证券代码：300256 证券简称：星星科技 江西星星科技股份有限公司投资者关系活动记录表 编号：2025-001 | 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 5 月 21 日（周三）下午 14:30~17:00 | | 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、董事长、总经理应光捷 | | 员姓名 | 2、董事会秘书郏建平 | | | 3、副总经理、财务总监常俊庭 | | | 4、独立董事顾国强 | | | 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、董事长你好，公司经历过几轮处罚，警告，那么在接下 | | | 来的发展中，怎么从根本解决这些问题 ...

Group 1 - The company held its seventh meeting of the fourth Supervisory Board on May 21, 2025, with all three supervisors present, and the meeting was conducted in accordance with legal and regulatory requirements [1][2]. - The Supervisory Board approved the proposal to use part of the idle raised funds for cash management and entrusted financial management of idle self-owned funds, aiming to enhance fund utilization efficiency and protect shareholder interests [1][2]. - The Supervisory Board also approved the proposal to annul part of the granted but unvested restricted stock from the 2024 incentive plan, confirming that this action complies with relevant laws and regulations and will not adversely affect the company's financial status or shareholder interests [2]. Group 2 - The voting results for both proposals were unanimous, with 3 votes in favor and no votes against or abstaining [2].

Core Viewpoint - Anhui Hengyuan Coal Power Co., Ltd. has announced the redemption of financial products, highlighting its investment activities and financial performance over the past year [1][2] Group 1: Financial Product Redemption - The company redeemed a financial product on May 21, 2025, with a total investment of 60 million yuan and a total return of 918,000 yuan [1] - The company has utilized its idle self-owned funds for investment in financial products, with a total of 490,210 yuan in actual earnings from these investments over the last twelve months [1] Group 2: Investment and Financial Performance - In the last twelve months, the company has invested a total of 60 million yuan in financial products, with the highest single-day investment amount reaching 20 million yuan [2] - The total financial investment limit is 126 million yuan, with 31.8 million yuan currently utilized and 34.2 million yuan remaining unutilized [2] - The cumulative earnings from financial investments over the last twelve months represent 0.46% of the company's net profit for the last year [2]

Core Insights - The banking wealth management company regulatory classification rating method has entered the trial rating phase, with results recently distributed to various companies [1] - Many traditionally large wealth management companies performed poorly in this trial rating, while some smaller companies ranked higher [1] - The overall direction of the new regulatory rating method emphasizes "quality over scale," discouraging companies from merely pursuing size [1] - Companies with higher regulatory ratings may have priority access to certain business pilot opportunities in the future [1] Summary by Categories - **Regulatory Changes** - The trial rating results for banking wealth management companies have been issued, indicating a shift in regulatory focus [1] - The new rating method is designed to prioritize quality over size, marking a significant change in regulatory approach [1] - **Company Performance** - Traditional large wealth management firms have underperformed in the trial ratings, while some smaller firms have achieved better rankings [1] - The results may lead to adjustments in certain rating indicators as companies respond to the findings [1] - **Future Implications** - Companies that achieve higher ratings may gain preferential treatment for future business opportunities, suggesting a competitive advantage for those focusing on quality [1]

Group 1 - The core viewpoint is that after the recent reduction in deposit rates by major commercial banks, bank wealth management products have regained market attention, with the total scale reaching a historical high of 31 trillion yuan in April [1][2] - The growth in bank wealth management scale is driven by three main factors: the "seesaw" effect between stocks and bonds, the migration of funds from maturing fixed deposits to wealth management products, and increased marketing efforts by banks in the second quarter [1][2] - The weighted average annualized yield of bank wealth management products in April was 2.70%, with cash management products yielding 1.50%, pure bond products yielding 3.34%, and "fixed income +" products yielding 3.01% [1] Group 2 - As of May 20, the total scale of bank wealth management products continued to expand, reaching 31.28 trillion yuan, with expectations for further growth due to the recent reduction in deposit rates [2] - The decline in deposit rates is seen as the most significant short-term driver for the growth of wealth management products, with lower interest rates enhancing the attractiveness of these products compared to traditional deposits [2] - Despite the current growth, challenges are anticipated for the overall annual growth of bank wealth management products due to low credit bond yields and potential net asset value fluctuations [2] Group 3 - Bank wealth management subsidiaries are encouraged to enhance their asset allocation capabilities, focusing on bond investments and diversifying into multi-asset strategies [3] - To improve bond investment capabilities, wealth management subsidiaries should explore credit research, quantitative investment, and utilize government bond futures for hedging or arbitrage [3] - There is a need for building a comprehensive multi-asset allocation capability, including developing diverse asset research capabilities and establishing a collaborative investment team for new product and strategy development [3]

