Core Viewpoint - The report from Guotai Junan maintains a buy rating for Aikang Medical (01789), with the company's performance in the first half of 2025 meeting expectations and anticipated acceleration in the second half. The EPS forecasts for 2025-2027 have been slightly adjusted downwards, with a target price of 7.56 yuan (equivalent to 8.26 HKD) based on a target PE of 21X for 2026 [1][2]. Group 1 - The company achieved a revenue of 694 million yuan in H1 2025, representing a year-on-year growth of 5.6%, and a net profit attributable to shareholders of 161 million yuan, up 15.3%, indicating stable growth against a high base from H1 2024 [2]. - Domestic business is making breakthroughs, with the company’s artificial joint products gaining market share due to improved performance and reputation, particularly in high-end hospitals in economically developed regions like the Yangtze River Delta and Pearl River Delta. The domestic revenue increased by 6.0% to 566 million yuan in H1 2025 [3]. - The company is expanding its overseas business, with H1 2025 overseas revenue growing by 4.0% to 128 million yuan, and new registrations in four countries, with ongoing approvals in 15 countries, indicating potential for acceleration in the second half [3]. Group 2 - The company is continuously investing in new technology research and development to enhance competitiveness in the orthopedic field. As of June 2025, the company’s smart-assisted devices have completed over 1,700 clinical surgeries, and the K3 smart surgical robot was approved for market in May 2025, with one unit commercialized by the end of August [4]. - The company is also iterating and improving conventional prosthetics and 3D printing platforms, expanding into sports medicine and biomaterials, which is expected to further enhance its comprehensive competitiveness [4].

Core Viewpoint - The report from Guotai Junan maintains a buy rating for Aikang Medical (01789), indicating that the company's performance in the first half of 2025 met expectations, with potential acceleration in the second half [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 694 million yuan, representing a year-on-year increase of 5.6%, and a net profit attributable to shareholders of 161 million yuan, up 15.3%, indicating stable growth against a high base from H1 2024 [2] Group 2: Domestic and International Business Development - The company has made breakthroughs in domestic operations, with the procurement results for artificial joints being implemented across provinces, leading to an increase in market share due to superior product performance and reputation, particularly in high-end hospitals in economically developed regions [3] - The domestic revenue for H1 2025 grew by 6.0% to 566 million yuan, while overseas revenue increased by 4.0% to 128 million yuan, with expectations for acceleration in the second half [3] Group 3: Technological Advancements - The company continues to invest in new technology development, enhancing its competitiveness in the orthopedic field, with over 1,700 clinical surgeries completed using smart-assisted devices by June 2025, and the K3 smart surgical robot approved for market in May 2025 [4] - The company is also improving conventional prosthetics and 3D printing platforms, expanding into sports medicine and biomaterials, which is expected to further enhance its comprehensive competitiveness [4]

Core Viewpoint - The report from Guotai Junan maintains an "overweight" rating for Shougang Resources (00639), forecasting a decline in revenue and net profit for the first half of 2025 due to downstream demand affecting coking coal prices [1] Group 1: Financial Performance - In H1 2025, the company achieved total revenue of HKD 2.101 billion, a decrease of 17% year-on-year, and a net profit attributable to shareholders of HKD 404 million, down 52% year-on-year [1] - The net profit forecasts for 2025-2027 have been revised down to HKD 769 million, HKD 985 million, and HKD 1.261 billion respectively [1] Group 2: Production and Sales - The company reported a raw coking coal production of approximately 2.64 million tons in H1 2025, an increase of 17.3%, and a premium coking coal production of approximately 1.54 million tons, up 19.4% [2] - Total sales of premium coking coal reached 2.12 million tons, a significant increase of 58%, with self-produced premium coking coal sales at 1.55 million tons, up 15.7%, and trade premium coking coal sales at 570,000 tons [2] - The average selling price of premium coking coal fell by 45% year-on-year to RMB 1,067 per ton due to increased supply and limited demand [2] Group 3: Cost Optimization - The production cost of raw coking coal in H1 2025 was RMB 328 per ton, an increase of 27.6%, while cash production costs decreased by 30.7% to RMB 185 per ton [3] - Depreciation and amortization costs were RMB 87 per ton, down 9.4%, and resource tax and other related taxes were RMB 56 per ton, down 37.8% [3] - The processing cost of premium coking coal was RMB 44 per ton, a decrease of 12% [3] Group 4: Dividend Policy - The company maintained a high dividend strategy with a 100% payout ratio for the full year of 2024 and a 75% payout ratio for H1 2025, distributing HKD 0.06 per share [4] - As of H1 2025, the company had cash reserves of HKD 6.88 billion, ensuring the sustainability of its high dividend rate [4]

