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 specific sectors [1] Group 2 - The sectors with significant earnings upgrades include pharmaceuticals, particularly in chemical preparations, medical research outsourcing, other biological products, and raw materials [1] - The TMT sector shows notable performance improvements in areas such as digital chip design, IT services, vertical application software, communication network equipment and devices, gaming, printed circuit boards, and analog chip design [1] - High-end manufacturing also demonstrates upward earnings revisions, especially in chassis and engine systems, other specialized equipment, energy and heavy equipment, aerospace equipment, and lithium batteries [1] - Additional sectors experiencing earnings upgrades include securities, copper, pesticides, other chemical products, and thermal power [1]

智通财经APP获悉，招商证券发布研报称，上市公司中报业绩披露前后，盈利上修的个股主要集中在医 药（化学制剂、医疗研发外包、其他生物制品、原料药）、TMT（数字芯片设计、IT服务Ⅲ、垂直应 用软件、通信网络设备及器件、游戏Ⅲ、印制电路板、模拟芯片设计）、中高端制造（底盘与发动机系 统、其他专用设备、能源及重型设备、航空装备Ⅲ、锂电池），以及证券、铜、农药、其他化学制品、 火电等。 招商证券主要观点如下： 业绩上修：集中在医药、TMT 和中高端制造等 截至8月31日，A股上市公司中报业绩基本披露完毕。与披露前（7月15日）相比，有794家个股2025年 一致盈利预期同比增速向上调整。 业绩实现上修的公司主要集中在： 其他：证券（市场交投活跃）、铜（量价齐升）、农药、其他化学制品（部分产品量价齐升+海外创 收）、火电（成本下行，业绩超预期修复）等。 收入或利润创历史同期新高 2025H1 累计收入以及 2025Q2 单季度收入创同期历史新高的个股集中在： TMT：消费电子零部件及组装、印制电路板、数字芯片设计、其他计算机设备、其他电子Ⅲ、通信网 络设备及器件、模拟芯片设计，硬件主要受益于科技周期向上，算力、AI服务 ...

招商证券发布研报称，疲弱的8月非农就业数据（新增2.2万人，远低于预期）叠加失业率升至4.3%，巩固了市场对美联储将 于9月降息的预期，并引发了投资者对更激进降息步伐（如50个基点或连续降息）的押注。数据表明劳动力市场显著降温， 不仅新增就业疲软、前值大幅下修，且工作时长持平、时薪增速放缓。市场反应剧烈，美债收益率大幅下行、美元走弱， 同时经济降温的担忧也给美股带来了调整压力。 核心观点 在7月美国非农数据断层下调之后，8月非农新增数据再度大幅低于预期。由于本周中发布的JOLTS和ADP就业数据均表现疲 弱，且海外市场预计BLS将对非农基准修订数据大幅下修，本期数据发布前已基本确立美联储9月降息预期。数据发布后， 美债2年期收益率再度下行11BP左右，海外市场开始出现9月降息50BP或连续降息预期，美元指数走弱，经济基本面降温压 力带动美股调整。 具体来看：1）8月非农新增2.2万人，大幅低于市场所预期的7.5万人。前月数据再度下修，7月非农新增数据从初值的7.3万 人小幅调整至7.9万人，6月数据再度下修至-1.3万人，为2020年4月以来首度出现负值。 2）分行业来看，建筑业、制造业、商业服务和政府部门均 ...

Core Viewpoint - The overall performance of the securities industry has shown a recovery in the first half of the year, with major firms expressing optimism about sustaining this momentum into the second half [3][4]. Performance Overview - The 42 listed securities firms collectively achieved operating revenue of approximately 251.87 billion yuan, a year-on-year increase of over 10% [3]. - The net profit attributable to shareholders reached about 104.02 billion yuan, with a year-on-year growth rate of 65% [3]. - Several firms, including Shenwan Hongyuan and China Merchants Securities, indicated plans to capitalize on opportunities in the second half to maintain their growth trajectory [3]. Business Strategy - Wealth management, proprietary investment, and investment banking remain the core business lines, while digital transformation and international expansion are emerging as key focus areas [6]. - Firms are emphasizing a customer-centric approach in wealth management, with strategies to enhance service offerings [6]. - In proprietary investment, firms are adopting a conservative approach with a focus on absolute returns [6]. Investment Banking Focus - Smaller firms are concentrating on regional development and industry-specific strategies, with a focus on local economic initiatives [7]. - Digital transformation and internationalization are seen as essential for improving operational efficiency, with several firms planning to enhance their overseas financial services [7]. Dividend Plans - A total of 28 out of 42 listed firms plan to implement mid-term cash dividends, with a cumulative total of 18.80 billion yuan, reflecting a year-on-year increase of 39.8% [9]. - Notably, China CITIC Securities leads with a proposed cash dividend of 4.30 billion yuan [9]. - Companies are committed to maintaining stable and sustainable dividend policies to enhance investor confidence [10].

