Core Viewpoint - The impact of the U.S. reciprocal tariff policy on the global economic and political landscape is significant, but it may only result in a one-time shock to the A-share index, which is primarily driven by domestic policies and economic cycles [1][2][11] Short-term Impact - The tariff policy is expected to have a considerable impact on the global economy, but its effect on the A-share index may be less severe than anticipated. Historical events, such as the COVID-19 pandemic, show that while global shocks can be significant, the A-share market's performance remained relatively stable [2][3] - The previous trade conflicts between the U.S. and China indicate that domestic economic cycles have a more substantial influence on the stock market than export data. The A-share market's resilience during the 2018-2019 trade tensions exemplifies this [6][9] Medium-term Impact - The influence of exports on the stock market is expected to be less significant than that of domestic economic cycles. The recovery of social financing and the end of the real estate downturn are anticipated to bolster domestic economic strength by 2025, which will be more impactful than export fluctuations [6][9] Long-term Impact - The optimal combination of technology, labor, and capital is crucial for economic growth, with trade policies serving as a means to achieve this. Historical patterns show that countries can develop through various means, not solely through traditional free trade [9][11] - China's manufacturing advantages suggest that the economy has moved beyond relying solely on exports for growth, allowing for a balanced approach in the current environment [11] A-share Strategy - The tariff shock is likely to prolong the current market volatility but is not expected to alter the overall bullish trend of the A-share market. The market's upward trajectory is supported by policy and valuation cycles, as well as the ongoing deleveraging in the real estate sector [1][11] - Current market conditions favor small-cap and low-price strategies, but historical trends indicate that these strategies may lose effectiveness as the market transitions into a new upward phase. A shift towards large-cap stocks is anticipated as the market stabilizes [14]

Core Viewpoint - Broadridge Financial Solutions, Inc. has demonstrated strong performance with a 21% stock gain over the past year, outperforming the industry average of 11% [1] Financial Performance - Earnings for fiscal 2025 and 2026 are projected to grow by 10.4% and 9.1% year over year, respectively [2] - Revenues are expected to rise by 6.6% in fiscal 2025 and 4.8% in fiscal 2026 [2] - Total revenues increased by 7.4% in fiscal 2024, following growth rates of 6%, 14%, and 10% in fiscal 2023, 2022, and 2021, respectively [3] Growth Drivers - Fundamental trends such as rising demand for data and analytics, mutualization, and digitization are anticipated to drive sales growth for Broadridge [3] - The company has a robust business model with significant recurring revenue streams, providing good visibility on organic revenues in the near to mid-term [3] Strategic Focus - Broadridge's growth strategy emphasizes governance, capital markets, and wealth management [4] - In governance, the company utilizes advanced digital communication technologies and enhances print and mail services through tech innovations [4] - In capital markets, Broadridge is expanding its global platform capabilities and adopting next-generation solutions [5] - The wealth management sector features a comprehensive platform known for superior systems and data integration capabilities [5] Recent Developments - The acquisition of AdvisorTarget in 2024 is expected to enhance Broadridge's digital distribution and marketing capabilities for asset management and wealth firms [6] - This acquisition will strengthen the company's market position and drive growth in the digital marketing space by integrating advanced marketing automation and analytics technology [6] Shareholder Value - Broadridge has consistently increased its dividend payments, with $368.2 million paid in fiscal 2024, $331.0 million in 2023, and $290.7 million in 2022 [7] - The company's strong cash flow supports its ability to maintain stable and growing dividends, providing reliable income to shareholders [7]

