格隆汇9月1日｜信达证券研报指出，盐津铺子25H1归母净利润3.7亿元，同比+16.7%。25Q2归母净利润 2.0亿元，同比+21.8%。公司调整战略聚焦核心品类，25H1核心品类魔芋制品营收同比+155%至7.9亿 元，表明公司大单品战略初见成效。往后展望，公司有望依托魔芋的亮眼表现实现渠道公司向产品公司 的转型，建议核心关注公司魔芋大单品的表现及潜在的核心大单品如鹌鹑蛋、鱼豆腐、果干等表现，盈 利能力在供应链向上延申的优势及聚焦核心大单品的规模效应下有望向上。维持对公司的"买入"评级。 ...

Core Viewpoint - The nylon industry is experiencing weakened supply and demand, leading to pressure on the performance of Taihua New Materials in the second quarter of 2025 [1][3]. Financial Performance - In the first half of 2025, Taihua New Materials achieved operating revenue of 3.126 billion yuan, a year-on-year decrease of 8.58% [2]. - The net profit attributable to shareholders was 325 million yuan, down 23.31% year-on-year, with a non-recurring net profit of 205 million yuan, down 44.71% year-on-year [2]. - In Q2 2025, the company reported operating revenue of 1.647 billion yuan, a year-on-year decline of 15.36% but a quarter-on-quarter increase of 11.46% [2]. - The net profit attributable to shareholders in Q2 was 162 million yuan, down 40.92% year-on-year and 0.73% quarter-on-quarter [2]. Industry Analysis - The nylon industry is facing significant market pressure due to a temporary imbalance in supply and demand after previous growth and capacity expansion [3]. - The average Brent crude oil price in the first half of 2025 was $71 per barrel, a year-on-year decrease of 15%, impacting raw material prices [3]. - Prices for key raw materials, caprolactam and nylon chips, fell by 26.01% and 15.18% year-on-year, respectively, while the price of nylon filament decreased by 10.28% [3]. Competitive Position - Taihua New Materials has a strong competitive edge with its integrated production capacity across the nylon industry chain, including recycling, polymerization, spinning, and weaving [4]. - The company is investing $100 million to establish a new production base in Vietnam, which is expected to enhance global supply capabilities and market share [4]. - The company’s export revenue in the first half of 2025 was 457 million yuan, a year-on-year increase of nearly 20% [4]. Profit Forecast - The forecasted net profits for Taihua New Materials from 2025 to 2027 are 756 million yuan, 977 million yuan, and 1.230 billion yuan, with year-on-year growth rates of 4.2%, 29.2%, and 25.9%, respectively [4]. - The estimated earnings per share (EPS) for the same period are projected to be 0.85 yuan, 1.10 yuan, and 1.38 yuan, with corresponding price-to-earnings (PE) ratios of 11.16, 8.64, and 6.86 times [4].

每经AI快讯，信达证券8月31日发布研报称，给予众鑫股份（603091.SH，最新价：63.93元）买入评 级。评级理由主要包括：1）泰国盈利表现优异，H2成长加速；2）国内短暂承压，静待拐点显现；3） 盈利短暂承压，费用管控优异。风险提示：海外产能提升不及预期，海外需求修复不及预期，汇率波动 超预期。 每经头条（nbdtoutiao）——个人消费贷贴息明日开闸！贷30万元最多可享贴息3000元，一文读懂→ 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 （记者 王晓波） ...

风险提示：海外产能提升不及预期，海外需求修复不及预期，汇率波动超预期 众鑫股份 最新盈利预测明细如下： 事件：公司发布2025半年度业绩公告。25H1实现收入6.75亿元(同比-4.6%)，归母净利润1.17亿元(同 比-14.8%)，扣非归母净利润1.09亿元(同比-21.3%)；25Q2实现收入3.03亿元(同比-17.9%)，归母净利润0.44 亿元(同比-39.8%)，扣非归母净利润0.39亿元(同比-48.1%)。我们判断，Q2受美国关税&反倾销影响，公司 对美订单逐步向泰国迁移，但受制于产能爬坡，收入承压；盈利能力下滑主要系国内开工率不足、竞争加 剧。 泰国盈利表现优异，H2成长加速。公司泰国基地H1收入实现0.62亿元、利润0.14亿元(我们预计均在Q2体 现)，净利率为23.2%((25Q1公司整体净利率仅为19.4%)。我们判断由于海外产能稀缺，公司泰国基地定价 优于国内，且公司技术&设备积累深厚，生产效率持续提升，单吨成本较国内基地亦有优势。目前泰国基 地仍在爬坡，我们预计当地基础配套尚不完善，产量大于发货量导致部分费用无法正常摊销；H2伴随发 货规模提升，泰国基地盈利能力有望稳步提升。此 ...

格隆汇8月29日丨气派科技(688216.SH)公布，股东信达证券聚合2号因产品投资计划需要，拟减持公司 股份不超过1,068,798股，即不超过公司总股本得1.00%，减持期限自本公告披露之日起15个交易日后的 3个月内实施。 ...

