11月8日，光大证券2024年度投资策略会在上海举行。会议以"改革创新 推动高质量发展"为主题， 邀请200家上市公司参与交流，涉及计算机、海外TMT、电新环保、医药等29个行业，开幕当日主论坛 参会人数近600人。 与会嘉宾还围绕经济回稳、半导体国产化、AI投资、自动驾驶、新消费等主题畅所欲言，共同探 讨资本市场投资新机遇，为投资者后续布局提供积极参考。 未来，光大证券研究所将进一步贯彻落实新发展理念，助力构建新发展格局，坚持专业研究、价值 挖掘，积极服务国家战略、服务实体经济、服务光大集团及公司发展，助力中国金融市场持续繁荣。 【纠错】 【责任编辑:柴峥】 光大证券总裁刘秋明出席会议并作开幕致辞。他表示，中央金融工作会议系统阐述了坚持走中国特 色金融发展之路的本质特征，为做好新时代金融工作明确了方向。服务实体经济是资本市场的本质。从 金融大国向金融强国迈进的新征程中，需要建设安全、规范、透明、开放、有活力、有韧性的资本市 场，激发企业创新，推动技术进步，促进资本形成，构建科技产业资本的高水平良性循环。光大证券始 终站稳人民立场，以直接融资服务企业客户，以财富管理服务个人客户，以研究和创新服务于机构客 户， ...

自2019年起，光大证券助力首钢集团直接融资规模已突破500亿元。未来，光大证券将坚持以服务 实体经济为业务支撑，继续深化与首钢集团的业务合作，持续为企业搭建融资服务平台，以金融活水赋 能实体企业高质量发展，助力企业提质升级、转型创新，实现高质量发展。 债券发行前期，光大证券与首钢集团就发行窗口和投资者询价反馈情况进行了密切沟通，根据市场 情况提供合理准确的市场判断。簿记过程中，光大证券对投资人价格引导进行精准把控，光大银行积极 参与本期债券投资，银证协同为债券成功发行打下坚实基础，获得发行人的好评，充分展现出公司专业 的承销能力和强大的协同能力。 【纠错】 【责任编辑:杨萌】 近日，光大证券助力首钢集团有限公司（以下简称"首钢集团"）成功发行2024年第三期公司债券。 本次发行采用双向回拨机制同时发行3年期和10年期两个债券品种，合计金额30亿元。其中，3年期发行 金额10亿元，票面利率2.21%；10年期发行金额20亿元，票面利率2.58%，均创发行人同期限同品种债 券利率历史新低。光大证券担任本期债券的主承销商和簿记管理人，光大银行担任本期债券的募集资金 监管银行。 ...

Core Insights - The recent earnings presentations by listed securities firms reveal a focus on performance fluctuations, merger rumors, and new regulatory guidelines in the investment banking sector [1][2][4] Group 1: Earnings Performance - In the first three quarters of 2023, the total revenue of 43 listed securities firms reached 381.92 billion yuan, a year-on-year increase of 1.84%, while net profit totaled 109.97 billion yuan, up 6.46% [2] - Haitong Securities reported a revenue of 22.57 billion yuan, a 19.2% increase year-on-year, but a net profit decline of 28.21% to 4.36 billion yuan, attributed to increased interest expenses and reduced market activity [2] - Guojin Securities achieved a revenue of 5.03 billion yuan, a 20.31% increase, and a net profit of 1.24 billion yuan, up 50.27%, driven by strong performance in proprietary investment [3] Group 2: Mergers and Acquisitions - Recent rumors regarding mergers and acquisitions among securities firms have gained attention, with the CSRC supporting leading firms in enhancing their capabilities through innovation and consolidation [4] - The management of招商证券 emphasized their strategic goal of becoming the best investment bank in China, focusing on investment banking, wealth management, and institutional business [4] - 方正证券's management addressed competition with 平安证券, stating they are working in compliance with regulatory guidelines and will disclose updates as they arise [5] Group 3: Regulatory Changes - New regulations from the Shanghai Stock Exchange require issuers and their sponsors to report significant events promptly and maintain due diligence throughout the listing process [6] - Guojin Securities plans to enhance risk management for sponsored projects, improve employee awareness of reputation risks, and utilize advanced monitoring tools for public sentiment [6] - 光大证券's management highlighted their commitment to monitoring the public sentiment of companies under review, employing a three-tier internal control system for timely tracking and compliance [7]

