Core Insights - The domestic automotive market showed strong performance in August, with significant growth in pure electric vehicle (EV) sales, while the growth of plug-in hybrid (PHEV) and range-extended vehicles slowed down due to subsidy policies favoring smaller pure EVs [1][3] - The export of new energy vehicles (NEVs) performed robustly, with PHEV exports growing faster than domestic sales, driven by better economic and intelligent features compared to traditional fuel vehicles [1][4] Domestic Market Performance - In August, domestic vehicle sales reached 2.245 million units, a month-on-month increase of 11.3% and a year-on-year increase of 15.6% [3] - Sales of Chinese brand passenger vehicles were 1.766 million units, showing a year-on-year growth of 21% [3] - NEV sales in August totaled 1.171 million units, a year-on-year increase of 18.3%, accounting for 52.1% of total domestic vehicle sales [3] - For the first eight months, domestic vehicle sales reached 16.836 million units, a year-on-year increase of 12.3% [3] Export Market Performance - In August, total vehicle exports were 611,000 units, with a month-on-month increase of 6.2% and a year-on-year increase of 19.6% [4] - NEV exports reached 224,000 units, a year-on-year increase of 100% [4] - Among NEVs, pure electric vehicle exports were 143,000 units, showing a year-on-year growth of 63.4% [4] - For the first eight months, total vehicle exports were 4.292 million units, a year-on-year increase of 13.7% [4] Investment Strategy - The domestic automotive market is characterized by accelerated electrification and the strong rise of independent brands, with intelligent features being a key driver of sales growth [5] - The focus of competition is shifting towards the intelligent sector, with leading companies in data, training facilities, and intelligent driving ecosystems expected to capture more market share [5] - Companies like Huawei are leveraging their ICT expertise to enhance their competitiveness in the automotive sector, particularly in intelligent vehicle development [6] Beneficiary Companies - Companies benefiting from deep cooperation with Huawei include Seres, JAC Motors, BAIC Blue Valley, SAIC Motor, and Changan Automobile [6] - Component suppliers with competitive advantages in cost, research, and market presence are also highlighted, including Chuanhuan Technology, Ningbo Gaofa, Kehua Holdings, New Coordinates, and Zhongyuan Neipei [6]

Core Viewpoint - Dongxing Securities experienced a decline in stock price, with a current trading price of 11.63 yuan per share and a market capitalization of 37.593 billion yuan, reflecting a net outflow of funds [1] Company Overview - Dongxing Securities was established on May 28, 2008, and listed on February 26, 2015. The company is located in Beijing and engages in various financial services including securities brokerage, investment banking, asset management, proprietary trading, alternative investments, credit trading, futures, and direct investments [1] - The main revenue sources for Dongxing Securities are wealth management (38.98%), investment trading (37.14%), investment banking (11.16%), other businesses (6.78%), and asset management (5.94%) [1] Financial Performance - As of June 30, 2025, Dongxing Securities reported a net profit of 821 million yuan, representing a year-on-year growth of 42.12%. However, the company recorded zero operating revenue for the first half of 2025 [2] - The company has distributed a total of 4.81 billion yuan in dividends since its A-share listing, with 957 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, Dongxing Securities had 113,200 shareholders, a decrease of 3.79% from the previous period. The average number of circulating shares per shareholder increased by 3.94% to 28,558 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in their holdings [3]

Core Viewpoint - The report from Dongxing Securities indicates a cautious approach from airlines regarding capacity deployment in domestic routes, with improvements in passenger load factors observed in August, supported by the introduction of the self-discipline convention by the China Air Transport Association [1][5]. Domestic Routes - In August, the capacity deployment for domestic routes by listed companies increased by approximately 1.7% year-on-year and 0.8% month-on-month, with growth rates declining to a lower level [2]. - The three major airlines maintained a capacity deployment level in August that was largely unchanged from July, with year-on-year growth rates declining compared to July [2]. - The overall passenger load factor for listed companies improved by about 0.9 percentage points year-on-year and increased by 3.3 percentage points month-on-month, indicating a significant recovery in load factors [2]. - Airlines adjusted their strategies in response to lower-than-expected demand, shifting focus from maximizing load factors to balancing capacity and pricing for better profitability [2][3]. International Routes - For international routes, capacity deployment by listed airlines increased by approximately 14.6% year-on-year and 1.0% month-on-month in August [4]. - The passenger load factor for international routes remained stable year-on-year, with a month-on-month increase of about 2.8 percentage points [4]. - Notable increases in load factors were observed for Spring Airlines and China Eastern Airlines, both based in Shanghai, reflecting strong seasonal demand in the region [4]. Industry Policy Changes and Investment Recommendations - The introduction of the self-discipline convention by the China Air Transport Association in August has laid the groundwork for reducing market chaos and improving operational standards, contributing to revenue enhancement [5]. - The ongoing effort to combat internal competition is seen as a long-term initiative that will aid in the rebalancing of the industry and improve overall profitability [5]. - Large airlines are expected to benefit more significantly from these changes, suggesting a focus on these companies for investment opportunities [5].

