智通财经记者 | 陈靖 券商分支机构的布局调整正成为行业关注焦点。 近一两年，券商行业掀起降本增效浪潮，纷纷对分支机构进行裁撤与整合，同时，部分券商也在积极布 局，增设特色分支机构，以适应市场变化，加速财富管理转型。 今年以来，券商加速优化资源配置，对分支机构的裁撤动作频频。智通财经据公告不完全统计，截至7 月30日，年内已有超20家券商决定撤销60余家分支机构，涉及8家分公司和50余家营业部 。 具体来看，仅7月份，就有方正证券（601901.SH）、德邦证券、野村东方证券等3家券商宣布撤销旗下 分支机构。方正证券于7月8日发布公告称，将撤销河南分公司、曲靖寥廓北路证券营业部等4家分支机 构；德邦证券7月7日公告决定撤销江西分公司和甘肃分公司；野村东方国际证券7月4日宣布撤销浙江分 公司 。 从数量来看，方正证券年内撤销分支机构数量最多，达13家；东方证券（600958.SH）以8家紧随其 后，东吴证券（601555.SH）撤销5家，华福证券撤销4家，中信建投（601066.SH）、财通证券 （601018.SH）、华林证券（002945.SZ）、东北证券（000686.SZ）分别撤销3家。上述券商一致表示 ...

格隆汇8月1日｜东方证券研报指出，艾德生物半年报业绩亮眼，彰显成长韧性。受医保控费和医院回款 周期延长等影响，目前IVD行业增速承压；且2025年起，公司试剂销售增值税率自3%提升至13%。但公 司作为肿瘤药物伴随诊断龙头，产品种类最为齐全，多个产品独家获批，因此营收表现依旧稳健，其中 检测试剂是主要营收来源，实现营收4.8亿元（同比+7.9%，占比83.4%），毛利率90.7%（同比-0.2pct， 保持基本稳定）；而技术服务、检测服务分别实现营收0.6亿元（同比-5.0%）和0.3亿元（同比 +0.9%）。其次公司出海业务表现稳定，25H1实现营收1.1亿元（同比+3.7%，占比18.3%）。根据可比 公司2025年平均估值，给予公司2025年32倍市盈率，对应的目标价为26.56元，维持"增持"评级。 ...

东方证券研报指出，AI本地化部署需求兴起，深信服有望充分受益。公司对一朵云解决方案面向AI进 行全新升级，为用户打造更匹配大模型场景的智算承载、应用构建的AI平台。其中，AICP高性能算力 平台在多实例、高并发场景下，性能相比传统Ollama架构方案提升5-10倍，可广泛适配包括DeepSeek在 内的最新大模型。此外，公司的AI应用创新平台，助力用户快速构建大模型应用，让AI应用的开发运 营更加简单。公司的全栈化能力为大模型本地化部署提供了"高性能、高安全、高价值"的一站式解决方 案，随着国产化替代与AI需求的持续增长，公司有望在各行业智能化转型的过程中不断受益。根据可 比公司25年的PS水平，给予公司25年6.10倍PS，对应目标价为119.00元，维持"买入"评级。 ...

Core Viewpoint - The article highlights the performance of new IPOs in the A-share market from January to July 2025, indicating a significant increase in both the number of new listings and the total funds raised compared to the same period last year [1]. Group 1: IPO Performance - A total of 59 new companies were listed in the A-share market from January to July 2025, representing an 18.00% increase from 50 companies in the same period last year [1]. - The net fundraising amount for these 59 new listings reached 544.21 billion yuan, which is a 63.83% increase compared to 332.18 billion yuan in the previous year [1]. Group 2: Underwriting Institutions Ranking - 26 underwriting institutions participated in the IPOs of the 59 new companies, with a total of 60 deals due to dual appointments for some companies [2]. - The top three underwriting institutions by the number of deals are: - First: Guotai Junan with 7 deals - Second: Huatai United and CITIC Securities, each with 6 deals [2]. Group 3: Legal and Accounting Firms Ranking - 25 law firms provided legal services for the 59 new IPOs, with the top three being: - First: Shanghai Jintiancheng with 9 deals - Second: Beijing Zhonglun with 6 deals - Third: Guangdong Xinda with 4 deals [5]. - 15 accounting firms provided auditing services for the IPOs, with the top three being: - First: Rongcheng with 13 deals - Second: Lixin and Tianjian, each with 9 deals [5].

