登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -15% -10% -4% 1% 6% 12% 17% 22% 2024.06 2024.10 2025.02 2025.06 上证指数 深证成指 分析师：张刚 证券研究报告-晨会聚焦 发布日期：2025 年 06 月 06 日 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,384.10 | 0.23 | | 深证成指 | | 10,203.50 | 0.58 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,877.56 | 0.23 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,698.59 | 0.21 | | 中证 | 500 ...

智通财经6月5日电，在黄金高位震荡之际，铂金市场正在开启一段强劲上涨行情。Wind数据显示，6月 4日，铂金现货价格强势突破1080美元/盎司关口，逼近最近一年来高点。年初至今，铂金现货价格累计 上涨近20%。支撑此轮涨势的核心在于持续加剧的供应短缺，世界铂金投资协会发布的最新报告称， 2025年铂金地上存量预计仅能满足三个月需求，一季度全球供应同比锐减10%至45吨。与此同时，投资 需求激增推动纽约商业交易所（NYMEX）铂金期货总持仓量与管理基金净多持仓飙升至近五年同期峰 值，市场对铂金市场投资情绪正悄然回暖。 供不应求推动铂金现货价格逼近一年来高点 期货持仓升至近五年同期峰值 ...

Core Viewpoint - The appointment of Zhu Jiangtao as the new president of China Merchants Securities marks a significant leadership change, expected to enhance the company's business operations and risk management capabilities, leveraging his extensive experience in the financial sector [1][2]. Group 1: Leadership Changes - Zhu Jiangtao has been appointed as the new president of China Merchants Securities, succeeding Wu Zongmin, who retired due to age [1]. - Zhu has a 20-year tenure at China Merchants Bank, holding various senior positions, including Chief Risk Officer and Vice President [2]. - Recent personnel changes at China Merchants Securities include the appointment of two new vice presidents, Zhang Xing and Wang Zhijian, alongside Zhu's leadership [3]. Group 2: Strategic Focus - China Merchants Securities plans to implement three core strategies by 2025, focusing on enhancing core business competitiveness through innovation and transformation [4]. - The company aims to leverage technology and collaboration to support strategic initiatives, emphasizing the integration with China Merchants Group's "third entrepreneurship" [5]. - Risk management will be prioritized to ensure stable operations, with a focus on proactive risk management and compliance [5]. Group 3: Financial Performance - China Merchants Securities reported a net profit of 8.072 billion yuan in 2022, projected to grow to 10.386 billion yuan by 2024, maintaining a fourth-place ranking in the industry [6]. - The company's revenue for 2024 is expected to reach 20.891 billion yuan, reflecting a year-on-year growth of 5.4%, with a net profit growth of 18.51% [6]. - In Q1 2025, the company continued its growth trajectory, achieving a revenue of 4.713 billion yuan, a 9.6% increase year-on-year [6].

Core Viewpoint - The A-share market experienced a mixed performance in May, with the Shanghai Composite Index rising by 2.9%, the Shenzhen Component increasing by 1.42%, and the ChiNext Index up by 2.32%. Various brokerages have released their investment recommendations for June, focusing on sectors such as consumption, energy, technology, and finance [1]. Group 1: Recommended Stocks - Multiple brokerages have recommended stocks across various sectors, including: - Guotai Junan: Microchip Biotech, Xiechuang Data, Lihigh Food, Huhua Electric, Tianzhun Technology [2] - Caifeng Securities: Huayang International, Ruipu Biotech, Chongqing Rural Commercial Bank [2] - Other notable mentions include Qingdao Beer, Juhua Co., and Top Group, with several stocks receiving multiple recommendations [2][4]. Group 2: Most Frequently Recommended Stocks - The stocks receiving the most recommendations from brokerages include: - Yaji International and Qingdao Beer, each recommended by three brokerages [4]. - Dongpeng Beverage, Wanma Technology, Juhua Co., and Huhua Electric, each recommended by two brokerages [4]. - Wanma Technology saw the highest increase in May, rising over 13% to a closing price of 38.33 yuan [4]. Group 3: Preferred Sectors - Brokerages suggest focusing on sectors likely to experience upward movement, including technology, consumer goods, and large financials, as well as petrochemical, chemical, and non-ferrous cyclical sectors [6]. - China Bank Securities emphasizes three main investment lines: consumption, technology, and dividends, highlighting the growth potential in the technology sector supported by policy and industry development [6][7]. - ZheShang Securities recommends shifting focus from high-performing technology sectors to underperforming large financials and dividend stocks to manage portfolio risk [6]. Group 4: Investment Strategies - Donghai Securities outlines three main strategies for June: 1. Long-term focus on domestic demand and technology [7]. 2. Short-term emphasis on consumption over investment, particularly in sectors benefiting from fiscal stimulus and urban renewal [7]. 3. Balanced allocation strategy, suggesting to buy undervalued sectors like petrochemical, chemical, and non-ferrous metals [8].

