Group 1 - Hong Kong brokerage stocks continue to rise, with Dongfang Securities increasing by 5.01% [1] - Other notable gains include Zhongzhou Securities up by 4.63%, Guolian Ming Sheng up by 3.84%, and Huatai Securities up by 3.43% [1]

Core Viewpoint - The A-share securities sector is experiencing a strong rebound, with notable gains in several companies, indicating a positive market sentiment in this industry [1] Company Summaries - Jinlong Co., Ltd. has reached the daily limit increase, reflecting strong investor interest and confidence in its performance [1] - Bank of China Securities has seen an increase of over 5%, suggesting a robust market position and potential growth prospects [1] - Guosheng Financial Holdings, Guoxin Securities, and Zhongyuan Securities are also experiencing upward movements, indicating a broader positive trend within the securities sector [1]

Market Overview - On July 23, the Hong Kong stock market experienced a significant rally, with the Hang Seng Index rising by 1.62% to close at 25,538.07 points, and the Hang Seng Technology Index increasing by 2.48% [2][3] - The total market turnover for the day was 333.07 billion HKD, with a net outflow of 1.32 billion HKD from southbound funds [2] Tencent Holdings - Tencent Holdings saw a notable increase of 4.94%, closing above 550 HKD per share, marking a new high in over four years, with a market capitalization of 50,594.48 billion HKD [6][5] - The company responded to news regarding the discontinuation of the WeChat real-time intercom feature, stating that a new voice input function has been added to enhance user experience [8] Technology Sector - Internet technology stocks collectively surged, with Kuaishou-W rising by 7.08% and Baidu Group-SW increasing by 6.08% [3] - The Hang Seng Technology Index's performance reflects a year-to-date increase of 28.59% [3] Chinese Brokerage Stocks - Chinese brokerage stocks showed strong performance, with notable gains from Guolian Minsheng (5.46%), Xingsheng International (5.17%), and Zhongzhou Securities (4.85%) [11] - The securities industry is currently benefiting from multiple favorable factors, including a 33% year-on-year increase in new A-share accounts and a significant rise in IPO numbers and financing scale in the Hong Kong market [13] Insurance Sector - The insurance sector was active, with China Life rising by 3.34%, contributing to a year-to-date increase of 51.44% [15] - According to research from China International Capital Corporation, the net profit growth rate for the Chinese insurance industry is expected to be 7.4% year-on-year in the first half of 2025 [18] New Energy Vehicle Sector - NIO-SW experienced an increase of 8.97%, driven by the announcement of dynamic test drive experiences for its new model, the L90, which is set to launch soon [20] Cement Sector - The cement sector faced a downturn, with Huaxin Cement dropping by 9.37% and other related stocks also declining due to a collective pullback in the Yajiang Hydropower Station-related sector [21]

Group 1 - Hong Kong brokerage stocks experienced significant fluctuations, with Zhongzhou Securities rising over 10% [1] - Guolian Minsheng (601456) increased by more than 8% [1] - CITIC Securities, CITIC Jiantou (601066), and Guotai Junan International all saw gains exceeding 5% [1] Group 2 - A-share accounts can now conduct T+0 trading for Hong Kong stocks without the need for Hong Kong Stock Connect [1]

Group 1 - The core viewpoint of the article is the recognition of Li Zhaoxin, General Manager of Zhongyuan Securities, who ranked 26th in the Growth and Development Securities Firms Leadership TOP List, initiated by Sina Finance to honor outstanding contributions and influence of securities leaders [1][14] - The TOP List evaluates the management achievements of securities leaders over the past year based on a multi-dimensional evaluation system, including industry data, peer evaluation, and online presence, with a focus on creating economic and social value [1][14] Group 2 - Li Zhaoxin, born in 1969, holds a master's degree in management and has multiple professional qualifications, including senior accountant and registered tax agent [2] - Li has held various positions within Zhongyuan Securities since November 2017, including roles as Chief Accountant and Deputy Director of the Executive Committee, and currently serves as General Manager and Deputy Secretary of the Party Committee [2] Group 3 - The evaluation method for leadership includes three main components: industry data evaluation (50%), peer evaluation (40%), and online presence evaluation (10%) [5][8] - Industry data evaluation considers factors such as company size, operational status, risk control, and business quality [5] Group 4 - Zhongyuan Securities reported a revenue growth rate of -14.13% and a net profit growth rate of 16.19%, with a return on assets (ROA) of 0.43% and a return on equity (ROE) of 1.76% [6] - The firm ranked 34th in brokerage business profit margin (69.47%), 47th in investment banking profit margin (-130.87%), and 10th in asset management business profit margin (51.50%) among listed securities firms [6] Group 5 - In the peer evaluation, Zhongyuan Securities scored 75.24, ranking 43rd among 50 listed securities firms and 22nd among 28 industry-specific firms [14] - The online presence evaluation yielded a score of 78.64, placing Zhongyuan Securities 31st among 50 listed firms and 15th among 28 industry-specific firms [14]

联系人： 李智 电话： 0371-65585629 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 证券基建行业领涨 A 股震荡上行 ——市场分析 相关报告 《市场分析：煤炭有色行业领涨 A 股小幅上 行》 2025-07-18 《市场分析：成长行业走强 A 股震荡上行》 2025-07-17 《市场分析：汽车电力行业领涨 A 股震荡整 固》 2025-07-16 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 07 月 21 日 投资要点： ◼ A 股市场综述 周一（07 月 21 日）A 股市场高开高走、小幅震荡上行，早盘股指高 开后震荡上行，盘中沪指在 3555 点附近遭遇阻力，午后股指维持震 荡，尾盘再度上扬，盘中工程建设、水泥建材、电网设备以及证券 等行业表现较好；银行、保险、教育以及互联网服务等行业表现较 弱，沪指全天基本呈现小幅震荡上行的运行特征。创业板市场周一 小幅上扬，创业板成分指数全天表现与主板市场基本同步。 ◼ ...