Core Viewpoint - The report maintains a tactical asset allocation strategy, expressing optimism towards A-shares due to improved economic outlook, government support for capital markets, stable market liquidity, and improved risk appetite [1][2][3]. Group 1: Equity Assets - The economic outlook for A-shares has been continuously upgraded, supported by strong government backing for capital market development and stable market liquidity [2][3]. - The report suggests a tactical overweight on A-shares, indicating a high risk-return ratio and tactical allocation value in Chinese equity assets [3]. Group 2: Bond Assets - The report maintains a tactical neutral stance on U.S. Treasuries, as the market adjusts to expectations of looser monetary policy amid a slight cooling in the U.S. labor market [2][4]. - U.S. Treasuries are viewed as having a moderate risk-return ratio and tactical allocation value [4]. Group 3: Commodity Assets - The report suggests a tactical neutral stance on gold, which may benefit from rising geopolitical tensions and adjustments in Federal Reserve monetary policy expectations, lowering the cost of holding gold [2][5]. - Gold is considered to have a moderate risk-return ratio and tactical allocation value [5]. Group 4: Currency Assets - The report maintains a tactical underweight on the U.S. dollar, as expectations of looser monetary policy from the Federal Reserve may weaken the dollar's performance relative to other currencies [2][6]. - The dollar is assessed to have a low risk-return ratio and tactical allocation value [6].

中证报中证网讯（记者 林倩）近日，国泰海通（601211）2025上海先导产业大会暨第14届医药CEO论 坛+第5届人工智能大会在上海召开。国泰海通副总裁、研究与机构业务委员会总裁、政策和产业研究 院院长陈忠义在致辞中表示，国泰海通研究所将继续发挥专业优势，借助公司平台资源，为打造具有国 际影响力和本土定价权的一流证券研究机构而不懈努力。 陈忠义表示，国泰海通是先导产业的"见证者与同行者"。自2012年首届医药CEO论坛成功举行以来，该 论坛伴随中国创新药产业从萌芽走向成熟，见证了原研药立项、创新药上市、国际化BD合作等关键节 点。与此同时，自2019年启动的人工智能大会，亦见证了AI技术从"实验室概念"到"产业核心驱动力"的 跨越，从算力基础设施的持续升级，到模型算法的快速迭代，再到游戏、医疗、制造等场景的深度落 地，AI正以燎原之势重塑全球竞争格局，而大会始终是捕捉这一变革的前沿平台。 国泰海通研究所表示，未来将继续发挥专业优势，深化生物医药与科技领域研究，为先导产业高质量发 展持续贡献智慧与力量。 ...

Core Viewpoint - The recent regulatory changes aim to shift the public fund industry from a focus on "beta returns" to "alpha returns," emphasizing investor interests over mere scale [1][7] Group 1: Industry Trends - The China Securities Regulatory Commission's action plan promotes stricter performance benchmarks for public funds, encouraging a transition towards more investor-centric strategies [1] - Index-enhanced funds are positioned favorably in this transition due to their clear benchmark constraints and quantitative model-driven characteristics [1][7] - The number of newly established enhanced index funds has exceeded 110 since 2025, nearing the total from the past three years, indicating a record growth in this segment [1] Group 2: Company Development - Guotai Haitong Asset Management has rapidly expanded its public quantitative product line since its first public quantitative product was approved in December 2021, launching multiple enhanced index products [2][3] - The company has developed a comprehensive product line that includes broad-based index enhancement and thematic stock selection strategies, showcasing its ability to adapt private sector strategies to the public fund framework [3][4] Group 3: Quantitative Investment Strategy - The quantitative investment team at Guotai Haitong has a stable core of 14 members, with a strong academic background, including several PhDs, indicating a robust foundation for their investment strategies [3][4] - The team employs a combination of fundamental and real-time quantitative models, which enhances their ability to capture market dynamics and achieve stable excess returns [4][5] - The firm has established a multi-benchmark, multi-strategy system to pursue relatively pure alpha, adapting its approach to the complexities of the market [5][6] Group 4: Market Outlook - The A-share market has shown positive performance since July, with the quantitative investment team believing that equity assets offer better value in a low-interest-rate environment [7] - The team anticipates a cyclical shift favoring growth stocks over value stocks in the coming years, suggesting a focus on small-cap stocks and broad-based index products for investors [7] - The recent action plan encourages strategies that prioritize tracking error control and stable excess returns, presenting significant opportunities for the development of public index-enhanced funds [7]

Core Viewpoint - The article discusses issues faced by investors during the transition of accounts due to the merger of Guotai Junan and Haitong Securities, specifically related to account functionality and trading capabilities [1] Group 1: Account Issues - An investor reported that their Guotai Junan account was unable to execute trades, with several sell orders being rejected as "invalid account" [1] - The problems arose during the planned transition of legal entities and customer accounts set to take place on September 12, which involves switching the legal entity of Haitong Securities to Guotai Haitong [1] Group 2: Resolution and Analysis - The investor later confirmed that the issue was resolved, indicating that the trading would return to normal the following day due to the T+1 settlement process with the China Securities Depository and Clearing Corporation [1] - Industry analysts suggest that the trading issues are likely linked to the unique account system at the China Securities Depository, which may have been affected by the merger [1]