Core Viewpoint - The April wealth management market saw a slight decline in the number of newly issued products, but the issuance of rights-containing wealth management products accelerated again, indicating a shift in investor preference towards mixed and equity products as fixed-income yields continue to decline [1][3][5]. Group 1: Market Performance - In April, the number of newly issued mixed products increased by 42% month-on-month, totaling 81 products [1]. - The total scale of bank wealth management rose by 2.1 trillion yuan to 31.3 trillion yuan, marking a month-on-month increase of 7.35% and a year-on-year increase of 6.83% [5][6]. - The annualized yield of closed fixed-income products rose by 1.94 percentage points to 3.69% over the past month [1][6]. Group 2: Product Issuance - In April, 4,605 new RMB wealth management products were issued, a slight decrease of 143 products from March [2]. - Fixed-income products accounted for over 96% of the newly issued products, with 4,507 products primarily investing in interbank certificates of deposit, bank deposits, and bonds [2]. - The issuance of mixed wealth management products continued to rise, with 81 new products launched, an increase of 24 products month-on-month [2]. Group 3: Performance Metrics - The average performance benchmark for newly issued open-ended wealth management products was 2.11%, down 0.03 percentage points month-on-month, while closed products averaged 2.66%, down 0.1 percentage points [3][4]. - The average performance benchmark for closed mixed and equity products rose to 2.77% and 6.00%, respectively, with increases of 0.11 and 2.16 percentage points [4]. Group 4: Market Drivers - The increase in wealth management scale is attributed to seasonal factors, with April being a traditional peak season for wealth management, and a recovery in the bond market leading to improved fixed-income product yields [5][6]. - The decline in deposit rates has made wealth management products more attractive, potentially driving further growth in the sector [7].

经济观察报记者注意到，此前一些投资者为获得更高收益、更 安全稳定的投资产品选择跨省、跨区域储蓄，因此得名"存款 特种兵"，现在其中一部分人转向了银行理财。 作者：刘颖 封图：图虫创意 "明天调整存款利率，需要存定期的客户，现在还可以在手机银行上存款。"2025年5月19日晚间， 一名国有大行的客户经理将这则消息群发给了客户。 5月20日清晨，该客户经理收到的行内邮件显示，最新的人民币存款挂牌利率是：活期存款年利率 由0.10%下降至0.05%，一年期及以下的整存整取挂牌利率均降至"1"字以下，三年、五年期整存整 取挂牌利率分别降至1.25%、1.30%，均下调25个基点。 另一位国有大行的柜台经理告诉经济观察报记者，听说存款利率调降后，5月20日清晨，该柜台的 存款系统未完成更新前，不少人就来转存此前到期的整存整取产品，但听说今天开始按照新的存款 利率执行后，便开始询问其他银行理财和保险产品。 存款利率的一丝变动左右着投资者理财的摆布方向。 随着定存产品的利率优势逐渐在下降，银行理财开始再次受到投资者的关注。同时，为吸引投资 者，多家银行及理财子公司打出多套 "诚意牌"。如降费率、密集推出短期高收益产品等，以 ...

