Group 1 - The pace of IPO acceptance in A-shares has accelerated in the first half of the year, with a total of 177 IPO projects accepted by the three major exchanges, involving 38 securities firms [1][2] - The competitive landscape among leading securities firms has changed, with Guotai Junan and Haitong Securities taking the lead in IPO projects, while CITIC Securities has temporarily lost its top position [2][3] - Over 70% of IPO acceptance projects and over 80% of IPO underwriting amounts are concentrated in the top ten securities firms, highlighting the "Matthew Effect" in the investment banking ecosystem [1][5] Group 2 - In June alone, 151 new IPOs were accepted, accounting for over 85% of the total in the first half of the year [2] - Guotai Junan led with 26 accepted projects, followed by CITIC Securities with 22, and CITIC JianTou with 14 [2][3] - The total fundraising scale for A-shares reached 35.79 billion yuan, with CITIC JianTou leading in fundraising at 8.43 billion yuan [2][3] Group 3 - In the overseas market, Chinese companies completed 55 IPOs with a total fundraising of approximately 13.4 billion USD, with the top ten intermediaries completing 30 projects and accounting for nearly 60% of the underwriting scale [3][4] - CICC ranked first in the overseas market with an underwriting scale of 1.16 billion USD, while Guotai Junan and CITIC JianTou ranked lower [3][4] Group 4 - Smaller securities firms face more challenges in the competitive investment banking landscape, with over 20 firms having less than three accepted projects [5][6] - Some smaller firms, like Dongxing Securities, have shown notable performance with four IPO projects and a fundraising scale of 2.545 billion yuan [6][7] - The path for smaller firms to break through includes seeking merger and acquisition opportunities and exploring differentiated business development [6][7]

Core Viewpoint - The China Securities Association has announced the second batch of companies for on-site inspections for initial public offerings (IPOs) in 2025, with a total of 12 companies selected for review [1] Group 1: Selected Companies - The companies selected for the on-site inspections include: - Changyu Group with 700 million - Yisiwei with 1.214 billion - Hengyun Chang with 1.55 billion - Xinmi Technology with 785 million - Aiteke with 1.5 billion - Tianyuan Biochemical with 630 million - Zhenshi Co. with 3.981 billion - Kangrui New Materials with 1.105 billion - Future Materials with 2.446 billion - Electric Science Blue Sky with 1.5 billion - Huigu New Materials with 900 million - Huike Co. with 8.5 billion [1] Group 2: Underwriters - The IPOs are sponsored by various securities firms, including: - Southwest Securities - Guotou Securities - CITIC Securities - Guojin Securities - Huatai United Securities - Guohai Securities - CICC - Guotai Junan - CITIC Securities - CITIC JianTou - CITIC Securities - CICC [1] Group 3: IPO Distribution - The majority of the selected companies are from the main board, with a total of 6 companies listed [1]

2025年以来，中资企业境外IPO势头向好。 Dealogic数据显示，上半年中资企业境外IPO累计完成55单，募资规模合计约134亿美元。按 承销规模 1 排名，前十名中介机构共完成30单项目，承销规模合计约78亿美元，其中中资机构占得五席，中金公司以11.60亿美元承销规 模、8.63%市场份额的显著优势位居榜首， 主导了宁德时代港股IPO、三花智控港股IPO、海天味业港股IPO、霸王茶姬美股IPO等具有重 大市场影响力的标杆项目。 | 2025年上半年中资企业境外IPO承销规模排名 | | --- | | 排名 | 全球协调人/账 簿管理人 | 承销规模(亿美元) | 市场份额(%) | 项目数量 | | --- | --- | --- | --- | --- | | 1 | 中等公司 | 11.60 | 8.63 | 19 | | 2 | 摩根士丹利 | 10.02 | 7.45 | 7 | | 3 | 高盛 | 9.00 | 6.70 | 6 | | 4 | 瑞银 | 8.92 | 6.63 | 4 | | 5 | 华泰证券 | 7.16 | 5.32 | 9 | | 6 | 中国银行 | 6.57 ...

