智通财经APP获悉，信达证券发布研报称，7月15日，英伟达(NVDA.US)创始人兼CEO黄仁勋在接受央 视记者采访时表示，公司正在提交恢复对华销售H20GPU的申请，美国政府已明确保证将授予许可证， 英伟达希望尽快开始交付。H20作为英伟达面向中国市场的主力合规AI芯片，其恢复供应或将满足国内 积压的部分算力需求。此前因许可证不确定性导致的产业链订单延迟与观望情绪有望缓解，英伟达核心 供应商的订单可见度与出货节奏或将回归明朗，H2起业绩增长动能有望继续增强。 信达证券主要观点如下： 美国政府批准H20出口许可，英伟达将发布RTX PRO GPU 7月15日，英伟达创始人兼CEO黄仁勋在接受央视记者采访时表示：1)公司正在提交恢复对华销售 H20GPU的申请，美国政府已明确保证将授予许可证，英伟达希望尽快开始交付。2)英伟达还将发布一 款全新、完全合规的RTX PRO GPU，专为计算机图形、数字孪生和人工智能设计。 H20限制三个月后解禁，有利于国内AI大模型训练和推理 半导体国产替代进程不及预期，下游需求发展不及预期。 根据美国现行和之前的出口规定，H20也是英伟达可以向中国出口的最先进的AI芯片。H20 ...

Core Viewpoint - Central Huijin Investment Co., Ltd. plays a crucial role in promoting the reform of major financial institutions and maintaining financial stability in China through capital injection and equity management [1] Group 1: A-share Banking Listed Companies - Industrial and Commercial Bank of China (ICBC) is the largest commercial bank globally, with a registered capital of 356.406 billion yuan and a market-leading position in corporate banking [3] - Agricultural Bank of China (ABC) has a strong presence in rural finance, with a registered capital of 349.983 billion yuan, and plays a vital role in the rural revitalization strategy [6] - Bank of China (BOC) is the oldest bank in China with a focus on foreign exchange and cross-border financial services, having a registered capital of 294.388 billion yuan [9] - China Construction Bank (CCB) excels in infrastructure financing and housing finance, with a registered capital of 250.011 billion yuan [12] - China Everbright Bank focuses on traditional banking services and has expanded into wealth management and consumer finance, with a registered capital of 59.086 billion yuan [14] Group 2: A-share Insurance Listed Companies - Ping An Insurance is the largest comprehensive financial services group in China, with a registered capital of 18.21 billion yuan, offering a wide range of financial products [27] - China Life Insurance is a leading state-owned life insurance company with a registered capital of 28.265 billion yuan, focusing on traditional life and health insurance products [29] - New China Life Insurance is recognized for its high-value business transformation, with a registered capital of 3.12 billion yuan, emphasizing health insurance growth [31] Group 3: A-share Securities Listed Companies - China International Capital Corporation (CICC) is the first Sino-foreign joint investment bank in China, with a registered capital of 4.827 billion yuan, focusing on high-net-worth clients [33] - Shenwan Hongyuan is a comprehensive securities company formed by the merger of two historical firms, with a registered capital of 25.04 billion yuan [35] - China Galaxy Securities has a strong presence in brokerage and asset management, with a registered capital of 10.934 billion yuan [41] Group 4: A-share Internet Financial Listed Companies - Eastmoney Information is a leading internet financial service platform in China, with a registered capital of 15.786 billion yuan, excelling in securities and fund sales [61] Group 5: A-share Diversified Financial Listed Companies - Zhejiang Dongfang has licenses in trust, futures, and insurance, with a registered capital of 3.415 billion yuan, focusing on digital transformation [63] - Shaanxi Guotou A is the first company in Northwest China to conduct comprehensive trust business, with a registered capital of 5.114 billion yuan [65] Group 6: Strategic Positioning - Central Huijin holds or heavily invests in 26 major financial listed companies, enhancing industry resource allocation and concentration, which is expected to boost stock prices and valuations [67]

