（编辑 姚尧） 证券日报网讯 10月14日晚间，统联精密发布公告称，公司于2025年10月14日收到国金证券股份有限公 司（简称"国金证券"）出具的《关于变更深圳市泛海统联精密制造股份有限公司持续督导保荐代表人的 函》。国金证券作为公司首次公开发行股票并上市的保荐机构，原委派柳泰川先生、朱国民先生担任公 司持续督导工作的保荐代表人，法定持续督导期至2024年12月31日，因公司募集资金尚未使用完毕，根 据相关规定，国金证券对此未尽事项继续履行持续督导义务。鉴于公司正在开展2025年度向不特定对象 发行可转换公司债券项目工作，本次可转换公司债券项目的签字保荐代表人为柳泰川先生、刘彦先生。 为保证公司相关持续督导工作的有序进行，国金证券决定委派刘彦先生接替朱国民先生继续履行对公司 的持续督导工作。 ...

国金证券发布研报称，维持思摩尔国际(06969)"买入"评级，预计公司2025-2027年EPS分别为 0.22/0.39/0.59元，当前股价对应PE分别为67/37/25倍。10月12日，公司发布2025Q3财务更新公告。 2025Q1-Q3，公司实现营收102.10亿元，同比+21.8%，实现净利润/调整后净利润(扣除股权激励费用影 响)8.09/11.82亿元，同比-23.8%/+0.1%。其中25Q3公司实现营收41.97亿元，同比+27.2%，实现净利润/ 调整后净利润3.17/4.44亿元，同比-16.4%/+4.0%。 国金证券主要观点如下： HNB业务预计收入贡献显著，雾化业务延续改善态势 25Q3公司调整后净利润同比+4.0%至4.44亿元，调整后净利率为10.6%，较24Q3的11.5%下降1.0%。利 润率虽同比下降，但无需担忧，整体业绩仍较优，并且后续利润弹性值得期待，主因：1)HNB业务发展 初期以低毛利率的烟具销售为主，预计后续随着烟弹复购逐步起量叠加规模效应显现，HNB业务盈利 能力将显著抬升。2)预计公司医疗雾化等领域的研发投入仍在加大。近期公司子公司的仿制药简略新药 申请已 ...

调整后净利已恢复增长态势，后续利润弹性可期 25Q3公司调整后净利润同比+4.0%至4.44亿元，调整后净利率为10.6%，较24Q3的11.5%下降1.0%。利 润率虽同比下降，但无需担忧，整体业绩仍较优，并且后续利润弹性值得期待，主因：1)HNB业务发展 初期以低毛利率的烟具销售为主，预计后续随着烟弹复购逐步起量叠加规模效应显现，HNB业务盈利 能力将显著抬升。2)预计公司医疗雾化等领域的研发投入仍在加大。近期公司子公司的仿制药简略新药 申请已被FDA受理，公司医疗雾化业务取得阶段性进展，后续有望逐步开始实质性贡献。 欧美雾化市场扩容&HNB加速贡献业绩增量，长期增长逻辑正逐步兑现，把握布局机遇 国金证券主要观点如下： HNB业务预计收入贡献显著，雾化业务延续改善态势 得益于HNB产品hilo上市开始贡献营收增量以及欧美市场对非法产品监管力度不断强化，公司HNB及雾 化业务营收环比及同比均实现较优增长。分业务看：1)HNB业务，9月以来hilo逐步在日本及波兰全面上 市，依托其优异的产品力，整体销售较优，预计25Q3公司HNB业务收入增量贡献显著。2)雾化电子烟 业务，预计25Q3公司该业务整体营收实现双 ...

Core Insights - The three major indices opened high but closed lower, with the ChiNext Index dropping over 2%, while the precious metals sector led gains and the technology sector saw declines [3] Group 1: ETF Performance - The broker ETF fund (515010) rose by 0.42%, with its holdings such as Guoyuan Securities increasing by 5.10% [3] - The broker ETF fund has seen continuous net inflows over the past four days, totaling 57.6868 million yuan, with the latest share count reaching 1.262 billion and a total scale of 1.811 billion yuan, both hitting record highs since inception [3] Group 2: New Account Openings - In September, the number of new A-share accounts reached 2.9372 million, marking a year-on-year increase of 60.73% and a month-on-month increase of 10.83%, making it the second-highest monthly figure this year, following March's 3.0655 million [3] - Among the new accounts in September, 2.9263 million were individual accounts and 10,900 were institutional accounts, with institutional openings surpassing 10,000 for the first time this year [3] Group 3: Broker ETF Fund Characteristics - The broker ETF fund (515010) tracks the securities company index (code 399975), with the top ten constituent stocks accounting for 60.1% of the index weight, allowing for direct exposure to leading brokerages benefiting from the A-share market recovery [3] - The combined management and custody fee rate for the fund is 0.2%, making it the lowest fee investment option currently available in the market [3]