| 招商证券股份有限公司 | | --- | | 关于包头东宝生物技术股份有限公司 | | 保荐人名称：招商证券股份有限公司 被保荐公司简称：东宝生物 | | 保荐代表人姓名：留梦佳 联系电话：021-58835130 | | 保荐代表人姓名：周冰昱 联系电话：021-58835130 | | 一、保荐工作概述 | | 项 目 工作内容 | | （1）是否及时审阅公司信息披露文件 是 | | （2）未及时审阅公司信息披露文件的次数 不适用 | | （1）是否督导公司建立健全规章制度（包括但不 | | 限于防止关联方占用公司资源的制度、募集资金 | | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | 制度） | | （2）公司是否有效执行相关规章制度 是 | | （1）查询公司募集资金专户次数 1 每月 次 | | （2）公司募集资金项目进展是否与信息披露文件 | | 是 | | 一致 | | （1）列席公司股东大会次数 2 次，已审阅历次会议文件 | | （2）列席公司董事会次数 2 次，已审阅历次会议文件会议 | | （1）现场检查次数 1次 | | （2）现场检查报告是否按照本所规定报送 ...

截至发稿，新时达市值为108亿元。 每经AI快讯，新时达（SZ 002527，收盘价：16.35元）发布公告称，2025年9月2日、9月4日、9月5日， 新时达接受招商证券等投资者调研，公司董事会秘书、副总经理刘菁等人参与接待，并回答了投资者提 出的问题。 2025年1至6月份，新时达的营业收入构成为：工业占比100.0%。 每经头条（nbdtoutiao）——烤肉店里洗头、西湖边开面包店、进军高端酒店……海底捞"不务正业"背 后：子品牌存活率不足50% （记者 王晓波） ...

Core Viewpoint - Shanghai New Times Electric Co., Ltd. has attracted significant attention from the capital market due to its business layout and development prospects, as evidenced by multiple institutional research activities [1] Group 1: Investor Relations Activities - The company held investor relations activities including specific object research and communication meetings with various securities firms [1] - The meetings took place on September 2, September 4, and September 5, 2025, with participation from 14 institutions including major securities and investment firms [1] - Key personnel from the company included the board secretary and the deputy general manager [1] Group 2: Key Discussion Points - Haier's Empowerment: The company has leveraged 30 years of control technology to achieve horizontal iteration in specialized control and expand into general control, aligning with AI applications [2] - Intelligent Welding Solution: The company plans to launch an intelligent welding solution in September 2025, applicable across multiple industries, particularly in shipbuilding [2] - Humanoid Robot Development: The company aims to introduce a humanoid general controller and complete machine by the end of 2025, focusing on customizable development and modular design [2] - Semiconductor Robotics: After three years of investment, the company has developed a leading domestic semiconductor wafer transfer robot, which is now in mass production for chip simulation [2] - Industry Competition: New Times Electric operates within the digital economy sector under Haier Group, focusing on foundational products and control, which can support solution-oriented businesses and facilitate data collaboration [2]