科创债新规以来，券商除了自身发行科创债以外，还在积极发挥中介机构作用，帮助各类企业发行科创 债。 "作为宁波轨交科创债牵头主承销商，我们深度挖掘客户亮点，吸引银行机构、保险公司、基金公司等 多家投资机构踊跃参与。"中信建投证券称。 证券时报记者了解到，一方面，券商在承销科创债过程中第一时间响应政策，论证客户的科创属性，并 通过广泛推介询价，充分挖掘市场需求及资源，引入基石投资者；另一方面，券商还积极开展科创债的 做市报价服务，提升科创债市场流动性。 同时，监管对于券商的展业评价也将进一步完善。近日，中国人民银行、中国证监会就支持发行科技创 新债券有关事宜公告称，"建立科技创新债券专项承销评价体系和做市机制，组织做市商为科技创新债 券提供专门做市报价服务，建立承销、做市联动机制。提高科技创新债券承销、做市在承销商、做市商 评价体系中的权重。" 5月8日，中信建投作为牵头主承销商及簿记管理人，助力中国石化集团资本有限公司（下称"石化资 本"）成功发行新一期科技创新公司债券。 "我们与石化资本持续密切关注政策走向，第一时间响应政策号召，最终成功发行了相关支持政策发布 后的首单央企科技创新公司债券。"中信建投证券表示 ...

Group 1 - The bond market has shown strong performance in the first half of the year, with total issuance amounting to 44.68 trillion yuan, a year-on-year increase of 16.59% [1] - Securities firms have actively engaged in various bond underwriting activities, achieving a total underwriting amount of 7.34 trillion yuan, which represents a year-on-year growth of 20.75% [1] - Mid-sized securities firms have improved their rankings in bond underwriting, with notable advancements such as Guotai Junan moving up to third place in the industry [1] Group 2 - Leading securities firms dominate the underwriting of various types of bonds, with CITIC Securities, Guotai Junan, and CITIC Construction Investment leading in credit bond underwriting [2] - In the asset-backed securities (ABS) segment, CITIC Securities also ranks first, followed by Guotai Junan and Ping An Securities [2] - The internationalization strategy of securities firms has led to increased participation in offshore bond underwriting, with Guotai Junan International leading in this area [2] Group 3 - The issuance of Sci-Tech bonds has emerged as a highlight in the bond underwriting performance of securities firms, with a total of 328.28 billion yuan underwritten by 54 firms since May [3] - CITIC Securities has taken the lead in underwriting Sci-Tech bonds, with a total of 480.3 billion yuan, followed by CITIC Construction Investment and Guotai Junan [3] - Several securities firms are focusing on Sci-Tech bonds as a key area for business development, aiming to enhance their service offerings and align with national strategic directions [3]

Core Viewpoint - In the first half of 2025, the securities industry significantly supported the development of the real economy, with A-share equity underwriting amounting to over 700 billion yuan, while the competitive landscape among leading brokers has changed due to strategic mergers and consolidations [1][2]. Group 1: Equity Underwriting Performance - The total A-share equity underwriting amount for brokers reached 709.85 billion yuan in the first half of 2025, driven by major banks completing significant A-share stock issuances [2]. - Guotai Junan, resulting from a strategic merger, led the underwriting scale with 123.38 billion yuan, surpassing the traditional leaders "Three Zhong and One Hua" [2][3]. - The top five brokers accounted for 68% of the total equity underwriting market share, highlighting the continued prominence of leading firms [2]. Group 2: IPO and Refinance Underwriting - The total underwriting amount for IPOs was 38.00 billion yuan, with CITIC Securities leading at 8.43 billion yuan [2]. - In the refinancing sector, brokers underwrote a total of 641.58 billion yuan in private placements, with Guotai Junan and CITIC Securities taking the top spots [3]. - The competition in the convertible bond market intensified, with total underwriting reaching 30.28 billion yuan, led by CITIC Securities [3]. Group 3: Market Trends and Future Outlook - The revenue from investment banking services showed signs of stabilization, with a year-on-year increase of 5.39% in the first quarter [4]. - Analysts expect that the deepening reforms in the capital market will enhance the activity of IPOs and mergers and acquisitions, contributing to the recovery of investment banking services [4][5]. - The concentration of investment banking business is anticipated to increase further, particularly among leading brokers with superior resources and service capabilities [5].

