证券代码：601162 证券简称：天风证券 公告编号：2025-059号 天风证券股份有限公司 关于回购股份注销实施暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 天风证券股份有限公司（以下简称"公司"）本次注销已回购股份 67,786,990股，占本次注销前公司总股本的0.67%。本次注销完成后，公司总股 本由10,141,772,224股变更为10,073,985,234股。 回购股份注销日：2025年10月21日。 一、回购股份情况 2021年10月29日，公司召开第四届董事会第九次会议审议通过了《关于以集 中竞价交易方式回购公司A股股份方案的议案》，具体内容详见公司于2021年11 月3日披露的《天风证券股份有限公司关于以集中竞价交易方式回购A股股份的回 购报告书》（公告编号：2021-071号）。 2022年10月28日，公司完成回购，实际回购公司股份67,786,990股，回购最 高价格为人民币4.01元/股，回购最低价格为人民币3.48元/股，回购均价为人民 币3.73元/股，使 ...

Core Insights - Shenghui Integrated reported a net profit attributable to shareholders of 96 million for the first three quarters, representing a year-on-year increase of 29.1% [1] - The net profit for Q3 alone was 33 million, showing a significant year-on-year growth of 93.9%, primarily driven by a substantial increase in new orders and the conversion of overseas projects [1] Order Backlog - As of September 30, 2025, the company's order backlog stood at 2.214 billion (excluding tax), which is a 21.21% increase compared to the same period last year [1] - The order backlog in the IC semiconductor industry, precision manufacturing, and optoelectronics sectors was 1.633 billion, 464 million, and 117 million respectively, with year-on-year changes of +103%, -42%, and -46% [1] Market Trends - The rapid development of AI applications continues to drive high-end chip demand, providing abundant business opportunities for cleanroom engineering service providers, including the company [1] - The company plans to expand its business around core areas such as semiconductors and related sectors, high-end PCBs, precision manufacturing, and optoelectronic panels [1] Earnings Forecast - Due to the high prosperity in downstream markets and the advance in orders, the earnings forecast for the company for 2026 and 2027 has been adjusted upwards [1] - The projected net profits attributable to shareholders for 2025, 2026, and 2027 are 134 million, 170 million, and 200 million respectively, with corresponding P/E ratios of 32, 26, and 22 times [1]

25Q3主品牌线下零售额同增约10%，童装品牌线下零售额同增约10%，电商平台流水同增约20%。公司 战略性携手斯坦德机器人(无锡)股份有限公司，为品牌注入智能基因，开启品牌智能化进阶新征程。 产品矩阵持续创新 天风证券（601162）发布研报称，维持361度(01361)盈利预测以及"买入"评级，25-27年盈利预测不变， 预计收入分别为113亿人民币、128亿人民币、145亿人民币;归母净利分别为13亿人民币、14亿人民币、 16亿人民币;对应EPS分别为0.61元/股、0.69元/股、0.79元/股;对应PE分别为9x、8x、7x。 天风证券主要观点如下： 公司发布2025三季度营运概要 公司作为第20届亚运会官方合作伙伴，将为火炬手、护跑手及超3.2万名志愿者等工作人员提供专业装 备保障，极大提升品牌国际影响力;球星中国行活动引爆市场热度，品牌影响力显著提升;此外，公司持 续加码马拉松领域，彰显中国运动产品专业性。 渠道创新拥抱新零售 公司宣布与美团闪购及团购业务合作，打通线上线下（300959）渠道;此外，首家女子运动概念店落 地，旗下户外品牌ONEWAY开立新店，全国超品门店数量达到93家，为线下 ...

智通财经APP获悉，天风证券发布研报称，"双节"市场氛围较为平淡，传统"旺季效应"明显减弱。动销 及批价来看，随着双节临近，9月终端动销环比温和回暖，但仍然承压；批价同比下滑，渠道利润呈现 收窄态势。渠道库存来看，经销商25Q2因动销不畅，库存或环比抬升；节前备货后库存阶段性提升， 双节旺季或略有去化，但预计地产酒经销商库存仍然高企。看好Q3业绩披露阶段板块向上弹性表现(风 险或充分释放)&建议关注板块周期底部。 山东市场：区域分化明显。品鉴会、买赠活动等带动济南、潍坊等地动销升温；青岛、淄博、临沂等地 氛围冷淡，政务商务场景减少。整体来看，白酒消费呈现"理性化"趋势，宴席、家庭聚饮等刚性场景表 现相对稳定，但商务与政务消费持续疲软，导致次高端价位带承压。 天风证券主要观点如下： 市场氛围平淡，动销符合预期 根据云酒头条消息，中秋国庆期间，预计白酒动销整体下滑20%-30%，符合节前偏淡预期。受今年5 月"禁酒令"影响，政商务白酒消费场景承压明显，餐饮消费市场受到影响。"双节"市场氛围较为平淡， 传统"旺季效应"明显减弱。动销及批价来看，随着双节临近，9月终端动销环比温和回暖，但仍然承 压；批价同比下滑，渠道 ...

