现金流与资产负债方面，经营性现金流表现改善，杠杆率基本稳定 (1)2025Q3基建地产链样本上市公司经营活动产生的现金流量净额为926.9 亿元，同比+143.8%，其中建 筑、建材行业经营活动产生的现金流量净额分别为754.8、172.1亿元，同比分别+278.4%、-4.8%，其中 基建房建、国际工程子行业明显改善，反映现金流管控的成效。 智通财经APP获悉，东吴证券发布研报称，2025年Q3基建地产链需求依然疲弱，行业整体盈利持续承 压。尽管营业收入降幅有所收窄，且经营性现金流显著改善，但归母净利润下滑幅度扩大，销售净率仍 处于低位，反映出终端需求不足下的激烈市场竞争。大宗周期类子行业(如水泥、玻璃玻纤)受益于价格 因素有所回暖，而建筑及部分工程类子行业则成为主要拖累。同时，应收账款周转效率放缓，表明资金 回笼压力仍在。 东吴证券主要观点如下： 利润方面营收降幅收窄，但盈利仍然承压 (1)基建地产链需求持续承压下，上市公司 2025Q3 营收延续下降态势，但降幅收窄。2025Q3基建地产 链样本上市公司整体营业收入同比 4.5%，增速环比2025Q2 变动+1.1pct。其中建筑、建材行业2025Q3 ...

东吴证券发布研报称，依据假设测算，快餐/奶茶咖啡业态，外卖收入占比最高可达60-70%，在此之前 外卖占比提升可实现利润&效率的双重提升;线上渠道已成为餐饮业增长的关键引擎，但餐企需根据自 身业态特性寻找外卖与堂食的"黄金平衡点"。理想的模式并非单纯追求外卖占比，而是通过优化二者结 构以提升单店盈利模型效率，并致力于将平台流量转化为品牌自有会员，实现可持续增长。 若要寻找外卖与堂食的平衡点，基于该行的假设测算，快餐/奶茶咖啡业态，外卖收入占比最高可达60- 70%，在此之前外卖占比提升可实现利润&效率的双重提升;正餐业态外卖最优占比区间为30%-40%，若 超出此区间，运营端的内耗(堂食/外卖替换效应)反而会吞噬增长收益。 外部"流量"转至内部 在线上渠道重要性日益凸显下，对于餐企来说，初阶应对策略便是参考业态的外卖/堂食"黄金平衡 点"，设置外卖占比红线、进行外卖产品/运营革新，积极参与布局外卖业务;而更为进阶应对思路则是通 过行之有效策略来构筑自有会员体系，将外部"流量"转化为内部"留量"，激励会员在自有渠道消费复 购，最终提升单会员价值量。 东吴证券主要观点如下： 线上渠道重要性愈发凸显 统计局数据显示 ...

每经AI快讯，佛燃能源（SZ 002911，收盘价：13.2元）发布公告称，2025年11月14日，佛燃能源接受 东吴证券等投资者调研，公司副总裁兼财务负责人谢丹颖等人参与接待，并回答了投资者提出的问题。 （记者 王瀚黎） 截至发稿，佛燃能源市值为171亿元。 每经头条（nbdtoutiao）——展望"十五五"|专访财科院院长杨志勇：遏制地方政府新增隐性债务，债务 信息要透明，尽可能降低利息成本 2025年1至6月份，佛燃能源的营业收入构成为：供应链及延伸业务占比55.54%，能源占比44.39%，科 技研发与装备制造业务占比0.07%。 ...

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 ...