| | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □√其他 （线上电话会） | | 参与单位名称及 | 长江证券、天风证券、中金证券、申万证券、方正证券等建 | | 人员姓名 | 材分析师及通过电话参与的机构投资者 | | 时间 | 年 月 2025 4 28 日 9：30-11：30 13：30-15：30 | | 地点 | 电话会议 | | 上市公司接待 | 财务总监周熙旭、董事会秘书费伟炳、证券事务代表范福美、 | | 人员姓名 | 证券专员尹怡 | | | 1、请简要介绍一下公司 2025 年第一季度的经营情况？ | | | 公司 2025 年第一季度实现营业收入 7.63 亿元，同比增长 | | | 万元，同比增长 31.35%，环比增长 0.53%；归母净利润 8,217 | | | 61.78%，环比增长 13.62%；归母净利润为 8,719 万元，同比 | | | 增长 92.63%，环比增长 38.64%。 | | 投资者关系活动 | 从价格 ...

证券研究报告 交易型指数基金资金流向周报 数据日期：2025/4/21-2025/4/25 长城证券产业金融研究院 基金研究 分析师：金铃 执业证书编号：S1070521040001 www.cgws.com 国内被动股票基金 | 大 类 | 所属概念 | 基金规模 | 周涨跌幅 | 周资金净买 | 今年以来周涨跌幅 | 今年以来周资金流向 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | (亿元) | (%) | 入额(亿元) | 走势图 | 走势图 | | | | 上证50 | 1594.56 | -0.39 | -14.93 | | | | | | 沪深300 | 9834.49 | 0.38 | -27.83 | | | | | | 中证500 | 1401.20 | 1.25 | -6.47 | | | | | | 中证1000 | 1169.17 | 1.95 | 5.94 | | | | | | 创业板指 | 1264.48 | 2.12 | -10.06 | | | | | | 科创创业50 | 329.65 | 0.82 ...

证券研究报告 | 固定收益点评 gszqdatemark 2025 04 28 年 月 日 固定收益点评 基金增持了哪些转债——25Q1 基金转债持仓分析 2025Q1 公募基金持有转债规模占转债总市值的比重环比下降 0.87pcts，仓位小幅上升了 0.01pcts。截止 2025Q1，转债市场存量余 额 6920.52 亿元，环比 24Q4 增加 0.24%；公募基金持有转债市值 2822.74 亿元，占转债总市值的 40.79%，较 24Q4 减少 0.87pcts；公募基金持有 转债仓位为 0.819%，较 24Q4 上升 0.01pcts。 2025Q1，可转债基金平均收益略跑赢中证转债指数。受权益市场行情影 响，25Q1 转债市场主要指数上涨。可转债基金 25Q1 的区间平均收益率 为 16.73%，收益率为正的可转债基金有 39 只，其中华宝可转债债券 25Q1 收益率表现最好为 46.51%；东方可转债债券的收益率同样表现优异为 37.26%。另外仅有工银可转债债券的收益率为-0.24%。可转债基金中跑 赢中证转债指数的有 21 只，胜率 52.50%；跑赢转债债基指数的为 18 只， 胜率为 ...

