Core Insights - The future of the Chinese economy presents uncertainties, but three certainties are highlighted: high-quality development, policy support for the capital market, and the recovery of asset valuations [1] Group 1: Economic Development - High-quality development of the Chinese economy is emphasized as a key certainty [1] - The adjustment phase of the real estate cycle may have passed its fastest stage, with signs of stabilization in housing prices in first-tier cities [1] Group 2: Capital Market - Policy support for the Chinese capital market is noted as a significant factor [1] - The investability of A-shares has increased, with the total market value surpassing 100 trillion yuan for the first time [1] - The Shanghai Composite Index has reached a nearly ten-year high, indicating strong market performance [1] Group 3: Investment Trends - Various types of medium- and long-term funds are accelerating their entry into the market, with foreign capital increasing its allocation to Chinese assets [1] - The narrative of asset revaluation is ongoing, driven by global investors reassessing China's innovation capabilities and competitiveness in the technology sector [1]

智通财经APP获悉，近期沪指再度刷新十年高点，沪深交易成交量破三万亿。 华西证券指出，市场放量大涨，是资金情绪正盛的表现。同时，隐含波动率大幅上升，也是投机热度快 速上升的信号。 中信建投发布研报称，政策/会议信号为证券板块超额收益的核心驱动。长期以来，证券板块在A股地位 非常重要，但主动权益投资机构的配置比例偏低，但研究发现，证券板块相对于宽基指数的超额收益投 资机会远多于绝对收益型机会，该板块配置价值存在低估。 中资券商板块相关港股： 中信建投证券(06066)、中金公司(03908)、广发证券(01776)、东方证券(03958)、光大证券(06178)、中信 建投(06066)、申万宏源(06806)、中州证券(01375)、国联民生(01456)等。 往后看，若行情和隐含波动率加速上涨，行情在短期内或将调整以回归理性；若市场延续"慢牛"格局， 同时隐含波动率变化不大或显著回落，行情波动的时点可能较前一种情况有所延后。不过，短期行情与 资金交易行为相关，而牛市的三条中长期逻辑依旧相对牢固。这意味着，若以上中长期逻辑不变，调整 仍是机会，牛市思维值得继续保持。 ...

东方证券股份有限公司关于北京汉仪创新科技股份有限公司 首次公开发行前已发行股份上市流通的核查意见 东方证券股份有限公司（以下简称"东方证券"或"保荐机构"）作为北京汉 仪创新科技股份有限公司（以下简称"汉仪股份"、"公司"）首次公开发行股票 并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券 交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号—— 创业板上市公司规范运作》及《深圳证券交易所上市公司自律监管指引第 13 号— —保荐业务》的相关规定，对汉仪股份首次公开发行前已发行的部分股份上市流通 的事项进行了审慎核查，核查情况如下： 一、首次公开发行股票概况 根据中国证券监督管理委员会《关于同意北京汉仪创新科技股份有限公司首次 公开发行股票注册的批复》（证监许可〔2022〕955 号），公司首次公开发行人民 币普通股（A 股）股票 25,000,000 股，并于 2022 年 8 月 31 日在深圳证券交易所创 业板上市交易。首次公开发行股票后公司总股本由 75,000,000 股变更为 100,000,000 股。 司于 2023 年 2 月 24 日在巨潮资讯网 ...

东方证券股份有限公司 关于浙江李子园食品股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 浙江李子园食品股份有限公司（以下简称"李子园"或"公司"）于 2022 年 11 月 26 日披露《关于变更持续督导保荐机构及保荐代表人的公告》（公告编 号：2022-067），聘请东方证券承销保荐有限公司（以下简称"东方投行"）担 任公司向不特定对象发行可转换公司债券的保荐机构，并承接公司的持续督导工 作。公司于 2024 年 9 月 5 日披露《关于持续督导保荐机构主体变更的公告》（公 告编号：2024-072），东方证券股份有限公司（以下简称"东方证券"或"保荐 机构"）获准吸收合并投行业务全资子公司东方投行，公司持续督导保荐机构由 东方投行变更为东方证券。 根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》《上市公司监 管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》等相关规定，东方证券对李子园使 用部分闲置募集资金进行现金管理的事项进行了认真、审慎的检查 ...

证券之星消息，8月26日证券板块较上一交易日下跌1.07%，东方证券领跌。当日上证指数报收于 3868.38，下跌0.39%。深证成指报收于12473.17，上涨0.26%。证券板块个股涨跌见下表： 从资金流向上来看，当日证券板块主力资金净流出42.44亿元，游资资金净流入12.88亿元，散户资金净流 入29.56亿元。证券板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600621 | 华鑫股份 | 1.36 Z | 9.46% | -5753.79万 | -4.02% | -7802.10万 | -5.44% | | 000776 广发证券 | | 1.06亿 | 7.70% | -1304.32万 | -0.95% | -9316.91万 | -6.76% | | 600061 | 国投资本 | 7079.16万 | 13.95% | -2684.72万 | -5.29% | -4 ...

