Report Summary 1. Report Industry Investment Rating No information is provided regarding the report industry investment rating. 2. Report's Core View The report focuses on the zinc market, highlighting the visible inventory accumulation. It also presents the latest price, trading volume, inventory, and other fundamental data of zinc, along with the trend intensity of zinc. Additionally, it includes relevant news such as Trump's statements and China's central bank's monetary policy [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price**: The closing price of SHFE zinc main contract was 22,505 yuan/ton, up 0.11% from the previous day, while LME zinc 3M electronic trading closed at $2,796.5/ton, down 1.62% [1]. - **Trading Volume**: The trading volume of SHFE zinc main contract was 83,222 lots, an increase of 5,192 lots, and the trading volume of LME zinc was 10,973 lots, an increase of 3,256 lots [1]. - **Open Interest**: The open interest of SHFE zinc main contract was 76,347 lots, a decrease of 4,451 lots, and the open interest of LME zinc was 190,988 lots, a decrease of 2,725 lots [1]. - **Premium and Discount**: The premium of Shanghai 0 zinc was -50 yuan/ton, unchanged from the previous day; the LME CASH - 3M premium was -$5.22/ton, a decrease of $4.69/ton [1]. - **Inventory**: SHFE zinc futures inventory was 20,020 tons, an increase of 2,923 tons, and LME zinc inventory was 76,325 tons, a decrease of 1,125 tons [1]. 3.2 News - Trump stated that the possibility of reaching an agreement now depends on Zelensky, and parties are arranging a meeting between Zelensky and Putin. There is currently no plan to impose tariffs on China's purchase of Russian oil, but he may consider it in two or three weeks [2]. - The People's Bank of China aims to implement a moderately loose monetary policy, with positive factors increasing for a moderate recovery in price levels. It will further improve the interest rate regulation framework, increase credit support for technology - based SMEs, and correct pro - cyclical market behaviors [2]. 3.3 Trend Intensity The trend intensity of zinc is -1, indicating a relatively bearish view on the zinc market [3].

Core Insights - The market sentiment has improved significantly in July, leading to an increase in user activity for securities applications, with active users reaching 167 million, a month-on-month increase of 3.36% and a year-on-year increase of 20.89% [1][2] - The number of new A-share accounts opened in July reached 1.96 million, a year-on-year surge of 71% and a month-on-month increase of 19%, indicating a strong correlation between market conditions and the activity levels of brokerage apps [2] - The top 10 brokerage apps all surpassed 5 million active users, with Huatai Securities' "Zhangle Caifutong" leading at 11.36 million [3][4] User Activity and Rankings - In July, 12 brokerage apps had over 4 million active users, reflecting a robust competitive landscape [3][4] - The top five brokerage apps by active users are Huatai Securities, Guotai Junan, Ping An Securities, China Merchants Securities, and CITIC Securities [3][4] - The month-on-month growth rates for the top 50 brokerage apps were all positive, with Southwest Securities' "Southwest Jindianzi" app showing the highest growth at 8.49% [5][6] Third-Party App Performance - Third-party stock trading apps also saw increased activity, with Tonghuashun leading at 35.01 million active users, followed by Dongfang Caifu and Dazhihui [7][8] - The gap between third-party apps and brokerage apps in terms of active users is narrowing, with Dazhihui's active users only 56.29 thousand behind Huatai Securities' app [9] App Innovations and Updates - In July, at least 57 brokerage firms updated their app functionalities, focusing on trading, market data, and portfolio management [10] - Notable innovations include Guotai Junan's launch of the first fully AI-driven app, "Guotai Junan Lingxi," and Jianghai Securities' "Zuhua" app aimed at younger investors [11]

