证券研究报告 | 宏观研究 gszqdatemark 2025 05 21 年 月 日 宏观点评 三大维度看，美债抛售风险有多大？ 4 月初特朗普宣布对等关税后，部分观点认为海外国家可以采取抛售美债 的方式来反制，虽然近期关税有所缓和，但尚不能排除后续是否出现反复。 由于目前美债规模十分庞大，市场担忧一旦海外国家抛售美债，可能导致 美债市场出现系统性风险。本文从美债期限结构与投资者结构、到期分布 与偿还压力、交易规模与外国减持复盘这 3 大维度，详细分析了美债市场 的运行状况，并对潜在抛售风险做出评估。 核心结论：美债存量规模和日均交易规模均十分庞大，远超任一海外国家 持有美债的规模，因此单一国家不具备操控美债市场的能力。历史经验也 表明，海外国家减持对美债走势的影响要弱于基本面变量。需要警惕的是， 若关税反复引发"众怒"，促使海外各国实施联合抛售，则对美债市场乃至 全球金融市场造成的冲击将明显加剧。 1、美债期限结构与投资者结构 1、《关税下降对美国经济和通胀的影响——兼评美国 4 月 CPI 》 2025-05-14 2、《唯一确定的是不确定性——美联储 5 月议息会议 点评》 2025-05-08 3、 ...

中国经济网北京5月21日讯杭电股份（603618）(603618.SH)昨日晚间发布股东减持股份计划公告。公司 于2025年5月20日收到公司实际控制人孙庆炎发来的《股份减持计划告知函》，公司实际控制人孙庆炎 因个人资金需要，计划通过集中竞价交易和大宗交易方式减持其持有的公司股份不超过13,362,259股。 本次减持计划自公告披露之日起15个交易日后3个月内(窗口期等不得减持股份期间不减持)，孙庆炎计 划通过上海证券交易所集中竞价交易减持股份的总数不超过公司股份总数的1%、通过上海证券交易所 大宗交易减持股份的总数不超过公司股份总数的2%，减持价格将按照减持实施时的市场价格确定。本 次减持计划的实施不会对公司的持续经营产生影响。 若减持期间公司有送股、资本公积转增股本等事项，减持股份数、减持比例将相应调整。 杭电股份于2015年2月17日在上交所主板上市，发行数量为5,335万股，发行价格为11.65元/股，保荐机 构(主承销商)为华林证券（002945）有限责任公司，保荐代表人为王裕明、杨彦君。 杭电股份首次公开发行募集资金总额为621,527,500.00元，扣除发行费用后，募集资金净额为 572,84 ...

先进制造基金拟在本次减持计划公告之日起15个交易日后的三个月内，以集中竞价方式择机减持其所持 公司股份合计不超过2,263,342股，即不超过公司总股本的0.50%，以大宗交易方式择机减持其所持公司 股份合计不超过4,526,685股，即不超过公司总股本的1.00%。 京津冀基金拟在本次减持计划公告之日起15个交易日后的三个月内，以集中竞价方式择机减持其所持公 司股份合计不超过2,263,342股，即不超过公司总股本的0.50%，以大宗交易方式择机减持其所持公司股 份合计不超过4,526,685股，即不超过公司总股本的1.00%。 先进制造基金及其一致行动人京津冀基金在任意连续90日内通过集中竞价方式减持公司股份的总数合计 不超过公司股份总数的1%，在任意连续90日内通过大宗交易方式减持公司股份的总数合计不超过公司 股份总数的2%。若减持计划期间公司有送股、资本公积转增股本、配股等股份变动事项，上述拟减持 比例不变，股份数量将相应进行调整。先进制造基金与京津冀基金拟合计减持不超3%股份。 截至公告披露日，先进制造基金持有公司股份21,863,353股，占公司目前总股本的4.83%；京津冀基金 持有公司股份21 ...

