炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：郑权 近日，42家纯证券业务上市券商2025年半年报披露完毕。42家上市券商2025年上半年合计实现营业总收入2519亿元，同比增长31%；实现归母净利润1040亿 元，同比增长65%。 42家券商中，中信证券今年上半年的营收最高为330.39亿元；太平洋营收最低，仅6.15亿元。营收增速最快的是国联民生，高达269.4%的增速与两家券商合 并有关；营收增速最低的是浙商证券，为-23.66%。 在行业营收快速增长的今年上半年，浙商证券营收却大降，一方面是因为期货公司现货销售收入减少，另一方面资管业务手续费净收入大幅下降23.58%， 公司资产管理业务经营净值规模有所下滑，平均受托资产管理收益率（主动管理）降幅明显。此外，浙商证券5月份将国都证券并表，但后者营收、净利润 双降。 浙商证券营收降幅最大 主动管理业务"量价齐跌" wind显示，42家上市券商2025年上半年合计实现营业总收入2519亿元，同比增长31%；实现归母净利润1040亿元，同比增长65%。其中，中信证券营收最高 为330.39亿元； ...

导语：2024年被业内公认为AI应用爆发元年，AI将像水电一样成为基础服务赋能各行各业。随着2025 年半年报的收官，A股那些AI应用标的业绩表现如何？相关AI业务有没有形成商业正向循环？相关AI业 务含金量究竟如何？ 出品：新浪财经上市公司研究院 文/夏虫工作室 核心观点：昆仑万维（维权）股价在AI加持下暴涨，实控人一边高溢价腾挪，一边逢高减持。值得注 意的是，公司高溢价接盘标的疑似与实控人关系密切。这一系列运作背后有没有实控人资本套利局？此 外，公司游戏业务大幅下滑，欧朋月活下降，公司超50亿商誉是否可能埋雷？ 昆仑万维成立于2008年，2015年登陆深交所，最早公司主业以游戏为主。由于游戏业务遭遇瓶颈，随后 公司通过外延式并购进行扩张。 根据公开资料，其主要核心并购事件如下： 2020年10月，昆仑万维耗资5亿拿下挪威老牌浏览器公司Opera，其主要为提供搜索引擎和新闻资讯服务 的社交媒体平台； 2021年2月，昆仑万维近14亿收购美国音频社交平台StarGroup并更名为StarX，其主打产品StarMaker以 在线K歌娱乐平台为切入点，提供语音房、直播间、休闲游戏等互动娱乐场景； 2023年6月收 ...

Core Viewpoint - The film "731" has achieved significant pre-sale box office success, surpassing 10 million yuan, which has positively impacted the A-share film industry, leading to a collective surge in stock prices of related companies [4][8]. Film Performance and Market Impact - "731" focuses on the war crimes of the Japanese army's Unit 731 and is set to release on September 18, 2025, coinciding with the 94th anniversary of the "September 18 Incident," giving it historical and contemporary significance [6]. - The film has generated substantial market interest, with over 5.9 million people wanting to see it on the Maoyan platform and over 2.1 million on the Taopiaotao platform. The film's first-day screening accounted for 99.5%-99.8% of the total market share, with over 55,000 screenings scheduled within hours of the pre-sale launch [6][9]. Reasons for Stock Surge - The film's high pre-sale performance and screening rate have led to market expectations that its box office could exceed forecasts, with estimates ranging from 3 billion to 5 billion yuan, benefiting companies involved in its production, distribution, and screening [9]. - The overall recovery of the film industry is supported by strong box office performance in the summer of 2025, which has exceeded 5.5 billion yuan, and the success of previous films like "Nanjing Photo Studio" has boosted market confidence [9]. - Several film companies have reported significant improvements in mid-year performance, such as Wanda Film's net profit increasing by 341% year-on-year to 394 million yuan, providing fundamental support for the sector's growth [9]. Beneficiary Companies Analysis - China Film (600977) experienced a stock price surge due to its close ties with "731," as it is one of the main production companies and also involved in overseas distribution and technical support for the film [11]. - Cinema chains like Wanda Film and Hengdian Film are positioned to benefit from increased box office revenues, as they receive approximately 52% of total box office earnings [11].