Core Viewpoint - The recent adjustments in deposit interest rates by major banks have led to a shift in investor behavior, with many moving from traditional savings to bank wealth management products as a response to declining rates [2][3][4]. Group 1: Deposit Rate Changes - As of May 20, 2025, the new deposit rates for RMB have been significantly lowered, with the interest rate for demand deposits dropping from 0.10% to 0.05%, and the rates for one-year and shorter fixed deposits falling below 1% [2]. - The three-year and five-year fixed deposit rates have been reduced to 1.25% and 1.30%, respectively, both down by 25 basis points [2]. Group 2: Shift to Wealth Management Products - With the decline in fixed deposit rates, bank wealth management products are regaining investor interest, prompting banks to introduce various incentives such as lower fees and short-term high-yield products to attract investors [3][8]. - Investors previously known as "deposit special forces" are now turning back to bank wealth management, seeking better returns amid the low-interest environment [4][5]. Group 3: Investor Behavior and Strategies - Investors like Mr. Guo, who have experience in both stock and wealth management markets, are adapting their strategies in response to changing market conditions, including a return to wealth management products after initially favoring deposits [4][6]. - The trend of favoring short-term wealth management products is driven by their liquidity and relatively controlled risk, aligning with current investor needs for flexibility [8]. Group 4: Bank Responses and Promotions - Banks and wealth management subsidiaries are actively promoting short-term high-yield products, with some offering annualized returns as high as 5.04% for short holding periods [8]. - Several banks have announced fee reductions for their wealth management products, aiming to enhance investor appeal and competitiveness in a declining interest rate environment [9].

Core Insights - The overall net loss rate of wealth management products in April decreased to below 1%, reaching 0.96%, down by 0.11 percentage points from March [2][3] - The issuance of wealth management products increased, with 2,192 products launched in April, a 6.05% rise from March, and the average fundraising scale of new products surged over 80% [2][5] - The performance of fixed-income products improved, with a net loss rate of 0.45%, while equity and mixed products saw an increase in their net loss rates [4][5] Breakdown by Category Net Loss Situation - The net loss rate for wealth management products fell to 0.96% by the end of April, with fixed-income products at 0.45% and equity products experiencing a rise in their net loss rates [2][4] - The net loss rate for fixed-income products decreased by 0.13 percentage points from March, while equity and mixed products saw increases of 0.28 and 5.26 percentage points, respectively [4][5] New Issuance Situation - In April, 31 wealth management companies issued a total of 2,192 products, marking a 6.05% increase from March [5] - The average fundraising scale for new products exceeded 80%, with three products raising over 7 billion yuan, including the "ESG Preferred Stable Direct Train" from Bank of China, which raised 74.99 billion yuan [2][7] Expiry Situation - A total of 1,015 closed-end RMB wealth management products expired in April, a decrease of 31.43% from the previous month [3][8] - The overall performance benchmark compliance rate for expired products was 80.99%, with fixed-income products achieving a compliance rate of 82.67% [9][10] Existing Situation - As of the end of April, there were 23,057 existing public wealth management products, with fixed-income products making up 92.37% of the total [11][12] - The proportion of short-term investment products (less than 3 months) continued to increase, while the share of products with longer investment periods decreased [12][13] Performance Insights - Fixed-income products showed the best performance in the first four months of the year, with an average net value growth rate of 0.76%, followed by equity products at 0.7% [13][14] - The average annualized yield for fixed-income products was 2.91%, with longer-term products (over 3 years) yielding the highest at 3.56% [10][14]

5月20日，工商银行、农业银行、中国银行、建设银行、交通银行、邮储银行均发布消息，下调人民币 存款利率，最大降幅25个基点。 中国工商银行于5月20日下调人民币存款利率，其中活期利率下调5个基点至0.05%；定期整存整取三个 月期、半年期、一年期、二年期均下调15个基点，分别为0.65%、0.85%、0.95%、1.05%；三年期和五 年期均下调25个基点，分别至1.25%和1.3%。定期零存整取、整存零取、存本取息三种期限均下跌15个 基点。7天期通知存款利率下调15个基点至0.3%。 | | 项目 | 年利军(%) | | --- | --- | --- | | 一、活期存款 | | 0.05 | | 1. 整存整取 | | | | | 三个月 | 0. 65 | | | 六个月 | 0. 86 | | | 一年 | 0. 95 | | | 二年 | 1 05 | | | 三年 | 1. 25 | | 二、定期存款 | 五年 | 1. 30 | | | 2. 零存整取,整存零取、存本取息 | | | | #- | 0. 65 | | | 三年 | 0. 85 | | | 五年 | 0. 65 | | 3. ...