高瑞东卸任光大证券研究所所长 作为行业稀缺的研究型管理人才，高瑞东现已卸任"卖方"研究所所长一职，即将奔赴"买方"基金公司担 任"掌门人"。 21世纪经济报道记者孙永乐上海报道 "光大系"研究所、基金公司迎来重要人事调整。 21世纪经济报道记者从业内获悉，光大证券（601788.SH）研究所所长、首席经济学家、机构业务总部 总经理高瑞东近期卸任。未来，研究所日常事务将由副所长、金融业首席分析师王一峰接管。 高瑞东离任后，将加盟光大保德信基金，拟任光大保德信基金党总支部书记，后续或进一步接任总经理 一职。 作为知名经济学家，高瑞东在宏观经济研究方面有着深入且系统的见解。在中央汇金公司增持ETF时， 他将其称为"中国版平准基金"，并解读其对于稳定市场信心、引导长期投资的重要作用，引发市场关 注。 8月21日，高瑞东个人公众号"高瑞东宏观笔记"仍在发布光大证券署名研报，标题为《高瑞东周可：美 国扩大钢铝关税范围有何影响？》。 光大证券研究所成立于1997年，是国内券商中相对老牌的研究所之一，研究范围覆盖较广、研究实力较 为雄厚。未来，研究所日常事务将由副所长、金融业首席分析师王一峰接管。 从履历来看，王一峰具有20 ...

Core Viewpoint - The company, Guilin Rhine Biotechnology Co., Ltd., is reducing the investment scale of certain fundraising projects and will permanently supplement its working capital with the remaining funds from these projects [2][10]. Fundraising Overview - The company raised a net amount of approximately 961.11 million RMB from a non-public stock issuance, which was approved by the China Securities Regulatory Commission [2]. - The funds were deposited in a dedicated account, and the management of these funds adheres to relevant regulations to ensure proper usage [3]. Fund Management and Usage - As of July 31, 2025, the total balance in the fundraising account was 1.63 million RMB, with a total interest income of approximately 1.48 million RMB [3]. - The company has directly invested approximately 652.66 million RMB into various projects, including 573.96 million RMB for the Stevia Extraction Factory and 78.70 million RMB for the Rhine Natural Health Products Research Institute [3][4]. Project Completion and Fund Reduction - The Stevia Extraction Factory project has met the completion criteria, with a total investment of 573.96 million RMB, leaving a surplus of approximately 36.32 million RMB [7][9]. - The Rhine Natural Health Products Research Institute project has been partially completed, with 78.70 million RMB invested and an estimated remaining payment of 37.08 million RMB [8][9]. Impact of Fund Reduction - The decision to reduce the investment scale and reallocate surplus funds is aimed at enhancing the company's liquidity and financial structure, thereby supporting sustainable development and maximizing shareholder value [10][9]. - The company’s current research and development capabilities are deemed sufficient to support ongoing business operations and future product innovations [9]. Approval Process - The board of directors and the supervisory board have approved the proposal to reduce the investment scale and reallocate surplus funds, which will be submitted for shareholder approval [10][11].

"光大系"重要人事变动。 证券时报·券商中国记者从业内获悉，光大证券研究所所长、首席经济学家、机构业务总部总经理高瑞东近期将加盟光大 保德信基金，拟任光大保德信基金党总支部书记，后续或进一步接任总经理一职。 此外，券商中国记者获悉，高瑞东调任后，未来光大证券研究所或由副所长、金融业首席分析师王一峰执掌。王一峰具 有20年金融业从业经验，曾任中国民生银行研究院金融发展研究中心主任，先后供职于中信证券投资银行委员会、中信 证券研究部等。中证协信息显示，他于2019年5月加入光大证券。 高瑞东从光大证券离职 8月21日，券商中国记者获悉，光大证券研究所所长高瑞东已经正式从光大证券离职。 履历显示，高瑞东是光大证券首席经济学家，研究所所长，董事总经理，早稻田大学经济学博士，中国财政部金融人才 库专家，中国金融四十人青年论坛会员，中国证券业协会首席经济学家委员会委员，曾任职于中国财政部中美经济对话 领导小组办公室、OECD经济部、早稻田大学政治经济学院，专注全球和中国宏观经济与金融市场研究。2023年10月参 加国务院总理主持召开的经济形势专家和企业家座谈会，对经济工作建言献策。 在加盟光大证券之前，高瑞东曾先后任职于 ...

