5月21日沪指上涨0.21%，市场两融余额为18111.84亿元，较前一交易日减少16.56亿元。 与杠杆资金大幅加仓股相比，有1925股融资余额出现下降，其中，融资余额降幅超过5%的有207只。中 设咨询融资余额降幅最大，最新融资余额113.18万元，与前一个交易日相比，融资余额下降了58.38%； 融资余额降幅较大的个股还有欧康医药、恒立钻具等，融资余额分别下降了35.20%、33.85%。 融资余额降幅前20只个股 | 代码 | 简称 | 最新融资余额（万 | 较前一个交易日增减 | 当日涨跌幅（%） | 所属行业 | | --- | --- | --- | --- | --- | --- | | | | 元） | （%） | | | | 833873 | 中设咨 询 | 113.18 | -58.38 | -5.13 | 建筑装饰 | | 833230 | 欧康医 药 | 341.67 | -35.20 | 2.87 | 医药生物 | | 836942 | 恒立钻 具 | 284.24 | -33.85 | -3.17 | 机械设备 | | 688125 | 安达智 能 | 4122.10 | -33 ...

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - On May 7, 2025, at the State Council Information Office press conference, Chairman Wu Qing and Governor Pan Gongsheng successively pointed out the development of science - and - technology innovation bonds. This was the third mention of science - and - technology innovation bonds in important meetings this year, highlighting the continuous policy support. With policy support, science - and - technology innovation bonds are expected to further expand to support the development of innovative enterprises, and the market may need to re - evaluate their investment value [4]. - Science - and - technology innovation bonds refer to bonds issued by enterprises in the science - and - technology innovation field with funds mainly used for science - and - technology innovation. They mainly include science - and - technology innovation notes and science - and - technology innovation corporate bonds. The core contents of the "Notice on Further Supporting the Issuance of Science - and - Technology Innovation Bonds to Serve New - quality Productivity" include expanding the issuer scope, introducing incremental funds such as social security funds and pensions, and optimizing the issuance and trading systems [4]. - Since their launch, the issuance scale of science - and - technology innovation bonds has been continuously increasing, with state - owned enterprises and central enterprises as the main issuers. As of May 19, 2025, the issuance amounts of industrial bonds, financial bonds, and urban investment bonds among science - and - technology innovation bonds this year were 453.6 billion yuan, 140 billion yuan, and 28.9 billion yuan respectively. In addition, 24 equity investment institutions have registered to issue science - and - technology innovation bonds, with an expected total scale of 15.5 billion yuan [4]. - The outstanding science - and - technology innovation bonds are mainly of medium - to - high grades and have a maturity of less than 3 years, and are mostly distributed in traditional industries such as building decoration and coal. Most industries' science - and - technology innovation bonds have a certain premium compared with ordinary bonds in the same industry, with higher premiums in industries such as food and beverage and pharmaceutical biology. The positive premium of science - and - technology innovation bonds is mainly related to the use of bond funds. They support high - risk science - and - technology innovation projects, so they have a premium compared with ordinary bonds [5]. - The main value of science - and - technology innovation bonds is to contribute increments to the bond market, thus alleviating the asset shortage problem to some extent. From January to May 20, 2025, the issuance of science - and - technology innovation bonds totaled 622.5 billion yuan, a year - on - year increase of 61%. The annual issuance is expected to be close to 1.9 trillion yuan. In terms of price, the average spread between science - and - technology innovation bonds and ordinary bonds issued by the same entity in the past month was close to 10bp. It is recommended to explore the premium investment opportunities of science - and - technology innovation bonds [5]. - Future points of attention for science - and - technology innovation bonds include the increase in issuance volume, the introduction of investment assessment, and the expansion of fund products [6]. Group 3: Summary According to the Directory What is a Science - and - Technology Innovation Bond? - Policy changes: Since 2017, the Shanghai and Shenzhen Stock Exchanges have actively carried out pilot projects on dual - innovation bonds. In 2022, the official launch of science - and - technology innovation bonds was marked. In 2025, multiple policies were introduced to support the issuance of science - and - technology innovation bonds, and it is expected to expand under continuous policy optimization [10]. - Concept and variety analysis: Science - and - technology innovation bonds mainly include science - and - technology innovation notes and science - and - technology innovation corporate bonds. They have differences in issuer identification and use of raised funds. Science - and - technology innovation notes are listed on the inter - bank market, while science - and - technology innovation corporate bonds are listed on the exchange [12][14]. - Contribution to small and medium - sized private enterprises: The launch of