智通财经APP获悉，香港联交所最新数据显示，9月1日，易方达基金管理有限公司增持国泰海通 (02611)445.74万股，每股作价15.9713港元，总金额约为7119.05万港元。增持后最新持股数目约为2.14 亿股，持股比例为6.12%。 ...

Core Insights - The core viewpoint of the news is that Guotai Junan has significantly improved its financial performance in the first half of 2025, driven by the consolidation of Haitong Securities and a strong recovery in the market [1][2]. Financial Performance Overview - In H1 2025, Guotai Junan achieved a net profit attributable to shareholders of 15.74 billion yuan, representing a year-on-year increase of 213.7%, marking a new high in recent years [1]. - The company reported total revenue of 23.87 billion yuan and revenue excluding other businesses of 23.01 billion yuan, reflecting year-on-year growth of 39.9% and 80.5% respectively [1]. - As of the end of H1 2025, total assets and net assets attributable to shareholders reached 1,804.62 billion yuan and 321.38 billion yuan, showing significant year-on-year increases of 100.9% and 91.2% [1]. - The operating leverage stood at 4.6x, a slight increase of 0.1x compared to the same period last year [1]. Business Structure - Capital business plays a crucial role in the revenue structure, with investment business accounting for the highest proportion [1]. - In H1 2025, the revenue from brokerage, investment banking, asset management, net interest, and net investment income was 5.73 billion, 1.39 billion, 2.58 billion, 3.19 billion, and 9.78 billion yuan respectively, with respective shares of 24%, 6%, 11%, 13%, and 41% [1]. - The capital business accounted for 54% of the company's total revenue, with net interest and net investment income showing significant year-on-year increases of 7.2 and 9.8 percentage points respectively [1]. Profitability Drivers - The performance improvement was driven by multiple business segments, including brokerage, credit, and investment [2]. - Following the consolidation with Haitong Securities, Guotai Junan increased its market share in brokerage and credit businesses, with financial investment assets growing by 85.0% year-on-year to 802.91 billion yuan [2]. - The company experienced rapid growth in net interest, net investment, and brokerage income, with increases of 205.4%, 83.6%, and 86.3% respectively [2]. - The investment banking and asset management revenues increased by 19.4% and 34.2% year-on-year, respectively, due to an expanded investment banking team and enhanced asset management capabilities [2]. Investment Recommendations - Given the ongoing market uptrend and the scale enhancement from the consolidation with Haitong Securities, the profit forecast for Guotai Junan has been revised upward [2]. - The expected net profits attributable to shareholders for 2025-2027 are projected to be 25.8 billion, 22 billion, and 24 billion yuan, with year-on-year growth rates of 98%, -14%, and 9% respectively [2]. - The corresponding price-to-book ratios are estimated to be 1.1, 1.0, and 1.0 times [2].

证 券 研 究 报 告 业绩同比+51%，关注财富管理及国际业务贡献业绩增量 券商板块1H25业绩综述 证券分析师： 罗钻辉 A0230523090004 研究支持： 金黎丹 A0230525060004 2025.9.4 主要内容 2 1. 盈利概览：利润同比+51%，ROE 3.75% 2. 资本金业务：投资股债再平衡，两融息差稳健 3. 轻资本业务：收入随行就市，集中度提升 4. 未来业绩增量：财富管理及国际业务 5. 估值及投资意见分析 摘要 ◼ 业绩概览：1H25，43家上市券商（含东方财富）总资产较24年末+11%，净利润同比+51%，自营及经纪为业绩核心增量。 ◼ 资本金业务：金融投资的股债配置结构平衡迎验证，负债成本下行支撑信用业务息差走阔。 www.swsresearch.com 证券研究报告 3 • 1H25，43家上市券商（含东方财富）的总资产为13.9万亿元/较上年末+11%，归母净资产为2.9万亿元/较上年末+10%；市场回暖背景下， 上市券商实现营收2,587亿元/yoy+31%，实现归母净利润1,001亿元/yoy+51%（42家上市券商净利润正增，天风证券扭亏）。 • 自营投资 ...