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！ 责任编辑：杨赐 据公开消息，光大证券首席经济学家、研究所所长高瑞东近日卸任，研究所日常事务将由副所长、金融 业首席分析师王一峰接管。高瑞东离任后有望出任光大保德信基金公司总经理，任命待完成公司内部程 序并获监管批准后生效。 履历显示，高瑞东系早稻田大学经济学博士，是中国财政部金融人才库专家、中国金融四十人青年论坛 成员，并担任中国证券业协会首席经济学家委员会委员。其职业履历横跨政策研究、国际组织与学界： 曾在中国财政部中美经济对话领导小组办公室、经济合作与发展组织（OECD）经济部、早稻田大学政 治经济学院等任职，长期聚焦全球与中国宏观经济及金融市场研究。2023年10月，高瑞东受邀参加国务 院总理主持召开的经济形势专家和企业家座谈会，并就经济工作建言献策。 ...

Core Viewpoint - The article discusses significant personnel changes within the Everbright Securities Research Institute and Everbright Prudential Fund, highlighting the resignation of Gao Ruidong and the potential appointment of Wang Yifeng as the new head of the research institute, while also indicating Gao's possible future role as the general manager of Everbright Prudential Fund [2][4]. Group 1: Personnel Changes - Gao Ruidong officially resigned as the head of the Everbright Securities Research Institute on August 21, with Wang Yifeng, the deputy director and chief analyst of the financial sector, taking over daily operations [2]. - Gao Ruidong may be appointed as the general manager of Everbright Prudential Fund, pending internal procedures and regulatory approval [2][4]. - Wang Yifeng has approximately 20 years of experience in the financial industry and has received multiple awards for his analysis work [2][4]. Group 2: Background of Gao Ruidong - Gao Ruidong is a prominent figure in China's financial and securities sector, having held various key positions within Everbright Securities, including deputy director and chief economist [4]. - He holds a Ph.D. in economics from Waseda University and has been involved in macroeconomic and financial market research, contributing to discussions on economic policies [4]. - Gao has a reputation for his systematic insights into macroeconomic research and has previously predicted significant economic trends, such as the onset of a new global Juglar cycle [4]. Group 3: Everbright Prudential Fund Overview - Everbright Prudential Fund, a subsidiary of Everbright Securities, was established in April 2004 and has a registered capital of 160 million RMB [7]. - As of the end of Q2 this year, the fund managed public fund assets totaling 79.136 billion RMB, ranking 68th in the industry, with non-monetary fund assets at 60.929 billion RMB, ranking 65th [7]. - The fund primarily focuses on bond funds, which accounted for over 80% of its non-monetary fund assets, with a significant emphasis on quantitative investment strategies [7].

Core Viewpoint - Naxin Micro (688052.SH) reported significant revenue growth in the first half of 2025, with a revenue of 1.524 billion yuan, marking a year-on-year increase of 79.49%, despite a net loss attributed to shareholders of 78.01 million yuan [1][2] Financial Performance - The company's revenue for the first half of 2025 was 1.524 billion yuan, up from 848.87 million yuan in the same period last year, reflecting a growth of 79.49% [2] - The net profit attributable to shareholders was -78.01 million yuan, compared to -265.25 million yuan in the previous year [2] - The net profit excluding non-recurring gains and losses was -105.64 million yuan, an improvement from -286.36 million yuan year-on-year [2] - The net cash flow from operating activities was -307.67 million yuan, a decline from a positive cash flow of 8.40 million yuan in the same period last year [2] Historical Context - Naxin Micro was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 22, 2022, with an initial public offering of 25.27 million shares at a price of 230.00 yuan per share [3] - The total funds raised from the IPO amounted to 5.811 billion yuan, significantly exceeding the initial target of 750 million yuan [3] Shareholder Information - The total issuance costs for the IPO were 230 million yuan, with underwriting fees accounting for 203 million yuan [4] - A strategic placement was made by Everbright Securities, with a follow-on investment of 1.16 million yuan, representing 2% of the total shares issued [4] - In 2022, the company announced a cash dividend of 0.8 yuan per share and a capital increase of 0.4 shares per share, resulting in a total share capital of 141.49 million shares post-distribution [4]

华菱钢铁（SZ 000932，收盘价：5.75元）发布公告称，2025年8月20日，华菱钢铁接受光大证券等投资 者调研，公司刘笑非、王音参与接待，并回答了投资者提出的问题。 2025年1至6月份，华菱钢铁的营业收入构成为：钢铁行业占比74.5%，贸易占比15.63%，其他占比 4.76%，材料让售占比4.64%，其他业务占比0.47%。 （文章来源：每日经济新闻） ...

