新浪期货 根据交易所数据，截至8月06日收盘主力合约硅铁2509,涨跌+4.27%,成交量49.26万手，持仓数据显示前20席位呈现净 空，差额头寸为14237手。 硅铁期货全合约总计成交84.06万手，比上一日新增46.59万手。全合约前20席位多头持仓34.59万手，比上一日增加3.51万手。全合 约前20席位空头持仓37.34万手，比上一日增加2.81万手。 根据合并数据显示，多头前三席位为东证期货，总持仓47954、国泰君安，总持仓35971、中信期货，总持仓35556；空头前三席位 为东证期货，总持仓63148、中信期货，总持仓39248、国泰君安，总持仓32688； 主力合约前20席位中，多头增仓前三名分别是：海通期货、持仓3975、增仓2673，宏源期货、持仓3187、增仓1468，国泰君安、 持仓13340、增仓1396；多头减仓前三名分别是：广发期货、持仓2086、减仓-1021，中财期货、持仓2492、减仓-623，光大期 货、持仓1942、减仓-484； 主力合约前20席位中，空头增仓前三名分别是：宝城期货、持仓7286、增仓6385，山金期货、持仓5154、增仓5067，建信期货、 持 ...

Group 1 - The global mining industry is experiencing an upward trend in capital expenditure, leading to an increase in the mining machinery sector's prosperity, with overseas mining machinery companies maintaining high revenue and order levels [1][2] - Major mineral prices, such as copper and aluminum, are stable or rising, which is expected to support mining demand and capital expenditure in the medium to long term [2] - The mining machinery market is vast, with a global market size exceeding $120 billion, where the aftermarket accounts for 60%-70% of the total market [2] Group 2 - Chinese mining machinery companies are accelerating their efforts to capture overseas markets by enhancing product competitiveness and establishing benchmark projects [1][2] - The investment recommendation includes companies like XCMG, Shantui, SANY International, and Tongli, which are positioned well in the market due to their scale and innovation [3]

Core Insights - The frequency of satellite launches in China has significantly increased, indicating a rapid acceleration in the construction of the GW satellite constellation [1][2] - The construction of the Qianfan constellation is expected to gradually speed up, with recent procurement announcements for multiple rocket launch services [3] - The Hainan commercial launch site has resolved bottlenecks in launch facilities, enabling the upcoming maiden flights of large private liquid rockets [4][5] - Several large-capacity private liquid rockets are set to make their first flights in the second half of 2025, which may play a crucial role in the development of China's low Earth orbit satellite internet [6] - Blue Arrow Aerospace has initiated its IPO process, aiming for a listing on the Sci-Tech Innovation Board [7] Launch Frequency and Network Construction - The GW constellation consists of 12,992 satellites, with a notable increase in launch frequency from 2024, where the interval between launches for groups 01-05 was at least one month, while for groups 05-07, it has reduced to approximately 3-5 days [2] Qianfan Constellation Progress - The Qianfan constellation has completed applications for 1,296 and 13,904 satellites, with five "one rocket, 18 satellites" launches conducted recently, although subsequent launches have not yet commenced [3] Hainan Commercial Launch Site Development - The Hainan commercial launch site has completed the construction of the first two launch pads and plans to add two more, enhancing its capacity for high-frequency, high-capacity, and low-cost launches [4] Upcoming Rocket Launches - Multiple large-capacity private liquid rockets, including Blue Arrow's Zhuque-3 and Tianbing Technology's Tianlong-3, are expected to conduct their maiden flights in late 2025, which will help reduce launch costs significantly [6] Investment Opportunities - Companies to watch in the satellite manufacturing segment include Aerospace Electronics, Zhenlei Technology, and China Satellite, while in the rocket launch segment, attention should be given to Plater, Srey New Materials, and Huazhu High-Tech [8]

