国联民生（601456）证券发布研报称，2025年6月海外对于医疗AI产品的投资热情活跃，医疗器械已透 露单笔融资金额前三中有两笔跟医疗AI有关，且均为医疗AI电子病历产品。AI不断赋能医疗场景，建 议关注医疗AI相关标的。2025年6月我国整体医疗设备招投标数据延续增长态势，随着医疗设备以旧换 新资金逐步到位，采购需求不断回暖，医学影像、基因测序仪和血液/腹膜透析设备招投标数据表现亮 眼，建议关注联影医疗、迈瑞医疗（300760）等医疗设备相关企业。 国联民生证券主要观点如下： 创新药为我国医疗健康6月融资热门赛道 2025年6月全球医疗健康领域共发生144件融资事件，已透露融资金额约达22亿美元(接近49%事件未透 露金额)。创新药为6月中国医疗健康融资热点。已透露单笔最大融资额(2亿元)分别为天辰生物、思璞锐 和柏全生物，分别致力于抗过敏、抗癌药物研发。 医疗设备招投标延续增长态势 医学影像、基因测序和血液/腹膜透析设备招投标保持高速增长。根据众成器械数据，2025年6月全国各 类器械招投标销售额分别为电子计算机断层扫描仪(CT)19亿元(yoy+63%)，磁共振15亿元(yoy+65%)， 超声14亿 ...

[Table_Title2] 非银金融周报 [Table_Summary] 报告摘要: 证券研究报告|行业研究周报 [Table_Date] 2025 年 07 月 20 日 [Table_Title] 券商中报业绩增速超预期；上市险企上半年 保费稳健增长 本周（2025. 7.13-2025. 7.19）A 股日均交易额 15,4 62 亿元，环比增加 3.3%，同比增加 127.1%。2025 年二季度日均 成交额 13, 060 亿元,较 202 4 年二季度日均交易额增加 57.8%。202 5 年至今日均成交额 14,00 2 亿元,较 2024 年日均 交易额增加 61.0 %。投行：本周发行新股 2 家，募集资金 11.4 亿元；本周上市新股 1 家，募集资金 181 .7 亿元。20 25 年至今，A 股 IPO 上市 55 家，募集金额 5 95.0 亿元。2 024 年，A 股 IPO 上市 100 家，募集金额 673.5 亿元。两融：截至 2025 年 7 月 17 日，两市两融余额 19,043.90 亿元，环比增加 1.64%，较 20 24 年日均水平增加 21 .52%。两市融 ...

国信证券非银金融行业负责人孔祥表示，证券行业上半年业绩 之所以大幅增长，主要源于自营业务强势反弹、市场交投活跃 度激增以及政策红利逐步释放等三大驱动因素。 作者：邹永勤 封图：图虫创意 又一家证券公司中报业绩大幅增长10倍以上。 2025年7月18日，哈投股份（600864.SH）在此前中报预增的基础上，详细披露了全资子公司江海 证券上半年未经审计的财务报表。财务报表显示，江海证券上半年的净利润为2.88亿元，较去年同 期的0.22亿元大幅增长了1189.53%。 此前，已有国联民生（601456.SH）和华西证券（002926.SZ）两家券商中报业绩预增10倍以上。 至此， A股市场共有33家券商披露了2025年上半年业绩预告或业绩快报，其中32家业绩预增（有2 家为扭亏为盈），近四成（12家）预计业绩增长幅度超过1倍以上，行业高增长态势显现。 国信证券非银金融行业负责人孔祥在接受经济观察报记者采访时表示，证券行业上半年业绩之所以 大幅增长，主要源于自营业务强势反弹、市场交投活跃度激增以及政策红利逐步释放等三大驱动因 素；展望下一阶段，随着政策红利逐步落地，包括做市范围拓宽、养老金入市等新业务逐渐放量， 将 ...

Core Viewpoint - The performance forecasts for the first half of 2025 from multiple listed securities firms indicate a significant rebound in profitability, driven by increased market activity and robust growth in wealth management and investment income [1][3][7]. Group 1: Performance Forecasts - A total of 27 listed securities firms have released their performance forecasts, with 14 firms expecting a year-on-year net profit increase exceeding 100% [1]. - Huaxi Securities anticipates a net profit range of 4.45 billion to 5.75 billion yuan, reflecting a year-on-year growth of 1025.19% to 1353.90% [1]. - Guolian Minsheng expects a net profit of 11.29 billion yuan, marking a year-on-year increase of 1183.00% [1]. Group 2: Market Activity and Business Growth - The increase in capital market activity has led to substantial growth in wealth management and securities investment income, contributing to the overall performance recovery of several firms [3][4]. - Guojin Securities projects a net profit of 10.92 billion to 11.37 billion yuan, representing a year-on-year increase of 140% to 150% [3]. - Hualin Securities expects a net profit of 2.7 billion to 3.5 billion yuan, with a growth rate of 118.98% to 183.86% [3]. Group 3: Investment Banking and Strategic Developments - Some firms have reported improvements in investment banking performance, contributing positively to their overall results [4]. - Guotai Haitong anticipates a net profit of 152.83 billion to 159.57 billion yuan, with a year-on-year growth of 205% to 218% [5]. - The firm attributes its growth to the successful integration of its operations and a focus on enhancing core capabilities [6]. Group 4: Industry Outlook - The securities industry has undergone a significant transformation since the market bottomed out in September last year, with many firms showing strong growth in their forecasts [7]. - Research institutions are optimistic about the future performance of the securities sector, highlighting a favorable operating environment and potential for valuation recovery [7]. - Key areas of focus for future growth include mergers and acquisitions, wealth management transformation, and innovative business licenses [7].

