编者按： 时代之笔擘画新章，金融活水润泽实体。在金融"五篇大文章"铺就的壮阔画卷中，证券业正以创新之墨 挥毫作答。这是服务国家战略的使命担当，更是深化金融供给侧改革的生动实践。证券业以"国之大 者"为经，以"民之关切"做纬，让金融血脉与实体经济同频共振，奏响中国式现代化的资本强音。证券 时报联合中国证券业协会，推出"做好'五篇大文章' 证券业作答进行时"系列专栏， 本篇为系列报道之 四十八，敬请垂注。 东莞证券深度整合粤港澳大湾区在科技创新、产业集聚和金融资源方面的优势，紧扣东莞市"制造业当 家"的战略导向与"科技创新+先进制造"城市特色，通过直接投资、发债融资、保荐上市、研究服务四大 核心抓手，构建起"投融保研联动"的全生命周期服务体系。 在股权融资方面，积极助力科创企业登陆资本市场。东莞证券通过服务科技企业IPO、再融资和并购重 组，助力企业突破发展瓶颈、实现技术升级。截至目前，该公司累计保荐36家企业上市，募集资金超 180亿元；服务30家上市公司再融资，募集资金近190亿元。 2020年，东莞证券保荐利扬芯片于科创板上市，作为"首家在科创板上市"的独立第三方集成电路测试企 业。2021年，该公司保荐生 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 001328 | 登康口腔 | 39.56 | -3.21% | 2.59万 | 1.04亿 | | 003006 | 自亚股份 | 22.57 | -2.12% | 5.35万 | 1.22亿 | | 002511 | 中顺洁桑 | 8.30 | -1.19% | 7.92万 | 6596.23万 | | 300888 | 稳健医疗 | 38.54 | -0.59% | + 4.12万 | 1.60亿 | | 300658 | 延江股份 | 8.16 | -0.24% | 11.79万 | 9691.52万 | | 605009 | 豪悦护理 | 33.23 | 0.15% | 1.18万 | 3918.63万 | | 603059 | 倍加洁 | 34.19 | 0.26% | 2.90万 | 9910.83万 | | 301009 | 可靠股份 | 13.89 | 2.21% | 3.42万 | 4709.91万 | | 600249 | 两 ...

近日，证券时报联合南方基金成功举办"中国证券业财富经纪高峰论坛"，在主题圆桌讨论环节，湘财证 券总裁周乐峰、东莞证券总裁杨阳、中金财富证券执委会委员、副总裁胡昱、兴业证券首席财务官许清 春齐聚一堂，围绕"买方投顾服务模式创新与平台化演进"展开深度对话。 与会嘉宾一致认为，在市场回暖与行业变革的双重驱动下，向买方投顾转型已成为券商财富管理发展的 核心路径，而平台化、数字化与服务体系的深度重构正成为破局关键。布局未来，券商唯有回归客户本 位，通过体系化能力建设、生态化平台布局与深度组织变革，方能真正实现从"卖产品"到"管资产"的跨 越。 兴业证券首席财务官许清春则从政策传导与市场信心的角度分享了经验。他提到，"924行情"后，兴业 证券积极传递中央对资本市场的高度重视，通过联合研究院举办多场ETF专项活动，推动ETF保有量实 现十倍增长。许清春强调，券商应抓住市场活跃期加速拓客，并将考核指标从销售导向转向AUM（资 产管理规模）导向，以实现与客户利益的深度绑定。 ETF热潮下的业务突围与生态构建 近年来，被动投资浪潮席卷市场，ETF规模持续扩容，成为券商财富业务布局的重点，圆桌嘉宾围绕 ETF业务的发展策略、服务 ...

