一直以来，广发证券主动担起金融机构的主体责任，发挥业务优势，打造丰富的投教载体，贯彻资本市 场人民性立场，树牢金融为民的理念，引领投资者教育工作走在行业前列。随着一系列新政策的出台， 我国资本市场进入新发展阶段，广发证券特在《中国证券报》开设"投研财富+"投教专栏，聚焦新质生 产力方向和市场热点，向广大投资者普及专业投研框架、分享专业机构观点，帮助投资者掌握投资分析 方法，更加有效维护投资者特别是中小投资者合法权益，持续提升投资者的获得感，聚力推动我国资本 市场实现高质量发展。 在产业和技术共振下，固态电池产业化持续加速，建议可以关注产业链中的变化/增量环节，包括硫化 物电解质及硫化锂、锂金属负极、设备端等环节。同时，也提醒投资者注意固态电池产业化在技术和成 本层面仍面临一定制约，技术层面主要是离子输运机制尚未清晰，存在固固界面接触问题，成本层面主 要是原材料成本高，设备改动增加成本。 但需要提醒的是，固态电池可能面临新技术进展不及预期、新能源汽车销量不及预期、中游价格下跌超 预期等风险情况。 固态电池的应用场景广阔，有望进入快速成长通道。主要应用场景包括消费电子、新能源汽车、低空经 济、机器人等，短期增长有 ...

宏发科技股份有限公司关于控股股东部分股份质押解除及部分质押展期的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示: ● 公司控股股东有格创业投资有限公司直接持有本公司股票399,216,292股，占本公司总股本的27.35%。 本次办理解押股份 2,508,000 股，占其持股总数的0.63%，占公司总股本的 0.17%；办理展期股份 29,314,000 股，占其持股总数的 7.34%，占公司总股本的 2.01%。前述手续办理后，有格投资累计质押 股份为 69,172,000 股，占其持股总数的 17.33%，占公司总股本的4.74%。 宏发科技股份有限公司（以下简称"公司"或"本公司"）于2025年9月23日接到本公司控股股东有格创业 投资有限公司（以下简称"有格投资"）关于办理部分股份质押解除及部分质押展期手续的通知，现将有 关情况公告如下： 一、股份被解除质押情况 （1）2023年12月5日有格投资将695万股股份质押给光大证券股份有限公司（以下简称"光大证券"）， 质押到期日为2024年12月4日。 ...

证券代码：603031 股票简称：安孚科技 编号：2025-072 安徽安孚电池科技股份有限公司 关于签订募集资金专户存储三方监管协议的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、募集资金情况 经中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于同意安徽安孚电池科技股份有限公 司发行股份购买资产并募集配套资金注册的批复》（证监许可〔2025〕1709号）同意，安徽安孚电池科 技股份有限公司（以下简称"公司"）向特定对象发行人民币普通股（A股）5,700,944股，发行价格为 35.79元/股，募集资金总额人民币204,036,785.76元，扣除不含税的发行费用人民币16,538,460.64元，公 司募集资金净额为人民币187,498,325.12元。 中证天通会计师事务所（特殊普通合伙）于2025年9月18日出具了《安徽安孚电池科技股份有限公司发 行股份及支付现金购买资产并募集配套资金验资报告》（中证天通（2025）验字21120005号）。 二、募集资金专户的开立及三方监管协议签订情况 为规范公 ...

一揽子金融支持经济高质量发展的改革举措出台以来，A股市场企稳回升，基金业绩回暖，赚钱效应显 著。 一位券商营业部负责人告诉记者："政策落地后，市场交易活跃度显著提升，我所在的营业部单月新增 资金量一度超过2023年全年，不仅新增开户数攀升，还有不少休眠账户被激活。近期，A股每日交易金 额维持在2万亿元以上，经纪业务好于往年。" A股开户持续升温。上交所披露的数据显示，8月沪市A股个人投资者新开户数达265.03万户，同比增长 165%，较7月环比增长34.97%。 一些年轻投资者开始跃跃欲试，加入"养基"大军，各类型权益基金规模出现增长。中国基金业协会数据 显示，截至7月末，公募基金资产净值合计35.08万亿元，较去年8月底增加4.17万亿元。 基金经理在这轮市场反弹行情中表现更加理性。一位成长风格基金经理表示，高成长板块难免会伴随较 大的市场波动，希望大家理性看待成长风格基金的投资机会。 上海一位基金经理表示，希望以穿越牛熊周期的视角为持有人带来相对稳健且超越市场的回报。 在市场经历大幅回升后，个人投资者的感受变得复杂。具备一定投资经验的投资者在解套后，有的选择 止盈落袋为安，有的根据市场变化重新调整投资策 ...