Group 1 - The steel industry demand is expected to gradually bottom out, with signs of market clearing on the supply side, leading to a potential recovery in the industry's fundamentals [1][3] - Last week, the apparent consumption of five major steel products was 8.5777 million tons, an increase of 47,800 tons week-on-week, while total inventory reached 14.6788 million tons, up 268,400 tons [1] - The operating rate of blast furnaces among 247 steel mills was 83.2%, a decrease of 0.16 percentage points week-on-week, indicating a slight reduction in production activity [1][2] Group 2 - The average gross profit for rebar was 231.5 CNY/ton, down 12.2 CNY/ton week-on-week, reflecting a decline in profitability across the sector [2] - The steel industry has been experiencing losses since Q3 2022, with over 30% of steel companies still in the red, but market-driven supply adjustments are beginning to take effect [3] - The Ministry of Industry and Information Technology is expected to introduce policies aimed at structural adjustments and the elimination of outdated production capacity, which could accelerate supply contraction [3] Group 3 - Long-term trends indicate an increase in industry concentration and a shift towards high-quality development, benefiting companies with product and cost advantages [4] - Recommended companies include Baosteel, Hualing Steel, and Shougang, which are noted for their technological and product structure leadership [4] - The report highlights the potential for upstream resource companies to benefit from demand recovery, recommending firms such as Hebei Resources and Erdos [4]

Market Overview - On September 4, the securities sector declined by 0.3%, with Changcheng Securities leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Individual Stock Performance - Pacific Securities saw a significant increase of 10.11%, closing at 4.79, with a trading volume of 16.03 million shares and a turnover of 7.474 billion [1] - Huayin Securities rose by 5.78%, closing at 16.83, with a trading volume of 567,600 shares and a turnover of 949 million [1] - Changcheng Securities experienced a decline of 3.44%, closing at 11.78, with a trading volume of 1.9019 million shares and a turnover of 2.264 billion [2] - Dongfang Caifu fell by 1.58%, closing at 26.21, with a trading volume of 7.4042 million shares and a turnover of 19.571 billion [2] Capital Flow Analysis - The securities sector experienced a net outflow of 740 million from major funds, while retail investors saw a net inflow of 696 million [2] - Major funds showed a net inflow in Pacific Securities of 1.439 billion, while retail investors had a net outflow of 546 million [3] - The overall trend indicates a mixed sentiment among institutional and retail investors, with institutional funds pulling back while retail investors remain active [2][3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 距离国泰君安与海通证券合并落地已过去五个月，但"整合余震"仍在持续。 最新数据显示，又一批原海通证券首席分析师先后离任，而合并后新成立的国泰海通证券研究所虽交出 分仓佣金收入行业第二的成绩单，但同比降幅高达42.22%，人才流失与业绩压力并存。 中证协官网最新信息显示，截至2025年9月4日，原海通证券批零与社会服务联席首席分析师李宏科、海 通房地产研究首席分析师涂力磊、互联网及传媒行业首席分析师毛云聪、有色金属研究首席分析师陈先 龙等多人的执业信息均已无法查询。 几乎同一时间，原海通证券固定收益研究首席分析师郑子勋也已确认离任。尽管合并后他曾短暂留任并 担任国泰海通固收团队联席首席，负责可转债及多元资产策略研究，但目前其执业信息同样已在中证协 系统注销。 行业首席四散，多向中型券商流动 2024年四季度至2025年上半年期间，已出现一批原海通分析师流向其他券商：原银行首席分析师林加力 于2024年10月转战国海证券；原非银金融首席孙婷于2024年12月加入东吴证券；原煤炭、农业首席李淼 同期12月出任东方财富证券研究所副所长。原建筑工 ...

Core Viewpoint - The report from Guotai Junan maintains an "overweight" rating for the real estate industry, anticipating an acceleration in sales and increased discounts from property companies as September marks a traditional marketing peak [1] Group 1: Sales Performance - In August 2025, the top 100 property companies reported a sales amount of 20,708.6 billion yuan, reflecting a year-on-year decline of 13.1%, with the decline rate widening by 0.5 percentage points compared to July 2025 [1] - The top 50 property companies achieved a sales amount of 17,984.8 billion yuan in August 2025, down 12.3% year-on-year, with the decline rate narrowing by 0.03 percentage points from July 2025 [2] - Approximately 30% of the top 100 property companies experienced positive year-on-year sales growth in August 2025, with the highest growth rate recorded by Bangtai Group at 215.5% [3] Group 2: Sales Thresholds - The sales threshold for the top 1-10 property companies decreased by 4.3% year-on-year, from 58.6 billion yuan to 56.1 billion yuan, indicating the smallest decline among the groups [2] - The sales threshold for the top 51-100 property companies saw the largest decline, dropping by 23.9% from 4.6 billion yuan to 3.5 billion yuan [2] Group 3: Market Dynamics - The report highlights that core first-tier cities like Beijing and Shanghai have introduced favorable policies such as relaxing purchase restrictions, with Shenzhen expected to follow suit [1] - The real estate industry is entering a low season, and the report suggests monitoring the impact of potential interest rate cuts overseas and the easing of domestic monetary policy [1]

