公司发布2025年中报，1H2025实现营收59.9亿元，同比增长30.1%，归母净利润4.7亿元，同比减少13.8%；1Q2025，公司实现营收29.9亿元，同比增长35.4%，归母净利润2.4亿元，同比 点评： 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 事件： 我们估计，仙鹤本部1Q2025/2Q2025特种浆纸吨均价约7480/6920元左右，2Q2025环比-560元左右，1Q2025/2Q2025特种浆纸吨净利约460/420元左右(均包括白卡纸)，2Q2025环比-4 根据卓创资讯数据，1Q/2Q2025阔叶浆吨均价为4782/4284元，分别同比-402/-1383元，环比+227/-498元。我们认为，公司二季度毛利率环比走低主要原因系：热转印、格拉辛等纸种受市 1H2025公司期间费用率为6.2%，同比+0.4pcts，分项目看，销售/管理/研发/财务费用率分别为0.3%/1.7%/1.2%/3.0%，分别同比+0.1/+0.1/-0.1/+0.3pcts，财务费用率小幅升高， 展望下半年，盈利能力有望环比修复：目前，广西基地已实现稳定盈利，湖北基地受到产能爬 ...

Group 1 - The Shanghai Composite Index increased by 3.49%, the Shenzhen Component Index rose by 4.57%, and the ChiNext Index gained 5.85% this week, indicating a positive market trend [1] - CITIC Securities suggests that the current market rally is primarily driven by institutional investors rather than retail investors, focusing on industrial trends and performance [1] - The report emphasizes the need for new allocation themes rather than relying solely on liquidity and suggests focusing on sectors like resources, innovative pharmaceuticals, gaming, and military industry [1] Group 2 - Everbright Securities forecasts a continued upward trend in the market, supported by reasonable valuations and emerging positive factors such as a potential interest rate cut by the Federal Reserve [2] - The report highlights a "rotation and supplementary rise" characteristic in the current market, with a focus on sectors like machinery and electrical equipment [2] Group 3 - Guotai Junan Securities indicates a clearer outlook for manufacturing sector recovery, especially after the Jackson Hole meeting opened the possibility for a September interest rate cut [3] - The report suggests focusing on physical assets and capital goods, as well as opportunities in domestic demand-related sectors following profit recovery [3] Group 4 - China Galaxy Securities believes the A-share market is entering an upward trend, with increased investor risk appetite and significant trading volume [4] - The report highlights potential rotation around AI industry chains, anti-involution themes, and non-bank financial sectors, driven by policy support and capital market reforms [4]

Core Viewpoint - Recent personnel adjustments within the "Everbright System" securities asset management business cluster highlight significant leadership changes, particularly the departure of key figures such as 熊国兵 and 高瑞东, which may impact the strategic direction and operational efficiency of the companies involved [1][3][6]. Group 1: Leadership Changes - 熊国兵 has resigned from his position as Chairman of 光证资管 due to job adjustments, with 总经理 乔震 temporarily assuming the role until a new chairman is appointed [3][4]. - 高瑞东, the former head of the research institute and chief economist at 光大证券, has also stepped down and is expected to join 光大保德信基金 as the party secretary, potentially taking on the general manager role in the future [1][6]. Group 2: Background of 熊国兵 - 熊国兵, born in 1968 and holding a PhD from 江西财经大学, has over 20 years of experience within the Everbright Group, having held multiple key positions including general manager of the audit and risk management departments [3][4]. - He has served as the chairman of 光证资管 since July 2014, contributing significantly to the company's development since its establishment in May 2012 [3][4]. Group 3: Performance Metrics - 光证资管 reported a revenue of 675 million yuan and a net profit of 219 million yuan for 2024, with an asset management scale of 311.4 billion yuan, reflecting a growth of 3.71% from the beginning of the year [6]. - The company ranked fifth in the industry for average monthly scale of private asset management products in the third quarter of 2024, according to the China Securities Investment Fund Industry Association [6]. Group 4: Recent Trends - The asset management business cluster of 光大证券 has seen frequent personnel changes, with the general manager position at 光证资管 being replaced twice in 2023 alone [5][6]. - The ongoing adjustments in leadership may indicate a strategic reshuffling aimed at enhancing operational effectiveness and adapting to market conditions [1][6].