science - and - technology innovation bonds aims to guide funds to the science - and - technology innovation field, change the current issuance pattern dominated by large state - owned enterprises and upstream industry enterprises, and help private enterprises and small and medium - sized science - and - technology innovation enterprises finance through the bond market [15]. Primary Market: The Supply of Science - and - Technology Innovation Bonds has Increased Significantly - Expansion of issuance scale: Since their launch, the issuance scale of science - and - technology innovation bonds has been continuously increasing. From 2022 to 2024, the issuance scales were 243.5 billion yuan, 743.5 billion yuan, and 1.1783 trillion yuan respectively, with an average annual compound growth rate of 120%. As of May 20, 2025, the total issuance scale was 2.7877 trillion yuan [22]. - Recent strong demand: Recently, policy support for science - and - technology innovation bonds has been strong, and market subscription enthusiasm has increased. In May, the average subscription multiple of science - and - technology innovation bonds increased by 1.4 times compared with April, indicating a significant increase in investors' allocation demand [24]. - Supply from the perspective of issuer type: Science - and - technology innovation bonds are mainly issued by state - owned enterprises and central enterprises, accounting for 46% and 43% respectively. Industrial issuers account for 92% of the issuance scale, while urban investment issuers account for only 8% [28]. - Supply from the industry perspective: The issuers of science - and - technology innovation bonds are mostly from traditional industries. The building decoration industry has the largest issuance scale, followed by public utilities, coal, and non - ferrous metals. The issuance scale of science - and - technology industries such as communication, electronics, and computer needs to be improved. The urban investment platforms with high issuance amounts are industrial investment platforms [34]. Secondary Market: Seize the Investment Opportunities of Premium Science - and - Technology Innovation Bonds - Reasons for institutional purchases: Institutions' core motivations for allocating science - and - technology innovation bonds include coupon advantages, the expectation of regulatory optimization of investment - end assessment, and the potentially lower default risk compared with ordinary corporate credit bonds [41]. - Characteristics of outstanding bonds: There are currently 1,782 outstanding science - and - technology innovation bonds with a total amount of 1.7907 trillion yuan. They are mainly of medium - to - high grades, with AA - grade and above accounting for 94%. The remaining maturity is mainly less than 3 years, accounting for 65% [44]. - Valuation distribution: The outstanding industrial science - and - technology innovation bonds total 1.5684 trillion yuan, mainly distributed in industries such as building decoration, coal, and public utilities. High - valuation science - and - technology innovation bonds are mainly in industries such as basic chemicals, power equipment, and pharmaceutical biology. The outstanding urban investment science - and - technology innovation bonds total 181.2 billion yuan. Jiangxi, Sichuan, and Hubei have the largest outstanding scales. Chongqing, Shandong, and Shaanxi have relatively high valuations [53]. - Premium analysis: Most industries' science - and - technology innovation bonds have a certain premium compared with ordinary bonds in the same industry. The premiums of the food and beverage, pharmaceutical biology, and communication industries are all above 30bp, while the valuations of science - and - technology innovation bonds in the media, automobile, and computer industries are significantly lower than those of ordinary bonds. Among urban investment provinces, Jilin's urban investment science - and - technology innovation bonds have an obvious premium compared with those of the same province [55]. - Reasons for the positive premium: Compared with other labeled bonds, the positive premium of science - and - technology innovation bonds is mainly related to the use of bond funds. Science - and - technology innovation bonds are mainly used to support science - and - technology innovation projects with high uncertainty, so investors require a credit risk premium, resulting in a higher valuation than ordinary bonds issued by the same entity [60].

截至收盘，上证指数报收3387.57点，上涨0.21%；深证成指收于10294.22点，上涨0.44%；创业板指上 涨0.83%；科创50指数下跌0.22%。 不含当日上市新股，今日可交易A股中，上涨个股有1615只，占比29.96%，下跌个股有3604只，平盘个 股171只。其中，收盘股价涨停的有84只，跌停股有3只。 证券时报·数据宝统计显示，涨停个股中，主板有76只，北交所1只，创业板6只，科创板1只。以所属行 业来看，上榜个股居前的行业有医药生物、电力设备、基础化工行业，上榜个股分别有11只、8只、8 只。 | 000903 | 云内动力 | 4.18 | 13.90 | 1907.51 | 7973.39 | 汽车 | | --- | --- | --- | --- | --- | --- | --- | | 002431 | 棕榈股份 | 2.64 | 10.06 | 2825.75 | 7459.98 | 建筑装饰 | | 600379 | 宝光股份 | 10.85 | 3.13 | 680.01 | 7378.15 | 电力设备 | | 600403 | 大有能源 | 4.35 | 1.97 ...