9月4日，完美世界跌5.02%，截至发稿，报14.95元/股，成交7.81亿元，换手率2.78%，总市值290.03亿 元。 截至发稿，胡崇海累计任职时间3年265天，现任基金资产总规模85.12亿元，任职期间最佳基金回报 66.64%， 任职期间最差基金回报-2.02%。 邓雅琨累计任职时间1年112天，现任基金资产总规模21.32亿元，任职期间最佳基金回报36.7%， 任职 期间最差基金回报7.2%。 责任编辑：小浪快报 数据显示，国泰海通资管旗下1只基金重仓完美世界。国泰君安中证500指数增强A（014155）二季度持 有股数160.55万股，占基金净值比例为1.19%，位居第三大重仓股。根据测算，今日浮亏损失约126.83 万元。 国泰君安中证500指数增强A（014155）成立日期2021年12月15日，最新规模14.51亿。今年以来收益 24.52%，同类排名1588/4222；近一年收益54%，同类排名1476/3789；成立以来收益21.58%。 国泰君安中证500指数增强A（014155）基金经理为胡崇海、邓雅琨。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的 ...

智通财经APP获悉，国泰海通发布研报称，社服板块收入增速普遍环比25Q1改善，但利润未能提升， 竞争对利润率构成影响。品牌零售、AI及服务消费享受多重红利，高速增长。出行链旺季不旺但已在 底部，渠道调改等待业绩拐点，预计后续电商业关税扰动影响将逐步体现。该行推荐AI应用、新零售 与调改以及情绪与体验消费相关标的。 出行链旺季不旺但已在底部，渠道调改等待业绩拐点 ①酒店：需求端25Q2降幅环比收窄，低基数和运营策略调整共同驱动。开店节奏稳健，高于行业水 平，重启份额提升。架构战略调整，为新周期储备。②OTA格局好，利润稳健。继续提升补贴效率， take rate稳健，海外坚定投入。③景区及免税延续个股分化趋势，离岛降幅收窄，市内店加速落地。④ 超市和百货处于深度调改阶段，其中超市行业收入下滑14.47%，归母净利继续承压。百货2025Q2收入 业绩均继续承压，未见拐点。⑤跨境电商关税影响逐渐深化，低基数效应+抢运行为推动2025H1营收净 利增速提升。品牌跨境依然表现亮眼：吉宏股份、绿联科技、安克创新收入高增。预计后续关税扰动影 响将逐步体现。 风险提示：宏观经济波动对旅游消费需求影响，中小企业压缩差旅成本导致 ...

本文字数：2827，阅读时长大约4分钟 作者 | 第一财 经 周楠 在一家龙头券商投行部工作了几年的方方，今年明显感觉到，自己手头的工作变多了。 "我主要看生物医药这块，年内科创板第五套标准重启，对这类企业有明显的利好。"她说。券商人士李信也说，所在券商年内开展内部招聘，拟调配投 行人员赴香港子公司，以便抓住港股IPO业务机遇。 今年以来，A股IPO受理数量增加、定增市场回暖，港股IPO亦持续火热，为券商带来了更多业务机遇。第一财经综合券商中报及Wind数据发现，上半 年，42家A股上市券商投行总营收超153亿元，以投行业务手续费净收入口径计算，总收入达155亿元，同比增长约18%。 龙头券商的投行业绩增长强劲。上半年，"三中一华"及国泰海通投行业务收入均超10亿元。其中，中信证券投行收入达到20.54亿元，中金公司投行收 入较去年同期增长近150%，达到14.45亿元。 上海师范大学商学院金融系副教授黄建中说，与同期相比，券商投行今年上半年的业绩，在低基数基础上回升，预计随着大盘走强和政策松动，IPO市 场将进一步回暖。 头部券商投行均实现增收 今年上半年，A股股权市场活跃。公开数据显示，上半年，A股（现金 ...