证券代码：000783 证券简称：长江证券 公告编号：2025-020 《关于选举刘正斌同志为公司董事长的议案》 根据《公司法》和《公司章程》的规定，会议选举刘正斌同志 为公司第十届董事会董事长，其任职期限与第十届董事会任期一 致。公司将根据中国证监会《证券基金经营机构董事、监事、高级 管理人员及从业人员监督管理办法》和《监管规则适用指引——机 构类第 4 号》的规定，办理刘正斌同志董事长任职资格备案手续。 刘正斌同志简历详见本公告附件。 本议案表决结果如下：与会董事以同意票11票，反对票0票，弃 权票0票，审议通过了本议案。 三、备查文件 长江证券股份有限公司 第十届董事会第十七次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 十七次会议通知于2025年3月28日以邮件形式送达各位董事。 章、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 本次董事会会议审议通过了如下议案： ，湖北省发改委国民经济综合处处长、资源节约和环境保护处 处长、综合交通处处长，湖北省铁路建设领导小组办公室主任（副厅 长级） ，湖北省发改委 ...

一、主要会计数据和财务指标 前十大流通股东累计持有： 195785.49万股，累计占流通股比： 60.56%，较上期变化： -2412.65万股。 | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 中国东方资产管理股份有限公司 | 145460.05 | 45.00 | 不变 | | 江苏省铁路集团有限公司 | 15912.06 | 4.92 | 不变 | | 山东高速（600350）股份有限公司 | 11998.94 | 3.71 | 不变 | | 香港中央结算有限公司 | 5221.85 | 1.62 | -89.56 | | 上海工业投资(集团)有限公司 | 4810.00 | 1.49 | 不变 | | 中国诚通控股集团有限公司 | 2859.42 | 0.88 | 不变 | | 国泰中证全指证券公司ETF | 2826.04 | 0.87 | -763.74 | | 南方中证500ETF | 2731.06 | 0.84 | -718.09 | | 华宝中证全指证券公司ETF | 2350.77 | 0.73 | ...

为了更好地向投资者提供服务，满足投资者的理财需求，信达证券股份有限公司（以下简称"本公司"） 决定对投资者通过信达证券股份有限公司直销渠道（以下简称"直销渠道"）赎回信达睿益鑫享混合型集 合资产管理计划的赎回费率实行费率优惠活动，具体方案如下： 2025年4月3日至2025年4月18日 四、费率优惠情况 一、适用产品 信达睿益鑫享混合型集合资产管理计划（产品代码：970115，以下简称"本基金"） 二、适用渠道 信达证券股份有限公司直销渠道 三、适用时间 六、投资者可通过以下途径咨询详情： 投资者可以通过以下途径咨询有关情况： 信达证券股份有限公司 客服电话：95321 活动期间，凡通过直销渠道申请赎回本基金的投资者，在赎回时，赎回费率享有如下优惠： ■ 开展赎回费率优惠活动后，赎回费将100%归入基金资产，此次费率优惠不会对基金份额持有人利益造 成不利影响。 五、重要提示 1、本次活动仅适用于在规定期限内、通过直销渠道赎回的投资者，不适用于通过其他销售机构提交的 赎回申请。 2、本次优惠活动内容发生调整的，以本公司相关公告为准。 2025年4月3日 公司网站：www.cindasc.com 七、风险提示 管 ...

Core Viewpoint - The company successfully completed a non-public offering of shares, raising a total of RMB 413.56 million, with a net amount of RMB 411.59 million after deducting issuance costs [1][2]. Group 1: Non-Public Offering Details - The company issued 64,618,750 shares at a price of RMB 7.13 per share, approved by the China Securities Regulatory Commission [1]. - The funds raised will be subject to verification by the accounting firm Zhongxing Caiguanghua, which confirmed the funds' arrival on July 18, 2023 [1]. - The Shanghai Branch of China Securities Depository and Clearing Co., Ltd. completed the securities change registration related to this issuance on July 31, 2023 [1]. Group 2: Continuous Supervision by Sponsor - The sponsor, CITIC Securities, established a continuous supervision work system and a corresponding work plan, clarifying the requirements for on-site inspections [2]. - A sponsorship agreement was signed between the sponsor and the company, outlining the rights and obligations during the supervision period [2]. - Continuous supervision included daily communication, on-site visits, and compliance with relevant regulations and normative documents [3]. Group 3: Review of Information Disclosure - The sponsor reviewed the company's governance documents, financial management, internal control systems, and internal audit reports [3]. - The sponsor conducted interviews with senior management and monitored media reports related to the company [3][4]. - The sponsor found that the company had established and executed an information disclosure system in accordance with relevant laws and regulations during the supervision period [5]. Group 4: Reporting Matters - During the continuous supervision period, the sponsor did not identify any matters that required reporting to the China Securities Regulatory Commission or the Shanghai Stock Exchange [5].

