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兴业证券:首予恒隆地产(00101)“增持”评级 杭州恒隆广场将提升经常性收入
智通财经网· 2025-10-20 07:11
杭州恒隆广场将为主要增量贡献 公司核心的发展中项目杭州恒隆广场计划2025下半年开业部分写字楼,截至2025H1预租率达22%;剩余 写字楼和购物中心部分将于2026上半年开业,截至2025H1购物中心预租率已达77%。该行认为杭州恒 隆广场将提升公司经常性收入,有利于公司稳定派息能力。 有望恢复纯现金派息 智通财经APP获悉,兴业证券发布研报称,首次覆盖恒隆地产(00101),给予"增持"评级,预计随着杭州 恒隆广场分阶段开业,公司租金收入有望实现稳中有增,资本开支和净负债率均有望自2026年起回落, 派息也有望维持稳定且恢复纯现金派息。2025年10月17日收盘价对应2024/2025年股息收益率为 5.9%/5.9%。 兴业证券主要观点如下: 专注高端商场,占据核心商圈 截至2025H1,公司在内地9个核心城市拥有10个高端商场,公司超前布局,占据核心位置和商圈,通过 多年的运营和不断迭代更新,成为当地的标杆商场,尤其上海恒隆广场,经过20多年的经营,成为上海 标杆重奢商场。 核心项目租金收入止跌回正 公司于内地的核心项目上海恒隆广场和上海港汇恒隆贡献内地零售业态物业租赁收入的50%以上, 2025H1 ...
兴业证券:首予恒隆地产“增持”评级 杭州恒隆广场将提升经常性收入
Zhi Tong Cai Jing· 2025-10-20 07:08
兴业证券发布研报称,首次覆盖恒隆地产(00101),给予"增持"评级,预计随着杭州恒隆广场分阶段开 业,公司租金收入有望实现稳中有增,资本开支和净负债率均有望自2026年起回落,派息也有望维持稳 定且恢复纯现金派息。2025年10月17日收盘价对应2024/2025年股息收益率为5.9%/5.9%。 兴业证券主要观点如下: 专注高端商场,占据核心商圈 截至2025H1,公司在内地9个核心城市拥有10个高端商场,公司超前布局,占据核心位置和商圈,通过 多年的运营和不断迭代更新,成为当地的标杆商场,尤其上海恒隆广场,经过20多年的经营,成为上海 标杆重奢商场。 核心项目租金收入止跌回正 公司于内地的核心项目上海恒隆广场和上海港汇恒隆贡献内地零售业态物业租赁收入的50%以上, 2025H1上海恒隆广场和上海港汇恒隆广场实现租金收入同比增速由负转正。该行认为随着核心项目经 营表现趋于稳定,叠加2025下半年杭州恒隆广场写字楼开业带来部分增量租金,2025年公司整体物业租 赁收入同比降幅有望收窄。 杭州恒隆广场将为主要增量贡献 公司核心的发展中项目杭州恒隆广场计划2025下半年开业部分写字楼,截至2025H1预租率达2 ...
兴业证券:政策启动SAF进入放量元年 量价齐升塑产业链业绩弹性
智通财经网· 2025-10-20 02:36
我国SAF产能全球领先,规模化交付推动行业业绩弹性释放 SAF(可持续航空燃料)为广义生物柴油的一种,定位为航空燃料。因航空业碳减排难度较大,SAF以其 碳减排能力效果明显且与传统航空燃料直接掺混使用的性能,成为航空业深度脱碳的关键。目前,全球 区已发布SAF掺混指导,推动SAF市场需求增长。其中,欧盟掺混政策已于年内落地,对SAF市场需求 推动明显:2025年欧盟SAF强制掺混比例为2%,随后拟逐步提升至2030/2050年的6%/70%;2024年欧盟 SAF消费量约为61万吨,2025年掺混政策的实施预计为当地带来约130万吨需求增量。我国SAF政策以 引导为主,国内需求量较小,SAF生产现主要依靠出口消化。若2030年我国掺混比例达到IATA建议的 4.7%,该行测算我国对应民航业SAF年需求量将增至约249万吨,但相较我国规划待建SAF产线规模而 言,出口仍为消化产能的重要途径。总体来看,全球SAF供需将持续偏紧,在市场需求高增推动下SAF 价格高增,截至2025年10月18日我国SAF离岸高端价为2500美元/吨,较年初上涨38.9%,处于历史高 位。 上游UCO因餐厨废油有限供应而具有稀缺性,S ...
