格隆汇9月8日丨中原证券(601375.SH)公布，为进一步扩大私募基金管理业务规模，公司全资子公司中 鼎开源拟认缴出资不超过人民币5,000万元，与河南资产、河南资产基金共同发起设立泓鼎基金。基金 拟设规模不超过人民币12,500万元。 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 证券研究报告-晨会聚焦 发布日期：2025 年 09 月 08 日 资料来源：聚源，中原证券研究所 -1% 7% 16% 25% 33% 42% 50% 59% 2024.09 2025.01 2025.05 2025.09 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,812.51 | 1.24 | | 深证成指 | | 12,590.56 | 3.89 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,460.32 | 2.18 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,261.31 | 2.57 | | 中证 500 | ...

格隆汇9月8日丨根据联交所最新权益披露资料显示，2025年9月2日，中州证券(01375.HK)获易方达基金管理有限公司在场内以每股均价2.8055港元增持343.3 万股，涉资约963.13万港元。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期相 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 博 | 開困 | 股份數目 | | | ( 請參閱上述 * 註 | 有投票權股 (日 / 月 / 年) 核 | | | | | | | | | 份百分比 | | | | | | | | | ( % ) | | CS20250905E00271 | 易方达基金管理有限公司 | 1101(L) | | 3,433,000(L) | HKD 2.8055 | 144.692,000(L) | 12.10(L)02/09/2025 | 增持后，易方达基金管理有限公司最新持股数目为144,692,000股，持股比例由11.82%上升至12.1 ...

Core Viewpoint - The report highlights the strong growth of Haowei Group in the automotive and emerging markets, with a significant recovery in demand for simulation solutions, leading to a "buy" rating for the company [1][6]. Financial Performance - In the first half of 2025, Haowei Group achieved revenue of 13.956 billion yuan, a year-on-year increase of 15.42%, and a net profit attributable to shareholders of 2.028 billion yuan, up 48.34% year-on-year [2]. - For Q2 2025, the company reported a revenue of 7.484 billion yuan, reflecting a year-on-year growth of 16.07% and a quarter-on-quarter increase of 15.63% [2]. Investment Highlights - Q2 2025 revenue reached a historical high, driven by technological reforms and expansion in high-end application product lines, particularly in automotive intelligent driving and smart terminal imaging markets [3]. - The gross margin for Q2 2025 was 30.00%, a slight decrease of 0.24% year-on-year, while the net profit margin improved to 15.48%, an increase of 2.97% year-on-year [3]. - R&D investment in semiconductor design sales for H1 2025 was approximately 1.724 billion yuan, a year-on-year increase of 9.01% [3]. Market Growth - The automotive CIS (Camera Image Sensor) business saw revenue of approximately 3.789 billion yuan in H1 2025, a year-on-year increase of 30.04% [4]. - The emerging market CIS business achieved revenue of about 1.173 billion yuan, a remarkable year-on-year growth of 249.42% [4]. - The company launched new products in the smartphone CIS segment, including a 50-megapixel sensor, which is expected to enhance market share [4]. Simulation Solutions - Demand for simulation solutions has significantly rebounded, with H1 2025 revenue from this segment reaching 767 million yuan, a year-on-year increase of 20.88% [5]. - The automotive simulation IC segment generated revenue of 120 million yuan, accounting for 15.66% of the simulation solutions business, with a year-on-year growth of 45.51% [5]. Profit Forecast and Investment Recommendation - The company is projected to achieve revenues of 30.16 billion yuan, 35.21 billion yuan, and 40.36 billion yuan for the years 2025, 2026, and 2027, respectively [6]. - The forecasted net profits for the same years are 4.338 billion yuan, 5.400 billion yuan, and 6.623 billion yuan, with corresponding EPS of 3.60, 4.48, and 5.49 yuan [6].

智通财经APP获悉，香港联交所最新资料显示，9月2日，易方达基金管理有限公司增持中州证券 (01375)343.3万股，每股作价2.8055港元，总金额约为963.13万港元。增持后最新持股数目约为1.45亿 股，最新持股比例为12.1%。 ...

香港联交所最新资料显示，9月2日，易方达基金管理有限公司增持中州证券(01375)343.3万股，每股作 价2.8055港元，总金额约为963.13万港元。增持后最新持股数目约为1.45亿股，最新持股比例为12.1%。 ...

分析师：徐至 登记编码：S0730525040001 xuzhi@ccnew.com 市场波动加大，均衡配置成长与价值 ——月度策略 相关报告 联系人：李智 证券研究报告-月度策略 发布日期：2025 年 09 月 05 日 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共19页 11712 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10 号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 宏观方面。从 8 月份公布的经济数据看，中国经济总量平稳，生 产端保持稳定，其中，装备制造业和高技术制造业增长强劲，航空 船舶、电气机械和电子信息产业较好。消费端，需求端小幅下降， 社会消费品总额和商品零售额累计同比有所放缓，随着下半年国补 资金的逐步下拨后续消费数据有望恢复。投资端，固定资产投资整 体增速平稳，但房地产开发投资仍是拖累因素。价格端，指标显示 通缩压力缓解，核心 CPI 同比上涨 0.8%，连续 3 个月涨幅扩大， 随着反内卷政策的逐步推进，PPI 同比走势有望改善。总体而言， 三季度还需政策精准调控，使得基本 ...

证券研究报告-晨会聚焦 发布日期：2025 年 09 月 05 日 资料来源：聚源，中原证券研究所 -3% 5% 14% 22% 31% 39% 48% 56% 2024.09 2025.01 2025.05 2025.09 上证指数 深证成指 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,765.88 | -1.25 | | 深证成指 | | 12,118.70 | -2.83 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,365.21 | -2.12 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,154.54 | -2.39 | | 中证 | ...

Core Viewpoint - The margin financing and securities lending business (referred to as "margin business") is a core pillar of brokerage credit operations, significantly impacting brokerage performance due to its scale changes [1] Group 1: Business Performance - In the first half of the year, the margin balance remained high at 1.8 trillion yuan, laying a foundation for the growth of interest income for brokerages [2] - A total of 42 listed brokerages achieved net interest income of 19.657 billion yuan, a year-on-year increase of 30.66% [2] - Leading brokerages dominate the margin business, with Guotai Junan leading with 3.187 billion yuan in net interest income, followed by Huatai Securities with 2.037 billion yuan [2][3] Group 2: Growth Trends - The top brokerages and some regional firms showed remarkable performance, with Guotai Junan, Huatai Securities, and Zhongyuan Securities experiencing net interest income growth rates exceeding 100% [2] - The margin business of Guotai Junan focused on customer needs, achieving a net increase of 26,400 new margin clients, a 61% year-on-year increase [3] Group 3: Market Dynamics - As of September 1, the total margin balance reached 2.296991 trillion yuan, surpassing the historical peak of 2.27 trillion yuan in June 2015 [4] - The number of individual investors in the margin market increased to 7.6222 million, with active trading participants rising to 492,096 [4] Group 4: Strategic Focus - Leading brokerages have clarified their business priorities for the second half of the year, focusing on steady development of the margin business to support overall performance growth [5] - Guotai Junan plans to enhance customer acquisition efforts, while Huatai Securities aims to improve differentiated marketing policies and tools [5]

证券日报网讯 9月4日晚间，中原证券（601375）发布公告称，公司将于2025年9月12日召开2025年半年 度业绩说明会。 ...