Core Viewpoint - The report indicates that China Merchants Securities has shown a steady growth in revenue and net profit for the first half of 2025, with a notable increase in various financial metrics, reflecting a positive outlook for the company's performance in the investment banking sector [1] Financial Performance - Total operating revenue (excluding other business income) reached 10.4 billion RMB, a year-on-year increase of 9%, with a quarterly revenue of 5.8 billion RMB, up by 11.5% [1] - The net profit attributable to shareholders was 5.19 billion RMB, a year-on-year increase of 9.2%, with a quarterly net profit of 2.88 billion RMB, up by 5.7% [1] - Return on equity (ROE) for the reporting period was 3.9%, an increase of 0.1 percentage points year-on-year [1] Asset and Liability Overview - Total assets (excluding client funds) amounted to 499.3 billion RMB, an increase of 8.92 billion RMB year-on-year, with net assets of 131.4 billion RMB, up by 6.95 billion RMB [1] - The company's leverage ratio was 3.8 times, a decrease of 0.14 times year-on-year [1] Revenue Breakdown - The net income from capital-intensive businesses totaled 4.75 billion RMB, with a quarterly figure of 3.03 billion RMB, reflecting a quarter-on-quarter increase of 1.31 billion RMB [1] - Brokerage business revenue grew significantly, reaching 3.73 billion RMB, with a quarterly revenue of 1.77 billion RMB, a year-on-year increase of 40.5% [1] - Investment banking revenue was 400 million RMB, with a quarterly revenue of 220 million RMB, showing a year-on-year increase of 0.2 billion RMB [1] Market Conditions - The average daily trading volume in the market was 12.64 trillion RMB, down by 17.2% quarter-on-quarter [1] - The company’s market share in margin financing was 5.15%, a decrease of 0.13 percentage points year-on-year [1] Regulatory Metrics - The risk coverage ratio stood at 241.7%, down by 13 percentage points from the previous period [1] - The net stable funding ratio was 160.3%, a decrease of 8.9 percentage points from the previous period [1] Investment Outlook - The company maintains its earnings forecast, projecting EPS for 2025/2026/2027 at 1.45/1.56/1.67 RMB, with corresponding BPS of 13.98/15.02/16.06 RMB [1] - The target price is set at 22.37 RMB, based on a 1.6 times PB valuation for 2025, maintaining a "recommended" rating [1]

Core Insights - The overall compensation in the brokerage industry has increased, with over 80% of brokerages reporting growth in total compensation and a rebound in average compensation per employee [1][2] Group 1: Top Brokerage Performance - CITIC Securities remains the leader in total compensation, reaching 11.123 billion yuan in the first half of 2025, a year-on-year increase of 13.58% [1][3] - China International Capital Corporation (CICC) and Huatai Securities follow, with total compensations of 5.572 billion yuan and 5.137 billion yuan, reflecting year-on-year growths of 27.53% and 21.46% respectively [1][3] - CITIC Construction Investment is the only top brokerage to report a decline, with total compensation of 3.076 billion yuan, down 14.41% year-on-year, and an average compensation of 239,300 yuan, a decrease of 9.46% [1][3] Group 2: Regional Brokerage Performance - Brokerages in East China showed strong performance, with Guotai Junan and Haitong Securities reporting total compensations of 8.805 billion yuan, a significant increase of 118.29%, and an average compensation of 422,200 yuan, up 56.20% [1][3] - In South China, Guangfa Securities reported a total compensation of 4.553 billion yuan, growing by 20.92%, while China Merchants Securities reached 3.561 billion yuan, an increase of 13.92% [1][3] Group 3: Mid and Small Brokerage Performance - Smaller brokerages like Huaxi Securities and Guohai Securities have shown significant compensation growth, with Huaxi's total compensation reaching 1.067 billion yuan, up 42.61%, and an average compensation of 263,300 yuan, increasing by 48.67% [2] - Guohai Securities reported a total compensation of 703 million yuan, a year-on-year increase of 36.30%, with an average compensation of 209,900 yuan, reflecting a growth of 45.97% [2] - Conversely, brokerages such as Changcheng Securities and Caitong Securities experienced declines in average compensation, indicating substantial disparities within the industry [2]

招商证券股份有限公司研究员董瑞斌、郑晓刚、陈云鹏、罗宇珩昨日发布研报《凯格精机：AI相关产 品放量盈利能力大幅提升》称，维持凯格精机"增持"评级。 国泰海通证券股份有限公司研究员肖群稀、李启文今日发布研报《凯格精机：受益AI拉动锡膏印刷高 端化趋势明显》称，维持凯格精机增持评级。 中国经济网北京9月2日讯凯格精机（301338）(301338.SZ)今日收报61.46元，跌幅11.56%。 ...

