人民财讯8月28日电，国泰海通证券研究指出，人工智能是新一轮科技革命和产业变革的重要驱动力 量。AI产业快速发展，此前8月21日深度求索发布DeepSeek-V3.1版本，性能大幅提升之外，还使用了为 下一代国产芯片设计的UE8M0 FP8 Scale的参数精度，国泰海通证券认为国产大模型与国产芯片正朝着 软硬协同的统一生态演进，持续的政策支持AI应用落地，国内AI产业的发展有望进一步加速，看好从 AI基础设施到AI大模型到AI应用的发展闭环，维持计算机行业"增持"评级。 转自：证券时报 ...

L3 高阶智驾专题暨 VLA 模型产业 自皮书及产业图谱发布 2025年9月4日(周四) 上海 - 国泰海通外滩金融广场 大模型发展如火如荼,将大模型进一步融合至智能驾驶中已成为产业共识, 而近年来政策正使得 L3 级智能驾驶落地商用渐成可能。在此背景下,视觉 - 酒言。动作趋刑(八)应云而生 VIA右望幼稚米们人米智融目的敕休计年 框架,将影响智能驾驶、具身智能产业格局与技术发展路线,并带来巨大的市 场和资本机遇。 13:30-13:40 领导发言致辞 陈忠义 - 国泰海通证券副总裁、研究与机构业务委员 会总裁、研究所党委书记、政策和产业研究院院长 吴珩 - 上汽集团金融事业部 总经理、上汽集团金控管 理有限公司 总经理 13:40-14:00 通往 L3 智能驾驶与具身智能之钥 -- 视觉 - 语言 - 动作模型(VLA) 朱峰 - 国泰海通政策和产业研究院科技首席分析师 14:00-14:30 主题演讲 袁玉记 -Momenta 解决方案总监 Momenta (北京初速度科技有限公司)是全球领先自 动驾驶公司,致力于通过深度学习和人工智能技术实 现可规模化的自动驾驶解决方案。公司基于数据驱动 的"一个飞 ...

报告导读： 我们介绍了两种常见的保护对冲策略：保护性认沽策略和领式策略。结果显 示，指数下行年份，保护性认沽策略可以减小回撤从而获得超额，领式策略则因卖出认购 期权而进一步增强了收益。但两者在指数上行年度均难以获得超额收益。 备兑策略虽能在震荡或下行行情中提供一定收益增强，但受制于低波动与低成交环境，其对回撤的控制及收益增厚作用较为有限。看跌保护策略通过直接买入 认沽期权提供下行保护，但保险成本较高，更适合阶段性防御而非长期持有。领式期权策略通过卖出认购期权抵消部分成本，在控制风险的同时显著减轻了权 利金负担，体现出更优的性价比与配置灵活性。 从海外实际产品表现来看，以 TAIL 和 JHEQX 为代表的结构化对冲策略，在近年市场剧烈波动中展现出一定的回撤控制能力。例如，在 2022 年美股大幅回 调期间， JHEQX 相比标普 500 指数呈现更缓和的净值下滑，显示领式策略在实战中的有效性。而 TAIL 所采用的杠铃策略也通过债券与期权的组合，在市 场恐慌阶段发挥避险功能。 保护性认沽策略在 300ETF 走势下行期较好的保护作用，大幅减小了最大回撤，最大回撤可从 42% 减小到 27% 。在 300ETF ...

Company Overview - Company Name: Anhui Qiangbang New Materials Co., Ltd. [1] - Stock Code: 001279.SZ [1] - IPO Application Date: June 22, 2022 [1] - Listing Date: October 11, 2024 [1] - Underwriter: Haitong Securities [1] - Legal Advisor: Shanghai Panming Law Firm [1] - Audit Firm: Rongcheng Accounting Firm [1] Disclosure and Regulatory Evaluation - Disclosure Issues: The company was required to clarify the sales realization of products purchased by ABE Group and the authenticity of inventory data [1][2] - Regulatory Penalties: No penalties were imposed [2] - Average Listing Duration: The average duration from application to listing for A-share companies in 2024 is 629.45 days, while Qiangbang's duration is 842 days, exceeding the average [2] Financial Metrics - Underwriting Fees: The underwriting and sponsorship fees amount to 35 million yuan, with a commission rate of 9.04%, higher than the average of 7.71% [3] - Initial Listing Performance: The stock price increased by 1,738.95% on the first day of listing [5] - Three-Month Performance: The stock price rose by 297.21% within three months post-listing [6] - Issuance Price-to-Earnings Ratio: The issuance P/E ratio is 17.54 times, which is 55.59% of the industry average of 31.55 times [7] - Fundraising: Expected fundraising was 733 million yuan, but actual fundraising was only 387 million yuan, a decrease of 47.18% [8] Post-Listing Performance - Revenue Growth: In 2024, the company's revenue increased by 3.77% year-on-year [9] - Net Profit Decline: The net profit attributable to shareholders decreased by 11.97% year-on-year, and the net profit excluding non-recurring items fell by 11.53% year-on-year [9] - Subscription Rate: The abandonment rate was 0.37% [10] Overall Evaluation - Total Score: The total score for Qiangbang's IPO project is 75.5, classified as Grade C [10] - Negative Factors: Key negative factors affecting the score include the need for improved disclosure quality, a listing period exceeding two years, high issuance costs, significant reduction in actual fundraising, and a decline in net profit post-listing [10]

