Core Viewpoint - The issuance of science and technology bonds by securities firms has experienced explosive growth, with 30 institutions participating and total issuance exceeding 100 billion yuan since May 7, driven by policy support and the need for business transformation [1][3]. Group 1: Market Dynamics - The rapid approval of science and technology bonds by securities firms, particularly since June, has led to significant issuance, with major firms like CITIC Securities and Guotai Junan exceeding 10 billion yuan in issuance [3]. - The subscription rates for these bonds have been notably high, with instances of oversubscription, such as Dongfang Securities achieving a subscription multiple of 8.17 times [3]. Group 2: Characteristics of Securities Firms - Securities firms are characterized by flexible fund utilization, high market recognition, and lower issuance costs compared to other entities, making them more attractive to investors [3][4]. - The funds raised through these bonds are often directed towards specific equity investments in technology enterprises, addressing their funding needs during critical development phases [4]. Group 3: Comprehensive Service Model - Securities firms leverage their full-service capabilities, including underwriting and market-making, to enhance financing channels for technology enterprises, thereby reducing their overall financing costs and time [5]. - The integration of various financial services, such as equity, bonds, and funds, allows for comprehensive financial support tailored to the lifecycle of technology enterprises [5]. Group 4: Investor Participation - The investor base for science and technology bonds includes banks, funds, and insurance companies, with banks being the primary subscribers due to their large asset base and low funding costs [7]. - The introduction of science and technology bond ETFs has provided individual investors with access to this market, enhancing participation opportunities [7]. Group 5: Investment Considerations - Since May, the favorable policy environment has led to a significant issuance of high-quality science and technology bonds, with interest rates notably lower than those of ordinary credit bonds [7]. - Investors should be aware of the potential risks associated with mismatched durations between equity projects and bond terms, as most science and technology bonds have a typical duration of three years [7].

Group 1 - The core viewpoint of the news is that Shanghai YouSheng Aluminum Industry Co., Ltd. has successfully passed the IPO review by the Shanghai Stock Exchange, marking it as the 27th company to do so this year [1] - YouSheng Aluminum is a specialized manufacturer of aluminum alloy automotive components, focusing primarily on the new energy vehicle sector, with a product range that includes door sill beams, battery trays, bumpers, and subframes [1][2] - The company plans to publicly issue no more than 48,267,111 shares, aiming to raise approximately 247.085 million yuan for projects including a lightweight aluminum alloy component production base and working capital [2] Group 2 - The main questions raised during the listing committee meeting included inquiries about the sustainability of the company's revenue growth, the reasonableness of the fundraising for working capital, and the adequacy of internal controls following previous accounting errors [3] - The actual controller of the company, Luo Shibing, and his spouse, Jin Liyan, hold a combined 70.44% of the shares, ensuring stable control over the company [2]

Group 1 - Northbound capital may experience a slight net outflow in the recent week, with an estimated net outflow of 6.9 billion yuan compared to a net inflow of 0.6 billion yuan in the previous week [2] - The top active stocks in the northbound trading include Kweichow Moutai with a total transaction amount of 7.2 billion yuan, accounting for 16% of the stock's weekly trading volume, followed by BYD and CATL [2] Group 2 - A total of 17.3 billion HKD flowed into the Hong Kong stock market in the recent week, with stable foreign capital inflowing 14.7 billion HKD and flexible foreign capital inflowing 1.7 billion HKD [4] - The major sectors attracting stable foreign capital include software and services (10.5 billion HKD), retail (7.3 billion HKD), and technology hardware (5.5 billion HKD), while sectors experiencing outflows include banking and real estate [7] Group 3 - In the Asia-Pacific market, foreign capital continued to flow into the Japanese stock market, with a net inflow of 94.3 billion JPY in the latest week, and a cumulative net inflow of 5.6 trillion JPY since the beginning of 2023 [11] - In the European and American markets, global mutual funds experienced a net outflow of 4.8 billion USD from the US equity market in March, while Europe saw net inflows into the equity markets of Germany and France [13]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 國泰海通證券股份有限公司(「本公司」) 呈交日期： 2025年6月20日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | A股於上海證券交易所上市(證券代號: 601211) | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 國泰海通證券股份有限公司(「本公司」) 呈交日期： 2025年6月20日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | A股於上海證券交易所上市(證券代號: 601211) | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份 ...

