格隆汇8月27日｜信达证券研报指出，国能日新上半年实现归母净利润0.46亿元，同比增长32.48%；单 二季度实现归母净利润0.29亿元，同比增加31.32%。新能源装机迎来"抢装潮"，分布式电站需求高增。 上半年作为我国构建新质生产力核心领域的新能源产业，在政策与市场的双重驱动下迎来装机"抢装 潮"——政策端，《分布式光伏发电开发建设管理办法》《关于深化新能源上网电价市场化改革促进新 能源高质量发展的通知》等文件明确规则、优化机制，市场端光伏组件与风机整机价格低位运行，共同 激发投资活力；装机规模呈爆发式增长，其中光伏发电新增并网2.12亿千瓦（同比增107%，分布式占 比超50%）、累计达11.0亿千瓦（同比增54.1%），风力发电新增并网5139万千瓦（同比增99%，以陆上 为主）、累计达5.73亿千瓦（同比增22.7%）；同时消纳效率保持高位，2025年1-5月风电利用率约 93.2%、光伏利用率约94%。公司积极开拓新技术、新赛道、新客户，在享受新能源行业高增速的同 时，开拓新的业绩增长点。该行预计2025-2027年EPS分别为0.99/1.28/1.59元，对应P/E分别为 54.65/42.4 ...

各渠道资金流入持续改善 ——资金跟踪专题 [Table_ReportDate] 2025 年 8 月 27 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 策略研究 [Table_ReportType] 策略专题 | ] [Table_A 樊继拓 uthor策略首席 分析师 | | --- | | 执业编号：S1500521060001 | | 邮 箱： fanjituo@cindasc.com | 李畅 策略分析师 执业编号：S1500523070001 邮 箱：lichang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号金隅 大厦B 座 邮编：100031 ➢ 融资余额 2025 年 7 月-8 月上升。融资余额方面，2025 年 7 月融资余 额环比增加 1328.69 亿元（前值为增加 489.15 亿元）。7 月底至 8 月 19 日，融资余额增加 1465.13 亿元。2025 年 1 月 1 日-8 月 19 日，融 资余额相较 2024 年底增加了 26 ...

信达证券研报指出，中海油服上半年营收和利润均实现同比增长，主要来自钻井业务贡献。收入方面， 公司主要得益于钻井和船舶业务同比分别+12.8%、+19.8%，其中钻井业务收入增量较大，主要为挪威 北海地区半潜式平台高日费项目的启动和运营、以及作业工作量提升。各板块盈利均实现好转或减亏。 特别是公司海外地区毛利率同比+6.06pct至11.17%，主要受海外钻井业务同比大幅扭亏为盈的影响。另 外受油价高波动影响，上半年公司计提资产减值损失8203万元（主要集中在钻井业务）。随着去年暂停 的中东4条平台陆续进入新的合同周期，公司挪威北海地区高日费钻井平台正常作业以及南海八号将在 南美投入作业，认为公司下半年日费水平仍有提升空间，平台利用率仍有望维持高位。考虑到公司未来 持续海外拓展和行业良好景气度，2025-2027年公司业绩有望持续增长，维持对公司的"买入"评级。 ...

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。 每日经济新闻 每经AI快讯，信达证券8月27日发布研报称，给予中海油服（601808.SH，最新价：14.58元）买入评 级。评级理由主要包括：1）上半年公司营收和利润均实现同比增长，主要来自钻井业务贡献；2）持续 研发投入和技术创新提高公司竞争力。风险提示：宏观经济波动和油价下行风险；需求恢复不及预期风 险等。 每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 （记者 王瀚黎） ...

信达证券研报指出，陕天然气上半年实现归母净利润5.09亿元，同比下降12.62%；扣非净利润4.97亿 元，同比减少4.12%。引入战略投资者增强产业协同，调价落地公司业绩有望稳健增长。公司为陕西燃 气集团控股的陕西省大型天然气长输管道运营商，坐拥省内优质长输管网资产。长输管网业务的商业模 式决定其盈利相对稳健、现金流情况良好，分红能力较强。公司现有长输管线产能爬坡，在建重点管线 有望于2026-2027年投产，共同为公司业绩创造中长期成长性。此外，集团城燃项目也有望陆续注入， 带动公司业绩增长。该行认为公司属于盈利稳健增长的高分红优质标的，调整陕天然气2025-2027年的 归母净利润分别为7.07亿元、7.52亿元、7.81亿元，EPS分别为0.64元、0.68元、0.70元；对应8月25日收 盘价的PE分别为13.98X、13.14X、12.65X，维持"增持"评级。 ...