Core Viewpoint - The essence of the storage supercycle is a transition from "cyclical" to "structural," driven by AI technology, leading to significant growth in data center storage demand and innovation in storage technology [1] Group 1: Market Trends - NAND and DRAM prices are expected to continue rising in Q4, with an estimated increase of 8-13% for conventional DRAM and 5-10% for NAND Flash products [3] - The price of 1Tb Flash Wafer has increased by nearly 15% and 512Gb Flash Wafer by over 20% in the past month, driven by supply constraints and price hikes [3] Group 2: Domestic Market Opportunities - Domestic storage chip manufacturers are gaining market share as international giants shift focus to high-end products, creating a window for domestic alternatives [4] - Companies like Yangtze Memory Technologies are rapidly penetrating the enterprise market, with their SSDs widely used by major cloud service providers [5] Group 3: Production Capacity Expansion - Yangtze Memory Technologies plans to increase its monthly production capacity to 150,000 wafers by the end of 2025, aiming for a 15% share of the global NAND market [5] - Longsys Memory's DRAM production is expected to reach 2.73 million wafers per year, positioning it as the fourth-largest DRAM manufacturer globally [5] Group 4: Technological Innovations - The emergence of "storage as computation" technology is set to revolutionize storage, allowing for significant reductions in latency and costs associated with AI inference processes [6] Group 5: Investment Recommendations - Companies to watch in the storage module and control sector include Jiangbolong, Demingli, and others, while notable storage chip companies include Zhaoyi Innovation and others [7][8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - This week, the transaction volume of new real - estate properties increased month - on - month but decreased year - on - year, while the transaction volume of second - hand properties increased month - on - month. Automobile consumption heated up, and movie box office decreased. The demand for consumption showed differentiation. [1][2] - In the production field, the operating rates showed differentiation. The PTA operating rate decreased, and the petroleum asphalt operating rate increased. [1][3] - In terms of investment, the apparent consumption of rebar recovered, but its price decreased. The cement price and inventory - to - capacity ratio were lower than the same period last year. [1][4] - Commodity futures prices fluctuated. Futures prices of non - ferrous metals such as lithium carbonate, polysilicon, and copper led the gains. [1][5] - The central government highly values the continuous pressure on the real - estate market. Recently, first - tier cities have relaxed purchase restrictions, and it is expected that the real - estate policy toolbox may be further opened, aiming for a soft - landing of the market. [1][11] 3. Summary According to the Directory 3.1 Demand - Real - estate: The transaction area of commercial housing in 20 cities increased month - on - month and decreased year - on - year. The transaction area of second - hand properties in key cities increased month - on - month. As of the week of October 17, the transaction area of commercial housing in 20 cities was 242.9 million square meters, up 166% month - on - month and down 22% year - on - year. [2][11] - Consumption: Automobile consumption heated up rapidly, with the daily average retail sales of passenger cars up 94.1% month - on - month and 6.7% year - on - year. Movie consumption decreased year - on - year, with the national movie box office down 78.3% month - on - month and 38.5% year - on - year. The national migration scale index continued to decline, and subway ridership in first - tier cities increased. [2][36] 3.2 Production - Mid - and upstream: The operating rate of Tangshan blast furnaces increased 1.1% month - on - month, the PTA operating rate decreased 1.6% month - on - month, the operating rate of polyester filament in the Jiangsu and Zhejiang regions remained flat, the rebar operating rate increased 1.3 pct to 41.3%, and the operating rate of petroleum asphalt plants increased 1.3 pct to 35.8%. [45] - Downstream: The operating rates of automobile tires recovered. The operating rate of all - steel tires increased 20.6% month - on - month, and that of semi - steel tires increased 26.2% month - on - month. [45] 3.3 Investment - Rebar: The apparent consumption of rebar increased 50.5% month - on - month to 219.8 million tons, and the price decreased 1.1% month - on - month to 3224.8 yuan/ton. The asphalt price decreased 3.9% month - on - month to 3231 yuan/ton. [64] - Cement: As of the week of October 17, the cement price index decreased 1.9% month - on - month to 102.8 points. As of the week of October 10, the cement shipping rate decreased 2.1 pct to 37.9%, and the cement inventory - to - capacity ratio increased 1.7 pct to 63.3%. [64] 3.4 Trade - Export: The container throughput of ports decreased 6.1% month - on - month and was higher than the same period last year. The CCFI composite index decreased 4.1% month - on - month. The freight rates of European, East - American, and West - American routes decreased month - on - month. The BDI index increased 5.9% month - on - month. [76] - Import: The CICFI composite index was 633.2 points, down 2.2% month - on - month. [76] 3.5 Price - CPI: The agricultural product wholesale price 200 index increased 0.4% month - on - month. The prices of pork and eggs decreased, while the prices of vegetables and fruits increased month - on - month. [5][89] - PPI: The Nanhua industrial product price index decreased 2.2% month - on - month. The spot price of Brent crude oil decreased 6.1% month - on - month, the COMEX gold futures price increased 5.0% month - on - month, and the LME copper spot price decreased 1.2% month - on - month. In the commodity futures market, lithium carbonate, polysilicon, and copper led the gains, while hot - rolled coils, asphalt, and glass led the losses. [5][96] 3.6 Interest - Bearing Bond Tracking - Next week (October 20 - 24), the planned issuance of interest - bearing bonds is 91.42 billion yuan, with a net financing of - 7.74 billion yuan. Among them, the issuance of national bonds is 63.3 billion yuan, with a net financing of - 3.25 billion yuan; the issuance of local bonds is 24.72 billion yuan, with a net financing of 16.58 billion yuan; the issuance of policy - financial bonds is 3.4 billion yuan, with a net financing of - 21.06 billion yuan. [6][113] - As of October 17, the cumulative issuance progress of replacement bonds this year reached 99.6%, the cumulative issuance progress of new general bonds was 84.0%, and the cumulative issuance progress of new special bonds was 84.0%. [6][115][117] 3.7 Policy Weekly Observation - High - level meetings: On October 14, Li Qiang presided over a symposium of economic experts and entrepreneurs, emphasizing the need to implement counter - cyclical adjustments. [124] - Monetary policy: On October 15, the central bank carried out a 60 - billion - yuan outright reverse repurchase operation for 6 months. [124] - Fiscal policy: The Ministry of Finance will continue to issue in advance the new local government debt limit for 2026. [124] - Macro data: In September, China's exports and imports denominated in US dollars increased year - on - year. The year - on - year decline of CPI narrowed to 0.3%, and the year - on - year decline of PPI narrowed to 2.3%. The M2 - M1 gap reached a new low this year. [124] - Overseas news: OPEC maintained its global economic growth forecast. Powell hinted at a possible interest - rate cut, and the Fed's Beige Book showed that the US economic activity changed little. [124][125] - Real - estate policy: Shanghai will implement urban renewal, Tianjin allowed the withdrawal of housing provident funds for elevator installation in existing residential buildings, and Chengdu implemented a new policy for converting commercial housing loans to provident fund loans. [125]

