首批21家机构入选网下专业机构投资者 "白名单" 智通财经7月25日电，中证协发布2024年网下专业机构投资者 "白名单"，共有首批21家网下专业机构投 资者纳入"白名单"。包括博时基金、大成基金、富国基金、广发基金、国泰基金、华安基金、华泰资 管、汇添富基金、交银施罗德基金、景顺长城基金、南方基金、平安资管、睿远基金、东方证券资管、 泰康资管、银华基金、招商基金、中金公司、人寿养老保险、中欧基金、中信证券。中证协将对纳 入"白名单"网下投资者采取激励措施，例如开通网下投资者注册绿色通道，供相关监管部门、自律组织 等在分类监管、自律管理等工作中参考使用。（智通财经记者 林坚） | | 2024年网下专业机构投资者"白名单" | | --- | --- | | 序号 | 网下投资者名称 | | 1 | 博时喜美最插掉限公司 | | 2 | 大成基金管理有限公司 | | 3 | 富国墓会管理有限公司 | | 4 | 广发基金管理有限公司 | | 5 | 国泰基金管理有限公司 | | 6 | 华安基金管理有限公司 | | 7 | 华泰资产管理有限公司 | | 8 | 汇添富基金管理股份有限公司 | | 9 | 交银 ...

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].

Investment Rating - The report indicates a positive investment outlook for Chinese consumer brands expanding overseas, particularly in Southeast Asia, with a focus on Singapore as a strategic market entry point [1][13]. Core Insights - China's cultural soft power has significantly improved, ranking second globally from 2020 to 2025, surpassing Japan, the UK, and Germany, creating favorable conditions for Chinese brands to expand internationally [1][3]. - The tourism industry is a key driver for cultural exchange, with a projected 96% year-on-year increase in inbound tourists to China in 2024, enhancing the international visibility of Chinese brands [1][3]. - Successful overseas expansion requires brands to adapt to local market demands, as demonstrated by Haidilao's localized menu offerings in Singapore [1][2][4]. - Strong supply chain management is crucial for maintaining competitive pricing and product quality, as seen with brands like Mixue Ice City and Luckin Coffee [1][5]. - Singapore's favorable business environment, including tax incentives and a high percentage of Chinese residents, positions it as a gateway to Southeast Asia and beyond [1][13]. Summary by Sections Cultural Influence - The rise of China's cultural soft power is a significant factor in the successful internationalization of consumer brands, with food and entertainment serving as effective cultural ambassadors [3][17]. - The increase in inbound tourism to China is expected to bolster the recognition and acceptance of Chinese brands abroad [3]. Market Entry Strategies - Brands must prioritize location selection and adapt their strategies based on local market analysis, including understanding transportation networks to identify key commercial areas [1][14]. - Localized product offerings and strong supply chain capabilities are essential for success in foreign markets [5][11]. Case Studies - Haidilao's success in Singapore, with 22 outlets and monthly sales exceeding 2.5 million SGD at peak times, exemplifies effective localization and service excellence [2]. - Mixue Ice City has expanded to 31 stores in Singapore, leveraging its supply chain and appealing to young consumers [2]. - Luckin Coffee's unique positioning by blending tea and coffee cultures has resonated well with the younger demographic in Singapore [2]. Strategic Considerations - Brands should view international expansion as a long-term strategy, focusing on building a global supply chain and cultivating a team with international perspectives [18]. - The potential for overseas markets to serve as blue oceans for brand growth and risk diversification is significant, as evidenced by successful cases in various sectors [17].

