Summary of Key Points Core Viewpoint - The trading data for the 30-year Treasury futures contract indicates a slight increase in the main contract price, with a closing price of 2509 and a change of +0.11% as of July 4th. The overall trading volume decreased compared to the previous day, reflecting a net short position among the top 20 positions [1]. Trading Volume and Positions - The total trading volume for all contracts was 76,900 contracts, a decrease of 1,670 contracts from the previous day [1]. - The top 20 positions showed a total long position of 122,254 contracts, which increased by 752 contracts, while the total short position was 122,710 contracts, increasing by 4,239 contracts [4]. Long and Short Positions - The top three long positions were held by: - CITIC Futures with a total position of 25,768 contracts, an increase of 270 contracts - Guotai Junan with 19,608 contracts, an increase of 802 contracts - Dongzheng Futures with 13,568 contracts, an increase of 744 contracts [4]. - The top three short positions were held by: - Dongzheng Futures with a total position of 15,787 contracts, an increase of 1,134 contracts - Galaxy Futures with 14,761 contracts, an increase of 272 contracts - CITIC Futures with 12,769 contracts, a decrease of 203 contracts [4]. Changes in Positions - Among the top 20 positions, the largest increase in long positions was seen in: - GF Futures with an increase of 1,209 contracts to a total of 4,258 contracts - Dongzheng Futures with an increase of 728 contracts to a total of 12,840 contracts - Guotai Junan with an increase of 654 contracts to a total of 15,402 contracts [1]. - The largest increase in short positions was seen in: - Dongzheng Futures with an increase of 1,132 contracts to a total of 14,933 contracts - GF Futures with an increase of 313 contracts to a total of 2,627 contracts - Ping An Futures with an increase of 292 contracts to a total of 4,643 contracts [1].

Core Insights - The main contract for red dates (2601) experienced a decline of 4.80% as of July 4, with a trading volume of 419,000 contracts and a net short position of 10,521 contracts among the top 20 positions [1][3]. Trading Volume and Positions - Total trading volume for all red date contracts reached 612,800 contracts, an increase of 16,070 contracts from the previous day [1]. - Among the top 20 positions, long positions totaled 121,900 contracts, a decrease of 13,200 contracts, while short positions totaled 137,600 contracts, a decrease of 13,300 contracts [1]. Major Players - The top three long positions were held by Guotai Junan (14,261 contracts), Zheshang Futures (11,983 contracts), and Citic Futures (9,940 contracts) [1]. - The top three short positions were also led by Guotai Junan (23,240 contracts), Citic Futures (11,487 contracts), and Yong'an Futures (8,554 contracts) [1]. Changes in Positions - The top three increases in long positions were from Dongfang Caifu (2,076 contracts, an increase of 1,022), Galaxy Futures (3,693 contracts, an increase of 913), and Citic Jiantou (3,016 contracts, an increase of 718) [1]. - The top three decreases in long positions were from Citic Futures (4,540 contracts, a decrease of 1,035), GF Futures (3,659 contracts, a decrease of 938), and Founder Futures (3,998 contracts, a decrease of 663) [1]. Short Position Changes - The top three increases in short positions were from Guotai Junan (13,872 contracts, an increase of 2,550), Huatai Futures (4,464 contracts, an increase of 735), and Guotou Futures (2,452 contracts, an increase of 471) [1]. - The top three decreases in short positions were from Dongzheng Futures (4,074 contracts, a decrease of 1,949), COFCO Futures (4,717 contracts, a decrease of 1,363), and Citic Futures (7,447 contracts, a decrease of 1,261) [1].

