9月3日，中泰证券资管（下文简称"中泰资管"）首席投资官徐志敏在"中泰证券资管"微信公众号发文称，将结束在中泰资管10年有余的工作，开启一段新的人 生旅程。 据悉，徐志敏将于9月4日（含）起卸任在管产品，产品由该团队投资经理张亨嘉接管。中泰证券资管表示，充分尊重每一位员工的职业选择，对徐志敏为公 司发展所作出的重要贡献表示衷心感谢。 在管十年产品全部盈利 在券商资管领域，徐志敏是独特与稳健的存在。根据此前媒体公开报道，过去10年，产品每一年都跑赢沪深300且年化收益超过15%的私募类投资经理屈指 可数，而徐志敏就是其中一位。 履历显示，徐志敏，复旦大学理学硕士，2005年毕业即加入国泰君安资管的衍生品团队，之后因为对商业研究更感兴趣，2009年从量化转投基本面研究，并 开始从事投资工作。2014年起，徐志敏加入齐鲁资管（现中泰资管），曾管理过多个券商集合资管产品，并担任中泰资管总经理助理、首席投资官、权益专 户投资部总经理。 从2005年出道至今，徐志敏拥有20年的二级市场投资经验，曾经历多轮市场牛熊。他在公众号告别文中对过去10年小结称：他管理的所有产品全部赚钱，每 年都跑赢沪深300，积累下来就是大幅跑赢 ...

Core Viewpoint - The publishing industry is expected to face revenue challenges in the first half of 2025, with a projected revenue of 65.35 billion yuan, a year-on-year decrease of 8.1%, while net profit attributable to the parent company is expected to increase by 14.5% to 8.2 billion yuan [1] Industry Summary - Revenue pressure is attributed to stricter regulations on educational materials and weak recovery in general book consumption [1] - The implementation of tax incentives is leading to a recovery trend in industry profits [1] - Central state-owned publishing groups show improvement in operational performance, while local state-owned groups experience slight fluctuations but significant profit improvements in 2025 H1 [1] - Private publishing companies exhibit notable performance differentiation [1] Investment Outlook - The publishing market is anticipated to gradually recover due to enhanced new product development and channel transformation [1] - Leading companies in the sector are currently trading at a price-to-earnings (PE) ratio of 12-15 times for 2025, indicating a clear safety margin [1] - It is recommended to focus on state-owned publishing companies that rank high in niche content, possess significant advantages, and show clear marginal improvements [1]

履历显示，徐志敏，复旦大学理学硕士，2005年毕业即加入国泰君安资管的衍生品团队，之后因为对商 业研究更感兴趣，2009年从量化转投基本面研究，并开始从事投资工作。2014年起，徐志敏加入齐鲁资 管（现中泰资管），曾管理过多个券商集合资管产品，并担任中泰资管总经理助理、首席投资官、权益 专户投资部总经理。 从2005年出道至今，徐志敏拥有20年的二级市场投资经验，曾经历多轮市场牛熊。他在公众号告别文中 对过去10年小结称：他管理的所有产品全部赚钱，每年都跑赢沪深300，积累下来就是大幅跑赢沪深 300，且产品盈利幅度与产品运行时长总体呈正比。"这意味着任何一位我的客户，只要中途没有退出， 就会百分百赚钱；而且持有的时间越长，就会赚钱越多。看了一遍客户对账单，心里最踏实的是这个结 果。" 9月3日，中泰证券（600918）资管（下文简称"中泰资管"）首席投资官徐志敏在"中泰证券资管"微信公 众号发文称，将结束在中泰资管10年有余的工作，开启一段新的人生旅程。 据悉，徐志敏将于9月4日（含）起卸任在管产品，产品由该团队投资经理张亨嘉接管。中泰证券资管表 示，充分尊重每一位员工的职业选择，对徐志敏为公司发展所作出的 ...

9月3日，中泰证券资管（下文简称"中泰资管"）首席投资官徐志敏在"中泰证券资管"微信公众号发文称，将结束在中 泰资管10年有余的工作，开启一段新的人生旅程。 据悉，徐志敏将于9月4日（含）起卸任在管产品，产品由该团队投资经理张亨嘉接管。中泰证券资管表示，充分尊重每 一位员工的职业选择，对徐志敏为公司发展所作出的重要贡献表示衷心感谢。 在管十年产品全部盈利 在券商资管领域，徐志敏是独特与稳健的存在。根据此前媒体公开报道，过去10年，产品每一年都跑赢沪深300且年化收 益超过15%的私募类投资经理屈指可数，而徐志敏就是其中一位。 履历显示，徐志敏，复旦大学理学硕士，2005年毕业即加入国泰君安资管的衍生品团队，之后因为对商业研究更感兴 趣，2009年从量化转投基本面研究，并开始从事投资工作。2014年起，徐志敏加入齐鲁资管（现中泰资管），曾管理过 多个券商集合资管产品，并担任中泰资管总经理助理、首席投资官、权益专户投资部总经理。 从2005年出道至今，徐志敏拥有20年的二级市场投资经验，曾经历多轮市场牛熊。他在公众号告别文中对过去10年小结 称：他管理的所有产品全部赚钱，每年都跑赢沪深300，积累下来就是大幅跑赢 ...

