Core Points - The company has received approval from the China Securities Regulatory Commission for the public issuance of corporate bonds totaling up to 2.5 billion yuan [1] - The bond issuance must strictly adhere to the prospectus submitted to the Shanghai Stock Exchange [1] - The approval is valid for 24 months from the date of registration, allowing the company to issue bonds in multiple tranches within this period [1] - The company is required to report any significant events that occur from the date of registration until the completion of the bond issuance [1]

Group 1 - The core viewpoint of the report is that Ningde Times (300750.SZ) is rated as "buy" due to its strong position in the global electric vehicle market and expected recovery in revenue by 2025 [2] - The global electric vehicle market is experiencing high growth, with China's power battery market share continuing to increase [2] - Sales of electric vehicles and production of power batteries in China are consistently growing [2] - The company's power battery business is expected to see a recovery in revenue by 2025 despite a decline in prices [2] - The performance of the company's energy storage battery segment is slightly declining, but its revenue share is expected to increase by 2025 [2] - The company's profitability is improving on a quarter-on-quarter basis, with overall stability expected by 2025 [2] - The company is accelerating its global capacity layout [2]

Core Viewpoint - Zhongyuan Securities issued a report on August 1, giving a "buy" rating to Guangxun Technology (002281.SZ) based on several positive factors related to its business performance and market position [2]. Group 1: Business Performance - The company has a high gross margin in its overseas business, with a significant increase in the gross margin of data center optical modules [2]. - The domestic business accounts for a large proportion of the company's revenue, and it ranks among the top in various segmented markets [2]. Group 2: Innovation and Technology - The company places a strong emphasis on research and development innovation, possessing leading vertical integration technology capabilities [2]. - It offers a one-stop product provision capability and has large-scale flexible manufacturing capabilities [2]. Group 3: Market Environment - The computing infrastructure industry chain is experiencing high prosperity, and the optical module industry continues to benefit from this trend [2].

Core Viewpoint - The company, Guangxun Technology, is expected to see significant growth in revenue and net profit in the first half of 2025, driven by rapid growth in computing power investments and a leading market share among domestic cloud service providers [2][3][6]. Financial Performance - The company forecasts a net profit of 3.23 to 4.07 billion yuan for H1 2025, representing a year-on-year increase of 55.0% to 95.0% [2]. - For Q2 2025, the expected net profit is between 1.73 to 2.57 billion yuan, with a year-on-year growth of 32.1% to 96.2% [2]. - In Q1 2025, the sales gross margin was 25.61%, an increase of 3.08 percentage points year-on-year and 5.47 percentage points quarter-on-quarter [4]. Market Position and Product Offering - The company has a strong vertical integration capability and offers a full range of optical communication modules and related products, which are widely used in data centers, backbone networks, metropolitan area networks, broadband access networks, wireless communications, and the Internet of Things [3][5]. - In 2024, the revenue share from access and data communication products was 61.67%, while transmission products accounted for 37.50% [3]. - The company ranked sixth among global optical module manufacturers according to LightCounting, with a market share of 4.7% in the data communication optical device market and 5.7% in the telecom optical device market [4]. Research and Development - The company emphasizes R&D innovation, with R&D expenses increasing by 55.14% year-on-year in Q1 2025 [5]. - It possesses comprehensive solutions and flexible manufacturing capabilities, with annual shipment volumes ranking among the top three in the industry [5]. Industry Outlook - The demand for optical modules is expected to grow significantly due to the increasing investments in AI and computing power, with the global data communication optical module market projected to grow at a CAGR of 27% from 2024 to 2029 [5]. - The company is well-positioned to benefit from the high demand in the optical module industry, particularly in the context of the ongoing AI commercialization wave [5]. Profit Forecast and Investment Recommendation - The company is projected to achieve net profits of 11.77 billion yuan, 15.09 billion yuan, and 18.11 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 35.45X, 27.65X, and 23.03X [6]. - The initial coverage of the stock has been rated as "Buy" [6].

Core Viewpoint - The photovoltaic industry is experiencing significant price increases in polysilicon, monocrystalline silicon wafers, and solar cells, while photovoltaic module prices are lagging behind. The market for polysilicon has not yet shown substantial recovery, requiring more positive factors for further performance [1][3]. Group 1: Policy and Industry Dynamics - The central financial committee proposed to regulate low-price disorderly competition in the photovoltaic industry, guiding companies to enhance product quality and promote the orderly exit of outdated production capacity [1]. - The Ministry of Industry and Information Technology held discussions with photovoltaic companies, emphasizing the need for comprehensive governance of low-price competition [1]. - Specific policies for capacity reduction in the photovoltaic industry are expected to be gradually introduced in the second half of the year, which will accelerate the industry's recovery [1]. Group 2: Market Performance and Trends - In June 2025, the domestic newly installed photovoltaic capacity was 14.36 GW, a year-on-year decline of 38.45%, while the cumulative new capacity for the first half of the year reached 212.21 GW, a year-on-year increase of 107.07% [2]. - In July, domestic polysilicon production was approximately 107,800 tons, a month-on-month increase of 5.7%, but a year-on-year decrease of 41.5% for the cumulative production from January to July [3]. - The price of polysilicon, monocrystalline silicon wafers, and solar cells has significantly increased, while the price of photovoltaic modules has not yet responded similarly [3]. Group 3: Investment Recommendations - The industry is currently at a historically low valuation level, and as capacity reduction progresses, supply and demand are expected to improve [4]. - It is recommended to focus on "capacity clearance" and "new technology iteration" as key investment themes, particularly in leading companies in polysilicon, photovoltaic glass, BC cells, and perovskite cells [4].

