Group 1 - The core viewpoint emphasizes the importance of financial support for technological innovation as a key strategy for implementing the innovation-driven development strategy and serving the real economy [1][2] - The National Development Bank has focused on technology finance, providing financial services tailored to the needs of emerging industries and traditional industry upgrades, while actively participating in innovative financial tools in the bond market [1][2] - The launch of the "Technology Board" in the bond market represents a significant step in financial tool innovation, with the National Development Bank successfully issuing technology innovation bonds to support various sectors including artificial intelligence and renewable energy [2][3] Group 2 - The National Development Bank's Anhui branch has issued a total of 646 billion yuan in technology loans, contributing to the establishment of Anhui as a hub for technological innovation and emerging industries [5][6] - The Anhui branch has collaborated with local authorities to support major technology projects, providing 192 billion yuan in credit and facilitating 354 billion yuan in syndicated financing [5][6] - The bank's support for the new energy vehicle industry includes 2.7 billion yuan in loans to Chery Group, aimed at enhancing the competitiveness of the sector and promoting domestic production of key components [6][7] Group 3 - The collaboration between leading technology companies and policy banks is crucial for reducing financing costs and optimizing capital structures, thereby enhancing long-term competitiveness [7][10] - The financial support provided by the National Development Bank has enabled companies like iFlytek to undertake significant projects in artificial intelligence, including the establishment of a research base and the development of advanced models [8][9] - The ongoing efforts to address mismatches in risk and term in the banking sector are essential for effectively supporting the innovation and development of technology-driven enterprises [9][10]

Group 1 - The core viewpoint of the news highlights the significant rise in the Southern Securities ETF (512900) and the strong performance of the China Securities Company Index, indicating a bullish trend in the securities market [1] - The approval of Guotai Junan Securities (Hong Kong) to provide virtual asset trading services marks a pivotal moment for traditional Chinese financial institutions to engage in the virtual asset market [1] - Hong Kong is positioning itself as a global hub for virtual assets, leveraging its mature financial infrastructure and international regulatory framework, which is expected to accelerate the development of the virtual asset industry [1] Group 2 - The current regulatory environment encourages consolidation within the securities industry, with mergers and acquisitions seen as effective means for brokers to achieve external growth and enhance overall industry competitiveness [2] - The Southern Securities ETF closely tracks the China Securities Company Index, which categorizes companies into various industry levels, providing a comprehensive analysis tool for investors [2] - The top ten weighted stocks in the index include major players such as CITIC Securities, Dongfang Wealth, and Guotai Haitong, reflecting the concentration of market power within a few key firms [2]

Core Viewpoint - The article emphasizes the importance of rural revitalization as a key measure for achieving common prosperity in China, highlighting the need for multi-dimensional thinking and practical case studies to support the implementation of this strategy [3][5][9]. Group 1: Seminar Overview - The CICC Global Institute held a macro seminar on June 21, 2025, focusing on "People-Centered Rural Revitalization," gathering experts from various prestigious institutions to discuss core issues such as population structure changes and rural governance innovation [3]. - CICC's Chief Economist, Peng Wensheng, underscored the significance of rural revitalization since the establishment of the institute in 2020, indicating ongoing research and policy development in this area [3][5]. Group 2: Keynote Speeches - Li Jianwei, Director of the Rural Economy Research Department, analyzed future trends in rural population changes, while other scholars presented concepts like "expanding the home between urban and rural areas" and frameworks for balancing urban market systems with rural social systems [5]. - Cai Fang emphasized that reforming the household registration system is crucial for breaking the urban-rural dual structure, which is essential for rural revitalization [5]. Group 3: Roundtable Discussion - The roundtable discussion featured various experts addressing challenges in the changing urban-rural labor market and the equalization of basic public services between urban and rural areas [7]. Group 4: Practical Case Studies - The session on practical case studies highlighted the role of public welfare in rural revitalization, with examples such as the "Wisdom Education China" project benefiting 35,000 rural children through home-based early education services [11]. - The CICC Public Welfare Foundation's initiatives, like the "CICC Jiuyang Public Kitchen" project, addressed the dining needs of 200 students while promoting a cycle of public welfare and local agriculture [13]. Group 5: Grassroots Experiences - Grassroots workers from various provinces shared their real-life stories and experiences in rural revitalization, providing insights into the practical challenges and successes encountered in the field [15].

港股中资券商股持续走强，弘业期货(03678.HK)涨超7%，中国银河(06881.HK)涨超5%，中金公司 (03908.HK)、招商证券(06099.HK)等跟涨。 ...

