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 ...

Group 1 - The current valuation of leading white goods companies is at a low level not seen since 2010, while the valuation of the CSI 300 index has been rising, indicating a potential "high cut low" rebound opportunity for the white goods sector [1] - Despite a marginal decline in short-term industry prosperity, the long-term growth potential remains intact, supported by expectations of increased dividend rates and declining government bond yields, which may lead to a phase-wise recovery in valuations [1] - Historical performance during the last A-share bull market shows that leading white goods companies underperformed the CSI 300 and Shanghai Composite Index, but they exhibited excess returns during rapid index upswings [2] Group 2 - The new regulations for public funds may enhance their preference for white goods, with over 10% of holdings in leading companies, and a significant portion being passive index funds, indicating room for increased allocation [3] - The current dividend yield of white goods companies is attractive, with Gree at 7% and Midea at 5%, which is significantly higher than that of banks and non-bank financials, suggesting a favorable investment opportunity [4] - The insurance sector is expected to allocate 30% of new premiums to A-shares starting in 2025, which could further boost investment in white goods due to their stable dividend yields and higher return on equity compared to banks [4]

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 ...

Core Viewpoint - The company emphasizes the importance of digital financial construction as a key driver for the healthy and stable development of the capital market, aligning with national policies and industry trends [1][7]. Group 1: Digital Financial Development - The company identifies three dimensions for developing digital financial capabilities: enhancing the digitalization level of financial institutions, strengthening digital financial regulatory capabilities, and aligning with technological revolution trends [2]. - A dedicated Financial Technology Committee has been established to implement over ten specific measures aimed at transitioning from digitalization to intelligence [2][3]. Group 2: Innovation and AI Integration - The company plans to innovate its digital financial service system by accelerating product development, creating a benchmark app for retail clients, and building a comprehensive digital research platform [3]. - AI technology will be integrated across various scenarios, including intelligent investment research and customer service enhancements, while also establishing a cloud service architecture to support business development [3][4]. Group 3: Regulatory Technology and Trends - The company aims to build a leading regulatory technology system by applying optimal technologies to ensure compliance and enhance internal control digitalization [3]. - Four major trends in the securities industry are identified: productization, socialization, ecological integration, and strategic elevation, reflecting the ongoing transformation driven by financial technology [4][5]. Group 4: Investment and Smart Transformation - The company has committed to a long-term strategy of information technology investment, with a projected expenditure of 417 million yuan in 2024, marking a recent high [6]. - A comprehensive risk management system has been established, utilizing a risk data marketplace and various risk control models to enhance overall risk management capabilities [6]. Group 5: Commitment to Digital Finance - The company is dedicated to deepening its technology strategy, enhancing service quality, and optimizing financial service models in line with national policy requirements [7].

Core Viewpoint - The company is committed to embracing the trend of digital finance and intelligent development in the securities industry, contributing to the healthy and stable development of the capital market [1] Group 1: Digital Finance Development - The company identifies three dimensions for developing digital finance capabilities: enhancing the digitalization level of financial institutions, strengthening digital financial regulatory capabilities, and aligning with the trends of technological revolution [2] - A dedicated Financial Technology Committee has been established to implement over ten specific measures aimed at transitioning from digitalization to intelligence [2] Group 2: Digital Financial Service System - The company aims to innovate and upgrade its digital financial service system, including accelerating the development of digital financial products and creating a leading one-stop comprehensive securities financial service platform for institutional clients [3] - The company is focusing on deepening AI technology applications across various scenarios, including intelligent investment research and advisory services [3] Group 3: Regulatory Technology System - The company is constructing an industry-leading regulatory technology system to ensure its internal control digitalization exceeds regulatory standards and requirements [3] Group 4: Trends in the Securities Industry - The digital finance construction in the securities industry is showing four major trends: productization, socialization, ecological integration, and strategic elevation [4] - Productization reflects the innovation of technology-driven financial products, while socialization indicates a revolution in customer interaction in retail scenarios [4] Group 5: Investment in Technology - The company has allocated 417 million yuan for information technology investment in 2024, marking a new high in recent years [5] - The company has completed the construction of its information system and digital capabilities, entering a new phase of intelligent transformation [5] Group 6: Risk Management - The company has established a comprehensive risk management system supported by a risk data marketplace and multiple risk control models [5] - The focus is on enhancing the foundational capabilities of the risk data marketplace to support high-quality data resources for comprehensive risk system construction [5] Group 7: Commitment to Digital Finance - The company will continue to deepen its technology strategy, aiming to become a technology-driven securities firm that enhances service quality and risk management capabilities [6]