国海证券研报指出，青木科技是领先的电商服务商，提供一站式综合电商服务。核心业务电商代运营在 大服饰品类具有优势，近年拓展潮玩方向，Jellycat、泡泡玛特均为其客户；品牌孵化业务增长迅速， 已形成第二增长曲线。同时公司具有领先的AI基础，受益AI＋电商应用落地的降本增效，逐步重构传 统业务模式。预计2025-2027年公司营业收入13.9/17.5/22.1亿元，归母净利润1.0/1.6/2.6亿元，对应PE为 71/45/29X，维持公司"买入"评级。 ...

Investment Rating - The report maintains an "Overweight" rating for the securities industry [4] Core Viewpoints - The securities industry index increased by 0.65% last week, underperforming the Shanghai and Shenzhen 300 index, which rose by 1.38%. Most stocks in the securities sector showed strong performance, with 34 stocks rising and 16 falling [2][9] - As of last Friday's close, the price-to-earnings (PE) ratio for the securities industry secondary index was 20.79, indicating a relatively reasonable valuation since January 2022, with notable elasticity in the sector [3][23] Summary by Sections Market Review - The Shanghai and Shenzhen 300 index experienced a weekly change of 1.38%, while the securities industry index saw a change of 0.65%. Within the sector, 34 stocks increased in value, and 16 stocks decreased [2][9] - The top five performing stocks were Changjiang Securities, Guohai Securities, Pacific Securities, Guosheng Financial Holdings, and Bank of China Securities [10] - The bottom five performing stocks were Guolian Minsheng, CITIC Securities, Great Wall Securities, Industrial Securities, and China International Capital Corporation [11] Weekly Investment Strategy - The securities industry index's increase of 0.65% last week was weaker than the overall market performance. However, the majority of stocks in the sector showed strong upward movement. The PE ratio of 20.79 suggests a reasonable valuation, with significant elasticity remaining in the sector [3][23]

9月19日，国海证券盘中下跌2.14%，截至09:58，报4.57元/股，成交2.52亿元，换手率0.94%，总市值 291.85亿元。 资金流向方面，主力资金净流出2763.08万元，特大单买入1850.02万元，占比7.35%，卖出3727.26万 元，占比14.81%；大单买入5381.87万元，占比21.38%，卖出6267.71万元，占比24.90%。 截至8月29日，国海证券股东户数19.22万，较上期减少2.91%；人均流通股30153股，较上期增加 2.99%。2025年1月-6月，国海证券实现营业收入0.00元；归母净利润3.70亿元，同比增长159.26%。 分红方面，国海证券A股上市后累计派现34.39亿元。近三年，累计派现6.76亿元。 机构持仓方面，截止2025年6月30日，国海证券十大流通股东中，国泰中证全指证券公司ETF （512880）位居第八大流通股东，持股6902.35万股，相比上期减少709.78万股。南方中证500ETF （510500）位居第九大流通股东，持股6637.68万股，相比上期增加910.34万股。华宝中证全指证券公司 ETF（512000）位居第十大流通股 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1] Core Viewpoints - The non-bank financial industry has shown significant performance over the past year, with a focus on the growth of equity and fund distribution [2][4] - The recent release of the "Classification Evaluation Regulations for Futures Companies" by the CSRC aims to enhance regulatory effectiveness and promote risk management within the industry [4][11] - The report highlights the growth in the scale of equity product distribution, with significant increases in various fund categories compared to the end of 2024 [5][12] Summary by Relevant Sections Investment Suggestions - The report emphasizes the importance of the newly released regulations for futures companies, which include improvements in the scoring mechanism and the optimization of the evaluation system to enhance service to the real economy [11][25] Market Review - The major indices experienced varying degrees of increase, with the Shanghai Composite Index rising by 1.52% and the CSI 300 Index by 1.38% during the week [13] - The non-bank financial index saw a slight increase of 0.28%, ranking 24th among 31 primary industries [13] Key Industry Data Tracking 1) Market Performance and Scale - The total trading volume in A-shares reached 11.63 trillion yuan, with an average daily trading volume of 2.33 trillion yuan, reflecting a decrease of 10.63% compared to the previous period [13][18] 2) Credit Business - As of September 12, the market had 3,017.37 billion shares pledged, accounting for 3.69% of the total equity, with a margin balance of 2.34 trillion yuan, showing a 2.33% increase [18] 3) Fund Issuance - In August 2025, new fund issuance reached 1,020.22 billion units, with a notable increase in equity fund issuance [18] 4) Investment Banking Business - The equity underwriting scale in August 2025 was 234.77 billion yuan, with IPOs amounting to 40.93 billion yuan [18] 5) Bond Market - The total price index of bonds has decreased by 1.94% since the beginning of the year, with the 10-year government bond yield rising by 25.93 basis points [18] Regulatory Policies and Industry Dynamics - The report discusses the CSRC's new regulations for futures companies, which aim to refine risk management and enhance the overall competitiveness of the industry [4][25] Key Announcements from Listed Companies - Notable transactions include the completion of the acquisition of Guorong Securities by Western Securities and the establishment of a new investment partnership by Zhongyuan Securities [27]