Industry Overview - The textile and apparel industry report by Guotai Junan Securities provides a multi-dimensional analysis of the sector, highlighting key metrics across different market segments [1][2] - The A-share SW textile and apparel sector has a market capitalization of 688.1 billion yuan, with projected revenues of 535.7 billion yuan and net profits of 22.7 billion yuan for 2024 [1][9] - The Hong Kong HS textile and apparel sector has a market capitalization of 1,668 billion yuan, with net profits of 74.7 billion yuan [1][13] - The US WIND textile and apparel sector has a market capitalization of 299.7 billion yuan, with revenues of 169.8 billion yuan and net profits of 12.5 billion yuan [1][13] Market Segmentation - In 2024, the market share for women's wear, men's wear, sportswear, and children's wear is projected to be 46%, 27%, 15%, and 12% respectively [2] - The concentration ratios for the sportswear market are CR3 at 27.66%, CR5 at 44.80%, and CR10 at 65.73% [2] Supply Chain Structure - The industry supply chain is divided into upstream (raw materials like metals, oil, and textiles), midstream (production of dyeing, weaving, and garments), and downstream (brands and e-commerce channels) [1][22] - Key upstream materials include cotton and polyester, while midstream activities involve garment manufacturing and dyeing [1][22] Financial Performance - The report tracks revenue, cost proportions, and growth rates for various companies from 2019 to 2024, alongside metrics for US retail and apparel sales [2][25] - The textile manufacturing sector shows a high dependency on raw material costs, which can lead to cyclical performance [25][26] Company Analysis - The report lists major companies in the textile and apparel sector, including Huayi Group, Anta Sports, and Nike, detailing their market positions and financial metrics [1][9][13] - The performance of companies is influenced by their ability to adapt to market changes and manage operational efficiencies [19][25] Research Methodology - The report outlines the research methodology, including the tracking of external and internal growth impacts on company performance [2][24] - It emphasizes the importance of understanding market dynamics and consumer behavior in the textile and apparel industry [2][24]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Although the supply at the uppermost end has marginally eased and there is some coking coal inventory accumulation in certain segments, the overall fundamental level of coking coal remains moderately tight. Coupled with the upward - repaired profit of coke, the relatively high output of downstream hot metal, and the relatively high - pitched macro - level expectations, the short - term deep decline space for coal - coke prices is limited [6] 3. Summary According to Relevant Catalogs 3.1 Coal - Coke Weekly Outlook 3.1.1 Supply - The marginal decline in upstream raw coal production has narrowed. Fenwei's raw coal production decreased by 2310 tons week - on - week to 8.5664 million tons. In terms of imported Mongolian coal, the traffic volume at the three major ports remains at a high level compared to the same period in recent years [3] 3.1.2 Demand - The downstream and speculative sectors continue to adopt a cautious attitude. This week, the online auction failure rate has further increased, and the quotes of some high - priced resources have been successively lowered. However, the hot metal output still remains at a relatively high level, and the coking profit has been repaired after six rounds of price increases [4] 3.1.3 Macro - News of additional anti - dumping duties on steel products (from Japan and South Korea) and tariffs (from the United States on steel and aluminum) has impacted the future downstream export demand expectations [5] 3.2 Coal - Coke Fundamental Data Changes | Fundamental Changes | Coking Coal | Coke | | --- | --- | --- | | Supply | FW raw coal 8.5664 million tons (- 2310 tons); independent coking plants' daily average 65,380 tons (+ 280 tons); FW clean coal 439,360 tons (+ 350 tons); steel mill coking plants' daily average 46,730 tons (- 70 tons) | | | Demand | Hot metal output 240,660 tons (+ 340 tons) | Hot metal output 240,660 tons (+ 340 tons) | | Inventory | MS total inventory - 301,000 tons; mine raw coal - 64,000 tons; mine clean coal + 120,000 tons; independent coking - 72,000 tons; independent coking - 110,000 tons; steel mills - 95,000 tons; steel mill coking - 29,000 tons; ports - 30,000 tons; ports - 219,000 tons; FW ports - 69,000 tons | | | Profit | Commodity coal 433 yuan/ton (- 7 yuan/ton); coking enterprise average profit 20 yuan/ton (+ 36 yuan/ton) | | | Warehouse Receipt | Zhongyang Gengyang 1308; Mongolian 5 Tangshan warehouse receipt 1191 | Rizhao quasi - first - grade coke warehouse receipt 1557 | [8] 3.3 Coking Coal Fundamental Data 3.3.1 Coking Coal Supply - **Weekly**: The output data of FW raw coal, 523 sample mines' daily average clean coal output, and FW clean coal output are presented, showing their trends from 2022 to 2025 [11][12][14] - **Monthly**: The monthly output data of coking bituminous coal and coking clean coal from 2019 to 2025 are presented [16] - **Mongolian Coal Customs Clearance**: The customs clearance volume data of Ganqimaodu, Mandula, and Ceke ports, as well as the total customs clearance volume of the three major ports from 2021 to 2025 are presented [18][20][21][23] 3.3.2 Coking Coal Inventory - **Pit - mouth**: This week, the raw coal inventory of sample mines decreased by 1690 tons week - on - week to 187,180 tons, and the clean coal inventory decreased by 150 tons week - on - week to 111,890 tons [29] - **Ports**: This week, the coking coal port inventory was 255,490 tons, a week - on - week decrease of 218,500 tons [31] - **Coking Plants**: The inventory and available days of coking coal in independent coking plants are presented, including overall data and data by region and capacity [34][36][38] - **Steel Mills**: The inventory and available days of coking coal in 247 steel enterprises and their coking plants are presented, including overall data and data by region [39] 3.4 Coke Fundamental Data 3.4.1 Coke Supply - **Capacity Utilization** - **Coking Plants**: The capacity utilization rates of independent coking plants, including overall data, data by capacity, and data by region, are presented [42] - **Steel Mills**: The capacity utilization rate of 247 steel enterprises' coking plants from 2019 to 2025 is presented [44] - **Output** - **Coking Plants**: The daily output data of 230 independent coking plants and all - sample independent coking enterprises from 2019 to 2025 are presented [46] - **Steel Mills**: The daily output data of 247 steel enterprises' coking plants from 2019 to 2025 are presented [48] 3.4.2 Coke Inventory - **Coking Plants**: The inventory data of all - sample independent coking enterprises and 230 independent coking plants from 2019 to 2025 are presented [50] - **Steel Mills**: The inventory, average available days, and inventory by region of 247 steel enterprises' coking plants are presented [51][53][54] - **All - sample Aggregation**: The total coke inventory data from 2019 to 2025 are presented [56] 3.4.3 Coke Demand - The hot metal daily output data of 247 steel enterprises from 2019 to 2025 are presented, as well as the coke supply - demand difference [58] 3.4.4 Coke Profit - The data of coking plant's ton - coke average profit, ton - coke futures (main - continuous contract) profit, and the prices of some types of metallurgical coke are presented [61][62] 3.5 Coal - Coke Futures and Spot Prices 3.5.1 Coking Coal Futures - The futures market data of coking coal 2509 and 2601 contracts from August 11 - 15, 2025, including closing prices, price changes, trading volumes, and open interests, are presented [65] 3.5.2 Coke Futures - The futures market data of coke 2509 and 2601 contracts from August 11 - 15, 2025, including closing prices, price changes, trading volumes, and open interests, are presented [67] 3.5.3 Coal - Coke Monthly Spread - The monthly spread data of JM2509 - JM2601 and J2509 - J2601 are presented [71] 3.5.4 Coal - Coke Spot - The spot prices of some types of coking coal and metallurgical coke are presented [74] 3.5.5 Coal - Coke Basis - As of August 15, the basis of Mongolian coking coal is - 39 yuan/ton, and the basis of coke is - 172.5 yuan/ton [76]

1. Report Industry Investment Rating No information provided. 2. Core Views of the Report Copper - The fundamentals of copper show marginal improvement, but there is uncertainty in the macro - environment, leading to price fluctuations within the range of 77,000 - 81,000 yuan/ton. Unilateral operations should be cautious, while domestic inventory reduction is favorable for term positive spreads [6][10]. Aluminum - Shanghai Aluminum continues to oscillate within a narrow range of 20,500 - 20,700 yuan/ton. There is no need to be overly concerned about inventory accumulation before the traditional peak season. The core strategy is to wait for buying opportunities on price pull - backs, and there may be opportunities to layout for increasing volatility in the future [87]. Alumina - Although the price of alumina rose significantly due to news from Shanxi mines during the week, the actual impact is limited. The price may reach equilibrium at the 3,000 - 3,200 yuan/ton platform [88]. 