Core Viewpoint - Nasda's frequent external mergers and acquisitions appear to lack growth quality despite significant scale, with nearly 200 billion in revenue over ten years but a loss of 1 billion. The aftereffects of acquisitions are becoming evident, as the company plans to sell Lexmark International, acquired for over 10 billion, for less than 150 million, raising questions about the underlying motives and the quality of the acquired assets [1][4][13]. Group 1: Financial Performance - The company has reported cumulative revenue of nearly 200 billion over ten years but has incurred a total loss of 1 billion [7][9]. - Lexmark International, acquired for 27 billion USD, has contributed significant revenue but limited profit, with an average annual revenue contribution of around 15 billion from 2017 to 2024, yet the operating profit margin has been below 3% [9][12]. - The company’s revenue has significantly declined since 2019, with a notable drop in performance leading to substantial goodwill impairment in 2023 [15][19]. Group 2: Acquisition Strategy - From 2015 to 2021, Nasda engaged in acquisitions totaling over 25 billion, including the significant purchase of Lexmark International [5][6]. - The company plans to sell Lexmark International for a price significantly lower than its acquisition cost, raising concerns about the rationale behind such a decision [13][23]. - The acquisition of BenTu Electronics was marked by high premiums, with the transaction valued at 6.6 billion, involving related parties, which raises questions about potential capital arbitrage [24][25]. Group 3: Goodwill and Asset Quality - As of 2024, the company reported a goodwill balance of 135 billion, primarily from the Lexmark acquisition, which has not been adequately impaired despite declining revenues [15][20]. - The company has faced scrutiny regarding the reasonableness of its goodwill impairment assessments, particularly in light of significant revenue declines and unfulfilled performance commitments from acquired entities [16][19]. - Lexmark's own financials indicate a concerning trend, with its goodwill consistently exceeding its net assets, suggesting potential issues with asset quality [20][21]. Group 4: Market Reaction and Stock Performance - Despite the company's efforts to enhance investor confidence through share buybacks, the stock price has faced downward pressure, dropping over 60% from its peak [2][23]. - The company's financial metrics indicate that while revenue has surged, profitability remains weak, leading to skepticism in the market regarding its long-term viability [7][12]. Group 5: External Environment Impact - The company has cited adverse external conditions affecting its operations, particularly the impact of the COVID-19 pandemic on Lexmark's business, which has led to significant declines in sales and operational challenges [17][19]. - The overall financial health of the company has deteriorated, with rising debt levels and increasing financial pressure, prompting the decision to divest Lexmark [22][23].

| | | | | | | LPG早报 | | | 研究中心能化团队 2025/06/12 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | L P G | | | | | | | | | | | | | 日期 | 华南液化气 | 华东液化 气 | 山东液化气 | 丙烷CFR华 南 | 丙烷CIF日 本 | MB丙烷 现货 | CP预测合 同价 | | 山东醚后碳四 山东烷基化油 | 纸面进口 利润 | 主力基差 | | 2025/06/0 5 | 4600 | 4461 | 4580 | 595 | 550 | 74 | 582 | 4640 | 7750 | -302 | 472 | | 2025/06/0 6 | 4550 | 4449 | 4590 | 595 | 548 | 75 | 582 | 4580 | 7750 | -361 | 451 | | 2025/06/0 9 | 4570 | 4451 | 4600 | 596 | 553 | 75 | 577 | 4680 | 770 ...

国内价格 LME价格 比价 现货 16650 1961 8.48 三月 16850 1990 11.07 均衡比价 盈利 现货进口 8.91 -847.59 跨期套利跟踪 2025/06/12 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 320 230 40 -200 理论价差 497 892 1296 1699 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 5 -230 -375 -470 理论价差 214 333 453 573 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 170 55 -35 -100 理论价差 211 324 436 549 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 5 10 -5 15 理论价差 209 314 420 525 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 290 510 630 850 锡 5-1 价差 -150 理论价差 5495 期现套利跟踪 2025/06/12 铜 当月合约-现货 次月合约-现货 价差 -305 15 理论价差 74 560 锌 当月 ...

2025年06月12日申万期货品种策略日报-国债 | | | | | 申银万国期货研究所 唐广华（从业资格号：F3010997；交易咨询号：Z0011162） tanggh@sywgqh.com.cn 021-50586292 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | TS2509 | TS2512 | TF2509 | TF2512 | T2509 | T2512 | TL2509 | TL2512 | | | 昨日收盘价 | 102.456 | 102.560 | 106.185 | 106.275 | 109.045 | 109.025 | 120.44 | 120.26 | | | 前日收盘价 | 102.442 | 102.552 | 106.135 | 106.215 | 108.995 | 108.980 | 120.16 | 119.99 | | | 涨跌 | 0.014 | 0.008 | 0.050 | 0.060 | 0.050 | 0.045 | 0.280 | 0.2 ...

