Core Viewpoint - The Hong Kong stock market is expected to continue its bullish trend in the second half of the year, driven by incremental capital inflows and structural asset advantages [1] Financing Overview - The total financing scale for the Hong Kong stock market is projected to be around 300 billion HKD for the year, with 127.88 billion HKD from IPOs, making it the highest globally [2] - The anticipated follow-up IPO scale for the year is estimated to be around 150 billion HKD, with over 80 A-share companies planning to list in Hong Kong [3] - The follow-up refinancing scale is expected to remain active, with an estimated 120 billion HKD for the year, reflecting a 211% increase compared to the same period last year [4][5] Market Dynamics - The peak of the stock unlock period has passed, with the total unlock amount for Q2 being 444.8 billion HKD, accounting for 50% of the annual total [14] - Despite the significant unlock amount, overall shareholder behavior did not reflect net selling, indicating a stable market environment [14] - The new consumption sector may face some selling pressure due to high valuations and concentrated unlocks, while other sectors may experience reduced unlock pressure [15] Capital Inflows - The net inflow of southbound funds is expected to exceed 1.2 trillion HKD for the year, providing a continuous source of capital for the Hong Kong market [18] - Southbound funds have already accumulated a net inflow of over 830 billion HKD this year, surpassing the total inflow for the previous year [18] - The increasing scarcity of assets in the Hong Kong market is likely to attract foreign capital back into the market [19]

Core Viewpoint - New Point Software (688232.SH) is currently experiencing a decline in stock price, with a closing price of 29.13 yuan and a drop of 3.70%, resulting in a total market capitalization of 9.613 billion yuan [1] Group 1: Company Overview - New Point Software was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on November 17, 2021, with an initial public offering (IPO) of 82.5 million shares at a price of 48.49 yuan per share [1] - The total amount raised from the IPO was 4 billion yuan, with a net amount of 3.827 billion yuan, exceeding the original fundraising target by 927 million yuan [1] Group 2: Fund Utilization - The funds from the IPO were originally intended for various projects, including "underlying technology research," "smart procurement software platform upgrades," "smart government software platform upgrades," "digital construction software platform upgrades," "intelligent hardware upgrades," "headquarters and regional operation center construction," and "supplementing working capital" [1] Group 3: Underwriting and Investment - The underwriting institution for the IPO was Guotai Junan Securities, now renamed Guotai Haitong Securities Co., Ltd., with representatives Xia Jingbo and Li Ning [1] - The total issuance costs amounted to 173 million yuan, with underwriting and sponsorship fees accounting for 145 million yuan [1] - Guotai Junan's alternative investment subsidiary, Guotai Junan Ziyu Investment Co., Ltd., acquired 2.0623 million shares, representing 2.50% of the total issuance, with a lock-up period of 24 months [1]

根据合并数据显示，多头前三席位为国泰君安，总持仓15563、中信期货，总持仓9857、浙商期货，总持仓8588；空头前三席位为 国泰君安，总持仓17458、中粮期货，总持仓13180、大地期货，总持仓10119； 主力合约前20席位中，多头增仓前三名分别是：国泰君安、持仓9866、增仓2834，中信期货、持仓6032、增仓1673，华泰期货、 持仓4467、增仓1159；多头减仓前一名分别是：中国国际、持仓2618、减仓-22； 主力合约前20席位中，空头增仓前三名分别是：国泰君安、持仓14168、增仓1247，徽商期货、持仓2991、增仓669，国投期货、 持仓4012、增仓645；空头减仓前二名分别是：中财期货、持仓3658、减仓-1012，华泰期货、持仓3626、减仓-199。 新浪期货 根据交易所数据，截至8月08日收盘主力合约红枣2601,涨跌+3.59%,成交量26.13万手，持仓数据显示前20席位呈现净 空，差额头寸为8378手。 红枣期货全合约总计成交32.40万手，比上一日减少3.00万手。全合约前20席位多头持仓11.83万手，比上一日增加1.37万手。全合 约前20席位空头持仓12.90 ...

| 基金名称 | 国泰君安君享利 30天滚动持有债券型发起式证 | | --- | --- | | | 券投资基金 | | 基金间称 | 国泰君安君享利 30天滚动持有债券发起 | | 基金主代码 | 018509 | | 基金管理人名称 | 上海国泰君安证券资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》、 | | | 《基金管理公司投资管理人员管理指导意见》 | | | 等相关法律法规规定 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 杨男 | | 共同管理本基金的其他基金经理姓名 | 杜浩然 | 中国经济网北京5月12日讯 今日，上海国泰君安证券资产管理有限公司公告，国泰君安君享利30天 滚动持有债券发起增聘杨勇。 （责任编辑：康博） 杨勇历任中国银行股份有限公司上海人民币交易业务总部交易员，平安银行股份有限公司总行资金 营运中心投资经理，国泰君安证券股份有限公司固定收益证券部投资经理，永赢基金管理有限公司固定 收益投资部总监助理、副总监。2023年6月加入上海国泰君安证券资产管理有限公司固定收益投资部 （公募）担任副总经理。 国泰君安君享利3 ...