3. Summary by Directory Copper Trading End - Volatility: The volatility of copper in various markets has declined, with COMEX copper price volatility dropping to around 60% [16]. - Term Spreads: The term structure of Shanghai copper has strengthened, while the spot discount of LME copper has widened [19]. - Positions: Shanghai copper and LME copper positions have increased, while international copper and COMEX copper positions have decreased. CFTC non - commercial long net positions have increased [23][29]. - Spot Premiums: Domestic copper spot premiums have strengthened, and Southeast Asian copper premiums have rebounded [32]. - Inventory: Global total copper inventory has increased, but domestic social inventory has decreased [35]. - Position - to - Inventory Ratio: The LME copper position - to - inventory ratio has declined, weakening the logic of spot tightness [38]. Supply End - Copper Concentrate: Import volume has increased year - on - year, and processing fees have marginally rebounded [41]. - Recycled Copper: Import volume has significantly increased year - on - year, domestic production has slightly increased year - on - year. Ticket points are low, the refined - scrap spread has widened, and import losses have narrowed [44][49]. - Blister Copper: Import volume has increased, and processing fees are at a low level [55]. - Refined Copper: Production has increased more than expected, import volume has increased, and the profit of copper spot imports has risen [58]. Demand End - Operating Rate: The operating rate of copper product enterprises in July has weakened month - on - month [63]. - Profit: Copper rod processing fees are at a relatively low level in the same period of history, and copper tube processing fees have weakened [66]. - Raw Material Inventory: The raw material inventory of wire and cable enterprises has remained at a low level [71]. - Finished Product Inventory: The finished product inventory of copper rods has decreased, and the finished product inventory of wire and cable has decreased [74]. Consumption End - Apparent Consumption: Apparent consumption is good, and power grid investment is an important support. Air - conditioner production growth has rebounded, and new energy vehicle production is at a high level in the same period of history [78][81]. Aluminum & Alumina Trading End - Term Spreads: A00 spot premiums have strengthened, while alumina spot premiums have weakened. The near - month spreads of Shanghai Aluminum have remained stable [91][94]. - Positions: Shanghai Aluminum positions have decreased while trading volume has rebounded. Alumina positions and trading volume have both increased significantly [96]. - Position - to - Inventory Ratio: The position - to - inventory ratio of Shanghai Aluminum and alumina has declined [101]. Inventory - Bauxite: Port inventory and inventory days have decreased. The inventory of alumina enterprises has increased in July. Port shipping volume and sea - floating inventory have declined, and outbound and inbound port volumes have slightly decreased [106][111][112]. - Alumina: Inventory has continued to accumulate, and the accumulation rate has increased [88]. - Electrolytic Aluminum: Social inventory has continued to accumulate, but the range is relatively moderate [87]. - Processed Materials: The weekly total output of aluminum plate, strip and foil has continued to decline [87].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The sentiment in the equity market remained high this week, putting more pressure on the capital side of the REITs market. The liquidity continued to weaken, and the index回调幅度较大. The consumer sector showed relatively strong resistance [2]. - Three REITs projects submitted responses to the exchange inquiries this week. Compared with the prospectuses, all three projects lowered the valuations of their underlying assets by 3% to 15%, and made more cautious forecasts and evaluations regarding rent, occupancy rates, and collection rates [2]. 