金融界5月20日消息，上证指数上涨0.38%，中证500工业指数 (500工业，H30252)下跌0.03%，报 5406.74点，成交额326.74亿元。 从中证500工业指数持仓的市场板块来看，上海证券交易所占比55.89%、深圳证券交易所占比44.11%。 从中证500工业指数持仓样本的行业来看，电力设备占比32.34%、机械制造占比26.57%、航空航天与国 防占比19.78%、交通运输占比8.51%、建筑装饰占比5.53%、商业服务与用品占比4.54%、环保占比 2.73%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证500指数调整样本时，中证500行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对中证500行业指数 样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的 处理，参照计算与维护细则处理。 数据统计显示，中证500工业指 ...

行业报告 | 行业点评 建筑装饰 证券研究报告 水电燃热、水利投资高增，关注基建实物工作量转化 基建投资延续高增，关注煤化工及建筑转型机遇 25 年 1-4 月地产开 发投 资/狭 义基 建/广 义基 建/制 造业 同比 分别 -10.3%/+5.8%/+10.9%/+8.8%，4 月单月地产开发投资/狭义基建/广义基建/制 造业同比分别-11.5%/+5.8%/+9.6%/+8.2%（增速环比-1.2/-0.1/-3/-0.9pct）。 25 年以来基建投资延续发力态势，细分项中水电燃热、水利投资持续高增， 1-4 月同比增速分别为+25.5%、+30.7%。25 年以来专项债发行持续提速， 1-4 月累计新增专项债 11904 亿元，同比增加 4679 亿元，资金加持下，我 们对后续基建实物工作量的转化仍保持乐观。从区域来看，重点关注中西部 地区，特别是四川战略腹地的投资景气度。此外，顺周期煤化工投资有望持 续带来相关订单弹性，同时建议关注部分中小市值建筑品种的转型机遇。 地产数据持续筑底，水电燃热、水利投资高增 地产按传导顺序看，1-4 月地产销售面积同比-2.8%，单月同比-2.9%（增速 环比-1. ...

证券代码：603828 证券简称：ST 柯利达 公告编号：2025-034 苏州柯利达装饰股份有限公司 关于 2024 年度暨 2025 年第一季度业绩说明会 召开情况的公告 本公司董事会及全体董事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、准确性和完整性承担法律责任。 问题二、请问董事长，今年有哪些项目可以贡献收入和利润？ 答复：尊敬的投资者，您好！公司 2024 年度根据项目进度回款较大的项目 包括：苏州当代美术馆项目幕墙工程一标段、苏州太湖科学城南大教育园区项目 北大楼建筑风貌楼群、江苏（苏州）白洋湾口岸-联检服务中心项目装修工程、 苏州市独墅湖医院二期项目幕墙及亮化工程等多个项目。公司所在建筑装饰行 业，从项目招投标到施工完成一般需要较长的时间，项目回款也是根据项目实际 进度来确定。感谢您的支持和关注！ 一、本次说明会召开情况 公司于 2025 年 5 月 10 日披露了《关于召开 2024 年度暨 2025 年第一季度业 （公告编号：2025-033），于 2025 年 5 月 19 日（星期一）上午 绩说明会的公告》 以网络互动方式召开了公司 2024 年度暨 ...

郑中设计今日涨停，全天换手率22.55%，成交额7.60亿元，振幅16.27%。龙虎榜数据显示，营业部席位 合计净买入562.35万元。 深交所公开信息显示，当日该股因日振幅值达16.27%上榜，营业部席位合计净买入562.35万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.30亿元，其中，买入成交额为6787.40 万元，卖出成交额为6225.05万元，合计净买入562.35万元。 具体来看，今日上榜营业部中，第一大买入营业部为东亚前海证券有限责任公司苏州分公司，买入金额 为1821.73万元，第一大卖出营业部为国金证券股份有限公司上海静安区南京西路证券营业部，卖出金 额为1344.51万元。 资金流向方面，今日该股主力资金净流入493.04万元，其中，特大单净流入1760.34万元，大单资金净流 出1267.30万元。近5日主力资金净流入1.14亿元。（数据宝） 郑中设计5月19日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 东亚前海证券有限责任公 ...