赶上了好行情，券商经纪业务收入颇丰。根据Wind数据统计，上半年证券行业实现经纪业务手续费净收入789.52亿元， 较去年同期的603.58亿元多收三成多。 从具体公司来看，上半年经纪业务手续费净收入排名前十的券商分别是中信证券、国泰海通、广发证券、华泰证券、招 商证券、东方财富证券、中国银河证券、国信证券、中信建投和平安证券。其中，中信证券实现经纪业务手续费净收入 64.02亿元，是唯一一家超过60亿元的券商，紧随其后的是斩获57.33亿元的国泰海通，两家券商的这一指标均遥遥领先于 其他券商。整体来看，前十券商累计实现经纪业务手续费净收入408.14亿元，占全行业比例高达51.69%。 在经纪业务手续费净收入高速增长的同时，不少券商的新开户数据也在本轮行情中快速增长。据国泰海通介绍，报告期 末，公司境内个人资金账户数3845万户，较上年末增长4.2%，其中富裕客户及高净值客户数较上年末增长6.8%；私人订 制服务资产规模较上年末增长57.7%；君弘APP及通财APP平均月活1558万户，较上年增长9.6%。 国信证券在半年报中披露，截至2025年6月末，公司经纪业务客户托管资产超过2.6万亿元，较上年末增长 ...

Core Insights - The performance of listed securities firms in the first half of 2025 showed significant growth, with all 50 firms reporting an increase in net profit, marking the first time since 2022 that no firm reported a loss [1][2] - Major mergers and acquisitions in the industry have contributed to this growth, with firms like Guotai Junan and Haitong Securities achieving substantial results post-merger [1] - The competitive landscape among top firms has intensified, particularly with the merger of Shanghai-based firms [1] Group 1: Financial Performance - The top 10 securities firms reported a combined revenue of 154.3 billion yuan, a year-on-year increase of 14.89%, and a net profit of 74.9 billion yuan, up 60.52% [2][3] - Guotai Junan led the industry with a net profit of 15.74 billion yuan, a staggering increase of 213.74%, driven by negative goodwill from its merger with Haitong Securities [3][4] - Other notable performers included CITIC Securities with a net profit of 13.72 billion yuan (up 29.80%) and Huatai Securities with 7.55 billion yuan (up 42.16%) [3][4] Group 2: Business Segments - The self-operated business of the top 10 firms saw a significant increase, with total income reaching 71.07 billion yuan, a year-on-year growth of 50.83% [5] - Brokerage business income rose to 36.71 billion yuan, up 47.13%, while investment banking income increased by 19.44% to 8.83 billion yuan [5] - Asset management income showed modest growth of 2.42%, totaling 14.95 billion yuan [5] Group 3: International Operations - The international operations of the top firms have become a key growth area, with significant expansions in Hong Kong and other markets [6][7] - The average daily trading volume in the Hong Kong stock market increased by 118% year-on-year, contributing to the growth of firms' international revenues [6] - Notably, Guoxin Hong Kong reported a net profit increase of over 1300%, highlighting the success of international strategies [7][8] Group 4: Competitive Landscape - The rankings among the top ten firms remained stable, with no new entrants or exits, indicating a solidified competitive structure [5] - The competition among top firms is fierce, particularly in the self-operated and brokerage segments, where firms are vying for market share [4][5] - The performance of international subsidiaries is also becoming a critical factor in overall competitiveness, with firms like CITIC Securities International leading in net profit [8][9]

科技创新是引领高质量发展的核心引擎，加快形成新质生产力是构建现代化产业体系的战略支点。近两 年，深圳证监局坚持政策引导与监管要求并举，督促辖区券商从"中介服务商"向"战略价值伙伴"转型， 将服务科技创新置于公司战略核心。 数据显示，近3年深圳券商已成功助力190家企业登陆沪深北交易所（科创板50家、创业板66家），融资 总额超2400亿元。 在发行端，截至7月，中信证券、招商证券、国信证券、平安证券、长城证券、第一创业证券等6家深圳 券商率先成功发行券商科技创新债，发行规模达160亿元，构建"股债基联动"生态，推动更多金融资源 向促进高水平科技自立自强的关键领域配置。 在承销端，深圳券商服务企业发行科创债融资同样强劲，并落地多个全国首创项目。例如中信证券上半 年累计服务超过40家企业发行科技创新债券，合计融资规模逾700亿元，并为首批科创债ETF提供托 管、做市、销售等全链条金融支持。 以及国信证券成功落地全国首单民营创投"科技创新债"，成为债券市场"科技板"创设后首个获央行风险 分担机制直接支持的项目；国投证券助力西安高新技术产业风险投资创新推出全国首单"科技创新+中 小微企业支持"双贴标创投债，化解创投募 ...