Core Viewpoint - The report from Guohai Securities indicates that Desay SV's net profit attributable to shareholders is expected to increase by 45.82% year-on-year in the first half of 2025, driven by new product iterations and an overseas expansion strategy [1] Group 1: Financial Performance - The company is projected to achieve operating revenues of 343 billion, 427 billion, and 514 billion from 2025 to 2027, with year-on-year growth rates of 24%, 25%, and 20% respectively [1] - The expected net profit attributable to shareholders for the same period is 27.40 billion, 34.52 billion, and 42.92 billion, with year-on-year growth rates of 37%, 26%, and 24% respectively [1] - The current price-to-earnings (PE) ratios are estimated to be 23, 18, and 15 times for the years 2025, 2026, and 2027 [1] Group 2: Strategic Initiatives - The company is set to benefit from the emerging trend of automotive electronics going global, leveraging its leading position in domestic smart development and large-scale production capabilities [1] - Desay SV plans to actively explore new fields such as smart transportation, unmanned delivery, and robotics, continuing its strategic transformation from core business to new ventures [1]

Core Insights - The European offshore wind power market is expected to quadruple in demand driven by "net zero emissions" and "energy independence" goals, with a projected cumulative installation of 126GW from 2025 to 2034, averaging over 12GW annually, which is more than four times the average installation from 2020 to 2024 [1][2][3] Group 1: Market Growth and Demand - The offshore wind power market in Europe is projected to grow significantly, with the underwater foundation market expected to double to 25 billion yuan in the next three years and exceed 40 billion yuan by 2030 [1][6] - The submarine cable market is anticipated to reach 30 billion yuan per year by 2030, representing an approximate 200% increase from 2025 [1][6] Group 2: Policy and Macro Environment - The macroeconomic environment is expected to improve from 2024, with significant policy support for offshore wind development, including increased auction price limits and extended contract durations [3][4] - The EU has set a roadmap to completely eliminate dependence on Russian gas imports by 2027, further emphasizing the need for offshore wind as a key component of energy transition [2][3] Group 3: Supply Chain Dynamics - There is a growing supply chain bottleneck in Europe for offshore wind equipment, with local manufacturers facing long delivery times, while Chinese companies are expanding capacity and can effectively fill this gap [4][5] - The UK shows the highest enthusiasm for offshore wind development, with significant policy support and a pressing need for imported equipment due to a lack of domestic production capacity [5][6]

Core Viewpoint - The A-share market has seen significant gains, with the Shanghai Composite Index reaching a nearly four-year high, and brokerage firms are increasing their dividend payouts, indicating a positive trend in shareholder returns [1][4][5]. Group 1: Dividend Trends - Many brokerage firms are doubling their dividend payouts for 2024 compared to 2023, with Huayin Securities' dividend scale reaching ten times that of 2023 [1][5]. - As of August 13, over ten companies have proposed mid-term dividend plans for 2025, a significant increase from only two and one in 2022 and 2023, respectively [1][8]. - The number of brokerages planning mid-term dividends has surged to 26 in 2024, with expectations for further increases in 2025 [1][8]. Group 2: Specific Brokerage Dividend Data - In terms of per-hand dividend payouts for 2024, GF Securities leads with 40 yuan, followed by China Merchants Securities and Huatai Securities at 37.7 yuan and 37 yuan, respectively [2][11]. - Huayin Securities has seen its total dividend scale for 2024 reach 1.08 billion yuan, a significant increase from 0.108 billion yuan in 2023 [5][6]. - Southwest Securities' 2024 dividend scale is over double that of 2023, reaching 5.65 billion yuan, with plans for three dividend distributions throughout the year [6][8]. Group 3: Dividend Payment Rates - Among brokerages with a payout ratio above 50%, Guolian Minsheng leads at 80.04%, followed by Hongta Securities and Southwest Securities at 63.59% and 61.76%, respectively [12][14]. - In contrast, major brokerages like China Merchants Securities and GF Securities maintain payout ratios around 30%, with some even below 20% [12][14]. Group 4: Future Dividend Planning - More than ten brokerages have established three-year shareholder return plans for 2024-2026, indicating a strategic focus on long-term shareholder value [9][10]. - The upcoming half-year reports, typically released in late August, are expected to coincide with the announcement of mid-term dividend plans, potentially increasing the number of brokerages disclosing such plans [9][10].

Core Viewpoint - The brokerage sector is experiencing significant gains, driven by increased client activity, rising margin levels, and favorable market conditions, indicating a potential new growth phase for the securities industry [1][4]. Group 1: Market Activity - The brokerage stocks surged, with notable performances from Guosheng Financial and Changcheng Securities, contributing to a recovery in the Shanghai Composite Index [2]. - The market has become more active since August, with daily trading volumes consistently above 1.5 trillion yuan, indicating a healthy rotation within the sector [2]. - The number of stocks maintaining a bullish trend has exceeded 2,500, suggesting that the market is improving without reaching overheating levels [2]. Group 2: Client Behavior and Financial Metrics - There has been a steady increase in client margin levels, with some brokerages reporting significant growth in this area [2][4]. - The number of T+0 clients has risen, leading to increased demand for brokerage computational resources [2]. - The financing balance has continued to grow, surpassing 2.02 trillion yuan, reflecting a trend of clients increasing leverage [2]. Group 3: Policy and Economic Environment - Analysts believe that the extension of tariffs between the U.S. and China has reduced market uncertainty, enhancing investor risk appetite [3]. - The current environment is characterized by low interest rates and a potential influx of long-term funds into the market, which could benefit brokerage operations across various business lines [4]. - Historical patterns of "deposit migration" driven by declining interest rates and rising stock market expectations are expected to repeat, further supporting brokerage growth [4]. Group 4: Industry Outlook - The brokerage industry is anticipated to enter a new growth phase, supported by structural adjustments and an increase in equity allocations from various financial institutions [4]. - The improvement in asset quality and reduction in valuation concerns are contributing to a more favorable outlook for brokerages [5]. - Cost control measures and digital transformation initiatives are expected to enhance profitability and return on equity (ROE) for the brokerage sector moving forward [5].

