深水规院首次公开发行股票的发行费用（不含增值税）总额为4564.65万元，其中，承销及保荐费用 2641.51万元。 （责任编辑：马欣） 中国经济网北京10月22日讯 深水规院(301038.SZ)近日披露2025年半年度报告。报告期内，该公司实现 营业收入3.27亿元，同比下降16.84%；实现归属于上市公司股东的净利润-617.41万元，上年同期为 4528.66万元；实现归属于上市公司股东的扣除非经常性损益的净利润-875.37万元，上年同期为4579.74 万元；经营活动产生的现金流量净额为-1.54亿元，上年同期为-4153.65万元。 深水规院于2021年8月4日在深交所创业板上市，公开发行的新股数量为3300万股，发行价格为6.68元/ 股，保荐机构为光大证券股份有限公司，保荐代表人为许恒栋、蒋伟驰。 深水规院首次公开发行股票募集资金总额为2.20亿元，募集资金净额为1.75亿元。该公司最终募集资金 净额比原计划少2.76亿元。深水规院于2021年7月26日披露的招股说明书显示，该公司拟募集资金4.51亿 元，分别用于总部建设项目、智慧水务工程技术研究中心建设项目、协同设计信息化平台建设项目、补 ...

【编者按：ESG年报解读是搜狐财经及价值公司100联合发起的针对各公司ESG报告披露情况的解读专 栏。参考上交所《上市公司治理准则》、港交所《环境、社会及管治守则》等文件，迭代完善各行业 ESG星级测评体系标准，并以最新标准为依托，以2024年公司ESG报告为主要数据来源，对公司2024年 环境资源、社会责任及公司管治进行评价】 ——本文为"光大证券" 出品 | 搜狐财经 研究员 | 王晓潇 未明示个人信息处理规则被通报 从行业整体表现来看，当前国内共有36家上市券商进入MSCI ESG评级池，评级结果明显分化。其中， 处于"领先阵营"的有华泰证券等4家；处于行业"平均水平"有中金公司等19家；而处于ESG"落后水 平"区间的仍有包括光大证券在内的13家。 光大证券旗下应用近日因个人信息处理不合规被上海市通信管理局点名。在上海市通信管理局近期的 APP（SDK）抽检中，ICP备案主体分别显示为光大证券和光大期货的"光证科技e站"与"光大期货营业 厅"均因未明示个人信息处理规则问题上榜。 根据监管要求，运营方需要立即整改，并针对个人信息与用户权益保护情况开展全面自查，在5个工作 日内书面报送整改报告和自评估报告 ...

Core Viewpoint - The report from Everbright Securities indicates that Weimob Group's (02013) SaaS business is stabilizing after adjustments, with a focus on enhancing its merchant solutions and optimizing its advertising client structure. The collaboration with Douyin is expected to drive revenue growth, leading to slight upward revisions in revenue forecasts for 2026 and 2027 to 1.79 billion and 2.00 billion yuan respectively, reflecting increases of 3% and 6% from previous estimates [1] Group 1: Merchant Solutions - The collaboration with Douyin will allow Weimob to provide integrated solutions for brand merchants across multiple platforms, which is expected to drive long-term revenue and profit growth in marketing services. In 2021, advertising revenue from Douyin reached approximately 3 billion yuan, and the company anticipates significant growth in merchant solutions revenue from this partnership in 2026 [1] - The company is actively eliminating low-quality clients to optimize its customer structure, leading to a projected slight decline in advertising gross revenue to about 17 billion yuan in 2025. However, with the addition of Douyin's channel, the gross revenue is expected to exceed 20 billion yuan in 2026 [2] - The net rebate rate has improved from 2.1% in the same period last year to 3.85% in the first half of 2025, indicating a potential for stable growth in rebate margins, with merchant solutions revenue and profit expected to grow faster than gross revenue [2] Group 2: SaaS Business - The SaaS business is showing signs of stabilization, with expectations for a return to positive growth in 2026. Revenue growth will be driven by AI-related products, which generated 34 million yuan in the first half of 2025, and further expansion into local life industries [2] - Weimob has integrated its mini-programs with platforms like Douyin and Meituan, enhancing its coupon distribution system and connecting with Xiaohongshu and Alipay, which will further deepen its ecosystem [2] Group 3: Investment and AI Development - Weimob has secured a $200 million investment from Infini Capital, which will be allocated to three main areas: integrating AI into SaaS, expanding media channels and precision marketing services, and advancing overseas business development with a focus on AI innovation [3]

