华泰证券指出，自"136号文"取消强制配储后，市场对于国内储能531抢装后的需求较为悲观，而实际6 月装机以及6-7月份的招标数据，都好于此前预期，主要系配套政策出台，特别是地方配套政策带来独 立储能目经济性提升，市场化需求涌现，同时，前期规划的存量项目落地或存在滞后性。短期地方支持 政策是重要驱动因素，长期电力市场化下，国内储能的盈利模式有望更加清晰，需求也将更加市场化。 我们看好国内大储需求持续增长并迈向高质量发展。 ...

每经AI快讯，华泰证券指出，7月全行业、全部非金融行业景气指数回升，分板块看，大金融、中游制 造、TMT景气改善。再次重申反内卷等政策助力下ROE企稳回升的能见度上升，建议关注：1)反内卷品 种进入筑底位或爬坡位品种增多，如工业金属、能源金属、钢铁、部分化工品、风电、汽车、养殖、物 流等；2)海外AI资本开支Q2继续上行，AI产业趋势驱动元件-存储、软件、游戏等景气改善或维持高 位；3)独立景气周期驱动的小金属-军工(国内订单+军贸)、通用自动化、医药(投融资周期回暖)、保险 等。配置方面，战术上挖掘景气改善、具备补涨逻辑的板块，关注存储、软件、通用自动化、化工、保 险、煤炭等；战略上，继续超配大金融、军工、医药等，其中医药行情或从创新药向医疗器械等扩散。 ...

Core Viewpoint - The establishment of the new Xinjiang Railway Company with a registered capital of 95 billion yuan signifies the steady progress of the Xinjiang railway project, which is expected to involve total investments ranging from 200 billion to 500 billion yuan [1] Investment Opportunities - The construction of the railway from Hotan to the provincial border has commenced with earthwork bidding starting in May 2025, indicating a significant advancement in infrastructure development [1] - The strategic position of Xinjiang is highlighted due to its energy, resource, and geopolitical advantages, which are expected to attract heightened policy attention and regional development [1] - The upcoming 70th anniversary of the establishment of the autonomous region may serve as a catalyst for market interest, suggesting potential investment opportunities in the Xinjiang sector [1]

Group 1 - The core point of the article is the launch of the Huabao CSI Agricultural, Animal Husbandry, and Fishery ETF, which is a passive index fund that aims to track the CSI All-Share Agricultural, Animal Husbandry, and Fishery Index [4][10]. - The fund is registered with the China Securities Regulatory Commission and will be open for subscription from September 8 to September 19, 2025 [1][16]. - The maximum fundraising limit for the fund is set at 3 billion RMB, and if the total subscription exceeds this amount, a proportional confirmation method will be applied [11][12]. Group 2 - Investors must have a Shenzhen A-share account or a Shenzhen securities investment fund account to subscribe to the fund [27][6]. - The fund will be managed by Huabao Fund Management Co., Ltd., and the custodian is Shanghai Pudong Development Bank [1][45]. - The fund will utilize a combination replication strategy to track its benchmark index, which is expected to have a higher risk and return profile compared to mixed, bond, and money market funds [4][6]. Group 3 - Subscription methods include online cash subscription and offline cash subscription, with specific requirements for each method [17][22]. - The fund's subscription price is set at 1.00 RMB per share, and investors can subscribe in multiples of 1,000 shares [11][19]. - The fund's net asset value may fluctuate due to market volatility, and investors are encouraged to read the prospectus carefully before investing [8][4].

Core Viewpoint - Huatai Securities' stock price increased by 0.20% to 20.29 yuan as of August 11, 2025, with a trading volume of 1.418 billion yuan and a turnover rate of 0.95% [1] Company Overview - Huatai Securities is a leading brokerage firm in the A-share market, involved in brokerage, investment banking, and asset management [1] - The company's total market capitalization is 183.164 billion yuan, with a circulating market value of 148.254 billion yuan [1] Regulatory Environment - The Jiangsu Securities Regulatory Bureau issued a warning letter to Huatai Securities employee Chen Gang for trading stocks in another person's name during his employment [1] - There has been a recent trend of increased regulatory scrutiny on violations by securities industry professionals, with multiple similar cases reported this year [1] Capital Flow - On August 11, Huatai Securities experienced a net inflow of 118 million yuan from major funds, with a cumulative net inflow of 328 million yuan over the past five days [1]

Group 1 - The article presents the rankings of various securities firms in different research categories as part of the 23rd New Fortune Best Analyst Awards [1][2][3] - The rankings are based on a phased statistical result as of August 11, indicating that they are not final [1][2] - The categories include macroeconomic research, strategy research, fixed income research, and sector-specific research such as real estate, food and beverage, and healthcare [1][2][3][4] Group 2 - In the macroeconomic research category, the top firms include GF Securities, Huachuang Securities, and Shenwan Hongyuan Securities [1] - For strategy research, the leading firms are CITIC Securities, GF Securities, and Shenwan Hongyuan Securities [2] - In fixed income research, the top firms are Huatai Securities, Shenwan Hongyuan Securities, and GF Securities [3] Group 3 - The rankings for specific sectors show that in real estate, the top firms are Longjiang Securities, Shenwan Hongyuan Securities, and GF Securities [6] - In the food and beverage sector, the leading firms are GF Securities, Shenwan Hongyuan Securities, and CITIC Securities [9] - For healthcare, the top firms include Industrial Securities, CITIC Securities, and Tianfeng Securities [7]

