证券代码：601878 证券简称：浙商证券 公告编号：2025-043 2、上海清算所网站，http://www.shclearing.com。 特此公告。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 浙商证券股份有限公司2025年度第八期短期融资券已于2025年8月6日发行完毕，相关发行情况如下： ■ 本期发行短期融资券的相关文件已在以下网站上刊登： 1、中国货币网，http://www.chinamoney.com.cn； 浙商证券股份有限公司 2025年度第八期短期融资券发行 结果公告 浙商证券股份有限公司董事会 2025年8月8日 ...

浙商证券股份有限公司 关于深圳市宇顺电子股份有限公司 本次重组相关主体买卖股票自查报告的专项核查意见 深圳市宇顺电子股份有限公司（以下简称"宇顺电子"、 "公司"、 "上市公司"） 拟以支付现金方式收购中恩云（北京）数据科技有限公司、北京申惠碧源云计算 科技有限公司、中恩云（北京）数据信息技术有限公司（三个公司以下统称"标 的公司"）100％股权（以下简称"本次交易"或"本次重组"）。根据《上市公司 重大资产重组管理办法》《深圳证券交易所股票上市规则》的相关规定，本次交 易构成重大资产重组。 根据《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露内 容与格式准则第 26 号——上市公司重大资产重组》 《深圳证券交易所上市公司自 律监管指引第 8 号——重大资产重组》等相关规定，公司出具了关于本次重组相 关主体买卖股票自查报告。 浙商证券股份有限公司（以下简称"浙商证券"、"独立财务顾问"）作为本 次交易的独立财务顾问，对前述自查报告进行核查，具体情况如下： 知情人员； 关知情人员； 《股东股份变更明细清单》、自查期间核查范围内相关主体出具的自 查报告及声明与承诺，本次交易相关主体在核查期间内买卖上市 ...

证券日报网讯 8月7日晚间，浙商证券发布公告称，公司2025年度第八期短期融资券已于2025年8月6日 发行完毕。 （文章来源：证券日报） ...

本期发行短期融资券的相关文件已在以下网站上刊登： 1、中国货币网，http://www.chinamoney.com.cn； 2、上海清算所网站，http://www.shclearing.com。 特此公告。 证券代码：601878 证券简称：浙商证券 公告编号：2025-043 浙商证券股份有限公司 2025 年度第八期短期融资券发行结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 浙商证券股份有限公司 2025 年度第八期短期融资券已于 2025 年 8 月 6 日发 行完毕，相关发行情况如下： | 短期融资券名称 | 浙商证券股份有限公司 | 2025 年度第八期短期融资券 | | | --- | --- | --- | --- | | 短期融资券发行简称 | 25 浙商证券 CP008 | 短期融资券流通代码 | 072510151 | | 发行日 | 2025 年 8 月 5 日 | 起息日期 2025 | 年 8 月 6 日 | | 兑付日期 | 2026 年 8 月 6 日 | 期限 | 365D ...

上一轮A股牛市中白电的表现如何? 2024.3.12-2015.6.12牛市期间三大白电龙头的累计涨幅确实跑输沪深300和上证指数;但在指数快速上行 阶段白电龙头能跑出超额。和现在一样，14Q2-15H1的牛市期间白电也面临着景气度下行，且直到2015 年底才正式进入需求底部，但估值的触底反弹在2014年11月就已经开始，始于美的集团的估值下降至和 沪深300的估值持平之时，因此估值回归主要由资金面因素驱动，而非基本面触底信号。因此该行认为 在牛市思维下应该考虑资金面情况，而非完全出于基本面情况定价。该行认为考虑到三大白电龙头多轮 改革持续降低渠道库存，2026年在国补退坡背景下对白电出货量的影响应该好于2015年。而资金面来 看，当前美的集团的PE-TTM已经开始低于沪深300的估值。 提升估值的资金从何而来? 1)公募新规可能加强公募基金对于白电的偏好。公募基金在白电龙头的持股中占比10%以上，其中有 5%-6%为被动指数基金，其余为主动权益和增强指数等。《推动公募基金高质量发展行动方案》强化业 绩比较基准的约束作用、基金公司收入报酬与投资者回报绑定，并提升对于三年以上中长期业绩的考核 比重，有助于提升公 ...

