9月11日，东吴证券盘中上涨2.01%，截至11:27，报9.65元/股，成交5.45亿元，换手率1.15%，总市值 479.48亿元。 资料显示，东吴证券股份有限公司位于江苏省苏州工业园区星阳街5号，成立日期1993年4月10日，上市 日期2011年12月12日，公司主营业务涉及经纪及财富管理业务、投资银行业务、投资与交易业务、资管 及基金管理业务、信用交易业务。主营业务收入构成为：投资交易业务62.24%，财富管理业务 26.67%，投资银行业务6.11%，资产管理业务3.37%，其他业务1.60%。 东吴证券所属申万行业为：非银金融-证券Ⅱ-证券Ⅲ。所属概念板块包括：参股基金、互联金融、期货 概念、中盘、融资融券等。 截至6月30日，东吴证券股东户数8.94万，较上期减少8.91%；人均流通股55590股，较上期增加9.78%。 2025年1月-6月，东吴证券实现营业收入0.00元；归母净利润19.32亿元，同比增长65.76%。 资金流向方面，主力资金净流入2740.54万元，特大单买入1.05亿元，占比19.31%，卖出7807.16万元， 占比14.33%；大单买入1.44亿元，占比26.47%， ...

据iFind统计，截至9月10日，沪深两市共有124只个股连续5日或5日以上获融资净买入。连续获融资净 买入天数最多的股票是云南能投，已连续17个交易日获净买入；连续获融资净买入天数较多的还有聚飞 光电、当升科技、东吴证券、英唐智控、博隆技术、嘉曼服饰、中国化学、金达莱等股。 （文章来源：证券时报网） ...

Core Viewpoint - The report from Dongwu Securities indicates a significant divergence in the performance of the renewable energy sector, with wind power showing strong results while solar power faces challenges [1] Group 1: Financial Performance - In H1 2025, the renewable energy sector achieved revenues of 729.7 billion yuan, a decrease of 3% year-on-year, and a net profit attributable to shareholders of 11 billion yuan, down 46% [1] - The wind power segment generated revenues of 155.8 billion yuan in H1 2025, a decline of 32%, but net profit increased by 20% to 9.1 billion yuan [1] - In Q2 2025, the renewable energy sector's revenue was 411.5 billion yuan, flat year-on-year but up 29% quarter-on-quarter, with a net profit of 6 billion yuan, down 8% year-on-year but up 23% quarter-on-quarter [1] Group 2: Segment Analysis - The inverter segment showed positive growth with a year-on-year revenue increase of 30%, while the solar main and auxiliary chains continued to face pressure [2] - The battery segment's revenue increased by 8%, while other materials like silver paste and glass saw declines of 2% and 28%, respectively [2] - The profitability of auxiliary materials is under short-term pressure, but price increases in Q3 are expected to improve margins [4] Group 3: Supply Side Dynamics - The price of silicon materials hit a bottom in Q2 2025, with expectations for profitability to turn positive in H2 2025 as industry consolidation progresses [3] - The oversupply of silicon wafers is leading to increased competition, with price recovery anticipated in H2 2025 and 2026 [3] - The overall component prices have entered a bottom range, with potential for gradual recovery driven by demand and pricing adjustments [3] Group 4: Demand Trends - Demand for household storage is gradually recovering, with significant growth in commercial and large-scale storage [4] - The U.S. large-scale storage market is expected to see a surge in 2025, although growth may slow in 2026 [4] - European and Southeast Asian markets are experiencing robust demand, supported by subsidy policies and dynamic pricing models [4] Group 5: Wind Power Insights - Wind power production is experiencing high growth, with significant increases in installation and profitability [5] - The domestic market benefits from improved capacity utilization, leading to a positive shift in profitability for offshore products [5] - The overall wind power segment is in a favorable state, with strong order books and improved margins for leading manufacturers [5]

