中信建投表示，证券板块相对于宽基指数的超额收益投资机会远多于绝对收益型机会，该板块配置价值 存在低估。政策/会议信号为证券板块超额收益的核心驱动，具体类型可以分为①利好证券行业的资本 市场政策信号、②利好交投活跃度的宏观信号、③利好特定券商/业务的定向信号三大类。三类驱动条 件下，证券板块相对于大盘的平均超额收益①>③>②，提前关注和金融工作/资本市场高度相关的会议 时间点非常重要。三类驱动行情中，证券板块内部个股行情分化有显著差异：①类情形下板块内多数券 商能够跑赢证券指数，自由流通股本占比小的券商或次新券商因其所需要的资金驱动力相对较小，相对 涨幅往往最为领先；②类情形下行情回归经纪/两融业绩弹性，该类业务占比高的券商相对涨幅领先； ③类情形下符合特定政策受益方向或映射逻辑明确的券商股涨幅领先。整体上，板块内部能够跑赢证券 指数的券商数量是①＞②＞③。 ...

Core Insights - Omdia predicts that global shipments of foldable OLED screens will reach 124.6 million units by 2032, accounting for 8.6% of the overall OLED market, significantly higher than the 23.1 million units expected in 2024 and 23.5 million units in 2025 [1] Industry Impact - The potential launch of a foldable phone by Apple is expected to significantly alter the industry landscape, as Apple is known for prioritizing product maturity [1] - Currently, Apple is reportedly addressing technical challenges such as screen creasing, hinge durability, and battery life [1] - Omdia experts believe that Apple's entry into the foldable screen market will "validate" the category and stimulate a new wave of demand beyond the Android ecosystem [1]

Group 1: Key Insights from Kefu Medical - Kefu Medical's hearing aid revenue is expected to grow over 20% year-on-year in the first half of 2025, with plans to enhance revenue from existing stores and new outlets in the second half [1] - The company has invested in Niu Lingke Medical to address congenital hearing loss, aiming for strategic synergy [1] - Overseas revenue has increased by over 200%, with successful acquisitions of Shanghai Huazhou and Ximan Na, focusing future mergers on enhancing product lines or technology [1] Group 2: Key Insights from China Steel International - China Steel International's projects are executing smoothly, with the Bolivia Mutong Steel Plant nearly completed and the Algeria Electric Furnace project passing inspection [2] - The company reported a year-on-year increase in accounts receivable and has strengthened its collection mechanisms [2] - The gross profit margin for engineering projects is expected to reach 14.22% in the first half of 2025, with both domestic and international margins improving [2] Group 3: Key Insights from Tianfu Communication - Tianfu Communication achieved a revenue of 2.456 billion yuan in the first half of 2025, a year-on-year increase of 57.84%, with a net profit of 899 million yuan, up 37.46% [3] - Growth in active products is driven by increased deliveries of high-speed active products, with a strong demand for these products [3] - The company is expanding its production capacity in Thailand, with the first phase already operational and the second phase in development [3] Group 4: Key Insights from Citic Securities Investment Fund - Citic Securities Investment Fund was established in 2013, managing a total asset scale of 67.55 billion yuan, ranking 76th among 210 [4] - The fund has 117 public funds under management, ranking 65th, and has 23 fund managers, ranking 59th [4] - The best-performing public fund in the past year is the Citic Securities North Exchange Selected Two-Year Open Mixed A, with a net value of 2.8 and a growth of 264.75% [4]