Core Viewpoint - Beijing Jichuang Beifang Technology Co., Ltd. has submitted its initial public offering (IPO) application for listing on the Sci-Tech Innovation Board, with the filing date recorded as August 5, 2025, and the advisory institution being CITIC Securities [1][2]. Group 1: Company Background - Beijing Jichuang Beifang was established in 2008 and focuses on the research, design, and sales of display chips, providing solutions for various display panels and screens [4]. - The company's main products include panel display driver chips, power management chips, LED display driver chips, control chips, and others [4]. - Major clients include BOE Technology Group, Huaxing Optoelectronics, HKC, Leyard, Absen, and LG Group [5]. Group 2: Financial Performance - The company's revenue for the years 2019, 2020, and 2021 was 144.74 million, 237.98 million, and 567.44 million yuan, respectively [4]. - The net profit attributable to the parent company for the same years was -15.38 million, 5.33 million, and 93.20 million yuan, showing a significant recovery in profitability [4]. - The company's operating cash flow for 2021 was 637.32 million yuan, indicating a strong cash generation capability [5]. Group 3: Previous IPO Attempt - In June 2022, the company had previously applied for an IPO on the Sci-Tech Innovation Board but withdrew its application in March 2023, leading to the termination of its review by the Shanghai Stock Exchange [4][6]. - The previous IPO fundraising plan included projects such as the development and industrialization of display touch integrated chips and OLED display driver chips, with a total intended fundraising amount of 6.01 billion yuan [6][7]. Group 4: Advisory and Support Institutions - The advisory agreement between CITIC Securities and Jichuang Beifang was signed on July 31, 2025, with additional support from Beijing Guofeng Law Firm and Lixin Certified Public Accountants [2][3].

该机构认为，AI带动的算力行业需求强劲，持续推荐算力产业链，包括北美链和国内链，建议持续重 视。 液冷服务器概念6日发力走高，截至发稿，科创新源20%涨停，方盛股份涨约13%创出新高，飞龙股 份、日海智能均涨停，鸿富瀚、澄天伟业涨超8%。 行业方面，2025年二季度，北美四大互联网厂商资本开支总计958亿美元，同比增长64%，持续保持高 增态势，并对后续季度以及全年展望乐观，谷歌和Meta上调今年指引，亚马逊表示二季度资本开支可 代表下半年单季度资本开支水平，微软预计下季度（2026财年第一财季）资本开支超过300亿美元（对 应同比增长超过50%）。 中信建投证券表示，2025年是英伟达AI芯片液冷渗透大幅提升的一年，同时随着单芯片功耗的提升， 后续液冷市场规模有望明显增长。而随着ASIC机柜方案逐步采用液冷以及国内厂商超节点方案的推 出，液冷在ASIC市场以及国内市场的渗透预计也将快速提升，进一步打开市场空间。建议重视液冷板 块。 （文章来源：证券时报网） ...

｜2025年8月6日 星期三｜ NO.1 年内券商发债近7700亿元，同比增超32% 通过发行债券进行融资已成为券商提升资本实力的重要方式。今年以来，在市场交投活跃的背景下，券 商发债融资颇为踊跃。数据显示，截至8月5日，年内券商已发行债券规模近7700亿元，同比增长超 32%。从单家券商的发债情况来看，截至8月5日，年内已有70家券商发行了债券，其中有24家券商发债 规模在100亿元以上。中国银河发债规模居首，已发行24只债券，发行规模达699亿元；其次为华泰证 券，发行规模为529亿元；广发证券、国泰海通、国信证券的债券发行规模分别为499.6亿元、484亿 元、393亿元；招商证券、中信建投、平安证券的债券发行规模也均在300亿元以上。 点评：券商发债规模同比增超32%至7700亿元，反映行业积极补充资本实力。头部券商如中国银河、华 泰证券等大规模发债，将增强其业务拓展能力，对股价形成支撑。证券行业整体资本充足率提升，有利 于提升行业抗风险能力和市场竞争力。此现象也表明市场对券商业务前景预期向好，将为资本市场健康 发展提供资金支持。 NO.2 景顺长城迎新掌舵人，"华能系" 叶才新任董事长 8月5日，东 ...