Group 1 - The core point of the news is the announcement of a dividend distribution by the China Securities Dividend ETF (515080), with a dividend of 0.015 yuan per share, resulting in a dividend yield of 0.99% based on the net asset value of 1.5225 yuan as of May 30, 2025 [1] - The dividend distribution is part of a broader trend in June, which is a key month for dividend payouts in the A-share market, with significant amounts being distributed [5] - The China Securities Dividend ETF has a history of consistent dividend payouts, having distributed dividends 13 times since its inception, with annual dividend yields over the past five years averaging around 4.5% [1][2] Group 2 - The underlying index of the ETF, the China Securities Dividend Index, includes 100 high-dividend, stable dividend-paying companies, with a long-term dividend yield exceeding 5%, making it attractive in a low-interest-rate environment [2] - As of June 11, the index's price-to-earnings ratio is 7.70, price-to-book ratio is 0.77, and dividend yield is 5.74%, indicating a combination of low valuation and high dividend yield [2] - Recent adjustments to the index have improved the quality of its constituent stocks, removing some low-dividend stocks, which is expected to further increase the overall dividend yield [2] Group 3 - In the week prior to the news, 14 constituent stocks of the China Securities Dividend Index distributed a total of 15.2 billion yuan in dividends, with significant contributions from Shanghai Bank and other major companies [5] - The market has been volatile since April 8, leading to increased interest in dividend assets, with investors often engaging in pre-dividend positioning and post-dividend profit-taking strategies [5] - The China Securities Dividend ETF has shown a cumulative increase of 7.71% since April 8, with a maximum drawdown of only 2%, outperforming 27 out of 31 sectors in the market [5][6] Group 4 - The China Securities Dividend ETF is characterized by low volatility, high dividend yield, and quarterly dividend distributions, making it appealing for long-term institutional investors such as insurance funds and pension funds [6] - The potential for valuation recovery in the dividend sector is high, as stable income assets attract significant long-term capital [6]

6月11日，我国5月期货市场成交数据出炉。中期协发布的统计资料显示，以单边计算，5月全国期货市 场成交量为6.79亿手，成交额为54.73万亿元，同比分别下降4.51%和1.55%。1—5月全国期货市场累计 成交量为33.37亿手，累计成交额为286.93万亿元，同比分别增长15.61%和21.33%。 从各家期货交易所的成交情况来看，上期所5月成交量为1.97亿手，成交额为21.13万亿元，同比分别下 降1.59%和增长2.18%；上期能源5月成交量为0.14亿手，成交额为2.26万亿元，同比分别增长22.86%和 下降8.95%；郑商所5月成交量为2.22亿手，成交额为6.18万亿元，同比分别下降14.07%和37.05%；大商 所5月成交量为1.91亿手，成交额为6.78万亿元，同比分别下降7.53%和24.91%；中金所5月成交量为0.20 亿手，成交额为16.82万亿元，同比分别增长24.62%和33.97%；广期所5月成交量为0.35亿手，成交额为 1.56万亿元，同比分别增长88.28%和51.59%。 （文章来源：期货日报网） "5月，我国股市横盘整理，采用中性策略和指数增强策略的期货和期权仓 ...

21世纪经济报道记者季伟 北京报道 10个交易日，超70亿元的新增规模，644%的规模增幅…… 这是7只上市信创ETF，在海光信息与中科曙光（603019）重组停牌期间创造的规模增长神话。 5月25日（当晚海光信息与中科曙光发布重组停牌公告）收盘，7只上市信创ETF规模合计为11.14亿元， 6月9日（海光信息与中科曙光复牌前一日）收盘，7只上市信创ETF规模合计达到了82.85亿元。 巨量规模为何而来？ 一轮围绕着此次重组展开的金融产品事件营销悄然浮出水面，且事件营销隐现的利益链条渐次清晰，最 终买单的或仅是溢价买入却被套牢的投资人。 比如，一些基金公司的信创ETF营销海报中将海光信息与中科曙光在指数中的权重比例进行突出，强调 可以借道ETF全面布局相关个股。 基金公司借布局个股营销ETF无可厚非，但这其中的问题是，成分股的权重比例是根据市场行情波动调 整的，而在营销发酵资金大规模涌入的背景下，基金对成分股的持仓比例也会受到相应影响出现明显稀 释，该数据短时间可能变化巨大。虽然基金公司对所展示的权重比例截止日期作出补充提示，但仍需对 海报上被强化的成分股权重比例信息可能存在的误导而负责。 本报掌握的信息显示 ...

投资咨询证号：Z0019840 电话：0571-87006873 邮箱：hebin@bcqhgs.com 报告日期：2025 年 6 月 11 日 投资咨询业务资格：证监许可【2011】1778 号 贵金属 姓名：何彬 宝城期货投资咨询部 从业资格证号：F03090813 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 2025 年专题报告 贵金属 专业研究·创造价值 白银补涨的背后 摘 要 专业研究·创造价值 1 / 12 请务必阅读文末免责条款 请务必阅读文末免责条款部分 贵金属 | 专题报告 ◼ 今年以来，金银比值持续攀升至历史高位，从统计套利角度来 看白银具备上涨基础。但为何是在 6 月初开启上涨，这可以归 因到宏观层面。从宏观角度来看，我们认为是短期工业需求复 苏预期推动了白银向上突破，无论是代表国际需求的铜和原油 还是代表国内需求的黑色板块，在当日均出现明显涨幅。而白 银上涨突破近一年来的震荡 ...

