8月26日，A股中场歇脚，三大指数震荡整理，午前一度集体转涨，沪指盘中再探阶段新高，收盘走势 分化，沪指跌0.39%报3868.38点。两市成交额2.68万亿元，连续10个交易日突破2万亿。 券商板块随市小幅回调，尾盘下行幅度有所扩大，A股顶流券商ETF（512000）场内价格收跌1.24%， 全天成交额15.28亿元。 板块个股多数回调，权重股方面，东方财富收跌1.06%，单日成交额近150亿元，中信证券、国泰海通 跌逾1%；华鑫股份、天风证券、湘财股份、锦龙股份等涨幅居前。 就后市走势，华泰证券认为，充裕流动性仍是当前A股行情的主要基底。近期居民存款搬家的叙事构成 了国内流动性改善的积极信号，后续或仍有空间。短期来看，判断市场顶部的意义和胜率都不算高，节 奏上后续即便出现调整，幅度也不会太深，市场进入上行趋势的共识在逐步增强。 当前A股券商板块处于低估低配，公募新规下补涨逻辑持续；截至目前，43家上市券商中仅4只个股突 破去年9月后至今高位，且A股券商相对于H股券商已明显滞涨。 数据显示，近期市场资金借道ETF持续增仓券商板块。上交所数据显示，券商ETF（512000）已连续6 个交易日吸金，合计获净流入 ...

行业研究 证 券 研 究 报 告 非银行金融行业数据周报（20250818-20250822） 推荐（维持） 交投活跃度持续上行 推荐顺序：广发、国泰海通、中金 H、中信、华泰、东财，建议关注：银河 H、华林、湘财、建投 H。 推荐顺序：中国太保 H、中国人寿 H、中国平安 H，建议关注：中国人保 H、 中国财险. 风险提示：经济下行压力加大、创新改革节奏低于预期、利率较大波动。 重点公司盈利预测、估值及投资评级 | 简称 | 股价（元） | 2025E | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 中国太保 | 41.57 | 4.87 | 4.99 | 5.10 | 8.53 | 8.34 | 8.16 | 1.21 | 推荐 | | 中国人寿 | 42.86 | 3.09 | 3.19 | 3.25 | 13.86 | 13.46 | ...

证券日报网讯 8月26日晚间，阿尔特发布公告称，公司控股股东阿尔特（青岛）汽车技术咨询有限公司 在中信证券股份有限公司办理了股票解除质押业务，本次解除质押数量520，000股，占其所持股份比例 0.77%，占公司总股本比例0.10%。 （文章来源：证券日报） ...

变更部分募投项目及部分募投项目延期的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为广东 世运电路科技股份有限公司（以下简称"世运电路"或"公司"）的保荐机构， 根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》及《上市公司募集资金监管规则》等有关法律、法规及 规范性文件的规定，就世运电路变更部分募投项目及部分募投项目延期事项进行 了认真、审慎的核查，核查情况及核查意见如下： 一、变更募集资金投资项目、募集资金投资项目延期的概述 （一）募集资金基本情况 根据中国证券监督管理委员会《关于同意广东世运电路科技股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2023〕1017 号），公司向特定对 象发行人民币普通股股票 117,964,243 股，发行价为每股人民币 15.20 元，共计 募集资金 179,305.65 万元，扣除承销及保荐费 1,393.06 万元（该部分为不含税金 额，属于发行费用），持续督导费 400.00 万元（该部分不属于发行费用）后的 募集资金为 177,512.59 万元，已由主承销商中信证券于 2024 ...

Group 1 - The company has diversified its industrial layout into three main sectors: specialty products, automotive parts, and strategic emerging industries, with a focus on light weaponry, automotive components, and new special equipment [1] - The automotive parts sector is adapting to trends in electrification, with steady development in new energy vehicle components and leading market share in automotive connecting rods [1][4] - The strategic emerging industries are centered around new special equipment, providing green coating solutions and services [1] Group 2 - For the first half of 2025, the company reported a revenue of 151,729.77 million yuan, a decrease of 22.40% year-on-year, and a net profit attributable to shareholders of 4,886.58 million yuan, down 44.9% year-on-year, primarily due to the impact of contract signing cycles [2] - As of June 30, 2025, the company has utilized 864,473,834.57 yuan of raised funds, with an unutilized balance of 150,040,046.67 yuan, including interest income and fees [3] - The company is accelerating the research and industrialization of new energy vehicle components and is focusing on key areas of the industry chain in its strategic emerging industries [4] Group 3 - The company is under continuous observation regarding the restructuring of its controlling shareholder, with announcements made on February 10 and June 5, 2025, and will fulfill its information disclosure obligations [5]

Core Viewpoint - The company, 大金重工, is utilizing idle raised funds to temporarily supplement its working capital, with a focus on ensuring the normal progress of its investment projects and improving the efficiency of fund usage [1][3]. Fundraising Basic Situation - The net amount raised from the non-public offering of shares is approximately RMB 3.06 billion, with total issuance costs amounting to approximately RMB 6.89 million [1][2]. - The funds are managed under a special account storage system, with all raised funds deposited in a dedicated account [1]. Fund Usage Amount and Balance - As of June 30, 2025, the balance in the fundraising special account is approximately RMB 80.48 million after accounting for previous fund usage and other adjustments [2]. Previous Fund Return Situation - The company returned all previously used funds for temporary working capital, totaling approximately RMB 888 million, to the special account within the stipulated 12-month period [2]. Current Use of Idle Funds - The company plans to use up to RMB 500 million of idle raised funds to temporarily supplement working capital, with a usage period not exceeding 12 months from the board's approval date [3]. - This decision is deemed necessary to meet daily operational needs while ensuring that investment projects continue to progress normally [3]. Reasonableness and Necessity of Fund Usage - The company emphasizes that the use of idle funds will not alter the intended use of the raised funds and will only be applied to activities related to its main business operations [4]. Sponsor's Review Opinion - The sponsor, 中信证券, has reviewed the situation and finds that the company's decision to use idle funds complies with relevant regulations and has no objections to the matter [4].