3. Summary According to the Table of Contents 3.1 First - level Market - As of August 15, 2025, 14 REITs had been successfully issued this year (6 in Q1, 4 in Q2, and 4 in July), with a total issuance scale of 27.87 billion yuan, a year - on - year decrease of 4.8% [3]. - This week, 3 new - issue public REITs made progress. The China International Capital Corporation Vipshop Outlet REIT completed the book - building process, with a final issuance price of 3.48 yuan per share, and is expected to raise 3.48 billion yuan based on an issuance volume of 1 billion shares. The Huaxia Kaide Commercial REIT and the CITIC Construction Investment Shenyang International Software Park REIT entered the feedback stage. One REIT expansion project, the Guotai Junan Dongjiu New Economy REIT, also entered the feedback stage [3]. - Currently, in the approval process: (1) For new - issue REITs, 9 have been submitted, 5 have responded to inquiries, and 1 has been registered and is awaiting listing. (2) For expansion REITs, 9 have been submitted, 3 have responded to inquiries, and 3 have passed the review [3]. 3.2 Second - level Market 3.2.1 Market Review - As of August 15, 2025, the CSI REITs Total Return Index (932047.CSI) closed at 1080.91 points, down 1.49% for the week, underperforming the CSI 300 by 3.87 percentage points and the CSI Dividend by 0.39 percentage points. The CSI REITs Total Return Index has risen 11.68% since the beginning of the year, outperforming the CSI 300 and the CSI Dividend by 4.88 and 12.18 percentage points respectively [3]. - By project attribute, equity - type REITs fell 1.24% this week, and concession - type REITs fell 1.53%. By asset type, the data center (+4.72%), consumer (-0.75%), warehousing and logistics (-1.27%), and transportation (-1.34%) sectors performed relatively well. Among individual bonds, 6 rose and 67 fell this week. The Southern Wanguo Data Center REIT (+5.59%), Southern Runze Technology Data Center REIT (+4.26%), and Huaxia China Resources Commercial REIT (+0.62%) led the gainers, while the Industrial and Commercial Bank of China Inner Mongolia Energy Clean Energy REIT (-8.57%), China Merchants Expressway REIT (-4.59%), and China International Capital Corporation Xiamen Anju REIT (-4.56%) were the biggest losers [3]. 3.2.2 Liquidity - The average daily turnover rates of equity - type and concession - type REITs this week were 0.67% and 0.52% respectively, down 15.36 and 1.65 basis points from last week. The trading volumes during the week were 545 million and 144 million shares respectively, down 16.98% and 3.07% week - on - week. The data center sector had the highest activity level [3]. 3.2.3 Valuation - Based on the ChinaBond valuation yields, the yields of equity - type and concession - type REITs were 3.74% and 4.72% respectively. The transportation (5.98%), warehousing and logistics (5.21%), and park (4.28%) sectors ranked among the top [3]. 3.3 This Week's News and Important Announcements - On August 14, 2025, the central bank issued the "Guiding Opinions on Financial Support for New - style Industrialization", stating that it would strengthen digital empowerment of finance, promote the in - depth integration of the digital economy and the real economy, and actively use REITs and other means to broaden the sources of funds for digital infrastructure construction [35]. - There were multiple important announcements this week, including share unlocking announcements for several REITs such as the Hua'an Bailian Consumer REIT and dividend announcements for the China Aviation Jingneng Photovoltaic REIT, Huaxia China Resources Commercial REIT, etc. [35]

| 分级基金简称 代码 | 基准日基金净值 | | 分红方案 | | | --- | --- | --- | --- | --- | | | (元) | | (元/10份) | | | 国泰君安安睿纯倩倩券A 019400 | | 1.02 | | 0.10 | | 国泰君安安睿纯倩恭芬C 022738 | | 1.02 | | 0.10 | 本次分红对象为权益登记日登记在册的本基金所有份额持有人，权益登记日为8月18日，现金红利发放 日为8月20日。选择红利再投资方式的投资者所转换的基金份额将以2025年8月18日基金份额净值为计算 基准确定再投资份额，红利再投资所转换的基金份额将于2025年8月19日直接划入其基金账户，2025年8 月20日起投资者可以查询。根据财政部、国家税务总局的财税字[2002]128号《财政部、国家税务总局 关于开放式证券投资基金有关税收问题的通知》，基金向投资者分配的基金收益，暂免征收所得税。本 基金本次分红免收分红手续费。选择红利再投资方式的投资者其红利所转换的基金份额免收申购费用。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备31010434571030124 ...

资金流向方面，8月15日主力资金净流入2.24亿元，近五个交易日累计净流入1.73亿元。 风险提示：市场有风险，投资需谨慎。 截至2025年8月15日15时，国泰海通最新股价为20.62元，较前一交易日上涨0.42元。当日开盘价为20.13 元，最高触及20.90元，最低下探至20.06元，成交量为245.13万手，成交金额50.46亿元。 国泰海通属于证券行业板块，公司总部位于上海，同时在A股和H股市场上市。公司总市值达3635.08亿 元，流通市值为2782.46亿元。 据公开信息显示，国泰海通上半年实现净利润156.2亿元，在已披露业绩的券商中排名第一。公司于8月 15日通过私人安排回购股份78万股，涉及金额434万元。 ...

国泰海通（601211）(02611)发布公告，于2025年8月15日斥资433.7万元回购78.3万股A股。 ...

表格類別： 股票 狀態： 新提交 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) 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8月15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) | | 601211 | 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 ...