Core Viewpoint - Suzhou Fengbei Biotechnology Co., Ltd. has been approved for IPO by the Shanghai Stock Exchange, marking it as the 39th company to pass the review this year, indicating a positive trend in the IPO market [1] Company Overview - Fengbei Biotechnology is a high-tech enterprise in the field of waste resource utilization, primarily focusing on producing resource-based products from waste oils. The company has developed a comprehensive industrial chain from waste oils to biofuels and bio-based materials [2] - The controlling shareholder and actual controller of Fengbei is Pingyuan, who holds 59.78% of the shares directly and controls an additional 25.62% through other entities, totaling 85.40% control [2] IPO Details - Fengbei plans to publicly issue up to 35.90 million shares, which will account for no less than 25% of the total share capital post-issuance. The company aims to raise 750 million yuan for various production projects, including biofuels and microbial fertilizers [3] Key Questions from Listing Committee - The listing committee inquired about the reasons for the decrease or stability in sales and management expenses despite expected growth in revenue for 2024, and the authenticity of sales revenue and expenses related to industrial-grade mixed oil [4] - The committee also requested clarification on the sustainability of revenue from biofuels and the growth potential of industrial-grade mixed oil, considering changes in product structure and market conditions [4]

新浪期货 根据交易所数据，截至8月07日收盘主力合约鸡蛋2509,涨跌+1.16%,成交量18.88万手，持仓数据显示前20席位呈现净 空，差额头寸为5507手。 鸡蛋期货全合约总计成交37.48万手，比上一日减少2.14万手。全合约前20席位多头持仓32.56万手，比上一日增加7256手。全合约 前20席位空头持仓35.56万手，比上一日增加5899手。 根据合并数据显示，多头前三席位为国泰君安，总持仓33253、中信期货，总持仓27403、方正中期，总持仓25217；空头前三席位 为国泰君安，总持仓44394、中信期货，总持仓31803、中信建投，总持仓26161； 主力合约前20席位中，多头增仓前三名分别是：中泰期货、持仓5287、增仓402，平安期货、持仓4218、增仓337，银河期货、持 仓6587、增仓144；多头减仓前三名分别是：国泰君安、持仓8713、减仓-1455，东证期货、持仓5405、减仓-438，中信期货、持 仓5734、减仓-374； 主力合约前20席位中，空头增仓前三名分别是：方正中期、持仓6782、增仓579，中信期货、持仓8323、增仓460，申银万国、持 仓3114、增仓30 ...

| 国泰海通证券股份有限公司 | | --- | | 关于广东领益智造股份有限公司 | 之独立财务顾问报告 独立财务顾问 一、释义 | 在本独立财务顾问报告中，除非另有说明，下列简称具有如下含义： | | | | --- | --- | --- | | 领益智造、上市公司、公 | | | | 指 | | 广东领益智造股份有限公司 | | 司 | | | | 国泰海通、本独立财务顾 | | | | 指 | | 国泰海通证券股份有限公司 | | 问 | | | | 《广东领益智造股份有限公司 | | 2024 年股票期权激励计 | | 本激励计划、本计划 | | 指 | | 划（草案修订稿）》 | | | | 公司授予激励对象在未来一定期限内以预先确定的价 | | | | 股票期权、期权 | | 指 | | 格和条件购买公司一定数量股票的权利 | | | | 激励对象 指 | | 按照本激励计划规定，获得股票期权的人员 | | 公司向激励对象授予股票期权的日期，授权日必须为 | | | | 授权日 指 | | | | 交易日 | | | | 等待期 指 | | 股票期权授权日至股票期权可行权日之间的时间段 | | ...