近日，证券时报记者采访了多家券商财富管理业务分管高管及业务负责人。他们普遍认为，需进一步加 大制度与产品供给，尤其针对投顾业务，要不断完善考核、激励等基础制度。同时，业内人士还呼吁， 共建行业生态，避免低水平价格竞争，将更多资源投入投教、投研及客户服务中。 加大制度供给及产品供给 券商财富管理业务良性发展，离不开顶层设计的指导。受访券商高管建议，进一步加大制度和产品供 给，推动行业良性发展。 在引导长期投资方面，山西证券副总经理韩丽萍谈到，建议针对长期投资行为，给予税收优惠政策，引 导投资者树立价值投资理念。兴业证券首席财务官许清春建议，进一步优化制度环境，鼓励长期投资和 配置型服务，例如可考虑扩大个人养老金投资范围、探索投顾服务费抵扣机制。 完善与买方投顾模式相适应的监管框架和评价体系，是行业共识。许清春认为，如此一来可推动行业 从"卖产品"向"管账户"转型，实现与投资者利益对齐。他还表示，持续丰富以投资者持有体验为核心的 评价维度，推动建立跨机构的统一度量标准，定期公开发布行业白皮书，将"客户盈利比率""平均持有 周期""调仓胜率"等指标纳入考评，形成"良币驱逐劣币"的正向激励，引导机构践行金融向善。 华 ...

Core Viewpoint - The Chinese wealth management market is at a new starting point one year after the implementation of the "9·24" financial policy package, focusing on solidifying institutional foundations, enhancing professional capabilities, and building a healthy ecosystem in the securities industry [1] Group 1: Institutional and Product Supply - Industry executives suggest increasing institutional and product supply to promote healthy development in wealth management [2] - Recommendations include tax incentives for long-term investment behaviors and optimizing the regulatory environment to encourage long-term investment and advisory services [2] - There is a consensus on the need to improve the regulatory framework and evaluation system to align industry interests with those of investors [2][3] Group 2: Investment Advisory Services - Investment advisory and fund advisory services are seen as crucial for the future development of the industry, with a focus on enhancing these services [4] - There is a call for clearer regulatory guidance on advisory service standards, especially regarding digital and AI-assisted decision-making [4] - Suggestions include incorporating ETFs into advisory portfolios to enhance investment efficiency and flexibility [4] Group 3: Competition and Industry Ecology - The industry faces intense competition characterized by low-level price wars, prompting calls for a collaborative approach to build a healthier industry ecosystem [6] - Executives advocate for strengthening industry self-discipline and enhancing investor education to improve overall service quality and industry image [6] - There is a push for differentiated positioning and specialized services to establish competitive advantages during the wealth management transformation [6]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证券时报记者 谭楚丹 孙翔峰 2024年"9·24"一揽子金融政策落地以来，A股市场回暖，日均成交额明显增长，且已站稳2万亿元关口。 ETF投资崛起与配置觉醒 多位券商人士向证券时报记者表示，过去一年，伴随A股吸引力上升，投资者的投资习惯、配置需求、投资偏好发 生显著变化。 "投资者对权益资产的配置热情显著增强"是多名受访人士观察到的明显变化。中泰证券首席财富官胡增永谈到， 当前个人投资者的投资行为呈现"指数化""机构化""配置化"三条较为清晰的主线，"指数化"带来低成本的β（贝 塔）收益，"机构化"解决了产品选择与风险控制，"配置化"则实现收益增强与风险对冲，协同推动个人投资者 从"追涨杀跌"的1.0时代，迈入"资产配置"的2.0时代。 其中，ETF成为备受追捧的投资工具。"个人投资者对ETF等工具的认可度大幅提高，特别是宽基指数和行业主题 ETF。"兴业证券首席财务官许清春表示，这一变化主要源于投资者对指数产品分散风险、运作透明、成本低廉等 特点的认同。从数据上看，同一时期兴业证券非货ETF的参与客户数量提升了11倍。 多名受访券商 ...

