点击查看公告原文>> 责任编辑：小浪快报 调研核心内容各品类营收占比及变化：2025年上半年公司各品类营收占比与一季度大体相当。功能鞋 材、沙发家居两大优势品类合计占比近70%，其中功能鞋材营收占比总体稳定，沙发家居有所下降；汽 车内饰品类营收快速增长、占比提升，电子产品稳定，体育装备略有下降，这几类合计营收占比约 30%。各品类毛利率：公司产品经营模式是以销定产、订单驱动。不同品类毛利率因产品技术含量、定 制化程度、客户层级等因素存在差异。功能鞋材、沙发家居品类毛利率呈现"分层分化"，有基础款与高 附加值产品的不同毛利率。公司通过优化产品结构、升级客户层级提升整体盈利水平。功能鞋材发展空 间：公司功能鞋材客户广泛，与耐克、阿迪达斯等国际品牌及安踏等国内主流品牌均有合作。如公司是 耐克在中国大陆唯一中资鞋用聚氨酯合成革及复合材料供应商，2025年1月升级为战略合作伙伴后合作 增多；2024年5月成为阿迪达斯合格供应商，2025年持续蓄力。同时与彪马、亚瑟士等合作稳步推进， 并积极培育新动能。汽车内饰业务进展：公司汽车内饰产品已切入比亚迪、丰田等车企供应链。2025年 上半年凭借产品质量与服务响应速度赢得更多车 ...

Core Viewpoint - The current outlook for the liquor industry indicates that a bottom has formed due to multiple policy catalysts, with the liquor sector showing signs of recovery but still at historical lows. The industry is expected to benefit from improved economic expectations, with a focus on the upcoming Mid-Autumn Festival and National Day for demand recovery [1][2]. Group 1: Industry Performance - In Q2 2025, the liquor industry entered a deep adjustment phase under macroeconomic and policy pressures, with total revenue for the first half of 2025 reaching 239.8 billion yuan, a year-on-year decrease of 0.9%, and net profit attributable to shareholders at 94.6 billion yuan, down 1.2% [2]. - Excluding Moutai, other listed companies in the sector reported a total revenue of 150.4 billion yuan in H1 2025, a decline of 6.1%, with net profit at 49.2 billion yuan, down 8.9% [2]. - The overall price of mainstream liquor products has declined, but with improving industry sentiment and easing constraints in H2, a recovery is anticipated, particularly during the peak sales periods of the Mid-Autumn Festival and National Day [2]. Group 2: Brand and Price Segmentation - High-end liquor brands are outperforming mid-range and regional brands, with high-end brands maintaining resilience through strong brand power and channel control. Moutai and other leading brands are stabilizing their market positions through inventory control and channel optimization [3]. - Mid-range liquor brands are experiencing more direct impacts from policy changes, with some brands like Fenjiu showing continued growth despite pressures [3]. - Regional leaders are focusing on maintaining market share and stabilizing core product prices, while brands like Jiangsu Yanghe and Jiuzi have seen significant adjustments [3]. Group 3: Investment Recommendations - The company suggests focusing on leading brands with strong market positions such as Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu during the economic transition [3]. - Regional leaders that maintain their core markets, such as Gujing Gongjiu and Jiuzi, are expected to sustain momentum as demand recovers [3]. - Brands that have actively managed their financials during this adjustment period, like Shede and Yanghe, are also recommended for attention [3].

截至6月30日，方正证券股东户数19.42万，较上期减少6.44%；人均流通股42394股，较上期增加 6.89%。2025年1月-6月，方正证券实现营业收入0.00元；归母净利润23.84亿元，同比增长76.43%。 分红方面，方正证券A股上市后累计派现32.73亿元。近三年，累计派现11.71亿元。 机构持仓方面，截止2025年6月30日，方正证券十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股6.55亿股，相比上期增加8548.78万股。华泰柏瑞沪深300ETF（510300）位居第九大流通 股东，持股7335.07万股，相比上期减少740.87万股。国泰中证全指证券公司ETF（512880）位居第十大 流通股东，持股6347.50万股，相比上期减少2067.18万股。 9月3日，方正证券盘中下跌2.11%，截至13:05，报8.35元/股，成交5.92亿元，换手率0.85%，总市值 687.38亿元。 资金流向方面，主力资金净流出8406.59万元，特大单买入7978.84万元，占比13.48%，卖出1.86亿元， 占比31.39%；大单买入1.48亿元，占比25.08%，卖出1.26亿 ...

