分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 证券研究报告-晨会聚焦 发布日期：2025 年 10 月 09 日 资料来源：聚源，中原证券研究所 -19% -13% -8% -3% 2% 7% 12% 18% 2024.10 2025.02 2025.06 2025.09 上证指数 深证成指 | 周度策略：一周要闻与投资参考(2025.0929-1005） | | --- | | 周度策略：一周要闻与投资参考(2025.0922-0928） | | 市场分析：航天汽车行业领涨 A 股震荡整固 | | 市场分析：电源计算机领涨 A 股小幅整理 | | 宏观专题：我国科创债市场发展及民营企业参与度分析 | | 【行业公司】 | 行业深度分析：上半年业绩小幅增长，二季度环比进一步改善 行业月报：八月国内新增光伏装机需求显著萎缩，多晶硅能耗标准拟大幅 提升 行业月报：周期为盾，成长为矛，关注工程机械、船舶、机器人、AIDC 等高景气板块 行业月报：稳增长工作方案出台，助力行业高质量发展 | 国内市场表现 | | | | --- | - ...

Group 1 - Desun Property Service Limited has signed a share transfer agreement to acquire a 15% stake in Going Securities (HK) Limited, completing the payment for this transaction [1] - Going Securities (HK) Limited holds 100% of Going Securities Limited, which is a licensed corporation recognized by the Hong Kong Securities and Futures Commission [1] - The acquisition allows Desun Property to indirectly hold a 15% stake in Going Securities, enhancing its position in the financial services sector [1] Group 2 - This strategic investment marks a significant step for the group as a city asset service provider to embrace digital financial technology and promote business transformation [2] - The investment aims to integrate traditional business advantages, such as commercial management and non-performing asset disposal, with digital financial technology to explore new growth opportunities [2] - This move aligns with the group's strategic goal of seeking new growth drivers and diversifying its profit model in response to digital financial trends [2]

在互动交流环节，来自申万宏源西部证券（002673）乌鲁木齐北京中路营业部、国泰君安证券乌鲁木齐 友好北路营业部、广发证券乌鲁木齐北京中路营业部、华福证券乌鲁木齐北京南路营业部、申万宏源西 部证券乌鲁木齐会展大道营业部等会员单位的业务骨干与部门负责人结合阅读体会与工作实际，紧紧围 绕两本书籍的核心精神，结合金融行业特性展开了务实交流。大家从《为国铸盾》中体会到坚守与奉献 的价值，认为金融从业者同样需要这种"铸盾"精神来守护市场稳定和投资者权益；从《以公理争强权》 中汲取谈判智慧，探讨了在国际业务中如何善用规则维护合法权益。讨论聚焦于如何将历史智慧转化为 当代金融实践，在服务实体经济、防范金融风险中践行专业价值。现场交流气氛热烈，实现了思想碰撞 和共识凝聚。 活动期间，全体与会人员集体观看《为国铸盾》纪实视频。震撼的历史画面与深情的讲述，将大家带回 那个自力更生、艰苦奋斗的年代。在影片的沉浸式氛围中，与会人员提笔书写"未来书信"，记录对职业 发展的期许与对行业未来的展望。 近日，新疆证券期货业协会与国泰海通证券新疆分公司联合主办、国泰海通证券乌鲁木齐友好北路营业 部承办的第八期"共读的力量"读书分享会成功举办。 ...

券商股大爆发！ A股券商股午后持续走强，广发证券、华泰证券双双涨停，国盛金控此前封板，中信证券等大幅冲高。港股市场中资券商股亦大爆发，中资券商股指数一度大涨近 9%。那么，究竟发生了什么？ 分析人士认为，券商股是少有的景气度处于显著提升期又没有大涨过的板块，此前一直处于被压制的状态。在个别板块进入泡沫期之后，券商股此时爆发对于市场 有一定支撑作用。这可能是券商今天爆发的主要原因。 另外，关于券商"反内卷"的传闻亦不断刷屏。 值得注意的是，盘后，国家发改委表示，经济运行仍存挑战，将适时加力实施宏观政策。 新型政策性金融工具规模共5000亿元，全部用于补充项目资本金。 与此同时，花旗将中国股票评级调至"增持"。 午后大爆发 港股中资券商股午后持续拉升，华泰证券、东方证券一度涨超13%，中信证券、广发证券涨超11%，中州证券涨超10%，中金公司、中国银河涨超9%，国联民生、 申万宏源涨超8%。板块指数一度大涨近9%。 A股券商股午后亦集体爆发，证券ETF一度涨超5%。广发证券、华泰证券、国盛金控等涨停，中信证券、银河证券、东方证券、东吴证券、信达证券、东方财富、 湘财股份、长江证券等纷纷冲高。A股金融科技股震荡走高 ...