Group 1 - Cathay Pacific Haikou expects a net profit increase of 205%-218% for the first half of 2025, with a projected profit of 15.283 billion to 15.957 billion yuan [1] - The main reason for the profit increase is the merger with Haitong Securities, which has led to significant growth in wealth management and trading revenues [1] - Shenyuan Hongyuan anticipates a net profit increase of 92.66%-111.46% for the first half of 2025, with a projected profit of 4.1 billion to 4.5 billion yuan [6][7] Group 2 - Southern Airlines expects a net loss of 1.338 billion to 1.756 billion yuan for the first half of 2025, primarily due to changes in passenger structure and international uncertainties [2] - China Eastern Airlines projects a net loss of 1.2 billion to 1.6 billion yuan for the first half of 2025, influenced by intense domestic market competition [3] - Air China anticipates a net loss of 1.7 billion to 2.2 billion yuan for the first half of 2025, affected by market supply imbalances and international uncertainties [4] Group 3 - HNA Group expects to turn a profit in the first half of 2025, with a projected net profit of 45 million to 65 million yuan, attributed to improved market conditions and operational adjustments [5] - CICC forecasts a net profit increase of 55%-78% for the first half of 2025, with a projected profit of 3.453 billion to 3.966 billion yuan [8] - CITIC Securities anticipates a net profit increase of 55%-60% for the first half of 2025, with a projected profit of 4.43 billion to 4.573 billion yuan [9] Group 4 - Shandong Gold expects a net profit of 2.55 billion to 3.05 billion yuan for the first half of 2025, representing an increase of 84.3%-120.5% [10] - Poly Developments anticipates a net profit decrease of 63.15% for the first half of 2025, with a projected profit of 2.735 billion yuan [11] - Luoyang Molybdenum expects a net profit increase of 51%-68% for the first half of 2025, with a projected profit of 8.2 billion to 9.1 billion yuan [13] Group 5 - Longi Green Energy expects a net loss of 2.4 billion to 2.8 billion yuan for the first half of 2025, but with a significant reduction in losses compared to the previous year [14] - Tongwei Co. anticipates a net loss of 4.9 billion to 5.2 billion yuan for the first half of 2025, influenced by ongoing industry challenges [15] - Ganfeng Lithium expects a net loss of 300 million to 550 million yuan for the first half of 2025, an improvement from the previous year's loss [16] Group 6 - Jianghuai Automobile expects a net loss of approximately 680 million yuan for the first half of 2025, primarily due to increased competition in the international market [21] - Yonghui Supermarket anticipates a net loss of 240 million yuan for the first half of 2025, attributed to ongoing transformation challenges [22] - ST Huatuo expects a net profit increase of 107.2%-159% for the first half of 2025, with a projected profit of 2.4 billion to 3 billion yuan [23] Group 7 - New Hope anticipates a net profit of 680 million to 780 million yuan for the first half of 2025, marking a turnaround from losses [25] - Linyi Intelligent Manufacturing expects a net profit increase of 32%-67% for the first half of 2025, with a projected profit of 900 million to 1.14 billion yuan [27] - Pengding Holdings expects a net profit increase of 52.79%-60.62% for the first half of 2025, with a projected profit of 1.198 billion to 1.26 billion yuan [29] Group 8 - Hengtong Electronics expects a net profit increase of 740.95% for the first half of 2025, with a projected profit of approximately 251 million yuan [30] - Shengyi Technology anticipates a net profit increase of 50%-56% for the first half of 2025, with a projected profit of 1.4 billion to 1.45 billion yuan [31] - Founder Securities expects a net profit increase of 70%-80% for the first half of 2025, with a projected profit of 2.299 billion to 2.43 billion yuan [33]

2025.07. 14 7月14日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 中化装备：拟购买益阳橡机、北化机100%股权 明起停牌 中化装备(600579)公告，公司拟发行股份购买中国化工装备有限公司持有的益阳橡胶塑料机械集团有 限公司（以下简称"益阳橡机"）100%股权、北京蓝星节能投资管理有限公司持有的蓝星（北京）化 工机械有限公司（以下简称"北化机"）100%股权，并向不超过35名符合条件的特定投资者发行股份 募集配套资金。公司股票自2025年7月15日（星期二）开市起开始停牌，预计停牌时间不超过10个交 易日。 苏州规划：拟购买东进航科100%股权 股票复牌 苏州规划(301505)公告，公司拟通过发行股份及支付现金的方式向张宁等21名交易对方购买其持有的 东进航科100%股份，并向不超过35名特定投资者发行股份募集配套资金。公司股票将于2025年7月 15日（星期二）开市时起复牌。 航天发展：独立董事邹志文因其个人涉嫌串通投标罪被刑事拘留 公司目前生产经营正常、稳定 航天发展(000547)公告，公司于2025年7月14日收到独立董事邹志文 ...