博时、兴证全球APP上半年月活跃用户均减少超1万。南方基金、广发基金、中欧财富、汇添富现金 宝、鹏华A加钱包等APP也均出现不同程度下滑。 具体来看，广发基金APP在短暂触及8万月活跃用户后回落，上半年减少0.35万；汇添富现金宝从13.07 万的高点持续下滑至7.73万，或逼近盈利临界点；鹏华A加钱包月活跃用户仅余0.59万，日均活跃用户 不足两千；博时基金APP上半年月活跃用户减少1.78万，按最新2.03万的基数计算，前景不容乐观。 相比之下，券商类APP的同期月活数以"几十万"为底线，最差也在这一量级之上。 近日，平安基金宣布终止旗下APP运营，成为基金行业又一家选择关闭移动客户端的公司。自2019年信 达澳亚基金率先终止APP运营以来，中小公募基金公司缩减自营APP的趋势逐渐显现。过去一年间，前 海开源基金、国寿安保基金、财通基金、光大保德信基金、长盛基金等多家公募也已陆续关停其独立 APP业务。 净值萎缩、月活跃用户（MAU）下滑、运营规模过低，已成为基金APP面临的普遍压力。早期，基金 公司建设自有APP旨在掌握客户与数据，减少对第三方代销渠道的依赖。然而，当前情况已发生显著变 化——高昂的技术 ...

展望全年，该行预期公司持续受益于AI相关需求，看好模拟芯片加速成长。另外，九厂扩产提速，该 行看好产能扩张带动收入，加上公司次季开始进行的价格调整或于第三、四季有所体现，认为价格上调 对收入和毛利率产生积极影响。该行维持对其"买入"评级，目标价由43港元上调至53港元。 华泰证券发表研究报告指，华虹半导体次季收入5.66亿美元，按年增长18.3%，按季增长4.6%，超过公 司指引中值的5.6亿美元；毛利率10.9%，按年增长0.4个百分点，按季增长1.7个百分点，超过公司指引 的7%至9%。展望第三季，公司指引收入6.2至6.4亿美元，中值按季增长11.3%，高于市场预期的6亿美 元；毛利率10%至12%，中值按季接近持平，高于市场预期的9.2%。 ...

数据显示，截至2025年7月31日，国证证券龙头指数(399437)前十大权重股分别为中信证券(600030)、东 方财富(300059)、华泰证券(601688)、招商证券(600999)、广发证券(000776)、国泰海通(601211)、东方 证券(600958)、兴业证券(601377)、光大证券(601788)、天风证券(601162)，前十大权重股合计占比 78.84%。 政治局奠定了巩固资本市场向好趋势的信号，短期看市场虽继续围绕贸易谈判，美联储降息和国内经济 刺激做博弈，但系统风险不大。后续看，这是一轮资金推动的行情，不论是保险资金的新增保费，还是 居民端超额储蓄的配置搬家，资金入市的环境是好的。所以券商长逻辑是能得到验证的，短期虽然稳定 币概念炒作受监管指导有所降温，但不改长期趋势，后续并购和稳定币仍是券商行情的催化因素，有博 弈价值。而且短期中报仍有支撑，在横向对比各大板块有性价比。 证券ETF龙头紧密跟踪国证证券龙头指数，为反映沪深市场证券主题优质上市公司的市场表现，并为投 资者提供更丰富的指数化投资工具，编制国证证券龙头指数。 截至2025年8月11日 14:17，国证证券龙头指数(3 ...

【导读】多家券商跻身上市公司前十大流通股东 见习记者 舍梨 （数据来源： Choice 终端） 具体来看，申万宏源证券、招商证券分别为藏格矿业第八大、第九大流通股东，且两家券商均在二季度加仓，加仓数量分别为 295.74 万股和 7.2 万股。截至二季度末，申万宏源证券持仓股份数增至 1811.81 万股，招商证券持仓股份数增至 1579.75 万 股。 国投证券新进成为华特达因第六大流通股东和西部矿业第十大流通股东，分别持股 2198 万股和 380.13 万股；上海证券新进成为 泰嘉股份第六大流通股东，持股数量为 180 万股；华泰证券新进成为凯美特气第十大流通股东，持股数量为 271.73 万股；财达 证券新进成为银河电子第四大流通股东，持股数量为 1319.99 万股。 从券商加仓情况看，民士达获开源证券加仓 3 万股，惠城环保获国联民生证券加仓约 0.14 万股。此外，也有一些上市公司，虽然 券商仍位列十大流通股东名单中，但在今年二季度有所减持，例如申万宏源减持约 52.28 万股湘电股份。 券商行业研究和市场分析功力较深厚，券商重仓股备受市场关注。 Choice 数据显示，截至 8 月 11 日， ...