公司研究 证 券 研 究 报 告 方正证券（601901）2025 年中报点评 推荐（维持） 2）公司报告期内资产周转率（总资产剔除客户资金，总营收剔除其他业务收 入后）为 2.9%，同比+0.9pct，单季度资产周转率为 1.4%，环比-0.2pct，同比 +0.4pct。 3）公司报告期内净利润率为 42.3%，同比+5.9pct，单季度净利润率为 44.3%， 环比+3.8pct，同比+11.5pct。 拆分来看：1）公司自营业务收入（公允价值变动+投资净收益-联营合营企业 投资净收益）合计为 20 亿元，单季度为 9.2 亿元，环比-1.6 亿元。单季度自 营收益率为 1.2%，环比-0.3pct，同比+0.5pct。 对比来看，单季度期间主动型股票型基金平均收益率为+1.41%，环比-1.87pct， 同比+4.02pct。纯债基金平均收益率为+0.93%。环比+1.12pct，同比-0.1pct。 2）信用业务：公司利息收入为 20.3 亿元，单季度为 10 亿元，环比-0.34 亿元。 两融业务规模为 414 亿元，环比-16.3 亿元。两融市占率为 2.24%，同比+0.21pct。 3）质押 ...

方正证券承销保荐有限责任公司关于 上海赛伦生物技术股份有限公司 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《上海证券交易所上市公司自律监管指引第 11 号—持续督导》《科创板 上市公司持续监管办法（试行）》等有关法律、法规的规定，方正证券承销保荐 有限责任公司（以下简称"保荐机构"）作为上海赛伦生物技术股份有限公司（以 下简称"赛伦生物"、"公司"）首次公开发行股票并在科创板上市的保荐机构， 履行持续督导职责，并出具 2025 年半年度持续督导跟踪报告。 一、持续督导工作情况 序号 工作内容 持续督导情况 保荐机构已建立健全并有效执行 建立健全并有效执行持续督导工作制度，并针对 具体的持续督导工作制定相应的工作计划 工作计划 根据中国证监会相关规定，在持续督导工作开始 保荐机构已与赛伦生物签订《持续 前，与上市公司或相关当事人签署持续督导协 议，明确双方在持续督导期间的权利义务，并报 持续督导期间的权利和义务 上海证券交易所备案 持续督导期间，保荐人按照有关规定对上市公司 2025 年上半年度，赛伦生物在持续 违法违规事项公开发表声明的，应于披露前向上 督导期间未发生按有关规定 ...

Group 1 - The "Second Golden Unicorn Best Investment Advisor Selection" event is currently ongoing, organized by Sina Finance in collaboration with Yinhua Fund, aiming to identify outstanding investment advisors and enhance the investment advisory IP construction [1] - The monthly ranking data for August shows that the top investment advisor in the public fund simulation configuration group is Wu Dayao from Guoyuan Securities, achieving a monthly return of 31.32% [1][2] - The second and third positions are held by Hong Xiaowei from Founder Securities with a return of 26.25% and Zhang Kun from GF Securities with a return of 23.07% respectively [1][2] Group 2 - The top 100 rankings for the public fund simulation configuration group for August include notable advisors such as Zhang Yefeng from Guotai Junan Securities with a return of 22.88% and Liu Jiafeng from Guoxin Securities with a return of 21.04% [2][3] - The performance of the top advisors indicates a competitive environment in the investment advisory sector, with several advisors achieving returns above 20% [2][3] - The rankings reflect the effectiveness of different investment strategies employed by various advisors across multiple securities firms [1][2]

专题：第二届新浪财经金麒麟最佳投资顾问评选 | | | 证券 | | | | --- | --- | --- | --- | --- | | 19 | 张金嵬 | 东兴证券 | 北京复兴路证券营业部 | 36.37% | | 20 | 谢海涛 | 国盛证券 | 赣州分公司 | 36.14% | | 21 | 张晨 | 西部证券 | 延安中山街证券营业部 | 35.53% | | 22 | 黄睿 | 南京证券 | 南京证券总部 | 35.25% | | 23 | 冯婷婷 | 西部证券 | 延安中山街营业部 | 34.67% | | 24 | 于琳琳 | 申万宏源 证券 | 大连高尔基路营业部 | 34.21% | | 25 | 沈梦羽 | 长城证券 | 襄阳市建华路证券营业 | | | | | | 部 | 34.16% | | 26 | 杨平安 | 湘财证券 | 西安营业部 | 33.83% | | 27 | 王焱 | 东兴证券 | 邹容路营业部 | 33.66% | | 28 | 卫晓磊 | 申万宏源 | 上海奉贤区人民中路证 | 33.28% | | | | 证券 | 券营业部 | | | 29 | 吴新明 ...

智通财经APP获悉，方正证券发布研报称，基于水价市场化改革深化、资产现金流稳健及RWA等创新融 资方式赋能，认为水务行业正迎来价值重估机遇。随着政策推动水价稳步上调，叠加区域垄断优势，水 企盈利与现金流稳定性有望持续提升，高分红高股息特性或进一步突出。建议关注洪城环境 (600461.SH)、重庆水务(601158.SH)等。 方正证券主要观点如下： 关于水务行业的相关思考 近日，市场对于水务板块的关注度有所升温，该行认为其投资逻辑正从传统的防御属性转向"水价改革 —现金流强化—融资渠道拓展—资产价值重估"主线。政策端来看多地水价市场化改革加速、区域水网 建设及水权试点深化，有望持续提升水企盈利能力;而行业需求刚性及区域垄断的特征将进一步支撑水 企的强劲现金流和高分红能力。此外，水务资产稳定的收益与清晰监管框架十分契合RWA代币化需 求，有望打开融资新渠道、提升资产流动性及投资回报。 我国用水需求较为稳定，能够为水务行业形成可预测且持续的收入来源，并为整个行业的现金流稳定性 奠定了坚实基础。由于水务行业通常在其特定的区域具有天然垄断属性，且基于政府核定价格来收取的 水费及污水处理费，因此水务企业的应收账款比例 ...

