格隆汇12月12日｜据蓝鲸新闻，日前，长江证券、东吴证券先后公告，宣布上调两融业务规模上限。其 中，长江证券将信用业务总规模上限提升至净资本的300%，东吴证券则将两融授信总规模上限调整至 不超过净资本的600%。据不完全统计，2025年以来至少9家券商公开调整两融业务，包括上调业务规模 上限、调整授信管理方式等。 长江证券指出，公司此次调整是基于满足客户需求、支持业务发展的目的，限额调整思路与同业基本一 致。东吴证券则指出，此次调整主要为缓解今年以来两融业务规模增长带来的授信额度短缺压力，为未 来新开户业务的顺利开展提供保障。 业内人士指出，驱动此轮券商集体行动主要有两方面原因，一则当前证券市场整体活跃度有所提升，券 商是为满足市场需求，扩大业务规模，二则券商自身也有通过拓展两融业务来增加收入、优化利润结构 的内在需求。 ...

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！ 证券代码：601555 股票简称：东吴证券 公告编号：2025-062 东吴证券股份有限公司 东吴证券股份有限公司（以下简称"公司"）于2025年5月19日成功发行东吴证券股份有限公司2025年度 第二期短期融资券,发行总额为人民币15.7亿元，票面利率为1.65%，期限为205天，兑付日期为2025年 12月10日。 2025年12月10日，公司完成兑付本期短期融资券本息共计人民币1,584,549,383.56元。 特此公告。 东吴证券股份有限公司董事会 2025年12月12日 2025年度第二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。 ...

2025 年度第二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2025年5月19日 成功发行东吴证券股份有限公司2025年度第二期短期融资券,发行总 额为人民币15.7亿元，票面利率为1.65%，期限为205天，兑付日期为 2025年12月10日。 证券代码：601555 股票简称：东吴证券 公告编号：2025-062 东吴证券股份有限公司 2025年12月10日，公司完成兑付本期短期融资券本息共计人民币 1,584,549,383.56元。 特此公告。 东吴证券股份有限公司董事会 2025 年 12 月 12 日 ...

Core Viewpoint - The margin trading market has been heating up since 2025, prompting frequent adjustments by brokerage firms to meet strong credit trading demand and optimize their business layout [1] Group 1: Brokerage Adjustments - As of November, three brokerages have made adjustments to their margin trading businesses: Dongwu Securities announced a credit limit adjustment to no more than 600% of its net capital, while Changjiang Securities set its credit business limit to 300% of its audited consolidated net capital by the end of 2024 [1] - Earlier, on November 27, Dongfang Securities disclosed plans to revise its margin trading management measures [1] Group 2: Industry Trends - A total of nine brokerages have optimized their margin trading business layout in 2025 by increasing business limits and adjusting credit management models, including Dongwu Securities, Changjiang Securities, Dongfang Securities, Huatai Securities, China Merchants Securities, Hualin Securities, Shanxi Securities, Industrial Securities, and Zheshang Securities [1]

2025年12月10日，公司完成兑付本期短期融资券本息共计人民币15.85亿元。 格隆汇12月11日丨东吴证券(601555.SH)公布，公司于2025年5月19日成功发行东吴证券股份有限公司 2025年度第二期短期融资券,发行总额为人民币15.7亿元，票面利率为1.65%，期限为205天，兑付日期 为2025年12月10日。 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！ ...

东吴证券公告称，公司于2025年5月19日发行2025年度第二期短期融资券，发行总额15.7亿元，票面利 率1.65%，期限205天。2025年12月10日，公司完成兑付本期短期融资券本息，共计15.85亿元。 ...

Core Viewpoint - Dongwu Securities has initiated coverage on Luk Fook Holdings (00590), a leading jewelry retailer in Hong Kong and mainland China, with a "Buy" rating following its successful acquisition of a controlling stake in King Fook International Holdings in 2024, enhancing its multi-brand portfolio [1] Group 1: Financial Performance - As of FY2025, Luk Fook achieved revenue of HKD 13.34 billion, reflecting a year-on-year decline of 13.0%, and a net profit attributable to shareholders of HKD 1.1 billion, down 37.8% year-on-year [2] - The company reported inventory levels for gold and platinum/price jewelry at HKD 5.46 billion and HKD 5.28 billion, respectively, with increases of 22.9% and 3.0% year-on-year, benefiting from rising gold prices [2] Group 2: Revenue Breakdown - In FY2025, revenue from retail, wholesale, and brand businesses was HKD 11.03 billion, HKD 1.41 billion, and HKD 0.90 billion, showing declines of 13.5%, 8.8%, and 12.6% year-on-year, with respective contributions of 82.7%, 10.5%, and 6.8% to total revenue [3] - Revenue from mainland China and Hong Kong/Macau accounted for 39.5% and 60.5% of total revenue, with respective year-on-year changes of -0.2% and -19.6% [3] Group 3: Brand Strategy - Luk Fook has established a comprehensive multi-brand matrix, including Luk Fook Jewelry, King Fook, and others, catering to diverse consumer needs across various segments [4] - The core brand, Luk Fook Jewelry, had 2,805 stores globally by the end of FY2025, with a new product line "Ice·Diamond Light Shadow Gold" launched in November 2024, utilizing CNC color technology [4] Group 4: Expansion Plans - As of March 2025, Luk Fook operates 3,287 stores across 11 countries and regions, with plans to enter three new countries and add 50 overseas stores over the next three years [5] - The company is focusing on expanding its presence in mainland China through various store styles and enhancing e-commerce sales via celebrity collaborations and IP partnerships [5] Group 5: Profit Forecast - The company is expected to see a steady recovery in performance from FY2026 onwards, with projected net profits of HKD 1.52 billion, HKD 1.73 billion, and HKD 1.93 billion for FY2026 to FY2028, representing year-on-year growth of 39%, 13%, and 12% respectively [6] - The latest closing price corresponds to a price-to-earnings ratio of 10x, 9x, and 8x for FY2026 to FY2028 [6]

