国泰海通证券 | 研究所 国泰海通证券 研究所 格局先于需求触底，中国材料 在产业升级和全球化中突围 行业核心洞察 鲍雁辛 研究所副所长、政策和产业研究院 副院长、建材首席分析师 国泰海通证券 | 研究所 新消费时代:供需错位, 营销助力,新消费爆发。 行业核心洞察 晨 漫 所长助理、消费组长、食品饮料/化 妆品首席分析师 国泰海通证券 | 研究所 缩量提质稳市场,好房 好价塑信心 行业核心洞察 先进制造组长、房地产直席分析 日小市值三创新船权联盟或中央北十年 国泰海通证券 大药的诞生,才是医药 的未来 行业核心洞察 重视配置的力量, 非银估值修复年 行业核心洞察 新消费、新技术、新渠道 行业核心洞察 刘欣琦 金融组长、非银行金融首席分析师 岛通证券 国泰海通证券 | 研究所 刘越男 /零售首席分析师 】国泰海通证券 | 研究所 新材料的交易本质在于对 未来需求的预期与流动性 现实的双击 行业核心洞察 国泰海通证券 | 研究所 迎接转折之年,看好钢铁 龙头长期配置机会 行业核心洞察 李鹏 钢铁首席分析师 国泰海通证券 | 研究所 科技创新领头燕,IPO有 望稳步提速 行业核心洞察 士政之 国泰海通证券 | 研 ...

Market Overview - On September 25, the Shanghai Composite Index fell by 0.01%, while the Shenzhen Component Index rose by 0.67%, and the ChiNext Index increased by 1.58%, reaching a three-year high [1] - The total market turnover was 2.39 trillion yuan, with over 3,800 stocks declining [1] Key Stocks Performance - Huarsoft Technology achieved a limit-up with a 5-day consecutive rise, while other notable stocks included Lianmei Holdings and Seven Wolves with 4 and 2 consecutive rises respectively [3] - TCL Zhonghuan and other stocks in the silicon wafer sector also showed strong performance with consecutive gains [3] Top Gainers - The top gainers included: - Huarsoft Technology: +20.01% with a turnover of 313 million yuan [2] - Shangwei New Materials: +20.00% with a turnover of 978 million yuan [2] - Hart Walkway: +19.99% with a turnover of 739 million yuan [2] - Nepe Mining Machinery: +19.99% with a turnover of 396 million yuan [2] Top Net Buy and Sell - The top net buy stocks included: - Shanghai Electric: 759 million yuan [5] - Inspur Information: 686 million yuan [5] - Huarong Technology: 270 million yuan [5] - The top net sell stocks included: - Zhongdian Xilong: 132 million yuan [6] - Yongding Shares: 116 million yuan [6] - Fulongma: 90 million yuan [6] Institutional Activity - Institutional net buying was significant in Shanghai Electric, Inspur Information, and Huarong Technology, indicating strong interest from institutional investors [5][7] - Conversely, Huarong Technology saw a net sell from institutions, suggesting mixed sentiment [18] Sector Highlights - The AI server and liquid cooling server sectors are experiencing high demand, with Inspur Information reporting a 90.05% increase in revenue year-on-year [15] - Huarong Technology is advancing in the semiconductor equipment sector, with a focus on domestic production and innovation [18] Conclusion - The market shows a mixed sentiment with certain sectors like AI and semiconductor equipment gaining traction, while overall market performance remains cautious with significant turnover and stock volatility [1][5][15]

日前，天眼查信息显示，岚图汽车科技股份有限公司（即岚图汽车）于9月22日完成重要人事调整，法定代表人及董事长均由现任CEO卢放兼任，尤峥不再 担任相关职务。 岚图汽车正在加速冲刺港股。 公开信息显示，卢放出生于1976年1月，吉林松原人，于2019年起负责东风H品牌（岚图汽车前身），后一直担任岚图汽车CEO，直至此次职务调整。 每经记者｜孙桐桐 每经编辑｜裴健如 除了董事长职位变动外，岚图汽车多名董事也发生变动。天眼查显示，9月22日，秦轩辕、秦生、鞠桦、冯长军、丁绍斌退出董事行列，付炳锋、蒋焘、胡 晓、廖显志、辛定华、杨勇六人新增为董事。 4 2026款岚图梦想 东风集团方面认为，岚图汽车登陆港股后，在进一步拓宽融资渠道、提升品牌形象、拓展国际业务的基础上，凭借其技术、产品以及广阔的市场前景，有望 进一步激发公司价值创造能力，充分释放价值增长潜力。预计岚图汽车上市后将打破东风集团股份过往的港股低估值束缚，实现估值逻辑切换。 不久前，卢放在接受《每日经济新闻》记者采访时表示，东风集团赋予岚图两大使命：其一，在集团向新能源转型的过程中，从技术、品牌到销量、利润， 全方位助力集团战略落地；其二，通过体制机制的创新 ...