Core Viewpoint - The article discusses the "Guiding Opinions on Financial Support for New-Type Industrialization" issued by several Chinese government departments, outlining a roadmap for enhancing financial support for the manufacturing sector by 2027, focusing on high-end, intelligent, and green development [1][2]. Financial Support Framework - The financial system aims to mature by 2027, with a diverse range of financial tools such as loans, bonds, equity, and insurance, while effectively managing cross-financial risks [1]. - The emphasis is on improving the financial support capabilities for new-type industrialization, addressing internal mechanisms of financial institutions, collaboration among various financial tools, and talent development [2]. Differentiated Financial Services - New-type industrialization is characterized by a focus on quality improvement and reasonable growth, with a shift from traditional industrialization methods [2][3]. - Financial support will prioritize high-tech manufacturing and strategic emerging industries, with a notable increase in credit allocation to these sectors [3]. Key Tasks and Strategies - The "Guiding Opinions" propose optimizing financial policy tools, introducing long-term funds, and enhancing financial services for key enterprises to boost innovation and resilience in supply chains [4]. - A comprehensive, differentiated, and specialized financial service system is being constructed to align with the demands of new-type industrialization [4]. Financial Institutions' Initiatives - Several financial institutions are actively exploring ways to support new-type industrialization, such as offering targeted financial services and utilizing technology for better decision-making [5]. - For instance, the Industrial and Commercial Bank of China has launched specialized financial services on a national platform, while Ningbo Bank has created a one-stop service platform for equipment lifecycle management [5]. Future Directions - Financial support for new-type industrialization will focus on optimizing funding structures, enhancing technology finance services, and promoting green and digital finance [6]. - There is a need to increase the proportion of medium- and long-term loans and innovate credit products to better meet the needs of manufacturing enterprises [7]. Collaboration and Integration - The article highlights the importance of collaboration between financial institutions and technology service providers to facilitate the transformation of scientific achievements into practical applications [8]. - The goal is to achieve a synergistic effect among diversified funding sources, refined risk management, ecological service scenarios, and precise policy guidance, fostering a virtuous cycle among technology, finance, and industry [8].

Core Viewpoint - The humanoid robot industry is experiencing multiple catalysts, with significant events such as the 2025 World Robot Conference and the first global humanoid robot sports event approaching, indicating accelerated industrialization and order release [1][2] Industry Catalysts - The humanoid robot concept index rose by 14.95% since July 11, with a 2.83% increase on August 6, driven by strong performances from key stocks [2] - The 2025 World Robot Conference will take place from August 8 to 12 in Beijing, featuring over 1,500 exhibits from more than 200 domestic and international robot companies, including over 100 new product launches [2][3] Order Growth - Major companies in the humanoid robot sector have secured significant contracts, including a 90.51 million yuan order for UBTECH and a 124 million yuan project for Zhiyuan Robotics [4] - The global humanoid robot market is projected to grow from approximately $2.16 billion in 2023 to $32.4 billion by 2029, with China's market expected to reach 2.76 billion yuan in 2024 [4] Investment Opportunities - Analysts suggest focusing on three main investment lines: high-value components, potential application scenarios, and merger and acquisition targets driven by policy catalysts [5][7] - The humanoid robot sector is transitioning from theme-based investment to industrial implementation, with strong growth expectations and long-term investment value [6][7]

