Group 1 - A-share market sees a rise in several brokerage stocks, with Xinda Securities increasing by over 5% [1] - Changcheng Securities and Guosheng Financial Holdings both rise by over 3% [1] - Jinlong Co., Ltd. experiences an increase of over 2% [1] Group 2 - Other notable gains include GF Securities, First Capital, Everbright Securities, Xiangcai Securities, CITIC Securities, Changjiang Securities, Dongwu Securities, Huatai Securities, and Founder Securities, all rising by over 1% [1]

西部利得深证红利交易型开放式指数证券 投资基金 基金管理人：西部利得基金管理有限公司 第 2页 共 47页 西部利得深证红利交易型开放式指数证券投资基金 2025 年中期 报告 第 3页 共 47页 基金托管人：光大证券股份有限公司 送出日期：2025 年 8 月 28 日 西部利得深证红利交易型开放式指数证券投资基金 2025 年中期报告 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。本半年度报告已经三分之二以上独 立董事签字同意，并由董事长签发。 基金托管人光大证券股份有限公司根据本基金合同规定，于 2025 年 8 月 26 日复核了本报告 中的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证复核内容 不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 1 月 1 ...

Core Viewpoint - The report outlines the ongoing supervision and compliance of Nanya New Materials Technology Co., Ltd. by Everbright Securities, emphasizing the company's adherence to regulations and its operational performance in the first half of 2025 [1][3][9]. Group 1: Continuous Supervision - Everbright Securities has established and effectively executed a continuous supervision system for Nanya New Materials, ensuring compliance with relevant regulations [1][2]. - The supervisory agreement between the sponsor and the company has been signed and filed with the Shanghai Stock Exchange, clarifying the rights and obligations of both parties during the supervision period [1][3]. - The supervision activities include regular communication, site inspections, and due diligence to ensure compliance with laws and regulations [1][4]. Group 2: Information Disclosure - Nanya New Materials has not reported any violations or illegal activities that require public disclosure during the supervision period [3][9]. - The company has adhered to the information disclosure requirements, ensuring that all reports are accurate, complete, and timely, without any false statements or omissions [9][10]. Group 3: Financial Performance - For the first half of 2025, Nanya New Materials reported a revenue of 161,129.12 million yuan, a decrease of 43.06% compared to the same period in 2024 [10]. - The net profit attributable to shareholders was 8,719.02 million yuan, reflecting a 57.69% increase year-on-year [10]. - The company's total assets increased by 22.87% to 561,698.86 million yuan as of June 30, 2025 [10]. Group 4: Research and Development - The company invested 11,676.33 million yuan in R&D during the first half of 2025, a 43.34% increase from the previous year, indicating a strong commitment to innovation [13]. - Nanya New Materials has applied for 8 new patents in the first half of 2025, bringing the total to 115 patents, showcasing its focus on technological advancement [13]. Group 5: Use of Raised Funds - The company has established a dedicated account for the storage and use of raised funds, complying with relevant regulations [14][15]. - As of June 30, 2025, the net amount raised was 178,607.94 million yuan, with 109,061.67 million yuan allocated to projects and 32,840.00 million yuan temporarily supplementing working capital [14][15]. Group 6: Management and Governance - The company has maintained stable shareholding among its major shareholders, with no changes reported in the first half of 2025 [16]. - There have been no instances of share pledges, freezes, or reductions in holdings by the company's directors and senior management during the reporting period [16].