Group 1 - The company held an earnings briefing on September 25, 2025, via an online platform, focusing on key issues such as performance and business layout [1] - The company reported a net profit attributable to shareholders of 193,403,829.02 yuan for the first half of the year, but a net profit of -31,161,602.17 yuan after excluding non-recurring gains and losses [1] - The main cost for the company is operating costs, with a significant item being the transfer of 1% equity in Langfu, resulting in an investment income of 240,140,641.85 yuan [1] Group 2 - The company is primarily engaged in real estate development, with real estate revenue reaching 93,871,803.68 yuan as of June 30, 2025, accounting for 66.35% of total revenue [2] - The company plans to accelerate the liquidation of existing inventory and expand sales channels to boost sales [2] - The company aims to exceed 300 million yuan in revenue for the year, focusing on promoting sales, risk prevention, and quality improvement [2]

Group 1: Financial Performance - The company's net profit attributable to shareholders for the first half of 2025 was ¥193,403,829.02, while the net profit after deducting non-recurring gains and losses was -¥31,161,602.17 [1] - The main deduction was due to the transfer of 1% equity in Langfu, resulting in a recognized investment income of ¥240,140,641.85 [1] - As of June 30, 2025, the real estate business generated revenue of ¥93,871,803.68, accounting for 66.35% of the company's total revenue [2] Group 2: Strategic Initiatives - The company is currently processing a stock issuance to specific investors, which is under review by the Shenzhen Stock Exchange [1] - The company aims to accelerate the sales of existing inventory and broaden sales channels to enhance sales performance [2] - The company is focused on promoting sales, mitigating risks, and improving quality to ensure high-quality development [2]

Core Viewpoint - The news highlights the recent performance of China's rare earth sector, specifically focusing on the stock of China Rare Earth Group, which has shown significant growth in revenue and profit in the first half of 2025. Group 1: Company Overview - China Rare Earth Group specializes in the production and operation of rare earth oxides and related products, as well as technology research and consulting services [2][8] - The company is controlled by the State-owned Assets Supervision and Administration Commission of the State Council, indicating its status as a state-owned enterprise [3][4] Group 2: Financial Performance - For the period from January to June 2025, the company achieved a revenue of 1.875 billion yuan, representing a year-on-year growth of 62.38% [8] - The net profit attributable to the parent company was 162 million yuan, marking a substantial increase of 166.16% compared to the previous year [8] Group 3: Market Activity - On September 25, the stock price of China Rare Earth increased by 1.30%, with a trading volume of 2.123 billion yuan and a turnover rate of 3.95% [1] - The stock's average trading cost is reported at 53.00 yuan, with the current price approaching a resistance level of 51.00 yuan [7] Group 4: Shareholder Information - As of September 19, the number of shareholders for China Rare Earth reached 230,000, an increase of 6.66% from the previous period [8] - The average number of circulating shares per shareholder decreased by 6.25% to 4,614 shares [8] Group 5: Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 19.6025 million shares, an increase of 3.8909 million shares from the previous period [10] - Southern CSI 500 ETF ranked fifth among the top circulating shareholders, with a holding of 11.0663 million shares, also showing an increase [10]

来源：新浪证券-红岸工作室 9月25日，中国黄金跌1.55%，成交额2.27亿元，换手率1.63%，总市值138.60亿元。 异动分析 黄金概念+国企改革+中字头股票+央企国企改革 1、公司的主营业务是黄金珠宝产品的销售和委托加工。主要产品包括黄金产品、K金珠宝类产品等。 2、公司属于国有企业。公司的最终控制人为国务院国有资产监督管理委员会。 3、公司为中字头股票，公司实控人为国资委或中央国有企业或中央国家机关。 4、公司最终控制人为国务院国有资产监督管理委员会 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 主力持仓 主力轻度控盘，筹码分布较为分散，主力成交额1.27亿，占总成交额的12.64%。 技术面：筹码平均交易成本为8.35元 该股筹码平均交易成本为8.35元，近期筹码减仓，但减仓程度减缓；目前股价靠近支撑位8.25，注意支 撑位处反弹，若跌破支撑位则可能会开启一波下跌行情。 公司简介 资料显示，中国黄金集团黄金珠宝股份有限公司位于北京市东城区安外大街柳荫公园南街1号，成立日 期2010年12月16日，上市日期2021年2月5日，公司主营业务涉及中国黄金是 ...