Core Insights - The report from CICC Research provides a comprehensive overview of the Chinese economy, market, and asset prices as of Q3 2025, summarizing key macroeconomic indicators and market strategies [1][3]. Macroeconomic Analysis - The GDP growth rate in Q2 2025 was 5.2% year-on-year, a decrease of 0.2 percentage points from Q1, with nominal GDP growth at 3.9%, down 0.7 percentage points [6]. - Fixed asset investment growth in the first half of 2025 was 2.8%, lower than the 3.9% growth in the same period last year, indicating a slowdown in internal investment momentum [6]. - Export growth remained resilient despite increased tariffs, with a 7.2% year-on-year increase in exports in the first half of 2025 [6]. - Consumer price index (CPI) showed a year-on-year decline of 0.1% in the first half of 2025, indicating low inflationary pressures [6][19]. Market Strategy - The report emphasizes the importance of monitoring domestic economic data, policy implementation, and overseas macroeconomic policies and geopolitical situations [37]. - A-shares are considered to have strong valuation resilience, with the Shanghai Composite Index's dividend yield of approximately 3.5% being significantly higher than the 10-year government bond yield [38]. - The report suggests focusing on sectors with high growth potential that are less correlated with economic cycles, such as AI, defense, and innovative pharmaceuticals [38]. Sector Performance - In Q2 2025, the defense and military sector led A-share performance with a 16% increase, while the real estate sector faced significant pressure, with a decline of 3.6% [42]. - The report highlights that the overall market performance is influenced by external uncertainties, with a recommendation to pay attention to sectors that may benefit from capacity adjustments under price pressure [38][42]. Foreign Exchange and Investment Trends - The report notes a depreciation of the US dollar and appreciation of the Chinese yuan in Q2 2025, with the yuan showing a 14.4% increase against the dollar [52]. - The foreign capital inflow into A-shares has been significant, with a notable increase in the proportion of foreign holdings in key sectors such as consumer goods, pharmaceuticals, and technology [76][78].

Overview - The report details the share transfer process of Dongfang Caifu Information Co., Ltd. from shareholder Shen Yougen to specific institutional investors through a price inquiry method [1][2]. Group 1: Share Transfer Details - The total number of shares held by Shen Yougen as of July 18, 2025, is 189,606,534, representing 1.20% of the total share capital of 15,804,037,675 shares [1]. - The maximum number of shares proposed for transfer is 158,800,000, which accounts for 1.00% of the total share capital, with 83.75% of the shares being pre-IPO shares [1]. - The minimum transfer price is set at 70% of the average trading price over the previous 20 trading days prior to the issuance of the subscription invitation [1]. Group 2: Inquiry Process - A total of 102 institutional investors were invited to participate in the inquiry, including 19 fund management companies, 14 securities companies, 7 insurance companies, 9 qualified foreign institutional investors, 52 private fund managers, and 1 futures company [1]. - The inquiry invitation included details on subscription conditions, timeframes, and the transfer price determination process [1]. Group 3: Pricing and Allocation - The final transfer price was determined to be 21.66 yuan per share, with a total of 158,800,000 shares allocated to 17 institutional investors [2][3]. - The allocation process followed strict rules based on bid price, bid quantity, and the order of submission [1]. Group 4: Compliance and Verification - The transfer process was verified to be legal and compliant with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [3][5]. - Both the transferor and transferee were confirmed to meet the qualifications required by the regulations, ensuring no conflicts of interest or improper conduct [4][5].

