Meeting Overview - The annual general meeting of Guangzhou Yuexiu Capital Holdings Group Co., Ltd. was held on May 6, 2025, combining both on-site and online voting methods [2][4][6] - The meeting was convened by the company's board of directors and presided over by the chairman, Wang Shuhui [5][6] Attendance - A total of 555 shareholders and authorized representatives attended the meeting, representing 3,931,715,595 shares, which is 78.6522% of the total voting shares [8] - Among them, 7 attended the on-site meeting, representing 2,946,835,050 shares (58.9501%), while 548 participated via online voting, representing 984,880,545 shares (19.7021%) [8] - Small and medium-sized shareholders accounted for 185,860,944 shares, or 3.7181% of the total voting shares [10] Resolutions Passed - The following resolutions were approved during the meeting: - The 2024 Board of Work Report received 99.9280% approval [12] - The 2024 Supervisory Board Work Report received 99.9251% approval [13] - The 2024 Annual Financial Report received 99.9271% approval [15] - The 2024 Profit Distribution Proposal received 99.9381% approval, with small and medium-sized shareholders approving at 98.6916% [17] - The 2024 Annual Report and its summary received 99.9267% approval [19] Legal Compliance - The meeting's procedures, attendance, and voting processes were confirmed to comply with relevant laws and regulations, ensuring the validity of the resolutions passed [20]

Report Title - "The Divergence of Long - Short Term Spreads - Credit Spread Weekly Report (5/4)" [1][6] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - From April 27th to April 30th, most bond yields declined. For 0.5 - 1Y industrial bonds, commercial bank second - tier capital bonds, securities company subordinated bonds, and securities company perpetual bonds, most yields dropped by over 2bp; for 0.5 - 1Y urban investment bonds and commercial financial bonds, most yields decreased by over 1bp; for 2Y industrial bonds and commercial financial bonds, most yields declined by over 1bp; the 2Y securities company subordinated bond yield rose by over 2bp; and the 3 - 5Y commercial financial bond yield dropped by over 2bp. Regarding credit spreads, the 0.5Y industrial bonds and commercial bank second - tier capital bond credit spreads mostly narrowed by over 5bp; the 1Y commercial bank second - tier capital bond credit spread narrowed by over 3bp; the 2Y securities company subordinated bonds and securities company perpetual bond credit spreads widened by over 3bp; and the 5Y urban investment bonds and industrial bond credit spreads mostly widened by over 2bp [2][6] Summary by Relevant Catalogs Yield and Spread Overview Yield and Spread of Each Maturity - Treasury bond yields at 0.5Y, 1Y, 2Y, 3Y, and 5Y were 1.47%, 1.46%, 1.45%, 1.48%, and 1.52% respectively, with weekly changes of - 3.5bp, 0.9bp, - 2.2bp, - 2.5bp, and - 2.2bp. Their historical quantiles were 11.9%, 13.2%, 8.7%, 6.2%, and 3.9% respectively. Similar data for other bond types such as national development bonds, local government bonds, etc., are also presented in detail [14] Credit Spread and Its Changes for Each Maturity - The 0.5Y, 1Y, 2Y, 3Y, and 5Y credit spreads of local government bonds were -, 12.01bp, 13.93bp, 14.34bp, and 14.37bp respectively, with weekly changes of -, 0.1bp, 0.2bp, - 1.5bp, and - 2.8bp. Their historical quantiles were -, 44.9%, 43.7%, 45.1%, and 38.6% respectively. Similar data for other bond types are also provided [16] Credit Bond Yields and Spreads by Category (Hermite Algorithm) Urban Investment Bonds by Region - In terms of yields, from April 27th to April 30th, most provincial urban investment bond yields declined. For example, the 5Y Guizhou urban investment bond yield dropped by about 35bp. In terms of credit spreads, the 0.5 - 1Y urban investment bond credit spreads mostly narrowed; the 2Y urban investment bond credit spreads mostly widened; the 3 - 5Y urban investment bond credit spreads showed differentiation, with the 3 - 5Y Guizhou urban investment bond credit spreads narrowing significantly [7] Industrial Bonds by Industry - From April 27th to April 30th, industrial bond yields generally declined. The 0.5 - 