Core Viewpoint - The bond underwriting market in China is experiencing severe price competition, with underwriters willing to accept extremely low fees to secure business, leading to regulatory investigations into several institutions for abnormal pricing practices [1][6][10]. Group 1: Underwriting Fee Trends - The underwriting fees for the 2025-2026 secondary capital bond project by Guangfa Bank were reported as exceptionally low, with fees as low as 700 yuan and an average of around 10,000 yuan per institution, significantly below market averages [3][4][6]. - The total underwriting service fee for the six selected institutions was only 63,448 yuan, raising concerns about the sustainability of such low pricing [3][4]. Group 2: Regulatory Response - The China Interbank Market Dealers Association has initiated self-regulatory investigations into six institutions for their unusually low bids, citing potential violations of self-regulatory rules [6][10]. - Previous instances of low underwriting fees by Guangfa Bank have also drawn market scrutiny, indicating a pattern of aggressive pricing strategies that may undermine market integrity [6][10]. Group 3: Market Dynamics - The intense competition among underwriting firms is driven by a desire to increase market share and rankings, leading to a cycle of low pricing that may not cover operational costs [7][9]. - The top six banks dominate the bond underwriting market, holding a combined market share of 53.7%, which pressures smaller firms to engage in price competition to secure business [9]. Group 4: Industry Concerns - There are significant concerns that continued low pricing in the underwriting market could lead to inadequate due diligence and increased risks of bond defaults, potentially harming the overall market [10]. - Experts suggest that a shift in focus from low pricing to value creation is necessary to restore a healthy competitive environment in the bond underwriting sector [10].

Core Insights - The recent trend of senior analysts transitioning from sell-side to buy-side roles is notable, with two prominent analysts, Lv Juan and Ding Luming, making significant career shifts [1][5][12] - The decline in compensation and commission structures in the brokerage industry has accelerated the movement of top analysts, leading to increased competition for talent among firms [8][10] - A growing number of analysts are also exploring opportunities outside traditional finance, indicating a diversification in career paths [2][14] Group 1: Analyst Transitions - Lv Juan, a leading analyst from CITIC Securities, has left to become the head of research at a large pension insurance asset management company, marking a significant career shift after 18 years in the industry [4][5] - Ding Luming, another prominent analyst, has transitioned to the private equity sector by founding Shanghai Ruicheng Private Fund Management Co., after 16 years in sell-side analysis [5][6] - The trend of analysts moving to buy-side roles is becoming more common, with many seeking higher compensation and better career prospects [12][13] Group 2: Industry Dynamics - The brokerage industry is experiencing a talent drain due to reduced commissions and salaries, prompting many analysts to seek opportunities in buy-side firms or other brokerages [8][9] - Since the beginning of 2025, at least 19 chief economists or industry analysts have changed jobs, with a significant portion opting for lateral moves within the industry [2][9] - The competition for high-level talent among brokerages has intensified, with firms increasingly offering elevated positions to attract skilled analysts [10][11] Group 3: Career Diversification - A notable trend is the emergence of analysts leaving the financial sector entirely, with some pursuing diverse career paths outside of finance [2][14] - Examples include analysts transitioning to roles in completely different industries, such as culinary arts, indicating a shift in career aspirations [14] - This diversification reflects a broader trend of professionals seeking fulfillment and new opportunities beyond traditional finance roles [14]

一、 本次询价转让的委托 中信建投证券收到出让方关于本次询价转让的委托，委托中信建投证券组织 实施本次询价转让。 二、 关于参与本次询价转让股东相关资格的核查情况 中信建投证券股份有限公司 关于中国电器科学研究院股份有限公司 股东向特定机构投资者询价转让股份 相关资格的核查意见 （北京市朝阳区安立路 66 号 4 号楼） 中信建投证券股份有限公司（以下简称"中信建投证券"）受中国电器科学 研究院股份有限公司（以下简称"中国电研"）股东广州凯天投资管理中心（有 限合伙） （以下简称"出让方"）委托，组织实施本次中国电研首发前股东向特定 机构投资者询价转让（以下简称"本次询价转让"）。 根据《关于在上海证券交易所设立科创板并试点注册制的实施意见》《科创 板上市公司持续监管办法（试行）》《上海证券交易所科创板股票上市规则》《上 海证券交易所科创板上市公司自律监管指引第 4 号——询价转让和配售》（以下 简称"《询价转让和配售指引》"）等相关规定，中信建投证券对参与本次询价转 让股东的相关资格进行核查，并出具本核查意见。 （一） 核查过程 根据相关法规要求，中信建投证券对出让方的相关资格进行了核查。出让方 已出具《关 ...

