Group 1 - Zhongyuan Securities experienced a 2.15% decline in stock price, trading at 4.56 yuan per share with a market capitalization of 21.172 billion yuan as of September 3 [1] - The company reported a net outflow of 9.4141 million yuan in main funds, with significant buying and selling activity from large orders [1] - Year-to-date, Zhongyuan Securities' stock price has increased by 5.97%, with a 1.30% decline over the last five trading days [1] Group 2 - As of June 30, Zhongyuan Securities had 120,400 shareholders, a decrease of 3.84% from the previous period, while the average number of circulating shares per person increased by 3.99% [2] - For the first half of 2025, the company reported zero operating revenue but a net profit attributable to shareholders of 260 million yuan, representing a year-on-year growth of 29.34% [2] Group 3 - Since its A-share listing, Zhongyuan Securities has distributed a total of 1.472 billion yuan in dividends, with 204 million yuan distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders included the Guotai Zhongzheng All-Index Securities Company ETF, which reduced its holdings by 4.443 million shares [3]

智通财经APP获悉，中原证券发布研报称，我国锂电池、新能源汽车产业已具备显著全球竞争力，锂电 池和新能源汽车行业景气度总体持续向上，伴随锂电池和新能源汽车产业链关注度提升，二者产业链细 分领域产能显著释放，行业竞争显著加剧，行业内卷加剧导致行业盈利总体与行业地位和发展规模不匹 配，行业开工率较低，企业盈利水平差异显著。目前锂电池板块估值显著低于2013年以来44.41倍的行 业中位数水平。基于行业政策、新能源汽车行业发展前景、锂电池板块业绩增长预期及估值水平，维持 锂电池行业"强于大市"投资评级。 中原证券主要观点如下： 我国锂电池行业概况及存在问题。 锂电池增量主要关注新能源汽车动力电池和储能电池。我国锂电池行业全球竞争优势显著，关键材料全 球出货占比在70%以上，其中动力电池全球占比68.79%。2024年，我国锂电池板块营收2.25万亿元， 2018-2024年营收CAGR为21.80%，但净利润2023-2024年持续大幅下滑，2024年净利润为1101亿元。我 国锂电池行业存在的主要问题包括净利润规模与全球行业地位不匹配，板块盈利能力总体仍不高，锂电 产业链细分领域产能持续释放导致行业产能总体仍过剩 ...

Market Overview - The A-share market experienced a sudden adjustment, with all three major indices closing in the red. Pacific Securities saw a significant intraday surge, closing up over 6%, with a net inflow of 2.686 billion yuan in main funds for the day [1] - The top-performing broker ETF (512000) saw a price drop of 1.27%, marking three consecutive days of decline, with a total trading volume exceeding 1.8 billion yuan, indicating active trading [1][3] Fund Flows and ETF Performance - Since reaching a year-to-date high in early August, the broker sector has shown a more subdued performance, yet funds have been patiently entering through ETFs. The broker ETF (512000) recorded a net inflow of 462 million yuan on the latest trading day, with a cumulative net inflow of over 4.1 billion yuan in the past 20 days [3] - The latest fund size of the broker ETF (512000) surpassed 31.2 billion yuan, setting a new historical high, with an average daily trading volume of over 900 million yuan, positioning it among the top in A-share scale and liquidity [3] Market Expectations and Industry Fundamentals - The overall market outlook for the broker sector can be assessed through market expectations and industry fundamentals. Morgan Stanley does not believe the market has entered a fully overheated state, as trading volume and margin financing balances have increased but remain below historical highs [5] - Zhongyuan Securities suggests that the current A-share market is in a favorable environment with intertwined domestic and foreign policy benefits and ample liquidity, expecting a steady upward trend in the short term [5] Broker Performance and Valuation - In terms of performance, all 49 broker stocks in A-share achieved positive growth in net profit for the first half of the year, with 13 companies seeing growth exceeding 100% [6] - The broker ETF (512000) tracks the CSI All Share Securities Company Index, which has a price-to-book ratio (PB) of only 1.65 times, situated in the median range of the past decade, indicating potential undervaluation [6][8] Investment Appeal and Structural Changes - The current configuration value of the broker sector is supported by policies, funding, and internal transformation, enhancing the profitability outlook for the sector [9][10] - The active capital market policies, including the deepening of the registration system and the introduction of long-term funds, are expected to expand the business space for brokers in investment banking, brokerage, and asset management [13] - The recovery of market confidence is driving trading activity and margin financing, with the expectation of new capital inflows from pensions and insurance, providing a foundation for broker performance [13]

