Group 1 - The core viewpoint of the report is that Dongxing Securities maintains a "strong buy" rating for ZTO Express (02057), projecting net profits for the parent company to be 8.85 billion, 10.22 billion, and 11.53 billion for the years 2025 to 2027, with corresponding P/E ratios of 13.0X, 11.2X, and 10.0X [1] - ZTO Express, as a leader in the Tongda system, is expected to maintain a relatively stable profit level during price wars, indicating a strong margin of safety [1] - In the second quarter, ZTO Express achieved a business volume of 9.847 billion pieces, representing a year-on-year growth of 16.5%, with a market share of 19.5% [1] Group 2 - The adjusted net profit for Q2 was 2.053 billion [1] - The report anticipates an improvement in the profitability of the industry and the company in the second half of the year, as the environment shifts away from excessive competition [1] - The company is adjusting its business volume guidance and shifting its strategic focus to prioritize quality, expecting a reduction in incremental incentives for the second half, while the profitability per package is expected to rebound [1]

Core Viewpoint - Dongxing Securities maintains a "strong buy" rating for ZTO Express (02057), projecting net profits for 2025-2027 to be 8.85 billion, 10.22 billion, and 11.53 billion respectively, with corresponding PE ratios of 13.0X, 11.2X, and 10.0X [1] Company Performance - In Q2, ZTO Express achieved a business volume of 9.847 billion parcels, representing a year-on-year growth of 16.5%, capturing a market share of 19.5% [1] - The adjusted net profit for Q2 was 2.053 billion [1] Industry Outlook - The second half of the year is expected to see an improvement in profitability for both the industry and the company [1] - With the formation of a less competitive environment, the company is shifting its focus towards quality over quantity, leading to a downward adjustment in business volume guidance [1] - Although the growth rate of business volume is anticipated to decline, the profit per parcel is expected to rebound accordingly [1]

Group 1 - The core viewpoint of the article highlights the significant decline in the financial performance of Liemeng Technology, with a 55.89% year-on-year decrease in revenue and a shift from profit to a net loss of $3.758 million [1] - On September 11, shareholders transferred shares from Huafu International Securities to Dongxing Securities (Hong Kong), with a market value of HKD 61.5211 million, representing 5.45% of the total shares [1] - The company attributes the revenue decline primarily to global economic fluctuations and geopolitical uncertainties, which have led to a substantial reduction in digital advertising budgets from its clients [1]

Core Viewpoint - The recent performance of Liemeng Technology (02405) indicates significant challenges, with a substantial decline in revenue and a shift to losses, attributed to global economic fluctuations and geopolitical uncertainties [1] Company Performance - Liemeng Technology reported a revenue of $3.25 million for the mid-year of 2025, representing a year-on-year decrease of 55.89% [1] - The company experienced a net loss of $3.758 million, marking a shift from profit to loss compared to the previous year [1] - Earnings per share were reported at a loss of 0.47 cents [1] Shareholder Activity - On September 11, shareholders transferred shares from Huafu International Securities to Dongxing Securities (Hong Kong), with a transfer value of HKD 61.5211 million, accounting for 5.45% of the total shares [1]

Core Viewpoint - The article emphasizes the role of the securities industry in supporting national strategies and high-quality development through innovation and reform, particularly in the context of the "Five Major Financial Articles" initiative [2][3]. Group 1: Company Strategy and Development - Dongxing Securities is committed to integrating the "Five Major Financial Articles" into its long-term strategic development, focusing on enhancing organizational management and internal reforms to boost core competitiveness [2]. - The company aims to innovate financial service models while adhering to regulatory standards, thereby solidifying its foundation for stable growth and actively participating in capital market reforms [2][3]. Group 2: Focus on Technology Finance - The implementation of policies related to the "Five Major Financial Articles" has provided a framework for securities firms to deepen their main business transformation and improve service efficiency [3]. - Dongxing Securities has actively participated in the issuance of technology innovation bonds, successfully issuing a 1.80% coupon rate bond worth 1 billion yuan, which was oversubscribed by 3.94 times [3][4]. - The company has focused its investment banking efforts on high-tech enterprises in strategic emerging industries, supporting sectors such as intelligent manufacturing, new energy, and biomedicine through IPOs and equity financing [3][4]. Group 3: Long-term Support for Technology Enterprises - Over the past five years, Dongxing Securities has assisted 35 enterprises in achieving IPOs, raising a total of 29 billion yuan, ranking 17th in the industry for fundraising scale [4]. - The company has provided comprehensive financial services throughout the lifecycle of technology enterprises, exemplified by its support for Xianhui Technology in various capital operations [5][6]. Group 4: Commitment to Green and Inclusive Finance - Dongxing Securities has successfully issued green bonds and asset-backed securities to support environmental and clean energy projects, including a 400 million yuan green ABS aimed at directing funds towards green industries [7]. - The company has also engaged in inclusive finance initiatives, issuing 1.344 billion yuan in bonds to support rural revitalization in underdeveloped regions [7][8]. Group 5: Innovation in Pension and Digital Finance - Dongxing Securities has developed innovative financial products tailored to different age groups and financial situations to meet the diverse needs of pension planning [8]. - The company is advancing its digital finance strategy by integrating AI and data-driven applications to enhance its service offerings [8].

