the necessity and feasibility of trading, and may hire professionals for feasibility analysis [3]. - All trading activities must be based on normal business operations and aimed at hedging against exchange rate risks, prohibiting speculative trading [3][4]. - The company must ensure that the foreign currency amounts in contracts do not exceed prudent forecasts of foreign currency receipts or payments [4][5]. Group 4: Approval and Reporting - Significant trading activities require prior approval if they exceed specified thresholds related to net profit and net assets [4][5]. - The finance department must report trading activities to headquarters and ensure compliance with approval authority [5][6]. - Any losses exceeding 10% of the company's audited net profit must be disclosed promptly [7].

2025 年 05 月 16 日 证券研究报告 | 金融工程月报 关税风波引发权益市场下跌，量化策 略超额表现优异 策略指数跟踪月报(2025 年 5 月期) 分析师：程秉哲 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 分析师登记编码：S0890524100001 电话：021-20321081 邮箱：baiyifan@cnhbstock.com 销售服务电话： 021-20515355 益还能保持吗？—策略环境跟踪月报 (2025 年 4 月期)》2025-04-16 2、《小盘风格强势，为何公募指增超额较 少？—策略环境跟踪月报(2025 年 3 月 期)》2025-03-12 3、《当前是否是中性策略止盈的好时 机？—策略环境跟踪月报(2025 年 2 月 期)》2025-02-13 —策略环境跟踪月报（2025 年 1 月期）》 2025-01-15 5、《市场成交活跃，Alpha 策略收益修复 —策略环境跟踪月报》2024-12-10 投资要点 本月报统计时间为 2025.04.01 至 2025.04.3 ...

Core Viewpoint - The recent performance of Hong Kong Exchanges and Clearing Limited (HKEX) has attracted market attention, with the stock price at HKD 376.8, down 1.10%. The trading activity in derivatives has significantly increased, indicating a mixed technical signal with a potential for short-term adjustments [1]. Technical Analysis - The MACD indicator shows a buy signal, while the RSI is nearing the overbought zone, suggesting a possible technical adjustment in the short term [1]. - The key support level is identified in the range of HKD 333-340, while the psychological resistance is strong at HKD 400. The current stock price is positioned in the middle of this critical trading range, warranting close attention to short-term directional choices [1]. Derivative Performance - On May 13, when the underlying stock rose by 1.98%, HSBC bull certificates (66921) and UBS bull certificates (68185) both increased by 14%, while BNP Paribas call warrants (13399) rose by 10%, and JPMorgan call warrants (29203) increased by 9%. This demonstrates the leverage advantage of bull certificates in a moderate upward market [2]. - Investors are encouraged to consider products with exercise prices around HKD 408, such as the call warrant (13517) with a leverage of 6.19 times and HSBC call warrant (15891) with an implied volatility of 38.83% [5]. Bearish Strategies - For investors with a bearish outlook on HKEX, various derivative tools are available. Citigroup put warrant (16606) offers a leverage of 7.3 times with a low premium and implied volatility, with an exercise price of HKD 333.9. The call warrant (15262) has a slightly lower leverage of 6.4 times but also features low implied volatility [8]. - High-leverage options include JPMorgan bear certificate (52629) with a redemption price of HKD 400, providing a leverage of 19.5 times, and UBS bear certificate (52543) with similar terms offering 17.3 times leverage [8]. Market Sentiment - Observations indicate that some investors are optimistic about HKEX, anticipating the stock price to reach between HKD 380-400. Conversely, there are also strategies involving put warrants with exercise prices around HKD 281 [11].

