证券代码：600918 证券简称：中泰证券 公告编号：2025-043 二、回购实施情况 中泰证券股份有限公司 关于股份回购实施结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025 年 4 30 | 月 | | 日，由董事长提议 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 年 2025 5 27 | 月 | 日~2025 | 月 | 8 | 26 | 日 | | 预计回购金额 | 3亿元~5亿元 | | | | | | | | 回购价格上限 | 9.40元/股 | | | | | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | 实际回购股数 | 46,962,500股 | | | | | | | | 实际回购股数占总股本比例 | 0.67% ...

证券代码：600918 证券简称：中泰证券 公告编号：2025-043 中泰证券股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日、2025 年 通过了《关于〈公司以集中竞价交易方式回购股份方案〉的议案》，拟使用自有 资金 3 亿元（含）-5 亿元（含），通过集中竞价交易方式回购部分公司股份，回 购价格不超过 9.42 元/股（含），用于减少公司注册资本。因公司实施 2024 年年 度权益分派，本次回购股份价格上限自 2025 年 6 月 12 日起，由不超过人民币 9.42 元/股（含）调整为不超过人民币 9.40 元/股（含）。本次回购的具体内容详见公司 于 2025 年 4 月 30 日、2025 年 6 月 11 日、2025 年 6 月 13 日在上海证券交易所网 站披露的《中泰证券股份有限公司关于以集中竞价交易方式回购股份的方案》《中 泰证券股份有限公司关于以集中竞价交易方式回购股份的回购报告书》《中泰证 券股份有限公司关于 2024 年年度权益分派实施后调整回购股份价格上限的公告》。 二、回购实施情况 （一）2025 年 6 月 13 日，公司首次回购股份，并于 2025 年 6 ...

格隆汇8月26日丨中泰证券(600918.SH)公布，2025年8月26日，公司回购期限到期，公司实际回购股份 46,962,500股，占公司总股本的比例为0.67%，购买的最高价为人民币6.62元/股，最低价为人民币6.05 元/股，回购均价6.39元/股，已支付的总金额为人民币30,000.06万元（不含交易费用）。 ...

Core Viewpoint - The company is undergoing significant transformation and growth, driven by strategic initiatives and market dynamics, while addressing challenges posed by industry policies and competition [2][4]. Industry and Company Development Trends - The company has eliminated goodwill and COVID-19 related reporting interference, leading to a critical period for increasing market concentration among leading firms as the industry accelerates the exit of smaller players [2]. - Despite pressures from policies like DRG and centralized procurement, these have also catalyzed the company's business and product structure transformation, enhancing market share through a "product + service + digitalization" model [2]. Five-Year Strategic Plan and Half-Year Performance - Cost Control: The company achieved over a 25% reduction in procurement costs, with management and financial expenses decreasing by 16% and 29% year-on-year, respectively [3]. - Technical Competitiveness: Key business areas such as pathogen tNGS, hematology, and tumor companion diagnostics grew by 35%, 22%, and 20%, respectively, with special inspection revenue now accounting for 47.63% of diagnostic service revenue, up 7.32 percentage points from the end of 2024 [3]. - Development of Proprietary Products: The Kai Le Pu reagent consumables business grew by 43%, and the company has integrated smart products into its core strategy, launching a three-year plan for medical AI [3]. - Customer Structure Optimization: The company signed 1,036 new clients, including 133 tertiary hospitals, with revenue from tertiary hospitals now making up 49.28% of total revenue, an increase of 6.46 percentage points from the end of 2024 [3]. - Internationalization Progress: The company’s Vietnam branch received ISO15189 certification and is actively expanding into the "Belt and Road" markets, collaborating with domestic IVD companies to develop business in the Middle East [3]. Investor Inquiry Response Highlights - Impact of Package Splitting Policy: The company is enhancing competitiveness through regional integration and cost reduction, aiming to maintain stable gross margins and expand market share [4]. - Accounts Receivable and Cash Flow: The company expects better cash flow from regular business in the second half of the year, with COVID-19 related receivables anticipated to be fully accounted for by year-end [4]. - Development of Technical Talent: The company is advancing discipline construction and talent acquisition, having introduced 107 new testing projects and initiated a training program for commercial talent [4]. - Market Share and Precision Centers: The company is rapidly increasing market share, with 61 precision centers now profitable, and expects a doubling of revenue from precision centers by year-end compared to the previous year [4]. - Smart Product Advantages and Planning: The company’s smart product revenue has already surpassed the total for the previous year, with plans for product pipeline updates in the second half [4]. - Service Gross Margin Improvement: The service gross margin has increased by 0.8 percentage points year-on-year, with expectations for this trend to continue [4]. - Data Asset Value: The company conducts approximately 160 million tests annually, accumulating over 20PB of data, which can be utilized for research, AI training, and customer data services [4]. - Outbound Planning Progress: The company is promoting its services and products internationally through a "product + service + digitalization" approach, leveraging the "Belt and Road" initiative [4].

