智通财经APP获悉，东吴证券发布研报称，独立储能接力新能源配储，容量电价政策陆续配套出台，国 内储能有望实现强劲增长。25年1-9月国内储能招标102GWh，同比增长30%，招标景气度旺盛。9月伴 随电芯供需紧缺，储能设备顺价传导，中标价已筑底反弹。 投资建议：光储： 【1】高景气度方向：逆变器及支架(推荐阳光电源(300274.SZ)、德业股份、上能电 气、中信博、锦浪科技、禾迈股份、固德威、盛弘股份、通润装备、科士达、科华数据、艾罗能源，关 注昱能科技); 【2】供给侧改革受益、成本优势明显的光伏龙头(推荐通威股份(600438.SH)、福莱特、福斯特等，关 注协鑫科技)及渠道优势强的组件龙头(推荐晶科能源、阿特斯、晶澳科技、天合光能、隆基绿能、横店 东磁等); 需求暂未有支撑，行业价格回暖。 25年9月多晶硅产量约13万吨，社会库存总量预计44万~ 45万吨，N型料周度均价51.7元/kg，多晶硅产 大于需，库存压力恐将加剧;硅片企业基本完成调价，价格修复助力盈利回暖，9月24日182单晶硅片均 价1.35元/片，月环比+8.00%，硅片价格有所回升;电池排产稳中有升，产量环比持续增加，9月24日 18 ...

Core Insights - The long-term investment behavior of institutions such as insurance and public funds contributes to the construction of a high-quality ecosystem in the capital market [1] - Continuous inflow of long-term funds is expected to further strengthen the performance of blue-chip stocks [1]

中证报中证网讯(记者吴玉华)10月21日晚间，东吴证券首席策略分析师陈刚在中国证券报"中证点金 汇"直播间表示，近期科技成长板块出现回落，核心原因在于板块估值已处于相对偏高区间、性价比有 所降低，且产业层面暂未出现超预期的催化因素。从趋势来看，本轮科技成长主线的调整属于阶段性调 整，后续在产业逻辑兑现或估值消化完成后，仍有望突破前期高点。 ...

Market Overview - On October 21, the securities sector rose by 0.89% compared to the previous trading day, with Tianfeng Securities leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Tianfeng Securities (601162) closed at 5.38, with a gain of 5.70% and a trading volume of 9.26 million shares, amounting to a turnover of 5.017 billion [1] - Guosheng Financial Holdings (002670) closed at 21.94, up 3.10%, with a trading volume of 1.0592 million shares [1] - Changjiang Securities (000783) closed at 8.45, increasing by 2.67%, with a trading volume of 1.5026 million shares [1] - Dongfang Fortune (300059) closed at 25.36, up 1.36%, with a trading volume of 2.9742 million shares, resulting in a turnover of 7.531 billion [1] Capital Flow Analysis - The net inflow of main funds in the securities sector was 1.436 billion, while retail funds experienced a net outflow of 0.607 billion [2][3] - Tianfeng Securities saw a net inflow of 1.18 billion from main funds, but a net outflow of 0.655 billion from retail investors [3] - Dongfang Fortune had a net inflow of 294 million from main funds, with retail investors experiencing a net outflow of 130 million [3]

Core Viewpoint - Dongwu Securities report indicates that Runben Co., Ltd. achieved a net profit attributable to shareholders of 266 million yuan in Q1-Q3 2025, representing a year-on-year increase of 1.98%. However, in Q3 alone, the net profit was 79 million yuan, showing a year-on-year decrease of 2.89% [1] Group 1: Financial Performance - The company has a strong focus on the mosquito repellent and infant care segments, positioning its products as "high quality and competitively priced" [1] - The forecast for net profit attributable to shareholders for 2025-2027 has been revised down from 330 million/420 million/520 million yuan to 310 million/390 million/480 million yuan, with respective year-on-year growth rates of 3.9%/25.2%/23.7% [1] - The latest closing price corresponds to price-to-earnings ratios of 36/29/24 times for the years 2025-2027 [1] Group 2: Market Strategy - The company employs a strategy of operating with large brands in niche categories, leveraging extreme cost-performance advantages [1] - Despite the impact of weather and other uncontrollable factors on sales of infant care products, the company remains optimistic about the future launch of new infant care products to regain high growth in performance [1]

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating for Cangge Mining (000408.SZ) based on several positive performance indicators [1] Group 2 - Q3 performance met expectations, indicating stable operational efficiency [1] - Lithium production at Cangge Lithium has officially resumed, with an annual production and sales plan adjustment down by 2,490 tons, while lithium prices show strong bottom support [1] - Potash prices increased further in Q3, and unit costs continued to decline, enhancing profitability [1] - Copper production and sales saw a quarter-on-quarter increase in Q3, contributing to sustained investment returns [1] - Operating cash flow in Q3 improved year-on-year, reflecting better cash management [1]

