丨证券研究报告丨 市场策略丨点评报告 [Table_Title] 0903 A 股日评：创业板指反弹，电力及新能源 设备板块上涨 报告要点 [Table_Summary] 今日 A 股市场震荡回调，部分获利盘兑现压力下军工方向回调，创业板指受益于算力和新能源 权重股反弹而上涨。上证指数下跌 1.16%，深证成指下跌 0.65%，创业板指上涨 0.95%，上证 50 下跌 1.07%，沪深 300 下跌 0.68%，科创 50 下跌 1.64%，中证 1000 下跌 1.46%，市场成 交额为 2.40 万亿元，全市场 4558 家下跌。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com cjzqdt11111 2025-09-03 市场策略丨点评报告 相关研究 [Table_Report] •《0902 港股日评：港股走势低迷，港股通银行领 涨》2025-09-02 •《0902 A 股日评：创业板指领跌，防御性板块上 涨》2025-09-02 1 [Tab ...

商品期货方面：贵金属再创新高，多数工业品延续弱势。 兴业期货日度策略：2025.09.03 重点策略推荐及操作建议： 联系电话：021-80220262 操作上： 品种基本面分析及行情研判： | 品种 | 观点及操作建议 两融余额创历史新高 | 方向研判 | 分析师 | 联系人 | | --- | --- | --- | --- | --- | | | 大至2.91（前值2.78）万亿元。从行业来看，银行、家电行业涨幅 | | 投资咨询部 | | | | 周二A股市场高位回调，科创板领跌，沪深两市成交额小幅扩 | | | | | | 居前，通讯、综合金融、计算机板块领跌。股指期货随之调整，IC、 | | | | | | | | 张舒绮 | 联系人：房紫薇 | | | IM基差走强，修复昨日贴水异动。 | | 从业资格： | 021-80220135 | | 股指 | 随着指数水涨船高、两融余额突破2015年牛市以来的历史峰 | 看涨 | | | | | | | F3037345 | 从业资格： | | | 值，市场畏高情绪有所增加，部分投资者减仓兑现收益，股指近期 | | 投资咨询： | F03121473 ...

证券研究报告 | 公司动态点评 2025 年 09 月 02 日 同时公司加速推进全面数智化，大力发展人工智能+，积极探索证券领域 AI 赋能，向投顾智能体 2.0 迈进，不断探寻 AI 技术在投研、投教、合规、客服 等核心业务场景的研发与应用，致力打造开放型智能引擎。公司专设科技子公 司九方智擎，入驻全国首个大模型创新生态小区模速空间，作为集团 AI 技术 载体，构建 AI领域原生服务技术体系。 公司坚持买方投顾，投研能力全面渗透，深化 1+N投研体系。目前公司研究 所已形成首席经济学家肖立晟等 4 名专家+9 名超级 IP+128 名专业人员的 金字塔式团队结构。公司持续坚持买方投顾体系建设，聚焦投研应用落地。公 司高度重视持证团队和高质量人才建设，截止 2025H1，拥有 462 名具备证券 投资顾问资格，1935 名具备证券从业资格员工。 AI持续赋能，打造优质流量体系，实现流量复用。公司 AI赋能，运营效率不 断升级。公司推进平台多阵地布局，拓展流量运营场景边界。截至 2025H1， 公司在不同互联网平台上运营 994 个账号，较去年同期增加 506 个，吸引约 6306 万名追随者，较同期增加约 ...

智通财经APP获悉，8月29日，复星国际(00656)举行2025中期业绩发布会。管理层释出清晰的战略讯 号，强调聚焦核心业务、深化全球化布局，并持续加码创新投入，为未来发展奠定稳固基础。业绩会 后，境内外券商陆续发表看好复星国际的研究报告，对复星未来前景及长期价值予以肯定。 此外，复星在金融科技领域亦持续推进创新。旗下星路科技推出一站式RWA技术平台FinRWA Platform(FRP)，并积极推动资产代币化项目。复星国际证券与资产管理公司分别完成1号及9号牌照升 级，虚拟资产与RWA平台建设稳步推进。 花旗和兴业证券分别重申"买入"及"增持"评级，并看好复星"聚焦主业、有进有退"的战略及优化资产结 构的积极进展。此前，花旗于7月23日重新覆盖复星国际并给予"买入"评级，在本次业绩会后再度发表 研报，重申"买入"评级，并将目标价由5.86港元上调至6.50港元。 综合而言，复星通过聚焦优势产业、优化资本结构与深化全球化布局，获得境内外券商一致看好，未来 发展潜力备受市场期待。 兴业证券同时指出，复星海外收入占比达53%，较去年同期提升6.6个百分点，显示全球业务布局成效 显著。Club Med地中海俱乐部 ...

