Core Viewpoint - The 2025 China Securities Industry Asset Management Summit highlighted the evolving landscape of the asset management industry, emphasizing the need for innovation and adaptation in response to market changes and new demands [2][3]. Group 1: Industry Trends - The asset management industry in China is experiencing a transformation with a more rational business structure and enhanced operational standards, leading to increased competitiveness [2]. - Three major trends are reshaping the securities asset management ecosystem: digital empowerment through AI and large model technologies, upgraded demand for innovative products like retirement and green investments, and a shift from traditional investment management to comprehensive solution providers [2][3]. Group 2: Challenges and Strategies - The asset management sector faces significant challenges, including asset scarcity, low interest rates, and high volatility, necessitating a transition from a single high-yield asset model to a multi-strategy approach [3]. - Firms must focus on brand cultivation and long-term development while enhancing active management capabilities and customer service to meet market demands effectively [3]. Group 3: Forum Highlights - The forum featured two roundtable discussions addressing opportunities and challenges in the post-public offering era and strategies for product layout in a low-interest-rate environment [4]. - The "2025 China Securities Industry Asset Management Jun Ding Award" was announced, recognizing outstanding contributions in the asset management field [4][6].

证券代码：000783 证券简称：长江证券 公告编号：2025-071 长江证券股份有限公司关于 中国证券监督管理委员会对公司为长江保荐 提供净资本担保和流动性担保承诺无异议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 近日，长江证券股份有限公司（以下简称"公司"）收到中国证 券监督管理委员会（以下简称"中国证监会"）出具的《关于长江证 券为长江承销保荐提供净资本担保和流动性担保承诺事项的复函》 （机构司函〔2025〕1589 号，简称"复函"）。 根据该复函，中国证监会对公司向长江证券承销保荐有限公司 （简称"长江保荐"）提供人民币 4.5 亿元净资本担保和人民币 5 亿 元流动性担保承诺无异议。公司及长江保荐将严格按照本复函要求， 结合风险管理实际需求，依法履行相应程序后使用净资本担保和流动 性担保承诺。 特此公告 长江证券股份有限公司董事会 二〇二五年十一月二十日 1 2 ...

长江证券研报指出，北方华创2025Q3归母净利润为19.22亿元，同比增长14.60%；前三季度归母净利润 为51.30亿元，同比增长14.83%。半导体业务国产替代空间广阔，平台型龙头公司行稳致远。公司作为 国内半导体设备国资龙头公司，无论是技术层面还是产品层面都具备显著的领先优势，相关设备已在下 游一线厂商实现批量导入。且在持续的研发投入之下，公司仍在不断实现新的产品应用，产品矩阵持续 完善。在半导体设备国产替代趋势确立的大背景下，公司营收规模和盈利能力有望长期向好发展。维 持"买入"评级。 ...

| 债券名称 | 长江证券股份有限公司 | | | | | 2025 | | | 年面向专业投资者公开发行公司 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 债券（第四期） | | | | | | | | | | 债券简称 | 25 长江 08 | | | | | | | | | | 债券代码 | 524535 | | | | | | | | | | 评级机构 | | | | 联合资信评估股份有限公司 | | | | | | | 信用评级 | 主体评级 | | | | AAA，债项评级 | | | 无 | | | 发行总额（亿元） | 30 亿元 | | | | | | | | | | 债券期限 | 年 3 | | | | | | | | | | 票面年利率（％） | 1.93% | | | | | | | | | | 利率形式 | 固定利率 | | | | | | | | | | 付息频率 | 每年付息 | | | | | | | | | | 发行日 | 2025 年 | 11 | 月 | 13 | 日-2025 | ...

长江证券研报指出，洋河股份2025年前三季度实现归属于上市公司股东净利润39.75亿元，同比下降 53.66%；单三季度实现归属于上市公司股东净利润-3.69亿元，同比下降158.38%。公司持续去库存，未 来有望轻装上阵。受需求端波动的影响，行业整体面临一定的压力，从历史来看，降低增速预期、维护 渠道健康是缓解库存周期波动的正解。当前公司开始逐步协助经销商去化库存，渠道有望逐步回归健康 良性。预计公司2025/2026年EPS为2.25/2.56元，对应最新PE 为31/28倍，维持"买入"评级。 ...

