中国证券业协会（以下简称"协会"）近期密集发布了即将于今年9月生效的《证券公司全面风险管理规范（修订稿）》（以下简 称《规范》）与未来三年分批实施的《证券公司并表管理指引（试行）》（以下简称《指引》）。 公司治理 自2020年3月，证监会公布中金公司、招商证券、中信证券、华泰证券、中信建投、国泰君安等6家证券公司实施并表监管试点 （以下简称"试点机构"），到《指引》发布已历经5年的实践。试点机构通过不断加强并表管理，都显著积累了更多的人才、技 术和系统等资源，全面提升了经营稳健性与合规风控能力。对很多排名靠前的券商而言，这次《指引》的发布可谓"千呼万唤始 出来"，是他们多年来厉兵秣马、翘首企盼的春风。 笔者曾参与2019年底的并表监管试点评审，并在此之后与多家券商就并表管理及试点券商的实践进行过交流。《指引》并非简 单将当年的评审规则从试点机构套用到对全行业的并表监管上，而是扩大了并表管理边界，从狭义的以风险为主体的并表管理 拓展为广义的全要素并表管理，从局部试点延展至全面规范。《指引》旨在引导证券公司完善并表管理架构和模式，加强对子 公司及业务条线的"垂直化"管理，更全面、及时、有效地识别并管控风险，从而促 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 1 公告基本信息 ■ 注：1、国泰君安安弘六个月定期开放债券型证券投资基金（以下简称"本基金"）为定期开放基金，根 据基金合同的规定，本基金的封闭期为自基金合同生效之日（含）起或者自每一个开放期结束之日次日 （含）起6个月的期间内，本基金采取封闭运作模式。本基金的第一个封闭期为自基金合同生效日 （含）起，至基金合同生效日后的第6个月度对日的前一日（含）止；后续每个封闭期为自开放期结束 之日次日（含）起，至该开放期结束之日次日的第6个月度对日的前一日（含）止。本基金在封闭期内 不办理申购与赎回业务，也不上市交易。 本基金自每个封闭期结束后第一个工作日（含）起进入开放期，期间可以办理申购与赎回业务。本基金 每个开放期不少于5个工作日并且最长不超过20个工作日，具体时间由基金管理人在每个开放期前依照 《信息披露办法》的有关规定在规定媒介上予以公告。若由于不可抗力或其他原因导致原定开放期起始 日或开放期内不能办理基金的申购与赎回，或依据基金合同需暂停申购或赎回业务，则开放期起始日或 开放期相应顺延，直至满足开放期的时间要求，具体时间以基金管理人届时的公告为准。 2、本 ...