Report Overview - The report is a weekly tracking of bond ETFs from April 21 to April 25, 2025, focusing on share trends, net value trends, and capital inflows of various bond ETFs [1][30] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - This week, the overall contraction trend of bond ETF shares has stabilized, and the shares of major bond ETFs have also become stable. Among the net values of major bond - type ETFs, the convertible bond ETF has shown a significant increase. The convertible bond ETF has the highest cumulative net inflow this week, while the urban investment bond ETF has the highest net inflow this month [4][8][11] 3. Summary by Relevant Catalogs 3.1 Various Bond ETF Share Trends - As of the close on April 25, 2025, the shares of treasury bond - type, policy - financial bond - type, local bond - type, credit bond - type, and convertible bond - type were 299.13 million shares, 475.51 million shares, 82.24 million shares, 1980.69 million shares, and 3547.85 million shares respectively, with a total of 6385.41 million shares for bond - type ETFs. Compared with the close on April 18, 2025, they changed by - 1.32 million shares, - 3.29 million shares, 0.01 million shares, 4.63 million shares, - 8.80 million shares respectively, and the total change for bond - type ETFs was - 8.77 million shares. Compared with the end of last month, they changed by - 19.30 million shares, 41.05 million shares, 8.45 million shares, 185.24 million shares, - 105.10 million shares respectively, and the total change for bond - type ETFs was 110.34 million shares [4][5] 3.2 Main Bond ETF Share Trends - As of the close on April 25, 2025, the shares of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local bond ETF, urban investment bond ETF, and convertible bond ETF were 132.98 million shares, 386.06 million shares, 39.62 million shares, 1563.68 million shares, and 2989.29 million shares respectively. Compared with the close on April 18, 2025, they changed by - 0.19 million shares, - 1.72 million shares, no change, no change, 7.20 million shares respectively [4][8] 3.3 Main Bond ETF Net Value Trends - As of the close on April 25, 2025, the net values of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local bond ETF, urban investment bond ETF, and convertible bond ETF were 1.2933, 1.1514, 1.2457, 1.4240, and 1.1825 respectively. Compared with the close on April 18, 2025, they changed by - 0.15%, - 0.09%, 0.04%, - 0.06%, 0.89% respectively; compared with the end of last month, they changed by 2.86%, 1.04%, 0.73%, 0.18%, - 1.22% respectively [4][11] 3.4 Partial Bond ETF Net Inflow Situations - Weekly: The top three bond ETFs with cumulative net inflows this week were convertible bond ETF, short - term financing ETF, and state - development bond ETF, with net inflow amounts of 8.51 million yuan, 5.17 million yuan, and 0.43 million yuan respectively. - Monthly: The top three bond ETFs with cumulative net inflows this month were urban investment bond ETF, short - term financing ETF, and Shanghai Stock Exchange convertible bond ETF, with net inflow amounts of 143.40 million yuan, 78.15 million yuan, and 58.22 million yuan respectively. - In the past 10 trading days: The top three bond ETFs with cumulative net inflows were convertible bond ETF (78.64 million yuan), urban investment bond ETF (74.90 million yuan), and short - term financing ETF (31.66 million yuan). - In the past 20 trading days: The top three bond ETFs with cumulative net inflows were urban investment bond ETF (143.40 million yuan), short - term financing ETF (79.72 million yuan), and Shanghai Stock Exchange convertible bond ETF (54.05 million yuan) [4][14] 3.5 Partial Bond ETF Portfolio Duration and Portfolio Convexity - Based on the heavy - position bonds and their proportions disclosed in the latest quarterly reports of bond ETFs, the report sorted out bond ETFs where the proportion of heavy - position bonds in the fund's net value exceeded 50% in total, and calculated the portfolio duration and portfolio convexity of bond ETFs through weighted calculation according to the proportion of each heavy - position bond in the fund's net value [17]

事 件 点 评 2025 年 04 月 27 日 政策未超预期，经济或超预期 固定收益研究团队 ——事件点评 开 源 证 券 证 券 相关研究报告 《从上交所 3 号指引修订看城投债信 用分化—事件点评》-2025.4.10 《复盘 2016 年 10 月——债市再次处 于交易窗口期—固收专题》-2025.4.10 《关税冲击——再现 2020 年 3 月全球 疫情冲击—固收专题》-2025.4.8 陈曦（分析师） 刘伟（分析师） chenxi2@kysec.cn 证书编号：S0790521100002 liuwei1@kysec.cn 证书编号：S0790524070008 2025 年 4 月 25 日，中央政治局召开会议，分析研究当前经济形势和经济工作。 政策符合预期下，经济有望继续回升 我们认为，经济回升的关键不是"政策超预期"。 比如，2024 年四季度-2025 年一季度，2024 年 9 月 26 日之后市场期待特别国债、 消费补贴、化债规模等增量政策加码，但实际上，2024 年并未增发特别国债、 化债方式为"偿还存量"，超预期政策并未出现，但 2024 年四季度-2025 年一季 度，经济持续 ...

股票代码：000761 200761 股票简称：本钢板材 本钢板 B 债券代码：127018 债券简称：本钢转债 | 关于本次活动是 | 无 | | --- | --- | | 否涉及应披露重 | | | 大信息的说明 | | | 活动过程中所使 | 无 | | 用的演示文稿、 | | | 提供的文档等附 | | | 件（如有，可作 | | | 为附件） | | | 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 | | | | | 参与活动单位及 | 个人投资者梁军、张乾圣 | | | | | 人员 | | | | | | 时间 | 年 2025 25 15:30~16:30 | 4 | 月 | 日 | | 地点 | 本溪市 | | | | | 形式 | 实地调研 | | | | | 上市公司接待人 员 | 郑政利、贾晶乔 | | | | | | 1.公司预计资产置换大概需要多长时间完成？ | ...