9月2日，方正证券跌0.23%，成交额11.46亿元。两融数据显示，当日方正证券获融资买入额1.94亿元， 融资偿还1.69亿元，融资净买入2464.00万元。截至9月2日，方正证券融资融券余额合计26.59亿元。 融资方面，方正证券当日融资买入1.94亿元。当前融资余额26.57亿元，占流通市值的3.78%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，方正证券9月2日融券偿还900.00股，融券卖出4.43万股，按当日收盘价计算，卖出金额37.79 万元；融券余量25.36万股，融券余额216.32万元，超过近一年50%分位水平，处于较高位。 资料显示，方正证券股份有限公司位于湖南省长沙市天心区湘江中路二段36号华远华中心4、5号楼 3701-3717，成立日期1994年10月26日，上市日期2011年8月10日，公司主营业务涉及证券经纪(除广东 省深圳市前海深港现代服务业合作区之外);证券投资咨询;证券自营业务;证券资产管理业务;与证券交 易、证券投资活动有关的财务顾问;直接投资业务;代销金融产品业务;中国证监会批准的其他业务。主营 业务收入构成为：财富管理业务73.38%，投资与交易业务3 ...

方正证券还提到，近期的货币政策报告连续显示，央行对数量型目标的关注明显下降，更强调数量工具 的均衡投放。一个显著观察现象是，在新货政框架下，央行对信贷的总量规模敏感度下降，与之对应的 是更强调信贷投放的节奏均衡。 尽管央行淡化了数量型目标，但实践中仍高度重视流动性管理，并将其视为影响利率走势的重要工具； 也即，央行未放弃对MLF数量工具的使用，在前一阶段国债利率大幅波动的背景下，央行阶段性的停 止了国债买卖的操作，并重新使用MLF作为核心流动性管理工具。 来源：环球网 【环球网财经综合报道】日前，央行公布8月各项工具流动性投放情况显示，MLF净投放3000亿元，抵 押补充贷款（PSL）净回笼1608亿元，买断式逆回购净投放3000亿元，未进行公开市场国债买卖。 方正证券近日发布研报认为，金融总量指标（M2，社融等）曾经是央行主要的中介目标，在新的货币 政策框架中，价格目标的重要性显著增强。一个核心的观察现象是，在2024年2季度左右开始，DR001 和DR007代表的短期货币市场利率波动率明显下降。这似乎表明，央行开始将短期政策利率作为核心调 控目标，从而淡化其他期限政策工具的使用。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 基金管理人：西藏东财基金管理有限公司 基金托管人：北京银行股份有限公司 重要提示 1、西藏东财上证科创板50成份交易型开放式指数证券投资基金联接基金（以下简称"本基金"）的募集 已于2025年5月13日获中国证监会证监许可〔2025〕1013号文注册。中国证监会对本基金募集申请的注 册，并不表明其对本基金的价值和收益做出实质性判断或保证，也不表明投资于本基金没有风险。中国 证监会不对基金的投资价值及市场前景等做出实质性判断或者保证。 2、本基金为契约型开放式、ETF联接基金。 3、本基金的基金管理人和登记机构为西藏东财基金管理有限公司（以下简称"本公司"或"东财基 金"），基金托管人为北京银行股份有限公司。 4、本基金的发售期为2025年9月10日至2025年9月24日。本基金通过本公司的直销机构（本公司直销柜 台）及其他基金销售机构的销售网点公开发售。基金管理人可根据募集情况适当延长或缩短本基金的募 集期限并及时公告，但整个募集期限自基金份额发售之日起不超过三个月。 5、本基金设A类和C类两类基金份额。A类基金份额的代码为025027，C类基金份额的代码为0 ...

9月2日，易普力股份有限公司举行投资者关系活动，通过电话会议形式接受了方正证券、长江证券等40 家机构的调研。公司董事会秘书邹七平、证券事务代表罗茜参与接待。以下为本次活动的详细情况： 投资者关系活动类别 特定对象调研、其他（电话会议） 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，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。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 公司105会议室 参与单位名称证券公司：方正证券、长江证券、天风证券、东北证券、东方财富证券、中信证券、兴业 证券、中泰证券、申万宏源证券、国海证券、长城证券、太平洋证券、南京证券、华福证券、国联证 券、国金证券、国新证券、东兴证券、财信证券基金公司：长城基金、浙江银万基金、上海仙人掌基 金、鸿运基金、海富通基金资产管理公司：银润资产、浙江丰道 ...