Group 1 - The A-share private placement market has shown significant recovery this year, with 76 listed companies completing private placements by July 30, raising a total of 663.3 billion yuan, a year-on-year increase of 667.15% [1][3] - The active participation in the private placement market spans various industries, with capital goods, materials, and technology hardware and equipment leading in the number of listed companies involved [3] - Four major banks, including Bank of China and Postal Savings Bank, have raised over 100 billion yuan each through private placements, primarily for liquidity support [3] Group 2 - The growth in the private placement market has directly boosted the investment banking revenue for securities firms, with underwriting and advisory fees making up a significant portion of the issuance costs [4] - A total of 31 securities firms acted as lead underwriters for private placements, with CITIC Securities leading by underwriting 21 companies [4] - 62 out of the 76 companies that completed private placements disclosed their issuance costs, totaling 904 million yuan [4] Group 3 - Securities firms have actively participated in private placements, with 8 firms and 5 asset management companies involved in 25 companies, totaling 46 subscription instances [5] - Leading firms like GF Securities and Hua'an Asset Management have been prominent in participating in private placements, enhancing their returns and supporting the real economy [5] - The substantial subscriptions by top securities firms signal positive market sentiment, boosting investor confidence and market activity [5]

Group 1 - The A-share market has seen a significant increase in private placements, with 76 companies completing placements and raising a total of 663.3 billion yuan, a year-on-year increase of 667.15% [1][2] - The majority of companies involved in private placements are from the capital goods, materials, and technology hardware sectors, with 21, 10, and 9 companies respectively [2] - Four banks raised over 100 billion yuan each through private placements, aimed at supplementing liquidity, while the remaining companies raised less than 20 billion yuan for various purposes [2] Group 2 - Securities firms are capitalizing on the recovery of the private placement market, benefiting from increased underwriting fees and potential investment returns from subscribed shares [3] - The expansion of private placement business is expected to enhance the revenue of securities firms, with underwriting and advisory fees being a significant portion of the issuance costs [3][4] - A total of 31 securities firms acted as lead underwriters for private placements, with CITIC Securities leading by underwriting 21 companies [4] Group 3 - Securities firms' participation in private placements is seen as beneficial for both their own profitability and the support of the real economy and industry upgrades [5][6] - The large-scale subscriptions by leading securities firms send positive signals to the market, boosting investor confidence and trading activity [6]

Core Insights - Yongxin Optical is recognized as a national-level manufacturing champion and has entered a new phase of domestic substitution in high-end optical microscopes [1] - The high-end optical microscope market in China has significant potential but has been dominated by foreign companies for a long time [1] - The company has developed technical capabilities comparable to top global optical microscope manufacturers through OEM, industry-academia-research collaboration, and undertaking major national projects [1] Industry Summary - The high-end microscope segment has seen rapid growth, achieving over 5% domestic substitution and further increasing market share year-on-year [1] - In 2024, the company's microscope business revenue is expected to decline by 14% to 356 million yuan due to industry demand recovery and equipment update policies, raising concerns about the pace of domestic substitution [1] - Despite the overall revenue decline, high-end microscope revenue continues to grow [1] - The implementation of China's scientific instrument domestic substitution strategy and increasing uncertainty in the international trade environment are expected to accelerate breakthroughs in the company's optical microscope business [1] - Increased funding for equipment updates in 2025, with the first batch of funds already allocated and the second batch undergoing project review, is anticipated to expedite the procurement process for high-end microscopes [1] - The company's microscope business is projected to resume growth starting in 2025 [1] Valuation Summary - Based on comparable companies' 2025 price-to-earnings (PE) ratio of 44 times, the target price is set at 110.88 yuan, maintaining a "buy" rating [1]