1Y industrial bond credit spreads generally narrowed, the 2 - 3Y industrial bond credit spreads showed differentiation, and the 5Y industrial bond credit spreads generally widened [7] Financial Bonds by Subject - From April 27th to April 30th, financial bond yields generally declined, with the 5Y city commercial bank second - tier capital bond yield dropping by about 55bp. The 0.5 - 1Y financial bond credit spreads generally narrowed, and the 2 - 5Y financial bond credit spreads showed differentiation [7] Credit Bond Yields and Spreads by Category (Balance Average Algorithm) Urban Investment Bonds by Region - Based on the balance average algorithm, from April 27th to April 30th, the 5Y Yunnan urban investment bond could target a return of over 3.2%, and the 5Y Qinghai urban investment bond could target a return of 3.0% or more. The 5Y Yunnan urban investment bond credit spread was significantly higher than that of medium - and short - term bonds, with high riding returns [8] Real Estate Private Enterprise Bonds - From April 27th to April 30th, the yields of real estate private enterprise bonds at all maturities were higher than those of other bond types, and the 0.5 - 1Y real estate private enterprise bond yields dropped by over 17bp [8] Financial Bonds - From April 27th to April 30th, the financial bond credit spreads generally narrowed, and the 3 - 5Y private securities company subordinated bonds could target a return of 4.7% or more [8]

Group 1 - Kexin Technology plans to repurchase shares worth between 30 million and 50 million yuan, with a maximum repurchase price of 80 yuan per share, for employee stock ownership plans or capital reduction [1] - Jiahua Technology's shareholder plans to reduce holdings by up to 1.5% of the company's total shares, amounting to a maximum of 116,000 shares, between May 28, 2025, and August 25, 2025 [1] - Beiqi Blue Valley's subsidiary reported cumulative sales of 38,041 vehicles this year, representing a year-on-year increase of 192.53% [2] Group 2 - AVIC Finance plans to transfer shares of AVIC Xi'an Aircraft Industry Group and AVIC Onboard Systems, totaling 4.067 billion yuan, to its controlling shareholder [2] - Haide shares' executives plan to increase their holdings by at least 20.73 million yuan within six months [3] - Dabeinong's subsidiary received planting approval for genetically modified soybeans in Brazil, marking significant progress in the South American market [4] Group 3 - Yongan Pharmaceutical's chairman is under investigation, but the company's operations remain normal [4] - Teruid's subsidiary is expected to win a 126 million yuan project from the State Grid, which will enhance the company's brand and industry influence [4][5] - Junxin shares plan to repurchase shares worth between 200 million and 300 million yuan, with a maximum price of 30.57 yuan per share [5] Group 4 - Meinian Health plans to reduce its holdings by up to 3% of the company's total shares, amounting to a maximum of 11.7 million shares, starting from May 27, 2025 [7] - Electric Power Investment is planning a major asset restructuring, leading to a temporary suspension of its stock [9] - Tongda shares are expected to win a 207 million yuan project from the State Grid, which will positively impact future operating performance [10] Group 5 - Xintian Technology's major shareholder plans to reduce holdings by up to 3% of the company's total shares, amounting to a maximum of 580,410 shares [11] - Huizhou Intelligent's controlling shareholder and some executives plan to increase their holdings by between 29.2 million and 58.4 million yuan [12] - Zhongdali De plans to sell a 50% stake in Shanghai Ketaike Transmission System Co., Ltd. for 9.2777 million yuan to optimize its asset structure [14] Group 6 - Jinlitai's stock will be suspended due to the inability to disclose periodic reports within the statutory deadline [15] - Chuhuan Technology's major shareholder plans to reduce holdings by up to 3% of the company's total shares, amounting to a maximum of 239,560 shares [15] - Guilin Sanjin's subsidiary received approval for clinical trials of a new indication for a monoclonal antibody injection [16] Group 7 - Plit plans to sign a strategic supply agreement for sodium-ion batteries, committing to supply at least 1 GWh over four years [17] - Dalian Electric Porcelain's subsidiary is expected to win a project worth approximately 71 million yuan from the State Grid [18]

