随着A股行情继续向好，券商发债"补血"需求水涨船高。 近3000亿元 9月12日晚间，第一创业（002797）公告称，证监会同意该公司向专业投资者公开发行不超过80亿元公 司债券。就在9月10日，国泰海通（601211）披露，该公司不超过300亿元次级公司债券的注册申请已获 得证监会批复；同日，中信证券（600030）也公告，其不超过600亿元公司债券的计划收到证监会批 文。 数据显示，9月以来，券商已完成19只债券发行（统计口径含银行间市场，下同），发行规模452亿元。 另有32只债券正处发行阶段，计划募资规模合计779亿元。 而在8月，券商发债迎来了年内高峰。数据显示，当月券商合计发行141只债券，募集规模达2935亿元， 两项数据均创下年内月度新高；年内次高峰则在7月，券商共发行86只债券，发行规模合计达1576.13亿 元。 从更长时间来看，今年以来券商发债节奏及募资规模整体上升，融资十分活跃。据记者统计，截至9月 12日，今年以来券商新发行及正在发行的债券合计达1.06万亿元，较去年同期的6736.27亿元大幅增长。 在这一轮发债潮中，共有6家券商发债规模超过500亿元。具体来看，中国银河（6018 ...

煤焦周度观点 国泰君安期货研究所·张广硕 投资咨询从业资格号：Z0020198 日期：2025年9月14日 Guotai Junan Futures all rights reserved, please do not reprint 煤焦观点：估值对于供给恢复充分计价，震荡反复 ➢ 焦企复工的同时，对于原料的采购需求相对疲弱，独立焦化厂以消化内部原料库存为主；另一方面，钢厂高炉复工的同时却不见 焦炭库存的有效去化。 Special report on Guotai Junan Futures 2 ◆ 1、供应： ➢ 阅兵后国内上游产量迅速恢复，蒙煤甘其毛都和策克口岸维持高位通关量，供给整体环比增量较大。 ◆ 2、需求： ◆ 3、宏观： ➢ 随着美方面近期多个数据的公布，市场或对降息预期计价的较为充分，另一方面，目前国内外资本市场风偏表现依然偏强，商品 估值仍存一定宏观支撑。 ◆ 4、观点总结阐述: ➢ 虽然现实供需随着阅兵庆祝活动的结束有所转松，但此前较强的共识已在盘面上反映的较为充分，目前市场对于未来的原料需 求预期依然有较强支撑，叠加迅速恢复的高炉铁水产量，短期原料估值或存一定支撑。 煤焦基本面数据变化 ...

Group 1 - The core viewpoint of the article highlights the significant recovery and strategic direction of Guotai Junan, particularly in the context of its international operations and the challenges faced by Haitong International [1][3] - Guotai Junan's Chairman, Zhu Jian, stated that Haitong International has made substantial progress by drastically reducing risk exposure, cutting down liabilities, and enhancing core business competitiveness [1] - The company plans to actively promote the integration of international business, steadily expand its international layout, and strengthen its core capabilities in international operations to better serve both domestic and foreign clients [1] Group 2 - Haitong International faced severe losses due to its investments in high-yield real estate bonds, resulting in a significant decline in performance, with losses of HKD 65.4 billion in 2022 and HKD 81.56 billion in 2023 [1] - The financial performance of Haitong Securities has also deteriorated, with a net profit of HKD 10 billion in 2021 dropping to a loss of HKD 3.4 billion in 2024 [3] - The half-year report for 2025 indicates that Guotai Junan achieved an operating revenue of CNY 23.872 billion, a year-on-year increase of 77.71%, and a net profit attributable to the parent company of CNY 15.737 billion, a year-on-year increase of 213.74% [5]