信达证券预计，2025–2026年国内炼能增速将显著放缓，在增量有限、存量出清的背景下，行业供需格 局改善，先进产能竞争优势凸显。荣盛石化凭借规模、成本与产业链一体化优势，看好存量竞争背景下 先进炼能的业绩弹性。 8月25日，信达证券（601059）发布荣盛石化（002493）(002493.SZ)研报指出，公司作为民营炼化先进 产能，有望在行业格局优化中持续受益。根据发改委政策，2025年国内原油一次加工能力将控制在10亿 吨以内，炼化扩能已接近尾声。2025年5月，国家发改委重申加快淘汰炼油行业落后产能，叠加"反内 卷"政策导向及税改趋严，地炼生存压力加大，落后产能或加速出清。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The bond market is far from entering a bear market, and the current adjustment is mainly a risk release from previous over - gains. The low - interest environment is an important driver for the A - share market, and the probability of domestic monetary policy turning tight is limited as the policy is still promoting inflation. [2] - The domestic bond curve structure has broken many historical rules since 2024 due to the change in the economic model. The uncertainty of monetary policy restricts the space for spread compression, and the emotional impact of the equity market's rise on the bond market has been magnified. [2] - The central bank's target for the DR001 central level may not have been adjusted. The impact of equity market fluctuations on the capital side is short - term. The recent tightening of funds may be due to the central bank's tolerance of increased capital fluctuations after the relatively low DR001 average in the first half of August. [2][34] - The so - called "deposit relocation" is a false proposition. It is essentially a result of the increase in residents' risk appetite. The bond market's right - side opportunity still needs to wait, and if the equity market continues to rise, the bond market may face more disturbances. [35][40][45] - The bond market's space may be opened when the economy continues to weaken and forces the policy to turn more accommodative. If economic data continues to deteriorate for a quarter and credit demand does not improve, the probability of a policy rate cut or reserve requirement ratio cut cannot be excluded, which may improve the bond market's odds. [3][60] - Although the recent rise in the equity market has brought disturbances, it does not constitute a sufficient condition for the bond market to turn bearish. The upside space for interest rates is limited, and large - scale bond allocation should wait for the right - side signal. [62] 3. Summaries According to the Directory 3.1 The Risks in the Bond Market Are Mainly from Previous Over - gains - Low - interest environments drive the equity market. Overseas experience shows that the long - term low - interest environment lasted until after the pandemic, and domestic policy is still promoting inflation, so the probability of monetary policy tightening is low. Domestic bond bear markets have always been accompanied by monetary tightening, so the current bond market is not in a bear market, and the risks are from previous over - gains. [9] - Since 2024, the 10Y - 1Y Treasury bond spread and the 1Y certificate of deposit - overnight interest rate spread have been significantly compressed, which reflects the change in the economic model. However, there is no historical experience on how much the spread can be compressed. In China, the central bank's unclear guidance on future policy rates restricts the spread compression space. Without new factors such as interest rate cut expectations or central bank bond purchases, the spread compression may have reached its limit, and the rise of the equity market magnifies the disturbance to the bond market. [15][20][24] 3.2 The Central Bank's Target for the DR001 Central Level May Not Have Been Adjusted, and the Impact of Equity Market Fluctuations on the Capital Side Is Short - term - The Q2 monetary policy report's mention of "preventing capital idling" and the significant tightening of funds during the tax - payment period in August may not be fully explained by tax - payment outflows. The central bank may tolerate increased capital fluctuations in the second half of August due to the relatively low DR001 average in the first half. [25][34] - North - exchange new - share subscription freezing funds mainly affect the exchange - based capital price directly, and the impact on the inter - bank market is indirect and short - term. If the capital market fluctuations exceed the central bank's acceptable range, the central bank will take measures to hedge. [28][30][34] 3.3 Deposit Relocation Is a False Proposition, and the Bond Market Waits for the Right - side Signal under the Change in Risk Appetite - Stocks and bonds have different risk - return characteristics and investor groups. The rise of the equity market may not necessarily lead to a reversal in the bond market direction. The so - called "deposit relocation" is actually a result of the increase in residents' risk appetite. [35][40] - Referring to the 2015 experience, the end of the A - share market's upward trend may require the large - scale entry of leveraged funds and subsequent policy restrictions. Currently, the A - share market has not reached the bubble stage, but the increasing volatility indicates an increased risk of a phased adjustment. [42] - Although there is no widespread redemption in the bond market, if the equity market continues to rise, the bond market may face more disturbances. The bond market's stabilization may require an increase in low - risk preference allocation forces, but currently, the allocation forces have not been able to stabilize interest rates, and the right - side opportunity still needs to wait. [45] 3.4 The Bond Market's Space May Be Opened When the Economy Continues to Weaken and Forces the Policy to Turn More Accommodative - The July economic data shows that the domestic economy has faced pressure in Q3. Consumption, investment, and exports have all shown signs of decline, and the impact of anti - involution policies on the demand side is significant. Although the government has proposed some policies, their scale is limited, and the effect on the economy needs further observation. [47][49][53] - In July, financial data was weak, with negative growth in new credit. Although the central bank has shown some support for the real economy through interest rate adjustments, considering last year's interest rate decline mainly in Q3, the year - on - year decline in lending rates may narrow significantly after September. If economic data continues to deteriorate for a quarter and credit demand does not improve, the probability of a policy rate cut or reserve requirement ratio cut cannot be excluded, which may improve the bond market's odds. [57][60] 3.5 The Upside Space for Interest Rates Is Limited, and Large - Scale Bond Allocation Should Wait for the Right - side Signal - The recent rise in the equity market does not constitute a sufficient condition for the bond market to turn bearish. The short - term weakness of bonds is due to previous over - declines, low interest rates, and reduced probability of short - term central bank easing. The upside space for interest rates is limited, and the 10 - year Treasury bond yield's upside is generally within 20BP. Large - scale bond allocation should wait for the right - side signal, and current trading should be fast - in - and - fast - out with timely profit - taking. [62]

