本次主题交流活动吸引了包括本地众多专业投资机构、上市公司高管及个人投资者积极参与。活动现场气氛热烈，讨论深入。参会者们围绕科创板ETF的投 资价值、具体配置方法以及宏观趋势研判，与两位主讲嘉宾展开了多轮高质量的实时互动问答，现场交流碰撞出诸多富有洞见的观点，充分彰显了市场对科 技创新赛道及ETF这一普惠型投资工具的高度关注。 2025年6月18日，由上海证券交易所、东方证券股份有限公司与珠海上市公司协会联合主办的"以投资者为本，重回报促发展"沪市ETF主题交流活动在珠海 隆重举行。本次活动紧扣上交所6月"科创引领"投教主题，聚焦于极具战略价值的科创板ETF投资策略，旨在为投资者深入解析科创板ETF的投资价值，共同 前瞻2025年资本市场宏观投资新方向。 活动伊始，上海证券交易所创新产品部资深讲师李尤详细阐释了科创板ETF的独特优势与核心价值。她指出，作为科技创新企业的"孵化池"，科创板汇聚了 人工智能、新能源、新材料、生物医药等前沿领域的优质标的，科创板ETF通过一篮子股票配置，既能分散单一标的风险，又能精准捕捉科创赛道的高成长 红利。 东方证券客群发展总部首席策略官白建国就2025年全球与中国资本市场的宏观 ...

Core Viewpoint -兆易创新 is expected to benefit from rising storage prices and is advancing its edge AI layout, with a positive outlook for the DRAM market over the next two years [1] Pricing - The niche DRAM market is anticipated to remain in a relatively tight supply environment for about two years, with prices expected to maintain a favorable level next year [1] Product Development - 兆易创新 is actively promoting new DRAM product layouts, with LPDDR4 expected to launch in the first half of 2026 and achieve mass production in the second half of 2026 [1] - The company is also planning the development of small-capacity LPDDR5 products and expects to release samples of DDR4 products based on new production lines in the second half of 2026 [1] Capacity and Supply Chain - 兆易创新 is negotiating with core suppliers to secure support in terms of capacity and pricing, positioning itself to fully benefit from the storage price increase cycle [1] AI Market Position - The company is advancing its layout in the edge AI sector, with customized storage solutions progressing smoothly, and NOR Flash is benefiting from the demand in edge AI [1] Valuation - Based on a comparable company average PE valuation of 65 times for 2026, a target price of 257.40 yuan is set, maintaining a "buy" rating [1]

12月30日，东方证券跌1.01%，截至发稿，报10.83元/股，成交1.98亿元，换手率0.25%，总市值920.19 亿元。 资料显示，东方证券股份有限公司位于上海市黄浦区中山南路119号东方证券大厦,中国上海市黄浦区中 山南路318号2号楼3-6层、12层、13层、22层、25-27层、29层、32层、36层、38层,香港中环皇后大道中 100号第28至29层，成立日期1997年12月10日，上市日期2015年3月23日，公司主营业务涉及证券经纪业 务、投资银行业务、资产管理业务、自营业务、研究咨询业务、期货业务、证券金融业务、其他业务。 主营业务收入构成为：机构及销售交易39.93%，财富及资产管理32.07%，国际业务及其他15.73%，投 行及另类投资12.46%。 农银国企改革混合（002189）成立日期2016年6月3日，最新规模8487.38万。今年以来收益18.92%，同 类排名4542/8087；近一年收益18.55%，同类排名4406/8085；成立以来收益138.95%。 农银国企改革混合（002189）基金经理为张峰。 截至发稿，张峰累计任职时间10年108天，现任基金资产总规模6 ...

Core Viewpoint - Huide Technology (603192.SH) has received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, pending final approval from the China Securities Regulatory Commission (CSRC) [1][2]. Group 1: Issuance Details - The total amount of funds to be raised from the issuance of A-shares is not to exceed RMB 580 million, which will be fully allocated to the polyurethane new materials project after deducting related issuance costs [1]. - The issuance will target no more than 35 specific investors, including securities investment fund management companies, securities firms, trust investment companies, financial companies, insurance institutional investors, qualified foreign institutional investors (QFII), and other domestic legal entities and individuals [2]. - The number of shares to be issued will not exceed 30% of the company's total share capital prior to the issuance, amounting to a maximum of 42,339,800 shares, with the final number subject to CSRC approval [2]. Group 2: Sponsorship and Representation - The sponsoring institution for this issuance is Dongfang Securities Co., Ltd., with representatives Hu Nandong and Shi Yiming overseeing the process [3].

