Core Viewpoint - As of August 12, the Shanghai Stock Exchange 50 Index futures main contract closed at 2509, with a change of +0.61%, and a trading volume of 36,500 contracts, indicating a net short position among the top 20 positions with a difference of 10,723 contracts [1][2]. Group 1: Trading Volume and Positions - The total trading volume for all contracts was 57,400 contracts, an increase of 8,277 contracts from the previous day [1]. - The top 20 positions showed a long position of 65,000 contracts, a decrease of 1,400 contracts from the previous day [1]. - The top 20 positions had a short position of 81,000 contracts, a decrease of 1,056 contracts from the previous day [1]. Group 2: Major Players - The top three long positions were held by Guotai Junan with a total holding of 12,328 contracts, CITIC Futures with 10,449 contracts, and Galaxy Futures with 4,033 contracts [1]. - The top three short positions were held by CITIC Futures with 18,378 contracts, Guotai Junan with 12,633 contracts, and GF Futures with 9,283 contracts [1]. - The top three long position increases were from Huawen Futures (+234 contracts), Yong'an Futures (+135 contracts), and Everbright Futures (+115 contracts) [1]. Group 3: Changes in Positions - The top three long position decreases were from Dongzheng Futures (-215 contracts), Huatai Futures (-207 contracts), and GF Futures (-144 contracts) [1]. - The top three short position increases were from Bank of China Futures (+302 contracts), Nanhua Futures (+168 contracts), and招商期货 (+160 contracts) [1]. - The top three short position decreases were from Huatai Futures (-309 contracts), Guotai Junan (-94 contracts), and Guoxin Futures (-147 contracts) [1].

Core Insights - The main contract for the 30-year Treasury futures closed at 2509 on August 12, with a decrease of 0.31% and a trading volume of 123,200 contracts [1] - The total trading volume for all contracts reached 166,300, an increase of 1,950 contracts from the previous day [1] - The top 20 positions showed a net long position with a difference of 3,781 contracts [1] Group 1: Trading Volume and Positions - The total trading volume for the main contract was 166,300 contracts, with a daily increase of 1,950 contracts [1] - The top 20 long positions totaled 122,300 contracts, a decrease of 526 contracts from the previous day [1] - The top 20 short positions totaled 121,400 contracts, an increase of 344 contracts from the previous day [1] Group 2: Major Players - The top three long positions were held by Citic Futures (25,863 contracts), Guotai Junan (15,880 contracts), and Dongzheng Futures (13,035 contracts) [1] - The top three short positions were also held by Citic Futures (18,028 contracts), Guotai Junan (15,660 contracts), and Dongzheng Futures (10,773 contracts) [1] - The largest increase in long positions was seen in Guojin Futures (2,933 contracts, +498), Galaxy Futures (5,996 contracts, +382), and Shenyin Wanguo (3,904 contracts, +318) [1] Group 3: Changes in Positions - The largest decrease in long positions was from Citic Futures (12,553 contracts, -3,242), Ping An Futures (4,874 contracts, -729), and Huatai Futures (3,750 contracts, -490) [1] - The largest increase in short positions was from Baocheng Futures (2,686 contracts, +777), Dongzheng Futures (8,226 contracts, +237), and Guoyuan Futures (1,718 contracts, +199) [1] - The largest decrease in short positions was from Citic Jiantou (1,445 contracts, -1,590), Guotai Junan (9,862 contracts, -1,153), and Galaxy Futures (5,647 contracts, -590) [1]

根据合并数据显示，多头前三席位为国泰君安，总持仓98834、中信期货，总持仓90514、东证期货，总持仓71393；空头前三席位 为永安期货，总持仓175870、国泰君安，总持仓170257、中信期货，总持仓160020； 主力合约前20席位中，多头增仓前三名分别是：中信期货、持仓48795、增仓9182，海通期货、持仓24461、增仓7052，招商期 货、持仓19542、增仓6732；多头减仓前三名分别是：中泰期货、持仓18129、减仓-3199，中信建投、持仓26576、减仓-2998，国 泰君安、持仓54278、减仓-2057； 主力合约前20席位中，空头增仓前三名分别是：浙商期货、持仓48807、增仓16779，方正中期、持仓40385、增仓6868，东证期 货、持仓83592、增仓5869；空头减仓前三名分别是：中信期货、持仓80732、减仓-16479，瑞达期货、持仓14359、减仓-6815， 中泰期货、持仓21191、减仓-3842。 文章来源:新浪期货 新浪期货 根据交易所数据，截至8月12日收盘主力合约纯碱2601,涨跌+5.31%,成交量323.56万手，持仓数据显示前20席位呈现净 空 ...