Core Viewpoint - Micro Alliance Group's SaaS business is stabilizing after adjustments, with a focus on enhancing its advertising solutions through collaboration with Douyin [1] Group 1: Business Solutions - The company is expected to see a slight decline in advertising gross revenue to approximately 17 billion yuan in 2025, due to the elimination of low-quality clients and optimization of client structure [2] - The partnership with Douyin is anticipated to significantly boost revenue for business solutions, with expectations of surpassing 20 billion yuan in advertising gross revenue by 2026 [2] - The net rebate rate improved from 2.1% to 3.85% in the first half of 2025, indicating a positive trend in rebate margins [2] Group 2: SaaS Business - Signs of stabilization in the SaaS business are evident, with expectations for positive growth in 2026 driven by AI-related products generating 34 million yuan in revenue in the first half of 2025 [2] - The company plans to expand into local life industries and enhance smart retail-related revenue through new industry solutions [2] - Integration with platforms like Douyin and Meituan has been achieved, enhancing the company's ecosystem connectivity [2] Group 3: Investment and AI Development - The company secured a $200 million investment from Infini Capital, which will be allocated to AI integration in SaaS, enhancing media channels, and expanding overseas business [3] - The focus on upgrading AI infrastructure aims to improve computational and storage capabilities for deeper applications in retail and e-commerce [3] - The investment will also support the development of AI innovation models and related products for cross-border business expansion [3]

Core Viewpoint - The banking sector has shown weak performance since the third quarter, but after a phase of adjustment, the characteristics of "high dividend and low valuation" have re-emerged, indicating a potential reallocation opportunity for bank stocks [1] Summary by Relevant Categories Market Performance - The banking sector's valuation is supported by several positive factors, suggesting that it may experience a reallocation opportunity [1] - The resilience of the banking sector's fundamentals is strong, with third-quarter performance expected to slightly exceed that of the first half of the year, providing stable support for annual performance [1] Financial Index - The Financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative securities from banks, insurance, and securities companies to reflect the overall performance of the financial industry [1] - The 180 Financial Index focuses on large-cap blue-chip style allocation and serves as an important indicator for measuring financial market dynamics [1]

10月18日，光大证券携手上海市陆家嘴街道活力风琴梅园党群服务中心，创新开展"党建+投教"融合活动，将金融知识普及与基层党建有机融合，打 造服务群众的"红色纽带"。 10月17日，在上海市证券同业公会的指导下，光大证券联合当地社区街道于上海复兴大厦举办面向楼宇白领的专项投教活动，将金融知识普及与职场 实用技能提升相结合，精准回应青年群体需求。 近日，光大证券积极响应监管号召，以"科技与数字金融、人工智能、防范欺诈"为主题，精心策划并率先启动三场特色投资者教育活动，全面拉开本 年度"世界投资者周"系列活动序幕。 聚焦职场需求，AI赋能提升金融素养与职场技能 近年来，光大证券始终秉持"金融为民"初心，坚持将投资者利益放在首位，持续构建"全周期陪伴、全场景覆盖、全生态协同"的投资者教育工作体 系。下一步，公司将持续创新投教形式、拓展服务边界，为投资者提供更加专业、多元、贴心的金融服务，助力营造健康、稳定、可持续发展的资本 市场环境，为服务实体经济高质量发展贡献更大力量。 搭建沟通桥梁，持续引导价值投资理念 活动中，光大证券讲师首先开展金融反诈专题宣讲，结合真实案例强化风险警示教育，帮助白领群体筑牢金融安全防线。随后 ...

