Group 1 - Dongxing Securities publicly announced the recruitment of a chief economist on September 8, with a resume submission deadline of September 26 [4][6] - The position requires candidates to have over five years of experience in well-known institutions, preferably with awards from major organizations like New Fortune and Crystal Ball [4][6] - The chief economist will be responsible for analyzing domestic and international macroeconomic conditions, predicting market trends, and providing investment consulting to external clients [4][6] Group 2 - The trend of publicly recruiting chief economists is not new, as Southwest Securities had previously announced similar recruitment in 2020 [5] - The frequent movement of chief economists within the industry this year indicates a competitive job market, with notable transfers including Xun Yugen to Guosen Securities and Chen Guo to Dongfang Fortune Securities [7] - The decline in commission income for brokerage firms has prompted a shift towards research-driven strategies, influencing the mobility of chief economists [8][9] Group 3 - The recruitment of chief economists is seen as a strategic necessity for brand building and enhancing institutional influence [6][9] - The trend of public recruitment may become more common among small to medium-sized brokerages seeking to enhance their research capabilities [9] - The overall decline in commission income, with a reported 35.02% drop in brokerage fund commission income in the first half of 2025 compared to the previous year, highlights the need for a shift in focus towards research [8]

Group 1 - Dongxing Securities publicly announced the recruitment of a chief economist on September 8, with a resume submission deadline of September 26 [3][4] - The position requires candidates to have over five years of experience in well-known institutions, preferably with awards from major organizations like New Fortune and Crystal Ball [3][4] - The chief economist will be responsible for analyzing domestic and international macroeconomic conditions, predicting market trends, and providing investment consulting to external clients [3][4] Group 2 - The trend of publicly recruiting chief economists is becoming more common in the industry, with Southwest Securities having previously done so in 2020 [3][4] - Frequent movement of chief economists within the industry has been noted, with several high-profile transfers occurring in 2023 [5][7] - The decline in commission income has prompted brokerages to shift their research strategies, leading to increased mobility among chief economists [7][8] Group 3 - The recruitment of chief economists is driven by strategic needs and brand building, enhancing the institution's influence and market trust [4][9] - The trend of public recruitment may be adopted more widely, especially by smaller brokerages seeking to enhance their research capabilities [9] - The overall decline in commission income for brokerages has been significant, with a 35.02% year-on-year drop in fund commission income in the first half of 2025 [8]

格隆汇9月9日｜东兴证券研报指出，捷捷微电归母净利润2.47亿元，同比增长15.35%；扣非归母净利润 2.46亿元，同比增长46.57%。市场竞争加剧二季度短期波动，业绩维持高增长。公司二季度晶闸管、防 护器件和MOSFET三大业务毛利率分别为45.43%、29.20%和27.81%，较一季度有所下滑，主要受市场 竞争加剧影响，晶闸管部分产品价格有小幅下降，防护类器件价格相对稳定，MOSFET部分产品有 10%-15%的下降。公司6寸线项目达到批量生产能力，连续3月处于满产状态；8寸线项目成熟落地，产 出稳定满足下游需求。另外，汽车电子领域是公司未来着重发展的下游应用领域之一。公司是晶闸管龙 头，重点布局汽车电子，随着产能不断提升，销售有望快速增长。预计2025-2027年公司EPS分别为0.76 元，0.99元和1.23元，维持"推荐"评级。 ...

格隆汇9月9日｜东兴证券研报指出，江丰电子2025年上半年实现营业收入20.95亿元，同比增长 28.71%；扣非归母净利润1.76亿元，同比增长3.60%，两轮驱动释放成长动能。公司继续强化先端制程 产品竞争力，努力扩大全球市场份额，国内外客户订单持续增加，营业收入持续增长，报告期内公司实 现营业收入20.95亿元，同比增长28.71%。目前多个半导体精密零部件生产基地陆续完成建设并投产， 因处于投产初期，规模效应尚未形成，导致短期盈利能力承压，毛利率下降，后续随着产能的逐步释 放，盈利能力将稳步提升。公司是国内半导体靶材龙头，半导体零部件业务持续发力。预计2025-2027 年公司EPS分别为1.98元，2.41元和2.98元，维持"推荐"评级。 ...