Investment Rating - The report indicates a positive outlook for small-cap growth style in July, with a recommendation for sectors such as consumer services, real estate, and textiles to perform well in the short term [1][5][10] Core Insights - The macroeconomic indicators show a mixed impact on different asset classes, with PPI underperforming and CPI exceeding expectations negatively affecting the stock market, while industrial value-added and PMI exceeding expectations positively influence the commodity market [1][3] - The report highlights a bullish signal for the stock market based on timing indicators, suggesting a potential upward trend, while the bond market shows signs of overheating risk [1][4] - The report emphasizes the importance of sector rotation strategies, recommending industries that may outperform in the current fast rotation environment [1][5] Summary by Sections Macroeconomic Analysis - The report notes that the latest PPI data was below expectations, while CPI has exceeded expectations for two consecutive months, leading to a negative impact on the stock market [3] - Industrial value-added has exceeded expectations for three consecutive months, along with a favorable exchange rate and PMI, positively impacting the commodity market [3] Timing Indicators - Three indicators triggered bullish signals for the stock market, while three bearish signals were noted for the bond market, indicating potential upward movement for stocks and caution for bonds [3][4] Sector Rotation Strategy - Recommended sectors for July include comprehensive, light manufacturing, real estate, building materials, consumer services, and textiles, which are expected to perform well in the short term [1][5] Style Analysis - The report indicates that small-cap growth style is expected to outperform in July, with a notable shift towards growth style over value style [6][7] - The report highlights that the sentiment and market conditions favor growth style, with a total score of 1.32 indicating a strong preference for growth [7] Quantitative Strategy Performance - The report details that small-cap strategies have outperformed major small-cap indices, with specific strategies yielding returns of 11.4% and 9.6% [8][9] - The growth-oriented strategies have shown significant returns, with one strategy yielding 9.4% in June and over 22% in the first half of the year [9] Market Outlook for July - The report maintains a positive outlook for July, suggesting that both growth-oriented and small-cap strategies still present opportunities despite some valuation concerns [10]

Investment Rating - The report indicates a low overall valuation for the photovoltaic industry, with quality companies having a price-to-book (PB) ratio around 1.8, midstream or upstream companies around 1.6, and poorly performing companies between 1.2 and 1.3, suggesting potential for rebound [8][9]. Core Insights - The photovoltaic industry is undergoing supply-side reform aimed at addressing overcapacity, with a focus on eliminating low-price competition and promoting capacity exit [1][2]. - Companies with technological advantages, strong cost control, and innovation capabilities are expected to be more competitive in the evolving market landscape [1][6]. - The report highlights the significant reduction in glass production in the photovoltaic auxiliary materials sector, which is a response to market pressures and is expected to stabilize prices [4][16]. - Key players like DEYE and Aiko are gaining attention due to their expansion in energy storage and technological innovations, respectively [5][24]. Summary by Sections Supply-Side Reform - The supply-side reform in the photovoltaic industry has been slow, relying more on industry self-discipline and guiding documents rather than strict policies [2]. - Challenges include providing reasonable exit mechanisms for local governments and shareholders, as well as addressing debt repayment issues [2]. Financial Health and Cash Flow - The industry is experiencing slow cash flow outflows, with capital expenditures slowing down, particularly among second-tier companies facing deteriorating financial conditions [3][10]. - Leading companies still have capital expenditure capacity, while second-tier companies may face debt repayment issues, accelerating market exit [10][11]. Technological Advancements - Recent advancements in photovoltaic module power have reached 670 to 680 watts, enhancing premium pricing and cost dilution advantages for leading companies [12]. - The introduction of new technologies is expected to accelerate industry development and improve product performance [13]. Market Dynamics and Investment Opportunities - The report suggests focusing on companies that can adapt to new regulations and actively participate in industry consolidation, particularly those with strong cash flow [6][26]. - The photovoltaic glass market is facing significant production cuts, with leading companies planning to reduce output by 30% starting in July [16][18]. - The overall market for photovoltaic glass is expected to see a sharp decline in production, with inventory levels rising [17][18]. Future Outlook - The report anticipates that the glass industry will see a return to profitability by mid-2026, with rapid capacity clearance expected [19]. - The photovoltaic industry is positioned for potential rebounds, with estimates suggesting a 30% to 50% recovery space if supportive policies are implemented [9].

消息人士：中金公司、中信和高盛正在筹划立讯精密在香港的股票发售。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國國際金融股份有限公司 呈交日期: 2025年7月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03908 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,903,714,428 | RMB | | 1 RMB | | 1,903,714,428 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,903,714,428 | RMB | | 1 RMB | | 1,903,714,428 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...