Core Viewpoint - The report from Dongfang Securities indicates that Huafeng Aluminum's performance is under short-term pressure due to the aluminum export tax rebate policy and international trade frictions, but several operational indicators have improved on a month-on-month basis [1] Industry Summary - The aluminum processing industry is experiencing short-term performance pressure, with revenue for large-scale enterprises from January to April showing a year-on-year increase of 6.3%, while profits decreased by 7.9% [1] - Despite the overall intensified competition in the industry, Huafeng Aluminum achieved a year-on-year revenue growth of 20.87% [1] Company Summary - In Q2 2025, Huafeng Aluminum's net profit attributable to shareholders was 304 million yuan, showing a year-on-year decrease of 0.22%, but an increase of 14.24% compared to Q1 2025's 266 million yuan [1] - The company's cash flow from operating activities improved significantly, with cash received from sales of goods amounting to 2.525 billion yuan, a month-on-month increase of 35.97%, and cash paid for purchases of goods at 2.044 billion yuan, a month-on-month increase of 5.31% [1] - The net profit margin in Q2 2025 was 9.94%, reflecting a month-on-month increase of 0.77 percentage points [1] - The return on equity (ROE) for Q2 2025 was 5.24%, which is a month-on-month increase of 0.54 percentage points [1] - The balance sheet shows a decrease in receivables and deductible input tax, while inventory and prepayments have increased, indicating a continuous improvement in operating cash flow [1] - Based on the valuation of comparable companies with a projected price-to-earnings ratio of 17 times for 2025, the target price for Huafeng Aluminum is set at 22.95 yuan, maintaining a "buy" rating [1]

Core Viewpoint - The article discusses the latest data on brokerage firms' ETF business in July, highlighting key metrics such as trading volume and account numbers, with a focus on the leading firms in the market [2]. Group 1: ETF Holdings and Market Share - As of the end of July, the total number of ETF products in the Shanghai market is 719, with a total market value of 33,520.69 billion yuan, and cumulative trading volume for the month reaching 55,841.84 billion yuan, reflecting a 24.40% increase compared to the previous period [4]. - The leading brokerage firms in terms of ETF holdings are China Galaxy with a market share of 23.46%, followed by Shenwan Hongyuan at 17.25%, and CITIC Securities, with market shares of 6.71%, 4.72%, and 4.71% for China Merchants Securities and Guotai Junan respectively [4]. Group 2: ETF Trading Volume Rankings - Huatai Securities leads the Shanghai market with a trading volume market share of 10.80%, followed closely by CITIC Securities at 10.67%. Other notable firms include Dongfang Securities, China Galaxy, and GF Securities, each with a market share exceeding 4% [6]. - Huabao Securities made a significant leap from 7th to 4th place, with a trading volume market share increase from 4.32% to 6.14%, and a year-to-date trading volume share rising from 5.62% to 5.72% [6]. Group 3: Trading Account Activity - In terms of ETF trading account numbers, Huatai Securities holds the top position with an 11.35% market share, followed by Dongfang Wealth at 10.26%, and China Galaxy and Ping An Securities with shares of 5.4% and 5.33% respectively [8]. - Among brokerage offices, Huabao Securities' Shanghai Dongda Ming Road office leads with a trading volume market share of 4.89%, maintaining its position as the monthly trading volume champion throughout the year [8].

