证券之星消息，10月14日证券板块较上一交易日下跌0.46%，湘财股份领跌。当日上证指数报收于 3865.23，下跌0.62%。深证成指报收于12895.11，下跌2.54%。证券板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000728 | 国元证券 | 9.58 | 4.02% | 164.40万 | | 15.93亿 | | 600999 | 招商证券 | 17.20 | 0.70% | 105.89万 | | 18.25 Z | | 601211 | ■泰海通 | 18.82 | 0.70% | 137.90万 | | 26.03亿 | | 002500 | 山西证券 | 6.53 | 0.62% | 40.47万 | | 2.65亿 | | 600909 | 华安证券 | 6.42 | 0.47% | 66.28万 | | 4.29亿 | | 000776 | 广发证券 | 23.32 | 0.39% | 152.17万 | | 2666.58 ...

久日新材发行新股募集资金总额为185,415.74万元，募集资金净额为170,929.29万元。久日新材最终募集 资金净额比原计划多11387.21万元。久日新材2019年10月30日发布的招股说明书显示，公司拟募集资金 159,542.08万元，用于年产87,000吨光固化系列材料建设项目、光固化技术研究中心改建项目、补充流 动资金。 久日新材的发行费用总额为14,486.45万元，其中承销费用与保荐费用12,757.02万元。 中国经济网北京10月14日讯久日新材(688199.SH)今日收报25.41元，跌幅6.65%，总市值40.97亿元。目 前该股处于破发状态。 久日新材于2019年11月5日在上交所科创板上市，发行股份数量为2,780.68万股，占发行后总股本的 25%，全部为公开发行新股，发行价格为66.68元/股。久日新材的保荐机构(联席主承销商)为招商证券 股份有限公司，保荐代表人为孙越、刘宪广；联席主承销商为太平洋证券股份有限公司。 根据2024年6月13日披露的《2023年年度权益分派实施公告》，以实施权益分派的股权登记日登记的公 司总股本扣减公司回购专用证券账户中股份为基数分配利润，以 ...

招商证券发布研报称，预计25Q3京东集团-SW(09618)总收入同比+12.6%，Non-gaap归母净利润约42亿 元。Q3预计零售收入预计维持10%左右双位数增长，日百类及3P收入均维持较好增势，零售经营利润 率表现好于预期。长期看好公司自营壁垒下的增长韧性以及供应链强议价能力下的利润提升空间，维 持"强烈推荐"评级。 京东双十一10月9日晚8点现货开卖，时间相较去年有所提前。今年京东大促在玩法上大幅简化，通过官 方直降和加补券包为用户带来低价好货，此外大促期间月黑风高、秒杀、百补、PLUS会员等频道提供 进一步优惠，关注京东双十一大促表现。外卖方面，关注大促期间电商与外卖联合营销投入及表现。 Q3集团及零售收入预计增速符合预期，日百类及3P收入增势稳健 利润端来看，预计Q3京东零售经营利润率同比提高约0.3pct达到5.5%左右，主要源于供应链驱动的GPM 提升，以及广告佣金高利润率业务的增速更快收入占比提升。Q3集团Non-gaap归母净利润预计为42亿 左右，表现好于此前预期。 招商证券主要观点如下： 京东双十一提前开启，关注大促表现 2025Q3预计集团总收入同比+12.6%，京东零售收入同比+ ...

智通财经APP获悉，招商证券发布研报称，预计25Q3京东集团-SW(09618)总收入同比+12.6%，Non- gaap归母净利润约42亿元。Q3预计零售收入预计维持10%左右双位数增长，日百类及3P收入均维持较好 增势，零售经营利润率表现好于预期。长期看好公司自营壁垒下的增长韧性以及供应链强议价能力下的 利润提升空间，维持"强烈推荐"评级。 招商证券主要观点如下： Q3集团及零售收入预计增速符合预期，日百类及3P收入增势稳健 2025Q3预计集团总收入同比+12.6%，京东零售收入同比+10%，基本符合市场预期;分品类来看，带电 类由于8月底开始逐步进入国补高基数，以及去年8月黑悟空神话对电脑销售拉动较强带来高基数，Q3 带电类增速逐步放缓，预计后续高基数及国补额度有所收紧的驱动下，带电类增速将有所承压;日百收 入在商超类、时尚家居、健康等品类健康增势下预计Q3将维持较快增速;3P商家广告及佣金收入预计Q3 也有望维持Q2的较快增势。 利润端来看，预计Q3京东零售经营利润率同比提高约0.3pct达到5.5%左右，主要源于供应链驱动的GPM 提升，以及广告佣金高利润率业务的增速更快收入占比提升。Q3集团No ...

