Group 1 - The market experienced a V-shaped rebound in the afternoon, with the ChiNext Index leading the gains, and the total trading volume in the Shanghai and Shenzhen markets reached 2.97 trillion yuan [2] - The securities sector index reached a new high in the first half of August, with the average P/B ratio recovering from approximately 1.50 times to over 1.65 times by the end of the month, surpassing the average valuation of 1.55 times since 2016 [2] - The overall operating environment for the securities industry continues to improve, with expectations for the securities index to maintain a steady recovery and oscillating upward trend if the equity market expands further [2] Group 2 - As of July 31, 2025, the top ten weighted stocks in the Guozheng Securities Leading Index accounted for 78.84% of the index, including major firms like CITIC Securities and East Money [3] - The Guozheng Securities Leading Index is designed to reflect the market performance of high-quality listed companies in the securities theme and provides investors with more diversified index investment tools [2]

Core Viewpoint - The article highlights the significant growth in the user activity of securities apps, driven by a bullish A-share market and the increasing demand for diversified wealth management solutions among investors [1][6]. User Activity Growth - As of July 2025, the number of active users of securities apps reached 167 million, marking a 20.89% year-on-year increase [6]. - The top ten securities apps accounted for 63% of the market share, with Tonghuashun leading at 35.01 million active users, followed by Dongfang Caifu and Dazhihui with 17.14 million and 11.91 million users respectively [7]. Competitive Landscape - The competition among securities apps is becoming increasingly differentiated, with Tonghuashun and Dongfang Caifu leveraging their unique features to attract users [9]. - Smaller brokerages like Guohai Securities and Chengtong Securities have also seen rapid growth in user activity, indicating a competitive market environment [10]. AI Integration - The integration of AI technology into securities apps is a key trend, with firms like Guangfa Securities and Guotai Haitong leading the way in developing AI-native applications [12][13]. - AI-driven features are expected to enhance user experience and operational efficiency, providing personalized investment advice and improving customer interaction rates [14]. Market Dynamics - The article notes a shift from traditional tools to intelligent solutions in the securities app market, reflecting a broader trend towards digital transformation in financial services [13]. - The increasing preference for comprehensive and mature platforms among investors indicates a strengthening of the "Matthew Effect," where leading apps continue to dominate the market [7][10].

兴业证券发表研究报告，首次覆盖连连数字(02598.HK)，给予"增持"评级。 连连数字此前公布的2025H1财报显示，总支付额快速增长，实现扭亏。截至2025年6月30日，公司 TPV 达到2.1万亿元，同比增长 32.0%。2025H1总收入达到7.83亿元，同比增长26.8%。毛利达到4.06亿元， 同比增长25.0%，毛利率达到 51.9%，相对平稳。经调整损益为16.56亿元，实现扭亏。 从业务分部情况来看，1)全球支付业务：公司完成对支付基础设施的重构，并积极开拓东南亚、中东和 拉美区域市场，全球支付TPV达1985亿元，同比增长94.0%；收入4.73亿元，同比增长27.0%。2)境内支 付业务：公司深化SaaS协同，强化私域电商客户的系统服务能力，境内支付TPV达到1.9万亿元，同比 增长27.6%；收入2.11亿元，同比增长24.6%。3)增值业务：公司围绕流量服务、跨境通讯等场景拓展生 态版图，2025H1增值服务收入同比增长34.2%。 研报指，连连数字是中国领先的数字支付解决方案提供商。公司主营跨境支付业务，服务对象包括中国 跨境商户及企业、海外商户及企业、境内企业等。截至2025年6 ...

兴业证券发表研究报告，首次覆盖连连数字(02598.HK)，给予"增持"评级。研报指，连连数字是中国领 先的数字支付解决方案提供商。公司主营跨境支付业务，服务对象包括中国跨境商户及企业、海外商户 及企业、境内企业等。截至2025年6月30日，公司累计服务的客户数量达到790万家。公司已累计取得65 张牌照(包括中国、美国、欧盟、英国、东南亚和南美主要国家的牌照)，确保在全球支付市场的合规运 营。连连数字此前公布的2025H1财报显示，总支付额快速增长，实现扭亏。截至2025年6月30日，公司 TPV达到2.1万亿元，同比增长 32.0%。2025H1总收入达到7.83亿元，同比增长26.8%。毛利达到4.06亿 元，同比增长25.0%，毛利率达到 51.9%，相对平稳。经调整损益为16.56亿元，实现扭亏。从业务分部 情况来看，1)全球支付业务：公司完成对支付基础设施的重构，并积极开拓东南亚、中东和拉美区域市 场，全球支付TPV达1985亿元，同比增长94.0%；收入4.73亿元，同比增长27.0%。2)境内支付业务：公 司深化SaaS协同，强化私域电商客户的系统服务能力，境内支付TPV达到1.9万亿元，同比 ...

