（编辑 任世碧） 证券日报网讯 8月6日晚间，东田微发布公告称，东方证券股份有限公司（简称"东方投行"）原指派何 浩女士、郭建革先生担任公司首次公开发行股票持续督导的保荐代表人。鉴于郭建革先生工作内容变 动，不再继续负责公司持续督导工作。为保证持续督导工作的有序进行，东方投行决定委派高魁先生接 替郭建革先生担任公司首次公开发行股票持续督导的保荐代表人。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the short - term, the arrival of logs at ports will increase next week, and the supply side may face some pressure. The spot price is stable, and the spot quotation has been raised. The fundamentals of outbound shipments are okay, and the futures price rises to catch up with the basis. There is still a small hedging space in the futures market, but market sentiment remains, and future market competition is crucial. It is recommended to observe in the short - term and consider appropriate hedging at high prices according to one's own spot situation [17]. 3. Summary by Directory Part 1: Log Overview 1.1 Supply - side - The number of arriving ships decreased from 14 in July 25th, 2025 to 6 in August 1st, 2025, a decrease of 8. The arrival volume at ports dropped from 48.1 million cubic meters to 22.1 million cubic meters, a decrease of 26.00 million cubic meters. The import volume of coniferous logs, radiata pine, and other types showed different degrees of decline compared to the previous month, with year - on - year decreases of 7%, 6%, etc. It is estimated that the arrival volume at ports will recover to 14 ships and 42.5 million cubic meters next week. The supply side has certain support, but due to less departure from New Zealand and rising foreign quotes, the import willingness of domestic traders is suppressed, and the arrival volume in August is expected to be relatively low [7]. 1.2 Demand and Inventory - side - The weekly shipment volume is relatively stable, with a slight increase in the national volume from 44.9 million cubic meters to 44.94 million cubic meters. The demand is still weak during the off - season, affected by weather and the decline in the real estate start - up rate. The apparent demand decreased by 41.0 million cubic meters. In terms of inventory, short - term reduction in arrivals may lead to continuous inventory reduction, but due to weak downstream demand, the reduction amplitude is limited. With the recovery of arrivals next week, inventory is expected to increase under stable demand [9]. 1.3 Price and Spread - The foreign quotes of radiata pine and spruce remain stable, but it is reported that the foreign quotes of New Zealand radiata pine in August are 1 - 2 US dollars higher than in July. The spot price is relatively stable with a slight decline during the off - season, and the future increase in foreign quotes may support the domestic spot price. The futures price has decreased, and the market sentiment has cooled down. The supply and demand fundamentals are weak. There is still a small hedging space in the futures market. The spot spread is relatively stable, and the basis can be considered at the level of 5.9m medium - grade A radiata pine [11][13]. 1.4 Cost and Profit - The import cost of radiata pine increased by 13 from 973 to 986, while that of spruce decreased by 9 from 1248 to 1238. The import profit of radiata pine decreased by 13 from - 48 to - 61, and the profit situation of wood products is relatively stable. Due to the recovery of foreign quotes and weak downstream and terminal demand, the profit of logs and wood products is expected to be weak [15]. 1.5 Strategy Recommendation - For the industrial chain, the spot is stable, and the expected increase in arrivals this week may put pressure on the supply side. For the futures market, the spot quotation is raised, the fundamentals of outbound shipments are okay, and the futures price rises to catch up with the basis. It is recommended to observe in the short - term and consider appropriate hedging at high prices according to one's own spot situation [17]. Part 2: Log Balance Sheet No specific content provided for analysis. Part 3: Log Supply and Demand Analysis 3.1 Supply - side - It includes aspects such as New Zealand log shipment volume, log imports, and imports by tree species, but no detailed data analysis content is provided. 3.2 Demand - side - It involves the daily shipment volume of logs and the real estate situation, but no detailed data analysis content is provided. 3.3 Log Downstream Analysis - For wood products, it includes price and profit analysis, and for downstream substitutes, it involves aluminum alloy analysis, but no detailed data analysis content is provided. 3.4 Inventory - side - It includes inventory summaries, inventory by tree species, and inventory by region, but no detailed data analysis content is provided. Part 4: Cost and Profit 4.1 Log Import Cost and Profit - The import cost and profit of logs are affected by factors such as foreign quotes and exchange rates, but no detailed data analysis content is provided. 4.2 Log Delivery Profit - The delivery profit from Taicang to Chongqing in 2024 and 2025 is presented in a graph, but no specific numerical analysis is provided [80]. Part 5: Log Price and Spread Analysis 5.1 Log Foreign Quotes - The foreign quotes of radiata pine and spruce are analyzed, and their price seasonality is also mentioned, but no detailed data analysis content is provided [83][86]. 5.2 Radiata Pine and Spruce Spread Seasonality - The spread seasonality between radiata pine and spruce is analyzed, but no detailed data analysis content is provided [88]. 5.3 Radiata Pine and LG Basis - The basis between radiata pine and LG is analyzed, but no detailed data analysis content is provided [94]. 5.4 LG Main Contract Seasonal Chart and Inter - month Spread - The seasonal chart and inter - month spread of the LG main contract are analyzed, but no detailed data analysis content is provided [96].

