Core Viewpoint - The announcement by Trump regarding the dismissal of Fed Governor Cook has raised concerns about the independence of the Federal Reserve, with potential legal battles expected to ensue [1] Market Reaction - Following the news of Trump's intention to dismiss Cook, the market exhibited a "knee-jerk reaction" similar to the previous incident involving Powell, leading to a steepening of the U.S. Treasury yield curve, declines in U.S. stock futures, and a drop in the dollar index, while gold prices increased [1] - After Cook's legal response, market reactions stabilized, indicating that the outcome of the situation will depend on U.S. legal proceedings [1] Federal Reserve Outlook - The report suggests that under Powell's leadership, the independence of the Federal Reserve is likely to be maintained, despite the ongoing political pressures [1] - Powell's dovish remarks at the Jackson Hole meeting are seen as paving the way for a rate cut in September, with market expectations for further rate cuts increasing due to the Trump-Cook incident [1] - The company maintains its previous forecast that the Federal Reserve will cut rates three times within the year, each by 25 basis points [1]

Core Insights - The use of OCS in AI data centers is still in its early stages, with Google having achieved product implementation while most manufacturers are actively developing their technologies [1] - The feasibility of the OCS technology route is considered high, with significant advantages and strong growth certainty in the future [1] Investment Recommendations - For the complete machine segment, it is recommended to focus on manufacturers with core optical communication equipment business and OCS foundries [1] - In the core components segment, attention should be directed towards optical MEMS suppliers and foundries [1] - For the optical components segment, it is advisable to monitor domestic optical component suppliers in China [1]

Core Viewpoint - The liquor industry is rapidly bottoming out, with expectations for the industry's fundamental bottom to appear in the third quarter of 2025, influenced by various factors such as inventory, pricing, policy impacts, consumer scenario recovery, and listed company reports [1] Group 1: Industry Analysis - The third quarter of this year is anticipated to be the most challenging period for industry sales, pricing, and market confidence [1] - The second half of this year is expected to exert significant pressure on the financial performance of listed liquor companies [1] - A gradual recovery trend is expected thereafter, indicating potential bottom-fishing opportunities in the liquor industry [1] Group 2: Beer Industry Insights - The beer industry is projected to maintain stable performance in the third quarter, despite a lower base in the second half of the year [1] - The impact of alcohol restrictions is considered in the stability of beer company reports [1]

人民财讯8月27日电，中信证券指出，国务院印发《关于深入实施"人工智能+"行动的意见》(以下简称 《意见》)，推动人工智能与经济社会各行业各领域广泛深度融合。新一代智能终端、智能体的应用普 及是《意见》的重点要求之一，目标到2030年实现普及率超90%。中信证券认为，具身智能机器人作为 重要的新一代智能终端产品，在《意见》印发后，有望在技术发展、配套基础设施、法规体系等多个层 面将得到支持，行业进入高质量发展快车道。重点推荐具身智能产业链具备高技术壁垒的细分龙头及新 技术带来的潜在颠覆性机遇，建议关注新进玩家带来的交易性机会。 ...

Core Insights - The report from CITIC Securities indicates that the overseas energy transition is driving an increase in the share of renewable energy, which in turn is boosting the demand for flexible adjustment resources in the energy storage market, particularly in Europe and the United States [1] - CITIC Securities believes that the domestic energy storage industry chain has significant advantages, with the global market share of battery cells and energy storage systems continuing to rise [1] - Many overseas energy storage companies are highly dependent on the Chinese industry chain and are facing operational difficulties due to policy uncertainties [1] - The current timing presents a clear investment value in the overseas energy storage market, with a recommendation to focus on leading manufacturers involved in battery cells, PCS (Power Conversion System), and system integration within the overseas energy storage industry chain [1]

中信证券研报表示，需求决定供给是商业世界重要规律，AI大模型与以往截然不同的需求带来产业链 变革机遇。使用OCS构建大型算力集群，在高带宽、低延迟、低成本方面都胜过传统IB、RoCE技术， 该技术路线长期来看有望成为AI基建的主流，从而带动光通信全产业链变革。整机环节建议关注OCS整 机厂商、代工厂商、OTN整机厂商；核心器件环节建议关注光学MEMS代工厂、LCoS生产商；光学零 部件领域建议关注光环行器、微环调制器等市场。 （文章来源：第一财经） ...

