（原标题：华西证券大宗交易成交777.75万股 成交额8049.71万元） 华西证券7月29日大宗交易平台出现一笔成交，成交量777.75万股，成交金额8049.71万元，大宗交易成 交价为10.35元，相对今日收盘价溢价0.39%。该笔交易的买方营业部为广发证券股份有限公司成都益州 大道证券营业部，卖方营业部为广发证券股份有限公司成都益州大道证券营业部。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为2.02亿元。 两融数据显示，该股最新融资余额为12.05亿元，近5日增加1.39亿元，增幅为13.08%。（数据宝） 7月29日华西证券大宗交易一览 | 成交 | 成交金 | | 相对当 | | | | --- | --- | --- | --- | --- | --- | | 量 | 额 | 成交价 | 日 | | | | （万 | （万 | 格 （元） | 收盘折 溢价 | 买方营业部 | 卖方营业部 | | 股） | 元） | | （%） | | | | 777.75 | 8049.71 | 10.35 | 0.39 | 广发证券股份有限公司成都益州大 | 广发证券股份有限公司成都益州大 ...

7月29日，华西证券大宗交易成交777.75万股，成交额8049.71万元，占当日总成交额的11.29%，成交价10.35元，较市场收盘 价10.31元溢价0.39%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-07-29 | 002926 | 华西证券 | 10.35 | 777.75 | | 8,049.71广发证券股份有限 | 广发证券股份有限 | | | | | | | | 公司成都益州大道 | 公司成都益州大道 | | | | | | | | 证券营业部 | 证券营业部 | ...

Core Viewpoint - The company, Chengdu Lihang Technology Co., Ltd., is utilizing part of its idle raised funds to temporarily supplement its working capital, ensuring that this does not affect the normal progress of its investment projects [1][5][6]. Summary by Sections 1. Basic Situation of Fundraising - The company issued 19.25 million shares at a price of RMB 19.70 per share, raising a total of RMB 379.225 million, which was verified by an accounting firm [1]. 2. Previous Use of Idle Funds - The company has previously approved the use of idle funds amounting to RMB 4.5 million and RMB 4 million for temporary working capital, both of which were returned to the special account within the stipulated time [2][3]. 3. Current Fund Usage Plan - The company plans to use up to RMB 1 million of idle funds for temporary working capital, with a usage period not exceeding 12 months, ensuring that this will not impact the investment projects [4][5]. 4. Approval Process - The decision to use idle funds was approved in the company's board and supervisory meetings, complying with relevant regulations [6][7]. 5. Verification by Sponsor Institution - The sponsor institution, Huaxi Securities, conducted a thorough review and confirmed that the company's use of idle funds adheres to regulatory requirements and will not alter the intended use of the raised funds [6][7].

（深证上〔2022〕25 鉴于吉峰三农科技服务股份有限公司（以下简称"吉峰科技"或"上市公 司"）实际控制人于近期发生变更，华西证券股份有限公司（以下简称"华西证 券"或"保荐人"）作为吉峰科技创业板向特定对象发行股票的保荐人，根据《深 圳证券交易所上市公司自律监管指引第 13 号——保荐业务》 华西证券股份有限公司关于吉峰三农科技服务股份有限公司 号）等规定，对上市公司控股股东及实际控制人、上市公司的董事、监事、高级 管理人员、中层以上管理人员及证券事务代表等人员进行了培训，具体情况如下： 一、培训时间、地点及参会人员 培训时间：2025 年 7 月 23 日 培训地点：四川省成都市郫都区现代工业港北部园区港通北二路 219 号吉峰 科技办公楼四楼会议室 授课人员：保荐代表人陈亮 参会人员：吉峰科技控股股东及实际控制人、吉峰科技的董事、监事、高级 管理人员、中层以上管理人员及证券事务代表等人员 部分人员线上参会；对于因故未能参加现场或线上培训的相关人员，保荐人 已通过吉峰科技向其提供本次培训的相关资料并提请公司督促其自学，在学习过 程中如有疑问可随时与保荐人培训人员联系。 二、培训的主要内容 本次培训主要内 ...

Group 1 - CITIC Securities expresses optimism about the A-share market, highlighting a bullish sentiment supported by the China Securities Regulatory Commission's commitment to stabilize the market [1] - The report indicates that the financing buy-in and new fund issuance are on the rise, suggesting an acceleration of incremental capital inflow due to the positive market sentiment [1] - The focus is on sectors such as pharmaceuticals, semiconductors, non-bank financials, military, and photovoltaic, with particular attention to new consumption, robotics, and AI applications [1] Group 2 - Huaxi Securities anticipates rapid iteration and volume growth for AR glasses, driven by the integration of AI models and active participation from major manufacturers [2] - Micro LED technology, a key component affecting display quality, is expected to benefit significantly from the growth of AR glasses [2] Group 3 - China Galaxy Securities predicts that the market will maintain a fluctuating high-level operation, driven by liquidity and market expectations, despite the absence of established profit signals [3] - The report notes that the financing balance has been steadily increasing since the end of June, surpassing 1.9 trillion yuan, contributing to the market's upward momentum [3] - The positive feedback loop created by the rising stock market is expected to further enhance opportunities for gains [3]