根据信托业协会数据，标品信托2024年6月末总规模较年初大幅增加1.78万亿元，增加规模占信托 资产规模总增加额的57.68%。标品信托规模的大幅增加，既得益于行业转型进程加速下信托公司 的主力推动，也有赖于标品信托的灵活性优势，再叠加债券市场的表现。那么2024年规模大幅提 升的优异表现还能延续吗？我们从两个角度展开： 从投资者视角，前述被整改问题可能导致：积累了适当性不匹配风险、承担了不应该承担的损 失，特别是对于能够"拿得住"产品的投资者，甚至可能被动承担更多损失。 针对"违规使用平滑机制调节产品收益" ， 当理财公司多只银行理财产品申赎同一只集合资金信托 计划，信托账户通过循环"计提（削峰）""补差（填谷）"特别信托利益，来平滑理财产品净值 时，既可以对单一理财产品在时间维度上纵向进行前后收益调节，也可以对申购了这个"信托产 品"的不同理财产品之间进行横向调节，类似于"变相资金池"。 （1）第一种调节在极端情况下理财产品遭遇大量被动赎回时，初期先赎回的投资者，可能只享受 到了投资收益 而后赎回或未赎回的那些 拿得住 的投资者 既没有拿到此前本应积累的收益 到了投资收益，而后赎回或未赎回的那些"拿得住" ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Alumina**: The market is under pressure due to inventory accumulation and falling spot prices. It is advisable to short at high prices in the medium to long term. The short - term (1 - 3 months) probability of the Guinea Axis mine remaining shut is high, but the long - term risk of permanent closure is uncertain [3]. - **Electrolytic Aluminum**: The fundamentals show sufficient supply and gradually weakening demand. Low inventory and continuous de - stocking support prices in the short term, with a possible short - term upward trend, but a bearish view in the medium term [5]. - **Cast Aluminum Alloy**: The cost is strongly supported, but there is an oversupply and expected weakening demand. The futures contract has a BACK structure. Short - term unilateral operations should be cautious, and positive spreads can be considered [5][6]. 3. Summary by Related Catalogs Alumina - **Price Forecast**: The latest price is 2895 yuan/ton, with a monthly price forecast range of 2800 - 3200 yuan/ton. The current 20 - day rolling volatility is 0.4309, and the historical percentile (3 - year) is 0.9309 [2]. - **Risk Management Strategies**: For inventory management with high product inventory, short the main alumina futures contract at 3200 yuan/ton with a 75% hedging ratio; for raw material management with low raw material inventory, long the main alumina futures contract at 2700 yuan/ton with a 50% hedging ratio [2]. - **Core Contradictions**: The Guinea Axis mine has not resumed production, and port inventory shipping is restricted. The market is under pressure due to inventory accumulation and falling spot prices [3]. - **Leveraging Factors**: The Guinea government has revoked some mining licenses [4]. - **Negative Factors**: New production capacity is being put into operation, demand has no growth, profit recovery may lead to the resumption of production by shut - down enterprises, and spot prices have fallen in some areas [4]. Electrolytic Aluminum - **Price Forecast**: The latest price is 20250 yuan/ton, with a monthly price forecast range of 19000 - 20300 yuan/ton. The current 20 - day rolling volatility is 0.0977, and the historical percentile (3 - year) is 0.4114 [2]. - **Risk Management Strategies**: For inventory management with high product inventory, short the main Shanghai aluminum futures contract at 20100 yuan/ton with a 75% hedging ratio; for raw material management with low raw material inventory, long the main Shanghai aluminum futures contract at 19600 yuan/ton with a 75% hedging ratio [2]. - **Core Contradictions**: Supply is close to the industry ceiling, demand is weakening, and low inventory and continuous de - stocking support prices in the short term [5]. - **Leveraging Factors**: Low inventory and continuous de - stocking, tight spot supply in East China [5][8]. - **Negative Factors**: Terminal factory orders have decreased significantly, downstream operating rates have declined slightly, and there are signs of product inventory accumulation [5]. Cast Aluminum Alloy - **Price Forecast**: The latest price is 19400 yuan/ton, with a monthly price forecast range of 18500 - 19900 yuan/ton [2]. - **Core Contradictions**: The cost is strongly supported by tight scrap aluminum supply, but there is an oversupply and expected weakening demand. The futures contract has a BACK structure [5]. - **Leveraging Factors**: Tight scrap aluminum supply supports costs [5]. - **Negative Factors**: Expected weakening demand and industry over - capacity [5][6]. Market Data - **Price and Spread**: The prices and spreads of various aluminum and alumina contracts are provided, including Shanghai aluminum, London aluminum, and alumina contracts, as well as regional price differences and basis data [7][9][13]. - **Inventory Data**: The inventory data of aluminum and alumina, including Shanghai Futures Exchange warehouse receipts, London Metal Exchange inventory, and alumina warehouse receipts, are presented [27].