21世纪经济报道记者孙永乐 上海报道 经历2024年一整年的低迷，今年以来A股IPO市场持续回暖，上半年高达177个IPO项目获得受理，仅在6 月30日，就有41家企业集中"报考"。 随着券业整合步伐的加快，IPO（首次公开发行）承销保荐江湖悄然生变，长期由"三中一华"（中信证 券、中金公司、中信建投、华泰联合证券）主导的投行业务格局迎来重塑。 据21世纪经济报道记者统计，上半年A股IPO"受理潮"中出现了38家券商的身影，头部券商凭借资源整 合能力迅速抢占先机，而中小券商因客户储备不足、专业能力短板，在"抢跑"中速度有限。 两家合并券商表现亮眼，国泰海通（601211.SH）上半年新增受理26个IPO项目，超越连续多年领跑的 中信证券，位居榜首；国联民生（601456.SH）也以黑马之势杀入前五，新增受理9个IPO项目。 承销榜首易主 2025年上半年，A股股权融资市场呈现显著的结构性增长。 据Wind数据统计，中国内地股票市场通过IPO、增发和可转债等方式，共完成全口径募资事件132起， 较去年同期增加19起，合计募集资金攀升至7098.54亿元，同比增幅高达520.69%。 从券商承销总额来看，上半年， ...

Market Overview - The FTSE China A50 Index components showed a mixed performance with banking, liquor, semiconductor, and logistics sectors rising, while non-ferrous metals and chemical pharmaceuticals sectors weakened [1] - BYD's stock price fell over 1% [1] Sector Performance Banking Sector - Major banks like China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 382.98 billion, 357.30 billion, and 1,030.15 billion respectively, with trading volumes of 9.81 million, 36.96 million, and 7.85 million [3] Liquor Industry - Key players such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,786.59 billion, 214.35 billion, and 467.31 billion respectively, with trading volumes of 40.87 million, 10.51 million, and 20.49 million [3] Semiconductor Sector - Companies like Northern Huachuang, Cambricon Technologies, and Haiguang Information had market capitalizations of 241.84 billion, 229.03 billion, and 315.09 billion respectively, with trading volumes of 24.36 million, 31.12 million, and 15.15 million [3] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of 1,818.73 billion, 186.84 billion, and 278.88 billion respectively, with trading volumes of 34.54 million, 4.39 million, and 5.94 million [3] Oil Industry - China Petroleum, Sinopec, and COSCO Shipping had market capitalizations of 239.78 billion, 688.67 billion, and 1,573.98 billion respectively, with trading volumes of 8.63 million, 6.43 million, and 7.64 million [3] Coal Industry - Major companies like China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 187.79 billion and 815.60 billion respectively, with trading volumes of 12.39 million and 6.45 million [3] Power Industry - Key players such as Yangtze Power and China Nuclear Power had market capitalizations of 360.33 billion and 737.96 billion respectively, with trading volumes of 20.49 million and 8.29 million [4] Food and Beverage Sector - Companies like Citic Securities, Guotai Junan, and Haitian Flavoring had market capitalizations of 409.94 billion, 340.96 billion, and 226.93 billion respectively, with trading volumes of 28.30 million, 3.94 million, and 16.84 million [4] Consumer Electronics - Industrial Fulian, Luxshare Precision, and Gree Electric Appliances had market capitalizations of 472.85 billion, 255.90 billion, and 242.55 billion respectively, with trading volumes of 30.57 million, 77.50 million, and 25.48 million [4] Chemical Products - Companies like Wanhua Chemical and SF Holding had market capitalizations of 239.20 billion and 271.34 billion respectively, with trading volumes of 12.28 million and 8.32 million [4] Construction and Engineering - China State Construction and Zijin Mining had market capitalizations of 532.88 billion and 166.95 billion respectively, with trading volumes of 27.26 million and 8.53 million [4]

Group 1 - The health supplement market in China is expected to expand significantly, driven by new demographics and demands, with the vitamin and dietary supplement (VDS) market projected to reach 232.3 billion yuan in 2024, a year-on-year increase of 4% [2] - The market is characterized by high gross margins and marketing expenses, similar to the beauty industry, and is currently undergoing a transformative phase with lower concentration among leading brands [2][3] - New channels and consumer demands are anticipated to drive functionalization in the health supplement industry, creating opportunities for product innovation, particularly through content e-commerce platforms like Douyin [3] Group 2 - Specific categories within the health supplement market are experiencing rapid growth, including fish oil (market size 5-10 billion yuan), coenzyme Q10 (market size 4.1 billion yuan, year-on-year increase of 17%), probiotics (market size over 10 billion yuan), and oral beauty products (market size over 10 billion yuan) [4] - The basic nutrients segment, including vitamins, minerals, and proteins, has a market size of 32.9 billion, 27.1 billion, and 11.6 billion yuan respectively, with year-on-year growth rates of 3%, 5%, and 1%, but faces high product homogeneity [4]