在提速构建的债券市场"科技板"中，险资作为买债大户已积极参与投资。 另据金融时报报道，中国人保介绍，在科创债新规后发行首日，人保集团参与了6家首发券商、3家银行科技创 新债的申购，合计申购金额超过50亿元。 未来风险定价体系或重塑 从实操而言，险资配债对安全性要求较高，对科创债的投资如何兼顾收益性和安全性？ 5月7日科创债新规以来，在银行、券商等新增发行人积极发行科技创新债的同时，已有多家险资公开表示投资 了科创债。 科创债与险资的适配性如何？如何展望科创债市场投资趋势？券商中国记者采访了险资机构。 多家险资积极参与 5月7日，中国人民银行、中国证监会联合发布《关于支持发行科技创新债券有关事宜的公告》，从丰富科技创 新债券产品体系和完善科技创新债券配套支持机制等方面，对支持科技创新债券发行提出多项重要举措。同 时，沪深北三大交易所、交易商协会发文，进一步提出细化支持措施。 《公告》对支持科技创新债券发行提出若干举措。包括支持金融机构、科技型企业、私募股权投资机构和创业 投资机构发行科技创新债券。同时，发行人可灵活设置债券条款，鼓励发行长期限债券，更好匹配科技创新领 域资金使用特点和需求。为科技创新债券融资提供 ...

对于近期中美日内瓦经贸会谈的重大进展，肖令君表示会谈成果超越市场预期，短期缓解了对中国 出口及经济增长的担忧，实则为更长行情周期的起点。 肖令君分享了其自"对等关税"公布以来持续看多中国市场的底层逻辑。他强调中国在制造业领域的 强大竞争力，即使面临关税增加的挑战，中国产品的质量与价格优势依然明显。中国制造业的全球 竞争力根植于完整的产业链与高效供给能力。加之转口贸易、提价策略等灵活应对，关税的实际影 响可能更低。回顾4月7日市场下跌时，其团队通过定量分析认为市场超跌，如今事实也印证了当时 观点的正确性。 当谈及外部不稳定性缓解后A股的运行逻辑与驱动因素时，肖令君从四方面阐述了支撑A股走势的 核心因素： 近期，野村东方国际证券资产管理部总经理兼投资总监肖令君接受华尔街见闻直播间《大咖会客 厅》栏目的采访，并围绕中美日内瓦经贸会谈后关税调整及其对市场的影响展开了深入探讨，以下 为主要观点摘要： 向上滑动阅览 本文不构成野村东方国际证券的任何投资建议、推介或宣传。野村东方国际证券没有独立核实过被转载文章的内 容，该文章中的任何观点不代表野村东方国际证券观点，野村东方国际证券不对投资者依赖本文的任何内容而采 取的行动 ...

Market Overview - The report provides a comprehensive analysis of the sodium ethylenediaminetetraacetate (EDTA) market in China, covering the period from 2025 to 2031 [1][3] - It includes definitions, statistical scopes, and categorization of EDTA products based on purity levels and applications [4][5] Product Types and Trends - The market is segmented into three purity categories: less than 90%, 90%-98%, and greater than 98% [4] - Growth trends for these product types are projected from 2020 to 2031, indicating a significant increase in demand [4][5] Application Segmentation - Key applications of EDTA in China include corrosion inhibitors, cyanide-free electroplating complexing agents, textile dyeing chelating agents, and oxygen bleaching stabilizers [5] - The report outlines growth trends for these applications from 2020 to 2031, highlighting the expanding market potential [5][6] Market Development and Future Trends - The report discusses the current state and future trends of the EDTA market in China, including revenue and sales growth rates from 2020 to 2031 [5][6] - It emphasizes the expected increase in market size and revenue, driven by various industrial applications [5][6] Major Players Analysis - The report identifies key manufacturers in the Chinese EDTA market, analyzing their sales volumes, market shares, and revenue from 2020 to 2025 [6][7] - It provides insights into the competitive landscape, including the market positions of top players and their product offerings [6][7] Investment and M&A Activities - The report highlights recent investment trends and market merger and acquisition activities within the EDTA sector [5][6] - It discusses the implications of these activities for market dynamics and competitive positioning [5][6] Industry Supply Chain Analysis - An overview of the EDTA industry supply chain is provided, detailing upstream, midstream, and downstream components [10] - The report analyzes procurement models, production modes, and sales channels within the industry [10][11] Capacity and Production Analysis - The report examines the supply and demand situation for EDTA in China, including production capacity, output, and utilization rates from 2020 to 2031 [10][11] - It also includes import and export analysis, identifying major sources and destinations for EDTA [10][11] Conclusion and Research Findings - The report concludes with key research findings and insights into the future of the EDTA market in China, emphasizing growth opportunities and potential challenges [10][11]

