本次会议审议通过了《关于上海国泰君安证券资产管理有限公司与上海海 通证券资产管理有限公司合并的议案》。 表决结果：18票赞成，0票反对，0票弃权。 证券代码：601211 证券简称：国泰海通 公告编号：2025-084 国泰海通证券股份有限公司 第七届董事会第五次会议（临时会议）决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 国泰海通证券股份有限公司（以下简称公司）第七届董事会第五次会议（临 时会议）于2025年7月25日以通讯表决方式召开。本次会议通知及文件于2025年7 月18日以电子邮件方式发出。本次会议应参与表决董事18人，实际参与表决董事 18人。本次会议召集、召开及表决程序符合《中华人民共和国公司法》、公司《章 程》和《董事会议事规则》的有关规定。 本议案已经公司董事会战略及ESG委员会全体成员事前审议通过。 同意公司全资子公司上海国泰君安证券资产管理有限公司吸收合并上海海 通证券资产管理有限公司及相关工作方案；授权公司经营管理层具体办理合并工 作相关事宜。 特此公告。 国泰海通证券股份有限公司董事会 2 ...

Group 1: Private Equity Performance - The top 10 subjective private equity firms have been announced, with notable institutions betting on sectors like DeepSeek, robotics, innovative pharmaceuticals, and new consumption [1] - Among the subjective private equity firms, 9 firms had at least 3 products that met ranking criteria and achieved positive average returns in the first half of the year [1] - Fusheng Asset topped the list with an average return of 45.5%, focusing on new consumption trends where consumers prioritize "quality-price ratio" [1] Group 2: Quantitative Private Equity Growth - The number of quantitative private equity firms has increased to 41, surpassing subjective private equity firms for the first time, leading to a total of 89 billion private equity firms [2] - The top 10 quantitative private equity firms achieved average returns exceeding 15.99%, with Stable Investment leading at 27.2% [2] - The industry is characterized by "scale expansion, performance differentiation, and deepening research and investment," with quantitative firms solidifying their market position through technological innovation [2] Group 3: Market Outlook and Trends - The market showed resilience in the first half of 2025, with a consensus forming around an upward trend for the second half [5][6] - The stock market experienced strong rebounds after significant declines, indicating robust market resilience [5] - Key sectors identified for investment opportunities include innovative pharmaceuticals, new consumption, smart robotics, and precious metals, with innovative pharmaceuticals highlighted as having historical opportunities [7][8] Group 4: Corporate Developments - Credit Suisse Securities has been renamed Beijing Securities following a change in ownership [9][10] - Shenyang Securities has received approval to establish a subsidiary for private investment fund operations, expanding the broker-dealer's private equity footprint [16] - Administrative measures have been taken against Chengdu Fukun Yingchuang for multiple violations, including inadequate employee numbers and failure to fulfill investor suitability management obligations [18]

来源：新浪期货 文章来源:新浪期货 | | | | | 2025年7月25日热轧卷板主力合约2510持仓数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 增减 | 会员 | 持买单 | 增减 | 会员 | 持卖单 | 增减 | | T | 国泰君安 | 302,246 | 30,241 | | 中信期货 188,144 | 1.244 | | 国泰君安 297,779 9,663 | | | 2 | 东证期货 | 204,760 | -5,432 | 国泰君安 | 160,103 | 11,955 | 东证期货 | 103,852 6,091 | | | 3 | 中信期货 | 176,175 | 30,308 | 永安期货 | 93,769 | -9,270 | 国贸期货 | 102,630 5,463 | | | ব | 花素期货 | 82,790 | 19,903 | 东证期货 | 86,638 | 9.045 | 光大期货 | 81,138 | 1, ...