每经AI快讯，东吴证券10月20日发布研报称，给予润本股份（603193.SH）"买入"评级。评级理由主要 包括：1）公司2025Q3营收+16.67%；2）毛利率有所波动，财务费用率、销售费用率有所上升；3） 25Q3期内驱蚊产品实现高增。风险提示：行业竞争加剧，新品推广进展不及预期，宏观经济波动。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经头条（nbdtoutiao）——展望"十五五"|专访财政部原副部长朱光耀：未来几年中国经济增速有望保 持4.5%~5%，可再生能源、人工智能等领域将成重要推动力 （记者 王瀚黎） ...

Core Viewpoint - Dongwu Securities report indicates that Cangge Mining's net profit attributable to shareholders for Q1-Q3 2025 reached 2.75 billion yuan, representing a year-on-year increase of 47.3% [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders was 950 million yuan, showing a quarter-on-quarter increase of 66.5% but a decrease of 9.7% year-on-year [1] Lithium Business Outlook - Cangge Lithium officially resumed production, with the annual production and sales plan adjusted down by 2,490 tons, indicating strong support at the bottom for lithium prices [1] - The supply-demand landscape is expected to improve significantly next year, with the lithium business continuing to contribute to profit growth [1] Project Developments - The second phase of the Julong expansion project is set to commence production by the end of 2025, with annual copper production expected to reach 300,000 to 350,000 tons, and the company's equity output projected at 92,000 to 108,000 tons per year [1] Price Trends and Profit Forecast - With lithium prices rebounding from the bottom and copper prices remaining stable, the company's net profit forecasts for 2025-2027 have been raised to 3.82 billion, 5.73 billion, and 8.64 billion yuan respectively, reflecting year-on-year growth of 48%, 50%, and 51% [1] - The corresponding price-to-earnings ratios are projected at 22x, 15x, and 10x [1] Competitive Advantages - The company has a significant cost advantage in lithium carbonate, with simultaneous expansion in potassium, lithium, and copper production [1] - The "buy" rating is maintained for the company [1]

Core Viewpoint - Chinese brokerage stocks are experiencing a collective rebound, with significant increases in share prices for major firms, indicating a positive market sentiment and potential recovery in the sector [1] Group 1: Stock Performance - China International Capital Corporation (CICC) rose by 5.4% to HKD 22.26 - CITIC Securities increased by 4.16% to HKD 13.77 - Huatai Securities saw a rise of 3.79% to HKD 20.82 - China Galaxy Securities gained 3.56% to HKD 11.63 [1] Group 2: Earnings Forecasts - Dongwu Securities announced an earnings upgrade, projecting a net profit of CNY 2.748 billion to CNY 3.023 billion for the first three quarters of 2025, representing a year-on-year growth of 50% to 65%, surpassing last year's total profit [1] - Dongguan Securities, a non-listed brokerage, expects total operating revenue for the first three quarters to be between CNY 2.344 billion and CNY 2.591 billion, reflecting a year-on-year increase of 44.93% to 60.18% [1] - The anticipated net profit for Dongguan Securities is projected to be between CNY 862 million and CNY 953 million, indicating a year-on-year growth of 77.77% to 96.48% [1] Group 3: Market Analysis - Founder Securities noted a clear trend of fundamental recovery in brokerages due to a high trading environment, with net profit growth in the sector expected to accelerate to 70% in the third quarter [1] - The overall net profit for the brokerage sector is projected to increase by 54% year-on-year for the entire year, highlighting a mismatch between current valuations and improving earnings [1] - There is significant room for valuation upgrades in the brokerage sector, as the current valuations do not align with the expected performance improvements [1]

10月20日，东吴证券跌0.52%，成交额5.55亿元。两融数据显示，当日东吴证券获融资买入额1.29亿 元，融资偿还7436.80万元，融资净买入5437.87万元。截至10月20日，东吴证券融资融券余额合计31.61 亿元。 融资方面，东吴证券当日融资买入1.29亿元。当前融资余额31.57亿元，占流通市值的6.65%，融资余额 超过近一年90%分位水平，处于高位。 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%。 分红方面，东吴证券A股上市后累计派现86.84亿元。近三年，累计派现39.55亿元。 机构持仓方面，截止2025年6月30日，东吴证券十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股3.17亿股，相比上期增加5397.20万股。 责任编辑：小浪快报 融券方面，东吴证券10月20日融券偿还6.60万股，融券卖出1.70万股，按当日收盘价计算，卖出金额 16.25万元；融券余量47.11万股，融券余额450.37万元， ...