Core Viewpoint - The recent interest from major institutions like E Fund and Barclays in Zhongzhou Securities has drawn significant market attention, highlighting the potential growth prospects of the brokerage sector [1][2]. Group 1: Institutional Investment - On July 11, Barclays purchased approximately 125 million shares of Zhongzhou Securities, achieving a holding ratio of 12.46% [2]. - E Fund acquired 5.27% of Zhongzhou Securities, increasing its total shares to 62.96 million [2]. - The stock price of Zhongzhou Securities surged over 75% on the same day, closing with a gain of 47.48% [1]. Group 2: Market Context - The surge in brokerage stocks on July 11 was linked to news regarding stablecoins [2]. - The brokerage sector has seen a strong performance, with major firms reporting significant profit growth, indicating a robust equity market [4]. Group 3: Future Outlook - Analysts suggest that the brokerage sector is undervalued and underweighted, with H-shares showing more advantages compared to A-shares [4]. - The price disparity between A-shares and H-shares indicates potential investment opportunities, with current premiums for A-shares over H-shares being substantial [4][5].

Core Viewpoint - Zhongzhou Securities has gained significant attention from institutional investors, with both Barclays PLC and E Fund becoming major shareholders, each holding over 5% of the company [1][3][7]. Group 1: Institutional Investment - Barclays PLC has acquired approximately 148.9 million shares of Zhongzhou Securities, representing a 12.46% stake, while also holding a short position of about 2.42% [4][6]. - E Fund increased its holdings to 62.96 million shares, raising its ownership from 4.79% to 5.27%, making it the third-largest shareholder [7]. Group 2: Company Performance - Zhongzhou Securities reported a revenue of 401 million yuan in Q1, a year-on-year decline of 37.7%, and a net profit of 103 million yuan, down 21.3% [1][14]. - The company has undergone leadership changes, with Zhang Qiuyun appointed as the new chairman in April 2023, tasked with reversing the declining performance [10][12]. Group 3: Market Context - On July 11, the stock price of Zhongzhou Securities surged by 75%, attributed to market speculation regarding the upcoming implementation of stablecoin regulations [3][8]. - The company holds licenses for virtual asset operations in Hong Kong, although it has not yet commenced stablecoin-related business [8]. Group 4: Future Outlook - The new chairman aims to lead Zhongzhou Securities into a "second entrepreneurship" phase, focusing on strategic development and enhancing its role in the capital market [14]. - The company is expected to align its operations with the strategic directives of the Henan provincial government to improve its business performance [14].

H股的中原证券竟遭遇两大机构抢筹。 中原证券是河南省内规模最大券商，今年上半年，中原证券刚完成换帅。对于新任董事长而言，找到业务突破方向，带领中原证券"二次创业"、扭转业绩下滑成为 重要目标。今年一季度，中原证券营业收入为4.01亿元，同比下降37.7%；归母净利润为1.03亿元，同比下降21.3%。截至7月17日，中州证券报2.8港元/股，总市值 130亿港元，A股中原证券报4.39元/股，总市值203.8亿元。 近日，港交所披露，来自河南的中州证券（01375，即中原证券的H股）备受机构青睐，该公司同时被公募巨头易方达基金和英国第三大银行（以资产计）巴克莱银 行（Barclays PLC）举牌，持股比例均超过了5%。 两大顶流机构举牌 还记得7月11日，港股券商集体飙升，中州证券一度暴涨75%吗？这背后的买家浮出水面。 整体而言，巴克莱银行好仓持股远远大于淡仓持股，净好仓持股中州证券1.22亿股，代表看好该公司，持股比例仅次于中州证券大股东河南投资集团有限公司。 与此同时，除了上述英国第三大银行巴克莱银行，公募巨头易方达基金也买成了中州证券持股5%以上大股东。 7月15日港交所披露，易方达基金也在7月11 ...

Group 1 - The top three companies with the highest short positions are WuXi AppTec (02359), CATL (03750), and COSCO Shipping Holdings (01919), with short ratios of 23.99%, 17.39%, and 14.14% respectively [1][2] - The companies with the largest increase in short positions are Giant Biogene (02367), WuXi AppTec (02359), and Henderson Land Development (00012), with increases of 2.05%, 1.43%, and 1.41% respectively [1][2] - The companies with the largest decrease in short positions are SF Holding (06936), Far East Horizon (03360), and Jiumaojiu International Holdings (09922), with decreases of -1.94%, -1.22%, and -1.18% respectively [1][3] Group 2 - The top ten companies with the highest short ratios include Ganfeng Lithium (01772) at 13.09%, Xiexin Technology (03800) at 12.57%, and Shandong Gold (01787) at 12.35% [2] - The companies with the largest increase in short ratios also include Fuyou Glass (06865) at 12.07% and Tigermed (03347) at 9.81% [2] - The companies with the largest decrease in short ratios include Vanke Enterprise (02202) at 11.38% and Green Leaf Pharmaceutical (02186) at 11.96% [3][4]