Core Insights - Zhongtai Securities (600918.SH) reported a revenue of 5.257 billion yuan for the first half of 2025, representing a year-on-year growth of 3.11% [1] - The net profit attributable to shareholders of the listed company reached 711 million yuan, showing a significant year-on-year increase of 77.26% [1]

2 0 2 5 . 9 . 3 原木周报 中泰期货股份有限公司 高萍 交易咨询证号：Z0012806 目录 CONTENTS 1 原木综述 2 原木平衡表解析 3 原木供需解析 4 原木成本利润 5 原木价格与价差 Part 1 原木综述 1.1 原木综述——供给端 | | | 项目 | 单位 | 2025年7月 | 2025年6月 | 环比 | 累计 | 预估下周/月 | 综述 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 2025/8/29 | 2025/8/22 | | 同比 | 根据三方数据线性预估 | | | | 国外 | 到船量 | 条 | 15 | 8 | 7 | —— | 6条 | | | | | 到港量 | 万方 | 54.1 | 28.4 | 25.70 | | 20万方 | | | | | 针叶原木进口量 | | 195.33 | 217.68 | -22.35 | -7% | | 短期来看，下周到港回升，供应端暂时未有起色 | | 供给 | | 辐射松进口量 | | 139.72 | ...

履历显示，徐志敏，复旦大学理学硕士，2005年毕业后加入国泰君安资管工作，2014年起加入齐鲁资管 （现中泰资管），管理过多个券商集合资管产品。过去10年，徐志敏管理的产品全部赚钱，每年都跑赢 沪深300，长期业绩大幅跑赢沪深300。 人民财讯9月3日电，9月3日，中泰资管首席投资官徐志敏在"中泰证券（600918）资管"微信公众号发文 称，将结束在中泰资管10年有余的工作，开启一段新的人生旅程。券中社记者获悉，徐志敏已卸任所有 在管产品，产品由该团队投资经理张亨嘉接管。 ...

Core Viewpoint - The article reflects on the importance of relationships and the emotional aspects of farewells, emphasizing that even in old age, individuals can find joy and hope in reconnecting with friends, which serves as a metaphor for the investment journey and the relationships between fund managers and investors [1][9]. Summary by Sections Investment Performance - The company has successfully managed all products over the past decade, consistently outperforming the CSI 300 index, indicating that clients who remained invested have seen positive returns [3]. - The performance of products is positively correlated with the duration of investment, suggesting that longer holding periods lead to greater profitability [3]. Client Relationships - There is a concern regarding clients who purchased products at market peaks and have not seen returns for an extended period, highlighting the need for better communication and support for these clients [4]. - The company emphasizes the importance of treating long-term clients with respect and providing them with quality service, as they are crucial for sustainable business relationships [5]. Product Management - Products are described as having "life," meaning they should evolve alongside investors, sharing both successes and challenges, which is essential for building lasting relationships [7]. - The distinction between correct decision-making and favorable outcomes is stressed, advocating for a focus on sound investment strategies rather than short-term results [8]. Communication Strategy - The company suggests that communication should be more frequent during downturns and less during upswings to avoid misleading clients, reinforcing the need for transparency [8]. - It is important to learn from both profitable and unprofitable experiences to enhance understanding and resilience in investment practices [8]. Personal Reflections - The article concludes with gratitude for past experiences and relationships built over the years, expressing a desire for future interactions to be genuine and meaningful, akin to the reflections on farewells and reunions [9].

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！ 出品：新浪财经上市公司研究院 作者：郑权 今年上半年，中信证券、中金公司、国泰海通、华泰证券、中信建投投行手续费净收入排名前五，也是金额都超过10亿元的五家，收入分别为20.98亿元、 16.68亿元、13.92亿元、11.68 亿元、11.23 亿元。不过，不少中小券商的投行收入下降较多，马太效应明显。上述5家券商的投行手续费净收入占42家券商之 和的48%，接近半壁江山。 近日，42家纯证券业务上市券商2025年半年报披露完毕。42家上市券商2025年上半年合计实现营业总收入2519亿元，同比增长31%；实现归母净利润1040亿 元，同比增长65%。 分业务看，42家券商今年上半年合计实现投行业务手续费净收入155.3亿元，同比增长18.11%。投行收入最高是中信证券，金额为20.98 亿元；中原证券金额 最少仅0.06亿元。投行净收入增加额最多的是中金公司，今年上半年同比增加3.87亿元；减少额最多是中泰证券，减少2.48 亿元。 42家券商中，28家券商今年上半年投行手续费净收入同比增长，14家同比下降。增速最快的是华安证券，今 ...

Summary of Key Points Core Viewpoint - The report highlights the compliance issues faced by Xinlei Compressor Co., Ltd. regarding the management of raised funds and the necessary corrective actions taken by the company to address these issues [1][2][3][4]. Group 1: Compliance and Oversight - The company has not timely reviewed its information disclosure documents, with zero instances of late reviews [1]. - The company has established and effectively executed internal regulations to prevent resource occupation by related parties and manage raised funds [1]. - The company conducted one inquiry into the special account for raised funds, confirming that the project progress aligns with the disclosed information [1]. Group 2: Issues Identified and Corrective Measures - A significant issue identified was the use of idle raised funds for cash management without timely disclosure and approval, which is set to continue until June 2025 [1][2]. - The company has implemented corrective measures, including conducting necessary reviews and announcements regarding the use of idle funds [1][2]. - Internal control management has been strengthened, with enhanced supervision and auditing of raised funds management [1][2]. Group 3: Training and Awareness - The company plans to conduct training sessions for its directors and senior management on the legal regulations and internal systems related to raised funds management [1][2]. - The company has completed the corrective measures and is committed to improving compliance awareness among its staff [2][3]. Group 4: Commitment to Governance - The company has reaffirmed its commitment to adhere to information disclosure regulations and improve governance standards [4]. - The company aims to prevent similar issues from occurring in the future by enhancing its operational awareness and compliance practices [4].