Core Insights - The communication industry experienced steady revenue growth and improved profitability in the first half of 2025, with total revenue reaching 17,850.03 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 1,604.32 billion yuan, up 11.26% year-on-year [1][2]. Revenue and Profit Analysis - In Q2 2025, the communication industry continued to show robust growth, achieving revenue of 9,424.83 billion yuan, a year-on-year increase of 10.91%, and net profit attributable to shareholders of 986.82 billion yuan, up 12.33% year-on-year [2]. - The adjusted net profit after excluding non-recurring items for Q2 2025 was 912.62 billion yuan, reflecting a year-on-year growth of 12.94% [2]. Sector Performance - The top-performing sectors in terms of revenue growth in H1 2025 included optical modules, communication PCBs, network equipment manufacturers, IoT modules, and base station RF components [2]. - The sectors with the highest net profit growth in H1 2025 were optical modules, communication PCBs, network security and visualization analysis, IoT modules, and network equipment manufacturers [2]. Market Trends - The industry is currently underweight, with capital expenditure on computing power maintaining high growth. The domestic market is accelerating in line with global AI development trends, indicating significant upward potential for the communication industry [3]. - The AI computing power supply chain is expected to continue its rapid development in 2025, driven by evolving demand in inference, which will benefit the communication industry's related supply chain [3]. Recommended Stocks - Key stocks recommended include: - Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Guangxun Technology, Huagong Technology, Dekeli [4]. - CPO/Silicon Photonics: Tianfu Communication, Shijia Photonics, Yuanjie Technology, Guangku Technology, Changguang Huaxin, Taicheng Light [4]. - PCB: Hudian Co., Shenzhen South Circuit [4]. - End-side: Guanghetong, ZTE Corporation [4]. - IDC/Liquid Cooling: Wangsu Technology, Aofei Data, Guanghuan New Network [5]. - Network Side: ZTE Corporation, Ruijie Networks, Unisplendour, Fenghuo Communication, Feiling Kesi [5]. - High-speed Copper Cables: Zhaolong Interconnect [5]. - Operators: China Mobile, China Telecom, China Unicom [5]. - Military Communication Related Stocks: Haige Communication, Qiyi Er, Changying Tong [5]. US Stock Recommendations - Related US stocks include Credo, MaxLinear, Arista Networks, Century Internet, Coherent, Lumentum, Broadcom, Marvell, AXT [6].

Core Viewpoint - The total scale of asset management products in China reached 75.38 trillion yuan as of Q2 2025, with significant contributions from securities companies and their subsidiaries [1][2]. Group 1: Asset Management Product Overview - The total scale of asset management products managed by securities companies and their subsidiaries is approximately 6.14 trillion yuan, with 10,903 collective asset management plans totaling about 30,866.67 billion yuan [1][2]. - As of September 17, 2025, 22 securities firms disclosed their collective asset management plan scales, with nine firms, including CITIC Securities and Guotai Junan, managing over 100 billion yuan each [2]. Group 2: Performance of Securities Asset Management Products - The average return for collective asset management products that have been established for over a year is 9.78%, with a median return of 3.53% [5]. - Among the various types of collective asset management products, stock-type products have the highest average return of 42.03%, while bond-type products have the most significant number at 1,930, with an average return of 3.89% [5][11]. Group 3: Top Performing Products - The top-performing mixed-type asset management products include "Guotai Junan Junxiang Yuanjian" and "Shiji Tianyi No. 1," with significant returns over the past year [6][7]. - The leading stock-type product is "CITIC Securities Zhisheng 500 Index Enhanced No. 1," which has shown impressive returns [11][13]. - The top FOF product is "Guojin Xinxiang Citaong No. 9 FOF," which has also demonstrated strong performance [14][20]. - The best-performing bond-type product is "Diyi Chuangye Convertible Bond Flexible Allocation No. 1," which has achieved notable returns [21][22].

