NO.2银河证券：多因素共同推动证券板块景气度上行，配置正当时 ｜2025年7月17日星期四｜ NO.1华泰证券：6月航司客座率表现良好，期待向票价传导 华泰证券研报称，6月淡季航司运力同比增速下滑，三大航+春秋+吉祥供给同比增长4.7%，同时客座率 维持高位，同比增长1.7个百分点至84.6%。往后看，短期需持续跟踪旺季票价和客座率表现，当前板块 或已较为充分反应较弱的票价。华泰证券认为行业供给增速将维持较低水平，供需关系若有改善，叠加 收益管理，航司盈利有望兑现弹性，持续推荐航空板块。 NO.3中泰证券：AI叠加消费电子国补电子板块二季度或延续高增长 中泰证券（600918）研报指出，在AI投资与消费电子补贴等支持下，一季度电子板块业绩大幅回暖。 向后看，二季度电子行业景气度继续高企，AI热潮带动算力芯片及相关硬件需求旺盛，企业资本开支 增加，半导体板块维持高增长态势。下游云计算、汽车电子订单充裕，二季度业绩有望超出市场预期。 中国银河（601881）证券研报表示，科创成长层正式落地，核心价值在于为国家科技自立自强战略提供 了强有力的资本市场制度支撑，同时也为券商投行业务高质量提供了制度保障。银河证券认为 ...

中国银河（601881）证券研报表示，科创成长层正式落地，核心价值在于为国家科技自立自强战略提供 了强有力的资本市场制度支撑，同时也为券商投行业务高质量提供了制度保障。银河证券认为国家"稳 增长、稳股市"、"提振资本市场"的政策目标仍将持续定调板块未来走向，流动性适度宽松环境延续、 资本市场环境持续优化、投资者信心重塑等多方面因素共同推动证券板块景气度上行，中长期资金扩容 进一步增强证券行业基本面改善预期，板块配置正当时。 ...

来源：财富大侦探007 基金分享 610 ： 东方主题精选（ 400032 ） 各位侦探哥的粉丝们大家好，三年前，我们每天都分享一只基金，现在这个栏目又重新开始了，我们继续按照最新季度的规模排名从大到小来分析基金， 超过600只！最近我们的锐评基金都不敢"锐了"，现在只要反应基金产品业绩不好，基金公司高管变动、基金经理一拖多、风格漂移啥的，都有可能给你 戴上"写黑稿"、"敲诈勒索"的帽子，咱现在尽可能给基金公司吹牛！ 今天来分享的的这只产品是——东方主题精选（400032），这是东方基金基金经理周思越管理的产品。这只基金成立时间超10年，目前来看，成立以来业 绩涨了-0.22%，目前累计净值0.9978元。这算是一只年头很长的产品，成立以来业绩侦探君觉得总体业绩一般，毕竟现在还差一点没回本，但也快了。成 立时间应该是2015年的杠杆牛市后期，当时市场非常火热，直奔6000点。后来市场暴跌，这产品估计很惨吧！这只产品因为前两三年回撤也不小，所以目 前净值还在水下。最近一年反弹也不算多，真的很不容易呢！ 这只产品成立于2015年3月23日，周思越是从2023年11月13日开始管理这只基金，周思越任期回报赚了-9. ...

Core Insights - The number of securities practitioners continues to decline despite the industry's overall profitability and growth, with a net decrease of 7,268 personnel in the first half of the year [1][2] - The total number of securities practitioners reached a peak of 354,200 in 2022, but has since dropped to 329,100 by mid-2025, reflecting a reduction of 25,000 over two and a half years [2][4] Group 1: Industry Performance - As of July 16, 2023, 31 out of 49 listed brokerages reported positive half-year performance forecasts, with over 10 firms experiencing a year-on-year net profit growth exceeding 100% [1] - The decline in the number of practitioners is attributed to multiple factors, including brokerage mergers, salary reductions, a decrease in IPO numbers, and adjustments in talent structure based on business changes [1][2] Group 2: Workforce Composition - By June 30, 2025, the breakdown of registered securities personnel includes 206,700 in general securities business, 81,500 investment advisors, 25,900 brokers, 8,470 sponsors, and 5,625 analysts [2] - The largest brokerage by personnel is the merged Guotai Junan Securities, followed by CITIC Securities and CICC [2] Group 3: Trends in Employment - The reduction in workforce is primarily seen in general securities personnel and brokers, with a decrease of 5,527 and 2,541 respectively in the first half of the year [2] - Conversely, the number of analysts and investment advisors has increased, with net gains of 62 and 1,181 respectively [2][4] Group 4: Future Outlook - The industry is expected to face challenges as many labor contracts are set to expire, particularly for employees hired during the 2020-2022 expansion period [5] - The number of sponsor representatives peaked at 8,812 in 2024 but has since decreased to 8,470 by mid-2025, indicating a trend of oversupply in this area [6][8] Group 5: Talent Migration - Some former securities personnel have transitioned to roles in listed companies or the technology sector, reflecting a shift in talent demand [9][10] - A portion of the workforce has also moved into public service roles, as evidenced by recent civil service recruitment announcements [10]

