事件：根据第一商用车网，7月重卡实现整体销量约8.3万辆，同比增长42.4%，环比下降15.2%;1-7月重 卡实现销量62.2万辆，同比增长10.6%。 方正证券主要观点如下： 方正证券发布研报称，优先关注重卡板块龙头，中国重汽（000951）(03808)则受益于内销转暖与出口 持续增长，成本与费用管控持续推进，下半年业绩有望实现高增，考虑板块景气度回升，估值有望同步 扩张，具备双击机会。潍柴动力（000338）(02338)天然气发动机边际已开始改善，非重卡的大缸径发 动机产品持续高增，全年有望贡献显著业绩增量，成长性显著优于行业，全年分红有望提升，股息率具 备吸引力。福田汽车（600166）(600166.SH)则关注福田戴姆勒拖累减轻，重卡市占率提升带来业绩弹 性机会。 相关标的：中国重汽A/H、潍柴动力、福田汽车、一汽解放（000800）、中集车辆（301039）等。 政策落地叠加经济性修复，天然气重卡有望迎来拐点 6月以来，北方地区报废更新政策密集落地，叠加LNG价格下行致油气价差扩大，天然气重卡经济性再 度提升，7月销量环比改善明显，8月有望延续增长态势。上半年受油气价差收窄拖累，行业销量承压 ...

Group 1 - The core viewpoint of the article highlights the ongoing restructuring of brokerage branch layouts as firms aim to reduce costs and enhance efficiency, with over 20 brokerages having announced the closure of more than 60 branches by July 30 this year [2][3] - In July alone, three brokerages, including Founder Securities, announced the closure of their branches, with Founder Securities closing four branches, including its Henan branch [2][3] - The closures are primarily driven by high operational costs associated with physical branches, as well as a significant shift towards online trading platforms, which have become the mainstream mode of operation [3][5] Group 2 - Some brokerages are also actively expanding by opening new branches in regions with high business potential, such as the recent openings by Cheng Tong Securities and Wanlian Securities [5] - The restructuring of branch layouts is closely linked to the transformation towards wealth management, which is becoming increasingly important in the brokerage business model, contributing over 30% to brokerage income by 2024 [5][6] - Future adjustments in branch layouts are expected to focus on efficiency rather than scale, with a shift towards high-value, integrated service models, leveraging financial technology to enhance operations [6]

| 序号 | 交易营业部名称 | | | | 买入金额(万) | 占总成交比例 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 深股通专用 | | 508次 45.67% | 2 | 22462.80 | 7.09% | | 2 | 方正证券股份有限公司宁波中山西路证券营业部 | 9次 | 33.33% | A | 20653.93 | 6.52% | | 3 | 广发证券股份有限公司深圳深南东路证券营业部 | 30次 | 33.33% | ▶ | 14387.59 | 4.54% | | 4 | 国盛证券有限责任公司宁波天童南路证券营业部 | | 104次 43.27% | ▲ | 6219.52 | 1.96% | | 5 | 东亚前海证券有限责任公司上海分公司 | 72次 | 40.28% | ▲ | 5902.99 | 1.86% | | | 卖出金额最大的前5名 | | | | | | | 序号 | 交易营业部名称 | | | | 买入金额(万) | 占总成交比例 | | 1 | 国信证券股份有限公司宜兴人民南路证券营业部 | 次 | | 2 ...

Core Viewpoint - The report from Founder Securities indicates that by 2030, the shipment volume of solid-state batteries is expected to reach 209 GWh, with semi-solid batteries accounting for 147 GWh and all-solid batteries for 63 GWh. The market size for solid-state battery equipment is projected to be approximately 40.8 billion yuan, with semi-solid equipment at 22 billion yuan and all-solid equipment at 18.9 billion yuan. The current landscape of solid-state battery equipment companies is characterized by a dual-driven model of "traditional lithium battery leaders transforming + emerging specialized players" [1][2]. Solid-State Battery - The core innovation of all-solid-state batteries is the replacement of liquid electrolytes and separators with solid electrolytes. Solid electrolytes, while not enhancing energy density on their own, offer greater stability and safety compared to liquid electrolytes, allowing compatibility with high-capacity anodes and cathodes. This can significantly increase the energy density of battery cells. The safety features of solid electrolytes, including high thermal and chemical stability, reduce risks of leakage, combustion, or explosion, thus enhancing intrinsic safety [2][3]. Semi-Solid Battery - Semi-solid batteries incorporate solid electrolytes into lithium-ion batteries while retaining a small amount of liquid electrolyte. The anode and cathode materials include a combination of ternary, lithium iron phosphate, and silicon-based materials. The domestic semi-solid battery industry is currently 2-3 years ahead of international counterparts in terms of industrialization progress, achieving commercial production requirements in both technology and cost [3]. Electrolyte Types - Electrolytes are primarily categorized into sulfide, oxide, polymer, and composite solid-state electrolytes. Sulfide electrolytes exhibit the best overall performance, particularly in ionic conductivity and electrochemical stability, but face cost challenges. Asian markets are focusing on sulfide routes, while North America and Europe are more inclined towards polymer and oxide routes. It is anticipated that by 2035, sulfide routes could account for approximately 43% of the market, becoming the mainstream option [4]. Anode and Cathode Materials - The cathode materials for solid-state batteries can continue to utilize existing lithium iron phosphate, lithium manganese oxide, lithium cobalt oxide, and high-nickel multi-materials. Commonly used anode materials include graphite, lithium titanium oxide, and silicon-based materials. The potential anode materials for solid-state batteries include carbon-based, silicon-based, and lithium metal anodes, with lithium metal and silicon anodes showing the most promise. However, challenges remain regarding physical contact issues and stability between the anode, electrolyte, and cathode [5]. Equipment Changes - The production of all-solid-state batteries requires new custom equipment for specific processes, while existing equipment will need precise upgrades. The cost of equipment for liquid batteries is approximately 100 million yuan per GWh, whereas for all-solid-state batteries, it ranges from 400 to 500 million yuan. This cost difference is attributed to reduced equipment efficiency and increased equipment quantity needed for production. However, with domestic equipment replacement and economies of scale, costs are expected to decrease over time [6].

