唯特偶在国内微电子焊接材料领域处于领先地位，特别是锡膏、助焊剂细分赛道优势突出。公司通 过"外引内研"双轮驱动，实现从单一电子装联材料板块到"电子装联材料 + 可靠性材料"双板块的跨越发 展。其核心竞争力体现在技术、客户资源和规模三方面。技术上，自主研发能力强；客户资源方面，合 作客户超4000家，客户黏性高；规模上，上市后资金和人才增强，在成本控制等方面优势明显。 9月26日，唯特偶（301319）接受浙商证券、百嘉基金等7家机构特定对象调研，公司投资部总经理钟 科、证券事务专员潘露璐接待了来访机构。调研中，公司介绍了基本情况、核心竞争优势，并就上半年 业绩增长、可靠性材料板块业务、经营策略等多个方面进行了交流。 核心竞争优势显著 上半年，公司成本控制受战略性投入加大等因素影响。为此，公司采取优化业务流程、加强资金管理等 措施降低运营成本，提升资金使用效率。各部门协同发力，通过降本增效和数字化管理保障高质量发 展，并通过套期保值稳定利润。目前各主要产品线根据订单合理生产出货，产能利用率整体处于正常高 效区间。 下半年规划与发展机遇 下半年，公司将聚焦战略新兴赛道，以产品高端化、成本精细化、运营数字化为抓手实 ...

Core Viewpoint - The recent increase in financing business limits by multiple securities firms indicates a strategic response to the growing demand in the A-share margin trading market, aiming to enhance credit business development while managing scale effectively [1][3][4] Group 1: Financing Business Expansion - Zhejiang Securities raised its financing business limit from 40 billion to 50 billion yuan to promote credit business development and scale control [1] - Huayin Securities also increased its credit business limit to 8 billion yuan, marking its second expansion this year [3] - The active margin trading market, with a total balance reaching 2.43 trillion yuan, has prompted securities firms to adjust their internal limits to capture market opportunities [3][4] Group 2: Margin Trading Market Dynamics - The margin trading balance has seen a significant year-on-year increase of 77.14%, with trading accounting for 12.25% of total market transactions, the highest since July 2020 [3] - Key sectors attracting leveraged funds include electronics, power equipment, and communications, with net purchases of 84.51 billion, 43.76 billion, and 24.41 billion yuan respectively [3][4] Group 3: Revenue and Performance Insights - Interest income from margin trading has become a crucial support for securities firms, with a total net interest income of 19.657 billion yuan in the first half of 2025, a 30.66% increase year-on-year [5] - Leading firms like Guotai Junan and Huatai Securities reported significant growth in interest income, with Guotai Junan achieving a 205.43% increase [5][6] Group 4: Risk Management Strategies - Despite rapid expansion, firms like Zhejiang Securities maintain a strong safety margin, with an average collateral maintenance ratio of 280.87% for margin clients [7] - Both Zhejiang and Huayin Securities have implemented comprehensive risk management systems, including client due diligence and dynamic collateral adjustments [7] Group 5: Competitive Landscape and Future Outlook - The competition among securities firms has intensified, with some smaller firms reducing interest rates below 4% to attract clients, impacting profitability [8] - Firms are shifting towards differentiated competition strategies, leveraging technology and smart trading tools to enhance service experiences and optimize client profiles [8]

中国经济网北京9月26日讯华致酒行（300755）(300755.SZ)股价今日下跌，截至收盘报20.80元，跌幅 3.12%。 浙商证券（601878）股份有限公司研究员杨骥、张家祯、满静雅9月25日发布研报《华致酒行：三大门 店业态协同发展积极布局即时零售》称，维持华致酒行增持评级。 ...

浙商证券研报指出，福莱新材是国内领先的功能性涂布复合材料龙头，正从单一涂布材料商向"基膜 +涂层+终端"一体化解决方案商转型。2024年公司成功开发出高性能柔性传感器材料，实现产品从传统 产业向科技领域跨越，推动人形机器人智能感知技术应用。2025年上半年，公司在柔性传感器领域实现 了多项技术突破与商业化进展，首条柔性传感器中试产线建成投产，具备批量供货能力。同时，举办新 品发布会相继推出第一代和第二代柔性触觉传感器产品，以"真柔性、全曲面、三维力"三大核心特性实 现代际升级，集成材料、结构设计、算法等多模态感知系统。人形机器人进入产业扩张期，电子皮肤是 实现"具身智能"关键一环。从主业看，公司为国内功能性涂布复合材料龙头，市占率领先；从柔性传感 领域，公司已发布两代产品，并具备较为广泛的客户基础和量产能力，产业化进度领先，相较于可比公 司，公司估值水平相对较低。综上，首次覆盖，给予"增持"评级。 ...

Core Viewpoint - Jinhui Liquor achieved a net profit attributable to shareholders of 298 million yuan in the first half of the year, reflecting a year-on-year increase of 1.12% [1] Financial Performance - In Q2 2025, the company reported a net profit of 64 million yuan, down 12.78% year-on-year [1] - Revenue from products priced above 300 yuan, between 100-300 yuan, and below 100 yuan were 380 million, 969 million, and 366 million yuan respectively, with year-on-year changes of +21.60%, +8.93%, and -29.78% [1] - The proportion of products priced above 300 yuan increased by 4.03 percentage points to 22.17%, while products priced above 100 yuan increased by 8.91 percentage points to 78.66%, indicating a significant improvement in product structure [1] Strategic Initiatives - The company is committed to a strategic path of "national layout, deepening the northwest, and key breakthroughs," steadily advancing the integration of new markets in Gansu and Qinghai, and focusing on cultivating the East China and Northern markets as new growth engines [1] - There is a strengthened focus on online channel development, with the establishment of a national online marketing platform, resulting in a 29.30% year-on-year growth in internet sales during the reporting period [1] Outlook - Given the ongoing marketing transformation, steady market share growth in Gansu, expansion into out-of-province markets, and product structure upgrades, the company is viewed positively for medium to long-term performance growth [1] - Despite the current external environment being under pressure, the previous profit forecast has been revised down, while maintaining a "buy" rating [1]

