摘要本周国际黄金走势可谓是大起大落，日内的交易多次出现以近100美元的幅度在波动，市场在贸易 紧张的局势下，避险情绪高涨，将金价一度推至3500上方。截止周五（4月25日）金价收盘报3318.62美 元/盎司，跌幅0.93%。 本周国际黄金走势可谓是大起大落，日内的交易多次出现以近100美元的幅度在波动，市场在贸易紧张 的局势下，避险情绪高涨，将金价一度推至3500上方。截止周五（4月25日）金价收盘报3318.62美元/ 盎司，跌幅0.93%。 本周一，因特朗普抨击美联储主席鲍威尔，引发市场对美元资产的抛售，美元一度下挫至2022年4月8日 以来的新低至97.92附近，但随着特朗普言论的再三转变，美元重回99上方，但在100关口，压力较大， 本周始终未能突破100关口，尽管美联储警告称，即使在4月遭抛售之后，资产估值仍然相对较高，住宅 房地产价格也处于高位。 美联储警告称，对冲基金的杠杆率（尤其是大机构的杠杆率）已达到或接近历史高位，但联储认为，随 着基金平仓，杠杆率在4月初有所下降。 但美联储表示，商业房地产价格，一个在新冠疫情后长期令人担忧的问题，已显示出企稳的迹象。尽管 4月初股市和美债市场流动性低， ...

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report In March 2025, the leverage ratio of the inter - bank bond market increased month - on - month but was slightly lower than the historical average. The total bond custody scale of China Central Depository & Clearing Co., Ltd. (CCDC) and Shanghai Clearing House increased. Different institutions had different investment preferences for various bond types, with commercial banks significantly increasing their allocation of interest - rate bonds and broad - based funds increasing their allocation of inter - bank certificates of deposit [1][2][4]. 3. Summary According to the Directory 3.1 Bank - Inter Leverage Ratio: Up Month - on - Month, Lower than the Same Period in Previous Years At the end of March, the inter - bank bond market leverage ratio was 107.03%, up 0.8 pct from 106.23% at the end of the previous month, and slightly lower than the historical average [1][12]. 3.2 Custody Data Overview In March 2025, the total bond custody scale of CCDC and Shanghai Clearing House was 166.22 trillion yuan, a month - on - month increase of 2655.6 billion yuan. CCDC's custody scale increased by 1308.9 billion yuan, and Shanghai Clearing House's increased by 1346.7 billion yuan. Treasury bonds, local government bonds, policy - bank bonds, medium - term notes, and inter - bank certificates of deposit contributed to the increase, while enterprise bonds, short - term financing bonds, and private placement notes contributed to the decrease [2][15]. 3.3 By Bond Type: Net Financing of Treasury Bonds and Inter - bank Certificates of Deposit Increased, Credit Bonds Had Net Repayment - **Interest - rate Bonds**: In March 2025, the total custody scale of major interest - rate bonds was 109.14 trillion yuan, a month - on - month increase of 1584.1 billion yuan. Commercial banks and broad - based funds were the main buyers, increasing their holdings by 814.8 billion yuan and 401.4 billion yuan respectively. For treasury bonds, commercial banks were the main buyers; for policy - bank bonds, broad - based funds were the main buyers; for local government bonds, commercial banks and broad - based funds increased their holdings [3][17][48]. - **Credit Bonds**: The total custody scale of major credit bonds was 15.54 trillion yuan, a month - on - month decrease of 1.01 billion yuan. Broad - based funds and commercial banks increased their holdings. For enterprise bonds, all institutions reduced their holdings; for medium - term notes, commercial banks were the main buyers; for short - term financing bonds, broad - based funds were the main buyers; for ultra - short - term financing bonds, multiple institutions reduced their holdings [3][29][48]. - **Inter - bank Certificates of Deposit**: The custody scale was 21.18 trillion yuan, a month - on - month increase of 1115 billion yuan. Broad - based funds were the main buyers, increasing their holdings by 1306.6 billion yuan, while commercial banks were the main sellers, reducing their holdings by 264.8 billion yuan [3][45][48]. 3.4 By Institution: Commercial Banks Significantly Increased Allocation of Interest - rate Bonds, Broad - based Funds Increased Allocation of Inter - bank Certificates of Deposit - **Commercial Banks**: The custody scale of major bonds was 80.04 trillion yuan, a month - on - month increase of 561.1 billion yuan. They increased their holdings of interest - rate bonds and credit bonds by 814.8 billion yuan and 11.1 billion yuan respectively, and reduced their holdings of inter - bank certificates of deposit by 264.8 billion yuan. They increased their allocation of treasury bonds and local government bonds in interest - rate bonds and medium - term notes in credit bonds [4][49]. - **Broad - based Funds**: The custody scale of major bonds was 35.53 trillion yuan, a month - on - month increase of 1729.7 billion yuan. They increased their holdings of interest - rate bonds, credit bonds, and inter - bank certificates of deposit by 401.4 billion yuan, 21.8 billion yuan, and 1306.6 billion yuan respectively. They increased their allocation of local government bonds, treasury bonds, and policy - bank bonds in interest - rate bonds and medium - term notes and short - term financing bonds in credit bonds [4][49]. - **Overseas Institutions**: The custody scale of major bonds was 4.20 trillion yuan, a month - on - month increase of 146.5 billion yuan. They increased their holdings of interest - rate bonds, inter - bank certificates of deposit, and credit bonds by 3.2 billion yuan, 141.1 billion yuan, and 2.2 billion yuan respectively. They mainly increased their allocation of treasury bonds in interest - rate bonds and slightly increased their allocation of medium - term notes, short - term financing bonds, and ultra - short - term financing bonds in credit bonds [4][53]. - **Insurance Institutions**: The custody scale of major bonds was 4.03 trillion yuan, a month - on - month increase of 93.5 billion yuan. They increased their holdings of interest - rate bonds and inter - bank certificates of deposit by 93.1 billion yuan and 1.3 billion yuan respectively, and reduced their holdings of credit bonds by 1 billion yuan. They mainly increased their allocation of local government bonds and treasury bonds in interest - rate bonds and slightly reduced their allocation of medium - term notes and enterprise bonds in credit bonds [4][53]. - **Securities Companies**: The custody scale of major bonds was 2.76 trillion yuan, a month - on - month increase of 118.1 billion yuan. They increased their holdings of interest - rate bonds, credit bonds, and inter - bank certificates of deposit by 88.7 billion yuan, 3.3 billion yuan, and 26.1 billion yuan respectively. They mainly increased their allocation of treasury bonds in interest - rate bonds and increased their allocation of medium - term notes in credit bonds [4][53]. - **Credit Unions**: The custody scale of major bonds was 1.89 trillion yuan, a month - on - month decrease of 14.8 billion yuan. They increased their holdings of interest - rate bonds by 21.6 billion yuan and reduced their holdings of credit bonds and inter - bank certificates of deposit by 0.63 billion yuan and 35.8 billion yuan respectively. They increased their allocation of treasury bonds, policy - bank bonds, and local government bonds in interest - rate bonds [5][54].