7月31日，上证指数跌1.18%，收报3573.21点，恒生指数跌1.6%，收报24773.33点。 中原证券AH溢价达74.85%，位居AH股溢价率第48位。当日收盘，中原证券A股报4.39元，跌幅 2.23%，H股报2.74港元，下跌4.86%。 本文源自：金融界 作者：行情君 资料显示，中原证券股份有限公司成立于2002年11月8日,是注册地在河南的法人证券公司和全省资本市 场发展的重要载体,也是全国140多家证券公司中第8家同时在香港和境内主板上市的券商之一。2014年6 月成功实现了在香港上市(H股简称:中州证券,股票代码:01375.HK),2017年1月在上海证券交易所主板上 市(A股代码:601375)。中原证券已成为一家以研究为先导、投资银行、投资业务、财富管理、资产管理 等各项业务在内的综合类券商,保荐企业上市数量和过会率2021年底排在全行业第9位,上海债券自营投资 近年来持续保持较好水平。 *注：AH股是指同时在A股和港股上市的公司，溢价（A/H）越大，说明H股相比A股越便宜。 ...

7月31日，中州证券(01375)盘中下跌5.21%，截至13:36，报2.73元/股，成交1.16亿元。 中原证券股份有限公司是一家以研究为先导、投资银行、投资业务、财富管理、资产管理等各项业务在 内的综合类券商，是全国140多家证券公司中第8家同时在香港和境内主板上市的券商之一。公司的保荐 企业上市数量和过会率2021年底排在全行业第9位，上海债券自营投资近年来持续保持较好水平。 截至2025年一季报，中州证券营业总收入4.01亿元、净利润1.03亿元。 本文源自：金融界 作者：行情君 ...

Group 1: Company Overview - Zhongyuan Securities' stock price closed at 4.49 yuan on July 30, down 1.54% from the previous trading day, with a trading volume of 810,329 hands and a transaction amount of 365 million yuan [1] - Zhongyuan Securities is a comprehensive securities company based in Zhengzhou, Henan Province, offering services in securities brokerage, investment banking, and asset management [1] Group 2: Industry Trends - The internationalization process of the brokerage industry is accelerating, with several firms expanding overseas through listings in Hong Kong or increasing capital in their Hong Kong subsidiaries [1] - Currently, 13 mainland brokerage firms have achieved "A+H" dual listings, with Zhongyuan Securities being one of them [1] - In 2024, some leading brokerages are expected to see significant growth in international business revenue, with CITIC Securities reporting a 116% year-on-year increase in net profit from international operations [1] Group 3: Market Activity - On July 30, Zhongyuan Securities experienced a net outflow of 13.864 million yuan in principal funds, indicating a trend of net outflow for the day [2]

2021年至2024年，*ST太和实现营业收入分别为4.60亿元、2.05亿元、1.83亿元和1.03亿元，实现归属于 上市公司股东的净利润分别为9240.83万元、-1.60亿元、-2.87亿元和-3.34亿元，实现归属于上市公司股 东的扣除非经常性损益的净利润分别为9101.09万元、-1.61亿元、-2.86亿元和-3.41亿元。 太和水于2025年4月26日发布公告称，因公司2024年度经审计的扣除非经常性损益前后的净利润均为负 值，且扣除与主营业务无关的业务收入和不具备商业实质的收入后的营业收入低于3亿元，公司股票将 被实施退市风险警示，实施起始日为2025年4月29日，实施后A股简称为*ST太和。 中国经济网北京7月30日讯*ST太和（605081）(605081.SH)近日披露2025年半年度业绩预亏公告。 经财务部门初步测算，*ST太和预计2025年半年度实现归属于母公司所有者的净利润-3850万元到-5670 万元，上年同期为-1,996万元；预计2025年半年度实现归属于母公司所有者的扣除非经常性损益后的净 利润-3410万元到-5100万元。本次业绩预告所涉及的财务数据未经注册会计师审计 ...

来源：格隆汇APP 格隆汇7月30日丨根据联交所最新权益披露资料显示，2025年7月23日，中州证券(01375.HK)获易方达基 金管理有限公司在场内以每股均价2.8152港元增持183.6万股，涉资约516.87万港元。 增持后，易方达基金管理有限公司最新持股数目为8399万股，持股比例由6.87%上升至7.03%。 | 股份代替: | 01375 | | --- | --- | | 上市法國名稱: | 中原壇券股份有限公司 - H股 | | 日期(日/月/年): | 30/06/2025 - 30/07/2025 | | 麦格里强 | 大股票/董事/愛基行政人員名稱作出破露8 寶入 / 廣出來 步及时 每股83平均價 | | | | 拼有權益的股份數目 佔已發行的 南蘭事件的日期 相關法國股份 資權盧權益 - | | | --- | --- | --- | --- | --- | --- | --- | | | 原因 | | | | ( ) 。 一 有 有 有 有 。 有 。 一 。 一 。 | | | | | | | | 同三分比 | | | | | | | | ( 96 ) | | | CS2025 ...