Core Insights - The top three companies with the highest AH premium rates are Northeast Electric (00042) at 770.97%, Hongye Futures (03678) at 252.57%, and Andeli Juice (02218) at 238.08% [1][2] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -18.73%, Midea Group (00300) at 6.86%, and Heng Rui Medicine (01276) at 7.43% [1][2] - The companies with the highest deviation values are Beijing Machinery (00187) at 32.43%, Andeli Juice (02218) at 29.55%, and Fudan Zhangjiang (01349) at 29.44% [1][3] - The companies with the lowest deviation values are BYD (01211) at -84.97%, Longpan Technology (02465) at -62.46%, and GAC Group (02238) at -26.17% [1][3] AH Premium Rate Rankings - The top AH stocks by premium rate include: - Northeast Electric (00042): H-share at 0.310 HKD, A-share at 2.25 CNY, premium rate 770.97%, deviation -23.02% [2] - Hongye Futures (03678): H-share at 4.280 HKD, A-share at 12.6 CNY, premium rate 252.57%, deviation 25.11% [2] - Andeli Juice (02218): H-share at 17.780 HKD, A-share at 50.18 CNY, premium rate 238.08%, deviation 29.55% [2] - The bottom AH stocks by premium rate include: - CATL (03750): H-share at 410.200 HKD, A-share at 278.3 CNY, premium rate -18.73%, deviation 1.21% [2] - Midea Group (00300): H-share at 81.500 HKD, A-share at 72.71 CNY, premium rate 6.86%, deviation -1.78% [2] - Heng Rui Medicine (01276): H-share at 72.500 HKD, A-share at 65.03 CNY, premium rate 7.43%, deviation 11.64% [2] Deviation Value Rankings - The top AH stocks by deviation value include: - Beijing Machinery (00187): H-share at 4.950 HKD, A-share at 13.24 CNY, premium rate 220.40%, deviation 32.43% [3] - Andeli Juice (02218): H-share at 17.780 HKD, A-share at 50.18 CNY, premium rate 238.08%, deviation 29.55% [3] - Fudan Zhangjiang (01349): H-share at 3.590 HKD, A-share at 10.06 CNY, premium rate 235.65%, deviation 29.44% [3] - The bottom AH stocks by deviation value include: - BYD (01211): H-share at 115.100 HKD, A-share at 110.68 CNY, premium rate 15.18%, deviation -84.97% [3] - Longpan Technology (02465): H-share at 10.320 HKD, A-share at 14.37 CNY, premium rate 66.76%, deviation -62.46% [3] - GAC Group (02238): H-share at 3.690 HKD, A-share at 7.88 CNY, premium rate 155.83%, deviation -26.17% [3]

Group 1 - The A-share market is experiencing a bullish trend driven by AI, with trading volume exceeding 1 trillion yuan shortly after the market opened, and an expected total trading volume of over 2.6 trillion yuan for the day [1] - Most sectors and stocks are performing well, with notable increases in shares of First Capital Securities (up over 7%), and other securities firms like Shouchao Securities and Tianfeng Securities rising over 3% [3] - The current market environment shows increased trading activity and margin financing balances, presenting multiple business opportunities for securities firms, with a stronger market resilience compared to previous periods [3][4] Group 2 - The securities sector is currently undervalued and underrepresented, with only 4 out of 43 listed securities firms surpassing their high points since September of the previous year, indicating a potential for price recovery [4] - Recent data shows that the securities ETF (512000) has seen net inflows exceeding 2.7 billion yuan over the past 10 days, with a total fund size now exceeding 31 billion yuan [4] - The securities ETF tracks the CSI All Share Securities Companies Index, encompassing 49 listed securities stocks, with a significant portion of its holdings concentrated in leading firms, while also including smaller firms for high growth potential [6]

智通财经APP获悉，根据2025年8月26日披露数据，龙蟠科技（02465）、中州证券（01375）、光大证 券（06178）港股通持股占比增加值最大，分别增加1.64%、1.45%、1.25%；速腾聚创（02498）、重庆 钢铁股份（01053）、上海復旦（01385）港股通持股占比减少值最大，分别减 少-1.78%、-1.31%、-1.17%。 在最近有统计数据的5个交易日内，中兴通讯（00763）、京城机电股份（00187）、龙蟠科技（02465） 港股通持股占比增加值最大，分别增加8.07%、7.14%、6.75%；盈富基金（02800）、南京熊猫电子股 份（00553）、南方恆生科技（03033）港股通持股占比减少值最大，分别减 少-6.38%、-3.31%、-3.00%。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新日占比增持榜（前20名） | 公司名称 | 占比值变动 | 最新持股比例 | | --- | --- | --- | | 龙蟠科技(02465) | +1.64% | 53.40% | | 中州证券(01375) | +1.45% | 62.41% | | 光大证券(0 ...