“有水才有鱼”!券业大咖共话财富管理新机遇,看点频出
Zheng Quan Shi Bao Wang· 2025-10-17 23:59
Core Insights - The transformation towards buy-side investment advisory services has become a core path for the development of wealth management in the securities industry, driven by market recovery and industry changes [1][2][3] - A comprehensive capability building, ecological platform layout, and deep organizational transformation are essential for securities firms to transition from "selling products" to "managing assets" [1][2] Industry Mission and Service Philosophy - The mission of the Chinese securities industry is shifting from "zero-sum game" to growing together with clients, focusing on the stable appreciation of residents' wealth [2] - Investment advisory is viewed as a systematic capability that encompasses education, research, and investment [2] - Firms must enhance their comprehensive capabilities to compete with top international institutions, making the buy-side advisory transformation a necessary choice amid declining commission rates and narrowing spreads [2] Practical Insights from Regional Firms - Trust is fundamental in wealth management, especially in regions with strong local cultures, where close relationships between clients and advisors are crucial [2] - Securities firms should help clients achieve wealth preservation and appreciation through diversified product allocation, regardless of market fluctuations [2] ETF Business Development - The ETF market is expanding rapidly, becoming a focal point for wealth management strategies, although growth may lag behind other financial institutions [4][5] - Securities firms should integrate research and accompanying services to build core capabilities in client segmentation, intent insight, and asset allocation [4] - The ETF market's supply is rich, but client consumption capabilities need improvement; firms are developing strategies to enhance ETF service capabilities [5] Organizational Change and Assessment Mechanisms - Organizational transformation is critical for the buy-side advisory transition, requiring firms to balance short-term profits with long-term value [6] - Firms are moving towards a centralized management model for advisory teams, focusing on unified training and assessment to elevate professional standards [6] - The assessment of advisors should shift from sales metrics to comprehensive dimensions like AUM growth and client profitability [6] Technology and Future Outlook - AI and digitalization are expected to fundamentally change the service models and organizational structures of investment advisory [6] - Future advisory roles may diverge into standardized services driven by AI and deep advisory roles based on experience [6] - Firms need to proactively develop technological capabilities to reshape their organizational structures and business models [6][7]
“有水才有鱼”!券业大咖共话财富管理新机遇,看点频出
券商中国· 2025-10-17 23:42
Core Viewpoint - The transformation towards buy-side investment advisory services has become the core path for the development of wealth management in the securities industry, driven by market recovery and industry changes. Firms must return to a client-centric approach through systematic capability building, ecological platform layout, and deep organizational transformation to achieve the transition from "selling products" to "managing assets" [1][3]. Group 1: Buy-Side Advisory Transformation - The mission of the Chinese securities industry is shifting from a "zero-sum game" to growing together with clients, emphasizing the importance of a systematic capability in investment advisory that includes education, research, and investment [3][5]. - The buy-side advisory transformation is a necessary choice against the backdrop of declining commission rates and narrowing spreads, requiring a return to the essence of service for sustainable growth [5][7]. - The success of buy-side advisory relies on the deep integration of asset management capabilities, advisory capabilities, and client service capabilities [7][8]. Group 2: ETF Business Development - The ETF market has seen significant growth, becoming a key focus for securities firms' wealth management strategies, although the growth rate may lag behind that of insurance and bank wealth management subsidiaries [10][11]. - Securities firms should leverage ETF products not just as investment vehicles but as tools for client engagement and service, emphasizing the need for personalized services despite potential standardization of products [10][11]. - The ETF ecosystem involves collaboration among exchanges, fund companies, market makers, and investors, with a focus on enhancing trading liquidity to support wealth management initiatives [10][11]. Group 3: Organizational Change and Assessment Reforms - Organizational transformation is crucial for the buy-side advisory transition, requiring firms to make firm decisions between short-term gains and long-term value [12][13]. - The assessment of advisory personnel should shift from sales metrics to comprehensive dimensions such as AUM growth and client profitability, closely linking with long-term client interests [12][13]. - Technology and AI are expected to reshape advisory services and organizational structures, leading to a bifurcation of advisory roles into standardized services and deep advisory based on experience [12][13].