Group 1 - The core viewpoint of the report is that China Resources Pharmaceutical (3320) is maintained with a "buy" rating, with expectations of a valuation reassessment opportunity in fiscal year 2026 and beyond [1] - The target price has been adjusted from HKD 8.1 to HKD 5.9, corresponding to price-to-earnings ratios of 9 times for 2026 and 8 times for 2027 [1] - The company's performance is in line with expectations, showing overall stability with a revenue of RMB 131.867 billion, a year-on-year increase of 2.5% [1] Group 2 - The net profit for the company was RMB 2.077 billion, reflecting a year-on-year decline of 20.3% [1] - The overall gross margin remained stable at 16.3%, with a selling expense ratio of 7.6% and a management expense ratio of 2.4% [1] - Research and development investment reached RMB 1.25 billion, indicating a commitment to innovation despite the profit decline [1]

招商证券国际发布研报称，长城汽车（601633）(02333)第二季业绩强劲，毛利率按季提升。净利润 45.86亿元人民币(下同)，同比增长19.1%，按季升161.9%，符合此前公布的业绩快报披露范围。该行将 长汽2025至27年各年纯利预测分别降5%、升9%及升10%，下调2025财年业绩反映新车密集推出费用开 支上升，上调2026至27年盈利预测反映下半年开启新强势产品周期。H股目标价由19港元升至26港元， 评级"增持"。 报告指，公司预计下半年销量同比增幅40%至50%，由于密集的新车投放。第四季将交付高山PHEV、 中大型SUV豪华旗舰、坦克400/700;欧拉与哈弗基于新EEA平台，第四季推出1至2款新车型，明年持续 上新。该行称，新平台兼容多动力形式，搭载智能化等新技术，产品竞争力显著提升。 ...

Core Viewpoint - Zhaizi City Technology (09911) has seen its stock price increase by 231% year-to-date, with a current valuation of 10 times the next 12 months' earnings and a PEG ratio of 0.5, compared to the industry averages of 16.5 times and 1.2 times in China, and 24 times and 1.5 times in the US [1] Financial Performance - The company's revenue for the first half of the year grew by 40% year-on-year, reaching 3.18 billion RMB, which met expectations [1] - Revenue from social and innovative businesses increased by 37% and 72% year-on-year, respectively [1] - Gross profit rose by 56% year-on-year, exceeding expectations by 10%, with a gross margin of 55.8%, an increase of 5.6 percentage points [1] - The gross margin for the innovative business significantly improved from 55% to 74%, driven by contributions from "Alice's Adventures" [1] - The gross margin for the social business increased by 3.8 percentage points to 54% year-on-year [1] Profitability Metrics - Adjusted operating profit and net profit grew by 51% and 137% year-on-year, respectively, surpassing expectations by 13% and 23% [1] - The strong performance is attributed to prudent cost control, operational leverage, and minority equity acquisitions [1] Target Price and Rating - The target price for Zhaizi City Technology has been raised from 12.2 HKD to 16.2 HKD, corresponding to 17 times and 14 times earnings for the fiscal years 2025 and 2026, respectively [1] - The company maintains a "buy" rating [1]

Core Viewpoint - Zhongsheng Holdings (00881) reported a net profit attributable to shareholders of 1.011 billion RMB for the first half of the year, which is approximately 50% lower than market consensus expectations, primarily due to pressure on profitability from new and used cars [1] Group 1: Financial Performance - The decline in new car gross margin is significantly influenced by the timing of manufacturer subsidies [1] - The management believes that the new car market is about to see a turnaround, driven by ongoing channel consolidation and market share concentration towards leading players [1] - The company has maintained an "overweight" rating but has lowered its target price from 24 HKD to 22.3 HKD, which corresponds to a 12.8 times price-to-earnings ratio for the fiscal year 2025, aligning with historical averages [1] Group 2: Market Outlook - The brokerage firm shares the management's view that new car gross margins have likely bottomed out, citing reasons such as manufacturer subsidies being confirmed mainly in the second half of the year [1] - The implementation of anti-involution policies in the industry is expected to stabilize end-user prices in the second half of the year [1] - The company’s main brand, Mercedes-Benz, is set to launch over 30 new models in the next two years, indicating a strong product cycle and enhanced pricing resilience, which could lead to profit recovery [1] Group 3: Profit Forecast Adjustments - The brokerage has revised its profit forecasts for Zhongsheng Holdings for 2025 to 2027 down by 8%, 5%, and 4% respectively, reflecting the short-term impact of declining profit margins in new and used cars [1]