1. Report Industry Investment Rating No information provided in the report. 2. Core Views - Currently, the valuation fluctuations of AVIC Industry Finance reflect liquidity risks rather than credit risks. Given the low short - term actual default risk, there are opportunities to trade at high valuations [1][2][11]. - The yield under this phased shock is approaching its peak, and it has allocation value for proprietary accounts with stable liability ends and allocation accounts with few restrictions [3][14]. - As bonds gradually mature and are redeemed, market concerns will subside, and bond prices will gradually return to normal [2][11]. 3. Summary by Relevant Catalogs 3.1 AVIC Industry Finance Bond Trading Situation before and after Resumption - On April 23, 2025, AVIC Industry Finance issued a bond resumption announcement. The matter of off - exchange redemption of the company's bonds failed to pass the vote of the bondholders' meeting, and the relevant bonds resumed trading on April 24 [1][10]. - In the past week, the overall trading prices were mainly at a discount, with short - term varieties within 2 years being the main trading terms. Longer - term bonds declined more, and bonds within one year had relatively small fluctuations. On the first day of resumption on April 24, the average deviation from the valuation was 195bp; on the 25th, it was 77bp, and the deviation amplitude converged; on the 28th, the trading volume was 2.4 times that of the previous trading day, and the average deviation from the valuation rebounded to 107bp [2][10][13]. - Taking "22 Industry Finance 02" as an example, from April 14 to April 23, the bond valuation showed a slight upward trend. On the first day of resumption on April 24, the valuation increased significantly by 208bp, and it has been relatively stable in the past three trading days [2][11]. - AVIC Industry Finance has the credit endorsement of AVIC Group. With the high - level control of central - enterprise bond default risks and the support of the central - enterprise credit guarantee fund, and the company's positive attitude towards debt repayment, the default risk is likely to be controllable [11]. 3.2 Market Fluctuation Observation of Other Similar Companies - The total outstanding bond scale of the parent companies of trust - holding companies is 8.93 trillion yuan. After excluding several large state - owned and joint - stock commercial banks with high outstanding bond scales, the remaining balance is 1.43 trillion yuan [4][20]. - From March 31 to April 27, 2025, after the AVIC Industry Finance incident, the bond spreads of Minmetals Capital (Minmetals Trust) widened significantly. However, due to the strong individual specificity of the AVIC Trust issue, the valuation fluctuation risk of Minmetals Capital is controllable, and it is expected that there will be no actual credit risk disturbance [4][20].

Core Viewpoint - The company, AVIC Industry Finance Holdings Co., Ltd., has decided to voluntarily withdraw its A-shares from the Shanghai Stock Exchange and apply for transfer on the National Equities Exchange and Quotations system, a decision approved by the company's second extraordinary general meeting of shareholders in 2025 [2]. Group 1 - The company has previously disclosed announcements regarding the cash option related to the termination of listing, including the initiation of the cash option application and reminders about the remaining trading days for application [3][8]. - During the cash option application period from April 23 to April 25, 2025, a total of 131,774 securities accounts submitted valid applications, with the total number of shares applied for amounting to 4,134,072,543 shares [4][8]. - The cash option provider, China Aviation Industry Group Co., Ltd., has completed the fund transfer for the cash option to the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, and the share transfer procedures will be processed shortly [4][9].