Core Viewpoint - The recent financial report from Proya Cosmetics reveals a significant slowdown in growth, with revenue increasing by only 7.21% and net profit by 13.80%, marking the lowest growth rates in five years [1][2]. Financial Performance - Proya's revenue for the first half of 2025 reached 5.362 billion yuan, while net profit was 799 million yuan [1]. - The revenue growth rate of 7.21% is a stark contrast to the previous year's peak of 37.9%, and net profit growth has decreased from 40.48% to 13.80% [2]. - The core brand "Proya" experienced a slight revenue decline of 0.08%, the first negative growth in five years, raising concerns about its competitive strength [2]. Marketing and Sales Strategy - The company has increasingly relied on high marketing expenditures, with sales expenses reaching 2.659 billion yuan, a 13.64% increase year-on-year, accounting for 49.59% of total revenue [2]. - This "investment for growth" model shows signs of fatigue, as the growth rate of sales expenses outpaces revenue growth [2]. Corporate Actions and Management Changes - Proya announced plans to issue H-shares for a Hong Kong listing to accelerate its international strategy, despite its overseas business currently contributing less than 5% to total revenue [3]. - The company is undergoing significant management changes, including the appointment of a new general manager and the departure of several key executives [3]. - Concerns have been raised regarding the motivations behind the Hong Kong listing, especially in light of substantial insider selling by executives [3]. Challenges and Strategic Vision - Proya faces challenges such as insufficient R&D investment, frequent product quality complaints, and high uncertainty in overseas market expansion [4]. - The company's "Double Ten" strategic vision aims to position it among the top ten global cosmetics companies within the next decade, necessitating a tenfold increase in its current scale [4].

深交所对*ST京蓝（维权）2023年年报的问询函终于得到回复。2024年5月14日，*ST京蓝收到深圳证券 交易所上市公司管理一部下发的《关于对京蓝科技股份有限公司2023年年报的问询函》。时隔至今一年 半左右。 这家一度深陷经营困境的公司通过破产重整实现了账面利润转正，但核心业务的可持续性、商誉减值风 险以及历史遗留问题仍为其未来经营埋下不确定性。 重整完成业绩逆转，主营业务依然疲软 *ST京蓝2023年财报显示，公司实现营业收入1.49亿元，同比下滑23.59%；但净利润却达到10.56亿元， 实现扭亏为盈。这一业绩逆转主要得益于公司破产重整计划的执行完毕。 公司确认了高达27.78亿元的重整收益，包括债转股、资产处置等收益。然而，剔除重整收益等非经常 性损益后，公司扣非净利润仍为巨额亏损-13.98亿元。 这已经是公司连续第三年扣非净利润为负，2021年至2023年期间，扣非净利润分别为-15.19亿 元、-12.92亿元和-13.98亿元。营业收入也呈现持续下滑态势，从2021年的7.38亿元降至2023年的1.49亿 元。 为改善经营状况，公司在重整过程中剥离了生态节水运营服务业务和园林环境科技服务 ...

Core Viewpoint - Roman Co. has received a regulatory inquiry from the Shanghai Stock Exchange regarding its plan to acquire a 39.2308% stake in Shanghai Wutong Tree High-tech Co., Ltd. for 196 million yuan, which values the company at 513 million yuan, reflecting a staggering appreciation rate of 1687.42% [1][2]. Group 1: Acquisition Details - The acquisition involves a high premium, as Roman Co. operates in the landscape lighting sector while Wutong High-tech is engaged in AIDC computing infrastructure integration services, indicating a significant industry divergence [2]. - Wutong High-tech, established only 20 months ago, reported a revenue of 32.941 million yuan and a net loss of 1.0857 million yuan for 2024, raising concerns about its financial viability [2]. - Despite its modest historical performance, Wutong High-tech has committed to achieving a cumulative net profit of no less than 400 million yuan from 2025 to 2027, which contrasts sharply with its current earnings [2]. Group 2: Risks and Concerns - Roman Co. has highlighted several risks associated with the acquisition, including integration challenges due to a lack of relevant industry management experience [3]. - The potential for goodwill impairment is significant, as the acquisition will create a large amount of goodwill on the balance sheet, which could adversely affect profits if Wutong High-tech's performance deteriorates [3]. - The risk of not meeting performance commitments is also a concern, given Wutong High-tech's small business scale and low market share, which could be impacted by macroeconomic fluctuations or changes in industry policy [3]. - The ability of the guarantor, Shanghai Bahuang, to fulfill its performance compensation commitments is uncertain, as it was only established recently and has not completed its capital contributions [3]. Group 3: Transaction Structure - The transaction is complex, involving a "performance betting + share pledge" structure, where Wutong's affiliates will acquire 5.04% of Roman Co. for 183 million yuan and pledge it as a performance compensation guarantee [4]. - Regulatory authorities have requested clarification on the basis and reasonableness of the performance commitments, as well as any potential conflicts of interest among the parties involved in the transaction [4].

