Group 1 - A-share market sees a rise in several brokerage stocks, with Xinda Securities increasing by over 5% [1] - Changcheng Securities and Guosheng Financial Holdings both rise by over 3% [1] - Jinlong Co., Ltd. experiences an increase of over 2% [1] Group 2 - Other notable gains include GF Securities, First Capital, Everbright Securities, Xiangcai Securities, CITIC Securities, Changjiang Securities, Dongwu Securities, Huatai Securities, and Founder Securities, all rising by over 1% [1]

Group 1 - The National Energy Administration reported that during the "14th Five-Year Plan" period, China's energy supply was stable, resilient, and had a high green content [1] - The next steps will focus on the "15th Five-Year Plan" for a new power system, promoting reasonable energy consumption and green energy consumption [1] - The rapid growth of electricity demand and the increasing share of distributed photovoltaics are putting pressure on the grid, necessitating a more flexible and market-oriented distribution network [1] Group 2 - The analysis from Founder Securities highlighted that UHV (Ultra High Voltage) technology is crucial for achieving carbon neutrality goals, especially in regions with abundant wind and solar resources [2] - UHV technology is seen as the best option for long-distance power transmission due to the mismatch between resource availability in the northern regions and demand in the central and eastern regions [2] - The UHV technology route is gradually shifting towards flexible DC transmission, as conventional UHV projects require traditional power sources like coal to support them, limiting the proportion of renewable energy transmitted [2]

智通财经APP获悉，方正证券发布研报称，产地查超产文件出台后，对煤价情绪影响较为明显，焦煤期 货一度上涨至1313元/吨，截至8月22日主焦煤港口价已上涨至1610元/吨。之前钢厂、焦化厂保持着刚 需采购，其焦煤库存不高，随着焦煤价格提升预期增加，下游开始抢货累库，而港口则快速去库。短期 内随着供给侧收紧，港口库存去化，后续煤价有望进一步上涨。长期来看，蒙煤或有3000万吨增量，但 随着我国国内焦煤供给端继续收紧，未来我国焦煤总供给增幅依然有限，具有较高强度煤质的主焦煤企 业仍具长期投资价值。 中蒙跨境铁路提供运力，长期看供给增量依然有限 蒙古主要依靠公路运输，2024年蒙古国货运数据显示，公路运输占比高达65%。2022年9月蒙古便修建 了从塔旺陶勒盖到嘎舒苏海图的铁路，大批货物运往嘎舒苏海图口岸，但该铁路并未抵达中蒙边境，塔 旺陶勒盖的煤矿、奥尤陶勒盖的铜金矿，通过铁路运输到嘎舒苏海图后，需要经由公路中转短驳运输至 我国。2025年随着煤价的下跌、蒙古对华出口煤炭下滑，蒙古当局加快推进与中国的物流贸易工作，嘎 顺苏海图-甘其毛都口岸铁路重新提上日程。2025年5月14日，中蒙两国第二条跨境铁路：甘其毛都至 ...

Group 1 - The stock price of Sankeshu is reported at 49.11 yuan as of August 26, 2025, with a decrease of 1.90 yuan, representing a decline of 3.72% from the previous trading day [1] - The opening price for the day was 51.00 yuan, with a highest point of 51.02 yuan and a lowest point of 48.29 yuan, and the trading volume reached 68,155 hands with a transaction amount of 335 million yuan [1] - Sankeshu operates in the decoration and building materials industry, focusing on the research, production, and sales of architectural coatings, and is recognized as a leading domestic paint enterprise [1] Group 2 - The product range of Sankeshu includes wall coatings, wood coatings, and adhesives, which are widely used in real estate and home decoration sectors [1] - Recently, Founder Securities upgraded Sankeshu's rating from "Recommended" to "Strongly Recommended," indicating a positive outlook from institutions regarding the company's development prospects [1] - On August 26, the net inflow of main funds into Sankeshu was 3.4795 million yuan, with a cumulative net inflow of 37.893 million yuan over the past five trading days [1]

