Company Overview - Huatai Securities closed at 20.05 yuan on July 31, down 1.86% from the previous trading day [1] - The stock price fluctuated between 19.87 yuan and 20.63 yuan, with a trading volume of 2.363 billion yuan [1] - Huatai Securities is a leading comprehensive securities group in China, offering services in securities brokerage, investment banking, and asset management [1] Financial Performance - On July 31, Huatai Securities experienced a net outflow of 263 million yuan in main funds, accounting for 0.18% of its circulating market value [1] - The turnover rate for the day was 1.6%, with a total market capitalization of 180.997 billion yuan [1]

美联储9月能否降息主要取决于7-8月经济数据 华泰证券研报表示，鲍威尔讲话未能提供9月降息的指引，发言偏鹰派。基本面方面，鲍威尔强调就业 市场较为稳健（solid），但承认存在下行风险。利率指引方面，鲍威尔未对9月降息给出明确指引，强 调降息决策取决于后续数据。 往前看，美联储9月能否降息主要取决于7-8月经济数据。维持美联储仍 有可能在9-12月降息两次的判断。 但是，如果就业和通胀数据强于预期，美联储年内降息预期或进一 步回撤。近期关注周五（8月1日）将公布的新增非农就业数据。 免责声明 以上观点来自相关机构，不代表天天基金的观点，不对观点的准确性和完整性做任何保证。 收益率数据仅供参考，过往业绩和走势风格不预示未来表现，不构成投资建议。转引的相关 观点均来自相关机构或公开媒体渠道 不代表天天基金的观点 天天基金不对观点的准确性 GUIDE 摘要 中原证券：短期面临技术性调整压力，但中期上行趋势未改； 中信证券：A股增量市场确立，资金共识将聚焦两大方向 ； 华泰证券：美联储9月能否降息主要取决于7- 8月经济数据。 中原证券 短期面临技术性调整压力，但中期上行趋势未改 中原证券认为， 当前，A股市场已进入 ...

Market Overview - A-shares opened mixed with the Shanghai Composite Index down 0.3% at 3604.7 points, the Shenzhen Component Index up 0.05% at 11208.46 points, and the ChiNext Index up 0.65% at 2382.97 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 142.66 billion yuan [1] - CPO and PCB sectors saw significant gains, while military and non-ferrous metals sectors experienced declines [1] Company News - **Ningde Times** reported a revenue of 178.886 billion yuan for the first half of the year, a year-on-year increase of 7.27%, and a net profit of 30.512 billion yuan, up 33.02% year-on-year [2] - **Changjiang Power** approved a budget of approximately 26.6 billion yuan for the construction of the Gezhouba shipping capacity expansion project, with a total construction period of 91 months [2] - **Digital Certification** is undergoing a change in its controlling shareholder to Beijing Data Group, following a transfer of state-owned shares [3] - **Wantai Biological Pharmacy** launched a new PCR test kit for detecting Chikungunya virus, which is now widely used in blood supply institutions [3] - **Jia Yuan Technology** is advancing its ultra-thin copper foil project, aiming for an annual production capacity of 700,000 square meters by the end of 2026 [4] Industry Insights - The average interest rate for newly issued commercial personal housing loans in Q2 2025 was reported at 3.09% [5] - Domestic coal prices have been on the rise, with the price of 5500 kcal thermal coal at ports around 650 yuan per ton, an increase of 30 yuan from the end of June [8] - The Guangzhou Futures Exchange announced adjustments to trading limits for certain futures contracts, including industrial silicon and lithium carbonate [9] - The National Immigration Administration reported that over 300 million exit and entry documents were issued to Chinese citizens during the 14th Five-Year Plan period, with the number of valid ordinary passports exceeding 160 million [10]

Market Overview - The market experienced volatility with mixed performance across major indices, as the Shanghai Composite Index reached a new high for the year while high-profile stocks like Dongxin Peace saw significant declines [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.84 trillion yuan, an increase of 41.1 billion yuan compared to the previous trading day [1] - Sector performance varied, with gains in film, oil and gas, baby products, and food sectors, while stablecoins, solid-state batteries, software development, and rare earth permanent magnets faced declines [1] AI Industry Insights - Huatai Securities reported that the AI industry is entering a new phase driven by token growth, with significant applications in vertical scenarios across various fields such as office, healthcare, and finance [2] - There is a continuous increase in demand for server computing power, with vendors focusing on promoting post-training and inference computing services based on large models, indicating ongoing revaluation opportunities [2] - The development of generative AI is characterized by B2B leading over B2C, with commercial progress in the B2B sector outpacing consumer-level products [2] - Healthy competition among domestic and international manufacturers is driving industry advancement [2] Process Industry Equipment Outlook - CITIC Construction Investment highlighted the cyclical nature of process industrial equipment, predicting a significant decline of over 20% in capital expenditure for petrochemicals in 2024 [3] - Investment planning in the northwest coal chemical sector is advancing, which is expected to bring marginal changes to the new market [3] - Policies for equipment updates in the existing market are being implemented, providing medium to long-term resilience for investments in process industrial equipment [3] - The industry encompasses various segments including compressors, pumps, seals, air separation equipment, valves, instruments, and control systems, with leading companies emerging that possess both domestic and international competitiveness [3] Photovoltaic Industry Analysis - CITIC Securities noted that the photovoltaic industry, currently facing issues of homogenization and excess capacity, is at the forefront of the "anti-involution" movement [4] - With a market-oriented approach, the industry is expected to see a reasonable price recovery and profit restoration as competition becomes more standardized and potential supply-side reform policies are implemented [4] - Technological innovation is deemed essential for overcoming the challenges of homogenized competition, with companies that have product differentiation, high-end market positioning, and strong brand manufacturing likely to experience early performance reversals and long-term growth [4] - It is recommended to focus on leading companies that possess long-term competitiveness and price recovery potential amid the ongoing "anti-involution" efforts in the photovoltaic sector [4]