Core Insights - The central bank is likely to maintain a balanced liquidity environment post-quarter, with a low probability of funding rates dropping significantly below 1.8%, indicating that a funding rate of 1.8% may be a relatively acceptable position [1][4][24] - The central bank's recent actions reflect a warming attitude towards liquidity support, with increased net injections in the open market and a return to a more restrained operational approach after ensuring cross-quarter liquidity stability [1][11][24] - The funding environment is characterized by "ample quantity and high price," with major banks' lending volumes rising above 3.6 trillion, and the issuance rates of primary certificates of deposit declining since mid-March, indicating easing pressure on bank liabilities [2][13][17] Summary by Sections Section 1: Liquidity Conditions - As of April, the funding environment is expected to loosen significantly, constrained by the central bank's multiple objectives and increased fiscal efforts in the second quarter [3][21][24] - The central bank aims to balance liquidity sufficiency for growth, prevent fund idling, stabilize the exchange rate, and monitor long-term yield changes, which may lead to higher funding rates to lower overall financing costs [21][22] Section 2: Government Debt Supply - The second quarter will see substantial government debt issuance, with net financing expected to reach around 3 trillion, including significant central and local government bond issuances [23][24][25] - The anticipated net financing for national bonds is approximately 1.2 trillion, with local government bonds projected to issue around 1.8 trillion, indicating a potential increase in actual issuance compared to current plans [23][28] Section 3: Market Dynamics - The current market dynamics show that the central bank's operations are crucial in guiding the funding environment, which in turn influences investor expectations in the bond market [22][24] - The high interest rate spread between funding rates and policy rates remains a concern for bond market investors, as the DR007 has been consistently above the OMO + 30 basis points level [17][19]

全力做好直接融资"服务商"，当好服务实体经济主力 军。 提升价值发现能力，加强项目甄别、估值定价、保荐承 销能力建设，率先发布申万宏源上市公司价值管理评价体 系，大力支持上市公司并购重组及产业链龙头整合。拓展普 惠金融服务深度，让普惠金融惠及更多实体。 新三板累计挂 牌企业家数、累计为挂牌企业提供定向发行次数保持第1， 北交所累计承销家数及募资金额排名第2。 坚定履行资本市场"看门人"职责，提升投行项目全周期 风险管理水平。 在2024年投行业务质量评价中荣获A类最高 评价，公司股票保荐、债券承销、并购重组财务顾问及北交 所等投行业务执业质量位列行业前列。 扎实践行社会财富"管理者"，高水平满足客户财富保值 增值需求。 以满足客户多元化配置需求为核心，持续推进产 品体系的建设和提质工作，加速资管业务主动化、公募化转 型，加大定投、指数化产品、固收类产品布局，首批获得粤 港澳大湾区"跨境理财通"业务试点资格，年内共销售金融产 品5,912.27亿元，较上年增长25.08%。 聚焦转型和竞争力提升， 2024年，申万宏源坚持以习近平新时代中国特色社会主义思想 为指导，深入贯彻党中央、国务院决策部署，主动融入、全力 ...

