同时，东吴证券持续打造的"反洗钱系统""全面风险管理平台"等，精准对接监管要求，构建实时动 态的合规与风险管理跟踪流程闭环，打造全景穿透式监测体系，实现高穿透的可视化风险管理分析、评 估和监测，全方位支撑公司业务合规专业开展。 当前，证券行业文化建设迈入新阶段，科技正成为重塑行业生态、筑牢专业根基的核心引擎。《证 券行业文化建设十要素》中指出，证券公司作为资本市场最重要的中介机构之一，是资本市场的"看门 人"、直接融资的"服务商"、社会财富的"管理者"、金融创新的"领头羊"，专业是行业机构安身立命之 本和核心竞争力之所在。十五五阶段，持续提升金融科技将是证券公司适应国际化发展趋势，打造差异 化发展的"硬实力"；积极运用数字化手段重构商业模式、提升客户服务质量和水平，用专业赢得口碑、 信赖与尊重，将是增强证券公司专业化发展的"软实力"。 东吴证券积极响应"科技自立自强""引领发展新质生产力"等国家战略，践行"五要五不"原则，扎实 推进"五篇大文章"，严格遵循《进一步巩固推进证券行业文化建设工作安排》《树立证券行业荣辱观的 倡议书》等文件要求，持续夯实企业文化根基。公司以"科技+文化"深度融合为路径，依托业技融合 ...

Core Points - Changzhou Tongbao Optoelectronics Co., Ltd. has been approved for IPO on the Beijing Stock Exchange, marking the 74th company approved this year [1] - The company specializes in the research, production, and sales of automotive electronic components, including automotive lighting systems and energy management systems [1] - The lead underwriter for the IPO is Dongwu Securities, which has successfully sponsored three IPO projects this year [1][3] Company Ownership - Liu Wei holds 17,914,045 shares, representing 31.77% of the total share capital, making him the largest shareholder [2] - Liu Guoxue and Tao Jianfang hold 17,554,500 shares (31.14%) and 8,930,000 shares (15.84%) respectively, with the three collectively owning 78.75% of the company [2] - Liu Guoxue and Tao Jianfang are spouses, and Liu Wei is their son, indicating a family-controlled structure [2] IPO Details - Tongbao Optoelectronics plans to issue up to 18,793,400 shares, with a potential over-allotment option of up to 2,819,010 shares [3] - The company aims to raise 330 million yuan (approximately 33 million) for projects related to smart LED modules and charging systems for new energy vehicles [3] Review Opinions - The review committee requested a quantitative analysis of the potential negative impact on future performance due to major clients implementing a "yearly reduction" policy [4] Inquiry Issues - The committee raised concerns regarding the stability and sustainability of operations, particularly in relation to customer concentration risks and inventory management practices [5]

Core Viewpoint - The report from Dongwu Securities indicates that under the expectation of a long bull market, the development of equity wealth management is accelerating, with a significant shift in residents' asset allocation towards equities, highlighting the immense potential of the equity wealth management market [1][2]. Group 1: Market Conditions - The Chinese equity market is experiencing a recovery, with public equity funds reaching a record high in issuance, which is driving the acceleration of equity wealth management [2]. - As of September 2025, the total market capitalization and circulating market value of the stock market reached 105 trillion yuan and 96 trillion yuan, respectively, accounting for 78% and 71% of GDP, marking a high since 2022 [2]. - Daily average trading volumes for stock-based funds in Q4 2024 and Q1 2025 were 2 trillion yuan and 1.9 trillion yuan, respectively, with a peak daily trading volume of 3.6 trillion yuan, setting a historical record [2]. - The balance of margin financing and securities lending in A-shares has risen to 2.5 trillion yuan, the highest since June 2015, indicating active trading in the equity market [2]. Group 2: Future of Equity Wealth Management - The demand for wealth preservation and appreciation among residents has intensified, with a historical focus on real estate, leading to a low allocation in equities [3]. - Future trends suggest a shift in asset allocation towards equities due to structural upgrades in the economy, declining interest rates, supportive policies for institutional investment, and strong returns from equity assets [3]. Group 3: Role of Securities Firms - Securities firms are key players in equity wealth management and are expected to benefit significantly from its development [4]. - The transition to wealth management is essential for securities firms as traditional brokerage services face intense competition [4]. - Securities firms' advantages in equity wealth management include market investment capabilities, asset acquisition abilities, research capabilities, and a strong client base [4]. Group 4: Strategies for Growth - Securities firms are enhancing their internal product supply by improving active asset management capabilities and diversifying product offerings [5]. - Four main transformation models are being adopted: establishing asset management subsidiaries, holding stakes in public funds, enhancing research capabilities, and creating comprehensive platforms for business synergy [5]. - The establishment of online platforms and investment advisory teams is crucial for enhancing customer service and engagement, marking a shift from a sales-oriented model to a management-oriented approach [5].