Core Viewpoint - The financial advisor, Everbright Securities, has conducted a thorough review of the equity change report for Southern Black Sesame Group Co., Ltd, confirming the authenticity, accuracy, and completeness of the disclosed information, and asserting that the equity change aims to enhance the company's management and resource allocation, ultimately improving profitability and market competitiveness [1][5][6]. Summary by Sections 1. Authenticity, Accuracy, and Completeness of Information - The financial advisor has verified that the information provided in the detailed equity change report is true, accurate, and complete, in compliance with relevant laws and regulations [5][6]. - The advisor has not found any false records, misleading statements, or significant omissions in the report [5][6]. 2. Purpose of the Equity Change - The equity change is aimed at gaining control over the listed company, with the intention of leveraging industry resources and management expertise to enhance business development and shareholder returns [6][12]. 3. Future Plans of the Information Disclosure Obligor - There are currently no specific plans for further share increases or disposals within the next 12 months, and any future changes will be disclosed in accordance with legal requirements [6][12]. - The information disclosure obligor supports the stable development of the company's existing business and does not plan any major adjustments to the main business in the next 12 months [17][18]. 4. Financial Status and Business Operations - The information disclosure obligor, Guangxi Travel Health Industry Group Co., Ltd, focuses on three main business sectors: medical services, elderly care, and health food, aiming to become a leader in the regional health industry [12][13]. - Recent financial data indicates a total asset increase from 484,254.56 million yuan in 2023 to 604,096.11 million yuan in 2024, with a net profit of 7,161.21 million yuan in 2024 [13]. 5. Impact on the Listed Company - The equity change will not affect the independence of the listed company, which will maintain its independent legal status and governance structure [22][23]. - The financial advisor has confirmed that there are no substantial competitive overlaps between the businesses of the information disclosure obligor and the listed company, ensuring no significant competition arises from this equity change [22][23]. 6. Compliance and Governance - The information disclosure obligor has adhered to necessary internal approval processes for the equity change, including board meetings and approvals from relevant authorities [17][19]. - The advisor has provided guidance to ensure compliance with market regulations and will oversee the information disclosure obligations related to the equity change [15].

Core Viewpoint - The trend of fund companies shutting down their mobile apps is accelerating, driven by high operational costs and declining user engagement, leading to a shift towards simplified operational strategies in the industry [1][6]. Group 1: Industry Trends - Since 2019, several mid-sized public fund companies have closed their independent app operations, including Qianhai Kaiyuan Fund and Guoshou Anbao Fund [1]. - The overall pressure on fund apps includes shrinking net values, declining monthly active users (MAU), and low operational scales [1]. - The initial goal of fund companies developing their own apps was to reduce reliance on third-party distribution channels, but this has changed due to high maintenance costs and limited direct sales revenue [1][5]. Group 2: User Engagement Data - In the first half of 2025, only five fund apps saw positive growth in monthly active users: E Fund e-Wallet (+26,300 to 138,600), Huaxia Fund Manager (+23,800 to 102,600), and others [2]. - Conversely, many fund apps are experiencing significant user losses, with Tianhong Fund's app dropping to 40,800 MAU, about one-third of its user base three years ago [2]. - Other fund apps, such as Bosera and Xingsheng Global, also reported declines of over 10,000 MAU [2]. Group 3: Competitive Landscape - The competitive landscape shows that brokerage apps maintain higher user engagement, with monthly active users in the hundreds of thousands, contrasting sharply with fund apps [2][5]. - The top-performing brokerage app, "Zhang Le Cai Fu Tong," had 10.97 million MAU, while the second, Ping An Securities, had 8.14 million [5]. - The decline in user numbers for fund apps is attributed to the siphoning effect of third-party distribution platforms, which have rapidly grown due to their traffic and product offerings [5][6]. Group 4: Regulatory Impact - The China Securities Regulatory Commission's 2025 action plan encourages fund companies to optimize resource allocation and reduce inefficient investments, further accelerating the trend of app closures [6]. - The industry is transitioning from "heavy asset direct sales" to "lightweight operations," with a focus on cost-effective models [6]. Group 5: Future Outlook - The future of direct sales channels in public funds is expected to diversify, with smaller institutions likely abandoning independent apps in favor of lighter platforms like WeChat services and official websites [6]. - The industry is predicted to deepen investment advisory services, enhancing competitiveness through professional services and brand building rather than high-frequency trading [6].

