点击查看公告原文>> 责任编辑：小浪快报 上半年，广电五舟实现营收和利润双增长，巩固了在网安、气象服务等领域的市场地位，并中标多个重 要项目。同时，入驻公司数据产业园，深化与华为合作，拓宽合作版图，实现产品业务结构多元化发 展。此次调研，让市场对广电运通的未来发展有了更清晰的认识，其在业绩与创新业务上的表现值得持 续关注。 9月4日至5日，广电运通迎来了一场备受瞩目的调研活动，光大证券、广东国健安证券基金等36家机构 的代表齐聚广州市高新技术产业开发区科学城科林路9、11号，深入了解公司的发展现状与未来规划。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 此次投资者关系活动类别为特定对象调研与现场参观。参与单位涵盖了证券、基金、投资等多个领域的 ...

光大证券发布研报称，随着协鑫科技(03800)生产成本的持续降低和产业链价格的企稳回升，看好公司 在硅料企业中率先实现扭亏为盈并获得超额收益。该行调整盈利预测，预计公司26-27年实现归母净利 润9.01/20.13亿元。公司颗粒硅产品竞争优势逐步显现，布局的硅烷气、钙钛矿、电子级多晶硅等技术 有望贡献新成长空间，该行看好公司后续发展前景，维持"买入"评级。 颗粒硅现金成本持续下降，与N型致密料价差逐步收窄 2025H1公司颗粒硅平均生产现金成本(未含税)为26.22元/kg，其中2025Q2为25.31元/kg，环比Q1减少 1.76元/kg，从2024Q1起已连续五个季度实现下降，位于行业最领先水平。在硅料产能总体过剩背景下 颗粒硅销售均价亦有一定程度的下降，但与N型致密料的价差正逐步收窄，根据Infolink统计2025年7月 份颗粒硅的成交价格首次超越传统N型致密料。 颗粒硅客户结构稳定，市占率稳步提升 2025H1公司颗粒硅销售前五大客户出货量占比分别为23%/21%/11%/8%/7%，结构保持相对稳定。在颗 粒硅产品品质和稳定性逐步提升的背景下，其市占率也呈现出稳步提升态势，2025H1颗粒硅市 ...

Core Viewpoint - The company is expected to achieve profitability and excess returns among silicon material enterprises due to continuous cost reduction and stabilization in the industry chain prices [1] Group 1: Financial Performance - The company is projected to achieve a net profit attributable to shareholders of 9.01 billion yuan in 2026 and 20.13 billion yuan in 2027 [1] - The average cash production cost of granular silicon for the first half of 2025 is 26.22 yuan/kg, with a decrease to 25.31 yuan/kg in Q2 2025, marking a reduction of 1.76 yuan/kg from Q1 2025 [2] Group 2: Market Position - The sales volume of the top five customers for granular silicon accounted for 23%, 21%, 11%, 8%, and 7% respectively, indicating a stable customer structure [3] - The market share of granular silicon reached 24.3% in the first half of 2025, an increase of 7.2 percentage points compared to the second half of 2024 [3] Group 3: Product Quality and Innovation - The quality of granular silicon products has improved, with 95% of products maintaining a total metal impurity content of ≤0.5 ppbw, and achieving turbidity levels below 100 NTU [4] - The company has officially launched its GW-level perovskite industrial base in June 2025, with large-size stacked perovskite components receiving TÛV Rheinland IEC61730 certification [4]

Core Viewpoint - The U.S. non-farm payroll growth in August has nearly stagnated, falling significantly short of market expectations, while the unemployment rate has risen to a four-year high, indicating a notable cooling in the job market [1] Economic Indicators - The data intensifies market concerns regarding a potential U.S. economic recession [1] - The U.S. dollar and U.S. Treasury yields have declined as a result of the employment data [1] Federal Reserve Outlook - Expectations for interest rate cuts by the Federal Reserve have been adjusted upwards, with the implied probability of a rate cut in September remaining at 100% [1] - The anticipated number of rate cuts for the year has increased from 2.4 to 2.8, indicating at least two rate cuts are expected [1] - The probability of three rate cuts has risen from 40% to 80% [1]