Core Insights - The current gold-oil ratio is at a historically high level, second only to the negative pricing phase of crude oil during the COVID-19 pandemic in 2020, indicating a significant divergence in pricing factors between crude oil, which is fundamentally priced, and gold, which is macroeconomically priced [1] Group 1: Relationship Between Gold, Oil, and the Dollar Index - Gold prices have a long-term negative correlation with the dollar index, as shown in regression analyses from 1986-2000, 2000-2020, and 2021-2025 [2] - The relationship between oil prices and the dollar index changed post-2020, with historical data indicating a positive correlation from 1988-2000, a negative correlation from 2000-2020, and a return to positive correlation from 2021 onwards [2] Group 2: Historical Context of Gold-Oil Ratio - The dynamics of the gold-oil ratio have shifted since 2000, with a tendency for oil prices to be inversely related to gold prices, particularly when the dollar index is weak [4] - Historically, extreme high values of the gold-oil ratio have coincided with significant declines in oil prices, with subsequent recoveries marked by improvements in the real economy [4] - Following extreme value regressions, gold prices tend to peak 4-5 months later, as evidenced by past trends in 2016 and 2020, where oil price recoveries signaled economic rebounds [4] Group 3: Attributes of Gold and Oil - Gold possesses financial attributes, while oil is characterized by its strong physical attributes, influencing their respective market behaviors [5]

