证券研究报告——晨会聚焦 2025 年 8 月 26 日 | 8 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 002352.SZ | 顺丰控股 | | 002648.SZ | 卫星化学 | | 688019.SH | 安集科技 | | 600276.SH | 恒瑞医药 | | 688198.SH | 佰仁医疗 | | 600861.SH | 北京人力 | | 300395.SZ | 菲利华 | | 601138.SH | 工业富联 | | 002938.SZ | 鹏鼎控股 | | 688615.SH | 合合信息 | 中银晨会聚焦-20250826 【医药生物】华东医药*刘恩阳。公司公布 25 年中报，上半年公司实现总营 业收入 216.75 亿元，同比增长 3.39%；归母净利润为 18.15 亿元，同比增长 7.01%；扣非归母净利润为 17.62 亿元，同比增长 8.40%。公司拟向全体股东 每 10 股派发现金红利 3.50 元（含税），送红股 0 股（含税），不以公积金 转增股本。公司业务稳健增长，创新产品逐步进入收获期，我们看好公司的 长期发展。 | 行业表 ...

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Core Insights - The course on fixed income begins with foundational knowledge of bonds and gradually leads students to understand the global bond market, types of market participants, and the issuance, circulation, and classification of bonds, providing a direct understanding of bond investments [1] - The course emphasizes the integration of fixed income and derivatives, covering pricing methods and advanced trading strategies to manage yield curve fluctuations, including the use of interest rate futures, options, swaps, and swap options [1] Faculty Expertise - Professor Zhang Zhou, a guest professor at the University of Alberta and a full professor at the Hill School of Business, University of Regina, specializes in corporate capital structure, financing methods, internal controls, and corporate governance [2] - Professor Li Qian, a management PhD and professor at Xi'an Jiaotong University, focuses on behavioral finance, portfolio management, and risk management, with numerous publications and research projects [3] Course Structure - The course builds a progressive knowledge system centered on "fixed income securities," aligning theoretical depth with practical case studies, akin to the "duration matching" principle in bond valuation [3] - The course solidifies basic concepts such as coupon rates and yield to maturity, using real-world examples like Evergrande Group's dollar bond issuance to illustrate credit risk and market dynamics [4] Risk Analysis Framework - The combination of duration and convexity is a key highlight of the course, linking quantitative financial thinking from the University of Alberta with local case studies from Xi'an Jiaotong University to create a comprehensive risk analysis framework [6] - The course addresses the "parallel shift" and "steepening" of the interest rate term structure, explaining bond yield changes through theories like expectations theory and liquidity premium theory, reflecting the integration of North American financial models with Chinese market practices [6] Investment Strategies - The total return strategy emphasizes the synergy of interest income, reinvestment returns, and capital appreciation, aligning with the international perspective of the program [7] - The course provides methodologies for handling complex issues through liability-driven immunization strategies, such as cash flow matching and duration matching, which are crucial for asset-liability dynamic balance [6]