Group 1 - The core viewpoint of the article highlights the transformation in the food and retail industry in 2025, emphasizing the need for value creation amidst homogenized competition and consumer trust reconstruction [1] - In the first half of 2025, the company reported a revenue of 5.478 billion yuan and a net profit attributable to the parent company of 138 million yuan, with a significant growth of over 20% in the second quarter despite challenges [1] - The company is focusing on high-end, quality, and differentiated products while enhancing its supply chain capabilities through the establishment of four major bases and proprietary factories [1] Group 2 - The company is leveraging a "D + N" omnichannel development system, with e-commerce as the foundational business, and is exploring opportunities in short video e-commerce and self-branded lifestyle stores [1] - The company aims to create differentiated products by focusing on supply chain advantages, particularly in the nut and snack categories, with a notable revenue of 437 million yuan from the sub-brand "Little Deer Blue Blue" [1] - The company is actively developing a multi-brand matrix, launching new products under various sub-brands, and exploring overseas business opportunities [1]

Core Viewpoint - The article highlights the significant growth in the user activity of securities apps, driven by a bullish A-share market and the increasing demand for diversified wealth management solutions among investors [1][6]. User Activity Growth - As of July 2025, the number of active users of securities apps reached 167 million, marking a 20.89% year-on-year increase [6]. - The top ten securities apps accounted for 63% of the market share, with Tonghuashun leading at 35.01 million active users, followed by Dongfang Caifu and Dazhihui with 17.14 million and 11.91 million users respectively [7]. Competitive Landscape - The competition among securities apps is becoming increasingly differentiated, with Tonghuashun and Dongfang Caifu leveraging their unique features to attract users [9]. - Smaller brokerages like Guohai Securities and Chengtong Securities have also seen rapid growth in user activity, indicating a competitive market environment [10]. AI Integration - The integration of AI technology into securities apps is a key trend, with firms like Guangfa Securities and Guotai Haitong leading the way in developing AI-native applications [12][13]. - AI-driven features are expected to enhance user experience and operational efficiency, providing personalized investment advice and improving customer interaction rates [14]. Market Dynamics - The article notes a shift from traditional tools to intelligent solutions in the securities app market, reflecting a broader trend towards digital transformation in financial services [13]. - The increasing preference for comprehensive and mature platforms among investors indicates a strengthening of the "Matthew Effect," where leading apps continue to dominate the market [7][10].

Core Insights - The recent surge in the Shanghai Composite Index has led to increased trading activity in the A-share market, with a notable rise in user engagement on securities apps [1][2] - As of July 2025, the number of active users on securities apps reached 167 million, marking a year-on-year growth of 20.89% [2][3] - The top three securities apps, Tonghuashun, Dongfang Caifu, and Dazhihui, dominate the market with a combined user base of nearly 40% [1][3] User Engagement and Market Trends - The trading volume in the Shanghai and Shenzhen markets exceeded 3.17 trillion yuan, with 11 consecutive trading days surpassing 2 trillion yuan [1] - The top ten securities apps accounted for 63% of the market share in July 2025, indicating a strengthening of the head effect in the industry [3][4] - Users are increasingly favoring platforms with comprehensive features and mature ecosystems, reflecting a shift from tool-based to ecosystem-based services [4] Competitive Landscape - Tonghuashun leads the industry with a monthly active user count of 35.01 million, followed by Dongfang Caifu and Dazhihui with 17.14 million and 11.92 million, respectively [3][5] - Major brokerages like Huatai Securities and Guotai Junan are also seeing significant user engagement, with Huatai's app surpassing 10 million monthly active users [3][5] - Smaller brokerages are experiencing rapid growth in app usage, with notable increases in user engagement for apps like Xinye Securities and Changjiang Securities [6] Innovation and Technology Integration - The integration of AI technologies into securities apps is becoming a focal point for enhancing user experience and operational efficiency [7][8] - Companies like Guotai Junan and GF Securities are leading the charge in AI-driven app upgrades, aiming to transform traditional services into intelligent investment partners [7][8] - The shift towards AI-enhanced services is expected to improve customer interaction rates and reduce operational costs, thereby driving revenue growth across various business lines [8]