端侧算力芯片：看好海外大模型带动产业链公司受益，以及NPU技术路径创新开拓新应用场景 （1）海外链：从海外科技巨头来看，端侧AI的战略地位正快速抬升并进入全面落地阶段。谷歌将模型 集成到搜索、Gmail、Android等核心产品中，并结合其既有硬件终端布局，形成从云端到端侧的体系化 协同。整体看，海外链端侧AI需求的确定性增强，有望驱动SoC厂商在新一代轻量化大模型终端中实现 结构性突破。（2）NPU协处理器：端侧模型升级催生硬件架构向专用协处理器演进。以瑞芯微为代表 的厂商正率先推出面向端侧AI的协处理器创新方案，端侧算力协处理器系列芯片内置大算力NPU和高 带宽嵌入式DRAM，能够较好地满足端侧模型部署的算力、存力、运力三者动态平衡需求。 存储：板块本身为强周期板块，本轮周期自25Q2持续上行，有望持续至26年全年 参考DRAM指数，2025年9-11月合计上涨101%，而NAND指数同期亦上涨79%。目前各CSP厂为保证服 务器的正常出货，均加大对存储产品的采购，且由于其对存储价格不敏感，推动存储价格涨幅持续超预 期，造就"超级周期"。25Q3前五大存储厂企业级存储营收合计逾65.4亿美元，环比增长28 ...

Group 1 - The core viewpoint of the articles highlights that multiple Chinese securities firms are actively increasing capital for their subsidiaries to enhance capital strength, market competitiveness, and service capabilities for the real economy [1][2][3] - The international business is becoming a new growth engine for securities firms, with firms like China Merchants Securities planning to inject up to 90 billion HKD into its international subsidiary, aiming to improve global trading and service capabilities [2][3] - In 2024, the international subsidiary of China Merchants Securities reported a revenue of 1.199 billion HKD and a net profit of 457 million HKD, with client asset management reaching 246.923 billion HKD, reflecting a 14.52% growth from the end of 2024 [2] Group 2 - Securities firms are also focusing on enhancing their futures and alternative investment subsidiaries to better serve the real economy, with East Wu Securities planning to invest 403 million CNY to increase the net capital of its futures subsidiary [3][4] - The registered capital of East Wu Futures will increase from 1.032 billion CNY to 1.532 billion CNY following the capital injection, which is part of the firm's strategy to optimize its business structure and enhance service capabilities [4] - The alternative investment subsidiaries are seen as crucial for supporting technological innovation, with firms like Guohai Securities announcing a 500 million CNY capital increase for its alternative investment subsidiary to strengthen its equity investment business [4]

Group 1 - Dongwu Securities has approved significant measures to enhance its financing and futures business, raising the credit limit for margin trading to 600% of its net capital, which is expected to improve customer service capabilities and positively impact stock prices [1] - Dongwu Securities plans to invest 403 million yuan in Dongwu Futures, increasing its registered capital from 1.0318 billion yuan to 1.5318 billion yuan, aimed at expanding business scale and consolidating market position [1] - The overall trend in the brokerage sector indicates a clear expansion of capital intermediary businesses, which may lead to industry valuation recovery and inject vitality into the market [1] Group 2 - Shouchuang Securities has proposed a cash dividend of 0.10 yuan per share, totaling 273 million yuan, which represents 34.01% of its net profit for the first three quarters of 2025, reflecting its strong profitability and commitment to shareholder returns [2] - The dividend distribution is expected to boost investor confidence and may serve as a benchmark for similar companies in the brokerage sector, reinforcing market expectations for valuation recovery in the financial sector [2] - Regular dividend payments could attract long-term capital, providing stability to the market [2] Group 3 - Over 30% of public fund companies have experienced changes in leadership this year, with more than 50 companies seeing changes at the chairman or general manager level, indicating increased competition and the need for strategic adjustments in the industry [3] - Frequent leadership changes may lead to shifts in investment strategies and business directions, posing short-term stability challenges for fund companies, but potentially injecting new vitality in the long term [3] - The industry landscape is undergoing a transformation, necessitating attention to the strategic intentions and execution capabilities of new management [3] Group 4 - The issuance scale of Funds of Funds (FOF) has exceeded 780 billion yuan this year, with over 75 new FOFs established, reflecting a growing demand for professional asset allocation among investors [4] - The total scale of FOFs has surpassed 2000 billion yuan, indicating accelerated market expansion and the potential for leading companies to increase their market share through research and investment capabilities [4] - The diversification of FOF holdings into ETFs and REITs is expected to promote the development of passive and alternative investment sectors, supporting overall market stability and enhancing the liquidity of tool-based products [4]