Investment Rating - The industry rating is "Outperform the Market" [3][21]. Core Viewpoints - The report indicates that the market is expected to continue its upward trend driven by liquidity, with a focus on internal issues and potential interest rate cuts due to economic slowdown [1][8]. - The insurance sector is favored for investment, with stocks being the preferred asset class for insurance institutions in the second half of 2025 [9]. - The report highlights the importance of monitoring the performance of brokerage and financial IT sectors, suggesting specific companies for investment [1][11]. Summary by Sections Industry Trends - The report notes a significant increase in market activity, with the Shanghai Composite Index at 4378 points (up 4.18%) and the brokerage index at 7664.69 points (up 3.12%) [6]. - The ten-year government bond yield has risen to approximately 1.78% due to policy impacts [9]. Investment Recommendations Insurance Sector - The insurance sector is currently undervalued, presenting opportunities for valuation recovery. Recommended stocks include China Ping An, China Pacific Insurance, and New China Life Insurance [11]. Brokerage Sector - Focus on mid-sized brokerage firms benefiting from market conditions, such as East Money Information. Large firms with diversified revenue structures like Huatai Securities are also recommended [12]. - Emphasis on platform companies like Tonghuashun and Jiufang Zhitu, which are expected to benefit from AI developments [12]. Market Influences - The report discusses the impact of U.S. Federal Reserve interest rate expectations and domestic economic policies on market dynamics [1][7]. - The report also highlights the need to monitor currency fluctuations and geopolitical tensions that may affect market stability [7][9].

Market Overview - The futures concept sector increased by 0.66% compared to the previous trading day, with Quzhou Development leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Individual Stock Performance - Quzhou Development (600208) closed at 5.15, up 6.40%, with a trading volume of 3.8296 million shares and a turnover of 1.908 billion [1] - Yuanda Environmental (600292) closed at 12.87, up 2.80%, with a trading volume of 319,100 shares and a turnover of 411 million [1] - New Huangpu (600638) closed at 6.28, up 2.61%, with a trading volume of 360,100 shares and a turnover of 225 million [1] - Zhongjin Lingnan (000060) closed at 5.23, up 2.55%, with a trading volume of 1.1073 million shares and a turnover of 578 million [1] - Meihu Co., Ltd. (616509) closed at 37.50, up 2.38%, with a trading volume of 274,800 shares and a turnover of 1.035 billion [1] - Zhejiang Oriental (600120) closed at 6.78, up 2.26%, with a trading volume of 2.502 million shares and a turnover of 1.699 billion [1] - Wuchan Zhongda (600704) closed at 5.76, up 2.13%, with a trading volume of 1.2512 million shares and a turnover of 719 million [1] - Yuexiu Capital (000987) closed at 8.14, up 1.62%, with a trading volume of 762,700 shares and a turnover of 619 million [1] - Xiamen International Trade (600755) closed at 6.45, up 1.57%, with a trading volume of 390,200 shares and a turnover of 250 million [1] - Cinda Securities (601059) closed at 19.99, up 1.37%, with a trading volume of 1.9404 million shares and a turnover of 4.007 billion [1] Capital Flow Analysis - The futures concept sector experienced a net outflow of 2.26 billion from main funds, while retail funds saw a net inflow of 1.372 billion [2][3] - Major stocks like Yuanda Environmental and New Huangpu had varying net inflows and outflows from different types of investors, indicating mixed investor sentiment [3]

8月23日，信达澳亚基金管理有限公司发布董事会公告称，公司原董事长祝瑞敏因"工作安排"已正式离任董事长职务，代行董事长职责 者为信达期货董事长商健，任期不超过六个月。公告明确，祝瑞敏的离职是出于工作调整原因，并未提及她未来的具体去向。 | 代任高级管理人员职务 | 重事长 | | --- | --- | | 代任高级管理人员姓名 | 商健 | | 任职日期 | 2025年8月22日 | | 过往从业经历 | 曾任职于陕西省国际信托投资股份有限公司和健桥证券股 | | | 份有限公司,曾任信达证券合规与风险管理部总经理、风险 | | | 总监、首席风险官、董事会秘书、副总经理,信达期货董事、 | | | 重事长。 | | 取得的相关从业资格 | 基金从业资格 | | 国籍 | 中国 | | 学历、学位 | 硕士研究生 | 作为兼具公募基金与券商业双重角色的高管，祝瑞敏此前兼任信达证券董事、总经理以及信达澳亚基金董事长，其离职事实上意味着两 个领域领导层的同步变动。早在三周前的7月31日，她已向信达证券董事会递交辞呈，辞去了董事与总经理职务，并于8月1日起正式生 效。信达证券董事会决定，由副总经理、财务总监张毅代 ...