Group 1 - Dongwu Securities' President Xue Zhen has been appointed as the Chairman of Dongwu Fund, succeeding Ma Zhenya who has transitioned to a senior supervisory role due to age [1][3] - Dongwu Securities holds a 70% stake in Dongwu Fund, which has seen three general managers since Ma Zhenya took over as Chairman in 2018 [1][4] - As of the end of Q2 2025, Dongwu Fund's management scale reached 37.681 billion yuan, ranking 93rd in the industry, an improvement of one position from the end of 2024 [1] Group 2 - Under Ma Zhenya's leadership for seven years, Dongwu Fund has experienced significant changes, including a notable increase in its public fund scale, which reached 39.857 billion yuan by the end of 2024, a year-on-year growth of 55.81% [4][5] - The fund's bond fund scale was 16.623 billion yuan, showing a year-on-year increase of 105.27%, while equity funds reached 8.799 billion yuan, up 75.66% year-on-year [4] - Despite the growth, Dongwu Fund's performance has been relatively moderate compared to the industry, which saw a public fund management scale increase from 13.03 trillion yuan in 2018 to 32.83 trillion yuan by the end of 2024, a growth of 151.83% [5] Group 3 - Dongwu Fund has faced frequent personnel changes, with three general managers since 2018, indicating instability in management [5][6] - The current general manager, Li Suming, is nearing retirement age, raising concerns about the continuity of leadership [6] - The appointment of Xue Zhen as Chairman has sparked interest in whether Dongwu Fund can leverage his resources and management skills to achieve breakthroughs in a highly competitive public fund industry [6]

东吴证券股份有限公司 关于北京挖金客信息科技股份有限公司 部分募投项目结项并将节余募集资金用于其他募投项目、 调整募投项目内部投资结构及募投项目延期 的核查意见 东吴证券股份有限公司（以下简称"东吴证券"、"保荐机构"）作为北京挖 金客信息科技股份有限公司（以下简称"挖金客"、 "公司"）2023 年度以简易程 序向特定对象发行股份并上市的保荐机构，根据《证券发行上市保荐业务管理办 法》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运 作》等相关法律、法规及规范性文件，对挖金客部分募集资金投资项目（以下简 称"募投项目"）结项并将节余募集资金用于其他募投项目、调整募投项目内部 投资结构及募投项目延期事项进行了审慎核查，具体情况如下： 一、募集资金概述 根据中国证券监督管理委员会出具的《关于同意北京挖金客信息科技股份有 限公司首次公开发行股票注册的批复》（证监许可[2022]2004 号），公司于 2022 年 10 月向社会公开发行人民币普通股（A 股）1,700.00 万股，发行价格为每股 人民币 34.78 元，应募集资金总额为人民币 59,126.00 万元，根据有关规定扣除 发行 ...

Core Viewpoint - Dongwu Securities report indicates that Spring Power's Q2 performance exceeded expectations, with rapid growth in three major business segments [1] Group 1: Business Performance - The company is a leading player in the all-terrain vehicle and motorcycle market in China, showing significant sales performance in H1 2025 across its three major business segments [1] - There is a notable optimization in the product structure of all-terrain vehicles and motorcycles [1] Group 2: Financial Forecast - The firm maintains its forecast for the company's net profit attributable to shareholders at 1.87 billion, 2.47 billion, and 2.74 billion yuan for 2025, 2026, and 2027 respectively [1] - Corresponding price-to-earnings ratios for 2025-2027 are projected to be 20.6, 15.6, and 14.1 times [1] Group 3: Investment Rating - Given the company's solid leading position and the upward resonance of its three major business segments, the firm continues to maintain a "buy" rating [1]

Core Viewpoint - The report from Dongwu Securities indicates that the industry is experiencing short-term performance impacts due to cyclical fluctuations and client adjustments, but Haige Communication's new product expansion is promising [1] Industry Summary - The industry is facing delays in contract signing due to client adjustments and cyclical fluctuations, which is putting pressure on short-term profits [1] - The long-term trend of defense informationization is beneficial for the industry, particularly for companies like Haige Communication that are leaders in wireless communication and Beidou navigation [1] Company Summary - Haige Communication is strengthening its core competitive advantages by advancing the development of "Beidou + 5G" integrated communication chips [1] - The company has collaborated with China Mobile, and its consumer-grade chips have been selected as one of the top ten benchmark cases for industrial investment collaboration [1] - Haige Communication has secured a bid for a narrowband handheld project in satellite internet terminals, reinforcing its first-mover advantage [1] - In the low-altitude economy sector, the company has iterated its "Tian Teng" flight management service platform and launched the "Tian Shu" operation platform, connecting with projects in over ten provinces and completing the first phase delivery of flying cars [1] - Given its strategic investments in emerging fields and its leadership position, the company maintains a "buy" rating [1]

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating for Yingliu Holdings (603308.SH) based on strong financial performance and growth potential [2] - The company's Q2 net profit attributable to shareholders increased by 57% year-on-year, indicating robust demand and a healthy order backlog in the "two-machine" business [2] - The company demonstrates good cost control capabilities, suggesting a long-term improvement in profitability [2] Group 2 - The "two-machine" business is seen as a new growth driver, with opportunities in nuclear energy and low-altitude sectors that could provide long-term growth potential [2] - The report highlights potential risks, including lower-than-expected capital expenditures, demand, and the pace of domestic production [2]

Group 1 - The core viewpoint of the report is a "buy" rating for Chuangfeng Power (603129.SH) based on strong performance across various business segments [2] - The all-terrain vehicle segment shows both volume and price increases, with significant results from high-end product offerings [2] - The motorcycle business has undergone structural optimization, leading to price increases and a notable year-on-year growth in domestic sales, although external sales faced temporary pressure [2] - The "Jiku" segment is experiencing rapid growth, with impressive sales performance [2]

