10月22日，三大指数集体低开，中证全指证券公司指数截至发稿跌0.76%，成分股中，中原证券涨超 1%，国盛金控、天风证券跌超3%，广发证券、长江证券、信达证券等跟跌。 券商ETF（159842）跟踪中证全指证券公司指数。该指数选取中证全指样本股中至多50只证券公司行业 股票组成，以反映该行业股票的整体表现。 消息面上，据每日经济新闻，券商密集派发新一轮中期红包。10月21日，华鑫股份实施中期分红，合计 分红金额4137.51万元。除华鑫股份外，近日还有多家券商的中期红包即将到账。据统计，10月22日～ 28日，将有包括广发证券、方正证券、中原证券、财达证券、国泰海通、东方证券、信达证券、西部证 券等8家券商实施中期分红，合计拟派52亿元。数据显示，今年共有29家券商拟实施中期分红，总金额 超180亿元。 方正证券表示，高交投环境下券商基本面修复趋势明确，业绩高增趋势与估值表现背离，重视板块配置 机会。当前券商估值与业绩改善空间不匹配、估值上修空间充足。 相关ETF中，券商ETF（159842）截至发稿跌0.68%，成交金额超1500万元，溢折率0.05%，盘初频现 溢价交易。 资金流向上，Wind金融终端数 ...

证券之星消息，10月21日证券板块较上一交易日上涨0.89%，天风证券领涨。当日上证指数报收于 3916.33，上涨1.36%。深证成指报收于13077.32，上涨2.06%。证券板块个股涨跌见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601162 | 天风证券 | 11.80 Z | 23.51% | -5.25 Z | -10.46% | -6.55 Z | -13.05% | | 6500008 | 东方财富 | 2.94亿 | 3.91% | -1.64亿 | -2.17% | -1.30 乙 | -1.73% | | 601688 华泰证券 | | 2.37 Z | 9.70% | -1.16 Z | -4.75% | -1.21 乙 | -4.95% | | 002670 | 圖盛金控 | 1.37 Z | 5.96% | -8757.28万 | -3.80% | -4965.83万 | ...

Core Viewpoint - The report from Founder Securities recommends a "Buy" rating for Bilibili-W (09626), highlighting the company's continuous improvement in advertising efficiency driven by AI and its entry into a profit release phase, with adjusted net profits projected at 2.259/3.282/3.960 billion yuan for 2025-2027 [1] Financial Performance - In Q2 2025, the company achieved revenue of 7.34 billion yuan, representing a year-on-year growth of 19.8%, primarily driven by its gaming and advertising businesses [1] - Gross profit for the same quarter was 2.68 billion yuan, showing a year-on-year increase of 46% [1] - The gross margin reached 36.5%, up by 6.5 percentage points year-on-year and 0.2 percentage points quarter-on-quarter, marking 12 consecutive quarters of sequential improvement [1] - Non-GAAP net profit attributable to shareholders was 560 million yuan, indicating continued profit expansion in Q2 [1] Business Model Transition - Bilibili is transitioning from a "traffic dividend" model to a "retention operation" model through a balanced content ecosystem and commercialization strategy [1] - The company is building a sustainable profit model driven by multiple engines, indicating a maturation of its commercialization approach [1]

Core Viewpoint - The report from Founder Securities recommends a "buy" rating for Bilibili (09626), highlighting the company's continuous improvement in advertising efficiency driven by AI and its transition into a profit release phase, with adjusted net profits projected to reach 2.259 billion, 3.282 billion, and 3.960 billion yuan from 2025 to 2027 [1] Financial Performance - In Q2 2025, Bilibili achieved revenue of 7.34 billion yuan, representing a year-on-year growth of 19.8%, primarily driven by its gaming and advertising businesses [1] - The gross profit for the same quarter was 2.68 billion yuan, showing a year-on-year increase of 46%, with a gross margin of 36.5%, up 6.5 percentage points year-on-year and 0.2 percentage points quarter-on-quarter, marking 12 consecutive quarters of sequential improvement [1] - The Non-GAAP net profit attributable to shareholders for Q2 was 560 million yuan, indicating continued profit expansion [1] Business Model Transition - Bilibili is transitioning from a "traffic dividend" model to a "retention operation" model, balancing content ecology with commercialization, and is building a sustainable profit model driven by multiple engines [1] - The company is currently in a phase of steady growth, with its commercialization model becoming increasingly mature, entering a profit harvesting period [1]

