中银晨会聚焦-20250828

Group 1: Market Strategy and Regulatory Changes - The report highlights that the revised regulations focus on functionality and compliance, accelerating industry differentiation, with leading brokerages expected to see valuation increases while smaller firms expand their differentiated space [3][7] - The new classification evaluation regulations, effective from August 22, 2025, aim to enhance regulatory efficiency and reduce industry burdens while promoting high-quality development and supporting differentiated operations for smaller institutions [7][8] - The new regulations emphasize the importance of brokerages' roles in serving the real economy and national strategies, shifting competition from capital scale to professional capabilities and functionality [8][9] Group 2: Electronic Industry Insights - The report indicates that Q2 2025 revenue for the company in focus, Qizhong Technology, showed steady year-on-year growth, with a significant rebound in gross margin [10][11] - The company achieved a revenue of 996 million yuan in H1 2025, reflecting a year-on-year increase of 7%, while Q2 revenue reached 521 million yuan, up 10% quarter-on-quarter and 6% year-on-year [11][12] - The report notes that the inventory of large-size panels is being effectively reduced, which is expected to boost sales expectations for the second half of the year [10][11]