【导读】原联储资管研究总监王嵩出任方正证券（601901）地产首席 近日，记者获悉，原联储资管研究部总监王嵩已离职，履新至方正证券研究所，担任地产行业首席研究 员。 公开资料显示，王嵩为浙江大学会计学硕士，深耕地产及城投债研究十余年，曾任民生证券地产金融行 业首席分析师、中建投信托高级信托经理、中山证券固定收益研究总监。兼任浙江大学财会系校友会秘 书长、麦肯锡和BCG咨询地产和公用事业外部专家顾问、大湾区金融家协会专家。 对于为什么现在选择做地产卖方，王嵩给出两大理由：第一，机会没消失，只是需要"找"：虽然行业整 体景气度尚待提高，但细分领域（比如优质房企、区域市场）、政策催化下的局部机会，都需要即时研 究去挖掘，这正是卖方能做的； 近年来，卖方研究领域的人事变动浪潮保持高流动态势。一方面，分析师转投上市公司、私募机构或跨 界转行的案例逐渐增多；另一方面，买方转向卖方的回流也有迹象出现。 今年以来，券商整体从业人员持续减少，但分析师数量整体仍保持着增长态势。根据中国证券业协会8 月1日发布的数据，截至2025年6月底，证券行业登记从业人员数量为36.29万人，其中证券分析师为 5829人。而在2024年底，券 ...

中国基金报记者 孙越 【导读】原联储资管研究总监王嵩出任方正证券地产首席 近日，记者获悉，原 联储资管研究部总监王嵩 已离职，履新至方正证券研究所，担任地产行 业首席研究员。 公开资料显示，王嵩为浙江大学会计学硕士，深耕地产及城投债研究十余年，曾任民生证券 地产金融行业首席分析师、中建投信托高级信托经理、中山证券固定收益研究总监。兼任浙 江大学财会系校友会秘书长、麦肯锡和BCG咨询地产和公用事业外部专家顾问、大湾区金融 家协会专家。 对于为什么现在选择做地产卖方，王嵩给出两大理由：第一，机会没消失，只是需要"找"： 虽然行业整体景气度尚待提高，但细分领域（比如优质房企、区域市场）、政策催化下的局 部机会，都需要即时研究去挖掘，这正是卖方能做的； 第二，地产是"跨领域钥匙"：不只想聊地产股——从地产切入，能更清晰地看懂期货（如建 材品种）、利率（地产对宏观流动性的影响）、整体股票策略（产业链上下游联动），这 种"链接价值"能帮大家更全面地做决策。 今年以来，方正证券研究所人才引进动作频繁。3月初，燕翔入职方正证券，担任方正证券公 司首席经济学家、研究所副所长，一起加盟方正证券的还有与他之前在华福证券一起的多名 ...

Core Viewpoint - The report from Founder Securities indicates that the Hong Kong stock market has underperformed compared to the A-share market in the past two months, but it remains attractive in terms of valuation, with potential for future growth driven by sectors like artificial intelligence and innovative pharmaceuticals, as well as continued inflow of southbound and foreign capital [1][2]. Valuation and Market Performance - The A-share market has seen a significant increase, with the Wind All A Index rising by 19.1% since June 23, and some indices like the Sci-Tech Innovation Board and the ChiNext Index recording over 30% gains [2]. - As of August 22, 2025, the Hang Seng Index's TTM price-to-earnings ratio is 11.5x, significantly lower than major global indices such as the Dow Jones (31.6x), S&P 500 (28.6x), FTSE 100 (20.3x), and Nikkei 225 (19.6x) [2][8]. - The valuation of the Hang Seng Tech Index stands at 21.8x, which is also considerably lower than the Nasdaq Index at 41.2x [2][8]. Capital Flow Dynamics - The capital structure of the Hong Kong stock market consists of foreign capital (international intermediaries), Hong Kong capital (local intermediaries), and domestic capital (Chinese intermediaries and Stock Connect) [2]. - Since 2020, there has been a net outflow of foreign capital, with an increasing outflow rate expected post-2024. However, recent dovish signals from the Federal Reserve and improved Sino-U.S. relations may lead to a recovery in foreign capital inflow into the Hong Kong market [2][3]. Southbound Capital Inflow - There has been a significant inflow of southbound capital into the Hong Kong stock market this year, with a cumulative inflow of 891.09 billion yuan as of August 22, 2025, which is substantially higher than the same period in 2021 [3][12]. - The allocation ratio of domestic active equity funds to Hong Kong stocks has been increasing, reaching 19.9% by the second quarter of 2025 [3]. Sector Representation and Scarcity - The current A-share market is characterized by a "technology bull" trend, primarily focused on growth sectors like AI and robotics. The Hong Kong market features representative and scarce sectors such as artificial intelligence and innovative pharmaceuticals, which align with emerging industry trends [3]. - Several leading companies in sectors like electronics and new energy from the A-share market have expressed intentions to list in Hong Kong, which could enhance the asset quality of the Hong Kong market [3].