Group 1: Retail Industry Insights - The retail sector is a key focus for domestic demand in the "15th Five-Year Plan" period, with channel adjustments and emotional consumption driving growth [2] - The central economic work conference emphasizes the importance of retail, with expectations for leading regional retail companies to achieve strong performance in Q1 due to the long Spring Festival in 2026 [2] - Retail enterprises are accelerating their adjustment efforts, focusing on compensation mechanisms, supply chains, and customer engagement strategies [2] Group 2: Cross-Border E-Commerce Trends - The cross-border e-commerce sector remains optimistic, with significant potential for penetration growth, supported by product innovation and brand strength among leading companies [3] - By 2026, a decrease in tariff costs is expected to improve profit margins for most companies, while compliance development driven by tax audits will enhance industry standards [3] - The rise of AI tools in cross-border B2B enterprises is anticipated to further increase revenue [3] Group 3: Beauty and Personal Care Sector Developments - The A-share beauty and personal care sector is experiencing improved revenue growth and net profit margins, indicating a new phase of industry development [4] - Innovations in raw materials, such as plant extracts and biological fermentation, are becoming focal points for companies, with expectations for new applications by 2026 [4] - The integration of online and offline channels is becoming increasingly critical due to rising online advertising costs [4] Group 4: Investment Recommendations - Recommended investments in offline retail include Chongqing Department Store, Miniso, Dongfang Selection, and Kidswant [4] - Suggested stocks in the cross-border e-commerce chain include Small Commodity City, Focus Technology, Anker Innovations, Ugreen, and Sumida [4] - Beauty-related investment targets include Shiseido, Mao Ge Ping, Proya, Ruoyuchen, and Meili Tianyuan Medical Health [4] - AI-related investment opportunities include Konnect Optical and Aishide [4]

Group 1 - Google's capital expenditure guidance for 2025 has been raised from $85 billion to $91-93 billion, with significant growth expected in 2026 [1] - The estimated market size for Google's server liquid cooling is projected to be around 18 billion yuan in 2026, indicating substantial growth compared to 2025 [2] - Google's TPU v7 servers are expected to fully transition to liquid cooling, with a thermal design power (TDP) of 980 watts, nearing the limits of air cooling [1][2] Group 2 - Google's approach to liquid cooling suppliers differs from Nvidia's, as Google plans to directly engage with liquid cooling system and component suppliers for certification and testing [3] - Google has set four key requirements for liquid cooling suppliers: sufficient capacity, rapid response and delivery capabilities, competitive pricing, and global delivery capabilities [3] - Domestic suppliers are making significant progress in the liquid cooling supply chain, with companies like Yinvike and others actively developing solutions and entering overseas markets [4] Group 3 - Relevant investment targets include Yinvike, Yinlun, Feilong, Chuanhuan Technology, Sixuan New Materials, Xiangxin Technology, Zhongding, Sulian, Gaolan, Shenling Environment, Kexin New Source, Tongfei, Hongsheng, and Yidong Electronics [5]

Core Viewpoint - 2025 is a pivotal year for the Chinese securities industry, focusing on deepening functional positioning and high-quality development, with an emphasis on mergers and acquisitions, international expansion, and technological innovation [2][4]. Group 1: Industry Development Strategy - The industry development strategy is projected in two dimensions: internally, to create a first-class investment bank through mergers and acquisitions; externally, to recommend the value of Chinese assets to global markets [2]. - High-quality development is the main theme, requiring securities firms to act as both market participants and builders, as well as to become "boosters" of technological innovation and "guardians" of residents' wealth [2]. Group 2: Mergers and Acquisitions - 2025 marks a critical year for mergers and acquisitions in the Chinese securities industry, with major firms merging and smaller institutions seeking transformation [4]. - Notable mergers include the formation of "Guotai Haitong Securities" from Guotai Junan and Haitong Securities, and the merger of Guolian Securities and Minsheng Securities, which has significantly improved their profitability rankings [4][5]. - The merger wave is reshaping the competitive landscape, with the top firms now dominating profit rankings [4]. Group 3: Classification Evaluation - The classification evaluation of securities firms is undergoing significant revisions in 2025, emphasizing the need for firms to enhance their functional roles and professional capabilities [6]. - New regulations remove the revenue bonus while increasing the emphasis on return on equity (ROE), guiding firms to focus on operational efficiency rather than mere scale [6][7]. Group 4: Margin Trading and Financing - The margin trading market is heating up, with a record balance of 2.54 trillion yuan, reflecting a 36.6% increase from the beginning of the year [9]. - Competition among firms has intensified, with some lowering financing rates below 4% to attract clients, indicating a shift towards long-term client retention strategies [9][10]. Group 5: Investment Banking and Technology - The securities industry is adapting to the "hard technology" era, with reforms aimed at providing more inclusive financing paths for tech companies [11]. - Firms are establishing research institutes focused on emerging industries and enhancing their service capabilities through collaboration and talent development [13]. Group 6: AI Integration - The adoption of AI technologies is rapidly transforming the securities industry, with firms implementing AI across various business functions, significantly improving efficiency [15]. - The shift towards AI-driven services is seen as a critical factor in maintaining competitive advantage, with some firms fully committing to AI integration [15]. Group 7: Internationalization - Chinese securities firms are deepening their internationalization efforts, expanding their service offerings beyond traditional roles to include cross-border wealth management and derivatives trading [17]. - The internationalization process is driven by both market demand and strategic goals, positioning firms as key players in the global market [17][18]. Group 8: Asset Management Transformation - The public offering process for asset management is reaching a turning point, with firms reassessing their roles in the broader asset management landscape [19]. - The transition of collective investment products is a priority, with many firms adapting to regulatory changes and focusing on private equity and other specialized products [20][21]. Group 9: Capital Space Optimization - Regulatory changes are encouraging firms to optimize capital management, with a focus on enhancing capital utilization efficiency [25]. - The average leverage ratio of listed securities firms is currently at 3.45 times, indicating room for improvement compared to other financial institutions [25]. Group 10: Name Changes Reflecting Strategic Shifts - A wave of name changes among securities firms signals strategic realignments and resource restructuring following mergers and acquisitions [26]. - The name changes often reflect deeper integration and new strategic directions, indicating a shift in focus and operational capabilities [26][28].