Core Viewpoint - Dongxing Securities is actively integrating national strategies and promoting high-quality development into its operational practices through deepening reforms, focusing on its main business, and collaborative development [1][2]. Group 1: Financial "Five Articles" - The implementation of the financial "Five Articles" series of policies provides fundamental guidance for securities companies to deepen their main business transformation and enhance service efficiency [2]. - Dongxing Securities plans to incorporate the financial "Five Articles" into its long-term strategic development, strengthening organizational management and internal reforms to enhance core competitiveness [1][2]. Group 2: Technology Finance and Competitive Advantage - Dongxing Securities is focusing on technology finance to create a distinctive competitive advantage, actively participating in the issuance of technology innovation bonds [2]. - In July, Dongxing Securities successfully issued "2025 Technology Innovation Company Bonds (First Phase)" with a scale of 1 billion yuan and a coupon rate of 1.80%, receiving a subscription multiple of 3.94 times [2][3]. Group 3: Support for High-tech Enterprises - Over the past five years, Dongxing Securities has served 35 real economy enterprises, helping them raise a total of 29 billion yuan through IPOs, ranking 17th in the industry [3]. - In the first half of 2025, Dongxing Securities ranked among the top three in the industry as a sponsor for four high-tech enterprises completing IPOs [3]. Group 4: Comprehensive Lifecycle Services - Dongxing Securities is enhancing its financial services for technology enterprises throughout their entire lifecycle, exemplified by its support for Xianhui Technology in various capital operations [4]. - The company assisted Xianhui Technology in its IPO in 2020 and subsequent financing efforts, helping it transition into a dual-driven product layout in smart manufacturing and new energy [4]. Group 5: Green and Inclusive Finance - Dongxing Securities has successfully issued green bonds and asset-backed securities, supporting enterprises in environmental protection and clean energy sectors [7]. - The company has issued a total of 1.344 billion yuan in rural revitalization bonds and corporate bonds to promote inclusive finance in underdeveloped regions [7]. Group 6: Digital Finance Strategy - Dongxing Securities has developed a digital finance strategy focusing on "strategic leadership, digital drive, platform empowerment, collaborative innovation, and building a smart Dongxing" [8].

Core Viewpoint - Dongxing Securities is recruiting a Chief Economist for the first time in six years, indicating a significant shift in its research strategy and addressing the long-standing vacancy since the departure of the previous economist in 2019 [1][6]. Group 1: Recruitment Announcement - The recruitment announcement specifies that the Chief Economist will be responsible for interpreting domestic and international macroeconomic policies, predicting market trends, and producing in-depth research reports [1]. - Candidates must have a master's degree or higher, be under 45 years old, and possess over five years of core experience in well-known securities firms or public funds, along with experience leading research teams [2]. Group 2: Research Performance and Financials - Dongxing Securities has experienced a continuous decline in its research performance, with a 71% year-on-year drop in commission income to 3.266 million yuan in the first half of 2025, ranking 61st in the industry [3]. - In 2024, the commission income was 13.83 million yuan, also reflecting a 71.45% decrease, placing the firm at 60th in industry rankings [4]. - Despite the challenges in research income, the company reported a revenue of 2.249 billion yuan in the first half of 2025, a 12.46% increase year-on-year, and a net profit of 819 million yuan, up 42.12% [5]. Group 3: Future Implications - The successful recruitment of a Chief Economist may mark the beginning of a restructuring of Dongxing Securities' research capabilities, which could significantly impact its research-driven business model in the future [6].