Market Overview - On October 21, the securities sector rose by 0.89% compared to the previous trading day, with Tianfeng Securities leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Tianfeng Securities (601162) closed at 5.38, with a gain of 5.70% and a trading volume of 9.26 million shares, amounting to a turnover of 5.017 billion [1] - Guosheng Financial Holdings (002670) closed at 21.94, up 3.10%, with a trading volume of 1.0592 million shares [1] - Changjiang Securities (000783) closed at 8.45, increasing by 2.67%, with a trading volume of 1.5026 million shares [1] - Dongfang Fortune (300059) closed at 25.36, up 1.36%, with a trading volume of 2.9742 million shares, resulting in a turnover of 7.531 billion [1] Capital Flow Analysis - The net inflow of main funds in the securities sector was 1.436 billion, while retail funds experienced a net outflow of 0.607 billion [2][3] - Tianfeng Securities saw a net inflow of 1.18 billion from main funds, but a net outflow of 0.655 billion from retail investors [3] - Dongfang Fortune had a net inflow of 294 million from main funds, with retail investors experiencing a net outflow of 130 million [3]

Core Viewpoint - Chinese brokerage stocks have collectively rebounded, with significant increases in share prices across various firms, indicating a positive market sentiment and potential recovery in the sector [1]. Group 1: Stock Performance - As of the latest update, brokerage stocks have seen gains exceeding 5%, 4%, and 3% respectively [1]. - Notable stock performances include: - Zhongdeng Company: Latest price at 22.240, up by 5.30%, with a trading volume of 402 million [2]. - CITIC Construction Investment Securities: Latest price at 13.780, up by 4.24%, with a trading volume of 77.8149 million [2]. - Huatai Securities: Latest price at 20.800, up by 3.69%, with a trading volume of 98.0652 million [2]. Group 2: Earnings Forecasts - Dongwu Securities announced an earnings forecast, expecting a net profit attributable to shareholders of 2.748 billion to 3.023 billion for the first three quarters of 2025, representing a year-on-year growth of 50% to 65% [2]. - Dongguan Securities, a non-listed brokerage, projected total operating revenue for the first three quarters of this year to be between 2.344 billion and 2.591 billion, reflecting a year-on-year increase of 44.93% to 60.18% [2]. - The net profit forecast for Dongguan Securities is estimated to be between 862 million and 953 million, indicating a year-on-year growth of 77.77% to 96.48% [2]. Group 3: Market Trends and Valuation - According to Founder Securities, the brokerage sector is experiencing a clear trend of fundamental recovery in a high trading environment, with net profit growth expected to accelerate to 70% in the third quarter [2]. - The overall net profit for the brokerage sector is projected to increase by 54% year-on-year for the entire year, with current valuations not aligning with the improving performance, suggesting ample room for valuation adjustments [2].

10月17日，铜仁市委副书记、市长穆嵘坤率市发改、工信、文旅等部门及重点企业负责人莅临东海期货调研座谈。东海 证券党委书记、董事长，东海期货董事长王文卓，东海期货党总支书记、总经理陈太康等公司领导出席交流。双方围绕 金融服务实体经济、助力区域高质量发展等议题进行深入探讨，并在推动产业与金融深度融合等方面凝聚合作共识，为 下一步深化协同联动、促进务实合作开启了新篇章。 王文卓强调，东海致力于成为"不只是服务的提供者，更是价值的共创者"，推动金融资源与区域战略同频共振。 围绕下一阶段合作，陈太康提出两项具体路径：一是推动风险管理服务从"单个企业"向"整个产业"升级，从"单一工 具"向"综合生态"拓展，着力打造具有示范意义的"铜仁模式"；二是以交割库建设为契机，加快推动区域性农产品集散中 心建设，提升铜仁在禽蛋等优势产业领域的定价影响力与集群竞争力。 发挥集团综合优势，助力区域发展能级提升 随后，东海证券党委书记、董事长，东海期货董事长王文卓在讲话中表示，东海期货在服务铜仁乡村振兴与产业发展方 面取得的成效，离不开铜仁市政府及社会各界的支持与信任。作为母公司，东海证券在债券融资、上市辅导、并购重组 等方面经验丰富， ...

[Table_Reportdate] 2025年10月20日 [table_summary] ➢ 1.关注经济数据和重要会议指引，寻找资产配置方向——资产配置周报（2025/10/13- 2025/10/17） ➢ 2.政府融资放缓，存款继续活化——银行业"量价质"跟踪（十九） ➢ 1.财政部：前三季度印花税3142亿元，同比增长34.5% ➢ 2.李强主持召开国务院常务会议 听取关于有效降低全社会物流成本行动落实情况汇报 ➢ 3.财政部将继续提前下达2026年新增地方政府债务限额 ➢ 4.2025金融街论坛年会开幕式拟10月27日下午举行 "一行两局一会"主要负责人将做主 题演讲 [证券分析师： Table_Authors] 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20251020 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE ...