ERN DE HASTER 固定收益点评报告 保险增持地方债,信托减持交易所债券 2025年6月债券托管数据点评 证券研究报告 2025年7月30日 · 核心结论 总量看,25年6月托管量环比少增。25年6月中债登和上清所债券托管 量合计 171万亿元、较 25年5月增 1.3万亿元,托管增量环比 5月减少 0.9万亿元。 · 分券种看,利率债、非金融信用债环比多增,存单环比负增。 · 分机构看,商业银行、广义基金、证券公司增持利率债、减持存单, 保险机构主要增持地方债,境外机构延续减持存单。 分析师 联系人 zhongzehao@research.xbmail.com.cn 相关研究 商业银行 25年6月增持利率债,减持非金融信用债、存单。具体来看, 利率债增持 6225 亿元（5 月增持 17457 亿元）:非金融信用债减持 105 亿元 (5月减持 515 亿元);存单减持 1471 亿元 (5月减持 1621 亿元)。 广义基金 25年6月增持利率债、非金融信用债,减持存单。具体来看, 利率债增持 7048 亿元（5月增持 1700 亿元） 非金融信用债增持 1314 亿元 (5月增持 452 亿元) ...

海外电池企业路径明确，国内头部大厂紧随其后：海内外电池企业全固态电池量产时间节点普遍集中在 2027~2028年，负极侧海外新锐固态电池企业Solid Power、Factorial Energy均已明确采用锂金属负极作 为下一代固态电池迭代方向，国内宁德时代（300750）、清陶能源技术布局领先。 产业链 锂企驱动、负极厂布局、箔材厂切入多方竞合：上游锂企主导原材料优势，其核心竞争力在于高纯度、 低成本、高安全的金属锂锭/箔的规模化制备能力，赣锋锂业和天铁科技在金属锂压延工艺上位居行业 前列;中游负极材料厂商凭借深厚的材料研发、涂层技术和电池应用理解，积极向更具前瞻性的锂金属 负极拓展，其优势在于对负极-电解液界面、复合负极结构的深刻理解和开发能力;箔材厂深耕高性能铜 箔集流体，将其精密箔材加工技术向锂金属沉积/复合集流体领域延伸，英联股份有望成为关键沉积工 艺和新型集流体结构的重要开发者。 技术路径 西部证券（002673）发布研报称，锂金属兼具高比容量+低电极电势优势，有望成为负极侧长期技术演 进方向。2030年后远期弹性测算下锂金属负极应用侧市场空间120~360亿元，以20μm锂金属镀层为基 准，对 ...

| 代码 | 名称 | | 涨幅% ↑ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 601696 | 中银证券 | 1 | -9.05 | 452亿 | 45.88 | | 000712 | 锦龙股份 | | -2.75 | 130亿 | -4.10 | | 601555 | 东吴证券 | | -2.48 | 488亿 | 29.76 | | 002670 | 国盛金控 | | -2.40 | 299亿 | 17.88 | | 002673 | 西部证券 | 兼 | -2.08 | 379亿 | 5.19 | | 601375 | 中原证券 | 1 | -1.97 | 208亿 | 3.47 | | 600621 | 华鑫股份 | | -1.92 | 168亿 | -3.64 | | 601059 | 信达证券 | 1 | -1.75 | 547亿 | 12.68 | | 601136 | 首创证券 | 来 | -1.69 | 558亿 | -7.18 | | 601099 | 太平洋 | | -1.68 | 279亿 | -3.99 ...

Group 1 - The second "Golden Unicorn Best Investment Advisor" selection is underway, focusing on identifying outstanding investment advisors in wealth management [1] - The weekly ranking data from July 14 to July 20 shows that Wang Weilong from Bank of China Securities achieved the highest weekly return of 20.22% in stock simulation trading [1][2] - In the ETF simulation trading group, Sun Baoyan from Xinda Securities topped the list with a weekly return of 10.81% [2][3] Group 2 - In the public fund simulation configuration group, Sun Baoyan also led with a weekly return of 10.91%, followed by He Weidong from Dongxing Securities with 5.88% [3][5] - The social service evaluation highlights top advisors based on their IP homepage and simulated portfolio heat values, with Mei Xingxia from Dongfang Securities leading in IP homepage heat value [11]

Core Viewpoint - Company is undergoing a strategic transformation from a focus on "investment holding" to a dual emphasis on "investment holding + high-end services" and expanding its business scope to include "comprehensive energy + energy conservation and carbon reduction" [2] Business Transformation - The company has launched a strategic plan for 2025, focusing on optimizing its business structure and expanding into high-end services, including consulting, design, construction, operation, and energy trading services [2] - Initiatives such as the "Energy Conservation Business Doubling Plan" and "Service Doubling Plan" are being implemented to strengthen the energy conservation and carbon reduction business [2] - A digital services company has been established to support the transition towards a dual focus on investment and high-end services [2] Biomass Power Plant Operations - The company has applied for bankruptcy for two biomass project companies, with the court accepting the applications, while other projects like the Fengtian and Chishui projects are operating normally and have achieved profitability [3] Distributed Photovoltaic Projects - The company's distributed photovoltaic projects are primarily located in five provinces of the southern power grid, with approximately 70% of installed capacity targeting industrial and commercial users [4] Building Energy Efficiency Projects - The company provides comprehensive energy-saving services for existing buildings and efficient energy supply systems for new constructions, with revenue derived from energy management, profit-sharing based on energy savings, and service fees [5] - The decline in gross margin for building energy efficiency projects in 2024 is attributed to reduced electricity savings and increased project costs, with future strategies focusing on energy-saving renovations in public institutions and key industries [5] Financial Performance - For Q1 2025, the company reported a main revenue of 693 million yuan, a year-on-year increase of 20.35%, and a net profit of approximately 91.34 million yuan, up 1.65% year-on-year [8] - The company has a debt ratio of 64.6% and an investment income of approximately 11.7 million yuan, with a gross margin of 34.67% [8] Market Outlook - The company anticipates a positive outlook for 2025, driven by stable growth in core industrial and building energy efficiency sectors, and a reduced impact from biomass operations [7] - The company is actively monitoring renewable energy subsidy policies and is prepared for potential adjustments in subsidy payments [7]

