Core Insights - In 2021, 50 securities firms acted as lead underwriters for green corporate bonds or managed green asset securitization products, underwriting a total of 102 bonds/products amounting to 137.646 billion yuan [1] - The issuance amount for green corporate bonds (including green asset securitization products) increased by over 50% compared to 2020, while the total underwriting amount for innovative and entrepreneurial company bonds grew by more than 154% [1] Group 1: Green Corporate Bonds - The top five firms in terms of the number of green corporate bonds underwritten were CITIC Securities, Dongwu Securities, CICC, Guotai Junan, and Huatai Asset Management, each underwriting more than 5 bonds [2] - CITIC Securities led with an average of 10.67 bonds underwritten [2] - In terms of issuance amount, CICC, CITIC Securities, Huatai Asset Management, CITIC Jiantou, and Huatai United ranked in the top five, with amounts exceeding 7 billion yuan [2] Group 2: Innovative and Entrepreneurial Company Bonds - The top five firms for the number of innovative and entrepreneurial company bonds underwritten were Dongwu Securities, Caixin Securities, Guotai Junan, Changjiang Securities, and CITIC Securities [2] - Guotai Junan was the only firm with an issuance amount exceeding 5 billion yuan [2] Group 3: Local Government Bonds - The leading firms in terms of actual bid amounts for local government bonds were CITIC Securities, Huatai Securities, Dongfang Securities, Huaxi Securities, and Jiuzhou Securities, each with amounts exceeding 19 billion yuan [2] - In terms of the number of regions bid, Shenwan Hongyuan, Everbright Securities, and Guotai Junan ranked in the top three, each covering more than 30 regions [2]

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating to Haige Communication (002465.SZ) based on several factors [2] - The delay in contract signing is attributed to adjustments from industry clients and cyclical fluctuations, which, combined with the company's strategic increase in R&D investment in emerging fields, has pressured short-term profits [2] - The R&D expense ratio reached a historical high of 20.05%, highlighting the company's commitment to transformation [2] - Haige Communication's core competitive advantages continue to strengthen [2]

格隆汇8月12日｜东吴证券研报指出，广电计量AI芯片国产化+高端PCB扩产，建议关注已有配套检测 服务布局的龙头企业。广电计量自2018年起以自建的方式布局集成电路测试与分析，板块成长性领先， 目前测试能力可覆盖4nm，CNAS认证的检测项目类别目前行业排名第一。同时，公司已前瞻性布局AI 芯片等相关业务，于行业成长拐点之时把握机遇，未来成长性可期。广电计量可为AI芯片提供全生命 周期质量管控服务，且具备口碑、技术、人才和设备优势，将持续受益。另外，公司拟定增不超过13亿 元投向航空装备、AI芯片、卫星互联网等测试平台，中长期成长动力充足。维持"增持"评级。 ...

【环球网财经综合报道】日前，杭州市就促进具身智能机器人产业发展条例征求意见，重点促进具身智 能机器人在工业制造、农业生产、医疗健康、教育培训、特种作业、公共安全等领域场景的应用推广。 草案指出，杭州将强化网络与算力基础设施建设，打造多元化、多层次的智算服务体系。在技术研发方 向上，政策聚焦"大脑""小脑""本体"三大核心模块，以及专用芯片等关键技术，鼓励企业和科研机构共 建共享研发资源。同时，条例还明确提出要加大对重点实验室、重大科技基础设施的投入，为企业创新 提供有力支撑。 此外，东吴证券还判断，具身大模型将在模态扩展、推理机制与数据构成三方面持续演进。当前主流模 型多聚焦于视觉、语言与动作三模态，下一阶段有望引入触觉、温度等感知通道；Cosmos等架构尝试 通过状态预测赋予机器人"想象力"，实现感知—建模—决策闭环，构建更真实的"世界模型"，提升机器 人环境建模与推理能力；数据端，仿真与真实数据融合训练成为主流方向，高标准、可扩展的训练场正 成为通用机器人训练体系的关键支撑。 东吴证券近日撰文认为，尽管人形机器人的形态早已实现工程可行，但其真正实现产业化落地的关键， 在于摆脱传统工业机器人"控制刚、泛化弱 ...

Core Viewpoint - The report from Dongwu Securities highlights that PCBs (Printed Circuit Boards) are essential components in electronic devices, with significant applications in AI computing power, consumer electronics, and new energy vehicles. The expansion of global AI computing infrastructure and the increase in edge AI penetration will drive the demand for high-end PCBs, leading to a notable rise in the need for high-density and multi-layer PCBs, along with elevated requirements for PCB materials and structures [1] Industry Summary - PCBs are identified as core components in various high-growth sectors, including AI, consumer electronics, and new energy vehicles [1] - The demand for high-density and multi-layer PCBs is expected to increase significantly due to advancements in AI computing infrastructure and technology [1] - The evolving industry landscape will benefit third-party testing service companies, particularly those with a first-mover advantage, as they will capitalize on technological iterations and growing demand [1]

