登录新浪财经APP 搜索【信披】查看更多考评等级 9月4日，大连重工接待了招商证券、大家资产管理等2家机构的特定对象调研，公司董事、高级副总 裁、首席财务官、董事会秘书陆朝昌等多位高管参与接待。本次调研围绕公司发展历程、业务板块、订 单情况、海外业务等多个方面展开交流，以下为本次调研的精彩要点。 业务布局与发展历程 大连重工前身系1993年成立的大连重工集团重型铸钢厂，2007年整体变更为股份有限公司，2008年在深 交所上市。2011年重大资产重组后，主营业务范围拓展，现已形成六大板块协同发展的产业集团，为多 领域提供高端装备和智能服务解决方案。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 各业务板块详细剖析产品拆分：2024年销售收入中， ...

而衡量各家券商所的卖方研究能力的指标也非常清晰——公募基金分派的分仓佣金的金额总量与排名。 尤其是随着公募基金佣金改革在去年下半年"落地"，2025年上半年的佣金排名，更直接的指向了公募基金研究和服务能力的强弱，这令得最新的佣金排行榜更加 为行业所瞩目。 谁是目前卖方研究行业的第一阵营？ 以下文章来源于资事堂 ，作者资事堂 资事堂 . 华尔街见闻出品 作 者 韩峻阳 编辑袁畅 在中国证券业的行业现实中，卖方研究业务从来就是"皇冠上的明珠"。 他虽然并不产生太多盈利，但彰显着一家券商的专业能力、综合影响力和业务操作水平，并对投资银行、自营、资产管理、财富管理等诸多业务有着很强的带动 作用。 谁是上半年进步最大的证券研究所？ 哪些券商研究所爆冷现身，又有哪些机构大热倒灶？ 分仓佣金就像一面镜子，照出的是券商研究所之间的你追我赶，也照出了行业的现实实力。 头部阵营：预料中的洗牌和洗牌中的"意外" 按理说，证券业里头部券商的排名是最稳定的，但今年不同。 因为，卖方研究市场中的两家老牌机构国泰君安和海通证券正式合并成了国泰海通证券。 在上半年佣金排名中，国泰海通也第一次以合并后的面貌亮相，这带来 卖方研究业务头部阵营的 ...

Core Viewpoint - The company intends to use part of its idle raised funds to temporarily supplement its working capital, ensuring that this does not affect the progress of its investment projects [1][5][6]. Summary of Fundraising Situation - The company raised a total of approximately 3.999 billion RMB through a non-public offering of up to 177,147,918 shares, with a net amount of about 3.995 billion RMB after deducting issuance costs [1]. - As of June 30, 2025, the company has utilized approximately 388.66 million RMB of the raised funds for various projects, including pig breeding and working capital supplementation [2]. Previous Use of Idle Funds - The company previously approved the temporary use of up to 110 million RMB of idle raised funds for working capital, with a usage period not exceeding 12 months [3][4]. Current Plan for Idle Funds - The company plans to use up to 110 million RMB of idle raised funds to temporarily supplement working capital, with the same 12-month usage period [4][5]. - The funds will only be used for operations related to the company's main business and will not affect the normal progress of investment projects [5][6]. Internal Decision-Making Process - The company held board and supervisory meetings on September 4, 2025, to approve the use of idle funds, ensuring compliance with relevant regulations [5][6]. Financial Efficiency and Cost Savings - By using idle funds for working capital, the company expects to save approximately 1.65 million RMB in financial costs, reducing reliance on bank loans [6].

格隆汇9月4日｜港股延续昨日跌势，三大指再度呈现高开低走行情，市场情绪持续低迷。截止收盘，恒 生指数跌1.12%险守25000点大关，国企指数跌1.25%，恒生科技指数跌1.85%。 (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 盘面上，大型科技股、大金融股(银行、保险、券商)等权重多数表现低迷拖累大市下行，其中，阿里巴 巴跌3.2%，小米跌超2%，招商证券(600999)、广发证券(000776)跌近2%，中国太保(601601)跌超5%领 衔内险股走低，内银股尾盘虽部分拉升但总体依旧疲弱；半导体芯片股跌幅较为明显，晶门半导体跌超 7%，龙头股中芯国际跌6.67%；由于黄金价格因获利了结而走弱，连续上涨的黄金股大肆回调，潼关黄 金跌近9%，中国黄金国际、灵宝黄金跌超7%，生物医药股、汽车股、苹果概念股等热门板块齐跌。 另一方面，农产品(000061)股、餐饮股、乳制品股 ...

展望今年下半年，华润啤酒7-8月的销量增速快于上半年。从出货量来看，在零售及数字化扩张及客户 关系管理驱动的执行力支持下，管理层预期下半年业绩将好于上半年。 招商证券国际发布研报称，维持华润啤酒(00291)目标价33.5港元及"增持"评级。凭借其强劲的自由现金 流及较低的资本开支需求，集团将中期派息比率提高至26%，并预期2025年派息比率将超50%。由于强 健的资产负债表及稳定的利润率，股息将仍是其投资逻辑的核心。在增长乏力的环境下，不断上升的派 息比率不仅能提供下行保护，还有助于支撑估值。 ...

