Core Viewpoint - Dongwu Securities International expresses optimism about Tongdao Liepin (06100) due to its unique positioning in the mid-to-high-end recruitment market and its AI-driven service premium capability, anticipating significant performance improvement as recruitment market demand rebounds [1] Group 1: Performance Overview - In the first half of 2025, the company achieved revenue of 940 million yuan, gross profit of 730 million yuan, and net profit attributable to shareholders of 80 million yuan, representing a year-on-year growth of 77.1%; adjusted operating profit increased by 32.7% to 120 million yuan [2] Group 2: User Base Expansion - The company’s C-end cumulative users reached 111 million, a year-on-year increase of 10.5%, solidifying its user base; however, due to statistical adjustments, the number of C-end paying users decreased by 12% to 47,600 [3] - On the B-end, the company verified over 1.43 million enterprises, a year-on-year growth of 4.8%, confirming its scarce position in the mid-to-high-end recruitment sector, with stable paying clients around 63,000 [3] Group 3: Cost Reduction and Profit Growth - In the first half of the year, the company’s marketing expenses were 420 million yuan, down 12.9% year-on-year, due to precise spending and reduced sales and marketing personnel costs; R&D expenses decreased by 21.7% to 130 million yuan, primarily due to significant internal efficiency gains from AI and reduced R&D personnel costs [4] - Management expenses fell by 4.8% to 140 million yuan, mainly due to personnel cost reductions; the operating profit margin reached 11.5%, an increase of approximately 4.3 percentage points year-on-year [4] Group 4: AI-Driven Product Innovation - In the first half of the year, the "Liepin Enterprise Version" implemented AI account upgrades, adding features like "Resume Quick Read" and "Intelligent Invitation," covering over 70% of paying clients [5] - The "Intended Candidates" product achieved a two-hour recommendation rate of 64% and a monthly re-initiation rate exceeding 60%, indicating strong customer recognition; the AI interview system Doris demonstrated over 95% consistency with expert evaluations [5]

Core Viewpoint - Dongwu Securities International is optimistic about Tongdao Liepin's unique positioning in the mid-to-high-end recruitment market and its service premium driven by AI technology, expecting significant performance improvement as recruitment market demand rebounds [1] Group 1: Performance Overview - In the first half of 2025, the company achieved operating revenue of 940 million yuan, gross profit of 730 million yuan, and net profit attributable to shareholders of 80 million yuan, representing a year-on-year increase of 77.1%; adjusted operating profit was 120 million yuan, up 32.7% [2] Group 2: User Base and Market Position - The company’s C-end cumulative users reached 111 million, a year-on-year increase of 10.5%, solidifying its user base; however, due to statistical adjustments, C-end paying users decreased by 12% to 47,600 [3] - On the B-end, the company verified over 1.43 million enterprises, a year-on-year increase of 4.8%, confirming its scarce position in the mid-to-high-end recruitment sector, with stable paying clients around 63,000 [3] Group 3: Cost Reduction and Profit Growth - In the first half of the year, the company's marketing expenses were 420 million yuan, down 12.9% year-on-year, due to precise targeting and reduced sales and marketing personnel costs; R&D expenses were 130 million yuan, down 21.7%, mainly due to significant internal efficiency gains from AI and reduced R&D personnel costs [4] - The company's operating profit margin reached 11.5%, an increase of approximately 4.3 percentage points year-on-year, with expectations for continued internal operational optimization to promote healthy profit growth [4] Group 4: AI-Driven Product Innovation - In the first half of the year, the "Liepin Enterprise Version" implemented AI account upgrades, adding features like "Resume Quick Read" and "Intelligent Invitation," covering over 70% of paying clients [5] - The "Intended Candidates" product achieved a two-hour recommendation rate of 64% and a monthly re-initiation rate exceeding 60%, indicating strong customer recognition [5] - The AI interview system Doris, leveraging recruitment field expertise and technological iteration, achieved over 95% consistency with senior expert evaluations, focusing on scenario expansion and breakthrough with leading clients to establish a reputation [5]

Group 1 - The company reported a record high order backlog of 30.25 billion yuan as of Q2 2025, maintaining high levels for seven consecutive quarters [1] - New orders signed from July 1 to September 11, 2025, amounted to 12.05 billion yuan, representing a significant year-on-year increase of 85.88%, with AI computing-related orders accounting for approximately 64% [1] - The company plans to acquire 97% of Xinlai Zhihong through a combination of share issuance and cash payment, with the share price set at 106.66 yuan per share, not lower than 80% of the average trading price over the previous 20 trading days [1] Group 2 - Xinlai Zhihong, established in 2018, is one of the first domestic RISC-V CPU IP providers, and the acquisition will enhance the company's strategic layout in heterogeneous computing platforms and strengthen its competitive advantage in AI ASIC design services [2] - The target company has a wide range of downstream applications, including partnerships with China Mobile and other tech firms, which will help the company enhance its presence in high-growth areas such as AI, IoT, and automotive electronics [2] - Post-acquisition, the company aims to achieve cost synergies by standardizing integration and sharing resources like wafer fabs and EDA tools, thereby reducing R&D and operational costs [2] Group 3 - The company is expected to achieve revenues of 30 billion, 38 billion, and 47 billion yuan from 2025 to 2027, with projected net profits of -1.0 billion, 2.0 billion, and 4.2 billion yuan respectively [2] - The current valuation premium is attributed to the company's status as a top ASIC provider in China, with significant advantages in technology accumulation, customer resources, and product implementation [2]

Group 1: Solid-State Battery Development - The company has made significant progress in the solid-state battery sector, with plans to achieve ton-level shipments of electrolytes by 2025. Various types of rigid skeleton membranes have been developed, which can be used in multiple solid-state battery types, enhancing energy density and safety [1] - The company aims to increase R&D investment and market development in the solid-state battery field [1] Group 2: Business Expansion and Order Situation - In response to the rapid growth of the new energy sector, the company is actively expanding production both domestically and internationally to enhance market share. The company has received recognition from several leading clients due to its advanced technology and service capabilities [2] - Strategic cooperation agreements signed with major battery manufacturers in the last quarter of the previous year are expected to positively impact the company's operating performance, indicating a healthy order backlog [2] Group 3: Safety Performance of Lithium Battery Separators - The company's separator products, including nano-fiber coated separators, polyimide coated separators, and aramid coated separators, exhibit high-temperature resistance and strength, which are crucial for battery safety. The nano-fiber coated separator has already achieved over 100 million square meters in shipments [3] - With the acceleration of new-generation high-safety lithium battery separator production, the company is positioned to gain a competitive advantage in the market [3] Group 4: Industry Supply and Price Trends - The company opposes price competition in the separator market, believing that dry-process separator prices are likely to rise further, which will encourage companies to increase R&D investment [4] - The current high demand, especially in energy storage, has led to a favorable supply-demand situation for wet-process separators, allowing companies to optimize customer structures and enhance profits [4] - The company plans to improve operating profits by increasing supply to high-value customers and raising prices for low-profit or loss-making customers [4]

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%。 ...