Core Viewpoint - The report from China Merchants Securities highlights the transition from traditional UPS systems to HVDC solutions in data centers due to increasing ICT equipment power density, which reveals the limitations of traditional UPS in efficiency, heat dissipation, and space utilization [1] Group 1: ICT Power Density Upgrade - The upgrade in ICT power density is driving the shift from traditional UPS to HVDC systems for primary power supply in data centers [1] - Data center power supply is structured in multiple levels, with primary power typically provided by UPS or HVDC systems, while secondary and tertiary power supplies cater to IT loads and chip-level requirements [1] - Traditional AC UPS systems are becoming inadequate in terms of load capacity, space efficiency, and economic viability, leading to HVDC becoming the mainstream technology for large and super-large data centers [1] Group 2: Development of 800V HVDC Solutions - Companies like NVIDIA are accelerating the development of 800V HVDC ecosystems by collaborating with power solution providers and upstream power device suppliers [2] - The overseas HVDC systems are more advanced than domestic solutions, incorporating components like BBU, supercapacitors, PDU, and Power Shelf, which enhance system performance and reliability [2] - Domestic HVDC solutions primarily rely on traditional architectures with lower voltage levels and lack the integration capabilities seen in overseas systems, particularly for AI load adaptation [2] Group 3: Opportunities for Chinese Companies - The large-scale adoption of HVDC may reshape the competitive landscape for traditional external power supply manufacturers, creating opportunities for Chinese companies to engage in OEM or collaborative product development [3] - Chinese firms possess advantages in power electronics technology, rapid response capabilities, and skilled engineering teams, positioning them well to enter overseas markets and achieve significant returns [3]

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 招商证券指出，银行板块基本面处于低波动略有改善状态，预计超额收益回归不会晚于十一月。 M1增速见顶确认和险资增量资金新额度进度是关键观察点。8月央行对"其他金融性公司债权"减少1100 亿元，可能表明资本市场活跃度已达政策合意水平，若银行无法稳市场情绪，逆周期压力或扩散至其他 板块。社融、M2、M1增速等总量流动性指标将陆续阶段性见顶，M1增速见顶最晚（11月中旬确 认），总量流动性需保持谨慎。银行间债市流动性方面，存款短期化、活期化、理财化趋势叠加同业存 款自律影响，微观银行负债不稳定程度上升，债市流动性内生不稳定程度也将上升。9月社融增速反 弹，但高点已过（7月），财政力度同比消退，M1增速大概率9月阶段性见顶后回落。当前银行估值对 应长期年化回报和夏普比率超越全市场，具备配置价值。 ...

