中国经济网北京9月29日讯 锦鸡股份(300798.SZ)2025年半年度报告显示，公司上半年实现营业收入 5.80亿元，同比增长27.80%；归属于上市公司股东的净利润-381.29万元，上年同期为766.22万元；归属 于上市公司股东的扣除非经常性损益的净利润-631.46万元，上年同期为427.18万元；经营活动产生的现 金流量净额1734.01万元，上年同期为-3776.50万元。 （责任编辑：蔡情） 锦鸡股份本次发行募集资金总额为23,104.34万元，募集资金净额为18,485.47万元。 锦鸡股份于2019年11月12日发布的首次公开发行股票并在创业板上市招股说明书显示，公司拟募集 资金18,485.47万元，用于年产3万吨高档商品活性染料建设项目。 经中国证券监督管理委员会《关于同意江苏锦鸡实业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〔2021〕2968号）核准，公司向不特定对象发行可转换公司债券6,000,000 张，每张面值100元，按面值发行，募集资金总额为人民币60,000万元，扣除各项发行费用（不含税） 人民币2,476.08万元后，实际募集资金净额为人民币 ...

Group 1 - The core viewpoint of the report is that Guosen Securities maintains an "outperform" rating for Alibaba Group (09988) and slightly raises revenue and profit forecasts for the fiscal years 2026-2028, reflecting a more optimistic outlook on cloud revenue growth, with projected revenues of 1,066.1 billion, 1,188.8 billion, and 1,301.4 billion yuan, and adjusted net profits of 126.7 billion, 167.2 billion, and 196.0 billion yuan respectively [1][2] Group 2 - At the Cloud Summit, Alibaba's CEO discussed three stages of AI development: intelligent emergence, autonomous action, and self-iteration, predicting that AI will evolve towards super artificial intelligence (ASI) and positioning Alibaba Cloud as a full-stack AI service provider [1][2] - Alibaba introduced several new models at the conference, including Qwen3-Max, which ranks third globally, and the next-generation Qwen model architecture, Qwen3-Next, showcasing its comprehensive AI technology capabilities from hardware to AI platform services [2] - The company plans to accelerate its international expansion by establishing data centers in Brazil, France, and the Netherlands, while also expanding operations in Mexico, Japan, South Korea, Malaysia, and Dubai [2] - The commitment to achieving the ultimate goal of ASI is evident, with a projected tenfold increase in energy consumption by 2032 indicating sustained capital expenditure (CAPEX) investments, which will open up growth opportunities in AI-related revenues [2] - The comprehensive self-developed AI capabilities across infrastructure, including chips, servers, and networks, suggest that Alibaba Cloud's market share will continue to grow, and the increase in overseas operations is expected to improve profit margins in the long term [2]

Core Viewpoint - Guosen Securities maintains an "outperform" rating for Alibaba Group (09988) and slightly raises revenue and profit forecasts for fiscal years 2026-2028, reflecting a more optimistic outlook on cloud revenue growth [1] Group 1: Financial Projections - Revenue projections for Alibaba for fiscal years 2026, 2027, and 2028 are estimated at 1,066.1 billion, 1,188.8 billion, and 1,301.4 billion yuan respectively, with adjusted net profits expected to be 126.7 billion, 167.2 billion, and 196.0 billion yuan [1] Group 2: AI Development and Strategy - Alibaba's CEO outlines three stages of AI development: intelligent emergence, autonomous action, and self-iteration, predicting that AI will evolve towards super artificial intelligence (ASI) [1] - The company positions Alibaba Cloud as a full-stack AI service provider, emphasizing the importance of AI as a commodity that will replace energy in the future [1] - Alibaba plans to continuously invest in AI infrastructure, with a projected tenfold increase in global data center energy consumption by 2032 compared to 2022 [1] Group 3: Product Launches and Global Expansion - At the Cloud Summit, Alibaba introduced several new models, including Qwen3-Max, which ranks third globally, and the next-generation Qwen model architecture, Qwen3-Next [2] - The company showcased its full-stack AI technology capabilities, covering everything from underlying chips to AI platforms and model training services [2] - Alibaba announced an acceleration of its overseas expansion plan, with the first data centers to be established in Brazil, France, and the Netherlands, and further business expansion in five other countries outside China [2] Group 4: Market Position and Profitability - The commitment to achieving ASI and the anticipated increase in energy consumption indicate sustained capital expenditure (CAPEX), which will open up growth opportunities in AI-related revenues [2] - The comprehensive self-developed model capabilities and the increase in overseas market share are expected to enhance Alibaba Cloud's market share and improve profit margins in the long term [2]

