Group 1 - The number of A-share investors has exceeded 240 million as of June 30 this year, indicating a new bull market is emerging in the A-share market [1][4][5] - The Shanghai Composite Index broke through the 3500-point mark in July, with trading volume maintaining over 1 trillion yuan for 30 consecutive trading days [1][3] - The market sentiment is optimistic, driven by ample liquidity and favorable external conditions, suggesting that the A-share market may continue to rise [3][9] Group 2 - In 2024, the total number of new investors reached 12.74 million, with individual investors accounting for 12.72 million, marking a 5.69% increase from the previous year [5] - The A-share merger and acquisition market has seen a significant increase, with over 200 disclosed M&A events in 2024, nearly quadrupling compared to the same period last year [7] - Major securities firms are dominating the M&A advisory market, with CITIC Securities leading with 25 projects and a total transaction amount of 101.27 billion yuan [7][8] Group 3 - The valuation levels of the A-share market are considered relatively low compared to global indices, enhancing the attractiveness of Chinese assets amid global market instability [9] - Investment strategies are suggested to focus on stable dividend assets, resource-related sectors benefiting from price increases, and new technology growth areas such as AI and solid-state batteries [10]

Group 1: Market Outlook - CICC holds a relatively positive view on the market for the second half of the year, despite short-term uncertainties [1] - Improvement in monetary indicators suggests that policies are taking effect, with recent high-level meetings emphasizing concerns over weak prices [1] - The current market level is significantly above the average cost of funds over the past year and three years, indicating an improving profit effect [1] Group 2: Sector Performance - Huatai Securities reports that major brokerages have seen a substantial increase in net profit for the first half of the year, with large firms experiencing a growth rate of 50%-80% and some small firms exceeding 1000% [2] - The core growth drivers for brokerages include wealth management, investment trading, and investment banking, reflecting a strong recovery in the equity market [2] - The current environment is favorable for brokerages, with a stable and active capital market supporting continued high trading volumes [2] Group 3: Economic Indicators - CITIC Securities notes that the likelihood of a Federal Reserve rate cut in July is low, with a maximum of two cuts expected for the year [3] - The core CPI in the U.S. has shown a consistent trend below expectations, primarily due to cooling rent inflation and used car prices [3] - Concerns remain regarding potential inflation rebound in the U.S., which may limit the scope for a weaker dollar and reduce the attractiveness of U.S. Treasury bonds [3]

Group 1 - The core viewpoint highlights that the brokerage industry has shown impressive performance in the first half of the year, with a significant increase in net profits among leading firms, reflecting enhanced market activity [1] - Among 32 brokerages that disclosed performance forecasts, 29 reported growth, with a total net profit expected to exceed 500 billion yuan, indicating a strong recovery in the sector [1] - The top-performing brokerages, such as Guotai Junan and CITIC Securities, have seen substantial profit increases, with Guotai Junan's net profit projected to grow by 205% to 218% year-on-year [1] Group 2 - Huatai Securities has received approval to issue company bonds totaling up to 40 billion yuan, which is expected to optimize its capital structure and support its stock price [2] - The approval reflects market confidence in Huatai Securities' qualifications and is likely to enhance the overall financing capacity of the brokerage sector, boosting market liquidity [2] Group 3 - Government investment funds have significantly increased their contributions, with a year-on-year growth of 151.22%, driven by favorable policies and regulatory easing [3] - This increase in funding is expected to improve the capital structure of companies and support various industry sectors, enhancing market confidence [3] Group 4 - Over 130 funds have been liquidated this year, indicating a trend towards market-driven fund issuance and exit, with popular themes like dividends and pharmaceuticals also facing challenges [4] - The trend of fund liquidation reflects the importance of market selection and fund management capabilities, leading to increased competition within the industry [4]