东兴证券研报指出，齐鲁银行1H25实现营收、归母净利润67.8亿、27.3亿，分别同比+5.8%、+16.5% (1Q25：+4.7%、+16.5%)。公司对公投放强劲，贷款保持较快增长；负债成本加速改善之下，上半年净 息差稳中有升；资产质量整体向好，拨备覆盖率进一步提升。齐鲁银行中报营收增速环比改善，量、 价、中收同步改善；资产质量持续向好，净利润保持高增长，继续处于上市银行领先水平。结合当前宏 观环境和公司经营情况，预计2025-2027年净利润增速为16.9%、15.2%、14.9%，对应BVPS分别为 7.64、8.70、9.93元/股。9月5日收盘价对应2025年0.73倍PB估值，维持"推荐"评级。 ...

东兴证券研报指出，五粮液上半年归母净利润194.92亿元，同比+2.28%。其中2025Q2归母净利润46.32 亿元，同比-7.58%。在复杂的大环境下公司Q2保持经营稳定实属不易。2025年7月，公司实施2024年度 现金分红123.01亿元，加上2024年度中期分红99.99亿元，现金分红比率达70.01%，分红规模和分红比 率均创上市以来新高。我们看好公司稳健经营跨越周期的能力，认为公司在高端酒的市场影响力在持续 提升。预计公司2025年实现归母净利润为320.12亿元，同比增长0.5%，对应EPS分别为8.25元。当前股 价对应PE估值14.12倍，按照历史估值水平，给予18倍目标估值，目标价为148.5元，给予"强烈推荐"评 级。 ...

Core Viewpoint - Dongxing Securities report indicates that Wuliangye's net profit attributable to shareholders for the first half of the year reached 19.492 billion yuan, a year-on-year increase of 2.28% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 4.632 billion yuan, a year-on-year decrease of 7.58% [1] - The company maintained stable operations in a complex environment during Q2 [1] Dividend Policy - In July 2025, the company implemented a cash dividend of 12.301 billion yuan for the 2024 fiscal year, along with a mid-year dividend of 9.999 billion yuan, resulting in a cash dividend ratio of 70.01% [1] - Both the scale and ratio of dividends reached a record high since the company went public [1] Market Outlook - The company is expected to achieve a net profit attributable to shareholders of 32.012 billion yuan in 2025, representing a year-on-year growth of 0.5% [1] - The corresponding earnings per share (EPS) is projected to be 8.25 yuan [1] Valuation - The current stock price corresponds to a price-to-earnings (PE) ratio of 14.12 times [1] - Based on historical valuation levels, a target PE of 18 times is suggested, leading to a target price of 148.5 yuan [1] - The company is given a "strong buy" rating [1]

证券日报网讯 9月5日晚间，东兴证券（601198）发布公告称，公司计划于2025年9月15日13：00-14： 00举行2025年半年度业绩说明会。 ...

证券代码：601198 证券简称：东兴证券 公告编号：2025-041 东兴证券股份有限公司（以下简称公司）已于 2025 年 8 月 27 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年上半年经 营成果、财务状况，公司计划于 2025 年 9 月 15 日下午 13:00-14:00 举行 2025 年 半年度业绩说明会，就投资者关心的问题进行交流。 东兴证券股份有限公司 2025 年半年度业绩说明会预告公告 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： 会议召开时间：2025 年 9 月 15 日（星期一）下午 13:00-14:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 8 日（星期一）至 9 月 12 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通 ...

东兴证券研报指出，中谷物流上半年实现归母净利润10.72亿元，同比增长41.59%。上半年业绩略超预 期，外贸租船持续景气。盈利增长主要系报告期内贸运价上涨及外贸运力投放增加。由于将部分运力调 整至利润率更高的外贸租船业务，公司上半年毛利率由去年同期的12.6%提升至23.4%，毛利率大幅增 长，带动盈利快速提升。认为公司的高分红政策是可持续的，若今年全年按照85%左右的分红比例计 算，以25年预期盈利计算，股息率高达7.8%，具备较强吸引力，维持公司"推荐"评级。 ...