证券代码：002128 证券简称：电投能源 内蒙古电投能源股份有限公司投资者关系活动记录表 | 投资者关系活动 □特定对象调研□分析师会议 | | | --- | --- | | 类别 | □媒体采访√业绩说明会 | | □新闻发布会□路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | | 参与单位名称及 投资者网上提问 | | | 人员姓名 | | | 时间 2025 年 7 月 | 11 日(周五)16：00~18:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | 采用网络远程的方式召开业绩说明会 | | | 上市公司接待人 1、董事会秘书李冬 | | | 员姓名 2、资本部主任刘学民 | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： 1、董秘你好，请问公司氧化铝来源是哪里？一般维持多长 | | 时间的库存？ | | | | 您好。氧化铝主要来源为山东和河北地区，库存一般 20 天 | | 左右。感谢您的关注。 | | | 投资者关系活动 | 2、作为央企都会表率 ...

Group 1 - The core viewpoint of the articles indicates that bank stocks have replaced long-term government bonds as the preferred investment choice in 2025, with all banks experiencing price increases and many reaching historical highs [1][2] - In 2025, 18 banks have set historical highs, with 16 banks increasing by over 20% and 32 banks by over 10%, while the Shenwan Bank Index has risen by 35.49% in the past year [1] - The rise in bank stocks is attributed to economic pressures leading investors to seek high-dividend sectors, similar to the previous year's trend with long-term bonds [1][2] Group 2 - Insurance funds, which were previously focused on local government bonds and real estate bonds, have shifted to bank stocks due to their high dividends that cover liability costs [2] - As of Q1 2025, insurance institutions hold A-share bank stocks valued at 265.78 billion, accounting for 45.05% of their heavy industry allocation [2] - Policy changes have facilitated insurance investments in bank stocks, with multiple instances of insurance companies increasing their stakes in banks in 2025 [2] Group 3 - The issuance of secondary capital bonds and perpetual bonds by commercial banks has accelerated, with over 800 billion issued in 2025, indicating strong capital-raising efforts [3] - The average price-to-book ratio for A-share listed banks was 0.74 as of July 11, 2025, with the highest being 1.09 for China Merchants Bank [3] Group 4 - The price-to-book ratio for major banks has nearly doubled since its lowest point in November 2022, driven by policy support and asset scarcity [4] - The sustainability of the current rise in bank stocks is questioned, as policy support has limits and is aimed at improving the financial health of banks [4] Group 5 - Despite the current profitability of commercial banks, net interest margins are declining, and asset growth is slowing, which may lead to reduced profit growth in the future [5] - The total assets of commercial banks grew by 7.2% year-on-year in Q1 2025, but this is a significant decrease from the previous year's growth of 11.7% [5] Group 6 - Future banking strategies may involve reducing asset scales to alleviate capital pressure, suggesting limited upward momentum for bank stock prices [6] - The rise in bank stock prices is viewed as a temporary phenomenon, and investors are advised to approach with caution [6]

Core Viewpoint - Bitcoin prices have reached new historical highs, with significant increases in the cryptocurrency market, driven by institutional investments and favorable regulatory expectations [2][4][9]. Market Performance - Bitcoin price surpassed $117,455, with a daily increase of 5.59% and a year-to-date increase of approximately 20% [2]. - The total market capitalization of cryptocurrencies reached $3.7 trillion, with Bitcoin holding a market share of 62.5% [2]. - Ethereum also saw a price increase, surpassing $3,000 with a daily rise of about 7% [4]. Institutional Investment - Institutional investments have been a key driver of the recent price surge, with significant inflows into Bitcoin and Ethereum ETFs [4]. - As of July 10, the net inflow into Bitcoin ETFs reached $1.176 billion, marking six consecutive days of inflows, while Ethereum ETFs saw $383 million in inflows over five days [4]. - A report indicated that 125 publicly traded companies hold a total of 847,000 Bitcoins, representing 4.03% of the total supply, with a quarterly increase of 60.93% [5]. Regulatory Environment - Upcoming legislation in the U.S. is expected to provide a more favorable regulatory framework for cryptocurrencies, which may further support Bitcoin prices [7]. - The anticipation of the "GENIUS Act" and the "CLARITY Act" is contributing to positive market sentiment [7]. Market Sentiment and Risks - The market sentiment is currently characterized by "greed," with a fear and greed index reading of 71 [2]. - Despite the positive outlook, there are warnings about the inherent volatility of cryptocurrencies and the need for investors to remain cautious [3][5]. - The correlation between Bitcoin prices and the performance of tech stocks suggests that macroeconomic factors will play a significant role in Bitcoin's future price movements [6][8]. Future Projections - Analysts predict that Bitcoin could reach $135,000 in Q3 and potentially $200,000 by the end of 2025, driven by increased demand and limited supply [9]. - The ongoing influx of institutional capital is expected to significantly influence Bitcoin's price trajectory [9].

