截至发稿，陈顾君累计任职时间5年229天，现任基金资产总规模2.04亿元，任职期间最佳基金回报 33.77%， 任职期间最差基金回报-7.57%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，浙商证券资管旗下1只基金重仓建龙微纳。浙商汇金量化臻选股票A（011824）二季度持有 股数3.22万股，占基金净值比例为0.73%，位居第八大重仓股。根据测算，今日浮盈赚取约5.53万元。 浙商汇金量化臻选股票A（011824）成立日期2021年7月1日，最新规模6380.8万。今年以来收益 23.52%，同类排名1698/4222；近一年收益58.88%，同类排名1287/3789；成立以来收益13.6%。 浙商汇金量化臻选股票A（011824）基金经理为陈顾君。 9月4日，建龙微纳涨5.31%，截至发稿，报34.14元/股，成交2188.93万元，换手率0.65%，总市值34.16 亿元。 资料显示，洛阳建龙微纳新材料股份有限公司位于河南省洛阳 ...

浙商证券研报指出，徐工机械发布2025年股票期权与限制性股票激励计划（草案），推机械行业最大股 权激励计划之一，迈向全球工程机械龙头。公司拟向不超过4700人授予权益激励，包括股票期权激励和 限制性股票激励，拟授予权益总计4.7亿股，约占公司股本总额的4%。首次授予4.23亿股（其余为预 留），约占公司股本总额的3.6%、本激励计划拟授予权益总数的90%。公司2025半年度业绩稳健，"四 个结构"调整助力高质量发展。工程机械行业筑底向上，1-7月，挖机内销同比增长22%，出口同比增长 13%。雅下水电站、新藏铁路等大型基建项目有望拉动工程机械内需，公司有望受益。维持"买入"评 级。 ...

浙商证券所属申万行业为：非银金融-证券Ⅱ-证券Ⅲ。所属概念板块包括：参股基金、期货概念、融资 融券、基金重仓、MSCI中国等。 截至6月30日，浙商证券股东户数16.71万，较上期减少6.95%；人均流通股27369股，较上期增加 7.47%。2025年1月-6月，浙商证券实现营业收入0.00元；归母净利润11.49亿元，同比增长46.49%。 分红方面，浙商证券A股上市后累计派现37.48亿元。近三年，累计派现23.77亿元。 9月3日，浙商证券盘中下跌2.02%，截至13:05，报11.67元/股，成交4.32亿元，换手率0.80%，总市值 533.76亿元。 资金流向方面，主力资金净流出5489.86万元，特大单买入3502.67万元，占比8.10%，卖出8589.88万 元，占比19.88%；大单买入1.05亿元，占比24.36%，卖出1.09亿元，占比25.29%。 浙商证券今年以来股价跌3.47%，近5个交易日跌2.83%，近20日涨2.64%，近60日涨9.58%。 资料显示，浙商证券股份有限公司位于浙江省杭州市上城区五星路201号，成立日期2002年5月9日，上 市日期2017年6月26日，公 ...

浙商证券认为，本轮"系统性'慢牛'"中线依旧健康向上，但短期走势出现一定不确定性，市场双向波动 明显放大。行业方面，继续采取"大金融+泛科技"均衡配置，增加对前期落后板块地产及中字头的关注 度，同时结合汇率走势增加对大金融板块关注度；此外，注意挖掘年线上方低位个股，做好板块内"高 低切"。 中信建投表示，A股盈利确认拐点，步入温和复苏通道，但结构分化远超总量意义，凸显新旧动能加速 切换。市场风格偏向成长，科技制造在AI周期与国产替代驱动下业绩高增，成为核心引擎；中游制造 业受益成本回落盈利韧性凸显。本次复苏"价"的修复优于"量"的扩张。整体而言，经济复苏仍需政策巩 固，市场将是结构性行情，需精选高景气赛道。 资金配置上，兼具"金融+科技"属性的金融科技板块受到重点关注！今日，互联网券商意外下挫，财富 趋势跌超7%，百亿金融科技ETF（159851）盘中下挫2.5%跌穿20日均线，资金继续净申购1亿份，前 一日资金大举净买入4.79亿元！ 9月3日，大盘高开后宽幅震荡，创业板指较强但午前亦再度回吐涨势。大盘连续两日调整，沪指盘中下 挫1%跌穿10日均线，A股短期行情见顶了吗？ 多角度把握金融科技机会，建议重点关 ...