业绩问题剖析 登录新浪财经APP 搜索【信披】查看更多考评等级 2025年8月26日，北京直真科技股份有限公司在公司会议室接待了来自5家机构的调研。参与调研的机构 包括北京含章私募基金管理有限公司、珠海市横琴财东基金管理有限公司、中信证券股份有限公司、北 京鹭林投资管理有限公司以及国中长城（天津）资产管理有限公司 。直真科技董事会秘书饶燕、证券 事务代表曲虹桥出席并参与交流。 此次投资者关系活动类别为特定对象调研，活动中，机构投资者就公司经营状况、项目进展等多个方面 提出问题，公司方面进行了详细解答。 2025年1 - 6月，直真科技实现营业收入10,603.54万元，较上年同期下滑。公司表示，主要原因在于电信 运营商降本增效策略影响，2024年软件开发业务订单规模同比下降，对2025上半年收入造成不利影响。 不过，公司正积极推进下一代OSS产品研发平台建设，以开发面向自智网络的关键应用，为OSS业务增 收创造商机。 同时，算力新业务领域虽处于快速发展阶段，但相关算力建设、服务项目尚未达到可使用、运营状态， 暂未实现收入。公司正在打造异构、综合、多智算中心的算力运营服务产品，并结合新材料研发的算力 需求形成算 ...

Group 1 - The core viewpoint of the article highlights that Jufei Optoelectronics (SZ 300303) is engaging with investors through a research meeting scheduled for August 24-25, 2025, with the company secretary participating in the discussions [1] - For the first half of 2025, Jufei Optoelectronics reported that its revenue composition was 91.27% from LED products and 8.73% from other businesses [1] - As of the report date, Jufei Optoelectronics has a market capitalization of 9.4 billion yuan [1]

Group 1 - The core viewpoint of the news highlights the mixed performance of the National Securities Leader Index (399437) as of August 26, 2025, with Tianfeng Securities (601162) leading the gains at 0.86% and Dongfang Securities (600958) experiencing the largest decline [1] - The market showed fluctuations with the three major indices displaying mixed results, and the total trading volume in the Shanghai and Shenzhen markets reached 2.68 trillion yuan, a decrease of 462.1 billion yuan compared to the previous trading day [1] - The Securities ETF Leader (159993) reported a latest price of 1.43 yuan with a net subscription of 25 million units today, indicating increased investor interest [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the National Securities Leader Index (399437) include CITIC Securities (600030), Dongfang Wealth (300059), Huatai Securities (601688), and others, collectively accounting for 78.84% of the index [2] - The China Securities Regulatory Commission (CSRC) announced modifications to the "Securities Company Classification Supervision Regulations," emphasizing equity investment and encouraging differentiated development among small and medium-sized institutions [1] - The revised classification evaluation is expected to enhance the professional service capabilities of the industry in equity investment and wealth management, potentially strengthening the Matthew effect within the sector [1]

Group 1 - The core viewpoint of the articles highlights the rapid growth of the fragrance market in China, driven by the "emotional economy" and the shift from luxury consumption to essential daily health products [1][2] - CITIC Securities initiated coverage on Ying Tong Holdings (6883.HK), emphasizing its leading position in the Chinese fragrance and beauty sector, with a target market capitalization of HKD 3.7 billion and a target price of HKD 2.9, reflecting a projected P/E ratio of 11 times for FY2026 [1][2] - Ying Tong Holdings manages 72 brands, with 61 under exclusive authorization, covering multiple categories such as perfumes, skincare, makeup, and home fragrances, creating a competitive barrier that is difficult to replicate [1][2] Group 2 - The Chinese fragrance market has seen a significant increase in scale, growing from RMB 15 billion in 2018 to RMB 26 billion in 2023, with a compound annual growth rate (CAGR) of 11.6%, surpassing the global average [2] - During the fiscal years 2022 to 2025, Ying Tong is expected to achieve a 7.5% CAGR in revenue and a 9.9% CAGR in net profit, indicating strong financial performance [2] - The company is focusing on dual upgrades of brand and channel, expanding into new beauty categories and enhancing the shopping experience through its self-operated retail brand "Perfume Box," which appeals to Gen Z consumers [2][3] Group 3 - CITIC Securities emphasized that Ying Tong Holdings plans to expand its retail network by opening 100 new stores nationwide within three years, aiming to capture more market share and enhance brand influence [3] - As the "emotional health era" progresses, Ying Tong is expected to continue resource integration and boundary expansion, collaborating with brands and consumers to shape the future of the Chinese fragrance market [3]