| 单夏中的全照合中国的管,对 | 详细/费率 | | --- | --- | | N < 100 リズ | 14年13 | | 100万元电机<500万元 | 0,20% | | M2-500 77 元 | 1000元/弧 | | 基金名称 | 国泰吉安精德的家庭的大特有国语学家发起火运考投资其全 | | --- | --- | | 聚会预称 | 国泰君安相团的200天拉和雷泰发配 | | 基金变代码 | 023662 | | 新会海作方式 | 知的创开放式 | | 基金合调生效日 | 2025年5月28日 | | 系会管理人名称 | 上海国际公安全民共和公司 | | 品变托量人名称 | 中国建设暨行役的有限公司 | | 基金使用量记机购容称 | 上周国事建设证券监产监理有限公司 | | 公费依据 | 《公开幕ِ 面作找新基金试制管理办法》,《2元年第三号投资基金优良投资管理人 第3(日本語版《社日本製作等》。》是生体作演出演《西安新经营播出演剧《》》《《 副维护到发起武道等投资基金蓝金合同)(以下简称《高金合同》或"属全令同") 《国泰君安总理论平 90天际有限值参数起大班寿民资而会租摩您所在以下载 Co ...

智通财经APP获悉，国泰海通发布研报称，相比黄金ETF和期货等其他黄金投资品，稳定币的去中心化 特征提升了黄金交易的便捷程度。黄金稳定币市场目前呈现"双雄分治"的局面，Tether公司发行的 XAUT币和Paxos公司发行的PAXG币各占市场份额的近一半。截至2025年6月，黄金稳定币市场的市值 规模达到16亿美元，约占全部稳定币市值规模的0.67%，是排在美元稳定币和加密货币抵押型稳定币之 后的第三大类稳定币。 相比黄金ETF和期货等其他黄金投资品，稳定币的去中心化特征提升了黄金交易的便捷程度： 降低时空限制：黄金稳定币运行在区块链上，可实现任意时间的全球快速交易; 降低投资门槛：黄金稳定币对应黄金条块的所有权，在交易的过程中可以实现黄金条块的碎片化分割， 最高可分割至小数点后六位(约0.02元); 降低交易费用：黄金稳定币仅收取较低的交易费用(如PAXG币收取万分之二)。 黄金稳定币的发展：需突破三类困难 国泰海通主要观点如下： 黄金与稳定币的结合存在优势，不过未来发展也需要突破一些障碍。如果机制改善，黄金稳定币可以承 担价值储藏的功能，以及特定条件下的支付和结算功能。 黄金稳定币：悄然崛起的"币圈新宠" ...