Group 1 - The core viewpoint is that the wind turbine gearbox is a critical component in wind power generation, with high value and profitability, and is expected to release incremental elasticity due to the continuous growth of offshore wind power, the increasing share of doubly-fed and semi-direct drive models, and market share improvements [1] - The global demand for wind turbine gearboxes is rapidly increasing, with a projected demand of 26,000 units by 2026, corresponding to a market space of 41.5 billion yuan, representing a year-on-year growth of 22% [1] - The price of gearboxes is expected to rise significantly with increased power output, as seen in the example of a 5.XMW model priced at 1.5 million yuan per unit, where each 1MW increase in power output raises the price by 100,000 to 200,000 yuan [1] Group 2 - The wind turbine gearbox industry has high technical barriers and is relatively concentrated, with the top four companies accounting for over 70% of the global market share in 2024 [2] - The major players in the global market include South High Gear, Weichai Power, Delijia, and ZF, with South High Gear holding a dominant position in the domestic market [2] - The profitability of the industry is strong, with Delijia's gross margin estimated to be between 22% and 25% [2]

中泰证券：恢复跟踪顺丰控股A股，评级买进。 ...

Core Viewpoint - The company, Suzhou Tianlu Guangke Technology Co., Ltd., is utilizing part of its idle raised funds for cash management to enhance fund efficiency while ensuring that it does not affect ongoing investment projects or normal operations [1][5]. Fundraising Overview - The company raised a total of RMB 407.74 million through its initial public offering, with a net amount of RMB 362.00 million after deducting related expenses [1]. - The funds are stored in a special account with several banks, and a tripartite supervision agreement has been signed [2]. Investment Project Details - The total investment for the fundraising projects is RMB 572.59 million, with RMB 362.00 million planned for investment [3]. - The company is progressing with the investment projects according to the planned schedule, but some funds are temporarily idle [3]. Cash Management Plan - The company plans to use up to RMB 120 million of idle funds for cash management, with a usage period of 12 months from the board's approval [4]. - Investment products will include low-risk options such as structured deposits, time deposits, and other bank wealth management products, ensuring high safety and liquidity [5]. Implementation and Oversight - The management is authorized to sign contracts and select investment products within the approved limits [5]. - The income from cash management will be managed according to regulatory requirements [5]. Board and Supervisory Approval - The board and supervisory committee have approved the cash management plan, confirming it will not affect the ongoing investment projects or harm shareholder interests [6][7].