Core Viewpoint - The report outlines the verification opinion of China International Capital Corporation regarding the listing and circulation of restricted shares for Beijing Qingyun Technology Group Co., Ltd. after its initial public offering on the Sci-Tech Innovation Board [1][10]. Group 1: Listing of Restricted Shares - The restricted shares being listed are part of the company's initial public offering, totaling 11,855,468 shares, which accounts for 24.8024% of the company's total share capital [2][10]. - The shares will be available for circulation starting from July 1, 2025, after a lock-up period of three full accounting years plus an additional six months [2][12]. Group 2: Changes in Share Capital - Following the initial public offering, the company's total share capital increased from 47,462,175 shares to 47,785,987 shares due to the vesting of restricted stock options [2]. - The total share capital will further increase to 47,799,688 shares after the second vesting period of the restricted stock options in 2024 [2]. Group 3: Commitments from Shareholders - Shareholders have committed to not transferring or managing their shares for 36 months post-listing, with specific conditions for reducing their holdings thereafter [3][6]. - The commitments include conditions on share price and operational status of the company, ensuring that any reduction in holdings does not significantly disrupt the market [7][9]. Group 4: Compliance and Verification - The verification opinion confirms that the listing of restricted shares complies with relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [10]. - The report indicates that all shareholders have adhered to their commitments, and there are no issues affecting the listing of the restricted shares [10].

Core Viewpoint - The recent revision of the "Securities Company Classification Evaluation Regulations" aims to optimize the classification evaluation system, emphasizing functional orientation and promoting differentiated development for small and medium-sized securities firms, aligning with the new "National Nine Articles" and the financial "Five Major Articles" requirements [1] Group 1: Functional Orientation - The revised regulations prioritize guiding securities firms to better perform their functional roles and enhance professional capabilities, incorporating the evaluation of "functional performance" into the existing framework [2][3] - The new evaluation framework shifts from traditional pillars of "risk management + compliance + business development" to a new system that includes "risk management capability + sustained compliance + business development and functional performance" [3] Group 2: Differentiated Development - The regulations eliminate the revenue-based bonus points, reducing repetitive scale-based incentives, while increasing the emphasis on return on equity (ROE) to encourage firms to focus on operational efficiency rather than mere scale expansion [5][6] - The adjustment in evaluation criteria encourages small and medium-sized firms to explore differentiated paths based on their resource endowments, reinforcing the orientation towards specialized operations [7][8] Group 3: Regulatory Enhancements - The revised regulations enhance the punitive measures and risk mitigation strategies, expanding the scope for rating downgrades to include significant violations, and optimizing the penalty mechanisms [9][10] - The introduction of a self-rescue incentive mechanism allows for reduced penalties for firms that proactively rectify issues, thereby encouraging responsible behavior [10]

Core Viewpoint - The recent revision of the "Securities Company Classification Evaluation Regulations" aims to optimize the classification evaluation system, emphasizing functional orientation and promoting differentiated development for small and medium-sized securities firms, aligning with the new "National Nine Articles" and the financial "Five Major Articles" requirements [1] Group 1: Functional Orientation - The revised regulations prioritize guiding securities companies to better fulfill their functional roles and enhance professional capabilities, incorporating the evaluation of "functional performance" into the existing framework [2][3] - The new evaluation framework shifts from a traditional focus on "risk management + compliance + business development" to a new system that includes "risk management capability + ongoing compliance + business development and functional performance" [3] Group 2: Differentiated Development - The regulations eliminate the revenue-based bonus points, reducing repetitive scale-based incentives, while increasing the emphasis on return on equity (ROE) to encourage firms to focus on operational efficiency rather than mere scale expansion [5][6] - The adjustment allows for a broader range of firms to benefit from the evaluation, encouraging small and medium-sized firms to explore differentiated paths based on their resource endowments [5][6] Group 3: Encouraging Long-term Investment - The revision introduces new indicators related to self-operated equity investments, fund advisory development, and management scale of equity-related products, aiming to optimize investment structures and enhance services for long-term capital entry into the market [7] Group 4: Enhanced Regulatory Measures - The revised regulations strengthen the punitive measures and risk mitigation strategies, expanding the scope for rating downgrades due to significant violations and enhancing the penalty mechanisms for misconduct [8][9] - The introduction of a self-rescue incentive mechanism allows for reduced penalties for firms that proactively correct issues, promoting accountability and investor protection [9]