Core Viewpoint - Dongwu Securities reports that Gilead Sciences-B (01672) is progressing well with its pipeline for 2025, aligning with expectations, and the likelihood of successful product launches is high [1] Group 1: ASC30 Injection Data - The ASC30 injection has shown a promising apparent half-life of 75 days in obese subjects, indicating the potential for a quarterly dosing regimen for long-term weight management [1] - In the Phase Ib clinical study, no serious adverse events (SAEs) were reported, and only mild gastrointestinal-related adverse events (AEs) were observed, indicating excellent safety and tolerability for long-term use [2] Group 2: ULAP Platform and Future Developments - ASC30 is developed using Gilead's Ultra-Long-Acting Platform (ULAP), which allows for the creation of various long-acting formulations to meet diverse clinical needs [3] - The company is currently conducting a Phase IIa clinical trial for ASC30 in the U.S., utilizing the ULAP technology to achieve precise drug release and improve clinical efficacy [3] Group 3: Upcoming Catalysts and Clinical Data - The company expects to disclose significant clinical data in the second half of the year, including top-line results for ASC30 oral Phase II, ASC47 Phase I, and ASC50 Phase I in Q4 2025, and ASC30 subcutaneous Phase II in Q1 2026 [4] - Additionally, the company plans to submit 2-3 new IND applications to the FDA within the next 6-9 months, including a dual-target peptide weight loss pipeline [4]

Core Viewpoint - Dongwu Securities reports that Gilead Sciences-B (01672) is progressing well with its pipeline for 2025, aligning with the firm's expectations, and anticipates a high probability of successful product launches in the future [1] Group 1: ASC30 Injection Data - The ASC30 injection has shown a promising apparent half-life of 75 days in obese subjects, indicating the potential for a quarterly dosing regimen for long-term weight management [1] - In the Phase Ib clinical study, no serious adverse events (SAEs) were reported, and only mild gastrointestinal-related adverse events (AEs) were observed, indicating excellent safety and tolerability for long-term use [2] Group 2: ULAP Platform and Future Developments - ASC30 is developed using Gilead's Ultra-Long-Acting Platform (ULAP), which allows for the creation of various long-acting formulations to meet diverse clinical needs [3] - The company is currently conducting a Phase IIa clinical trial for ASC30 in the U.S., utilizing the ULAP technology to achieve precise drug release and improve clinical efficacy [3] Group 3: Upcoming Catalysts and Clinical Data - The company expects to disclose significant clinical data in the latter half of the year, including top-line results for ASC30 oral Phase II, ASC47 Phase I, and ASC50 Phase I in Q4 2025, and ASC30 subcutaneous Phase II in Q1 2026 [4] - Additionally, the company plans to submit 2-3 new IND applications to the FDA within the next 6-9 months, including a dual-target peptide weight management pipeline [4]

截至发稿，珠江啤酒市值为236亿元。 （记者 王晓波） 每经AI快讯，珠江啤酒（SZ 002461，收盘价：10.66元）发布公告称，2025年9月9日，珠江啤酒接受东 吴证券等投资者调研，公司董事会秘书李宽宽、证券事务代表陈劭参与接待，并回答了投资者提出的问 题。 每经头条（nbdtoutiao）——雷军挥泪"斩"王腾，小米爱将泄密"失街亭"，大厂正风肃纪"拼牙口" 2025年1至6月份，珠江啤酒的营业收入构成为：啤酒销售业占比96.94%，其他业务占比1.15%，租赁餐 饮服务业占比1.14%，酵母饲料销售业占比0.64%，包装材料业占比0.13%。 ...

Core Viewpoint - Solid-state batteries are expected to replace traditional lithium batteries, with significant growth in the market projected, particularly in China, where the market size is anticipated to reach 20 billion yuan by 2030 [1][3]. Market Outlook - Global solid-state battery shipments are forecasted to reach 614 GWh by 2030, with a compound annual growth rate (CAGR) exceeding 80% from 2024 to 2030 [1][3]. - The solid-state battery market in China is expected to expand significantly, with 2027 identified as a key acceleration point [1][3]. Technological Advantages - Solid-state batteries offer superior safety, energy density, and performance compared to traditional liquid batteries, primarily due to the use of solid electrolytes [2][4]. - The energy density of solid-state batteries can exceed 500 Wh/kg, while traditional liquid batteries are capped at 250-300 Wh/kg [2][4]. Key Applications - Solid-state batteries are likely to be first adopted in consumer electronics due to lower cost sensitivity and simpler mass production [4]. - The potential for solid-state batteries in the power battery sector is significant, with expectations for mass production by 2027 and widespread application by 2030 [4][6]. Industry Dynamics - The solid-state battery sector is supported by government policies and major manufacturers' investments, with significant funding allocated for research and development [6][8]. - Major manufacturers like CATL and BYD are focusing on solid-state battery production, with 2027 being a critical year for validation and potential mass production [6][8]. Equipment and Supply Chain - The equipment sector for solid-state batteries is expected to see stronger growth, particularly in the early stages of production [7][8]. - The current focus is on the development of key materials and technologies, with the industry awaiting clearer guidelines from leading manufacturers [8].