中国铸造多级离心鼓风机市场投资价值及未来前景规划报告2025~2031年 【全新修订】：2025年5月 【出版机构】：中智信投研究网 【内容部分有删减·详细可参中智信投研究网出版完整信息！】 【免费售后 服务一年，具体内容及订购流程欢迎咨询客服人员 】 报告目录 1 铸造多级离心鼓风机市场概述 1.1 产品定义及统计范围 1.2 按照不同产品类型，铸造多级离心鼓风机主要可以分为如下几个类别 1.2.1 中国不同产品类型铸造多级离心鼓风机增长趋势2020 VS 2024 VS 2031 1.2.2 无油 1.2.3 油浸 1.3 从不同应用，铸造多级离心鼓风机主要包括如下几个方面 1.3.1 中国不同应用铸造多级离心鼓风机增长趋势2020 VS 2024 VS 2031 1.3.2 采矿 1.3.3 废水处理 1.3.4 电力 1.3.5 化工石化 1.3.6 食品饮料 1.3.7 其它 1.4 中国铸造多级离心鼓风机发展现状及未来趋势（2020-2031） 1.4.1 中国市场铸造多级离心鼓风机收入及增长率（2020-2031） 1.4.2 中国市场铸造多级离心鼓风机销量及增长率（2020-2031） 2 中 ...

Group 1 - The long-term investment returns in the stock market are influenced by three factors: corporate earnings, valuation changes, and dividend yields [4][6][10] - Corporate earnings growth and the digestion of early high valuations are crucial for the long-term investment returns of the A-share market, closely linked to the economic development stage [4][10][14] - The A-share market is expected to see systematic increases in long-term investment returns due to improving company quality, increasing dividends and buybacks, and the inflow of patient capital [4][16][22] Group 2 - The annualized total return performance of major global indices from 2011 to 2024 shows that the S&P 500, Nikkei 225, and NIFTY 50 indices have outperformed others, with annualized returns of 13.8%, 12.4%, and 11.5% respectively [5][7] - The A-share market, represented by the CSI 300 index, has a relatively low annualized return of 3.9%, indicating a need for improvement in corporate earnings growth [5][7][14] - The contribution of corporate earnings growth to total returns in major capital markets is significant, with the S&P 500's earnings growth contributing 7.6% to its total return [7][8][14] Group 3 - Valuation changes have had a negative impact on the returns of several capital markets, including the CSI 300, which has seen a valuation change contributing -1.2% to its annualized return [8][15] - Dividend yields have been a consistent source of returns across various markets, with the A-share market's dividend yield at around 2%, which is moderate compared to other major markets [8][18][19] - The increasing focus on dividends and buybacks among A-share companies is expected to enhance investor returns significantly [18][19][20] Group 4 - The relationship between stock market returns and economic development stages shows a "U" shaped trend, where corporate earnings and valuations initially decline before rising again as economies mature [10][11][12] - The ongoing transition of the Chinese economy towards high-quality development is anticipated to improve the overall profitability and valuation of listed companies [14][22] - The growth of patient capital in the Chinese market, including insurance and pension funds, is expected to support the long-term health of the capital market [20][21]

想对冲美股风险，多市场投资，对于短线情绪流和主升感兴趣，想精准踏准柿场节奏的可以关注"周期 雪爷"。一位职业女选手，擅长情绪和趋势周期。对大A短线和主升方面有一定深入研究。 老舅低吸笔记 炒股的朋友一定要关注，理工科博士背景的老舅，奉行"逻辑为王"，最擅长低位挖掘逻辑硬核的优 质个股。最关键的是，看他文章，有肉吃！！ 6月快到了，全球市场都在瑟瑟发抖。上周五，特朗普的新言论一出，美股欧股当场扑街，大家又都疯 狂抢黄金避险。这场景眼熟不？还记得此前的4月2日吗？那天全球股市被血洗，黄金直接窜天。现在 大伙都在猜：6月1日会不会再上演一次"黑色星期四"？ 不过，不要慌，高盛分析师Alec Phillips在最新报告中提醒，美国国 际贸易法院将在未来几周内就一项 初步禁令动议作出裁决，该禁令可能会废除特朗普在4月2日公布的关税。虽然法院批准初步禁令的可 能性不大，但这是市场普遍忽视的潜在利好风险。 不想踩坑，除了必须要看的美股研究社外， 这几个硬核账号也可以赶紧关注起来： 老徐聊海外 十年美股期权玩家，从财报套利到组合风控，只讲能落地的实战策略： 各类套利、波动率交易等策 略拆解，期权链深度分析，以及美股中线交易。 ...