维持推荐小盘成长，风格连续择优正确 摘要 中金公司 9 月仍看好小盘成长风格，尽管 9 月整体指标略有回落，但市 场状态、情绪端和宏观环境维度均支持小盘成长在未来一个月继续占优 的判断。 资产配置方面，中金公司当前对国内股票资产相对看好，对商品资产持 中性态度，对债券资产较为谨慎。宏观预期差和阻力支撑维度均显示股 票偏向乐观或存在底部支撑信号。 9 月行业轮动模型推荐综合金融、传媒、计算机、银行、基础化工和房 地产，这些行业是基于价量信息为主的因子组合筛选得出，8 月推荐的 行业组合取得了 2.4%的涨幅。 8 月份"成长趋势共振"策略表现最佳，收益率达到 18.1%，明显跑赢 偏股混合型基金指数，并连续 6 个月持续跑赢该指数，但小盘策略因市 场风格极端化表现不如预期。 今年以来，中金公司的多种策略表现优异，YTD 收益率达到 43%，累 计跑赢天股行经营指数 15 个百分点。XG Boost 成长优选策略 YTD 收 益率达到 47.1%。 Q&A 9 月份 A 股市场的风格轮动情况如何？ 根据中金公司的四象限风格轮动模型，9 月份依然推荐小盘成长风格。7 月和 8 月的模型推荐也都是小盘成长，并且在这两 ...

丨证券研究报告丨 市场策略丨点评报告 [Table_Title] 0901 A 股日评：通信业务延续强势，金属材料、 医疗保健再次活跃 报告要点 [Table_Summary] 今日 A 股市场窄幅震荡，三大指数保持涨势，科创 50 指数、创业板指表现更优，今日量能微 缩。科技主线行情再次表现强势，同时黄金等偏稳定的板块以及医药等前期涨幅较少的板块今 日也有所表现。从指数表现来看，上证指数上涨 0.46%，深证成指上涨 1.05%，创业板指上涨 2.29%，上证 50 上涨 0.16%，沪深 300 上涨 0.60%，科创 50 上涨 1.18%，中证 1000 上涨 0.84%，市场成交额约 2.78 万亿元。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% research.95579.com 1 [Table_Title 0901 A 股日评：通信业务延续强势，金属材料、 2] 医疗保健再次活跃 [Table_Summary2] 事件描述 今日 A 股市场窄幅震荡，三大指数保持涨势，科创 50 指数 ...

摘要 过去一周，国内主要市场指数中，上证 50、沪深 300、中证 500 和中证 1000 均上涨，涨幅分别为 1.63%、2.71%、3.24% 和 1.03%。 微盘股指标监控：当前轮动与择时模型均未发出平仓信号，表明从中期来看，系统性风险未明显聚集，但过去一周小 时级别预警信号有触发，若持有微盘股需要承担和容忍较前期更大的板块波动。对于持有微盘板块投资者可继续持有 微盘股风格，但推荐密切跟踪相对净值、动量及中期风险指标的动态。 过去一周，中国公布 7 月的工业企业利润同比数据为-1.5%，降幅连续两个月收窄。上市公司利润情况回暖明显，为 市场的上行提供良好支撑。政策端，国务院印发的《关于深入实施"人工智能+"行动的意见》，文中首次提出"人工 智能+"6 大行动，以及明确了中国"人工智能+"行动的阶段性目标。到 2027 年，率先实现人工智能与 6 大重点领域 广泛深度融合，新一代智能终端、智能体等应用普及率超 70%。为人工智能在国内的发展节奏提供了政策支持。在人 工智能板块纲领性政策出台的刺激下，以创业板和科创板为代表的成长板块快速上涨，带动市场持续活跃。 海外方面，美国总统特朗普尝试因房贷欺诈指控 ...

