Core Viewpoint - The report from Changcheng Securities highlights the emergence of new momentum driven by AI and the ongoing push for domestic chip substitution, focusing on companies within the AI industry chain and identifying undervalued leaders and turnaround firms. Group 1: HBM Overview - HBM has broken through the traditional memory wall, with the rise of 3D stacked DRAM from HBM1 to HBM3E, increasing capacity from 1GB to 36GB and bandwidth from 128GB/s to 1.2TB/s [1] - CSP (Cloud Service Providers) are increasing capital expenditures, leading to a surge in AI server deployments and HBM configuration upgrades, driving high demand for HBM [1] - HBM demand is expected to grow significantly, with total bit demand projected to increase by 89% in 2025 and 67% in 2026, with AI servers expected to account for over 15% of shipments by 2025 [1] Group 2: HBM Supply Dynamics - HBM manufacturers are accelerating capacity expansion and upgrading production lines to higher generations, with a competitive landscape dominated by SK Hynix, Samsung, and Micron [2] - The market share of HBM manufacturers is expected to shift from 5:3:2 to 5:2:3 by 2025 and 2026, with HBM3E expected to dominate the market [2] - Total bit supply for HBM is projected to increase by 84% in 2025 and 47% in 2026, with significant capacity expansion from major manufacturers [2] Group 3: HBM Pricing and Future Trends - The supply-demand ratio for HBM is expected to reach 45% in 2025 and 27% in 2026, indicating a narrowing supply gap [2] - HBM average selling prices (ASP) are projected to reach $1.76 and $1.84 per Gb in 2025 and 2026, respectively, driven by high-end product iterations [2] - The next generation HBM4 is anticipated to be realized in 2026, with advancements in cooling and bonding technologies to meet future demands [2] Group 4: Storage Trends in the AI Era - The demand for storage is expected to rise due to the increasing data volume driven by AI applications, with DRAM and NAND prices likely to continue their upward trend [3] - The supply-demand ratio for DRAM is projected to reach 97.9% in 2025, while NAND Flash is expected to reach 98.3%, indicating potential price increases [3] - The anticipated quarterly price increases for DRAM and NAND Flash in Q3 2025 are estimated at 15-20% and 5-10%, respectively, continuing the upward trend [3]

1、国新办将举行介绍"十四五"时期市场监管高质量发展成就新闻发布会 8月22日上午10时，国新办将举行"高质量完成'十四五'规划"系列主题新闻发布会，国家市场监督管理总局局长罗文介绍"十四五"时期市场监管高质量发展成 就，并答记者问。 2、2025中国算力大会将举行 8月22日至24日，2025中国算力大会将举行。大会设置"算力中国.创新成果"展示，全方位展示算力领域政策体系、核心硬件、基础设施、关键技术和服务能 力等最新成果。 3、331.44亿元市值限售股今日解禁 8月22日，共有4家公司限售股解禁，合计解禁量为4.44亿股，按最新收盘价计算，合计解禁市值为331.44亿元。 从解禁量来看，3家公司解禁股数超千万股。联影医疗、长城证券、盈方微解禁量居前，解禁股数分别为2.31亿股、1.15亿股、9452.02万股。从解禁市值来 看，3家公司解禁股数超亿元。联影医疗、长城证券、盈方微解禁市值居前，解禁市值分别为308.89亿元、13.75亿元、8.02亿元。 4、23家公司披露回购进展 今日看点 8月22日重点关注的财经要闻与资本市场大事： 8月22日，23家公司共发布25个股票回购相关进展。其中，9家公司 ...

格隆汇8月22日｜Wind数据显示，周五（8月22日），共有4家公司限售股解禁，合计解禁量为4.44亿 股，按最新收盘价计算，合计解禁市值为331.44亿元。从解禁量来看，3家公司解禁股数超千万股。联 影医疗、长城证券、盈方微解禁量居前，解禁股数分别为2.31亿股、1.15亿股、9452.02万股。从解禁市 值来看，3家公司解禁股数超亿元。联影医疗、长城证券、盈方微解禁市值居前，解禁市值分别为 308.89亿元、13.75亿元、8.02亿元。从解禁股数占总股本比例来看，2家公司解禁比例超10%。联影医 疗、盈方微、长城证券解禁比例居前，解禁比例分别为28.01%、11.26%、2.85%。 ...