Summary of the Brokerage Sector Conference Call Industry Overview - The brokerage sector is benefiting from a market recovery, with most brokerages reporting a year-on-year growth rate exceeding 40% in recent performance announcements. Some companies, such as Huaxi Securities and Guolian Minsheng, have even reported growth rates exceeding 1,000% [1][2]. Key Points and Arguments - **Catalysts for Future Growth**: - Expected policy releases, inflow of medium to long-term funds, and adjustments in insurance asset assessment systems are identified as potential catalysts for the brokerage sector. A significant influx of funds is anticipated from a 30% allocation of new insurance premiums to A-shares in the second half of the year [3]. - The implementation of stablecoin regulations in Hong Kong on August 1, along with the upgrade of Guotai Junan's international license and the issuance of tokenized securities by GF Securities, may positively impact brokerage operations [1][3]. - **Mergers and Acquisitions**: - The progress of mergers and acquisitions has been slow in the first half of the year, but acceleration is expected in the second half. Increased consolidation among large companies is anticipated to enhance industry competitiveness [5]. - **International Business Growth**: - The Hong Kong market has seen rapid growth in IPOs and trading volumes, benefiting brokerages with significant international business exposure, such as CICC, CITIC Securities, Guotai Junan, Haitong Securities, and Huatai Securities. GF Securities is accelerating its international business development through capital increases, while China Galaxy's expansion in Southeast Asia is showing results [6]. - **Refinancing Trends**: - Several brokerages, including Tianfeng Securities, Nanjing Securities, and Dongwu Securities, have restarted their private placement plans, indicating a gradual easing of refinancing restrictions that had been in place due to a contraction in equity financing over the past few years [7][8]. - **Market Environment and Financing**: - The current market environment is showing signs of loosening in financing conditions, with a requirement for state-owned capital participation of no less than 50%. The overall low valuation of brokerages suggests smoother competition and acquisition logic as the market recovers [8]. Additional Important Insights - **Valuation Discrepancies**: - Hong Kong brokerages are currently undervalued, with companies like Dongfang Securities trading at a price-to-book (PB) ratio of only 0.7 to 0.8. In contrast, A-share brokerages are expected to see an overall increase in valuation, with CICC's Hong Kong PB at approximately 1.3 and A-share PB ranging from 1.5 to 1.6 [11]. - **Recommendations for Investment**: - The report recommends focusing on GF Securities due to its low valuation and significant business improvements, including wealth management and international business expansion. Other notable companies include CITIC Securities, Guotai Junan, and Haitong Securities, which have shown strong performance during ETF fund inflows [9]. - **Outlook on Small and Internet Brokerages**: - Smaller brokerages like China Galaxy have shown high growth rates over the past two years and are worth monitoring. Internet-based companies such as Honghua Tree and Guiding Compass also exhibit significant investment potential [10]. - **Overall Sector Assessment**: - The brokerage sector is currently viewed as undervalued, particularly in the A-share market, with signs of marginal improvement in performance and business operations. The potential catalysts from stablecoin developments and industry restructuring warrant close attention [12].

Core Viewpoint - The report from Guotai Junan Securities indicates that with the downstream sectors of industrial and automotive industries starting to replenish inventory, the demand for BCD Analog is expected to grow, leading to an increase in wafer foundry capacity utilization in the second quarter and the second half of the year [1] Group 1: Market Recovery and Capacity Utilization - The recovery in market conditions is expected to lead to a slight increase in mature process capacity utilization to over 75% [1] - According to TrendForce, the shipment of end markets such as smartphones, PCs/laptops, and servers is projected to recover with year-on-year growth by 2025, supported by replenishment demand from automotive and industrial sectors after inventory corrections throughout 2024 [1] - In the first quarter, the capacity utilization rates for 8-inch and 12-inch wafers at SMIC showed an overall increase of 4.1%, reaching above 90% [1] Group 2: Capacity Expansion and Local for Local Trend - SMIC is expected to achieve an annual increase of approximately 50,000 12-inch wafer capacity, with capital expenditure for 2025 projected to remain around $7.5 billion, consistent with the previous year [2] - Advanced packaging capacity, led by fab plants, is becoming scarce, as advanced packaging relies on chip manufacturing capabilities that are the strong suit of fab plants rather than traditional packaging and testing factories [2] - The integration of advanced packaging services into fab plants is creating ecological barriers, as high-performance chip design and packaging are becoming increasingly intertwined [2]

国泰海通发布研报称，世界人工智能大会将在7月26日在上海召开，将会有具身智能及人形机器人相关 产业论坛，特斯拉、国地创新中心、宇树、智元、银河通用、乐聚等业内知名玩家将同步参展，预计为 行业带来催化。关注人形机器人等领域科技创新，工程机械内销复苏，半导体设备自主可控需求强化。 国泰海通主要观点如下： 人形机器人国内外催化不断，世界人工智能大会将启。 1)海外：全球首家特斯拉主题餐厅将于7月21日开业，特斯拉Optimus机器人将担当服务员负责招待和送 餐，支持扫码点餐及"自动驾驶"模式下由机器人送餐至车窗边。 其他重点板块：1)光伏设备：硅片价格出现回弹，国内硅料企业响应政府"反内卷"持续发酵，企业与协 会持续性沟通研拟方案，多家硅料企业反应产品报价将基于"不能低于全成本"为调整主轴。设备端BC 技术进展迅速，建议关注相关产业链标的。 2)低空经济：小鹏汇天与云路复材签订项目合作协议，双方将在飞行汽车轻量化领域强强联合，围绕高 性能碳纤维复合材料研发三维编织智能装备和先进工艺研发、生产及产业化应用开展深度合作，在针对 传统复材生产工艺痛点，提高三维编织效率、优化编织精度、拓展新型纤维材料适用性等方面进行联合 ...