格隆汇9月26日｜浙商证券研报指出，酒鬼酒上半年归母净利润0.09亿元（同比-92.60%），25Q2归母净 利润-0.23亿元（同比-147.77%）。公司完善产品体系+推进核心终端建设，联合胖东来开发爆款产品酒 鬼酒·自由爱，当前重点关注该产品的销售情况，以及公司依托该产品在河南及湖南省内的势能提升表 现，期待需求改善下的业绩兑现。考虑到当前内参、酒鬼销售依旧承压，渠道库存消化下报表端表现弱 于动销，调整盈利预测。考虑到政策催化下，白酒需求有望恢复，公司具备高弹性，维持"买入"评级。 ...

为348/78/64倍，维持"增持"评级。 浙商证券研报指出，华致酒行上半年归母净利润0.56亿元（同比-63.75%）；25Q2归母净利润-0.29亿元 （24Q2为0.25亿元）。公司深耕"以客户为中心"的运营理念，全力推进以连锁门店为重心的营销网络体 系建设，"华致酒行+华致名酒库+华致优选"三大门店业态形成强大协同效应，共同驱动市场拓展。此 外，公司积极布局即时零售业务，通过整合现有门店资源与供应链优势，华致酒行构建起"线上下单、 门店发货、极速配送"的即时零售服务模式。依托"华致酒行""华致名酒库""华致优选"三大业态门店的 广泛布局，将其转化为即时零售的前置仓，实现了核心区域内的快速送达，大幅提升了消费者的购物效 率与满意度。受外部环境影响，公司利润率水平阶段性承压，未来利润率有望改善。由于25年酒类销售 受"禁酒令"影响较大，因此下调盈利预测，预计2025-2027年公司收入同比增速分别 为-28.07%/18.23%/8.30%；归母净利润同比增速为-37.17%/348.49%/21.48%；EPS为0.07/0.30/0.37元；PE ...

Core Viewpoint - Hanwei Technology holds the leading market share in domestic gas sensors, with flexible sensors opening up growth opportunities [1] Group 1: Market Position and Product Focus - The company focuses on its core business, with high-margin sensors and smart instruments continuously increasing their revenue share [1] - Hanwei Technology consolidates its existing advantages in gas sensors while actively advancing its layout in optoelectronic and flexible sensors, being one of the earliest companies in China to engage in flexible sensor R&D [1] - The company has a globally leading capability in the industrialization of flexible sensors [1] Group 2: Performance and Growth Potential - The main business is experiencing a performance inflection point, with improved profitability [1] - The humanoid robot segment is entering an expansion phase, with electronic skin being a key component for achieving "embodied intelligence" [1] - The company has established a multi-dimensional product matrix covering "touch - balance - force control - smell" in the field of embodied intelligence [1] Group 3: Investment Rating - The report initiates coverage with an "Accumulate" rating [1]

Group 1 - The core viewpoint of the news is that Yingke Medical has seen a significant increase in its stock price, rising by 5.33% to 38.76 CNY per share, with a trading volume of 444 million CNY and a turnover rate of 2.54%, resulting in a total market capitalization of 25.38 billion CNY [1] - Yingke Medical, established on July 20, 2009, and listed on July 21, 2017, operates in three main business segments: personal protection (91.47% of revenue), rehabilitation care (4.75%), and other products (3.77%) [1] - The company is located in Zibo City, Shandong Province, and has its Hong Kong office at 40/F, Sunshine Center, 248 Queen's Road East, Wanchai [1] Group 2 - From the perspective of fund holdings, a fund under Zheshang Securities Asset Management has a significant position in Yingke Medical, with Zheshang Huijin Quantitative Selected Stocks A (011824) holding 40,200 shares, accounting for 0.75% of the fund's net value, making it the second-largest holding [2] - The fund has achieved a year-to-date return of 27.29%, ranking 2094 out of 4220 in its category, and a one-year return of 58.4%, ranking 1473 out of 3824 [2] - The fund manager, Chen Gujun, has been in position for 5 years and 251 days, with the fund's total asset size at 204 million CNY and a best return of 35.77% during his tenure [3]

本报记者 周尚伃 当前，券商对信用业务的战略布局不断提速。9月24日晚间，浙商证券发布公告称，为促进信用业 务发展、做好融资类业务规模管控，董事会同意调增融资类业务规模，将融资类业务规模由400亿元提 高至500亿元。这是继华林证券后，月内第二家主动调增融资融券（以下简称"两融"）业务规模上限的 券商，在一定程度上反映出行业对信用业务发展机遇的看好。 多家券商扩张信用业务 上半年A股市场交投活跃度的提升，为券商信用业务带来发展机遇。截至6月末，A股市场两融余额 达1.85万亿元，直接带动券商信用业务收入高增长，上半年证券行业利息净收入同比增幅达24%。进入 三季度，两融市场热度不减，截至9月24日，A股市场两融余额达2.43万亿元，再创新高。从市场参与度 来看，截至9月24日，两融交易额占A股交易额比重达12.25%。 在此背景下，浙商证券调增融资业务规模，把握市场回暖机遇。从业务基础看，浙商证券两融业务 规模仍有较大提升空间。截至上半年末，浙商证券两融余额为237.85亿元，较2024年末减少0.48亿元， 下降幅度为0.2%，略低于市场平均水平。为支撑规模扩张，浙商证券在2025年中报中明确提出"深化存 ...