Core Viewpoint - 2025 is a pivotal year for the Chinese securities industry, focusing on deepening functional positioning and high-quality development, with an emphasis on mergers and acquisitions, international expansion, and technological innovation, particularly through AI applications [1][2]. Mergers and Acquisitions - The year marks a critical phase for mergers and acquisitions in the securities industry, with major firms like Guotai Junan and Haitong Securities merging to form Guotai Haitong Securities, and other significant consolidations such as Guolian Securities and Minsheng Securities [3][4]. - The competitive landscape is shifting, with Guotai Haitong leading in net profit, and Guolian Minsheng's ranking improving significantly from around 40th to the top 20 [3]. - New merger cases are emerging, such as CICC's plan to merge with Xinda Securities and Dongxing Securities, potentially creating a new entity with over 1 trillion yuan in total assets [3]. Industry Integration Logic - Two main integration strategies are evident: resource consolidation under the same actual controller and market-driven mergers aimed at enhancing national influence [4]. - Analysts suggest that resource integration may become the most important way for securities firms to quickly enhance scale and comprehensive strength [4]. Classification Evaluation Reform - A significant revision of the classification evaluation for securities firms is underway, emphasizing the need for firms to enhance their functional roles and professional capabilities [5][6]. - The new regulations aim to shift focus from revenue expansion to improving operational efficiency and professional skills, thereby enhancing overall industry competitiveness [5]. Margin Trading Market - The margin trading market is heating up, with a record balance of 2.54 trillion yuan, reflecting a 36.6% increase from the beginning of the year [7]. - Several firms have raised their margin trading limits, and a price war on interest rates has begun, with some firms offering rates below 4% [8][9]. Investment Banking and Technology - The securities industry is adapting to a new era of "hard technology," with reforms aimed at providing more inclusive financing paths for tech companies [10][11]. - Securities firms are establishing research institutes focused on emerging industries and enhancing their service capabilities through collaboration and talent development [11]. AI Integration - The adoption of AI technologies is rapidly transforming the industry, with applications expanding across various business functions, significantly improving efficiency [12][13]. - Firms are moving towards an "AI-native" model, enhancing client engagement and operational management through AI tools [12]. Internationalization of Securities Firms - The internationalization of Chinese securities firms is accelerating, with a focus on comprehensive service capabilities and participation in global market competition [14][15]. - This trend is driven by the growing demand for cross-border services and the strategic goal of building first-class investment banks [14]. Asset Management Transformation - The public offering process for asset management is at a turning point, with firms reassessing their positioning in the broader asset management landscape [16][17]. - The industry is witnessing a decline in the rush for public fund licenses, with many firms withdrawing applications, indicating a shift in focus towards existing business optimization [16]. Impact of Fund Fee Reforms - The implementation of public fund fee reforms is pushing securities firms to enhance their research and wealth management capabilities, with a notable decline in commission revenues [18]. - Firms are transitioning towards a buyer advisory model, focusing on asset management and providing comprehensive solutions rather than merely selling products [18]. Regulatory Environment - Regulatory signals indicate a potential easing of capital requirements for high-quality institutions, aimed at improving capital utilization efficiency [19]. - Analysts suggest that enhancing leverage and capital efficiency could drive growth in high-value capital-intensive businesses [19]. Name Changes Reflecting Strategic Shifts - A wave of name changes among securities firms signifies strategic realignments and resource restructuring following mergers and acquisitions [20][21]. - These changes reflect deeper integration and the influence of new stakeholders, indicating a shift in strategic focus and operational capabilities [20].