Investment Rating - The report maintains a positive outlook for the China equity market, with raised index targets for MXCN and MXHK, indicating a bullish sentiment for the upcoming quarters [5][6]. Core Insights - The report anticipates a mixed environment for 2Q25, with intertwined upside and downside risks, driven by factors such as better-than-expected EPS growth and potential macroeconomic challenges [5][6]. - The adoption of AI technologies, particularly DeepSeek, is expected to enhance corporate margins by identifying cost-saving opportunities [15][21]. - The report highlights a significant shift in fund flows, with US/HK listed China equity ETFs experiencing substantial net inflows, reversing previous outflows [23][26]. Summary by Sections 2Q25: Margins May Surprise Positively - The report identifies four key positives for 2Q25, including relative EPS growth upcycle within Asia and the positive impact of DeepSeek on corporate margins [7][15]. - The MSCI-China index has shown resilience, benefiting from improved policy visibility and earnings upcycle [7][8]. Index Targets, Sector Allocation, and Top Picks - The report raises all three targets for MXCN from HK$58/67/76 to HK$70/80/89 and for MXHK from HK$9,500/10,700/11,800 to HK$10,300/11,600/12,400 [5][6]. - Sector recommendations include upgrading Discretionary and Healthcare to Overweight (OW) while downgrading Industrials to Neutral [5][6]. Consumption and Retail Trends - Retail sales in China showed a year-on-year increase of 4.0% in January-February 2025, indicating a recovery in consumer sentiment [61][64]. - The report notes that the average home price to household income ratio has reached historically low levels, suggesting improved affordability in the housing market [45][70]. Fund Flows and Market Dynamics - Offshore passive fund flows have driven net inflows into China equities, accounting for 119% of total net inflows year-to-date [26][34]. - The report estimates that a 50 basis point increase in allocation to China could result in US$82 billion (Rmb592 billion) of net inflows [34].

Core Viewpoint - The article highlights the robust growth of China's bond market in the first quarter of 2025, with a total issuance of 20.7 trillion yuan, representing a year-on-year increase of 19%. The growth is driven primarily by interest rate bonds, which saw a significant increase in issuance compared to the previous year [2][5]. Bond Market Overview - As of March 31, 2025, the total bond market in mainland China reached 182.73 trillion yuan, an increase of 6.74 trillion yuan since the beginning of the year. This includes 112.30 trillion yuan in interest rate bonds, 49.22 trillion yuan in credit bonds, and 20.21 trillion yuan in interbank certificates of deposit [2]. - The issuance of interest rate bonds reached 7.9 trillion yuan in Q1 2025, a 49% increase year-on-year, with government bonds increasing by 34% and local government bonds by 80% [3][5]. Issuance Statistics - The total number of bonds issued in Q1 2025 was 11,686, with a total issuance amount of 206,845.3 million yuan, marking a 19% increase compared to the same period last year [5]. - The issuance of credit bonds decreased by 4% year-on-year to 4.5 trillion yuan, while interbank certificates of deposit saw a 13% increase to 8.3 trillion yuan [2][5]. Underwriting Rankings - In the bond underwriting sector for Q1 2025, the top three banks were China Bank, Industrial and Commercial Bank of China, and China Construction Bank, with underwriting amounts of 4,106.3 billion yuan, 3,432.9 billion yuan, and 3,411.4 billion yuan, respectively [8][9]. - For securities firms (excluding local government bonds), the top three were CITIC Securities, Guotai Junan, and CITIC Jianzhong, with underwriting amounts of 2,703.7 billion yuan, 2,595.2 billion yuan, and 1,822.7 billion yuan, respectively [16][20]. Financing Costs - The "CCB-Wind Interbank Bond Issuance Index" indicates that the overall issuance cost in Q1 2025 showed an upward trend, peaking around 42 in mid-February before starting to decline [6]. Credit Bond Underwriting - In the credit bond sector, CITIC Securities, Guotai Junan, and CITIC Bank led the rankings with underwriting amounts of 2,703.7 billion yuan, 2,595.2 billion yuan, and 2,099.2 billion yuan, respectively [33]. Asset-Backed Securities - For asset-backed securities (excluding REITs), Guotai Junan ranked first with an underwriting amount of 398.1 billion yuan, followed closely by CITIC Securities with 394.6 billion yuan [40].