| 国泰海通证券股份有限公司关于 | | | | --- | --- | --- | | 2025 深圳市长亮科技股份有限公司 年半年度持续督导跟踪 | | | | 报告 | | | | 保荐人名称：国泰海通证券股份有限公司 | | 被保荐公司简称：长亮科技 | | 保荐代表人姓名：余冬 | 联系电话：021-23183957 | | | 保荐代表人姓名：薛阳 | 联系电话：021-23187089 | | | 一、保荐工作概述 | | | | 项目 | 工作内容 | | | （1）是否及时审阅公司信息披露文件 | | 是 | | （2）未及时审阅公司信息披露文件的次数 | | 0次 | | 情况 | | | | （1）是否督导公司建立健全规章制度（包括 | | | | 但不限于防止关联方占用公司资源的制度、 | | | | 是 | | | | 募集资金管理制度、内控制度、内部审计制度、 | | | | 关联交易制度） | | | | （2）公司是否有效执行相关规章制度 | 是 | | | （1）查询公司募集资金专户次数 | 每月一次 | | | （2）公司募集资金项目进展是否与信息披露 | | | | 是 ...

IM行情概要 IM成交持仓 IM每日行情 | 单位：点、手、亿元 | | | | | | | | | | | 单位：手 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 收盘价 | +/- | 成交量 | +/- | | 成交额 | +/- | 持仓量 | +/- | 持仓保证金 | | | 中证1000 | 7313.88 | -2.50% | 35,044 | | 8 % | 5,985 | 6 % | | | | 600,000 | | IM2509 | 7251.40 | -1.85% | 218,061 | | 34% | 3,168 | 32% | 193,312 | 12,533 | 336 | 500,000 | | IM2510 | 7202.20 | -1.62% | 13,101 | | 50% | 189 | 47% | 20,698 | 2,816 | 3 6 | 400,000 | | IM2512 | 7057.00 | -1.81% | 79,904 | | 35% | ...

国泰海通证券股份有限公司 关于浙江禾川科技股份有限公司 控股子公司少数股东股权转让暨关联交易的核查意见 宁波游龙系由王志斌担任执行事务合伙人的企业，王志斌持有其 22.08%的 财产份额，鄢鹏飞、向彦董系宁波游龙有限合伙人，分别持有 76.92%、1.00% 的财产份额，鄢鹏飞目前担任禾川科技董事、执行总裁、副总经理，兼任禾川 机器人首席技术官；向彦董系鄢鹏飞配偶的哥哥，担任禾川机器人采购质量部 主管。根据《上海证券交易所科创板股票上市规则》等相关规定，基于实际重 于形式原则，宁波游龙属于公司关联方，本次股权转让形成公司与关联方共同 投资的关联交易。 二、关联方基本情况及关联关系说明 （二）关联方基本情况 （1）向彦董 （一）关联关系说明 向彦董先生，男，中国国籍，无境外永久居留权，1982 年 4 月出生，2018 年 7 月至 2023 年 2 月在禾川科技研发中心伺服电机 BU2 从事研发采购工作， 年 11 月至今任禾川科技子公司禾川人形机器人公司采购质量部主管。 本次股权转让的受让方宁波游龙，王志斌担任其执行事务合伙人并持有 经理，兼任禾川机器人首席技术官；向彦董系鄢鹏飞配偶的哥哥，担任禾川机 器人 ...

