Core Viewpoint - The report from Zheshang Securities highlights that Digital Video's net profit attributable to shareholders for the first half of the year reached 0.17 billion, marking a year-on-year increase of 2747.64%, while the net profit after deducting non-recurring items was 0.07 billion, up 42.48% year-on-year [1] Group 1: Financial Performance - The company achieved rapid growth in both revenue and net profit after deducting non-recurring items, indicating a positive development in its core business [1] - In the second quarter, the company's operating revenue was 1.34 billion, reflecting a year-on-year growth of 20.07%, and the net profit attributable to shareholders was 0.09 billion, turning from a loss to a profit year-on-year [1] Group 2: Industry Position and Technological Advancements - Driven by policy support, the company continues to consolidate its leading position in the industry, continuously iterating on 4K/8K ultra-high-definition video processing technology [1] - By integrating technologies such as 5G, AI, and big data, the company is deeply empowering the ultra-high-definition industry ecosystem, which is expected to create better development opportunities [1] - The company has also launched new products, including a multi-model collaborative audio-visual AI authentication system and an AI Agent for the broadcasting industry, which are anticipated to benefit from the accelerated implementation of artificial intelligence applications in the future [1]

Group 1 - The core point of the news is that Shuyou Shen's stock price dropped by 5.06% to 38.50 CNY per share, with a trading volume of 1.129 billion CNY and a turnover rate of 6.26%, resulting in a total market capitalization of 18.394 billion CNY [1] - Shuyou Shen (Beijing) Biopharmaceutical Co., Ltd. was established on August 16, 2002, and went public on April 15, 2011. The company primarily engages in the research, development, production, and sales of biological products and some chemical drugs [1] Group 2 - From the perspective of the top ten holdings of funds, one fund under Zheshang Securities Asset Management has a significant position in Shuyou Shen. The Zheshang Huijin Quantitative Selected Mixed Fund (006449) held 143,900 shares in the second quarter, accounting for 5.18% of the fund's net value, making it the second-largest holding [2] - The Zheshang Huijin Quantitative Selected Mixed Fund (006449) was established on March 25, 2019, with a latest scale of 104 million CNY. Year-to-date, it has achieved a return of 55.11%, ranking 476 out of 8,248 in its category; over the past year, it has returned 80.17%, ranking 731 out of 8,051; and since inception, it has returned 51.4% [2] - The fund manager of Zheshang Huijin Quantitative Selected Mixed Fund is Pang Yaqing, who has been in the position for 1 year and 224 days. During this period, the best fund return was 64.42%, and the worst fund return was also 64.42% [2]

浙商汇金转型成长（000935）成立日期2014年12月30日，最新规模3898.75万。今年以来收益29.97%， 同类排名2152/8177；近一年收益54.08%，同类排名2334/7982；成立以来收益25.54%。 浙商汇金转型成长（000935）基金经理为马斌博。 截至发稿，马斌博累计任职时间7年260天，现任基金资产总规模3897.17万元，任职期间最佳基金回报 78.16%， 任职期间最差基金回报-43.63%。 9月10日，协创数据涨5.97%，截至发稿，报121.88元/股，成交8.55亿元，换手率2.07%，总市值421.85 亿元。协创数据股价已经连续3天上涨，区间累计涨幅19.8%。 资料显示，协创数据技术股份有限公司位于广东省深圳市福田区深南大道耀华创建大厦1座12层1209号 房，成立日期2005年11月18日，上市日期2020年7月27日，公司主营业务涉及消费电子领域物联网智能 终端和数据存储设备等产品的研发、生产和销售,并不断紧跟技术变革与市场的发展趋势,推出新产品。 从基金十大重仓股角度 数据显示，浙商证券资管旗下1只基金重仓协创数据。浙商汇金转型成长（000935）二季度 ...

格隆汇9月9日｜浙商证券研报指出，受到渠道结构变化影响，洽洽食品主营业务25H1均略有下滑。公 司25H1业绩略低于预期，利润整体承压。但该行认为公司已经开始扩渠道拓新品，积极寻求新的增长 路径。例如公司积极拓展新兴渠道，同时开拓海外市场，通过多元化渠道布局、多品类产品上新推动收 入增长，提升品牌在海外市场的渗透率和终端覆盖率；品类方面，公司聚焦重点品类产品发展，持续进 行细分品类创新，瓜子推出山野系列瓜子、瓜子仁冰淇淋等新品，坚果推出白坚果、风味坚果等；同时 推出蜂蜜黄油味鲜切薯条及魔芋等休闲食品，期待后续公司业绩的持续恢复。维持"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%。 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。 ...

Core Viewpoint - The recent guidance from the China Securities Regulatory Commission (CSRC) on the revision of the "Guidelines for the Preparation of Sustainable Development Reports by Listed Companies" reflects the growing focus on ESG (Environmental, Social, and Governance) investments, which are increasingly seen as a way to manage risks rather than solely a means to generate excess returns [1][2]. Group 1: ESG Investment Performance - ESG factors exhibit cyclical excess returns in the secondary market, indicating that their profitability is not constant but varies with economic cycles [2]. - Funds employing negative screening strategies (excluding low-scoring companies) have shown significantly higher long-term returns compared to those that do not use such strategies [2]. - During the volatile stock market period of 2023-2024, ESG products experienced smaller declines than the average decline in the Shenwan industry classification, suggesting resilience in ESG investments [2]. Group 2: ESG Investment Strategies - Effective ESG investment should not be simplified to a single theme like renewable energy, as this can expose investments to industry-specific risks [3]. - Three strategies for effective ESG practice include: 1. Negative screening to avoid risks 2. Encouraging companies to improve ESG disclosures to attract shareholder investment 3. Quantitative comparisons of key indicators (e.g., carbon emission intensity) within the same industry [3]. - The assessment environment for ESG is improving, with mandatory ESG disclosure regulations set to take effect by April 30, 2025, leading to a more mature evaluation system [3]. Group 3: Industry Trends - The asset management industry is shifting from a focus on chasing excess returns to building systems that mitigate risks, aligning with regulatory encouragement for long-term investment and value-oriented strategies [3].

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 ...

Group 1 - The company, Zheshang Securities Co., Ltd., has decided to close its Chengdu Dongjiawan North Street Securities Office to optimize branch layout and integrate resources [1] - Customers of the Chengdu Dongjiawan North Street Securities Office will be merged into the Sichuan Branch of Zheshang Securities by September 2025, with the address remaining the same [1] - Post-merger, customers' account details, transaction methods, and all service processes will remain unchanged, ensuring no impact on securities trading or fund transfers [1] Group 2 - For any inquiries, customers can contact the Chengdu Dongjiawan North Street Securities Office or the unified customer service hotline of Zheshang Securities [1]