AI带动电子通信上下游维持高景气。2024年，半导体、消费电子行业研发费用同比增长17.2%、8.0%，带动净利润分别同比 增长13.2%、12.9%，高居各行业前列。 中国银河证券投资顾问费晚涛表示，趋势上，可以看到，随着我国智能产业的发展，多个行业的智能化程度加深，随着人形 机器人成为研究和发展的热点，有多家传统汽车零部件企业切入了这一领域，累计投资超百亿元，体现出了传统行业的智能化转 型努力。 中国银河证券首席策略分析师杨超指出，2024年以来，中央和监管部门出台了一系列政策，如降准、降息、降存量房贷利 率、创设支持股票市场稳定发展的各类工具等，为证券行业创造了有利的市场环境。政策导向明确，强调了资本市场的重要性， 推动了中长期资金入市，优化了市场生态。 值得注意的是，截至2024年底，超半数上市公司聚焦战略新兴产业，新上市公司中超八成集中在新一代信息技术、高端装备 制造、新材料、新能源汽车、生物、节能环保、航空航天、新能源等八大行业，新质生产力持续赋能上市公司业绩增长。 央视网消息：A股2024年年报披露刚刚收官，上市公司总体交出了一份怎样的"成绩单"呢？一起来看。 根据年报数据，2024年沪深上市公 ...

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].

Core Viewpoint - The People's Bank of China (PBOC) conducted a buyout reverse repurchase operation of 1.2 trillion yuan in April to maintain ample liquidity in the banking system [1][3]. Group 1: Reverse Repo Operations - In April, the PBOC executed a buyout reverse repo operation totaling 1.2 trillion yuan, consisting of 700 billion yuan for 3-month (91 days) and 500 billion yuan for 6-month (182 days) [1][2]. - The net withdrawal from the 3-month buyout reverse repo in April was 500 billion yuan, following the maturity of 1.2 trillion yuan in 3-month and 500 billion yuan in 6-month buyout reverse repos [3]. Group 2: Future Expectations - Significant buyout reverse repos are set to mature in May and June, with 900 billion yuan for 3-month in late May and 5 billion yuan for 3-month and 1.4 trillion yuan for 6-month in late June [4]. - Analysts suggest that the reduction in April's buyout reverse repo may indicate a potential reserve requirement ratio (RRR) cut to inject long-term liquidity into the market, thereby supporting bank lending capabilities and economic growth [4]. Group 3: Coordination with Fiscal Policy - The issuance of special government bonds is underway, with a focus on the second and third quarters, which may influence the timing of monetary policy easing [4]. - The PBOC's monetary policy is expected to work in tandem with fiscal measures, with the pace of bond issuance being a critical factor in assessing the window for monetary easing [4].

Group 1 - The core viewpoint emphasizes the innovation in financial products supporting technology-driven enterprises, highlighting the shift from traditional asset-backed loans to credit assessments based on talent and technology [1] - The case of Hangzhou Mailiu Technology, which secured 30 million RMB credit support through the "Talent Bank" model, illustrates the successful application of these innovative financial tools [1] - Recent policies from various regions aim to enhance financing channels for technology enterprises, including the establishment of a "Technology Board" in the bond market and improved access for private equity funds [1] Group 2 - The People's Bank of China is promoting pilot programs for financial technology innovations and encouraging the use of structural monetary policy tools to support private enterprises in technology and green sectors [2] - High-tech manufacturing investment in China showed a year-on-year growth of 8.8% from January to November 2024, indicating that technology innovation investment is crucial for industrial transformation and economic stability [2] - Experts suggest that enhancing capital market functions and broadening funding channels are essential for supporting technology innovation enterprises and facilitating their market entry [3] Group 3 - The current funding landscape emphasizes the "four investments" principle: early-stage, small-scale, long-term, and hard technology investments, which are vital for reshaping the national balance sheet [3] - Recommendations include improving the bond market's support for technology enterprises and prioritizing financing for national manufacturing champions and specialized small and medium enterprises [3]

习近平总书记在本次大会上的重要讲话，在证券基金业的广大干部群众中引发热烈反响。 鹏扬基金高级策略分析师魏枫凌表示："学习习近平总书记在大会上的重要讲话，我感到十分鼓舞，也 深感责任重大。发扬劳模精神、劳动精神与弘扬'诚实守信、以义取利'的中国特色金融文化具有内在统 一性。" "作为证券行业从业者，我深感全国先进工作者表彰大会传递的奋斗精神与资本市场服务实体经济的使 命高度契合。"博星证券研究所所长、首席投资顾问邢星表示，"在注册制深化改革与产业并购浪潮激荡 的当下，我们当以劳模为镜，将工匠精神注入资本市场服务全链条，持续为实体经济转型升级注入金融 活水。金融报国非虚言，需以脚步丈量企业转型阵痛，以创新服务方案破局融资困局，更需与行业同仁 共执'金融为民'的绣花针，在上市公司市值管理服务、新质生产力培育、护航企业高质量发展的经纬线 上，绣出金融强国的时代蓝图。" 4月28日，庆祝中华全国总工会成立100周年暨全国劳动模范和先进工作者表彰大会在北京人民大会堂隆 重举行。习近平总书记对我国工人阶级和广大劳动群众奋进新征程、建功新时代寄予殷切期望。习近平 总书记强调，要聚焦推动高质量发展，动员激励广大职工和劳动群众建 ...

