Group 1 - The core viewpoint of the articles highlights the strong performance of the AI sector in the US stock market since Q2 2025, with a significant valuation recovery for key AI application companies, which enjoy a higher premium compared to the software industry [1] - From April 9 to July 28, 2025, the easing of tariff concerns and strong guidance on AI computing power demand from cloud vendors led to a remarkable 102% increase in the market capitalization of key AI computing companies [1] - A total of 66 key AI companies were selected for analysis, revealing that the valuation gap between key AI application companies and the S&P North American technology software companies has returned to historical highs, indicating a resurgence of market optimism driven by AI [1] Group 2 - The recent AI computing power market performance is supported by long-term industry trends, showcasing the multidimensional market demand for global AI applications, including significant potential in long-tail computing power demand and a growing preference for cost-effective lightweight AI models [2] - The software industry remains fundamentally stable with an upward trend, but marginal improvements are limited, as the proportion of companies exceeding revenue expectations is at a historical high, while AI has not yet contributed significantly to revenue growth [1][2] - The growth of API calls for large models has been driven by declining costs, validating the Jevons Paradox, which suggests that lower prices often precede increased downstream application demand [2] Group 3 - In the B-end AI applications, customized agents are emerging as the primary scenario for implementation, with significant commercial value accumulating over time, driven by the need for personalization and customization to meet complex work requirements [3] - Standardized protocols like MCP and Agent2Agent are facilitating the rapid development of agents, with cloud vendors and SaaS companies prioritizing agent development platforms [3]

光大证券的董事会已下设审计与关联交易控制委员会，该委员会在过去一年中发挥了重要作用，审议了包括年度报告、内部控制评价报告在内的多项议案。 根据新《公司法》的规定，审计委员会成员需过半数为独立董事，且不得与公司存在可能影响其独立判断的关系。目前，光大证券的审计与关联交易控制委 员会中，独立董事占据了三席。 随着监事会的撤销，光大证券的监事会成员将面临新的岗位安排。对于这部分员工是否将加入审计委员会，业内专家表示，这主要取决于他们的专业背景和 人事安排。如果具备必要的财务或法律专业资格，他们有可能被纳入审计委员会，继续发挥监督作用。 近日，光大证券在上海成功举办了其2025年度的第二次临时股东大会、首次A股类别股东大会及首次H股类别股东大会。会议期间，与会股东审议并通过了 三项重要议案，包括公司章程的修订、监事会的撤销以及募集资金管理的调整。 此次大会由光大证券董事长赵陵亲自主持，总裁刘秋明、副总裁兼合规总监朱勤等多位高管均出席了会议。现场氛围热烈，各项议程有条不紊地进行。 根据证监会关于新《公司法》配套制度规则实施的过渡期安排，上市公司需在2026年1月1日前，在公司章程中明确规定设立审计委员会，以替代原有的监 ...

光大证券研报指出，药明康德上半年实现归母净利润85.61亿元（YOY+101.92%）；其中，2025Q2实现 归母净利润48.9亿元(YOY+112.78%)，超出市场预期。业绩增速显著，在手订单支撑强劲。截至25年6 月底，公司在手订单高达566.9亿元(YOY+37.2%)，凸显公司业务发展态势良好，为后续收入增长筑牢 根基。公司持续推进产能扩张，预计2025年底小分子原料药反应釜总体积将超400万升，多肽固相合成 反应釜总体积将提升至超10万升。公司是一站式CXO龙头，业绩保持稳定。考虑到公司TIDES相关业绩 与产能均快速增长，毛利率改善，以及出售WuXi XDC股票带来的一次性收益，上调公司25-27年归母 净利润预测为151.4/155.4/180.2 亿元(分别上调37.9%/24.1%/27.3%)，25-27年A股对应PE为19/18/16倍； H股对应PE为19/19/16倍，均维持"买入"评级。 ...

