香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6066） 海外監管公告 本 公 告 乃 中 信 建 投 証 券 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限公司證券上市規則第13.10B條 而 作 出。 茲 載 列 本 公 司 於 上 海 證 券 交 易 所 網 站 刊 發 之《中 信 建 投 証 券 股 份 有 限 公 司2025年 面 向 專 業 投 資 者 公 開 發 行 永 續 次 級 債 券（第 四 期）發 行 結 果 公 告》 《關 於 延 長 中 信 建 投 証 券 股 份 有 限 公 司2025年面向專業投資者公開發行 短 期 公 司 債 券（第 二 期）簿 記 建 檔 時 間 的 公 告》及《中 信 建 投 証 券 股 份 有 限 公 司2025年 面 向 專 業 投 資 者 ...

Group 1 - The core viewpoint of the article highlights the trading performance of glass futures, with the main contract 2509 experiencing a price increase of 7.12% as of July 21, 2025, and a total trading volume of 4.83 million contracts [1][3] - The total trading volume for all glass futures contracts reached 4.83 million contracts, with an increase of 1.99 million contracts compared to the previous day [1][4] - The top 20 positions in the glass futures market show a net short position, with a difference of 199,388 contracts [1][3] Group 2 - The top three long positions are held by Guotai Junan with a total holding of 92,492 contracts, followed by Fangzheng Futures with 71,301 contracts, and CITIC Futures with 64,371 contracts [1][4] - The top three short positions are also led by Guotai Junan with 210,469 contracts, followed by Yong'an Futures with 115,224 contracts, and CITIC Futures with 113,332 contracts [1][4] - The long positions in the top 20 show a decrease of 74,200 contracts, while the short positions decreased by 14,270 contracts compared to the previous day [1][3]

Core Viewpoint - Hongfuhuan (301086.SZ) has released a performance forecast for the first half of 2025, indicating a significant decline in net profit compared to the same period last year, attributed to increased competition and rising labor costs [1][2]. Financial Performance Summary - The net profit attributable to shareholders is expected to be between 19.15 million and 23.72 million yuan, representing a decrease of 50.34% to 59.91% year-on-year [1][2]. - The net profit after deducting non-recurring gains and losses is projected to be between 17.41 million and 21.98 million yuan, reflecting a decline of 46.45% to 57.58% compared to the previous year [1][2]. - In the same period last year, the net profit attributable to shareholders was 47.77 million yuan, and the net profit after deducting non-recurring gains and losses was 41.05 million yuan [1][2]. Reasons for Performance Changes - The company cites intensified industry competition and a decline in overall gross margin as primary reasons for the profit decrease [2]. - Increased labor costs due to the addition of employee positions for production, management, and business expansion needs have also contributed to the decline [2]. - The estimated impact of non-recurring gains and losses on net profit is approximately 1.74 million yuan [2]. Company Background - Hongfuhuan was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on October 20, 2021, with an initial offering price of 96.66 yuan per share [3]. - The stock opened at 129.70 yuan on its first trading day and reached a high of 129.74 yuan, but has since experienced a decline and is currently in a state of loss [3]. - The company raised a total of 1.45 billion yuan through its initial public offering, with a net amount of 1.31 billion yuan after deducting issuance costs [3]. - The funds raised are intended for projects related to functional electronic materials, smart devices, and the construction of an industrial automation equipment production base [3].

证券之星消息，截止2025年二季度末，基金经理栾江伟旗下共管理10只基金，本季度表现最佳的为中信建投趋势领航两年持有混合A （016265），季度净值涨4.06%。 | 在任基金 | 规模(亿元) | 年化回报 | 2025年二季度涨幅 | 第一重合股 | 白净值比 | | --- | --- | --- | --- | --- | --- | | 中信建投轮换混合A | 8.12 | 18.08% | 2.42% | 鼎龙股份 | 3.03% | | 003822 | | | | 300054.SZ | | | 中信建投甄选混合A | 6.22 | 16.70% | 2.32% | 鼎龙股份 | 3.51% | | 008347 | | | | 300054.SZ | | | 中信建投轮换混合C | 6.14 | 17.61% | 2.31% | 鼎龙股份 | 3.03% | | 003823 | | | | 300054.SZ | | | 中信建投甄选混合C | 4.67 | 16.23% | 2.22% | 异龙股份 | 3.51% | | 008348 | | | | 300054.SZ | | | ...