昨日（13日）收市點評【港股Podcast】中提到小米（01810）：週二收48.65元，投資者問什麼位置有支持位？從走勢看，如果再跌，留意是否會 跌穿中線（47.2元），其次參考數據系統分析的第一個支持位44.2元。如果再跌則考慮第二支持位40.8元同時也是日線圖的保利加通道的底部。 窩輪市場上，投資者留意熊證，同時也有投資者考慮在46元撈底。 | 09:13 6 | | 160 | 09:13 6 | | | --- | --- | --- | --- | --- | | | | Hi > Q C+ < | | | | 資訊 圖表 輪設 評論 | | | 間表 輪 評論 | 省計 | | 14642 小米摩利五九購F.C | | | 14991 小米瑞銀五九購B. | | | 盤前競價 05/13 16:00:00 | | | 28 42 盤前競價 05/13 16:00:00 | | | 最 0.071 | | -- 開 市 | - 0.076 | 를 高 | | 最 低 +0.000 +0.00% | | 前 收 -- | 0.071 +0.000 +0.00% | 最 仕 | | 成交量 0股 成交 ...

53岁的张秋云是雷厉风行的实干家，刚出任中原证券董事长没几天，就带着团队开始拜访企业，2025年5月初去了河南种业集团。 "（中原证券）应积极发挥'河南资本市场战略性载体'功能作用和社会职能……助力河南种业集团在资本赛道上腾飞"带着公司常务副总 裁、执委会委员、郑州投行总部、企业融资总部等部门的相关负责人，张秋云向河南种业集团董事长赵博表达了中原证券的合作希望。 之所以才上任就马不停蹄地"跑业务"，是因为张秋云接手的中原证券，正面临着"业绩下滑、自营不佳、IPO项目停滞"的局面，如何带领 这家老牌券商实现业绩提升，是她必须考虑的问题。 衍生品亏损9亿拖累利润 天眼查显示，中原证券成立于2002年11月8日，注册资本464288.47万元，法定代表人鲁智礼。鲁此前的身份是公司董事长。 截图来源于天眼查 成立12年之后，2014年6月，中原证券实现了在香港上市；2017年1月又完成了在上交所主板上市，成为在香港和境内主板上市的券商，风 头一时无两。 但是2024年，中原证券的营收、利润开始遭遇严峻挑战。 财报数据显示，2024年，中原证券实现营收16.90亿元，同比下降14.13%；归母净利润同比增长16.18% ...

Core Viewpoint - The film market is showing signs of fatigue, prompting companies to explore IP derivative products as a new growth path, with Wanda Film's investment in 52TOYS exemplifying this trend [2][4]. Investment in 52TOYS - Wanda Film's subsidiary, Ying Shiguang, plans to invest approximately 68.99 million yuan to acquire about 370,000 shares of 52TOYS from existing shareholders, while Ru Yi Xing Chen will invest around 51.74 million yuan for about 280,000 shares [3]. - After the share transfer and capital increase, Ying Shiguang and Ru Yi Xing Chen will hold a combined 7% stake in 52TOYS, and both companies will engage in strategic cooperation in IP toy product development and marketing [3][4]. 52TOYS Overview - 52TOYS, established in 2015, has launched various product lines including blind boxes and transforming mechas, and has developed original IPs such as Panda Roll and BEASTBOX, while collaborating with international IPs like Tom and Jerry [4]. - Wanda Film aims to enhance its non-ticket revenue through this investment, leveraging shared resources and brand valuation increases [4]. Industry Trends - Analysts suggest that the derivative market is expanding beyond traditional boundaries, with companies recognizing the need to diversify revenue streams beyond box office earnings [5][6]. - The success of the Nezha series in the derivative market is encouraging more film companies to enter this space [6]. Market Performance - The Chinese film market experienced a decline in 2024, with total box office revenue dropping by 22.6% to 42.50 billion yuan, while Wanda Film reported a net loss of 940 million yuan [7]. - Despite a strong first quarter in 2024 with a box office of 24.4 billion yuan, the market faced a downturn starting from the Qingming Festival [7]. Corporate Changes - Following its acquisition by China Ru Yi, Wanda Film has undergone significant changes, including leadership shifts and a focus on expanding its gaming business, which saw a revenue increase of 346.6% in 2024 [8]. - The company is also exploring new consumer sectors and aims to cultivate growth-oriented brands through strategic investments [10].