Investment Rating - The investment rating for Qilu Bank is "Accumulate" [1] Core Views - Qilu Bank's performance remains strong, with a reported operating income of 12.5 billion yuan in 2024, a year-on-year increase of 4.55%, and a net profit attributable to shareholders of 4.99 billion yuan, up 17.77% year-on-year [2][3] - In Q1 2025, the bank achieved an operating income of 3.17 billion yuan, reflecting a 4.72% year-on-year growth, and a net profit of 1.37 billion yuan, which is a 16.47% increase year-on-year [2][3] - The bank's total assets reached 716.4 billion yuan by the end of Q1 2025, marking a 14.7% year-on-year growth [3] Financial Performance Summary - For 2024, Qilu Bank's total operating income was 12,496 million yuan, with a growth rate of 4.55% year-on-year, while the net profit attributable to shareholders was 4,986 million yuan, with a growth rate of 17.77% year-on-year [5] - The bank's earnings per share (EPS) for 2024 was 1.03 yuan, with a projected EPS of 1.21 yuan for 2025 [5] - The net interest margin for 2024 was 1.51%, slightly lower than the previous year, but the bank has managed to control costs effectively [3][5] Asset Quality and Risk Management - Qilu Bank's non-performing loan (NPL) ratio decreased to 1.17% by the end of Q1 2025, down 2 basis points from the end of 2024, while the provision coverage ratio increased to 324.06% [3][4] - The bank has been actively managing its loan portfolio, with a focus on improving asset quality and reducing risks associated with non-performing loans [4][6] Growth Prospects - The bank is expected to maintain a strong growth trajectory, with projected net profit growth rates of 17.65%, 18.01%, and 17.99% for 2025, 2026, and 2027 respectively [6] - Qilu Bank's strategy includes expanding its market presence in county-level areas and enhancing its service offerings to institutional clients [3][6]

Market Performance - The real estate index experienced a peak increase of 2.89%, which boosted market risk appetite [1] - The Hang Seng Technology Index saw a decline from a 2% increase to only 0.14% by the close of trading [5] - Southbound capital recorded a net outflow of 7 billion, following a net inflow of 3.387 billion the previous day and a net outflow of 18.1 billion before that, indicating a trend of net outflows over three trading days [5] Policy Expectations - The market reacted to the announcement of policies, which aligned with expectations but did not meet the higher anticipations of some foreign investors [6][8] - The focus of foreign capital is on early policy implementation to preemptively address tariff impacts rather than waiting for tariffs to take effect [7] Real Estate Sector - The government aims to stabilize the real estate market without the need for significant stimulus, suggesting that the sector is gradually stabilizing [9] - There is an indication that major policy moves are expected in the third quarter, with no significant changes anticipated in the second quarter [10] Investment Strategies - The company is employing grid trading strategies for various ETFs, including a focus on free cash flow ETFs, which are designed to provide stable returns with lower volatility compared to sector-specific indices [12][14] - The grid strategy for the free cash flow ETF has been structured to capitalize on price fluctuations, with a specific price range established for trading [16][18] Market Sentiment - The overall sentiment suggests that without exceeding expectations in policy announcements, the stock market may struggle to gain momentum in the short term [10][11] - The market is expected to experience continued fluctuations, with a recommendation to engage in grid trading strategies to manage investments effectively [12][18] Bond Market Insights - The current equity-bond yield spread stands at 6.51%, indicating that the overall market's cost-effectiveness is higher than 95.57% of historical data, suggesting a favorable environment for equities [23]

从框架到实战：信评专家详解转债评级逻辑 20250424 摘要 • 可转债评级综合考量业务风险和财务风险，其中财务风险评估侧重历史数 据（2023 年 20%，2024 年 30%）及未来预算（2025 年 50%），并纳 入 ESG 和流动性评估等外部因素。 • 不同行业评级侧重点各异，如光伏制造关注订单保障，电子行业关注产业 链完整度，化工行业重视技术水平和固定资产投资。财务角度则关注资本 结构、盈利能力和偿债能力。 • 可转债评级类似信用债，但更关注股性因素和外部支持（股东及政府）， 支持意愿和能力是关键考量因素，影响企业获得外部资源的能力。 • 2023-2024 年可转债到期兑付金额显著增加，转股难度加大，清偿债务 或成常态。预计 2027-2028 年到期金额将达 1,500-2000 亿，需关注兑 付情况。 • 跟踪评级分为定期和不定期，定期跟踪集中在 5-6 月，不定期跟踪则由重 大事项触发，如经营范围变化、大额诉讼、安全事故等，关注公告需明确 对偿债能力的影响。 • 评级上调需长期观察经营实力、现金流和偿债能力显著好转，以及政府股 东增资等因素，短期业绩好转难以轻易上调评级。 • 光伏行业虽 ...

居然节前还发了只北交所 特别提示 本文不构成任何投资建议，仅为信息分享。任何因本文导致的投资行为发生的亏损，本公众号及作者概不承担任何责任。 安集转债，清源转债：4月25日上市 佳力转债，珀莱转债，宙邦转债，岱美转债，双良转债：不下修 | 转债代码 | 转债名称 | 剩余规模 | 现价 | 回售价 | 估算税前 | 估算税前 | 回售登记 | 回售到账 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | (亿元) | | (税前) | 回售收益 | 年化收益 | | | | 113656 | 嘉诚转债 | | | | 7.999 118.507 100.530 -15.17% -276.82% 04-30 至 05-09 | | | 2025-05-14 | | 转债代码 | 转债名称 | 现价 | 赎回价 | 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (税前) | | | ...