Group 1 - The core viewpoint of the report is a "buy" rating for Xinyangfeng (000902.SZ) based on several positive factors [2] Group 2 - Stable prices of compound fertilizers and a year-on-year recovery in gross profit margins are highlighted as key reasons for the positive outlook [2] - Strong demand for economic crops and promising prospects for new fertilizers are noted as significant growth drivers [2] - The company is enhancing vertical integration within the industry chain, leading to notable cost advantages [2]

西南证券8月20日发布研报称，给予再升科技（603601.SH，最新价：6.41元）买入评级。评级理由主要 包括：1）需求阶段性下滑，海外结构优化；2）毛利率提升，费用率增加；3）新国标下需求扩容，整 个下游优化产业。风险提示：宏观经济波动风险；贸易摩擦风险；业务开拓进度或不及预期风险。 （文章来源：每日经济新闻） ...

Market Overview - The A-share market experienced a sudden decline in the afternoon, with the Shanghai Composite Index dropping over 0.2% before recovering slightly, while the Shenzhen Component and ChiNext indices fell [2] - The trading volume in the Shanghai and Shenzhen markets exceeded 2 trillion yuan for the first time this year, marking the seventh consecutive trading day of such volume [2] Sector Performance - Securities stocks collectively faced a pullback, with notable declines including Changcheng Securities down over 6% and Hato Securities down over 5% [2][3] - Several high-priced stocks hit the daily limit down, including Lianhuan Pharmaceutical and Zhongdian Xindong, with others like Shunlian Bio and Sainuo Medical dropping over 8% [4] Banking Sector - In contrast, bank stocks showed strength in the afternoon, with Agricultural Bank of China and Postal Savings Bank reaching new historical highs during the session [2] Hong Kong Market - The Hang Seng Index fell over 0.5%, and the Hang Seng Tech Index dropped more than 1% [6] - AAC Technologies Holdings (02018.HK) saw a rapid decline of over 14% following the release of its interim results, despite reporting a revenue of 13.32 billion yuan, a year-on-year increase of 18.4% [6][8] Company Performance - AAC Technologies reported a gross margin of 20.7%, down 0.8 percentage points year-on-year, attributed to changes in product mix, while net profit attributable to shareholders increased by 63.1% to 876 million yuan due to improved profitability in optical business and rapid growth in precision structural components [8] - CICC noted that the overall valuation level of A-shares remains reasonable, but the rapid increase in trading volume may lead to short-term volatility [8]

西南证券8月20日发布美好医疗（301363.SZ，最新价：19.83元）研报称：1）基石业务短期受关税影响 压制，看好2025H2改善；2）新业务步入收获期，第二成长曲线逐步清晰；3）股权激励彰显信心，内 生外延双轮驱动。风险提示：海外贸易风险，订单不及预期风险，研发进度不及预期风险。 （文章来源：每日经济新闻） ...

证券之星消息，8月20日证券板块较上一交易日上涨1.07%，哈投股份领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。证券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) | | | --- | --- | --- | --- | --- | --- | --- | | 600864 | 哈投股份 | 8.24 | 10.01% | 238.98万 | | 19.08亿 | | 600369 | 西南证券 | 5.05 | 5.87% | 187.23万 | | 9.26 亿 | | 002736 | 国信证券 | 14.66 | 4.64% | 67.18万 | | 9.64亿 | | 600109 | 国金证券 | 10.30 | 3.41% | 138.88万 | | 14.21亿 | | 000686 | 东北线 | 8.87 | 2.19% | 49.64万 | | 4.33亿 | | 600061 | 国投资本 | 8.41 | 2.19% | 64.91万 | | 5.38亿 | | 00 ...

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！ 随着上市公司中报陆续披露，其控股或参股的公募基金营收情况也得以曝光。 日前，西南证券（SH600369）披露2025年半年报，于此同时公布其持股44.10%的银华基金上半年业绩。 中报数据显示，银华基金2025年上半年营业收入13.46亿元，同比增长0.81%；净利润2.84亿元，同比增长11.74%。截至6月末，公司总资产68.61亿元，负债 25.05亿元，同比分别增长1.9%和3.68%。 | 公司名称 | 公司类型 | 主要业务 | 注册资本 | 总资产 | 净资产 | 营业收入 | B | | --- | --- | --- | --- | --- | --- | --- | --- | | 西证股权投 | 子公司 | 股权投资,股权 | 50,000 | 121,683.30 | 71,623.42 | 1,788.30 | | | 资有限公司 | | 投资管理 | | | | | | | 西语创新投 | 子公司 | 从事投资业务 | 280,000 | 330,895.33 | 315,187.66 | 3,042.77 ...