一、证券市场回顾 南财金融终端数据显示，昨日(10月13日,下同)上证综指日内下跌0.19%，收于3889.5点，最高3895.83 点；深证成指日内下跌0.93%，收于13231.47点，最高13256.51点；创业板指日内下跌1.11%，收于 3078.76点，最高3096.4点。 二、ETF市场表现1、股票型ETF整体市场表现 昨日股票型ETF收益率中位数为-0.49%。其中按照不同分类，规模指数ETF中南方上证科创板50成份增 强策略ETF收益率最高，为2.56%；行业指数ETF中国泰中证有色金属矿业主题ETF收益率最高，为 4.59%；策略指数ETF中华安中证全指自由现金流ETF收益率最高，为1.02%；风格指数ETF中银华中证 500质量成长ETF收益率最高，为1.94%；主题指数ETF中易方达中证稀土产业ETF收益率最高，为 7.78%。 2、股票型ETF涨跌幅排行 昨日股票型ETF涨幅最高的3支ETF及其收益率分别为：易方达中证稀土产业ETF(7.78%)、富国中证稀 土产业ETF(7.34%)、嘉实中证稀土产业ETF(6.96%)。涨幅前10详情见下表: | 奥别 | 代码 | 基金名称 | ...

10月14日，国金证券盘中上涨2.06%，截至09:39，报10.39元/股，成交8578.57万元，换手率0.23%，总 市值385.73亿元。 资金流向方面，主力资金净流出276.75万元，特大单买入256.00万元，占比2.98%，卖出274.71万元，占 比3.20%；大单买入1784.48万元，占比20.80%，卖出2042.52万元，占比23.81%。 国金证券所属申万行业为：非银金融-证券Ⅱ-证券Ⅲ。所属概念板块包括：期货概念、参股基金、金融 科技、中盘、融资融券等。 国金证券今年以来股价涨20.67%，近5个交易日涨0.19%，近20日涨4.95%，近60日涨10.18%。 资料显示，国金证券股份有限公司位于四川省成都市青羊区东城根上街95号成证大厦16楼，成立日期 1996年12月20日，上市日期1997年8月7日，公司主营业务涉及证券业务。主营业务收入构成为：财富管 理业务47.27%，自营投资业务24.86%，投资银行业务9.77%，资产管理业务7.37%，机构服务业务 6.62%，其他5.19%。 责任编辑：小浪快报 分红方面，国金证券A股上市后累计派现28.60亿元。近三年，累计派现 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The proposed multi - objective - oriented Tikhonov regression model can effectively measure the multi - asset positions of "Fixed Income +" funds, with high accuracy in identifying significant position adjustments and providing key value for fund evaluation and investment practice [3]. - The model can track the flow of funds in "Fixed Income +" funds and identify significant position - adjustment behaviors, helping investors capture market signals and select products with sustainable timing capabilities [3]. Summary by Relevant Catalogs I. Research Background and Model Introduction of "Fixed Income +" Fund Position Measurement 1. Background and Market - mainstream Model Methods Review - Measuring fund positions is necessary for understanding the asset structure of "Fixed Income +" funds, enhancing investment transparency, and strengthening risk management. In a low - interest - rate environment, "Fixed Income +" funds are important for capital inflow and stable value - added, and high - frequency position monitoring can provide basis for portfolio optimization [7]. - The current market - mainstream method for measuring fund positions is to construct a regression model based on fund net value and market indices and estimate positions through a portfolio optimization framework, which can provide high - frequency and dynamic position tracking [7]. 2. Systemic Dilemmas of Mainstream Measurement Models in "Fixed Income +" Fund Applications - Mainstream models cannot measure multi - asset portfolios, have low interpretability, significantly underestimate pure - bond positions, and have regression variable setting biases [8][9][10]. 3. Tikhonov Regression: A New Method for Solving Multi - asset Measurement Problems - Tikhonov regression is an extension of ridge regression, which can solve the multi - collinearity problem of multi - asset regression by designing a specific regularization matrix [12][14]. 4. Optimization of Tikhonov Regression Loss Function - Instead of using hard constraints, the loss function is optimized by introducing L1 and L2 regularization to achieve soft constraints, which can maintain numerical optimality and practical investment restrictions [17][18]. 5. Definition of Tikhonov Regression Equation - A unified modeling framework under 1/2 regularization conditions is defined, providing a basis for solving the optimal position [19][20]. 6. Solution of Regression Problem with L1/L2 Regularization - The gradient/ sub - gradient descent method is used to iteratively update parameters to approximate the optimal solution, obtaining the optimal position estimation of funds in various assets [21]. II. Implementation Process and Result Presentation of "Fixed Income +" Fund Position Measurement Model 1. Construction of Regression Indices - The regression indices of the fund pool are finely divided. The convertible bond and stock ends combine "individual characteristics" and "group characteristics" to construct indices, while the pure - bond end uses ChinaBond indices for regression according to the fund's position structure [26]. 2. Index Correlation - The average correlation coefficients within the pure - bond and stock index pools are relatively reasonable. By classifying funds and mapping industries, the correlation between indices is further reduced, improving the stability and reliability of regression results [32]. 3. Multi - objective - oriented Tikhonov Regression Algorithm - The data is constructed and pre - processed, the regression model is defined, the augmented matrix is built, and the solver is used to calculate. The results are visualized and analyzed to verify the rationality and interpretability of the model [34]. 4. Model Results - The model has high accuracy in measuring the positions of "Fixed Income +" funds. In August, the overall equity - containing position of "Fixed Income +" funds increased slightly, with a structural differentiation between stock and convertible bond positions [37]. 5. Error Distribution - The measurement errors of pure - bond and stock positions are relatively small and concentrated, while the error of convertible bond positions is relatively controllable. The model can be further optimized to improve the measurement accuracy of convertible bond positions [40]. 6. Classification by Equity - containing Exposure - The model can accurately track the asset allocation levels of various funds. For funds with different equity - containing exposures, the position centers and absolute errors of pure - bond, stock, and convertible bond positions vary [42]. 7. Stability of Large - scale Fund Position Measurement - The model has better stability in measuring the positions of large - scale funds, effectively tracking their dynamic position adjustments [46]. III. Applications of "Fixed Income +" Fund Position Measurement Model 1. High - frequency Tracking of Fund Flows - The model can effectively track the flow of funds in the stock positions of "Fixed Income +" funds. Most industries showed slight increases in positions this month, and the concentration of the top three industries increased, indicating a strengthening of market consensus. Leading funds have a more active equity allocation strategy [52]. 2. Identification of Significant Position - adjustment Behaviors - The model can identify significant position - adjustment behaviors with a win - rate of nearly 80%, which is helpful for evaluating the timing ability of fund managers and providing reference for asset allocation [54].

