华泰证券股份有限公司研究员谢春生、丁宁昨日发布研报《芯原股份(688521)：在手订单突破新高看好 AIASIC长期增长空间》称，维持公司"买入"评级。 民生证券股份有限公司研究员方竞、李萌昨日发布研报《芯原股份(688521)：在手订单连创新高国产 ASIC龙头加速腾飞》称，维持公司"推荐"评级。 中国经济网北京8月26日讯芯原股份(688521.SH)今日收报143.17元，跌幅9.33%。 ...

Group 1 - The core viewpoint of the news highlights the mixed performance of the National Securities Leader Index (399437) as of August 26, 2025, with Tianfeng Securities (601162) leading the gains at 0.86% and Dongfang Securities (600958) experiencing the largest decline [1] - The market showed fluctuations with the three major indices displaying mixed results, and the total trading volume in the Shanghai and Shenzhen markets reached 2.68 trillion yuan, a decrease of 462.1 billion yuan compared to the previous trading day [1] - The Securities ETF Leader (159993) reported a latest price of 1.43 yuan with a net subscription of 25 million units today, indicating increased investor interest [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the National Securities Leader Index (399437) include CITIC Securities (600030), Dongfang Wealth (300059), Huatai Securities (601688), and others, collectively accounting for 78.84% of the index [2] - The China Securities Regulatory Commission (CSRC) announced modifications to the "Securities Company Classification Supervision Regulations," emphasizing equity investment and encouraging differentiated development among small and medium-sized institutions [1] - The revised classification evaluation is expected to enhance the professional service capabilities of the industry in equity investment and wealth management, potentially strengthening the Matthew effect within the sector [1]

证 券 研 究 报 告 证券行业周报（20250818-20250824） 推荐（维持） 证券公司分类评价制度完善，"扶优限劣"导向强化 ❑ 事项： 8 月 22 日，证监会发布《关于修改〈证券公司分类监管规定〉的决定》。 该次修改将标题由《证券公司分类监管规定》调整为《证券公司分类评价规定》， 与以分类评价为主的规定内容相适应。 新规对业务发展指标的调整体现了鲜明的"扶优限劣"和差异化发展导向。 华创证券研究所 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 联系人：杜婉桢 邮箱：duwanzhen@hcyjs.com 行业基本数据 在风险与合规的评价上，新规的奖惩机制更加精细化和有力。 新规的实施将引导行业资源向经营稳健、专业能力突出、积极服务实体经济的 证券公司倾斜。预计行业分化将加剧，具备显著优势的龙头券商，以及在财富 管理、投资银行等细分赛道已形成特色化优势的中小券商将受益。 行业研究 证券Ⅱ 2025 年 08 月 26 日 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 53 ...

Market Overview - The market experienced a significant rise, with the Shanghai Composite Index approaching 3900 points and the ChiNext Index leading the gains. The total trading volume in the Shanghai and Shenzhen markets reached 3.14 trillion yuan, an increase of 594.4 billion yuan compared to the previous trading day, marking the second-highest trading volume in history. The Shanghai Composite Index rose by 1.51%, the Shenzhen Component Index by 2.26%, and the ChiNext Index by 3% [1]. Real Estate Sector - Huatai Securities indicated that the real estate market is expected to accelerate its "stop falling and stabilize" process, particularly in core cities like Beijing and Shanghai, which have introduced new real estate policies since August. The firm continues to recommend three types of stocks: developers with "good credit, good cities, and good products," leading property management companies with stable dividends and performance, and local Hong Kong real estate stocks benefiting from asset revaluation [2]. Pig Farming Industry - China International Capital Corporation (CICC) stated that the Chinese pig farming industry has entered a new paradigm, characterized by changes in pig prices, growth, and investment. The traditional pig cycle is gradually losing its effectiveness, with features such as "converging amplitude, shortened length, and reduced volatility" becoming more pronounced. This shift is attributed to rapid scaling post-African swine fever and the restructuring of the industry under regulatory policies aimed at reducing internal competition. Consequently, leading companies are demonstrating stronger internal growth momentum and dividend capabilities, highlighting their growth and value scarcity [3]. Data Center and Wind Power Sector - CITIC Securities reported that the demand for data center supporting equipment continues to benefit from significant capital expenditure increases by overseas cloud providers and improved expectations for overseas expansion. The power demand for North American data centers is driving trends in solid oxide fuel cell (SOFC) installations, with AI-related orders from leading overseas manufacturers doubling year-on-year. In the wind power sector, the substantial increase in shipments in the first half of the year continues to validate the industry's high prosperity, with stable wind turbine prices, cost control from scaling effects, and a higher proportion of overseas business contributing to significant improvements in profitability for leading companies, which are expected to exceed the high points of 2020-2021 [4].

Core Viewpoint - Huatai Securities report indicates that Deepseek has released the DeepSeek-V3.1 version, which features high energy efficiency and a large dynamic range, effectively avoiding information loss [1] Group 1: Product Development - The DeepSeek-V3.1 version utilizes the UE8M0FP8 precision parameter, which is designed for the upcoming generation of domestic chips [1] - The collaboration between domestic software and hardware has shown significant results [1] Group 2: Market Context - There is an increase in capital expenditure among domestic internet companies, coupled with disruptions in overseas GPU supply [1] - The demand for domestic computing infrastructure is expected to remain high due to these factors [1] Group 3: Investment Opportunities - It is recommended to pay attention to domestic computing and its supporting industrial chain, including optical modules, AIDC, switches, and copper connections [1]

