东兴证券8月19日发布研报称，给予金银河（300619.SZ，最新价：27.33元）推荐评级。评级理由主要 包括：1）国内锂电池连续化制浆装备龙头，有机硅装备龙头企业；2）公司主营业务可分为三大板块； 3）锂电设备前段一体化程度国内领先，技术优势构筑护城河；4）终端应用拓展及固态电池发展推动锂 电设备需求增长；5）干法电极有望成为锂电工艺迭代方向；6）行业的高速成长与公司的产能增长形成 共振，考虑到锂电设备行业本身具有的高壁垒，公司成长与利润的优化意味着公司定价alpha和beta的持 续计入，公司业绩有望实现戴维斯双击。风险提示：项目投产情况不及预期风险，项目完成时间晚于预 期风险，锂价下行风险，铷铯盐销售情况不及预期风险，下游锂电行业发展不及预期风险，下游有机硅 行业发展不及预期风险。 （文章来源：每日经济新闻） ...

Core Viewpoint - The enthusiasm for fund custody licenses has significantly decreased, with only three institutions currently applying for such qualifications, indicating a shift from a broad accessibility to a focus on leading players in the securities industry [1][2][3]. Summary by Sections Current Applications and Trends - As of now, only three institutions are in line to apply for fund custody qualifications: Mongolian Merchants Bank, Guangzhou Bank, and Dongwu Securities, with the latter being the only remaining brokerage firm [2]. - Previously, there were seven brokerages, including Western Securities, Caixin Securities, and others, that had applied for fund custody qualifications, but six have withdrawn their applications within a year [2][3]. Regulatory Changes - The decline in applications is attributed to new regulatory measures that have raised the entry barriers for fund custody licenses, making it difficult for smaller brokerages to meet the requirements [3][4]. - The new regulations, set to be implemented in 2025, include stricter compliance and risk management standards, requiring applicants to have a regulatory rating of at least level 2 or A class and a minimum net asset requirement of 50 billion RMB for banks and 30 billion RMB for securities firms [4]. Market Dynamics - The fund custody business is undergoing a transformation from a focus on scale to a focus on quality, with resources increasingly concentrating among leading firms [3][5]. - The number of qualified institutions has been reported at 66, with a significant portion being larger brokerages, indicating a trend where smaller firms may struggle to compete [6]. Future Outlook - The market is expected to see increased concentration, with stronger firms gaining market share due to higher entry barriers and a more rigorous exit mechanism [7]. - The business model for fund custody is anticipated to evolve from basic services to high-value comprehensive services, emphasizing technology and risk management capabilities [7]. - A differentiated market structure is likely to emerge, where leading brokerages may establish specialized subsidiaries for refined operations, while smaller firms may pivot to providing outsourced services [7].

目前，全国性商业银行及少数证券公司托管了约80-90%公募、私募证券投资基金。基金托管一直是券 商重要的中间业务，不过近年来成功申领该项业务资格的券商越来越少。 年内，证监会曾发布《证券投资基金托管业务管理办法（修订草案征求意见稿）》公开征求意见的通 知，拟进一步提升相关机构的申请门槛。 日前，证监会公布的数据显示，还在排队申请基金托管资格的券商仅剩东吴证券一家，这一数量较2024 年锐减6家。 多家券商撤销基金托管资格申请 日前，证监会发布了最新一期的《证券、基金经营机构行政许可申请受理及审核情况公示》，表格显 示，当下仍在排队申请基金托管资格的机构仅剩三家，而聚焦到券商机构，则仅仅剩下东吴证券一家。 | | B | C | D | E | | class Front 6 H | | | - 31 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 表11:证券投资基金托管资格 | | | | | | | | | | | | | | | | | | 审核期限:20个工作日 | ...

证券日报网讯 8月18日晚间，新强联发布公告称，公司近日收到东兴证券股份有限公司（简称"东兴证 券"）出具的《关于更换持续督导保荐代表人的函》，东兴证券原委派胡杰畏先生、付书博先生作为公 司保荐代表人。因原委派保荐代表人付书博先生内部工作调动，现东兴证券委派保荐代表人王秀峰先生 接替付书博先生负责项目后续的持续督导工作，继续履行持续督导职责。 （文章来源：证券日报） ...