Core Viewpoint - CITIC Limited reported a robust mid-year performance with total assets exceeding 12.5 trillion RMB, revenue of 368.8 billion RMB, and net profit of 59.8 billion RMB, indicating steady growth across key metrics [1][3]. Financial Performance - As of June 30, 2025, CITIC Limited's total assets reached 12.5 trillion RMB, a 3.5% increase from the end of 2024, while total liabilities rose by 3.6% to 11.03 trillion RMB, maintaining a stable asset structure [3][4]. - The company reported a revenue of 368.76 billion RMB, a slight decrease of 1.6% compared to the previous year, while pre-tax profit increased by 5.9% to 76.01 billion RMB [4]. - Net profit was recorded at 59.85 billion RMB, up 5.5% year-on-year, although the net profit attributable to ordinary shareholders decreased by 2.8% to 31.23 billion RMB [4]. Shareholder Returns - The board proposed an interim dividend of 0.2 RMB per share, totaling 5.818 billion RMB, reflecting a 5.3% increase from the previous year [5][6]. - The actual dividend payout ratio for 2024 reached 27.5%, exceeding the planned ratio by 0.5 percentage points [6]. Financial Subsidiaries Performance - Financial subsidiaries showed comprehensive profit growth, with total financial service revenue reaching 139.77 billion RMB, a 2.0% increase from the previous year [5]. - The book value of financial assets increased by 5.0% to 3.714 trillion RMB, with financial assets accounting for 29.7% of total assets, up 0.4 percentage points [5]. Risk Management - The company emphasized the importance of risk control, implementing a management plan for the concentration limits of the comprehensive financial sector for 2025 [6]. - There was a significant reduction in regulatory penalties, with the number and amount of penalties decreasing by 30% and 80% respectively, indicating progress in compliance management [6].

Investment Rating - The report maintains a rating of "Accumulate" for the company with a target price of 37.83 CNY per share [6][13]. Core Views - The company's performance is primarily driven by improved investment returns, with a steady overall growth. The current period presents a historical opportunity for building a first-class investment bank, and the company's industry-leading advantages are expected to continue benefiting from supply-side reforms in the industry [2][13]. - The report highlights that the investment income has significantly contributed to revenue growth, with a year-on-year increase of 30%, accounting for 71% of the revenue growth. Brokerage business also saw a year-on-year increase of 31%, contributing 27% to revenue growth [13]. - The company is expected to accelerate its transformation and enhance its first-class investment banking capabilities, benefiting from the ongoing supply-side reforms in the industry [13]. Financial Summary - The company's revenue is projected to grow from 60,068 million CNY in 2023 to 74,814 million CNY in 2025, reflecting a growth rate of 17.3% [4][14]. - Net profit attributable to shareholders is expected to increase from 19,721 million CNY in 2023 to 25,427 million CNY in 2025, representing a growth of 17.2% [4][14]. - The report indicates an improvement in return on equity (ROE), projected to reach 9.1% in 2025, up from 7.8% in 2023 [4][14]. Investment Drivers - The acceleration of supply-side reforms in the industry is identified as a key catalyst for growth, with the company poised to leverage its competitive advantages during this transformative period [4][13]. - The report emphasizes that the company's investment scale has expanded, with investment assets reaching 9,186 billion CNY, a year-on-year increase of 13% [13]. Valuation Metrics - The report adjusts the company's earnings forecast for 2025 to 25,427 million CNY, up from a previous estimate of 234.5 million CNY, and sets the target valuation at 2.0x price-to-book (PB) ratio for 2025 [13][14]. - The current price of the stock is 31.50 CNY, with a 52-week price range of 18.43 CNY to 34.88 CNY [7][13].

Investment Rating - The report maintains a "Buy" rating and adjusts the target price to HKD 89, corresponding to a 30x P/E for 2025 [11][12]. Core Views - The company is experiencing significant profit growth due to active market trading and the capture of short video traffic dividends, with a total fan base of 63.06 million across platforms [3][11]. - The company's revenue for the first half of 2025 reached RMB 2.324 billion, a year-on-year increase of 167%, while net profit turned positive at RMB 865 million [11][12]. - The report highlights the company's strong product ecosystem and competitive advantages, leading to a substantial increase in paid users, which rose by 152.93% to 102,000 [11][12]. Financial Summary - **Revenue Forecasts**: - 2024A: RMB 2,306 million - 2025E: RMB 3,766 million (+63%) - 2026E: RMB 4,403 million (+17%) - 2027E: RMB 4,978 million (+13%) [5][12] - **Net Profit Forecasts**: - 2024A: RMB 272 million - 2025E: RMB 1,278 million (+369%) - 2026E: RMB 1,438 million (+13%) - 2027E: RMB 1,660 million (+15%) [5][12] - **Profitability Metrics**: - Gross profit margin for H1 2025 was 89%, an improvement from 82% in 2024 [11]. - The company’s marketing, management, and tax expenses increased by 19.7%, 20.1%, and 483.5% respectively [11]. Market Position and Strategy - The company is leveraging active market trading, with an average daily stock turnover of RMB 13.9 trillion in the first half of 2025, increasing to RMB 19.35 trillion in July-August [11]. - The company has launched its AI-driven investment advisory model, enhancing its competitive edge in the market [11]. - The report notes the company's expansion into emerging platforms like Xiaohongshu, Bilibili, and Kuaishou, alongside a robust presence on Douyin [11].