Group 1 - The company, New Point Software, has released a voluntary disclosure of its performance forecast for the first half of 2025, expecting a revenue of 670.28 million yuan, a decrease of 14.52% year-on-year [1] - The net profit attributable to the parent company is projected to be between -74.20 million yuan and -49.46 million yuan, indicating an increase in losses by 25.80 million yuan to 50.53 million yuan compared to the same period last year, with a year-on-year increase in loss margin of 109.02% to 213.52% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between -122.10 million yuan and -81.40 million yuan, reflecting an increase in losses by 7.10 million yuan to 47.80 million yuan compared to the previous year, with a year-on-year increase in loss margin of 9.55% to 64.33% [1] Group 2 - New Point Software was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on November 17, 2021, with an initial public offering of 82.50 million shares at a price of 48.49 yuan per share, currently in a state of decline [2] - The total amount raised from the initial public offering was 4.00 billion yuan, with a net amount of 3.83 billion yuan, exceeding the original fundraising target by 0.93 billion yuan [2] - The funds were intended for various projects including underlying technology research, software platform upgrades, and construction of research and operation centers, among others [2]

来源：国泰海通证券研究 导读 政策依旧留有后手，密切关注外部风险可能的反复和国内基本面的变化，以及"十五五"规划中确定性的产业线索。 投资要点 中共中央政治局7月30日召开会议，决定2025年10月召开中共四中全会，研究制定"十五五"规划的建议，并分析研究当前经济形势和部署下半年经济工 作。总的来看有三个特征：一是对内外部形势的判断相较4月政治局会议更加积极；二是强调政策连续性，下半年有望迎来"适时加力"的窗口期；三是适 逢"十五五"规划起草在即，政策兼顾短期稳增长和长期促改革。与2020年7月政治局会议对"十四五"的相关表述相比，亮点是增加了"推动人的全面发展、 全体人民共同富裕迈出坚实步伐"的表述，这与此前强调的"投资于人"一脉相承。 从对下半年工作的具体部署来看，有以下几个亮点： 第一，对财政和货币政策的要求从"用好用足"转变为"落实落细"，"充分释放政策效应"。财政政策方面，会议要求"提高资金使用效率"；货币政策方面， 则要求"用好各项结构性货币政策工具"。在二季度各项宏观政策已经在加速落实的背景下，下半年将更加关注政策效果。 第二，"反内卷"淡化"低价"，置于全国统一大市场建设的总体布局之中。与中央 ...

Core Viewpoint - The hot-rolled coil futures market shows a mixed sentiment with a slight increase in the main contract price, while the overall positions indicate a net short among the top 20 positions [1][3]. Trading Volume and Positions - As of July 30, the main contract for hot-rolled coil (2510) closed with a price change of +0.81%, and the trading volume reached 1.3374 million contracts, with total transactions across all contracts amounting to 1.7719 million contracts, an increase of 438,200 contracts from the previous day [1][3]. - The top 20 positions show a total long position of 1.7434 million contracts, a decrease of 17,000 contracts, while the total short position increased to 1.8482 million contracts, an increase of 8,142 contracts [1][3]. Major Players - The top three long positions are held by Guotai Junan with a total holding of 227,678 contracts, CITIC Futures with 224,154 contracts, and Everbright Futures with 145,677 contracts [1][3]. - The top three short positions are also led by Guotai Junan with 401,739 contracts, followed by Dongzheng Futures with 142,390 contracts, and Everbright Futures with 122,151 contracts [1][3]. Changes in Positions - Among the top 20 positions, the largest increase in long positions was seen in Yong'an Futures with an increase of 8,372 contracts, followed by Dadi Futures with an increase of 4,694 contracts, and Zhongtai Futures with an increase of 3,907 contracts [1][3]. - Conversely, the largest decreases in long positions were recorded by Dongzheng Futures with a reduction of 19,419 contracts, Guotai Junan with a decrease of 10,192 contracts, and CITIC Futures with a decrease of 9,293 contracts [1][3]. - For short positions, the largest increases were in Dongzheng Futures with an increase of 3,615 contracts, Yide Futures with an increase of 3,145 contracts, and Beijin Futures with an increase of 2,288 contracts [1][3]. - The largest decreases in short positions were noted in CITIC Futures with a reduction of 21,691 contracts, Yong'an Futures with a decrease of 2,646 contracts, and Guotai Junan with a decrease of 2,222 contracts [1][3].