Group 1: Industry Performance - The securities industry in A-shares achieved revenue of 251.036 billion yuan in the first half of the year, a year-on-year increase of 23.47% [1] - The net profit for the securities industry reached 112.280 billion yuan, reflecting a year-on-year growth of 40.37%, with nearly 85% of securities firms reporting profits [1] - The industry facilitated 33 companies to go public on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, raising a total of 19.7 billion yuan [1] Group 2: Bond Financing and Market Role - The securities industry supported the real economy with bond financing amounting to 2.84 trillion yuan, a year-on-year increase of 17.65% [1] - A total of 380 technology innovation bonds were underwritten, amounting to 381.391 billion yuan, which is a significant increase of 56.48% compared to the same period last year [1] Group 3: Wealth Management and Market Strategies - The balance of client trading settlement funds in the brokerage business reached 28.2 trillion yuan, providing custody services for 86.8 trillion yuan in assets [2] - The average net commission rate for securities trading was 2.15 ‰, continuing a downward trend [2] - Listed securities firms distributed a total of 12.7 billion yuan in cash dividends, actively returning value to investors [2] Group 4: International Expansion - By the end of the first half of the year, mainland securities firms established 36 overseas subsidiaries, with total assets reaching 1.64 trillion Hong Kong dollars, a year-on-year increase of 20.45% [2] - Overseas subsidiaries participated in financing for 40 companies listed on the Hong Kong Stock Exchange, raising 108.1 billion Hong Kong dollars [2] Group 5: Company-Specific Developments - Fangzheng Securities reported a net profit of 2.384 billion yuan in the first half of the year, with a year-on-year growth rate of 76.43% [2] - The company announced a shareholder return plan for the next three years, committing to distribute at least 45% of the average annual distributable profit in cash [3] - Fangzheng Securities declared a cash dividend of 0.61 yuan per 10 shares, totaling 502 million yuan [3]

Core Viewpoint - The company's profitability is expected to continue to outperform peers due to improvements in retail and proprietary businesses, supported by governance enhancements and operational efficiency driven by Ping An [1][2][3]. Financial Performance - The company maintains a "Buy" rating and raises the target price to 10.55 CNY per share, corresponding to a 1.7x P/B for 2025 [2]. - For the first half of 2025, the company forecasts revenue and net profit attributable to shareholders at 5.66 billion CNY and 2.38 billion CNY, respectively, representing year-on-year increases of 52.1% and 76.4% [2]. - The weighted average ROE increased by 1.91 percentage points to 4.84% year-on-year [2]. - The company has revised its profit forecasts for 2025-2027 to 3.65 billion CNY, 3.92 billion CNY, and 4.18 billion CNY, up from previous estimates of 2.56 billion CNY, 2.66 billion CNY, and 2.76 billion CNY [2]. Business Segments - Revenue growth contributions from various business segments include brokerage (+46%), investment banking (+26%), asset management (+5%), proprietary trading (+66%), and net interest income (+35%) [2]. - Retail and proprietary businesses are key drivers of the company's high profit growth, contributing 48% and 41% to adjusted revenue growth, respectively [2]. - The proprietary trading income saw significant growth due to improved investment returns, with an annualized investment return rate of 3.5%, up by 1.2 percentage points year-on-year [2]. Market Position and Outlook - The company is positioned as a large to mid-sized brokerage firm focused on wealth management, benefiting from operational efficiency improvements under Ping An's support [3]. - Future performance is expected to exceed peer growth due to the resolution of historical issues such as the sale of shares in Credit Suisse Securities (China) and enhanced management capabilities [3]. - The company is also addressing competition issues with Ping An Securities, which need to be resolved within five years [3]. Catalysts - Key catalysts for the company include the release of profits and progress in resolving competition issues with Ping An Securities [4].

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 601099 | 太平洋 | | 10.09 | 335亿 | 15.26 | | 002939 | 长城证券 | | 5.63 | 514亿 | 57.07 | | 002670 | 国盛金控 | 家 | 3.50 | 389亿 | 53.55 | | 000750 | 国海证券 | | 3.08 | 299亿 | 10.22 | | 601059 | 信达证券 | + | 2.72 | 648亿 | 33.67 | | 601788 | 光大证券 | 美 | 0.91 | 924亿 | 11.33 | | 601375 | 中原证券 | + | 0.86 | 217亿 | 8.58 | | 601901 | 方正证券 | 家 | 0.58 | 708亿 | 3.98 | | 002797 | 第一创业 | 1 | 0.49 | 345亿 | -0.84 | | 600369 | 西南证券 | | 0.41 | 324亿 | 5.63 | 格隆汇9月2日 ...