人民财讯9月11日电，企查查APP显示，近日，江阴市澄源瑞基国元股权投资合伙企业（有限合伙）成 立，出资额2.14亿元，经营范围包含：以私募基金从事股权投资、投资管理、资产管理等活动。企查查 股权穿透显示，该企业由国元证券(000728)全资子公司国元股权投资有限公司等共同出资。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 转自：证券时报 ...

智通财经APP获悉，国元证券发布研报称，2025低空经济发展大会于近日召开，大会聚焦政策与产业新 需求，集中展示前沿成果与应用场景，低空经济发展向好。8月挖掘机内外销双增。当前时点，出口端 无论从供给端还是需求端看国内龙头企业仍具备较强竞争优势。看好后续工程机械行业维持稳步增长态 势。建议关注深城交(301091.SZ)、万丰奥威(002085.SZ)、巨星科技(002444.SZ)、三一重工(600031.SH) 等。 国元证券主要观点如下： 低空经济板块 9月5日，2025低空经济发展大会在安徽芜湖开幕。大会以"场景创新引领安全有序发展"为主题，聚焦政 策与产业新需求，集中展示前沿成果与应用场景。作为全国首批全域低空空域管理改革试点省份之一， 安徽目前已集聚产业链企业逾570家，形成通航与无人机并重的格局，预计2025年产业规模突破600亿 元。大会期间，芜湖市发布低空智联系统，国家低空经济融合创新研究中心推出研究丛书，中国电科、 中国电信、中国航天科工发布重大成果，并完成多项项目签约和交付，参会规模超过千人，展现出安徽 低空经济加速进入政策、产业与资本协同发展的新阶段。 2)机械设备：出口链板块，建议关 ...

据Wind资讯数据统计，截至今年上半年末，华润信托、重庆信托、国联信托等18家信托公司现身25家A股上市公司的前十大流通股股东，持股总市值达 592.1亿元，相较于今年一季度末增长64.56亿元。 整体来看，25家A股上市公司分别来自非银金融、银行、交通运输、医药生物等多个行业。其中，金融行业是信托公司第一重仓行业。持股数量方面， 信托公司持股数量居前的6只个股均来自金融行业。国信证券、江苏银行获信托公司持股数量均为十亿级，分别达21.37亿股、12.81亿股。郑州银行、国元证 券、国联民生、东北证券获持股也较多，分别为7.05亿股、5.92亿股、3.90亿股和2.76亿股。 上述6只个股也位居信托公司持股市值前列，以降序排列，国信证券、江苏银行、国元证券、国联民生、东北证券、郑州银行获信托公司持仓市值分别 为246.18亿元、152.91亿元、46.74亿元、40.38亿元、21.06亿元和14.51亿元。 转自：证券日报网 本报记者 方凌晨 信托公司最新重仓股出炉。随着信托行业转型步入深水区，标品信托的发展成为重要抓手。证券市场是信托资金投向的重要领域，透过A股前十大流通 股股东名单，可以窥见信托资金在证 ...

Group 1: Company Strategy and Initiatives - The "Scientist Accompaniment Program" aligns with national strategies and aims to enhance "technology finance" services, focusing on differentiated competitive advantages [3] - The program has successfully promoted 23 cutting-edge technologies and invested over 2 billion RMB in 57 new productivity projects [4] - The company aims to establish a "1396" action plan to integrate industry research, investment, and wealth management [3] Group 2: Market Outlook and Business Performance - The average daily balance market share for margin trading reached 1.09% in the first half of 2025, a new high, with a year-on-year profit growth of 57.79% [6] - The company plans to enhance wealth management transformation and establish a differentiated service system to drive high-quality development in margin trading [6] Group 3: Dividend Policy and Shareholder Returns - Since 2007, the company has distributed a total of 10.237 billion RMB in cash dividends, with an average dividend payout ratio of 42.88% [7] - In the first half of 2025, the company distributed 698 million RMB in cash dividends, an increase of 40 million RMB from the previous year [7] - A mid-term dividend of 0.80 RMB per share (including tax) is planned for the second half of 2025, totaling 349 million RMB [7] Group 4: IPO Market Insights - The Hong Kong IPO market has become the largest globally in the first half of 2025, driven by policy optimization and increased quality asset supply [9] - The A-share IPO market is experiencing a slowdown due to stricter review requirements, focusing on quality over quantity [9] Group 5: Business Structure and Development - The "Self-Operated Business Committee" has been renamed to "Financial Market Business Committee" to reflect a broader business scope [8] - The restructuring aims to enhance service capabilities and integrate various financial products and services [10] - The company is committed to building a comprehensive financial ecosystem and enhancing its research-driven business development [11]