2025年1-6月，公司实现营业收入1.56亿元，同比下降40.91%；归属于上市公司股东的净利润为-1,789.23 万元，上年同期为12.50万元；归属于上市公司股东的扣除非经常性损益的净利润为-1,792.58万元，上 年同期为-295.36万元；经营活动产生的现金流量净额为-1,137.69万元，上年同期为-1,413.52万元。 通用电梯上市发行费用为4177.87万元，其中保荐机构东兴证券获得承销保荐费2405.66万元。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 156, 498, 786. 52 | 264, 866, 849, 18 | -40.91% | | 归属于上市公司股东的净利润 (元) | -17, 892, 326. 89 | 125.021. 18 | -14. 411. 44% | | 归属于上市公司股东的扣除非经常 性损益的净利润(元) | -17.925.773.53 | -2, 953, 582. 17 | -506. 92% | | 经营动类生的现金流量和领 (元) | ...

Group 1 - The National Cybersecurity Incident Response Center reported that 69 mobile applications were found to illegally collect and use personal information [1] - Among the identified applications, Dongxing 198 (developed by Dongxing Securities) failed to implement necessary security measures such as encryption and de-identification [1] - Xinda Futures (developed by Xinda Futures Co., Ltd.) did not clearly outline the purposes, methods, and scope of personal information collection in its privacy policy [1] Group 2 - Dongxing Securities Co., Ltd. was established in 2008 and is primarily engaged in capital market services, with a registered capital of 32,324.4552 million RMB [1] - Xinda Futures Co., Ltd. is a wholly-owned subsidiary of Xinda Securities [2]

Core Viewpoint - Dongxing Securities has initiated the recruitment of a chief economist for the first time in six years, aiming to enhance its macroeconomic research capabilities and strengthen the foundation for corporate value exploration [1][2][4]. Group 1: Recruitment of Chief Economist - The recruitment of a chief economist is a significant move for Dongxing Securities, as the previous chief economist left in May 2019, and the position has remained vacant since then [3]. - The company has outlined six qualifications for the role, including a maximum age of 45, over five years of experience in reputable brokerage firms or public funds, and a preference for candidates with experience in macroeconomic policy research [3][4]. - The responsibilities of the new chief economist will include providing investment consulting services to external clients and supporting internal research efforts [3][4]. Group 2: Research Business Challenges - Dongxing Securities' research business has faced a significant decline, with commission income shrinking by approximately 90% from 2020 to 2024, and the number of research personnel decreasing from 111 to 62 [2][4]. - In the first half of 2025, the company's commission income was reported at 3.27 million yuan, a year-on-year decline of 70.59%, ranking 69th in the industry [4]. - The decline in research income is attributed to factors such as the reform of public fund commission rates, which has affected the entire brokerage industry [4]. Group 3: Business Restructuring - Dongxing Securities is undergoing structural adjustments across multiple departments, including the research department and investment banking, to enhance operational efficiency and adapt to competitive pressures [5]. - The company has shifted its investment banking management from a team-based to a project-based approach, aiming for a more streamlined and responsive management system [5]. Group 4: Financial Performance - Despite challenges in the research sector, Dongxing Securities has maintained positive growth in net profit over the past five years, with a reported revenue of 2.25 billion yuan in the first half of 2025, a year-on-year increase of 12.46% [6]. - The wealth management business has been a key driver of growth, with a 19.13% increase, contributing 38.98% to total revenue [6]. - The investment banking segment has also seen substantial growth, with a year-on-year increase of 188.20%, while asset management and trading revenues have declined [6].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The securities industry is integrating resources through mergers and acquisitions to achieve business complementarity and regional synergy. Dongxing Securities will actively follow national policy guidelines, focus on its main business, and pay attention to industry M&A opportunities [24]. - Dongxing Securities has achieved significant results in the strategic transformation of its equity proprietary investment business towards a non - directional approach, and will continue to adhere to the absolute return concept, expand investment varieties, and optimize investment strategies [24]. - Dongxing Securities adjusted its investment banking business management structure in the first half of the year, making it more refined and intensive, and will adapt to new industry trends to promote new development of investment banking business [24]. - Dongxing Securities' research business aims to strengthen macro - research capabilities and will continue to enhance research strength and service quality to support the "investment banking + investment research + investment" linkage [26]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Dongxing Securities, belonging to the securities industry. The reception time was September 15, 2025. The listed company's reception personnel included the Party Committee Deputy Secretary, Director, and General Manager Wang Hongliang, Director, Deputy General Manager, and Financial Controller Zhang Fang, Board Secretary Zhang Feng, Independent Director Zhu Qing, and other relevant personnel [17]. 3.2. Detailed Research Institutions - The types of reception objects include institutional - related personnel, and the specific reception objects are online investors and others [20]. 3.3. Research Institution Proportion - No information provided in the content 3.4. Main Content Data - Regarding the M&A trend in the securities industry, Dongxing Securities will actively follow policies, focus on the main business, and pay attention to M&A opportunities, and will disclose relevant plans in a timely manner [24]. - For equity proprietary investment, Dongxing Securities has achieved results in the non - directional transformation, and will continue to adhere to the absolute return concept, expand investment varieties, and optimize strategies [24]. - In the first half of the year, Dongxing Securities adjusted its investment banking business management structure, making it more refined and intensive, and will adapt to new trends for new development [24]. - Dongxing Securities' research business is strengthening macro - research capabilities and will enhance research strength and service quality to support the "investment banking + investment research + investment" linkage [26].

