Group 1 - The board of directors of Dongwu Securities has approved the appointment of Mr. Ge Yigao as the compliance director, pending recognition from the relevant regulatory authority [1] - Mr. Ge Yigao will officially assume the role of compliance director immediately after obtaining the necessary regulatory approval [1] - The current president of the company, Mr. Xue Zhen, will no longer act as the compliance officer following this appointment [1]

Group 1 - Dongwu Securities announced that Mr. Gu Yigao has been officially appointed as the Compliance Director, effective from September 4, 2025, following the approval from the relevant agency of the China Securities Regulatory Commission [1] - The current President of the company, Mr. Xue Zhen, will no longer act as the compliance officer [1]

Group 1 - The core of dividend trading is stable dividends, which are underpinned by the stability of a company's profitability [1] - It is essential to focus not only on the dividend yield but also on the stability and sustainability of the dividends [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 早在8月26日，公司第四届董事会第三十二次会议便已通过相关议案，但由于合规负责人属于监管明令 要求审批的高管职务，需待监管机构"点头"才能真正上任。 9月4日，东吴证券公告披露，公司此前聘任的合规总监顾轶高，已获得中国证监会相关派出机构的履职 认可，即日起正式履职。这意味着，自合规负责人职务由总裁薛臻"临时代行"以来，长达三个月的过渡 状态终于结束。 | 姓名 | 职务 | 任职日期 | ↓ 离职日期 | 任职时长 | | --- | --- | --- | --- | --- | | 薛臻 | 代合规负责人 | 2025-07-02 | 2025-09-04 | 3月 | | 李齐兵 | 合规总监 | 2018-09-28 | 2025-07-02 | 6年11月 | 文/新浪财经上海站 时行工作室 东吴证券的合规"空窗期"，终于画上句号。 如今批复到位，顾轶高正式接棒，东吴证券在制度层面完成一次关键补位。 相比空降高管，顾轶高是典型的"从基层干上来"的老员工。他历任苏州狮山路证券营业部财富管理中心 副经理，投资银行总部市场推广部副总 ...

Core Viewpoint - The sell-side research business in China's securities industry is considered the "crown jewel," reflecting a brokerage's professional capability and comprehensive influence, despite not generating significant profits [2][3]. Summary by Sections Sell-Side Research Capability Measurement - The measurement of sell-side research capabilities among brokerages is primarily based on the total amount of commission allocated by public funds and their rankings. The recent commission ranking, following the public fund commission reform, highlights the strengths and weaknesses of research and service capabilities [3][4]. Top Tier: Expected Reshuffling and Surprises - The merger of two traditional institutions, Guotai Junan and Haitong Securities, into Guotai Haitong Securities has created a reshuffling opportunity in the top tier of sell-side research. However, the merged entity did not surpass CITIC Securities, which remains the leader with a significant gap in commission income [4][5]. Commission Rankings - CITIC Securities leads with a total commission of 319 million yuan, holding a market share of 7.13%. Guotai Haitong Securities follows with 268 million yuan, while GF Securities ranks third with 250 million yuan [5][6][8]. Competitive Landscape - The competition for the second and third positions in the sell-side research market is expected to be intense, particularly between Guotai Haitong and GF Securities, given their close commission figures [7]. First Tier: Strong Contenders - The top ten brokerages are characterized by complete systems, strong teams, and significant influence. The rankings are subject to change based on performance in the latter half of the year [9][10]. Rising Institutions - Zhejiang Securities, Shenwan Hongyuan, and CICC have shown significant improvements in their rankings without the benefit of mergers, indicating genuine growth in their research capabilities [11][12]. Second Tier: The "Billion Club" - The second tier of brokerages, ranked 11th to 20th, is highly competitive, with many firms vying for the "billion club" threshold. The top three in this tier are Tianfeng Securities,招商证券, and东吴证券, all closely matched in commission income [14][15]. Notable Exceptions - Guolian Minsheng Securities, which also underwent a merger, is uniquely positioned in the rankings due to its late merger timing, potentially affecting its future standings [16]. Bottom Tier: Rare Positive Growth - Among the bottom ten brokerages, there are rare examples of positive growth, particularly华源证券 and华福证券, which have seen significant increases in their commission income due to strategic hires and team expansions [17][19].

