| 短期融资券名称 | | 天风证券股份有限公司 | 2025 | 年度第二期短期融资券 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 短期融资券简称 | 天风证券 25 | CP002 | 短期融资券期限 | | 天 360 | | | | | 短期融资券代码 | 072510249 | | 发行日 | 2025 年 | 10 | 月 | 17 | 日 | | 兑付日期 | 年 月 2026 10 | 日 15 | 起息日 | 年 2025 | 10 | 月 | 20 | 日 | | 计划发行总额 | 20 亿元人民币 | | 实际发行总额 | 20 | 亿元人民币 | | | | | 发行价格 | 100 元/张 | | 票面利率 | | 2.00% | | | | 本期发行短期融资券的相关文件已在中国货币网(www.chinamoney.com.cn)上 刊登。 特此公告。 证券代码：601162 证券简称：天风证券 公告编号：2025-056号 天风证券股份有限公司 关于 2025 年度第二期短期融资券发行结果公 ...

证券代码：601162 证券简称：天风证券 公告编号：2025-058 号 天风证券股份有限公司关于 公司董事、独立董事、高级管理人员离任 及调整公司董事会专门委员会的公告 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。 公司于 2025 年 10 月 17 日召开的第四届董事会第五十五次会议审议通过了 《关于调整公司第四届董事会专门委员会成员的议案》《关于聘任公司合规总监 的议案》。现将有关情况公告如下： 一、董事、独立董事、高级管理人员离任情况 | 姓名 | 离任职务 | | 离任时间 | 原定任期 到期日 | | 离任原因 | 是否继续在上 市公司及其控 股子公司任职 | 具体职务 （如适用） | 是否存在 未履行完 毕的公开 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 承诺 | | 刘全胜 | 董事、副 | 2025 | 年 10 | 至今（注 | 1） | 个人原因 | 否 | 不适用 | 否 ...

证券代码：601162 证券简称：天风证券 公告编号：2025-057号 天风证券股份有限公司 第四届董事会第五十五次会议决议公告 二、审议通过《关于公司组织架构调整的议案》 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。 天风证券股份有限公司（以下简称"公司"）第四届董事会第五十五次会议 于2025年10月10日向全体董事发出书面通知，于2025年10月17日以通讯方式完成 表决并形成会议决议，会议应参与表决董事13名，实际参与表决董事13名。会议 的召集、召开符合《中华人民共和国公司法》等有关法律法规及《公司章程》的 规定。本次会议审议并通过以下议案： 一、审议通过《关于调整公司第四届董事会专门委员会成员的议案》 因公司第四届董事会成员发生变更，根据《公司章程》及相关专门委员会规 则的规定，现选举胡宏兵先生为董事会审计委员会委员。 调整后，公司第四届董事会专门委员会成员名单如下： 1、薪酬与提名委员会委员3人：李强、胡宏兵、庞介民，其中，李强为召集 人； 2、审计委员会委员3人：袁建国、胡宏兵、曹宇飞，其中，袁建国为召集人 ...

Group 1 - The core viewpoint of the article indicates that Huazhi Wine's stock price has been declining since September 24, with a current closing price of 18.60 yuan, reflecting a drop of 5.58% [1][2] - Tianfeng Securities has downgraded its profit forecast for Huazhi Wine and adjusted its rating to "Accumulate" from a previous "Buy" rating, indicating a shift in market sentiment towards the company [1] - The previous report from Tianfeng Securities, published on May 28, maintained a "Buy" rating, suggesting a significant change in outlook due to recent performance [1]

Core Viewpoint - The report from Tianfeng Securities highlights the growth potential of Tianyouwei, which has focused on automotive instrumentation since its inception and is expanding its product range in line with the trend of smart cockpit screens [1] Group 1: Business Development - Tianyouwei has upgraded its products from electronic to fully liquid crystal combination instruments and dual-screen instruments, enhancing its market position [1] - The company has established business relationships with key clients such as Qianjiang Motorcycle, Zongshen Motorcycle, Haojue Motorcycle, and Yadi Electric Vehicle, which is expected to increase its instrumentation revenue [1] Group 2: Market Expansion - The company is pursuing both vertical expansion into overseas markets and horizontal expansion into the two-wheeler market, indicating significant growth potential [1] - Tianyouwei's cost advantages are notable, with gross margins exceeding those of comparable companies by over 10 percentage points [1] Group 3: Financial Outlook - The company is assigned a target price of 145.2 yuan based on a 2025 PE ratio of 20X, with an initial coverage rating of "Buy" [1]

（记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，天风证券10月17日发布研报称，给予天有为（603202.SH）"买入"评级。评级理由主要包 括：1）公司成本优势显著，毛利率水平显著高于同行业可比公司超过10pct；2）公司未来增长曲线主 要来自海外+两轮车市场的双扩容。风险提示：海外市场推进不及预期，单一大客户风险，汇率波动风 险。 每经头条（nbdtoutiao）——"我还在！"林园硬气回应牛市亏钱，"接下来，我还会在！"坚持白酒是"快 乐需求"，科技股买了"愁得睡不着" ...

