每经头条（nbdtoutiao）——AI内容强制标识"首周"实测：抖音、小红书、微博自动识别"失灵"，AI应 用文本漏标，视频"会员可去水印" （记者 王晓波） 每经AI快讯，西南证券9月4日发布研报称，给予诺邦股份（603238.SH）买入评级。评级理由主要包 括：1）客户结构和产品结构优化带动盈利能力稳步提升；2）制品业务高速增长，合作国内外知名客 户；3）卷材业务Q2短暂承压，高端化趋势不改。风险提示：国际贸易摩擦加剧的风险，主要原材料波 动的风险，市场竞争风险，汇率波动风险，渠道开拓不及预期的风险。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

Core Viewpoint - The performance of listed securities firms in China has shown significant growth in the first half of 2025, raising questions about the sustainability of this momentum in the second half and the potential for mid-term dividend plans [1][2][4]. Group 1: Performance and Growth - Several securities firms reported strong net profit growth in the first half of 2025, driven by increases in brokerage, securities investment, and investment banking revenues [2]. - The A-share market's positive performance in the first half has contributed to the revenue growth of securities firms, leading to heightened investor interest in whether this growth can be maintained in the second half [2][3]. Group 2: Mid-term Dividend Plans - CITIC Securities announced a mid-term profit distribution plan, proposing a cash dividend of 2.90 yuan per 10 shares, totaling 4.298 billion yuan, marking an increase from the previous year's 3.557 billion yuan [4]. - Northeast Securities is also planning to implement a proactive and sustainable profit distribution policy, considering various factors such as company development and market trends [4]. Group 3: Differentiated Competitive Advantages - Smaller and specialized securities firms are exploring differentiated development paths to enhance their competitive advantages [5]. - Southwest Securities attributed its profit growth to the active A-share market and its strategic reforms aimed at building unique competitive strengths [6]. - Northeast Securities aims to establish itself as a comprehensive securities firm focused on small and innovative enterprises, enhancing its competitive edge in wealth management and investment banking [6].

截至6月30日，西南证券股东户数12.15万，较上期减少3.94%；人均流通股51991股，较上期增加 4.11%。2025年1月-6月，西南证券实现营业收入0.00元；归母净利润4.23亿元，同比增长24.36%。 分红方面，西南证券A股上市后累计派现71.15亿元。近三年，累计派现9.97亿元。 资金流向方面，主力资金净流出1318.48万元，特大单买入492.38万元，占比3.98%，卖出762.01万元， 占比6.16%；大单买入2393.02万元，占比19.33%，卖出3441.87万元，占比27.81%。 西南证券今年以来股价涨2.71%，近5个交易日跌2.27%，近20日涨4.99%，近60日涨12.49%。 资料显示，西南证券股份有限公司位于重庆市江北区金沙门路32号西南证券总部大楼，成立日期1990年 6月7日，上市日期2001年1月9日，公司主营业务涉及证券类金融业务。主营业务收入构成为：经纪业务 54.45%，自营业务30.51%，其他业务8.37%，投资银行业务6.03%，资产管理业务0.64%。 西南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：参股基金、期货概念、 ...

每经AI快讯，西南证券9月2日发布研报称，给予致欧科技（301376.SZ，最新价：18.72元）持有评级。 评级理由主要包括：1）费用率同比降低，盈利能力彰显韧性；2）渠道多元化成效显著，新兴平台及 B2B渠道取得突破；3）供应链转移主动应对关税风险，成本控制壁垒持续巩固。风险提示：海运价格 大幅波动的风险，原材料价格大幅波动的风险，国际贸易局势变化的风险，人民币汇率大幅波动的风 险，行业竞争加剧的风险。 每经头条（nbdtoutiao）——人口流失、土地闲置的城市要不要撤并？专访国家发改委专家高国力：未 来不排除，目前没到这阶段 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 （记者 曾健辉） ...