Group 1: Market Overview - Main capital inflow was observed in the computer, cultural media, and real estate sectors, while significant outflows occurred in the non-ferrous metals, electric new energy, and machinery equipment sectors [1] - The non-ferrous metals sector experienced a net outflow exceeding 7 billion [1] Group 2: Capital Inflow by Sector - The computer sector led with a net inflow of 21.39 billion, representing a 1.46% inflow rate [2] - Cultural media followed with a net inflow of 11.05 billion, with an inflow rate of 2.81% [2] - Real estate sector recorded a net inflow of 4 billion, with a 2.19% inflow rate [2] Group 3: Capital Outflow by Sector - The non-ferrous metals sector had the highest net outflow of 70.01 billion, with a -6.17% outflow rate [3] - The electric new energy sector saw a net outflow of 58.86 billion, with a -6.15% outflow rate [3] - Machinery equipment sector experienced a net outflow of 57.91 billion, with a -5.09% outflow rate [3] Group 4: Top Stocks by Capital Inflow - Zhangjiang Hi-Tech topped the list with a net inflow of 5.73 billion, reflecting a 15.70% inflow rate [4] - Cambricon Technologies-U followed closely with a net inflow of 5.37 billion, at an 11.94% inflow rate [4] - Western Securities recorded a net inflow of 5.08 billion, with a 15.14% inflow rate [4] Group 5: Top Stocks by Capital Outflow - China Power Construction faced the largest net outflow of 22.34 billion, with a -16.55% outflow rate [5] - Tibet Tianlu had a net outflow of 19.07 billion, reflecting a -22.08% outflow rate [5] - Northern Rare Earth experienced a net outflow of 17.50 billion, with a -13.21% outflow rate [5]

券商股持续走强， 西部证券 拉升 触及涨停， 锦龙股份、 中银证券、 第一创业、 天风证券、 华西证券 等纷纷冲高。 ...

| 证券代码：002673 证券简称：西部证券 | 公告编号：2025-051 | | --- | --- | | 债券代码：148177 | 债券简称：23西部02 | | 148339 | 23西部03 | | 148391 | 23西部04 | | 148424 | 23西部05 | | 148699 | 24西部01 | | 148753 | 24西部02 | | 148865 | 24西部03 | | 148924 | 24西部04 | | 524008 | 24西部05 | | 524106 | 25西部01 | | 524164 | 25西部02 | | 524283 | 25西部K1 | | 524317 | 25西部03 | 西部证券股份有限公司 2023年面向专业投资者公开发行公司债券 （第三期）2025年付息公告 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。 特别提示： 西部证券股份有限公司 2023 年面向专业投资者公开发行公司债 券（第三期）（债券简称：23 西部 04，债券代码：148391，以下简 称"本期债券"）将于 2025 ...

2025 年 7 月 23 日，公司兑付了 2025 年度第二期短期融资券本 息共计人民币 1,004,461,369.86 元。 | 证券代码：002673 | 证券简称：西部证券 | 公告编号：2025-050 | | --- | --- | --- | | 债券代码：148177 | | 债券简称：23西部02 | | 148339 | | 23西部03 | | 148391 | | 23西部04 | | 148424 | | 23西部05 | | 148699 | | 24西部01 | | 148753 | | 24西部02 | | 148865 | | 24西部03 | | 148924 | | 24西部04 | | 524008 | | 24西部05 | | 524106 | | 25西部01 | | 524164 | | 25西部02 | | 524283 | | 25西部K1 | | 524317 | | 25西部03 | 特此公告。 西部证券股份有限公司 西部证券股份有限公司董事会 2025年度第二期短期融资券兑付完成的公告 2025 年 7 月 24 日 本公司及董事会全体成员保证信息披露 ...

专题：上市券商领军人物领导力TOP榜 新浪财经首届上市券商领军人物领导力TOP榜结果出炉。本届"上市券商领军人物领导力TOP榜"以50家上 市券商为参评对象，根据2024年度营收规模进行排序，将参评券商划分为综合性券商（1-10名）、行业特 色发展券商（11-20名）、成长发展券商（21-50名）三个组别。明确组别后，综合考虑2024年度业绩表 现、同业评价、网络声量等多维度数据，对各组券商进行评分与排名。 在同业评价方面，评审委员会由券商研究所、独立财富管理机构、媒体等高级管理人员组成，其中领导力 评估模型包括前瞻力、控制力、创新力、合规性、影响力五大维度，评审委员对领军人物领导力能力进行 打分（打分维度为1-10分），最终综合所有评分并进行百分制换算，最终得出同业评价总得分。 据同业评价数据显示，西部证券齐冰同业评价总得分为78.71分，上市券商行业总排名第35名，其中控制力 维度得分最高，达83.33分（百分制），影响力维度得分较低，为73.65分（百分制）。 其中前瞻力维度评比中，行业排名为第38名，评审委员最低打分为3分； 控制力维度评比中，行业排名为第31名，评审委员最低打分为4分； 创新力维度评 ...