信达证券（601059）股份有限公司庞倩倩近期对卓易信息进行研究并发布了研究报告《利润端高增 长，"IDE+AI"双线战略布局长期发展》，给予卓易信息买入评级。 固件业务与AI积极融合，RISC-V领域取得突破。2025年上半年百敖软件继续深化ByoCore2.0各项新功 能，重点推进了鲲鹏产品线在各个细分市场的技术和产品演进；加大RISC-V领域的研发投入，取得了多 项关键突破，尤其在高性能计算的服务器RISC-VCPU，百敖提供独特的全原生UEFI和ACPI方案以及对服 务器重点特性：如RAS和功耗管理等；此外利用开源LLM模型，融合AI来拟合编程，显著提升了开发效 率。 研发力度持续加大。费用方面：公司2025年上半年销售/管理/研发费用率分别为2.42%/12.34%/23.33%，分 别较上年同期变动-0.27/-4.86/+1.63个百分点。2025上半年公司研发投入合计4,062.27万元，较去年同期增 加660.40万元，增长19.41%。 盈利预测及投资建议：我们认为公司IDE新产品在专业性和独立性上具有较大优势，功能上较为完善； SnapDevelop已与国内开发者服务头部平台DCloud ...

证券代码：601059 证券简称：信达证券 公告编号：2025-032 根据公司2025年半年度财务报告（未审计），截至2025年6月30日，信达证 券股份有限公司（以下简称"公司"或"信达证券"）母公司报表未分配利润为 人民币7,588,194,800.61元。经董事会决议，公司2025年度中期拟以实施权益分派 股权登记日登记的总股本为基数分配利润。本次利润分配方案如下： 年 8 月 27 日 ， 公 司 总 股 本 3,243,000,000 股 ， 以 此 计 算 合 计 拟 派 发 现 金 红 利 回购股份/股权激励授予股份回购注销/重大资产重组股份回购注销等致使公司 总股本发生变动的，公司拟维持分配总额不变，相应调整每股分配比例。如后续 总股本发生变化，将另行公告具体调整情况。 信达证券股份有限公司 关于 2025 年度中期利润分配方案的公告 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： ? A 股每股派发现金红利人民币 0.047 元（含税）。 ? 本次利润分配以实施权益分派股权登记日登记的总股本 ...

格隆汇8月29日丨气派科技(688216.SH)公布，股东信达证券聚合2号因产品投资计划需要，拟减持公司 股份不超过1,068,798股，即不超过公司总股本得1.00%，减持期限自本公告披露之日起15个交易日后的 3个月内实施。 ...

Core Viewpoint - Central Huijin, as a state-owned financial capital management institution, is likely to restructure and integrate its six controlled listed securities firms to create a more competitive brokerage powerhouse [1][13][18] Group 1: Company Overview - China International Capital Corporation (CICC) is known for its strong investment banking capabilities and has a registered capital of 4.827 billion yuan, with Central Huijin holding 40.11% of its circulating shares [3] - Shenwan Hongyuan, established with a registered capital of 25.04 billion yuan, is recognized for its research capabilities and has a controlling stake of 48.93% held by Central Huijin [5] - China Galaxy Securities, with a registered capital of 10.934 billion yuan, is known for its extensive retail network [7] - Cinda Securities, with a registered capital of 3.243 billion yuan, has a unique advantage in asset disposal and M&A due to its backing from China Cinda [8] - Dongxing Securities, established with a registered capital of 3.232 billion yuan, has strong resources in special opportunity investments [10] - Everbright Securities, with a registered capital of 4.611 billion yuan, benefits from strong business synergy due to its affiliation with Everbright Group [11] Group 2: Industry Dynamics - The current Chinese securities industry faces issues of fragmentation and homogeneous competition, with a need for increased industry concentration to compete internationally [13] - A potential merger between CICC and China Galaxy Securities could create a comprehensive investment banking group, enhancing competitiveness across various business sectors [13] - The integration of Dongxing Securities and Cinda Securities could optimize resource allocation in asset securitization and comprehensive financial services [14] - A merger between Everbright Securities and Shenwan Hongyuan could leverage their respective strengths in research and comprehensive services, promoting regional resource sharing and collaboration [16]

每经AI快讯，信达证券8月29日发布研报称，给予中国国航（601111.SH，最新价：7.55元）增持评级。 评级理由主要包括：1）营收微增，归母净利润大幅减亏；2）运力小幅增长，客座率高位；3）票价拖 累盈利，油价下行带动单位成本下降。风险提示：出行需求不及预期，票价涨幅不及预期，油价大幅上 涨风险，人民币大幅贬值风险。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经头条（nbdtoutiao）——申请超2万份，已开出41家，加盟海底捞，你要准备多少钱？1000万元不算 多，真实"账单"公布 每日经济新闻 （记者 王晓波） ...