保荐人（主承销商）：东吴证券股份有限公司 证券代码：688800 证券简称：瑞可达公告编号：2025-061 苏州瑞可达连接系统股份有限公司 向不特定对象发行可转换公司债券发行提示性公告 保荐人（主承销商）：东吴证券股份有限公司 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。 特别提示 苏州瑞可达连接系统股份有限公司（以下简称"瑞可达"、"发行人"或"公司"）向不特定对象发行可转换 公司债券（以下简称"瑞可转债"，债券代码"118060"）已获得中国证券监督管理委员会（以下简称"中 国证监会"）证监许可〔2025〕2410号文同意注册。本次发行的保荐人（主承销商）为东吴证券股份有 限公司（以下简称"东吴证券"、"保荐人（主承销商）"或"主承销商"）。本次发行的《苏州瑞可达连接 系统股份有限公司向不特定对象发行可转换公司债券募集说明书摘要》（以下简称"《募集说明书摘 要》"）及《苏州瑞可达连接系统股份有限公司向不特定对象发行可转换公司债券发行公告》（以下简 称"《发行公告》"）已于2025年11月12日（T-2日）披露。投资者亦 ...

Core Viewpoint - Securities firms are optimistic about the industry outlook for 2026, focusing on valuation recovery and structural opportunities, with a shift in market drivers from valuation to earnings fundamentals [2][4]. Group 1: Industry Development Trends - The securities industry is expected to see core growth areas in wealth management, investment banking, internationalization, and technology empowerment [2]. - Wealth management is entering an upward trend, with strong new account openings and record-high financing balances, while A-share daily trading volume is projected to stabilize at 2 trillion yuan [2]. - The construction of product platforms is crucial for the transformation of wealth management, requiring alignment of product supply and sales channels [2]. Group 2: International Business Development - Developing international business is essential for securities firms to become leading investment banks, driven by increasing demand from overseas investors for Chinese assets [3]. - The international business revenue of securities firms has seen significant growth, with historical highs in the first half of 2025, supported by strong cross-border investment demand [3]. - The focus on AI technology applications and cross-border business will enhance service efficiency and asset pricing capabilities, helping to escape the homogenization of competition [3]. Group 3: Valuation Recovery Potential - The current valuation of the securities sector remains relatively low, with a projected net asset return of around 7.2% for 2026, indicating significant room for valuation recovery [4]. - The capital market is undergoing profound changes, with increased attractiveness of equity assets in a low-interest-rate environment, suggesting a positive development cycle ahead [4]. - Improved liquidity and favorable policies are expected to further enhance the valuation of securities stocks as the market improves [5]. Group 4: Investment Opportunities - The securities sector is anticipated to undergo a reshaping of its landscape, with a focus on leading firms with international capabilities and comprehensive service advantages [5]. - Mid-sized and large securities firms that can achieve leapfrog development through mergers and acquisitions are also expected to present investment opportunities [5].

智通财经APP获悉，东吴证券发布研报称，11月11日，工业和信息化部办公厅发布《关于进一步加快制 造业中试平台体系化布局和高水平建设的通知》和《制造业中试平台重点方向建设要点(2025 版)》，在 能源电子方向的中试平台建设最新要点包括聚焦钙钛矿光伏电池、叠层光伏电池等先进光伏技术等。目 前钙钛矿产业化初期设备价值量较高，单GW设备的价值量超过10亿元，100MW整线设备的报价在3-4 亿元之间。推荐某泛半导体设备龙头、捷佳伟创(300724.SZ)，建议关注曼恩斯特(301325.SZ)、京山轻 机(000821.SZ)、大族激光、帝尔激光、德龙激光、杰普特、奥来德等。 东吴证券主要观点如下： 工信部发文加快建设钙钛矿中试平台建设 11月11日，工业和信息化部办公厅发布《关于进一步加快制造业中试平台体系化布局和高水平建设的通 知》和《制造业中试平台重点方向建设要点(2025 版)》，在能源电子方向的中试平台建设最新要点包括 聚焦钙钛矿光伏电池、叠层光伏电池等先进光伏技术等。 GW线逐步落地、产业化进展加速 京东方、极电光能GW线已于24H2-25H1投产;协鑫光电GW线于10月29日首片下线，此次下线的 2 ...

