中原证券（601375）股份有限公司张洋近期对东吴证券进行研究并发布了研究报告《2025年中报点评：投 资交易同比高增，经营业绩再创佳绩》，给予东吴证券增持评级。 东吴证券(601555) 最新盈利预测明细如下： | 报告日期 | 机构简称 | 研究员 | 近三年业绩 | | 研报数 | 覆盖时长 | 2025预测 | 2026预测 | 2027预测 | 目極价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 | | | | 净利润(元) | 净利润(元) | 净利润(元) | (元) | | 2025-08-29 | 山西证券 | 李明阳 | | | -- | i | 37.78 Z | 40.47 Z | 43.53 Z | | | 2025-08-28 | 中信证券 | 田良 | | | -- | i | 35.03亿 | 42.18亿 | 46.63 Z | 11.90 | | 2025-08-28 | 广发证券 | 陈福 | | -- | -- | -- | 34.77 Z | 3 ...

Core Viewpoint - The automotive industry is on the brink of a revolution driven by smart technology, with 2025 expected to be a pivotal year for the adoption of Level 3 (L3) automation, particularly in urban environments [1][2]. Group 1: Automotive Smart Technology - L3 automation is anticipated to significantly influence consumer purchasing decisions, becoming one of the top three considerations when buying a car [1]. - The penetration rate of L3 automation is projected to increase from 10% in 2025 to over 80% by 2027, indicating a rapid adoption phase [1]. - The future automotive landscape is expected to be categorized into three types of companies: B-end Robotaxi operators, C-end personalized brands, and high-end vehicle manufacturers [2]. Group 2: Market Trends and Developments - In August, the penetration rate of urban NOA (Navigation on Autopilot) reached 23.2%, reflecting a month-on-month increase of 0.9 percentage points [3]. - Companies like Li Auto and XPeng are leading in smart technology adoption, with XPeng's smart technology penetration exceeding 70% and Li Auto's at 59.4%, despite a slight decline [3]. - The introduction of next-generation driving architectures, such as VLA, is being implemented in new models, enhancing the capabilities of smart driving systems [3]. Group 3: Investment Recommendations - The report suggests a focus on smart vehicles and related components, highlighting companies in both Hong Kong and A-share markets, such as XPeng Motors, Li Auto, BYD, and SAIC Motor [4]. - Investment opportunities are identified in AI chips, domain controllers, and electronic components, with specific companies recommended for each category [4].

Core Viewpoint - The company reported excellent performance in the first half of 2025, exceeding market expectations with a revenue of 4.428 billion yuan, a year-on-year increase of 33.63%, and a net profit attributable to shareholders of 1.932 billion yuan, up 65.76% year-on-year [1] Group 1: Business Performance - The company's wealth management and self-operated businesses performed well, with investment banking showing signs of recovery. The proportion of heavy asset business rose to 62.1% in the first half of 2025 [2] - Wealth management strengthened its advisory layout and transformation, with brokerage business net income reaching 1.004 billion yuan, a year-on-year increase of 34%. The company opened 309,100 new accounts, up 148% year-on-year [2] - The investment banking business demonstrated resilience, with net income of 419 million yuan, a year-on-year increase of 15%. The company ranked eighth in the industry for IPO applications and second for projects submitted to the Beijing Stock Exchange [2] - The self-operated business remained stable, with total investment income of 2.634 billion yuan, a year-on-year increase of 61%. Alternative investments showed improvement, although some areas experienced losses [2] - Asset management business saw revenue growth driven by optimized scale structure, with net income of 171 million yuan, a year-on-year increase of 19% [2] Group 2: Profit Forecast and Investment Recommendations - The influx of incremental funds into the market suggests potential for industry valuation recovery. The company's brokerage and self-operated investments contribute significantly to profit elasticity, supported by a favorable regional advantage and strong growth potential [3] - The company is expected to have a net asset value per share of 9.67 yuan and 10.64 yuan for 2025 and 2026, respectively. Given the market recovery, the company is projected to have strong performance elasticity [3] - A valuation of 1.3 times the price-to-book ratio is suggested for 2025, corresponding to a reasonable value of 12.57 yuan per share, with a "buy" rating recommended for the company [3]