Group 1 - The market is optimistic about the future development of humanoid robots, with several manufacturers expecting significant growth by 2026 [1] - The humanoid robot industry is anticipated to enter a phase of tens of thousands of units, with a notable order of 10,000 units marking the largest single order in the industry's history [1] - The market scale is expected to expand at a tenfold rate as manufacturers' sales targets shift from thousands to tens of thousands of units [1] Group 2 - The rapid growth of the market may lead to increased differentiation among manufacturers, as the rise in robot sales is driven by the development of new application scenarios rather than traditional ones [2] - New application scenarios for humanoid robots include industrial manufacturing, logistics sorting, security inspection, textile and clothing, and healthcare, which will attract more manufacturers into the market [2] - The influx of new suppliers into the industry chain may dilute the market share of existing manufacturers while enhancing the share of leading companies in certain segments [2] Group 3 - High barriers to expansion exist in areas with significant manufacturing challenges, such as the production of planetary roller screws, which require advanced materials and equipment [3] - Key processes like thread grinding, surface hardening, and precision assembly have high external dependencies, contributing to the barriers in these segments [3] Group 4 - As sales of humanoid robots increase, their prices are expected to decline, with potential costs dropping to $20,000 as indicated by industry leaders [4] - Companies with strong manufacturing and management capabilities are likely to capture a larger market share as the price-performance ratio of humanoid robots improves [4] - The automotive, construction machinery, and consumer electronics sectors have already demonstrated that companies with excellent manufacturing and management skills can achieve higher market shares [4]

证券代码：600958 证券简称：东方证券 公告编号：2025-038 东方证券股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 会议召开时间：2025 年 9 月 1 日（星期一） 15:15-16:30 （三）会议召开地点：上海证券交易所上证路演中心（网址：h ttps://roadshow.sseinfo.com/） 三、参加人员 ? 会议召开方式：视频和网络互动 ? 会议召开地点：上海证券交易所上证路演中心（网址：http s://roadshow.sseinfo.com/） ? 投资者可于 2025 年 8 月 25 日（星期一）至 8 月 29 日（星 期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 ir@orientsec.com.cn 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 东方证券股份有限公司（以下简称"公司"）将于 2025 年 8 月 了解公司的经营成果和财务状况，公司计 ...

无。 发行人于近日披露了《西部证券股份有限公司关于获准成为国融 证券股份有限公司主要股东的公告》，公告重要内容提示简要如下： "西部证券股份有限公司于近日收到国融证券股份有限公司转 发的《关于核准国融证券股份有限公司变更主要股东、实际控制人以 及国融基金管理有限公司、北京首创期货有限责任公司变更实际控制 人的批复》（证监许可〔2025〕1764 号），核准公司成为国融证券 主要股东，核准陕西投资集团有限公司成为国融证券、国融基金管理 有限公司、北京首创期货有限责任公司实际控制人。对西部证券依法 受让国融证券 1,151,433,439 股股份（占公司股份总数 64.5961%）无 异议。" 二、其他发行人认为需要说明的事项 东方证券股份有限公司关于西部证券股份有限公司 获准成为国融证券股份有限公司主要股东的临时受托管理事务 报告 东方证券股份有限公司（以下简称"东方证券"）作为西部证券 股份有限公司（以下简称"发行人"或"公司"）发行公司债券（债 券代码：148177.SZ/148339.SZ/148391.SZ/148424.SZ，债券简称：23 西部 02/23 西部 03/23 西部 04/23 西部 ...

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本公 告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本 公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1 ● 會議召開時間：2025年 9月 1日（星期一）15: 15- 16: 30 ● 會議召開方式：視頻和網絡互動 ● 會議召開地點：上海證券交易所上證路演中心 （網址： https: //roadshow.sseinfo.com/） ● 投資者可於 2025年 8月 25日（星期一）至 8月 29日（星期五）16: 00前登錄上證路演中心 網 站 首 頁 點 擊「提 問 預 徵 集 」欄 目 或 通 過 公 司 郵 箱 ir@ orientsec.com.cn 進行提問。公 司將在說明會上對投資者普遍關注的問題進行回答。 一、 說明會類型 本次業績說明會以視頻和網絡互動形式召開，公司將針對 2025年半年度經營成果及 財務指標的具體情況與投資者進行互動交流和溝通，在信息披露允許的範圍內就投 資者普遍關注的問題進行回答。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 ...