中国经济网北京10月13日讯竞业达（003005）(003005.SZ)2025年半年度报告显示，2025年上半年，公司实现营业收 入1.18亿元，同比下降18.41%；归属于上市公司股东的净利润-1898.00万元，上年同期为-1376.69万元；归属于上市 公司股东的扣除非经常性损益的净利润-2137.40万元，上年同期为-1487.42万元；经营活动产生的现金流量净额 为-3529.42万元，上年同期为-1327.94万元。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 118, 279, 192. 22 | 144, 966, 519. 81 | -18. 41% | | 归属于上市公司股东的净利 | -18, 979, 965. 02 | -13, 766, 896. 78 | -37.87% | | 润(元) | | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 | -21, 374, 030. 39 | -14, 874, 195. 88 | -43.70% | | (元) | | | | ...

国金证券指出，从近期政策表态、完成经济增长目标的压力、四季度的经济承受力来看，年内出台增量 政策的必要性偏低。未来一段时间重点或将是存量政策的优化，通过调整存量政策的形式、节奏和用 途，支撑经济增长。深化改革将成为政策的重心，这也是未来"十五五"规划的重要政策方向，通过改革 提高全要素增长率，打开经济潜在增长空间。 ...

国金证券股份有限公司 2023年面向专业投资者公开发行公司债券(第六期)2025年付息公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ● 债权登记日：2025年10月17日 ● 债券付息日：2025年10月20日 国金证券股份有限公司2023年面向专业投资者公开发行公司债券(第六期)（以下简称"本期债券"），将 于2025年10月20日开始支付自2024年10月20日至2025年10月19日期间的利息。为保证本次付息工作的顺 利进行，现将有关事宜公告如下： 一、本期债券的基本情况 证券代码：600109 证券简称：国金证券 公告编号：临2025-79 债券代码：115952 债券简称：23国金07 2、债券简称：23国金07 3、债券代码：115952.SH 4、发行人：国金证券股份有限公司 5、发行总额：10亿元 6、债券期限：3年 7、票面利率：3.00% 8、计息期限及付息日：本期债券计息期限自2024年10月20日至2025年10月19日，本期债券付息日为计 息期限的每年10月19日（上述付 ...