Market Overview - The personal care products sector experienced a decline of 1.51% on October 17, with Baiya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Notable stock performances included: - Dengkang Oral Care (001328) closed at 40.87, up 1.67% with a trading volume of 24,700 shares and a turnover of 101 million yuan [1] - Yanjing Co., Ltd. (300658) closed at 8.18, up 1.36% with a trading volume of 161,700 shares and a turnover of 132 million yuan [1] - Beijia Clean (603059) closed at 34.10, up 1.25% with a trading volume of 32,100 shares and a turnover of 109 million yuan [1] - However, major declines were seen in companies like Huayue Nursing (605009), which closed at 33.18, down 1.83% [2] Capital Flow Analysis - The personal care products sector saw a net outflow of 15.88 million yuan from institutional investors and 61.87 million yuan from retail investors, while individual investors contributed a net inflow of 77.74 million yuan [2] - Detailed capital flow for specific stocks showed: - Runben Co., Ltd. (603193) had a net inflow of 8.22 million yuan from institutional investors but a net outflow of 9.27 million yuan from retail investors [3] - Beijia Clean (603059) experienced a net inflow of 4.71 million yuan from institutional investors but a net outflow of 8.99 million yuan from retail investors [3] - Major outflows were noted for Juyuan Co., Ltd. (003006), with a net outflow of 2.70 million yuan from institutional investors [3]

Group 1 - The article highlights the stock price target increases for various companies as of October 16, with notable recommendations from different securities firms [1][2] - Haiguang Information received the highest target price increase of 50.38% with a target price of 350.40 yuan, while Xiaogongmiao City and Jiuzhou Pharmaceutical also received significant recommendations [1] - A total of 20 listed companies were recommended by securities firms on October 16, with Haiguang Information receiving 4 recommendations, Xiaogongmiao City 3, and Jiuzhou Pharmaceutical 2 [1] Group 2 - The article lists the number of securities firms recommending specific companies, with Haiguang Information leading with 4 firms, followed by Xiaogongmiao City with 3 and Jiuzhou Pharmaceutical with 2 [2] - Six companies received initial coverage on October 16, including Baiya Co. with a "Buy" rating from Jianghai Securities and Juhua Co. with an "Increase" rating from Tianfeng Securities [2][3] - The sectors represented among the newly covered companies include personal care products, chemical products, and IT services [3]

公司研究 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,560 | 1,861 | 2,199 | 2,578 | | 同比增速(%) | 13.4% | 19.3% | 18.1% | 17.3% | | 归母净利润(百万) | 161 | 203 | 259 | 324 | | 同比增速(%) | 14.1% | 26.2% | 27.2% | 25.3% | | 每股盈利(元) | 0.94 | 1.18 | 1.50 | 1.88 | | 市盈率(倍) | 43 | 34 | 27 | 22 | | 市净率(倍) | 4.8 | 4.6 | 4.3 | 4.0 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 10 月 15 日收盘价 日用化学品 2025 年 10 月 16 日 | | | 华创证券研究所 证券分析师：刘一怡 邮箱：liuyiyi@hcyjs.com 执业编号：S0360524070003 证 券 研 究 报 告 登康口腔（001328）深度研究报告 ...

Investment Rating - The report maintains a positive outlook on the light industry and paper sector for Q3 2025, indicating a favorable investment rating [1]. Core Insights - The globalization of supply chains is accelerating changes in the packaging landscape, with leading companies increasing their market share and improving profitability [2]. - Q3 2025 is expected to see a divergence in performance among companies, influenced by supply chain advantages and growth potential [2]. - The report highlights specific companies with projected revenue and profit growth, indicating a robust performance in certain segments despite challenges in others [5][6]. Summary by Sections Packaging and Printing - Companies like Yutong Technology and Baosteel Packaging are expected to see slight revenue growth, while others like Meiyingsen may face revenue pressure but maintain profit growth [2][3]. - The overall packaging sector is benefiting from the global supply chain shift, with many companies reporting stable or improving profit margins [2][3]. Export Sector - Companies such as Jiangxin Home and Qianjiang Motorcycle are projected to experience significant revenue growth, with estimates of over 30% for Q3 2025 [6][7]. - The report notes that the export sector is showing resilience, with several companies adapting well to changing market conditions [6][7]. Two-Wheel and Motorcycle Sector - Companies like Aima Technology and Spring Wind Power are expected to report revenue growth of over 10% in Q3 2025, driven by seasonal demand and market adjustments [10][11]. - The sector is experiencing a mix of growth and challenges, with some companies facing declines due to regulatory changes [10][11]. Home Furnishing Sector - The report indicates that companies like Oppein Home and Kuka Home are facing revenue declines, while others like Joy Home are expected to show resilience with slight growth [12][14]. - The home furnishing market is under pressure from policy changes, but some segments are performing better than others [12][14]. Light Consumer Goods - Companies such as Dongkang Oral and Jeya are projected to see significant revenue and profit growth, with estimates indicating over 60% growth for Jeya in Q3 2025 [13][16]. - The light consumer goods sector is showing a positive trend, with several companies benefiting from strong demand and effective marketing strategies [13][16]. Paper Industry - The report anticipates a mixed performance in the paper sector, with some companies like Sun Paper expected to see profit declines due to price pressures, while others may experience stability [18][19]. - The paper industry is facing challenges from raw material price fluctuations, but certain segments are expected to maintain profitability [18][19].

