| | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比 上年同 | 2022年 | | | | | 期增減 | | | | | | (%) | | | 营业收入 | 2.661.715.099.11 | 2,095,787,572.07 | 27.00 | 1.995.346.697.84 | | 扣除与主营业务无关的 业务收入和不具备商业 | 2,661,715,099.11 | 2,095,787,572.07 | 27.00 | 1.995.346.697.84 | | 实质的收入后的营业收 | | | | | | 入 | | | | | | 归属于上市公司股东的 | 8. 197. 665. 25 | -206. 108. 478. 10 | 不适用 | 42.276.978.72 | | 浄利润 | | | | | | 归属于上市公司股东的 扣除非经常性损益的净 | -16.392.888.96 | -220,745,829.29 | 92. 57 | 13.934.060.72 | ...

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]

智通财经APP获悉，国泰海通发布研报称，维持此前的战术性大类资产配置观点。权益资产中，对经济 景气预期持续上修、国家高度支持资本市场发展、市场流动性稳定、风险偏好逐渐改善以及微观交易结 构稳固优化的A股高度乐观。建议战术性超配A股，战术性标配美债与黄金，战术性低配美元。 国泰海通主要观点如下： 美国劳动力市场降温强化了货币政策预期的"预防式"宽松预期。 权益资产中，对经济景气预期持续上修、国家高度支持资本市场发展、市场流动性稳定、风险偏好逐渐 改善以及微观交易结构稳固优化的A股高度乐观。债券资产中，对受到货币政策预期趋松以及国内景气 边际收敛支持的美债相对中性。大宗商品中，该行认为黄金价格或将边际受益于地缘政治形势升温与美 联储货币政策预期的调整。全球外汇中，该行认为美联储货币政策指引以及货币政策预期趋松或边际削 弱美元相较于其他货币的表现。 随着美国经济景气度边际收敛以及劳动力市场小幅降温，市场对美联储货币政策的趋松预期进一步强 化。该行认为美债阶段性具备适中的风险回报比与战术性配置价值。 市场对美联储货币政策预期的趋松调整有利于降低黄金持有成本，维持对黄金的战术性标配观点。 近期全球地缘政治形势再度升温， ...

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。 ...

今年5月，证监会发布的《推动公募基金高质量发展行动方案》提出，强化业绩比较基准的约束作用。 日前，国泰海通资管在接受中国证券报记者采访时表示，这一变化的核心在于推动公募基金行业从追 求"贝塔收益"向"阿尔法收益"转变，从"规模导向"转向"投资者利益导向"。而指数增强基金因其明确的 基准约束和量化模型驱动的特性，在这一转型过程中占据了相对有利的位置。 "指数增强基金的业绩比较基准通常是其跟踪的特定指数，且多数设有指数跟踪误差要求，本身就具备 清晰明确的'锚'。"国泰海通资管表示，公司量化投资团队的目标正是通过选股模型、风控体系，追求 超越基准指数的收益，超额收益能力更能体现管理人的真实投资水平。 值得一提的是，指数增强基金也在被动化投资浪潮中迎来新的发展机遇。数据显示，截至9月初，2025 年以来新成立的增强型指数基金数量已超110只，接近过去三年总和，创下新纪录。 基于在量化投资领域的深厚积淀，国泰海通资管敏锐把握券商资管公募化转型机遇，自2021年12月公司 首只公募量化产品获批起，在不到24个月的时间内布齐沪深300、中证500、中证1000三大宽基指数增强 产品，并同步推出科创、红利、全市场选股等策略产 ...

对此，有分析认为，上述情况的发生应该和此次法人切换有关。随后，该投资者向记者反馈称，"问题 已经处理好了，因为要过中登，得T+1生效。明天可以恢复正常交易。" 据了解，无论投资者开了多少个证券账户，都会在中登公司有一个唯一的一码通账户。就上述投资者反 映的情况，某券商相关业务负责人分析认为，这可能确实和中登公司的一码通相关，是两家券商此次合 并引发的问题，中登公司会处理。另外，在某业内人士看来，这个问题比较特殊，但应该不难解决。 今日，有投资者向《每日经济新闻》记者反映，自己之前在国泰君安和海通证券都开了证券账户，其中 海通证券的账户处于休眠状态，此前交易可以正常进行，但今天上午却发现原国泰君安的账户无法正常 交易，几次卖出委托都被系统拒绝。从他提供的交易截图来看，系统将几笔"已拒绝"的卖出委托备注 为"无效账户"。 根据国泰海通公告，公司拟于9月12日实施法人切换、客户及业务迁移，相关工作主要是将原海通证券 在中登公司、三大交易所等单位的法人主体切换为国泰海通，并相应切换相关市场的结算参与人编码、 结算账号、交易商代码、交易主体代码、编码参数等。 ...

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]