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 ...

Core Points - E Fund Management Co., Ltd. increased its stake in Dongfang Securities (03958.HK) by purchasing 2,949,600 shares at an average price of HKD 6.9429 per share, totaling approximately HKD 20.48 million [1] - Following this transaction, E Fund's total shareholding in Dongfang Securities rose to 124,391,200 shares, increasing its ownership percentage from 11.82% to 12.11% [1] Summary by Sections - **Transaction Details** - E Fund Management Co., Ltd. acquired 2,949,600 shares of Dongfang Securities at an average price of HKD 6.9429 per share [1] - The total investment amounted to approximately HKD 20.48 million [1] - **Shareholding Changes** - E Fund's total shares held increased to 124,391,200 [1] - The ownership percentage increased from 11.82% to 12.11% [1]

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].

香港联交所最新数据显示，9月2日，易方达基金管理有限公司增持东方证券(03958)294.96万股，每股作 价6.9429港元，总金额约为2047.88万港元。增持后最新持股数目为1.24亿股，持股比例为12.11%。 ...

智通财经APP获悉，香港联交所最新数据显示，9月2日，易方达基金管理有限公司增持东方证券 (03958)294.96万股，每股作价6.9429港元，总金额约为2047.88万港元。增持后最新持股数目为1.24亿 股，持股比例为12.11%。 ...

Core Insights - The report highlights significant changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Increased Holdings - Southern Hang Seng Technology (03033) saw the largest increase in ownership percentage, rising by 2.90% to a total holding of 62.73% [2]. - Changfei Optical Fiber Cable (06869) experienced a 2.84% increase, bringing its holding to 57.84% [2]. - Shandong Gold (01787) also had a notable increase of 2.53%, resulting in a holding of 57.08% [2]. - Over the last five trading days, Shandong Gold (01787) led with a 4.70% increase, followed by SF Express (06936) at 3.13% and Changfei Optical Fiber Cable (06869) at 3.11% [3]. Group 2: Decreased Holdings - Haotian International Investment (01341) recorded the largest decrease in ownership, dropping by 2.74% to 56.11% [2]. - ZTE Corporation (00763) saw a reduction of 1.51%, with a current holding of 52.91% [2]. - Hua Hong Semiconductor (01347) experienced a decrease of 1.25%, resulting in a holding of 24.78% [2]. - In the last five trading days, Hong Kong Broadband (01310) had the most significant decline, with a drop of 9.73% to a holding of 0.27% [3]. Group 3: Notable Trends - The report indicates a trend of increasing interest in certain sectors, particularly in technology and gold mining, as evidenced by the rising holdings in Southern Hang Seng Technology and Shandong Gold [1][2]. - Conversely, there is a noticeable pullback in sectors such as telecommunications and investment, as shown by the decreased holdings in ZTE Corporation and Haotian International Investment [2][3].

Group 1 - The company, Dongfang Securities, has decided to optimize its branch network by closing the Shanghai Minhang District Suhong Road Securities Office [1][2] - Customers from the Shanghai Minhang District Suhong Road Securities Office will be transferred to the Shanghai Changning District Changning Road Securities Office after the market closes on September 19, 2025 [1][5] - Customers' account details, trading methods, and services will remain unchanged during the transfer process [1][5] Group 2 - Customers who do not wish to transfer to the new branch must complete account closure procedures by September 12, 2025 [1][5] - The Shanghai Minhang District Suhong Road Securities Office will cease to accept new clients from the date of the announcement until its closure [2][5] - Contact information for both the closing and receiving branches has been provided for customer inquiries [2][5]

一、2025年9月19日闭市后，东方证券上海闵行区苏虹路证券营业部客户将整体迁移至东方证券上海长 宁区长宁路证券营业部。整体平移后，您的资金账号、交易密码和资金密码、原交易方式、交易软件及 已有的各项服务均保持不变，您的证券交易和资金划转不受影响。 二、如果您不同意成为转入分支机构的客户，请自本公告公布之日起至2025年9月12日止，由您本人携 带有效身份证明文件，前往东方证券任意分支机构现场办理销户手续或通过东方赢家app线上办理（仅 支持个人普通账户）。逾期未办理销户手续，我公司将视同您同意整体迁移方案，并成为转入分支机构 的客户。 尊敬的投资者： 东方证券股份有限公司（以下简称：东方证券）为优化分支机构网点布局，经公司研究决定撤销东方证 券上海闵行区苏虹路证券营业部。我公司将按照《中华人民共和国证券法》和《关于取消或调整证券公 司部分行政审批项目等事项的公告》的相关要求，妥善处理客户资产，结清证券业务并终止经营活动， 办理工商注销等相关手续，并向撤销分支机构所在地中国证监会派出机构备案。为保障您的证券交易、 资金划转的正常进行，现将相关事项公告如下： 三、自本公告公布之日起，东方证券上海闵行区苏虹路证券 ...

Investment Rating - The industry investment rating is "Overweight" [5] Core Viewpoints - Various types of funds are entering the market, with insurance increasing stock allocation and public fund issuance/net subscriptions showing signs of recovery. The trend of residents "moving deposits" may have just begun [1][14] - The A-share liquidity index has shown a rapid increase, correlating highly with the median rise of brokerage stocks. Historical data indicates that significant increases in the liquidity index often precede or coincide with strong performance in brokerage stocks [2][41] - The brokerage industry is expected to achieve a profit growth rate of approximately 48% in the first half of 2025, with specific recommendations for undervalued and high ROE brokerage firms [3][48] Summary by Sections Current Fund Inflows - Since September 24, 2024, regulatory policies have encouraged various funds to enter the market, particularly focusing on long-term capital [14][15] - Insurance funds have shown stable premium growth, with stock allocation increasing to 8.5% as of Q2 2025, up 1.7 percentage points from Q2 2024 [21][1] - Public funds are experiencing a recovery in both issuance and net subscriptions, with a notable increase in active equity fund subscriptions [23][1] - A new cycle of residents "moving deposits" has begun, with the total market capitalization to resident deposits ratio at a low of 0.59, indicating potential for further inflows [26][1] Market Liquidity and Brokerage Stocks - The average daily trading volume and margin financing balance have reached historically high levels, indicating improved market liquidity [34][41] - The maximum turnover rate of the Wind All A index has historically aligned with peaks in brokerage stock performance, suggesting a potential indicator for market tops [35][41] - The A-share liquidity index has shown significant increases during previous bullish phases, with a 74% rise in brokerage stocks since the market transition on July 10, 2024 [2][41] Investment Recommendations - The brokerage sector is projected to see a profit growth of around 48% in 2025, with specific recommendations for leading brokerage firms that are undervalued and have high ROE [3][48] - The report suggests focusing on firms like Guotai Junan, Huatai Securities, and others that are expected to benefit from market conditions and potential mergers [3][48] - The report highlights a calendar effect where brokerage stocks typically exhibit excess returns from July to November, influenced by policy discussions and financial performance reviews [52][41]