主力合约前20席位中，空头增仓前三名分别是：国泰君安期货、持仓72083、增仓3455，物产中大期货、持仓4263、增仓2205，中 信期货、持仓53769、增仓2151；空头减仓前三名分别是：瑞达期货、持仓4569、减仓-1227，海通期货、持仓3249、减仓-707， 中金财富期货、持仓4897、减仓-539。 文章来源:新浪期货 新浪期货 根据交易所数据，截至7月18日收盘主力合约碳酸锂2509,涨跌+2.82%,成交量120.63万手，持仓数据显示前20席位呈现净 空，差额头寸为95120手。 碳酸锂期货全合约总计成交147.28万手，比上一日新增43.13万手。全合约前20席位多头持仓39.52万手，比上一日增加3.06万手。 全合约前20席位空头持仓53.00万手，比上一日增加2.16万手。 根据合并数据显示，多头前三席位为中信期货，总持仓64741、国泰君安期货，总持仓52122、东证期货，总持仓30494；空头前三 席位为国泰君安期货，总持仓133867、中信期货，总持仓97575、东证期货，总持仓40639； 主力合约前20席位中，多头增仓前三名分别是：永安期货、持仓15450、增仓4762 ...

国泰中证智能汽车主题交易型开放式指数证券投资基金 2025 年第 2 季度报告 国泰中证智能汽车主题交易型开放式指数证券投资基金 基金管理人：国泰基金管理有限公司 基金托管人：中信建投证券股份有限公司 报告送出日期：二〇二五年七月十九日 国泰中证智能汽车主题交易型开放式指数证券投资基金 2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本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。 基金托管人中信建投证券股份有限公司根据本基金合同约定，于 2025 年 07 月 17 日复 核了本报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、 误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅 读本基金的招募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 2025 年 06 月 30 日止。 §2 基金产品概况 基金简称 国泰中证智能汽 ...

国泰中证基建交易型开放式指数证券投资基金 2025 年第 2 季度报告 国泰中证基建交易型开放式指数证券投资基金 基金管理人：国泰基金管理有限公司 基金托管人：中信建投证券股份有限公司 报告送出日期：二〇二五年七月十九日 国泰中证基建交易型开放式指数证券投资基金 2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本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。 标的指数成份股及其权重构建基金股票投资组合，并根据 投资策略 基金托管人中信建投证券股份有限公司根据本基金合同约定，于 2025 年 07 月 17 日复 核了本报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、 误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅 读本基金的招募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 2025 年 06 月 30 日止。 | | ...

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 短 期 公 司 債 券（第 二 期）募 集 說 明 書》 《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）發 行 公 告》及《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）信 ...

Core Viewpoint - The gaming platform community is expected to benefit significantly from the high prosperity of the gaming industry in 2023 [1] Demand and Supply Analysis - From January to May 2023, the domestic mobile game market size grew by 20% year-on-year [1] - From January to June 2023, the number of domestic game licenses increased by 21% year-on-year, with June reaching the highest monthly total since 2022 [1] Community Engagement and Revenue Potential - Increased user activity in gaming communities is anticipated, which can enhance advertising revenue without increasing ad load [1] - The stable operation of evergreen games and the launch of new mid-to-small scale games are expected to boost download volumes and revenue for gaming platforms, contributing to overall performance growth [1]

Core Viewpoint - The gaming industry is experiencing a new cycle of prosperity, with both supply and demand sides showing strong growth, benefiting community platforms significantly [1][2][4]. Demand Side - From January to May, the domestic mobile game market in China grew by 20% year-on-year, reaching a market size of 1,411 billion yuan, with mobile games accounting for 1,052 billion yuan of this total [2][4]. - In May alone, the gaming market size was 281 billion yuan, reflecting a 10% year-on-year increase, while the mobile game market size was 212 billion yuan, up 12% year-on-year [2]. Supply Side - The number of domestic game licenses issued from January to June reached 757, marking a 21% year-on-year increase, with June alone seeing 147 licenses issued, a 41% year-on-year increase and the highest monthly figure in 22 years [4][5]. - The frequency of issuing import licenses has been reduced to once a month, with 55 licenses issued from January to June, remaining stable year-on-year [5]. Community Platforms - Major gaming community platforms such as TapTap, Haoyou Kuaibao, and others are expected to benefit from the high user activity in the gaming sector [7]. - TapTap has a monthly active user base of 44.05 million, while Haoyou Kuaibao has around 50 million users, indicating strong engagement in gaming communities [8]. Game Performance - Long-standing games like NetEase's "Identity V" have seen over 50% year-on-year revenue growth, while new games from mid-sized developers have also performed well, exceeding expectations [4][5]. - The top games in revenue rankings are predominantly those launched before 2024, indicating the sustained popularity of established titles [4].

（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《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 永 續 次 級 債 券（第 四 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 公 開 發 行 永 續 次 級 債 券（第 四 期）票 面 利 率 公 告》，僅 供 參 閱。 承董事會命 中信建投証券股份有限公司 董事長 劉 成 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。 中國北京 20 ...