Core Viewpoint - The bond market is experiencing a weak consolidation phase, with government bond futures mostly declining and interbank bond yields rising slightly, indicating a potential shift in market dynamics driven by supply-side policies aimed at increasing corporate profits and subsequently boosting demand [1][2][7]. Market Performance - Government bond futures closed mostly lower, with the 30-year main contract down 0.31% and the 10-year main contract down 0.04% [2]. - Interbank bond yields generally increased, with the 30-year government bond yield rising by 0.7 basis points to 1.963% and the 10-year government bond yield increasing by 0.25 basis points to 1.72% [2]. - The China Convertible Bond Index fell by 0.25%, with significant declines in several convertible bonds, while others saw notable gains [2]. International Market Trends - In North America, U.S. Treasury yields collectively decreased, with the 10-year yield falling by 0.58 basis points to 4.281% [3]. - In Asia, Japanese bond yields rose, with the 10-year yield increasing by 1.4 basis points to 1.504% [4]. - In the Eurozone, yields on 10-year bonds from France, Germany, Italy, and Spain all increased, indicating a regional trend of rising yields [4]. Primary Market Activity - The China Development Bank issued financial bonds with yields of 1.5193%, 1.6562%, and 1.7942% for 2-year, 5-year, and 10-year maturities, respectively, with strong bid-to-cover ratios [5]. - Agricultural Development Bank also issued 2-year financial bonds with competitive yields and high bid-to-cover ratios, reflecting strong demand [5]. Liquidity Conditions - The central bank conducted a reverse repurchase operation of 1146 billion yuan at a rate of 1.40%, resulting in a net withdrawal of 461 billion yuan for the day [6]. - Short-term Shibor rates mostly increased, indicating tightening liquidity conditions in the market [6]. Institutional Insights - Dongwu Securities noted that the current low yield environment for 10-year government bonds is under pressure from commodity price rebounds, but a significant bearish trend is unlikely without demand-driven factors [7]. - CITIC Securities highlighted the need to monitor risks in the convertible bond market, suggesting a focus on equity strategies and convertible bonds with favorable conversion premiums [8]. - China International Capital Corporation indicated that credit demand remains stable, with a low risk of credit spreads widening significantly in the current environment [8].

格隆汇8月12日｜东吴证券研报指出，华利集团上半年收入端保持增长，但利润端承压，Q2环比Q1业绩 转弱，主因老客户订单下滑导致工厂效率降低，而新客户、新工厂生产效率处于爬坡期，且由于客户订 单变动集团进行产能调度，短期内损失效率。考虑老客户订单趋紧及多个新工厂处于产能爬坡期对业绩 的影响，该行将2025-2027年归母净利润预测值从43.6/50.1/57.6亿元下调至35.7/43.4/51.2亿元，对应PE 分别为17/14/12X，长期看公司产能及管理优势仍存，未来随产能爬坡利润率有望恢复，维持"买入"评 级。 ...

Group 1 - The core viewpoint of the news highlights the performance of the CSI 500 Quality Growth Index and its ETF, indicating a positive trend with significant increases in both index and ETF values [1][2] - The CSI 500 Quality Growth ETF has seen a recent scale growth of 8.67 million yuan and an increase of 2 million shares, ranking in the top third among comparable funds [1] - The valuation of the CSI 500 Quality Growth Index is at a historical low, with a latest price-to-book ratio (PB) of 1.97, which is lower than 82.68% of the time over the past five years, indicating strong value for investors [1] Group 2 - Huaxi Securities notes that the current market rally is supported by various sources of incremental capital, including institutional funds from insurance, pension funds, public and private equity, as well as retail investor participation [2] - The M1-M2 year-on-year growth rate has shown a narrowing negative scissors difference, reflecting an increase in the activation of funds and a marginal recovery in consumer and investment willingness among residents [2] - The CSI 500 Quality Growth Index is composed of 100 stocks selected from the CSI 500 Index, focusing on companies with high profitability, sustainable earnings, and strong cash flow, providing diverse investment options for investors [2][3]

Core Insights - In 2021, 50 securities firms acted as lead underwriters for green corporate bonds or managed green asset securitization products, underwriting a total of 102 bonds/products amounting to 137.646 billion yuan [1] - The issuance amount for green corporate bonds (including green asset securitization products) increased by over 50% compared to 2020, while the total underwriting amount for innovative and entrepreneurial company bonds grew by more than 154% [1] Group 1: Green Corporate Bonds - The top five firms in terms of the number of green corporate bonds underwritten were CITIC Securities, Dongwu Securities, CICC, Guotai Junan, and Huatai Asset Management, each underwriting more than 5 bonds [2] - CITIC Securities led with an average of 10.67 bonds underwritten [2] - In terms of issuance amount, CICC, CITIC Securities, Huatai Asset Management, CITIC Jiantou, and Huatai United ranked in the top five, with amounts exceeding 7 billion yuan [2] Group 2: Innovative and Entrepreneurial Company Bonds - The top five firms for the number of innovative and entrepreneurial company bonds underwritten were Dongwu Securities, Caixin Securities, Guotai Junan, Changjiang Securities, and CITIC Securities [2] - Guotai Junan was the only firm with an issuance amount exceeding 5 billion yuan [2] Group 3: Local Government Bonds - The leading firms in terms of actual bid amounts for local government bonds were CITIC Securities, Huatai Securities, Dongfang Securities, Huaxi Securities, and Jiuzhou Securities, each with amounts exceeding 19 billion yuan [2] - In terms of the number of regions bid, Shenwan Hongyuan, Everbright Securities, and Guotai Junan ranked in the top three, each covering more than 30 regions [2]