智通财经APP获悉，广发证券发布研报称，进入四季度，市场板块结构上存在一个重要特征：05年至今，顺周期行业在四季度的上涨概率超过65%，且有 超过60%的概率跑赢沪深300。但需要满足一定条件，即"顺周期"行业在四季度的"日历效应"基于宏观经济基本面变好的预期。在宏观基本面亮点不多， 但产业赛道活跃年份，四季度股价对来年指引作用更强，业绩真空期提前演绎来年高增长板块。 广发证券主要观点如下： 思路一：低估值蓝筹的日历效应，但需要满足一定条件 进入四季度，市场板块结构上存在一个重要特征：05年至今，顺周期行业在四季度的上涨概率超过65%，且有超过60%的概率跑赢沪深300。 | 表 1: 2005年以来A股四季度日历效应 | | --- | | | | 四季度上涨概率 | | | | | 四季度跑赢沪深300概率 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 行业 | 四季度 | 10月 | 11月 | 12月 | 行业 | 四季度 | 10月 | 11月 | 12月 | | 国有大型银行II | 84.2% | 57 ...

Core Viewpoint - The surge in bond issuance by securities firms in China reflects a strong demand for capital, driven by increased market activity, expansion of capital-intensive businesses, and favorable financing conditions in a low-interest-rate environment [1][4]. Group 1: Bond Issuance Scale - As of September 28, 2023, the total bond issuance by securities firms has exceeded 1.18 trillion yuan, marking an 83.27% year-on-year increase, with 616 bonds issued compared to 366 in the same period last year [2]. - Monthly issuance saw a significant increase, with July reaching 142.99 billion yuan and August further rising to 275.5 billion yuan, setting new records for both volume and scale [2]. - Leading firms dominate the issuance, with seven firms surpassing 50 billion yuan in bond issuance, including China Galaxy, which issued over 100 billion yuan [2]. Group 2: Use of Funds - The bond issuance is characterized by a diverse allocation of funds, including debt repayment, liquidity support, and targeted investments, particularly in margin trading and derivatives [3]. - A significant portion of the funds is used for refinancing high-interest debt, optimizing debt structures, and enhancing operational capital for business expansion [3]. Group 3: Factors Driving Demand - The increase in bond issuance is attributed to multiple factors, including a strong A-share market, lower financing costs, and a supportive regulatory environment [4]. - The A-share market's performance, particularly the Shanghai Composite Index surpassing key thresholds, has led to a surge in trading activity, boosting demand for capital [4]. Group 4: Issuance Costs - The average interest rates for bond issuance have decreased compared to the previous year, with company bonds averaging 1.89%, subordinate bonds at 2.25%, and short-term financing bonds at 1.77% [5]. - Debt financing is favored over equity financing due to its larger funding capacity, lower costs in the current environment, and flexibility in meeting different business funding cycles without diluting equity [5]. Group 5: Future Outlook - The demand for capital among securities firms is expected to remain strong, with projections indicating continued high bond issuance in the fourth quarter [6]. - Leading firms are likely to strengthen their competitive positions due to capital and cost advantages, potentially intensifying the "Matthew Effect" in the industry [6].

广发证券股份有限公司 特此公告。 广发证券股份有限公司 3、国泰中证全指建筑材料交易型开放式指数证券投资基金（159745）： 广发证券股份有限公司 4、国泰中证新能源汽车交易型开放式指数证券投资基金（159806）： 根据《深圳证券交易所证券投资基金业务指引第2号一一流动性服务》等有关规定，自2025年9月29日 起，本公司指定下列流动性服务商为相关证券投资基金的主流动性服务商： 1、国泰创业板人工智能交易型开放式指数证券投资基金（159388）： 广发证券股份有限公司 2、国泰中证基建交易型开放式指数证券投资基金（159619）： 国泰基金管理有限公司 2025年9月29日 ...

