证券代码：601555 股票简称：东吴证券 公告编号：2025-056 东吴证券股份有限公司 2024 年度第十四期短期融资券兑付完成的公告 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（以下简称"公司"）于2024年11月19 日成功发行东吴证券股份有限公司2024年度第十四期短期融资券，发 行总额为人民币20亿元，票面利率为1.94%，期限为365天，兑付日期 为2025年11月19日。 2025年11月19日，公司完成兑付本期短期融资券本息共计人民币 2,038,800,000.00元。 特此公告。 东吴证券股份有限公司董事会 2025 年 11 月 21 日 ...

Core Viewpoint - The article highlights the positive outlook for the Chinese stock market, with foreign institutions increasing their investments and adjusting target indices upward for 2026, indicating a strong long-term investment potential in A-shares [1][2]. Group 1: Market Performance - As of November 20, 2025, the CSI 500 Quality Growth Index rose by 0.15%, with notable increases in constituent stocks such as Bluestar Technology (up 3.44%) and China National Materials (up 2.31%) [1]. - The CSI 500 Quality Growth ETF (560500) also saw a rise of 0.17%, reflecting overall positive market sentiment [1]. Group 2: Foreign Investment Trends - Multiple foreign institutions, including UBS and Morgan Stanley, have released optimistic reports for the Chinese stock market, collectively raising their target index levels for 2026 [1][2]. - Foreign institutional research and investment activities have been robust, with over 1,300 instances of foreign institutions conducting research on A-share companies since the beginning of the fourth quarter [1]. Group 3: Policy Developments - The China Securities Regulatory Commission (CSRC) has issued a plan to optimize the Qualified Foreign Institutional Investor (QFII) system, aiming to enhance cross-border investment facilitation [2]. - The ongoing improvements in the QFII system are expected to create a more stable and transparent environment for foreign investments in the Chinese capital market [2]. Group 4: Index Composition - The CSI 500 Quality Growth Index comprises 100 high-profitability, sustainable earnings, and cash-rich growth companies selected from the CSI 500 Index [2]. - As of October 31, 2025, the top ten weighted stocks in the index accounted for 21.64% of the total index weight, with companies like Huagong Technology and Kaiying Network being significant constituents [2].

Core Viewpoint - The securities sector is experiencing a significant rise, driven by major asset restructuring announcements from key firms, indicating a trend towards consolidation in the industry [1][2]. Group 1: Market Performance - On November 20, the securities sector opened strongly, with the broker ETF (159842) surging by 1.64% and trading volume quickly surpassing 50 million yuan [1]. - The broker ETF tracks the CSI All Share Securities Company Index, which includes up to 50 securities companies to reflect the overall performance of the sector [1]. Group 2: Major Announcements - On November 19, China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities announced a suspension of trading due to plans for significant asset restructuring [1]. - The restructuring involves CICC issuing A-shares to the shareholders of Dongxing Securities and Xinda Securities in a share swap to facilitate their merger [1]. Group 3: Industry Insights - Dongwu Securities noted that resource integration within the industry could be a crucial method for brokers to enhance scale and comprehensive strength [1]. - Large brokers may use mergers to address weaknesses and consolidate advantages, while smaller brokers could achieve rapid growth through external mergers, realizing scale effects and business complementarity [1]. Group 4: Fund Flows and Market Dynamics - Ping An Securities reported that in the third quarter, public funds significantly increased their holdings in non-bank financials by 2.73 billion shares, contributing to the sector's rise [2]. - Conversely, foreign investors reduced their holdings in the same period by 2.04 billion shares, second only to the banking sector [2]. - The inflow of funds into securities ETFs indicates a preference for the broker sector among certain investors [2]. Group 5: Future Outlook - CITIC Securities highlighted that the current value proposition for the securities industry is supported by policies, funding, and internal transformation [2]. - Policy initiatives aimed at activating capital markets, such as deepening the registration system and optimizing trading mechanisms, are expanding business opportunities for brokers [2]. - Improved market confidence is expected to boost trading volumes and margin financing, while new capital from pensions and insurance is anticipated to enter the market, providing a solid foundation for broker performance [2]. - The industry is focusing on developing high-value-added services, particularly in wealth management and institutional business, to enhance revenue stability and profitability [2].

Group 1 - The core viewpoint of the news is that Desay SV (SZ 002920) will be conducting an investor survey on November 17-18, 2025, with the company's representative Lin Xunpei participating to address investor inquiries [1] - For the first half of 2025, Desay SV's revenue composition is entirely from automotive electronics, accounting for 100% [1] - As of the report, Desay SV has a market capitalization of 64.6 billion yuan [2]