Core Viewpoint - The home appliance industry maintains a high level of prosperity, with strong growth in air conditioning demand driven by summer heat, and leading companies are expected to perform well in the upcoming quarters [1] Group 1: White Goods - The summer heat has led to significant growth in the air conditioning sector, with online sales growth of 55% and offline sales growth of 70% in the first two weeks of July [2] - Major companies like Gree, Midea, and Haier reported online sales growth of 61%, 37%, and 222% respectively, while offline sales growth was 66%, 56%, and 99% [2] - The domestic air conditioning market saw a 16% increase in June, with Gree, Midea, and Haier growing by 16%, 26%, and 27% respectively [2] Group 2: Robotic Vacuums - The competitive landscape in the robotic vacuum sector is improving, with companies like Ecovacs and Roborock showing online sales growth of 129% and 63% respectively [2] - The price increase by a competitor has led to a slight loss in market share, but overall, the industry is expected to see a profit margin improvement in Q3 [2] Group 3: Black Goods - The black goods sector experienced a 10% year-on-year growth in online sales in the first two weeks of July, primarily driven by an increase in average prices [3] - Companies like Hisense and Vidda saw online growth of 37% and 6%, while TCL grew by 46% [3] - The average price of 65-inch and 75-inch panels is expected to decline by $4 in July, continuing a downward trend [3] Group 4: Two-Wheelers - The domestic sales of electric two-wheelers are projected to reach 32.325 million units in the first half of 2025, marking a 29.5% year-on-year increase, driven by government subsidies [3] - After a brief disruption in subsidy funding, regions like Wuxi have resumed normal funding trends, supporting industry growth [3] - Companies like Ninebot announced domestic shipments exceeding 8 million units, while Niu Technologies reported significant sales during a recent product launch [3] Group 5: Motorcycles - The sales of motorcycles with engine sizes over 250CC reached 102,000 units in June, reflecting a 14.3% year-on-year increase, with exports growing by 59.9% [4] - The market concentration among top brands is increasing, with the top three brands holding a combined market share of 46.9% [4] - International demand is recovering, with notable growth in registrations in Italy and Spain, indicating a positive trend for Chinese motorcycle manufacturers [4]

本公司董事会及董事保证基金2025年第2季度报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 中信建投基金管理有限公司旗下： 中信建投景和中短债债券型证券投资基金 中信建投医改灵活配置混合型证券投资基金 中信建投睿溢混合型证券投资基金 中信建投智信物联网灵活配置混合型证券投资基金 中信建投稳裕定期开放债券型证券投资基金 中信建投稳利混合型证券投资基金 中信建投睿信灵活配置混合型证券投资基金 中信建投凤凰货币市场基金 中信建投聚利混合型证券投资基金 中信建投添鑫宝货币市场基金 中信建投稳悦一年定期开放债券型发起式证券投资基金 中信建投中证500指数增强型证券投资基金 中信建投稳丰63个月定期开放债券型证券投资基金 中信建投医药健康混合型证券投资基金 中信建投智享生活混合型证券投资基金 中信建投睿利灵活配置混合型发起式证券投资基金 中信建投稳祥债券型证券投资基金 中信建投行业轮换混合型证券投资基金 中信建投策略精选混合型证券投资基金 中信建投价值甄选混合型证券投资基金 中信建投稳泰一年定期开放债券型发起式证券投资基金 中信建投量化进取6个月持有期混合型证券 ...

Core Viewpoint - The evaluation results of the securities companies' practice quality for the second quarter of 2025 have been released, highlighting significant changes in the rankings of the top ten firms, with Shenwan Hongyuan taking the lead [1][2]. Group 1: Evaluation Results - A total of 103 securities firms were evaluated, with Shenwan Hongyuan scoring 149.30 to rank first [1][2]. - The top ten firms also include Guotou Securities, Dongxing Securities, CITIC Jianan, CITIC Securities, Kaiyuan Securities, Guotai Junan, Guosen Securities, Huatai Securities, and Galaxy Securities [1][2]. - Compared to the first quarter, Shenwan Hongyuan rose from sixth to first place, while Guotai Junan entered the top ten after merging [2]. Group 2: Business Performance - In the area of sponsorship business quality scores at the Beijing Stock Exchange, Shenwan Hongyuan, Guotou Securities, and Dongxing Securities tied for first with a score of 16 [2]. - In the M&A business quality scores, Shenwan Hongyuan and Dongxing Securities both scored over 12 [2]. - In market-making business quality, CITIC Securities led with a score of 4.92 [2]. Group 3: Compliance Issues - Six securities firms were recorded with negative practice quality behaviors, involving issues in information disclosure and compliance [3]. - Specific penalties included public reprimands, warning letters, and requests for written commitments from involved parties [3]. - A case highlighted involved a company failing to disclose accurate sales agreements, leading to warnings for both the company and its sponsor [3]. Group 4: Information Disclosure Standards - In the first half of 2025, the Beijing Stock Exchange received applications from 115 companies for public offerings, with 6 successfully listed, raising a total of 1.923 billion yuan [4]. - The exchange emphasized the importance of accurate and complete information disclosure, warning that errors could lead to regulatory actions [5]. - The standards for listing have not changed, and companies must meet all requirements to apply for public offerings [4][5].