为更好突出功能性，提升专业性，发挥综合金融服务优势写好金融"五篇大文章"，2024年国海证券制定 实施《服务金融"五篇大文章"工作方案》，安排了17项具体工作举措，从融资端、投资端、研究端发 力，引导金融资源服务新质生产力发展。 聚焦科技创新，多措并举助力自立自强 做好科技金融是落实国家战略部署、服务实体经济的关键举措。在科技金融方面，国海证券聚焦细分赛 道的中小企业，致力于打造特色服务。通过IPO、并购重组、财务顾问、债券融资、ABS等多种金融工 具，全力支持战略性新兴产业和科技创新型企业的高质量发展，引导金融资源精准投向重点领域，为产 业升级注入新动能。 "十四五"以来，国海证券在服务专精特新企业方面取得了明显成效，落地多个标杆项目，为压滤机产量 位居世界第一的"单项冠军"企业，航空军工领域的龙头企业，国产HBA/RAID板卡及主控芯片研发领 域、以太网交换机芯片领域的"瞪羚"企业等提供全方位的金融服务，助力企业实现快速发展。 在研究支持方面，国海证券研究所2024年共发布101篇科技领域产业报告，深度融入科技金融服务体 系，以专业研究助力行业发展。 长期股权投资是孵化新质生产力的重要融资通道。国海证券子 ...

国海证券晚间发布业绩预告显示，受益于财富管理、投资管理等业务收入同比实现增长，公司上半年归 母净利润3.7亿元，同比增加159%。 ...

Core Viewpoint - The brokerage sector is experiencing significant gains, driven by increased client activity and favorable market conditions, indicating a potential new growth phase for the securities industry [1][3][4]. Group 1: Market Performance - The brokerage sector saw a surge in stock prices, with notable gains from companies like Guosheng Jinkong and Changcheng Securities, contributing to a positive market sentiment [1][3]. - The A-share market has been defined as a "bull market" by multiple brokerages, with expectations of increased capital inflow due to the anticipated interest rate cuts in the U.S. [6]. Group 2: Driving Factors - Three main drivers for the recent performance include an increase in T0 client numbers, steady growth in client margin scales, and a noticeable rise in leverage among existing clients, as evidenced by the financing balance exceeding 2.02 trillion yuan [1][3]. - Analysts suggest that policy guidance is encouraging long-term capital to enter the market, with structural adjustments indicating a turning point, which could enhance the growth potential for brokerage services [1][6]. Group 3: Future Outlook - The securities industry is expected to benefit from a new growth cycle, with increased demand for brokerage, margin financing, asset management, and investment banking services as new capital flows into the market [1][6]. - The improvement in asset quality and the reduction of valuation concerns are also contributing to a more favorable outlook for brokerages, with a focus on cost reduction and efficiency improvements [7].

国海证券：维持华虹半导体买入评级，目标价44.43港元。 ...

Core Viewpoint - The report from Guohai Securities indicates that aluminum prices are entering an upward channel due to high production levels and low inventory, with positive demand expectations as the peak season approaches [1] Industry Summary - In the short term, Yunnan's production recovery is nearly complete, maintaining high output levels while inventory remains low, leading to an anticipated increase in aluminum prices and expanded profit margins for companies [1] - Continuous favorable policy signals and expectations for demand improvement support a positive outlook for the industry [1] - In the long term, supply constraints in the aluminum industry combined with growth points in demand suggest that the industry may maintain high prosperity levels [1] Company Recommendations - Companies to watch include Yunnan Aluminum Co., Shenhui Co., Tianshan Aluminum, and China Aluminum [1]

Group 1 - Guohai Securities reported a significant increase in both revenue and net profit for the first half of 2023, with revenue reaching 2.077 billion yuan, a year-on-year growth of 23.34%, and net profit attributable to shareholders at 390 million yuan, up 61.68% [2] - The company attributes its strong performance to a stable recovery in the domestic macro economy and an increase in market activity, focusing on high-quality development and enhancing its core professional capabilities [2] - Other A-share listed brokerages have also reported positive results, with 19 firms announcing half-year performance forecasts indicating a general trend of year-on-year net profit growth [2] Group 2 - The brokerage sector has experienced a robust rally, with the brokerage index rising over 21% since July, reaching a new high in over a year on August 4 [4] - Recent policy signals have positively impacted the brokerage market, with expectations of further supportive measures to enhance market confidence and economic stability [4] - Analysts suggest that the reduction in the minimum settlement reserve ratio for stock business, effective from October 2023, is expected to improve market liquidity and efficiency, benefiting brokerages [4]