该行表示，公司作为现制茶饮行业龙头，仍多维度拓展边界，持续深化品牌、门店网络、供应链、产品 壁垒，正打造越来越深的护城河;预计公司2025至2027年公司营业收入分别为328.1亿、374亿、428.4亿 人民币，同比分别增长32.1%、增长14%、增长14.5%;归母净利润分别为58.1亿、66.7亿、76.9亿人民 币，同比分别增长30.9%、增14.8%、增15.3%。 浙商证券（601878）发布研报称，蜜雪集团(02097)今年上半年营业收入同比增长39.3%，高增长一方面 源于门店网络的持续拓展，另一方面得益于门店店均营业额的提升。该行计算蜜雪集团今年上半年门店 数量同比增长23.3%(门店数量按期初期末平均数计算，下同);平均单店贡献商品销售收入27.8万人民 币，同比增长13.2%，受益于外卖战对于订单量的拉动。该行看好蜜雪集团在多市场拓展和份额提升双 维度下的长期成长性，因此由"增持"上调至"买入"评级。 ...

智通财经APP获悉，浙商证券发布研报称，蜜雪集团(02097)今年上半年营业收入同比增长39.3%，高增 长一方面源于门店网络的持续拓展，另一方面得益于门店店均营业额的提升。该行计算蜜雪集团今年上 半年门店数量同比增长23.3%(门店数量按期初期末平均数计算，下同);平均单店贡献商品销售收入27.8 万人民币，同比增长13.2%，受益于外卖战对于订单量的拉动。该行看好蜜雪集团在多市场拓展和份额 提升双维度下的长期成长性，因此由"增持"上调至"买入"评级。 该行表示，公司作为现制茶饮行业龙头，仍多维度拓展边界，持续深化品牌、门店网络、供应链、产品 壁垒，正打造越来越深的护城河;预计公司2025至2027年公司营业收入分别为328.1亿、374亿、428.4亿 人民币，同比分别增长32.1%、增长14%、增长14.5%;归母净利润分别为58.1亿、66.7亿、76.9亿人民 币，同比分别增长30.9%、增14.8%、增15.3%。 ...

该行指，公司作为现制茶饮行业龙头，仍多维度拓展边界，持续深化品牌、门店网络、供应链、产品壁 垒，正打造越来越深的护城河；预计公司2025至2027年公司营业收入分别为328.1亿、374亿、428.4亿 元，分别年增32.1%、增14%、增14.5%；归母净利润分别为58.1亿、66.7亿、76.9亿元，分别年增 30.9%、增14.8%、增15.3%。该行同时看好蜜雪集团在多市场拓展和份额提升双维度下的长期成长性， 评级由"增持"上调至"买入"。 格隆汇9月9日｜浙商证券发表研究报告指，蜜雪集团上半年营业收入按年增长39.3%，高增长一方面源 于门店网络的持续拓展，另一方面得益于门店店均营业额的提升。该行计算蜜雪集团今年上半年门店数 量按年增长23.3%(门店数量按期初期末平均数计算)；平均单店贡献商品销售收入27.8万元，按年增长 13.2%，受益于外卖战对于订单量的拉动。 ...

基于这一特征，祁星强调ESG投资需区别于主题投资，"将ESG简化为新能源主题（如光伏），其收益 易受单一行业周期冲击"。有效的ESG实践需结合三类策略，一是负面筛选，规避风险；二是通过推动 被投企业完善ESG信息披露，吸引股东投资；三是量化比较，在同行业内对关键指标（如碳排放强度） 进行横向择优。"衡量企业ESG表现不能只看行业标签"，她以白酒企业为例说明：茅台因生产线降碳效 率领先同业，符合ESG择优逻辑。 随着评估环境的日益完善，特别是2025年4月30日A股ESG强制披露规定全面落地，机构评估体系正趋 于成熟。主流公募基金普遍采用"企业披露+评级交叉验证+内部模型校准"三重机制，以避免单一数据 依赖。祁星观察到，在这一背景下，资管行业正从"追逐超额收益"转向"构建防爆雷体系"。这一转变， 与监管层推动长线资金入市、倡导价值投资的导向深度契合。 （浙商证券ESG及绿色金融首席分析师祁星） （实习生赵晓月对本文亦有贡献） 21世纪经济报道记者雷椰、李德尚玉 近日，证监会再次指导沪深北交易所就《上市公司可持续发展报告编制指南（征求意见稿）》的修订征 求意见。近年来，随着ESG政策涌现，ESG投资关注度也在持续 ...