Group 1 - The report indicates that the weak non-farm data in August and the rising expectations for a Federal Reserve interest rate cut indirectly benefit the domestic market [1] - The overall low position of the US dollar index and the narrowing of the China-US interest rate differential lead to a temporary appreciation of the RMB against the USD, enhancing the attractiveness of domestic assets [1] - Despite the weak recovery momentum in the domestic economy, the expectations for a Federal Reserve rate cut further open the window for domestic interest rate cuts, boosting the valuation recovery of domestic assets [1] Group 2 - The report highlights that sectors such as healthcare services, consumer goods, and technology growth are worth paying attention to [1]

Core Viewpoint - The growth of asset management scale among securities firms is accompanied by a decline in income, indicating a structural challenge in the industry as it transitions towards public offerings [1][2][4]. Group 1: Asset Management Scale and Income - As of the end of Q2 2025, the scale of private asset management products by securities firms reached 6.14 trillion yuan, an increase of 0.21 trillion yuan from the end of Q1 2025 [4]. - The net income from asset management for listed securities firms totaled 21.2 billion yuan in the first half of 2025, reflecting a year-on-year decline of 3% [4]. - The divergence in income performance is notable, with Citic Securities leading with a net income of 5.444 billion yuan, up 10.77%, while Huatai Securities saw a significant drop of 59.8% to 893 million yuan [5]. Group 2: Challenges in Public Offering Transformation - The transformation towards public offerings is a key direction for securities firms' asset management, but many face challenges due to licensing issues, which hinder product development [7]. - As of September 5, 2025, there were 108 public offering products undergoing transformation, including 50 bond funds, 28 mixed funds, and 27 money market funds [7]. Group 3: Future Strategies and Competitive Landscape - The competition in the asset management industry is shifting from scale expansion to a focus on research capabilities, technological empowerment, and product ecosystems [10]. - Firms are encouraged to enhance their investment research capabilities, innovate products tailored to client preferences, and leverage technology to improve operational efficiency [10]. - The market is expected to see a differentiation where leading firms will cover a broader client base while smaller firms may focus on niche markets like REITs and carbon-neutral bonds [10].

Financial Performance - The company reported a significant decline in revenue, with operating income for the first half of the year at 10,942.90 million RMB, down 38.91% from 17,912.91 million RMB in the same period last year [1] - The total profit for the period was -4,279.89 million RMB, indicating a loss compared to the previous year's profit of -2,899.63 million RMB [1] - The net profit attributable to shareholders was -4,088.17 million RMB, worsening from -2,950.62 million RMB year-on-year [1] - The net profit after deducting non-recurring gains and losses was -4,589.61 million RMB, compared to -3,702.69 million RMB in the previous year [1] - The net cash flow from operating activities was -3,188.19 million RMB, an increase in loss from -2,495.72 million RMB in the same period last year [1] Historical Financial Data - From 2021 to 2024, the company achieved operating revenues of 486 million RMB, 261 million RMB, 322 million RMB, and 300 million RMB respectively [1] - The net profit attributable to shareholders for the same years was -129 million RMB, -288 million RMB, -208 million RMB, and -103 million RMB respectively [1] IPO and Stock Performance - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on March 20, 2020, with an initial offering price of 50.81 RMB per share and issued 19.33 million shares [1] - The stock is currently in a state of decline, having broken its initial offering price [1] - The total amount raised from the initial public offering was 982 million RMB, with a net amount of 864 million RMB, exceeding the originally planned fundraising amount by 364 million RMB [1] - The total issuance costs for the IPO were 118 million RMB (excluding VAT), with underwriting and sponsorship fees amounting to 96.34 million RMB [1]