债券代码：149505 债券简称：21 冀东 01 债券代码：149636 债券简称：21 冀东 02 浙商证券股份有限公司 关于 唐山冀东水泥股份有限公司公开发行公司债 （关于取消监事会及董事发生变动的事项） 债券受托管理人 （住所：浙江省杭州市五星路 201 号） 二〇二五年九月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）、 《公司债券受托管理人执业行为准则》（以下简称《执业行为准则》）、《唐山 冀东水泥股份有限公司 2020 年面向专业投资者公开发行公司债券之受托管理协 议》（以下简称"《受托管理协议》"）等相关规定及其它相关信息披露文件、 唐山冀东水泥股份有限公司（以下简称"冀东水泥"，"发行人"或"公司"） 出具的相关说明文件以及提供的相关资料等，由本期公司债券受托管理人浙商证 券股份有限公司（以下简称"浙商证券"）编制。浙商证券编制本报告的内容及 信息均来源于唐山冀东水泥股份有限公司提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为浙商证券所做承诺或 声明。 一、受托管理债券的 ...

Core Viewpoint - The A-share market has shown strong performance, leading to significant revenue and profit growth for listed securities firms in the first half of the year, primarily driven by proprietary trading income. Group 1: Financial Performance - In the first half of the year, 42 listed securities firms achieved a total operating income of 251.87 billion yuan and a net profit of 104.02 billion yuan, representing year-on-year growth of 11.37% and 65.08% respectively [1] - Proprietary trading contributed significantly, with total proprietary income reaching 112.35 billion yuan, a year-on-year increase of 53.53%, accounting for over 40% of total revenue [1][2] - Among these firms, CITIC Securities was the only one to exceed 10 billion yuan in proprietary income, achieving 19.05 billion yuan, which constituted approximately 57% of its total revenue [2] Group 2: Major Shareholdings - As of the end of June, the top three heavily held stocks by securities firms were Jiangsu Bank, Yong'an Futures, and CITIC Construction Investment, with holdings of 923 million shares, 439 million shares, and 383 million shares respectively [5] - The market value of these holdings was approximately 11.03 billion yuan for Jiangsu Bank, 6.51 billion yuan for Yong'an Futures, and 9.21 billion yuan for CITIC Construction Investment [5] - Other notable stocks included Sinopec, Shanghai Laishi, and Yuheng Pharmaceutical, with significant holdings by various securities firms [5] Group 3: Changes in Holdings - In the second quarter, securities firms significantly increased their positions in stocks such as Sichuan Chengyu, Hongchuang Holdings, and Yuntianhua, with increases of 9.89 million shares, 5.76 million shares, and 5 million shares respectively [6] - Conversely, stocks like Huangshi Group, Shanghai Mechanical, and Northeast Securities saw substantial reductions in holdings, with Huangshi Group experiencing a decrease of over 14 million shares [7][8] - Regulatory issues led to a sharp decline in holdings for certain stocks, with securities firms reducing their positions in Huangshi Group following investigations and penalties [8][9]

Core Insights - The A-share market continues to rise, leading to a prosperous season for brokerage firms, with 42 listed brokerages achieving a total operating income of 251.87 billion yuan and a net profit of 104.02 billion yuan in the first half of the year, representing year-on-year growth of 11.37% and 65.08% respectively [1] - The significant increase in brokerage performance is largely attributed to proprietary trading, which generated a total income of 112.35 billion yuan, a year-on-year increase of over 50%, accounting for more than 40% of total income [1][2] - Among the brokerages, CITIC Securities stands out as the only firm with proprietary income exceeding 10 billion yuan, reaching 19.05 billion yuan, contributing approximately 57% to its total revenue [2] Brokerage Performance - In the first half of the year, 25 out of 42 listed brokerages reported proprietary income exceeding 1 billion yuan, accounting for nearly 60% of the total [2] - Notable performers include Changjiang Securities, which saw a staggering year-on-year increase of 668.35% in proprietary income, and Guolian Minsheng and Huaxi Securities with increases of 458.78% and 245.07% respectively [2] Stock Holdings - As of the end of June, the top three stocks held by brokerages were Jiangsu Bank, Yong'an Futures, and CITIC Construction Investment, with holdings of 923 million shares, 43.9 million shares, and 38.3 million shares respectively, translating to market values of 11.03 billion yuan, 6.51 billion yuan, and 9.21 billion yuan [4] - Brokerages have shown a preference for sectors such as non-bank financials, electronics, and biomedicine in their proprietary trading [1] Changes in Holdings - In the second quarter, significant increases in holdings were observed in stocks like Sichuan Chengyu, Hongchuang Holdings, and Yuntianhua, with increases of 9.89 million shares, 5.76 million shares, and 5 million shares respectively [6] - Conversely, stocks such as Huangshi Group, Shanghai Mechanical, and Northeast Securities experienced substantial reductions in holdings, with the largest decrease being 14 million shares for Huangshi Group [8][11] Regulatory Impact - Some stocks faced significant reductions in holdings due to regulatory penalties, with brokerages exiting positions in companies like Huangshi Group, which was under investigation for information disclosure violations [10][11]