Core Viewpoint - Suzhou Bank maintains resilient profitability and excellent asset quality, with a "buy" rating from Dongwu Securities based on its mid-2025 performance report [1][4]. Financial Performance - For H1 2025, Suzhou Bank reported operating income of 6.5 billion yuan, a year-on-year increase of 1.8%, with Q2 showing a 2.9% increase [2]. - The net profit attributable to shareholders was 3.13 billion yuan, up 6.2% year-on-year, with Q2 net profit increasing by 5.5% [2]. - As of the end of H1 2025, the net assets attributable to shareholders reached 58.6 billion yuan, reflecting a 10.7% increase from the beginning of the year [2]. - The weighted ROE for H1 2025 was 6.2%, a decrease of 0.5 percentage points year-on-year [2]. Revenue and Cost Management - Net interest income for H1 2025 increased by 2.7%, with Q2 showing a 6.2% increase, attributed to loan growth and declining deposit rates [2][3]. - Non-interest income remained flat year-on-year, with Q2 showing a 3% decline, primarily due to the decrease in fair value of trading financial assets [2]. - Operating expenses decreased by 3.7% year-on-year, indicating effective cost control [2]. Loan and Deposit Trends - The loan balance increased by 9% year-on-year, with loans accounting for 48.1% of total assets, a decrease of 1.8 percentage points [3]. - The proportion of corporate loans rose to 75.4%, with significant investments in manufacturing and leasing services [3]. - Total deposits reached 463.7 billion yuan, a year-on-year increase of 11% [3]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.83%, with a slight increase in the NPL generation rate [3]. - The provision coverage ratio decreased by 9 percentage points to 438%, still leading the industry [3]. - The core Tier 1 capital adequacy ratio was 9.87%, and the total capital adequacy ratio was 14.57%, both significantly above regulatory requirements [3]. Profit Forecast and Investment Rating - The forecast for net profit attributable to shareholders for 2025-2027 is 5.44 billion, 5.32 billion, and 5.91 billion yuan, respectively [4]. - The current market capitalization corresponds to a 2025E PB of 0.70x, indicating a low valuation [4]. - The company is expected to enhance its capabilities across five areas, including integrated financial services and risk management [4].

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！ 证券时报记者 马静 记者观察到，上市券商现金分红力度较以往更大。在22家连续两年中期分红的券商中，有7家今年拟派发的每股股 息同比持平，余下15家均高于上年同期，增幅在20%（含）以上的超8成。比如东吴证券今年中期拟每10股派1.38 元(含税)，较上年同期的0.75元增长了84%，中信建投的每股股息增幅也达到了83%。 从现金分红比例（中期拟分红金额占归母净利润）角度看，券商现金分红力度则与上年同期情况接近。有10家券 商现金分红比例在25%（含）以上；有16家券商在10%～30%，仅有2家低于10%。现金分红比例排行榜前6名分别 是东吴证券、红塔证券、山西证券、中信证券、光大证券、东兴证券，均在30%以上。 按拟现金分红的总额看，有12家上市券商分红总额在5亿元以上。其中，中信证券以拟现金分红42.98亿元居首，国 泰海通居于第二，为26.27亿元。紧随其后的是中国银河（13.67亿元）和华泰证券（13.54亿元），中信建投、招商 证券、东方证券拟分红金额也均在10亿元以上。 记者注意到，近年来，为了增强分红稳定性、持续性和可预期性 ...

Core Viewpoint - The article presents a special ranking list for private equity institutions, highlighting their unique investment research needs and preferences, which reflect their professional judgment and market voice [1][24]. Summary by Sections Private Equity Institutions Voting - A total of 177 private equity institutions participated in the voting process, managing over 1 trillion yuan [2]. Ranking of Analysts in Various Categories - The rankings for the 23rd New Fortune Best Analysts include various categories such as macroeconomics, strategy research, fixed income research, and more, showcasing the top institutions in each field [6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21]. Categories and Top Institutions - **Macroeconomics**: Top institutions include Guangfa Securities, Changjiang Securities, and Huachuang Securities [6]. - **Strategy Research**: Guangfa Securities leads, followed by Shenwan Hongyuan Securities [6]. - **Fixed Income Research**: Huatai Securities ranks first, with Tianfeng Securities and Changjiang Securities following [7]. - **Banking**: Top institutions are Guohai Securities, CITIC Securities, and Guangfa Securities [8]. - **Real Estate**: Changjiang Securities ranks first, followed by Guangfa Securities and Shenwan Hongyuan Securities [9]. - **Food and Beverage**: Changjiang Securities leads this category [10]. - **Pharmaceuticals and Biology**: Tianfeng Securities ranks first, with Guosheng Securities and CITIC Securities following [10]. - **Consumer Services**: Tianfeng Securities is the top institution [11]. - **Household Appliances**: The leading institution is Caitong Securities [11]. - **Agriculture**: Changjiang Securities ranks first [12]. - **Electronics**: Huachuang Securities leads this category [13]. - **Communications**: Tianfeng Securities ranks first [14]. - **Machinery**: Guangfa Securities is the top institution [15]. - **New Energy and Power Equipment**: Tianfeng Securities ranks first [16]. - **Defense and Military**: Changjiang Securities leads this category [17]. - **Chemicals**: Shenwan Hongyuan Securities ranks first [18]. - **Utilities**: Changjiang Securities is the top institution [19]. - **Metals and New Materials**: Changjiang Securities ranks first [20]. - **Non-Metallic Building Materials**: Changjiang Securities leads this category [21]. - **Overseas Market Research**: Tianfeng Securities ranks first [21].

