格隆汇9月8日｜招商证券国际研究报告指，优必选(9880.HK)上半年归母净亏损4.1亿元人民币，按年及 按季分别收窄20%及32%，符合该行预期；期内收入按年升27.5%，净利率为66.6%，按年改善39.4个百 分点。公司9月起将开始为此前9,000万元汽车客户大单批量交付，全年工业机型出货上调至500台以 上；教育机器人天空行者科研版200至300台，预计今年总交付超过800台。另外，公司于9月再获国内知 名企业2.5亿元采购合同。该行分别上调2025至27年收入预测5%、4%及7%，亏损预测减少4%、2%及 22%，反映机器人订单及交付强于预期；目标价由110港元升至140港元，评级增持。 ...

招商证券国际研究报告指，优必选(9880.HK)上半年归母净亏损4.1亿元人民币，按年及按季分别收窄 20%及32%，符合该行预期；期内收入按年升27.5%，净利率为66.6%，按年改善39.4个百分点。公司9 月起将开始为此前9,000万元汽车客户大单批量交付，全年工业机型出货上调至500台以上；教育机器人 天空行者科研版200至300台，预计今年总交付超过800台。另外，公司于9月再获国内知名企业2.5亿元 采购合同。该行分别上调2025至27年收入预测5%、4%及7%，亏损预测减少4%、2%及22%，反映机器 人订单及交付强于预期；目标价由110港元升至140港元，评级增持。 ...

| 上半年深圳券商A股IPO新受理情况 | | | --- | --- | | 证券简称 | 项目数 | | 国信证券 | 6 | | 招商证券 | 4 | | 平安证券 | 2 | | 第一创业 | 1 | | | | 深圳券商2025年上半年营收、归母净利润情况 | | | | --- | --- | --- | --- | --- | | | | | | (单位:亿元) | | 证券简称 | 营业总收入 | 营收同比 | 归母净利润 净利润同比 | | | 国信证券 | 110.75 | 51.84% | 53.67 | 71.00% | | 招商证券 | 105.20 | 9.64% | 51.86 | 9.23% | | 国投证券 | 56.31 | 27.43% | 16.97 | 39.67% | | 长城证券 | 28.59 | 44.24% | 13.85 | 91.92% | | 第一创业 | 18.32 | 20.20% | 4.86 | 21.41% | | 五矿证券 | 5.07 | -13.67% | 1.17 | -3.36% | | 英大证券 | 3.89 | 3.71% | ...

Accessible version Securities Broker/Dealer - China (H/A) 1H25 wrap-up: Fee income back in the game; mixed trading income in 3Q Price Objective Change Fee income back to double-digit growth after 3 years Brokers reported better-than-expected revenue and earnings growth in 1H25, backed by market sentiment rebound. Net profit grew by 40% YoY (excluding one-offs) in 1H25, or +33%/18% QoQ in 2Q25. Total operating income rose by 24% YoY, with 18% YoY growth in fee income and 48% YoY surge in trading income on av ...

Group 1: Market Liquidity Characteristics - Recent market liquidity characteristics indicate a clear divergence in ETF fund flows, with broad-based funds decreasing while industry/theme funds are increasing, and A-shares decreasing while Hong Kong stocks are increasing, reflecting a high-cut low characteristic of institutional allocation funds [1] - The market may be entering the last round of intensive subscription and redemption phase for actively managed public funds since 2021, as core assets held by institutions rise, which may help alleviate redemption pressure and shift focus towards the next industrial trend and economic recovery [1] - The coexistence of high debt funding rates and passive interest rate cuts from central banks abroad is easing competitive pressure on Chinese manufacturing, suggesting a long-term recovery in profit margins as the industry shifts from market share advantages to pricing power [1] Group 2: Investment Strategies - It is recommended to adjust portfolio structures by focusing on structural opportunities in sectors such as consumer electronics, resources, innovative pharmaceuticals, chemicals, and gaming [2] - The current high risk appetite in the market supports equity asset performance, with a suggestion to overweight AH shares and US stocks while maintaining a standard allocation to bonds and gold [3] - The A-share market is expected to experience a low-slope upward trend after recent adjustments, with a focus on sectors like AI computing power, solid-state batteries, humanoid robots, and commercial aerospace [5] Group 3: Sector Focus and Trends - The A-share market is currently in a phase of resonance inflow from both institutions and individuals, with a focus on TMT sectors as a long-term main line, while short-term strategies may involve low-crowding sectors [4] - The market is likely to continue a trend of oscillation and upward movement, with attention on sectors such as machinery and electrical equipment that have potential for rebound [7] - The focus on sectors benefiting from domestic high-tech industry development and the "anti-involution" concept is emphasized, particularly in low-valuation assets in the service consumption field [7] Group 4: Market Sentiment and Volatility - The A-share market is experiencing increased volatility, with a cautious sentiment prevailing compared to previous phases, but is expected to maintain a trend of oscillation and upward movement [9] - The market is likely to enter a phase of consolidation, with a focus on sectors that have lagged behind but still have strong economic logic [6] - The current high volatility in the market suggests that a new trend of significant upward movement will require new catalysts, with attention on sectors like electrical equipment and non-ferrous metals [8]