国泰海通也表示，从市场布局来看，联想把握住了AI 红利期，面对全球 AI 基础设施需求的快速增长， 联想凭借其全球化的定位和双轨战略，成功捕捉到了 AI 基础设施 资金面上，聪明钱外资贝莱德对联想集团持仓比例于2025年9月5日从4.97%增至5.07%。数据显示，这 是一个月以来，贝莱德第二次增持联想集团，根据香港联交所最新披露的文件，贝莱于8月26日以每股 均价10.9411港元增持联想集团(00992)299万股普通股股份，价值约3,271.39万港元。增持后，贝莱德最 新持股数目为6.22亿股股份，好仓比例升至5.01%。 的增长机遇。FY2026Q1，联想 ISG 业务营收同比大增 36%，AI 基础设施业务更是实现了爆发式增长， 营收同比增长 155%。此外，联想在PC市场的领先地位也进一步巩固，AI PC出货量占比超过30%，成 为全球市场的领头羊。联想通过精准的市场布局和持续的创新投入，正稳步迈向 AI 价值的全面兑现 期。 本周受益AI行情驱动，联想集团股价持续攀爬至11.83港元，周涨幅近10%，总市值1467亿港元。 华泰证券表示，随着全球混合式人工智能发展带来的强劲需求，展望下半年，预 ...

本次分红对象为权益登记日登记在册的本基金所有份额持有人，权益登记日为9月15日，现金红利发放 日为9月17日。选择红利再投资方式的投资者所转换的基金份额将以2025年9月15日基金份额净值为计算 基准确定再投资份额，红利再投资所转换的基金份额将于2025年9月16日直接划入其基金账户，2025年9 月17日起投资者可以查询。根据财政部、国家税务总局的财税字[2002]128号《财政部、国家税务总局 关于开放式证券投资基金有关税收问题的通知》，基金向投资者分配的基金收益，暂免征收所得税。本 基金本次分红免收分红手续费。选择红利再投资方式的投资者其红利所转换的基金份额免收申购费用。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 分级基金简称 代码 | 墓准日墓金净值 分红方案 | | | --- | --- | --- | | | (元) （元/10份） | | | 国泰君安安裕纯债一年定开债券 018426 | 1.01 | 0.07 | 证券之星消息，9月13日发布《国泰君安安裕纯债一年定期开放债券型证券投资基金分红公告》。2 ...

Core Insights - The performance meeting held by Shanxi Taigang Stainless Steel Co., Ltd. on September 11, 2025, highlighted significant improvements in the company's performance despite a challenging steel industry environment [1][2]. Group 1: Performance Improvement - In the first half of 2025, the steel industry faced strong supply and weak demand, leading to fluctuating product prices. However, Taigang achieved substantial year-on-year and quarter-on-quarter performance improvements through internal reforms, cost reduction, efficiency enhancement, and risk management [2]. - The company aims to maintain a customer-centric market operation mechanism, focusing on continuous innovation, collaboration, and differentiated product development [2]. Group 2: Trade Policy and Export Situation - Since 2020, trade policy adjustments have intensified, with an increase in trade disputes and cases in 2024, particularly amid U.S.-China tensions. Taigang has zero direct exports to the U.S. and has dissolved its U.S. subsidiary [2]. - The company has established overseas channels and opened the China-Europe Railway Express, significantly improving product transportation efficiency and enhancing export competitiveness. Taigang is optimistic about meeting its annual export targets due to the Belt and Road Initiative and the development of overseas marketing channels [2]. Group 3: Opportunities in Hydropower Projects - The Yajiang Hydropower Station is expected to require 4-6 million tons of steel, with total demand exceeding 8 million tons, significantly boosting the steel industry. Taigang's products have been recognized by high-end hydropower manufacturers, and the company has been developing related products since 2012 [2]. - Taigang plans to closely monitor project demands and collaborate with hydropower manufacturers to promote its specialized products [2]. Group 4: "14th Five-Year" Plan - The initial draft of the "14th Five-Year" plan is set to be completed by the end of September 2025, focusing on high-end demand rather than large-scale capacity investments. The plan emphasizes product high-endization, green technology breakthroughs, and smart manufacturing to facilitate industry transformation [2]. Group 5: Environmental Operations and Costs - In 2024, Taigang's total environmental operating costs amounted to 2.6 billion yuan, translating to 208 yuan per ton of steel, covering various aspects such as waste gas, wastewater, and solid waste treatment [2]. - The company prioritizes sustainable development and has been recognized as one of the first green factories in China. It has applied for "Leading Model Enterprises" status with the Ministry of Industry and Information Technology [2]. Group 6: Stainless Steel Supply and Demand Outlook - By the end of 2024, domestic stainless steel production capacity is expected to reach approximately 53 million tons, with nearly 5 million tons under construction, while apparent consumption is below 33 million tons, leading to intense market competition [2]. - In the first half of 2025, stainless steel production increased by 5.3% year-on-year, and consumption rose by 3.1%, indicating a tight competitive landscape. However, improvements in supply-demand coordination are anticipated in the second half of the year [2]. Group 7: Green and Low-Carbon Products - Taigang has invested nearly 800 million yuan in recent years for technological upgrades, focusing on "green manufacturing" and "manufacturing green products" [2]. - The company has developed various low-carbon products tailored to customer carbon reduction needs, with some products achieving over 60% carbon reduction. The goal for the "14th Five-Year" period is to achieve a 30% reduction capability and technology by 2030 [2].