Group 1 - The MLCC industry inventory has significantly decreased compared to the peaks in 2022-2023, and is expected to stabilize from 2024 onwards, indicating a reasonable overall inventory level after more than two years of inventory destocking [1] - The industry is currently in a mild recovery phase supported by multiple demand factors such as automotive electronics and AI servers, with a low likelihood of a significant downturn [1] - Historical trends show that the MLCC industry experiences cycles of approximately 4-5 years, with three major price uptrends since 2016 driven by supply-demand dynamics and external factors like the pandemic and technological advancements [1] Group 2 - Domestic substitution in the MLCC market is accelerating, particularly in mid-to-low-end general-purpose and consumer electronics, but there is an urgent need for breakthroughs in high-end MLCCs [2] - Leading domestic manufacturers like Fenghua and Sanhuan are making significant investments to advance high-capacity and automotive-grade technologies, aiming to reach the global first tier in production capacity [2] - Emerging companies such as Dali Kaipu and Weirong Technology are focusing on niche markets to fill gaps in RF and ultra-miniature products [2] Group 3 - The demand for MLCCs is expanding due to the proliferation of electric vehicles, the application of smart driving technologies, and upgrades in consumer electronics and AI servers [3] - Technological advancements are driving MLCC products towards miniaturization, high capacity, high frequency, high reliability, and high voltage, which in turn enhances average selling prices (ASP) and opens up future market opportunities [3]

Core Viewpoint - Renhe Intelligent (301129.SZ) announced a share reduction plan by its director and senior management, specifically by the financial director Chen Chaohui, who plans to reduce his holdings of 279,500 shares, accounting for 0.21% of the total share capital, within three months after the announcement [1] Group 1: Share Reduction Plan - Chen Chaohui holds 1,118,000 shares, approximately 0.82% of the total share capital, and intends to reduce his holdings through centralized bidding [1] - The shares to be reduced are from pre-IPO shares, shares from the restricted stock incentive plan, and shares obtained through capital reserve conversion [1] - The reduction will not lead to a change in control of the company or significantly impact its governance structure and future operations [1] Group 2: IPO and Fundraising - Renhe Intelligent raised a total of 1.025 billion yuan from its IPO, with a net amount of 917 million yuan after deducting issuance costs, exceeding the original plan by 518 million yuan [2] - The company initially planned to raise 399 million yuan for projects including the construction of a smart heating equipment production base and a research and testing center [2] Group 3: Financial Distribution - The issuance costs for the IPO amounted to 108 million yuan, with underwriting fees of 87.1469 million yuan [3] - In 2022, the company distributed a cash dividend of 8 yuan per 10 shares, totaling 59.512 million yuan, and also increased the share capital by 8 shares for every 10 shares held, resulting in a total of 59.512 million shares being distributed [3]

Core Viewpoint - The international business of Chinese securities firms is becoming a significant growth driver, with many firms reporting impressive revenue increases in their international operations as they accelerate their globalization strategies [1][2]. Group 1: International Business Performance - Several listed securities firms have shown a rising trend in their international business revenues, with China Galaxy reporting a revenue of 1.099 billion yuan, a year-on-year increase of 4.71% [1]. - Guoyuan Securities achieved an international business revenue of 178 million yuan, marking a substantial growth of 65.05% year-on-year [1]. - CITIC Securities International reported a revenue of 1.492 billion USD, a year-on-year increase of 52.87%, and a net profit of 387 million USD, up 65.38% [1]. - CICC's international operations generated a total revenue of 6.877 billion HKD, reflecting a growth of 30.97%, with a net profit of 2.634 billion HKD, a significant increase of 169.05% [1]. - Huatai International's net profit reached 1.145 billion HKD, a year-on-year increase of 25.55%, although its revenue decreased by 61.21% to 3.762 billion HKD [1]. Group 2: Business Development Strategies - CITIC Securities is advancing its global wealth management strategy, achieving a doubling in sales scale and revenue for overseas wealth management products in the first half of 2025 [2]. - The firm completed 30 overseas equity projects, with an underwriting scale of 2.989 billion USD, indicating strong market performance [2]. - CICC noted that its profit growth was driven by increased gains from financial instruments due to a recovering capital market [2]. - Companies are planning to enhance cross-border integrated development, with China Galaxy focusing on penetrating management of overseas subsidiaries and strengthening its position in Southeast Asia [2]. - Huatai Securities aims to deepen its global layout and improve its cross-border integrated financial service system while maintaining risk control and enhancing market competitiveness [2]. Group 3: Emerging Players in International Business - Smaller securities firms are also actively pursuing international business, using Hong Kong as a strategic base for expansion [3]. - First Capital announced plans to establish a wholly-owned subsidiary in Hong Kong, while Western Securities plans to invest 1 billion yuan to set up a wholly-owned subsidiary there [3]. - Other firms like Dongwu Securities and Huazhong Securities have also announced capital increases for their Hong Kong subsidiaries, indicating a growing competitive landscape in international operations [3].