Report Overview - The report focuses on the delivery of Treasury bond futures, specifically analyzing the historical delivery situation and the potential delivery trends of the 2509 contract, while also introducing the concept, process, benefits of Treasury bond futures delivery, and the advantages of Guotai Junan Futures in delivery [2][6][22] 1. Industry Investment Rating - No industry investment rating is provided in the report 2. Core Viewpoints - The historical delivery volume and delivery rate of Treasury bond futures have been rising, and the 2509 contract has a high position - holding volume and significant arbitrage opportunities, indicating that the delivery volume may remain high. However, the new VAT policy may change the delivery logic and expectations, potentially leading to a lower - than - expected delivery volume [2] - The final delivery situation of the 2509 contract needs to be comprehensively considered from aspects such as IRR level, cash - bond liquidity, short - and long - term interest rate strength, futures position - holding volume, combined with the delivery willingness of the short side and the bond - taking willingness of the long side [20] 3. Summary by Directory 3.1 Historical Delivery Situation and 2509 Delivery Highlights 3.1.1 Historical Delivery Situation - From 2303 to 2506, the average position - holding volume of four Treasury bond futures contracts (except TS) showed an upward trend. The delivery volume and delivery rate of some contracts, such as T2506 and TF2506, reached historical highs. The delivery time characteristics of different varieties in the 2506 contract vary [6][8] - In terms of positive arbitrage opportunities, TS2506 and TF2506 had relatively more positive arbitrage opportunities, leading to stronger short - side delivery willingness. T2506 and TL2506 had fewer positive arbitrage opportunities but still had some short - side delivery due to such opportunities [10] - From the long - side perspective, in the two months before the 2506 delivery, the short - end was strong and the long - end was weak. The long - side's bond - taking attitude varied depending on the liquidity of the delivery bonds [15] 3.1.2 2509 Contract Delivery Situation Analysis - The average IRR levels of TS2509, TF2509, T2509, and TL2509 in the past month are all higher than the R007 average level, indicating positive arbitrage space. The position - holding volume of the 2509 contract is at a relatively high level in the same period of history. Without considering the VAT impact, the delivery volume and delivery rate of the 2509 contract may reach historical highs [19] - After the VAT policy change, new bonds will be subject to VAT, making old bonds more popular. The short - side's delivery willingness may decrease, while the long - side's bond - taking willingness may increase, which may drive the futures price up and the intraday IRR to rise [19] 3.1.3 Conclusion - The final delivery situation of the 2509 contract needs comprehensive consideration. Based on the previous contracts, the delivery volume and delivery rate of the 2509 contract may remain high, but the VAT policy may cause the delivery volume and rate to be lower than expected [20] 3.2 Concept and Basic Process of Treasury Bond Futures Delivery - Treasury bond futures delivery is the process of fulfilling the contract through the transfer of physical bonds at the contract's expiration. It uses a physical delivery system to ensure the convergence of futures and spot prices. The main participants include the short side, the long side, the exchange, and the settlement institution [22] - The delivery months are March, June, September, and December, and the last trading day is the second Friday of the contract month. The delivery includes rolling delivery and concentrated delivery, and there are two delivery modes: general mode and DVP mode [22][23] 3.3 Benefits of Treasury Bond Futures Delivery - For the short side: It can lock in the selling price for positive arbitrage investors, eliminate basis risk for institutions hedging bond portfolios, provide a selling channel for illiquid bonds, and offer time and bond - type selection rights [24] - For the long side: It can ensure the receipt of qualified bonds, obtain cost - effective CTD bonds, gain interest - rate spread benefits in a loose - money environment, and help obtain old bonds not subject to VAT [25] 3.4 Advantages of Guotai Junan Futures in Delivery - Guotai Junan was the first member to handle Treasury bond delivery for clients after the listing of Treasury bond futures. In the first half of 2025, its Treasury bond delivery volume accounted for 23.12% of the market, ranking among the top in the industry [26] - It provides a professional institutional service platform with full - process electronic CFFEX business, no need for stamping, and real - time progress tracking [26] - It offers total - to - total services, including pre - confirming bond account status, sending delivery calendar reminders, and confirming bond settlement status [26] - It has in - depth experience in serving clients' Treasury bond collateral business and has won relevant honorary awards from China Central Depository & Clearing Co., Ltd. for five consecutive years [27]

智翔金泰首次公开发行股票募集资金总额347,283.84万元；扣除发行费用后，募集资金净额为329,140.14 万元。智翔金泰实际募资净额比原拟募集资金金额少68,859.86万元。智翔金泰于2023年6月15日披露的 招股说明书显示，该公司拟募集资金398,000.00万元，用于抗体产业化基地项目一期改扩建、抗体产业 化基地项目二期、抗体药物研发项目、补充流动资金。 智翔金泰首次公开发行股票的发行费用合计18,143.70万元(不含税)，其中，保荐承销费16,495.98万元。 中国经济网北京8月6日讯智翔金泰(688443.SH)今日收报33.60元，跌幅2.50%。目前该股处于破发状 态。 智翔金泰于2023年6月20日在上交所科创板上市，公开发行新股9,168.0000万股，发行价格为37.88元/ 股，保荐机构(主承销商)为海通证券股份有限公司(现名"国泰海通证券股份有限公司")，保荐代表人为 王永杰、刘丹。 ...

新浪期货 根据交易所数据，截至8月06日收盘主力合约30年期国债期货2509,涨跌-0.04%,成交量7.88万手，持仓数据显示前20席位 呈现净多，差额头寸为1335手。 30年期国债期货期货全合约总计成交9.52万手，比上一日减少2.50万手。全合约前20席位多头持仓12.48万手，比上一日减少1026 手。全合约前20席位空头持仓12.68万手，比上一日增加1311手。 根据合并数据显示，多头前三席位为中信期货，总持仓27952、国泰君安，总持仓17001、东证期货，总持仓9745；空头前三席位 为中信期货，总持仓16444、国泰君安，总持仓15470、银河期货，总持仓11581； 主力合约前20席位中，多头增仓前三名分别是：东证期货、持仓7903、增仓851，中信期货、持仓16722、增仓242，华泰期货、持 仓5262、增仓98；多头减仓前三名分别是：广发期货、持仓2951、减仓-1143，中泰期货、持仓1519、减仓-607，国金期货、持仓 2151、减仓-401； 主力合约前20席位中，空头增仓前三名分别是：银河期货、持仓6759、增仓558，国金期货、持仓3125、增仓407，西部期货、持 仓 ...