Group 1 - Wahaha is facing family disputes, impacting sales and market confidence according to a distributor's statement [19] - The actual controller's father of Dongfang Caifang plans to transfer approximately 158.8 million shares, reducing his stake to 0.20% [20] - The new leadership at Huatai Fund marks the beginning of the "Lu Weiming era," with the company managing over 1.2 trillion yuan in assets [24] Group 2 - The resignation of the chairman of Zhejiang Merchants Bank indicates a turning point for the bank's "financial benevolence" strategy [25] - Long-standing executives from Wenta Technology have resigned, signaling a strategic shift towards semiconductors [27] - Ding Luming, a veteran analyst from CITIC Construction Investment, is transitioning to the private equity sector after a decade in research [29]

关于岳阳兴长石化股份有限公司 第一个解除限售期解除限售股份上市流通的核查意见 中信建投证券股份有限公司（ 以下简称"中信建投"或"保荐人"）作为岳 阳兴长石化股份有限公司 以下简称"岳阳兴长"、"上市公司"或"公司"） 法》 《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引第 阳兴长 2022 年限制性股票激励计划首次授予第二个解除限售期及预留授予第一 个解除限售期解除限售股份上市流通事项进行了审慎核查，具体核查情况及核查 意见如下： 一、本激励计划已履行的相关审批程序 一）2022 年 6 月 7 日，公司召开第十五届董事会第十八次会议，审议通 过（ 中信建投证券股份有限公司 三）2022 年 6 月 8 日，公司披露（ 《独立董事关于公开征集表决权的公告》， 独立董事谢路国先生作为征集人依法采取无偿方式就第六十三次 2021 年度） 股东大会审议的股权激励计划相关议案向全体股东公开征集表决权。 四）2022 年 6 月 9 日至 2022 年 6 月 18 日，公司内部公示本激励计划激 励对象的姓名和职务。公示期满，公司监事会未收到任何异议，无反馈记录。2022 《2022 年限制性股 ...

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call involves insights from various private equity institutions regarding the macroeconomic environment and investment strategies in the Chinese market. Core Insights and Arguments 1. **Economic Growth and Policy Support**: The Chinese economy is facing risks of slowdown, with consumption growth heavily reliant on policy stimulus. The export sector is under pressure due to tariff uncertainties, while liquidity remains supportive of economic stability [11][13][15]. 2. **Market Sentiment**: Despite economic challenges, market sentiment is relatively optimistic, with indices showing signs of recovery. The A-share market has seen a resurgence, particularly in sectors like new consumption and innovative pharmaceuticals [14][18][22]. 3. **Sector Focus**: Investment strategies are shifting towards sectors with structural growth potential, such as technology, new consumption, and innovative pharmaceuticals. There is a noted increase in interest in the banking and insurance sectors, which have been overlooked by growth-focused fund managers [20][36]. 4. **Structural Market Dynamics**: The market is experiencing a structural rotation, with a focus on high-dividend and growth sectors. The "barbell strategy" is being employed to balance investments between high-yield and growth-oriented stocks [11][26][36]. 5. **Geopolitical Factors**: The evolving U.S.-China trade relations and geopolitical tensions are influencing market dynamics. The upcoming expiration of tariff pauses is a critical point of focus for investors [24][25][56]. 6. **Investment Opportunities**: There is a growing emphasis on identifying alpha opportunities through bottom-up stock selection, particularly in sectors that are less correlated with macroeconomic fluctuations [11][49][51]. 7. **Consumer Behavior**: The consumer market is showing signs of resilience, particularly in durable goods driven by government policies. However, the sustainability of this growth is under scrutiny as the effects of stimulus measures may wane [15][22][37]. 8. **Future Outlook**: The outlook for the second half of the year remains cautious, with expectations of increased economic pressure and potential policy adjustments. Investors are advised to remain vigilant regarding macroeconomic signals and sectoral performance [23][56][60]. Other Important but Possibly Overlooked Content 1. **Liquidity Environment**: The current liquidity environment in China is relatively loose, which is expected to support market performance despite external pressures [16][50]. 2. **Valuation Considerations**: The overall market valuation remains attractive compared to historical levels, suggesting potential for long-term revaluation as economic conditions stabilize [28][52]. 3. **Sectoral Disparities**: There is a notable disparity in performance across sectors, with technology and consumer sectors showing strong growth potential, while traditional sectors face challenges [37][39][53]. 4. **Long-term Trends**: The shift towards quality-driven economic growth is expected to continue, with a focus on innovation and technology as key drivers of future performance [51][59]. This summary encapsulates the key insights and arguments presented during the conference call, highlighting the current state of the Chinese market and the strategic considerations for investors moving forward.