Core Viewpoint - The China Securities Association has introduced a new evaluation system focused on the financial "Five Major Articles" to enhance the responsibilities of securities firms and align their services with national strategies [1][2]. Group 1: Evaluation Framework - The evaluation method consists of 25 articles divided into four chapters: general principles, evaluation indicators and scoring methods, implementation and results application, and appendices [1]. - The evaluation aims to guide securities firms to invest resources in key national strategic areas, enhancing risk control and promoting high-quality industry development [1][2]. Group 2: Evaluation Indicators - The evaluation includes quantitative indicators for the five areas: technology finance (50 points), green finance (10 points), inclusive finance (10 points), pension finance (10 points), and digital finance (10 points) [2][3]. - Specific indicators for technology finance include amounts and numbers of technology innovation bond underwriting, equity financing for technology companies, and direct investments in non-listed technology firms [1][3]. Group 3: Industry Impact - The introduction of the evaluation system is expected to shift the focus of securities firms from scale expansion to deeper functional development, promoting a more differentiated competitive landscape [2][5]. - The evaluation encourages firms to enhance their service capabilities in technology, green, and inclusive finance, moving away from short-term profit-seeking behaviors [2][8]. Group 4: Performance Rankings - The top firms in technology finance include CITIC Securities with 128.19 billion yuan in technology innovation bond underwriting, followed by CITIC Jiantou and Guotai Junan [5][6]. - In the inclusive finance sector, the leading underwriters for private enterprise bonds are招商证券 and 广发证券, both exceeding 30 billion yuan [7]. - The rankings reflect a competitive landscape where leading firms dominate core areas while smaller firms carve out niches in specific segments [5][8].

短期市场调整接近尾声，转为低斜率上行更加持续。在经过调整后，市场情绪可能会边际放缓，增量资 金节奏可能会更加健康，未来正如我们九月报所描述，市场接下来转为更低斜率上行的概率较大。我们 仍处在牛市第二阶段，调整后的核心应对策略是"拥抱低渗透率赛道"，当前可关注固态电池，AI算力， 人形机器人，商业航天等领域。除此之外，中期角度，也可关注高内在回报率质量成长策略。 ...

【主题·风向】OpenAI宣布自研AI芯片，算力供需格局将改变。据《The Information》报道，OpenAI大 幅上调至2029年的现金消耗预测，总额高达1150亿美元，较此前预期高出800亿美元。其中2025年预计 烧钱超过80亿美元，2026年则将超过170亿美元，是此前预测的两倍以上，比早前预测高出100亿美元； 到2027年将达到350亿美元，2028年则将达到450亿美元。其增加的资本开支主要用于研发自有的数据中 心服务器芯片和设施。据《金融时报》报道，OpenAI与博通联合设计的首款自研AI芯片预计将于明年 出货，用于公司内部算力扩展，不对外销售。该项目订单规模达100亿美元，成为博通定制AI芯片业务 第四大客户。消息公布后，博通股价大涨9.4%，市值升至1.6万亿美元。 【复盘·内观】本周A股市场整体走势偏弱，主要原因为：(1)阅兵前后的市场博弈较为激烈，部分投资 者对近期超涨的方向(如国产算力等)进行了大幅止盈；(2)美股虽维持高位震荡，但不少科技龙头均出现 明显的破位情况，间接影响市场风偏；(3)市场缩量明显，且场内呈现出多题材轮动上涨的特征，使投 资者不易聚焦。 【中观·景气】8 ...

行 业 及 产 业 非银金融 行 业 研 究 / 行 业 点 评 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 冉兆邦 A0230524090003 ranzb@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 联系人 罗钻辉 (8621)23297818× luozh@swsresearch.com 2025 年 09 月 07 日 公募三阶段降费落地，1H25 保险 行业增配二级权益超 6000 亿元 看好 ——非银金融行业周报（2025/9/1-2025/9/5） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 - ⚫ 券商：本周申万券商 II 指数收跌 5.31%，跑输沪深 300 指数 4.50pct。《公开募集证券投资基金 销售费用管理规定（征求意见稿）》（下称"征求意见稿"）：1）持续推进降费让利投资者：合 理调 ...

Group 1 - The core viewpoint of the report indicates that companies with upward revisions in earnings before and after the disclosure of mid-year performance are primarily concentrated in sectors such as pharmaceuticals (chemical preparations, medical R&D outsourcing, other biological products, raw materials), TMT (digital chip design, IT services III, vertical application software, communication network equipment and devices, gaming III, printed circuit boards, analog chip design), and high-end manufacturing (chassis and engine systems, other specialized equipment, energy and heavy equipment, aerospace equipment III, lithium batteries) [1] - Additional sectors identified with upward earnings revisions include securities, copper, pesticides, other chemical products, and thermal power [1]