宏利500指数增强(LOF)（162216）基金经理为李婷婷。 从基金十大重仓股角度 数据显示，宏利基金旗下1只基金重仓国海证券。宏利500指数增强(LOF)（162216）二季度持有股数 93.43万股，占基金净值比例为1.27%，位居第九大重仓股。根据测算，今日浮亏损失约23.36万元。 宏利500指数增强(LOF)（162216）成立日期2019年11月6日，最新规模3.03亿。今年以来收益26.53%， 同类排名1999/4222；近一年收益63.61%，同类排名1528/3804；成立以来收益74.39%。 9月18日，国海证券跌5.12%，截至发稿，报4.63元/股，成交13.59亿元，换手率4.96%，总市值295.68亿 元。 资料显示，国海证券股份有限公司位于广西壮族自治区南宁市滨湖路46号国海大厦，成立日期1993年6 月28日，上市日期1997年7月9日，公司主营业务涉及零售财富管理业务、企业金融服务业务、销售交易 与投资业务、投资管理业务、信用业务。主营业务收入构成为：财富管理业务46.85%，投资管理业务 23.12%，销售交易与投资业务15.34%，其他业务11.99%，企业金融服 ...

(本文来自第一财经) 首创证券、长城证券跌超5%，国盛金控跌超4%，国海证券、信达证券、湘财股份、中原证券、东方财 富等纷纷走低。 ...

国海证券发布研报称，大模型训推带动AI算力需求增长，GB300、Vera Rubin等新一代算力架构将推 出，算力产业链中的AI芯片、服务器整机、铜连接、HBM、液冷、光模块、IDC等环节有望持续受 益。维持对计算机行业"推荐"评级。 国海证券主要观点如下： GPU核心：GB300计算能力大幅提升，Rubin预期乐观 B300基于Blackwell Ultra架构，采用TSMC 4NP工艺与CoWoS-L封装，FP4浮点算力可达15PFLOPS，是 B200的1.5倍。https://www.hibor.com.cn(慧博投研资讯)GB300搭载288GB的HBM3E显存。Vera Rubin NVL144性能是GB300 NVL72的3.3倍。Rubin Ultra NVL576性能较GB300 NVL72提升14倍，内存是 GB300的8倍。FY2026Q2，英伟达营收467亿美元，同比+56%。 CPO将硅光子器件与ASIC封装，取代传统的可插拔光模块，与传统网络相比，提升能效3.5倍、部署速 度1.3倍。Quantum-X和Spectrum-X交换机减少了对传统光收发器的依赖，为超大规模人工智能工厂提 ...

每经AI快讯，9月18日，证券板块集体走低，长城证券跌超5%，首创证券、国盛金控跌超4%，国海证 券、信达证券多股下挫。 （文章来源：每日经济新闻） ...

9月17日，由《中国基金报》主办的"2025中国资本市场发展论坛暨证券业论坛"在上海举行。会上， 2025中国券商英华示范案例评选结果出炉，国海证券荣获"券商财富管理示范机构""优秀券商数字化展 业示范案例""券商资管优秀产品示范案例（三年期纯债）"三个奖项。 近年来，国海证券加快推进零售业务向财富管理转型，以为客户创造价值为引领，以专业与科技为引 擎，持续完善投研体系，不断丰富产品服务谱系，打造一站式投资理财解决方案，致力于为广大客户提 供高质量的专业、智能、贴心的服务。公司投资顾问业务服务客户规模和业务收入连续增长，本次荣 获"券商财富管理示范机构"，是外界对国海证券财富管理转型的认可。 在数字化转型的路上，国海证券也始终"以客户为中心"。为及时把握客户投资旅程上的潜在需求，国海 证券已完成自动化运营体系从工具探索到体系搭建，再到生态协同的进阶目标。基于智能运营引擎，实 现精准洞察客户需求自动多波次、多终端策略运营；线上策略实时智能触发，线下策略实时衔接；根据 效果监控迭代优化运营策略，完成数字化运营闭环。截至目前，公司已累计上线10余项场景30余项自动 化策略，客户覆盖面达百万级。 国海证券资管围绕"低 ...

南方财经9月18日电，证券板块集体走低，首创证券、长城证券跌超5%，国盛金控跌超4%，国海证 券、信达证券多股下挫。 ...