（文章来源：第一财经） 光大证券认为，沪指目前仍在区间震荡的格局，节前大概率延续震荡之势；市场风格方面，科技赛道短 期休整，不改中期上行趋势。方向上，合肥国际新能源汽车大会9月29日开幕，计划投入消费券及补贴 超1亿元，或将刺激新能源汽车相关概念。 ...

Group 1 - The A-share market showed a slight increase this week, with the Shanghai Composite Index up 0.21%, the Shenzhen Component Index up 1.06%, and the ChiNext Index up 1.96% [1] - Open-source Securities suggests that the technology sector is likely to perform well during the National Day holiday, with a focus on high P/E ratio stocks post-holiday [1] - Key sectors for investment include technology growth in military industry, AI hardware, semiconductors, and financial technology [1] Group 2 - Huajin Securities indicates that the A-share market may continue to experience a volatile trend in the short term, with limited risks during the holiday [2] - Recommended sectors for investment include electronics, communications, machinery, and new energy, which are expected to see fundamental improvements [2] Group 3 - Everbright Securities anticipates that the market will likely continue to rise after the National Day holiday, supported by reasonable valuations and liquidity-driven trends [3] - The TMT sector is highlighted as a key focus for mid to long-term investment, with several catalysts expected to drive growth [3] Group 4 - Caitong Securities emphasizes the continuation of favorable catalysts, suggesting investors hold stocks during the holiday [4] - The report notes that domestic economic stability and structural reforms are expected to contribute to market growth, with a focus on technology and new consumption sectors [4] Group 5 - Shenwan Hongyuan points out that October is likely to see a resurgence in structural heat, driven by policy layouts and technological advancements [5] - Key investment areas include overseas computing power, innovative pharmaceuticals, and energy storage, with significant potential for absolute returns [5]

登录新浪财经APP 搜索【信披】查看更多考评等级 （一）公司基本情况 IPO申报日期：2022年6月22日 上市日期：2024年1月24日 上市板块：上证主板 所属行业：计算机、通信和其他电子设备制造业 全称：无锡盛景微电子股份有限公司 简称：盛景微 代码：603375.SH IPO保荐机构：光大证券 保荐代表人：黄腾飞、林剑云 IPO承销商：光大证券 IPO律师：上海市锦天城律师事务所 IPO审计机构：容诚会计师事务所（特殊普通合伙） （二）执业评价情况 （1）信披情况： 被要求突出重大性、增强针对性并按照重要性排序，充分披露风险产生的原因和影响；被要求对信息披 露的真实、准确、完整发表明确意见；被要求说明发行人是否符合"业务模式成熟、经营业绩稳定、规 模较大、具有行业代表性的优质企业"的主板板块定位；被要求说明相关评估结果是否客观、准确、可 靠。 （4）上市周期：不扣分 2024年度已上市A股企业从申报到上市的平均天数为629.45天，盛景微的上市周期是581天，低于整体均 值。 （5）是否多次申报：属于，扣分。 （7）上市首日表现 上市首日股价较发行价格上涨54.40%。 （2）监管处罚情况：不扣分 （ ...

| 离任基金经理姓名 | 李公民 | | --- | --- | | 离任原因 | 业务调整 | | 离任日期 | 2025 年 09 月 25 日 | | 转任本公司其他工作岗位 | 元 | | 的说明 | | | 是否已按规定在中国基金 业协会办理变更手续 | 是 | 光大证券公告截图 公开信息显示，李公民，南京大学经济学硕士，历任华西证券、招商证券、富国基金、华安基金研究员，平安资产管理有限 公司、万家基金管理有限公司投资经理，万家共赢资产管理有限公司证券投资部总监。 9月25日，上海光大证券资产管理有限公司发布光大阳光智造混合型集合资产管理计划基金经理变更公告，解聘该基金经理李 公民。 公告显示，因业务调整，李公民已于9月25日离任，未转任该公司其他工作岗位。此次基金经理变更依据《公开募集证券投资 基金信息披露管理办法》等相关规定执行，且已按规定在中国基金业协会办理变更手续，并报中国证监会上海监管局备案。 | 基金名称 | 光大阳光智造混合型集合资产管理计划 | | --- | --- | | 基金简称 | 光大阳光智造混合 | | 基金主代码 | 860018 | | 基金管理人名称 | 上海光大证 ...