Core Viewpoint - Oriental Securities experienced a stock price decline of 2.04% on August 26, with a trading volume of 7.95 billion yuan and a total market capitalization of 101.96 billion yuan [1] Group 1: Stock Performance - Year-to-date, Oriental Securities' stock price has increased by 14.71%, with a 1.18% rise over the last five trading days, a 4.35% increase over the last 20 days, and a 27.65% rise over the last 60 days [2] - As of March 31, 2025, the number of shareholders for Oriental Securities was 191,900, a decrease of 0.78% from the previous period [2] Group 2: Financial Performance - For the first quarter of 2025, Oriental Securities reported a net profit attributable to shareholders of 1.436 billion yuan, representing a year-on-year growth of 62% [2] - The company has distributed a total of 15.143 billion yuan in dividends since its A-share listing, with 4.022 billion yuan distributed over the last three years [3] Group 3: Business Segments - The main revenue sources for Oriental Securities are wealth and asset management (64.31%), institutional and sales trading (18.83%), international and other businesses (15.90%), and investment banking and alternative investments (7.09%) [2] - The company operates in the non-bank financial sector, specifically within the securities industry, and is involved in various concept sectors including futures, pre-profit growth, MSCI China, margin financing, and fund participation [2] Group 4: Shareholder Structure - As of March 31, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 234 million shares, a decrease of 29.2071 million shares from the previous period [3] - The Guotai CSI All-Index Securities Company ETF (512880) entered the top ten circulating shareholders, holding 8.898 million shares [3]

东方证券研报指出，大华股份上半年营收152亿元，同比增长2%；归母净利润25亿元，同比增长37%。 公司严格执行项目筛选机制和成本管控，重点突破高价值业务,Q2毛利率回升至42.7%的较高水平，同 比+1.8pct，环比+2.5pct。上半年公司经营活动产生的现金流量净额6.39亿元，为上市以来同期最高；上 半年收现比达115%，来自国家化债政策的有序推进和公司对项目回款质量持续严格管控。受益下游需 求向好，三大业务全面增长，同时公司深入推进大模型研发，推动相关技术落地。根据可比公司26年平 均21倍PE估值，给予27.51元目标价，维持"买入"评级。 ...

Group 1 - The A-share market opened lower, with the Shanghai Composite Index down 0.31% and the ChiNext Index down 0.57%, particularly affected by declines in sectors such as semiconductors, liquor, securities, and rare earth permanent magnets [1] - CITIC Securities indicates that the current market rally is primarily driven by institutional investors rather than retail investors, emphasizing the importance of industry trends and performance over mere liquidity [2] - Dongfang Securities notes that the Shanghai Composite Index faces significant resistance in the 3900-4000 point range, leading to expectations of wide fluctuations in the market and highlighting the need for investors to be aware of shifting market hotspots [3] Group 2 - CITIC JianTou suggests that market sentiment is improving, but warns of potential short-term vulnerabilities as some indicators have reached high levels, recommending a focus on sectors like communication, computing, semiconductors, media, new consumption, new energy, non-bank financials, and metals for better short-term value [1] - CITIC Securities recommends focusing on sectors such as resources, innovative pharmaceuticals, gaming, and military industries, while also suggesting a gradual increase in exposure to "anti-involution + overseas expansion" products and monitoring the consumer electronics sector [2] - Dongfang Securities highlights the recent volatility in technology stocks and the increasing activity in cyclical stocks, indicating a clear shift in market dynamics that investors should monitor [3]

Group 1 - The core point of the article is that Shanghai Ningquan Asset Management Co., Ltd. has reduced its stake in Dongfang Securities (03958.HK) by selling 320,000 shares at an average price of HKD 8.75 per share, amounting to approximately HKD 2.8 million [1][3]. - After the reduction, Shanghai Ningquan's total shareholding in Dongfang Securities is now 71,641,600 shares, which represents a decrease in ownership from 7.01% to 6.97% [1][3]. - The transaction took place on August 19, 2025, and the disclosure was made on August 26, 2025 [2].

Group 1 - The core point of the news is that Shanghai Ningquan Asset Management Co., Ltd. has reduced its stake in Dongfang Securities by selling 320,000 shares at an average price of HKD 8.75 per share, amounting to approximately HKD 2.8 million [1][2]. - After the reduction, Shanghai Ningquan's total shareholding in Dongfang Securities is now 71,641,600 shares, which represents a decrease in ownership percentage from 7.01% to 6.97% [1][2].