丨证券研究报告丨 投资策略丨点评报告 [Table_Title] 0812 港股日评：三大股指走势分化，港股通煤 炭领涨 报告要点 [Table_Summary] 2025 年 8 月 12 日，港股市场大市成交额达到 2154.2 亿港元，南向资金净买入 94.50 亿港元。 美国 7 月非农数据大幅低于预期，新增就业仅 7.3 万，季调失业率升至 4.2%，经济趋冷信号强 化市场对 9 月降息的押注，叠加特朗普提名鸽派经济学家斯蒂芬·米兰担任美联储理事，且另一 鸽派经济学家沃勒或成下任主席首选，市场对美联储降息预期较高，外部资金流动性增加。部 分互联网公司中报业绩公布后，市场个别资金套利切换，压制部分互联网公司表现。双焦期货 价格持续走高，叠加夏季能源需求旺季预期，支撑煤炭板块表现。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 0812 港股日评：三大股指走势分化，港股通煤 2] 炭领涨 [Table_Summary2 ...

Core Viewpoint - The article presents the rankings of analysts from various securities firms in different categories, highlighting the performance of these firms in the 23rd New Fortune Best Analyst Selection. Macroeconomic Analysis - The rankings include firms such as GF Securities, Huachuang Securities, and Industrial Bank Securities, with specific positions noted for each [1][2][3]. Strategy Research - In strategy research, Shenwan Hongyuan Securities and GF Securities are noted for their top positions, indicating strong performance in this area [2][3]. Fixed Income Research - Shenwan Hongyuan Securities leads in fixed income research, followed by other firms like GF Securities and Industrial Bank Securities [3][4]. Banking Sector - In the banking sector, firms like GF Securities and Industrial Bank Securities are highlighted, showcasing their competitive standings [4][5]. Non-Banking Financials - GF Securities and Industrial Bank Securities are again noted for their strong performance in the non-banking financial sector [5][6]. Real Estate - Longjiang Securities and GF Securities are recognized in the real estate category, indicating their influence in this sector [6][7]. Food and Beverage - Longjiang Securities and GF Securities are also mentioned in the food and beverage sector, reflecting their analytical capabilities [7][8]. Pharmaceuticals and Biology - In the pharmaceuticals and biology sector, firms like Industrial Bank Securities and Huachuang Securities are noted for their rankings [7][8]. Electronics - GF Securities and Longjiang Securities are highlighted in the electronics sector, showing their analytical strengths [11][12]. Communication - In the communication sector, firms like GF Securities and Huachuang Securities are recognized for their performance [13][14]. Energy and Utilities - Longjiang Securities and GF Securities are noted in the energy and utilities sector, indicating their analytical prowess [20][21]. Transportation and Warehousing - Shenwan Hongyuan Securities and Longjiang Securities are highlighted in the transportation and warehousing sector [23][24]. Overall Performance - The rankings reflect a competitive landscape among securities firms, with several firms consistently appearing across multiple categories, indicating their broad analytical capabilities [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24].

Group 1 - The core viewpoint of the news highlights the performance of the CSI 500 Quality Growth Index and its ETF, indicating a positive trend with significant increases in both index and ETF values [1][2] - The CSI 500 Quality Growth ETF has seen a recent scale growth of 8.67 million yuan and an increase of 2 million shares, ranking in the top third among comparable funds [1] - The valuation of the CSI 500 Quality Growth Index is at a historical low, with a latest price-to-book ratio (PB) of 1.97, which is lower than 82.68% of the time over the past five years, indicating strong value for investors [1] Group 2 - Huaxi Securities notes that the current market rally is supported by various sources of incremental capital, including institutional funds from insurance, pension funds, public and private equity, as well as retail investor participation [2] - The M1-M2 year-on-year growth rate has shown a narrowing negative scissors difference, reflecting an increase in the activation of funds and a marginal recovery in consumer and investment willingness among residents [2] - The CSI 500 Quality Growth Index is composed of 100 stocks selected from the CSI 500 Index, focusing on companies with high profitability, sustainable earnings, and strong cash flow, providing diverse investment options for investors [2][3]

8月12日，A股全天震荡拉升，市场分化明显，个股逾3100股下跌。全天成交额1.9万亿，较上个交易日 放量约546亿。截至收盘，沪指涨0.50%，深证成指涨0.53%，创业板指涨1.24%，科创50涨近2%。 市场分析认为，这些利好消息影响市场： 第一，今早，中美斯德哥尔摩经贸会谈联合声明发布，双方同意：自2025年8月12日起再次暂停实施 24%的关税90天，同时保留按该行政令规定对这些商品加征的剩余10%的关税。 第二，今天市场上突然传出，DeepSeek-R2的预计发布时间窗口为2025年8月15日至8月30日，但具体日 期尚未官宣。 第三，截至8月11日，沪深两市融资余额实现重要突破，时隔十年再次突破两万亿元大关。 盘面上，市场热点较为杂乱。券商、保险、多元金融等大金融板块强势，国盛金控涨停；芯片产业链集 体爆发，旭光电子涨停；脑机接口等医疗器械板块持续活跃，创新医疗涨停；新疆振兴概念再度拉升， 八一钢铁、北新路桥"三连板"；港口航运异动拉升，南京港涨停；跨境支付概念股尾盘走强，恒宝股份 涨停。此外，燃气、房地产、通信设备、煤炭开采等板块均有所表现。下跌方面，锂等能源金属板块回 调；军工、光伏设备、影 ...

