1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report In the current low - interest - rate and trading - oriented bond market environment in 2025, the research on institutional behavior has greater significance for interest rate guidance. The report focuses on ten pseudo - laws of institutional behavior, including data caliber, trading nature misjudgments, and model limitations [2]. 3. Summary According to the Directory 3.1 Why We Focus on Pseudo - Laws of Institutional Behavior In the low - interest - rate and trading - oriented bond market environment this year, the research on institutional behavior has increased significance for interest rate guidance, and there are many pseudo - laws in institutional behavior that need to be explored [14]. 3.2 Ten Pseudo - Laws of Institutional Behavior 3.2.1 Are Spot Bond Trading Data T + 0 or T + 1? —— It Should Be T + 1 Spot bond trading data should be analyzed with a one - day lag from interest rate trends because the transactions are usually negotiated the day before [16]. 3.2.2 Do Banks and Brokerages Only Sell Bonds for Distribution? —— There Is Also a Lot of Proprietary Trading Banks and brokerages often show net selling, which may be due to "primary subscription and secondary distribution." Observing old - bond transactions of banks and bond lending of brokerages can help understand their real trading intentions [20][21]. 3.2.3 Is Selling "Smashing" and Buying "Snatching"? —— Focus on the Active Party's Behavior In the secondary spot bond market, it is a zero - sum game. Market trends are driven by the active party. For example, the relationship between rural commercial banks and funds should be analyzed in combination with the active party's behavior [33][34]. 3.2.4 Is Fund Selling a "Redemption Wave"? —— Not Necessarily Historically The current market's panic about fund redemptions may be more of a preventive redemption by wealth management. Measuring the liability - side pressure of funds through the comprehensive holding - cost indicator shows that the current redemption pressure on bond funds is controllable [39][43]. 3.2.5 Are Insurance Companies All Allocation - Oriented? —— The Proportion of Trading - Oriented Has Significantly Increased The trading - oriented proportion of insurance companies has increased, as shown by the fact that they may buy 30Y Treasury bonds for trading purposes and the increase in their 30Y bond selling volume [47]. 3.2.6 Can't We Observe Foreign Investment in Bonds at a High Frequency? —— Most of the "Other" Institutions May Be Foreign Investors Foreign investors' trading behavior can be observed through the "other" type of institutions in high - frequency secondary spot bond trading data. For example, in April, the net buying of "other" institutions was roughly equivalent to the net buying of foreign investors mentioned by the SAFE [53]. 3.2.7 Does Institutional Allocation Increase in the Custody Caliber Mean Buying? —— It May Just Be Due to High Bond Supply An increase in institutional custody may be due to more primary - market bond underwriting or bond maturity, rather than active buying [6]. 3.2.8 High - Winning - Rate Institutional Behavior Indicators May Have Errors —— Interference from the Bull - Market Model Some high - winning - rate institutional behavior indicators may have asymmetric winning rates for buying and selling signals, which may be affected by the previous bull market. When constructing models, the weight of volatile or bear markets should be increased [6]. 3.2.9 Are Non - Linearly Extrapolatable Institutional Behavior Indicators Useless? —— "Direction Sense" Can Also Improve Investment Winning Rates Although some institutional behavior indicators have poor "prediction" effects, they can help investors find the core driving factors of market changes and provide a "direction sense" in investment [7]. 3.2.10 Boundaries of Institutional Behavior Quantitative Models —— Some Errors Such as Short - Term Emotions and Event Impacts Are Still Difficult to Eliminate The existing institutional behavior models have common errors, such as overfitting, being affected by short - term events, and errors in weight assignment. These errors can be reduced but cannot be completely eliminated, so dynamic adjustment and other subjective and objective research are needed [7].

Core Points - The Beijing Stock Exchange (BSE) has officially entered the "920" era with the code switching of six listed companies, enhancing stock identification and reflecting its status as the third national securities exchange [2][3][6] - The code switching initiative aims to unify the previously scattered stock codes and improve the recognition of listed companies, facilitating investor searches and transactions [3][5] Group 1: Code Switching Implementation - Six companies, including YingTai Bio and AiRong Software, have begun using the new 920 codes as a pilot starting May 6 [3][4] - The BSE plans to gradually switch the codes of the remaining 242 listed companies, which previously used codes starting with 43, 83, and 87 [3][5] - The transition to the 920 code segment is part of a broader effort to enhance the BSE's market identity and align with its focus on innovative small and medium enterprises [5][6] Group 2: Technical Aspects of Code Switching - The new code format will maintain the last three digits of the existing codes, while the first three digits will be standardized to 920 [8] - In cases of code duplication after the switch, the fourth digit will be adjusted sequentially based on the listing date to ensure uniqueness [8] - Historical trading data and market information will remain accessible under both the old and new codes, ensuring continuity for investors [10][11]