2025年8月6日红枣主力合约2601持仓数据一览 | | 名次 会员名称 成交量(双边) | | 壇減 | 会员 | 持买单 | 壇減 | 会员 | 持卖单 | 增减 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | J | 国泰君安 | 23,179 | 4,943 | 国泰君安 | 6,036 | 161 | 国泰君安 | 13,159 | -1,416 | | 2 | 中信期货 | 21,913 | 1,785 | 广发期货 | 5,158 | 269 | 东证期货 | 6,551 | 221 | | 3 | 东证期货 | 13,301 | -2,391 | 方正中期 | 4,535 | 531 | 中粮期货 | 6,465 | ਦਾ | | 4 | 走闻期货 | 11,610 | 316 | 中信期货 | 4,183 | -440 | 大地期货 | 6,084 | 197 | | 5 | 王矿期货 | 7,351 | 3,945 | 东证期货 | 3,965 | 2 | 中信期货 | 5,995 | 251 | | 6 ...

东方证券研报指出，明泰铝业新增产线不断投建，高端加工持续转型。据公司2025年半年度经营快报数 据及测算，25Q2公司铝板带箔产量41.2万吨，环比+7.12%同比+11.17%，销量40.3万吨，环比+7.5%同 比+9.63%，主要产品产销两旺。公司系国内铝板带箔加工龙头企业，多元化的产品结构及下游需求领 域保证了产品销售基本盘的稳定，同时公司注重开发高附加值产品以促进销量增长，我们预计25H1新 能源动力及储能电池增速较高，电网等领域未来需求有望维持高增速。根据当前产业情况，上调铝产品 加工费及公司产能假设，根据可比公司2025年PE估值水平，给予公司10X估值，对应目标价15.8元，维 持"买入"评级。 ...

Core Viewpoint - The report from Dongfang Securities expresses a strong bullish outlook on the multi-modal AI and overseas expansion sectors, highlighting the advantages in industrial development and business models that will lead to high growth and high valuations for relevant companies [1] Group 1: Industry Trends - The industry is expected to see accelerated development driven by technological breakthroughs and cost optimization, leading to increased user growth, payment penetration, and commercialization [1] - The report emphasizes the importance of multi-modal AI applications in the second half of the year, particularly for companies with overseas expansion strategies, which may experience faster growth rates [1] Group 2: Technological Advancements - Current mainstream AI products can maintain stable and consistent video generation of 5-10 seconds, with potential advancements allowing for 1-minute videos by the end of the year [2] - The CaptainCinema framework developed by ByteDance and Hong Kong Chinese University aims to create cinematic-level short films, which could enhance content penetration if successful [2] Group 3: Cost Optimization - Companies like Kuaishou and Alibaba are achieving cost parity and significant reductions in computational consumption through innovative architectures, which will lower user costs and improve penetration rates [3] - The emergence of new content forms, such as AI-generated comics, is expanding the overall content market, with AI's involvement in production increasing significantly [3] Group 4: Market Potential - The potential market for AI video is estimated at $41.6 billion, with $3.8 billion from the P-side (individual creators) and $39.7 billion from the B-side (content production) [4] - The report suggests that the overseas market has stronger payment capabilities and higher production costs, making companies with overseas strategies particularly attractive [4]

格隆汇8月6日｜东方证券研报指出，千味央厨加大线上推广，有望参与京东餐饮即时零售。目前公司C 端业务主要通过电商平台与KA商超的自有品牌定制渠道开展。电商实质上是餐饮零售化的转化，公司 主要围绕适合于家庭便捷加工、1-3人食用的规格，聚焦于营养健康早餐和年节产品的开发，通过线上 销售渠道，拓展C端业务，同时提升品牌认知；在KA自有品牌定制渠道上，公司从选购商品变为定制 产品、联合研发，积极发挥公司多年积累的大客户服务经验、强大的研发能力、快速响应能力等优势。 25Q1销售费用率同比提升2.12pct，主因公司阶段性加大线上推广费用。由于公司预期业绩增速仍快于 大部分其他可比公司，在可比公司25年25倍PE基础上维持15%溢价，对应目标价30.45元，维持"增 持"评级。 ...