Core Viewpoint - WuXi AppTec reported a significant increase in net profit for the first half of the year, indicating strong business growth and a solid order backlog [1] Financial Performance - The company achieved a net profit attributable to shareholders of 8.561 billion yuan, representing a year-over-year increase of 101.92% [1] - In Q2 2025, the net profit reached 4.89 billion yuan, with a year-over-year growth of 112.78%, exceeding market expectations [1] Order Backlog - As of June 30, 2025, the company's order backlog stood at 56.69 billion yuan, reflecting a year-over-year increase of 37.2%, showcasing robust business development [1] Capacity Expansion - The company is actively expanding its production capacity, with projections indicating that by the end of 2025, the total volume of small molecule API reaction vessels will exceed 4 million liters, and the total volume of peptide solid-phase synthesis reaction vessels will increase to over 100,000 liters [1] Market Position - WuXi AppTec is recognized as a leading one-stop CXO service provider, maintaining stable performance [1] Profit Forecast - Due to rapid growth in TIDES-related performance and capacity, improved gross margins, and one-time gains from the sale of WuXi XDC shares, the net profit forecasts for 2025-2027 have been raised to 15.14 billion, 15.54 billion, and 18.02 billion yuan, respectively, with increases of 37.9%, 24.1%, and 27.3% [1] Valuation Metrics - The corresponding price-to-earnings (PE) ratios for A-shares for 2025-2027 are projected to be 19, 18, and 16 times, while for H-shares, they are expected to be 19, 19, and 16 times [1] - The company maintains a "Buy" rating [1]

消息面上，A股上市公司进入业绩预告密集披露期。交银国际指出，从公布业绩预告的券商来看，二季 度业绩仍保持强劲增长，增速超我们预期。目前已有24家A股上市券商公布中报业绩预告，2025年上半 年盈利同比增长区间在65%-80%（扣除国泰海通合并产生的负商誉），平均增长72%；二季度环比一季 度增长13%。 申万宏源此前指出，香港证券指数年初至今上涨49.92%，而对应的13家A+H成分股券商A股同期涨幅均 值仅4.63%。券商AH溢价率已经显著收窄：根据恒生沪深港通AH溢价指数，当前全市场AH溢价率已经 下行至125%以下，而券商板块AH溢价率收窄更甚。该行认为外资增持中国资产、机构（险资、公募） 青睐投资高股息、低估值的港股，致使券商H股涨幅明显好于A股。重视下半年券商A股的补涨逻辑。 智通财经APP获悉，中资券商股午后快速走低，截至发稿，光大证券(06178)跌3.57%，报10.8港元；招 商证券(06099)跌3.41%，报17港元；国联民生(01456)跌3.32%，报6.11港元；中信建投证券(06066)跌 2.26%，报12.98港元。 ...

Group 1 - The investment logic in the dividend sector is shifting from style-driven to stock-driven, with high-quality stocks continuing to attract specific style funds [1] - Traditional high-dividend industries such as building materials, coal, and steel have recently seen significant price increases of 8.2%, 8.0%, and 7.7% respectively, indicating a phase of capital focus on dividend attributes [1] - The dividend state-owned enterprise ETF (510720) tracks the State Dividend Index (000151), which selects listed companies with stable dividend capabilities, focusing on high dividend yields and continuity of dividends [1] Group 2 - Investors without stock accounts can consider the GTJA SSE State-Owned Enterprise Dividend ETF Initiated Link A (021701) and GTJA SSE State-Owned Enterprise Dividend ETF Initiated Link C (021702) [1]

Core Viewpoint - The report from Everbright Securities highlights that while USD stablecoins can enhance the functionality and usage scenarios of the dollar, thereby reinforcing its position in the international monetary system, they do not fundamentally resolve the underlying issues of the U.S. dollar's twin deficits and may exacerbate risks in the long term [1] Group 1: Nature of Stablecoins - Stablecoins are essentially "on-chain" dollars, with issuers earning a "spread" [2] - They are designed to address volatility in the cryptocurrency market and improve payment efficiency, but their reliance on fiat and crypto assets for collateral reflects a centralized characteristic [2] - The market is highly concentrated, with USDT and USDC accounting for approximately 90% of stablecoin trading volume and about 80% of market capitalization [2] Group 2: Regulatory Framework - The regulatory frameworks for stablecoins in the U.S., EU, and Hong Kong share a common structure but differ in specifics [3] - The U.S. GENIUS Act focuses on payment-type stablecoins, requiring 100% cash or short-term U.S. Treasury bonds as reserves [3] - The EU's MiCA Act aims for broader regulation of crypto assets, emphasizing risk prevention and financial market stability [3] - Hong Kong's stablecoin regulations are characterized by strict approval processes and high reserve coverage, balancing financial innovation with stability [3] Group 3: Macro Impact - Stablecoins enhance liquidity similar to fiat currencies, increasing the speed of money circulation but posing new challenges for central banks in liquidity management [4] - Potential effects include the creation of additional liquidity through lower reserve ratios and the emergence of a "shadow" banking system led by stablecoins [4]