证券之星消息，8月29日证券板块较上一交易日上涨0.01%，华西证券领涨。当日上证指数报收于 3857.93，上涨0.37%。深证成指报收于12696.15，上涨0.99%。证券板块个股涨跌见下表： 从资金流向上来看，当日证券板块主力资金净流出11.83亿元，游资资金净流入7983.76万元，散户资金净 流入11.03亿元。证券板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300059 东方财富 | | 30.58亿 | 9.44% | -14.08亿 | -4.35% | -16.50 Z | -5.09% | | 601066 中信建投 | | 1.27 乙 | 6.80% | -3296.30万 | -1.77% | -9377.75万 | -5.03% | | 002926 华西证券 | | 1.20亿 | 7.68% | -4098.05万 | -2.63% | -7869. ...

Core Viewpoint - Dongwu Securities report indicates that XINWANDA's net profit attributable to shareholders for H1 2025 is 860 million yuan, representing a year-on-year increase of 3.9% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders is 470 million yuan, showing a quarter-on-quarter decrease of 7.1% but a year-on-year increase of 21.5% [1] Market Trends - The demand for batteries is expected to increase due to AI, with a clear trend towards integration of cell and Pack [1] - The company is anticipated to benefit significantly from its advantages in the Pack segment [1] Future Projections - It is estimated that XINWANDA will contribute a profit of 2.5 billion yuan in 2025, with a year-on-year growth of 10-20% [1] - In June, the monthly shipment volume reached 4 GWh, with an expected total shipment of nearly 40 GWh for the year, including approximately 10 GWh for energy storage [1] Customer and Product Insights - The product structure for dynamic storage customers is improving, and losses are expected to continue narrowing in the second half of the year [1] Investment Rating - Given the company's leading position in the consumer market, a "Buy" rating is maintained [1]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][10]. Core Views - The company has shown steady transformation in wealth management and an increase in equity investment scale, with significant growth in wealth management and investment business revenues [3][5]. - The company is expected to achieve revenues of CNY 93.33 billion, CNY 101.29 billion, and CNY 109.98 billion from 2025 to 2027, with corresponding net profits of CNY 37.78 billion, CNY 40.47 billion, and CNY 43.53 billion, reflecting growth rates of 59.66%, 7.12%, and 7.56% respectively [10]. Financial Performance Summary - In the first half of 2025, the company reported operating income of CNY 4.428 billion, a year-on-year increase of 33.63%, and a net profit attributable to shareholders of CNY 1.932 billion, up 65.76% [2]. - Wealth management and investment business revenues reached CNY 1.004 billion and CNY 2.158 billion, representing year-on-year increases of 33.72% and 65.90% respectively [3]. - The asset under management (AUM) grew by 5.21% to CNY 695.847 billion, with the total number of wealth management clients increasing by 10.21% to 3.1667 million [3]. - The company’s self-operated equity and derivatives accounted for 31.61% of net capital, an increase of 1.63 percentage points from the previous year [5]. Market Data - As of August 28, 2025, the closing price was CNY 10.19, with a year-to-date high of CNY 10.69 and a low of CNY 5.96 [7]. - The company’s total market capitalization is CNY 50.631 billion [7]. Earnings Forecast - The basic earnings per share (EPS) for the first half of 2025 is CNY 0.39, with a diluted EPS also at CNY 0.39 [8]. - The projected price-to-book (PB) ratios for 2025, 2026, and 2027 are 1.11, 1.03, and 0.98 respectively [10].

Group 1 - The core viewpoint of the report is that Dongwu Securities has given a "buy" rating to Guangdian Measurement (002967.SZ) based on its strong performance and growth potential [1] - In Q2, Guangdian Measurement reported a revenue increase of 14% year-on-year, driven by its strategic and technology-oriented sectors [1] - The company's profitability is stable and improving, with effective cost control measures in place [1] Group 2 - Guangdian Measurement plans to raise no more than 1.3 billion yuan for investments in testing platforms related to aerospace equipment, AI chips, and satellite internet, indicating strong long-term growth potential [1]