Group 1: Financial Performance - In 2024, the company achieved total revenue of 13.236 billion CNY and a net profit of 2.294 billion CNY [1] - The company completed green investments of 38.128 billion CNY, accounting for over 60% of new investments [1] - In Q1 2025, the company expects a net profit of 0.652 billion CNY, a 40% increase year-on-year [1] Group 2: New Energy Business Model - The company focuses on photovoltaic energy and has established two main platforms: green asset development and investment management [2] - It has developed investment standards for household photovoltaic projects and optimized investment decision models [2] - The company has a strong asset operation and risk management capability, utilizing a digital management system for real-time monitoring of photovoltaic assets [2] Group 3: Future Development and Product Line - The company aims to enhance the quality of its new energy business and expand into wind power, energy storage, and commercial electric vehicles [3] - Continuous efforts will be made to standardize and systematize new energy products, improving operational efficiency and asset returns [3] Group 4: Market Value Management - The company emphasizes market value management, integrating it into the performance assessment of management [4] - It has a stable profit distribution policy and actively engages with investors through various channels to enhance recognition and maintain shareholder value [5] - The annual cash dividend rate has been continuously improved, reaching 41.41% in recent years [5]

Core Viewpoints - Central Huijin's recent announcement of increasing its holdings in ETFs reflects a strong confidence in the development prospects of the Chinese capital market and acknowledges the current value of A-shares [2][3] - The move is seen as a stabilizing force for the capital market, especially in light of external disturbances such as the ongoing trade tensions and market volatility [3][8] Market Performance - On April 7, the A-share market experienced significant declines, with the Shanghai Composite Index dropping by 7.34%, the CSI 300 by 7.04%, and the All A-shares by 9.26% [3] - Central Huijin's announcement came at a critical time when the market was down nearly 9% during intraday trading, indicating its role as a stabilizer [3] Central Huijin's ETF Holdings - As of the end of Q4 2024, Central Huijin holds over 1.05 trillion yuan in ETFs, with significant positions in the CSI 300 (approximately 690.5 billion yuan) and other major indices [3][7] - The holdings are diversified across various sectors, including financials, non-ferrous metals, semiconductors, pharmaceuticals, and telecommunications [3] Economic Outlook - The report suggests that the fundamentals of the A-share market are on a recovery path, supported by long-term capital inflows and state-owned enterprise buybacks, which enhance risk appetite [8] - Upcoming economic data releases and corporate earnings reports are expected to validate the improving macroeconomic conditions [8] Sector Allocation - The technology sector is identified as a key focus for the year, with an emphasis on "self-controllable" industries and AI-driven opportunities [9][10] - The report highlights the resilience of strategically important industries amid external uncertainties, particularly in advanced materials, manufacturing, and communication technologies [9] Valuation Metrics - The overall valuation levels of A-shares are considered attractive compared to global equity markets, with the CSI 300's price-to-earnings ratio falling to around 11 times, which is significantly lower than that of markets in the US, Europe, and Japan [8][11] - The report provides detailed valuation metrics for various indices, indicating a general decline in valuations across the board, which may present buying opportunities [11]

Group 1: 华盛锂电 - Company plans to invest in a project to produce 60,000 tons of vinyl carbonate annually, with the first phase targeting 30,000 tons [1] - Total investment for the project is approximately 950 million yuan, funded by the company's own or raised funds [1][2] Group 2: 万里扬 - Shareholder plans to reduce holdings by up to 1.5% of the company's total shares, equating to a maximum of 19.69 million shares [3] - The reduction is due to the shareholder's own funding needs [3][4] Group 3: 云南旅游 - Company intends to raise no more than 191 million yuan through a private placement of up to 304 million shares [5] - Funds will be used for the construction of a cultural tourism equipment industrial park and to repay debts [5][6] Group 4: 冠农股份 - Company reported a 71.58% decline in net profit for 2024, amounting to 205 million yuan [9] - Revenue decreased by 11.15% to 3.863 billion yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [9][10] Group 5: 华光新材 - Company achieved a 93.78% increase in net profit for 2024, totaling 80.6174 million yuan [11] - Revenue grew by 35.52% to 1.918 billion yuan, with a proposed cash dividend of 2.77 yuan per 10 shares [11][12] Group 6: 南大光电 - Company reported a 28.15% increase in net profit for 2024, reaching 271 million yuan [13] - Revenue increased by 38.08% to 2.352 billion yuan, with a proposed cash dividend of 1 yuan per 10 shares and a stock bonus of 2 shares for every 10 shares held [13][14] Group 7: 博瑞医药 - Company experienced a 6.57% decrease in net profit for 2024, amounting to 189 million yuan [15] - Revenue increased by 8.74% to 1.283 billion yuan, with a proposed cash dividend of 0.96 yuan per 10 shares [15][16] Group 8: 贵州茅台 - Company reported a 15.38% increase in net profit for 2024, totaling 862 million yuan [17] - Revenue grew by 15.71% to 170.9 billion yuan, with a proposed cash dividend of 276.24 yuan per 10 shares [17][18] Group 9: 西部建设 - Company reported a net loss of 263 million yuan for 2024, compared to a profit of 645 million yuan in 2023 [19] - Revenue decreased by 11.01% to 20.347 billion yuan, with a proposed cash dividend of 1.25 yuan per 10 shares [19][20] Group 10: 锡业股份 - Company achieved a 2.55% increase in net profit for 2024, totaling 1.444 billion yuan [21] - Revenue slightly decreased by 0.91% to 41.973 billion yuan, with a proposed cash dividend of 1.9 yuan per 10 shares [21][22] Group 11: 海天味业 - Company reported a 12.75% increase in net profit for 2024, amounting to 6.344 billion yuan [23] - Revenue increased by 9.53% to 26.901 billion yuan, with a proposed cash dividend of 8.6 yuan per 10 shares [23][24] Group 12: 台基股份 - Company experienced an 18.77% decrease in net profit for 2024, totaling 25.2935 million yuan [25] - Revenue increased by 10.76% to 354 million yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [25][26] Group 13: 金盘科技 - Company reported a 13.82% increase in net profit for 2024, amounting to 574 million yuan [27] - Revenue grew by 3.5% to 6.901 billion yuan, with a proposed cash dividend of 5.06 yuan per 10 shares [27][28] Group 14: 中油资本 - Company reported an 8.14% decrease in net profit for 2024, totaling 4.652 billion yuan [29] - Revenue slightly increased by 0.08% to 39.024 billion yuan, with a proposed cash dividend of 0.57 yuan per 10 shares [29][30] Group 15: 锐捷网络 - Company achieved a 43.09% increase in net profit for 2024, amounting to 574 million yuan [31] - Revenue increased by 1.36% to 11.699 billion yuan, with a proposed cash dividend of 6.06 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [31][32] Group 16: 华瓷股份 - Company reported a 14.21% increase in net profit for 2024, totaling 205 million yuan [33] - Revenue grew by 8.79% to 1.34 billion yuan, with a proposed cash dividend of 4 yuan per 10 shares [33][34] Group 17: 金龙羽 - Company experienced a 14.14% decrease in net profit for 2024, amounting to 14 million yuan [35] - Revenue decreased by 6.53% to 3.675 billion yuan, with a proposed cash dividend of 3 yuan per 10 shares [35][36] Group 18: 恒帅股份 - Company reported a 5.75% increase in net profit for 2024, totaling 214 million yuan [37] - Revenue increased by 4.21% to 962 million yuan, with a proposed cash dividend of 4 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [37][38] Group 19: 爱玛科技 - Company expects a 25.12% increase in net profit for the first quarter of 2025, amounting to 605 million yuan [39] - Main business includes the development, production, and sales of electric bicycles and motorcycles [39][40] Group 20: 西王食品 - Company reported a net loss of 444 million yuan for 2024, compared to a loss of 16.8658 million yuan in 2023 [41] - Revenue decreased by 9.43% to 4.972 billion yuan [41][42]

Group 1 - The company, Guangzhou Yuexiu Capital Holdings Group Co., Ltd., is issuing corporate bonds (Phase 1, Type 1) aimed at professional investors, with a scheduled interest payment date of April 7, 2025 [1][2] - The bonds have a credit rating of AAA, indicating a high level of creditworthiness [1] - The bond's face value is set at 100 RMB, with a coupon rate of 3.15%, resulting in an interest payment of 31.50 RMB for every 10 bonds held [2][3] Group 2 - The interest payment date is confirmed as April 7, 2025, with the interest payment being subject to a 20% personal income tax for individual bondholders [4] - The bondholders registered by the cut-off date of April 3, 2025, will be eligible for the interest payment, while those who sell their bonds before this date will not receive the interest [2][3] - The company has appointed China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, to handle the interest payment process [3]