Group 1: Capital Market Development - The capital market in China has achieved steady growth in quantity and effective improvement in quality during the "14th Five-Year Plan" period, with a more complete multi-level and widely covered market system [1] - The total financing through stock and bond markets reached 57.5 trillion yuan over the past five years, an increase of 2.8 percentage points compared to the end of the "13th Five-Year Plan" [2] - The market share of technology companies in A-shares has exceeded 25%, significantly higher than the combined market share of banking, non-banking financial, and real estate sectors [2] Group 2: Support for Technology Innovation - The establishment of the Beijing Stock Exchange has created a tailored system for small and medium-sized enterprises, with nearly 80% of listed companies in strategic emerging industries and advanced manufacturing [3] - Private equity and venture capital funds have invested in 90% of companies listed on the Sci-Tech Innovation Board, the Growth Enterprise Market, and the Beijing Stock Exchange, highlighting their role in supporting technology innovation [5] - The total management scale of private equity and venture capital funds reached 14.4 trillion yuan, with 15,000 projects under investment [5] Group 3: Bond Market and Financial Products - The bond market has seen a diversification of products, with the issuance of Sci-Tech bonds exceeding 57 billion yuan this year, driven by policy guidance and market demand [4] - The number of futures and options products has reached 157, covering major sectors of the national economy, enhancing price discovery and risk management capabilities [7] - The total funds in the futures market have surpassed 1.9 trillion yuan, marking a historical high [7] Group 4: Policy Support and Market Accessibility - The government has introduced policies to promote the development of equity and venture capital investments, with the "17 Measures for Venture Capital" set to enhance the investment environment [6] - The proportion of institutional clients in the futures market has reached 65.34%, an increase of 7.94 percentage points since 2020, indicating the growing importance of futures in business operations [8] - The number of futures products available for foreign investment has expanded, with 24 specific products and 95 options for qualified foreign investors [8]

◎记者 赵彬彬 自去年9月资本市场一揽子政策落地以来，山东辖区资本市场活力、韧性进一步增强：56家次上市公司 获回购增持贷款108.49亿元，174家次上市公司推进并购重组、涉及金额1513.99亿元，交易所市场债券 余额首次突破万亿元，科创债存续规模创历史新高……这些成绩的背后，是山东证监局与各方通力协作 的结果。 日前，山东证监局对上海证券报记者表示，通过着力构建上下联动、部门协同、多方参与、共促共建的 工作新格局，一揽子政策在辖区渐次落地、取得实效，为山东"走在前、挑大梁"注入资本市场强劲动 能。 机制创新 构建齐抓共管资本市场工作格局 山东证监局加强统筹协调和信息共享，不断提升各项工作的主动性、针对性和有效性。为落实央地金融 工作协调机制要求，山东证监局及时向山东省委、省政府报告新"国九条"及资本市场"1+N"政策体系内 容，积极争取省级层面政策支持。 自资本市场两项货币政策工具创设以来，山东证监局迅速行动，积极加大与相关各方的协同合作力度， 推动3家上市公司获首批回购增持贷款，数量居各辖区第2位，1家证券公司获首批互换便利操作资格。 在纵向联动方面，山东证监局一方面深入地方，开展"资本市场服务地市行 ...

Group 1 - The number of securities analysts in the industry has reached a record high of 6,130, with an increase of 409 analysts since the beginning of the year [1] - Despite a significant decline in commission income from split accounts, which dropped by 33.98% to 4.472 billion yuan, the analyst workforce continues to expand [1] - Leading brokerage firms are showing a scale advantage, with three major firms having over 300 analysts each, including China International Capital Corporation (344 analysts), Guotai Junan (303 analysts), and CITIC Securities (301 analysts) [1][2] Group 2 - The industry is undergoing strategic adjustments and transformations in response to the pressure on commission income, with a focus on the long-term value of research business [2] - Brokerages are implementing differentiated development strategies to drive performance growth, such as Guosen Securities focusing on strategic research in key national development areas like intelligent manufacturing [2] - The research business is transitioning from traditional models to diversified value-creating service models, with opportunities for brokerages to explore think tank and corporate strategy consulting services [3]