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant changes in their financial forecasts and strategic decisions, indicating varied performance across different sectors in the first half of 2025 [1][3]. Company Announcements - Zhonghua Equipment plans to acquire 100% stakes in Yiyang Rubber and Plastic Machinery Group and Beihua Machinery, with stock suspension starting July 15, 2025, for up to 10 trading days [3]. - Jiugui Liquor expects a net profit decline of 90.08% to 93.39% in the first half of 2025, with projected revenue around 560 million yuan, a decrease of approximately 43% year-on-year [5]. - Suli Co. anticipates a net profit increase of 1008.39% to 1223.91%, with expected profits between 72 million and 86 million yuan, driven by improved market conditions [6]. - Te Yi Pharmaceutical forecasts a net profit growth of 1164.22% to 1312.95%, with profits expected between 34 million and 38 million yuan, supported by strong sales of its core product [7]. - Huahong Technology predicts a net profit increase of 3047.48% to 3721.94%, with expected profits between 70 million and 85 million yuan, benefiting from rising rare earth product prices [8]. - Huaxia Airlines expects a net profit increase of 741.26% to 1008.93%, with profits projected between 220 million and 290 million yuan, due to improved demand for air travel [9]. - Xianfeng Holdings anticipates a net profit increase of 524.58% to 671.53%, with expected profits between 34 million and 42 million yuan, largely due to non-recurring gains [10]. - Xinyisheng expects a net profit increase of 327.68% to 385.47%, with profits projected between 370 million and 420 million yuan, driven by growth in AI-related investments [12]. - Hengsheng Electronics forecasts a net profit increase of approximately 740.95%, with expected profits around 251 million yuan, aided by significant non-recurring gains [13]. - CICC anticipates a net profit increase of 55% to 78%, with expected profits between 3.453 billion and 3.966 billion yuan, driven by growth in investment banking and wealth management [14]. - Xinda Securities expects a net profit increase of 50% to 70%, with profits projected between 921 million and 1.044 billion yuan, supported by improved asset management [15]. - Shanxi Securities forecasts a net profit increase of 58.17% to 70.72%, with expected profits between 504 million and 544 million yuan, driven by growth in wealth management and international business [16]. - Guocheng Mining anticipates a net profit increase of 1046.75% to 1174.69%, with expected profits between 493 million and 548 million yuan, primarily due to non-recurring gains from asset sales [17]. - China Rare Earth expects a net profit of 136 million to 176 million yuan, recovering from a loss of 244 million yuan in the previous year, aided by improved market conditions [18]. - Perfect World anticipates a net profit of 480 million to 520 million yuan, recovering from a loss of 177 million yuan, driven by successful game launches and esports growth [19]. - Huanghe Xuanfeng expects a net loss of 285 million yuan, impacted by intense competition and weak demand in the superhard materials sector [20][21]. - JA Solar forecasts a net loss of 2.5 billion to 3 billion yuan, worsening from a loss of 874 million yuan, due to industry-wide supply-demand imbalances [22]. - Shanxi Black Cat anticipates a net loss of 490 million to 540 million yuan, driven by declining sales and prices of its main products [23]. - Xinda Real Estate expects a net loss of 3.5 billion to 3.9 billion yuan, transitioning from profit to loss due to reduced project deliveries and impairment provisions [24]. Major Contracts - Zhongchen Co. won a project from Southern Power Grid worth 379 million yuan, representing 12.26% of its audited revenue for 2024 [26]. - Gaode Infrared signed a procurement agreement for a complete equipment system worth 879 million yuan, accounting for 32.84% of its 2024 audited revenue, expected to positively impact this year's performance [27].