Group 1 - Tiande Yu achieved a net profit of 1.52 billion yuan in the first half of 2025, a year-on-year increase of 50.89% [1] - Tiande Yu's operating income for the same period was 12.08 billion yuan, reflecting a growth of 43.35% year-on-year [1] - Fule New Materials plans to reduce its shareholding by up to 1.33%, amounting to 376.25 million shares, due to personal funding needs [1] - Jindi Co. signed an industrial project investment contract with a total investment of no less than 1.5 billion yuan [1] Group 2 - Tuo Xin Pharmaceutical intends to invest 10 million yuan in Jiangsu Jinsan Biotechnology, acquiring a 1.75% stake [1] - Pinming Technology expects a net profit of 28 million to 34 million yuan for the first half of 2025, a year-on-year increase of 231.79% to 302.89% [4] - Shuanglin Co. anticipates a net profit of 251 million to 310 million yuan, representing a growth of 1% to 25% year-on-year [7] Group 3 - Kangxino received approval for clinical trials of its trivalent poliovirus vaccine [8] - Bailian Co. signed a land storage compensation contract worth approximately 2 billion yuan [9] - Wukuang Development plans to issue short-term financing bonds and medium-term notes totaling up to 2 billion yuan each [10] Group 4 - Hengxin Life intends to invest 10 million yuan in a targeted equity investment [12] - Hengyin Technology expects a net profit of 13.5 million to 16.2 million yuan, marking a turnaround from losses [14] - *ST Jinglun anticipates a net loss of 19 million to 22 million yuan for the first half of 2025 [15] Group 5 - Baiyun Electric won a bid for a State Grid project worth 164 million yuan [16] - Zhejiang Energy completed a power generation of 788.48 billion kWh in the first half of 2025, a year-on-year increase of 4.48% [17] - Sheneng Co. reported a power generation of 259.51 billion kWh, a decrease of 1.7% year-on-year [19] Group 6 - Hengerd signed a strategic cooperation framework agreement with Tiangong International [21] - Baotai's application for the listing of Golimumab injection has been accepted by the FDA [23] - Yishitong received a government subsidy of 2 million yuan [24] Group 7 - Jinggong Steel signed a contract worth approximately 550 million yuan for the Jeddah Stadium project in Saudi Arabia [26] - Zhongwang Software received a government subsidy of 28 million yuan [27] - Rongxin Culture used idle funds of 100 million yuan to purchase financial products [29] Group 8 - Lingxiao Pump Industry invested 80 million yuan in financial products [31] - China Pacific Insurance reported a total original insurance premium income of 282 billion yuan from its subsidiaries [32] - Kema Technology expects a net profit of 165 million to 175 million yuan, a year-on-year increase of 18.59% to 25.77% [32] Group 9 - Qujiang Cultural Tourism anticipates a net loss of approximately 13 million to 16.9 million yuan [32] - Daoshi Technology expects a net profit of 220 million to 238 million yuan, a year-on-year increase of 98.77% to 115.03% [32] - Baicheng Medicine forecasts a net profit decline of 95.53% to 100% [33] Group 10 - Bertley plans to invest 198 million yuan to establish a partnership for investments in emerging fields [34] - China Merchants Highway announced the resignation of its chairman due to reaching retirement age [35] - Overseas Chinese Town A reported a 29% decrease in contract sales amount in June [36]

证券代码：601881 证券简称：中国银河 公告编号：2025-053 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。 中国银河证券股份有限公司 2025 年度第十五期短期融资券已于 2025 年 7 月 16 日发行完毕，相关发行情况如下： | 债券名称 | 中国银河证券股份有限公司 | 2025 | 年度第十五期短期融资券 | | --- | --- | --- | --- | | 债券简称 | 25 银河证券 CP015 | 债券流通代码 | 072510126 | | 发行日 | 2025 年 7 月 15 日 | 起息日 | 2025 年 7 月 16 日 | | 到期兑付日 | 2025 年 10 月 23 日 | 期限 | 99 天 | | 计划发行总额 | 40 亿元人民币 | 实际发行总额 | 40 亿元人民币 | | 票面年利率 | 1.59% | 发行价格 | 100 元/百元面值 | 本 期 发 行 短 期 融 资 券 的 相 关 文 件 已 刊 登 在 中 国 货 币 网 （www.china ...