Core Insights - The report from Guotai Junan indicates that as of June 30, 2025, the equity position of actively managed bond open-end funds (old) is 4.70%, a decrease of 0.31 percentage points from the end of the first quarter [1] - The pure bond position is 109.03%, an increase of 2.88 percentage points from the previous quarter [1] - The overall market for the second quarter of 2025 saw a bullish trend in both stocks and bonds, with varying strategies among different types of actively managed bond funds regarding their pure bond positions [1][2] Market Overview - In Q2 2025, the bond market experienced low volatility and oscillation, with short-term bonds outperforming long-term ones [1] - The market was influenced by factors such as administrative orders on "reciprocal tariffs," monetary easing expectations, and the Lujiazui Financial Forum, leading to a general increase in bond prices [1] - Major indices showed positive performance, with the China Bond Total Net Price Index rising by 0.90% and the China Convertible Bond Index increasing by 3.77% [1] Fund Positioning - As of Q2 2025, the overall equity position of actively managed bond open-end funds is 4.68%, with a pure bond position of 108.89% [2] - The leverage ratio for these funds stands at 116.67%, indicating a slight increase [2] - The report highlights a significant increase in pure bond positions across various fund types, while equity positions have generally decreased [1][2] Asset Allocation - The allocation to pure bonds has increased, while equity positions have decreased across the board [2] - Within pure bond assets, the allocation to interest rate bonds is 43.45%, and credit bonds is 65.45% [2] - The report notes that institutions are increasing their allocation to interest rate bonds due to a downward trend in interest rates [12] Credit Bond Analysis - The allocation to high-grade credit bonds is approximately 51.19%, reflecting an increase, while low-grade credit bonds have decreased to about 14.42% [20] - The duration of high-grade credit bonds has been extended, indicating a strategic shift towards longer durations in anticipation of favorable interest rate movements [20] Leverage and Duration - The overall leverage ratio for actively managed bond funds has increased to 116.76%, suggesting a trend towards leveraging for enhanced returns [17] - The weighted average duration of the funds has also been extended, with pre-leverage duration at 4.13 years and post-leverage duration at 4.49 years [20]

7月22日，新三板挂牌公司犇星新材（874773）公告披露，公司基于自身发展规划等因素考虑，拟将首次公开发行股票并在 深圳证券交易所主板上市的计划变更为向不特定合格投资者公开发行股票并在北京证券交易所上市，辅导机构仍为国泰海 通。 2025年7月19日，公司已向湖北证监局申请将辅导备案板块变更为北交所。2025年7月22日，湖北证监局已确认公司辅导板 块变更至北交所。 前次申请沪市主板IPO，犇星新材募集资金投资项目包括"50,000吨/年硫醇甲基锡、50,000吨/年巯基乙酸异辛酯扩产新建项 目（二期工程）"、"年产15万吨有机基复合热稳定剂（OPS）建设项目"、"年产10,000吨噻虫嗪原药建设项目"、"年产2,500 吨高效农药除草剂原药及年产3,000吨农药中间体建设项目"、"研发中心建设项目"及"补充流动资金"，计划利用募集资金21 亿元。 | 序号 | 项目名称 | 项目总投资 | 计划利用募集资金额 | | --- | --- | --- | --- | | 1 | 50,000 吨/年硫醇甲基锡、50,000 吨/年硫基 | 56.928.00 | 56.032.00 | | | 乙酸异辛酯扩 ...