Core Insights - The wealth management performance of securities firms has shown significant improvement in the first half of 2025, with a notable increase in brokerage fee income and a shift towards wealth management services [2][4]. Group 1: Brokerage Business Performance - In the first half of 2025, 42 listed securities firms generated a total of 74.563 billion yuan in brokerage fee income, representing a year-on-year growth of approximately 50% [2]. - The top ten securities firms accounted for over 60% of the total brokerage income, with CITIC Securities leading at nearly 8 billion yuan [2][6]. - The brokerage income of 21 listed firms exceeded 1 billion yuan, with significant growth rates observed among mid-sized firms such as Guojin Securities and Guoyuan Securities, which saw increases of over 60% [5][8]. Group 2: Revenue Structure and Wealth Management Transition - The traditional trading business remains the primary revenue source for securities firms, but the wealth management transformation is showing early signs of success, with a 30% increase in income from selling financial products [3][10]. - The income from selling financial products reached 5.568 billion yuan in the first half of 2025, marking a 30% year-on-year increase [12]. - The proportion of income from selling financial products is relatively low at about 7.5%, indicating room for growth in this area [11]. Group 3: High Net Worth and Institutional Client Focus - Securities firms are increasingly targeting high net worth clients, with notable growth in client numbers and assets. For instance, CITIC Securities reported a 12.98% increase in new clients [15]. - Institutional business is also gaining importance, with firms like Caifutong Securities reporting a 23.4% increase in institutional client asset scale [18]. - The expansion of services for institutional clients is evident, with firms enhancing their offerings in areas such as equity incentives and wealth management [19]. Group 4: Buy-side Advisory Services - The buy-side advisory business is experiencing positive changes, with several firms reporting growth in their fund advisory services. For example, Dongfang Securities reported a fund advisory business scale of 14.925 billion yuan [20]. - CITIC Jiantou noted a significant increase in their buy-side customized business, with a year-on-year growth of 161.62% [22]. Group 5: International Market Expansion - Large and mid-sized securities firms are continuing to expand their presence in international markets, with CITIC Securities focusing on global wealth management and establishing centers in Hong Kong and Singapore [23]. - The sales scale and income from overseas wealth management products for CITIC Securities doubled year-on-year in the first half of 2025 [24]. - Guangfa Securities also reported growth in its overseas business, transitioning towards wealth management [25].

Group 1 - The stock of Jiuri New Materials (688199.SH) closed at 27.23 yuan, with a decline of 6.59%, resulting in a total market capitalization of 4.39 billion yuan [1] - Jiuri New Materials was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on November 5, 2019, with an issuance of 27.81 million shares, accounting for 25% of the total share capital post-issuance, at an initial price of 66.68 yuan per share [1] - The company raised a total of 1.85 billion yuan from the issuance, with a net amount of 1.71 billion yuan, exceeding the original plan by 113.87 million yuan [1] Group 2 - The total issuance costs for Jiuri New Materials amounted to 144.86 million yuan, with underwriting and sponsorship fees totaling 127.57 million yuan [2] - According to the 2023 annual equity distribution announcement, the company will distribute profits by increasing capital reserves, with a distribution of 4.9 shares for every 10 shares held, without cash dividends or bonus shares [2] - The record date for the equity distribution is June 18, 2024, and the ex-rights (ex-dividend) date is June 19, 2024 [2]

Core Viewpoint - The collaboration between招商证券 and major fund companies aims to enhance investor knowledge about ETFs and promote healthy development in the ETF market, with a focus on the aerospace industry as a high-potential investment area [1] Group 1: Aerospace Industry Insights - The aerospace sector exhibits characteristics of "high prosperity + strong certainty," driven by geopolitical demand and planned production [3][5] - The global military expenditure is projected to exceed $2.4 trillion in 2024, marking a historical high, which supports the growth of the aerospace industry [3] - The "14th Five-Year Plan" is expected to peak in 2025, leading to accelerated order fulfillment and production in the aerospace sector [4][6] Group 2: Investment Recommendations - Investors are advised to consider index-based investment strategies to mitigate risks associated with the aerospace sector's volatility [2][17] - Key areas for investment focus include "unmanned and intelligent systems," "military trade demand," and "new domains" [2][30] - The aerospace industry is anticipated to see significant growth in satellite communication and commercial space operations, which are viewed as core growth points for the global aerospace economy [11][12] Group 3: Future Growth Potential - The aerospace industry is expected to benefit from technological breakthroughs and domestic substitution, particularly in the aircraft engine sector [8][10] - The low-altitude economy is projected to grow rapidly, with market size expected to exceed 1 trillion yuan by 2026 [14][15] - The military modernization goals set for 2035 will drive long-term demand for advanced military equipment, ensuring sustained growth in the aerospace sector [28][29] Group 4: Financial Metrics for Evaluation - Investors should monitor contract liabilities and inventory turnover days as indicators of future revenue and operational efficiency [7][6] - The aerospace sector's performance is expected to improve significantly in 2025, with a notable increase in contract liabilities indicating strong order reserves [6][7] Group 5: Market Trends and Events - The upcoming military parade is anticipated to serve as a catalyst for the aerospace sector, with potential new weapon systems on display that could influence market sentiment [24][26] - Historical data suggests that military parades have previously led to significant gains in the aerospace sector, indicating a potential for similar outcomes in the current context [27]