Core Insights - Recent departure of two analysts from Zheshang Securities' new consumption team to Guosheng Securities highlights talent movement within the industry [1] - Zheshang Securities continues to perform well in the consumer sector, maintaining its position as a leading research institution despite a decline in revenue [1] - Guosheng Securities shows growth in revenue and profit, driven by bond trading and brokerage services, indicating a competitive landscape [2] Group 1: Zheshang Securities - Analysts Zhou Mingrui and Huang Zhenxing have left Zheshang Securities to join Guosheng Securities, indicating a shift in talent within the sector [1] - Zheshang Securities achieved operating revenue of 15.816 billion yuan in 2024, a year-on-year decline of 10.33%, while net profit attributable to shareholders was 1.932 billion yuan, an increase of 10.17% [1] - The firm’s public fund distribution income was 327 million yuan, with a decline of only 18.71%, making it the only research institution among the top 20 to improve its ranking for five consecutive years [1] Group 2: Guosheng Securities - Guosheng Securities reported total operating revenue of 1.907 billion yuan in 2024, a year-on-year increase of 5.23%, and net profit of 347 million yuan, up 56.06% [2] - The growth in Guosheng's revenue is attributed to the strong performance of its bond trading and brokerage business [2] - Guosheng Securities' public fund distribution income was 239 million yuan, with market share in the Shanghai and Shenzhen stock exchanges at 2.67% and 2.51%, respectively, showing an improvement in its competitive position [2]

智通财经APP获悉，浙商证券发布研报称，当前我国绿证市场全体系已经基本建设完成。后续绿证供给 的弹性在于绿证核发覆盖率进一步提升，供给上升空间有限。需求端，省级政府考虑能耗双控考核、可 再生能源消纳考核的压力，会将目标分解至省内企业，促使企业购买绿证；可持续报告披露制度日益完 善、海外绿色贸易壁垒落地临近两大因素也提高了绿证的需求。综合来看，绿证供需差收敛，过剩压力 缓解，价格有望进一步提升。此外，海外绿色贸易壁垒认可度上，绿电直连>绿电交易>证电分离，有 望推进绿电直连模式在我国的发展。 浙商证券主要观点如下： 我国绿证体制机制建设基本完善 贸易认可度绿电直连>绿电交易>证电分离，开启直连新模式 在关注的海外主要绿色贸易壁垒中，欧盟《新电池法》仅认可物理直连模式为绿电使用，而CBAM认可 绿电交易协议和物理直连。而绿证主要应用在以RE100为核心的供应链企业绿电核算中。贸易认可度绿 电直连>绿电交易>证电分离。2025年5月发改委也推出新政策支持绿电直连模式发展，绿电直连模式有 望成为绿电消纳中快速增长的新业态。 风险提示 政策变化风险；市场情绪与偏好波动风险；数据变化风险。 展望后市，绿证供需差收敛，价格 ...

核心观点 5-6月非农数据下修或推动美联储降息节奏加快，仅就当前数据来看，美联储9月"补偿性"降息概率有限，核心仍是交易降息而非衰退。深层来看，非农数 据或引发基于数据的投研分析体系受到冲击，黄金价值或进一步凸显。 1、非农就业数据爆冷，降息节奏加速：美国7月新增非农就业7.3万人不及市场预期，失业率录得4.2%，5-6月非农数据出现大幅下修。非农数据公布后， 市场对美联储9月降息25BP的概率预期由37.66%大幅跃升至80.31%，同时完全定价美联储将于10月前至少降息1次25BP，下阶段美联储降息节奏或有望大 幅加快。 2、"补偿性"降息条件尚未达成，降息交易或仍是主流：2024年9月，美联储以50BP的超预期降息幅度开启本轮降息周期，仅就当前数据来看，我们认为 或尚不足以驱动美联储再度进行"补偿式"降息。关于美国经济，我们认为当下最合适的定义或是增长动能边际弱化而非将要步入衰退。 3、基于数据的投研分析体系或将持续受到冲击，黄金价值凸显：短期来看，ADP就业数据或可作为非农"代餐"，市场对ADP就业数据的关注度或进一步 提高。长期来看，关于数据可信性问题的影响或逐步发酵，这或将为金融市场添加更多无序性 ...