责任编辑：栎树 A股市场券商股走强，其中，华泰证券、国盛金控涨停，广发证券逼近涨停，东方证券、东吴证券涨超 6%，中信证券、国信证券涨超5%，信达证券、湘财股份、长江证券、国泰海通、国联民生涨超4%。 | 代码 | | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 601688 | 华泰证券 | 1 | 10.01 | 1965亿 | 25.90 | | 002670 | 国盛金控 | 1 | 9.99 | 428亿 | 69.06 | | 000776 | 广发证券 | | 9.25 | 1733亿 | 43.89 | | 600958 | 东方证券 | 演 | 6.62 | 971亿 | 9.35 | | 601555 | 东吴证券 | | 6.57 | 492 7 | 30.68 | | 600030 | 中信证券 | 1 | 5.85 | 4505亿 | 5.13 | | 002736 | 国信证券 | | 5.33 | 1437亿 | 29.24 | | 601059 | 信达证券 | 1 | 4.95 | 625 ...

Core Viewpoint - The A-share market has seen a strong performance in brokerage stocks, with several companies reaching their daily price limits and significant year-to-date gains reported [1] Group 1: Stock Performance - Huatai Securities (601688) increased by 10.01%, with a total market capitalization of 196.5 billion and a year-to-date gain of 25.90% [2] - Guosheng Financial Holdings (002670) rose by 9.99%, with a market cap of 42.8 billion and a year-to-date increase of 69.06% [2] - GF Securities (000776) saw a rise of 9.25%, with a market cap of 173.3 billion and a year-to-date gain of 43.89% [2] - Dongfang Securities (600958) increased by 6.62%, with a market cap of 97.1 billion and a year-to-date gain of 9.35% [2] - Dongwu Securities (601555) rose by 6.57%, with a market cap of 49.2 billion and a year-to-date increase of 30.68% [2] - CITIC Securities (600030) increased by 5.85%, with a market cap of 450.5 billion and a year-to-date gain of 5.13% [2] - Guoxin Securities (002736) rose by 5.33%, with a market cap of 143.7 billion and a year-to-date increase of 29.24% [2] - Xinda Securities (601059) increased by 4.95%, with a market cap of 62.5 billion and a year-to-date gain of 28.92% [2] - Xiangcai Securities (600095) rose by 4.81%, with a market cap of 38 billion and a year-to-date increase of 84.58% [2] - Changjiang Securities (000783) increased by 4.77%, with a market cap of 46.2 billion and a year-to-date gain of 25.20% [2] - Guotai Junan Securities (601211) rose by 4.12%, with a market cap of 343.4 billion and a year-to-date gain of 5.90% [2] - Guolian Securities (601456) increased by 4.09%, with a market cap of 63.7 billion but a year-to-date decline of 16.64% [2]

中航证券认为，尽管年初至今权益市场整体走强，但券商板块指数反弹幅度仍滞后于大盘，当前大型券商估值处于历史中枢偏下区间，配置价值显现。 截至2025年9月29日 09:31，中证全指证券公司指数(399975)盘中震荡。成分股华林证券(002945)领涨0.56%，华泰证券(601688)、国信证券(002736)跟涨；湘 财股份(600095)领跌，锦龙股份(000712)、中国银河(601881)跟跌。券商ETF(512000)下修调整。 流动性方面，券商ETF盘中换手0.04%，成交1493.04万元。拉长时间看，截至9月26日，券商ETF近1月日均成交16.54亿元，居可比基金前2。 规模方面，券商ETF近1周规模增长3.36亿元，实现显著增长，新增规模位居可比基金第二。份额方面，券商ETF最新份额达607.00亿份，创近1年新高，位 居可比基金第一。资金净流入方面，券商ETF近22天获得连续资金净流入，最高单日获得12.62亿元净流入，合计"吸金"72.74亿元，日均净流入达3.31亿元。 截至9月26日，券商ETF近1年净值上涨30.08%。从收益能力看，截至2025年9月26日，券商ETF自成立以 ...