证券代码：601059 证券简称：信达证券 公告编号：2025-022 信达证券股份有限公司 2025 年半年度业绩预增公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 1、信达证券股份有限公司（以下简称公司）预计 2025 年半年度的经营业绩 符合《上海证券交易所股票上市规则》第 5.1.1 条中应当进行预告的情形，"（三） 实现盈利，且净利润与上年同期相比上升或者下降 50%以上"。 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 经财务部门初步测算，预计公司 2025 年半年度实现归属于母公司股东的净 利润为 92,120 万元到 104,400 万元，与上年同期相比将增加 30,709 万元到 42,989 万元，同比增长 50%到 70%。预计 2025 年半年度实现归属于母公司股东的扣除 1 非经常性损益的净利润为 91,560 万元到 103,840 万元，与上年同期相比将增加 30,996 万元到 43,276 万元，同比增长 51% ...

和顺石油于2020年4月7日在上交所主板上市，公开发行新股3,338.00万股，发行的股票均为公司公开发 行的新股，不存在老股转让情形，发行价格为27.79元/股，保荐机构(主承销商)为信达证券（601059） 股份有限公司，保荐代表人为曾维佳、王卿。目前该股处于破发状态。 中国经济网北京7月11日讯和顺石油（603353）(603353.SH)昨晚披露高级管理人员减持股份计划公告 称，公司近日收到财务总监余美玲《关于股份减持计划的告知函》，因自身资金需求原因，余美玲拟通 过集中竞价方式减持公司股份数量不超过41,250股，即不超过公司总股本的0.0238%。上述减持计划的 减持期间为自公告披露之日起15个交易日后的3个月内(2025年8月4日-2025年11月3日)，减持期间如遇法 律法规规定的窗口期，则不得减持股份。 和顺石油募集资金总额为92,763.02万元，募集资金净额为84,077.44万元。和顺石油2020年3月3日发布的 招股说明书显示，公司拟募集资金84,077.44万元，用于长沙铜官油库建设项目、和顺智慧油联平台项 目、零售网点扩张储备金项目。 | 股东名称 | 余美玲 | | --- | ...

截至2025年7月3日，信达证券旗下信达价值精选B（970021）期末净资产0.14亿元，比上期减少7.97%， 该基金经理为程媛媛。 天眼查商业履历信息显示，信达证券股份有限公司成立于2007年9月，位于北京市，是一家以从事资本 市场服务为主的企业。注册资本324300万人民币，法定代表人为祝瑞敏。 本文源自：金融界 作者：基金君 简历显示，程媛媛女士:中国,CFA,北京大学经济学、管理学双学士,清华大学管理学硕士。2017年5月加 入信达证券,历任研究员、投资经理。担任研究员期间,深度覆盖消费和周期行业,擅长抓"落难王子"的业 绩拐点。坚持价值投资理念,深度研究公司基本面,并对企业股权价值进行评估,选择股价安全边际较大的 时机买入。着眼于股票长期价值的实现,并持续比较各种标的的机会成本,力争做出较优的决策。已取得 基金从业资格,且最近三年未被监管机构采取重大行政监管措施、行政处罚。现任信达价值精选一年持 有期灵活配置混合型集合资产管理计划投资经理(自2022年11月24日起任职)、信达睿益鑫享混合型集合 资产管理计划投资经理(自2022年11月24日起任职)。2022年11月24日任信达睿益鑫享混合型集合 ...

Core Viewpoint - The company is focusing on identifying its shortcomings in product development and sales as it expands its digital and streamlined business, considering both internal growth and potential acquisitions to address these gaps [1][2]. Group 1: Product Development - The company has enhanced its research capabilities in information technology and high-consumption areas through self-built teams and investments, reducing the urgency for external demands [1]. - Future needs in new or niche areas may require external acquisitions to strengthen capabilities [1]. Group 2: Sales Strategy - The company recognizes the need to improve its solution marketing capabilities, which differ from simple equipment sales and require tailored solutions based on customer needs and information technology levels [2]. - There are existing gaps in local delivery and sales channels for high-value consumables in overseas markets, prompting the company to consider both internal development and acquisitions, such as the acquisition of DiaSys for its global production and logistics capabilities [2]. Group 3: Business Growth and AI Integration - The company's IVD (in vitro diagnostics) business is projected to be a key growth driver, with expected revenue of 13.765 billion yuan in 2024, marking it as the largest business segment [2]. - The company has successfully penetrated international markets, achieving over 30% year-on-year growth in international IVD revenue [2]. - AI technology is being integrated across the company's three main business lines, enhancing product performance and market competitiveness, with notable innovations such as the clinical application of AI models and comprehensive solutions in medical imaging [3].