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Financial Data and Key Metrics Changes - In the first quarter of 2025, diluted earnings per share, as adjusted, increased more than 20% year-over-year to $6.45 [9] - Adjusted EBITDA grew 11.3% over the prior year quarter, with an adjusted EBITDA margin improvement of 110 basis points [20][22] - Cash flow from operations was $1.65 billion in the quarter, with a decrease attributed to working capital changes [24] Business Line Data and Key Metrics Changes - Inpatient admissions grew 2.6% year-over-year, equivalent admissions increased 2.8%, and emergency room visits rose by 4% [10] - Same facilities revenue grew almost 6%, driven by volume increases and approximately 3% higher revenue per equivalent admission [11] - Surgical volumes were mixed, with inpatient surgeries slightly up and outpatient cases down [10][33] Market Data and Key Metrics Changes - Same-facility managed care equivalent admissions increased by 5.4% compared to the prior year quarter, while same-facility equivalent exchange admissions surged by 22.4% [20] - Exchange volume represented about 8% of equivalent admissions and approximately 10% of revenues for the quarter [108] Company Strategy and Development Direction - The company is focused on maintaining operational discipline while continuing to invest in its strategic agenda, including increasing the number of facilities by 3.3% [12][13] - Capital allocation strategy includes $991 million in capital expenditures, $225 million in share repurchases, and $180 million in dividends [25] - The company is investing heavily in technology and digital transformation to improve operational efficiency and clinical care [132][133] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall demand for healthcare services and the company's ability to navigate through uncertain policy environments [14][18] - The company is developing plans to address potential adverse impacts from health policy changes and tariffs, drawing from experiences during the COVID-19 pandemic [17][75] - Management remains optimistic about maintaining market share gains and operational efficiencies despite competitive pressures [100][101] Other Important Information - The company reaffirmed its guidance ranges for the full-year 2025, indicating confidence in its operational performance [26] - The company reported an $18 million increase in net benefits related to Medicaid in the first quarter of 2025 compared to the prior year quarter [23] Q&A Session Summary Question: Any major changes in assumptions embedded in the reiteration of guidance? - Management stated that the first quarter performance was solid, and guidance for 2025 remains appropriate [31] Question: How do you get that much leverage this quarter? - Management explained that operating leverage is created by pushing more volume through the organization, which improves profitability and margins [42] Question: Can you clarify the revenue per adjusted admission increase? - Management noted that the increase was driven by payer mix trends and improved acuity, with managed care positioning improving year-over-year [55][59] Question: Any changes with MA plan behavior denials? - Management indicated that there were no significant changes in denials and underpayments that materially impacted financial results [68] Question: How is the surgical schedule and block time utilization looking? - Management believes that demand for healthcare will remain strong, with expectations for surgical volumes to recover [126] Question: Can you speak to your technology agenda? - Management highlighted significant investments in technology and digital transformation to enhance operational efficiency and clinical care [132][133]