Core Viewpoint - Jiahua Technology (688051.SH) reported a significant decline in revenue and increased net losses for the first half of 2025 compared to the same period last year [1][2]. Financial Performance - The company achieved operating revenue of 109.43 million yuan, a year-on-year decrease of 38.91% [1][2]. - The net profit attributable to shareholders was -42.80 million yuan, compared to -28.99 million yuan in the same period last year [1][2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -45.90 million yuan, compared to -37.03 million yuan in the previous year [1][2]. - The net cash flow from operating activities was -31.88 million yuan, compared to -24.96 million yuan in the same period last year [1][2]. Historical Financial Data - From 2021 to 2024, Jiahua Technology's operating revenues were 486 million yuan, 261 million yuan, 322 million yuan, and 300 million yuan respectively [2]. - The net profits attributable to shareholders for the same years were -129 million yuan, -288 million yuan, -208 million yuan, and -103 million yuan respectively [2]. - The net profits attributable to shareholders after deducting non-recurring gains and losses were -152 million yuan, -330 million yuan, -222 million yuan, and -122 million yuan respectively [2]. IPO and Stock Performance - Jiahua Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on March 20, 2020, with an initial price of 50.81 yuan per share and issued 19.33 million new shares [3]. - The stock is currently trading below its initial offering price [3]. - The total funds raised from the IPO amounted to 982 million yuan, with a net amount of 864 million yuan, exceeding the original fundraising target by 364 million yuan [3].

Core Viewpoint - The appointment of Gao Ruidong as the new General Manager of Everbright Pramerica Fund marks a significant leadership change within the company, indicating a potential shift in strategic direction and management style [1] Group 1: Management Changes - Gao Ruidong has been appointed as the General Manager of Everbright Pramerica Fund effective September 2, replacing He Jingzhe, who will continue as Deputy General Manager and Chief Operating Officer [1] - He Jingzhe will also retain the role of Chief Information Officer, ensuring continuity in operational leadership [1] Group 2: Background of New General Manager - Gao Ruidong has extensive experience in the financial sector, having held various positions including roles at China Cinda Asset Management, CITIC Securities, and Guotai Junan Securities [1] - His previous positions include Chief Macro Economist and Deputy Director of Research at Everbright Securities, showcasing his expertise in macroeconomic analysis [1] - Gao's career trajectory reflects a strong background in strategic development and economic research, which may influence the fund's future strategies [1]

Core Viewpoint - The appointment of Gao Ruidong as the new general manager of Everbright Pramerica Fund Management Co., Ltd. marks a significant leadership change, reflecting the increasing influence of domestic shareholders in the company's governance [1][5]. Company Overview - Everbright Pramerica Fund Management Co., Ltd. has undergone a major executive change with Gao Ruidong officially taking over as general manager, following board approval and regulatory filing [1][5]. - The previous acting general manager, He Jingzhe, will continue in his role as deputy general manager, chief operating officer, and chief information officer [1]. Executive Background - Gao Ruidong, born in 1978, holds a Ph.D. in Economics from Waseda University in Japan and has a securities investment fund qualification [4]. - His career spans macroeconomic research and institutional business, having held positions at China Cinda Asset Management, Zhongtai Securities, and Guotai Junan Securities before joining Everbright Securities [4]. - He has served in various roles at Everbright Securities, including deputy director and chief macroeconomist, and has been recognized for his ability to translate research into client services [4]. Regulatory Compliance - Gao Ruidong obtained his fund qualification certificate on July 14, 2025, and completed the institutional change filing from Everbright Securities to Everbright Pramerica Fund on August 20, 2025, indicating compliance with regulatory requirements [5][7]. Shareholding Structure - Everbright Securities holds a 55% stake in Everbright Pramerica Fund, while Prudential Financial holds 45%. Gao Ruidong is the first general manager with a background from the Everbright system, highlighting the strengthened voice of domestic shareholders in governance [5][7]. Financial Performance - According to Everbright Securities' 2025 semi-annual report, Everbright Pramerica Fund reported revenues of 183 million yuan and a net profit of 26 million yuan [5]. - As of mid-2025, the fund's public offering management scale was less than 80 billion yuan, ranking 68th in the industry, with a significant decline in equity product sizes, particularly a drop in stock fund size to 3.72 billion yuan, nearly halving from historical peaks [5][8]. Challenges Ahead - Gao Ruidong's appointment is seen as an opportunity to leverage his research background to reform investment decision-making and enhance institutional client service capabilities within the Everbright system [8]. - The core challenge for his tenure will be to reshape the growth trajectory of Everbright Pramerica Fund amid pressure on scale and intense market competition [8].