证券研究报告 金融行业周报 ——银行1季报整体稳健，推动供应链金融更好服务中小企业 证券分析师 王维逸S1060520040001（证券投资咨询） 袁喆奇S1060520080003（证券投资咨询） 李冰婷S1060520040002（证券投资咨询） 韦霁雯S1060524070004（证券投资咨询） 许 淼S1060525020001（证券投资咨询） 研究助理 李灵琇S1060124070021（一般证券业务） 请务必阅读正文后免责条款 2025年5月5日 1 核心观点 银行1季报整体稳健，推动供应链金融更好服务中小企业 行业新闻 行业数据 • 银行1季报整体稳健，个体分化持续 • 规范供应链金融，更好服务中小企业融资 • 银行卡清算机构管理办法重修订，强调运营监督管理 • 银行：中国人民银行召开落实金融"五篇大文章"总体统计制度动员部署会议 • 证券：《中华人民共和国民营经济促进法》出台 • 保险：发改委：推动稳就业稳经济 • 金融科技：中国支付清算协会发布收单外包风险提示 • 本周银行、证券、保险、金融科技指数分别变动-1.48%、-0.73%、-1.64%、+0.15% • 银行：公开市场操作实现净投 ...

Core Viewpoint - The article introduces the "Combination Equity Package" investment advisory service by Shenwan Hongyuan, designed to guide investors through the complexities of the market and enhance their investment strategies [1][2]. Group 1: Service Features - The "Combination Equity Package" is developed by a team of experienced advisors, offering a comprehensive suite of services including stock selection, timing guidance, and market analysis [2][4]. - The service includes a variety of educational resources such as method teaching, stock diagnostics, market insights, and investment philosophy sharing, catering to diverse investor needs [2][4]. - The package has a proven track record, with multiple service products running for several years, showcasing performance metrics like total return, relative return, and maximum drawdown [3]. Group 2: Specific Services Offered - Stock selection and timing guidance are provided through in-depth analysis from fundamental, technical, and liquidity perspectives, helping investors make informed decisions [4]. - The "Expert Stock Diagnosis" service allows investors to receive tailored insights on specific stocks, enhancing their understanding of the underlying investment logic [5]. - Exclusive videos are created by the advisory team to simplify complex market dynamics and investment strategies, supporting investors in their growth [6]. Group 3: Market Insights and Education - Continuous market monitoring and analysis are conducted to decode market fluctuations, providing timely insights that help investors navigate both major and minor market movements [7]. - The package includes specialized courses covering various investment aspects, from foundational theories to practical techniques, promoting a deeper understanding of investment methodologies [8]. - Monthly reports are generated to summarize the performance of the "Combination Equity Package," allowing for reflection on strategies and adjustments based on past experiences [9].

证券代码：601377 证券简称：兴业证券 公告编号：临2025-013 兴业证券股份有限公司 第六届董事会第三十次会议决议公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重大遗漏，并对其内容的真实 性、准确性和完整性承担个别及连带责任。 兴业证券股份有限公司（以下简称"公司"或"兴业证券"）第六届董事会第三十次会议于2025年4月25日 以电子邮件方式发出会议通知，于2025年4月30日以通讯方式召开。公司现有董事9名，全体董事参加会 议。会议的召集、召开及表决程序符合《公司法》及《兴业证券股份有限公司章程》的相关规定。 本次会议审议通过了以下议案： 表决结果：同意9票；反对0票；弃权0票。 三、《关于聘任首席信息官的议案》 根据《兴业证券股份有限公司章程》《兴业证券股份有限公司首席类管理人员管理办法》以及相关监管 规定，经董事会薪酬与考核委员会提名，董事会同意聘任蒋剑飞先生为公司首席信息官，任期至第六届 董事会任期届满之日止。 蒋剑飞先生未持有本公司股票，与公司其他董事、监事、高级管理人员、实际控制人及持股5%以上股 东不存在关联关系，未受过中国证监会及其他有关部门的处罚和证券交易所 ...

Group 1 - The stock market sentiment is currently pessimistic, particularly among those who have cut their positions, while those who remain invested are more optimistic about future gains [1][3]. - Investors who held onto their stocks through the holiday are seen as true believers in the market, indicating a potential for upward movement post-holiday [3][5]. - The A-share market is expected to experience a new round of growth, with key sectors such as liquor, securities, real estate, and insurance still at the bottom, suggesting a rotation in industry performance [5][7]. Group 2 - The market is anticipated to open higher, potentially breaking through the 3300-point level, supported by favorable news, fundamentals, and valuations [3][5]. - The current market position is viewed as an opportunity, with many sectors having corrected significantly, indicating that the index is not overvalued [5][7]. - The overall market sentiment is expected to shift positively, with increased trading volume and a warming market environment after the holiday [5][7].