Core Viewpoint - Gree Electric's expected dividend yield for 2025 exceeds 7%, indicating a bottoming characteristic based on historical experience [1] Group 1: Financial Performance - The forecasted net profit for Gree Electric is 33 billion yuan for 2025, with a cash dividend rate assumption of 52%, leading to an expected dividend yield of 7.7% [1] - The projected net profits for 2025, 2026, and 2027 are 33 billion yuan, 35.8 billion yuan, and 38.2 billion yuan respectively [1] Group 2: Market Dynamics - Online price competition has eased in Q3 2025, which is beneficial for the company to regain market share in the online segment [1] - Gree Electric's expansion into Southeast Asia is accelerating, with its self-owned brand export market share increasing from 30% to 80% over ten years [1] Group 3: Investment Appeal - In the current low-interest-rate market environment, high dividend assets that combine yield and safety have strong value attributes [1] - The company maintains a "buy" rating with a target price of 54.10 yuan, supported by strong dividend protection capability, earnings certainty, and asset scarcity [1]

光大证券日前研报指出，格力电器2025年股息率已超过7%，历史经验预示底部特征。按照25 年盈利预 测330 亿元以及52%现金分红率假设，当前公司的预期股息率是7.7%。25Q3线上价格竞争缓和，利于公 司收回线上市场份额。公司出海东南亚进程加速。公司深耕市场十年，东南亚市场自主品牌出口份额从 30%提升到80%。在当前低利率市场环境下，此类兼具收益性与安全性的高股息资产价值属性强劲。基 于公司强劲的股息保护能力、业绩确定性及资产稀缺性，维持2025-2027年归母净利润预测330/358/382 亿元，维持"买入"评级，维持目标价54.10元。 ...

Group 1 - The core viewpoint of the report indicates that the A-share market is expected to continue its upward trend after the National Day holiday, with a focus on the TMT sector for investment opportunities [1][3] - In September, the A-share market showed a mixed performance with most indices rising, particularly the ChiNext Index, while the Shanghai 50 Index experienced the largest decline [2] - The Hong Kong stock market also experienced a volatile upward trend in September, influenced by external interest rate cuts and improved domestic risk appetite, with the Hang Seng Technology Index rising by 12.4% [2] Group 2 - The report suggests that historical trends indicate a positive market performance following the National Day holiday, with reasonable valuations supporting the expected upward movement [3] - The TMT sector is highlighted as having significant catalysts for growth, including ongoing industry trends and the commencement of the Federal Reserve's interest rate cut cycle [3][4] - The report recommends a "barbell" investment strategy focusing on technology growth and high dividend yield stocks, particularly in sectors like telecommunications, utilities, and banking [4]

9月27日，光大证券研报认为，节后A股市场有望继续上行。历史来看，国庆节后随着市场交易热度的 回暖，市场通常表现较好。对于本轮行情而言，支撑股票市场上涨的逻辑并没有发生变化，市场估值目 前也较为合理，并未出现明显透支，预计节后市场大概率将重新回到上行区间。配置方向上，建议重点 关注TMT主线。流动性驱动行情下，行情中期TMT更容易成为主线，本轮或许也会如此。TMT板块当 前存在较多催化，如产业趋势持续有进展、美联储降息周期开启等，自身也存在上行动力。从近期板块 轮动的情况来看，TMT已经有所占优，未来行情或将延续。 ...

(本文来自第一财经) 光大证券研报表示，港股整体盈利能力相对较强，同时互联网、新消费、创新药等资产相对稀缺。此 外，尽管港股已经连续多月上涨，但是整体估值仍然偏低，长期配置性价比仍较高。在AI产业趋势持 续发展，以及美联储降息周期开启背景下，港股市场未来或许将继续震荡上行。可关注科技成长及高股 息占优的"哑铃"策略。 ...

转自：证券时报 人民财讯9月27日电，光大证券研报认为，节后A股市场有望继续上行。历史来看，国庆节后随着市场 交易热度的回暖，市场通常表现较好。对于本轮行情而言，支撑股票市场上涨的逻辑并没有发生变化， 市场估值目前也较为合理，并未出现明显透支，预计节后市场大概率将重新回到上行区间。配置方向 上，建议重点关注TMT主线。流动性驱动行情下，行情中期TMT更容易成为主线，本轮或许也会如 此。TMT板块当前存在较多催化，如产业趋势持续有进展、美联储降息周期开启等，自身也存在上行 动力。从近期板块轮动的情况来看，TMT已经有所占优，未来行情或将延续。 ...