格隆汇9月10日｜沪指20日线附近整固，东方证券投顾汪啸骅认为，海外衰退风险和美元贬值交易同时 进行，阶段性避险情绪占优。短期资金加码避险资产，风险资产震荡承压。预计伴随海外降息落地后， 市场风偏有望重回积极。中长期总量流动性宽松格局未变，短期结构调整，有利长期资金积极布局。控 制仓位，规避高位题材股，关注低位板块轮动和高成长科技赛道的低吸共振。 ...

东方证券研报指出，大参林净利润表现亮眼，降本增效成果显著。在常态化飞检、专项检查及追溯码强制应用等因素作用下，实体药店合规成本不断增加，行业出清速度加快。根据米内网统计 ...

格隆汇9月9日丨根据联交所最新权益披露资料显示，2025年9月3日，东方证券(03958.HK)获上海宁泉资产管理有限公司在场内以每股均价6.76港元增持71.6 万股，涉资约484.02万港元。 增持后，上海宁泉资产管理有限公司最新持股数目为7232.24万股，持股比例由6.97%上升至7.04%。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | | --- | --- | --- | --- | --- | --- | --- | | | 原因 | 股份數目 | | | ( 請參閱上述 * 註 | 有投票權股(日/月/年) 材 | | | | | | | | 份百分比 | | CS20250907E00001 | 上海宁泉资产管理有限公司 1101(L) | | 716.000(L) | HKD 6.7600 | 72,322,400(L) | 7.04(L)03/09/2025 | | 股份代號: | 03958 | | --- | --- | | 上市法國名稱: | 東方證券股 ...

香港联交所最新资料显示，9月3日，上海宁泉资产管理有限公司增持东方证券（600958）(03958)71.6万 股，每股均价6.76港元，总金额约为484.02万港元。增持后最新持股数目为7232.24万股，最新持股比例 为7.04%。 ...

香港联交所最新资料显示，9月3日，上海宁泉资产管理有限公司增持东方证券(03958)71.6万股，每股均 价6.76港元，总金额约为484.02万港元。增持后最新持股数目为7232.24万股，最新持股比例为7.04%。 ...

Core Viewpoint - Nvidia plans to adopt silicon carbide (SiC) substrates as intermediary materials in the advanced packaging of its next-generation GPU chips, which is expected to enhance heat dissipation performance and optimize overall packaging size [1][4]. Group 1: Silicon Carbide Applications - Silicon carbide materials have high application potential in advanced packaging, particularly in high-performance computing chips, which could open up new growth opportunities in the industry [2]. - The thermal conductivity of silicon carbide can reach 500 W/mK, significantly higher than silicon's thermal conductivity of approximately 150 W/mK, making it suitable for environments with high heat dissipation requirements [4]. Group 2: GPU Power and Packaging Requirements - The power of Nvidia's GPU chips has increased from 700W for the H200 to 1400W for the B300, leading to higher heat dissipation requirements in chip packaging [3]. - Current packaging technology, CoWoS, relies on traditional thermal interface materials, indicating room for optimization in heat dissipation methods [3]. Group 3: Investment Recommendations - Companies that could benefit from the application of silicon carbide in intermediary layers and heat dissipation substrates include Tianyue Advanced (02631) and Sanan Optoelectronics (600703.SH) [5].

就业少增失业上升，美国衰退风险或更严峻。9月5日公布的美国8月季调后非农就业人口增2.2万人，预 期增7.5万人，严重不及预期。失业率方面，4.3%虽然符合预期，但较前值4.2%仍小幅上升。并且该行 认为美国失业率温和上升的表象背后，掩盖了美国经济更深层次的疲软。根据美国劳工部数据，季调后 的劳动参与率从今年4月的62.6%下降至8月的62.3%，表明部分劳动力永久退出了就业市场，故在失业 率统计中被剔除，因此失业率数据仅仅小幅上行。如果不考虑这一因素的影响，美国失业率或进一步走 高，美国经济面临的衰退风险或更严峻。 美股波动风险层面 美元流动性风险显现，美国泡沫担忧不断提升。今年6月特朗普大美丽法案通过后，当前美国财政部正 持续通过发行国债募集资金。考虑到债券市场利率情况，美国财长贝森特7月初曾表示约有2000亿美元 左右将通过隔夜逆回购消化。当前美联储隔夜逆回购已明显下跌至210亿美元，较2022年的2.55万元美 元大幅下跌99%，为2021年以来最低水平。美元流动性风险开始显现的背后，市场对美国估值泡沫的担 忧却在不断提升。当前巴菲特指标触及历史新高的2.1，处于长期均值上方约2.9倍水平，并且从美股 ...