Core Insights - The monthly active users (MAU) of securities apps reached 175 million in September, marking a year-on-year increase of 9.73% and a month-on-month increase of 0.74%, indicating a growing market activity [1] - Huatai Securities' app ranked first with 11.95 million MAU, while Guotai Junan's app had 10.29 million MAU, both showing positive month-on-month growth [1] - A total of 21 securities apps experienced month-on-month growth in MAU, while 13 apps saw a decline, reflecting a divergence in performance among different brokers [1] Group 1: User Engagement and Performance - The MAU of securities apps has shown consistent growth for four consecutive months, with September achieving the highest monthly active user count of the year [1] - Several strong brokers maintained robust performance, with Ping An Securities reaching 8.80 million MAU and multiple other brokers exceeding 7 million MAU [1] Group 2: Technological Advancements - Brokers are optimizing their apps to enhance user engagement and retention, with a focus on AI integration for improved functionality [2] - Huatai Securities launched the AI Zhangle app, which features voice interaction and AI-driven stock selection and monitoring capabilities [2] - Shanxi Securities updated its app to incorporate AI for market perception, automated trading, and personalized asset allocation, enhancing user experience [2] Group 3: Future Development - Experts suggest that securities apps need to focus on building differentiated competitive advantages in a highly competitive market [3] - The integration of AI technology is seen as essential for transforming apps from mere trading platforms to comprehensive wealth management tools [3]

证券之星消息，10月20日证券板块较上一交易日上涨0.05%，哈投股份领涨。当日上证指数报收于 3863.89，上涨0.63%。深证成指报收于12813.21，上涨0.98%。证券板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600864 | 哈投股份 | 7.61 | 4.25% | 103.79万 | | 7.86亿 | | 601788 | 光大证券 | 19.02 | 1.98% | 73.10万 | | 13.85 Z | | 600621 | 华鑫股份 | 16.30 | 0.80% | 10.51万 | | 1.72亿 | | 002500 | 山西证券 | 6.46 | 0.78% | 22.55万 | | 1.45亿 | | 601901 | 方正证券 | 8.13 | 0.74% | 84.61万 | | 6.89亿 | | 002939 | 长城证券 | 11.13 | 0.72% | 32.79万 | | 3.65亿 | | 660 ...

证券ETF龙头紧密跟踪国证证券龙头指数，为反映沪深市场证券主题优质上市公司的市场表现，并为投 资者提供更丰富的指数化投资工具，编制国证证券龙头指数。 数据显示，截至2025年9月30日，国证证券龙头指数(399437)前十大权重股分别为东方财富(300059)、中 信证券(600030)、华泰证券(601688)、广发证券(000776)、招商证券(600999)、国泰海通(601211)、东方 证券(600958)、兴业证券(601377)、光大证券(601788)、财通证券(601108)，前十大权重股合计占比 79.09%。 截至2025年10月20日 15:00，国证证券龙头指数(399437)成分股方面涨跌互现，光大证券(601788)领涨 1.98%，方正证券(601901)上涨0.74%，东方财富(300059)上涨0.64%；广发证券(000776)领跌。证券ETF 龙头(159993)上涨0.08%，最新价报1.33元，今日净申购4800万份。 消息面上，市场今日冲高回落，创业板指一度涨超3%。沪深两市成交1.74万亿，较上一个交易日缩量 2005亿。 开源证券指出，向后展望，投行、衍生品和 ...

