固定收益 | 固定收益点评 公募费率改革进一步，几点关注 证券研究报告 《公开募集证券投资基金销售费用管理规定（征求意 见稿）》点评 9 月 5 日，中国证监会对《开放式证券投资基金销售费用管理规定》进行 了修订，并更名为《公开募集证券投资基金销售费用管理规定》（以下简称 《规定》），向社会公开征求意见。对此，我们点评如下： （一）大幅调降公募基金销售环节费率水平，进一步让利投资者，推动基 金从规模导向到注重管理能力提升 公募基金费率改革已历经两年有余，本次销售费用调降是其"最后关键一 步"。2023 年 7 月，中国证监会发布《公募基金行业费率改革工作方案》， 正式拉开"管理费用—交易费用—销售费用"三阶段走的费率改革序幕。 随后，监管通过限制新注册主动权益类基金管理费率上限、推动浮动管理 费率试点产品问世、优化交易佣金分配制度等举措推动基金降费。此次《规 定》聚焦销售费用角度，标志着费率改革进入"最后关键一步"。 本次销售费率调降幅度较大，涉及面较广。从当前开放式基金的最高申购 费率来看，已满足调降后上限要求的股票型、混合型和债券型基金数量占 比仅分别为 49%、11%、34%。《上海证券报》发文指出，本 ...

究其原因，天风证券判断，牛市初期资金更偏好少数高景气赛道(无论是07-08年的金融板块还是14-15年 的成长板块)，后期资金抱团聚焦主线，新增资金获利难度提升，而周期股又具备低估值、高贝塔的属 性，易随着基本面回暖的深化而发挥较好的业绩弹性，具备成为博弈牛市延续筹码的特质。 通过四象限定位天风证券发现筛选出单季度(25Q2)的行业格局变动方向，其中有色、化工的营收增速、 ROE环比变动较好，具备较好的基本面特征。 有色板块的金属新材料、小金属处在第三象限，即经历一段出清后"开始企稳好转"的位置;能源金属启 动稍晚，但也可见企稳迹象。 化工板块的化学制品、塑料也同样在第三象限，即经历一段出清后"开始企稳好转"的位置;非金属材料 正经历从第二象限向第三象限的转变。 天风证券发布研究报告称，牛市主线风格"强者恒强"，但周期风格后半段易有所表现。复盘大类风格在 06-07年以及14-15年牛市的整体表现，可发现在聚焦主线之外，周期风格在大盘整固后的后半段相较大 盘亦有明显超额。本轮牛市来看，周期股也同样维持较为稳健的超额，但并未相对大盘走出一段独立行 情。通过四象限定位天风证券发现筛选出单季度(25Q2)的行业格局 ...

Market Overview - After a three-day adjustment from September 2 to September 4, where the Shanghai Composite Index fell from 3885.31 points to 3732.84 points, the market rebounded significantly on September 5, closing at 3812.51 points with an increase of 1.24% [1] Industry Trends - The renewable energy sector showed a strong rebound, with related products such as battery ETFs and renewable energy ETFs experiencing daily increases exceeding 10% [2] - Despite the volatile market trends, some institutional investors maintained their strategic focus, indicating a level of confidence in the underlying industry fundamentals [2] Analyst Insights - Zhao Xiaoguang, Vice President of Tianfeng Securities, stated that a 20-25% adjustment in a strong industry typically signals a bottom, while a drop exceeding 30% would indicate a fundamental change in industry logic [3] - Wang Yiping, a prominent private equity manager, commented on the market adjustment, suggesting a transition from a "fast bull" to a "slow bull" market, which was interpreted as a confirmation of a stable growth path [5] - Economist Liu Yuhui expressed that the index is likely to reach new highs in September and October, emphasizing the importance of understanding long-term company value over mere index points [6] Market Behavior - Recent market behavior indicates a shift in main investment themes, with previous hot sectors like AI computing and military industries experiencing pullbacks, while new energy vehicles and new materials are gaining traction [6] - The market is currently undergoing a phase of consolidation, with fluctuations around the five-week moving average aimed at stabilizing investor sentiment [6]

Group 1 - The core viewpoint is that the non-ferrous metal industry is experiencing a clear peak and decline trend, particularly in the copper smelting sector, which is facing significant losses and requires the implementation of "anti-involution" measures [1][2] - The "anti-involution" movement is driven by the need for industry self-discipline to prevent vicious competition, especially in the context of slowing economic growth and negative PPI [2] - The copper smelting industry is under pressure due to a mismatch between mining and smelting capacities, exacerbated by high costs and weak raw material conditions in China [2][3] Group 2 - The focus of "anti-involution" in the copper smelting industry is on optimizing production capacity, which includes phasing out outdated capacities and enhancing efficiency through advanced smelting technologies [3] - There is an expectation that the copper industry profits will return to positive values as production capacity is optimized, with stronger profitability anticipated for companies with cost advantages in smelting [3] - The report suggests monitoring companies with smelting cost advantages and those involved in mining and smelting partnerships, including Zijin Mining, Western Mining, Jiangxi Copper, China Nonferrous Mining, Yunnan Copper, and Northern Copper [3]