今天，A股三大指数震荡上涨。午后，大金融板块发力。截至收盘，上证指数涨0.9%，深证成指涨2.05%，创业板指涨2.74%。市场全天成交额约2.18万亿 元，较上一交易日增加120亿元。 板块方面，能源金属、证券、电池、贵金属等板块涨幅居前，教育、黑色家电、互联网电商等板块调整。 个股方面，证券板块龙头股华泰证券、国盛金控（002670）涨停；有色金属板块方面，白银龙头股盛达资源（000603）涨停，兴业银锡（000426）、紫金 矿业（601899）创历史新高。 华泰证券表示，配置上，考虑到上周TMT板块成交额占比回升、季末资金存在风格调整需求，建议投资者小幅调整仓位，关注主线低位板块，如港股科 技、国产算力、机器人、化工、电池及大众消费龙头等。 大金融板块午后爆发 午后，金融股持续走强，证券、保险板块大幅拉升。证券板块内多只龙头股盘中涨停。截至收盘，华泰证券、国盛金控涨停。 民生证券表示，券商方面，资本市场投融资改革持续深化推进，有助于提升资本市场吸引力。市场交投活跃度保持高位，券商业绩修复趋势有望延续。 东吴证券称，非银金融目前平均估值仍然较低，具有安全边际，攻守兼备。证券行业转型有望带来新的业务增长点 ...

对于任何企业而言，流动资金都是维持运营和发展的关键要素。剑南春作为国内知名白酒企业，在市场上拥有着较高的知名度和市场份额。 然而，其业务范畴与证券行业的关联度极低。剑南春所持有的华西证券股份，本质上是典型的财务投资行为。 从投资的角度来看，财务投资的目的是为了获取经济回报。剑南春持有华西证券的股份长达 25 年，未曾进行过减持操作。 来源：财经野武士 华西证券近日的一则股东减持公告引发了广泛关注。此次发布减持公告的，是其第四大股东四川剑南春。 剑南春计划通过集中竞价与大宗交易这两种常见且重要的交易方式，合计减持不超过 2625 万股股份，减持比例上限为公司总股本的 1%。 这一减持计划的披露，如同在平静的湖面投入了一颗石子，激起了市场的一阵涟漪。 剑南春在《股份减持计划告知函》中清晰地表明，此次减持源于自身流动资金需求。 从减持的具体方式来看，剑南春公司的减持计划分为两部分。通过集中竞价方式减持不超过 1312.5 万股，占总股本比例 0.5%；通过大宗交易方 式减持数量与占比相同。 集中竞价交易是在证券交易所内，众多买家和卖家通过公开竞价的方式来确定股票的交易价格，这种方式具有公开、公平、公正的特点，能够让 ...

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！ 9月25日晚，湘财股份（600095）与大智慧（601519）各发布多份公告，正式披露换股吸收合并事项的 关键草案，标志着这两家企业的合并事项取得实质性进展。 根据公告，湘财股份拟通过换股方式吸收合并大智慧，并配套募集80亿元资金用于金融科技领域布局。 湘财股份的A股换股价格为7.51元/股，大智慧的A股换股价格为9.53元/股，换股比例为1：1.27（即大智 慧股东持有的每1股大智慧股票可以换取1.27股湘财股份股票）。 截至26日午间收盘，湘财股份涨5.34%，报12.83元/股；大智慧涨2.30%，报16.04元/股。 | 湘财股份 (600095) 画 | | | | | | | --- | --- | --- | --- | --- | --- | | 12.83 | 10.65 +5.34% | | | | 十 中 买 英 | | ム | 闪买 | | | 闪要 | | | 交易状态:午间休市 | | | | | | | 行情报价 | | | | | | | 成交量 | 126万手 | 取尚 | 13.15 | 今井 | 1 ...