Core Viewpoint - The performance of A-share listed securities firms has shown significant improvement in the first half of 2025, with many firms reporting substantial profit growth driven by active capital market trading and recovery in investment banking activities [5][6][15]. Group 1: Performance Overview - As of the report, 26 out of 42 A-share listed securities firms have disclosed their half-year performance forecasts, with 25 firms showing varying degrees of profit growth and one firm turning a profit [3][6]. - Over 80% of the 26 firms reported a year-on-year profit increase exceeding 50%, with nearly 10 firms experiencing profit growth over 100% [4][11]. - Notable firms such as Huaxi Securities and Guolian Minsheng reported profit increases exceeding 10 times [4][10]. Group 2: Profit Growth Drivers - The primary reasons for profit growth include increased brokerage income due to heightened trading activity in the capital markets, significant gains in proprietary investment income, and a recovery in investment banking revenues [5][15]. - Approximately 20 firms mentioned growth in wealth management, brokerage, or proprietary investment income, with major firms like China Galaxy and CITIC Securities reporting multiple business income growth [15]. - The number of firms citing growth in investment banking revenues has increased, with at least 8 firms reporting such growth, reflecting a recovery in A-share IPO activities and increased overseas listings [15][16]. Group 3: Specific Firm Performance - Guotai Junan Securities is expected to achieve a net profit of between 152.83 billion to 159.57 billion yuan, representing a year-on-year increase of 205% to 218% [9][13]. - China Galaxy anticipates a net profit of 63.62 billion to 68.01 billion yuan, with a growth of 45% to 55% [2][13]. - Guolian Minsheng expects a net profit of 11.29 billion yuan, marking a staggering increase of 1183% [10][13]. Group 4: Market Conditions - The Hong Kong stock market has seen a significant increase in activity, with the Hang Seng Index and Hang Seng Tech Index rising by 20% and 19% respectively, contributing to improved overseas brokerage and investment banking business for securities firms [16]. - The A-share IPO market has also shown a year-on-year growth of 15%, with a quarter-on-quarter increase of 27%, indicating a recovery in equity underwriting business [16].

需求边际好转，居民与企业部门信贷均多增 6月末，金融机构人民币贷款余额同比增长7.1%，与上月持平。6月单月，金融机构新增人民币贷款2.24 万亿元，同比多增1100亿元，预计主要受益于降息落地一定程度改善实体部门融资意愿，实体经济信贷 需求边际略有修复。居民部门贷款增加5976亿元，同比多增267亿元;其中，短期贷款增加2621亿元，同 比多增150亿元，预计以旧换新政策叠加当月"618"活动促进居民短期消费需求边际回暖;中长期贷款增 加3353亿元，同比多增151亿元，或受6月楼市整体企稳延续、按揭早偿率平稳下降的影响。新增企业部 门贷款1.77万亿元，同比多增1400亿元;其中，短期贷款增加1.16万亿元，同比多增4900亿元，中长期贷 款新增1.01万亿元，同比多增400亿元，考虑到央行表示还原债务置换贷款后，可比口径下贷款同比增 速提高，该行认为企业中长贷实际增长好于读数。票据融资减少4109亿元，同比多减3716亿元。 M1、M2显著回升，资金活化程度提高 智通财经APP获悉，中国银河证券发布研报称，6月新增社融4.2万亿元，同比多增9008亿元；低基数效 应延续，M1、M2增速均回升，资金活化程 ...