按2024年L0至L2+级解决方案收入计算，魔视智能在中国第三方提供商中排名第三。公司是中国首批实 现自研AI模型开发的乘用车智能驾驶解决方案量产的公司之一，并已实现全球车型量产的市场覆盖。 其平台兼容超过10个主要智能驾驶芯片平台，并且适配新芯片平台和部署新算法的速度远快于行业平均 水平。 魔视智能向港交所提交上市申请，国泰君安国际、国信证券(香港)为联席保荐人。 公司的技术能将新车型的推出周期缩短至最短三个月。 公司拥有从底层算法到应用层的全栈自研技术体系，包括算法、模型、数据治理及智能驾驶软硬件核心 技术。魔视智能为主机厂及一级供应商提供L0至L4级智能驾驶功能的软硬一体解决方案。截至报告 期，公司解决方案已获选用于92款车型，交付超过330万套。 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints of the Report - Domestically, in the fourth quarter, with new cotton hitting the market, the expected output is over 7.3 million tons, subjecting Zhengzhou cotton futures to significant hedging pressure. Consumption during the "Golden September and Silver October" period was lackluster, but the overall industrial chain showed slight improvement with gradually decreasing finished - product inventories. The price range is expected to be between 12,500 - 15,000 yuan/ton [1][38]. - Internationally, macro - factors still bring great uncertainty to the cotton market. The Fed may cut interest rates within the year, potentially supporting US cotton prices. Fundamentally, the supply of cotton in the Northern Hemisphere will gradually increase in the fourth quarter, while consumption remains stable, with no major fundamental contradictions. The operating range of US cotton is expected to be between 60 - 75 cents/pound [2][38]. - The recommended operation strategy for Zhengzhou cotton is mainly band trading [3][39]. 3) Summaries by Relevant Catalogs a) Market Review - In the third quarter of 2025, Zhengzhou cotton futures showed a trend of weakening in a range and then breaking down. The price of the main contract was roughly between 13,450 - 14,350 yuan/ton. Influenced by factors such as good cotton growth in Xinjiang, extension of the Sino - US tariff suspension period, and Fed's interest - rate cut expectations, the price fluctuated [5]. - In the third quarter of 2025, ICE US cotton showed a weakening trend in a range, with the main contract price between 65.8 - 69.50 cents/pound. Affected by factors like high Brazilian cotton exports, Indian tariff exemptions, and changes in US weather and USDA reports, the price fluctuated [6]. b) Domestic Market Analysis - **Supply**: Most institutions predict an increase in the cotton planting area in the 2024/25 season, mainly driven by the expansion in Xinjiang. The comprehensive meteorological conditions in the cotton - growing areas were favorable, laying a good foundation for an increase in yield. Different institutions have different yield forecasts, with the report's estimate ranging from 7.3 - 7.7 million tons. The final yield depends on the weather during the harvest period, but a bumper harvest is likely [8][10][11]. - **Seed - cotton Purchase Price**: As of September 22, 2025, the average boll - opening rate in Xinjiang was about 83.2%. The expected purchase price of machine - picked seed cotton is 6.2 - 6.4 yuan/kg, and the current purchase price of hand - picked seed cotton is around 7.2 yuan/kg. Zhengzhou cotton futures above 14,000 yuan/ton face significant hedging pressure [14]. - **Imports**: In August 2025, China imported 70,000 tons of cotton, a 40% increase from the previous month but a 51.6% decrease year - on - year. From January to August 2025, the cumulative import was 590,000 tons, a 72.6% year - on - year decrease. Future imports are expected to show a short - term month - on - month slow increase and a long - term low - level oscillation, with an annual import volume of about 1.2 - 1.4 million tons [19]. - **Industrial Chain Operation**: Since September, the decline of Zhengzhou cotton futures has affected textile enterprises' sentiment, with cotton yarn prices dropping by 100 - 200 yuan/ton. However, the decline in cotton yarn prices was smaller than that of cotton, widening the cotton - yarn price spread and slightly improving textile enterprises' profits. The operating rate of textile enterprises did not rise significantly during the peak season, while that of weaving enterprises increased relatively significantly. Since August, the finished - product inventories of both types of enterprises have been decreasing [21][25][27]. c) International Market Analysis - **Global Supply and Demand**: According to the USDA's September cotton supply - demand report, in the 2025/26 season, global cotton production, consumption, and trade volume are expected to increase, while the beginning and ending inventories will decrease. The ending inventory will reach a four - year low [30]. - **Fed's Interest - rate Policy**: The Fed cut interest rates by 25 basis points as expected. There are still two interest - rate meetings in 2025, and most Fed members expect two more interest - rate cuts totaling 50 basis points within the year. The expectation of interest - rate cuts may lead to a weaker US dollar, which may support US cotton prices [34].