Core Viewpoint - Zhongyuan Media has shown strong financial performance in H1 2025, with significant increases in net profit and effective cost control measures leading to improved profitability [2][3]. Financial Performance - In H1 2025, Zhongyuan Media achieved operating revenue of 4.575 billion yuan, a year-on-year increase of 1.00%, and a net profit attributable to shareholders of 532 million yuan, up 50.39% year-on-year [2]. - For Q2 2025, the company reported operating revenue of 2.659 billion yuan, a year-on-year increase of 0.97% and a quarter-on-quarter increase of 38.76%, with a net profit of 422 million yuan, up 31.51% year-on-year and 283.55% quarter-on-quarter [2]. Cost Control and Profitability - The reduction in income tax expenses and effective cost management contributed to the performance improvement, with the gross margin at 38.14%, a slight increase of 0.13 percentage points year-on-year, and a significant rise in net margin from 8.02% to 11.97% [3]. - Sales and management expenses decreased by 9.68% and 8.20% year-on-year, respectively, leading to a decline in expense ratios [3]. Business Segmentation - The publishing segment generated 1.564 billion yuan in revenue, a slight decrease of 0.41%, while the distribution segment saw a revenue increase of 0.19% to 3.692 billion yuan [3]. - The printing business experienced a significant decline in revenue by 41.35%, but its impact on overall performance was minimal due to its smaller scale [3]. Innovation and Digital Transformation - The company has enhanced its content innovation capabilities, with 45 projects receiving national and provincial awards, and 85 books achieving copyright exports [4]. - Digital platforms have seen significant growth, with "Shuxiang Henan" and "Baixing Cultural Cloud" platforms recording 27.65 million new views and 82,500 new users [4][5]. Strategic Business Development - Zhongyuan Media is expanding its innovative business layout, with 278 innovative product offerings and 68 approved after-school service courses [6]. - The integration of smart education, after-school services, and research-based practices is forming a comprehensive service ecosystem [6]. Profit Forecast - The projected net profits for 2025, 2026, and 2027 are 1.319 billion yuan, 1.390 billion yuan, and 1.407 billion yuan, respectively, with corresponding PE ratios of 10.10, 9.58, and 9.47 [6].

Group 1 - A-share brokerage stocks experienced a rally, with Pacific Securities hitting the daily limit, and Great Wall Securities rising over 5% [1] - Other notable performers include Guohai Securities and Guosheng Financial Holdings, both increasing by over 3%, while Xinda Securities rose nearly 3% [1] Group 2 - Specific stock performance data shows Pacific Securities with a 10.09% increase, a total market capitalization of 33.5 billion, and a year-to-date increase of 15.26% [2] - Great Wall Securities rose by 5.63%, with a market cap of 51.4 billion and a year-to-date increase of 57.07% [2] - Guosheng Financial Holdings increased by 3.50%, with a market cap of 38.9 billion and a year-to-date increase of 53.55% [2] - Guohai Securities saw a 3.08% rise, with a market cap of 29.9 billion and a year-to-date increase of 10.22% [2] - Xinda Securities increased by 2.72%, with a market cap of 64.8 billion and a year-to-date increase of 33.67% [2] - Other securities such as Everbright Securities, Zhongyuan Securities, and Founder Securities showed modest increases, with year-to-date performances ranging from -0.84% to 11.33% [2]

Core Insights - The report highlights a positive outlook for the A-share market, driven by supportive government policies and improving liquidity conditions, with a focus on sectors such as semiconductors, communications, and healthcare [5][10][12] - The new materials sector has shown strong performance, outperforming the broader market indices, indicating a growing demand for innovative materials in various industries [14][17] - The photovoltaic industry is experiencing a mixed performance, with recent policy measures aimed at curbing low-price competition expected to reshape the market dynamics [18][20] Domestic Market Performance - The Shanghai Composite Index closed at 3,875.53, with a slight increase of 0.46%, while the Shenzhen Component Index rose by 1.05% to 12,828.95 [3] - The average P/E ratios for the Shanghai Composite and ChiNext are at 15.72 and 47.75 respectively, suggesting a favorable environment for medium to long-term investments [5][10] International Market Performance - Major international indices showed varied performance, with the Dow Jones down by 0.67% and the Nikkei 225 up by 0.62%, reflecting mixed global market sentiments [4] Industry Analysis - The new materials index has increased by 12.30% as of August 27, outperforming the CSI 300 index by 4.68 percentage points, indicating strong investor interest [14] - The semiconductor sector continues to see growth, with global sales reaching $59.91 billion in June 2025, marking a 19.6% year-on-year increase [15] - The photovoltaic industry is facing challenges with a significant drop in new installations, down 47.55% year-on-year in July, while export volumes remain weak [19][20] Investment Recommendations - The report suggests focusing on sectors with strong growth potential, such as semiconductors, communications, and new materials, as they are expected to benefit from ongoing technological advancements and policy support [10][29] - In the photovoltaic sector, attention is drawn to companies involved in polysilicon, solar glass, and advanced battery technologies, as they are likely to gain from the anticipated market recovery [20] Sector-Specific Insights - The brokerage sector has shown resilience, with a notable increase in trading volumes and a positive outlook for earnings growth in the coming months [24] - The power and utilities sector is maintaining a "stronger than market" rating, driven by stable demand and ongoing investments in renewable energy sources [28]

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 01 日 资料来源：聚源，中原证券研究所 -4% 5% 13% 22% 30% 38% 47% 55% 2024.09 2024.12 2025.04 2025.08 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 | 3,857.93 | 0.37 | 深证成指 | 12,696.15 | 0.99 | | | | 创业板指 | 2,022.77 | -0.47 | 沪深 | 300 | 4,496.76 | 0.74 | | | 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 | 4,264.38 | 0.72 ...