Core Viewpoint - The report from Everbright Securities highlights the strong performance of domestic sales and exports in the construction machinery sector, driven by ongoing upgrades and replacements, supportive government policies, and increasing internationalization and electrification of the industry [1][2][3]. Group 1: Domestic Sales Performance - In July 2025, domestic excavator sales reached 7,306 units, a year-on-year increase of 17.2%, while total excavator sales (including exports) were 17,138 units, up 25.2% [1]. - From January to July 2025, total excavator sales amounted to 137,658 units, reflecting a year-on-year growth of 17.8%, with domestic sales at 72,943 units, increasing by 22.3% [1]. Group 2: Growth Drivers - The continuous upgrade and replacement cycle in construction machinery is expected to support sales, with a projected compound growth rate of around 30% for replacement demand in the coming years [2]. - The export of used construction machinery to developing countries has reduced the domestic inventory, further supporting new machine sales [2]. Group 3: Government Policy Support - The government plans to issue 1.3 trillion yuan in long-term special bonds in 2025, an increase of 300 billion yuan from the previous year, to boost infrastructure investment [3]. - The focus on new urbanization and infrastructure projects, including urban renewal and flood control systems, is expected to sustain demand for construction machinery [3]. Group 4: Export Performance - In July 2025, excavator exports reached 9,832 units, a year-on-year increase of 31.9%, with total exports from January to July at 64,715 units, up 13.0% [4]. - The construction machinery sector faces both opportunities and challenges in international markets, particularly in Southeast Asia, Africa, and the Middle East, while also dealing with uncertainties related to US-China tariffs [4]. Group 5: Electrification Trends - In July 2025, electric loader sales surged to 2,391 units, marking an 81.5% year-on-year increase, with an electrification rate of 26.6%, up 10.8 percentage points [5]. - The government emphasizes green transformation and energy-saving initiatives, positioning electrification as a key development direction for the construction machinery industry [5]. Group 6: Major Projects Impact - The commencement of the Yarlung Tsangpo River downstream hydropower project, with an estimated investment of 1.2 trillion yuan, is expected to significantly boost demand for construction machinery [6][7]. - The project is anticipated to require substantial machinery investments, potentially reaching 120 to 180 billion yuan, with a focus on large excavators and other specialized equipment [7].

Core Viewpoint - The "Second Jin Qilin Best Investment Advisor Selection" event, organized by Sina Finance and exclusively partnered with Yinhua Fund, aims to identify and empower outstanding investment advisors in China's rapidly growing wealth management industry [1]. Industry Overview - China's wealth management industry is entering a high-growth phase as residents' financial management awareness increases, impacting asset allocation trends across the nation [1]. - Investment advisors play a crucial role as the "last mile" in wealth management, directly influencing client engagement and service delivery [1]. Opportunities and Challenges - Investment advisors face both opportunities and challenges in the evolving landscape of wealth management, necessitating a focus on enhancing their professional capabilities [1]. - The event seeks to provide a platform for investment advisors to showcase their skills, expand their services, and improve their capabilities [1]. Future Directions - The General Manager of Everbright Securities Wealth Management Headquarters, Li Xi, emphasizes the need for a transformation in wealth management from "scale expansion" to "value creation," focusing on professional capability development [1]. - The goal is to offer clients accessible, high-frequency, and personalized investment advisory services, thereby enhancing the benefits derived from professional services [1].