Core Viewpoint - Huatai Securities announced the issuance of medium-term notes by its wholly-owned subsidiary Huatai International Financial Holdings Limited, guaranteed by Huatai International, with a total issuance amount of 300 million HKD [1][2]. Group 1: Issuance Details - The medium-term note plan was established on October 27, 2020, with a maximum principal amount of 3 billion USD or equivalent in other currencies [1]. - On August 25, 2025, Huatai International Financial issued medium-term notes amounting to 300 million HKD, which translates to approximately 27.3 million RMB based on the exchange rate of 1 HKD = 0.9108 RMB as of July 31, 2025 [1][2]. - After this issuance, the total guarantee balance provided by Huatai International for the medium-term note plan will be 647 million USD [2]. Group 2: Guarantee Necessity and Reasonableness - The issuance of the medium-term notes is aimed at supporting business development and supplementing daily operational funds [2]. - Huatai International Financial has an asset-liability ratio exceeding 70%, but the company maintains 100% control over it, allowing for effective monitoring of its debt repayment capacity, thus ensuring manageable guarantee risks [2]. Group 3: Internal Decision-Making Process - The board of directors approved the general authorization for domestic and foreign debt financing tools on December 31, 2020, and this authorization was extended until the 2025 annual general meeting [4]. - The board of Huatai International recently approved the proposal to provide guarantees for the medium-term notes issued by Huatai International Financial under the medium-term note plan [4]. Group 4: Cumulative Guarantee Situation - As of the announcement date, the total amount of guarantees provided by the company and its subsidiaries is 36.749 billion RMB, all of which are guarantees for subsidiaries [4]. - The total guarantees provided to controlling subsidiaries amount to 32.063 billion RMB, representing 19.17% and 16.73% of the company's latest audited net assets, respectively [4].

Core Viewpoint - Huatai Securities Asset Management Co., Ltd. plans to invest up to 32 million yuan of its own funds into its equity public funds, with a holding period of no less than one year, reflecting confidence in the long-term stability of the Chinese capital market and the company's active investment management capabilities [2][2][2] Company Summary - Huatai Securities Asset Management, a subsidiary of Huatai Securities, obtained its public fund license in 2016 and has a public fund management scale of 138.669 billion yuan as of the end of 2024 [2][2][2] Industry Summary - In August, multiple public funds, including Southern Fund, ICBC Credit Suisse Fund, and Taikang Fund, have announced their self-purchase plans, indicating a trend among public funds to invest in their own products [2][2][2]

8月25日，华泰证券(上海)资产管理有限公司(简称"华泰证券资管")公告，将于近期陆续运用不超过3200 万元自有资金投资公司旗下权益类公募基金，持有期不少于1年。 华泰证券资管表示，此举是基于对中国资本市场长期健康稳定发展，以及公司主动投资管理能力的信 心。运用自有资金投资旗下产品，旨在秉持长期投资的理念，与广大投资者和基金持有人共担风险、共 享收益。 华泰证券资管是华泰证券旗下的资管子公司，2016年获得公募牌照，截至2024年末，公募基金管理规模 为1386.69亿元。 进入8月，多家公募基金陆续宣布自购。据证券时报记者不完全统计，8月已有包括南方基金、工银瑞信 基金、泰康基金等在内的多家公募启动了自购计划。 ...

Group 1 - The core viewpoint of the articles highlights the trend of public fund institutions actively purchasing their own equity products to convey confidence in the market and their investment capabilities [1][2][3] - Huatai Securities Asset Management announced plans to invest up to 32 million yuan of its own funds into its equity public funds, with a holding period of no less than one year, reflecting a commitment to long-term investment [1] - The public fund industry has seen a significant increase in self-purchases, with 127 public fund institutions initiating self-purchases this year, and equity funds making up a substantial portion of these investments [2] Group 2 - The positive market environment, characterized by low valuations in the A-share market, is driving public fund institutions to recognize the long-term value of equity assets [2] - Policy initiatives, such as the "Action Plan for Promoting the High-Quality Development of Public Funds," are encouraging institutions to increase their investments in their own products [2] - Self-purchase actions by public fund institutions are expected to boost market confidence, align interests with investors, and promote the sustainable development of the public fund industry [3]

Investment Rating - The industry rating is "Outperform the Market" [3][21]. Core Viewpoints - The report indicates that the market is expected to continue its upward trend driven by liquidity, with a focus on internal issues and potential interest rate cuts due to economic slowdown [1][8]. - The insurance sector is favored for investment, with stocks being the preferred asset class for insurance institutions in the second half of 2025 [9]. - The report highlights the importance of monitoring the performance of brokerage and financial IT sectors, suggesting specific companies for investment [1][11]. Summary by Sections Industry Trends - The report notes a significant increase in market activity, with the Shanghai Composite Index at 4378 points (up 4.18%) and the brokerage index at 7664.69 points (up 3.12%) [6]. - The ten-year government bond yield has risen to approximately 1.78% due to policy impacts [9]. Investment Recommendations Insurance Sector - The insurance sector is currently undervalued, presenting opportunities for valuation recovery. Recommended stocks include China Ping An, China Pacific Insurance, and New China Life Insurance [11]. Brokerage Sector - Focus on mid-sized brokerage firms benefiting from market conditions, such as East Money Information. Large firms with diversified revenue structures like Huatai Securities are also recommended [12]. - Emphasis on platform companies like Tonghuashun and Jiufang Zhitu, which are expected to benefit from AI developments [12]. Market Influences - The report discusses the impact of U.S. Federal Reserve interest rate expectations and domestic economic policies on market dynamics [1][7]. - The report also highlights the need to monitor currency fluctuations and geopolitical tensions that may affect market stability [7][9].