Core Viewpoint - The core driver for excess returns in the securities sector is policy and conference signals, indicating that the sector's allocation value is underestimated despite its significant position in the A-share market [1][2]. Group 1: Market Position and Challenges - The securities industry holds a crucial position in the A-share market, but it has long faced issues such as high volatility, timing difficulties, and stock selection challenges, leading to a lower allocation ratio from active equity investment institutions [2]. - Research indicates that the investment opportunities for excess returns in the securities sector are significantly greater than those for absolute returns, suggesting an undervaluation of the sector's allocation value [2]. Group 2: Driving Factors - The report identifies three main types of signals that drive excess returns in the securities sector: 1. Positive capital market policy signals for the securities industry 2. Macroeconomic signals that enhance trading activity 3. Targeted signals benefiting specific brokers or businesses - Under these three driving conditions, the average excess returns of the securities sector relative to the market are ranked as follows: 1) policy signals > 3) targeted signals > 2) macroeconomic signals, highlighting the importance of monitoring meetings related to financial work and capital markets [2][3]. Group 3: Stock Selection Strategies - Within the three driving scenarios, there is significant differentiation in stock performance within the securities sector: 1. In scenario one, most brokers outperform the securities index, with smaller or newly listed brokers often leading in relative gains due to lower capital requirements 2. In scenario two, brokers with a high proportion of brokerage and margin financing business tend to lead in relative gains 3. In scenario three, brokers that align with specific policy benefits or have clear mapping logic tend to outperform [3]. - Overall, the number of brokers outperforming the securities index is ranked as follows: 1) > 2) > 3) [3]. Group 4: Timing Strategies - In terms of relative returns, the cumulative returns from holding the securities sector during market periods do not significantly differ from the maximum returns achieved through precise timing, contrasting with absolute return scenarios [3]. - Generally, the start date of market rallies and the date of the lowest price are very close, while the peak price dates for different broker stocks show considerable variation, suggesting that early intervention during market rallies has a higher probability of success compared to mid-cycle entry [3].

Core Viewpoint - The REITs market has stabilized after a two-month correction, with a recent increase of 1.75% over the last five trading days, indicating a potential rebound and new highs by year-end [1][2]. Short-term and Long-term Factors - Three short-term negative factors affecting the REITs market (outflow of trading funds, concentrated unlocks, and institutional profit-taking at mid-year) are nearing exhaustion [1][2]. - Three long-term positive factors remain unchanged: a supply-demand imbalance expected in the next 2-3 years, the attractive asset characteristics amid asset scarcity, and the cyclical resilience of quality assets [1][2]. Market Dynamics - The dynamic distribution of property REITs has increased to nearly 4%, suggesting an acceleration of entry for allocation-type funds, especially as many have missed opportunities earlier in the year [1][2]. - The market is anticipated to complete its bottoming process ahead of schedule in the third quarter, with a strong recovery expected in the fourth quarter as trading funds re-enter [2]. Recommended Sectors - Recommended sectors include: 1. Stable anti-cyclical varieties such as policy-based rental housing and municipal environmental protection [3]. 2. Assets with marginal recovery in demand, including scattered rental logistics in the Yangtze River Delta and highways with sustained traffic recovery [3]. 3. Targets with strong demands for original equity expansion and high-quality reserve assets [3].

中信建投证券股份有限公司 关于中节能铁汉生态环境股份有限公司 保荐人名称：中信建投证券股份有限公司 上市公司简称：节能铁汉 保荐代表人姓名：侯顺 联系电话：010-65608236 保荐代表人姓名：曹东明 联系电话：010-86451339 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 0次 况 （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 是 资金管理制度、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 6次 （2）公司募集资金项目进展是否与信息披露文 是 件一致 案征集了保荐机构的意见，保荐代表 （1）列席公司股东大会会次数 人在会议召开前对会议议案进行了核 查，会议召开程序、表决内容符合法 律法规及公司章程规定。 案征集了保荐机构的意见，保荐代表 （2）列席公司董事会次数 人在会议召开前对会议议案进行了核 查，会议召开程序、表决内容符合法 律法规及公司章程规定。 案征集了保荐机构的意见，保荐代表 （3）列席公司监事会次数 人在会议 ...

中信建投证券股份有限公司 调整部分募集资金投资项目投资总额、内部投资结构的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作 为四川黄金股份有限公司（以下简称"四川黄金"或"公司"）首次公开发行股 票并在主板上市的保荐人，根据《证券发行上市保荐业务管理办法》《深圳证券 交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板 《深圳证券交易所上市公司自律监管指引第 13 号——保荐业 上市公司规范运作》 务》等相关规定，对公司调整部分募集资金投资项目投资总额、内部投资结构的 事项进行了审慎核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准四川容大黄金股份有限公司首次公开 发行股票的批复》 （证监许可〔2023〕270 号）核准，公司首次向社会公众公开发 行人民币普通股（A 股）60,000,000 股，每股面值 1 元，发行价为每股人民币 7.09 元，募集资金总额为 425,400,000.00 元，扣除发行费用（不含税）人民币 位情况业经天健会计师事务所（特殊普通合伙）验证，并由其出具《验资报告》 （天健验〔2023〕11-6 号）。 ...