Core Insights - The report from Tianfeng Securities highlights the release of the State Council's opinions on implementing "AI+" actions across six key areas by August 26, 2025, which include AI in science and technology, industrial development, consumer quality enhancement, public welfare, governance capabilities, and global cooperation [1] Group 1: Key Areas of Focus - The six key areas for accelerated implementation of "AI+" actions are: "AI+" in science and technology, "AI+" in industrial development, "AI+" in consumer quality enhancement, "AI+" in public welfare, "AI+" in governance capabilities, and "AI+" in global cooperation [1] - The report suggests focusing on companies such as Xindong Company (02400, AI+ gaming), Huashu Gaoke (688433.SH, AI+ intelligent manufacturing), Guodun Quantum (688027.SH, AI+ quantum technology), and Uxin (UXIN.US, AI+ used cars) [1] Group 2: Investment Recommendations - A total of 50 representative stocks have been selected from A-shares, Hong Kong stocks, and US-listed Chinese companies to showcase the current layout of "AI+" applications in these six key areas [1] - Key recommended stocks include: Shuanghuan Transmission (002472.SZ, AI+ industrialization/intelligent robotics), Orbbec (688322.SH, AI+ hardware), Shengye (06069, AI+ supply chain finance platform), Zhizi City Technology (09911, AI+ global social), Bairong Cloud-W (06608, AI+ financial information), and Jiabiyou (688089.SH, AI+ biomanufacturing) [1]

Core Insights - The securities firms' private placement market is experiencing a "warming" trend in 2025, with several firms successfully completing their fundraising initiatives [1] - Regulatory authorities are adopting a differentiated loosening approach rather than a comprehensive opening of refinancing for securities firms, emphasizing compliance and efficiency in the use of raised funds [4][5] Group 1: Recent Developments in Private Placements - Multiple securities firms, including Tianfeng Securities, Zhongtai Securities, Nanjing Securities, and Dongwu Securities, are actively pursuing private placement plans, with total fundraising expected to not exceed 17 billion yuan [1] - Zhongtai Securities has received approval for a private placement project not exceeding 6 billion yuan, with specific allocations for various business areas [2] - Nanjing Securities' private placement project has been approved for up to 5 billion yuan, with funds allocated across seven categories, including debt repayment and operational support [3] Group 2: Regulatory Environment and Challenges - The regulatory environment has become stricter post the "8.27 new policy," leading to challenges for securities firms in their private placement processes, including reduced fundraising amounts and plan modifications [1][6] - The approval process for private placements has become more rigorous, with firms like Zhongyuan Securities facing multiple inquiries and ultimately terminating their fundraising plans due to market conditions [6][7] - The regulatory focus is on ensuring that raised funds are used effectively and in compliance with regulations, preventing misuse by management [4][5] Group 3: Future Outlook and Strategic Directions - The current environment is seen as a favorable time for private placements, as successful fundraising can enhance firms' capital bases and diversify shareholder backgrounds [4] - The differentiated loosening approach aims to promote quality improvements and efficiency in the industry, steering away from past practices of excessive capital consumption [5] - There is a growing emphasis on using funds for internal upgrades and enhancing services to the real economy, particularly in supporting "hard technology" enterprises [8]

Group 1 - Tianfeng Securities announced the resignation of three key personnel: Jiang Xiao as independent director and audit committee member, Liu Quansheng as director and vice president, and Fu Chunming as compliance director, all due to personal reasons [2] - Following the resignations, the board appointed Chen Xiaohua, the chief risk officer, to also serve as the compliance director, and appointed Tuo Junmin as vice president, effective from the date of board approval until the end of the fourth board term [2] - Tuo Junmin has a background with Shanghai Stock Exchange, Shanghai Stock Exchange Technology Co., Shengan Securities Co., and Yongxing Securities Co. [2]