Market Overview - The personal care products sector increased by 1.26% on October 15, with Dengkang Oral leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Dengkang Oral (001328) closed at 40.60, with a rise of 6.53% and a trading volume of 47,800 shares, totaling a transaction value of 191 million [1] - Reliable Co. (301009) saw a closing price of 13.92, up 3.49%, with a trading volume of 68,500 shares [1] - HaoYue Care (6005009) closed at 34.17, increasing by 2.67% with a trading volume of 34,200 shares [1] - Other notable performances include Liangmian Needle (600249) at 6.10 (+2.52%) and Baiya Co. (003006) at 25.03 (+2.33%) [1] Capital Flow - The personal care products sector experienced a net inflow of 23.62 million from institutional investors, while retail investors saw a net outflow of 33.67 million [2][3] - The main capital inflow was led by Baiya Co. (003006) with 12.07 million, followed by Liangmian Needle (600249) with 10.93 million [3] - Conversely, the largest outflow was from Reliable Co. (301009) with a net outflow of 5.22 million [3]

证券之星消息，10月14日个护用品板块较上一交易日下跌0.06%，延江股份领跌。当日上证指数报收于 3865.23，下跌0.62%。深证成指报收于12895.11，下跌2.54%。个护用品板块个股涨跌见下表： 从资金流向上来看，当日个护用品板块主力资金净流出2489.11万元，游资资金净流入471.13万元，散户 资金净流入2017.98万元。个护用品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300888 | 稳健医疗 | 1446.65万 | 7.86% | 153.87万 | 0.84% | -1600.52万 | -8.69% | | 301108 | 洁雅股份 | 1151.92万 | 10.70% | -82.31万 | -0.76% | -1069.62万 | -9.94% | | 002511 | 中顺洁桑 | 246.00万 | 1.95% | -455.27万 | - ...

Market Overview - The personal care products sector experienced a decline of 1.01% on October 13, with Yanjiang Co. leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance - Notable gainers in the personal care sector included: - Beijiajie (603059) with a closing price of 36.07, up 2.53% [1] - Dengkang Oral (001328) at 38.76, up 1.84% [1] - Yiyi Co. (001206) at 34.85, up 1.54% [1] - Major decliners included: - Yanjiang Co. (300658) at 9.16, down 3.68% [2] - Runben Co. (603193) at 27.25, down 2.71% [2] - Baia Co. (003006) at 24.68, down 2.64% [2] Capital Flow Analysis - The personal care products sector saw a net outflow of 30.35 million yuan from institutional investors, while retail investors had a net inflow of 54.37 million yuan [2][3] - The detailed capital flow for selected stocks showed: - Zhongshun Jiesang (002511) had a net inflow of 11.76 million yuan from institutional investors [3] - Mengyue Nursing (605009) saw a net inflow of 8.81 million yuan from institutional investors [3] - Baia Co. (003006) had a net outflow of 7.67 million yuan from institutional investors [3]