互联网券商基于散户流量优势为交易所提供流动性，留存客户资产的PFOF模式更有利于业务场景的拓 展。1）流动性是开展加密资产交易业务的核心。为满足对冲基金等机构客户高频交易的需求，交易所 通过做市提供流动性，导致盈利波动；2）互联网券商基于自身在零售客户流量层面的优势，通过将散 户交易流量接入交易所提供流动性。业务模式上，Robinhood以PFOF模式将客户订单打包出售给做市 商，赚取点差，同时为零售客户提供免佣交易；富途、老虎将客户流量接入交易所交易，向零售客户收 取手续费，费率（0.08%/0.05%）低于零售客户在交易所交易费率（0.1%-0.3%）。3）PFOF模式将客户 资产留存于券商账户上，更有利于业务场景的拓展。Robinhood提供加密资产质押、自我托管钱包等业 务场景，并推动股票代币化业务创新。 风险提示：加密资产市场价格大幅波动；监管政策变化。 券商进军加密货币交易市场，满足零售客户对便捷化、低佣金的需求。1) 加密货币交易由对冲基金与 散户主导，主要通过顶级中心化交易所实现。截至2025年Q2 69%的比特币由个人持有，交易量上看约 80%的交易量来自于对冲基金等高频交易的机构投资者，散 ...

7月28日，康尼机电（603111.SH）公告称，收到南京市中级人民法院送达的1名机构投资者诉公司证券 虚假陈述责任纠纷案件的一审《民事判决书》【（2022）苏01民初928号】，其中，判决赔偿损失 3290.79万元。《民事判决书》显示，被告除康尼机电外，还有国泰海通、苏亚金诚、东洲评估、嘉源 律所、陈某、高某等，被判分别在50%、40%、15%、2%、2%、2%范围内承担连带责任。 康尼机电称，上述判决书为待生效的一审判决，公司拟提起上诉。 不过，截至上述公告日，共有17名投资者对康尼机电提起了索赔诉讼，累计诉请金额为38263.29万元， 均已下达一审判决，一审判决康尼机电负担的赔偿损失和案件受理费合计金额为8314.65万元。其中， 在一审民事判决书【（2022）苏01民初3953号】中，判决国泰海通对康尼机电负担的赔偿损失和案件受 理费合计金额为54.77万元，在50%范围内承担连带责任。目前康尼机电已对9名普通投资者履行完毕赔 偿义务，合计赔偿金额为139.48万元。 中经记者 罗辑 北京报道 针对上述公告涉及的证券虚假陈述责任纠纷案件，除上述17件案件外，康尼机电对法院已受理但尚未立 案的其他4 ...

Group 1: Central Enterprises in Shanghai - Shanghai is home to 7 central enterprises, including China Shipbuilding Group, China Baowu Steel Group, and China Ocean Shipping Group, which have significant contributions to their respective industries [3][4][7][9]. - China Shipbuilding Group has a registered capital of 110 billion yuan, employs 347,000 people, and has an annual revenue of 361.9 billion yuan [3]. - China Baowu Steel Group has a registered capital of 52.791 billion yuan, employs 260,000 people, and has an annual revenue of 1,087.7 billion yuan [4]. - China Ocean Shipping Group has a registered capital of 11 billion yuan, employs 130,000 people, and has an annual revenue of 651.7 billion yuan [7]. - China Eastern Airlines Group has a registered capital of 25.287 billion yuan, employs 75,000 people, and has an annual revenue of 84 billion yuan [9]. - Commercial Aircraft Corporation of China has a registered capital of 50.101 billion yuan, employs 10,000 people, and has an annual revenue of 10.5 billion yuan [11]. - China Electrical Equipment Group has a registered capital of 30 billion yuan, employs 15,000 people, and has an annual revenue of 100 billion yuan [13]. - Bank of Communications, the first state-owned commercial bank, has a registered capital of 74.2 billion yuan, employs 90,000 people, and has an annual revenue of 403.9 billion yuan [15]. Group 2: Other State-Owned Enterprises in Shanghai - Shanghai hosts 45 state-owned enterprises, with notable examples including Shanghai International Group, Shanghai Guosheng Group, and Shanghai Shentong Metro Group [17]. - Shanghai International Group has a registered capital of 30 billion yuan, employs 15,000 people, and has an annual revenue of 725 million yuan [17]. - Shanghai Guosheng Group has a registered capital of 20.066 billion yuan, employs 5,000 people, and has an annual revenue of 1 billion yuan [17]. - Shanghai Shentong Metro Group has a registered capital of 290 million yuan, employs 15,000 people, and has an annual revenue of 402 million yuan [17]. - China Pacific Insurance Group has a registered capital of 9.62 billion yuan, employs 110,000 people, and has an annual revenue of 455 billion yuan [17]. - Shanghai Pudong Development Bank has a registered capital of 29.352 billion yuan, employs 59,000 people, and has an annual revenue of 173.434 billion yuan [17]. - Guotai Junan Securities, one of China's largest securities firms, has a registered capital of 8.905 billion yuan, employs 14,000 people, and has an annual revenue of 35.471 billion yuan [17]. - Shanghai Automotive Industry Corporation has a registered capital of 11.575 billion yuan, employs 200,000 people, and has an annual revenue of 744 billion yuan [17]. - Shanghai Electric Group has a registered capital of 15.579 billion yuan, employs 29,000 people, and has an annual revenue of 117.6 billion yuan [17]. - Shanghai Huayi Group has a registered capital of 12.131 billion yuan, employs 11,600 people, and has an annual revenue of 38.937 billion yuan [17].