5连板国投中鲁：公司生产经营情况未发生重大变化 股票交易存在较大波动风险 智通财经7月11日电，国投中鲁(600962.SH)公告称，公司股票连续5个交易日涨停，累计涨幅61.13%， 显著高于同期上证指数，存在较大波动风险。公司主营业务、生产经营情况及经营环境与前期披露的信 息相比未发生重大变化，不存在应披露而未披露的重大事项。此外，公司正在筹划的重大资产重组事 项，标的资产的审计、评估、尽职调查等工作尚未完成，能否顺利通过相关审批及实施存在不确定性。 ...

周四，美联储当红理事沃勒（Christopher Waller）表示，美联储难以控制的外部因素推高了资产负债 表规模，他强调，美联储应继续缩减资产负债表规模，但幅度不应像一些观察人士和经济学家所建议的 那样大。 沃勒表示，美联储应将银行准备金规模从目前的3.26万亿美元降至约2.7万亿美元。再加上美联储所持 货币和美国财政部一般账户余额， 总体资产负债表将降至5.8万亿美元，而当前为6.7万亿美元。 "我认 为我们很可能可以在一段时间内继续让部分到期和提前偿付的证券自然退出资产负债表，从而减少准备 金余额。" 需要注意的是，准备金的最低"充足"水平对估算美联储在不扰乱隔夜融资市场的情况下可以缩表的空间 至关重要。 根据最新数据，美联储的银行准备金为3.26万亿美元。华尔街策略师们估计，为保持流动性充足并避免 市场压力，准备金余额应保持在3万亿至3.25万亿美元。 沃勒指出，一些市场人士主张美联储的资产结构应模仿国债市场本身，即将短期资产比例降至20%，以 避免对收益率曲线的某一部分造成压力： 沃勒提出"充足"准备金具体数值的做法有别于他的同事们，包括那些负责资产负债表管理的纽约联储的 官员们，他们通常更笼统地 ...

Core Viewpoint - The Hong Kong stock market has shown resilience and vitality, with the Hang Seng Index and Hang Seng Tech Index rising by 20% and 18.68% respectively in the first half of 2025, driven by significant inflows of southbound funds [1][2] Group 1: Market Performance - The Hong Kong stock market has outperformed globally, entering a technical bull market, primarily due to the revaluation of Chinese assets and the alignment with the rapid development of AI and consumption upgrades [1][3] - Southbound funds have significantly contributed to the market's strength, with net purchases exceeding 730 billion HKD in the first half of the year, nearly double the amount from the same period last year [1][2] Group 2: Characteristics of Southbound Funds - The inflow of southbound funds has been characterized by explosive growth and structural optimization, with institutional funds accounting for about 70% of the total inflow [2][3] - In the first quarter alone, southbound funds reached a record high of 440 billion HKD, indicating strong institutional interest, particularly from public funds and insurance companies [2][3] Group 3: Investment Opportunities - Four categories of scarce assets in the Hong Kong market are highlighted: AI applications, innovative pharmaceuticals, new consumption, and dividend-paying stocks [3][4] - AI-related assets represent over 60% of the market capitalization in the tech sector, making them a focal point for investment as the sector experiences significant growth [4][5] - New consumption assets also account for approximately 60% of the market capitalization in the consumption sector, reflecting changing consumer preferences [4][5] Group 4: Changing Investment Logic - The investment logic for innovative pharmaceuticals has shifted from being concept-driven to being fundamentally driven, supported by policy enhancements and improved R&D capabilities [5][6] - New consumption trends are evolving from short-term themes to long-term structural opportunities, with a focus on products that resonate with younger consumers [6][7] Group 5: Outlook for the Second Half - The Hong Kong stock market is expected to continue its bull market in the second half of the year, supported by ample liquidity and favorable industry cycles [7] - Key investment areas include scarce assets that are unique to the Hong Kong market and closely aligned with current industry trends, particularly in AI applications and dividend stocks [7]