Core Viewpoint - The report from China Merchants Securities International maintains a target price of HKD 33.5 for China Resources Beer (00291) and an "Accumulate" rating, highlighting the company's strong free cash flow and low capital expenditure needs [1] Group 1: Dividend Policy - The company has increased its interim dividend payout ratio to 26% and expects this ratio to exceed 50% by 2025, indicating a strong commitment to returning value to shareholders [1] - The robust balance sheet and stable profit margins suggest that dividends will remain a core part of the investment logic [1] Group 2: Market Performance - In the context of a sluggish growth environment, the rising dividend payout ratio is seen as providing downside protection and supporting valuation [1] - Looking ahead to the second half of the year, sales growth for China Resources Beer in July and August is expected to outpace that of the first half, driven by retail and digital expansion as well as effective customer relationship management [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 招商證券股份有限公司（「本公司」） 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600999 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,27 ...

智通财经APP获悉，招商证券发布研报称，六氟供需已处于紧平衡状态，若明年行业继续增长，明年可 能出现供需缺口。该行认为当前六氟磷酸锂价格有望继续上涨。考虑头部储能厂商的今明年在手订单较 为充足，目前储能排产的强势有望延续。从表面的供需态势看，接下来几个月六氟供需会处于紧平衡的 状态，考虑到明年需求仍有增长，明年六氟供需可能出现缺口。综上该行预计六氟价格上行有较好的持 续性。 招商证券主要观点如下： 下游需求强劲，锂电排产数据持续超预期 产业反馈，2025Q3锂电池排产环比仍有15%以上增长。部分格局相对有序的环节，在过去2年多下跌 后，开始迎来价格的向上拐点，其中，六氟磷酸锂环节的价格走势可能比较领先，该环节前三家企业市 占率近70%，集中度高，且当前六氟价格下仅天赐等个别企业盈利，二三线厂商普遍亏损，小厂关停较 长时间。近期，六氟公开市场报价已上涨至5.8万元/吨，TOP三的企业目前均处于满产状态，考虑接下 来几个月份排产继续向上，六氟供需已处于紧平衡状态，若明年行业继续增长，明年可能出现供需缺 口。该行认为当前六氟磷酸锂价格有望继续上涨。 风险提示：下游需求不及预期、新产能过快投放或爬坡 近期，六氟磷酸锂 ...

Core Viewpoint - A federal judge ruled that Google can retain its Chrome browser but must terminate exclusive search engine contracts for devices, while the company's AI continues to progress strongly, supported by a robust ecosystem of Android, YouTube, Chrome, and cloud services, which creates a competitive moat for its advertising business despite competition from chatbots [1] Group 1: Company Performance - Alphabet's valuation is the lowest among major US tech stocks, and the stability and strength of its advertising and cloud business make the risk-reward profile attractive [1] - The company has exceeded earnings expectations in recent quarters, indicating strong operational performance [1] Group 2: Future Projections - The firm expects a compound annual growth rate (CAGR) of 12% for revenue and 13% for operating profit from fiscal years 2024 to 2027 [1] Group 3: Target Price and Rating - Based on discounted cash flow analysis, the target price for Alphabet has been raised from $225 to $270, with a rating of "Buy," positioning it alongside industry favorites like Meta, DoorDash, and Netflix [1]

Core Viewpoint - The capital market is increasingly supporting technology innovation enterprises through various policy measures and financial services, with Shenzhen securities firms playing a pivotal role in this ecosystem [1][2]. Group 1: Capital Market Support - Recent policy initiatives such as "Technology Sixteen Articles," "Sci-Tech Innovation Board Eight Articles," and "Mergers and Acquisitions Six Articles" have opened new avenues for the development of technology innovation enterprises [1]. - Over the past three years, Shenzhen securities firms have successfully assisted 190 companies in listing on the Shanghai and Shenzhen stock exchanges, raising over 240 billion yuan, with 50 companies listed on the Sci-Tech Innovation Board and 66 on the Growth Enterprise Market [1]. Group 2: Transformation of Securities Firms - There is a need for securities firms to transition from "intermediary service providers" to "strategic value partners" to meet the full lifecycle funding needs of technology innovation enterprises [4]. - Shenzhen securities firms have made significant progress in this transformation, focusing on sectors such as "hard technology," "three innovations and four new," and specialized industries [5]. Group 3: Financial Services and Innovations - Shenzhen securities firms have expanded their service tools beyond IPOs and refinancing to include technology innovation bonds and asset-backed securities (ABS), catering to diverse financing needs [1][8]. - As of July 2025, six Shenzhen securities firms have successfully issued technology innovation bonds totaling 16 billion yuan, creating a "stock-bond fund linkage" ecosystem [8]. Group 4: Mergers and Acquisitions - Mergers and acquisitions are highlighted as effective strategies for listed companies to grow and strengthen their market position, with Shenzhen securities firms actively facilitating these processes [7]. - Notable examples include Huatai United's assistance in a landmark cross-border acquisition in the semiconductor sector, showcasing the firms' capabilities in complex transactions [7]. Group 5: Future Directions - The Shenzhen Securities Regulatory Bureau emphasizes the importance of reinforcing regulatory guidance and encouraging securities firms to focus on national strategies and technological innovation [9][10]. - There is a push for exploring new financing models such as technology REITs and ESG investments to ensure a steady flow of capital into technology innovation sectors [10].