Group 1 - The State Council, led by Premier Li Qiang, is promoting free preschool education as a significant welfare initiative affecting many families, emphasizing the need for local governments to develop detailed plans and ensure timely funding [2] - The China Capital Market Society was established, with the CSRC Chairman Wu Qing as the head, marking the creation of an official think tank for the capital market [4] - The CSRC is revising the Corporate Governance Guidelines to enhance the regulatory framework for listed companies, focusing on preventing significant adverse impacts from competition and improving related party transaction oversight [5] Group 2 - The China Pesticide Industry Association is launching a three-year campaign to address issues like illegal production and disorderly competition in the pesticide industry, aiming for improved market order and product quality by 2027 [8] - The market sentiment is high, with the CSRC's commitment to stabilizing the market, indicating a potential influx of new funds as the market shows signs of recovery [17] - The A-share market is expected to challenge 2024 highs, driven by the "anti-involution" policy and positive feedback from increased public and private fund positions [26] Group 3 - The recent market rally is characterized by a rotation strategy, with a focus on sectors that have lagged behind, such as steel and construction, which are now benefiting from themes like "anti-involution" and infrastructure projects [23] - The AI industry is anticipated to enter a "computing power-driven" phase, with domestic chip and infrastructure development expected to gain momentum [22] - The current market environment suggests a preference for "rotation and supplementary gains," with an emphasis on identifying sectors that have historically performed well under similar conditions [25]

Core Viewpoint - The brokerage sector in A-shares is experiencing significant growth, with the brokerage index rising over 25% since April 8, and many brokerages reporting substantial increases in net profit for the first half of the year, driven by a recovering capital market and favorable policies [1][2][3][8]. Performance Summary - At least 28 listed brokerages have released performance forecasts for the first half of the year, with most reporting a year-on-year net profit growth exceeding 50%, and some large brokerages, such as Shenwan Hongyuan and Guotai Junan, expecting over 100% growth [2][5][6]. - The overall increase in brokerage performance is attributed to the active trading environment in the capital market, which has significantly boosted self-operated investment income and brokerage fee income [8][9]. Factors Supporting Growth - **Fundamental Support**: The active trading environment is expected to continue benefiting brokerage performance, with most brokerages forecasting net profit growth of over 50% for the second half of the year [3][13]. - **Capital Support**: The allocation of equity funds to non-bank financials has increased slightly, indicating potential for further investment in brokerages [14]. - **Policy Support**: Recent policy changes encourage brokerages to focus on improving return on equity (ROE), which may enhance their performance [15]. - **Valuation Levels**: Most brokerages have a price-to-book ratio just above 1, with only about 10 listed brokerages exceeding a ratio of 2, suggesting room for valuation growth [16]. Dividend Yield and Valuation - Several brokerages offer dividend yields above 2%, which is higher than the yield on 10-year government bonds, making them attractive for income-focused investors [1][16][18].

Core Viewpoint - *ST Lihang (603261.SH) is expected to continue its losses in the first half of 2025, with projected net profit attributable to shareholders ranging from -41 million to -57 million yuan, indicating a worsening financial situation compared to the previous year [1] Financial Performance Summary - The company reported a net profit of -24.26 million yuan in the same period last year, with a net profit excluding non-recurring items of -26.86 million yuan [1] - For the years 2023 and 2024, the net profits attributable to shareholders were -68 million yuan and -94 million yuan respectively, with net profits excluding non-recurring items at -62 million yuan and -99 million yuan [1] - The operating revenue for 2024 was approximately 289.85 million yuan, showing a 23.54% increase from 2023, which had 234.62 million yuan [2] - The operating revenue after excluding unrelated business income for 2024 was about 284.43 million yuan, a 21.34% increase from 2023 [2] - The net profit attributable to shareholders for 2024 was -93.94 million yuan, a decrease of 37.51% compared to -68.31 million yuan in 2023 [2] - The net profit excluding non-recurring items for 2024 was -98.81 million yuan, a 59.02% decrease from -62.14 million yuan in 2023 [2] Company Background - Lihang Technology was listed on the Shanghai Stock Exchange on March 15, 2022, with an initial public offering of 19.70 yuan per share, raising a total of 379 million yuan [3] - The net proceeds from the fundraising amounted to 335 million yuan, which were allocated for aviation equipment and rotorcraft manufacturing projects, as well as for working capital [3] - The total issuance costs were approximately 44.50 million yuan, with the underwriting fees to Huaxi Securities being around 29.67 million yuan [3]

Core Viewpoint - The Shanghai Composite Index has surged past the 3600-point mark for the first time since October 8, 2024, indicating a strong market rally led by brokerage firms [1]. Group 1: Market Performance - Major brokerage stocks have seen significant gains, with Guosheng Financial hitting the daily limit, Guoxin Securities rising over 6%, and other firms like Harbin Investment and GF Securities also showing strong performance [1]. - The A-share leading brokerage ETF (512000) experienced a near 3% increase, currently up 2.02%, with a trading volume of 1.38 billion yuan, surpassing the previous day's total [2]. Group 2: Industry Outlook - According to招商证券, the brokerage sector is expected to lead the market rally as equity prices break upward, supported by favorable policies and low historical valuations, indicating potential for significant upward movement [3]. - 信达证券 suggests that the rising trend in bank stocks may extend to brokerages and insurance sectors, with non-bank financials currently undervalued, presenting a potential recovery window in Q4 [4]. - The brokerage ETF (512000) tracks the CSI All Share Securities Companies Index, encompassing 49 listed brokerage stocks, with a focus on top firms while also including smaller brokerages for high growth potential [4].

Group 1 - The A-share brokerage stocks continue to rise, with Guosheng Financial Holdings hitting the daily limit, indicating strong market performance [1] - Guoxin Securities increased by over 5%, reflecting positive investor sentiment and market dynamics [1] - Hatou Co., Ltd. rose by over 4%, contributing to the overall upward trend in the brokerage sector [1] Group 2 - Other brokerage firms such as GF Securities, Bank of China Securities, and Huaxi Securities also experienced gains, showcasing a broad rally in the industry [1]