Core Viewpoint - The document provides a list of major securities firms in China, including their A-share and Hong Kong stock codes, indicating the competitive landscape of the securities industry in China [1] Group 1: Company Listings - Huatai Securities is listed with A-share code 601688.SH and Hong Kong code 6886.HK [1] - China Galaxy Securities has A-share code 601881.SH and Hong Kong code 6881.HK [1] - Shenwan Hongyuan is represented by A-share code 000166.SZ and Hong Kong code 6806.HK [1] - Everbright Securities is identified with A-share code 601788.SH and Hong Kong code 6178.HK [1] - China Merchants Securities has A-share code 600999.SH and Hong Kong code 6099.HK [1] - CITIC Securities is listed with A-share code 600030.SH and Hong Kong code 6030.HK [1] - Orient Securities has A-share code 600958.SH and Hong Kong code 3958.HK [1] - China International Capital Corporation (CICC) is represented by A-share code 601995.SH and Hong Kong code 3908.HK [1] - Guotai Junan is identified with A-share code 601211.SH and Hong Kong code 2611.HK [1] - GF Securities has A-share code 000776.SZ and Hong Kong code 1776.HK [1] - Guolian Securities is listed with A-share code 601456.SH and Hong Kong code 1456.HK [1] - Zhongyuan Securities has A-share code 601375.SH and Hong Kong code 1375.HK [1]

Group 1: ETF Market Overview - As of the end of June, the total number of ETFs in the Shanghai Stock Exchange reached 701 with a total market value exceeding 3.14 trillion yuan, while the Shenzhen Stock Exchange had 495 ETFs with a total market value over 1.15 trillion yuan, bringing the combined total to over 4.3 trillion yuan, showing a steady increase from the previous month [1] - The first batch of 10 science and technology innovation bond ETFs was launched on July 17, attracting significant market attention and reshaping the bond ETF market landscape, indicating a promising future for this segment [1] Group 2: Brokerage Business Insights - In June, the top five brokerages by trading volume for Shanghai ETFs were Huatai Securities, CITIC Securities, Guotai Junan, Dongfang Securities, and China Galaxy, with market shares of 11.75%, 11.04%, 6.55%, 5.30%, and 4.71% respectively [2] - The leading brokerages by ETF holdings in Shanghai as of the end of June were China Galaxy, Shenwan Hongyuan, CITIC Securities, Guotai Junan, and招商证券, with market shares of 24.03%, 17.61%, 6.26%, 4.78%, and 4.63% respectively [2] Group 3: Growth of Bond ETFs - The domestic ETF market expanded by nearly 580 billion yuan in the first half of the year, with bond ETFs and Hong Kong stock ETFs being the main contributors, highlighting a growing interest in these products [3] - The number of bond ETFs increased from 21 to 29, while the total market size of bond ETFs reached 218.1 billion yuan by the end of the first quarter of 2025, indicating a rising acceptance of index-based bond products among investors [4]

Summary of Key Points Core Viewpoint - The main focus of the article is on the trading activity and positions in the soda ash futures market as of July 28, 2025, highlighting significant changes in both long and short positions among major market participants [1][3]. Trading Activity - As of July 28, 2025, the main contract for soda ash (2509) experienced a price change of -8.04%, with a total trading volume of 3.575 million contracts and an open interest showing a net short position among the top 20 participants [1]. - The total trading volume across all soda ash contracts reached 5.360 million contracts, an increase of 522,700 contracts from the previous day [1]. Positions of Major Participants - Among the top 20 participants, long positions totaled 1.0234 million contracts, an increase of 61,400 contracts, while short positions totaled 1.3148 million contracts, an increase of 126,700 contracts [1]. - The top three long positions were held by Guotai Junan (95,507 contracts), CITIC Futures (59,745 contracts), and Founder Futures (59,076 contracts) [1][3]. - The top three short positions were also led by Guotai Junan (164,917 contracts), Yong'an Futures (161,681 contracts), and Dongzheng Futures (123,371 contracts) [1][3]. Changes in Positions - The top three participants with the largest increase in long positions were Huatai Futures (37,811 contracts, +12,060), Dongfang Caifu (20,096 contracts, +6,333), and招商期货 (16,571 contracts, +3,837) [1][3]. - Conversely, the top three participants with the largest decrease in long positions were Dongzheng Futures (35,417 contracts, -4,568), CITIC Futures (35,628 contracts, -1,971), and Zhonghui Futures (16,542 contracts, -1,735) [1][3]. - For short positions, the largest increases were seen in Dongzheng Futures (68,009 contracts, +15,832), Yong'an Futures (92,107 contracts, +9,024), and Founder Futures (19,378 contracts, +8,629) [1][3]. - The largest decreases in short positions were recorded by GF Futures (12,959 contracts, -2,055), Zhongtai Futures (17,685 contracts, -1,237), and Yinhai Futures (35,349 contracts, -1,163) [1][3].