炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近日，原国泰君安证券分析师吴晓飞履新财通证券，出任汽车行业首席分析师。 履历显示，吴晓飞拥有中国人民大学金融学硕士及CFA、CPA双证，深耕汽车产业研究近十年，覆盖全 球整车比较、汽车电子、新能源消费与自动驾驶赛道。其团队最早旗帜鲜明看多华为、小米等消费电子 巨头跨界造车，"新能源汽车竞争的核心从制造能力转向市场定位能力，具备很强供应链管理能力、同 时具有广泛消费者基础的小米集团的优势就得到凸显。" 选择财通证券，吴晓飞表示，一方面可以结合浙江汽车产业的丰富资源对行业形成更深入和前瞻的判 断；另一方面也希望从二级市场研究出发，以多产业横向比较、全球产业变迁的研究视角，为中国汽车 产业的发展提供借鉴和参考。 值得注意的是，财通证券研究所近期持续"大换血"。年初以来，电新首席张一弛、固收首席房铎、策略 联席首席张日升、非银首席许盈盈等多名明星分析师相继离任。与此同时，今年2月下旬，原天风证券 研究所副总经理、副所长、固定收益研究首席分析师孙彬彬加盟财通证券，担任业务所长、首席经济学 家，负责研究及销售事宜。6月上旬，原天风证券家电首席分析师 ...

Company Overview - Company Name: Zhejiang Hongxin Technology Co., Ltd. [1] - Abbreviation: Hongxin Technology [1] - Stock Code: 301539.SZ [1] - IPO Application Date: April 22, 2022 [1] - Listing Date: April 15, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Automotive Manufacturing [1] - IPO Sponsor: Caitong Securities [1] - Lead Underwriters: Xiaowen Jun, Cheng Zheng [1] - Legal Advisor: Shanghai Jintiancheng Law Firm [1] - Audit Firm: Tianjian Accounting Firm (Special General Partnership) [1] IPO Performance - Average Days from Application to Listing for 2024 A-share Companies: 629.45 days; Hongxin Technology's Listing Cycle: 724 days, exceeding the average [2] - Underwriting and Sponsorship Fees: 45.283 million yuan, with a commission rate of 11.50%, higher than the average of 7.71% [3] - First Day Stock Price Increase: 238.16% compared to the issue price [4] - Stock Price Increase in First Three Months: 110.28% compared to the issue price [6] Financial Metrics - Issuance Price-Earnings Ratio: 25.00 times, compared to the industry average of 24.54 times, representing 101.87% of the industry average [7] - Expected Fundraising Amount: 834 million yuan; Actual Fundraising Amount: 394 million yuan, a decrease of 52.81% [8] Post-Listing Performance - Revenue Growth Year-on-Year: 6.95% [9] - Net Profit Decline Year-on-Year: 31.28% [9] - Non-Recurring Net Profit Decline Year-on-Year: 30.26% [9] - Abandonment Rate: 0.31% [10] Overall Evaluation - Total Score for Hongxin Technology's IPO Project: 77 points, classified as Grade C [10] - Negative Factors Affecting Score: Need for improvement in information disclosure quality, lengthy listing cycle, high issuance cost rate, significant reduction in actual fundraising amount, and decline in net profit in the first accounting year [10]

Group 1 - The core point of the news is that Hongbo Pharmaceutical experienced a decline of 5.02% in its stock price, reaching 36.33 yuan per share, with a trading volume of 214 million yuan and a turnover rate of 7.45%, resulting in a total market capitalization of 5.071 billion yuan [1] - Hongbo Pharmaceutical, established on December 14, 2007, and listed on November 1, 2022, is located in Shanghai and focuses on drug discovery, pharmaceutical process research and development, and the commercial production of active pharmaceutical ingredients. The revenue composition is as follows: drug discovery 52.67%, commercial production 35.00%, process research and development 8.10%, and others 4.23% [1] Group 2 - From the perspective of major fund holdings, one fund under Caitong Securities Asset Management holds a significant position in Hongbo Pharmaceutical. The Caitong Asset Management Health Industry Mixed A Fund (012159) held 500,000 shares in the second quarter, accounting for 4.15% of the fund's net value, ranking as the tenth largest holding. The estimated floating loss today is approximately 960,000 yuan [2] - The Caitong Asset Management Health Industry Mixed A Fund (012159) was established on November 23, 2021, with a current scale of 158 million yuan. Year-to-date, it has achieved a return of 41.31%, ranking 1049 out of 8179 in its category; over the past year, it has returned 58.21%, ranking 1986 out of 7984; and since inception, it has returned 24.18% [2]