近期，"光大系"证券资产管理业务集群频现人事调整！ 最新公告显示，上海光大证券资产管理有限公司（下称"光证资管"）称，熊国兵因工作职务调整，离任公司董事长职 务；在新任董事长履职前，暂由公司总经理乔震代为履行董事长职务。 熊国兵离任后，暂代董事长职务的乔震，在光证资管同样有着丰富的履历。 公开资料显示，乔震曾先后在招商银行总行、华泰柏瑞基金就职。他自2012年8月起加入光证资管，历任公司产品与机构 业务部总经理、公司总经理助理、副总经理职务。2024年10月25日，乔震被聘任为光证资管总经理。 近年来，光证资管管理团队频繁调整，乔震则一路升职。2023年以来，总经理人选就曾两度更换。2023年1月，光证资管 原总经理汪沛因工作调整而离任（前往光大证券任业务总监），彼时身为副总经理的常松由此代任总经理职务。在代任 半年时间后，2023年7月，常松正式出任光证资管总经理。2024年10月25日，常松因身体原因重新转任副总经理，乔震则 由副总经理升任总经理。 光大证券2024年年报显示，光证资管在2024年营收为6.75亿元，净利润2.19亿元。截至2024年末，光证资管受托资产管理 规模3114亿元，较年初增长3 ...

【导读】光证资管董事长熊国兵离任 中国基金报记者 莫琳 8月22日，上海光大证券资产管理有限公司发布公告称，熊国兵因工作职务调整离任公司董事 长职务。 | 离任高级管理人员职务 | 重事长 | | --- | --- | | 离任高级管理人员姓名 | 熊国长 | | 离任原因 | 工作职务调整 | | 离任目期 | 2025年08月21日 | | 转任本公司其他工作岗位的说明 | 元 | 在新任董事长履职前，暂由公司总经理乔震代为履行董事长职务。上述变更事项经公司股东 审议通过，并将按照法律法规履行备案程序。 熊国兵执掌光证资管近11年。在业内人士看来，此次调整在预料之中。根据此前中共中央下 发的《中央企业领导人员管理规定》，董事长、总经理在同一职位任职满9年且还能任满3年 以上的，一般应当交流。而光大证券作为央企背景的证券公司，这样的调整也可能是贯彻落 实相关规定。 今年5月，光大证券副总裁梅键卸任公司副总裁职务，改聘为公司高级专家，原因就是落实领 导干部职务任职期限相关规定的正常人事变动。 任期内资管规模接近翻倍 熊国兵于2004年加入光大证券，是一位在光大证券体系内成长起来的资深"老人"。自2014 年 ...

Group 1 - The announcement from Shanghai Everbright Securities Asset Management Co., Ltd. indicates a change in senior management, with the resignation of Chairman Xiong Guobing due to job adjustments on August 21, 2025 [1] - The company expressed high appreciation for Xiong Guobing's contributions to the development of the firm during his tenure [1] - To ensure a smooth transition, General Manager Qiao Zhen will temporarily assume the role of Chairman until a new chairman is appointed, starting from August 21, 2025 [1] Group 2 - Qiao Zhen holds a master's degree and has extensive internal experience within the company, having served in various roles since joining in August 2012 [1] - The impact of this senior management change on the company's business development and strategic layout is expected to be significant and warrants ongoing market attention [1]

Report Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - In the primary market, credit bond issuance increased by 12.45% week-on-week, with different trends for industrial, urban investment, and financial bonds. In the secondary market, industry credit spreads showed mixed movements, and the total trading volume of credit bonds increased by 16.04% week-on-week [1][3][4]. Summary by Directory 1. Primary Market 1.1 Issue Statistics - From August 18 to August 22, 2025, a total of 375 credit bonds were issued, with a total issuance scale of 376.74 billion yuan, a week-on-week increase of 12.45%. Industrial bonds, urban investment bonds, and financial bonds accounted for 31.64%, 30.74%, and 37.61% of the total issuance scale respectively. The average issuance term of credit bonds was 2.72 years, and the average issuance coupon rate was 2.23% [1][11][18]. 1.2 Cancellation of Issue Statistics - A total of 10 credit bonds cancelled their issuance this week [23]. 2. Secondary Market 2.1 Credit Spread Tracking - This week, industry credit spreads showed mixed movements. In the Shenwan primary industries, the largest increase in AAA - rated industry credit spreads was in the pharmaceutical and biological sector (4.7BP), and the largest decrease was in the household appliances sector (1.4BP). Coal credit spreads showed mixed movements, and steel credit spreads generally increased. Urban investment and non - urban investment credit spreads, as well as state - owned enterprise credit spreads, generally increased, while private enterprise credit spreads showed mixed movements. Regional urban investment credit spreads also showed mixed movements [25][26][27]. 2.2 Trading Volume Statistics - This week, the total trading volume of credit bonds was 1286.402 billion yuan, a week - on - week increase of 16.04%. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes [4][28]. 2.3 Actively Traded Bonds This Week - The report provides the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week for investors' reference [31][32][34].