新疆雪峰科技（集团）股份有限公司（证券代码：603227，证券简称：雪峰科技）近日公告了对中证中 小投资者服务中心《股东质询函》的回复。 2024年9月，广东宏大收购了盛世普天51%的股权。不到一年后，即在2025年8月，广东宏大又将这部分 股权转售予雪峰科技。 投资者服务中心的关注点集中于雪峰科技从广东宏大控股集团股份有限公司收购青岛盛世普天科技有限 公司51%股权的交易细节，该交易因其估值在标的公司业绩下滑期间保持稳定而引发市场疑问。 交易背景与质询核心 这两次交易采用了相同的收益法评估，但评估基准日不同：前次为2024年6月30日，后者为2025年3月31 日。 引人关注的是，尽管盛世普天的净利润呈现持续下降态势，但其估值却基本保持不变。 根据回复公告，盛世普天2023年净利润为2639.08万元，2024年1-6月净利润为905.57万元，而2024年全 年净利润仅为294万元，意味着其在2024年下半年已经出现亏损。 进入2025年，其第一季度再次亏损539万元。然而，两次交易的评估值却极为接近，分别为30，115.77 万元和30，153.38万元。 公司回应与风险提示 雪峰科技在回复公告中详细解 ...

经营现状挑战，毛利率下滑与现金流承压 远程电缆股份有限公司（证券代码：002692，以下简称"远程股份（维权）"）近期对外披露了针对深圳 证券交易所第二轮审核问询函的回复公告。 该公司申请向特定对象发行股票的计划，在监管层的反复追问下，其历史上因原实际控制人夏建统违规 操作引发的系列问题、当前主营业务的盈利能力以及可能面临的投资者索赔风险等诸多细节被置于聚光 灯下。 历史遗留问题，监管关注与潜在风险 远程股份的历史合规性问题无疑是此次审核关注的焦点。2017年至2019年间，公司因原实际控制人夏建 统的违规行为而受到深交所纪律处分及江苏证监局的行政处罚。 这些违规行为包括未及时披露且未在定期报告中披露对外担保、关联交易、或有负债、重大诉讼和仲裁 等。据江苏证监局行政处罚决定书披露，截至2018年末，远程股份违规担保余额达5.44亿元，占其2017 年末经审计净资产的36.31%。 这些历史问题直接导致了公司实际控制权的变更。2020年2月，无锡市国资委成为公司新的实际控制 人。新任管理层采取了一系列整改措施，包括追溯调整财务数据、计提预计负债、更换管理层等。 尽管公司声称相关问题已整改完毕，且发生在三年前，但 ...

