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。 ...

格隆汇11月17日｜长江证券研报指出，顺丰控股2025年第三季度实现归母净利润25.7亿元，同比下降 8.5%，第三季度公司营业收入实现784.0亿元，同比增长8.2%；总件量实现43.1亿票，同比增长33.4%， 市场份额显著提升。业务规模的加速扩张，主要得益于公司2025年持续推进的"激活经营"机制和增投的 战略资源。市场策略调优，期待经营改善。公司逐步动态调优市场策略，对业务区域实施差异化授权， 激励导向从规模驱动进阶至价值驱动。此外，公司将充分整合内外部资源，深化营运模式革新，推进适 配多元物流业务发展的网络分层和资源分层，结构性提效降本的成效将逐步显现。公司上调2025年第1 期A股回购股份金额至15-30亿元规模，彰显对未来发展和长期战略信心。预计公司2025-2027年归母净 利润分别为110.4亿、124.8亿和140.9亿，对应PE分别为18.5/16.4/14.5X，维持"买入"评级。 ...

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。 ...

长江证券研报指出，顺丰控股2025年第三季度实现归母净利润25.7亿元，同比下降8.5%，第三季度公司 营业收入实现784.0亿元，同比增长8.2%；总件量实现43.1亿票，同比增长33.4%，市场份额显著提升。 业务规模的加速扩张，主要得益于公司2025年持续推进的"激活经营"机制和增投的战略资源。市场策略 调优，期待经营改善。公司逐步动态调优市场策略，对业务区域实施差异化授权，激励导向从规模驱动 进阶至价值驱动。此外，公司将充分整合内外部资源，深化营运模式革新，推进适配多元物流业务发展 的网络分层和资源分层，结构性提效降本的成效将逐步显现。公司上调2025年第1期A股回购股份金额 至15-30亿元规模，彰显对未来发展和长期战略信心。预计公司2025-2027年归母净利润分别为110.4亿、 124.8亿和140.9亿，对应PE分别为18.5/16.4/14.5X，维持"买入"评级。 ...

Core Viewpoint - Liu Yiqian's capital operations, particularly regarding Changjiang Securities, reflect a significant shift in his investment strategy and highlight the challenges faced by his investment group, New Liyi Group, in maintaining control and achieving expected returns [1][10][29]. Group 1: Stock Pledge Transactions - New Liyi Group, a major shareholder of Changjiang Securities, announced a stock pledge transaction involving approximately 411.67 million shares, representing 49.99% of its holdings and 7.44% of Changjiang Securities' total share capital, with a market value of approximately 3.68 billion yuan [1][2][10]. - The stock pledge is intended for "investment cooperation," with two separate transactions involving different pledgees [1][2]. Group 2: Historical Context and Investment Journey - Liu Yiqian founded New Liyi Group in 2000, which has diversified investments across various sectors, including finance, pharmaceuticals, and real estate [4][25]. - Liu's initial investment in Changjiang Securities occurred in 2015 when New Liyi Group acquired a 14.72% stake for 10 billion yuan, becoming the largest shareholder [4][10]. - Following the acquisition, Liu faced significant challenges, including dilution of his stake due to a 12 billion yuan private placement initiated by Changjiang Securities' management [5][10]. Group 3: Recent Developments and Financial Performance - As of November 14, 2023, Changjiang Securities' stock price has decreased over 40% from its peak in 2015, indicating a substantial loss on Liu's investment [10][11]. - Liu's family has also engaged in stock pledges with other companies, including Hendi Pharmaceutical, totaling approximately 4.83 billion yuan in recent transactions [12][13]. - Hendi Pharmaceutical has reported declining financial performance, with a 4.52% drop in revenue and a 71.96% decrease in net profit year-over-year for the first three quarters of 2025 [16][18]. Group 4: Broader Implications and Market Position - The recent stock pledge activities and the decline in stock values suggest a potential restructuring of Liu Yiqian's capital portfolio, as he navigates a challenging market environment [29][30]. - The delisting of Tianmao Group, another company under Liu's control, further illustrates the contraction of his capital empire and raises questions about the future direction of his investments [18][20][30].

证券日报网讯 11月14日晚间，长江证券发布公告称，公司发行不超过200亿元公司债券已获得中国证券 监督管理委员会"证监许可〔2025〕2145号"文注册。根据《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）发行公告》，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）（简称"本期债券"）发行规模为不超过30.00亿元（含），发行价格为每张100元，采 取网下面向专业机构投资者询价配售的方式。本期债券发行时间为2025年11月13日至2025年11月14日， 最终网下实际发行数量为30亿元，最终票面利率为1.93%，认购倍数为2.62。发行人的董事、监事、高 级管理人员、持股比例超过5%的股东以及其他关联方无参与认购情况。本期债券的主承销商中信建投 证券股份有限公司、中信证券股份有限公司、华泰联合证券有限责任公司及其关联方合计认购8.30亿 元。前述报价公允、程序合规。 （文章来源：证券日报） ...

Market Overview - The participation fund sector declined by 0.53% on November 14, with Changjiang Securities leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Individual Stock Performance - Notable gainers included: - Zhongshun Group (Code: 000039) with a closing price of 8.94, up 9.96% [1] - Guomai Technology (Code: 002093) with a closing price of 11.90, up 2.15% [1] - Major decliners included: - Changjiang Securities (Code: 000783) with a closing price of 8.80, down 2.98% [2] - Huatai Securities (Code: 601688) with a closing price of 22.17, down 2.93% [2] Capital Flow Analysis - The participation fund sector experienced a net outflow of 2.136 billion yuan from institutional investors, while retail investors saw a net inflow of 1.242 billion yuan [2] - The overall capital flow indicated that speculative funds had a net inflow of 894 million yuan [2] Detailed Capital Flow by Stock - Key stocks with significant capital flow: - Zhongshun Group had a net inflow of 597 million yuan from institutional investors, but a net outflow of 378 million yuan from speculative funds [3] - Industrial and Commercial Bank of China (Code: 601398) saw a net inflow of 145 million yuan from institutional investors [3] - Other stocks like Northeast Securities (Code: 000686) and Hanhua Technology (Code: 600226) showed mixed capital flows with both inflows and outflows from different investor types [3]

从资金流向上来看，当日证券板块主力资金净流出33.99亿元，游资资金净流入14.09亿元，散户资金净流 入19.89亿元。证券板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 000783 | 长江证券 | 8.80 | -2.98% | | 100.82万 | 8.96亿 | | 601688 | 华泰证券 | 22.17 | -2.93% | | 80.57万 | 17.98亿 | | 000776 | 广发证券 | 22.85 | -2.64% | | 55.45万 | 12.76亿 | | 601696 | 中银证券 | 13.50 | -2.60% | - | 37.38万 | 5.10亿 | | 002736 | 国信证券 | 13.73 | -2.56% | | 53.16万 | 7.37 亿 | | 002939 | 长城证券 | 10.43 | -2.43% | | 31.51万 | 3.32亿 | | 300059 | 东方财富 | 2 ...