证券之星消息，9月2日重庆国企改革板块较上一交易日下跌1.11%，*ST惠程领跌。当日上证指数报收于 3858.13，下跌0.45%。深证成指报收于12553.84，下跌2.14%。重庆国企改革板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600689 | 上海三毛 | 13.79 | 2.99% | 10.02万 | 1.36亿 | | 601158 | 重庆水务 | 4.74 | 0.64% | 15.63万 | 7368.78万 | | 000565 | 渝三峡A | 8.71 | 0.23% | 18.26万 | 1.58 Z | | 601827 | 三峰环境 | 8.54 | 0.00% | 1 5.34万 | 4543.59万 | | 600939 | 車庆建工 | 3.49 | -0.29% | 10.20万 | 3545.34万 | | 000950 | 重药控股 | 5.23 | -0.38% | 22.84万 | 1.19亿 | | 600369 | ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 研发投入持续、护城河加深。公司2025H1研发投入0.29亿元，同比增长3.89%，研发费用率8.25%。报 告期间公司发布LoRaWAN网关，云平台等完成多项升级，引入AI数据分析、自然语言配置等能力，智 能化与服务能力提升。 盈利预测与投资建议。预计2025-2027年EPS分别为2.45元、3.43元、4.90元，对应动态PE分别为25倍、 18倍、12倍。公司25年规划目标积极，改革动作持续落地，看好全年加速成长，首次覆盖给予"持有"评 级。 风险提示：新品放量与交付节奏不及预期的风险；价格竞争的风险；行业发展不及预期的风险；海外需 求与汇率波动的风险、下游资本支出波动的风险等 工业物联网、企业网络设备与智能售货控制系统业务共同驱动，营收快速增长。2025H1公司工业物联 网收入1.83亿元，同比增长34.55%，毛利率57.81%，同比上升2.27pp。该业务营收快速增长主要受海外 需求旺盛与渠道本地化推进驱动，此外新产品持续放量、Q1美国客户提前备货，也贡献了营收增量。 毛利率方面，受益于海外高毛利市场占比提升及AI边缘计算 ...

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经头条（nbdtoutiao）——阿里的双向突围 （记者 王瀚黎） 每经AI快讯，西南证券9月2日发布联影医疗（688271.SH，最新价：150.44元）研报：1）业绩稳健增 长，高端产品线与服务业务表现亮眼；2）持续拓展海外市场，全球化布局成效显著；3）股权激励彰显 信心。风险提示：市场竞争加剧风险、研发失败风险、海外市场开拓不及预期风险、政策波动风险。 ...