非银行业周报 20250928 季度切换在即，积极布局回调后的非银板块 2025 年 09 月 28 日 ➢ 8 月寿险保费受预定利率切换高增，车险保费维持稳健增长。国家金融监督 管理总局披露保险行业 2025 年 1-8 月保险行业保费收入 47,998 亿元，同比 +9.6%；8 月单月保险行业保费收入 5,913 亿元，同比+35.6%。其中 1 至 8 月 人身险保费收入 35,797 亿元，同比+11.4%，财产险保费收入 12,201 亿元，同 比+4.7%；8 月单月人身险保费收入 4,644 亿元，同比+49.7%，财产险保费收 入 1,268 亿元，同比+0.9%。8 月保费在预定利率切换的背景下保费较快增长， 利率下行背景下，分红险占比有望持续提升，产品结构不断改善，潜在利差损压 力有望缓解。 ➢ 国新办会议回顾"十四五"时期国内金融业发展成就，关注后续政策部署。 9 月 22 日周一，国务院新闻办公室举行"高质量完成'十四五'规划"系列主 题新闻发布会，中国人民银行、国家金融监管总局、证监会主要领导介绍"十四 五"时期金融业发展成就，并答记者问。本次新闻发布会不涉及短期政策调整， "十五 ...

行业周报 | 非银金融 险资配置动作活跃，看好银行股中长期修复空间 金融行业周报（2025/09/28） 核心结论 金融行业周涨跌幅跟踪：1）本周非银金融（申万）指数涨跌幅为-0.09%， 跑输沪深 300 指数 1.16pct。本周证券Ⅱ（申万）、保险Ⅱ（申万）、多元金 融指数涨跌幅分别为-0.18%、+0.46%、-1.51%。2）本周银行（申万）涨跌 幅为-0.48%，跑输沪深 300 指数 1.55pct。按子板块情况看，国有行、股份 行、城商行、农商行本周涨跌幅分别为-0.41%、-0.76%、-0.05%、-0.49%。 投资观点：1）保险：本周保险Ⅱ(申万)+0.46%，跑输沪深 300 指数 0.61pct。 行业降本增效取得进展，寿险 2024 年以来压降成本 3500 亿元，财险综合成 本率、费用率分别创近 10 年、20 年新低。险资配置动作活跃，平安人寿、 长城人寿等多有增持，瑞众人寿减持勤上股份，险企积极配置第二批科创债 ETF，其中泰康人寿认购 20 亿份。我们坚定看好保险股的投资价值，核心在 于负债端反内卷下的供给侧改革叠加权益资产上行的显著受益，保险将成为 产业结构转型下金融业 ...

Group 1 - The company conducted a specific institutional research meeting with three organizations, discussing its "one body, two wings" development strategy and the status of its three main business segments: wire and cable, new materials, and new energy [1] - In the first half of 2025, the company reported a revenue of 9.272 billion yuan, an increase of 8.58% year-on-year, and a net profit of 221 million yuan, up 25.95% year-on-year [2] - The company’s revenue from power products reached 6.315 billion yuan, with a year-on-year growth of 14.85% and a gross margin of 11.37% [2] Group 2 - The third phase of the ultra-high voltage insulation material project is set to commence production soon, with an annual capacity of 60,000 tons, increasing the domestic market share from approximately 15% in 2021 to about 20% [3] - The company has engaged in collaborations with several leading humanoid robot and robotic dog companies, although the revenue contribution from industrial robots and related products remains relatively small [4] - The company employs various strategies to mitigate the impact of raw material price fluctuations, including pricing mechanisms, copper locking, hedging, and order-based production [5] Group 3 - The company's megawatt flash charging products have been consistently delivered, targeting end markets such as urban investment, transportation, public transport, heavy trucks, and charging operators [6]