方正证券研报指出，今年以来的行情在7月份以后结构上出现了一次较大切换。此前超额收益较为明显 的金融板块（主要是银行），在7月份以后超额收益显著回落。而伴随着指数加速上行，7月以后科技股 信息技术板块成为了行情领涨板块。从板块盈利周期看，截至2025年中报，信息技术板块ROE有明显的 触底回升迹象。在当前整体经济和市场环境中，成长占优依然是市场主要方向，可以关注科技成长内部 的行情扩散机会。 ...

Core Insights - The company reported significant growth in revenue and net profit for the first half of 2025, with operating income reaching 5.66 billion yuan, a year-on-year increase of 52.1%, and net profit attributable to shareholders at 2.38 billion yuan, up 76.4% [1] Financial Performance - The company achieved a second-quarter revenue of 2.70 billion yuan, reflecting a year-on-year increase of 55.3% but a quarter-on-quarter decrease of 9.0% [1] - The earnings per share (EPS) for the first half of 2025 was 0.29 yuan, with a return on equity (ROE) of 4.8%, an increase of 1.9 percentage points year-on-year [1] Business Segments - The substantial profit increase was primarily driven by high investment returns from proprietary trading in Q2 [2] - Brokerage business revenue for the first half of 2025 was 2.33 billion yuan, up 46.3% year-on-year, accounting for 41.4% of total revenue [2] - The average daily trading volume in the stock market was 15,703 billion yuan, a year-on-year increase of 63.3% [2] - The company's investment banking revenue rose to 100 million yuan, a year-on-year increase of 26.3%, with both equity and debt underwriting scales improving [2] - The asset management business generated 130 million yuan in revenue, a year-on-year increase of 4.6%, while the asset management scale was 50 billion yuan, down 4.6% year-on-year [3] Investment Outlook - The company has revised its net profit forecasts for 2025-2027 to 4.111 billion, 4.036 billion, and 4.281 billion yuan, respectively, reflecting a strong growth outlook [4] - The expected EPS for the same period is projected to be 0.50, 0.49, and 0.52 yuan per share, with corresponding price-to-book (PB) ratios of 1.33x, 1.21x, and 1.10x [4] - The company is expected to leverage its wealth management business advantages in a more active market environment, supported by deeper integration with Ping An Group [4]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's net profit has significantly increased, driven by both proprietary trading and brokerage services, with a projected net profit of 41.11 billion, 40.36 billion, and 42.81 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of +86.22%, -1.82%, and +6.07% [3] - The report highlights the company's ability to leverage its wealth management business advantages in a more active market environment, further enhanced by deep support from the Ping An Group [3] Financial Forecasts - Total revenue is projected to reach 12,651 million in 2025, with a year-on-year growth of 63.91% [3] - The earnings per share (EPS) are expected to be 0.50, 0.49, and 0.52 for 2025, 2026, and 2027 respectively [3] - The current market capitalization corresponds to price-to-book (PB) ratios of 1.33x, 1.21x, and 1.10x for the years 2025, 2026, and 2027 [3] Business Performance - In the first half of 2025, the company achieved an operating income of 56.6 billion, a year-on-year increase of 52.1%, and a net profit of 23.8 billion, up 76.4% [8] - The brokerage business revenue for the first half of 2025 was 23.3 billion, reflecting a year-on-year growth of 46.3% [8] - The proprietary trading segment saw a significant increase in investment income, with 20.0 billion in the first half of 2025, marking a year-on-year growth of 66.6% [8]

智通财经APP获悉，方正证券发布研报称，2025年以来A股IPO合计受理数量已达179家，其中上交所32 家，深交所32家，北交所115家，整体较去年同期的合计32家同比增长459.4%，A股IPO受理速度明显加 快；2023年同期IPO合计受理数量为593家，相较新政前新股IPO节奏可控，进入更为注重高质量发展的 阶段。2025年主板新上市企业已达23家，较2024年同期的17家同比增长35.3%，高于全部新上市企业 15.8%的同比增速水平，主板上市增速快于整体IPO回暖节奏。 方正证券主要观点如下： (1)主板上市节奏加快。2025年主板新上市企业已达23家，较2024年同期的17家同比增长35.3%，高于全 部新上市企业15.8%的同比增速水平，主板上市增速快于整体IPO回暖节奏。 (2)北交所逐渐成为企业上市的优选阵地。数据上看，当前北交所受理IPO数量为115家，占整体IPO受理 数量的六成以上，不仅是2024年同期北交所受理IPO数量30家的三倍以上，也大幅超越了2023年同期北 交所受理IPO数量(即"827新政之前")的86家，企业对北交所上市态度呈现根本性转变。 收益情况看 (1)在1月1 ...

1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 2025年半年度进行现金分红，以实施现金分红股权登记日登记的总股本为基数，向全体股东每10股派发 现金红利0.61元（含税），合计派发现金红利总额502,158,185.10元（含税）。在实施权益分派的股权登 记日前公司总股本发生变动的，维持分配总额不变，相应调整每股分配金额。 第二节 公司基本情况 公司代码：601901 公司简称：方正证券 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到上海证券交易所：www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 2.1公司简介 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 ■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 ...