格隆汇8月5日丨根据联交所最新权益披露资料显示，2025年7月30日，东方证券(03958.HK)获易方达基金管理有限公司在场内以每股均价7.8943港元增持 406.84万股，涉资约3211.72万港元。 增持后，易方达基金管理有限公司最新持股数目为9643.04万股，持股比例由8.99%上升至9.39%。 | 股份代號: | 03958 | | --- | --- | | 上市法國名稱: | 東方證券股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 05/07/2025 - 05/08/2025 | | 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | ( 詩参関上述 * 註 | | | | | | | | 份百分比 | | | | | | | | ( % ) | | | CS20250804E00227 | 易方达基金管理有限公司 4.068.4 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方證券股份有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 證券代號 (如上市) 600958 說明 上海證券交易所 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 7,469,482,864 RMB 1 RMB 7,469,482,864 增加 / 減少 (-) RMB 本月底結存 7,469,482,864 RMB 1 RMB 7,469,482,864 證券代號 (如上市) 03958 說明 H股 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 1,027,162,428 RMB 1 RMB 1,027,162,428 增加 / 減少 (-) RMB 本月底結存 1,027,162,428 RMB 1 RMB 1,027,162,428 本月底法定/註冊股本總額： RMB 8,496,645,292 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 證券代號 ( ...

智通财经APP获悉，香港联交所最新数据显示，7月30日，易方达基金管理有限公司增持东方证券 (03958)406.84万股，每股作价7.8943港元，总金额约为3211.72万港元。增持后最新持股数目为9643.04 万股，持股比例为9.39%。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方證券股份有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600958 | 說明 | 上海證券交易所 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,469,482,864 | RMB | | 1 | RMB | | 7,469,482,864 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 7,469,482,864 | RMB | | | 1 RMB | | 7,469,482,864 | | 2 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方證券股份有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600958 | 說明 | 上海證券交易所 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,469,482,864 | RMB | | 1 | RMB | | 7,469,482,864 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 7,469,482,864 | RMB | | | 1 RMB | | 7,469,482,864 | | 2 ...

Core Insights - Hikvision has significantly improved cash flow and accelerated net profit growth [1] - The company's accounts receivable and notes decreased by 4% year-on-year to 37.3 billion yuan by the end of Q2 [1] - Q2 revenue remained stable at approximately 23.3 billion yuan year-on-year, indicating high-quality business development [1] Business Developments - The company has launched hundreds of large model products covering cloud, edge, and domain applications [1] - Key products include structured cameras, smart perimeter cameras, document search servers, security inspection, and industrial flaw detection, which are widely used in manufacturing, electricity, urban governance, and traffic management [1] International Operations - Despite trade restrictions from the U.S. and Canada, the healthy development of overseas business demonstrates the company's strong resilience [1] - The comparable company's 26-year PE valuation level of 25 times suggests a target price of 43.00 yuan, maintaining a "buy" rating [1]

东方证券研报指出，具身智能场景应用浪潮加速，永创智能机器人有望加速推进。人形机器人场景应用 正在加速，饮料/包装/分拣领域需求大，有望成为重要应用。此前市场更多关注工厂内搬运场景，而该 行认为饮料包装和分拣领域也有望成为人形机器人的重要落地场景，因为饮料食品快递包装的分拣工作 对人工数量需求大、劳动强度高，但任务简单且重复性高，可能更快催化机器人应用落地。永创是饮料 包装自动化设备的龙头供应商，更懂行业需求。市场认为初创人形机器人企业可能最早推出适配产品， 但该行认为具有行业积淀的设备企业具备优势，有望更快推进机器人落地。2025年来，公司重视人形机 器人研发，已经注册部分人形机器人专利，并分别成立多家子公司进行布局，我们认为永创有望较快推 进人形机器人产品落地。参考可比公司估值，给予2025年的34倍PE，对应目标价为13.26元，维持"买 入"评级。 ...