（1）投资者可以登录本管理人网站（www.gfam.com.cn）查阅相关信息，或拨打本管理人指定客服电 话（95575）咨询。 （2）本集合计划销售机构：广发证券股份有限公司。 2、本集合计划投资于货币市场工具，每万份集合计划暂估净收益和七日年化暂估收益率会因为货币市 场波动等因素产生波动，因此，管理人有权根据集合计划运作情况调整后续管理费，敬请投资者关注相 关风险。 一、管理费调整方案 ■ 注：本公告所述的"基金"是指按照《证券公司大集合资产管理业务适用〈关于规范金融机构资产管理业 务的指导意见〉操作指引》的要求进行变更后的证券公司大集合资产管理产品。 二、其他需要提示的事项 1、投资者可通过下列渠道了解相关信息： 管理人依照恪尽职守、诚实信用、谨慎勤勉的原则管理和运用集合计划财产，但不保证投资于本集合计 划一定盈利，也不保证最低收益。投资者购买本集合计划并不等于将资金作为存款存放在银行或者存款 类金融机构，集合计划份额不等于客户交易结算资金。投资者投资于本集合计划前应认真阅读本集合计 划的合同、招募说明书、产品资料概要等法律文件，充分了解本集合计划的风险收益特征，审慎做出投 资决定。 特此公告。 广发证 ...

9月25日，北京君正集成电路股份有限公司举办现场交流会，接受广发证券、东海证券等2家机构特定对 象调研，董事会秘书张敏出席。调研围绕存储芯片价格、产能、产品线结构与增长、市场拓展、产品销 售、客户模式、研发进展等多方面展开，以下为详细要点。 客户模式与研发进展 公司在汽车市场主要采用经销模式，客户为Tier1厂商。汽车市场LPDDR5需求居多，DDR5处于规划阶 段。NOR FLASH在汽车市场增速受关注。算力方面，公司加大NPU研发，明年中预计推出4T算力IPC 产品。AI MCU今年中已投一版MPW。LED驱动应用于各类车灯。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 对于存储芯片是否涨价及涨价周期，市场观点认为可 ...

截至发稿，中国重汽市值为200亿元。 每经头条（nbdtoutiao）——5年增长33倍，这类新险种卖爆了，身边很多人都需要，30多家险企蜂拥而 入⋯⋯ （记者 王晓波） 每经AI快讯，中国重汽（SZ 000951，收盘价：16.99元）发布公告称，2025年9月26日，中国重汽接受 广发证券等投资者调研，公司董事会秘书张欣等人参与接待，并回答了投资者提出的问题。 2025年1至6月份，中国重汽的营业收入构成为：汽车制造业占比100.0%。 ...

Core Viewpoint - The profit in the new energy vehicle (NEV) industry chain remains highly concentrated in the battery segment, with leading companies demonstrating strong anti-cyclical capabilities despite a slight decline in their market share by Q2 2025 [1] Profitability - The return on equity (ROE) differentiation continues in Q2 2025, with a notable improvement in the copper foil segment. The proportion of companies with a year-on-year decline in ROE decreased from 70% in 2024 to 57% in 2025. The overall ROE in the lithium battery industry chain has shown recovery, with mixed performance in the battery segment and significant improvement in the copper foil segment [2] Solvency - Leading companies are reducing their debt levels while others are increasing leverage to alleviate financial pressure. The operating cash flow continues to flow towards battery leaders, with total cash flow for the entire industry chain reaching 287.4 billion, 42 billion, and 69.2 billion in 2024, Q1 2025, and Q2 2025 respectively. The combined cash flow for leading battery companies, CATL and BYD, accounted for 81%, 99%, and 71% of these amounts [3] Operational Efficiency - The turnover rate has improved, with inventory and accounts receivable remaining stable. In H1 2025, 64% of companies experienced a year-on-year decline in fixed asset turnover, a significant reduction from 96% in 2024, indicating improved asset utilization. The overall inventory turnover rate remained stable, with 55% of companies experiencing a decline, while accounts receivable turnover also saw a 55% decline, indicating slightly increased collection pressure [4] Financial Framework - Profitability turning points are imminent for lithium iron phosphate, batteries, anodes, and copper foil. Leading companies have seen ROE improvements over the past eight quarters, including CATL, Fulimeng Technology, and Shantai Technology, with profitability in lithium iron phosphate, anodes, and copper foil showing quarter-on-quarter improvement. Capital expenditure has remained low since peaking in Q4 2022, with a tight supply-demand balance expected in 2024 and H1 2025 [5]