Market Overview - The A-share market experienced a sudden decline in the afternoon, with the Shanghai Composite Index dropping over 0.2% before recovering slightly, while the Shenzhen Component and ChiNext indices fell [2] - The trading volume in the Shanghai and Shenzhen markets exceeded 2 trillion yuan for the first time this year, marking the seventh consecutive trading day of such volume [2] Sector Performance - Securities stocks collectively faced a pullback, with notable declines including Changcheng Securities down over 6% and Hato Securities down over 5% [2][3] - Several high-priced stocks hit the daily limit down, including Lianhuan Pharmaceutical and Zhongdian Xindong, with others like Shunlian Bio and Sainuo Medical dropping over 8% [4] Banking Sector - In contrast, bank stocks showed strength in the afternoon, with Agricultural Bank of China and Postal Savings Bank reaching new historical highs during the session [2] Hong Kong Market - The Hang Seng Index fell over 0.5%, and the Hang Seng Tech Index dropped more than 1% [6] - AAC Technologies Holdings (02018.HK) saw a rapid decline of over 14% following the release of its interim results, despite reporting a revenue of 13.32 billion yuan, a year-on-year increase of 18.4% [6][8] Company Performance - AAC Technologies reported a gross margin of 20.7%, down 0.8 percentage points year-on-year, attributed to changes in product mix, while net profit attributable to shareholders increased by 63.1% to 876 million yuan due to improved profitability in optical business and rapid growth in precision structural components [8] - CICC noted that the overall valuation level of A-shares remains reasonable, but the rapid increase in trading volume may lead to short-term volatility [8]

Core Viewpoint - The recent news indicates that Gao Ruidong, the head of the research institute, chief economist, and general manager of institutional business at Everbright Securities, is set to join Everbright Prudential Fund, potentially taking on the role of Party Secretary and possibly the general manager in the future [1] Company Summary - Gao Ruidong's transition to Everbright Prudential Fund marks a significant shift in leadership within the company, which may influence its strategic direction and operational focus [1] - The appointment of a seasoned professional like Gao Ruidong could enhance the fund's research capabilities and investment strategies, given his extensive experience in the securities industry [1]

Group 1 - The core viewpoint of the report is that Everbright Securities has raised its net profit forecast for Gilead Pharmaceuticals for the first half of 2025 due to increased clinical research investment in metabolic disease treatment and lower-than-expected R&D expenses in the first half of the year, while maintaining a "buy" rating [1] Group 2 - Gilead Pharmaceuticals' ASC30 is positioned as a potential leading GLP-1 small molecule weight loss drug, with Phase Ib clinical data showing a 6.5% average weight reduction over 28 days in obese patients compared to baseline, excluding placebo effects [2] - The subcutaneous injection of ASC30 has a half-life of 36 days in obese patients, supporting low-frequency dosing, and the company is advancing both oral and subcutaneous Phase IIa clinical trials, expecting top-line data in Q4 2025 and Q1 2026 [2] - In contrast, Eli Lilly's oral GLP-1 small molecule weight loss drug Orforglipron showed lower-than-expected weight loss data over 72 weeks, enhancing the overseas business collaboration value and expectations for ASC30 [2] - Another drug, ASC47, combined with GLP-1 peptide drugs, shows potential for weight loss without muscle loss, with Phase Ib trials indicating a 1.7% weight reduction after a single 90mg subcutaneous injection on day 50, with no muscle loss observed [2] - Preclinical animal studies suggest that ASC47 combined with semaglutide has superior weight loss effects compared to monotherapy, maintaining muscle mass similar to healthy mice, and the company is conducting U.S. clinical trials for ASC47 combined with semaglutide, expecting top-line data in 2025 [2]