根据合并数据显示，多头前三席位为国泰君安期货，总持仓38974、中信期货，总持仓34281、中信建投，总持仓25533；空头前三 席位为国泰君安期货，总持仓46927、永安期货，总持仓46177、浙商期货，总持仓35277； 主力合约前20席位中，多头增仓前三名分别是：南华期货、持仓3971、增仓340，华泰期货、持仓7303、增仓282，渤海期货、持 仓3155、增仓238；多头减仓前三名分别是：东证期货、持仓11152、减仓-8150，国泰君安期货、持仓25901、减仓-3352，一德期 货、持仓3851、减仓-3153； 新浪期货 根据交易所数据，截至7月30日收盘主力合约工业硅2509,涨跌+2.20%,成交量60.52万手，持仓数据显示前20席位呈现净 空，差额头寸为35730手。 工业硅期货全合约总计成交105.56万手，比上一日新增3.81万手。全合约前20席位多头持仓36.23万手，比上一日减少1.16万手。全 合约前20席位空头持仓42.90万手，比上一日减少6891手。 | | 名次 会员名称 成交量(双边) | | 増減 | | 会员 | 增减 | 会员 | 持卖单 | 增减 | | - ...

国泰海通发布研报称，钢铁行业需求有望逐步触底;供给端即便不考虑供给政策，目前行业亏损时间已 经较长，供给的市场化出清已开始出现，该行预期钢铁行业正在逐步走出底部。而若供给政策落地，行 业供给的收缩速度更快，行业上行的进展将更快展开。维持行业"增持"评级。长期来看，产业集中度提 升、促进高质量发展是未来钢铁行业发展的必然趋势，具有产品结构与成本优势的钢企将充分受益;在 环保加严、超低排放改造与碳中和背景下，龙头公司竞争优势与盈利能力将更加凸显。 国泰海通主要观点如下： 需求环比下降，但总库存仍维持下降 地产持续下行，导致地产端用钢需求占比下降，该行预期地产对需求的负向拖拽将逐渐减弱;基建、制 造业端需求有望平稳增长。出口方面，1-6月我国钢材出口量仍维持同比增长，同比增幅9.2%。总体来 看，该行预期钢铁需求有望逐步企稳。供给端来看，行业自2022Q3开始亏损，目前仍有约40%钢企亏 损，供给市场化出清已开始出现，行业正在逐步走出底部。7月18日，工信部总工程师谢少锋在国新办 新闻发布会上表示"钢铁、有色金属、石化、建材等十大重点行业稳增长工作方案即将出台，工业和信 息化部将推动重点行业着力调结构、优供给、淘汰 ...

| | | | | 2025年7月30日菜粕全合约持仓数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 壇減 | | 会员 持买单 | 增减 | 会员 | 持卖車 | 增减 | | J | 东证期货 | 153,955 | 47.444 | 中信期货 | 88,346 | 545 | 国泰君安 | 54.552 | 1,458 | | 2 | 中信期货 | 132,501 | 34,899 | 摩根大通 | 59,280 | 5,970 | 中信期货 | 52,710 | -3,302 | | 3 | 广发期货 | 79,751 | 27.193 | 乾坤期货 | 55.735 | 3,384 | 中粮期货 | 47,767 | -2,278 | | 4 | 国泰君安 | 67,747 | -9,167 | 东证期货 | 43,537 | 4.463 | 东证期货 | 33,432 | -86 | | 5 | 光大期货 | 51,285 | 6.549 | ...

Core Insights - As of July 30, 2025, the main contract for coking coal (2601) experienced a price increase of 5.88%, with a trading volume of 1.6979 million lots and a net short position of 55,585 lots among the top 20 positions [1][3]. Trading Volume and Positions - The total trading volume for all coking coal contracts reached 3.7389 million lots, an increase of 776,700 lots compared to the previous day [1][4]. - Among the top 20 positions, long positions totaled 431,400 lots, an increase of 24,400 lots, while short positions totaled 525,200 lots, an increase of 30,300 lots [1][4]. Major Players - The top three long positions were held by Guotai Junan (55,446 lots), CITIC Futures (54,518 lots), and Yong'an Futures (36,144 lots) [1][4]. - The top three short positions were also held by Guotai Junan (73,115 lots), CITIC Futures (66,242 lots), and Yide Futures (34,436 lots) [1][4]. Changes in Positions - The top three increases in long positions were from Guotai Junan (8,636 lots), GF Futures (4,698 lots), and Galaxy Futures (2,397 lots) [1][3]. - The top two decreases in long positions were from Zhongtai Futures (-2,045 lots) and Founder Futures (-646 lots) [1][3]. - The top three increases in short positions were from CITIC Futures (8,605 lots), Guotai Junan (6,137 lots), and Shenyin Wanguo (4,218 lots) [1][3]. - The top two decreases in short positions were from Galaxy Futures (-415 lots) and COFCO Futures (-226 lots) [1][3].