Core Viewpoint - Dongxin Co., Ltd. reported a revenue of 343 million yuan for the first half of 2025, marking a year-on-year increase of 28.81%, but incurred a net loss of 111 million yuan, compared to a loss of 91 million yuan in the same period last year [1][2]. Financial Performance - For the first half of 2025, the company achieved an operating income of 343 million yuan, up 28.81% from 266 million yuan in the previous year [1][2]. - The total profit for the period was -129 million yuan, compared to -93 million yuan in the same period last year [2]. - The net profit attributable to shareholders was -111 million yuan, worsening from -91 million yuan year-on-year [1][2]. - The net profit after deducting non-recurring gains and losses was -127 million yuan, compared to -99 million yuan in the previous year [1][2]. - The net cash flow from operating activities was -56 million yuan, an improvement from -173 million yuan in the same period last year [1][2]. Future Projections - The company forecasts revenues of 531 million yuan and 641 million yuan for 2023 and 2024, respectively [1][3]. - Projected net losses for the same years are -306 million yuan and -167 million yuan, respectively [1][3]. - The net cash flow from operating activities is expected to be -302 million yuan in 2023 and -278 million yuan in 2024 [1][3]. Fundraising and Use of Proceeds - Dongxin Co., Ltd. raised a total of 3.337 billion yuan, with a net amount of 3.064 billion yuan after deducting issuance costs [4]. - The final net fundraising amount exceeded the original plan by 2.314 billion yuan [4]. - The funds are intended for the development and industrialization of 1xnm flash memory products, automotive-grade flash memory products, research center construction, and working capital supplementation [4].

Market Overview - On September 16, the securities sector experienced a slight decline of 0.02%, with Guotai Junan leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Individual Stock Performance - Notable gainers included: - Shouchao Securities (601136) with a closing price of 22.55, up 6.27% and a trading volume of 1.0521 million shares, totaling 2.376 billion yuan [1] - Pacific Securities (660109) closed at 5.11, up 3.86% with a trading volume of 8.0596 million shares, totaling 4.071 billion yuan [1] - Great Wall Securities (002939) closed at 11.89, up 2.50% with a trading volume of 1.3189 million shares, totaling 1.573 billion yuan [1] - Notable decliners included: - Guotai Junan (601211) closed at 19.17, down 1.79% with a trading volume of 1.4302 million shares, totaling 2.758 billion yuan [2] - Guosen Securities (002736) closed at 13.70, down 1.79% with a trading volume of 516,300 shares, totaling 711 million yuan [2] - Dongfang Securities (600958) closed at 10.60, down 1.67% with a trading volume of 2.1958 million shares, totaling 2.341 billion yuan [2] Capital Flow Analysis - The securities sector saw a net outflow of 3.24 billion yuan from institutional investors, while retail investors experienced a net inflow of 1.636 billion yuan [2] - The capital flow for individual stocks showed: - Dongfang Caifu (300059) had a net inflow of 387 million yuan from institutional investors, but a net outflow of 342.7 million yuan from retail investors [3] - Shouchao Securities (601136) had a net inflow of 345 million yuan from institutional investors, with significant outflows from both retail and speculative investors [3] - Pacific Securities (660109) recorded a net inflow of 157 million yuan from institutional investors, but outflows from retail investors [3]

股份代號：02611 股份名稱：國泰海通 GUOTAIHAITONG 2025 國泰海通證券股份有限公司 GUOTAI HAITONG SECURITIES CO., LTD. 董事會決議通過的本報告期利潤分配預案或公積金轉增股本預案 經公司第七屆董事會第六次會議批准，公司將以實施權益分派的股權登記日公司總股本扣除公司回購專 用證券賬戶持有股份後的股本總額為基數，向A股股東和H股股東每10股分配現金紅利人民幣1.5元（含 稅）。若按照批准2025年中期利潤分配方案的董事會召開日公司已發行的總股數17,628,925,829股扣除公司 回購專用證券賬戶的股份115,303,000股，即17,513,622,829股為基數計算，擬分配的現金紅利總額為人民 幣2,627,043,424元（含稅），佔2025年上半年合併口徑歸屬於母公司所有者淨利潤的16.69%（佔扣除非經常 性損益後合併口徑歸屬於母公司所有者淨利潤的36.09%）。 重要提示 本公司董事會及董事、高級管理人員保證中期報告（「本報告」）內容的真實性、準確性、完整性，不存在 虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 本報告經本公司第 ...