此次高级管理人员的变更事项已经上海光大证券资产管理有限公司股东审议通过，并将按照法律法规履 行备案程序。后续该公司的业务发展和战略布局是否会因此次高层变动产生影响，值得市场持续关注。 乔震拥有硕士学历，自 2012 年 8 月加入光证资管任职，从业经验丰富。他历任公司产品与机构业务部 总经理、公司总经理助理、副总经理等职务，现任公司董事、总经理。乔震具备证券公司高级管理人员 资格和基金从业资格，拥有中国国籍。其丰富的公司内部履历和专业资格，为他代任董事长一职奠定了 基础。 离任高管：熊国兵另有安排 原董事长熊国兵于 8 月 21 日离任，离任原因为工作职务调整，且不会转任本公司其他工作岗位。公告 中提到，熊国兵先生在公司任职期间，为推动公司业务发展做出了重要贡献，公司对此给予高度评价并 深表感谢。 点击查看公告原文>> 2025 年 8 月 22 日，上海光大证券资产管理有限公司发布基金行业高级管理人员变更公告。公告显示， 公司董事长一职出现变动，熊国兵因工作职务调整于 8 月 21 日离任，在新任董事长履职前，暂由公司 总经理乔震代为履行董事长职务。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三 ...

中证报中证网讯（记者 林倩）近日，上海光大证券资产管理有限公司发布公告称，熊国兵因工作职务 调整，离任公司董事长职务；在新任董事长履职前，暂由公司总经理乔震代为履行董事长职务。 "熊国兵在公司任职期间，为推动公司业务发展作出了重要贡献，公司对此给予高度评价并深表感 谢。"光证资管表示，上述变更事项经公司股东审议通过，并将按照法律法规履行备案程序。 ...

Market Performance - The A-share market has seen significant gains, with the Shanghai Composite Index closing at 3825.76 points, marking a nearly ten-year high [1] - The ChiNext Index rose by 3.36%, achieving a cumulative increase of 15.21% for the month [1] - The STAR 50 Index surged by 8.59%, closing at 1247.86 points, the highest since March 2022 [1] - Trading volume in the Shanghai, Shenzhen, and Beijing markets exceeded 2 trillion yuan for eight consecutive days, setting a historical record for A-shares [1] Chip Industry - The chip industry experienced a broad rally, with AI chips, storage chips, and computing hardware leading the gains [2] - Notable stocks included Cambrian-U and Haiguang Information, both hitting a 20% limit-up and reaching historical highs [2] - Cambrian-U's total market capitalization surpassed 520 billion yuan, overtaking SMIC [2] - The release of DeepSeek-V3.1 is expected to enhance the application of domestic AI chips, accelerating the domestic computing ecosystem [2] Brokerage Sector - The brokerage sector saw strong performance, with major firms like Guosen Securities and Everbright Securities hitting limit-up [3] - The sector's performance is closely tied to market conditions, with recent increases in trading volume and price [3] - Historical trends suggest that brokerage stocks often lead market rallies, and this time the momentum appears more sustainable [3] Household Savings Shift - Analysts indicate that the shift of household savings into the market is a key factor driving the current A-share rally [4] - Data from the People's Bank of China shows a decrease in household deposits, indicating a trend towards financial products [4] - The "savings migration" is attributed to declining deposit yields and the emerging profitability of capital markets [4][5] - The "savings migration" trend is still in its early stages, with potential for growth as market profitability becomes more apparent [5]