从解禁市值来看，联影医疗、长城证券、盈方微解禁市值居前，解禁市值分别为308.89亿元、13.75亿 元、8.02亿元。 从解禁股数占总股本比例来看，2家公司解禁比例超10%。联影医疗、盈方微、长城证券解禁比例居 前，解禁比例分别为28.01%、11.26%、2.85%。 每经AI快讯，Wind数据显示，周五（8月22日），共有4家公司限售股解禁，合计解禁量为4.44亿股，按 最新收盘价计算，合计解禁市值为331.44亿元。 （文章来源：每日经济新闻） 从解禁量来看，联影医疗、长城证券、盈方微解禁量居前，解禁股数分别为2.31亿股、1.15亿股、 9452.02万股。 ...

证券代码：002939 证券简称：长城证券 公告编号：2025-060 长城证券股份有限公司 本公司及公司全体董事会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。 长城证券股份有限公司 2025 年度第九期短期融资券已于 2025 年 8 月 20 日 发行完毕，相关发行情况如下： 债券名称 长城证券股份有限公司 2025 年度第九期短期融资券 债券简称 25 长城证券 CP009 债券代码 072510174 债券期限 155 天 计息方式 利随本清 发行日 2025 年 8 月 19 日 起息日 2025 年 8 月 20 日 兑付日 2026 年 1 月 22 日 计划发行总额 10 亿元人民币 实际发行总额 10 亿元人民币 票面利率 1.70% 发行价格 100 元/百元面值 本期发行短期融资券的相关文件已在中国货币网(www.chinamoney.com.cn)、 上海清算所网站(www.shclearing.com.cn)刊登。 长城证券股份有限公司董事会 特此公告。 ...

Core Viewpoint - The A-share market is experiencing a significant increase in trading activity, leading to a favorable environment for the securities industry, which is entering a prosperous cycle driven by policy benefits, increased trading volume, and business structure upgrades [1][4]. Market Activity - Since August, the A-share market has seen a notable rise in trading enthusiasm, with daily trading amounts consistently exceeding 2 trillion yuan for seven consecutive trading days, injecting growth momentum into brokerage businesses [1][2]. - As of August 21, the total market capitalization of A-shares reached 101.18 trillion yuan, an increase of 15.32 trillion yuan since the beginning of the year, expanding the business space for brokerages [1][2]. Leverage and Performance - As of August 20, the margin trading balance reached 21,475.69 billion yuan, an increase of 290.4 billion yuan since the start of the year, supporting brokerage credit business income [2]. - The brokerage sector has seen an overall increase of over 8% in August, with individual stocks like Changcheng Securities rising over 35% and others like Guosheng Jinkong and Dongfang Caifu exceeding 15% [2]. Earnings Growth - Major brokerages have reported significant earnings growth in their mid-year reports, with Dongfang Caifu's revenue increasing by 38.65% and net profit by 37.27%, while Guosheng Jinkong's revenue grew by 32.1% and net profit by 369.91% [2]. - Analysts expect the overall performance of brokerages in the first half of the year to exceed expectations, driven by a 61% year-on-year increase in average daily trading volume in the A-share market [2][4]. Investment Value - The brokerage sector's investment value has gained attention, with Dongfang Caifu being the most recommended stock among brokerages in August, indicating strong institutional interest [3]. - The sector is characterized by "low valuation + high elasticity," making it a popular choice for market allocation [5]. Industry Outlook - The brokerage sector is experiencing a recovery in performance and valuation, supported by multiple business lines benefiting from policy advantages, active trading, and capital allocation [4][5]. - Analysts believe that the sector is entering a new phase of performance and valuation recovery, driven by policy reforms, market activity, and business transformation [5][6].