（文章来源：每日经济新闻） 2024年1至12月份，大洋生物的营业收入构成为：化工行业占比93.55%，其他占比6.45%。 大洋生物（SZ 003017，收盘价：31.39元）发布公告称，2025年7月29日-30日，大洋生物接受方正证券 等投资者调研，公司董事会秘书徐旭平、证券法务部专员温耀婷参与接待，并回答了投资者提出的问 题。 ...

Core Viewpoint - The global camera module market is expected to grow from $36 billion in 2023 to $46 billion by 2029, driven by innovations in optics, the acceleration of automotive intelligence, and the increasing popularity of new consumer imaging devices [1] Group 1: Mobile Phones - The focus of competition in mobile phone configurations is shifting towards optical technology upgrades, with innovations such as periscope cameras and OIS optical stabilization penetrating mid-range models [2] - New technologies like variable apertures and hybrid lenses are expected to accelerate penetration into high-end models, driven by industry leaders [2] - Continuous attempts by mobile manufacturers to innovate in optical technology are likely to sustain steady growth in the mobile optical market [2] Group 2: Smart Imaging Devices - Optical systems are a crucial component of smart imaging devices, with professional drones typically equipped with around six cameras, and optical lenses accounting for nearly 60% of the BOM cost of handheld smart imaging devices [3] - Companies like DJI, Insta360, and GoPro are continuously innovating their products, and the demand for short video creation is driving the growth of drones and handheld smart imaging devices [3] - The increase in shipments of drones and handheld smart imaging devices is expected to accelerate the expansion of the related optical module market [3] Group 3: Automotive - The "intelligent driving equality" era is expected to begin in 2025, with companies like BYD leading the way, marking a turning point for high-level intelligent vehicles [4] - The number of cameras used in high-level intelligent vehicles is projected to increase from 3-8 to 8-12, with pixel requirements rising from 2M to 8M [4] - The growth in sales of high-level intelligent vehicles is anticipated to drive significant revenue growth for companies in the optical industry chain [4] Group 4: XR Devices and Robotics - Optical modules are essential for creating immersive experiences in XR devices, with major manufacturers pushing for technological upgrades and market maturity [5] - The global demand for VR/AR cameras is expected to rise from 60 million units in 2024 to 227 million units by 2029 [5] - Robotics companies like Tesla and UTree Technology are advancing humanoid robot technology, which is expected to open up consumer applications and growth potential in the optical industry chain [5]

Core Viewpoint - The article highlights the performance of new IPOs in the A-share market from January to July 2025, indicating a significant increase in both the number of new listings and the total funds raised compared to the same period last year [1]. Group 1: IPO Performance - A total of 59 new companies were listed in the A-share market from January to July 2025, representing an 18.00% increase from 50 companies in the same period last year [1]. - The net fundraising amount for these 59 new listings reached 544.21 billion yuan, which is a 63.83% increase compared to 332.18 billion yuan in the previous year [1]. Group 2: Underwriting Institutions Ranking - 26 underwriting institutions participated in the IPOs of the 59 new companies, with a total of 60 deals due to dual appointments for some companies [2]. - The top three underwriting institutions by the number of deals are: - First: Guotai Junan with 7 deals - Second: Huatai United and CITIC Securities, each with 6 deals [2]. Group 3: Legal and Accounting Firms Ranking - 25 law firms provided legal services for the 59 new IPOs, with the top three being: - First: Shanghai Jintiancheng with 9 deals - Second: Beijing Zhonglun with 6 deals - Third: Guangdong Xinda with 4 deals [5]. - 15 accounting firms provided auditing services for the IPOs, with the top three being: - First: Rongcheng with 13 deals - Second: Lixin and Tianjian, each with 9 deals [5].