Core Insights - The main point of the article is the performance and positioning of the zinc futures market as of July 22, with a slight increase in the main contract price and notable changes in trading volume and positions among major market participants [1][2]. Trading Performance - As of July 22, the main contract for zinc (沪锌2509) closed with a price increase of 0.70%, with a trading volume of 184,600 contracts, while total trading volume across all contracts was 280,300 contracts, a decrease of 13,270 contracts from the previous day [1]. - The top 20 positions showed a net long position with a difference of 15,208 contracts, indicating a bullish sentiment among major traders [1]. Positioning Analysis - Among the top 20 positions, long positions totaled 157,600 contracts, an increase of 4,036 contracts from the previous day, while short positions totaled 135,700 contracts, a decrease of 2,307 contracts [1]. - The top three long positions were held by 中信期货 (CITIC Futures) with a total of 38,454 contracts, 国泰君安 (Guotai Junan) with 14,554 contracts, and 东证期货 (Dongzheng Futures) with 13,066 contracts [1]. - The top three short positions were also led by 中信期货 (CITIC Futures) with 24,270 contracts, followed by 国泰君安 (Guotai Junan) with 10,603 contracts, and 中泰期货 (Zhongtai Futures) with 8,070 contracts [1]. Changes in Positions - The top three increases in long positions were seen in 东证期货 (Dongzheng Futures) with an increase of 1,409 contracts, 东亚期货 (Dongya Futures) with an increase of 842 contracts, and 海通期货 (Haitong Futures) with an increase of 590 contracts [1]. - Conversely, the top three decreases in long positions were 中泰期货 (Zhongtai Futures) with a decrease of 444 contracts, 广发期货 (Guangfa Futures) with a decrease of 346 contracts, and 方正中期 (Fangzheng Futures) with a decrease of 339 contracts [1]. Summary of Major Players - The overall trading data indicates a shift towards increased long positions among major players, suggesting a bullish outlook in the zinc futures market [1][3].

智通财经APP获悉，国泰海通发布研报称，预计2025H1上市券商业绩好于预期，归母净利润同比 +61.23%。从上市券商2025H1各项业务收入对营收增量贡献度看，预计投资业务对调整后营业收入增长 的贡献最大为60.51%，主因是权益市场相较2024H1收益率明显改善，且2025Q2单季度股、债两市收益 率环比/同比均提升。同时，经纪业务同比增长对调整后营收增量的贡献为32.40%，主因2025年上半年 市场交易额同比大幅提升。围绕科技与开放，市场投融资需求有望进一步提升，建议增持港股低估标的 与有并购预期标的。 国泰海通主要观点如下： 利率恢复下行，预计将驱动投资业绩超预期 预计2025H1上市券商业绩好于预期，归母净利润同比+61.23% 从上市券商2025H1各项业务收入对营收增量贡献度看，预计投资业务对调整后营业收入增长的贡献最 大为60.51%，主因是权益市场相较2024H1收益率明显改善，且2025Q2单季度股、债两市收益率环比/同 比均提升。同时，经纪业务同比增长对调整后营收增量的贡献为32.40%，主因2025年上半年市场交易 额同比大幅提升。此外，投行业务收入同比+19.45%至157.07 ...

新浪期货 根据交易所数据，截至7月22日收盘主力合约工业硅2509,涨跌+5.98%,成交量123.44万手，持仓数据显示前20席位呈现净 空，差额头寸为46416手。 根据合并数据显示，多头前三席位为国泰君安期货，总持仓56716、中信期货，总持仓39984、中信建投，总持仓35498；空头前三 席位为国泰君安期货，总持仓55297、浙商期货，总持仓42775、永安期货，总持仓41654； 主力合约前20席位中，多头增仓前三名分别是：海通期货、持仓14386、增仓4116，中信建投、持仓21107、增仓1591，银河期 货、持仓13590、增仓813；多头减仓前三名分别是：中信期货、持仓22088、减仓-2983，国泰君安期货、持仓45744、减 仓-2085，东证期货、持仓12153、减仓-1884； 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32168、增仓2044，浙商期货、持仓16192、增仓1498，一德期 货、持仓6924、增仓739；空头减仓前三名分别是：中信期货、持仓13608、减仓-1580，国泰君安期货、持仓38069、减仓-1569， 广州期货、持仓10062、减仓-5 ...