Group 1 - The core viewpoint of the report is that Huazhong Securities has given a "buy" rating for Xianju Pharmaceutical (002332.SZ) based on its strong position in the steroid hormone sector and integrated layout of raw materials and formulations [2] - The raw material business has seen an end to customer destocking, leading to a recovery in demand [2] - Risks associated with centralized procurement of formulations have gradually cleared, and new products are being approved and released [2]

Group 1 - Core viewpoint: Huazhong Securities issued a report on August 22, giving Baofeng Energy (600989.SH, latest price: 16.29 yuan) a buy rating [2] - Reason for rating: The coking coal sector continues to show weakness, while the olefin volume increase has improved price differentials [2] - Continued capital investment highlights growth potential [2] Group 2 - Risk factors: New project construction progress may fall short of expectations [2] - Price volatility of raw materials and products could impact performance [2] - Macroeconomic downturn poses additional risks [2]

（文章来源：每日经济新闻） 华安证券8月21日发布研报称，给予牧原股份（002714.SZ，最新价：50.21元）买入评级。评级理由主 要包括：1）1H2025公司归母净利105.3亿元，每10股派9.32元；2）2025年出栏目标、成本目标均有望 顺利达成；3）1H2025公司屠宰生猪1141.5万头，同比增长110.9%。风险提示：生猪疫情失控；猪价下 跌幅度超预期。 ...

华安证券8月21日发布研报称，给予芯动联科（688582.SH，最新价：79.4元）买入评级。评级理由主要 包括：1）公司发布2024年年报，业绩持续表现优异；2）发布限制性股票激励（草案），彰显公司经营 信心；3）下游领域布局持续开阔，参股新公司积极拥抱新领域。风险提示：1）技术研发突破不及预 期；2）下游需求不及预期；3）核心技术人员流失；4）原材料成本大幅波动影响毛利率；5）市场竞争 加剧影响毛利率的风险。 （文章来源：每日经济新闻） ...

华安证券股份有限公司 关于 安徽安孚电池科技股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联 交易 之标的资产过户情况的 独立财务顾问核查意见 签署日期：二〇二五年八月 独立财务顾问声明与承诺 华安证券股份有限公司（以下简称"华安证券"或"本独立财务顾问"）受 安徽安孚电池科技股份有限公司（以下简称"安孚科技"或"上市公司"）委托， 担任本次发行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称 "本次交易"或"本次重组"）之独立财务顾问，并出具本独立财务顾问核查意 见。 本独立财务顾问核查意见系依据《中华人民共和国公司法》《中华人民共和 国证券法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业 务管理办法》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市 公司重大资产重组》《上市公司监管指引第 9 号——上市公司筹划和实施重大资 产重组的监管要求》和《上海证券交易所上市公司重大资产重组审核规则》等 法律法规及文件的规定和要求，以及证券行业公认的业务标准、道德规范，经 审慎调查，本着诚实守信和勤勉尽责的态度，就本次交易认真履行尽职调查义 务，在审慎核查各方所提供的 ...

Investment Rating - The report maintains a "Recommended" investment rating for the securities industry, indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [24]. Core Insights - As of August 19, 2025, the margin maintenance ratio for the market reached 287.62%, reflecting a historically high level of risk buffer in credit accounts, suggesting low leverage risk [2][3]. - The average margin maintenance ratio during the period from August 1 to August 19, 2025, was 283.2%, ranking it as the 8th highest in the available data of 149 months, indicating a healthy leverage environment [2][3]. - A high margin maintenance ratio typically signifies a market that has experienced a sustained increase, leading to substantial unrealized gains for investors [3]. - The report highlights that the securities sector has outperformed the broader market, with a weekly increase of 8.18%, surpassing the market by 2.37% [8]. Company Earnings Forecast, Valuation, and Investment Rating - **Guangfa Securities**: Price: 21.01 CNY, EPS (2025E): 1.45 CNY, PE (2025E): 14.51, PB (2025E): 1.28, Rating: Recommended [4]. - **CITIC Securities**: Price: 31.15 CNY, EPS (2025E): 1.82 CNY, PE (2025E): 17.07, PB (2025E): 1.66, Rating: Recommended [4]. - **Huatai Securities**: Price: 21.57 CNY, EPS (2025E): 1.91 CNY, PE (2025E): 11.28, PB (2025E): 1.13, Rating: Recommended [4]. Industry Basic Data - Total number of stocks: 53, representing 0.01% of the market [5]. - Total market capitalization: 43,773.60 billion CNY, accounting for 3.85% of the overall market [5]. - Circulating market capitalization: 36,349.46 billion CNY, representing 3.98% of the overall market [5]. Relative Index Performance - Absolute performance over 1 month: 11.4%, 6 months: 16.8%, 12 months: 62.8% [6]. - Relative performance over 1 month: 6.2%, 6 months: 8.1%, 12 months: 34.6% [6]. Investment Recommendations - The report suggests focusing on supply-side reforms and industry consolidation for the securities sector, recommending stocks in the following order: Guangfa, CICC H, CITIC, Huatai, Dongfang, and Guojin [8].

Group 1 - The core viewpoint of the article is that Huazhong Securities has given a "buy" rating for Tailin Microelectronics (688591.SH) based on its significant profit increase and ongoing investment in R&D [2] - The company reported a substantial improvement in its profitability in the 2025 semi-annual report [2] - Continuous investment in R&D has led to the launch of new AI products, contributing to revenue growth [2] - The company is actively adopting the open-source RISC-V architecture instruction set, positioning itself as one of the earliest chip companies to utilize RISC-V architecture MCUs in the low-power IoT sector [2]

Core Viewpoint - Zhongshun Jierou achieved a net profit attributable to shareholders of 150 million yuan in H1 2025, representing a year-on-year increase of 71.44% [1] Financial Performance - In Q2 2025, the company reported a net profit of 83 million yuan, marking a turnaround from losses [1] - The company's revenue from daily paper and personal care products reached 4.28 billion yuan and 5 million yuan respectively, with year-on-year growth of 8.17% and a decline of 22.75% [1] - The gross margin for the daily paper business in H1 2025 was 32.42%, a decrease of 0.29 percentage points year-on-year [1] Business Strategy - The company is focusing on optimizing its product structure, emphasizing high-end and high-margin non-traditional towels and personal care products as strategic categories for future development [1] - Through continuous brand building, quality assurance, and steady capacity expansion and channel development, the company has established itself as a leading brand in the high-end daily paper market, remaining in the top tier of the industry [1]

Group 1 - The core viewpoint of the article is that Huazhong Securities has given a "buy" rating for Zhongshun Jierou (002511.SZ) based on its recent performance and future outlook [1] - The company reported a stable growth in its consumer paper business, continuously optimizing its product structure [1] - There has been a noticeable improvement in profitability due to a decline in raw material prices and enhanced operational efficiency [1] - The launch of the fourth employee stock ownership plan reflects the company's confidence in its development [1] Group 2 - The report highlights potential risks including significant fluctuations in pulp prices, exchange rate volatility, regional market competition, industrial policy risks, and safety production risks [1]

Group 1 - The core viewpoint of the report is that Huazhong Fertilizer (000902.SZ) is rated as a "buy" due to its successful structural transformation and growth in profit margins driven by new fertilizers [2] - The company has established an integrated production capacity for compound fertilizers, which helps mitigate cost risks through resource self-sufficiency [2] - The second growth curve in fine chemicals is beginning to take shape, with high-end production capacity driving incremental breakthroughs [2]