Core Insights - The digital investment era has led to a significant increase in the monthly active users of Chinese securities apps, surpassing 166 million with a penetration rate of 15.46% [1][2] - Young investors are shifting from traditional methods of monitoring the market to embracing intelligent tools for investment decisions, with the Sina Finance app standing out due to its global perspective, AI-driven features, and social validation [1][2] Group 1: Tool Revolution - The demand for digital tools among investors has surged dramatically as the A-share market remains active in 2025 [2] - Stock trading apps have evolved from simple market access to comprehensive decision-making hubs that integrate global monitoring, intelligent analysis, and strategy execution [2] Group 2: Sina Finance App's Advantages - Sina Finance app operates on a three-dimensional framework of "global monitoring, intelligent tools, and social validation," connecting individual investors with institutional-level information [5] - It covers over 40 financial markets, including A-shares, Hong Kong stocks, US stocks, futures, foreign exchange, and precious metals, with a market data refresh rate of 0.03 seconds [5][9] - The app provides timely interpretations of major events, such as Federal Reserve decisions and domestic monetary policy changes, with a lead time of 5-10 seconds over competitors [5] Group 3: AI Decision-Making - The "Xina AI Assistant" launched in 2025 offers instant interpretations of announcements, highlighting risks and opportunities in financial reports [6] - This AI tool can condense lengthy annual reports into concise summaries, identifying key risk points and potential opportunities [6] - The app's "Capital Compass" feature enhances the accuracy of tracking major market movements, improving upon traditional analysis methods by 47% [6] Group 4: Social Validation - The integration of insights from influential financial figures on Weibo enhances the app's community-driven analysis, allowing users to react swiftly to market changes [7] - Users can complete sell transactions within 60 seconds during market volatility, showcasing the app's efficiency in decision-making [7] Group 5: Global Configuration - Sina Finance app's ability to seamlessly connect over 40 markets provides a competitive edge, especially during market fluctuations when other apps experience delays [9] - Its unique "Capital Flow System" accurately tracks northbound capital movements, while the "Basis Insight" module generates automatic hedging strategies for futures investors [9] Group 6: Competitive Landscape - The market is dominated by three main apps: Sina Finance, Tonghuashun, and Eastmoney, each with distinct advantages [10] - Tonghuashun is preferred for technical analysis, while Eastmoney excels in community engagement and fund services [10] Group 7: Young Investors' Preferences - Young investors are categorized into three types based on their investment styles, with preferences for different trading apps that suit their needs [12] - Global allocation investors favor Sina Finance for its extensive market coverage and AI alerts, while technical enthusiasts prefer Tonghuashun or Futu NiuNiu for their advanced trading features [12] Group 8: Future Trends - The rise of the Z generation as active participants in the stock market signifies a shift towards technology democratizing investment tools [13] - The evolution of trading apps from mere market access to comprehensive decision-making platforms reflects a broader trend of empowering individual investors [13]

Core Viewpoint - Despite overall growth in the automotive industry, NIO is experiencing significant challenges, with a substantial loss of 12 billion yuan in the first half of 2025, indicating a difficult recovery phase for the company [1][4]. Financial Performance - NIO reported a total revenue of 31.04 billion yuan in the first half of 2025, representing a year-on-year increase of 13.5%, while the net profit was a loss of 12.03 billion yuan, which is a 15.9% increase in losses compared to the previous year [5][6]. - In Q2 2025, NIO delivered 72,056 vehicles, achieving a revenue of 19.01 billion yuan, which is a 9.0% year-on-year growth, and a net loss of 5.14 billion yuan, showing a stabilization in losses compared to previous quarters [5][6]. Sales and Pricing Strategy - The increase in sales is primarily driven by lower-end models, with flagship model ET's sales dropping below 100 units in September, raising concerns about the sustainability of the price-for-volume strategy [3][10]. - The average selling price of NIO vehicles fell to 224,000 yuan, down 18.1% year-on-year and 5.2% quarter-on-quarter, while the gross profit per vehicle decreased significantly by 30% year-on-year [7][10]. Debt and Financing - NIO's debt ratio has risen to 93%, significantly higher than other new energy vehicle manufacturers, despite raising 3.3 billion USD in 2023 and additional financing in 2024 and 2025 [3][11][14]. - Cash reserves have plummeted over 70% to 7.11 billion yuan, while accounts receivable surged by 126% to 12.76 billion yuan, indicating severe cash flow and debt challenges [14]. Competitive Landscape - The domestic electric vehicle market is becoming increasingly competitive, with strong rivals like AITO M8, Li Auto i8, and Tesla Model Y posing direct threats to NIO's flagship models [14]. - NIO's strategy of relying on lower-priced models to drive sales raises concerns about its long-term profitability and market positioning [6][10].