Group 1 - The company, Boshi Co., Ltd. (SZ 002698), announced that it will participate in a research meeting organized by Dongfang Securities Asset Management Co., Ltd. on August 1, 2025 [2] - The company's director and board secretary, Chen Bo, will be involved in the meeting and will respond to questions from investors [2]

Investment Rating - The report maintains an "Outperform" rating for the industry [3][5]. Core Insights - The overseas investment banks are increasingly participating in digital finance, with emerging models continuously surfacing. The focus is on the issuance and trading of digital assets, particularly Real World Assets (RWA), which signify a transformation of traditional investment banking into the digital finance realm. The RWA market has grown from approximately $5 billion in 2022 to about $25.2 billion by July 2025, indicating a shift from experimental stages to large-scale promotion [1][12]. - The RWA market is projected to reach $16 trillion by 2030, accounting for about 10% of global GDP, driven by factors such as rising global interest rates, institutional involvement in crypto assets, and improving regulatory policies [1][17]. Summary by Sections RWA: Bridging On-chain Funds and Real Assets - RWA represents tangible or traditional financial assets on blockchain networks, enhancing liquidity and enabling fractional ownership, thus democratizing access to previously high-barrier investments [12][16]. - The RWA market has seen rapid growth, with a total market size reaching $25.4 billion by mid-2025, driven by technological advancements and traditional financial institutions' involvement [12][13]. RWA Token Types and Development Momentum - The RWA token landscape includes various types, with U.S. Treasury tokens being a significant category due to their low-risk profile and established legal framework. The market for tokenized U.S. Treasuries grew from $100 million in January 2023 to $6.74 billion by July 2025 [22][23]. - Private credit tokens have emerged as the largest segment within RWA, with a market size of $15 billion as of July 2025, driven by their high yield and low correlation with other asset classes [27][28]. - Commodity tokens, particularly gold tokens, dominate the commodity tokenization market, which reached $1.75 billion by July 2025 [31][32]. Stock Tokens: Comparison of Tokenization Models - Stock tokenization is rapidly evolving, with platforms like Robinhood and xStocks offering different models. Robinhood's model is based on derivative contracts, while xStocks provides direct ownership representation through compliant third-party custodians [39][50]. - The largest stock token, EXOD, represents a company specializing in crypto wallets, with a market cap of approximately $277.1 million [41]. Investment Recommendations - The report suggests that Robinhood's approach to virtual asset-related business could serve as a reference for Chinese brokerage firms entering this space. The rapid development of RWA may catalyze further market activity in the brokerage sector, indicating potential for significant returns [3][4].

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" rating for the insurance sector and a favorable view on the brokerage sector [1][2][59]. Core Insights - The insurance sector is expected to benefit from a decrease in new liability costs, an increase in the value of dividend insurance options, and a stabilization of long-term interest rates, leading to a positive performance outlook [2][3]. - The brokerage sector is facing intense competition, particularly in brokerage and investment banking services, but there is potential for improved profitability if fee competition stabilizes [2][3]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,054.93 with a decline of 1.8% during the week of July 28 to August 1, 2025. The non-bank index closed at 1,941.35, down 2.4% [5][11]. - The brokerage sector index fell by 3.2%, while the insurance sector index saw a slight decline of 0.1% [5][11]. Non-Bank Financial Insights - As of August 1, 2025, the 10-year government bond yield was 1.71%, showing a decrease of 0.87 basis points, while the credit spread for corporate bonds was 0.31% [11][14]. - The average daily trading volume in the stock market was 18,099.28 billion, reflecting a decrease of 2.11% week-on-week [14][33]. Key Company Announcements - China Pacific Insurance announced a capital increase of up to HKD 1.5 billion for its wholly-owned subsidiary in Hong Kong [20]. - New China Life Insurance plans to distribute a cash dividend of RMB 1.99 per share, totaling approximately RMB 6.21 billion [24]. Investment Analysis - The report recommends several stocks in the insurance sector, including China Life, China Pacific, and New China Life, based on their expected performance [2][3]. - For the brokerage sector, it suggests focusing on leading firms with strong competitive positions, such as GF Securities and CITIC Securities, as well as those with significant international business capabilities [2][3].