从基金十大重仓股角度 数据显示，浙商证券资管旗下1只基金重仓中际旭创。浙商汇金先进制造混合（013145）二季度持有股 数8600股，占基金净值比例为3.52%，位居第五大重仓股。根据测算，今日浮亏损失约18.15万元。 9月2日，中际旭创跌5.2%，截至发稿，报385.00元/股，成交200.52亿元，换手率4.49%，总市值4277.81 亿元。 资料显示，中际旭创股份有限公司位于山东省龙口市诸由观镇驻地，成立日期2005年6月27日，上市日 期2012年4月10日，公司主营业务涉及电机定子绕组制造装备的研发、设计、制造、销售与服务;光模块 设备制造。主营业务收入构成为：光通信模块97.58%，汽车电子1.74%，光组件0.67%。 浙商汇金先进制造混合（013145）成立日期2021年8月16日，最新规模3560.7万。今年以来收益 38.05%，同类排名1663/8184；近一年收益78.24%，同类排名899/7971；成立以来收益2.25%。 浙商汇金先进制造混合（013145）基金经理为王霆。 截至发稿，王霆累计任职时间6年94天，现任基金资产总规模3560.5万元，任职期间最佳基金回报 25. ...

Core Viewpoint - The report from Zheshang Securities emphasizes the investment opportunities arising from innovations in new categories, products, and channels within the liquor industry, with a short-term focus on new consumer products and a long-term focus on sales validation and product iteration, particularly recommending Zhenjiu Lidu (06979) which has a standout product "Dazhen" [1] Group 1: New Consumption Concept - New consumption in the liquor sector refers to products that emphasize innovation in product, channel, and model, with examples including: 1) Product innovation: sparkling yellow wine, tea beer, Meijian, and low-alcohol products from leading liquor companies [2] - Model innovation examples include Dazhen, Jiugui·Ziyouai, Xinbah, and Niushi Beer [2] Group 2: Investment Logic - Unlike traditional consumer goods that focus on immediate performance and recent growth, new consumption liquor stocks are expected to incorporate measurable future performance into current expectations, with significant investment opportunities arising from short-term catalysts, mid-term performance realization, and long-term growth potential [3] - A comparative analysis of stock prices for traditional liquor consumption (e.g., Kweichow Moutai), new consumption (e.g., Huadiao Mountain), and leading new consumption (e.g., Pop Mart) reveals that Moutai's price fluctuations are influenced by multiple cycles rather than single products or channels [3] - Huadiao Mountain's recent stock price surge is attributed to price increases and market anticipation of future high-end positioning and channel changes, necessitating ongoing performance realization [3] - Pop Mart's stock price increase is driven by the success of its flagship product labubu, with continuous performance realization and upward revisions of profit forecasts [3] Group 3: Case Studies - Huadiao Mountain is focusing on brand rejuvenation and premiumization, aligning with consumer trends towards upgrading consumption [4] - Bairun Co. is leveraging a dual-driven model of "pre-mixed drinks + whiskey" to establish quality standards and brand recognition in the domestic whiskey market [4] - Zhenjiu Lidu launched the strategic flagship product "Dazhen" in June 2025, aiming for a mid-term target of 6 billion yuan, supported by team capabilities and three major innovations [4] - Jiugui Liquor partnered with Pang Donglai to launch "Jiugui Liquor·Ziyouai," which sold out after multiple restocks, reflecting innovative channel strategies and consumer trends [4]

1)会稽山：公司通过品牌重塑发力年轻化、高端化，在原有产品基础上适当提价，符合目前大众消费升 级的趋势和消费习惯，作为黄酒龙头，有望引领行业发展。2)百润股份（002568）：公司依托"预调酒 +威士忌"双轮驱动模式，使公司在保持预调酒市场优势的同时，正逐步建立国产威士忌的品质标准和 品牌认知，打造中国烈酒市场的新增长极。3)珍酒李渡：公司在25年6月推出战略大单品"大珍"，并匹 配推出创新的万商联盟模式，大珍或有望成为公司新的增长极，中期目标或达60亿元规模，主要得益于 团队能力突出+三大创新。4)酒鬼酒（000799）：公司25年7月携手胖东来推出"酒鬼酒.自由爱"，三度 补货仍售罄，源自创新酒类渠道模式+顺应消费者趋势。 该行认为酒类新消费指酒类赛道中注重产品创新、渠道创新、模式创新的产品，代表产品包括：1)产品 创新：气泡黄酒、茶啤、梅见、果立方等，以及近期众多白酒头部酒企推出的低度白酒产品(如29度五 粮液（000858）、轻度古20、舍得自在等)、高酒质的性价比光瓶酒(如3年陈洋河大曲、古井老瓷贡、 献礼版玻汾等);2)模式创新：大珍、酒鬼.自由爱、辛巴赫、牛市啤酒等。 酒类新消费投资逻辑 风险提 ...