这家券商多位核心高管在线出席，与投资者进行了文字互动，回应了卖方研究体系改革、投行业绩提 升、并购重组趋势等问题。 其中，这家北京券商重启宏观研究团队的动作，备受关注，公司总经理在说明会直面这一热点问题。时 隔六年首次招聘首席经济学家 日前，东兴证券通过官方微信发布《东兴证券公开招聘首席经济学家》一文。 9月15日，东兴证券举行2025年中期业绩说明会。 此次中报的"投行业务净收入"指标中，东兴证券由去年全行业排名三十名开外，直接升至最新的第十 名，业务体量提速非常明显。 对此，中报披露："上半年实施投资银行业务架构改革，业务管理团队由团队制向项目制转变。" 东兴证券总经理王洪亮在业绩会上透露：今年上半年，为进一步打造特色鲜明、功能突出、管理扁平、 快速响应的投行业务管理体系，公司调整和优化了投行业务管理架构。此次调整使投行业务管理更加精 细化、集约化，更加适应行业竞争态势，内外部协同更加高效顺畅。未来，公司将主动适应行业发展新 趋势，努力推动投行业务实现新发展。自营权益投资布局 东兴证券总经理王洪亮在业绩说明会上表示：公司近年来持续推动权益自营业务去方向战略转型，立足 长期价值投资，成效显著，投资品种不断拓 ...

证券日报网讯 9月12日晚间，东兴证券发布公告称，公司于2024年9月13日成功发行东兴证券股份有限 公司2024年度第四期短期融资券（以下简称本期短期融资券），本期短期融资券发行规模为人民币15亿 元，票面利率为2.02%，期限为364天，兑付日期为2025年9月12日。2025年9月12日，公司兑付了本期 短期融资券本息共计人民币1，530，216，986.30元。 （文章来源：证券日报） ...

东兴证券股份有限公司（以下简称公司）于 2024 年 9 月 13 日成功发行东兴 证券股份有限公司 2024 年度第四期短期融资券（以下简称本期短期融资券），本 期短期融资券发行规模为人民币 15 亿元，票面利率为 2.02%，期限为 364 天， 兑付日期为 2025 年 9 月 12 日（详见公司于 2024 年 9 月 19 日登载于上海证券交 易所网站 www.sse.com.cn 的《东兴证券股份有限公司 2024 年度第四期短期融资 券发行结果公告》）。 2025 年 9 月 12 日 ， 公 司 兑 付 了 本 期 短 期 融 资 券 本 息 共 计 人 民 币 1,530,216,986.30 元。 特此公告。 东兴证券股份有限公司 董事会 证券代码：601198 证券简称：东兴证券 公告编号：2025-045 东兴证券股份有限公司 2024 年度第四期短期融资券兑付完成的公告 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。 2025 年 9 月 13 日 1 ...