Core Viewpoint - The issuance of the Sci-Tech Innovation Bond ETF has renewed market interest in sci-tech bonds, with expectations for continued growth in market size due to the potential for passive management in domestic bond funds and possible fee reductions [1][6]. Group 1: Market Dynamics - The recent adjustment in the bond market has seen credit bonds perform relatively well, supported by demand despite fluctuations in interest rates [2]. - From July 14 to July 18, net purchases of non-financial credit bonds reached 13.2 billion, a week-on-week increase of 3.9 billion; fund net purchases totaled 34 billion, and insurance companies net bought approximately 9.1 billion [2]. - The total growth of credit bond ETFs reached 70.8 billion, with the Sci-Tech Innovation Bond ETF contributing 66.9 billion, indicating strong market interest [2]. Group 2: ETF Performance and Structure - The first batch of 10 Sci-Tech Innovation Bond ETFs was launched on July 17, 2025, with a total fund size reaching 76.5 billion and a trading volume exceeding 80 billion, showcasing high turnover rates [4]. - The top ten holdings of the Sci-Tech Innovation Bond ETFs show a diverse range of institutional investors, with some products having over 60% of their holdings concentrated among the top ten [3]. Group 3: Future Growth Potential - The market for credit bond ETFs is expected to grow, with passive index products currently representing only 15% of the total bond fund market, indicating significant room for expansion [6]. - The domestic bond fund market is projected to continue its growth trajectory, driven by lower fees and the advantages of ETF structures, which allow for efficient credit bond allocation [5][6]. - The issuance of sci-tech bonds has significantly increased, with 424 bonds announced by July 3, 2025, totaling 632.7 billion, reflecting strong institutional demand [4][7]. Group 4: Investment Opportunities - The current market environment suggests that demand will be a key factor influencing the performance of sci-tech bonds, with expectations of continued compression in yield spreads [6][7]. - There are currently 25 bonds within the Sci-Tech Innovation Bond ETF with excess spreads above 5 basis points, totaling 26.2 billion, indicating potential investment opportunities [7].

Core Viewpoint - The recent strong performance of Hong Kong stocks is driven by a rebound in the internet sector and structural factors leading to a bull market in the region [3][5]. Group 1: Market Performance - On July 23, the Hong Kong Technology ETF (513020) rose by 2.02% in a single day, with a 20-day increase of 7.73, outperforming major A-share indices [1]. - The Hong Kong Stock Connect 50 ETF (159712) saw a daily increase of 1.45% and a 20-day rise of 3.37% [1]. Group 2: Factors Influencing the Market - The rebound in the internet sector has significantly contributed to the stronger performance of Hong Kong technology indices compared to broader indices [3]. - The "anti-involution" and water-electricity market trends have catalyzed growth in construction and building materials sectors in both A-shares and H-shares [3]. Group 3: Liquidity and Investment Trends - The strong performance of Hong Kong stocks is closely linked to the current liquidity conditions, characterized by a low domestic interest rate environment and a scarcity of high-return assets [5]. - As of June, China's M2 reached 330 trillion yuan, which is 2.4 times the GDP, indicating a significant demand for asset allocation [5]. - The ongoing liquidity easing is expected to continue, providing certain allocation value in Hong Kong stocks [7]. Group 4: Future Outlook - Despite potential short-term disturbances, the long-term outlook remains positive due to the resonance between fundamentals and liquidity [7]. - Investors are advised to focus on Hong Kong Technology ETF (513020) and Hong Kong Stock Connect 50 ETF (159712) for low-position layouts [7].

Core Viewpoint - The report outlines the strategic placement of investors in the initial public offering (IPO) of Hansang (Nanjing) Technology Co., Ltd., detailing the qualifications and selection criteria for participating investors [1][2][22]. Group 1: Strategic Placement Overview - The IPO will utilize a combination of strategic placement to selected investors, offline inquiries to qualified investors, and online pricing for the general public [2][3]. - The lead underwriters, China International Capital Corporation and China Post Securities, are responsible for verifying the qualifications of the participating strategic investors [2][3]. Group 2: Investor Selection Criteria - Eligible investors for strategic placement include large enterprises with strategic cooperation relationships, large insurance companies, national investment funds, and other qualified investors as per relevant regulations [3][4]. - Specific criteria for investor selection include long-term investment intentions and the requirement for self-owned funds for subscription [3][4]. Group 3: Participating Investors - Three investors are participating in the strategic placement: Shenzhen Anpeng Venture Capital Fund, a special asset management plan for employees of Hansang, and China CICC Wealth Securities [4][12]. - Shenzhen Anpeng Venture Capital Fund is a subsidiary of Beijing Automotive Group, which is a large enterprise with significant assets and revenue [5][7][8]. Group 4: Financial and Operational Details - As of April 28, 2025, Anpeng Venture Capital Fund has a total subscribed capital of 930.48 million RMB, with Beijing Automotive Group being its ultimate controller [5][6]. - The strategic cooperation between Anpeng and Hansang focuses on enhancing cabin audio systems and developing new technologies for smart cabins [8][10]. Group 5: Asset Management Plan - The employee asset management plan, named CICC Hansang Technology No. 1, has a subscription cap of 46 million RMB and is managed by China International Capital Corporation [12][14]. - The plan is designed to ensure that the funds used for subscription are from the personal assets of the participating employees, complying with regulatory requirements [14][15]. Group 6: Compliance and Legal Review - The report confirms that the strategic placement does not violate any prohibitive conditions outlined in the applicable regulations [21][22]. - Legal counsel has verified that the participating investors meet the selection standards and that the strategic placement adheres to the relevant legal frameworks [22].