Core Viewpoint - Postal Savings Bank of China (PSBC) experienced a decline of 1.32% in stock price on September 25, with a trading volume of 782 million yuan and a market capitalization of 718.168 billion yuan [1] Financial Performance - PSBC's dividend yields over the past three years were 5.58%, 6.00%, and 4.61% respectively [2] - For the first half of 2025, PSBC reported a net profit attributable to shareholders of 49.228 billion yuan, reflecting a year-on-year growth of 0.85% [7] Shareholder and Market Activity - As of June 30, 2025, the number of PSBC shareholders decreased by 10.31% to 164,100, while the average number of circulating shares per person increased by 11.66% to 415,086 shares [7] - The stock's main net inflow today was -52.5488 million yuan, with a market ranking of 5 out of 6 in its industry, indicating a lack of clear trend in major funds [3][4] Company Overview - PSBC, established on March 6, 2007, and listed on December 10, 2019, is headquartered in Beijing and provides a range of banking and financial services in China [6] - The bank's main business segments include personal banking (69.57% of revenue), corporate banking (19.70%), and funding operations (10.65%) [6] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which increased its holdings by 60.8263 million shares to 942 million shares [8][9]

Core Viewpoint - Qinhuangdao Port Co., Ltd. experienced a decline of 2.29% in stock price on September 25, with a trading volume of 72.88 million yuan and a total market capitalization of 19.053 billion yuan [1] Company Overview - Qinhuangdao Port Co., Ltd. is primarily engaged in port operations, including terminal facilities, cargo handling, storage, transportation, and container services [2][3] - The company is a state-owned enterprise controlled by the Hebei Provincial Government's State-owned Assets Supervision and Administration Commission [3] - Located in Qinhuangdao, Hebei, the company provides integrated port services, handling various cargo types such as coal, metal ores, oil products, liquid chemicals, containers, and general cargo [3][4] - It is recognized as the world's largest public terminal operator for bulk dry cargo and was the largest public coal terminal globally from 2013 to 2015 [3] Shareholding and Market Activity - In the past year, Changcheng Life Insurance Co., Ltd. acquired a stake in the company, holding 5.00% of the total shares [4] - The company has seen a net outflow of 2.87 million yuan from major investors today, with a continuous reduction in major investor holdings over the past two days [5][6] Financial Performance - As of June 30, the company reported a decrease in revenue to 3.451 billion yuan, down 0.30% year-on-year, and a net profit of 988 million yuan, down 2.22% year-on-year [9] - The company's revenue composition includes 66.61% from coal and related services, 21.36% from metal ores, and smaller contributions from other services [8] Technical Analysis - The average trading cost of the stock is 3.24 yuan, with recent reductions in holdings slowing down; the current stock price is near a resistance level of 3.42 yuan, indicating potential for a price correction or upward movement if the resistance is broken [7]

本报讯 （记者刘欢）9月24日晚间，读者出版传媒股份有限公司（以下简称"读者传媒"）连续发布多则 资产调整公告，涉及控股子公司的退出、控股子公司股权转让以及内部资产的无偿划转。这一系列动作 是读者传媒深化国企改革、主动"挤水分、提质量"的一次集中体现。 公告显示，读者传媒决定以定向减资方式退出参股60%的北京旺财传媒广告有限公司（以下简称"北京 旺财"）。北京旺财成立于2012年，主营业务为《华夏理财》报纸广告发行，多年来经营不善、业绩不 达预期。为整合资源，及时清理低质低效资产，保护公司利益，读者传媒拟以评估价值2033.54万元对 价减资退出北京旺财。 "对于长期扭亏无望、与主业协同性弱的资产，及时清理是保护上市公司利益的关键一步。"一位业内人 士分析。此举有助于读者传媒甩掉包袱，回笼资金，聚焦资源发展核心业务。 读者文旅是读者传媒控股股东读者出版集团有限公司的全资子公司，此次转让读者文传股权事项构成关 联交易。 通过将读者文传调整至更擅长文旅板块运营的读者文旅旗下，读者传媒既实现了资产剥离，又促进了业 务的专业化归位。 与此同时，为进一步深化改革，提升公司经营管理质效，促进多元板块改革发展，读者传媒拟将 ...