兴业证券:25Q3外资动向如何?
智通财经网· 2025-10-16 13:09
Core Insights - The report from Industrial Securities indicates that the market value held by the Stock Connect increased from 2.27 trillion yuan in Q2 2025 to 2.59 trillion yuan in Q3 2025, while the proportion of the A-share circulating market value decreased from 2.79% to 2.69% [1][2] Group 1: Allocation Proportions - In Q3 2025, the allocation proportions for the Stock Connect increased significantly in the sectors of electronics, power equipment, non-ferrous metals, machinery, and communications, with increases of 4.96, 4.88, 1.21, 1.14, and 0.65 percentage points respectively [1][2] - The top sectors for allocation in Q3 2025 were power equipment, electronics, pharmaceuticals, banking, and food and beverage [1] Group 2: Net Inflows and Outflows - In Q3 2025, the Stock Connect saw significant net inflows in the sectors of electronics, power equipment, machinery, agriculture, and building materials, while experiencing net outflows in banking, non-banking financials, food and beverage, public utilities, and transportation [2][3] - Notable net inflows were observed in battery, optical electronics, photovoltaic equipment, general equipment, components, consumer electronics, and communication devices, whereas net outflows were seen in state-owned large banks, liquor, joint-stock banks, electricity, securities, insurance, passenger vehicles, white goods, and communication services [2][3] Group 3: Major Holdings - The top five holdings in Q3 2025 for the Stock Connect were Ningde Times, Kweichow Moutai, Midea Group, China Merchants Bank, and Northern Huachuang [2][3] - Compared to Q2 2025, new additions to the top 20 holdings included Luxshare Precision, Sungrow Power Supply, Industrial Fulian, Zhongji Xuchuang, and Lanke Technology, while Guodian Nari, OmniVision Technologies, Industrial and Commercial Bank of China, Yili Group, and Agricultural Bank of China exited the top 20 [2][3] Group 4: Individual Stock Performance - In Q3 2025, significant net inflows were recorded for Ningde Times, Sungrow Power Supply, Northern Huachuang, Zhongji Xuchuang, and Luxshare Precision, while notable net outflows were seen for Kweichow Moutai, Changjiang Power, China Merchants Bank, and Agricultural Bank of China [2][3]
逾28亿元真金白银增持回购 券商提振投资者信心正忙
Zhong Guo Zheng Quan Bao· 2025-10-15 22:19
Core Insights - The enthusiasm for share buybacks and increases in holdings among A-share listed companies and their major shareholders remains strong since 2025, with significant amounts being repurchased and increased [1][2][3] Group 1: Share Buybacks - As of October 15, 2023, several listed brokerages, including Dongfang Securities and Xibu Securities, have repurchased shares totaling over 2.3 billion yuan, a significant increase compared to the previous year [1][2] - Hongta Securities has repurchased 221.69 million shares, accounting for 0.047% of its total share capital, with a total expenditure of approximately 20.01 million yuan [2] - Guotai Junan led the buyback efforts among brokerages, repurchasing 67.52 million shares for a total of 1.21 billion yuan, representing 0.383% of its total share capital [3] Group 2: Shareholder Increases - Major shareholders of listed brokerages are also increasing their holdings, with Huaneng Capital increasing its stake in Changcheng Securities by 6.37 million shares, amounting to approximately 50.17 million yuan [3][4] - Hubei Hongtai Group has increased its holdings in Tianfeng Securities by 179 million shares, representing 2.06% of the total share capital, with a total investment of 502 million yuan [4] Group 3: Investor Confidence and Value Management - Many brokerages are focusing on enhancing investor confidence through new annual action plans aimed at improving returns and establishing effective shareholder return mechanisms [5][6] - Longjiang Securities has outlined plans for value creation, maintenance, and communication to enhance its investment value and investor relations [6]
上能电气不超16.5亿元定增获深交所通过 兴业证券建功
Zhong Guo Jing Ji Wang· 2025-10-15 02:28
Core Viewpoint - The company, Shangneng Electric, has received approval from the Shenzhen Stock Exchange for its application to issue shares to specific investors, pending final approval from the China Securities Regulatory Commission (CSRC) [1] Summary by Sections Issuance Details - The company plans to raise a total of up to 164.86 million yuan through this issuance, which will be used for projects including the production of 25GW string inverters and 15GW energy storage inverters, as well as to supplement working capital [1][3] - The total investment for the 25GW string inverter project is approximately 129.59 million yuan, with 88.86 million yuan allocated from the raised funds. The 15GW energy storage inverter project has a total investment of about 89.50 million yuan, with 61 million yuan from the raised funds [3] Investor Participation - The issuance will involve no more than 35 specific investors, including the company's controlling shareholder, Wu Qiang, who will subscribe for 50 million yuan worth of shares. Other investors have not yet been determined [4] - All investors will subscribe using cash, and the final issuance price will be set based on the average trading price of the company's shares over the 20 trading days prior to the pricing date [4] Shareholding Structure - Following the issuance, Wu Qiang's shareholding is expected to increase, but he will not transfer any shares for 18 months post-issuance. The other investors will also face a 6-month transfer restriction on their shares [5] - The issuance is not expected to change the company's control structure, with Wu Qiang and Wu Chao maintaining their status as the actual controllers of the company [6]
兴业证券:10月13日ETF重点流入哪些领域?