Company Overview - Xiangcai Co., Ltd. is located in Harbin, Heilongjiang Province, and was established on March 25, 1994, with its listing date on July 8, 1997. The company primarily operates in the securities service industry, with its main business revenue composition being 95.92% from trading, 2.41% from food processing, 0.88% from waterproof membrane business, and 0.79% from other sources [1]. Financial Performance - As of June 30, 2025, Xiangcai Co., Ltd. reported a revenue of 1.144 billion yuan, representing a year-on-year growth of 4.63%. The net profit attributable to shareholders was 142 million yuan, showing a significant increase of 93.12% compared to the previous year [2]. - The company has cumulatively distributed 961 million yuan in dividends since its A-share listing, with 297 million yuan distributed over the past three years [3]. Stock Market Activity - On September 19, 2023, Xiangcai's stock price decreased by 2.14%, trading at 10.97 yuan per share, with a total market capitalization of 31.365 billion yuan. The stock has seen a year-to-date increase of 52.36%, but has declined by 4.11% in the last five trading days and 7.50% over the past 20 days [1]. - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on June 26 [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Xiangcai Co., Ltd. reached 125,100, an increase of 37.14% from the previous period. The average number of circulating shares per person decreased by 27.08% to 22,857 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 20.7898 million shares, an increase of 2.8364 million shares from the previous period. The Guotai CSI All-Index Securities Company ETF and Southern CSI 500 ETF also feature in the top ten, with varying changes in their holdings [3].

Core Insights - The article highlights the transformation of Xiaohongshu from a lifestyle community focused on beauty and travel into a significant platform for financial services, attracting attention from financial institutions [1][12] - Financial institutions are exploring new growth engines due to slowing revenue growth, declining retail investor numbers, and a challenging low-interest-rate environment [3][12] Financial Institutions' New Growth Opportunities - Financial institutions are actively seeking new growth drivers as traditional revenue streams face challenges, with banks experiencing slowed income growth and insurance new business values declining [3] - The younger generation, particularly Gen Z, prefers engaging with financial information through social media and community platforms rather than traditional advertising [3][5] - Xiaohongshu has over 350 million monthly active users, with a significant portion being post-90s and even younger users, indicating a shift in how financial information is consumed [3][4] User Engagement and Content Growth - There has been a substantial increase in demand for financial information on Xiaohongshu, with finance-related search volume growing by 142% and reading volume by 229% in the first eight months of the year [4] - Authentic user-generated content on Xiaohongshu, such as personal finance guides, is proving to be more persuasive than traditional advertisements [5][11] - The platform has developed a replicable model for the financial industry, covering key areas like insurance, banking, and funds, effectively converting user engagement into growth [6][10] Trust and Relationship Building - Trust is crucial in the insurance sector, and Xiaohongshu facilitates this by transforming complex insurance products into relatable stories shared by users [8] - The platform has seen a significant increase in its core insurance user base, with retention rates improving and return on investment (ROI) for certain products reaching over 20 [8][10] - Financial services are being integrated into everyday life, with banks and securities firms adapting their strategies to engage users in relatable contexts [9][10] Financial Content Integration - Xiaohongshu's financial content has seen over 80% growth since July 2024, with millions of views on finance-related posts, indicating a robust interest in financial topics [11] - The platform allows financial brands to connect with younger users in a more meaningful way, moving from traditional advertising to genuine interactions based on shared experiences [12] - The shift in financial marketing emphasizes storytelling and emotional connection, positioning Xiaohongshu as a vital space for financial brands to engage with the new generation of consumers [12]

停牌一年多，西证国际证券迎来大结局！ 9月15日晚间，西证国际证券发布公告称，9月12日收到联交所发出的函件，其中表示联交所上市委员会认定公司未能于2025年9月3日复牌截止日期前达成 复牌指引，并决定根据有关规则取消公司股份的上市地位。 西证国际证券股份最后的上市日期为2025年9月26日，股份的上市地位将于2025年9月29日上午9时正起取消。 西证国际证券表示，公司为推进复牌进行了实质性的工作，但因客观原因未能在规定时间内完成所有复牌指引工作，公司尊重上市委员会的决定。经考虑 公司的事实及情况后，将不会根据上市规则申请复核该决定。 西南证券：积极谋划境外业务转型发展 同日，西南证券也发布公告称，公司全资子公司西证国际投资有限公司之控股子公司西证国际证券因未能在2025年9月3日复牌截止日前达成复牌指引，根 据联交所上市规则，西证国际证券将于2025年9月29日不再具有上市地位。 西南证券表示，西证国际证券经营规模较小，占公司整体比重较小，不会对公司日常经营活动构成重大影响。公司已提前做好相关预案，积极谋划境外业 务转型发展，将以现有的西证国际投资有限公司为平台，通过境内境外协同，更好地服务境内外企业跨境 ...