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]

宏观经济 | 动态跟踪 降息前后美国经济仍疲弱 ——海外札记 20250903 研究结论 风险提示 经济基本面不确定性。 关税政策不确定性。 降息落地进度不及预期的风险。 地缘政治形势走向的不确定性。 报告发布日期 2025 年 09 月 04 日 | 王仲尧 | 021-63325888*3267 | | --- | --- | | | wangzhongyao1@orientsec.com.cn | | | 执业证书编号：S0860518050001 | | | 香港证监会牌照：BQJ932 | | 吴泽青 | wuzeqing@orientsec.com.cn | | | 执业证书编号：S0860524100001 | | 孙金霞 | 021-63325888*7590 | | | sunjinxia@orientsec.com.cn | | | 执业证书编号：S0860515070001 | | 降息按下快进键：——海外札记 20250825 | 2025-08-27 | | --- | --- | | 美国通胀风险未能阻碍市场上行：——海 | 2025-08-19 | | 外札记 20250818 ...

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][3] Group 1: Increased Holdings - Haotian International Investment (01341) saw the largest increase in holdings, up by 2.83%, bringing its total to 58.85% [2] - Chifeng Jilong Gold Mining (06693) and Shandong Gold (01787) also experienced notable increases of 1.81% and 1.44%, respectively, with holdings of 43.83% and 54.55% [2] - Other companies with significant increases include Yimai Sunshine (02522) at +1.43% (41.36%) and Changfei Optical Fiber Cable (06869) at +1.01% (55.00%) [2] Group 2: Decreased Holdings - Kinglong Magnetics (06680) had the largest decrease in holdings, down by 1.67% to 25.77% [2] - Other notable decreases include Chunli Medical (01858) at -1.41% (46.64%) and Longpan Technology (02465) at -1.17% (50.37%) [2] - Additional companies with reduced holdings include Chongqing Steel (01053) at -0.76% (30.19%) and Tianqi Lithium (09696) at -0.66% (37.65%) [3] Group 3: Five-Day Changes - In the last five trading days, Jingtai Holdings (02228) had the highest increase at +3.39%, with a total holding of 42.87% [3] - Anjiu Food (02648) also saw a significant increase of 3.31% (17.38%) [3] - Shandong Gold (01787) increased by 2.83% (54.55%) during this period [3] Group 4: Twenty-Day Changes - Over the past twenty days, Anjiu Food (02648) experienced the largest increase of 13.05%, bringing its holding to 17.38% [4] - Lens Technology (06613) and Yimai Sunshine (02522) also saw substantial increases of 12.03% (12.56%) and 10.48% (41.36%), respectively [4]

Market Overview - The market experienced a wide fluctuation after a strong opening, with the ChiNext index showing resilience but later retracting gains, raising questions about whether the A-share market has peaked in the short term [1] - Zhejiang Securities maintains that the current "systematic slow bull" trend remains healthy in the medium term, despite short-term uncertainties and increased volatility [1] - CITIC Securities indicates that A-share earnings have reached a confirmation turning point, entering a mild recovery phase, but structural differentiation is more pronounced than overall trends [1] Sector Insights - The focus remains on a balanced allocation between "large finance and broad technology," with increased attention on previously lagging sectors such as real estate and state-owned enterprises [1] - The financial technology sector is highlighted as a key area of interest, benefiting from a vibrant capital market and regulatory support for both consumer-facing and business-facing financial technology companies [3] - The computer sector's investment opportunities are primarily concentrated in financial technology, with expectations of improved performance in the second half of the year due to macroeconomic conditions easing demand-side pressures [3] Fund Performance - The financial technology ETF (159851) has seen significant interest, with a recent scale exceeding 10 billion yuan and an average daily trading volume of over 1.3 billion yuan in the past month, indicating strong liquidity [3] - The ETF is positioned to benefit from the prosperity of the capital market, with growth potential in areas such as stablecoins and domestic innovation driven by policy support [3]