Group 1 - The report highlights a continuous rebound in social financing (社融) in April, with an increase of 1.16 trillion yuan, which is 12.25 billion yuan more than the same period last year, and a year-on-year growth rate of 8.7% [2][26][27] - The M2 growth is seen as a foundation for the rebound in social financing, with the central bank emphasizing the importance of revitalizing existing financial resources and preventing idle capital [2][26] - The report indicates that while there are signs of improvement in data, further support is needed, particularly in the real estate sector, where the proportion of domestic loans for real estate development has risen to 14%, nearing levels seen in 2019-2020 [2][26] Group 2 - The financial data for April shows a significant year-on-year decrease in new RMB loans, with an addition of 280 billion yuan, which is 450 billion yuan less than the previous year, and a notable decline in new social financing [6] - The report notes that government bonds have been a major driver of social financing growth, with April's social financing growth rate potentially being the peak for the year [6] - The M2 growth acceleration is attributed to a low base effect, while M1 growth has slightly declined, indicating a need to monitor the effectiveness of monetary policy [6] Group 3 - The report on the computer industry emphasizes the potential of AI agents, particularly in the consumer (C-end) and business (B-end) sectors, with major companies like Alibaba and Tencent leading the C-end market [11] - The B-end market is segmented into head clients and small to medium clients, with different strategies for adopting AI solutions based on their needs and capabilities [11] - The report anticipates a significant growth in AI infrastructure, with the market for intelligent computing centers expected to exceed 288.6 billion yuan by 2028, growing at a compound annual growth rate of 26.8% from 2023 to 2028 [11][12] Group 4 - The report on the electric new energy sector highlights Jinlei Co., which achieved a total operating income of 505 million yuan in Q1 2025, a year-on-year increase of 97.5%, driven by increased shipment volumes [13] - The company’s dual business model of forging and casting is expected to enhance its market share, with significant growth in its wind power casting business [13] - The report also mentions an employee stock ownership plan that could stimulate operational vitality, involving up to 2.805 million shares at a grant price of 11.53 yuan per share [13]

Group 1 - The core viewpoint is that the A-share market is experiencing a valuation recovery supported by multiple favorable factors, leading to improved market sentiment and risk appetite [1][2] - Public fund performance has improved significantly, with average returns for ordinary stock funds and mixed equity funds at 3.87% and 4.14% year-to-date as of May 13, respectively, and over 7% for the past year [1] - Key sectors leading the market include aviation, military, and telecommunications, with several funds achieving returns exceeding 10% [1] Group 2 - Fund managers attribute the market's upward momentum to steady economic recovery, improved liquidity expectations, and supportive policies [2][3] - The recent monetary policy adjustments, including reserve requirement ratio and interest rate cuts, have stimulated financing demand, positively impacting the market [3] - Investment opportunities are seen in sectors with relatively low valuations, such as banking, non-bank financials, construction, and home appliances, as well as themes like domestic production, supply clearing, technological advancement, and consumption stimulation [3][4] Group 3 - Recent financial policies are expected to stabilize the market and improve expectations, with a focus on sectors like AI, Hong Kong internet, new consumption, and domestic demand-driven industries [4]

建筑装饰/ 行业投资策略周报/ 2025.05.18 金属价格上涨利好哪些建筑企业 投资评级:看好(维持) 最近 12 月市场表现 -22% -15% -7% 0% 8% 15% 建筑装饰 沪深300 上证指数 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 相关报告 1. 《当前时点如何看"一带一路"板块》 2025-05-11 2. 《国内经营依旧承压，Q4 经营现金 流同比改善》 2025-05-05 3. 《己二腈需求稳步增长，国产替代或 进一步加快》 2025-04-21 核心观点 请阅读最后一页的重要声明！ ❖ 关税缓和下宏观情绪修复，有色金属价格迎来普涨。5 月 12 日中美两国 发布《中美日内瓦经贸会谈联合声明》，中国将在 90 天内将美国商品加征关税 从 125%降至 10%，美国将在 90 天内将对中国商品加征关税从 145%降至 30%， 双方降幅同为 91%，在中美关系阶段性缓和背景下，宏观情绪改善带动部分有 色金属价格上涨。此外，部分小金属受供需变动及地缘博弈等影响，价格也实 现较大涨幅。截至 5 月 16 日，铜、铝、铅、镍、锌、钴、钼 ...