Core Viewpoint - The global bond market prioritizes inflation over economic growth when inflation and economic growth diverge, particularly in emerging markets where sensitivity to inflation shocks is higher [1][2]. Group 1: Inflation and Economic Growth Dynamics - Emerging markets exhibit a pricing logic that favors inflation rather than growth, leading to a short-term spike in financing costs during high inflation, which does not necessarily indicate demand expansion [1]. - The past decade has seen multiple instances of "inflation rising but growth slowing," primarily due to supply-side shocks and weak demand recovery, resulting in a persistent divergence between prices and growth [1]. - The current global scenario is characterized by "high inflation + low growth," exerting continuous pressure on monetary policy, with nominal inflation rigidity and actual growth slowdown coexisting [1]. Group 2: Regional Characteristics of Emerging Markets - Latin American emerging markets, such as Brazil, Mexico, Turkey, and South Africa, face significant GDP growth declines alongside rising CPI and PPI, forcing central banks to implement aggressive rate hikes [2]. - In contrast, Asian emerging markets like India and Indonesia demonstrate stronger growth resilience and inflation elasticity, with more flexible monetary policies that support growth while managing inflation [2]. - East Asian developed markets, including Japan and South Korea, experience mild stagflation characterized by low growth and moderate inflation, with local policies focusing on financial stability and inflation expectations management [3].

）首次公开发行股票 并在科创板上市的保荐机构。根据《证券发行上市保荐业务管理办法》及《上海 证券交易所科创板股票上市规则》等相关规定，对中复神鹰与中国建材集团财务 有限公司（以下简称"中建材财务公司"）签署《金融服务协议》暨关联交易的 事项进行了审慎核查，具体情况如下： 一、关联交易概述 国泰海通证券股份有限公司 关于中复神鹰碳纤维股份有限公司 与中国建材集团财务有限公司 签署《金融服务协议》暨关联交易的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐机构"）为中复 神鹰碳纤维股份有限公司（以下简称： "中复神鹰"、 "公司" 为防范财务风险，提高资金运用效益，拓宽融资渠道，中复神鹰拟与中建材 财务公司重新签署《金融服务协议》。根据该协议，中建材财务公司在经营范围 内为公司及子公司提供存款、结算、综合授信及其他金融服务。2025 年至 2027 年各年度，公司及子公司于中建材财务公司存置的每日存款余额（含应计利息） 最高不超过人民币 250,000 万元；各年度中建材财务公司向公司及子公司提供 的综合授信余额（含应计利息）最高不超过人民币 250,000 万元；在协议有效期 内，中建材财务公司 ...

国泰海通证券股份有限公司 关于中复神鹰碳纤维股份有限公司 全资子公司神鹰西宁拟签订纺丝机改造项目 设备采购及安装合同暨关联交易的的核查意见 交易标的类型（可 ?股权资产√非股权资产 多选） 交易标的名称 纺丝机改造项目设备采购及安装 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则（2025 年 4 月修订）》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作（2025 年 5 月修订）》《上海证券交易所上市公司自律监管指引 第 5 号——交易与关联交易》等有关规定，国泰海通证券股份有限公司（以下简 称"保荐机构"）作为中复神鹰碳纤维股份有限公司（以下简称"中复神鹰"或 "公司"）首次公开发行股票的保荐机构，就公司全资子公司中复神鹰碳纤维西 宁有限公司（以下简称"神鹰西宁"）拟与江苏鹰游纺机有限公司（以下简称"江 苏鹰游"）签订纺丝机改造项目设备采购及安装合同暨关联交易进行了核查，具 体情况如下： 一、关联交易概述 （一）本次交易的基本情况 神鹰西宁根据项目建设需要拟与江苏鹰游签订设备采购及安装合同，以 静态混合器、240 台减速机等主体设备采购及其安装。 （以最终结算价 ...