（文章来源：每日经济新闻） 每经AI快讯，9月23日，港股中资券商股集体下跌，截至发稿，中州证券(01375.HK)跌4.81%，报2.57港 元；招商证券(06099.HK)跌4.47%，报15.82港元；光大证券(06178.HK)跌3.91%，报10.33港元；中信建 投证券(06066.HK)跌3.75%，报12.85港元。 ...

此外，摩根士丹利发表研报称，A股市场日均成交额(ADT)持续高企，目前对全年ADT预测更具信心， 将2025年ADT预测上调53%至1.53万亿元人民币，并预测2026及2027年ADT将保持每年5%至6%的按年 增长。相应将所覆盖中资券商2025至2027年各年盈利预测平均上调25%、23%及20%， 智通财经APP获悉，中资券商股集体下跌，截至发稿，中州证券(01375)跌4.81%，报2.57港元；招商证 券(06099)跌4.47%，报15.82港元；光大证券(06178)跌3.91%，报10.33港元；中信建投证券(06066)跌 3.75%，报12.85港元。 中泰证券发布研报称，美联储降息预期已被市场充分交易，此次结果并未超预期，因而在落地后引发投 资者情绪的回落，风险偏好短期有所降温。国泰海通证券则表示，最近一个月非银板块跑输指数。但该 行认为这一现象主要是交易因素影响，非银基本面持续向好。随着三季度市场上涨叠加成交量放大，权 益投资及证券经纪业务持续改善，三季度业绩有望实现同比和环比高增。 ...

2024年，锂电池板块营收2.25万亿元，同比略增0.07%；净利润1101.4亿元，同比下降22.02%。2025年 上半年，锂电池板块营收1.14万亿元，同比增长13.78%，正增长公司占比67.92%；净利润679.5亿元， 同比增长28.07%，正增长公司占比59.43%。豫股锂电池合计3家标的，标的数量在锂电池板块中占比 2.83%；豫股锂电池营收和净利润规模总体较小，其中豫股锂电池总营收占比在1.1%左右波动、而净利 润波动较大，2024年豫股锂电池总营收同比下降44.85%，净利润亏损；2025年上半年总营收下降 1.15%，净利润持续亏损。 全球及我国新能源汽车销售持续增长 智通财经APP获悉，中原证券发布研报称，2025年上半年，锂电池板块营收1.14万亿元，同比增长 13.78%，正增长公司占比67.92%；净利润679.5亿元，同比增长28.07%，正增长公司占比59.43%。2025 年以来，锂电产业链主要材料价格差异化，其中碳酸锂高度相关材料价格总体仍承压、钴相关产品价格 受外部政策影响显著上涨。截至9月19日：碳酸锂价格7.25万元/吨，较年初下跌4.28%，产业链价格下 降主要与 ...

Market Analysis - The A-share market experienced slight upward movement, with the Shanghai Composite Index and the ChiNext Index's average P/E ratios at 15.73 and 49.46 respectively, indicating a suitable environment for medium to long-term investments [1][2] - Key sectors showing strong performance include multi-financial, optical electronics, photovoltaic equipment, and batteries, while weaker sectors include precious metals, retail, fertilizers, and tourism [1][2] Industry Research - The lithium battery index has outperformed the CSI 300 index since 2025, with a 48.12% increase, surpassing the CSI 300 by 33.71 percentage points [2] - In 2024, the lithium battery sector's revenue was 2.25 trillion yuan, a slight increase of 0.07%, while net profit decreased by 22.02% to 110.14 billion yuan [2] - By the first half of 2025, the sector's revenue reached 1.14 trillion yuan, a 13.78% year-on-year growth, with 67.92% of companies reporting positive growth [2] Electric Vehicle Market - Global and domestic sales of new energy vehicles continue to grow, with significant price differentiation in lithium battery materials; lithium carbonate prices remain under pressure while cobalt-related products have seen price increases due to external policies [3] - In August 2025, 1.395 million new energy vehicles were sold in China, marking a 26.82% year-on-year increase and a 10.54% month-on-month increase [4] Semiconductor Industry - The semiconductor sector showed strong performance in August 2025, with the domestic semiconductor industry index rising by 23.84%, outperforming the CSI 300 index [5] - The integrated circuit segment increased by 31.47%, while discrete devices and semiconductor materials rose by 16.29% and 15.24% respectively [5] Telecommunications Sector - The telecommunications industry index outperformed the CSI 300 index in August 2025, increasing by 33.78% [4] - As of July 2025, 5G mobile phone users accounted for 62.7% of total mobile phone users, with a monthly data usage of 20.91GB per user, reflecting a 12.9% year-on-year increase [4]

Core Viewpoint - Zhonglan Environmental reported a significant decline in financial performance for the first half of 2025, with a notable drop in both revenue and net profit, alongside regulatory scrutiny regarding shareholder reporting obligations [1][2][3]. Financial Performance - In the first half of 2025, Zhonglan Environmental achieved operating revenue of 291 million CNY, a decrease of 3.68% compared to the same period last year [2][3]. - The net profit attributable to shareholders was 5.63 million CNY, down 55.05% year-on-year [2][3]. - The net profit after deducting non-recurring gains and losses was 2.88 million CNY, reflecting a decline of 68.80% compared to the previous year [2][3]. - The net cash flow from operating activities was -1.38 million CNY, indicating a significant deterioration [2][3]. Shareholder Regulatory Issues - Liu Qingsong, a major shareholder holding over 5% of Zhonglan Environmental, failed to report and announce his shareholding reduction in compliance with regulations, leading to a warning from the Shenzhen Securities Regulatory Bureau [1]. - The regulatory action was based on violations of the "Measures for the Administration of the Acquisition of Listed Companies" [1]. Company Background - Zhonglan Environmental was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on September 16, 2021, with an initial public offering of 24.7 million CNY [4]. - The company raised a net amount of 19.79 million CNY from the IPO, which was intended for engineering testing centers and working capital [4].