华泰证券：AI进入落地新阶段，服务器和机器人产业火热 金十数据7月31日讯，华泰证券研报表示，基于本次WAIC 2025实地调研，对AI大模型产业链形成四个 判断：1）行业进入Token增长驱动的新阶段，AI Agent在垂直场景应用显著丰富，涵盖办公、医疗、金 融等多个领域，关注应用落地机会；2）服务器算力需求持续增长，各厂商重点推广基于大模型的后训 练和推理算力服务，技术迭代带来重估机会不变；3）生成式AI发展呈现2B领先2C、应用领先终端的特 征，B端商业化进展明显快于C端消费级产品；4）国内外厂商形成良性竞争推动行业进步。 ...

智通财经7月31日电，华泰证券研报表示，北京时间7月31日（周四）凌晨，美联储如期按兵不动，基准 利率维持在4.25%-4.5%，两名联储理事投票反对；决议声明调整偏鸽派，但鲍威尔讲话未能提供9月降 息的指引，发言偏鹰派。基本面方面，鲍威尔强调就业市场较为稳健（solid），但承认存在下行风险。 利率指引方面，鲍威尔未对9月降息给出明确指引，强调降息决策取决于后续数据。往前看，美联储9月 能否降息主要取决于7-8月经济数据。维持美联储仍有可能在9-12月降息两次的判断。但是，如果就业 和通胀数据强于预期，美联储年内降息预期或进一步回撤。近期关注周五（8月1日）将公布的新增非农 就业数据。 华泰证券：美联储9月能否降息主要取决于7-8月经济数据 ...

21世纪经济报道 实习生 张长荣 记者 崔文静 中金公司的中金点睛数字化投研平台、中信证券的AI数字员工、中信建投的"八爪鱼"固收一体化智能平 台、华泰证券的"泰为"大模型平台…… 在7月26日至29日举办的2025世界人工智能大会上，四家头部券商集中展示了其在AI金融应用领域的最 新实践。 这些实践的背后，是中国AI产业的加速突破——今年以来，以DeepSeek为代表的自主大模型实现里程 碑式进展，标志着中国在AI模型层正从"追赶式创新"加快向"引领式创新"转变。 AI浪潮对券商的影响是多维度的。一方面，凭借低成本、高性能、全开源，它深刻重塑着券商行业。 另一方面，AI的发展也在牵引着金融与科技的融合向纵深推进。 随着大模型创新提速、以人形机器人为代表的具身智能持续升温，而这类前沿科技的突破，离不开科技 金融体系的支撑。 AI如何赋能金融行业？金融又如何支持科技创新？此次大会上，上述头部券商给出了亮眼答卷。 智能研报、分身员工成标配 如今，这样的场景已并不鲜见：当用户输入相关领域的关键词后，系统会快速整合行业动态、企业数 据、市场趋势等多维度信息，自动生成一篇包含专业图表、逻辑严谨的数万字深度研报，其分析深 ...

Core Viewpoint - Haitai Securities report indicates that Haida Group's net profit attributable to shareholders for the first half of the year reached 2.64 billion yuan, representing a year-on-year increase of 24.2% [1] - The net profit for Q2 2025 was 1.36 billion yuan, showing a year-on-year growth of 7.3% [1] - The company's performance is within the forecast range for the first half of 2025, which is estimated to be between 2.5 billion to 2.8 billion yuan [1] Group 1 - The main drivers for the high profit growth in the first half of 2025 are the profitability from pig futures hedging and the significant growth in overseas feed business [1] - The recovery in domestic aquatic feed and pig feed businesses is noteworthy [1] - The company is optimistic about the domestic and international resonance growth of its feed main business and has maintained its profit forecast [1] Group 2 - Due to better-than-expected growth in feed sales, the target price has been raised to 66.4 yuan, while maintaining a "buy" rating [1]

华泰证券研报指出，海大集团上半年归母净利润26.4亿元（yoy+24.2%）；其中25Q2归母净利润13.6亿 元（yoy+7.3%）。业绩表现在中报业绩预告范围内（25H1归母净利润25~28亿元）。生猪期货套保的盈 利和海外饲料业务的高增长仍是公司25H1盈利高增的主要驱动，国内水产料和猪料业务的景气修复值 得重视。看好公司饲料主业的国内外共振增长，维持盈利预测；考虑到饲料销量增速好于该行预期，上 调目标价至66.4元，维持"买入"评级。 ...

本文源自：金融界 作者：金股通 截至7月30日午间收盘，主力资金流入前20的股票分别为：英维克（6.92亿元）、中国平安（6.87亿 元）、兆易创新（5.89亿元）、N悍高（3.63亿元）、万华化学（3.13亿元）、农业银行（3.01亿元）、 中文在线（2.90亿元）、居然智家（2.82亿元）、通威股份（2.50亿元）、凯撒旅业（2.40亿元）、北方 华创（2.18亿元）、包钢股份（2.09亿元）、德福科技（1.95亿元）、招商银行（1.93亿元）、光线传媒 （1.90亿元）、平安银行（1.90亿元）、北斗星通（1.88亿元）、华泰证券（1.87亿元）、复星医药 （1.85亿元）、工商银行（1.67亿元）。 ...