Investment Ratings - CICC-H: Buy [1] - FUTU: Neutral [1] - Hundsun: Buy [1] - East Money: Sell [2] Core Insights - Broker and fintech stocks have shown strong performance since May, with average returns of +27% for brokers and +9% for fintech, compared to +8% and +3% for the H/A share index [1] - Positive changes in Average Daily Trading Volume (ADTV) and turnover rates, along with growth in the Hong Kong market, are expected to drive earnings improvement [1][4] - Earnings forecasts for CICC, Hundsun, FUTU, GFS, and CITICS have been revised upwards by an average of 7% for 2025 [1][31] Summary by Sections Stock Selection Preferences - Preference for brokers with greater exposure to the Hong Kong market, such as CICC-H, while maintaining a Neutral rating on FUTU due to limited excess earnings growth [2] - For fintech, Hundsun is preferred over East Money due to fundamental factors, including recovery in non-core revenue supported by investments [2][26] Market Trends and Revisions - ADTV and turnover rates have recovered since June, primarily due to the easing of tariff shocks [4][12] - Continued increase in ETF market share is expected to impact East Money's profitability negatively [26] Earnings Forecasts - CICC's net profit forecast for 2025 has been raised by 13%, reflecting anticipated growth in Hong Kong investment banking revenue [17][22] - FUTU's earnings forecast has been slightly raised by 1% for 2025, driven by reduced customer acquisition costs [21][22] - Hundsun's net profit forecast for 2025 has been increased by 13% due to higher investment income [31] Valuation and Price Targets - CICC-H has a target price of HK$ 17.58 based on a 10x 2026E P/E [36] - FUTU's target price is set at US$ 111.79 based on an 18x 2026E P/E [36] - Hundsun's target price is Rmb 32.04, reflecting its market presence and sustainable customer relationships [46]

北京极智嘉科技周日向港交所提交聆讯后上市文件，摩根士丹利与中金公司为其联席保荐人。 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - From June 16 - 20, 2025, the China Securities REITs Total Return Index closed at 1124.63 points, up 0.88% week - on - week, with the market rising for seven consecutive weeks since April 30, 2025. The China Securities REITs (Closing) Index closed at 893.99 points, up 0.87% week - on - week. The total market value of China's REITs market reached 206.6 billion yuan, up 1.21% month - on - month after exceeding 200 billion yuan in early June, mainly driven by the rental housing and warehousing logistics sectors [1][8]. - In terms of major asset classes, the transportation infrastructure sector of REITs declined this week, while other assets rose, outperforming stocks, bonds, and futures [1][8]. 3. Summary by Related Catalogs 3.1 Secondary Market 3.1.1 Price - Among the seven REITs sectors this week, the highway sector fell 1.10%, while other asset types had positive growth. The rental housing sector led with a 4.41% increase, and REITs with expansion plans continued to be favored. The municipal environmental protection sector rose 3.27%, ranking second, mainly driven by the 8.10% increase of the Guotai Junan Jinan Energy Heating REIT [13]. 3.1.2 Liquidity - The overall market trading remained highly active this week, with an average daily trading volume of 569 million yuan, an average daily trading volume of 118 million shares, and an average daily turnover rate of 0.60%, up 3.80%, - 0.79%, and 0 pct respectively week - on - week [21]. - The sectors with the highest average daily turnover rates this week were rental housing (0.85%), municipal environmental protection (0.83%), and energy facilities (0.78%). The high trading activity in the consumer facilities sector this week was mainly driven by the Huaan Bailian Consumer REIT [24]. 3.1.3 Valuation - The rental housing sector's valuation yield is currently at a historical low, with a relatively consistent valuation among projects, averaging 2.67%. The consumer sector REITs are still in a high - valuation state, with the ChinaBond valuation yield of the Jiashi Wumei project turning negative. The valuations of the industrial park infrastructure, municipal environmental protection, transportation infrastructure, and warehousing logistics sectors are more differentiated [29]. 3.2 Primary Market 3.2.1 Initial Offerings - Since 2025, 8 projects have been listed, raising 13.4 billion yuan. As of June 20, 2025, there are about 12 - 15 potential issuance projects this year, with an expected total issuance scale of over 20 billion yuan, and the market total scale is expected to exceed 220 billion yuan [3][37]. - Four REITs were approved this week. On June 18, the 2025 Lujiazui Forum announced that the CSRC would approve the registration of the first two data center REITs in the country. On June 19, the Huaxia Huadian Clean Energy REIT and the Chuangjin Hexin Shounong Industrial Park REIT were also officially approved [3][39]. 3.2.2 Other News This Week - Multiple cultural and tourism public REITs projects were launched. On June 12, a tender was issued for the Qingcheng Mountain - Dujiangyan Scenic Area Infrastructure REITs project. The Lijiang Tourism Development Investment Group Co., Ltd. announced a tender to issue cultural and tourism infrastructure public REITs based on the Yulong Snow Mountain, with an intended issuance scale of no less than 2.5 billion yuan [50].