Core Insights - In 2025, investors face unprecedented complexities due to global economic fluctuations, Federal Reserve policy shifts, and geopolitical conflicts, leading to a revaluation of gold and the dollar [1] - Velos Markets is leveraging technology-driven investment strategy optimization tools to provide professional investors with pathways to certainty in opportunities [1] Market Trends - The gold market serves as a safe haven during economic turmoil, with price fluctuations driven by multiple factors, including Federal Reserve monetary policy signals [4] - Historical data analysis by Velos Markets indicates a 78% probability of gold price increases within three months when the U.S. core PCE price index rises over 3% year-on-year [4] - Velos Markets employs a unique three-dimensional analysis model to track central bank gold reserves, analyze CME gold futures positions, and monitor geopolitical risk indices [4] Strategy Logic - Velos Markets integrates machine intelligence with investment wisdom, offering dynamic asset allocation engines that automatically generate asset portfolios based on user risk assessments [5] - Conservative strategy includes 40% allocation to gold spot contracts, complemented by treasury futures and money market funds, while aggressive strategy allocates 25% to cryptocurrency derivatives [5] - The system dynamically adjusts strategies based on market conditions, such as increasing gold hedge positions when the VIX index rises over 15% in a day, demonstrating effective risk management [5] Tool Evaluation - Defensive tools include gold spot contracts optimized for liquidity, with cost savings comparable to a 15% discount on highway tolls during peak times [7] - Balanced tools utilize volatility-neutral combinations of gold ETFs and dollar index futures, enhancing market noise filtering efficiency to 82% during high-frequency events [8] - Aggressive tools integrate 13 technical indicators and fundamental factors to generate visual trading signals, improving the Sharpe ratio of trend strategies from 1.3 to 2.1 [9] Operational Guidelines - The first step involves account diagnosis, where users input existing holdings and risk tolerance to generate a "health score" [11] - The second step is strategy simulation, allowing users to observe performance during historical crises [12] - The third step involves selecting a main strategy framework based on diagnostic results [12] - The fourth step focuses on real-time monitoring of key warning indicators [12] - The final step emphasizes dynamic optimization and iteration of strategies based on the latest market data [12] Conclusion - Velos Markets aims to help investors establish a "probability advantage" by transforming ambiguous experiential judgments into executable signal systems [13] - The integration of technology and investment wisdom is redefining the keys to certainty in opportunities [14]

财联社记者今日获悉，东北证券首席经济学家付鹏因身体原因，已从公司离职，不再担任东北证券任何职务。 公开信息显示，付鹏自2020年2月21日起，他受东北证券研究所邀请出任该职位。 ...

智通财经4月30日电，记者从业内人士处独家获悉，东北证券首席经济学家付鹏或已从公司离职。对 此，蓝鲸新闻记者多次致电付鹏本人予以求证，但截至发稿并未接通。东北证券方面也暂未作出回复。 目前，中证协官网从业人员信息中目前已无付鹏执业信息，仅有一位重名的从业人员。 (蓝鲸新闻) 东北证券首席经济学家付鹏或已离职 ...

4月29日，东海证券发布了两名高级管理人员辞职的公告。 首先是职工董事、执行委员会主任(总裁)杨明辞职；其次是到执行委员会委员高宇辞职。东海证券表 示，杨明辞职是因个人原因；高宇辞职是因个人职业规划调整。另外，在杨明辞职后，由董事长王文卓 代为履行公司执行委员会主任(总裁)职责。 4月29日，东海证券发布公告称，公司董事会于4月26日收到职工董事、执行委员会主任(总裁)杨明递交 的辞职报告。因个人原因，杨明辞去公司、公司控股子公司及参股公司所有职务。也就是说，杨明在辞 去东海证券执行委员会主任(总裁)职务的同时，也辞去东海投资董事长、东海基金董事长职务。 《每日经济新闻》记者获悉，杨明辞去东海证券执行委员会主任(总裁)后，东海证券也作出了过渡期安 排，决定由董事长王文卓代为履行公司执行委员会主任(总裁)职责，代为履行职务期限自公司董事会审 议通过之日起至新任执行委员会主任(总裁)到任之日止，最长不超过6个月。 另外，记者还了解到，杨明辞去东海基金董事长后，东海基金已迅速决定新任袁忠为董事长。据了解， 袁忠现为东海证券执行委员会委员、董事会秘书。 在4月29日的公告中，东海证券还提到，公司董事会于4月28日收到 ...