Core Viewpoint - The article highlights the active engagement of listed securities firms in implementing semi-annual cash dividends in response to policy calls, enhancing investor returns and confidence in the market [1][3]. Summary by Sections Dividend Announcements - As of October 13, 2023, 28 out of 42 A-share listed securities firms have announced their semi-annual dividend plans for 2025, with five firms already distributing dividends to investors [2]. - Among these, CITIC Securities plans the highest cash dividend of 0.29 yuan per share, totaling 4.298 billion yuan, while other major firms like Zhongxin JianTou and Guotai Junan also announced significant dividends [2]. Dividend Distribution Progress - Five listed securities firms, including Shanxi Securities and First Venture, have completed their semi-annual dividend distributions, amounting to a total of 1.507 billion yuan, with the highest distribution from招商证券 at 1.035 billion yuan [2]. - Several firms are awaiting the implementation of their announced dividend plans, while others are in the proposal stage or have received shareholder approval [2]. Financial Performance and Future Plans - The positive performance of securities firms in the capital market has provided a solid foundation for their active dividend policies, with a focus on enhancing investor returns and confidence [3]. - Seven firms have published their dividend return plans for the next three years (2025-2027), with some committing to a minimum cash dividend ratio of 50% of distributable profits, indicating a strong commitment to shareholder returns [3]. Share Buybacks and Market Value Management - In addition to dividends, nine listed securities firms have engaged in share buybacks this year, totaling 216 million shares and 2.305 billion yuan, significantly higher than the previous year [4]. - Guotai Junan leads in buyback amounts at 1.215 billion yuan, followed by other firms like Zhongtai Securities and Caitong Securities [4]. - Experts suggest that securities firms should enhance their long-term value management through increased dividend frequency, improved operational performance, and transparent communication with investors [4].

51Talk是一家全球领先的1对1在线英语教育平台，面向K12学生，于2011年成立，2016年上市。由于中 国监管政策变化，51Talk战略性地将业务重心转向海外市场，并完全剥离中国大陆业务，目前在中国香 港、中东北非和东南亚市场运营。双减政策之前，51Talk的总现金收入曾在2020年达到27亿元人民币的 峰值，净利润率为高个位数。公司目前正在将其成功的国内运营经验复制到新的海外市场：2022至2024 年海外总收入年复合增长率超过80%。 AI与本地化运营赋能光明前景 2025年二季度总现金收入为2,850万美元，同比增长79%，活跃学生人数同比增长68%，达到91,300人。 集团收入为2,040万美元，同比增长86%，毛利率为75%。公司指引2025年三季度总现金收入将同比增长 85-90%，环比加速增长，受持续的市场扩展与渗透以及品牌推广活动(如利雅得宣传活动)推动。 该行认为两大关键驱动因素将持续支持其快速且可持续的增长：1)AI提升效率：包括内容/营销材料开 发、AI教师、教师招聘与培训的AI工具、AI免费试听课、实时翻译，以及师生运营管理等。2)本地化运 营：51Talk已在多个地区设立本地 ...

库存告罄，6F的本轮涨势有望穿越淡季周期 前三季度部分头部6F企业月度出货大于排产，库存不断降低，业界反馈多家六氟代表性公司库存已耗 尽。展望26Q1淡季，即便季度环比需求出现20%下滑，六氟公司只需要适当补库就仍能保持满产，因 此分析本轮涨势有望穿越淡季周期。 六氟等电解液环节，明年经营将继续上行 招商证券发布研报称，六氟磷酸锂价格加速上行，节后6F最高价格达7.3万元/吨，较节前涨价超8500元/ 吨。近期价格加速上涨可能系行业库存见底，且有效供给增量缺乏所致，部分头部企业由于库存耗尽， 25Q4出货环比可能出现下滑。据产业反馈，部分6F厂已经出现收款账期缩短、下游客户驻场要货的情 况。锂电下游储能、商用车需求持续超预期，明年锂电需求增量有一定支撑。六氟磷酸锂价格有望继续 上涨，且涨势将穿越26Q1淡季。 招商证券主要观点如下： 6F价格加速上涨 节后，6F报价加速上涨至6.6-7.3万元/吨，较节前涨价超8500元/吨，考虑到公开报价略有滞后，实际的 成交价格可能更高。据产业反馈，由于缺货影响，部分6F头部企业已向客户发函，缩短收款账期至一 个月以内(此前普遍超3个月)，部分下游客户驻场要货。近期价格加 ...

招商证券表示，稀土产业链管控再次升级，横向和纵向全方位拓宽管制范围。稀土产业链的战略地位随 之升华，有助于提升产业链上市公司估值。三季度稀土价格大涨，预计三季度和四季度稀土和磁材企业 利润明显改善。继续看涨稀土价格。 ...