Group 1 - On August 27, 2023, Xinyu Securities experienced a decline of 2.98% with a trading volume of 1.241 billion yuan. The margin trading data indicated a financing purchase amount of 217 million yuan and a financing repayment of 161 million yuan, resulting in a net financing purchase of approximately 55.89 million yuan. As of the same date, the total margin trading balance was 1.92 billion yuan [1] - The financing balance of Xinyu Securities was reported at 1.917 billion yuan, accounting for 3.25% of the circulating market value, which is below the 40th percentile level over the past year, indicating a relatively low position [1] - In terms of securities lending, on August 27, Xinyu Securities repaid 119,100 shares and sold 26,800 shares, with a selling amount of 183,000 yuan based on the closing price. The remaining securities lending volume was 555,900 shares, with a balance of 3.7969 million yuan, exceeding the 70th percentile level over the past year, indicating a relatively high position [1] Group 2 - As of March 31, 2025, Xinyu Securities had 222,600 shareholders, a decrease of 4.54% from the previous period. The average circulating shares per person increased by 4.75% to 38,789 shares. For the first quarter of 2025, the company reported zero operating income but a net profit attributable to shareholders of 516 million yuan, representing a year-on-year growth of 57.32% [2] - Since its A-share listing, Xinyu Securities has distributed a total of 10.69 billion yuan in dividends, with 4.663 billion yuan distributed over the past three years. As of March 31, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the fourth largest shareholder with 262 million shares, a decrease of 30.7797 million shares from the previous period [3] - The Guotai CSI All-Index Securities Company ETF ranked as the eighth largest circulating shareholder with 118 million shares, an increase of 16.9231 million shares. The Huatai-PineBridge CSI 300 ETF ranked ninth with 113 million shares, a decrease of 6.2005 million shares, while the Huabao CSI All-Index Securities Company ETF ranked tenth with 96.6295 million shares, an increase of 12.6046 million shares [3]

兴业证券股份有限公司 关于武汉长江通信产业集团股份有限公司 使用自有资金方式支付募投项目所需资金 并以募集资金等额置换的核查意见 兴业证券股份有限公司（以下简称"兴业证券"或"独立财务顾问"）作为 武汉长江通信产业集团股份有限公司（以下简称"上市公司"）发行股份购买资 产并募集配套资金暨关联交易的独立财务顾问，根据《上市公司重大资产重组管 理办法》《上市公司募集资金监管规则》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》等规定，对上市公司使用自有资金方式支付募投项目所 需资金并以募集资金等额置换等事项进行了核查，具体情况如下： 一、上市公司募集资金的基本情况 根据中国证券监督管理委员出具的《关于同意武汉长江通信产业集团股份有 限公司发行股份购买资产并募集配套资金注册的批复》 （证监许可[2023]2691 号）， 上市公司向中国信息通信科技集团有限公司发行股份募集配套资金不超过 发行"）共计人民币普通股 51,505,546.00 股，每股发行价格 12.62 元，共募集资 金人民币 649,999,990.52 元，扣除各项不含税发行费用人民币 6,425,445.80 元后， 实际募集资金 ...

兴业证券股份有限公司 关于江苏综艺股份有限公司本次交易 相关内幕信息知情人买卖股票情况的自查报告的核查意见 江苏综艺股份有限公司（以下简称"江苏综艺"、"上市公司"或"公 司"）拟通过现金增资及表决权委托方式取得江苏吉莱微电子股份有限公司（以 下简称"标的公司"）控制权（以下简称"本次交易"）。 根据《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露内 容与格式准则第26号——上市公司重大资产重组》《上海证券交易所上市公司自 律监管指引第6号——重大资产重组》《上市公司监管指引第5号——上市公司内 幕信息知情人登记管理制度》及《监管规则适用指引——上市类第1号》等法律 法规和规范性文件的规定，兴业证券股份有限公司（以下简称"兴业证券"或"独 立财务顾问"）作为本次交易的独立财务顾问，对本次交易相关内幕信息知情人 买卖股票情况进行了核查，具体情况如下： 一、本次交易的内幕知情人买卖股票情况自查期间 本次自查期间为自本次交易首次公告日前六个月至《江苏综艺股份有限公司 重大资产购买报告书（草案）》披露之前一日止，即2024年11月13日至2025年8 月11日（以下简称"自查期间"）。 二、本次交易的内幕 ...