基金产品研究 2025Q1 债基降久期、降杠杆 2025 年 04 月 25 日 ➢ 2025Q1 债券型基金概览 2025Q1，债市主要围绕宽货币预期、均衡偏紧的资金面、"股债跷跷板"、 机构行为进行交易，走势较为跌宕，资金面压制下短端率先开启调整行情，而后 逐渐波及长端，至季末曲线熊平。 2025Q1 债基数量小幅增长、资产净值回落至 2024Q2 前水平。规模在 10 亿元以下的债基数量普遍增加，以中长债基金为主，10-50 亿元债基数量小幅波 动，50 亿元以上的基金数量环季明显下滑，尤其是 100 亿元以上基金。 从持仓情况来看，中长债纯债基持仓较多政金债，金融债（除政金债）、中票 次之，占比分别为 31%、15%、10%。短融、中票、国债持仓占比较上季度分别 增加 0.35%、0.36%、0.26%，政金债持仓占比环比回落 0.28%；短债持有较多 中票和短融，由于 2025Q1 规模继续下滑，除持仓短融规模逆势增长 1.94%之 外，持仓各类债券市值多数下滑，其中，金融债（除政金债）、存单、政金债持仓 占比分别回落 0.57%、0.56%、0.41%；混合型（一级）持仓债券市值高于混合 型（二级 ...

资料图。 可以说 ， 在看到冰山之前 ， 龙湖就已提前转弯 。 但即便如此 ， 龙湖依然感受到了巨大的寒意 ：过去两年间，龙湖集团交出的成绩单难言乐观， 营收 与净利连续下滑。基于 当前 较低的销售 规模， 预计未来几年的营收仍将处于下降通道 ，盈利 能力也依然会 受到房地产开发业务的拖 累。 此外 ， 今年龙湖依然还会面临大额的债务到期 ， 在龙湖管理层看来 ， 今年 是龙湖债务结构转 换的最后一年，也是最 为 关键的一年。 营收与 净利双降 龙湖集团日前披露的今年前三个月营运数据显示 ， 截至 3 月末，龙湖累计实现总合同销售金额 169.5 亿元 （ 人民币 ， 下同 ） ，与上年同期的 234.8 亿元相比 ， 下降 27 . 8% 。 从单月表现来看，今年前三个月龙湖分别取得合同销售金额 44.6 亿元、 54.8 亿元、 70.1 亿元 ， 同比分别下降 36 . 4% 、 4 . 7% 和 34 . 6% 。 截至 3 月末，龙湖实现经营性收入约 65.5 亿元 ， 与上年同期的 64.2 亿元相比 ， 略有上涨。 从今年前 3 个月来看 ， 龙湖仍然呈现开发业务收缩 、 运营及服务业务增长的局 ...