2025.07. 16 上述26家上市券商中，超过八成的券商净利润同比增幅均超过50%。按增幅上限计算，近10家券商净利 增幅超过100%，其中华西证券（002926.SZ）及并表后的国联民生（601456.SH）增幅均超过10倍。 从业绩增长原因来看，多家券商提及，今年上半年资本市场交投活跃度提升，带动经纪业务收入增长，同 时自营投资收益增加较多，还有部分券商业绩增长则得益于上半年投行业务回暖。 超半数上市券商中报业绩预喜 今年以来，券商业绩整体回暖。一季度，42家上市券商均实现净利润同比增长，近期多家上券商纷纷披 露半年业绩快报或预增公告。 仅7月14日，就有国泰海通（601211.SH）、中信建投（601066.SH）、申万宏源（000166.SZ）、中 金公司（601995.SH）等多家大型券商在内的10家上市券商发布2025年半年度业绩预告。 具体来看，目前已披露半年度业绩快报或预增公告的券商中，完成吸收合并的国泰海通净利润规模仍居首 位，且同比实现翻倍增长。 本文字数：2009，阅读时长大约4分钟 作者 | 第一财经 周斌 A股上市公司进入业绩预告密集披露期，上市券商也纷纷交出中报"成绩单"。 7 ...

A股上市公司进入业绩预告密集披露期，上市券商也纷纷交出中报"成绩单"。 7月15日晚间，中国银河（601881.SH）披露2025年半年度业绩预告，预计实现净利润63.62亿元68.01亿元，同比增长45%至 55%；预计实现扣非净利润63.60亿元至67.99亿元，同比增长44%至54%。 多家上市券商中报"成绩单"出炉 对于业绩增长原因，国联民生称，报告期内有序推进与民生证券的整合工作，并将其纳入财务报表合并范围，该公司证券 投资、财富管理、投资银行等业务条线实现显著增长，同时由于上年同期比较基数较小，本期经营业绩同比大幅提升。 整体上看，上述25家上市券商中，超过八成的券商净利润同比增幅均超过50%。其中，共有6家大型券商2025年上半年净利 润规模在30亿元-70亿元，同比增幅在50%-110%左右。 截至发稿，42家A股上市券商中，已有26家披露了2025年半年度业绩快报或预增公告，其中25家券商净利润实现不同程度 增长，还有1家券商扭亏为盈。 上述26家上市券商中，超过八成的券商净利润同比增幅均超过50%。按增幅上限计算，近10家券商净利增幅超过100%，其 中华西证券（002926.SZ）及并表 ...

Core Viewpoint - The A-share market appears vibrant but is experiencing underlying issues, with significant capital outflows and a lack of strong participation from various sectors [3][5][12]. Market Performance - The Shanghai Composite Index closed at 3532 points, but there was a net outflow of 2.4 billion yuan from major funds, indicating a hidden struggle beneath the surface [3]. - The banking sector showed strength, with Guiyang Bank rising by 4% and Postal Savings Bank increasing by 2.22%, but this was not supported by other sectors, leading to a lack of overall market momentum [3][12]. - The brokerage sector faced disappointment, with a 0.27% average decline, and the critical 5-day moving average at 2087 points is at risk [3][12]. Trading Volume and Market Dynamics - The trading volume in the Shanghai market was only 41 billion yuan, down by over 5 billion yuan compared to the previous Friday, indicating insufficient capital for sustained index growth [5]. - The market is showing a bifurcation, with small-cap stocks like Guangsheng Nonferrous and Silver Star Energy performing well, while other sectors remain sluggish [7]. Policy Impact - Positive policies are still in play, such as Indonesia's nickel export restrictions boosting energy metal stocks, but the impact is less widespread than before [9]. - The financial technology and AI sectors, previously favored by policies, are now underperforming as funds shift towards traditional industries [9]. Sector Analysis - The power sector is emerging as a "second battlefield," with stocks like Yangtze Power and Huaneng Hydropower showing resilience, indicating a potential safe haven for investors during market volatility [12]. - Insurance stocks, particularly China Life and China Pacific Insurance, have shown stability, with reports of significant ETF purchases by insurance giants, suggesting a cautious outlook on the broader market [11]. Key Support Levels - The critical support level for the index is at 3513 points, with 3521 points acting as a dividing line for market strength [12]. - The afternoon trading session will hinge on whether the banking sector can break through the 4626-point resistance and if the brokerage sector can maintain the 2079-point support [14].