近日，原联储资管研究部总经理王嵩已离职，履新至方正证券研究所，担任地产行业首席研究员。 公开资料显示，王嵩为浙江大学会计学硕士，深耕地产及城投债研究十余年，历任中山证券固定收益研 究总监、浙江大学财会系校友会秘书长、麦肯锡地产与公用事业外部专家顾问、大湾区金融家协会专家 等职务。 对于为何在行业仍处高警惕阶段选择回归卖方，王嵩给出两大逻辑： 一、机会没消失，只是需要 "找"：虽然行业整体警惕度尚待提高，但细分领域（比如优质房企、区域 市场）、政策催化下的局部机会，都需要即时研究去挖掘，这正是卖方能做的； 二、地产是 "跨领域钥匙"：不只想聊地产股 —— 从地产切入，能更清晰地看懂期货（如建材品种）、 利率（地产对宏观流动性的影响）、整体股票策略（产业链上下游联动），这种 "链接价值" 能帮大家 更全面地做决策，也是我想重点发力的方向。 王嵩表示，这一次是 "重回卖方"，希望能以更聚焦的研究视角，把地产领域的价值挖得更透，也更及 时地为大家提供支持。 责任编辑：杨赐 ...

Core Viewpoint - The second "Golden Kylin Best Investment Advisor" selection is underway, focusing on identifying outstanding investment advisors in wealth management, with various competitions including stock simulation trading and public fund simulation allocation [1]. Group 1: Stock Simulation Trading - The top performer in the stock simulation trading for the week of August 18 to August 24 is Huang Rui from Nanjing Securities, achieving a weekly return of 18.73% [2]. - Lin Yanyu from China Merchants Securities ranks second with a return of 17.90%, while Chen Bingyin from Guosheng Securities comes in third with a return of 16.21% [2]. Group 2: ETF Simulation Trading - In the ETF simulation trading group, Zhang Yefeng from Guotai Haitong Securities leads with a weekly return of 15.68%, followed by Hong Xiaowei from Founder Securities with 15.62%, and Sheng Shaopeng from Everbright Securities with 13.54% [3][4]. Group 3: Public Fund Simulation Allocation - The top performer in the public fund simulation allocation is Hong Xiaowei from Founder Securities with a return of 14.18%, closely followed by Wu Dayao from Guoyuan Securities at 14.15%, and Zhang Kun from GF Securities at 13.38% [6]. - Zhang Yefeng from Guotai Haitong Securities also participated in this category, achieving a return of 10.05% [6]. Group 4: Social IP Service Evaluation - In the social IP service evaluation, Lin Doucan from Huayuan Securities, Li Hui from Western Securities, and Wang Hantang from Huaan Securities are the top three performers [6].

金盾股份公告，股东方正证券－西藏信托－浦顺5号集合资金信托计划－方正证券赢策316号定向资产管 理计划减持期限已届满。其于2025年5月22日-5月27日通过集中竞价交易减持406.52万股，减持均价 12.37元，占公司总股本1.00%；于2025年6月24日-7月21日通过大宗交易减持215.56万股，减持均价 10.89元，占公司总股本0.53%。减持后持股1851.4万股，占公司总股本4.55%。 ...