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]

Group 1 - The 2025 Fortune China 500 list highlights the changing landscape of the Chinese securities industry, with notable performances from major firms [1] - Guotai Haitong Securities, formed from the merger of Guotai Junan and Haitong Securities, achieved a revenue of $8.583 billion, ranking first among securities firms and 276th overall [1] - The merger resulted in a significant ranking improvement, with the combined entity jumping over 100 places compared to the average rankings of its predecessors [1] Group 2 - Huatai Securities ranked second among securities firms with a revenue of $7.545 billion, improving its overall ranking by 93 places to 304th [1] - China Galaxy Securities reported a revenue of $6.498 billion, ranking 326th overall, an increase of 19 places from the previous year [1] - GF Securities followed closely with a revenue of $5.190 billion, ranking 373rd, up 63 places from last year [1] Group 3 - New entrants to the 2025 Fortune China 500 list include CITIC Securities and Dongfang Securities, with revenues of $4.478 billion and $3.848 billion, ranking 421st and 472nd respectively [2] - The performance of CICC (China International Capital Corporation) was less favorable, with a revenue of $4.610 billion, dropping 7 places to 412th [4]

Investment Rating - The report maintains a recommendation for the securities and insurance sectors, indicating a positive outlook despite potential challenges from trade friction and economic pressures [6]. Core Insights - The non-bank financial sector saw a significant increase in holdings, with the insurance sector's holdings rising to 1.54%, up 0.63 percentage points from the previous quarter, while the brokerage sector's holdings reached 0.90%, up 0.36 percentage points [5][21]. - The total market value of public funds reached 6,285.3 billion, with a year-on-year increase of 10% and a quarter-on-quarter increase of 7% [2]. - The insurance sector is benefiting from a recovery in premium income, with a cumulative premium income of 30,602 billion from January to May, reflecting a year-on-year growth of 3.8% [20]. Summary by Sections Public Fund Market Size - In Q2 2025, the total net value of funds was 33.7 trillion, with a year-on-year increase of 10% and a quarter-on-quarter increase of 7% [10]. - The non-monetary fund scale was 19.5 trillion, up 11% year-on-year and 7% quarter-on-quarter [10]. High Dividend Stock Holdings Analysis - The holdings of banks, electric equipment, transportation, public utilities, oil and petrochemicals, and coal showed varied changes, with bank holdings increasing by 16% [16]. Non-Bank Sector Holdings Analysis Brokerage Sector - The brokerage sector's holdings increased to 0.90%, with a 58% rise in shareholding volume to 669 million shares [18][19]. - The average daily trading volume for equity funds reached 1.49 trillion, a year-on-year increase of 57% [18]. Insurance Sector - The insurance sector's holdings increased significantly, with a notable rise in individual stock holdings for major companies like China Ping An and China Taiping [21]. - The insurance sector's holdings are still below the standard allocation of 1.91%, indicating potential for further investment [21]. Investment Recommendations - The report suggests focusing on key brokerage firms such as CITIC Securities and Guotai Junan, as well as insurance companies like China Taiping and China Ping An, due to their potential for growth in the current market environment [6].

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 ...

Core Viewpoint - The article highlights the development and current status of the Sci-Tech Innovation Board (STAR Market) in China, marking its sixth anniversary with a total of 589 listed companies and providing insights into the performance of various underwriting institutions, law firms, and accounting firms involved in IPO services. Group 1: STAR Market Overview - As of July 22, the STAR Market has 589 listed companies, with the number of new listings per year as follows: 70 in 2019, 143 in 2020, 162 in 2021, 124 in 2022, 67 in 2023, 15 in 2024, and 8 from 2025 to present [1]. Group 2: Underwriting Institutions Performance - A total of 53 underwriting institutions have handled the IPOs for the 589 STAR Market companies. The top five institutions by the number of IPOs are: 1. Guotai Junan: 95 IPOs 2. CITIC Securities: 84 IPOs 3. CITIC Jianzhong: 56 IPOs 4. CICC: 53 IPOs 5. Huatai United: 51 IPOs [2][3]. Group 3: Law Firms Performance - There are 67 law firms that provided legal services for the IPOs of the 589 STAR Market companies. The top five law firms are: 1. Shanghai Jintiancheng: 62 cases 2. Beijing Zhonglun: 56 cases 3. Beijing Deheng: 46 cases 4. Beijing Jindu: 36 cases 5. Beijing Guofeng: 35 cases [7]. Group 4: Accounting Firms Performance - A total of 29 accounting firms provided audit services for the IPOs of the 589 STAR Market companies. The top five accounting firms are: 1. Tianjian: 108 cases 2. Lixin: 88 cases 3. Rongcheng: 68 cases 4. Tianzhi International: 41 cases 5. Dahua: 35 cases [8].