Core Viewpoint - The brokerage industry is expected to deliver impressive performance in the first half of 2025, driven by active market sentiment and supportive financial policies, with nearly 40% of firms forecasting a doubling of net profits [1][2] Group 1: Performance Overview - As of July 15, 32 listed brokerages have disclosed their performance forecasts, with 29 reporting profit growth and 2 turning losses into profits, while one firm reported a negative net profit growth [2][3] - The total net profit of these brokerages is expected to exceed 500 billion yuan, with leading firms like Guotai Junan, Guosen Securities, and CITIC Securities showing remarkable performance [2] - Guotai Junan is projected to achieve a net profit of 152.83 billion to 159.57 billion yuan, representing a year-on-year growth of 205% to 218% [2] Group 2: Key Growth Drivers - The significant growth in brokerage performance is attributed to self-operated and wealth management businesses, with over 70% of firms indicating that their performance benefited from self-investment activities [4] - Wealth management has also been highlighted as a major contributor, with nearly 60% of brokerages acknowledging its impact on their growth [4] - Other business segments, such as brokerage and investment banking, have positively contributed to the overall performance, with firms like CITIC Securities noting substantial increases in revenue from these areas [4] Group 3: Mergers and Acquisitions - The wave of mergers and acquisitions in the securities industry has enhanced the market competitiveness of certain brokerages, with Guotai Junan and Guolian Minsheng actively pursuing integration strategies [5] - Jinlong Co. reported significant investment gains due to the transfer of its shares in Dongguan Securities, leading to a substantial increase in net profit [5] Group 4: Market Outlook - The brokerage sector is anticipated to maintain a steady upward trajectory, supported by favorable factors such as improved valuations and ongoing market activity [6][7] - Analysts believe that the sector is positioned for a new upward cycle, with expectations of challenging the average valuation levels seen since 2016 if market conditions remain stable [7]

Core Viewpoint - The majority of listed securities firms in A-shares are expected to report significant year-on-year profit growth in their mid-year results for 2025, driven by improved market risk appetite and active trading conditions [1][4]. Group 1: Company Performance - As of July 15, over half of the 42 listed securities firms have released their mid-year performance forecasts, with all expecting net profit growth compared to the previous year [1]. - Guolian Minsheng and Huaxi Securities are projected to see their net profits increase by over 1000%, with Guolian Minsheng forecasting a net profit of 1.129 billion yuan, up 1183% year-on-year [2]. - Other firms such as Guotai Junan, Shenwan Hongyuan, and Changjiang Securities also expect significant profit increases, with eight firms projecting over 100% growth and 14 firms expecting over 50% growth [2]. Group 2: Industry Trends - The overall performance of the securities industry is showing a positive trend, with the average daily trading volume in the A-share market exceeding 1.3 trillion yuan and new account openings surpassing 12.6 million [4]. - The implementation of the "Implementation Opinions" by the China Securities Association aims to enhance self-regulation and promote high-quality development in the securities industry, encouraging firms to shift from license-driven to capability-driven operations [3]. - The competitive landscape is evolving, with leading firms focusing on enhancing core capabilities and pursuing international standards, while smaller firms are concentrating on specialized development strategies [3].

一、安居借款事项概述 居借款未偿还余额应当不超过人民币 5,000 万元。在此额度范围内，员工归还的借款及 尚未使用的额度可循环用于后续公司员工借款申请；如员工申请的借款金额超过公司借 款资金池所剩额度，则按申请时间进行轮候和审批。 持股平台共同设立的控股公司的所有符合《员工安居借款管理办法》申请条件的员工， 不包括公司董事、监事、高级管理人员、控股股东、实际控制人、持有公司 5%及以上 股份的股东，以及与前述主体关系密切的家庭成员等关联人。 无违法违纪行为等，具体条件见《员工安居借款管理办法》。 中国国际金融股份有限公司 关于杭州广立微电子股份有限公司 为员工提供安居借款的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为杭州广 立微电子股份有限公司（以下简称"广立微"或"公司"）持续督导的保荐机构，根据 《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》和《深圳 证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《深圳证券交 易所上市公司自律监管指引第 13 号——保荐业务》等有关法律法规和规范性文件的要 求，对公司为员工提供安居借款事项进行了 ...