东兴证券研报指出，派克新材具备较强的产品研发和制造能力，是国内少数几家可为航空发动机、航天 运载火箭及卫星、燃气轮机、深海装备等高端装备提供配套特种合金精密环形锻件产品和精密模锻件产 品的民营企业之一。公司已进入上海电气、东方电器、哈电集团、中船重工、中船集团、森松工业、振 华集团、中石化、无锡化工装备、中铁工业等国内各领域龙头企业或其下属单位的供应链体系，并已通 过英国罗罗、日本三菱电机、德国西门子等国际高端装备制造商的供应链体系认证，与国内外众多大型 优质客户形成了稳固的业务合作关系。随着公司模锻、以及特种合金锻件产能上升，公司产品结构有望 得到优化，进而提升盈利能力。首次覆盖给予"推荐"评级。 ...

Group 1 - The core viewpoint of the report indicates a supply-demand imbalance in commercial space launch sites in China, with existing launch windows being tight and commercial satellite launches often facing delays [1][2] - Domestic commercial space launch sites are experiencing rapid growth, with 18 operational and 7 under construction, totaling 25 sites as of July 2025 [2] - The report highlights the importance of local policies, government funds, and industry capital in supporting the development of launch sites [2] Group 2 - China's satellite internet is entering a construction phase, with a significant gap in launch frequency compared to the US Starlink project, which operates approximately 10 launches per month compared to China's 3 [1] - The report notes that the satellite internet industry chain in China is primarily led by companies like China Star Network and Yuanxin Satellite, which are developing satellite factories for mass production [1] - The launch site infrastructure is critical for the commercial space industry, receiving increased attention and investment from various stakeholders [2] Group 3 - The testing and launch command monitoring system is a vital technical platform for launch sites, responsible for tracking spacecraft orbits and monitoring operational status [3] - SpaceX's ground control system serves as a reference for China's aerospace measurement and control development, integrating various ground and space-based systems [3][4] - The telemetry system and altimeter are key components of the Falcon 9 rocket's control design, ensuring reliable transmission of telemetry parameters [5] Group 4 - The fueling and gas supply system is a key engineering focus for launch site construction, characterized by complex pipeline structures and extensive coverage [6] - This system is essential for providing propellants and gases necessary for rocket launches, functioning as the "gas station" for rockets [6]

Group 1 - The core viewpoint of the articles highlights the recognition of Lin Huijie from Dongxing Securities for achieving the second place in the ETF simulation portfolio ranking for July, with a monthly return rate of 17.97% [1][2] - The investment advisory industry in China is experiencing a high growth cycle, driven by an increase in residents' financial management awareness, which is influencing asset allocation trends [1][2] - The "Golden Unicorn Best Investment Advisor Selection" event aims to provide a platform for investment advisors to showcase their capabilities and enhance communication with investors, thereby promoting the healthy development of the wealth management industry in China [1][2] Group 2 - Lin Huijie expressed that the current market is driven by financing funds and event-driven factors, leading to a bullish sentiment, while cautioning about potential short-term corrections in popular sectors due to overheated trading emotions [2] - The focus for future investments is on industries related to new productive forces, particularly in strategic emerging industries and future sectors, with a specific emphasis on companies in semiconductor, artificial intelligence, robotics, low-altitude economy, and stablecoins [2] - Dongxing Securities is enhancing its investment advisory services by focusing on team building, product quality, and customer experience, leveraging AI applications to improve client interactions and educational initiatives [3]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - The brokerage sector has outperformed the market, with the PB valuation recovering to near the median level of the past decade [3][10] - The average daily trading volume in the market has surpassed 20 trillion yuan, indicating a recovery in market activity and potential for continued performance improvement in the brokerage industry [5][30] Market Review - During the week of August 11-15, the Shanghai Composite Index rose by 1.7%, the Shenzhen Component Index by 4.5%, the CSI 300 Index by 2.4%, and the ChiNext Index by 8.6% [10] - The non-bank financial index increased by 6.5%, ranking 3rd among 31 sectors, outperforming the CSI 300 Index by 4.1 percentage points [10] - The brokerage index rose by 8.2%, outperforming the CSI 300 Index by 5.8 percentage points, with a PB ratio of 1.53x [3][10] - The top five performing brokerages were Changcheng Securities (+36%), Bank of China Securities (+21.8%), Dongfang Caifu (+15.3%), Tianfeng Securities (+12.8%), and Dongwu Securities (+11.3%) [4][10] Industry Weekly Data Brokerage Business - The average daily stock trading volume reached 20,780 billion yuan, a 24.1% increase week-on-week, recovering to levels seen in early November 2024 [5][17] - New fund issuance for stock, mixed, and bond funds was 3.9 billion, 4.9 billion, and 1.2 billion units respectively, with year-on-year changes of +220%, +42%, and -48% for August [21] Investment Banking Business - Three companies conducted equity financing with a total scale of 1.7 billion yuan, a 34% decrease week-on-week [23] - Year-to-date, IPO financing has increased by 68%, and refinancing by 365%, with private placements up by 528% [23] Capital Intermediation Business - As of August 15, the margin trading balance reached 20,552 billion yuan, a 2.3% increase week-on-week, maintaining above 20 trillion yuan for two consecutive weeks [6][25] - The financing balance exceeded 20 trillion yuan, reaching 20,410 billion yuan, with a 1.4% increase [25] Investment Recommendations - With the recovery in market risk appetite and continuous growth in trading volume, the brokerage industry's performance is expected to improve in the third quarter [30] - The report suggests focusing on internet brokerages with strong beta attributes, such as Zhina Compass, as they are likely to attract incremental capital allocation [30]