Core Viewpoint - The performance meeting held by Beijing Beimo Gaoke Friction Material Co., Ltd. highlighted significant growth in revenue driven by the landing gear, brake disc, and wheel businesses, with a notable increase in landing gear operations [1][2]. Group 1: Financial Performance - The company reported revenue growth attributed to the increase in landing gear, brake disc, and wheel businesses, with landing gear operations showing substantial growth [1]. - In the first half of the year, the company completed stage certification for two types of landing gear and began bulk deliveries, having delivered multiple units of four types of aircraft [1]. Group 2: Civil Aviation Business - The company engaged in multiple civil aviation large aircraft brake disc STC certification and ground test projects for a certain type of domestic aircraft, with plans to complete five special process certifications by the end of August [2]. - Participation in the Paris Air Show facilitated discussions with international aviation giants like Boeing, aiming to promote collaborative projects [2]. Group 3: Subsidiary Performance - The subsidiary Jinghanyu maintained stable revenue year-on-year in the first half of 2025, with net profit increasing due to cost reduction and efficiency improvement measures [2]. - Jinghanyu achieved five invention patents and completed 4,018 R&D tasks, maintaining a leading position in the military electronic component testing industry [2]. Group 4: Strategic Initiatives - The new management's civil aviation strategy includes active participation in the domestic aircraft manufacturing process and leveraging PMA supplier qualifications to meet airline maintenance needs [2]. - The strategy also involves resource integration through the subsidiary Saini Aviation to expand into the international civil aviation market by adhering to European and American quality systems [2].

Summary of Key Points Core Viewpoint - The company, Fujian Chuangshi Technology Co., Ltd., is utilizing its own funds to pay for part of the fundraising project expenses and will subsequently replace these with equivalent amounts from the raised funds, ensuring compliance with regulatory requirements and maintaining the integrity of the fundraising process [1][5]. Group 1: Fundraising Overview - The company has received approval from the China Securities Regulatory Commission to publicly issue 34.125 million shares at a price of 21.31 RMB per share, raising a total of 727.20375 million RMB, with a net amount after issuance costs [1][2]. - All raised funds are stored in a special account approved by the company's board of directors, and a tripartite supervision agreement has been signed with the sponsor and the commercial bank holding the funds [2]. Group 2: Project Investment and Fund Usage - The total investment for the fundraising projects is 444.349 million RMB, with the planned use of raised funds matching this amount [3]. - The company plans to use its own funds to cover project-related expenses such as salaries, social security, and travel costs, which will later be replaced by the raised funds to streamline payment processes [4]. Group 3: Operational Procedures - The company will submit payment requests for the project expenses paid with its own funds, and the finance department will process these payments accordingly [4]. - Regular audits and inquiries will be conducted to ensure compliance with the established procedures for fund replacement [4]. Group 4: Impact and Compliance - The use of self-funds for project expenses will not affect the normal implementation of the fundraising projects and does not constitute a change in the direction of the raised funds or harm shareholder interests [5]. - The board of directors has approved the use of self-funds for project payments, and the sponsor has confirmed that this approach complies with relevant regulations and does not negatively impact the company or its shareholders [5].

智通财经APP获悉，国泰海通发布研报称，当前券商主动权益蓄势，逐步走向适度弹性，但认为投资意 义上的高弹性标的仍将不多，需要股东方、管理层和执行部门形成合力。从权益自营弹性维度，推荐东 方证券(03958)、兴业证券(601377.SH)，关注相关标的长江证券(000783.SZ)、长城证券(002939.SZ)。 1)从过去10年看，券商自营的发展呈现出"固收持续扩张，权益增长停滞"的现象。以自营类资产/净资本 净资本指标倒推，2015-2024年固收自营规模从9081亿元提升至4.5万亿元，而权益自营则从4497亿元下 滑至3992亿元(推算当前权益自营占投资资产比重仅8%)，并且模式逐步向"OCI+多策略+主动权益"迭 代，实际上主动权益收缩比例更高。究其原因，除了外部市场环境波动、券商去方向化转型外，"短周 期的绝对收益考核"也是机制上的重要约束。2)当前该行观察到券商主动权益正在逐步蓄势，比如8月19 日中银证券董事会审议通过《关于提升权益类自营业务规模上限的议案》，提升权益自营授权。但该行 认为，券商主动权益的未来发展更趋向于从有限弹性走向适度弹性。虽然外部市场环境明显改善，但短 周期考核的机制约 ...