Core Viewpoint - The performance of listed securities firms in the first half of 2025 has shown significant growth, with many firms reporting substantial increases in net profits, driven by active capital market conditions and diverse business lines [2][6]. Group 1: Performance Highlights - 23 listed securities firms have released performance forecasts, all indicating substantial growth [2][6]. - At least 9 firms expect their net profits to double year-on-year, with two firms projecting increases exceeding 1000% [2][6]. - Guotai Junan anticipates a net profit of 15.283 billion to 15.957 billion yuan, representing a year-on-year growth of 205% to 218% [3]. - Shenwan Hongyuan expects a net profit of 4.1 billion to 4.5 billion yuan, with a growth rate of 92.66% to 111.46% [3]. Group 2: Business Drivers - The growth in net profits is attributed to significant increases in wealth management, institutional trading, and investment banking revenues [3][4]. - CITIC Securities projects a net profit of 4.43 billion to 4.573 billion yuan, with a growth of 55% to 60% due to increased revenues from proprietary trading and brokerage services [4]. - Dongwu Securities expects a net profit of 1.748 billion to 1.981 billion yuan, reflecting a growth of 50% to 70% driven by wealth management and trading [4]. Group 3: Market Outlook - Analysts are optimistic about the securities sector's performance, citing favorable market conditions and policy support as key factors for continued growth [8][9]. - The expectation is that the overall mid-year performance of listed securities firms will exceed a 50% year-on-year growth rate, with strong contributions from proprietary and overseas businesses [8]. - The securities sector is viewed as a leading indicator for market trends, with potential for significant upward movement [9].

Core Viewpoint - The article highlights the significant increase in net profits for several Chinese brokerage firms in the first half of 2025, with many firms reporting over 100% growth compared to the previous year [2][4]. Group 1: Performance Overview - As of July 14, 2025, 28 brokerage stocks and related companies have released their performance forecasts, with 26 firms expecting profit increases and 2 firms turning losses into profits [2]. - Notable firms with substantial profit growth include Huaxi Securities and Guolian Minsheng, both of which reported year-on-year profit increases exceeding 10 times [3][4]. Group 2: Specific Profit Figures - Huaxi Securities anticipates a net profit of approximately 445 million to 575 million yuan, reflecting a year-on-year growth of 1025.19% to 1353.9% [4]. - Guolian Minsheng expects a net profit of 1.129 billion yuan, marking a year-on-year increase of about 1183% [4]. - Other notable performances include: - Guosheng Securities (parent company Guosheng Jinkong) forecasting a net profit of 150 million to 220 million yuan, a growth of 236.85% to 394.05% [4]. - Jianghai Securities (parent company Hatou Co.) projecting a net profit of 380 million yuan, up 233.10% [4]. - Northeast Securities reporting a net profit of approximately 431 million yuan, a growth of 225.90% [5]. Group 3: Leading Firms by Net Profit - The top five brokerages by net profit for the first half of 2025 are: 1. Guotai Junan: Expected net profit of 15.283 billion to 15.957 billion yuan, a growth of 205% to 218% [6]. 2. Guosen Securities: Projected net profit of 4.78 billion to 5.53 billion yuan, a growth of 52% to 76% [8]. 3. CITIC Securities: Anticipated net profit of 4.43 billion to 4.573 billion yuan, a growth of 55% to 60% [8]. 4. Shenwan Hongyuan: Expected net profit of 4.1 billion to 4.5 billion yuan, a growth of 92.66% to 111.46% [8]. 5. CICC: Projected net profit of 3.453 billion to 3.966 billion yuan, a growth of 55% to 78% [8].