Group 1 - The core viewpoint is that China, as the largest titanium dioxide producer globally, is positioned to increase its market share due to the shutdown of several overseas production facilities [2][3] - In 2024, China's titanium dioxide production capacity is expected to account for 56% of the global total, with the CR4 concentration at 44% [2] - The domestic titanium dioxide industry is characterized by a structure of "one strong leader, multiple strong players, and a long tail," with Longbai Group leading in capacity and market share [3] Group 2 - The domestic demand for titanium dioxide is closely related to the real estate sector, with a positive correlation between housing construction and apparent consumption [4] - Despite anti-dumping investigations from several countries, there remain opportunities for China's titanium dioxide exports due to high dependency on imports in some major markets [4] - The average operating rate for domestic titanium dioxide was 70% from January to August 2025, leading to a significant accumulation of inventory and a downward trend in prices [5] Group 3 - The price difference for domestic sulfuric acid titanium dioxide products reached 5,278 yuan/ton as of September 19, marking the lowest level since 2006 [5] - Approximately 19% of the titanium dioxide production capacity in China is over 20 years old, indicating a significant portion of aging capacity in the industry [6] Group 4 - Longbai Group is highlighted as a key player in the industry, with a comprehensive layout across the titanium value chain, including titanium dioxide, sponge titanium, zirconium products, and lithium battery materials [7] - The company has a production capacity of 1.51 million tons per year for titanium dioxide and 80,000 tons per year for sponge titanium, both ranking first globally [7] - Longbai Group possesses multiple mining rights, ensuring a stable supply of titanium concentrate for production [7]

Core Viewpoint - The report from Tianfeng Securities highlights that Jindawei's main business includes health products, coenzyme Q10, and vitamin series, with a projected revenue of 1.728 billion yuan in H1 2025, representing a year-on-year increase of 13.5%, and a net profit attributable to the parent company of 247 million yuan, reflecting a significant year-on-year growth of 90.1% [1] Group 1: Company Performance - The health product market is continuously expanding, driven by increasing health consumption demand [1] - In the short term, the company expects stable growth in coenzyme Q10 and a surge in domestic demand for its health product brand, Duote Beisi, indicating a continuation of high growth in H1 2025 [1] - For the medium to long term, the company has a clear growth path, leveraging its synthetic biology technology platform to incubate high-value new products like EPA, potentially replicating the success of coenzyme Q10 [1] Group 2: Investment and Growth Projections - The company plans to use funds from convertible bonds for the expansion and renovation of coenzyme Q10 production, as well as projects for 30,000 tons of allulose and 5,000 tons of inositol, which are expected to provide new growth points for performance [1] - The brandization of the company's health products is also undergoing continuous upgrades and implementation [1] - Projected net profits attributable to the parent company for 2025-2027 are estimated at 440 million, 650 million, and 790 million yuan, with growth rates of 29%, 47%, and 22% respectively [1] Group 3: Valuation and Market Position - The company is compared to peers such as Tongrentang and Ruoyuchen, with a PEG ratio of 1.1 for 2026, corresponding to a PE of 35X [1] - The target market value is set at 15.7 billion yuan, with a target price of 25.7 yuan, maintaining a "buy" rating [1]

Core Viewpoint - Futek Technology is a leading supplier of core components for high-voltage power systems in the electric vehicle industry, with a strong focus on onboard chargers, DC/DC converters, and integrated power products [1] Company Overview - The company has established partnerships with top domestic and international clients, including GAC Group, Great Wall Motors, NIO, EasyJet, Renault, Xpeng Motors, Xiaomi Motors, BYD, Changan Automobile, Leap Motor, Stellantis, and a major European luxury brand [1] - The gross margin of the company's integrated three-in-one system products has been increasing year by year, contributing to the growth of the main business's gross margin and maintaining industry leadership [1] Industry Analysis - The competitive landscape of the onboard power supply industry is relatively concentrated, with clear advantages for the industry, particularly in the context of future growth driven by overseas clients and capacity expansion [1] - The non-onboard high-voltage power system has made breakthroughs, expanding its application scenarios [1] Future Outlook - The company's performance growth is expected to be promising, with an initial coverage rating of "Buy" [1]

Core Viewpoint - Livestock stocks have collectively risen, with significant gains observed in companies such as YouRan Agriculture, Modern Farming, and China Shengmu, indicating a positive market sentiment despite recent price adjustments in the sector [1][1][1] Group 1: Stock Performance - YouRan Agriculture (09858) increased by 6.71%, trading at HKD 3.34 [1] - Modern Farming (01117) rose by 4.2%, trading at HKD 1.24 [1] - China Shengmu (01432) and Original Ecological Agriculture (01431) also saw gains of 1.45% and 1.82%, respectively [1] Group 2: Market Analysis - CITIC Securities reported that the recent slowdown in the reduction of dairy cow inventory has led to a temporary price correction in livestock stocks, but this will not disrupt the underlying cyclical logic of the industry [1][1] - The dairy cow inventory is expected to continue its downward trend, with the turning point for raw milk prices approaching as seasonal demand weakens and operational pressures on farms increase [1][1] Group 3: Future Outlook - Tianfeng Securities indicated that the current phase of dairy cow capacity reduction may be nearing its end, with Q3 silage procurement potentially accelerating the clearing of marginal stocks [1] - Raw milk prices are anticipated to bottom out and rebound, while beef prices may also see a turning point, although various factors such as funding, confidence, and environmental regulations could impact the pace of restocking [1][1] - Companies with cow resources or those employing a "milk-meat linkage" model are expected to demonstrate stronger profitability [1]