该信息由智通财经网提供 速腾聚创自研SPAD-SoC芯片于2018年立项，2020年公司成立了芯片研发团队，2022年公司SPAD-SoC 面世并开始逐步应用于E1等固态雷达，并对芯片进行持续迭代实现更优探测性能与功耗。对比AC1产 品，AC2产品在SPAD芯片方面实现升级，结合AI ready的算法软件栈和全套解决方案，形成了"芯片方 案-生态-产品"闭环，能够在不同场景下为客户打造和推出合适的产品。 该行指出，AC系列产品适用汽车/机器人/消费电子等多应用领域，机器人增量零部件第二增长曲线有望 放量。当前华为舱内激光Limera产品已应用于问界M7/上汽宝骏等车型，公司AC产品底层技术与华为舱 内激光雷达产品同源，后续技术可复用于汽车乃至机器人、消费电子等多领域场景。公司全面接入英伟 达NVIDIADRIVE/Jetson/Omniverse三大生态，打造视觉入口，合作契合度高。此外，公司还布局灵巧 手多品类机器人零部件，后续有望逐步放量。 智通财经APP获悉，方正证券发布研报称，2025年10月19日至25日，国际智能机器人与系统大会(IROS 2025)将于杭州国际博览中心举行，本届IROS期间，速腾 ...

Core Insights - The International Conference on Intelligent Robots and Systems (IROS2025) will take place from October 19 to 25, 2025, in Hangzhou, where the company SUTENG will launch its latest Active Camera product, AC2 [1] - The company is expected to benefit significantly from the growth in intelligent driving and the broader robotics sector, with projected revenues of 2.5 billion, 3.42 billion, and 4.58 billion yuan for 2025, 2026, and 2027 respectively [1] - The AC2 product integrates advanced technologies such as dToF laser radar, dual RGB cameras, and IMU for motion compensation, providing a comprehensive solution for various 3D applications [1][2] Group 1 - The AC2 series is designed to be compact, with dimensions similar to widely used dual-vision sensors, offering millimeter-level distance accuracy and robust RGBD data for diverse applications in robotics [1] - The company has developed its SPAD-SoC chip since 2018, with the product launched in 2022, enhancing detection performance and power efficiency [2] - The AC series products are applicable across multiple sectors including automotive, robotics, and consumer electronics, with a potential second growth curve in robotics components [2] Group 2 - The company's technology is aligned with Huawei's laser radar products, indicating a shared technological foundation that can be leveraged across various applications [2] - The company has integrated with NVIDIA's DRIVE, Jetson, and Omniverse ecosystems, enhancing its capabilities in visual technology [2] - The company is also expanding its offerings in dexterous robotic components, which are expected to see gradual market adoption [2]

方正证券发布研报称，本周第113届秋季糖酒会在南京召开。当前白酒板块经历长期回调，估值已显著 回落，市场预期处于低位，优质资产底部逻辑清晰。在外部扰动重新显现，催动内需重要性提升的背景 下，板块有望迎来估值切换与修复行情。 方正证券主要观点如下： 白酒：反馈平淡，预期低位，期待后续政策落地后经济恢复 秋糖招商功能弱化，整体氛围平淡，产业预期维持较低水平。走访秋糖展会观察到，本次秋季糖酒会整 体氛围较为平淡，预计参展商总数4000+，与去年深圳秋糖基本持平，在全国名酒渠道布局趋于成熟， 行业整体进入缩量增长的情况下，糖酒会招商功能有所弱化，电商供应链、大众带开发品等经销商布展 招商较为积极，头部企业参展较少。渠道反馈而言，中秋国庆双节旺季以来动销整体仍较为平淡，基本 面边际变化较少，消费需求及经营层面兑现仍需要时间。 双节以来动销维持平淡中分化，高端酒价格略有下滑。基本面角度看，该行认为中秋国庆双节拉动动销 预计仍有下滑，节后回归阶段性淡季销售。从动销反馈而言品牌仍存分化趋势，高端酒中茅台、五粮液 （000858）整体经营情况较为稳定。渠道信心存在分歧，结合双节前后及糖酒会调研，当前行业底部特 征基本明确，在宏 ...