港股券商股持续走高，东方证券涨超10%，中信证券、华泰证券涨超9%，广发证券、中金公司纷纷上 扬。 ...

9月29日，东方证券盘中上涨2.05%，截至10:44，报10.94元/股，成交6.18亿元，换手率0.77%，总市值 929.53亿元。 机构持仓方面，截止2025年6月30日，东方证券十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股2.75亿股，相比上期增加4067.09万股。华泰柏瑞沪深300ETF（510300）位居第十大流通 股东，持股9302.33万股，为新进股东。国泰中证全指证券公司ETF（512880）退出十大流通股东之 列。 东方证券今年以来股价涨4.58%，近5个交易日涨3.99%，近20日跌3.10%，近60日涨13.25%。 责任编辑：小浪快报 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 ...

Core Insights - The overall sentiment in the securities industry remains optimistic, with expectations for continued profit growth in the third quarter driven by sustained demand for wealth management services [3][4]. Market Performance - As of September 29, 2025, the CSI All Share Securities Company Index experienced fluctuations, with Huayin Securities leading gains at 0.56% [1]. - The broker ETF (512000) saw a significant increase in scale, growing by 336 million yuan over the past week, ranking second among comparable funds [2]. - The broker ETF's latest share count reached 60.7 billion, marking a one-year high and leading among comparable funds [2]. Trading Activity - The broker ETF recorded a turnover of 0.04% during the trading session, with a total transaction value of 14.93 million yuan [2]. - Over the past 22 days, the broker ETF has experienced continuous net inflows, with a peak single-day inflow of 1.262 billion yuan, totaling 7.274 billion yuan in net inflows [2]. Profitability and Valuation - The securities industry is expected to maintain a double-digit profit growth rate year-on-year in the first half of 2025, reflecting a robust fundamental outlook [3]. - Despite a strong equity market performance year-to-date, the broker sector's index has lagged behind the broader market, indicating potential value in large broker valuations [4]. Investor Sentiment - As holidays approach, the topic of "holding cash or stocks" becomes crucial for investors, with many brokerages recommending "holding stocks through the holiday" based on optimistic market outlooks [2].

9月28日，上海文依电气股份有限公司在上海证监局办理辅导备案登记，拟向不特定合格投资者公开发 行股票并在北交所上市，辅导券商为东方证券。 ...

Core Viewpoint - 微亿智造 has submitted a listing application to the Hong Kong Stock Exchange, with Dongfang Securities (International) as the sole sponsor [1] Group 1: Company Overview - 微亿智造 is the largest EIIR supplier in China, with significant revenue growth projected for its flagship EIIR product from 2022 to 2024, becoming the main revenue driver for the company [1] - The company is one of the first globally to achieve large-scale commercialization of embodied intelligence in various complex industrial scenarios, covering industries such as 3C electronics, automotive manufacturing, new energy, fast-moving consumer goods, and semiconductors [1] Group 2: Product Lines and Offerings - 微亿智造 has developed three product lines: EIIR products, AI-enabled intelligent products, and modular products, providing comprehensive value from core technology components to production line-level solutions [1] - The company possesses the largest unstructured precision database in the industry, with over 15TB of data containing more than 1 billion precision data records [1] Group 3: Future Strategy - Starting in 2025, 微亿智造 will initiate an overseas business expansion strategy and has already served over 25 Fortune 500 and international industry-leading companies [1]

Investment Rating - The report maintains a positive outlook on the insurance sector, suggesting it is a growth area within the financial industry due to supply-side reforms and benefits from rising equity assets [2][17] - The securities sector is viewed as relatively undervalued with high growth potential, particularly in light of ongoing industry improvements and potential mergers and acquisitions [3][19] - The banking sector is expected to see a medium to long-term valuation recovery, with limited downside risk due to strong fundamentals [4][20] Core Insights - The non-bank financial index experienced a slight decline of -0.09%, underperforming the CSI 300 index by 1.16 percentage points [1][11] - The insurance sector has made significant progress in cost reduction, achieving a cumulative cost reduction of 350 billion yuan since 2024, with the lowest comprehensive cost and expense ratios in nearly a decade for property insurance [2][14] - The securities sector is projected to achieve a net profit of 67 billion yuan in Q3 2025, reflecting an 86% year-on-year increase, supported by a favorable market environment [3][19] - The banking sector's price-to-book (PB) ratio stands at 0.53, indicating substantial room for valuation recovery, with a focus on banks with high growth and low non-performing loans [4][20] Summary by Sections Insurance Sector - The insurance sector's index rose by 0.46%, but still underperformed the CSI 300 index by 0.61 percentage points [2][14] - The sector is benefiting from regulatory support and a focus on cost efficiency, with significant reductions in operational costs [2][15] - Investment recommendations include China Pacific Insurance (A+H), New China Life Insurance (A+H), and Ping An Insurance (A) [2][17] Securities Sector - The securities index fell by 0.18%, underperforming the CSI 300 index by 1.25 percentage points [3][18] - The sector is characterized by ongoing digital transformation and potential for mergers, with a projected net profit of 67 billion yuan for Q3 2025 [3][19] - Recommended stocks include Huatai Securities (A+H), GF Securities (A+H), and Dongfang Securities (A+H) [3][19] Banking Sector - The banking index declined by 0.48%, underperforming the CSI 300 index by 1.55 percentage points [4][20] - The banking sector's PB ratio is at 0.53, indicating a favorable valuation environment for long-term investments [4][20] - Investment focus should be on banks with diversified operations and stable performance, such as Hangzhou Bank and China CITIC Bank (H) [4][21]