Group 1 - The main contract for alumina (2509) closed at a price increase of 4.16% as of August 12, with a trading volume of 296,300 contracts and a net long position of 428 contracts among the top 20 positions [1][2] - Total trading volume for all alumina contracts reached 696,100 contracts, an increase of 356,700 contracts compared to the previous day [1][3] - Among the top 20 positions, long positions totaled 239,200 contracts, up by 16,300 contracts, while short positions totaled 269,500 contracts, an increase of 7,117 contracts [1][4] Group 2 - The top three long positions were held by Dongzheng Futures (21,383 contracts), CITIC Futures (18,350 contracts), and Guotai Junan (18,074 contracts) [1][3] - The top three short positions were held by Guotai Junan (37,564 contracts), Galaxy Futures (20,764 contracts), and CITIC Futures (20,347 contracts) [1][4] - The largest increase in long positions among the top 20 was seen in CITIC Futures (7,295 contracts, up by 2,473 contracts), while the largest decrease was in Dongzheng Futures (3,350 contracts, down by 1,903 contracts) [1][3]

7月30日美国对巴西木浆豁免加征40%关税，避免了对中国的潜在供给端影响，浆价看多预期边际抬 升。8月1日Bracell宣布计划9-11月将一条阔叶浆产线转产溶解浆70天，预计将减少30万吨阔叶浆产量， 8月6日Suzano宣布从即日起的未来12个月，公司商品浆产量将降低3.5%，国际浆厂陆续公布减产、转 产提振市场信心，为外盘重心上移提供支撑。 箱瓦纸龙头多轮提价，7月底至8月初提价加速落地 7月以来玖龙多个基地发布多轮提价函，牛卡箱板纸报价累计提涨30-140元/吨，瓦楞纸报价累计提涨60- 140元/吨，带动华东、华北、华中再生箱板纸累计涨幅60-85元/吨，AA级高瓦累计涨幅105-130元/吨。 从提价落地节奏来看，7月底落地明显加速，该行认为主要由于成本端国废价格稳步抬升，促使7月中下 旬起小厂积极跟随涨价。 瓦楞纸价格涨幅逐步赶上成本涨幅，盈利开始回升 25年一季度箱瓦纸盈利见顶，7月纸价回升幅度不及成本涨幅，盈利下行，8月瓦楞纸涨幅逐步赶上成本 涨幅，盈利开始回升，箱板纸由于前期主要以再生箱板纸上涨为主，高端箱板纸涨幅有限，总体盈利仍 在收窄。 美对巴西木浆关税豁免，龙头浆厂宣布转产、减产，支 ...

Core Insights - In 2021, 50 securities firms acted as lead underwriters for green corporate bonds or managed green asset securitization products, underwriting a total of 102 bonds/products amounting to 137.646 billion yuan [1] - The issuance amount for green corporate bonds (including green asset securitization products) increased by over 50% compared to 2020, while the total underwriting amount for innovative and entrepreneurial company bonds grew by more than 154% [1] Group 1: Green Corporate Bonds - The top five firms in terms of the number of green corporate bonds underwritten were CITIC Securities, Dongwu Securities, CICC, Guotai Junan, and Huatai Asset Management, each underwriting more than 5 bonds [2] - CITIC Securities led with an average of 10.67 bonds underwritten [2] - In terms of issuance amount, CICC, CITIC Securities, Huatai Asset Management, CITIC Jiantou, and Huatai United ranked in the top five, with amounts exceeding 7 billion yuan [2] Group 2: Innovative and Entrepreneurial Company Bonds - The top five firms for the number of innovative and entrepreneurial company bonds underwritten were Dongwu Securities, Caixin Securities, Guotai Junan, Changjiang Securities, and CITIC Securities [2] - Guotai Junan was the only firm with an issuance amount exceeding 5 billion yuan [2] Group 3: Local Government Bonds - The leading firms in terms of actual bid amounts for local government bonds were CITIC Securities, Huatai Securities, Dongfang Securities, Huaxi Securities, and Jiuzhou Securities, each with amounts exceeding 19 billion yuan [2] - In terms of the number of regions bid, Shenwan Hongyuan, Everbright Securities, and Guotai Junan ranked in the top three, each covering more than 30 regions [2]