证券代码：600958 证券简称：东方证券 公告编号：2025-038 东方证券股份有限公司 二、说明会召开的时间、地点 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开地点：上海证券交易所上证路演中心（网址：http s://roadshow.sseinfo.com/） 投资者可于 2025 年 8 月 25 日（星期一）至 8 月 29 日（星 期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 ir@orientsec.com.cn 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 东方证券股份有限公司（以下简称"公司"）将于 2025 年 8 月 30 日发布公司 2025 年半年度报告。为便于广大投资者更全面深入地 了解公司的经营成果和财务状况，公司计划于 2025 年 9 月 1 日（星 期一）15:15-16:30 举行 2025 年半年度业绩说明会，就投资者关心 的问题进行交流。 一、说明会类型 本 ...

Core Viewpoint - The report from Dongfang Securities indicates that Huayuan Bio achieved a net profit attributable to shareholders of 162 million yuan in the first half of the year, representing a year-on-year increase of 13.67%, with a non-recurring net profit of 150 million yuan, up 37.36% year-on-year, primarily due to effective cost control [1] Financial Performance - The company's performance is closely linked to vitamin prices, which saw a rapid increase starting from the second half of last year, although there was a slight decline in vitamin prices in the latter half of 2025 [1] - Despite the stable growth in revenue expected for the year, the profit performance remains promising due to cost control and business structure [1] Strategic Development - The "one vertical and one horizontal" strategy is showing positive effects, indicating a favorable long-term development outlook for the company [1] - The company is the only global producer with a full industrial chain for VD3, holding a 70% market share in NF-grade cholesterol, the only legal raw material for VD3 production [1] Cost and Margin Analysis - In the context of declining VD3 prices, the company maintains a cost advantage, with a gross margin of 62.99% for vitamin products in the first half of 2025, an increase of 8.12 percentage points year-on-year [1] Production Capacity and Future Projects - The annual production project for 6,000 tons of VA powder has been completed, while projects for 5,000 tons of VB6 and 200 tons of biotin are in trial production preparation [1] - Other vitamin products are expected to contribute to performance growth in the near future [1] Drug Development Pipeline - The company currently has seven products under review and five in research, with the potential to re-enter an upward trajectory following the elimination of the impact from centralized procurement [1] Valuation - Based on comparable companies, a target price of 18.90 yuan is set for the company, corresponding to a 30 times price-to-earnings ratio for 2025, maintaining a "buy" rating [1]

格隆汇8月22日丨根据联交所最新权益披露资料显示，2025年8月18日，东方证券(03958.HK)获易方达基 金管理有限公司在场内以每股均价8.7245港元增持286.08万股，涉资约2495.9万港元。 增持后，易方达基金管理有限公司最新持股数目为113,094,000股，持股比例由10.73%上升至11.01%。 | 吸格序 | 大股東/攝聯/產獲行政人員名 作出技器的賣入 / 費出型考及的 ໝ取的平均價 | | 持有傳說的程份數目 佔已發行的開膠學生的日 相關班牙 | | --- | --- | --- | --- | | SE IN | | 股份數目 | (國金蘭上區,註 南民國權發局(日/月) 份權益 | | | | | 的直分比 增) | | | | | No. of Lot, | | and and and the commend of the commend of the may be and | | 12 12 12 12 12 12 12 12 11 | -- FREE | | CS20250821E00131 房方达基金管理有限公司 1101(L) | | 2,860,800(L | ...

东方证券股份有限公司 关于浙江华康药业股份有限公司部分募集资金投资项目终止 并将剩余募集资金永久补充流动资金及注销募集资金专户 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"）作为浙江 华康药业股份有限公司（以下简称"华康股份"或"公司"）首次公开发行股票 并上市的持续督导机构及向不特定对象发行可转换公司债券的保荐机构，根据 《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》（以下简称 "《监管规则》"）《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》（以下简称"《规范运作》"）、《上海证券交易所股票上市规则》（以下 简称"《上市规则》"）等法律法规，对华康股份部分募集资金投资项目终止并 将剩余募集资金永久补充流动资金及注销募集资金专户的事项进行了核查，核查 情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准浙江华康药业股份有限公司首次公开 发行股票的批复》（证监许可[2020]3152 号）核准并经上海证券交易所同意，公 司首次公开发行人民币普通股 A 股股票 2,914 万股，每股发行价格为人民币 51.63 元，募集资金总额为人民币 150 ...