证券代码：601555 证券简称：东吴证券 公告编号：2025-055 东吴证券股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： （网址：https://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心网络互动 ● 投资者可于 2025 年 11 月 14 日（星期五）至 11 月 20 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dwzqdb@dwzq.com.cn 进行提问。公司将在业绩说明会上对投资者普遍关注的问 题进行回答。 东吴证券股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布 公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第 三季度经营成果、财务状况，公司计划于 2025 年 11 月 21 日（星期五）13:00-14:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类 ...

Core Viewpoint - Major brokerage firms are optimistic about the securities industry in 2026, anticipating a "Davis Double Play" due to recovering market conditions and improving fundamentals, while current valuations remain at historical lows [1] Group 1: Performance Growth - The A-share market's upward trend has significantly boosted brokerage firms' performance, with a total margin balance nearing 2.4 trillion yuan and a record high trading volume of 301.56 trillion yuan in the first three quarters of 2025 [2] - Listed brokerages achieved a net profit of 169.4 billion yuan in the first three quarters of 2025, marking a 63% year-on-year increase, with the third quarter alone reaching a record 72.5 billion yuan [2] - Core business segments such as brokerage, investment banking, asset management, interest income, and investment returns saw year-on-year growth rates of 74%, 23%, 2%, 56%, and 43% respectively, indicating a broad-based recovery [2] Group 2: Valuation Discrepancy - Despite strong performance, the brokerage sector's stock prices have lagged, with the Wind brokerage index rising only 6.02% year-to-date compared to significant gains in major indices [3] - The industry is expected to see a return on equity (ROE) of approximately 7.2% in 2026, which is above the 70th percentile since 2016, while current valuations are at the 40th percentile, indicating substantial room for future growth [3] - Institutional holdings in the brokerage sector are at a historical low, with the sector accounting for only 0.86% of actively managed fund holdings as of Q3 2025, underweighting the standard allocation by 3.21 percentage points [3] Group 3: Future Growth Drivers - Wealth management, institutional business, and internationalization are identified as the three main growth engines for the brokerage industry moving forward [6] - The wealth management sector is expected to see a clear upward trend, with daily trading volumes in A-shares potentially stabilizing at 2 trillion yuan, and a recovery in financial product distribution [6] - The investment banking market is recovering, and the international business is benefiting from improved liquidity in the Hong Kong market, with major brokerages increasing their overseas revenue contributions [6] - Mergers and acquisitions, along with the application of AI technology, are anticipated to catalyze further growth in the sector, with policies encouraging consolidation among quality brokerages [6]

东吴证券发布研报称，25Q3工控&电力设备行业利润快速增长，景气度较高。分板块来看，25Q1-Q3工 控板块实现收入1017亿元，同比+21%，实现归母净利润88亿元，同比+21%；单Q3来看，板块经营性 现金流为净流入40.9亿元，同比-2%，经营性现金流保持健康；公司层面上，龙头汇川强α进一步体现， 二线伟创&雷赛&信捷在OEM市场需求整体向好的情况下也实现稳健增长。此外，25Q3一次设备盈利水 平相对稳定，二次设备板块增长提速态势已现。 东吴证券主要观点如下： 工控&电力设备行业2025Q1-Q3收入同比+11%(25Q3同比+9%)，归母净利润同比+17%(25Q3同比+15%) 行业25Q3利润快速增长，景气度较高。全板块2025Q1-Q3收入4809亿元，同比增长11%，归母净利润 400亿元，同比增长17%，其中2025Q3收入1715亿元，同比增长9%，归母净利润145亿元，同比增长 15%。 行业整体毛利率水平保持稳定。2025Q3电力设备&工控行业毛利率为22.7%，同比-0.8pct，环比-0.5pct 。2025Q3合同负债/存货较年初+9%/+24%。2025Q3经营性现金流净流入2 ...

Core Viewpoint - The report from Dongwu Securities indicates that the price of Vinyl Carbonate (VC) has risen to 77,500 yuan per ton, benefiting companies like Fuxiang Pharmaceutical due to increased demand in both domestic and overseas energy storage markets [1] Industry Summary - The recent surge in VC prices is attributed to a reversal in the supply-demand dynamics within the industry, driven by heightened energy storage needs [1] - The price of upstream pharmaceutical raw material 6-APA has decreased year-on-year, leading to a significant improvement in the gross profit margin of the company's main business [1] Company Summary - Fuxiang Pharmaceutical is positioned to benefit from the rising VC prices and the declining 6-APA prices, with significant investments in production capacity through its subsidiaries [1] - The company has invested in projects to produce 6,000 tons of lithium battery additives and 10,000 tons of VC along with 2,000 tons of FEC [1] - The investment strategy and market conditions have led to a maintained "buy" rating for the company [1]