Core Viewpoint - Dongwu Securities issued a report on August 8, giving Hewei Electric (603063.SH, latest price: 39.25 CNY) a buy rating based on several growth drivers and competitive advantages [2] Group 1: Growth Drivers - The growth of the new energy electric control business is driving overall growth, and the full product line coverage supports international expansion [2] - The company possesses leading advantages in high-power technology, indicating significant potential in the transmission business [2] Group 2: Cost Management - The company demonstrates strong cost control capabilities, with a stable decrease in the period expense ratio [2]

证券公司定向增发再添一例。近日，东吴证券发布公告称，公司董事会审议通过议案，同意公司向 包括控股股东苏州国际发展集团有限公司（以下简称"国发集团"）及其一致行动人苏州营财投资集团有 限公司（以下简称"苏州营财"）在内的不超过35名特定对象，发行不超过14.9亿股A股股票，募集资金 总额不超过60亿元。 分析人士表示，本次定增有助于增强东吴证券资本实力，发力财富、投资、做市等特色业务。从定 增资金投向来看，增资子公司与信息技术升级是重中之重。 发行对象方面，东吴证券的定增预案显示，本次发行对象为包括控股股东国发集团及其一致行动人 苏州营财在内的符合中国证监会及上交所规定条件的不超过35名特定对象。 本次定增不超过发行前公司总股本的30%，按公司审议本次发行的董事会决议日的总股本计算即不 超过14.9亿股A股股票。其中，国发集团认购金额为15亿元，苏州营财认购金额为5亿元。 在当前以净资本和流动性为核心的监管体系下，资本实力依然是证券公司增强竞争优势的关键要素 之一。本次定增是东吴证券A股上市后的第5轮再融资。2011年，东吴证券成功登陆A股市场，此后陆续 完成4次再融资，累计募集资金约230亿元，公司综合实力持 ...

Core Viewpoint - Nuwai Co., Ltd. shows strong performance with a significant increase in net profit and a positive outlook for future growth, supported by a robust order book and a new equity incentive plan [1] Company Performance - As of August 7, 2025, Nuwai's stock price reached 33.80 yuan, reflecting a 1.68% increase from the previous trading day [1] - The trading volume on that day was 50,774 hands, with a total transaction amount of 171 million yuan [1] - The company's net profit attributable to shareholders grew by 28% year-on-year in the second quarter, exceeding expectations [1] Industry Position - Nuwai specializes in the design, manufacturing, and sales of industrial valves, with applications in the oil, chemical, and power industries [1] - The company is recognized as a leading player in the industrial valve sector, headquartered in Jiangsu [1] Future Outlook - The report from Dongwu Securities on August 7 recommends a "buy" rating for Nuwai, citing the company's solid profit growth and full order book [1] - The company's diversified and global development strategy remains intact, which is expected to drive future growth [1] - The implementation of the 2025 equity incentive plan is anticipated to enhance team motivation and performance [1]

证券代码：601555 证券简称：东吴证券 公告编号：2025-035 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 东吴证券股份有限公司2025年度第六期短期融资券已于2025年8月6日发行， 缴款日为2025年8月7日，相关发行情况如下： | 短期融资券名称 | | 东吴证券股份有限公司2025年度第六期短期融资券 | | | --- | --- | --- | --- | | 短期融资券简称 | 25东吴证券CP006 | 短期融资券期限 | 210天 | | 短期融资券代码 | 072510156 | 发行日期 | 2025年8月6日 | | 起息日期 | 2025年8月7日 | 兑付日期 | 2026年3月5日 | | 计划发行总额 | 20亿元人民币 | 实际发行总额 | 20亿元人民币 | | 发行价格 | 100元/张 | 票面利率 | 1.65% | 东吴证券股份有限公司 本期发行短期融资券的相关文件已在以下网站上刊登： 关于公司 2025 年度第六期短期融资券发行结果的公告 1、中国货币网（www.chi ...