截至发稿，周文超累计任职时间4年137天，现任基金资产总规模2.59亿元，任职期间最佳基金回报 51.32%， 任职期间最差基金回报0.08%。 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。 数据显示，浙商证券资管旗下1只基金重仓德业股份。浙商之江凤凰ETF（512190）二季度持有股数 3.72万股，占基金净值比例为3.34%，位居第九大重仓股。根据测算，今日浮盈赚取约14.58万元。连续 3天上涨期间浮盈赚取46.02万元。 浙商之江凤凰ETF（512190）成立日期2019年8月5日，最新规模5866.2万。今年以来收益26.59%，同类 排名1429/4222；近一年收益47.38%，同类排名1850/3795；成立以来收益135.43%。 浙商之江凤凰ETF（512190）基金经理为周文超。 9月8日，德业股份涨5.19%，截至发稿，报79.47元/股，成交28.04亿元，换手率4.09%，总市值718.76亿 元。德业股份股价已经连续3天上涨，区间累计涨幅1 ...

特此公告。 浙商证券股份有限公司 2025年9月8日 一、 浙商证券股份有限公司成都董家湾北街证券营业部客户将于2025年9月整体并入至浙商证券股份有 限公司四川分公司（地址未变：四川省成都市武侯区董家湾北街3号），并由四川分公司提供后续服 务。 二、 合并后，您的资金账号、账户密码、交易方式和所有业务办理方式等保持不变，证券交易、资金 划转不受任何影响。 三、 如您有任何疑问，可致电浙商证券成都董家湾北街营业部电话：028-61515801、028-61515817或浙 商证券统一客服热线95345。 尊敬的投资者: 为优化网点布局，整合网点资源，浙商证券股份有限公司决定撤销成都董家湾北街证券营业部，现将相 关事项公告如下： ...

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！ 出品：新浪财经上市公司研究院 作者：郑权 近日，42家纯证券业务上市券商2025年半年报披露完毕。42家上市券商2025年上半年合计实现营业总收入2519亿元，同比增长31%；实现归母净利润1040亿 元，同比增长65%。 42家券商中，中信证券今年上半年的营收最高为330.39亿元；太平洋营收最低，仅6.15亿元。营收增速最快的是国联民生，高达269.4%的增速与两家券商合 并有关；营收增速最低的是浙商证券，为-23.66%。 在行业营收快速增长的今年上半年，浙商证券营收却大降，一方面是因为期货公司现货销售收入减少，另一方面资管业务手续费净收入大幅下降23.58%， 公司资产管理业务经营净值规模有所下滑，平均受托资产管理收益率（主动管理）降幅明显。此外，浙商证券5月份将国都证券并表，但后者营收、净利润 双降。 浙商证券营收降幅最大 主动管理业务"量价齐跌" wind显示，42家上市券商2025年上半年合计实现营业总收入2519亿元，同比增长31%；实现归母净利润1040亿元，同比增长65%。其中，中信证券营收最高 为330.39亿元； ...