Quantitative Models and Factor Construction Factor Selection and Data Processing Pipeline - The MSCI Barra CNE5 model includes 10 primary factors and 21 secondary factors, covering classic academic factors such as beta, size, and book-to-price ratio, as well as fundamental and technical factors like value, growth, momentum, and residual volatility[22][23][24] - Secondary factors are standardized and weighted to synthesize primary factors, with weights optimized for explanatory power. However, later versions of MSCI Barra shifted to equal weighting for simplicity[23] - Data processing pipeline includes six steps: defining the base universe, outlier handling, missing value imputation, standardization, primary factor synthesis, and secondary outlier/standardization adjustments[31][32][35] Pure Factor Return Estimation - Pure factor returns are estimated using constrained weighted least squares (WLS). Constraints are introduced to address multicollinearity caused by the inclusion of intercepts (country factors)[44][45][49] - WLS weights are inversely proportional to the square root of market capitalization, ensuring smaller residual variance for larger stocks[45] - The solution for pure factor returns is derived using matrix transformations and Cholesky decomposition, ensuring variance homogeneity[46][57][59] Evaluation of Risk Factors and Factor Systems - MSCI Barra's six-dimensional evaluation criteria include statistical significance, stability, intuition, completeness, simplicity, and low multicollinearity[75][76][77] - Quantitative metrics such as average absolute t-values, variance inflation factors (VIF), and pure factor performance are used to assess factor quality. Factors like beta, liquidity, and size exhibit strong statistical significance but may overlap in information[83][84][85] Practical Applications of Risk Models - Risk models are applied for performance attribution in external products (e.g., public equity funds) and internal portfolios (e.g., brokerage "gold stock" portfolios). Attribution results include style/sector exposures and return/risk contributions[148][151][181] - For public equity funds, factor and idiosyncratic returns are decomposed to classify funds into "style advantage" or "stock-picking advantage" categories[152][153][155] - For brokerage gold stock portfolios, attribution reveals the superior performance of newly added stocks due to idiosyncratic returns, while recent underperformance is linked to systematic exposure to small-cap factors[157][169][170] --- Factor Backtesting Results Daily Frequency Results - **Beta**: Annual return 8.20%, annual volatility 4.87%, IR 1.69[86][111] - **Size**: Annual return -6.82%, annual volatility 4.57%, IR -1.49[86][105] - **Liquidity**: Annual return -9.46%, annual volatility 3.10%, IR -3.05[86][123] - **Value**: Annual return 4.32%, annual volatility 2.40%, IR 1.80[86][134] Monthly Frequency Results - **Beta**: Annual return 2.64%, annual volatility 3.95%, IR 0.15[95][111] - **Size**: Annual return -7.02%, annual volatility 5.99%, IR -0.26[95][105] - **Liquidity**: Annual return -5.74%, annual volatility 2.77%, IR -0.45[95][123] - **Value**: Annual return 2.94%, annual volatility 2.87%, IR 0.22[95][134] Gold Stock Portfolio Attribution - **All Gold Stocks**: Total return 61.86%, factor return -54.02%, idiosyncratic return 83.46%[171] - **Newly Added Gold Stocks**: Total return 83.50%, factor return -59.75%, idiosyncratic return 108.20%[174] - **Repeated Gold Stocks**: Total return 6.39%, factor return -44.66%, idiosyncratic return 19.60%[162] Factor Contribution Analysis - **Beta**: Positive contribution across all years, cumulative return 35.75% for all gold stocks, 44.47% for newly added gold stocks[175][176] - **Liquidity**: Negative contribution, cumulative return -48.67% for all gold stocks, -57.24% for newly added gold stocks[175][176] - **Size**: Mixed contribution, cumulative return 72.78% for all gold stocks, 97.27% for newly added gold stocks[175][176]