中信建投研报表示，2025Q2，北美四大互联网厂商资本开支总计958亿美元，同比增长64%，持续保持 高增态势，并对后续季度以及全年展望乐观，谷歌和meta上调今年指引，亚马逊表示二季度资本开支可 代表下半年单季度资本开支水平，微软预计下季度（2026财年第一财季）资本开支超过300亿美元（对 应同比增长超过50%）。2025年是英伟达AI芯片液冷渗透大幅提升的一年，同时随着单芯片功耗的提 升，后续液冷市场规模有望明显增长。而随着ASIC机柜方案逐步采用液冷以及国内厂商超节点方案的 推出，液冷在ASIC市场以及国内市场的渗透预计也将快速提升，进一步打开市场空间。建议重视液冷 板块。我们认为，AI的发展仍在持续推进，算力需求强劲，持续推荐算力产业链，包括北美链和国内 链，建议持续重视。 ...

Core Viewpoint - The report from CITIC Securities indicates that policy-driven standardization will contribute positively to the growth of the diversified payment system in the pharmaceutical industry, enhancing consumer awareness of commercial health insurance and providing additional growth opportunities for the sector [1] Group 1: Policy Impact - The gradual standardization of the industry through various policies is expected to improve the completeness of urban commercial health insurance products like Huiminbao, which will likely enhance residents' consumption awareness of commercial insurance [1] - The introduction of products such as Huiminbao and group insurance is anticipated to accelerate the incubation of related innovative business models [1] Group 2: Long-term Growth Prospects - The long-term outlook for the innovative pharmaceutical and medical device industry chain is positive, as the development of commercial insurance is expected to gradually remove restrictions, leading to significant improvements in payment and distribution channels [1] - This improvement is projected to provide additional market space for relevant companies in the innovative pharmaceutical and high-end medical sectors [1]

Core Viewpoint - The report from CITIC Securities indicates that the home appliance industry maintains a high level of prosperity due to government subsidies, with a positive outlook for leading companies in the sector [1] Group 1: Industry Trends - The demand for air conditioners is experiencing significant growth driven by high summer temperatures [1] - The black electrical products sector is seeing an upgrade in product structure, leading to an increase in average prices [1] - The price decline in panels is contributing to improved conditions in the sweeping robot industry, with profit margins expected to reach a turning point [1] Group 2: Market Dynamics - Changes in e-commerce tax rules are favorable for leading brands, enhancing their competitive position [1] - The two-wheeler segment is benefiting from government subsidies, resulting in a substantial increase in sales [1] - The motorcycle industry is accelerating its expansion into overseas markets [1] Group 3: Company Performance - Leading companies across various segments are benefiting from the high prosperity of the industry, showing good performance in market share and profit margins [1] - The expectation for stable performance in the second and third quarters is highlighted, with a positive outlook for the subsequent earnings of leading enterprises [1]

中信建投证券股份有限公司 一、本次交易的内幕信息知情人自查期间 本次交易的内幕信息知情人的自查期间为上市公司首次披露重大资产重组 事项前六个月至披露《四川安宁铁钛股份有限公司重大资产购买报告书（草案）》 前一日，即2024年8月19日至2025年7月21日。 二、本次交易的内幕信息知情人核查范围 本次交易的内幕信息知情人核查范围包括： 关于四川安宁铁钛股份有限公司本次交易 相关内幕信息知情人买卖股票情况的自查报告的核查意见 四川安宁铁钛股份有限公司（以下简称"上市公司"或"安宁股份"）拟以分期 支付现金650,768.80万元的方式，参与攀枝花市经质矿产有限责任公司（以下简 称"经质矿产"）及其关联企业会理县鸿鑫工贸有限责任公司（以下简称"鸿鑫工 贸"）、攀枝花市立宇矿业有限公司（以下简称"立宇矿业"）实质合并重整。本 次交易完成后，上市公司取得经质矿产100%股权，并通过经质矿产持有鸿鑫工 贸、立宇矿业100%股权。 中信建投证券股份有限公司（以下简称"本独立财务顾问"或"中信建投证券"） 接受安宁股份的委托，担任本次交易的独立财务顾问。根据《上市公司重大资产 重组管理办法》《公开发行证券的公司信息披露内容 ...