智通财经APP获悉，近期沪指再度刷新十年高点，沪深交易成交量破三万亿。 华西证券指出，市场放量大涨，是资金情绪正盛的表现。同时，隐含波动率大幅上升，也是投机热度快 速上升的信号。 中信建投发布研报称，政策/会议信号为证券板块超额收益的核心驱动。长期以来，证券板块在A股地位 非常重要，但主动权益投资机构的配置比例偏低，但研究发现，证券板块相对于宽基指数的超额收益投 资机会远多于绝对收益型机会，该板块配置价值存在低估。 中资券商板块相关港股： 中信建投证券(06066)、中金公司(03908)、广发证券(01776)、东方证券(03958)、光大证券(06178)、中信 建投(06066)、申万宏源(06806)、中州证券(01375)、国联民生(01456)等。 往后看，若行情和隐含波动率加速上涨，行情在短期内或将调整以回归理性；若市场延续"慢牛"格局， 同时隐含波动率变化不大或显著回落，行情波动的时点可能较前一种情况有所延后。不过，短期行情与 资金交易行为相关，而牛市的三条中长期逻辑依旧相对牢固。这意味着，若以上中长期逻辑不变，调整 仍是机会，牛市思维值得继续保持。 ...

Core Viewpoint - The report outlines the fundraising and usage status of Zhejiang Xinong Chemical Co., Ltd. (hereinafter referred to as "the Company") as of the first half of 2025, indicating that all raised funds have been utilized or permanently supplemented into working capital, with no remaining balance in the special accounts [1][2][8]. Fundraising Overview - The Company raised a total of RMB 429.90 million by issuing 30 million shares at RMB 14.33 per share, with net proceeds amounting to RMB 403.90 million after deducting underwriting fees and other expenses [1][2]. - The funds were deposited into designated bank accounts, including RMB 82.69 million in China Construction Bank, RMB 60 million in Agricultural Bank of China, and RMB 60 million in Industrial and Commercial Bank of China [1]. Fund Usage and Balance - As of June 30, 2025, the Company had utilized RMB 231.99 million in previous years and RMB 3.05 million in the current year, with a total interest income of RMB 41.92 million from bank deposits [2][3]. - The remaining balance of the raised funds, including interest and cash management income, was zero, with RMB 189.63 million permanently supplemented into working capital [2][3]. Fund Management - The Company established a special account system for managing the raised funds, signing tripartite and quadripartite supervision agreements with banks and the sponsor, Everbright Securities [3][5]. - All seven special accounts for the raised funds have been closed as of June 30, 2025, ensuring compliance with regulations [5][6]. Project Implementation and Adjustments - The Company has terminated the "Annual Production of 1,000 Tons of Pyrazole Ester and By-product 430 Tons of Sodium Chloride Project" due to external market conditions affecting project feasibility and expected returns [8][9]. - The remaining funds from terminated projects have been permanently supplemented into working capital to support daily operations [8][9]. Compliance and Verification - Everbright Securities conducted a compliance review and confirmed that the Company's management and usage of the raised funds adhered to relevant regulations, with no violations or misappropriations identified [8][9].

香港联交所最新资料显示，8月25日，CSCEC CAPITAL(HONG KONG)LIMITED减持光大证券 （601788）(06178)374.88万股，每股作价11.7973港元，总金额约为4422.57万港元。减持后最新持股数 目约为1.05亿股，最新持股比例为14.86%。 ...

Group 1 - CSCEC CAPITAL (HONG KONG) LIMITED reduced its stake in Everbright Securities (06178) by 3.7488 million shares at a price of HKD 11.7973 per share, totaling approximately HKD 44.2257 million [1] - After the reduction, CSCEC CAPITAL's latest shareholding is approximately 105 million shares, representing a holding percentage of 14.86% [1]