Core Viewpoint - Ctrip Group (09961) maintains a strong growth trajectory with robust revenue and profit increases, driven primarily by hotel bookings and international business, leading to an "overweight" rating from Guotai Junan [1][2] Group 1: Financial Performance - For Q2 2025, Ctrip achieved revenue of 14.864 billion RMB, a 16.23% increase year-on-year, and a net profit attributable to shareholders of 4.864 billion RMB, up 26.4% [1] - Adjusted net profit forecasts for 2025, 2026, and 2027 are set at 18.325 billion RMB, 20.660 billion RMB, and 22.721 billion RMB respectively [1] - Adjusted EBITDA for the quarter was 4.880 billion RMB, reflecting a 10% increase, while adjusted operating profit rose by 10.4% to 4.668 billion RMB [1] Group 2: Revenue Breakdown - Revenue sources showed significant growth: accommodation bookings increased by 21.2%, transportation ticketing by 10.8%, group tours by 5.3%, business travel by 9.3%, and other revenues surged by 31% [1] - Domestic hotel performance outpaced transportation, indicating a low double-digit growth potential, while outbound business remained stable [1] Group 3: Market Position and Competitive Landscape - Ctrip's market share is reportedly increasing, with high growth rates in revenue aligning with previously tracked high-frequency data trends [1] - The company has maintained a stable sales expense ratio despite increased marketing investments, indicating effective cost management [2] - International business continues to show over 50% revenue growth, with significant contributions from markets like Hong Kong and Singapore, where Ctrip holds the leading market share [2]

Core Viewpoint - Ctrip Group-S (09961) maintains a "Buy" rating with robust revenue and profit growth driven by hotel bookings and international business, with adjusted net profits projected at RMB 183.25 billion, 206.60 billion, and 227.21 billion for 2025, 2026, and 2027 respectively [1][2] Financial Performance - In Q2 2025, Ctrip achieved revenue of RMB 14.864 billion, a 16.23% increase, and a net profit of RMB 4.864 billion, up 26.4% [1] - Adjusted net profit excluding non-recurring items was RMB 5.011 billion, reflecting a 0.5% increase, while adjusted EBITDA and operating profit grew by 10% and 10.4% respectively [1] Revenue Breakdown - Revenue sources showed significant growth: accommodation bookings increased by 21.2%, transportation ticketing by 10.8%, group tours by 5.3%, business travel by 9.3%, and other revenues by 31% [1] - Domestic hotel performance outpaced transportation, with a low double-digit growth rate, while outbound business remained stable [1] Market Position and Competition - Ctrip's market share is increasing, with high revenue growth aligning with previously tracked high-frequency data trends, and no significant impact from Agoda's competition observed [1] - The competitive landscape remains stable, supporting Ctrip's profit stability, with overseas business showing over 50% revenue growth and approaching a 15% share of total revenue [2] Profitability and Cost Management - Profitability is steadily improving, with unexpected profit mainly driven by sales expenses, which remained stable year-on-year despite increased marketing investments [2] - Ctrip has maintained multiple quarters of rising profit margins, indicating a favorable competitive environment and successful overseas expansion [2]

中国经济网北京9月18日讯 中科通达(688038.SH)近日发布2025年半年度报告。今年上半年，公司实现营 业收入8288.49万元，同比减少51.96%；归属于上市公司股东的净利润-84.98万元，同比减少112.14%； 归属于上市公司股东的扣除非经常性损益的净利润-197.69万元，同比减少130.87%；经营活动产生的现 金流量净额2949.11万元，上年同期为-4858.27万元。 2022年、2023年、2024年，中科通达归属于上市公司股东的净利润分别为-844.39万元、-1.03亿 元、-1810.29万元；归属于上市公司股东的扣除非经常性损益的净利润分别为-1933.21万元、-1.08亿 元、-1968.56万元。 中科通达上市发行募集资金总额为2.50亿元，扣除发行费用后，募集资金净额为1.99亿元。中科通达最 终募集资金净额比原计划少1.81亿元。中科通达于2021年7月7日披露的招股书显示，公司拟募集资金 3.80亿元，分别用于公共安全管理信息服务系统升级建设项目、研发中心升级建设项目、补充流动资 金。 中科通达上市公开发行新股的发行费用合计5118.94万元（不含税），其中海 ...

Group 1 - The core viewpoint of the news is that Guotai Junan's stock price has experienced a decline recently, with a notable drop of 6.72% over the past five trading days and 10.83% over the past 20 days [2] - As of September 18, Guotai Junan's stock price was 18.60 CNY per share, with a total market capitalization of 327.98 billion CNY [1] - The company has seen a net outflow of 634 million CNY in principal funds, with significant selling pressure observed [1] Group 2 - Guotai Junan's main business segments include wealth management (40.93%), institutional and trading services (28.74%), investment management (12.89%), financing leasing (8.83%), investment banking (5.91%), and others (2.69%) [2] - The company reported a net profit of 15.737 billion CNY for the first half of 2025, representing a year-on-year growth of 213.74% [2] - Cumulatively, Guotai Junan has distributed 42.636 billion CNY in dividends since its A-share listing, with 14.520 billion CNY distributed over the past three years [3]