Group 1 - As of recent data, China's holdings of US Treasury bonds have decreased by approximately $18.9 billion, bringing the total to $765.4 billion, while the UK has increased its holdings by $28.9 billion to $779.3 billion, surpassing China as the second-largest holder of US debt [1][3] - Japan remains the largest holder of US Treasury bonds, with a total of $1,130.8 billion after increasing its holdings by $4.9 billion [3] - The Cayman Islands have significantly increased their holdings by $37.5 billion, totaling $455.3 billion, making them the fourth-largest holder of US Treasury bonds [3] Group 2 - The recent trend shows that most major holders of US debt, excluding China, have been increasing their holdings, with notable increases in Japan and the UK [3] - US Treasury yields have collectively risen, with the 10-year yield increasing by 1.3 basis points to 4.443%, and Goldman Sachs has raised its forecast for the 10-year yield by the end of 2025 to 4.5% from a previous estimate of 4% [3] - The total US federal debt has surged to $36.21 trillion, highlighting the significant scale of US debt compared to other countries [3] Group 3 - China's ongoing reduction of US Treasury bonds is influenced by multiple factors, including the need for diversified asset allocation amid economic transformation and external pressures such as US-China trade tensions [5] - The decision to sell long-term US bonds and purchase shorter-term ones is a strategic move to mitigate risks associated with potential declines in bond prices [5] - Concerns over the recent downgrade of the US sovereign credit rating by Moody's and rising Treasury yields have contributed to China's decision to reduce its holdings [5] Group 4 - The situation presents a dilemma for the Trump administration, as efforts to increase government revenue through tariffs have not yielded the desired results [7] - The ongoing US-China tariff negotiations have seen the US making concessions, indicating challenges in maintaining a strong stance on trade [7] - For China, reducing US bond holdings serves as a proactive measure against uncertainties, while for the US, it acts as a warning signal regarding its financial credibility [7]

证券代码：688277 证券简称：天智航 公告编号：2025-025 北京天智航医疗科技股份有限公司 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： ? 大股东持股的基本情况 截至本公告披露日，先进制造产业投资基金（有限合伙） 一、减持主体的基本情况 股东名称 先进制造基金 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 □是 √否 股东身份 董事、监事和高级管理人员 □是 √否 其他：与一致行动人合计持股 5%以上 持股数量 21,863,353股 持股比例 4.83% 当前持股股份来源 IPO 前取得：21,863,353股 股东名称 京津冀基金 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 □是 √否 股东身份 董事、监事和高级管理人员 □是 √否 其他：与一致行动人合计持股 5%以上 持股数量 21,866,010股 持股比例 4.83% 当前持股股份来源 IPO 前取得：21,866,010股 上述减持主体存在一致行动人： 股东名称 持有数量（股） ...

瑞财经 刘治颖 迪哲医药董事长套现半个月不到，两位副总经理又宣布减持。 吴清漪，现任公司副总经理、首席商务官，1974年出生，上海大学环境监测专业，学士学位。1996年11月至1999年3月任 拜耳医药公司OTC部门市场研究主管；1999年3月至2006年3月任礼来亚洲公司历任市场研究主管、产品经理、市场经理 等职；2006年4月至2010年5月任辉瑞中国肿瘤业务的高级市场经理和辉瑞全球的肿瘤业务部门及亚太业务部门的高级市 场经理；2010年6月至2011年10月任健赞生物医药公司外科业务总监及新产品策略总监，2011年10月至2015年7月历任阿 斯利康中国肿瘤业务部市场总监、区域销售总监、糖尿病部执行总监；2015年8月至2019年6月历任赛诺菲肿瘤业务部负 责人和特药事业部总经理；2019年6月至2021年10月任百济神州大中华区首席商务官，高级副总裁。2021年10月至今，任 迪哲医药副总经理，首席商务官。 东方财富数据显示，2022年至2024年，吴清漪薪酬分别为584.2万元、522.6万元、573.7万元；张世英薪酬分别为289.5万 元、275.6万元、307.9万元。 5月19日，迪哲医药公 ...

Core Viewpoint - The frequent occurrence of high-value divorce cases among listed companies in A-shares has raised investor concerns regarding the impact on company operations and stock prices, with many questioning whether these events lead to significant shareholding changes and potential market manipulation [1][2][6]. Group 1: Impact of Divorce on Shareholding - Multiple listed companies have reported divorce-related shareholding changes, with significant market values involved, such as 威士顿's share transfer valued at approximately 9.28 billion yuan [2][3]. - The divorce settlements have resulted in a shift from single to dual shareholding, which can lead to governance issues and decision-making inefficiencies, as seen in cases like 金丹科技 and 珠城科技 [4][5]. - The shareholding changes have led to immediate stock price reactions, with companies like 珠城科技 and 移远通信 experiencing drops of 6.76% and 7.86% respectively following divorce announcements [6]. Group 2: Regulatory Response - Regulatory bodies have implemented new rules to prevent potential circumvention of shareholding reduction regulations through divorce-related share transfers, ensuring that both parties' shareholdings are combined for reduction limits [7][8]. - The introduction of these regulations has resulted in a significant decrease in the scale of share reductions and a reduction in violations, promoting a shift towards value investing in the market [8].