Company Overview - Tianxing Medical has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and Jianyin International as joint sponsors [1] - Tianxing Medical is the largest domestic sports medicine company in China, providing treatment solutions for soft tissue injuries and sports rehabilitation covering joints such as shoulders, knees, and hips [1] - The company relies on self-developed implants, active devices, consumables, and surgical instruments, boasting the most comprehensive sports medicine product line in the Chinese market with 52 products, many of which are among the first approved domestically [1] Industry Insights - The Chinese sports medicine market is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 14.3% from 2024 to 2030, driven by an increase in the sports population, aging demographics, rising health awareness, and higher penetration rates of minimally invasive surgeries [1] - National policies encourage the development of domestic medical devices, and advancements in domestic brand technologies are expected to enhance the market penetration of local sports medicine providers [1] Financial Performance - By the end of 2024, Tianxing Medical's products are expected to be available in over 3,000 hospitals, including more than 1,000 tertiary hospitals [1] - The company anticipates achieving revenue of 327 million RMB and a profit of 95.39 million RMB for the fiscal year 2024 [1]

基金管理人：易方达基金管理有限公司 基金托管人：中信证券股份有限公司 二零二五年八月 重要提示 1.易方达上证科创板新能源交易型开放式指数证券投资基金（以下简称"本基金"）根据中国证券监督管 理委员会《关于准予易方达上证科创板新能源交易型开放式指数证券投资基金注册的批复》（证监许可 [2025]664号）进行募集。 2.本基金为交易型开放式、股票型证券投资基金、指数基金。 登录新浪财经APP 搜索【信披】查看更多考评等级 3.本基金的管理人为易方达基金管理有限公司（以下简称"本公司"），托管人为中信证券股份有限公 司，本基金登记结算机构为中国证券登记结算有限责任公司。 4.本基金将自2025年9月1日至2025年9月5日进行发售。本基金的投资人可选择网上现金认购和网下现金 认购2种方式（本基金暂不开通网下股票认购），其中网下现金认购的日期为2025年9月1日至2025年9月 5日，网上现金认购的日期为2025年9月1日至2025年9月5日。如上海证券交易所对网上现金认购时间作 出调整，本公司将作出相应调整并及时公告。基金管理人根据认购的情况可适当调整募集时间，并及时 公告，但最长不超过法定募集期限。 5.网上 ...

本报记者 于宏 随着上市公司半年报密集发布，券商二季度重仓情况逐渐浮出水面。Wind资讯数据显示，截至6月末，券商合计持有147只 重仓股（当同一只个股被多家券商持有时，仅统计为一只个股）；二季度，券商合计新进持有79只个股，增持31只个股。同 时，多家券商纷纷披露权益类投资业务的"选股"思路。 新进持有79只个股 增持方面，二季度，券商共增持了31只个股。其中，藏格矿业被申万宏源证券、招商证券2家券商增持，增持股份数量分 别为295.74万股、7.2万股。 增持股份数量方面，有8只个股被券商增持股份超过100万股。其中，宏创控股被中金公司增持575.76万股，云天化被国投 证券增持500万股，数量居前。 稳健、多元成选股共识 从券商持有重仓股的情况来看，头部券商整体上"持股"更多。截至6月末，中金公司共持有30只重仓股，居于行业首位， 其中持股数量最多的个股为明泰铝业，持股数量为1612.36万股；中信证券共持有26只重仓股，其中持股数量最多的个股为新钢 股份，持股数量为2622.27万股；国泰海通、华泰证券、国信证券、申万宏源证券持有重仓股的数量分别为14只、13只、12只、 10只。 值得注意的是，多家 ...

中信证券股份有限公司 关于江西宏柏新材料股份有限公司 开展外汇套期保值业务的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为江西宏柏新材 料股份有限公司（以下简称"宏柏新材"、"上市公司"或"公司"）2023年度向不特 定对象发行可转换公司债券的保荐人，上述可转换公司债券已于2024年完成发行，目前 处于持续督导阶段。根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上 市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交 易所上市公司自律监管指引第 11 号——持续督导》等有关法律法规和规范性文件的要求， 保荐人对宏柏新材开展外汇套期保值业务进行了审慎核查，并出具核查意见如下： 包括但不限于美元、欧元等。公司进行的外汇套期保值业务品种具体包括但不限于远期 结售汇、外汇互换、外汇期货、外汇期权业务及其他外汇衍生产品等业务。交易对手为 有外汇衍生品交易业务经营资质的银行等金融机构。 本次授权外汇套期保值业务的有效期自公司2025年第三次临时股东大会审议通过之 日起十二个月，交易额度在有效期内可以滚动使用。上述额度和授权期限内董事会提请 股东大会授权董事长根 ...