Group 1 - The stock of Aojie Technology (688220.SH) closed at 70.03 yuan, with a decline of 4.57%, currently in a state of breaking issue [1] - Aojie Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 14, 2022, with an initial stock price of 164.54 yuan per share and a total issuance of 41.83 million shares [1] - The company raised a total of 6.883 billion yuan through its initial public offering (IPO), with a net amount of 6.546 billion yuan after deducting issuance costs, exceeding the original plan by 4.166 billion yuan [1] Group 2 - The funds raised are intended for projects including new communication chip design, smart IPC chip design, high-precision navigation solutions, research center construction, and working capital [1] - The total issuance costs for the IPO amounted to 337 million yuan, with underwriting fees accounting for 310 million yuan [1] Group 3 - On April 11, 2025, Guotai Haitong Securities Co., Ltd. held a restructuring and renaming ceremony at the Shanghai Stock Exchange, officially changing its A-share name from "Guotai Junan" to "Guotai Haitong" while retaining the A-share code "601211" [2] - The name change signifies the completion of the merger and restructuring process between Guotai Junan and Haitong Securities [2]

Summary of Key Points Core Viewpoint - The trading data for the Shanghai Stock Exchange 50 Index futures as of June 20 shows a slight increase in the main contract price, with a closing value of 2509, reflecting a change of +0.70%. The overall trading volume decreased compared to the previous day, indicating a shift in market sentiment towards net short positions among the top 20 participants [1][4]. Group 1: Trading Data - The total trading volume for all contracts was 54,500 contracts, a decrease of 2,399 contracts from the previous day [1]. - The top 20 long positions totaled 47,500 contracts, down by 3,671 contracts, while the top 20 short positions totaled 58,100 contracts, down by 3,268 contracts [1][4]. Group 2: Major Participants - The top three long positions were held by Guotai Junan with a total of 8,301 contracts, CITIC Futures with 6,996 contracts, and Zhongtai Futures with 3,162 contracts [1]. - The top three short positions were held by CITIC Futures with 9,964 contracts, Guotai Junan with 9,941 contracts, and GF Futures with 7,739 contracts [1]. Group 3: Position Changes - Among the top 20 long positions, the largest increases were seen in Dongzheng Futures (+648 contracts), CITIC Futures (+576 contracts), and Everbright Futures (+427 contracts) [1]. - The largest decreases in long positions were recorded by Guotai Junan (-230 contracts), GF Futures (-159 contracts), and Zheshang Futures (-81 contracts) [1]. - For short positions, the largest increases were in Guoxin Futures (+512 contracts), CITIC Futures (+491 contracts), and Haitong Futures (+394 contracts) [1].

+ CCS2741 GTSH + NAME(S) AND ADDRESS OF REGISTERED SHAREHOLDER(S) 登記股東之姓名及地址 國泰海通證券股份有限公司 Guotai Haitong Securities Co., Ltd. （Stock Code／股份代號: 02611） DIVIDEND CURRENCY ELECTION FORM FOR 2024 FINAL DIVIDEND OF RMB 0.28 PER SHARE ("2024 FINAL DIVIDEND") 二零二四年末期股息每股人民幣 0.28 元（「二零二四年末期股息」） 股息貨幣選擇表格 Registered shareholders will automatically receive their cash dividends in Hong Kong dollars unless they elect to receive them in Renminbi. No action is required if you wish to receive your cash dividends in Hong Ko ...

Group 1 - The core viewpoint of the report is that there are six major misconceptions regarding stablecoins in the current market [1][2] Group 2 - Misconception 1: The value of stablecoins is absolutely stable. In reality, stablecoins are credit extensions anchored to assets, and their value is subject to technical de-pegging risks and fluctuations in the underlying assets [1] - Misconception 2: All fiat currencies can issue stablecoins in large quantities. The development of different fiat stablecoins depends on the acceptance of the underlying currency, leading to a "winner-takes-all" scenario for the most trusted fiat stablecoins [1] - Misconception 3: Dollar stablecoins will weaken the credit of the US dollar. The rapid development of dollar stablecoins will not undermine the dollar system but will further strengthen the dollar's position by expanding its functionality and usage [1] - Misconception 4: Dollar stablecoins are a "lifeline" for US Treasury bonds. The dollar stablecoin market can only slightly alleviate the pressure on short-term US debt, while the overall impact on the US bond market is minimal [2] - Misconception 5: Dollar stablecoins will significantly increase the supply of US dollars. While the issuance authority of dollars is partially delegated to issuing companies, the Federal Reserve remains the main participant in controlling the total dollar liquidity [2] - Misconception 6: Stablecoins will rapidly promote the development of the RWA market. The support of stablecoins for RWA is more evident at the transaction level, and the development of the RWA market ultimately depends on the quality of the underlying assets [2]

| 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | A股於上海證券交易所上市(證券代號: 601211) | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年6月18日 | 14,027,248,265 | | 96,700,583 | | 14,123,948,848 | | 1). 購回股份 (股份被持作庫存股份) | | -4,699,936 | 0.034 % | 4,699,936 RMB | 18.3513 | | | 變動日期 2 ...