又到一年人才招聘的"金三银四"，证券公司已大规模开启社招及校招。在"行业发展韧性十足"背景 下，众多从业人员持续坚守，同时也不断吸引着大批人才涌入。 目前，券商"万人俱乐部"增至6家，年内超3200人进入证券业，在传统的"跳槽季"中展现出不一样 的风采。在主营业务线中，分析师、投资顾问、保荐代表人的从业者人数呈增长态势。 "万人俱乐部"增至6家 记者对证券业从业人员相关数据梳理后发现，截至3月21日，131家证券公司的从业人员总数为 34.49万人。其中，今年以来共有3210人进入证券业。 对此，中信改革发展研究基金会研究员赵亚赟在接受《证券日报》记者采访时表示："券商近年来 业绩不断向好，行业非常有吸引力。现在证券公司不断扩张，人手不足的现象突出，人才需求缺口很 大。" 从券商从业人员总数来看，今年"万人俱乐部"迎来新成员——中国银河，增至6家。具体来看，中 信证券（1.31万人）、国信证券（1.14万人）、广发证券（1.14万人）、国泰君安（1.1万人）、中信建 投（1.06万人）、中国银河（1万人）。 增员方面，年内已有11家券商从业人员数量增长均超过100人。其中，券商龙头中信证券在不断扩 大业务规模 ...

截至记者发稿，有26家上市券商披露了2021年年报，占比63%，业绩表现各有千秋。"大而强"的头部券 商仍保持业绩稳定增长，已有9家上市券商跻身净利润"百亿元俱乐部"；其中，"券商一哥"中信证券以 765.24亿元的营业收入、231亿元的净利润遥遥领先，同比分别增长40.71%、55.01%；国泰君安、华泰 证券、海通证券、招商证券、广发证券、中金公司、中国银河和中信建投净利润均超100亿元，分别 为：150.13亿元、133.46亿元、128.27亿元、116.45亿元、108.54亿元、107.78亿元、104.3亿元、102.39 亿元。与上年相比，"百亿元俱乐部"增加了招商证券、中国银河、中信建投、中金公司。 随着首批上市券商2021年年报的披露，业绩轮廓已逐步显现，行业继续演绎"强者恒强"的竞争格局，已 有9家头部券商迈入净利润"百亿元俱乐部"。同时，部分中小券商已逐步打开局面，形成差异化竞争优 势。 如今，不少特色化中小券商正在创造更多惊喜，2021年，中原证券自营业务、投行业务的营业收入分别 同比大增365.61%、245.9%。同时，中银证券的资管收入、浙商证券的投行收入，均创出历史新高。 对 ...

上市券商2021年年报正在披露中，其子公司的"战绩"也陆续亮相。其中，总会看到不少"抢风头"的 子公司，部分券商子公司一年的净利润已经大幅超越不少上市公司。 目前，至少有46家券商全资子公司2021年的净利润均超1亿元，其中，海通证券全资子公司海通开 元投资暂列第一。同时，券商参控股公募基金公司方面，有5家券商系公募基金对券商净利润的贡献超 10%。 46家上市券商 全资子公司净利均超1亿元 近年来，证券业高质量发展迎来重要机遇期，子公司的发展是重要一环。《证券日报》记者结合 Wind数据及年报不完全统计，至少有46家券商全资子公司2021年的净利润均超1亿元，其中有8家全资 子公司的净利润均超10亿元。海通证券全资子公司海通开元投资以25.53亿元的净利润暂列第一；中信 证券全资子公司中信证券投资实现净利润24.12亿元，暂列第二；来自海通证券旗下的海通创新以16.83 亿元的净利润暂列第三。第四位至第八位分别是华泰国际、华泰资管、广发乾和、国泰君安金融控股、 招商证券投资。 目前，在26家已披露2021年年报的上市券商中，净利润超过10亿元的共有19家。也就是说，有7家 券商的净利润"不如"这些券商子公司 ...

4月底以来，A股市场持续回暖，市场成交额不断回升、北向资金加速流入等多个积极信号显现。 展望后市，机构普遍持较为积极的态度。短期来看，市场对基本面改善预期不断强化。中长期角度，基 本面与企业盈利将实现企稳回升。 市场成交活跃度提升 6月29日，A股市场震荡走低，此前表现活跃的新能源、有色金属、半导体等板块回调。截至当日 收盘，上证指数收报3361.52点，收跌1.4%，深证成指收报12696.50点，收跌2.2%，创业板指收报 2768.61点，收跌2.53%。 自4月底以来，A股市场整体呈现反弹格局。Wind数据显示，截至6月29日收盘，自4月27日底部位 置以来，上证指数、深证成指和创业板指分别上涨16.46%、24.39%和28.74%，与此同时，上证50、沪 深300和科创50指数也出现明显反弹，区间涨幅分别达到了12.24%、16.84%和25.64%。 从行业来看，以新能源为代表的行业企业在本轮反弹中表现突出。据统计，4月27日以来，申万一 级行业指数中，电力设备涨超50%，汽车涨超46%，有色金属、国防军工和机械设备行业涨超30%，基 础化工、电子行业涨超25%。 市场回暖的同时，6月以来A股市 ...