日前，杭州六小龙之一的宇树科技开启上市辅导，再次把外界目光拉回股权融资市场。据wind数据，以 上市日计算（下同），2025年上半年A股新上市公司51家，合计募集373.55亿元，分别同比增加7家、 48.6亿元；上半年，IPO受理审核家数达177家，同比激增4.5倍。 Wind数据显示，2025年上半年，IPO保荐家数前10券商（含单列投行子公司，下同），项目撤否率已经 从去年同期超30%全部降至30%以下。其中，国金证券、民生证券撤否率以25%并列第一；中信证券、 国泰海通、华泰联合证券、招商证券项目撤否率降至10%以下。 与此同时，多份罚单透露出监管部门"零容忍"主基调。据同花顺iFinD数据，以处罚日期统计（下 同），截至7月22日，年内已有27家券商投行业务被罚。其中，中金公司、民生证券、国元证券年内两 次被罚；东吴证券、东海证券收千万罚单，分别被罚没1336.4万元、6000万元。据wind数据，作为"金 领"的保荐代表人数量近3年首次下滑，上半年减少308人。 IPO融资低位回升 若剔除四家国有行定增金额，上半年A股增发金额1777.3亿元，同比增加81.7%，增幅依旧较为明显， 但较2021年 ...

Group 1 - Beijing Securities Regulatory Bureau has accepted the application for the initial public offering (IPO) and listing guidance of Beijing Yingshi Ruida Technology Co., Ltd. on July 22, 2025, with China International Capital Corporation (CICC) as the guidance institution [1] - The guidance agreement between CICC and Yingshi Ruida was signed on July 18, 2025, and other participating service institutions include Beijing Deheng Law Firm and Lixin Certified Public Accountants [3][4] - Yingshi Ruida previously applied for the Sci-Tech Innovation Board IPO in June 2022 but withdrew the application four months later, leading to the termination of the review process by the Shanghai Stock Exchange on October 31, 2022 [5] Group 2 - Yingshi Ruida, established in 2015, focuses on the research, production, and sales of IoT smart terminal monitoring equipment, primarily serving national ecological environment departments and their subordinate units [5] - The company reported revenues of 198.85 million yuan, 318.29 million yuan, and 450.24 million yuan for the years 2019, 2020, and 2021, respectively, with net profits attributable to shareholders of 14.86 million yuan, 53.02 million yuan, and 71.10 million yuan during the same period [5][6] - The previous IPO plan aimed to raise 979 million yuan for projects including big data innovation application expansion, big data SaaS service platform construction, satellite remote sensing data platform (Phase I), and research and development center construction [6][7] Group 3 - The chairman, Yin Wenjun, previously controlled 70.16% of the voting rights but this has decreased to 65.74% according to the guidance report [7] - CICC will continue to recommend Yingshi Ruida's stock issuance application documents to the Shanghai Stock Exchange after the guidance work is completed [7]