Group 1: Narrow Income - National general public budget revenue grew by 0.3% year-on-year from January to August 2025, with August's growth at 2%, down from 2.6% in July [1][4] - The decline in PPI has eased the drag on tax revenue, and the securities transaction stamp duty has provided significant support to tax revenue [1][4] - Corporate income tax revenue saw a substantial rebound, mainly due to a low base last year, while personal income tax and consumption tax revenue growth slowed [1][6] Group 2: Narrow Expenditure - National general public budget expenditure increased by 3.1% year-on-year from January to August 2025, with August's growth at 0.8%, down from 3% in July [1][8] - Expenditure in the social welfare sector continued to grow significantly, while infrastructure spending remained low [1][10] - Central government expenditure grew by 8.0%, significantly higher than local government expenditure growth of 2.3% [1][8] Group 3: Government Fund - National government fund budget revenue decreased by 1.4% year-on-year from January to August 2025, with a notable decline in land use rights transfer revenue [2][13] - Government fund budget expenditure grew by 30.0% year-on-year, driven by accelerated bond issuance by various levels of government [2][13] - The implementation of policy financial tools is expected to support domestic demand expansion [2][13]

Core Viewpoint - Zhongbei Communication has received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, pending final registration approval from the China Securities Regulatory Commission (CSRC) [1][3] Fundraising Details - The total amount to be raised through the issuance is not to exceed 1,920.2348 million yuan, with net proceeds intended for investment in the Intelligent Computing Center project, 5G communication network construction, and repayment of bank loans [1][2] - The planned investment amounts for the projects are as follows: Intelligent Computing Center project 1,304.5039 million yuan, 5G communication network project 532.0385 million yuan, and repayment of bank loans 300 million yuan [2] Issuance Structure - The issuance will target no more than 35 specific investors, including qualified institutional investors such as securities investment fund management companies, securities companies, trust investment companies, financial companies, insurance institutions, and qualified foreign institutional investors [2] - The final number of shares to be issued will be determined based on the total amount raised divided by the issuance price, not exceeding 30% of the company's total share capital prior to the issuance [3] Shareholder Information - As of March 31, 2025, the controlling shareholders are Li Liubing and Mei Man, holding a combined 26.77% of the company's total shares [4] - Following the issuance, if the maximum number of shares is issued, the total share capital will increase from 434,244,123 shares to 564,517,359 shares, with the combined ownership percentage of Li Liubing and Mei Man decreasing to 20.59%, indicating no change in control [4] Underwriting and Compliance - The underwriting institution for this issuance is Guotai Junan Securities Co., Ltd., with representatives Jiang Zhiqiang and Li Qin overseeing the process [4]

9月18日，赛微电子涨5.19%，截至发稿，报26.53元/股，成交11.43亿元，换手率7.50%，总市值194.26 亿元。 资料显示，北京赛微电子股份有限公司位于北京市西城区裕民路18号北环中心A座2607室(德胜园区),北 京市北京经济技术开发区科创八街21号院1号楼，成立日期2008年5月15日，上市日期2015年5月14日， 公司主营业务涉及MEMS工艺开发及晶圆制造、GaN外延材料生长及芯片设计。主营业务收入构成为： MEMS晶圆制造54.30%，MEMS工艺开发39.14%，其他4.90%，半导体设备1.67%。 从基金十大重仓股角度 数据显示，国泰海通资管旗下1只基金重仓赛微电子。国泰君安中证1000优选股票发起A（019505）二 季度持有股数22.93万股，占基金净值比例为0.89%，位居第十大重仓股。根据测算，今日浮盈赚取约 30.04万元。 国泰君安中证1000优选股票发起A（019505）成立日期2023年12月12日，最新规模1.55亿。今年以来收 益39.37%，同类排名1063/4222；近一年收益92.71%，同类排名732/3804；成立以来收益59.41%。 国泰君安中 ...

格隆汇9月18日｜据21财经，国泰海通董事长朱健将担任中国资本市场学会期货与衍生品专委会主任委 员，南华期货董事⻓罗旭峰、汇添富基⾦名誉董事⻓李文将担任副主任委员。据悉，期货与衍⽣品专业 委员会的主要职责为重点围绕聚焦国家重⼤战略完善期货市场品种布局，提升⼤宗商品价格影响⼒和⾦ 融资产定价能⼒；促进⾦融机构衍⽣品业务规范发展，深化资本市场领域衍⽣品监管改⾰等开展研究。 ...