Core Viewpoint - China Cinda's plan to reduce its stake in Founder Securities has once again ended without execution, indicating potential issues with the stock price not meeting expectations [2][9]. Summary by Sections Reduction Plans - China Cinda announced a plan to reduce its holdings by up to 82.32 million shares, approximately 1% of the total share capital, between April 29 and July 28, with a potential market value exceeding 600 million yuan at the time [2][3]. - As of July 28, the deadline for the reduction plan, China Cinda did not sell any shares and continues to hold 7.2% of Founder Securities [4]. Historical Context - China Cinda has made five reduction plans since becoming a shareholder of Founder Securities, with only three being executed, and two plans remaining unfulfilled [6]. - The first reduction attempt was in November 2022, which did not result in any sales by the deadline in May 2023 [7]. - The second attempt in July 2023 resulted in a 1% reduction, raising 784 million yuan, with the share price ranging from 8.65 to 10.06 yuan per share [7]. - The third attempt in April 2024 also failed to meet the target, with only a 0.15% reduction achieved [8]. Market Conditions - The failure of the latest reduction plan is attributed to changes in market conditions, particularly the stock price of Founder Securities not reaching the expected levels [9][10]. - During the planned reduction period, the stock price fluctuated between 7.28 yuan and 8.63 yuan, which is lower than the prices during previous successful reductions [10]. Financial Performance - Founder Securities is expected to report a net profit of 2.296 billion to 2.432 billion yuan for the first half of 2025, reflecting a year-on-year increase of 70% to 80% [11].

方正证券主要观点如下： 智通财经APP获悉，方正证券发布研报称，本次育儿补贴制度落实了年初政府工作报告的要求，是从全 国性的角度出发迈出促进生育的积极一步，未来视政策落实的具体效果，持续的鼓励政策或有望继续推 出。乳品是婴幼儿的核心基础营养品，该行预计，随着国家育儿补贴方案逐步执行落实，乳品需求端有 望得到提振。 2025年3月，政府工作报告提出"发放育儿补贴"，当月呼和浩特市率先实施育儿补贴政策，并为产妇每 人每天提供"一杯奶"，随后部分省市也先后开始推出地方性育儿补贴政策，初步成效显现。2025年7 月，中共中央办公厅、国务院办公厅印发了《育儿补贴制度实施方案》，并发出通知，要求各地区各部 门结合实际认真贯彻落实。此次育儿补贴制度在总体要求中重点提及"坚持改善民生、惠民利民，有效 降低家庭生育养育成本"，希望营造生育友好社会氛围。 全国性育儿补贴制度的具体补贴对象和标准 1)补贴对象：从2025年1月1日起，对符合法律法规规定生育的3周岁以下婴幼儿发放补贴，至其年满3周 岁。 2)补贴标准：育儿补贴按年发放，现阶段国家基础标准为每孩每年3600元。其中，对2025年1月1日之前 出生、不满3周岁的婴幼儿， ...

Group 1 - Several securities firms, including CITIC Securities and Guosen Securities, have quickly launched trading permissions for the new Sci-Tech Growth Board, indicating high market interest in this new segment [1] - Investors need to meet a threshold of 500,000 yuan in assets and have two years of investment experience to participate, which helps filter qualified investors and manage risks [1] - The introduction of the Sci-Tech Growth Board enhances the multi-tiered capital market structure, providing financing channels for tech innovation companies, which is expected to boost overall market vitality and innovation momentum in the long term [1] Group 2 - On July 29, Founder Securities announced that its major shareholder, China Cinda Asset Management, did not execute its planned share reduction, which is seen as a positive signal for the company's long-term value [2] - The unchanged shareholding of China Cinda, which holds 593 million shares (7.2% of total shares), may help stabilize market sentiment and alleviate investor concerns about share dilution [2] - This situation is likely to support the brokerage sector and enhance confidence in financial stocks, contributing to market stability [2] Group 3 - In July, over 900 billion yuan worth of new funds were issued, indicating a recovery in market confidence [3] - The increase in stock and bond fund shares, driven by the equity market and innovative products like the Sci-Tech Bond ETF, reflects a growing risk appetite among investors [3] - The decline in mixed fund shares suggests a preference for clearer directional investments, which may lead to increased activity in related sectors and improved market liquidity [3] Group 4 - Seven ETFs have achieved "doubling" performance this year, with the top performer, Huatai-PB Hang Seng Innovation Drug ETF, showing a 107.67% return [4] - The strong performance of Hong Kong innovation drug ETFs highlights the robust market interest in the innovative drug sector, potentially attracting more capital into the healthcare segment [4] - Continued advancements in innovative drug research and supportive policies are key drivers for the pharmaceutical industry, with high-performing ETFs likely to enhance investor risk appetite [4]