Core Viewpoint - The report from CITIC Securities suggests actively monitoring investment opportunities arising from the increase in cobalt prices due to significant changes in import volumes and market dynamics [1] Import Data Analysis - In June, the import volume of cobalt wet-process intermediate products was 18,990.5 tons, representing a month-on-month decrease of 61.63% and a year-on-year decrease of 43.14% [1] - The cumulative import total reached 267,277.43 tons, with a year-on-year decline of 11.10% [1] Market Dynamics - Following the export ban from the Democratic Republic of Congo, the import volume did not significantly decline from January to May due to port inventories and in-transit materials, maintaining a certain level of market inventory [1] - The extension of the export ban for an additional three months is expected to significantly reduce inventory levels, leading to a sharp decline in June's import volume [1] Future Price Expectations - It is anticipated that the import trend will continue to decline in July, with the inventory of refining enterprises likely to decrease to lower levels in August and September [1] - Coupled with the seasonal stocking expectations during the "Golden September and Silver October" period, the market is expected to transition towards a scenario of low raw material inventory, which may provide significant support for price increases [1]

Core Viewpoint - CITIC Securities forecasts that the total sales of electric vehicles (EVs) in China will reach 16.5 million units in 2025 [1] Group 1: Sales Data - In June, the China Association of Automobile Manufacturers (CAAM) reported domestic sales of 1.329 million units, representing a year-on-year increase of 26.7% and a month-on-month increase of 1.7% [1] - According to the Passenger Car Association, the wholesale of new energy passenger vehicles reached 1.241 million units in June, with a year-on-year increase of 26.4% and a month-on-month increase of 1.6%, resulting in a penetration rate of 49.8% [1] - For July, domestic EV wholesale is expected to be 1.3 million units (including commercial vehicles), showing a year-on-year increase of 31.2% [1]

Core Viewpoint - The report outlines the strategic placement of investors in the initial public offering (IPO) of Yangzhou Tianfulong Group Co., Ltd., detailing the number of shares, participants, and compliance with regulations [1][2][20]. Group 1: Strategic Placement Overview - The company plans to issue 40.01 million shares, representing 10% of the total share capital post-issuance [1][4]. - The initial strategic placement involves 4.001 million shares, also accounting for 10% of the total issuance [1][4]. - The final number of shares for strategic placement will be adjusted based on the established mechanism [1]. Group 2: Participants in Strategic Placement - Participants in the strategic placement include senior management and core employees through a dedicated asset management plan [2][7]. - Only one investor is involved in the strategic placement, which complies with the requirement of not exceeding ten participants [4][7]. - The lock-up period for shares acquired through strategic placement is set at 12 months from the date of listing [4][20]. Group 3: Compliance and Regulations - The selection criteria for strategic placement participants align with the regulations, ensuring that the number of shares allocated does not exceed 20% of the total issuance [5][20]. - The asset management plan is registered and meets the qualifications for participation in the strategic placement [8][9]. - Legal opinions confirm that the strategic placement adheres to all relevant laws and regulations, with no prohibited circumstances present [20].

7月24日，中信建投景晟债券A（015659）下跌0.40%，最新净值1.03元，连续5个交易日下跌，区间累 计跌幅1.03%。 据了解，中信建投景晟债券A成立于2022年6月，基金规模5.96亿元，成立来累计收益率9.42%。从持有 人结构来看，截至2024年末，中信建投景晟债券A的基金机构持有5.71亿份，占总份额的99.91%，个人 投资者持有0.01亿份，占总份额的0.09%。 公开信息显示，现任基金经理邵彦棋先生:中国国籍,中央财经大学经济学硕士。曾任清华大学五道口金 融学院国家金融研究院宏观研究员、山西证券股份有限公司宏观固收研究员。2022年3月加入中信建投 基金管理有限公司,曾任固定收益研究部宏观研究员,现任固定收益研究部基金经理助理。2025年1月15日 至2025年6月26日担任中信建投稳祥债券型证券投资基金、中信建投稳益90天滚动持有中短债债券型证 券投资基金、中信建投中债0-3年政策性金融债指数证券投资基金、中信建投中债3-5年政策性金融债指 数证券投资基金、中信建投景和中短债债券型证券投资基金、中信建投添鑫宝货币市场基金、中信建投 凤凰货币市场基金基金经理助理。2025年06月26日 ...

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的核查报告 上海证券交易所： 中信建投证券股份有限公司（以下简称"中信建投证券"或"组织券商"） 受委托担任广州凯天投资管理中心(有限合伙)（以下简称"出让方"）以向特 定机构投资者询价转让（以下简称"询价转让"）方式减持所持有的中国电器 科学研究院股份有限公司（以下简称"公司"或"中国电研"）首次公开发行 前已发行股份的组织券商。 经核查，组织券商就本次询价转让的股东、受让方是否符合《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》"）要求，本次询价转让的询价、转让过程与结果 是否公平、公正，是否符合《询价转让和配售指引》的规定作出如下报告说明。 一、本次询价转让概况 （一）本次询价转让出让方 截至 2025 年 7 月 18 日，出让方所持公司股份的数量、占公司总股本比例 情况如下： 序号 股东名称 持股数量（股） 持股占总股本比例 （二）本次询价转让数量 本次拟询价转让股数上限为 6,067,500 股，受让方获配后，本次询价转让情 况如下： | | ...

