Group 1 - The core viewpoint of the article highlights a significant supply shortage in the tungsten industry due to reduced domestic tungsten concentrate quotas and delays in the second batch of quotas, leading to continuous price increases in the tungsten supply chain [1] - In the short term, the volume of the second batch of quotas is identified as a key factor determining the direction of tungsten prices [1] - In the medium to long term, there is a clear protective mining attitude towards domestic tungsten concentrates, while the recovery progress of overseas tungsten concentrates is slower than expected [1] Group 2 - On the demand side, the confirmation of a rate-cutting cycle is expected to lead to steady growth in traditional industrial demand [1] - New applications such as photovoltaic tungsten wire, nuclear radiation tungsten shielding materials, and solid-state battery tungsten-based cathode materials are emerging, contributing to a tight supply-demand balance [1] - The article expresses optimism regarding the strategic metal value and investment potential of tungsten in the medium to long term [1]

随着A股市场持续升温，证券行业新一轮人才争夺战已提前打响。中信建投近日正式启动2026届校园招聘。本次招聘涵盖投行业务、财富管理、金融科技 等核心业务条线，工作地点遍布北京、上海、深圳及香港等地。值得注意的是，金融科技类岗位成为此次招聘的重点方向，涉及人工智能、大数据、量化 算法等前沿领域。 近日，A股成交连续8天破2万亿元。还在暑假末期，证券行业2026年秋招已经开始了！ | | 1日期 | | 股票交易 | | --- | --- | --- | --- | | | | 成交量(亿股) | 成交金额亿元 | | 1 | 2025-08-22 | 1.600.94 | 25.788.42 | | 2 | 2025-08-21 | 1.620.11 | 24.603.35 | | 3 | 2025-08-20 | 1.588.16 | 24.484.14 | | 4 | 2025-08-19 | 1.658.31 | 26.406.80 | | 5 | 2025-08-18 | 1.794.94 | 28.091.30 | | ଚ | 2025-08-15 | 1.487.71 | 22.728.38 | | ...

【导读】7月券商经纪业务ETF排名出炉 记者从券商处获悉，近日，上交所、深交所分别向机构内部披露了今年7月份券商经纪业务在ETF领域 的最新数据，涵盖成交额以及交易账户数量等关键指标。 数据显示，沪市ETF持有规模中，中国银河（601881）、申万宏源（000166）持续领跑；成交额方面， 华泰证券（601688）以10.80%的当月成交额占比蝉联沪市榜首，华宝证券从第7跃升至第4位。 值得注意的是，华宝证券在6月表现亮眼，以6.14%的月成交额占比从第7跃升至第4位，较6月的4.32% 提升1.82个百分点，同时，当年累计成交额占比从5.62%升至5.72%。 华泰证券、东方财富（300059）交易账户数量继续领先 ETF交易账户数量直接反映券商客户活跃度，头部券商与互联网券商形成竞争梯队。 7月份，从沪市来看，在经纪业务ETF交易账户数量占市场总数的比例上，华泰证券位居第一，占比达 11.35%；东方财富证券紧随其后，当月交易账户数量占比为10.26%；中国银河和平安证券的占比分别 为5.4%、5.33%。 ETF持有规模排名前三保持不变 截至7月末，沪市基金产品共890只，资产管理总规模为34342.9 ...

Core Viewpoint - The article discusses the latest data on brokerage firms' ETF business in July, highlighting key metrics such as trading volume and account numbers, with a focus on the leading firms in the market [2]. Group 1: ETF Holdings and Market Share - As of the end of July, the total number of ETF products in the Shanghai market is 719, with a total market value of 33,520.69 billion yuan, and cumulative trading volume for the month reaching 55,841.84 billion yuan, reflecting a 24.40% increase compared to the previous period [4]. - The leading brokerage firms in terms of ETF holdings are China Galaxy with a market share of 23.46%, followed by Shenwan Hongyuan at 17.25%, and CITIC Securities, with market shares of 6.71%, 4.72%, and 4.71% for China Merchants Securities and Guotai Junan respectively [4]. Group 2: ETF Trading Volume Rankings - Huatai Securities leads the Shanghai market with a trading volume market share of 10.80%, followed closely by CITIC Securities at 10.67%. Other notable firms include Dongfang Securities, China Galaxy, and GF Securities, each with a market share exceeding 4% [6]. - Huabao Securities made a significant leap from 7th to 4th place, with a trading volume market share increase from 4.32% to 6.14%, and a year-to-date trading volume share rising from 5.62% to 5.72% [6]. Group 3: Trading Account Activity - In terms of ETF trading account numbers, Huatai Securities holds the top position with an 11.35% market share, followed by Dongfang Wealth at 10.26%, and China Galaxy and Ping An Securities with shares of 5.4% and 5.33% respectively [8]. - Among brokerage offices, Huabao Securities' Shanghai Dongda Ming Road office leads with a trading volume market share of 4.89%, maintaining its position as the monthly trading volume champion throughout the year [8].