Group 1 - The issuance of bonds by securities firms has reached nearly 770 billion yuan this year, reflecting a year-on-year increase of over 32%, indicating a strong capital replenishment trend in the industry [1] - A total of 70 securities firms have issued bonds this year, with 24 firms issuing over 10 billion yuan each, showcasing the active participation of major players like China Galaxy and Huatai Securities [1] - The increase in bond issuance is expected to enhance the business expansion capabilities of leading firms and improve the overall capital adequacy ratio of the securities industry, thereby strengthening its risk resistance and market competitiveness [1] Group 2 - Yecai Xin has been appointed as the new chairman of Invesco Great Wall Fund, bringing a background from China Huaneng Group, which may enhance the company's shareholder background and inject new vitality into its business development [2] - The leadership change reflects the vitality of the fund industry and is expected to bring positive expectations for the capital market [2] Group 3 - In August, the issuance of new funds has surged, with 72 new funds launched, indicating a relatively abundant market liquidity [3] - Fund companies are shifting their strategies from merely pursuing scale to improving product lines, which is a sign of a more rational industry approach [3] - This trend is likely to provide incremental capital to the market, particularly benefiting the securities sector and promoting healthy market development [3] Group 4 - Dongfang Securities has completed the repurchase of 26.7032 million A-shares, accounting for 0.3143% of its total share capital, with an average repurchase price of 9.37 yuan per share [4] - The repurchase reflects the company's recognition of its intrinsic value and is expected to boost investor confidence and optimize its capital structure [4] - The trend of share buybacks in the securities sector may lead to a re-evaluation of industry valuations and enhance the stability of financial stocks [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 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： ■ 一、回购审批情况和回购方案内容 2025年5月6日，东方证券股份有限公司（以下简称"公司"）召开第六届董事会第六次会议，审议通过了 《关于以集中竞价交易方式回购公司A股股份方案的议案》（2025-023号公告）。 2025年5月7日，公司披露了《公司关于以集中竞价交易方式回购公司A股股份的回购报告书》（2025- 026号公告），本次回购股份方案的主要内容如下： （一）回购股份的用途 维护公司价值及股东权益。 （四）回购股份的实施期限 本次回购股份的期限为自公司董事会审议通过回购A股股份方案之日起不超过3个月。回购实施期间， 公司股票如因筹划重大事项连续停牌10个交易日以上的，回购方案将在股票复牌后顺延实施并及时披 露。 如触及以下条件，则回购期限提前届满： （1）如果在回购期限内，回购资金使用金额达到上限最高限额，则回购方案实施完毕，回购期限自该 日起提前届满； （2）如公司董事会决议终止本回购方案，则回购期 ...

证券代码：600958 证券简称：东方证券 公告编号：2025-037 东方证券股份有限公司 关于A股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 2025/5/6 回购方案实施期限 2025 年 5 月 6 日~2025 年 8 月 5 日 预计回购金额 2.5亿元~5亿元 回购价格上限 13.5元/股 □减少注册资本 □用于员工持股计划或股权激励 回购用途 □用于转换公司可转债 √为维护公司价值及股东权益 实际回购股数 2,670.32万股 实际回购股数占总股本比例 0.3143% 实际回购金额 25,008.89万元 实际回购价格区间 9.19元/股~9.76元/股 一、回购审批情况和回购方案内容 召开第六届董事会第六次会议，审议通过了《关于以集中竞价交易方 式回购公司 A 股股份方案的议案》（2025-023 号公告）。 购公司 A 股股份的回购报告书》（2025-026 号公告），本次回购股份 方案的主要内容如下： （一）回购股份的用途 维护公司 ...

Core Viewpoint - Jiangsu Bojun Industrial Technology Co., Ltd. has announced a change in its continuous supervision sponsor representative due to the work relocation of the original representative, Zhou Tianyu, with Chen Huaming appointed as the new representative [1]. Group 1: Company Announcement - The company received a notice from Dongfang Securities regarding the change of its continuous supervision sponsor representative [1]. - The continuous supervision period will last until the obligations set by the China Securities Regulatory Commission and Shenzhen Stock Exchange are fulfilled [1]. - The board expressed gratitude for Zhou Tianyu's contributions during the supervision period [1]. Group 2: New Sponsor Representative Profile - Chen Huaming is a senior business director at the investment banking headquarters of the sponsor institution and holds both Chinese and American CPA qualifications [4]. - He has extensive experience in investment banking projects, having served as the sponsor representative for various projects including Bojun Technology's public offering and other financing projects [4].