证券代码：601995 证券简称：中金公司 公告编号：临 2025-018 中国国际金融股份有限公司 2025 年半年度业绩预增公告 中国国际金融股份有限公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本期业绩预告的具体适用情形为：实现盈利，且净利润与上年同期相 比上升 50%以上。 中国国际金融股份有限公司（以下简称"公司"）预计 2025 年半年度 实现归属于母公司股东的净利润为人民币 34.53 亿元到人民币 39.66 亿元，与上 年同期相比，将增加人民币12.25亿元到人民币17.38亿元，同比增加55%到78%。 扣除非经常性损益事项后，预计 2025 年半年度实现归属于母公司股东 的净利润为人民币 33.80 亿元到人民币 38.85 亿元，与上年同期相比，将增加人 民币 11.85 亿元到人民币 16.90 亿元，同比增加 54%到 77%。 一、本期业绩预告情况 （二）业绩预告情况 经初步测算，预计公司 2025 年半年度实现归属于母公司股东的净利润为人 民币 34.53 亿元到人民币 39.6 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The rental rate of industrial parks is under pressure, and the first consumer REITs plans a secondary expansion. The overall rental rate of industrial parks is under pressure, and Huaxia China Resources Commercial REIT plans a secondary expansion. The Beijing Municipal Government supports the issuance of REITs for eligible consumer infrastructure, and Huaxia Fund wins the bid for the fund manager of Yulong Snow Mountain Public REITs [2]. - In the primary market, as of July 11, 2025, 12 REITs have been successfully issued this year, with a total issuance scale of 20.93 billion yuan, a year - on - year decrease of 23.3%. One new REITs has made progress this week, and there is no new progress in expansion [2]. - In the secondary market, the CSI REITs Total Return Index closed at 1103.87 points this week, down 1.12%. The market has fully corrected, and liquidity has declined [2][13]. Summary According to the Directory 1. Primary Market: One Newly Issued REITs Made Progress - As of July 11, 2025, 71 REITs have been issued, with a total issuance scale of 184.2 billion yuan, a total market value of 205.2 billion yuan, and a circulating market value of 96.9 billion yuan [8]. - This week, Huaxia Zhonghe Clean Energy REIT has been feedback, and there is no new progress in expansion. Currently, there are 15 newly issued REITs under application, 6 have been inquired and feedback, 0 have passed the review, and 1 is registered and waiting for listing; 10 expansion REITs have been applied, 4 have been inquired and feedback, and 3 have passed the review [2][9][11]. 2. Secondary Market: The Market Fully Corrected This Week, and Liquidity Declined 2.1 Market Review: The CSI REITs Total Return Index Closed Down 1.12% - The CSI REITs Total Return Index (932047.CSI) closed at 1103.87 points this week, down 1.12%, underperforming the SSE 500 by 1.94 percentage points and the CSI Dividend by 1.72 percentage points. The CSI REITs Total Return Index has risen 14.05% since the beginning of the year, outperforming the SSE 500/CSI Dividend by 12.02/14.54 percentage points [2][13][15]. - By project attribute, equity - based REITs fell 1.21% this week, and concession - based REITs fell 0.69%. By asset type, energy (-0.32%), warehousing and logistics (-0.51%), consumption (-0.54%), and water services (-0.76%) sectors performed better [2][14]. - Among individual bonds, 8 rose and 60 fell this week. Harvest JD Warehousing Infrastructure REIT (+4.25%), CICC China Green Development Commercial REIT (+1.01%), and Southern SF Logistics REIT (+0.79%) led the gainers, while Huaxia Capital Outlet Mall REIT (-5.95%), CICC Chongqing Liangjiang REIT (-4.54%), and CICC Xiamen Anju REIT (-4.44%) led the losers [2]. 2.2 Liquidity: The Environmental Protection Sector Had the Highest Activity - The average daily turnover rates of equity - based/concession - based REITs this week were 0.63%/0.51%, down 15.43/11.45 basis points from last week. The trading volumes this week were 462 million/140 million shares, down 18.88%/17.88% week - on - week. The environmental protection sector was the most active [2][20]. 2.3 Valuation: The Energy Sector Had a Higher Valuation - According to the CCDC valuation yield, the yields of equity - based/concession - based REITs were 3.90%/4.09% respectively. The transportation (5.31%), warehousing and logistics (5.18%), and industrial park (4.85%) sectors ranked among the top three [2][22][24]. 3. This Week's News and Important Announcements - **News**: On July 10, 2025, the Beijing Municipal Government issued the "Special Action Plan for Deepening Reforms to Boost Consumption", supporting the issuance of REITs for eligible consumer infrastructure; on the same day, Huaxia Fund won the bid for the fund manager of Yulong Snow Mountain Public REITs [29]. - **Announcements**: Multiple REITs released semi - annual operating data, including rental rates and rent collection rates. Some REITs had news of share unlocking, dividends, and expansion plans [29][30][31].