截至发稿，良信股份市值为129亿元。 每经头条（nbdtoutiao）——"中国真正实现了弯道超车"！从美国回来14年，陈智胜亲历中国创新药大 爆发：以前跨国药企不太信任中国数据，但现在不同了 （记者 王晓波） 每经AI快讯，良信股份（SZ 002706，收盘价：11.45元）发布公告称，2025年9月5日，良信股份接受东 吴证券等投资者调研，公司财务总监、董事会秘书程秋高等人参与接待，并回答了投资者提出的问题。 2025年1至6月份，良信股份的营业收入构成为：工业占比100.0%。 ...

Core Insights - The industrial control and power equipment industry is expected to show high prosperity in the first half of 2025, with total revenue reaching 458.8 billion yuan, a year-on-year increase of 10%, and a net profit attributable to shareholders of 34.4 billion yuan, a year-on-year increase of 23% [1][2] Industry Data - In Q2 2025, the industry achieved a revenue of 254.1 billion yuan, a year-on-year increase of 10%, and a net profit of 20.4 billion yuan, a year-on-year increase of 30% [2] - The overall gross margin for the industrial control and power equipment industry remained stable at 21.8% in Q2 2025, unchanged year-on-year [2] - Contract liabilities and inventory increased by 6% and 15% respectively compared to the beginning of the year [2] - Operating cash flow showed a net inflow of 23.3 billion yuan in Q2 2025, an increase of 6.6 billion yuan year-on-year [2] Industrial Control Sector - The demand in the industrial control sector further recovered in Q2 2025, with leading companies like Huichuan showing strong performance, while second-tier companies also achieved steady growth [3] - The industrial control sector recorded a revenue of 63.2 billion yuan in the first half of 2025, a year-on-year increase of 21%, and a net profit of 5.81 billion yuan, a year-on-year increase of 25% [3] - The gross margin for the industrial control sector in Q2 2025 was 27.3%, a decrease of 1.3 percentage points year-on-year [3] - Operating cash flow for the sector was a net inflow of 5.44 billion yuan in Q2 2025, an increase of 1.84 billion yuan year-on-year [3] Specific Sectors - The wire and cable sector showed significant revenue and profit growth, with revenue in Q2 2025 increasing by 11.68% year-on-year and net profit increasing by 140.43% [4] - The low-voltage sector also saw revenue growth of 13.06% year-on-year, with net profit increasing by 51.16% [4] - The high-voltage sector experienced rapid profit recovery, with revenue increasing by 5.33% year-on-year and net profit increasing by 37.30% [4] - The smart meter sector's revenue grew by 7.34% year-on-year, with net profit increasing by 7.63% [4] - The medium-voltage sector's revenue increased by 15.53% year-on-year, but net profit decreased by 1.93% [4] Secondary Equipment Sector - The secondary equipment sector maintained steady growth, achieving revenue of 30 billion yuan in Q2 2025, a year-on-year increase of 17.6%, and a net profit of 3.64 billion yuan, a year-on-year increase of 9% [5] - The gross margin for the secondary equipment sector was 28.0% in Q2 2025, a decrease of 1.5 percentage points year-on-year [5] - Operating cash flow for the secondary equipment sector showed a net inflow of 5.46 billion yuan, a significant increase of 400% year-on-year [5] Investment Recommendations - Recommended companies in the humanoid robot and industrial control sectors include Sanhua Intelligent Control, Huichuan Technology, and others [6][7] - In the AIDC sector, recommended companies include Megmeet, Hewei Electric, and others [7] - For the power grid sector, recommended companies include Siyi Electric, Sanxing Medical, and others [7]

Group 1 - The core viewpoint of the article highlights that Dongwu Securities has given a "buy" rating to Zhongwei Company (688012.SH) based on several positive factors [1] - The new etching products, including high aspect ratio CCP and metal etching ICP, are expected to benefit significantly from process evolution [1] - The new ALD products cover various advanced process metals, and the dual-chamber EPI meets customer needs for cost reduction and efficiency improvement [1] - The platform-based layout is accelerating its implementation [1] Group 2 - The article also mentions a significant shift in global central bank gold reserves surpassing US Treasury holdings for the first time in 29 years, indicating a potential decline in the dominance of the US dollar [1]