近年来，海外头部模型持续迭代，多模态、长文本及代码能力屡创新高。应用层随之迎来爆发式增长， ChatGPT等代表性应用的MAU增速远超传统软件的增长曲线。同时，模型厂商与应用厂商的ARR均呈 现指数级增长态势，商业模式已得到初步验证。 AI时代海外科技巨头营收超额增长，软硬协同发展 AI时代下北美科技企业营收较宏观经济及其他行业呈现出明显超额增长。硬件端算力产业链持续受益; 云厂商Capex及云业务收入加速反映AI带来强劲需求;软件侧，B端垂直应用场景商业化更快，C端企业 多将AI应用于提升产品性能或降低成本。 Pre-AI+场景交付在国内B端率先落地 智通财经APP获悉，中信建投发布研报称，海外AI模型迭代、云服务与硬件需求、上层应用共振式爆 发。国内受限于市场环境展现出不同特征，B端企业数据治理基础相对薄弱，商业化聚焦于Pre-AI阶段 与垂直场景降本增效;C端市场在互联网巨头主导下目前仍以免费为主，但以图片编辑、视频生成为代表 的内容创作产品通过出海已实现了一定商业化价值，建议关注：1)Pre-AI的收入率先落地，推荐 OA+ERP环节。2)部分细分垂直场景AI收入更快。3)本地推理逐步起量。 中信建投 ...

人民财讯8月25日电，中信建投研报称，预计6F环节2025年第三季度、第四季度供需比为122%、 102%，2026年第三季度、第四季度供需比为105%、93%，2025年第四季度起6F将进入供需紧平衡状 态，2026年第四季度将面临0.7万吨左右的缺口，6F有望成为供需率先扭转的锂电材料环节，已具备一 定的涨价基础。中信建投预计2025年第四季度将有望看到6F加工费初步上涨2000元/吨左右，2026年中 随着供需关系进一步紧张，加工费有望进一步上涨5000—20000元/吨，带来较大业绩弹性。 转自：证券时报 ...

中信建投表示，英伟达等巨头积极推进人形机器人布局，智元与合作携手推动产业从"技术探索"迈 向"规模商用"，产业端持续呈现积极的变化。当下，大模型方向的关注度预计会持续提升，无论是模型 架构设计，还是说模型方案对应的数据采集等或均将孕育机会；场景落地将不断推进，预计人形机器人 会逐步在特定场景下实现商业化闭环，并在实际应用不断迭代升级并实现能力的迁移扩散，从而进一步 拓展应用场景；供应链环节持续孕育商机，无论是新品推出、还是新的客户供应链切入，都值得关注。 后续Optimus三代机的方案更新与发布、国产机器人招投标等潜在催化仍值得关注。继续看好板块整体 行情，推荐产业趋势更优、放量更快的传感器、灵巧手、垂类应用端、供应链条等环节。 ...

Group 1 - The core viewpoint is that Guoxuan High-Tech has announced that its solid-state battery "Jinshi Battery" is in the pilot production stage and has initiated the design work for a mass production line for all-solid-state batteries, indicating rapid progress in the solid-state battery field [1] - The initial development of solid-state batteries is perceived to have a slow penetration rate in the energy storage sector due to high costs, which are particularly sensitive for energy storage applications [1] - Nandu Power has won a significant independent energy storage project order with a total capacity of 2.8 GWh, which is the largest semi-solid-state battery energy storage project globally to date [1] Group 2 - The project will utilize Nandu's self-developed 314Ah semi-solid-state battery, marking the first commercial application of solid-state battery technology in a gigawatt-hour level energy storage project in China [1] - Solid-state battery technology addresses the core demands for "absolute safety" and "long-term reliability" in large-scale energy storage [1]

国金证券：建议寻找下一个阶段基本面边际改善最大的领域提前布局 国金证券指出，在市场创10年新高之际，建议寻找下一个阶段基本面边际改善最大的领域提前布局。 第一，海外制造业修复下，实物资产将迎来顺风（工业金属（铜、铝、钢铁、基础化工），以及投资加 速下的资本品（工程机械、专用机械、机械零部件、重卡），中长期应该关注产业链重构带来的投资和 消费两端实物消耗提升的机会； 第二，保险的长期资产端将受益于资本回报的见底，其次是券商； 上周五市场震荡走高，沪指站上3800点，科创50涨超8%创3年多新高。沪深两市当日成交额2.55万亿， 较上个交易日放量1227亿。板块方面，半导体、CPO、证券、算力等板块涨幅居前，燃气、钢铁、银 行、乳业等板块跌幅居前。截至上周五收盘，沪指涨1.45%，深成指涨2.07%，创业板指涨3.36%。 在今天的券商晨会上，华泰证券表示，顺趋势择线，内部适度高切低；国金证券指出，建议寻找下一个 阶段基本面边际改善最大的领域提前布局；中信建投认为，后续市场走势或将延续中期慢牛格局。 华泰证券：顺趋势择线 内部适度高切低 华泰证券表示，上周市场创新高，充裕流动性仍是行情的主要基底。短期来看，判断市 ...

Group 1 - The company has passed the Hong Kong Stock Exchange listing hearing, with CITIC Securities International as its sole sponsor [1] - As of 2024, the company ranks first in the folding bicycle industry in mainland China, holding a market share of 26.3% in retail volume and 36.5% in retail value [1] - The company's product line has expanded from folding bicycles to include road bikes, mountain bikes, children's bikes, and electric assist bikes, offering over 70 models by April 30, 2025 [1] Group 2 - The company has established a broad online and offline sales network, collaborating with 38 distributors and covering 680 retail points as of April 30, 2025 [1] - Online direct sales revenue increased from 14.1 million RMB in 2022 to approximately 100 million RMB in 2024, with a compound annual growth rate of 166.1% [1] - From 2022 to 2024, the company's sales volume experienced a compound annual growth rate of 24.1%, making it the fastest-growing in sales volume and revenue among the top five folding bicycle companies in mainland China during the same period [1]