光大证券：下半年市场将开启下一阶段上涨行情 并有望突破2024年同期阶段性高点 光大证券表示，短期预期差驱动下，下半年市场或冲击新高。整体来看，去年9月以来的市场行情已从 政策驱动逐步转向基本面与流动性驱动，未来市场行情演绎的节奏或可参照2019年。展望下半年，市场 仍存在一些预期差，如短期基本面改善的持续性、资金持续流入及新兴产业发展带来的机遇等。因此， 光大认为，下半年市场将开启下一阶段上涨行情，并有望突破2024年下半年的阶段性高点。 华泰证券：战略配置继续看好大金融、医药、军工 华泰证券认为，上周A股迎来反弹，交易型资金推动主题行情活跃，波动率上升预期下红利+小微盘的 哑铃风格阶段性回归。配置上，战术配置挖掘景气改善、具备补涨逻辑的存储、软件、通用自动化、部 分化工品、保险、煤炭，以及股息率具备性价比的白电；战略配置继续看好大金融、医药、军工。 机构观点 中信建投：险资加快入市步伐 中信建投指出，险资加快入市步伐。近日险资举牌又增一例，今年以来险资已举牌22次，超过2024年全 年险资举牌次数；其中平安人寿共举牌7次。从已披露的上市公司半年报来看，35家公司的前十大流通 股东名单中出现险资身影，合计持 ...

行业层面，短期关注前期滞涨方向和有望受益于海外流动性边际改善的方向，长期关注消费、科技自立 以及红利三条主线。前期滞涨方向包括机械设备、电力设备等行业，受益于海外流动性边际改善的方向 包括医药生物、家用电器、食品饮料等行业。消费主线关注政策补贴、服务与新消费方向；科技主线关 注AI、机器人、半导体、军工等方向；红利主线关注部分高质量的红利个股。 编辑：林郑宏 新华财经上海8月11日电 光大证券策略周报分析认为，短期预期差驱动下，下半年市场或冲击新高。整 体来看，去年9月以来的市场行情已从政策驱动逐步转向基本面与流动性驱动，未来市场行情演绎的节 奏或可参照 2019 年。展望下半年，市场仍存在一些预期差，如短期基本面改善的持续性、资金持续流 入及新兴产业发展带来的机遇等。因此，下半年市场将开启下一阶段上涨行情，并有望突破2024 年下 半年的阶段性高点。 转自：新华财经 ...

Market Overview - The market experienced slight declines last Friday, with the Shanghai Composite Index down 0.12%, the Shenzhen Component down 0.26%, and the ChiNext Index down 0.38% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.71 trillion yuan, a decrease of 115.3 billion yuan compared to the previous trading day [1] Institutional Insights - CITIC Securities noted that insurance capital is accelerating its market entry, with 22 instances of insurance capital increasing stakes this year, surpassing the total for 2024 [2] - The total number of shares held by insurance capital in the top ten shareholders of 35 listed companies amounts to 889 million shares, with a total market value of 13.727 billion yuan [2] Market Outlook - Everbright Securities predicts that the market will enter a new phase of upward momentum in the second half of the year, potentially surpassing the peak levels of 2024 [3] - The market's performance is expected to be driven by fundamental improvements, sustained capital inflows, and opportunities from emerging industries [3] Strategic Allocation - Huatai Securities continues to favor strategic allocations in large financials, pharmaceuticals, and military sectors, while also identifying tactical opportunities in sectors like storage, software, and certain chemicals [4] - The report highlights a return to a "barbell" investment style, focusing on dividend yield and small-cap stocks [4]