中信建投证券股份有限公司 关于浙江巍华新材料股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为浙江巍华新材料股份有限公司（以下简称"巍华新材"或"公司"）首次公 开发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交 易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》等有关规定，对巍华新材使用部分暂时闲置募集资金进行现金管理事项进行 了审慎核查，具体情况如下： 一、募集资金基本情况 募集资金承诺投资 截至 2025 年 6 月 | 项目名称 | 调整后投资总额 | | | | | --- | --- | --- | --- | --- | | | 总额 | 30 | 日累计投入金额 | | | 建设年产 2.22 万吨含氟 | | | | | | 新材料及新型功能化学品 | 141,096.00 | 115,424.71 | | 47,381.63 | | 和企业研究院项目 | | | | | | 浙江巍华新材年产 5000 | | | | | | 吨邻氯氯苄、4000 吨三 | ...

2023年8月27日，证监会在官网发布《证监会统筹一二级市场平衡 优化IPO、再融资监管安排》（以下 简称"8·27新政"），距今已满两年时间。尽管2024年"9·24"行情以来A股市场回暖明显，但IPO（首次公 开募股）收紧态势仍然没有明显放松。 据数据统计，2025年以来，截至8月22日，券商投行获首发承销保荐收入30.8亿元，同比增长22.6%，仍 在近年低位徘徊。 《每日经济新闻》记者注意到，虽然目前行业只是初步显露触底回升的迹象，但随着二级市场持续走 高，一些投行人士的信心开始恢复。所谓"春江水暖鸭先知"，据业内最近反馈，投行人才市场需求已经 有所回暖，尤其是手中有资源的承揽岗位。此外，几家头部券商投行业务条线涨薪的消息也在业内广为 流传。 业内反馈：投行人才需求趋于回暖 近年来，随着裁员降薪、加强考核、业务转型，各大券商投行纷纷进入"自救模式"，人员净流出在所难 免。 不过，上述中型券商资深投行人士认为："目前投行涨薪应该不是行业普涨，毕竟创收还不太行。"此 外，上述猎头机构相关负责人反馈，目前投行人才需求主要集中在一些大机构。 投行人士：行业尚处于弱复苏阶段 所谓"春江水暖鸭先知"，前期曾陷入" ...

8月26日，A股中场歇脚，三大指数震荡整理，午前一度集体转涨，沪指盘中再探阶段新高，收盘走势 分化，沪指跌0.39%报3868.38点。两市成交额2.68万亿元，连续10个交易日突破2万亿。 券商板块随市小幅回调，尾盘下行幅度有所扩大，A股顶流券商ETF（512000）场内价格收跌1.24%， 全天成交额15.28亿元。 板块个股多数回调，权重股方面，东方财富收跌1.06%，单日成交额近150亿元，中信证券、国泰海通 跌逾1%；华鑫股份、天风证券、湘财股份、锦龙股份等涨幅居前。 就后市走势，华泰证券认为，充裕流动性仍是当前A股行情的主要基底。近期居民存款搬家的叙事构成 了国内流动性改善的积极信号，后续或仍有空间。短期来看，判断市场顶部的意义和胜率都不算高，节 奏上后续即便出现调整，幅度也不会太深，市场进入上行趋势的共识在逐步增强。 当前A股券商板块处于低估低配，公募新规下补涨逻辑持续；截至目前，43家上市券商中仅4只个股突 破去年9月后至今高位，且A股券商相对于H股券商已明显滞涨。 数据显示，近期市场资金借道ETF持续增仓券商板块。上交所数据显示，券商ETF（512000）已连续6 个交易日吸金，合计获净流入 ...