Core Viewpoint - Huayou Cobalt Co., Ltd. has shown a significant increase in stock price and trading volume, indicating strong market interest and potential growth in the new energy materials sector [1]. Company Overview - Huayou Cobalt, established on May 22, 2002, and listed on January 29, 2015, is located in Tongxiang Economic Development Zone, Zhejiang Province. The company specializes in the research and manufacturing of new energy lithium battery materials and cobalt new materials [1]. - The revenue composition of Huayou Cobalt includes: nickel products (34.54%), cathode materials (16.28%), trading and others (15.55%), nickel intermediates (14.91%), copper products (5.95%), ternary precursors (5.25%), lithium products (4.18%), and cobalt products (3.33%) [1]. Fund Holdings - According to data, Zheshang Securities Asset Management has a fund that heavily invests in Huayou Cobalt. The Zheshang Zhijiang Phoenix ETF (512190) held 140,100 shares in the second quarter, accounting for 8.84% of the fund's net value, making it the third-largest holding [2]. - The Zheshang Zhijiang Phoenix ETF (512190) was established on August 5, 2019, with a latest scale of 58.662 million. The fund has achieved a year-to-date return of 22.36%, ranking 1453 out of 4222 in its category, and a one-year return of 42.86%, ranking 1893 out of 3795 [2]. Fund Manager Information - The fund manager of Zheshang Zhijiang Phoenix ETF (512190) is Zhou Wenchao, who has been in the position for 4 years and 134 days. The total asset size of the fund is 259 million, with the best return during his tenure being 46.27% and the worst return being 0.05% [3].

Group 1: Industry Insights - The rapid increase in power of AI server cabinets is pushing the limits of cold plate liquid cooling, leading to a rise in the penetration of immersion liquid cooling and a surge in demand for fluorinated liquids [1] - Currently, fluorinated compounds account for approximately 94.2% of the immersion cooling liquid market, indicating a strong market share for this segment [1] - Based on calculations, if 1% of the 2.1 million AI servers expected to be shipped in 2025 utilize immersion cooling, the demand for fluorinated liquids could reach 10,500 tons [1] Group 2: Product Development - Perfluoropolyether is expected to become the preferred choice for immersion cooling fluorinated liquids due to its excellent properties such as low dielectric constant, good insulation, and high thermal conductivity [2] - The synthesis of perfluoropolyether is complex, with only a few companies globally, including Solvay, Chemours, and Daikin, capable of mass production [3] - The main production methods for perfluoropolyether include photochemical oxidation and anionic polymerization, with K-type and Y-type being the most common types in the market [3] Group 3: Company Profiles - Sinochem International (New Zhou Bang) has established a production capacity of 2,500 tons of perfluoropolyether, which supports various applications including immersion cooling for data centers [4] - The company has plans to expand its production capacity through technological upgrades and a new project aimed at producing 30,000 tons of high-end fluorinated fine chemicals, with an investment of approximately 1.2 billion yuan [4] - Juhua Co., Ltd. has developed a series of perfluoropolyether-based cooling liquids, which have been recognized as excellent industrial new products in Zhejiang Province for 2025 [5] - The company has established demonstration applications for its immersion cooling liquids and plans to produce 5,000 tons annually, with the first phase already in operation [5]

Group 1 - The core viewpoint of the news is that Pengding Holdings has seen a significant increase in stock price, with a rise of 5.02% to 51.02 CNY per share, and a total market capitalization of 118.27 billion CNY [1] - Pengding Holdings specializes in the design, research and development, manufacturing, and sales of various printed circuit boards, with its main business revenue composition being 62.70% from communication boards, 31.60% from consumer electronics and computer boards, 4.92% from automotive/server boards, and 0.78% from other sources [1] Group 2 - From the perspective of fund holdings, one fund under Zheshang Securities Asset Management has a significant position in Pengding Holdings, with Zheshang Huijin Transformation Growth (000935) holding 39,500 shares, which represents 3.25% of the fund's net value [2] - The Zheshang Huijin Transformation Growth fund has achieved a year-to-date return of 28.08% and a one-year return of 49.29%, ranking 1843 out of 8178 and 2110 out of 7978 respectively [2]