智通财经APP获悉，中泰证券发布研报称，战略定调——技术奠基——国企引领，《关于深入实施"人 工智能+"行动的意见》定调产业化落地，DeepSeek-V3.1 的UE8M0 FP8 Scale 助力国产AI 软硬协同，AI 正加速迈进应用落地的关键窗口期，在政企示范引领、软硬协同创新、AI基建持续完善、特定行业率 先落地的基础上，人工智能有望迎来真正意义上的政策+产业共振。建议关注AI 算力、AI 应用相关标 的。 中泰证券主要观点如下： 示范引领：政府国企示范引领，商业化场景应用加速泛化 政府部门和国有企业要强化示范引领，国资委发布首批央企人工智能战略性高价值场景，推动央企持续 挖掘、积极开放行业核心场景，协同各方共建共享，深度融合人工智能科技创新与产业创新，打造人工 智能+科学、生物医药、新材料研发、具身智能、新型工业化等应用标杆。 风险提示：技术迭代不及预期;政策进展不及预期;研究报告中使用的公开资料可能存在信息滞后或更新 不及时的风险。 技术奠基：DeepSeek助力国产AI软硬协同，AI正加速成为基础设施 1)模型：中国大模型与国际领先者的差距加速缩小，通用模型能力跻身Top5，多模态+推理加速追赶 ...

Core Viewpoint - The second "Golden Kylin Best Investment Advisor" selection is underway, focusing on identifying outstanding investment advisors in wealth management, with various competitions including stock simulation trading and public fund simulation allocation [1]. Group 1: Stock Simulation Trading - The top performer in the stock simulation trading for the week of August 18 to August 24 is Huang Rui from Nanjing Securities, achieving a weekly return of 18.73% [2]. - Lin Yanyu from China Merchants Securities ranks second with a return of 17.90%, while Chen Bingyin from Guosheng Securities comes in third with a return of 16.21% [2]. Group 2: ETF Simulation Trading - In the ETF simulation trading group, Zhang Yefeng from Guotai Haitong Securities leads with a weekly return of 15.68%, followed by Hong Xiaowei from Founder Securities with 15.62%, and Sheng Shaopeng from Everbright Securities with 13.54% [3][4]. Group 3: Public Fund Simulation Allocation - The top performer in the public fund simulation allocation is Hong Xiaowei from Founder Securities with a return of 14.18%, closely followed by Wu Dayao from Guoyuan Securities at 14.15%, and Zhang Kun from GF Securities at 13.38% [6]. - Zhang Yefeng from Guotai Haitong Securities also participated in this category, achieving a return of 10.05% [6]. Group 4: Social IP Service Evaluation - In the social IP service evaluation, Lin Doucan from Huayuan Securities, Li Hui from Western Securities, and Wang Hantang from Huaan Securities are the top three performers [6].

Group 1 - The core viewpoint is that domestic offshore wind turbine and overseas export turbine gross margins are significantly higher than domestic ones, with expectations for improvement in gross margins in the second half of 2025 or the first half of 2026 due to increased shipments from major manufacturers and structural optimization [1] - The expected delivery of price-increased orders for wind turbines will begin in Q3, indicating a potential turning point for domestic onshore wind profitability [1] - The average bidding price for onshore wind turbines (excluding towers) is projected to rise from 1382 RMB/kW in the first half of 2024 to 1496 RMB/kW in the first half of 2025, an 8% year-on-year increase, while the average bidding price including towers is expected to increase by 21% year-on-year to 2096 RMB/kW [1] Group 2 - The year 2025 is anticipated to be a recovery year for domestic offshore wind, with expectations for further upward trends in 2026 and beyond due to the commencement of key short-term projects and a rich pipeline of mid-to-long-term offshore wind approvals [2] - There is significant potential for overseas wind power expansion, with domestic wind turbine exports expected to account for 14% of new overseas installations in 2024, indicating room for growth in the overseas market [2] - Major domestic manufacturers have set ambitious delivery and new order targets for 2025, with expected deliveries of 3.5 GW for Goldwind, 0.3-0.5 GW for Mingyang, 0.3-0.4 GW for Yunda, and 1-1.5 GW for SANY, alongside new order targets of over 6 GW, 4 GW, 2+ GW, and 3+ GW respectively [2]