Core Viewpoint - The report highlights a significant increase in the number of securities firms participating in the underwriting of technology innovation bonds (科创债) and a substantial rise in the total underwriting amount in the first half of 2025 compared to the previous year [1][7][8]. Group 1: Underwriting Statistics - A total of 68 securities firms participated in the underwriting of technology innovation bonds, an increase of 23 firms year-on-year [1][8]. - The total amount of technology innovation bonds underwritten reached 3813.91 billion yuan, reflecting a year-on-year growth of over 50% [1][8]. - In comparison, the previous year saw 45 firms underwriting 208 bonds for a total of 2437.31 billion yuan [8]. Group 2: Comparison with Other Bond Types - The underwriting scale of technology innovation bonds was significantly higher than other bond types, with 40 firms underwriting green bonds totaling 594.44 billion yuan and 17 firms underwriting low-carbon transition bonds totaling 83.5 billion yuan [4][5]. - The total amount for rural revitalization bonds was 266.24 billion yuan, while the "Belt and Road" bonds totaled 79 billion yuan [5]. Group 3: Leading Firms in Underwriting - The top five firms in terms of the number of technology innovation bonds underwritten were CITIC Securities, CITIC Jinshi, Guotai Junan, CICC, and Huatai United [9]. - In terms of underwriting amount, the leading firms were also CITIC Securities, CITIC Jinshi, Guotai Junan, CICC, and Huatai United, with CITIC Securities leading at 711.01 billion yuan [9]. Group 4: Policy Impact - The increase in participation and underwriting amounts is attributed to new policies introduced on May 7, 2025, by the People's Bank of China and the China Securities Regulatory Commission, which established a special underwriting evaluation system for technology innovation bonds [10]. - The new regulations aim to enhance the underwriting and market-making mechanisms for technology innovation bonds, thereby increasing their attractiveness to securities firms [10].

Core Viewpoint - As of July 25, 2025, the PVC futures market shows a significant increase in trading volume and a net long position among the top 20 participants, indicating bullish sentiment in the market [1][3]. Group 1: Market Performance - The main contract PVC2509 closed with a price change of +3.19% and a trading volume of 1.8639 million lots [1]. - Total trading volume for all PVC contracts reached 2.2536 million lots, with an increase of 287,000 lots compared to the previous day [1][4]. Group 2: Positioning Data - The top 20 positions in the PVC futures market show a net long position with long positions totaling 751,100 lots and short positions totaling 747,700 lots [1]. - The top three long positions are held by Zhongcai Futures (total position 111,435), Guotai Junan (total position 57,737), and Citic Futures (total position 55,450) [1][4]. - The top three short positions are held by Guotai Junan (total position 162,524), Citic Futures (total position 68,040), and Dongzheng Futures (total position 62,415) [1][4]. Group 3: Changes in Positions - Among the top 20 long positions, the largest increases were seen in Citic Futures (+3,848), Huishang Futures (+1,829), and Guotai Junan (+1,620) [1]. - The largest decreases in long positions were recorded by Everbright Futures (-1,967), Wucai Zhongda (-1,734), and Huatai Futures (-1,724) [1]. - For short positions, Guotai Junan saw the largest increase (+8,858), followed by Dongzheng Futures (+3,325) and Citic Jiantou (+3,003) [1].

Core Insights - The main contract for manganese silicon (2509) closed at a price increase of 8.02% as of July 25, with a trading volume of 877,100 contracts and a net short position of 97,068 contracts among the top 20 positions [1]. Trading Volume and Positions - Total trading volume for all manganese silicon contracts reached 1,211,800 contracts, an increase of 722,700 contracts from the previous day [1]. - Among the top 20 positions, long positions totaled 446,800 contracts, up by 53,500 contracts, while short positions totaled 564,800 contracts, an increase of 86,700 contracts [1]. Major Players - The top three long positions were held by: - CITIC Futures with a total position of 63,237 contracts, an increase of 10,491 contracts - Dongzheng Futures with 56,757 contracts, an increase of 4,385 contracts - Guotai Junan with 56,411 contracts, a decrease of 5,149 contracts [1][3]. - The top three short positions were held by: - Dongzheng Futures with 110,931 contracts, an increase of 16,204 contracts - Guotai Junan with 77,582 contracts, an increase of 15,503 contracts - CITIC Futures with 70,919 contracts, an increase of 11,259 contracts [1][4]. Changes in Positions - The top three long position increases were: - CITIC Futures with an increase of 10,491 contracts - Huazheng Futures with an increase of 6,019 contracts - Dongwu Futures with an increase of 4,838 contracts [1]. - The top three long position decreases were: - Guotai Junan with a decrease of 6,256 contracts - Galaxy Futures with a decrease of 1,561 contracts - Wukuang Futures with a decrease of 1,012 contracts [1]. - The top three short position increases were: - Dongzheng Futures with an increase of 16,204 contracts - Guotai Junan with an increase of 12,998 contracts - Huatai Futures with an increase of 7,986 contracts [1]. - The top two short position decreases were: - Zhongcai Futures with a decrease of 567 contracts - Shanghai Zhongqi with a decrease of 216 contracts [1].