Zhi Tong Cai Jing· 2025-10-14 12:09
细分方向看,行业主题ETF流入较多的方向主要集中在周期(有色)、大金融(非银、银行)、自主可控(电子、军工、计算机)、先进制造(新能源、医药)、消 费,流出方向主要集中在地产、通信、自由现金流、机械设备、传媒、化工。 兴业证券发布研报称,10月13日,股票型ETF净流入153.9亿元,其中宽基ETF净流出30.7亿元,风格策略&行业主题ETF净流入184.7亿元。宽基ETF中, 沪深300流入较多;风格策略&行业主题ETF中,周期、金融地产、制造流入较多。 兴业证券主要观点如下: 10月13日,股票型ETF净流入153.9亿元,其中宽基ETF净流出30.7亿元,风格策略&行业主题ETF净流入184.7亿元。 细分方向看,行业主题ETF中,流入较多的方向主要集中在周期(有色)、大金融(非银、银行)、自主可控(电子、军工、计算机)、先进制造(新能源、医 药)、消费,流出方向主要集中在地产、通信、自由现金流、机械设备、传媒、化工。 宽基ETF中,沪深300流入较多,科创板、中证A500、中证1000流出较多。 风格策略&行业主题ETF中,周期、金融地产、制造流入较多。 风险提示 因数据不完备导致计算结果与实际结果存 ...
兴业证券:10月进入三季报披露期 景气投资有效性提升
Zhi Tong Cai Jing· 2025-10-13 13:28
Core Viewpoint - The report from Industrial Securities indicates that the third quarter earnings disclosure period has begun in October, with an increase in the effectiveness of investment in economic prosperity. Economic advantages will continue to be a significant variable guiding market structure in the near future [1]. Industry Summary - Since September, the industries with upward revisions in profit expectations are concentrated in AI (gaming, computer equipment, communication devices, components), advanced manufacturing (motorcycles, aerospace and marine equipment, home appliance components, batteries, medical services), cyclical sectors (non-ferrous metals, glass fiber, steel, agricultural chemicals), consumption (beverages, dairy products, jewelry), and finance (brokerage insurance, city commercial banks) [4][5]. Profit Revision Data - The following sectors have seen significant profit revisions since September: - **AI**: Gaming II (39% of companies revised upwards), Computer Equipment (45%), Communication Equipment (22%), Components (17%) - **Advanced Manufacturing**: Motorcycles (89%), Aerospace Equipment II (76%), Marine Equipment II (72%), Home Appliance Components II (65%), Batteries (46%), Medical Services (27%) - **Cyclical**: Non-ferrous Metals (96% for precious metals), Glass Fiber (74%), Steel (56%), Agricultural Chemicals (42%) - **Consumption**: Beverages (77%), Agricultural Products Processing (42%), White Goods (24%) - **Finance**: City Commercial Banks (38%), Insurance (25%) [5]. Market Performance - Since September, sectors with lower price increases include advanced manufacturing (aerospace and marine equipment, medical services, motorcycles), consumption (agricultural products processing, breeding, beverages, jewelry), cyclical (glass fiber, chemical raw materials), AI computing power (communication devices, components), and finance (brokerage insurance, city commercial banks) [5].