Core Insights - The Hong Kong IPO market is experiencing a surge in activity, with financing scale returning to the global forefront, driven primarily by Chinese securities firms [1][2] - Major Chinese securities firms, including CICC and CITIC Securities, have shown outstanding performance, collectively holding over 40% market share in the IPO space [1][2] - The first half of the year saw 51 companies successfully listed on the Hong Kong main board, a 27.5% increase from 40 companies in the same period last year, with IPO fundraising amounting to HKD 125.4 billion, a significant rise of 591.94% year-on-year [1] Company Performance - CICC led the underwriting projects with 18 deals, capturing a market share of 16.36%, followed by CITIC Securities with 11 deals (10.00%), Huatai Securities with 10 deals (9.09%), and招商证券 with 8 deals (7.27%) [2] - The top four Chinese securities firms account for a total market share of 42.72%, highlighting the "Matthew Effect" in the Hong Kong IPO market [2] Competitive Advantages - Chinese securities firms possess inherent advantages over foreign counterparts in client insight and maintenance, as they have established long-term relationships with A-share clients, allowing for better understanding of business models and regulatory preferences [2][3] - The integrated "domestic-Hong Kong" teams enable seamless coordination and efficient execution of A+H listing strategies, significantly enhancing the efficiency of H-share listings and refinancing [2] Future Strategies - CICC plans to continue enhancing its integrated domestic and international operations, focusing on key sectors such as TMT, consumer goods, advanced manufacturing, and biotechnology to capitalize on the ongoing A+H listing trend [3] - CITIC Securities is accelerating its international development, achieving record high international business revenue, and aims to enhance its core competencies in business capability, client market, and operational management [4] - GF Securities intends to strengthen resource accumulation in key sectors, enhance client development, and focus on digital transformation in investment banking [4]

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 ...

Core Insights - The 2025 Fortune China 500 list was released, highlighting the performance of major securities firms in China [1] Group 1: Company Performance - Guotai Junan Securities leads the brokerage industry with a revenue of 8,583.1 million USD, ranking 276th overall [2] - Huatai Securities achieved a revenue of 7,544.7 million USD and a profit of 2,133.5 million USD, showcasing strong profitability [2] - China Galaxy Securities reported a revenue of 6,498.4 million USD, ranking 326th [2] - GF Securities followed with a revenue of 5,190.4 million USD, ranking 373rd [2] - China International Capital Corporation (CICC) generated a revenue of 4,610.2 million USD, ranking 412th [2] - CITIC Securities reported a revenue of 4,477.5 million USD, ranking 421st [2] - Dongfang Securities achieved a revenue of 3,847.5 million USD, ranking 472nd [2] - CITIC Group ranked 17th with a revenue of 138,940.6 million USD and a profit of 3,953.1 million USD [3] Group 2: Industry Trends - Regulatory bodies have encouraged leading brokerages to strengthen their capabilities and expand their capital space [3] - The China Securities Association issued guidelines to promote high-quality development in the securities industry, emphasizing the importance of leading firms in professional services, risk management, and business innovation [3] - The guidelines also encourage smaller firms to focus on specialized services and develop a balanced ecosystem with leading firms [3]

Core Viewpoint - China Hongqiao (01378) is rated "outperform" by CICC with a target price of HKD 23.62, supported by strong performance certainty from its integrated layout and more stable valuation by 2026 [1] Group 1: Company Overview - The company is a leading player in the aluminum industry, being the second-largest producer of electrolytic aluminum and alumina globally, with a fully integrated supply chain from power to aluminum processing and recycling [2] - The company emphasizes high-quality green development, focusing on optimizing energy structure, promoting green energy projects, and developing a circular economy to achieve carbon neutrality [2] Group 2: Operational Strategy - High self-sufficiency in raw materials effectively reduces costs, with a planned annual production capacity of approximately 60 million tons of bauxite in Guinea and 1.75 million and 2 million tons of alumina in Shandong and Indonesia, respectively [2] - The "North Aluminum South Move" strategy aims to replicate industrial cluster advantages and enhance green electricity aluminum production, with plans to relocate approximately 3 million tons of electrolytic aluminum capacity to Yunnan [2] Group 3: Market Outlook - The macroeconomic outlook is improving, with expectations for the aluminum sector to benefit from favorable fiscal and monetary policies, potentially raising aluminum prices [2] - The global supply vulnerability of bauxite is increasing, which benefits companies with high resource self-sufficiency [2] Group 4: Competitive Advantages - The company exhibits significant profit and valuation elasticity, with a high capacity-to-market value ratio compared to peers in the electrolytic aluminum sector [3] - High self-sufficiency in bauxite and alumina, exceeding 100%, enhances the company's resilience against raw material price fluctuations [3] - The company offers high dividend and yield rates, projected at 62% and 8.9% for 2024, respectively [3] - The dual approach of advancing both primary and recycled aluminum production is expected to yield higher product premiums in the future [3] Group 5: Investment Catalysts - Potential catalysts include unexpected increases in aluminum prices and enhanced cost advantages for green electricity aluminum under carbon neutrality policies [3]

21世纪经济报道记者张赛男上海报道 2025年7月22日，科创板迎来开市六周年。 作为我国资本市场改革的"试验田"和科技创新的核心枢纽，科创板六年来持续推动制度创新与产业升 级，成为全球瞩目的"硬科技"企业聚集地。 遥想科创板开市之初，2019年7月22日，25家首批科创板公司在上海证券交易所挂牌上市，标志着科创 板的正式启动。六年来，科创板砥砺前行，持续发展壮大。截至2025年7月22日，科创板上市公司达到 589家。 作为中国资本市场注册制改革的"试验田",科创 板以鲜明的"硬科技"底色为锚点,以与时俱进的 监管理念为指引,以持续完善的制度体系为支撑, 正稳步引领中国资本市场改革向深向实推进。 国金证券 | 党委书记、董事长 国云 相信未来,科创板市场在支持"硬科技"发展、推 动经济创新转型中将继续发挥积极作用!科创板将 成为培育新质生产力的"主阵地",持续为中国经 济高质量发展赓续动能! 华泰联合 | 党委书记、董事长 江萬 值此科创板开市六周年之际，21世纪经济报道特别邀请了多位券商高管，共话科创板，寄语新未来。 中国硬科技企业上市首选地 中金公司 | 党委书记、董事长、管理委员会主席 陈亮 技企业绽 ...