Market Overview - A-shares opened mixed with the Shanghai Composite Index down 0.3% at 3604.7 points, the Shenzhen Component Index up 0.05% at 11208.46 points, and the ChiNext Index up 0.65% at 2382.97 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 142.66 billion yuan [1] - CPO and PCB sectors saw significant gains, while military and non-ferrous metals sectors experienced declines [1] Company News - **Ningde Times** reported a revenue of 178.886 billion yuan for the first half of the year, a year-on-year increase of 7.27%, and a net profit of 30.512 billion yuan, up 33.02% year-on-year [2] - **Changjiang Power** approved a budget of approximately 26.6 billion yuan for the construction of the Gezhouba shipping capacity expansion project, with a total construction period of 91 months [2] - **Digital Certification** is undergoing a change in its controlling shareholder to Beijing Data Group, following a transfer of state-owned shares [3] - **Wantai Biological Pharmacy** launched a new PCR test kit for detecting Chikungunya virus, which is now widely used in blood supply institutions [3] - **Jia Yuan Technology** is advancing its ultra-thin copper foil project, aiming for an annual production capacity of 700,000 square meters by the end of 2026 [4] Industry Insights - The average interest rate for newly issued commercial personal housing loans in Q2 2025 was reported at 3.09% [5] - Domestic coal prices have been on the rise, with the price of 5500 kcal thermal coal at ports around 650 yuan per ton, an increase of 30 yuan from the end of June [8] - The Guangzhou Futures Exchange announced adjustments to trading limits for certain futures contracts, including industrial silicon and lithium carbonate [9] - The National Immigration Administration reported that over 300 million exit and entry documents were issued to Chinese citizens during the 14th Five-Year Plan period, with the number of valid ordinary passports exceeding 160 million [10]

此前，中信建投发布2025年半年度业绩预增公告。 瑞财经 王敏 7月30日，中信建投证券股份有限公司（以下简称"中信建投"）发布第三届董事会第十六次会议决议公告。 会议同意在选举朱永担任公司非执行董事的议案获得股东大会通过的前提下，选举朱永为公司第三届董事会副董事长，任期自 股东大会选举通过朱永担任非执行董事之日起至第三届董事会的任期结束之日止。 同时，同意自朱永担任董事会审计委员会委员之日起，华淑蕊不再担任董事会审计委员会委员，并增补华淑蕊为董事会风险管 理委员会委员，任期至第三届董事会任期结束之日止。 朱永，1969年6月生，现作为中央汇金投资有限责任公司派出董事，担任中国出口信用保险公司董事。 朱永曾任审计署金融审计司副处长，天津滨海农村商业银行股份有限公司法律审计部总经理、人力资源部总经理、党委组织部 部长，中国出口信用保险公司监察审计部处长，中国投资有限责任公司监事会办公室/内审部高级副经理、高级经理、监事会工 作组组长，中央汇金投资有限责任公司派驻中国再保险（集团）股份有限公司（香港联交所上市公司）监事、派驻恒丰银行股 份有限公司董事。 朱永自北京大学获得经济学博士学位，具有高级审计师职称。 公司 ...

Group 1 - CITIC Securities announced the appointment of Zhu Yong as a non-executive director and proposed his election as vice chairman, which may enhance corporate governance and market confidence [1] - Zhu Yong's background with Central Huijin Investment may strengthen the company's ties to state-owned enterprises, positively impacting the brokerage sector [1] - The personnel change reflects trends in executive mobility within the financial industry, potentially leading to a re-evaluation of financial stock valuations [1] Group 2 - Over 90% of active equity funds have achieved positive returns this year, with a notable emergence of "doubling funds" characterized by high allocations in Hong Kong stocks and a focus on the pharmaceutical sector [2][3] - The best-performing fund, Huatai-PineBridge Hong Kong Advantage Selected QDII, reported a year-to-date return of 139%, with 94.28% of its assets in Hong Kong stocks [2] - The trend indicates a strong market preference for Hong Kong stocks and the pharmaceutical sector, likely directing funds towards these areas and boosting investor confidence [3] Group 3 - Public fund institutions have collectively repurchased nearly 5 billion yuan worth of their products this year, with passive index funds being particularly favored, accounting for 20.65% of total repurchases [4] - The significant self-purchase by public funds reflects increased market confidence, especially in low-cost and transparent investment tools [4] - The high proportion of equity fund self-purchases may guide capital towards quality assets, positively influencing overall market valuation [4] Group 4 - Harbin Investment Group plans to reduce its stake in Harbin Investment Co., Ltd. by up to 1%, which may affect short-term valuation expectations among investors [5] - Although the reduction is minor, the actions of a significant shareholder like Dazheng Group could influence market sentiment [5]