Group 1 - The Ukraine Reconstruction Conference took place in Rome, Italy, on July 10-11, with over 200 agreements reached, totaling more than €10 billion [1] - Ukrainian President Zelensky called for increased support for Ukraine's air defense and drone industries during the conference [1] - The conference highlighted the potential use of profits from frozen Russian assets, estimated at around $300 billion, for Ukraine's reconstruction efforts [1] Group 2 - The European Union has frozen approximately €200 billion of Russian Central Bank assets as part of sanctions following the escalation of the Ukraine crisis in 2022 [1] - Russia has repeatedly condemned the seizure of its assets by Western nations, labeling it as "piracy" and claiming it undermines their credibility [1]

图说资产证券化产品 ——2025年5月 消费金融政策加力，消费类ABS迎扩容新机遇 近期，央行、国家发改委、财政部、商务部、金融监管总局、证监会等六部门联合印发《关于金融支持提振和扩大消 费的指导意见》（以下简称《指导意见》），从支持增强消费能力、扩大消费领域金融供给、挖掘释放居民消费潜力、促 进提升消费供给效能、优化消费环境和政策支撑保障等六个方面提出19项重点举措，推动完善扩大消费长效机制，更好满 足消费领域金融服务需求。值得注意的是，《指导意见》重点支持消费产业有关企业融资，加大债券市场融资支持力度， 支持符合条件的文化、旅游、教育等服务消费领域企业发行债券，以及鼓励符合条件的科创企业通过债券市场募集资金， 推动智慧养老、智能医疗等消费产品提质升级。同时，推动个人汽车、消费、信用卡等零售类贷款资产证券化增量扩面, 促进盘活信贷存量，提升消费信贷供给能力。这有利于促进银行等金融机构盘活零售贷款存量，释放更多资金用于发放新 的零售贷款，提升资金使用效率，通过扩大信贷供给助力消费复苏与升级。从发行情况来看，上半年信贷ABS中个人汽车贷 款类、个人消费贷款类产品分别发行343.43亿元和183.41亿元，占信贷 ...

Core Insights - The price of gold denominated in RMB has significantly increased by 28% in 2024 and over 24% in the first six months of 2025, attracting attention to "gold+" products [1] - "Gold+" refers to multi-asset portfolios that allocate more than 5% of their assets to gold, with many public funds and bank wealth management products now including gold [1] - The emergence of "gold+" signifies a shift in perception, positioning gold as a strategic asset rather than merely a tactical tool for inflation or market volatility [1][3] Group 1 - "Gold+" products are designed to help investors transition from short-term speculation to long-term asset allocation, enhancing the strategic role of gold in investment portfolios [2] - The number of FOF products investing in gold ETFs has doubled annually, indicating a growing consensus among professional institutions regarding the value of gold allocation [1] - The current global uncertainty enhances gold's role as a stabilizing factor in investment portfolios, making "gold+" a key component for risk management [3] Group 2 - The CEO of the World Gold Council's China division emphasizes the importance of maintaining investor psychology and behavior amidst rising gold prices [2] - "Gold+" products utilize professional asset allocation strategies to construct investment portfolios, reinforcing gold's strategic positioning [2] - The long-term strategic value of "gold+" is highlighted as a means to improve overall portfolio resilience and risk tolerance [3]

56.18 OH 45 55 63 35.08 56 38.99 18.88 38.99 35.08 26.68 19.66 18.98 56.18 26 58 19 all 7/2 - ■■ 我们认为资产重估定价更适合步入宏观稳定期的中国股市。 我们认为日本市场关注留存收益增长对净资产推动，并通过PB定价的思路更有利于低增长的宏观经 济环境，也将更适合未来A股的估值思路转变。基于日本经验，我们认为可以将A股成长性的关注度 从净利润增长转向资产重估增长（分红留存后的ROE增长，计算公式：资产重估增速=ROE×（1-分 红率））。虽然这一策略不适用于处于早期的成长性公司，但对于资产配置和全市场盈利预测将更 有帮助，同时也有利于成熟行业龙头的价值重估。该定价策略的核心假设是中国经济将步入成熟 期，经济增速逐渐走平。 资产重估策略是否有效？ 2024年资产重估增速对行业表现的解释度提升，成为较净利润和净资产增速更有效的基本面指标。 涨幅榜前五的行业中，仅电子的资产重估增速低于中位数水平，在30个一级行业中，2024年资产重 估增速高且滞涨的行业仅三个。我们认为资产重估增速不会陷入线性外推的长期主义估值陷阱，尤 其适 ...