免责 声 明 本内容最终解释权归申万宏源证券有限公司所有。 2025年3月28日，由申万宏源担任牵头主承销商的常德市城市建设投资集团有限公 司2025年面向专业投资者非公开发行公司债券（第二期）成功发行！本期债券发行规 模4.15亿元，债券期限5年，票面利率2.69%。 发行人作为常德市最大城投平台，长期以来都是我司重点服务的区域核心客户。在 当前债券市场偏紧的形势下，本期债券的成功发行尤为难得，赢得了发行人的高度认 可，也为双方未来持续深化合作筑牢了坚实根基。 本次项目的成功发行将进一步加深我司后续与发行人的合作广度和深度，是公司践 行"深耕区域、服务实体"战略的重要成果，未来，公司将持续发挥全牌照综合金融服务 优势，为地方国企提供定制化融资解决方案，助力区域经济高质量发展。 ...

证券代码：601377 证券简称：兴业证券 公告编号：临2025-004 兴业证券股份有限公司 2024年年度业绩增长快报 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。 本公告所载兴业证券股份有限公司（以下简称"公司"）2024年年度主要财务数据为初步核算数据，未经 会计师事务所审计，具体数据以公司2024年年度报告中披露的数据为准，提请投资者注意投资风险。 一、2024年年度主要财务数据和指标（合并报表） 三、风险提示 本公告所载2024年年度主要财务数据为初步核算数据，未经会计师事务所审计，相关数据可能与公司 2024年年度报告中披露的数据存在差异，具体数据以公司2024年年度报告中披露的数据为准，提请投资 者注意投资风险。 单位：人民币 万元 ■ 二、经营业绩和财务状况情况说明 2024年，公司锚定建设一流投资银行的战略目标，聚焦金融"五篇大文章"，深刻把握金融工作的政治性 和人民性，积极发挥证券金融机构的功能性，以高质量发展为主题、以深化改革转型为主线，稳步提升 服务实体经济与居民财富管理的专业水平，持续提升资产配置 ...

证券代码：002673 证券简称：西部证券 公告编号：2025-016 债券代码：149908 债券简称：22西部05 149949 22西部06 148177 23西部02 148339 23西部03 148391 23西部04 148424 23西部05 148699 24西部01 登录新浪财经APP 搜索【信披】查看更多考评等级 一、主要财务数据概况（合并口径） 截至2024年12月31日，公司未经审计的净资产为人民币290.94亿元，借款余额为人民币369.99亿元。截 至2025年3月31日，公司借款余额为人民币450.62亿元，累计新增借款人民币80.63亿元，累计新增借款 占上年末净资产比例为27.71%，超过20%。 148753 24西部02 148865 24西部03 148924 24西部04 524008 24西部05 524106 25西部01 524164 25西部02 西部证券股份有限公司当年累计新增借款超过上年末净资产的百分之二十的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 根据《公司债券发行与交易管理办法》《深圳证券 ...

Core Viewpoints - The report maintains a bullish outlook on Chinese assets, asserting that the current environment presents more opportunities than risks, especially in light of the recent unexpected U.S. tariffs and rising recession expectations globally [1] - The framework of nominal growth rate differences between China and the U.S. is emphasized as a critical variable for A-share market recovery, with the expectation that this divergence will drive asset price recovery in China [2] Economic Performance - China's economy is expected to achieve a good start in 2025, supported by continuous optimization of supply structure and improvement in effective demand, leading to enhanced internal economic momentum [4] - The macroeconomic policy has shifted since late September 2023, with counter-cyclical adjustment tools being actively deployed, indicating a clear recovery trend in the fundamentals of the Chinese economy [4] Policy Adjustments - There remains significant room for policy adjustments in China, with monetary policy having ample space for further easing, and fiscal policy set to increase spending intensity and pace [4] - The upcoming Politburo meeting is highlighted as a key observation point for potential counter-cyclical policy announcements [4] Real Estate Market - Confidence in the real estate sector has improved, with recent government measures aimed at stabilizing the market showing signs of effectiveness, as evidenced by stabilizing second-hand housing prices in major cities [4] Debt Management - Overall debt risks are deemed controllable, with the government implementing various measures to enhance risk prevention and management, including a comprehensive debt reduction policy [5] Market Sentiment - The announcement from Central Huijin regarding the increase in ETF holdings reflects a commitment to supporting the stability of the capital market, indicating confidence in the future development of China's capital markets [5]

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].