截至2025年8月29日收盘，中原证券（601375）报收于4.66元，较上周的4.77元下跌2.31%。本周，中原 证券8月25日盘中最高价报4.9元。8月28日盘中最低价报4.55元。中原证券当前最新总市值216.36亿元， 在证券板块市值排名45/50，在两市A股市值排名873/5152。 中原证券2025年中报显示，主营收入9.21亿元，同比下降23.14%；归母净利润2.6亿元，同比上升 29.14%；扣非净利润2.53亿元，同比上升28.35%。2025年第二季度单季度主营收入5.2亿元，同比下降 6.2%；单季度归母净利润1.57亿元，同比上升123.26%；单季度扣非净利润1.55亿元，同比上升 118.81%。负债率为72.96%，投资收益为2.75亿元。 公司公告汇总 中原证券拟以实施权益分派股权登记日登记的总股本为基数，向全体股东每10股派发现金红利0.08元 （含税），合计拟派发现金红利37,143,077.60元（含税），占上半年归母净利润的14.27%。现金红利以 人民币计值，A股股东以人民币支付，H股股东以港币支付，汇率按董事会召开日前五个工作日人民币 兑港币平均基准汇率计算。不 ...

Core Viewpoint - The report highlights the strong performance of the pet segment and the impact of new product launches on the company's revenue growth, leading to an "overweight" rating for the company. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 559 million yuan, a year-on-year increase of 15.79% [1] - The net profit attributable to shareholders reached 116 million yuan, up 57.12% year-on-year, while the net profit after deducting non-recurring gains and losses was 100 million yuan, reflecting a growth of 50.79% [1] - The net cash flow from operating activities was 195 million yuan, showing a significant increase of 305.09% year-on-year [1] - In Q2 2025, the company reported operating revenue of 281 million yuan, a year-on-year increase of 13.38%, and a net profit of 63 million yuan, up 35.67% year-on-year [1] Group 2: Product Performance - Revenue from various product segments in H1 2025 included: - Pig vaccines: 131 million yuan, down 11.49% year-on-year - Poultry vaccines and antibodies: 259 million yuan, up 30.01% year-on-year - Ruminant vaccines: 1.68 million yuan, up 39.62% year-on-year - Pet vaccines: 10.07 million yuan, up 49.65% year-on-year - Chemical drugs: 124 million yuan, up 20.94% year-on-year - Pet chemical drugs: 8.37 million yuan, up 9.99% year-on-year - Pet health products: 128.14 million yuan, up 124.47% year-on-year [2] - The new production base in Nanjing has been fully operational, leading to a nearly 60% increase in sales revenue from high-pathogenic avian influenza vaccines [2] - The company continues to implement a dual-channel marketing strategy for pet products, with online sales increasing by over three times [2] Group 3: Cost Control and R&D - The company's gross margin was 59.76%, a decrease of 3.42 percentage points year-on-year, while the net profit margin was 20.77%, down 5.47 percentage points year-on-year [3] - The company received 8 new veterinary drug registration certificates and 4 invention patent authorizations in H1 2025, indicating strong R&D capabilities [3] - Despite the decrease in margins, the company maintained a high level of R&D investment while enhancing cost control through economies of scale [3] Group 4: Future Outlook and Valuation - The company maintains a profit forecast of 178 million yuan, 197 million yuan, and 232 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.52, 0.57, and 0.67 yuan [3] - The current stock price corresponds to PE ratios of 28.70, 26.02, and 22.04 for the next three years, indicating a reasonable valuation range compared to peer companies [3] - The company's leading R&D innovation capabilities suggest potential for future valuation expansion [3]

中原证券（601375）股份有限公司张洋近期对东吴证券进行研究并发布了研究报告《2025年中报点评：投 资交易同比高增，经营业绩再创佳绩》，给予东吴证券增持评级。 东吴证券(601555) 最新盈利预测明细如下： | 报告日期 | 机构简称 | 研究员 | 近三年业绩 | | 研报数 | 覆盖时长 | 2025预测 | 2026预测 | 2027预测 | 目極价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 | | | | 净利润(元) | 净利润(元) | 净利润(元) | (元) | | 2025-08-29 | 山西证券 | 李明阳 | | | -- | i | 37.78 Z | 40.47 Z | 43.53 Z | | | 2025-08-28 | 中信证券 | 田良 | | | -- | i | 35.03亿 | 42.18亿 | 46.63 Z | 11.90 | | 2025-08-28 | 广发证券 | 陈福 | | -- | -- | -- | 34.77 Z | 3 ...