Group 1 - A-share brokerage stocks experienced a rally, with Pacific Securities hitting the daily limit, and Great Wall Securities rising over 5% [1] - Other notable performers include Guohai Securities and Guosheng Financial Holdings, both increasing by over 3%, while Xinda Securities rose nearly 3% [1] Group 2 - Specific stock performance data shows Pacific Securities with a 10.09% increase, a total market capitalization of 33.5 billion, and a year-to-date increase of 15.26% [2] - Great Wall Securities rose by 5.63%, with a market cap of 51.4 billion and a year-to-date increase of 57.07% [2] - Guosheng Financial Holdings increased by 3.50%, with a market cap of 38.9 billion and a year-to-date increase of 53.55% [2] - Guohai Securities saw a 3.08% rise, with a market cap of 29.9 billion and a year-to-date increase of 10.22% [2] - Xinda Securities increased by 2.72%, with a market cap of 64.8 billion and a year-to-date increase of 33.67% [2] - Other securities such as Everbright Securities, Zhongyuan Securities, and Founder Securities showed modest increases, with year-to-date performances ranging from -0.84% to 11.33% [2]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - In the stock bull market, convertible bond ETFs continue to drive a significant increase in the share of bond ETFs. As of the close on August 29, 2025, compared with the close on August 22, 2025, the shares of treasury bond, policy - financial bond, local bond, credit bond, and convertible bond ETFs changed by 33.48 million shares, - 1.37 million shares, no change, 22.31 million shares, and 487.60 million shares respectively, with a total change of 542.02 million shares in bond - type ETFs; compared with the end - of - last - month close, they changed by 121.50 million shares, - 39.28 million shares, - 0.40 million shares, 192.15 million shares, and 1498.10 million shares respectively, with a total change of 1772.07 million shares in bond - type ETFs [2][5]. - Core bond ETFs generally saw an increase in shares, convertible bond ETFs received substantial net inflows, and long - term interest - rate bonds were also allocated. The net value of long - term interest - rate bond ETFs stabilized and rose slightly, while convertible bond ETFs showed a significant correction [2][7]. Summary by Directory 1.1 Various Bond ETF Share Trends - In the stock bull market, convertible bond - type ETFs continue to drive a significant increase in the share of bond ETFs. As of August 29, 2025, the shares of treasury bond, policy - financial bond, local bond, credit bond, and convertible bond ETFs were 650.23 million shares, 466.86 million shares, 79.78 million shares, 3098.66 million shares, and 5683.25 million shares respectively, with a total of 9978.77 million shares in bond - type ETFs [5]. 1.2 Main Bond ETF Share and Net Value Trends - Core bond ETFs generally saw an increase in shares, convertible bond ETFs received substantial net inflows, and long - term interest - rate bonds were also allocated. As of August 29, 2025, the shares of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local bond ETF, urban investment bond ETF, and convertible bond ETF were 248.07 million shares, 406.16 million shares, 31.73 million shares, 2381.68 million shares, and 4825.79 million shares respectively, with changes of 9.69 million shares, - 0.21 million shares, no change, no change, and 471.50 million shares respectively compared with August 22, 2025 [7]. - The net value of long - term interest - rate bond ETFs stabilized and rose slightly, while convertible bond ETFs showed a significant correction. As of August 29, 2025, the net values of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local bond ETF, urban investment bond ETF, and convertible bond ETF changed by 0.26%, - 0.01%, 0.05%, 0.03%, and - 2.54% respectively compared with August 22, 2025; compared with the end - of - last - month close, they changed by - 2.21%, - 0.66%, - 0.19%, - 0.06%, and 4.17% respectively [10]. 1.3 Credit Bond ETF Share and Net Value Trends - The overall share of credit bond ETFs was stable, with only a slight outflow of 3.00 million shares from Boshi Credit Bond ETF. As of August 29, 2025, among the 8 existing credit bond ETFs, only Boshi Credit Bond ETF had a change of - 3.00 million shares, and the others remained unchanged [14]. - The net value of credit bond ETFs rebounded slightly. As of August 29, 2025, compared with August 22, 2025, the net values of the 8 credit bond ETFs changed with some showing no change and others having increases such as 0.01%, 0.04% etc. [16]. 1.4 Science and Technology Innovation Bond ETF Share and Net Value Trends - The shares of science and technology innovation bond ETFs were slightly differentiated. As of August 29, 2025, among the 10 existing science and technology innovation bond ETFs, some had share decreases such as - 1.16 million shares, - 2.80 million shares, - 0.73 million shares, while others had increases such as 3.00 million shares, 1.05 million shares, 1.00 million shares [19]. - The net value of science and technology innovation bond ETFs generally stopped falling and rose slightly. As of August 29, 2025, compared with August 22, 2025, most of the 10 science and technology innovation bond ETFs had net value increases such as 0.01%, 0.02%, 0.03%, 0.04%, with only one showing a - 0.02% change [21]. - Last week, the PCF list repeatedly included 6 bonds such as 25 Postal K2. The top three bonds in the ranking of the product of the excess return change and the corresponding duration of each expanded bond were 25 Yuanrong K5, 25 Yuanrong K2, and 25 Yuehuan GK1, and the last three were 25 Shenneng K1, 25 Postal K2, and Jingzi K12 [22]. 1.5 Net Inflow of Some Bond ETFs - Convertible bond ETFs had the highest cumulative net inflow this week and this month. Weekly, the top three bond ETFs with cumulative net inflows were convertible bond ETF, short - term financing ETF, and benchmark treasury bond ETF; monthly, the top three were convertible bond ETF, Shanghai - Stock - Exchange convertible bond ETF, and urban investment bond ETF. In terms of cumulative trading days, the top three bond ETFs with cumulative net inflows in the past 10 trading days were convertible bond ETF (1135.76 million yuan), Shanghai - Stock - Exchange convertible bond ETF (188.22 million yuan), and 30 - year treasury bond ETF (48.71 million yuan); in the past 20 trading days, they were convertible bond ETF (1618.23 million yuan), Shanghai - Stock - Exchange convertible bond ETF (281.16 million yuan), and urban investment bond ETF (186.85 million yuan) [2][24].

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，西南证券8月30日发布研报称，给予爱柯迪（600933.SH，最新价：19.67元）买入评级。 评级理由主要包括：1）海外生产基地建设有序推进；2）产品结构优化，技术迭代加速；3）机器人业 务进展良好。风险提示：汇率波动风险；原材料价格波动风险；产能扩张不及预期的风险；收购业务发 展不及预期的风险。 每经头条（nbdtoutiao）——个人消费贷贴息明日开闸！贷30万元最多可享贴息3000元，一文读懂→ （记者 张喜威） ...