来源：格隆汇APP 格隆汇7月30日丨根据联交所最新权益披露资料显示，2025年7月24日，光大证券(06178.HK)获易方达基 金管理有限公司在场内以每股均价10.9981港元增持151.08万股，涉资约1661.6万港元。 增持后，易方达基金管理有限公司最新持股数目为3614.06万股，持股比例由4.92%上升至5.13%。 | 股份代替: | 06178 | | --- | --- | | 上市法國名稱: | 光大腿券股份有限公司 - H股 | | 日期(日/月/年): | 30/06/2025 - 30/07/2025 | | 表格序號 | 大股票/董事/股基行政人員名稱作出按點的 寶入/費出版修及的 母服的平均價 | | | 共有催装的股份款目 估已發行的 有關事件的日用 相關注國投分 值權重量 - | | --- | --- | --- | --- | --- | | | 1979 日常的意 | | | (積参開上述*註 )與投票權股(日 / 月 / 年) 權益 | | | | | | NI2 10 = 720 | | | | | | (96 ) ------ | | CS20250729E00 ...

点击注册小程序 查看完整报告 2、基金持有转债行为分析 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 1、2025年第二季度市场回顾 2025年第二季度，市场各主要指数除深证成指外，均有所上涨。其中，上证指数上涨2.8%，深证成指下跌 1.3%，创业板指上涨1.2%，万得全A指数上涨3.0%。中证转债指数上涨3.3%。二季度A股市场震荡上行，转债 市场整体走势与权益市场一致。转股溢价率方面，由4月1日的46.58%下降至6月30日的44.09%。 2025年第二季度末基金持有转债规模为2,728.25亿元，较上季度末减持转债94.57亿元。2025年第二季度基金持 有转债市值占转债市场余额比例为41.30%，较2025年第一季度提高1.03个百分点。混合债券型二级基金减持转 债规模最大，减持81.4亿 ...

Core Viewpoint - The legal opinion letter confirms that the procedures for convening and holding the shareholder meetings of Everbright Securities Co., Ltd. comply with relevant laws, regulations, and the company's articles of association [1][2][3] Group 1: Shareholder Meeting Procedures - The company announced the convening of the 2025 Second Extraordinary General Meeting, the 2025 First A Shareholders' Meeting, and the 2025 First H Shareholders' Meeting on July 9, 2025, through various media [4] - The meetings were held at Jing'an International Plaza, Shanghai, and were presided over by the company's chairman [4][5] - The actual time, location, and agenda of the meetings were consistent with the previously announced notifications [4][5] Group 2: Attendance and Voting - A total of 972 shareholders attended the 2025 Second Extraordinary General Meeting, representing 2,463,034,811 shares, which is 53.42% of the total voting shares [6][8] - For the 2025 First A Shareholders' Meeting, 971 shareholders attended, representing 2,173,985,418 shares [7] - The attendance for the 2025 First H Shareholders' Meeting included 1 representative, holding 289,180,978 shares, which is 41.07% of the total H shares [8] Group 3: Voting Results - The proposal to amend the company's articles of association received 2,391,800,895 votes in favor, accounting for 97.11% of the votes cast [9] - The proposal to abolish the supervisory board was approved with 2,461,164,738 votes in favor, representing 99.92% [10] - The proposal to revise the fund management and usage system was supported by 2,461,700,638 votes, which is 99.95% [11] Group 4: Legal Compliance - The legal opinion confirms that the convening and holding of the shareholder meetings, as well as the qualifications of attendees and the voting procedures, are in compliance with the relevant laws and regulations [12][13][14]