Core Viewpoint - The report from Dongwu Securities predicts that the Producer Price Index (PPI) will steadily recover to around -1.5% year-on-year by the end of the year, but a positive turnaround is still awaited [1] Group 1: Economic Indicators - The 10-year government bond is fluctuating at a low of 1.6%, with short-term adjustment pressure coming from a slight rebound in commodity prices, although this non-demand-driven factor is unlikely to trigger a trend-driven bear market [1] - The year-on-year growth rate of social financing stock needs to see a rebound, which is contingent on the "anti-involution" policy from the supply side leading to an increase in corporate profits, followed by improved expectations for household income and an increase in leverage [1] Group 2: Policy Implications - In the long term, while "anti-involution" is a supply-side policy, its ultimate goal is to enhance corporate profits, which will subsequently drive up wages and the prices of land and other factors, potentially translating into increased demand [1] - This demand increase could signal a genuine turning point for bond yields [1]

Core Viewpoint - The short-term outlook for the US stock market indicates it will undergo multiple "stress tests," primarily characterized by volatility due to global demand slowdown and interest rate cut expectations [1] Group 1: Short-term Market Dynamics - The market is currently caught between slowing global demand and hopes for interest rate cuts, making it highly sensitive to macroeconomic data; any slowdown in data will amplify stock market fluctuations [1] - Historical calendar effects show that August and September have been the worst-performing months for the S&P 500 over the past thirty years [1] - The upcoming Jackson Hole meeting in August may lead to the market pricing in potentially hawkish policy expectations, as historically, 5 out of 6 speeches by Powell at Jackson Hole resulted in S&P 500 adjustments [1] Group 2: Long-term Market Outlook - The macroeconomic fundamentals indicate a slowdown but not a recession, with stable wage income supporting consumption and nominal growth [1] - The wealth effect in the US is expected to provide a safeguard for economic growth [1] - The ongoing surge in Token and the acceleration of AI implementation suggest a confirmed long-term trend, with performance realization becoming a key focus for the market [1] - Policy measures such as interest rate cuts and tax reductions are anticipated to provide support for the economy, acting as a counterbalance to downturns [1]

Core Viewpoint - The A-share market has shown a significant recovery since July, with the Shanghai Composite Index surpassing 3600 points for the fourth time since 2007, 2015, and 2021, leading to a notable rebound in active equity fund performance [1] Group 1: Market Performance - The Shanghai Composite Index has reached new highs, with over 90% of active equity funds achieving positive returns this year, averaging nearly 14% [1] - As of August 6, 43 active equity funds have seen gains exceeding 100% over the past year, with 37 fund managers having 80 funds rising over 60% [1] - The market has experienced a rotation in sectors, with strong performances in dividends, artificial intelligence, banking, and innovative pharmaceuticals [1] Group 2: Sector Analysis - The AI and innovative pharmaceutical sectors have shown strong growth, with the CSI Artificial Intelligence Theme Index and CSI Innovative Pharmaceutical Industry Index rising over 60% and 40% respectively in the past year [2] - A significant portion of the active equity funds that performed well this year have focused on the medical and technology sectors, with over half of the funds that gained over 60% being healthcare-related [2] - Fund managers express confidence in the sustainability of the innovative pharmaceutical sector's growth, citing historical development opportunities and strong industry trends [2][3] Group 3: Fund Performance - There are 43 "doubling funds" in the past year, with 9 being two-year fixed open products from the Beijing Stock Exchange, which has seen a significant rise, with the BSE 50 Index increasing over 110% [4] - Despite the recovery in fund performance, rebuilding trust in active equity funds will take time due to previous volatility and losses [5] - As of August 6, 90 active equity funds have achieved an annualized return of over 15% over the past three years, with a notable concentration of successful funds from leading managers like E Fund and Huatai [5]

Core Viewpoint - Dongwu Securities maintains a positive outlook on Pop Mart (9992.HK), highlighting the significant growth potential driven by the labubu IP and a diverse IP matrix, leading to rapid revenue growth across all channels [1] Financial Projections - The adjusted net profit forecasts for Pop Mart are raised to 10.03 billion, 14.49 billion, and 18.29 billion for the years 2025, 2026, and 2027 respectively [1]

Group 1 - Dongwu Securities' stock price closed at 9.60 yuan on August 11, with an increase of 0.21 yuan, representing a rise of 2.24% [1] - The trading volume on that day was 1,050,302 shares, with a total transaction amount of 1.005 billion yuan [1] - Dongwu Securities is a comprehensive securities company based in Suzhou, Jiangsu, covering various fields including securities brokerage, investment banking, and asset management [1] Group 2 - Dongwu Fund announced a management change on August 9, with former chairman Ma Zhenya resigning due to age, and Dongwu Securities' president Xue Zhen taking over as chairman [1] - Xue Zhen has previously held positions as president and chairman of Suzhou Asset Management Co., and currently serves as the deputy secretary of the party committee and president of Dongwu Securities [1] - The management scale of Dongwu Fund has been growing, with the public fund management scale expected to reach 39.857 billion yuan by the end of 2024 [1] Group 3 - On August 11, Dongwu Securities experienced a net outflow of main funds amounting to 6.0047 million yuan, which is 0.01% of its circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 264 million yuan, accounting for 0.55% of the circulating market value [1]