智通财经APP获悉，东吴证券发布研报称，2025年国防军工板块迎来基本面与市场表现的双重拐点，行 业终结"增收不增利"困局，迈入"订单兑现+业绩驱动"的高质量发展阶段。2026年作为"十五五"开局之 年，板块将迎来需求刚性化、结构高端化与财务健康化的关键转折，投资主线聚焦军贸出口、新质战斗 力、军民融合及资产证券化四大高确定性方向。 东吴证券主要观点如下： 2025年国防军工板块迎来基本面与市场表现的双重拐点 风险提示 1)行业订单不及预期的风险，2)新技术新产品应用进度不及预期的风险；3)价格波动超出预期；4)相关 改革进展不及预期。 作为"十五五"规划开局之年与建军百年奋斗目标冲刺前夜，军工行业将迎来需求刚性化、结构高端化与 财务健康化的关键转折：核心判断有五：一是订单确定性显著增强，"十四五"尾单集中交付与"十五 五"新规划启动形成双轮驱动；二是需求结构加速向新质战斗力和消耗性作战能力倾斜；三是军贸成为 第二增长曲线，体系化出口打开高端市场天花板；四是军民融合深化，商业航天、低空经济、核聚变等 方向实现"军技民用、双向赋能"；五是财务质量全面改善，现金流与盈利能力进入上行通道，估值逻辑 从主题博弈转向基 ...

Core Viewpoint - Hunan YN's revenue is heavily reliant on lithium-ion battery cathode materials, which accounted for 98.04% of its total revenue in the first half of 2025 [1] Group 1: Company Overview - Hunan YN held an investor meeting on November 18, 2025, where executives, including the Vice General Manager and Board Secretary, addressed investor inquiries [1] - The company's revenue composition for the first half of 2025 shows a significant focus on its core business, with minimal contribution from other operations [1]

（编辑 姚尧） 证券日报网讯 11月18日晚间，上海凯宝发布公告称，上海凯宝药业股份有限公司（以下简称"公司"） 于近日收到公司首次公开发行股票并在创业板上市保荐机构东吴证券股份有限公司（以下简称"东吴证 券"）的《关于更换上海凯宝药业股份有限公司首次公开发行股票并上市持续督导保荐代表人的通知 函》：原保荐代表人刘婷女士因工作变动，不再继续履行持续督导职责，为保证持续督导工作的有序进 行，东吴证券委派翟悦女士接替公司的持续督导工作，继续履行相关职责。 ...

Core Viewpoint - The launch of the "Second 21st Century Gold Medal Investment Advisor" case collection activity reflects the profound restructuring of China's capital market ecosystem, driven by multiple policy incentives and the growing importance of buy-side investment advisory as a competitive arena [1][2]. Group 1: Event Overview - The event aims to highlight professional and warm investment advisory teams and excellent fund advisory cases, with a new category for "AI Investment Advisory" introduced to enhance industry development [1][2]. - The project has received submissions from leading institutions such as CITIC Securities, ICBC Credit Suisse Asset Management, Ant Group, and Dongwu Securities, covering key areas of funds, securities, and third-party advisory [1][4]. Group 2: Evaluation Criteria - The evaluation system for the "Fund Advisory Excellent Cases" focuses on the completeness of business structure, professionalism in team building, effectiveness in guiding investor behavior, and depth of customer service [2]. - The "21st Century Gold Medal Investment Advisor" series maintains an evaluation logic of "30% investment, 70% advisory," ensuring objectivity and authority in the selection process [2]. Group 3: AI Investment Advisory - The addition of the "AI Investment Advisory" category responds to the trend of deep integration between financial technology and asset management, encouraging institutions that successfully apply AI in advisory practices to enhance service efficiency and user experience [3]. Group 4: Industry Participation - Numerous leading institutions are actively participating in the case collection, contributing high-quality case resources and showcasing the forefront trends in buy-side advisory development [4]. Group 5: Project Impact and Reporting - The project team is conducting a thorough review of the submitted materials, with the involvement of guiding units to ensure fairness and authority in the evaluation process [5]. - The event will leverage the media group's extensive platform for maximum outreach and impact, including in-depth reports, exclusive interviews, and data analysis to enhance understanding of the advisory industry's current state and future trends [5].

中国经济网北京11月18日讯海博思创(688411.SH)今日收报322.00元，跌幅10.86%。 11月16日，东吴证券股份有限公司研究员曾朵红、郭亚男、胡隽颖发布研报《海博思创(688411)：与宁 德签订3年200GWH电芯供应强强联合继续看好国内独储+海外突破逻辑！》称，维持25~27年盈利预 测，预计25~27年归母净利润分别为9.1/19.0/30.9亿元，同比+41%/+109%/+63%，对应PE75/36/22倍，维 持"买入"评级。 ...

东吴证券研报指出，恒铭达依托精密模切技术、精密金属加工等核心工艺平台，聚焦智能终端、数通与 算力基建、新能源三大战略领域。产品现已进入国内外知名品牌客户的供应链体系，持续助推智能终端 设备、通信及新能源产业的技术升级。公司在智能终端、数通与算力基建、新能源三大战略领域协同共 振，既分散单一赛道的周期风险，又能一站式满足不同客户的多维需求，在稳固既有份额的同时，开辟 出第二、第三增长曲线，为长期发展注入持续动能。同时，通过与知名品牌客户的紧密合作，公司持续 抬高技术、品质天花板，进一步夯实精密制造的护城河。此外，公司深度绑定头部客户，产品+客户双 轮驱动构筑可持续增长格局。公司消费电子板块受益AI浪潮，与头部客户深度合作，有望受益行业景 气度复苏及产品单机价值量提升。首次覆盖，给予"买入"评级。 ...