Company Overview - Full Name: Shanghai Bolong Equipment Technology Co., Ltd [1] - Abbreviation: Bolong Technology [1] - Stock Code: 603325.SH [1] - IPO Application Date: September 30, 2022 [1] - Listing Date: January 10, 2024 [1] - Listing Board: Shanghai Stock Exchange Main Board [1] - Industry: General Equipment Manufacturing [1] - IPO Sponsor: Guosen Securities [1] - IPO Underwriters: Guosen Securities [1] - IPO Legal Advisor: Guohao Law Firm (Shanghai) [1] - IPO Audit Firm: Shanghai Huahui Certified Public Accountants [1] Performance Evaluation - Disclosure Situation: Required to improve the specificity and relevance of risk factor disclosures and to accurately represent the company's industry position and competitive landscape [1] - Regulatory Penalties: No deductions [2] - Public Supervision: No deductions [2] - Listing Cycle: Bolong Technology's listing cycle is 467 days, shorter than the average of 629.45 days for 2024 A-share listings [2] - Multiple Applications: Not applicable, no deductions [3] Financial Metrics - Issuance Costs: Underwriting and sponsorship fees amount to 76.64 million, with a commission rate of 6.34%, lower than the average of 7.71% [3] - First Day Performance: Stock price increased by 17.21% on the first day of listing [3] - Three-Month Performance: Stock price decreased by 3.33% compared to the issuance price [4] - Issuance Price-Earnings Ratio: The issuance P/E ratio is 20.78 times, which is 68.97% of the industry average of 30.13 times [5] - Actual Fundraising Ratio: Expected fundraising of 1.11 billion, actual fundraising of 1.208 billion, with an oversubscription ratio of 8.85% [6] Short-Term Performance - Revenue for 2024 decreased by 5.43% year-on-year, while net profit attributable to shareholders increased by 3.32% year-on-year, and non-recurring net profit decreased by 6.48% year-on-year [7] - Abandonment Rate: 1.66% [8] Overall Score - Bolong Technology's IPO project received a total score of 89.5, classified as B-level. Negative factors affecting the score include the need for improved disclosure quality, a decline in stock price over three months, and a decrease in revenue and non-recurring net profit in the first accounting year [8]

视角下的多策略增强组合 》）为基准的增强组合，力求能稳定战胜各自基准。近期组合的表现如下 图： 国信金工指数增强组合表现如下： 二 因子表现监控 我们分别以沪深300指数、中证500指数、中证1000指数、中证A500指数及公募重仓指数为选股空间， 构造单因子MFE组合并检验其相对于各自基准的超额收益。 一、本周指数增强组合表现 沪深300指数增强组合本周超额收益-0.17%，本年超额收益16.49%。 中证500指数增强组合本周超额收益0.26%，本年超额收益8.94%。 中证1000指数增强组合本周超额收益0.91%，本年超额收益17.72%。 中证A500指数增强组合本周超额收益-0.21%，本年超额收益9.06%。 二、本周选股因子表现跟踪 沪深300成分股中单季超预期幅度、单季营收同比增速、单季ROE等因子表 现较好。 中证500成分股中三个月换手、单季营收同比增速、EPTTM一年分位点等因 子表现较好。 中证1000成分股中三个月机构覆盖、单季ROE、高管薪酬等因子表现较好。 中证A500指数成分股中单季营收同比增速、EPTTM一年分位点、单季ROE 等因子表现较好。 公募基金重仓股中高管薪酬、单 ...