智通财经9月11日讯（记者 陈俊兰）卖方研究走在退坡路上的东兴证券，显然在寻找突围之路。 近日，东兴证券启动首席经济学家招聘计划，任职资格方面，要求应聘者拥有5年以上知名券商研究所或公募基金公司等机构工作经验，担任 研究团队的主要负责人或核心骨干。 不仅首经这一岗位，记者了解到，东兴证券研究所的重要管理岗位也在对外招揽人才。东兴证券对于研究所的内部调整早有端倪。今年4月29 日，东兴证券就已发布《关于研究所、销售交易部等部门组织架构调整的议案》。 记者注意到，伴随着卖方研究的转型，陆续有券商研究所大举招聘，并将首席经济学家作为重点招聘对象。回溯至2020年，西南证券便曾公开 招聘首席经济学家及研究所副所长；而自去年以来，国海证券、财达证券等亦相继发布过同类岗位的招聘信息。 任职资格方面，要求应聘者拥有5年以上知名券商研究所或公募基金公司等机构工作经验，担任研究团队的主要负责人或核心骨干，具备国家 宏观政策研究机构工作经验，或中国首席经济学家论坛等组织工作经验。同时，还要求在行业内具备较高知名度，获得过新财富、水晶球等主 流奖项。 本次招聘还特别明确了年龄要求，要求年龄在45周岁及以下。事实上，年轻化已然是证券 ...

Company Overview - Dongxing Securities is located in Beijing and was established on May 28, 2008, with its listing date on February 26, 2015 [1] - The company's main business includes securities brokerage, investment banking, asset management, proprietary trading, alternative investment, credit trading, futures, and direct investment [1] - The revenue composition is as follows: wealth management business 38.98%, investment trading business 37.14%, investment banking business 11.16%, other businesses 6.78%, and asset management business 5.94% [1] Financial Performance - As of June 30, 2025, Dongxing Securities reported a net profit attributable to shareholders of 819 million yuan, representing a year-on-year growth of 42.12% [2] - The company has distributed a total of 4.81 billion yuan in dividends since its A-share listing, with 957 million yuan distributed in the last three years [3] Stock Market Activity - On September 11, Dongxing Securities' stock price increased by 2.07%, reaching 11.85 yuan per share, with a trading volume of 252 million yuan and a turnover rate of 0.67% [1] - The stock has seen an 8.52% increase year-to-date, with a 2.16% rise over the last five trading days, a 3.13% increase over the last 20 days, and a 12.54% increase over the last 60 days [1] Shareholder Information - As of June 30, 2025, the number of shareholders is 113,200, a decrease of 3.79% from the previous period, with an average of 28,558 circulating shares per person, an increase of 3.94% [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 second "Golden Unicorn Best Investment Advisor Selection" event is underway, highlighting the growth of China's wealth management industry and the critical role of investment advisors in guiding asset allocation for the public [1][2]. Group 1: Investment Advisor Performance - Investment advisor Cao Xiaohong from Dongxing Securities achieved the eighth position in the public fund simulation portfolio ranking for August, with a total simulated portfolio return exceeding 20% [2]. - Cao Xiaohong attributes the success of the simulated portfolio to in-depth market data analysis and the ability to discern the authenticity and impact of market information [2]. Group 2: Market Insights and Strategies - The A-share market is experiencing a potential short-term correction after a period of growth, with a focus on sectors that may face pullbacks [2]. - Future sectors of interest include anti-involution industries such as chemicals, photovoltaics, lithium batteries, humanoid robots, innovative pharmaceuticals, and new materials [2]. Group 3: Investment Strategies for Ordinary Investors - For ordinary investors lacking professional experience, it is recommended to use ETFs (Exchange-Traded Funds) for simpler, more efficient, and relatively diversified risk exposure [3]. Group 4: Challenges and Opportunities for Investment Advisors - Investment advisors face unprecedented challenges and opportunities due to the personalized and differentiated demands of wealth management [3]. - Advisors must understand clients' risk preferences, investment goals, and timelines to provide customized investment strategies [3]. - Continuous learning and effective use of financial technology tools are essential for enhancing professional capabilities and better serving clients [3]. Group 5: Dongxing Securities' Advisory Services - Dongxing Securities offers a comprehensive wealth management service platform from a buy-side advisory perspective, covering the entire investment process [4]. - The company generates detailed account analysis reports to reveal clients' investment styles and risk preferences, facilitating personalized asset allocation reports [4].