Company Overview - Dongfang Securities is located in Shanghai and was established on December 10, 1997, with its listing date on March 23, 2015 [1] - The company operates in various sectors including securities brokerage, investment banking, asset management, proprietary trading, research consulting, futures, and securities finance [1] Financial Performance - As of June 30, 2025, Dongfang Securities reported a net profit of 3.463 billion yuan, representing a year-on-year growth of 64.02% [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 in the last three years [3] Stock Performance - As of September 3, 2023, Dongfang Securities' stock price was 10.94 yuan per share, with a market capitalization of 92.953 billion yuan [1] - The stock has seen a year-to-date increase of 4.58%, but has declined by 4.87% over the last five trading days and 4.45% over the last twenty days [1] Shareholder Information - As of June 30, 2025, the number of shareholders was 179,300, a decrease of 6.59% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 40.67 million shares [3]

Core Viewpoint - The continuous rise in 30-year U.S. Treasury yields is impacting dollar credit and enhancing risks in global dollar liquidity, leading to increased trading in safe-haven assets and pressure on risk assets [1] Group 1: Market Dynamics - Emerging market equity assets are entering a phase of chip digestion, characterized by high selling and low buying [1] - There is a phase shift in funds towards low-growth events and left-side trading elasticity in consumer sectors [1] Group 2: Investment Opportunities - Potential short-term elasticity may be observed in sectors such as solid-state batteries, media, gaming, and travel [1]

丨证券研究报告丨 公司研究丨点评报告丨东方证券（600958.SH） [Table_Title] 东方证券 2025H 点评： 增长势头延续，弹性持续凸显 报告要点 [Table_Summary] 2025H 东方证券增长势头延续，弹性持续凸显。其中自营经纪持续高增，投行同比增长明显， 资管业务降幅持续收窄。展望未来，公司仍是券商在财富管理和资产管理中受益的标杆，资本 市场高位运行背景下，期待公司大财富+大资管优势显现，维持买入评级。 分析师及联系人 [Table_Author] SAC：S0490519080007 SFC：BUV596 吴一凡 盛晓双 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary2] 事件描述 东方证券发布 2025 年半年报，报告期内分别实现营业收入和归属净利润 80.0 亿元和 34.6 亿 元，同比分别提升 38.9%和 64.0%；加权平均净资产收益率同比+1.61pct 至 4.27%；剔除客户 资金后的经营杠杆较年初提升 0.1%至 3.74 倍。 事件评论 风险提示 1、权益市场大幅回调； 2、监 ...

Core Viewpoint - The company has decided not to redeem the "He 21 Convertible Bonds" early, based on confidence in its future development and to protect investor interests [4][5]. Summary by Sections Convertible Bond Issuance Overview - The company issued 20.50 billion RMB worth of convertible bonds on November 17, 2021, with a maturity of 6 years and a tiered interest rate starting from 0.3% in the first year [1]. Convertible Bond Conversion Price Adjustment - The initial conversion price was set at 39.09 RMB per share, which has been adjusted multiple times, currently standing at 18.99 RMB per share [2][3]. Redemption Terms and Trigger Conditions - The company has the right to redeem the bonds if the stock price exceeds 130% of the conversion price for 15 out of 30 consecutive trading days or if the remaining unconverted bonds are less than 30 million RMB [4]. Decision Against Early Redemption - The board of directors decided not to exercise the early redemption option on September 2, 2025, and will not redeem the bonds even if the redemption conditions are met within the following three months [5]. Related Parties' Trading Situation - Major shareholders and executives have not traded the "He 21 Convertible Bonds" in the six months prior to the redemption conditions being met [5]. Sponsor's Verification Opinion - The sponsor confirmed that the decision not to redeem the bonds early was made following necessary procedures and complies with relevant regulations and the offering prospectus [5].

| 东方证券股份有限公司 | | | --- | --- | | 关于江苏博俊工业科技股份有限公司 | | | 保荐机构名称：东方证券股份有限公司 | 被保荐公司简称：博俊科技 | | 保荐代表人姓名：刘俊清 | 联系电话：021-2315 3434 | | 保荐代表人姓名：陈华明 | 联系电话：021-2315 3684 | | 一、保荐工作概述 | | | 项目 | 工作内容 | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0次 | | 况 | | | （1）是否督导公司建立健全规章制度（包括但 | | | 不限于防止关联方占用公司资源的制度、募集 | | | 是 | | | 资金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | （1）查询公司募集资金专户次数 | 每月查询一次 | | （2）公司募集资金项目进展是否与信息披露文 | | | 是 | | | 件一致 | | | （1）列席公司股东大会次数 0 | 次，均事前或事后审阅会议议案 | | （2）列席公司董事会次数 ...