Key Points - Zhongsheng Gaoke is planning a change in company control, with a potential transfer of 22.35% of shares at a valuation of 2.5 billion yuan, leading to a stock suspension starting July 16, 2025 [3][4] - Yanshan Technology's subsidiary is participating in a partnership to invest 41.64 million yuan in a fund that will ultimately invest in Bytedance Ltd [5] - Sanyuan Bio received an initial ruling of a 450.64% anti-dumping duty from the US Department of Commerce on erythritol, prompting a shift in sales strategy towards domestic markets [6] - Chutianlong is exploring digital currency projects but faces risks related to new technology development and commercial application [7] - Bertley is establishing a partnership to invest in humanoid robots and other emerging sectors, committing 198 million yuan [8] - China Merchants Highway's chairman resigned due to reaching retirement age [9] - Tibet Summit's controlling shareholder is under investigation for information disclosure violations, but it will not affect the company's operations [10][11] - ST Weir plans to acquire 51% of Zijiang New Materials for 546 million yuan, entering the lithium battery materials sector [12] - ST Yazhen's stock will be suspended for three days due to abnormal trading fluctuations [13] - Dahua Technology's subsidiary is shifting its listing to the Hong Kong Stock Exchange [14] Performance Forecasts - Zhongji Xuchuang expects a net profit increase of 52.64% to 86.57% for the first half of 2025, driven by strong demand for high-end optical modules [15] - Juchip Technology anticipates a 122.28% increase in net profit for the same period, benefiting from successful AI audio chip promotions [16] - Sitwei forecasts a net profit growth of 140% to 180%, with significant revenue increases from smartphone collaborations [17] - Tianyu Co. expects a net profit increase of 144.29% to 238.25%, aided by improved product structure and market strategies [18] - Jinli Yongci predicts a net profit growth of 151% to 180%, focusing on renewable energy and related sectors [19] - Blue Ocean Huaten expects a net profit increase of 152.76% to 190.68%, driven by growth in the new energy heavy truck market [20] - Maiqu'er anticipates a turnaround with a net profit of 1.4 million to 2 million yuan, compared to a loss in the previous year [21] - China Galaxy expects a net profit increase of 45% to 55%, with growth across various business segments [23] - Baicheng Pharmaceutical forecasts a significant decline in net profit, down 95.53% to 100% [24] Major Contracts - Jincheng signed a contract worth approximately 52.98 million USD for underground mining operations in the Democratic Republic of Congo [25] - ST Yundong entered a strategic cooperation agreement for drone development and investment with two companies [26] - Changgao Electric New's subsidiary won contracts totaling 445 million yuan from the State Grid [27] Shareholding Changes - Angli Education plans to reduce its repurchased shares by up to 573.1 million shares [28][29] - Lingzhi Software's shareholders plan to collectively reduce their holdings by up to 2.11% [30] - Founder Technology's major shareholder intends to reduce its stake by up to 2.27% [31] - Zhongfu Shenying's shareholder plans to reduce its stake by up to 1% [32] - Hangzhou Bank's shareholder intends to reduce its stake by up to 0.7% [33] - Haoyun Technology's chairman plans to reduce his stake by up to 400,000 shares [34] Financing Activities - Yuanwang Valley plans to raise up to 300 million yuan through a private placement for RFID production line projects and working capital [35]

Mergers and Acquisitions - Sinochem International plans to acquire 100% equity of Nantong Xingchen Synthetic Material Co., Ltd. from China BlueStar (Group) Co., Ltd. The transaction is not expected to constitute a major asset restructuring as per the regulations and will not lead to a change in the actual controller of the company [1] - *ST Weier intends to pay cash of 546 million yuan to purchase 51% of the shares of Shanghai Zijiang New Material Technology Co., Ltd., which amounts to 30,298,300 shares [2] Earnings Forecast - China Galaxy expects a net profit attributable to shareholders of approximately 6.362 billion to 6.801 billion yuan for the first half of 2025, representing a year-on-year growth of 45% to 55% compared to 4.388 billion yuan in the same period last year [3] - Haineng Industrial anticipates a net profit attributable to shareholders of 64 million to 74 million yuan for the first half of 2025, with a year-on-year growth of 92% to 122%, and expects revenue of 1.507 billion yuan, a 60.64% increase from the previous year [4] - Daoshi Technology forecasts a net profit of 220 million to 238 million yuan for the first half of 2025, indicating a year-on-year growth of 98.77% to 115.03% [5] Shareholding Changes - Sanwei Tiandi announced that shareholders plan to reduce their holdings by up to 4.07% of the company's shares, with a total of 2,320,500 shares representing 3.00% of the total share capital [6] - Hangzhou Bank disclosed that China Life intends to reduce its holdings by no more than 0.70% of the company's shares, equating to 50,789,400 shares [7] - Founder Technology reported that its shareholder New Founder Holdings plans to reduce its holdings by up to 2.27% of the company's shares, which is 9,451,000 shares [8]