Core Insights - The ASIC custom chip market is expected to experience rapid growth due to the surge in AI computing power demand, with a projected market size of $55.4 billion by 2028, reflecting a CAGR of 53% from 2023 to 2028 [1][3] Group 1: Market Overview - The custom XPU market is anticipated to reach $40.8 billion by 2028, with a CAGR of 47%, while the accessory market is expected to grow to $14.6 billion, with a remarkable CAGR of 90% [1][3] - Major players like Broadcom and Marvell dominate the market, collectively holding over 60% market share, with Broadcom's market share estimated at 55-60% and Marvell's at 13-15% [2][3] Group 2: Service Provider Capabilities - ASIC service providers need to possess strong IP design capabilities, including components for computing, storage, network I/O, and packaging, with Broadcom and Marvell offering comprehensive IP solutions [1][2] - The ability to design System on Chip (SoC) is crucial, with Broadcom and Marvell having established partnerships with major companies like Google and Amazon to enhance their SoC design capabilities [2] Group 3: Financial Performance - Broadcom's AI business revenue reached over $4.4 billion in FY25Q2, showing a year-on-year increase of 46%, while Marvell's data center revenue for FY26Q1 was $1.441 billion, up 76% year-on-year [4] - The gross margins for custom ASIC businesses may face pressure due to increased competition, but there is significant potential for margin improvement as domestic players enter the AI ASIC market [4]

东吴证券8月7日发布研报称，给予海光信息（688041.SH）买入评级。评级理由主要包括：1）25H1营 收高增，规模效应带动净利率；2）积极布局产业链整合，强化国产算力生态闭环；3）云厂商加速扩 容，H20制裁带来国产算力历史机遇。风险提示：技术升级不及预期，需求不及预期，市场竞争风险， 地缘政治风险等。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating to Nuwai Co., Ltd. (603699.SH) based on strong financial performance and growth potential [2] - In Q2, the company's net profit attributable to shareholders increased by 28% year-on-year, indicating robust growth in profitability [2] - The company maintains a full order book, with a diversified and global strategy that supports its growth outlook as a leading valve manufacturer [2] - The implementation of the 2025 equity incentive plan is expected to enhance team motivation and performance [2]

Group 1 - The core viewpoint of the report is that Jiuhua Tourism (603199.SH) is rated as a "buy" due to its strategic positioning in the Jiuhua Mountain core scenic area and the development of a regional tourism complex [2] - The report highlights the sustained tourism demand and the trend of younger visitors to temples, indicating a shift in the demographic profile of tourists [2] - The company benefits from scarce resources, improved transportation, and the potential for new projects to enhance flexibility and growth opportunities [2]

Core Viewpoint - Dongwu Securities report indicates that Zhongchong Co., Ltd. achieved a 42.6% year-on-year increase in net profit attributable to shareholders in H1 2025, driven by rapid growth in its proprietary brands [1] Group 1: Company Performance - The company is accelerating its overseas expansion, with a factory in Mexico expected to be operational by 2025, which will benefit from the release of production capacity in North America and Mexico [1] - Zhongchong Co., Ltd. is a leader in the global pet food industry, with its domestic proprietary brands, Wanpi and ZEAL, recovering growth after adjustments [1] - The company maintains long-term partnerships with multiple clients in its overseas business, ensuring a stable customer base [1] Group 2: Financial Projections - The company has a comprehensive global production capacity layout, with ongoing capacity expansion to ensure long-term stable growth [1] - The net profit forecasts for 2025-2027 are 450 million, 550 million, and 650 million yuan, representing year-on-year growth of 14%, 23%, and 18% respectively [1] - Corresponding price-to-earnings ratios (PE) are projected to be 40, 32, and 27 times for the years 2025, 2026, and 2027 [1]

Core Insights - Dongwu Securities report highlights Shanghai Xiba's strategy of leveraging specialty chemicals in water treatment to establish a second growth curve in the new energy sector [1] Company Overview - Shanghai Xiba has a concentrated and stable shareholding structure, which contributes to its clear governance framework [1] - The company demonstrates strong integration capabilities in industry, academia, and research [1] Financial Performance - The company has maintained stable operations in recent years, indicating resilience and effective management [1] - The report covers the period from 2019 to 2024, suggesting a focus on long-term growth and sustainability [1]