Core Viewpoint - Proya has achieved significant recognition in the cosmetics industry by winning the "IFSCC 2025 Top Ten Basic Research Award" for its groundbreaking mitochondrial anti-aging research, marking it as the only Chinese cosmetics company to receive this award this year, reflecting the best performance of Chinese companies in global cosmetics competitions [1] Group 1: Company Achievements - Proya showcased 14 research achievements as a gold-level strategic partner of IFSCC [1] - The company is recognized for its significant breakthrough in mitochondrial anti-aging research [1] - Proya's award represents a milestone for Chinese enterprises in the global cosmetics sector [1] Group 2: Investment and Growth Strategy - The company is accelerating its pace of external investments, which is seen as a key strategy for becoming an industry giant [1] - The current market valuation is based on short-term pessimistic assumptions about the company's operations [1] - Confidence in the company's sustainable growth is supported by the formation of a new management team, ongoing R&D investments, and the initiation of H-shares [1] Group 3: Financial Projections - The forecast for Proya's earnings per share for 2025, 2026, and 2027 is set at 4.44, 5.13, and 5.88 yuan respectively [1] - The DCF target valuation for the company is 116.85 yuan, with a maintained "buy" rating [1]

东方证券研报指出，长安汽车上半年归母净利润22.91 亿元，同比下降19.1%；2季度归母净利润9.39 亿 元，同比减少43.9%，环比减少30.6%。公司2季度产品结构优化带动单车收入和毛利率提升，但海外品 牌发布和重点产品上市推广带来较高营销费用导致盈利环比下降。自主新能源品牌销量实现同比较高增 长，盈利能力持续改善。新长安将促进公司经营效率提升，高管增持彰显公司发展信心。另外，公司全 球布局稳步推进，海外市场有望成为未来重要增长点。可比公司25年平均PE估值23倍，目标价15.87 元，维持"买入"评级。 ...

东方证券研报指出，长安汽车上半年归母净利润22.91 亿元，同比下降19.1%；2季度归母净利润9.39 亿 元，同比减少43.9%，环比减少30.6%。公司2季度产品结构优化带动单车收入和毛利率提升，但海外品 牌发布和重点产品上市推广带来较高营销费用导致盈利环比下降。自主新能源品牌销量实现同比较高增 长，盈利能力持续改善。新长安将促进公司经营效率提升，高管增持彰显公司发展信心。另外，公司全 球布局稳步推进，海外市场有望成为未来重要增长点。可比公司25年平均PE估值23倍，目标价15.87 元，维持"买入"评级。 ...

（於中華人民共和國註冊成立之股份有限公司，中文公司名稱為 「東方證券股份有限公司」，在香港以「東方證券」（中文）及「DFZQ」（英文）開展業務） （附註6） ： （股份代號：03958） 2025年10月24日舉行的股東特別大會 之經修訂H股股東代表委任表格 與本經修訂代表委任表格有關 的H股數目 （附註1） 本人╱吾等 （附註2） ， 地址為 為東方證券股份有限公司（「公司」） 股H股 現委任大會主席或 （附註4） ， （附註3） 的持有人， 地址為 。 為本人╱吾等的代表出席2025年10月24日（星期五）下午二時正假座中華人民共和國上海市中山南路119號7樓多功能廳舉行的公 司2025年第一次股東特別大會（「股東特別大會」）或其任何續會，並代表本人╱吾等投票。本人╱吾等指示依照下列適用欄目所標 示，就2025年9月26日的股東特別大會通告所列議案投票。如無作出指示，則由本人╱吾等的代表酌情投票。 | | 特別決議案 | （附註5） 贊成 | （附註5） 反對 | （附註5） 棄權 | | --- | --- | --- | --- | --- | | 1. | 審議及批准關於修訂《公司章程》及其附件的議 ...