Company Overview - Suzhou Mawei Technology Co., Ltd. is located in Wujiang District, Suzhou, Jiangsu Province, and was established on September 8, 2010, with its listing date on November 9, 2018 [1] - The company specializes in the design, research and development, production, and sales of high-end intelligent manufacturing equipment [1] - The main revenue composition includes 75.00% from complete solar cell production equipment, 18.10% from single machines, and 6.90% from parts and others [1] Stock Performance - On September 9, Mawei shares fell by 5.04%, trading at 93.03 CNY per share, with a transaction volume of 608 million CNY and a turnover rate of 3.31%, resulting in a total market capitalization of 25.993 billion CNY [1] Fund Holdings - According to data, one fund under Caitong Securities Asset Management holds a significant position in Mawei shares, specifically the Caitong Asset Management Zhenxiang Growth Mixed A (016605), which held 261,000 shares in the second quarter, unchanged from the previous period [2] - This fund's holdings represent 7.6% of its net asset value, making it the second-largest holding [2] - The fund has a current scale of 189 million CNY and has achieved a year-to-date return of 32.43%, ranking 1903 out of 8179 in its category [2] Fund Manager Information - The fund manager of Caitong Asset Management Zhenxiang Growth Mixed A is Chen Li, who has been in the position for 2 years and 300 days [3] - The total asset size of the fund is 239 million CNY, with the best return during Chen Li's tenure being 17.9% and the worst being -26.36% [3]

Company Overview - Dongshan Precision Manufacturing Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on October 28, 1998, with its listing date on April 9, 2010 [1] - The company specializes in the manufacturing and service of precision sheet metal parts and precision castings, as well as precision electronic manufacturing and flexible circuit board design, production, and sales [1] - The revenue composition of the company includes: 65.23% from electronic circuit products, 17.98% from touch panels and LCD display modules, 13.93% from precision components, 1.69% from LED display devices, and 1.17% from other sources [1] Stock Performance - On September 9, Dongshan Precision's stock rose by 5.01%, reaching a price of 68.90 CNY per share, with a trading volume of 2.485 billion CNY and a turnover rate of 2.67%, resulting in a total market capitalization of 126.198 billion CNY [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Caitong Securities Asset Management holds a significant position in Dongshan Precision [2] - Caitong Asset Management's Consumer Selection Mixed A Fund (005682) held 292,300 shares in the second quarter, accounting for 4.34% of the fund's net value, ranking as the tenth largest holding [2] - The fund has achieved a return of 62.4% year-to-date, ranking 310 out of 8,179 in its category, and a return of 119% over the past year, ranking 189 out of 7,984 [2]

公司网址：www.ctsec.com 财通商城：mall.ctsec.com 官 方 微 信 财通证券股份有限公司 2025 次临时 股东会 会 议 文 件 2025 9 16 杭州 公司地址：浙江省杭州市西湖区天目山路198号财通双冠大厦 客服电话：95336 | | | | 会议议程 | 2 | | --- | --- | | 会议须知 | 3 | | 1.关于选举董事的议案 | 5 | - 1 - 会议议程 现场会议开始时间：2025 年 9 月 16 日（星期二）14:30 现场会议召开地点：杭州市西湖区天目山路198号财通双冠大厦西楼1102会议室 投票方式：现场投票和网络投票相结合的方式 召集人：财通证券股份有限公司董事会 主持人：董事长章启诚先生 现场会议日程： 一、宣布会议开始，介绍与会股东、来宾情况 2.填写表决票 3.主持人宣布休会 4.计票、统计，汇总投票结果 5.主持人宣布复会 （宣布出席现场会议的股东人数及其代表的股份总数） 二、宣读 2025 年第二次临时股东会会议须知 三、审议会议议案 1.关于选举董事的议案 四、股东或股东代表发言 五、记名投票表决上述议案 1.推选计票人和监票 ...