Group 1 - Southbound funds increased their holdings in Zhongzhou Securities (01375.HK) by 447,000 shares on September 19, 2025, marking a 0.06% change [1][2] - Over the past five trading days, southbound funds have increased their holdings for four days, with a total net increase of 4.759 million shares [1] - In the last 20 trading days, there have been 15 days of net increases in holdings by southbound funds, totaling 27.039 million shares [1] Group 2 - As of September 19, 2025, southbound funds hold 754 million shares of Zhongzhou Securities, accounting for 63.05% of the company's total issued ordinary shares [1] - The total number of shares held by southbound funds has shown a consistent upward trend, with notable increases on September 18 (3.855 million shares) and September 17 (1.884 million shares) [2] - Zhongzhou Securities operates in various segments, including securities brokerage, futures brokerage, margin financing, investment banking, proprietary trading, investment and asset management, overseas business, and other operations [2]

Core Viewpoint - Zhongyuan Securities experienced a decline in stock price, with a current trading price of 4.50 CNY per share and a market capitalization of 20.893 billion CNY, reflecting a 4.58% increase year-to-date but a recent decline over the past five and twenty trading days [1] Group 1: Stock Performance - As of September 19, Zhongyuan Securities' stock price decreased by 2.17%, with a trading volume of 211 million CNY and a turnover rate of 1.35% [1] - The stock has seen a 4.66% drop over the last five trading days and a 5.66% drop over the last twenty trading days, while it has increased by 7.07% over the last sixty days [1] Group 2: Financial Performance - For the first half of 2025, Zhongyuan Securities reported a net profit of 260 million CNY, representing a year-on-year growth of 29.34% [2] - The company had zero operating revenue for the same period [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 3.84% to 120,400, while the average number of circulating shares per person increased by 3.99% to 28,630 shares [2] - The company has distributed a total of 1.472 billion CNY in dividends since its A-share listing, with 204 million CNY distributed in the last three years [3] Group 4: Major Shareholders - As of June 30, 2025, the top ten circulating shareholders included the Guotai CSI All-Index Securities Company ETF, which held 42.5912 million shares, a decrease of 4.443 million shares from the previous period [3] - Hong Kong Central Clearing Limited entered the top ten shareholders with 34.6834 million shares, while Huabao CSI All-Index Securities Company ETF exited the list [3]

Market Analysis - The A-share market experienced a slight upward movement, with the Shanghai Composite Index facing resistance around 3876 points before stabilizing in the afternoon [1] - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are 15.74 times and 48.91 times, respectively, indicating a suitable environment for medium to long-term investments [1] - The total trading volume on the two exchanges reached 23.673 trillion yuan, above the median of the past three years [1] Industry Monthly Report: Telecommunications - The telecommunications industry index outperformed the CSI 300 index in August 2025, rising by 33.78% compared to the Shanghai Composite Index's 7.97% increase [1] - Cumulative telecommunications revenue from January to July 2025 reached 1,043.1 billion yuan, reflecting a year-on-year growth of 0.7% [1] Industry Monthly Report: 5G and Digital Integration - As of July 2025, 5G mobile phone users accounted for 62.7% of total mobile phone users, with a monthly data usage (DOU) of 20.91 GB per user, up by 12.9% year-on-year [2] - The proportion of gigabit and above fixed broadband users reached 33.3% of total users, highlighting the focus on key sectors such as industrial manufacturing and digital government [2] Industry Monthly Report: Lithium Battery and New Energy Vehicles - The lithium battery sector index increased by 13.23% in August 2025, outperforming the CSI 300 index [2] - New energy vehicle sales in China reached 1.395 million units in August, marking a year-on-year increase of 26.82% and a month-on-month increase of 10.54% [2] - The installed capacity of power batteries in August was 52.50 GWh, reflecting a year-on-year growth of 32.42%, with CATL, BYD, and Zhongxin Innovation leading the market [2] Industry Monthly Report: Semiconductor Sector - The semiconductor industry showed strong performance in August 2025, with the domestic semiconductor index rising by 23.84%, significantly outperforming the CSI 300 index [2] - The integrated circuit segment surged by 31.47%, while discrete devices and semiconductor materials rose by 16.29% and 15.24%, respectively [2] - Year-to-date, the semiconductor industry index has increased by 36.16% [3]

Group 1 - E Fund Management Co., Ltd. increased its stake in Zhongzhou Securities (01375) by 247,000 shares at a price of HKD 2.85 per share, totaling approximately HKD 704,000 [1] - After the increase, the total number of shares held by E Fund is approximately 156 million, representing a holding percentage of 13.02% [1]

Group 1 - E Fund Management Co., Ltd. increased its stake in Zhongzhou Securities (01375.HK) by purchasing 247,000 shares at an average price of HKD 2.85 per share, totaling approximately HKD 704,000 [1] - Following the purchase, E Fund's total shareholding in Zhongzhou Securities rose to 155,633,000 shares, increasing its ownership percentage from 13.00% to 13.02% [1]