2025.08. 25 恒指高开1.06%，恒生科技指数涨1.49%。东风集团股份跳空大涨近70%，宣布私有化退市；科网 股延续强势，蔚来续涨近15%，中芯国际涨近3%；有色行业集体反弹，中国宏桥涨2%；布鲁可绩 后低开逾10%。 | 名称 | | 现价 | 代码 | | --- | --- | --- | --- | | HSI | | 25606.88 267.74 1.06% | | | HSTECH 恒生科技 | | 5731.70c 84.02 1.49% | | | HSHKBIO 恒生生物科技 | | 17596.32c 212.52 1.22% | | | HSCEl 恒生中国企业指数 | | 9176.95c 97.02 1.07% | | | HSCI | 恒生综合指数 | 3935.93 c 43.58 1.12% | | 微信编辑 | 生产队的驴 本文字数：366，阅读时长大约1分钟 作者 | 一财资讯 09:25 A股开盘｜三大指数集体高开 芯片产业链持续走强 三大指数集体高开，沪指涨0.59%，深成指涨1.03%，创业板指涨1.41%。芯片产业链持续走强， CPO、玻纤等AI硬件端 ...

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 市场进一步走强，非银业绩高增有望持续 2025 年 08 月 24 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 研究助理 罗宇康 执业证书：S0600123090002 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 luoyk@dwzq.com.cn 行业走势 -5% 2% 9% 16% 23% 30% 37% 44% 51% 58% 2024/8/26 2024/12/24 2025/4/23 2025/8/21 非银金融 沪深300 相关研究 《权益 ETF 系列：持续上涨，寻找短 期和中期的情绪锚定点 》 2025-08-23 《险资规模超 36 万亿，持续增配股 票；市场交投活跃，8 月日均超 2 万 亿》 2025-08-17 ◼ 非银行金融子行业近期表现：1）最近 5 个交易日（2025 年 08 月 18 日 -2025 年 08 月 22 日）非银金融板块各子行业中仅多元金融行业跑赢沪 ...

证券研究报告·固定收益·固收点评 固收点评 20250823 绿色债券周度数据跟踪 （20250818-20250822） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20250818-20250822）银行间市场及交易所市场共新发行绿色债券 16 只，合计发行规模约 67.90 亿元，较上周减少 63.41 亿元。发行年限 多为 3 年；发行人性质为地方国有企业、大型民企、央企子公司；主体 评级多为 AAA、AA+级；发行人地域为北京市、广东省、广西壮族自治 区、贵州省、河北省、河南省、江苏省、山东省、四川省、天津市、云 南省、重庆市；发行债券种类为超短期融资券、定向工具（PPN）、交 易商协会 ABN、企业 ABS、中期票据、私募公司债、一般公司债。 ◼ 二级市场成交情况： 本周（20250818-20250822）绿色债券周成交额合计 530 亿元，较上周减 少 48 亿元。分债券种类来看，成交量前三为非金公司信用债、金融机 构债和利率债，分别为 252 亿元、196 亿元和 41 亿元；分发行期限来 看，3Y 以下绿色债券成交量最高，占比约 82.16% ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：600643 公司简称：爱建集团 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到http://www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 第二节 公司基本情况 2.1公司简介 ■ 2.2主要财务数据 ■■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 2.5控股股东或实际控制人变更情况 单位：元 币种：人民币 ■ 2.3前10名股东持股情况表 单位: 股 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 □适用 √不适用 第三节 重要事项 公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对 ...

Group 1 - The latest stock price of Aijian Group is 6.42 yuan, an increase of 0.07 yuan from the previous trading day's closing price, representing a rise of 1.10% [1] - The opening price was 6.28 yuan, with a highest price of 6.50 yuan and a lowest price of 6.18 yuan, while the trading volume reached 980,742 hands and the transaction amount was 620 million yuan [1] - Aijian Group operates in the diversified financial sector, with main businesses including trust, financial leasing, asset management, wealth management, and private equity investment [1] Group 2 - For the first half of 2025, the company achieved a total operating revenue of 1.081 billion yuan and a net profit attributable to shareholders of 140 million yuan [1] - The semi-annual report disclosed on August 23 shows that the net cash flow from operating activities was 919 million yuan, a year-on-year increase of 58.45% [1] - As of the end of the first half of 2025, a new shareholder, the Southern CSI 1000 ETF, entered the top ten circulating shareholders [1] Group 3 - On August 22, the net inflow of main funds was 47.8839 million yuan, accounting for 0.47% of the circulating market value [1] - Over the past five days, the net inflow of main funds was 1.5586 million yuan, representing 0.02% of the circulating market value [1]

格隆汇8月22日丨浙江东方(600120.SH)公布，公司上半年实现营业收入34.83亿元，同比下降40.19%； 归属于上市公司股东的净利润4.07亿元，同比增长175.71%；基本每股收益0.12元。 ...