证券之星消息，8月21日证券板块较上一交易日下跌0.94%，长城证券领跌。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。证券板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600621 | 未露胎份 | 17.23 | 2.50% | 74.13万 | | 12.76亿 | | 601211 | 圆泰海道 | 20.86 | 0.77% | 138.91万 | | 29.07亿 | | 600906 | 财达证券 | 7.84 | 0.51% | 96.25万 | | 7.55亿 | | 601198 | 东兴证券 | 11.97 | 0.17% | 1 97.44万 | | 2706.TI | | 601108 | 财通证券 | 8.60 | -0.35% | 59.61万 | | 5.15亿 | | 601696 | 中银证券 | 16.96 | -0.35% | 213.90万 | | 37.57亿 ...

Market Overview - The A-share market experienced a sudden decline in the afternoon, with the Shanghai Composite Index dropping over 0.2% before recovering slightly, while the Shenzhen Component and ChiNext indices fell [2] - The trading volume in the Shanghai and Shenzhen markets exceeded 2 trillion yuan for the first time this year, marking the seventh consecutive trading day of such volume [2] Sector Performance - Securities stocks collectively faced a pullback, with notable declines including Changcheng Securities down over 6% and Hato Securities down over 5% [2][3] - Several high-priced stocks hit the daily limit down, including Lianhuan Pharmaceutical and Zhongdian Xindong, with others like Shunlian Bio and Sainuo Medical dropping over 8% [4] Banking Sector - In contrast, bank stocks showed strength in the afternoon, with Agricultural Bank of China and Postal Savings Bank reaching new historical highs during the session [2] Hong Kong Market - The Hang Seng Index fell over 0.5%, and the Hang Seng Tech Index dropped more than 1% [6] - AAC Technologies Holdings (02018.HK) saw a rapid decline of over 14% following the release of its interim results, despite reporting a revenue of 13.32 billion yuan, a year-on-year increase of 18.4% [6][8] Company Performance - AAC Technologies reported a gross margin of 20.7%, down 0.8 percentage points year-on-year, attributed to changes in product mix, while net profit attributable to shareholders increased by 63.1% to 876 million yuan due to improved profitability in optical business and rapid growth in precision structural components [8] - CICC noted that the overall valuation level of A-shares remains reasonable, but the rapid increase in trading volume may lead to short-term volatility [8]

券商股震荡走低，长城证券跌超6%，哈投股份、西南证券、湘财股份等跟跌。 ...

Group 1: Market Performance - The A-share market has shown significant growth, with the Shanghai Composite Index rising from around 3200 points at the beginning of the year to over 3700 points, marking a notable increase in investor sentiment and market attractiveness [1] - As of early August, the A-share financing balance exceeded 2 trillion yuan, reaching a 10-year high, with an increase of approximately 150 billion yuan this year [2][3] Group 2: Investor Engagement - The number of new A-share accounts opened in July 2025 reached 1.9636 million, a year-on-year increase of 70.54%, contributing to a total of 14.5613 million new accounts in the first seven months of 2025, up 36.88% year-on-year [2] - Monthly active users of securities apps reached 167 million in July 2025, reflecting a 3.36% increase from the previous month [2] Group 3: Corporate Actions - Nearly 70% of listed companies in Shanghai and Shenzhen have announced cash dividend plans for the year, totaling approximately 1.64 trillion yuan, indicating a trend towards quality improvement and shareholder returns [5] - BYD announced a record cash dividend of 39.74 yuan per 10 shares, totaling around 12.077 billion yuan, marking the largest dividend since its A-share listing in 2011 [4] Group 4: Mergers and Acquisitions - Since the implementation of policies like "Merger Six Articles," over 200 major asset restructurings have been disclosed in the A-share market, indicating increased activity and scale in the M&A sector [6] - The China Securities Regulatory Commission emphasizes the need to optimize mechanisms for mergers and acquisitions to better support technological and industrial innovation [6] Group 5: Brokerage Activity - Brokerages are experiencing increased activity due to the surge in investor accounts and trading volume, with customer service departments reporting a significant rise in inquiries [7] - Securities firms are enhancing their systems to manage the increased trading volume and are focusing on providing services to technology companies, particularly in response to policies supporting the Sci-Tech Innovation Board [8]