Core Viewpoint - The establishment of Beijing Securities marks a significant return of the brand after 20 years, as it is now under the control of Beijing State-owned Assets Management Company, which holds an 85.01% stake in the company [2][3][4]. Group 1: Company Background - Beijing Securities, previously known as Credit Suisse Securities, has been rebranded after the acquisition by Beijing State-owned Assets Management Company [2][4]. - The original Beijing Securities was established in 1997 but was restructured in 2005 due to severe financial losses, leading to its disappearance from the market until now [5][6]. Group 2: Financial Performance - Beijing Securities has reported continuous losses over the past three years, with net profits of -255 million yuan in 2022, -199 million yuan in 2023, and -162 million yuan in 2024, totaling a cumulative loss of 616 million yuan [12][13]. - The immediate challenge for Beijing Securities is to turn its financial performance around before any potential mergers can be considered [12]. Group 3: Industry Context - With the addition of Beijing Securities, the number of brokerages under the Beijing State-owned Assets Management Company has increased to five, including Shouchuang Securities, First Capital Securities, CITIC Securities, and Financial Street Securities [6][8]. - Analysts suggest that the most likely merger candidates within the Beijing State-owned system are Shouchuang Securities and First Capital Securities due to their shared ownership history [9][10].

目前网传消息并不统一，各家情况也不一样，而由于公司内部投行，研究所，经纪条线，奖金分化很 大，有些是没有奖金。 券商们的年终奖发放之路可谓坎坷。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文/新浪财经上海站 时行工作室 金融民工望年终奖，如旱苗盼雨却波折不断。 在金融行业的江湖里，年终奖一直是从业者们心心念念的大事，它不仅是对一年辛勤工作的犒赏，更像 是一场年度大考后的成绩单，承载着期望与梦想。然而，今年的情况却格外扑朔迷离。 当我们向中信建投证券的营业部员工求证后，得到的答案让人有些失落。对方表示，年终奖方案已出， 却并非人人有份，经纪业务线的员工大多只能眼巴巴看着，只有营业部总经理和分公司的副总和经理能 从中分得一杯羹，而且职级工资档的升降级也还未落地。 往年年初便会发放的年终奖，今年却如石沉大海，直到半年过去，多数人还在苦苦等待。 不过，7月16日一丝曙光出现了。 注册地位于金融街的某AMC券商总部终于发放了年终奖，这本是件值得高兴的事，可当员工们看到年 终奖的数额时，笑容瞬间僵在了脸上。 2024年的年终奖仅发了0.9个月，不少应届生的年终奖甚至不足1万元，而且这已经是 ...

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）發 行 結 果 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 中國北京 2025年7月24日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 劉 成 先 生 及 金 劍 華 先 生；本 公 司 非 執 行 董 事 為 李 岷 先 生、閆 小 ...

Core Viewpoint - The Xiamen Securities Regulatory Bureau has disclosed three administrative penalty decisions related to securities professionals engaging in illegal trading activities, highlighting a broader crackdown on such violations across the industry in 2024 [1][4]. Group 1: Administrative Penalties - Three individuals from Longcheng Guorui Securities and Jinyuan Tongyi Securities were penalized for illegal trading activities, with penalties including fines and confiscation of illegal gains [2][4]. - Zheng Han, born in 1973, incurred a total transaction amount of 5.7667 million yuan with a loss of 48,600 yuan, resulting in a fine of 40,000 yuan due to no illegal gains [2][3]. - Chen Zhongbin, born in 1986, had a transaction amount of 1.9246 million yuan with a profit of 4,069.91 yuan, leading to confiscation of the profit and a fine of 40,000 yuan [2][3]. - Wang Jian, born in 1995, had a transaction amount of 9.7917 million yuan with a profit of 5,579.29 yuan, also facing confiscation of the profit and a fine of 40,000 yuan [2][3]. Group 2: Regulatory Actions - In 2024, the regulatory authorities intensified their crackdown on illegal trading by securities professionals, with 59 cases of violations being addressed across the industry [4]. - A total of 10 administrative penalties were issued in the first half of 2025, involving various securities firms including Zhongshan Securities, Guodu Securities, and others [4]. - The penalties affected not only regular employees but also department heads and senior management, indicating a comprehensive approach to enforcement [4]. Group 3: Specific Cases - Yang Jiangquan, a former executive at Guodu Securities, was fined 150,000 yuan for holding and selling shares of Chengda Biological, resulting in a loss of 1.309 million yuan [5].

Core Viewpoint - The North Exchange (北交所) has shown significant growth in the first half of 2025, with the North 50 Index rising by 39.45%, positioning it among the top global stock indices. The outlook for the second half remains cautiously optimistic, with a focus on dividend, consumption, and innovation as key investment themes [1][6]. Market Performance and Drivers - The North Exchange's strong performance in the first half of 2025 was primarily driven by policy benefits, followed by liquidity improvements and valuation recovery. However, the market is currently experiencing a degree of valuation bubble that needs to be addressed through earnings growth [2][5]. - The market is expected to maintain a high level of volatility and correlation with domestic markets, influenced by the characteristics of small and innovative companies listed on the North Exchange [4][5]. Investment Opportunities - The North Exchange is positioned for continued growth, focusing on supporting innovative small and medium enterprises, particularly in advanced manufacturing and modern services. This aligns with national strategies to foster strategic emerging industries [3][6]. - Investment strategies should balance defensive and offensive positions, with dividends serving as a shield and domestic demand and innovation as the spear. The emphasis on stabilizing growth policies and enhancing domestic consumption is expected to create opportunities in cyclical core assets [7]. Future Outlook - The North Exchange is anticipated to continue its robust development, with significant potential for expansion and improvement in company quality. The market is likely to see increased attention from institutional investors, which could lead to substantial growth [3][4]. - Future reforms and measures, such as high-quality expansion of companies and the introduction of specialized indices, are expected to attract more market interest and investment [3][4].