Core Viewpoint - Dongwu Securities research report indicates that EVE Energy has reached an operational turning point, with expectations for both volume and profit to increase in the future, leading to potential profit elasticity [1] Group 1: Production and Sales - In Q2 2025, EVE Energy shipped 27.3 GWh, representing a quarter-on-quarter increase of 30% and a year-on-year increase of 21% [1] - The capacity utilization rate reached 90% in June, with projected shipments of 130 GWh in 2025, reflecting a year-on-year growth of over 60% [1] - Shipments are expected to reach 200 GWh in 2026, with a year-on-year growth of over 50%, maintaining high growth rates into 2027 [1] Group 2: Profitability - Battery prices have bottomed out, and energy storage is operating at full production and sales [1] - With the release of popular models from Xiaopeng and Leap Motor, capacity utilization is expected to continue increasing [1] - The joint venture materials factory is anticipated to become profitable, leading to significant operational improvements in Q3 [1] Group 3: Future Outlook - The introduction of large cylindrical and large iron-lithium new products in 2026 is expected to drive volume growth, particularly in overseas markets [1] - The energy storage business is projected to contribute 7 billion in profits, with profit elasticity expected in 2026-2027 [1] - EVE Energy is focusing on differentiated products, with full orders for large cylindrical and large iron-lithium batteries, entering a harvest period in 2026 [1] Group 4: Financial Projections - The net profit attributable to shareholders for 2025 is maintained at 4.7 billion, reflecting a year-on-year increase of 16% [1] - Given the rapid growth in shipments, a valuation of 25x is assigned for 2026, corresponding to a target price of 92 yuan, maintaining a "buy" rating [1]

格隆汇9月4日丨东吴证券(601555.SH)公布，2025年9月4日，顾轶高先生担任公司合规总监已获中国证 监会相关派出机构认可，即日起正式任职公司合规总监，公司总裁薛臻先生不再代行合规负责人职务。 ...

Core Viewpoint - Dongwu Securities report indicates that EVE Energy has reached an operational turning point, with expectations for both volume and profit to increase significantly in the future [1] Group 1: Production and Sales - In Q2 2025, EVE Energy shipped 27.3 GWh, representing a quarter-on-quarter increase of 30% and a year-on-year increase of 21% [1] - The production capacity utilization rate reached 90% in June [1] - The company is projected to ship 130 GWh in 2025, a year-on-year increase of over 60%, and 200 GWh in 2026, a year-on-year increase of over 50% [1] Group 2: Profitability - Battery prices have bottomed out, and energy storage is operating at full capacity, contributing to improved profitability [1] - The company expects significant operational improvement in Q3, with the new large cylindrical and large iron-lithium products set to launch in 2026, further enhancing profitability [1] - The energy storage business is anticipated to contribute 7 billion yuan in profit, with profit elasticity expected in 2026-2027 [1] Group 3: Market Position and Strategy - EVE Energy is focusing on differentiated products, with strong orders for large cylindrical and large iron-lithium batteries [1] - The company maintains a target net profit of 4.7 billion yuan for 2025, a year-on-year increase of 16% [1] - Given the rapid growth in shipments, a valuation of 25x for 2026 is applied, leading to a target price of 92 yuan, with a "buy" rating maintained [1]

证券代码：601555 股票简称：东吴证券 公告编号：2025-043 关于合规总监任职的公告 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。 2025 年 8 月 26 日，东吴证券股份有限公司（以下简称"公司"）第四届董 事会第三十二次会议审议通过了《关于聘任合规总监的议案》，同意聘任顾轶高 先生为公司合规总监，并在取得中国证监会相关派出机构认可后正式履职。具体 情况详见公司 2025 年 8 月 28 日在上海证券交易所网站（www.sse.com.cn）发布 的《公司第四届董事会第三十二次会议决议公告》（公告编号：2025-037）。 2025 年 9 月 4 日，顾轶高先生担任公司合规总监已获中国证监会相关派出 机构认可，即日起正式任职公司合规总监，公司总裁薛臻先生不再代行合规负责 人职务。 特此公告。 东吴证券股份有限公司董事会 2025 年 9 月 5 日 1 东吴证券股份有限公司 ...

东吴证券研报指出，比亚迪8月销37.4万辆，同环比+0.1%/+8.5。预计全年销量500万辆+，同比增长 17%+，其中出口90-100万辆，同比增长128%，预计本土销量405万辆+，同比增5%。纯电份额再提升、 持续推进高端化和出口。8月电池装机同增23%、外供电池持续高增。出海方面，公司在巴西独资建设 SKD/CKD工厂，泰国工厂已投产，我们预计匈牙利工厂今年底至明年Q2陆续投产。高端及海外均价 高，预计总体ASP有望提升。该行给予26年25倍PE，目标价161元，考虑公司持续推动智能化与出海， 维持"买入"评级。 ...