而衡量各家券商所的卖方研究能力的指标也非常清晰——公募基金分派的分仓佣金的金额总量与排名。 尤其是随着公募基金佣金改革在去年下半年"落地"，2025年上半年的佣金排名，更直接的指向了公募基金研究和服务能力的强弱，这令得最新的佣金排行榜更加 为行业所瞩目。 谁是目前卖方研究行业的第一阵营？ 以下文章来源于资事堂 ，作者资事堂 资事堂 . 华尔街见闻出品 作 者 韩峻阳 编辑袁畅 在中国证券业的行业现实中，卖方研究业务从来就是"皇冠上的明珠"。 他虽然并不产生太多盈利，但彰显着一家券商的专业能力、综合影响力和业务操作水平，并对投资银行、自营、资产管理、财富管理等诸多业务有着很强的带动 作用。 谁是上半年进步最大的证券研究所？ 哪些券商研究所爆冷现身，又有哪些机构大热倒灶？ 分仓佣金就像一面镜子，照出的是券商研究所之间的你追我赶，也照出了行业的现实实力。 头部阵营：预料中的洗牌和洗牌中的"意外" 按理说，证券业里头部券商的排名是最稳定的，但今年不同。 因为，卖方研究市场中的两家老牌机构国泰君安和海通证券正式合并成了国泰海通证券。 在上半年佣金排名中，国泰海通也第一次以合并后的面貌亮相，这带来 卖方研究业务头部阵营的 ...

Company Overview - Tianfeng Securities' stock price increased by 2.03% on September 4, reaching 5.52 CNY per share, with a trading volume of 1.485 billion CNY and a turnover rate of 3.15%, resulting in a total market capitalization of 55.983 billion CNY [1] - The company has seen a year-to-date stock price increase of 23.21%, with a recent decline of 7.07% over the last five trading days, a 10.84% increase over the last 20 days, and a 33.33% increase over the last 60 days [1] - Tianfeng Securities has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on June 27 [1] Financial Performance - As of June 30, 2025, Tianfeng Securities reported a net profit of 31.3934 million CNY, representing a year-on-year growth of 109.69% [2] - The company has not generated any operating revenue from January to June 2025 [2] Shareholder Information - As of June 30, 2025, Tianfeng Securities had 563,700 shareholders, an increase of 6.05% from the previous period, with an average of 15,372 shares held per shareholder, a decrease of 5.70% [2] - The company has distributed a total of 171 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] Institutional Holdings - The top ten circulating shareholders include notable ETFs, with the Guotai Zhongzheng All-Index Securities Company ETF holding 109 million shares, a decrease of 8.9583 million shares from the previous period [3] - The Southern Zhongzheng 500 ETF increased its holdings by 16.5338 million shares, while the Hong Kong Central Clearing Limited increased its holdings by 25.7530 million shares [3]

格隆汇9月4日｜A股券商股午后拉升，其中，太平洋涨近9%，华林证券涨超5%，国盛金控涨超4%，信 达证券、国海证券、第一创业、天风证券等跟涨。 ...

太平洋涨停，华林证券、国盛金控、信达证券、国海证券、第一创业、天风证券等跟涨。 太平洋涨停，华林证券、国盛金控等跟涨。 ...

市场昨日震荡分化，三大指数涨跌不一。沪深两市全天成交额2.36万亿，较上个交易日缩量5109亿。板 块方面，光伏、贵金属、游戏等板块涨幅居前，小金属、证券、软件开发、农业等板块跌幅居前。截至 昨日收盘，沪指跌1.16%，深成指跌0.65%，创业板指涨0.95%。 在今天的券商晨会上，华泰证券指出，第二季度长线资金对低位内需品种关注度开始回升；国金证券表 示，展望后市，弱美元环境仍支撑人民币升值；天风证券认为，黄金冲上3600美元，年内还有上行空 间。 华泰证券：第二季度长线资金对低位内需品种关注度开始回升 天风证券：黄金冲上3600美元 年内还有上行空间 天风证券表示，黄金行情尚未结束，年内还有上行空间。推升金价的四大因素，今年年内大概率延续演 绎：首先，美联储独立性能否维持，四季度将是关键时点。第二，降息预期或继续演绎。第三，关税的 不确定性难以解除，如果IEEPA关税因合法性而受阻，预计白宫可能转向扩大行业关税的范围。第 四，"去美元化"长期趋势延续，各国官方机构增持，将是黄金需求的底层支撑。预计在今年的宏观背景 下，私人部门对黄金的需求也将维持强劲，黄金ETF将维持热度吸引资金流入，支撑金价继续创新高。 ...

智通财经APP获悉，天风证券发布研报称，黄金行情尚未结束，年内还有上行空间。推升金价的四大因 素，今年年内大概率延续演绎：首先，美联储独立性能否维持，四季度将是关键时点。第二，降息预期 或继续演绎。第三，关税的不确定性难以解除，如果IEEPA关税因合法性而受阻，预计白宫可能转向扩 大行业关税的范围。第四，"去美元化"长期趋势延续，各国官方机构增持，将是黄金需求的底层支撑。 预计在今年的宏观背景下，私人部门对黄金的需求也将维持强劲，黄金ETF将维持热度吸引资金流入， 支撑金价继续创新高。 天风证券主要观点如下： 现货黄金再创新高，期货黄金冲上3600美元/盎司。截至2025年9月2日，黄金已经连涨6个交易日，现货 黄金续刷历史新高;纽约黄金期货冲上3600美元，2025年以来累涨36%。黄金和白银成为今年表现最好 的资产，大幅超越全球主要权益资产，也远领先于其他商品。 黄金冲上3600的四大推动因素 1、美联储独立性的危机 8月以来，美国货币政策独立性的担忧显著升温。8月26日特朗普表示，他很快将在美联储理事会中拥 有"多数"由其任命的成员。如果美联储独立性丧失，可能导致滞胀风险上升、债务问题和财政担忧加 剧、 ...