Core Insights - The wealth management performance of securities firms has shown significant improvement in the first half of 2025, with a notable increase in brokerage fee income and a shift towards wealth management services [2][4]. Group 1: Brokerage Business Performance - In the first half of 2025, 42 listed securities firms generated a total of 74.563 billion yuan in brokerage fee income, representing a year-on-year growth of approximately 50% [2]. - The top ten securities firms accounted for over 60% of the total brokerage income, with CITIC Securities leading at nearly 8 billion yuan [2][6]. - The brokerage income of 21 listed firms exceeded 1 billion yuan, with significant growth rates observed among mid-sized firms such as Guojin Securities and Guoyuan Securities, which saw increases of over 60% [5][8]. Group 2: Revenue Structure and Wealth Management Transition - The traditional trading business remains the primary revenue source for securities firms, but the wealth management transformation is showing early signs of success, with a 30% increase in income from selling financial products [3][10]. - The income from selling financial products reached 5.568 billion yuan in the first half of 2025, marking a 30% year-on-year increase [12]. - The proportion of income from selling financial products is relatively low at about 7.5%, indicating room for growth in this area [11]. Group 3: High Net Worth and Institutional Client Focus - Securities firms are increasingly targeting high net worth clients, with notable growth in client numbers and assets. For instance, CITIC Securities reported a 12.98% increase in new clients [15]. - Institutional business is also gaining importance, with firms like Caifutong Securities reporting a 23.4% increase in institutional client asset scale [18]. - The expansion of services for institutional clients is evident, with firms enhancing their offerings in areas such as equity incentives and wealth management [19]. Group 4: Buy-side Advisory Services - The buy-side advisory business is experiencing positive changes, with several firms reporting growth in their fund advisory services. For example, Dongfang Securities reported a fund advisory business scale of 14.925 billion yuan [20]. - CITIC Jiantou noted a significant increase in their buy-side customized business, with a year-on-year growth of 161.62% [22]. Group 5: International Market Expansion - Large and mid-sized securities firms are continuing to expand their presence in international markets, with CITIC Securities focusing on global wealth management and establishing centers in Hong Kong and Singapore [23]. - The sales scale and income from overseas wealth management products for CITIC Securities doubled year-on-year in the first half of 2025 [24]. - Guangfa Securities also reported growth in its overseas business, transitioning towards wealth management [25].

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！ 2025年半年度券商公募基金分仓佣金数据近日揭晓。Wind数据显示，2025年上半年，全市场公募基金 向券商支付的交易佣金总额约为44.72亿元，较去年同期有所回落。 从佣金席位占比来看，前十大券商合计占据市场份额超过47%，头部效应依然显著。具体来看，中信证 券以3.19亿元佣金收入蝉联榜首，但同比下滑36.34%；国泰海通证券凭借整合效应以2.80亿元跃居第 二，排名上升六位；广发证券、长江证券分别以2.50亿元和2.30亿元位列第三、第四，华泰证券则以 2.22亿元升至第五。浙商证券与申万宏源证券进步显著，其中浙商证券由去年末第十名升至第七，申万 宏源证券新晋前十，位列第十。 部分中小券商通过聚焦细分赛道实现逆势高速增长。华源证券上半年佣金收入达4820万元，同比大幅增 长2163%；华福证券实现佣金收入8683万元，同比增长312%。此外，招商证券（香港）、摩根大通证 券（中国）等具有外资背景的机构也录得超过100%的增长率。 华源证券的显著增长与其近年来大力布局研究业务密切相关。华源证券先后引进原申万宏源研究所副总 经理刘晓宁 ...

Wind金融终端数据显示，券商ETF（159842）昨日获超1亿元资金净流入，拉长时间线看，该ETF已连 续4日获资金净流入，累计"吸金"超8.5亿元，居深市同标的第一。 券商ETF（159842）跟踪中证全指证券公司指数。该指数选取中证全指样本股中至多50只证券公司行业 股票组成，以反映该行业股票的整体表现。 9月2日，三大指数开盘涨跌不一，中证全指证券公司指数截至发稿跌0.65%，成分股中，信达证券涨超 1%，中银证券跌超3%，太平洋、锦龙股份、长江证券、东方财富等跟跌。 相关ETF中，券商ETF（159842）截至发稿跌0.72%，成交额超2300万元，溢折率0.07%，盘初频现溢 价交易。 消息面上，据深圳商报，券商中报全线飘红。随着中报收官，上市券商集体交出一份亮眼成绩单。根据 Wind统计，上半年共有10家券商营收超百亿元，9家券商净利润增速实现翻倍。由于并购重组，国泰海 通超越中信证券，位居券商净利润榜首。 中航证券表示，券商半年报业绩超预期，关注估值修复机会。整体来看，上市券商上半年业绩整体表 现"超预期"，营收与归母净利润双双实现高增长，显著提振了市场信心。头部券商表现稳健，部分通过 并购重 ...