Group 1 - Wanda Film, known as the "first stock of cinema chains," is seeking new opportunities through an investment in Beijing Lezi Tiancheng Cultural Development Co., Ltd., with a total investment of 144 million yuan for a 7% stake [1][9] - The investment is aimed at enhancing the IP derivative product layout, leveraging the new brand "Shiguangli" to attract younger consumers and increase non-ticket revenue [9][6] - The company reported a significant decline in revenue and net profit for 2024, with total revenue of approximately 12.36 billion yuan, down over 15%, and a net profit loss of 940 million yuan, a decrease of about 203% [2][4] Group 2 - The cinema industry is facing challenges, with a notable drop in audience numbers, particularly among younger viewers, whose attendance decreased from 25.4% in 2023 to 17% during the recent May Day holiday [4][6] - To attract younger audiences, Wanda Film is introducing new products and experiences, including trendy popcorn flavors and partnerships with beverage brands, aiming to open over 300 new stores within its cinemas [6][8] - The investment in 52TOYS, a player in the trendy toy market, is seen as a strategic move to tap into the growing demand for collectible toys, with the global market expected to grow significantly in the coming years [10][12]

具体来看，多资产策略以显著优势领跑全市场。数据显示，1375只多资产策略产品今年以来平均收益率 达2.87%，超越市场平均水平。其中974只产品取得正收益，正收益产品占比高达70.84%。市场分析人 士指出，多资产策略亮眼表现主要得益于该策略的资产配置优势：一方面，通过跨资产类别配置有效分 散风险；另一方面，灵活调整股债、商品等资产比例，把握不同市场环境下的投资机会。 股票策略表现同样可圈可点。数据显示，纳入统计的8377只股票策略产品平均收益率为2.56%，其中 5687只产品实现正收益，占比为67.89%。市场分析人士指出，4月份A股市场展开一轮修复行情，对股 票策略收益起到了推动作用。 在今年A股市场持续震荡过程中，私募基金仍取得了较好的成绩。据私募排排网最新数据，截至4月30 日，全市场12543只有业绩记录的私募证券基金平均收益率达到2.52%，其中实现正收益的产品数量为 8758只，占比69.82%，展现出较强的赚钱效应。 对于5月市场行情，盘京投资认为，考虑到中美关税谈判是个长期复杂过程，中间不排除有反复。市场 永远在不确定性中孕育机会，盘京投资将持续关注重要宏观事件变化，深入研究和比较优势行业 ...

Group 1 - Wanda Film plans to invest 68.99 million yuan in Lezi Tiancheng and acquire a 7% stake through its subsidiary Ying Shiguang [1] - The strategic cooperation between Wanda Film and Lezi Tiancheng will focus on the development and sale of IP toy products, as well as marketing and related areas [1] - This investment is expected to broaden Wanda Film's revenue channels and enhance the proportion of non-ticket business income, optimizing its profit structure [1] Group 2 - Shareholder Huang Weizhi of Sanxiang Impression has released the pledge on 14.72 million shares, which is 9.71% of his holdings and 1.25% of the company's total share capital [2] - As of the announcement date, Huang Weizhi has a total of 91.08 million pledged shares, representing 60.08% of his holdings and 7.71% of the company's total share capital [2] - The release of some pledged shares may signal a positive outlook for market perceptions of major shareholders' stability [2] Group 3 - De Beers plans to close its cultivated diamond brand Lightbox, reaffirming its commitment to the natural diamond market [3] - The decision to terminate Lightbox is part of De Beers' "origin strategy," focusing on high-return natural diamond operations and streamlining its operational structure [3] - This move is expected to strengthen the distinction between natural and cultivated diamonds, potentially reshaping the market value of natural diamonds [3] Group 4 - COMEX gold futures experienced a significant decline, with prices dropping by 3.51% to $3,226.5 per ounce [4] - Despite the short-term price fluctuations, the long-term investment value of gold remains widely recognized [4] - Banks are tightening controls on "gold trading" through credit cards, which may help regulate market order and protect investor interests [4]