Core Insights - The uncertainty of US tariff policies in the first half of 2025 has exacerbated global economic instability, with major economies in Europe and the US experiencing continuous contraction in manufacturing PMI, while China's manufacturing PMI has stabilized and rebounded, injecting some vitality into global manufacturing [1] - The Wind Commodity Index led major asset classes in the first half of 2025, with a significant divergence in commodity market performance, where precious metals and some non-ferrous metals performed strongly, while chemical and black metals were dragged down by weak demand [1] Asset Performance Overview - The Wind Commodity Index increased by 13.81% in the first half of 2025, compared to 8.15% in 2024 and -2.50% in 2023 [2] - The A-share market (万得全A) rose by 5.83%, while the S&P 500 index increased by 5.50% [2] - The US dollar index decreased by 10.79% [2] Commodity Futures Market - As of June 2025, the domestic commodity futures market saw a year-on-year increase in settled funds by 16.05%, totaling 428.37 billion yuan, driven by geopolitical risks and concerns over the US dollar, leading to significant increases in gold holdings [4] - The trading volume in the domestic futures market increased by 20.68% year-on-year, reaching 339.73 trillion yuan in the first half of 2025 [7] - The Shanghai Futures Exchange's trading volume exceeded 115 trillion yuan, a year-on-year increase of 25.85% [9] Financial Futures Market - Financial futures accounted for 33.13% of total trading volume in the first half of 2025, up from 28.54% in 2024 [11] - The top trading company in terms of volume was Guotai Junan Futures, with a total trading volume of 737.33 million contracts, a year-on-year increase of 54.07% [13][14] Trading and Delivery Rankings - Guotai Junan Futures ranked first in both buying and selling delivery volumes, with a buying delivery volume of 257,779 contracts and a selling delivery volume of 378,055 contracts [15][17] - In terms of profitability in popular futures, Zhongcai Futures topped the gold futures profit ranking [18][19] Sector Performance - The precious metals sector led the trading volume with 59.57 trillion yuan, a year-on-year increase of 66.05%, while the chemical sector also saw significant growth [23] - The precious metals industry saw a capital inflow of 46.8 billion yuan, a year-on-year increase of 64.37% [26] Price Movements - Gold futures led the commodity market with continuous price increases, while most energy and chemical products experienced declines [39] - The delivery amount for gold reached 15.24 billion yuan, with a year-on-year growth of 529.41% [42]

Core Insights - The main contract of the CSI 500 Index futures closed at 2509 with a slight increase of 0.35% as of July 3, with a trading volume of 26,600 contracts and a net short position of 6,070 contracts among the top 20 positions [1][2] Trading Volume and Positions - Total trading volume for all contracts was 65,000 contracts, a decrease of 523 contracts from the previous day [1] - Among the top 20 positions, long positions totaled 167,600 contracts, an increase of 1,123 contracts, while short positions totaled 178,300 contracts, an increase of 1,216 contracts [1] Major Players - The top three long positions were held by CITIC Futures with a total holding of 33,786 contracts, Guotai Junan with 30,576 contracts, and Haitong Futures with 18,303 contracts [1] - The top three short positions were also held by CITIC Futures with 39,153 contracts, Guotai Junan with 26,505 contracts, and Haitong Futures with 15,419 contracts [1] Changes in Long Positions - The top three increases in long positions were from Haitong Futures (7,850 contracts, +286), Galaxy Futures (3,205 contracts, +207), and Zhongtai Futures (2,810 contracts, +206) [1] - The top three decreases in long positions were from Huatai Futures (3,428 contracts, -845), Guotai Junan (11,418 contracts, -257), and Zhejiang Futures (1,142 contracts, -87) [1] Changes in Short Positions - The top three increases in short positions were from Guotai Junan (12,626 contracts, +418), CITIC Futures (15,360 contracts, +261), and Zhongtai Futures (1,234 contracts, +142) [1] - The top three decreases in short positions were from Shenyin Wanguo (1,301 contracts, -238), Dongzheng Futures (3,184 contracts, -219), and Everbright Futures (1,407 contracts, -192) [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 國泰海通證券股份有限公司 Guotai Haitong Securities Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02611） 獨立非執行董事 李仁傑先生 王國剛先生 浦永灝先生 毛付根先生 陳方若先生 江憲先生 1 董事名單與其角色和職能 國泰海通證券股份有限公司（「本公司」）董事會（「董事會」）成員載列如下： 執行董事 朱健先生 李俊傑先生 聶小剛先生 非執行董事 周杰先生 管蔚女士 鐘茂軍先生 陳航標先生 呂春芳女士 哈爾曼女士 孫明輝先生 陳一江先生 職工董事 吳紅偉先生 截至本公告日期，本公司的執行董事為朱健先生、李俊傑先生以及聶小剛先生； 本公司的非執行董事為周杰先生、管蔚女士、鐘茂軍先生、陳航標先生、呂春芳 女士、哈爾曼女士、孫明輝先生、陳一江先生；本公司的職工董事為吳紅偉先 生；及本公司的獨立非執行董事為李仁傑先生、王國剛先生、浦永灝先生、毛付 根 ...