Core Viewpoint - Dongfang Securities predicts that the earnings per share of Gree Pharmaceutical-B (01672) will be -0.32, -0.35, and -0.38 HKD for the years 2025 to 2027, respectively, and estimates the company's fair market value at 18.366 billion HKD, corresponding to a target price of 18.38 HKD, initiating a "Buy" rating [1] Group 1: Weight Loss Market Potential - The prevalence of overweight or obesity is rapidly increasing, expected to affect nearly 3 billion people globally by 2030 [2] - Current weight loss drugs, primarily GLP-1 drugs, have low clinical usage rates, poor adherence, and significant weight rebound after discontinuation, indicating a need for improved options [2] - Real-world research suggests that more accessible, safer, and convenient GLP-1 drugs with longer dosing intervals could enhance usage rates and adherence, with oral, ultra-long-acting, and fat-loss-preserving drugs identified as promising directions [2] Group 2: Competitive Advantages of ASC30 - GLP-1 oral small molecules, such as ASC30, have multiple advantages over peptide-based drugs, with Eli Lilly's Orforglipron being the only oral small molecule to successfully complete Phase III clinical trials [3] - ASC30 is in the second tier of global development, showing stronger agonistic activity and higher exposure levels compared to Orfor, with optimal weight loss data and notable safety advantages in U.S. Phase I and II trials [3] - The increasing demand for business development (BD) opportunities in oral small molecules, especially after Orfor's Phase III results fell short of expectations, enhances ASC30's potential [3] Group 3: ASC47 and New Pipeline Developments - ASC47, a unique THRβ agonist, is part of the fat-loss-preserving pipeline, with the fastest progress seen in Eli Lilly's Bimagrumab, which shows improved weight loss effects when combined with semaglutide [4] - ASC47 demonstrated significantly enhanced weight loss effects in Phase I trials when combined with semaglutide, with a lower incidence of gastrointestinal adverse reactions and improved blood lipid profiles [4] - Since October 2025, the company has accelerated the clinical advancement of four new pipelines, including oral multi-target peptides and monthly subcutaneous injections, aiming to complete mainstream targets and report preliminary clinical data by the end of 2026 [4]

Core Viewpoint - The report from Dongfang Securities predicts that the earnings per share for Gree Pharmaceutical-B (01672) will be -0.32, -0.35, and -0.38 HKD for the years 2025 to 2027, respectively, and estimates the company's fair market value at 18.366 billion HKD, leading to a target price of 18.38 HKD, with an initial "Buy" rating assigned [1] Group 1: Weight Loss Market Potential - The prevalence of overweight and obesity is rapidly increasing, expected to affect nearly 3 billion people globally by 2030 [1] - Current weight loss drugs, primarily GLP-1 medications, have low clinical usage rates, poor adherence, and significant weight rebound after discontinuation [1] - Real-world research indicates that more accessible, safer, and more convenient GLP-1 drugs with longer dosing intervals could enhance usage rates and adherence, with oral, ultra-long-acting, and fat-loss-preserving medications identified as promising directions [1] Group 2: Competitive Advantages of ASC30 - The oral small molecule GLP-1, Orforglipron (Orfor) from Eli Lilly, is currently the only oral small molecule to have successfully completed Phase III clinical trials [2] - ASC30, developed by the company, is in the second tier of global development and shows stronger agonistic activity and higher exposure levels compared to Orfor, with superior weight loss data and safety in U.S. Phase I and II trials [2] - The increasing demand for business development (BD) opportunities in oral small molecules is noted, especially after Orfor's Phase III results fell short of expectations, enhancing ASC30's potential [2] Group 3: ASC47 for Fat Loss and Muscle Preservation - The pipeline for fat loss and muscle preservation includes Bimagrumab (Bima) from Eli Lilly, which shows the fastest progress, while ASC47 is the only THRβ agonist [3] - Phase II clinical results indicate that Bima combined with semaglutide (Semag) improves weight loss outcomes but has safety concerns such as muscle cramps [3] - ASC47 has demonstrated significantly improved weight loss effects when combined with Semag in Phase I trials, with a lower incidence of gastrointestinal adverse reactions and improved blood lipid profiles, positioning it as a safer fat loss and muscle preservation drug [3]