Market Overview and Macro Environment - The report highlights the transformation of China's economic growth model, with consumption becoming the largest driver of economic development. The financial market scale ranks among the top globally, and the interbank bond market is thriving, accounting for 88.0% of the total bond market by the end of 2024. The diversity of investor types and the continuous improvement in trading activity are also noted [1][2]. Reform of Operating Mechanisms - The report emphasizes the market-oriented promotion of the registration system reform, optimizing the registration and issuance management mechanisms. An information disclosure system is being established, and an innovative "regular issuance plan" mechanism is enhancing efficiency. The issuance pricing is being standardized, and self-regulation is being strengthened. Additionally, various investor protection tools are being provided to improve market liquidity [1][2]. Diversification of Product Supply - The interbank bond market offers a rich array of products categorized by issuer type, including government, financial institutions, and corporate credit bonds. The green bond market is developing robustly, with a continuously improving standard system. Bonds themed on sustainable development are rapidly growing, and technology innovation bonds are aiding financing for tech enterprises. Asset securitization is supporting inclusive finance and innovating financing models for private small and micro enterprises [1][2]. Diverse Risk Hedging Tools - The rapid development of the interbank derivatives market includes interest rate, exchange rate, and credit derivatives. The repo market and bond lending market are also being improved, facilitating risk hedging for foreign institutions [2]. Self-Regulation and Market Openness - The trading association is enhancing self-regulation through various means to standardize the market. The level of openness in the bond market is expanding, with the Panda bond market providing financing channels for foreign issuers. Mechanisms are continuously optimized to offer diverse services and a favorable business environment for foreign investors and intermediaries [2]. Future Outlook - The report projects that under the impetus of reforms, China's bond market will have more refined operating mechanisms, a richer product offering, and a higher degree of openness, thereby better serving the real economy and enhancing its influence in the global financial market [2].

Group 1 - The core viewpoint of the articles is the analysis of the expected growth rates of average hourly wages in the United States for April, with various financial institutions providing their forecasts [1][2] Group 2 - For the year-on-year growth rate of average hourly wages, the consensus among several institutions is +3.8% from previous data, with some institutions like Barclays and Morgan Stanley predicting +3.9% [1] - The month-on-month growth rate of average hourly wages is expected to remain stable at +0.3%, with a few institutions forecasting a slight decrease to +0.2% [2] - The predictions from various banks and financial institutions show a strong alignment, indicating a general consensus on wage growth expectations for April [1][2]

Group 1 - In 2024, listed companies in Shanghai and Shenzhen achieved total operating revenue of 71.8 trillion yuan and net profit of 5.2 trillion yuan, with 74% of companies reporting profits and 48% showing profit growth [1] - The net profit of the Shanghai main board increased by 2.7% year-on-year, with significant growth observed in industries such as agriculture, electronics, transportation, automotive, and retail [1] - The financial sector reported a net profit of 2.7 trillion yuan, marking a year-on-year growth of 10.3%, which is an improvement from the third quarter report [1] Group 2 - In 2024, over half of the listed companies focused on strategic emerging industries, with more than 80% of new listings concentrated in sectors like new-generation information technology, high-end equipment manufacturing, new materials, and new energy vehicles [3] - The policies introduced by central and regulatory authorities, including interest rate cuts and support for the stock market, have created a favorable environment for the securities industry, promoting long-term capital inflow [3] Group 3 - The semiconductor and consumer electronics industries saw R&D expenditures increase by 17.2% and 8.0% year-on-year, respectively, leading to net profit growth of 13.2% and 12.9% [5] - Traditional automotive parts companies are increasingly investing in the field of humanoid robots, with total investments exceeding 10 billion yuan, reflecting efforts towards intelligent transformation [5] Group 4 - In 2024, a record high of 3,472 listed companies announced cash dividends totaling 1.66 trillion yuan, with the total dividend amount for the fiscal year reaching 2.39 trillion yuan, a year-on-year increase of 7.2% [7] - The dividend yield for the CSI 300 index reached 3.59%, marking a historical high, with state-owned enterprises continuing to play a major role in dividend distribution [7] - The number of stock repurchase plans disclosed in 2024 reached 1,470, with a total amount of 212.3 billion yuan, representing 2.1 times and 1.5 times that of 2023 [7]

Core Viewpoint - The company has announced changes in its registered capital and the revision of its articles of association following the issuance of new shares to specific investors for asset acquisition and fundraising purposes [10][11][19]. Financial Data - The company reported that its registered capital will increase from RMB 5,472,042,233 to RMB 5,680,592,806 due to the issuance of 208,550,573 new A-shares [11][19]. - The company’s financial reports for the first quarter of 2025 are unaudited, and the financial information is guaranteed to be true, accurate, and complete by the management [2][9]. Shareholder Information - As of the reporting period, the total number of ordinary shareholders is 101,006 for A-shares and 88 for H-shares [6]. - The company has completed the registration procedures for the new shares issued, increasing the total number of A-shares to 5,029,402,233 and the total shares (including H-shares) to 5,472,042,233 [7][10]. Corporate Governance - The company held its fifth board meeting on April 29, 2025, where several resolutions were passed, including the approval of the first quarter report and the changes to registered capital [14][16]. - The board expressed gratitude to retiring Vice President Yin Hongwei and resigning securities affairs representative Zhang Hui for their contributions [13][26]. Organizational Changes - The company has approved the establishment of a strategic development headquarters and a representative office in Beijing while dissolving the training center [24]. - The company has also decided to dissolve its Suzhong branch and the Wuxi Xibei Town Quanshan Road securities business department, with management authorized to handle related matters [26].