Performance Overview - As of June 30, 2025, the company's total assets amounted to 177.199 billion yuan, representing a year-on-year growth of 2.96% [1] - The equity attributable to the parent company's shareholders reached 37.952 billion yuan, an increase of 2.46% compared to the end of the previous year [1] - In the first half of 2025, the company achieved operating revenue of 3.397 billion yuan, reflecting a year-on-year growth of 41.60% [1] - The net profit attributable to the shareholders of the parent company was 1.405 billion yuan, which is a year-on-year increase of 40.44% [1] Online Performance Briefing - The company will hold an online performance briefing on September 5, 2025, from 15:00 to 16:00 [2] - The briefing will be conducted remotely, allowing for broader participation [2] - Key attendees include Chairman Shen Hefeng, CEO Hu Wei, Independent Director Lang Yuanpeng, Chief Accountant Si Kaiming, and Secretary of the Board Li Zhufeng [2] - Investors can participate in the interactive session via the "China Securities Roadshow Center" [2]

Core Viewpoint - The sell-side research business in China's securities industry is considered the "crown jewel," reflecting a brokerage's professional capability and comprehensive influence, despite not generating significant profits [2][3]. Summary by Sections Sell-Side Research Capability Measurement - The measurement of sell-side research capabilities among brokerages is primarily based on the total amount of commission allocated by public funds and their rankings. The recent commission ranking, following the public fund commission reform, highlights the strengths and weaknesses of research and service capabilities [3][4]. Top Tier: Expected Reshuffling and Surprises - The merger of two traditional institutions, Guotai Junan and Haitong Securities, into Guotai Haitong Securities has created a reshuffling opportunity in the top tier of sell-side research. However, the merged entity did not surpass CITIC Securities, which remains the leader with a significant gap in commission income [4][5]. Commission Rankings - CITIC Securities leads with a total commission of 319 million yuan, holding a market share of 7.13%. Guotai Haitong Securities follows with 268 million yuan, while GF Securities ranks third with 250 million yuan [5][6][8]. Competitive Landscape - The competition for the second and third positions in the sell-side research market is expected to be intense, particularly between Guotai Haitong and GF Securities, given their close commission figures [7]. First Tier: Strong Contenders - The top ten brokerages are characterized by complete systems, strong teams, and significant influence. The rankings are subject to change based on performance in the latter half of the year [9][10]. Rising Institutions - Zhejiang Securities, Shenwan Hongyuan, and CICC have shown significant improvements in their rankings without the benefit of mergers, indicating genuine growth in their research capabilities [11][12]. Second Tier: The "Billion Club" - The second tier of brokerages, ranked 11th to 20th, is highly competitive, with many firms vying for the "billion club" threshold. The top three in this tier are Tianfeng Securities,招商证券, and东吴证券, all closely matched in commission income [14][15]. Notable Exceptions - Guolian Minsheng Securities, which also underwent a merger, is uniquely positioned in the rankings due to its late merger timing, potentially affecting its future standings [16]. Bottom Tier: Rare Positive Growth - Among the bottom ten brokerages, there are rare examples of positive growth, particularly华源证券 and华福证券, which have seen significant increases in their commission income due to strategic hires and team expansions [17][19].

国元证券股份有限公司 关于胜通能源股份有限公司 首次公开发行前已发行股份部分解除限售上市流通的核查 意见 国元证券股份有限公司（以下简称"国元证券"或"保荐机构"）作为胜通能源 股份有限公司（以下简称"胜通能源"或"公司"）持续督导的保荐机构，根据《证 券发行上市保荐业务管理办法》 《深圳证券交易所股票上市规则》 《深圳证券交易 所上市公司自律监管指引第 1 号——主板上市公司规范运作》《深圳证券交易所 上市公司自律监管指引第 13 号——保荐业务》等有关规定，对胜通能源首次公 开发行前已发行股份部分解除限售并上市流通事项进行了审慎核查，发表核查意 见如下： 一、首次公开发行股份及上市后股本变动概况 首次公开发行股票情况 公司首次公开发行股份前总股本为 90,000,000 股。经中国证券监督管理委 员会《关于核准胜通能源股份有限公司首次公开发行股票的批复》（证监许可 [2022]1333 号）核准，并经深圳证券交易所《关于胜通能源股份有限公司人民 币普通股股票上市的通知》（深证上[2022]884 号）同意，公司获准向社会公开 发行人民币普通股（A 股）30,000,000 股，自 2022 年 9 月 8 ...