西南证券股份有限公司 | 外投资、风险投资、委托理财、财 | | 无 | | 不适用 | | --- | --- | --- | --- | --- | | 务资助、套期保值等） | | | | | | 无 | | 不适用 | | | | 机构配合保荐工作的情况 | | | | | | 展、财务状况、管理状况、核心技 | | 无 | | 不适用 | | 术等方面的重大变化情况） | | | | | | 三、公司及股东承诺事项履行情况 | | | | | | 是否履行 | | 未履行承诺的原因及 | | | | 承诺来源 公司及股东承诺事项 | | | | | | 承诺 | | 解决措施 | | | | 首次公开 1．股份锁定承诺 | 是 | 不适用 | | | | 发行 | | | | | | 漏依法股份回购的承诺 | | | | | | 向不特定 16.关于摊薄即期回报采取填补措施的承诺 | | 是 | 不适用 | | | 对象发行 | | | | | | 可转换公 17.关于摊薄即期回报采取填补措施的承诺 | | 是 | 不适用 | | | 司债券 | | | | | | 线交易的相关承诺 | | | | ...

Investment Rating - The non-bank financial industry is rated as "Leading the Market - A" [3] Core Viewpoints - The report highlights the significant improvement in the performance of brokerage firms, with major players like Southwest Securities and Oriental Fortune reporting substantial revenue and profit growth in the first half of 2025, driven by active market trading and recovery in investment banking [4][11] - The industry is experiencing a breakthrough in mergers and acquisitions, with an increase in valuation potential, as evidenced by the approval of West Securities becoming the major shareholder of Guorong Securities [12] - The report emphasizes the active trading environment and the recovery of the primary market, suggesting that investors should pay attention to the investment value of brokerage firms [12] Summary by Sections Investment Suggestions - The report indicates that the performance of brokerage firms has significantly improved, with Southwest Securities achieving a revenue of 1.504 billion yuan, a year-on-year increase of 26.23%, and a net profit of 423 million yuan, up 24.36% [11] - Oriental Fortune reported a revenue of 6.856 billion yuan, a year-on-year increase of 38.65%, and a net profit of 5.567 billion yuan, up 37.27% [11] Market Review - The major indices showed varying degrees of increase, with the Shanghai Composite Index rising by 1.70%, the CSI 300 by 2.37%, and the ChiNext Index by 8.58% [13] - The non-bank financial index increased by 6.48%, ranking third among 31 primary industries [13] Key Industry Data Tracking 1) Market Performance and Scale: The total trading amount in A-shares reached 10.51 trillion yuan, with an average daily trading volume of 2.10 trillion yuan, reflecting a 23.90% increase [13] 2) Credit Business: As of August 15, the market pledged shares totaled 303.891 billion shares, accounting for 3.71% of the total share capital, with a margin balance of 2.06 trillion yuan, up 2.64% [18] 3) Fund Issuance: In July 2025, new fund issuance reached 95.689 billion shares, with a decrease of 21.65% in the number of funds issued [18] 4) Investment Banking: In July 2025, the equity underwriting scale was 66.182 billion yuan, including 24.164 billion yuan for IPOs [18] 5) Bond Market: The total price index of bonds decreased by 1.35% since the beginning of the year, with the 10-year government bond yield at 1.75%, up 13.88 basis points [18] Regulatory Policies and Industry Dynamics - The China Securities Regulatory Commission (CSRC) is enhancing the supervision of financial reporting and disclosure among listed companies, aiming to improve regulatory efficiency [24] - The activity of brokerage apps has increased, with 167 million active users in July 2025, marking a 3.36% increase from the previous month [24]

（文章来源：每日经济新闻） 西南证券8月19日发布研报称，给予微光股份（002801.SZ，最新价：38.97元）买入评级。评级理由主 要包括：1）风机、电机业务稳健增长；国内项目有序建设中，泰国基地开始运作；2）盈利能力优秀， 费用管控良好；3）高度重视新领域业务拓展，机器人、海洋科技领域快速拓展。风险提示：下游需求 不及预期、扩产项目建设不及预期、新产品拓展不及预期等风险。 ...

自6月23日起，A股这轮行情已持续一月有余。 市场情绪高昂也激活了券商APP月活规模。易观千帆最新披露数据显示，7月份，证券服务应用月活人数已超1.67亿，同 比大增20.89%。同花顺、华泰证券等四家机构的应用月活人数均在千万级别，不少中小券商月活人数同比增幅更是20% 以上。易观千帆分析指出，这反映了用户参与度增强，市场情绪已得到修复。 7月证券服务应用活跃人数超1.67亿 最近几个交易日，A股涨势如虹，无论是单日成交额，抑或者融资余额，均有不俗表现。而往前追溯，A股这轮行情起自 6月23日，随后在多重利好政策下持续催化至今。 仅从成交量视角看，Wind显示，自6月23日以来，全市场成交金额从1.1万亿元不断往上，中间虽然略有缩量，但增势不 改。到8月18日，A股全市场单日成交额2.81万亿元，再创年内新高。 市场行情稳中向好，投资者情绪如何？证券服务应用的活跃程度成为一个观察窗口。易观千帆数据显示，2025年7月证券 服务应用整体活跃人数为1.67亿，环比增长3.36%，同比增长20.89%。易观千帆在分析中指出，这表明该月证券服务应用 热度提升，用户参与度增强，市场情绪已得到修复。 再往前推移可以看出 ...