Core Viewpoint - The performance forecasts for the first half of 2025 from multiple listed securities firms indicate a significant increase in net profits, with many firms reporting growth rates exceeding 100% year-on-year, driven by improved market conditions and enhanced wealth management and investment returns [1][3][7]. Group 1: Performance Forecasts - A total of 27 listed securities firms or their subsidiaries released mid-year forecasts, with 14 firms expecting net profit growth exceeding 100% [1]. - Notable firms include Huaxi Securities, expecting a net profit of 445 million to 575 million yuan, representing a year-on-year increase of 1,025.19% to 1,353.90% [2]. - Guolian Minsheng is projected to achieve a net profit of 1.129 billion yuan, reflecting a growth of 1,183.00% [2]. Group 2: Drivers of Growth - The increase in profits is attributed to a rise in capital market activity, leading to substantial growth in wealth management and securities investment returns [3]. - Guotai Junan reported a projected net profit of 1.092 billion to 1.137 billion yuan, indicating a year-on-year increase of 140% to 150% due to enhanced wealth management and self-investment performance [3]. - Huayin Securities noted a significant increase in wealth management revenue and fair value changes in equity investments, forecasting a net profit of 270 million to 350 million yuan, up 118.98% to 183.86% [3]. Group 3: Sector Outlook - The overall operating environment for the securities industry is improving, with expectations for continued strong growth in mid-year performance [7][8]. - Analysts suggest that the securities sector is entering a new phase of high-quality development, with a focus on differentiated competition and refined management practices [8]. - Recommendations include monitoring mergers and acquisitions, wealth management transformations, and innovative business licenses as key investment themes [8][9].

Core Viewpoint - The A-share listed companies are entering a peak period for mid-year performance forecasts, with a significant increase in the number of companies announcing their forecasts compared to the previous week [1] Group 1: Performance Forecasts - A total of 455 listed companies in Shanghai, Shenzhen, and Beijing announced mid-year performance forecasts from July 7 to July 13, a substantial increase from 32 companies in the previous week [1] - Among these, 210 companies are from the Shanghai main board, 8 from the Shanghai STAR Market, 214 from the Shenzhen main board, 22 from the Shenzhen Growth Enterprise Market, and 1 from the Beijing Stock Exchange [1] Group 2: Companies with Significant Profit Growth - Ten companies forecasted a mid-year net profit growth lower limit exceeding 1000%, with Sanhe Pile leading at a net profit growth rate of 3090.81% to 3888.51% [2] - Other notable companies include Muyuan Foods, which expects a net profit of 1.02 billion to 1.07 billion yuan, and Northern Rare Earth, anticipating a net profit of 900 million to 960 million yuan [4][5] Group 3: Factors Influencing Performance - Sanhe Pile attributes its performance improvement to market demand, focusing on core businesses in emerging fields such as photovoltaics, wind power, and water conservancy, alongside effective cost control and product structure improvement [3] - Muyuan Foods reported a significant increase in operating performance due to higher pig sales and lower breeding costs compared to the same period last year [5] - Northern Rare Earth expects a non-GAAP net profit growth of 5538.33% to 5922.76%, driven by a full order book and an optimistic outlook on future rare earth prices [5] Group 4: Overall Market Sentiment - Among the 455 companies that released forecasts, 139 predicted losses, and 152 anticipated a decline in net profit, indicating a notable increase in the proportion of companies forecasting negative performance compared to the previous week [5]

Group 1 - The core viewpoint of the article highlights the significant growth in the performance of listed securities firms in A-shares, with many firms reporting substantial increases in net profits for the first half of the year [3][4] - The top-performing securities firms include Guolian Minsheng and Huaxi Securities, both of which reported net profits exceeding 10 times compared to the previous year, leading to their respective stock price increases of 4.98% and 2.32% [5][6] - The overall market sentiment is positive, driven by a notable increase in new individual investor accounts, which is expected to benefit securities firms [3][6] Group 2 - A total of 11 listed securities firms have disclosed their mid-year performance forecasts, with all showing varying degrees of profit growth, indicating a strong overall performance in the sector [3][4] - The expected net profits for several firms are as follows: Guoxin Securities (4.78-5.53 billion), Changcheng Securities (1.335-1.407 billion), and Huaxi Securities (445-575 million), with growth rates ranging from 52% to 1353.9% [4] - The recent policy changes, particularly the reforms in the Sci-Tech Innovation Board, are anticipated to enhance the equity financing scale in A-shares, which will likely lead to a steady recovery in investment banking revenues for securities firms [6]