Core Viewpoint - The release of "Nezha 2" has set a record for box office earnings in China, significantly boosting the stock price of Light Media, which reached a historical high of 34.73 yuan per share. Following this success, major shareholders have announced plans to reduce their holdings in the company [1][4][6]. Group 1: Shareholder Actions - On May 19, Light Media announced that its controlling shareholder, Light Holdings, along with its concerted actors, plans to reduce their holdings by up to approximately 29.24 million shares, accounting for no more than 1% of the total share capital after excluding shares in the repurchase account [1][6]. - The family of Wang Changtian, the chairman and general manager of Light Media, could potentially cash out over 500 million yuan based on the closing price of 18.39 yuan per share on May 19 [4][6]. - The previous third-largest shareholder, Hangzhou Alibaba Venture Capital, has exited the top ten shareholders list in the first quarter report of this year [4][6]. Group 2: Financial Performance - For the first quarter of 2025, Light Media reported a revenue of 2.975 billion yuan, a year-on-year increase of 177.87%, and a net profit of 2.016 billion yuan, up 374.79% [10]. - The box office for "Nezha 2" has surpassed 15.4 billion yuan, which is nearly ten times the total revenue of Light Media for the year 2024, which was 1.586 billion yuan, reflecting a slight increase of 2.58% year-on-year [10][11]. Group 3: Market Challenges - Despite the success of "Nezha 2," the film industry is facing a significant challenge with no films achieving over 1 billion yuan in box office earnings since the Spring Festival, leading to concerns about the lack of new hits to follow [11][12]. - Light Media's upcoming film "Unique" was postponed from its original release date and has only grossed 12.16 million yuan since its release [12]. - Analysts believe that Light Media has a rich content pipeline, planning to develop a "mythical universe" with 50 animated films, including adaptations of classic Chinese literature [12].

Group 1 - The controlling shareholder of Huading Co., Ltd. is planning to transfer approximately 169 million shares, accounting for 15.26% of the total share capital, through a public solicitation of transferees [2] - The transfer involves three entities: Yiwu Financial Holdings Co., Ltd., Yiwu Economic and Technological Development Zone Development Co., Ltd., and Yiwu Shunhe Enterprise Management Consulting Co., Ltd., which collectively hold the shares [2] - If the transfer is completed at the closing price of 4.28 yuan per share on May 19, the total cashing out would exceed 700 million yuan [2] Group 2 - Another significant shareholder, Zhejiang Development Asset Management Co., Ltd., plans to reduce its holdings by up to 33.12 million shares, or 3% of the total share capital, within three months [3] - The combined holdings of Zhejiang Development Asset and its action partner, Hangzhou Yuejun Equity Investment Partnership, amount to 741.68 million shares, or 6.72% of the total share capital [3] - The reason for the reduction is attributed to financial planning by the shareholders [3] Group 3 - In Q1 2024, Huading Co., Ltd. reported revenue of 1.156 billion yuan, a year-on-year decline of 44.53%, while net profit attributable to shareholders increased by 17.26% to 94.49 million yuan [4] - For the full year 2024, the company expects revenue of 7.521 billion yuan, down 13.73%, but net profit is projected to rise by 206.27% to 489 million yuan [4] - The company has experienced a situation of increasing profits without corresponding revenue growth, raising concerns about the sustainability of this profitability [4]

天力锂能于2022年8月29日在深交所创业板上市，公开发行股票3,050.0000万股，发行价格为57.00元/ 股，保荐机构(主承销商)为民生证券股份有限公司(现为国联民生（601456）证券股份有限公司)，保荐 代表人为李凯、马腾。 上市首日，天力锂能盘中最高价报82元，为该股上市以来最高价。该股目前处于破发状态。 天力锂能首次公开发行股票募集资金总额为173,850.00万元，募集资金净额为155,033.16万元。天力锂能 最终募集资金净额较原计划多71,387.50万元。天力锂能于2022年8月23日披露的招股说明书显示，该公 司拟募集资金83,645.66万元，计划用于淮北三元正极材料建设项目、新乡三元正极材料建设项目。 天力锂能首次公开发行股票的发行费用总额为18,816.84万元，其中，保荐及承销费用16,315.75万元。 中国经济网北京5月20日讯天力锂能（301152）(301152.SZ)昨日披露关于股东减持股份的预披露公告 称，公司于2025年5月19日收到股东安徽高新投新材料产业基金合伙企业(有限合伙)(以下简称"新材料基 金")发来的《股份减持告知函》。 持有公司股份7,692, ...