主力合约前20席位中，空头增仓前三名分别是：宏源期货、持仓4631、增仓966，中信建投、持仓2678、增仓380，申银万国、持 仓1573、增仓268；空头减仓前三名分别是：东证期货、持仓13379、减仓-578，中信期货、持仓11878、减仓-555，海通期货、持 仓2815、减仓-358。 文章来源:新浪期货 | | | | | 2025年7月25日30年期国债期货主力合约2509持仓数据- | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 壇減 | | 会员 持买单 | 増減 | 会员 | 持卖单 | 増減 | | ਹ | 中信期货 | 61,709 | 8,591 | 中信期货 | 20,532 | -94 | 国泰君安 | 13,716 | 226 | | 2 | 东证期货 | 38,023 | 426 | 国泰君安 | 14,490 | ela | 东证期货 | 13.379 | -578 | | 3 | 国泰君安 | 32,977 | 6,112 | ...

根据合并数据显示，多头前三席位为国泰君安，总持仓91566、中信期货，总持仓67399、东证期货，总持仓61862；空头前三席位 为国泰君安，总持仓157513、永安期货，总持仓141873、东证期货，总持仓113428； 主力合约前20席位中，多头增仓前三名分别是：中辉期货、持仓18277、增仓5160，永安期货、持仓25188、增仓4737，中信期 货、持仓37599、增仓3571；多头减仓前三名分别是：招商期货、持仓12734、减仓-3745，东方财富、持仓13763、减仓-2683，银 河期货、持仓20865、减仓-2330； 主力合约前20席位中，空头增仓前三名分别是：永安期货、持仓83083、增仓9148，融达期货、持仓14422、增仓7499，招商期 货、持仓18201、增仓6596；空头减仓前三名分别是：中信期货、持仓54375、减仓-22344，华泰期货、持仓24727、减仓-14259， 国泰君安、持仓102029、减仓-12878。 文章来源:新浪期货 2025年7月25日纯碱主力合约2509持仓数据一览 | | 名次 会员名称 成交量(双边) | | 增减 | 会员 | 持买单 | 增 ...

Core Viewpoint - The launch of the "Lingxi" AI app by Guotai Junan marks a significant advancement in the integration of AI technology within the securities industry, enhancing the investment experience and driving innovation in Shanghai's financial and tech sectors [1][4][6]. Group 1: Company Developments - Guotai Junan has introduced the first full AI intelligent app in the securities industry, "Lingxi," following its absorption merger, representing a major milestone in its business development [1]. - The app aims to transform the service model in the securities industry by integrating professional capabilities, service efficiency, and personalized experiences [4]. - The app features three intelligent service interfaces: dialogue, live streaming, and market monitoring, designed to enhance user experience and support seamless transitions across multiple screens [4][5]. Group 2: Industry Impact - The launch of the Lingxi app is seen as a bridge connecting finance and technology, enhancing Shanghai's competitiveness and innovation on the international financial stage [7]. - The app showcases the potential of AI technology in the securities sector, attracting more tech companies to invest in AI and finance intersection research, and stimulating innovation [8]. - By offering personalized financial services through AI-driven features, the app elevates the overall service level in the securities industry and sets a benchmark for other firms to follow [9].

Core Insights - ByteDance's Seed team launched the GR-3 general robot model, which shows superior operational performance in new environments and object handling compared to the GR-2 model set to release in October 2024 [1][2] - The GR-3 model demonstrates significant improvements in generalization and complex task execution success rates over the industry-leading embodied model π0 [1][4] Model Architecture and Training - The GR-3 model utilizes a MoT+DiT network structure, integrating the "vision-language module" and "action generation module" into a 4 billion parameter end-to-end model, enhancing dynamic instruction following through RMSNorm [2] - The training methodology for GR-3 includes a three-in-one data training approach, utilizing high-quality remote operation data, low-cost human VR trajectory data, and publicly available image-text data to improve generalization capabilities [2] Hardware Development - To maximize the potential of the GR-3 model, ByteDance introduced the ByteMini, a dual-arm mobile robot designed specifically for GR-3, featuring 22 degrees of freedom and a unique wrist ball joint design for enhanced flexibility [3] - The ByteMini includes a multi-camera coordination system for comprehensive situational awareness and a whole-body motion control system to ensure smooth trajectory generation and adaptive force adjustment during tasks [3] Performance Comparison - In comparative testing, GR-3 outperformed π0 in four categories: basic environment, new environment, complex instructions, and new objects, achieving a 17.8% higher success rate in new object handling [4] - GR-3 can elevate the success rate of new object operations from 60% to over 80% with just 10 human trajectory data points, showcasing its high generalization and complex task execution capabilities [4]