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期相 | | | --- | --- | --- | --- | --- | --- | --- | | | 禮 | 原因 | 股份數目 | | (請參閱上述 * 註 | 有投票權股 (日 / 月 / 年) 核 | | | | | | | | 份百分比 | | | | | | | | ( % ) | | CS20250905E00273 | 易方达基金管理有限公司 2,949,600(L) | 1101(L) | | HKD 6.9429 | 124,391,200(L) | 12.11(L)02/09/2025 | 增持后，易方达基金管理有限公司最新持股数目为124,391,200股，持股比例由11.82%上升至12.11%。 | 股份代號: | 03958 | | --- | --- | | 上市法國名稱: | 東方證券股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 08/08/2025 - 08/09/2025 | 格隆汇9月8 ...

Core Viewpoint - The growth of asset management scale among securities firms is accompanied by a decline in income, indicating a structural challenge in the industry as it transitions towards public offerings [1][2][4]. Group 1: Asset Management Scale and Income - As of the end of Q2 2025, the scale of private asset management products by securities firms reached 6.14 trillion yuan, an increase of 0.21 trillion yuan from the end of Q1 2025 [4]. - The net income from asset management for listed securities firms totaled 21.2 billion yuan in the first half of 2025, reflecting a year-on-year decline of 3% [4]. - The divergence in income performance is notable, with Citic Securities leading with a net income of 5.444 billion yuan, up 10.77%, while Huatai Securities saw a significant drop of 59.8% to 893 million yuan [5]. Group 2: Challenges in Public Offering Transformation - The transformation towards public offerings is a key direction for securities firms' asset management, but many face challenges due to licensing issues, which hinder product development [7]. - As of September 5, 2025, there were 108 public offering products undergoing transformation, including 50 bond funds, 28 mixed funds, and 27 money market funds [7]. Group 3: Future Strategies and Competitive Landscape - The competition in the asset management industry is shifting from scale expansion to a focus on research capabilities, technological empowerment, and product ecosystems [10]. - Firms are encouraged to enhance their investment research capabilities, innovate products tailored to client preferences, and leverage technology to improve operational efficiency [10]. - The market is expected to see a differentiation where leading firms will cover a broader client base while smaller firms may focus on niche markets like REITs and carbon-neutral bonds [10].

Core Viewpoint - The report outlines the independent financial advisory services provided by Dongfang Securities for the acquisition of assets by Fuxin Del Automotive Parts Co., Ltd. through share issuance and fundraising, emphasizing the transaction's compliance with relevant regulations and its potential benefits for the company and its shareholders [1][2][3]. Group 1: Transaction Overview - The transaction involves Fuxin Del issuing shares to acquire 70% of Aizhuo Technology's equity and a zero-price acquisition of the remaining 30% from Xing Baichang Partnership, along with raising funds from no more than 35 specific investors [6][10]. - The total amount of funds raised through the share issuance is capped at 82.7 million yuan, which will be used for various projects including the smart upgrade of automotive parts and payment of intermediary fees [9][10]. Group 2: Financial Impact - The acquisition is expected to enhance the company's revenue and profit, with projections indicating an increase in total assets and net profit post-transaction [11][14]. - The financial indicators before and after the transaction show a projected increase in total assets from 369,856.66 million yuan to 409,280.69 million yuan, and net profit is expected to rise significantly [14][18]. Group 3: Shareholder Structure - Post-transaction, Shanghai Der will hold 11.22% of the shares, while the controlling shareholder's stake will decrease from 22.44% to 19.92%, indicating no change in control [12][13]. - The transaction will not alter the actual control of the company, as the major shareholders have committed to not reducing their holdings during the transaction process [15][17]. Group 4: Compliance and Governance - The company has adhered to all necessary legal and regulatory requirements throughout the transaction process, ensuring transparency and fairness for all shareholders [16][17]. - Independent financial and legal advisors have been engaged to conduct due diligence and provide professional opinions on the transaction [17][20]. Group 5: Performance Commitments - Shanghai Der has made performance commitments for the acquired company, with specific profit targets set for the next three years, ensuring accountability and potential compensation for any shortfalls [21][22]. - The company has outlined measures to mitigate any dilution of immediate returns resulting from the transaction, including enhancing operational efficiency and optimizing profit distribution policies [19][20].