Group 1 - The company announced that it will hold investor meetings on September 11 and 12, 2025, with participation from the board secretary and office specialist [1] - For the first half of 2025, the company's revenue composition is as follows: 55.52% from agricultural support services, 44.96% from wholesale market operations, 1.81% from production and processing, and -2.29% from internal offsets [1] - The current market capitalization of the company is 15.7 billion yuan [1]

42家券商中，国泰海通2025年上半年末的净资本（母公司报表口径，下同）最高，为1941.28亿元；净资本最低的是华林证券，金额仅50.98亿元。净资本增 加最多的是国泰海通，净资本增加1024.01亿元；增幅最高的是国泰海通（111.64%）；净资本减少最多的是国信证券，减少134.08亿元；减幅比例最大的也 是国信证券，降幅为15.8%。 券商业务尤其是重资产业务，有着资本规模决定业绩规模的特征和规律。国信证券净资本规模大幅下降，将降低公司业务规模上限，尤其是资本不足可能制 约其风险承受能力和资本消耗性业务拓展空间。2025年上半年，中信证券的净资本被国泰海通反超，是否意味着未来中信证券会让出"业绩一哥"的位置？ 国信证券净资本减少金额及降幅皆最大 出品：新浪财经上市公司研究院 作者：郑权 近日，42家纯证券业务上市券商2025年半年报披露完毕。42家上市券商2025年上半年合计实现营业总收入2519亿元，同比增长31%；实现归母净利润1040亿 元，同比增长65%。 数据来源：wind 2025年上半年，国信证券实现营收110.75亿元，同比增长51.84%；实现归母净利润53.67亿元，同比增长71% ...

国泰海通董事长朱健表示，公司积极践行"以投资者为本"的发展理念，有效保护投资者特别是中小投资 者合法权益，坚持打造"长期、稳定、可持续"的股东价值回报机制，增强分红稳定性、持续性和可预期 性，坚持一年多次分红，保持高比例的分红水平。 ...

Group 1 - The core viewpoint of the article indicates that the CPI growth in August has rebounded due to food and energy, but the slow transmission of tariffs and stable service inflation suggest that inflation will not hinder the Federal Reserve's interest rate cuts in the short term [1][2] - The August CPI in the U.S. showed a year-on-year increase of 2.9% (previous value 2.7%, expected 2.9%) and a month-on-month increase of 0.4% (previous value 0.2%, expected 0.3%) [1] - Core CPI remained stable with a year-on-year increase of 3.1% and a month-on-month increase of 0.3%, aligning with market expectations [1] Group 2 - Core goods saw a month-on-month increase from 0.2% to 0.3%, primarily driven by a rebound in used car prices (from 0.5% to 1.0%) [1] - The transmission of tariffs remains slow, with core goods excluding used cars maintaining a month-on-month growth rate of 0.17%, unchanged from July [1][2] - Service inflation remained stable, with rental inflation being the main contributor, although its sustainability is questionable [2] Group 3 - Short-term focus is expected to remain on employment risks rather than inflation, as the slow transmission of tariffs and stable service inflation indicate that inflation will not be a constraint for the Federal Reserve's rate cuts [2] - The labor market's ongoing weakness has not disrupted the consensus on a soft landing, with the market currently favoring rate cut trades rather than recession trades [2] - Concerns about the U.S. inflation pressure persisting after rate cuts need to be monitored, despite the current demand-side weakness slowing tariff transmission [2]