Group 1 - The core viewpoint of the news is the performance and market position of Sanhui Electric, which saw a 5.1% increase in stock price, reaching 25.98 CNY per share, with a total market capitalization of 3.356 billion CNY [1] - Sanhui Electric, established on July 16, 1996, and listed on March 23, 2017, specializes in the production, testing, and sales of electric energy meters and related products, with revenue composition being 57.27% from energy storage devices, 38.75% from energy metering products, and 1.72% from calibration devices [1] - The trading volume for Sanhui Electric was 149 million CNY, with a turnover rate of 4.56% [1] Group 2 - According to data, one fund from Caitong Securities Asset Management holds a significant position in Sanhui Electric, with 1.5164 million shares, accounting for 7.57% of the fund's net value, making it the third-largest holding [2] - The fund, Caitong Advanced Manufacturing Mixed Initiation A (021985), has achieved a return of 63.92% this year, ranking 321 out of 8248 in its category [2] - The fund manager, Xu Jingze, has been in position for 329 days, with the fund's total asset size at 386 million CNY and a best return of 64.74% during his tenure [3]

Core Viewpoint - Recent surges in overseas ultra-long bond yields are attributed to increasing concerns over the independence of the Federal Reserve and a general relaxation of fiscal discipline among major developed economies during the summer earnings season. This shift in the marginal pricing power of long-term bonds is amplifying market reactions to uncertainty [1][2]. Group 1: Market Impact - The combination of high interest rates and a weak dollar is expected to benefit risk assets like A-shares and globally priced commodities [2]. - The recent rise in bond yields is driven by two main factors: heightened concerns over political interference in the Federal Reserve and a general loosening of fiscal discipline in major developed economies, prompting investors to reassess fiscal responsibility [2][3]. - The traditional holders of long-term bonds, such as central banks and insurance companies, are systematically reducing their holdings, leading to a shift towards private investors who are more sensitive to price changes and demand higher risk premiums [2]. Group 2: Asset Class Analysis - Historical data indicates that the rare combination of a weak dollar and high U.S. bond yields tends to favor value/cyclical stocks and commodities [3]. - In the short term, the 10-year U.S. Treasury yield is expected to stabilize between 3.95% and 4.35%, with the dollar index projected to range between 95 and 99 [3]. - Domestic bond markets are expected to maintain a degree of independence, with a supportive monetary policy stance still in place, and a potential easing of external constraints as the U.S. may enter a rate-cutting cycle [3]. Group 3: Financial Products and Duration Tracking - As of August 31, the scale of wealth management products has slightly decreased by 8.2 billion yuan, while the overall duration of public funds has increased by 0.01 to 2.38, indicating a slight recovery in market consensus expectations [4].

Core Viewpoint - The growth of asset management scale among securities firms is accompanied by a decline in income, indicating a structural challenge in the industry as it transitions towards public offerings [1][2][4]. Group 1: Asset Management Scale and Income - As of the end of Q2 2025, the scale of private asset management products by securities firms reached 6.14 trillion yuan, an increase of 0.21 trillion yuan from the end of Q1 2025 [4]. - The net income from asset management for listed securities firms totaled 21.2 billion yuan in the first half of 2025, reflecting a year-on-year decline of 3% [4]. - The divergence in income performance is notable, with Citic Securities leading with a net income of 5.444 billion yuan, up 10.77%, while Huatai Securities saw a significant drop of 59.8% to 893 million yuan [5]. Group 2: Challenges in Public Offering Transformation - The transformation towards public offerings is a key direction for securities firms' asset management, but many face challenges due to licensing issues, which hinder product development [7]. - As of September 5, 2025, there were 108 public offering products undergoing transformation, including 50 bond funds, 28 mixed funds, and 27 money market funds [7]. Group 3: Future Strategies and Competitive Landscape - The competition in the asset management industry is shifting from scale expansion to a focus on research capabilities, technological empowerment, and product ecosystems [10]. - Firms are encouraged to enhance their investment research capabilities, innovate products tailored to client preferences, and leverage technology to improve operational efficiency [10]. - The market is expected to see a differentiation where leading firms will cover a broader client base while smaller firms may focus on niche markets like REITs and carbon-neutral bonds [10].

Group 1 - The company will adopt the index income method for valuing shares of "SMIC" (stock code: 688981) held by certain funds starting from September 4, 2025 [1] - The valuation method will revert to using the closing price on the day of trading once the stock exhibits active market trading characteristics [1] - The announcement is made in accordance with the guidelines from the China Securities Regulatory Commission and the Asset Management Association of China [1]