证券之星消息，8月11日，长江证券（000783）融资买入8967.45万元，融资偿还8440.69万元，融资净买 入526.76万元，融资余额14.5亿元，近3个交易日已连续净买入累计3085.96万元，近20个交易日中有14 个交易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-08-11 | 526.76万 | 14.50亿 | 3.49% | | 2025-08-08 | 1305.15万 | 14.45 Z | 3.50% | | 2025-08-07 | 1254.04万 | 14.32亿 | 3.47% | | 2025-08-06 | -214.48万 | 14.19 Z | 3.46% | | 2025-08-05 | 195.94万 | 14.21亿 | 3.46% | | 交易日 | 融) 田學院論 | | 融券会量(股) | 融券余额(元) | | --- | --- | --- | --- | --- | | 2025-08-11 | | -1.31万 | 103.30万 ...

长江证券承销保荐有限公司 关于安徽英力电子科技股份有限公司 继续使用可转换债券部分闲置募集资金及自有资金 进行现金管理的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐人"）作为安徽 英力电子科技股份有限公司（以下简称"英力股份"或"公司"）首次公开发行股 票及向不特定对象发行可转换公司债券的保荐人，根据《证券发行上市保荐业 务管理办法》《上市公司募集资金监管规则》《深圳证券交易所创业板股票上市 规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范 运作》等有关法律法规规定，对英力股份继续使用部分可转换债券闲置募集资 金及自有资金进行现金管理的相关事项进行了审慎核查，具体情况如下： 项目名称 实施主体 日累计使用募集资金 号 资总额 资金额 金额 一、募集资金的基本情况 经中国证券监督管理委员会《关于同意安徽英力电子科技股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可［2022］872 号）核准， 公司于 2022 年 7 月 21 日公开发行了 340 万张可转换公司债券，每张面值 100 元，发行总额为 340,000,000.00 元，扣除发行费用 ...

Group 1 - The article presents the rankings of various securities firms in different research categories as part of the 23rd New Fortune Best Analyst Awards [1][2][3] - The rankings are based on a phased statistical result as of August 11, indicating that they are not final [1][2] - The categories include macroeconomic research, strategy research, fixed income research, and sector-specific research such as real estate, food and beverage, and healthcare [1][2][3][4] Group 2 - In the macroeconomic research category, the top firms include GF Securities, Huachuang Securities, and Shenwan Hongyuan Securities [1] - For strategy research, the leading firms are CITIC Securities, GF Securities, and Shenwan Hongyuan Securities [2] - In fixed income research, the top firms are Huatai Securities, Shenwan Hongyuan Securities, and GF Securities [3] Group 3 - The rankings for specific sectors show that in real estate, the top firms are Longjiang Securities, Shenwan Hongyuan Securities, and GF Securities [6] - In the food and beverage sector, the leading firms are GF Securities, Shenwan Hongyuan Securities, and CITIC Securities [9] - For healthcare, the top firms include Industrial Securities, CITIC Securities, and Tianfeng Securities [7]

博时、兴证全球APP上半年月活跃用户均减少超1万。南方基金、广发基金、中欧财富、汇添富现金 宝、鹏华A加钱包等APP也均出现不同程度下滑。 具体来看，广发基金APP在短暂触及8万月活跃用户后回落，上半年减少0.35万；汇添富现金宝从13.07 万的高点持续下滑至7.73万，或逼近盈利临界点；鹏华A加钱包月活跃用户仅余0.59万，日均活跃用户 不足两千；博时基金APP上半年月活跃用户减少1.78万，按最新2.03万的基数计算，前景不容乐观。 相比之下，券商类APP的同期月活数以"几十万"为底线，最差也在这一量级之上。 近日，平安基金宣布终止旗下APP运营，成为基金行业又一家选择关闭移动客户端的公司。自2019年信 达澳亚基金率先终止APP运营以来，中小公募基金公司缩减自营APP的趋势逐渐显现。过去一年间，前 海开源基金、国寿安保基金、财通基金、光大保德信基金、长盛基金等多家公募也已陆续关停其独立 APP业务。 净值萎缩、月活跃用户（MAU）下滑、运营规模过低，已成为基金APP面临的普遍压力。早期，基金 公司建设自有APP旨在掌握客户与数据，减少对第三方代销渠道的依赖。然而，当前情况已发生显著变 化——高昂的技术 ...

Group 1 - The core viewpoint of the article is that Changjiang Securities has initiated a buy rating for Laopu Gold (06181.HK), highlighting the company's high-end positioning and potential to capture the Southeast Asian jewelry market due to rising gold prices and innovative product upgrades [1] - The company is expected to benefit from the segmentation of industry demand and the trend of going overseas, which aligns with its strategic direction [1] - Changjiang Securities forecasts that Laopu Gold's net profit attributable to shareholders will reach 4.8 billion, 6.6 billion, and 8.3 billion yuan for the years 2025, 2026, and 2027 respectively [1]

Group 1 - The announcement states that from August 11, 2025, Guotai Haitong Securities will begin selling certain funds managed by the company [1] - The applicable fund range is subject to compliance with the fund contract, prospectus, and related business announcements [1][4] - The announcement includes a list of various sales institutions that will also start selling the company's funds from the same date [5][6][7] Group 2 - Investors can consult details through the websites and customer service numbers provided for each sales institution [4][5][6][7] - The company emphasizes that the specific dates, times, processes, and any fee discount activities for fund sales will be determined by the sales institutions [1][4]