Group 1 - The overall commission from brokerage firms in the first half of the year reached 4.472 billion yuan, a year-on-year decrease of 33.98% [1] - Leading brokerage firms dominate the market, with CITIC Securities leading at 347 million yuan in commission, followed by Guotai Junan at 283 million yuan [1][2] - The top 20 brokerages accounted for 75% of the total commission, with individual firms surpassing 100 million yuan in commission income [2] Group 2 - Some mid-sized brokerages achieved significant growth in commission revenue, with Huafu Securities seeing a 312.34% increase to 86.83 million yuan [3] - Zhezhang Securities and Xinyu Securities also reported substantial growth, with increases of 2163.26% to 48.20 million yuan [3] - The research business is undergoing a comprehensive transformation, focusing on returning to value and exploring new development paths [4][5] Group 3 - CITIC Securities is expanding its research capabilities and global reach, enhancing service for institutional clients [4][6] - Guolian Minsheng plans to improve market share through differentiated and forward-looking research [6] - The industry is witnessing a shift towards integrated financial services, combining research with business operations to meet client needs [5][6]

主题推荐： 1 、 AI 应用。 政策引领加速产业规模化发展，看好金融 / 办公 / 游戏 / 教育等领域应用落地与智能终端产品普及。 2 、具身智能。 机器人产 业从技术探索迈向规模商用，看好受益技术升级与规模化的关键零部件与轻量化材料。 3 、新兴消费。 政策强调创新消费投资场景释放内需潜力，看好业绩 兑现度高的 IP 潮玩 / 宠物等细分赛道。 4 、高端装备。 财政发力支持设备更新带动万亿投资，新型装备展示新域新质战力，看好军工 / 半导体 / 能源电力 等领域整备升级。 报告导读： 中国转型进展加快、无风险收益下沉、资本市场改革推动下中国股市不会止 步，还会走出新高。宽松预期升温与经济能见度提高，行情扩散中盘崛起；看好港股反 弹。 大势研判：中国行情不会止步于此，未来股指还会有新高。 2025 年以来，我们看多中国的逻辑是一贯的：第一，中国转型进展加快，经济社会发展的不确定 性下降。第二，无风险利率下沉，长期资本和居民入市进入历史性转折与时代趋势。第三，资本市场改革，社会各界对中国资产的价值观念和风险认识系统性 改观，打开了资本市场发展的空间。市场也不必过虑阶段性调整： 1 ）两融规模 / 流通市值 ...

国泰海通证券股份有限公司 关于苏州和林微纳科技股份有限公司 并重新论证可行性的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"）作为苏州和 林微纳科技股份有限公司（以下简称"公司"、"和林微纳"）首次公开发行股票并 在科创板上市和 2021 年度向特定对象发行股票的持续督导机构，根据《证券发 行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》 《上市公司募 集资金监管规则》《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》等法律、法规、规章、规范性文件以及《苏州和林微纳科技股份有限公 司章程》等有关规定，对和林微纳 2021 年度向特定对象发行股票部分募投项目 延期并重新论证可行性事项进行了核查，核查情况及核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意苏州和林微纳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[2022]1105 号）文件核准，本公司向 特定投资者发行人民币普通股股票 9,874,453 股，发行价为每股 70.89 元，募集 资金总额人民币 699,999,973.17 元，扣除发行费用（不含税）10, ...

Core Viewpoint - The securities industry is experiencing a comprehensive recovery, with significant growth in revenue and net profit for many brokerages in the first half of 2025, driven by favorable policies and a recovering market [1][2][6]. Group 1: Revenue and Profit Growth - Ten brokerages reported revenues exceeding 10 billion yuan, with CITIC Securities leading at 33.039 billion yuan, the only brokerage to surpass 30 billion yuan [1][2]. - The overall net profit for A-share listed brokerages showed varying degrees of increase, with some firms like Huaxi Securities and Guolian Minsheng achieving over 100% growth [2][3]. - The total net income from brokerage services for 44 brokerages reached 64.437 billion yuan, marking a year-on-year increase of 44% [3]. Group 2: Brokerage and Proprietary Trading Performance - Brokerage and proprietary trading businesses are the main drivers of the recovery in brokerage performance, with nearly all A-share listed brokerages reporting growth in brokerage services, except for Huachuang Yuxin, which saw a slight decline of 2% [2][3]. - The total income from proprietary trading for listed brokerages reached 117.826 billion yuan, up from 78.199 billion yuan in the same period last year [4][5]. - Among the leading brokerages, CITIC Securities reported proprietary trading income of 19.052 billion yuan, a 62% increase year-on-year [5]. Group 3: Market Conditions and Future Outlook - The overall market conditions have improved, with increased trading activity and a rise in key indicators such as transaction volume and margin financing balance, contributing to the recovery of the brokerage sector [6][7]. - Analysts expect further growth in the third quarter, driven by increased market activity and low base effects, with improvements anticipated in investment banking, derivatives, and public fund businesses [6][7]. - The regulatory environment is encouraging industry consolidation, which is seen as a means to enhance competitiveness and optimize resource allocation within the brokerage sector [7].