在很多大型民营房企还没有爆雷的 2022 年 ， 龙湖就敏锐感知到市场风向的转变，主动进行一系 列调整，主要表现在收缩开发业务 、 提升运营及服务业务占比 、 降杠杆并调整债务结构 。 可以说 ， 在看到冰山之前 ， 龙湖就已提前转弯 。 但即便如此 ， 龙湖依然感受到了巨大的寒意 ：过去两年间，龙湖集团交出的成绩单难言乐观， 营收 与净利连续下滑。基于 当前 较低的销售 规模， 预计未来几年的营收仍将处于下降通道 ，盈利 能力也依然会 受到房地产开发业务的拖 累。 此外 ， 今年龙湖依然还会面临大额的债务到期 ， 在龙湖管理层看来 ， 今年 是龙湖债务结构转 换的最后一年，也是最 为 关键的一年。 资料图。 龙湖"瘦身"两年：营收规模退至6年前 王琳 根据 Wind 数据，龙湖集团收入、净利已经连续两年 下降 ， 除 2024 年之外 ， 2023 年收入 同比 下降 27 . 8% ，净利 同比下 降 47 . 3% 。 与过去几年相比 ， 龙湖 2024 年 的 收入规模仅比 2018 年略高，净利规模仅比 2016 年略高。 龙湖集团 2024 年累计实现总合同销售面积 712.4 万平方米，同比 下 ...

Integer (ITGR) Q1 2025 Earnings Call April 25, 2025 12:52 AM ET Company Participants Sanjiv Arora - SVP, Strategy, Business Development and IRJoseph Dziedzic - President & CEOPayman Khales - COODiron Smith - Executive VP & CFORichard Newitter - Managing DirectorNathan Treybeck - Equity Research Vice PresidentAndrew Cooper - VP - Equity ResearchJoanne Wuensch. - Managing DirectorSuraj Kalia - Managing Director Conference Call Participants Brett Fishbin - Vice President & Equity Research AnalystCraig Bijou - ...

中金研究 人民银行发布3月金融机构信贷收支表、其他存款性公司资产负债表及货币当局资产负债表。 点击小程序查看报告原文 开年信贷的微观线索。 一季度新增贷款9.7万亿元，同比多增0.3万亿元，实现良好开局，体现出央行"加大货币信贷投放力度"的政策导向。但从结构来看 仍存在一些"隐忧"：1）一季度新增居民贷款仅占全部新增贷款的11%，同比少增0.3万亿元，新增量为近10年的最低水平，体现居民加杠杆购房和提前消 费仍较为谨慎；2）利率较低、更容易"冲量"的短期对公贷款和票据贴现一季度合计新增3.0万亿元，为最近3年最高值，成为贷款多增的主要贡献，其中 大型银行短期贷款+票据融资同比多增1.4万亿元，远高于中小银行（同比增量持平），体现出大行"冲量"意愿更强；3）一季度末制造业中长期贷款和普 惠小微贷款增速分别为9.3%和12.2%，分别较年初下行2.6和2.4个百分点，增速均为2020年以来最低水平，主要由于产业投资放缓以及小微企业信用风险 上升。 资金整体供过于求。 除居民贷款偏弱外，一季度企业中长期贷款同比少增约0.6万亿元，部分受到政府隐性债务置换的影响。根据《金融时报》测算，一 季度用于化债的特殊再融资专项 ...

文/ 国盛证券首席经济学家 熊园 ， 国盛证券宏观分析师 朱慧 按惯例，4月底将召开经济工作相关的政治局会议，基于一季度经济表现、对等关税进展，近期总理座 谈会、国常会、国新办发布会等系列会议，我们有4点前瞻： 按 惯 例 ， 4 月 底 将 召 开 经 济 工 作 相 关 的 政 治 局 会 议 ， 基 于 一 季 度 经 济 表 现 、 对 等 关 税 进 展 。 本 文前 瞻 认 为 ，会 议总 基 调应 会 更 加 积 极 、 更 加 扩 张、应会有"真金白银"（实际规模与节奏相机抉择），立足当下、着眼长 远 ， 全 力 " 稳 预 期 、 稳 增 长 、 稳 外 贸 、 稳 就 业 、 稳 股 市 、 稳 楼 市 " 等 各 种"稳"，应会加力推动既定的存量政策落地，也应会推出一批增量政策， 尤其是"更大力度的中央加杠杆、更持续的稳股市稳楼市、更精准的扩内 需促消费、更大范围的扩开放、更针对性的强产业促改革"等。 前瞻1 经济形势上，应会肯定一季度经济起步平稳、开局良好、延续回升向好态势，但应也会直面困难，着重 强调"今年的形势比较特殊"，包括外部环境更趋严峻复杂、外部冲击对我国经济平稳运行造成一定 ...