Core Viewpoint - The case of Zeda Yisheng's financial fraud has led to a significant legal development where three intermediary institutions are suing 39 accomplices for a total of 372 million yuan, marking a complete accountability loop in China's capital market [1][4]. Group 1: Legal Developments - The three intermediary institutions, Dongxing Securities, Tianjian Accounting Firm, and Kangda Law Firm, have filed lawsuits against 39 defendants, including 37 companies and 2 individuals, for their alleged involvement in Zeda Yisheng's financial fraud [1][4]. - The lawsuit represents the first instance in China where intermediaries can seek compensation from third parties after making advance payments to investors [1][5]. - Legal experts suggest that if the intermediaries win, it could set a significant precedent for similar cases, establishing a standard for accountability in financial fraud [2][5]. Group 2: Financial Details - The total amount being claimed in the lawsuits is 372 million yuan, with Dongxing Securities seeking 215 million yuan, Tianjian Accounting Firm 123 million yuan, and Kangda Law Firm 33.49 million yuan [4]. - The intermediaries had previously compensated investors approximately 388 million yuan, which included a punitive commitment of 105 million yuan from Dongxing Securities [3][6]. Group 3: Challenges and Evidence - The success of the intermediaries' lawsuits hinges on their ability to provide evidence of the defendants' subjective fault and the direct causal relationship between their actions and the damages incurred [1][6]. - Key evidence required includes abnormal transaction records, communication documents, and proof of financial flows that indicate complicity in the fraud [6][7]. - Experts believe that the third parties may only bear partial responsibility due to the intermediaries' own faults and the need for shared accountability among all parties involved [6][7]. Group 4: Market Implications - The case has prompted a reevaluation of how to effectively hold "fraud accomplices" accountable, suggesting a multi-faceted governance system that includes civil compensation, administrative regulation, and criminal liability [2][8]. - Recommendations for enhancing the willingness of intermediaries to make advance payments include establishing specialized liability insurance for false statements and simplifying the judicial recovery process [2][9]. - The case signals a shift from punishing the end parties (listed companies/intermediaries) to targeting the source of fraud (third-party accomplices), potentially reshaping market behavior and compliance awareness [5][7].

Core Viewpoint - The company, 格尔软件, is involved in multiple lawsuits related to claims for compensation from various parties, including accounting and legal firms, following the fraudulent activities of a related company, 泽达易盛, which faced severe penalties from regulatory authorities [1][3]. Group 1: Lawsuit Details - The company received notifications regarding three lawsuits filed by 天健会计, 东兴证券, and 康达律所, which are seeking compensation related to the fraudulent activities of 泽达易盛 [1][2]. - The total amount claimed in the lawsuits includes approximately 123.46 million yuan for案件一, 215.33 million yuan for案件二, and 33.49 million yuan for案件三, summing up to a total of approximately 372.28 million yuan [3]. - The company is one of 39 defendants in these lawsuits, which have not yet gone to trial, and the impact on the company's profits remains uncertain [3]. Group 2: Background on 泽达易盛 - 泽达易盛 was penalized by the China Securities Regulatory Commission (CSRC) for fraudulent issuance and violations of information disclosure, leading to investor lawsuits against the company and its intermediaries [1][3]. - The CSRC has categorized 泽达易盛's case as a significant example of investor protection, highlighting the serious nature of the fraud and the subsequent administrative penalties imposed [3]. - 泽达易盛 was delisted from the Shanghai Stock Exchange on July 7, 2023, following these violations [4].