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 ...

东吴证券研报指出，东方证券2025H1归母净利润34.6亿元，同比+64.0%；对应EPS0.40元，ROE4.3%， 同比+1.6pct。第二季度实现归母净利润20.3亿元，同比+65.5%，环比+41.2%。交投活跃度回升背景 下，公司经纪业务收入同比高增；投行业务收入逆市增长，股权及债券承销规模均大幅提升；资管业务 收入同比下滑，东证资管及汇添富AUM仍稳健增长；另外，公司自营业务表现亮眼。该行看好交投活 跃度回升背景下公司在财富管理转型及基金管理方面的增量，维持"买入"评级。 ...

东方证券股份有限公司研究员韩潇锐、蒯剑、薛宏伟9月1日发布研报《蓝思科技：业绩稳健增长下半年 有望加速》称，维持给予蓝思科技买入评级。 中国经济网北京9月2日讯蓝思科技（300433）(300433.SZ)今日收报30.03元，跌幅7.14%。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方證券股份有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600958 | 說明 | 上海證券交易所 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 7,469,482,864 | RMB | | 1 RMB | | 7,469,482,864 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 7,469,482,864 | RMB | | 1 RMB | | 7,469,482,864 | | 2. 股份分類 | 普通股 | 股份類 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方證券股份有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600958 | 說明 | 上海證券交易所 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 7,469,482,864 | RMB | | 1 RMB | | 7,469,482,864 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 7,469,482,864 | RMB | | 1 RMB | | 7,469,482,864 | | 2. 股份分類 | 普通股 | 股份類 ...

Core Viewpoint - The company Si Er Te (002538.SZ) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may lead to adjustments in its financial statements [1] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 2.183 billion yuan, representing a year-on-year increase of 7.15% [2][3] - The net profit attributable to shareholders decreased by 43.60% to 95.18 million yuan compared to the same period last year [2][3] - The net profit after deducting non-recurring gains and losses also fell by 42.47% to 90.11 million yuan [2][3] - The net cash flow from operating activities was 94.35 million yuan, down 62.04% year-on-year [2][3] - Basic and diluted earnings per share both dropped by 45.00% to 0.11 yuan [3] - The weighted average return on net assets decreased to 1.81% from 3.20% in the previous year [3] Asset Summary - As of the end of the reporting period, total assets amounted to 6.326 billion yuan, a decrease of 0.92% from the previous year [3] - The net assets attributable to shareholders were 5.306 billion yuan, down 0.11% from the previous year [3]

Core Viewpoint - Dongfang Securities reported its 2025 interim results, aligning with performance forecasts, showing significant growth in revenue and net profit [1] Group 1: Financial Performance - In 1H25, Dongfang Securities achieved operating revenue of 8 billion, a year-on-year increase of 38.9% [1] - The net profit attributable to shareholders reached 3.46 billion, reflecting a year-on-year growth of 64.0% [1] - The weighted average ROE (unannualized) for 1H25 was 4.27%, up 1.61 percentage points year-on-year [1] Group 2: Investment Business Performance - The company reported a main revenue of 7.94 billion from its securities business, a year-on-year increase of 39.6% [1] - Breakdown of main revenue: brokerage income was 1.37 billion (+31.1%), investment banking income was 720 million (+31.6%), asset management income was 600 million (-15.1%), net interest income was 460 million (-33.4%), and net investment income was 4.25 billion (+85.7%) [1] - In terms of revenue composition, brokerage accounted for 17.3%, investment banking 9.1%, asset management 7.6%, net investment 53.5%, and net interest 5.8% [1] Group 3: Asset and Investment Management - As of the end of 2Q25, total assets were 437.4 billion, up 4.7% from the beginning of the year [2] - Investment assets reached 242.5 billion, an increase of 8.3% year-to-date [2] - The investment leverage ratio was 2.86x, up 0.11x year-to-date, with an investment return rate of 3.65%, an increase of 1.37 percentage points year-on-year [2] Group 4: Wealth Management and Brokerage - The company reported net income from agency buying of 810 million, a year-on-year increase of 23.4% [3] - The number of customer accounts reached 3.139 million, up 7.5% from the beginning of the year, with total custodial assets of 959.3 billion, up 9.2% [3] - The company is transitioning its wealth management business towards a "buy-side advisory" model, enhancing customer scale [3]