长江证券研报指出，歌尔股份前三季归母净利润26亿元，yoy+10%，单Q3季度归母净利润12亿元，yoy+5%，QoQ+23%。公司在第三季度收入及利润增速表现良好，判断主要系北美A 客户和M ...

长江证券研报指出，蓝思科技2025Q1~3归母净利润28.43亿元，同比增长19.91%；Q3单季度实现归母净 利润17.00亿元，同比增长12.62%。iPhone17销量大幅提升加码，公司中框业务贡献核心增量。智能汽 车业务方面，智能座舱产品矩阵日益丰富，超薄夹胶车窗玻璃导入国内头部车企。当前毛利率仍受墨西 哥工厂影响，但公司已逐步推进墨西哥工厂的搬迁，未来有望迎来营收与毛利率双增长的成长通道。未 来涌现的新型智能终端产品，公司均有望凭借平台化全链条整合能力以及外观件多年技术积累，获得较 多头部客户订单，深度拥抱AI 端侧浪潮。预计公司2025~2027年可实现归母净利润50.70/69.56/81.82亿 元，维持"买入"评级。 ...

Core Viewpoint - SF Holding reported a net profit attributable to shareholders of 2.57 billion yuan for Q3 2025, a year-on-year decrease of 8.5%, while achieving operating revenue of 78.4 billion yuan, a year-on-year increase of 8.2% [1] Group 1: Financial Performance - The total parcel volume reached 4.31 billion, reflecting a year-on-year growth of 33.4%, indicating a significant increase in market share [1] - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 11.04 billion, 12.48 billion, and 14.09 billion yuan, respectively, with corresponding PE ratios of 18.5, 16.4, and 14.5 [1] Group 2: Business Strategy - The accelerated expansion of business scale is primarily attributed to the ongoing "activation operation" mechanism and strategic resource investment in 2025 [1] - The company is dynamically adjusting market strategies, implementing differentiated authorization in business regions, and shifting the incentive focus from scale-driven to value-driven [1] Group 3: Operational Improvements - SF Holding plans to fully integrate internal and external resources, deepen operational model innovation, and promote network and resource stratification to adapt to diverse logistics business development [1] - The company has raised the share repurchase amount for the first phase of 2025 to a scale of 1.5 to 3 billion yuan, demonstrating confidence in future development and long-term strategy [1]

长江证券研报指出，蓝思科技2025Q1~3归母净利润28.43亿元，同比增长19.91%；Q3单季度实现归母净 利润17.00亿元，同比增长12.62%。iPhone17销量大幅提升加码，公司中框业务贡献核心增量。智能汽 车业务方面，智能座舱产品矩阵日益丰富，超薄夹胶车窗玻璃导入国内头部车企。当前毛利率仍受墨西 哥工厂影响，但公司已逐步推进墨西哥工厂的搬迁，未来有望迎来营收与毛利率双增长的成长通道。未 来涌现的新型智能终端产品，公司均有望凭借平台化全链条整合能力以及外观件多年技术积累，获得较 多头部客户订单，深度拥抱AI 端侧浪潮。预计公司2025~2027年可实现归母净利润50.70/69.56/81.82亿 元，维持"买入"评级。 ...

Core Viewpoint - SF Holding reported a net profit attributable to shareholders of 2.57 billion yuan for Q3 2025, a year-on-year decrease of 8.5%, while achieving operating revenue of 78.4 billion yuan, a year-on-year increase of 8.2% [1] Group 1: Financial Performance - The total parcel volume reached 4.31 billion, reflecting a year-on-year growth of 33.4%, indicating a significant increase in market share [1] - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 11.04 billion, 12.48 billion, and 14.09 billion yuan, respectively, with corresponding PE ratios of 18.5, 16.4, and 14.5 [1] Group 2: Business Strategy - The accelerated expansion of business scale is primarily attributed to the ongoing "activation operation" mechanism and strategic resource investment in 2025 [1] - The company is dynamically adjusting market strategies, implementing differentiated authorization in business regions, and shifting the incentive focus from scale-driven to value-driven [1] - SF Holding plans to fully integrate internal and external resources, deepen operational model innovation, and promote a tiered network and resource structure to enhance efficiency and reduce costs [1] Group 3: Shareholder Confidence - The company has increased the share repurchase amount for the first phase of 2025 to a scale of 1.5 to 3 billion yuan, demonstrating confidence in future development and long-term strategy [1]