Market Overview - On August 21, the A-share market experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 3787 points[2] - The Shanghai Composite Index closed at 3771.10 points, up 0.13%, while the Shenzhen Component Index closed at 11919.76 points, down 0.06%[7] - Total trading volume for both markets reached 24,609 billion yuan, above the median of the past three years[3] Sector Performance - Industries such as mining, electricity, software development, and communication services performed well, while sectors like motors, batteries, and electronic chemicals lagged[3] - Over 50% of stocks in the two markets declined, with notable gains in mining, fertilizers, and electricity sectors[7] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 15.41 times and 45.37 times, respectively, indicating a mid-level valuation compared to the past three years[3] - The expected overall profit growth for A-share listed companies in 2025 is projected to turn positive, ending a four-year decline, particularly in the technology innovation sector[3] Investment Outlook - The market is expected to maintain a steady upward trend in the short term, with a focus on sectors like software development, communication services, and electricity for investment opportunities[3] - Key drivers for the medium to long term include the transfer of household savings to capital markets, policy benefits, and a recovery in the profit cycle[3] Risk Factors - Potential risks include unexpected overseas economic downturns, domestic policy and economic recovery delays, and international relations affecting the economic environment[4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Views - The company has experienced rapid revenue and profit growth, with total revenue reaching 6.856 billion yuan in the first half of 2025, a year-on-year increase of 38.65%, primarily driven by a rise in securities fees and commissions [1][4]. - The capital market is gradually recovering, with significant increases in trading activity and institutional investor scale, contributing to the company's strong performance [1][2]. - The integration of AI capabilities into various business lines has enhanced the company's product offerings and operational efficiency, supporting its growth strategy [3]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a net profit of 5.567 billion yuan, up 37.27% year-on-year, with securities services revenue growing by 54.24% to 5.279 billion yuan [1][4]. - The average daily trading volume in the stock market reached 1.64 trillion yuan, a 65.7% increase from the previous year, reflecting improved market conditions [1][2]. Business Segments - The securities business saw significant growth, with brokerage trading volume reaching 16.03 trillion yuan, and the asset management scale expanding rapidly [2]. - The company has been actively developing its market-making business and has received approval for its securities market-making trading qualifications [2]. AI Integration - The company's proprietary AI model has been fully integrated into its products, enhancing capabilities in various financial scenarios and improving user engagement [3]. - The AI-driven tools have been upgraded to support advanced analysis and research, contributing to better investment decision-making for institutional clients [3]. Profit Forecast and Valuation - The revenue forecasts for 2025-2027 have been adjusted to 14.222 billion yuan, 15.723 billion yuan, and 17.196 billion yuan, respectively, with net profit estimates of 11.758 billion yuan, 13.185 billion yuan, and 14.534 billion yuan [4][8]. - The expected earnings per share (EPS) for the next three years are projected to be 0.74 yuan, 0.83 yuan, and 0.92 yuan, with corresponding price-to-earnings (P/E) ratios of 36.40, 32.46, and 29.45 [4][8].

证券研究报告 | 2025年08月21日 财务表现：EBITDA 利润率创新高，轻资产模式突出。体现为资本开支少、主 要支出为人力支出，同时盈利质量较高，净利润主要用于股东回报。2025H1， 公司营业支出 29.73 亿港元，其中职员薪酬支出 19.52 亿港元、占比 65.6%。 轻资产模式下高毛利特征明显，EBITDA 利润率常年维持 70%以上。公司净利 润/经营性净现金流比值在 100%上下波动，盈利质量较高。绝大部分利润用 于股东回报，派息率稳定在 90%左右，近十年股息率处于 2%-3%区间。 风险提示：港股景气度下降，政策风险，盈利预测及估值不准确的风险等。 投资建议：公司 2025H2 业绩略超我们此前预期。我们基于公司中报数据， 上调港股 ADT 假设，并基于此将公司 2025-2027 年净利润预测分别上调 3.99%、5.37%、5.53%。资本市场双向开放步履不停，港交所枢纽地位稳固。 立足中国优势，港交所战略实施持续取得积极进展，推进互联互通、提升市 场活力、探索创新业务和加强科技赋能等关键举措为港交所奠定更良好的发 展基础，扩大其营收和利润增长空间。考虑到港股市场交投活跃度处于较 ...

香溢融通属于多元金融板块，公司主营业务涵盖融资租赁、商业保理、资产管理等金融服务领域。作为 浙江省属企业，公司还涉及央国企改革等概念。 数据显示，香溢融通5日均线为10.97元，10日均线为11.00元，5日均线较10日均线距离为-0.25%，呈现 技术性死叉形态。当前股价较10日均线乖离率为0.14%。 资金流向方面，香溢融通当日主力资金净流出1257.37万元，占流通市值的0.25%。近五个交易日累计净 流出1.3亿元，占流通市值的2.59%。 截至2025年8月20日收盘，香溢融通报11.01元，较前一交易日下跌0.03元，跌幅0.27%。当日成交量为 253060手，成交金额达2.75亿元，振幅2.81%。 风险提示：以上内容仅供参考，不构成任何投资建议。市场有风险，投资需谨慎。 来源：金融界 ...