Market Overview - The market experienced volatility with mixed performance across major indices, as the Shanghai Composite Index reached a new high for the year while high-profile stocks like Dongxin Peace saw significant declines [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.84 trillion yuan, an increase of 41.1 billion yuan compared to the previous trading day [1] - Sector performance varied, with gains in film, oil and gas, baby products, and food sectors, while stablecoins, solid-state batteries, software development, and rare earth permanent magnets faced declines [1] AI Industry Insights - Huatai Securities reported that the AI industry is entering a new phase driven by token growth, with significant applications in vertical scenarios across various fields such as office, healthcare, and finance [2] - There is a continuous increase in demand for server computing power, with vendors focusing on promoting post-training and inference computing services based on large models, indicating ongoing revaluation opportunities [2] - The development of generative AI is characterized by B2B leading over B2C, with commercial progress in the B2B sector outpacing consumer-level products [2] - Healthy competition among domestic and international manufacturers is driving industry advancement [2] Process Industry Equipment Outlook - CITIC Construction Investment highlighted the cyclical nature of process industrial equipment, predicting a significant decline of over 20% in capital expenditure for petrochemicals in 2024 [3] - Investment planning in the northwest coal chemical sector is advancing, which is expected to bring marginal changes to the new market [3] - Policies for equipment updates in the existing market are being implemented, providing medium to long-term resilience for investments in process industrial equipment [3] - The industry encompasses various segments including compressors, pumps, seals, air separation equipment, valves, instruments, and control systems, with leading companies emerging that possess both domestic and international competitiveness [3] Photovoltaic Industry Analysis - CITIC Securities noted that the photovoltaic industry, currently facing issues of homogenization and excess capacity, is at the forefront of the "anti-involution" movement [4] - With a market-oriented approach, the industry is expected to see a reasonable price recovery and profit restoration as competition becomes more standardized and potential supply-side reform policies are implemented [4] - Technological innovation is deemed essential for overcoming the challenges of homogenized competition, with companies that have product differentiation, high-end market positioning, and strong brand manufacturing likely to experience early performance reversals and long-term growth [4] - It is recommended to focus on leading companies that possess long-term competitiveness and price recovery potential amid the ongoing "anti-involution" efforts in the photovoltaic sector [4]

Core Viewpoint - The report from CITIC Construction Investment indicates a significant decline of over 20% in capital expenditure for the petrochemical industry in 2024, highlighting the cyclical nature of the process industry [1] Group 1: Industry Trends - The investment planning in the northwest coal chemical sector is being actively promoted, which is expected to bring marginal changes to the new market [1] - The ongoing policies for equipment updates in the existing market are gaining momentum, with subsidies gradually being implemented, providing medium to long-term resilience for process industry equipment investment [1] Group 2: Competitive Landscape - The process equipment sector, which includes compressors, pumps, seals, air separation equipment, valves, instruments, and control systems, has developed leading enterprises with both domestic and international competitiveness [1] Group 3: Investment Strategies - In the context of the industry's fundamental recovery awaiting gradual validation, it is recommended to focus on four main investment themes: coal chemical, existing stock updates, overseas expansion, and domestic substitution [1]

Group 1 - The A-share private placement market has shown significant recovery this year, with 76 listed companies completing private placements by July 30, raising a total of 663.3 billion yuan, a year-on-year increase of 667.15% [1][3] - The active participation in the private placement market spans various industries, with capital goods, materials, and technology hardware and equipment leading in the number of listed companies involved [3] - Four major banks, including Bank of China and Postal Savings Bank, have raised over 100 billion yuan each through private placements, primarily for liquidity support [3] Group 2 - The growth in the private placement market has directly boosted the investment banking revenue for securities firms, with underwriting and advisory fees making up a significant portion of the issuance costs [4] - A total of 31 securities firms acted as lead underwriters for private placements, with CITIC Securities leading by underwriting 21 companies [4] - 62 out of the 76 companies that completed private placements disclosed their issuance costs, totaling 904 million yuan [4] Group 3 - Securities firms have actively participated in private placements, with 8 firms and 5 asset management companies involved in 25 companies, totaling 46 subscription instances [5] - Leading firms like GF Securities and Hua'an Asset Management have been prominent in participating in private placements, enhancing their returns and supporting the real economy [5] - The substantial subscriptions by top securities firms signal positive market sentiment, boosting investor confidence and market activity [5]

中信建投研报指出，24年下半年以来女性微恐游戏赛道逐步扩容，这类游戏融合微恐、追逐、搜宝、社 交休闲等元素，快速起量。《第五人格》与《超自然行动组》是该赛道的代表作，前者是网易2018年上 线的非对称对抗玩法游戏，近年再次实现流水新高。《超自然行动组》则是巨人网络2025年推出，采用 与第五人格不同的搜打撤玩法和中式盗墓题材，4月至今已与"故宫里的神兽世界"和"昆仑山"两大中国 地理文化IP联动。研报认为，女性微恐赛道正在持续扩大份额，原因包括填补女性"搜打撤"玩法的空 白、成为年轻群体进行情绪共鸣与压力释放的途径、高频的IP联动、活动运营等。 ...

Group 1 - The A-share market has seen a significant increase in private placements, with 76 companies completing placements and raising a total of 663.3 billion yuan, a year-on-year increase of 667.15% [1][2] - The majority of companies involved in private placements are from the capital goods, materials, and technology hardware sectors, with 21, 10, and 9 companies respectively [2] - Four banks raised over 100 billion yuan each through private placements, aimed at supplementing liquidity, while the remaining companies raised less than 20 billion yuan for various purposes [2] Group 2 - Securities firms are capitalizing on the recovery of the private placement market, benefiting from increased underwriting fees and potential investment returns from subscribed shares [3] - The expansion of private placement business is expected to enhance the revenue of securities firms, with underwriting and advisory fees being a significant portion of the issuance costs [3][4] - A total of 31 securities firms acted as lead underwriters for private placements, with CITIC Securities leading by underwriting 21 companies [4] Group 3 - Securities firms' participation in private placements is seen as beneficial for both their own profitability and the support of the real economy and industry upgrades [5][6] - The large-scale subscriptions by leading securities firms send positive signals to the market, boosting investor confidence and trading activity [6]

中信建投证券股份有限公司 关于深圳市江波龙电子股份有限公司 首次公开发行前已发行的部分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"中信建投证券"或"保荐机构"） 作为深圳市江波龙电子股份有限公司（以下简称"江波龙"或"公司"）首次公 开发行股票并在创业板上市的保荐及持续督导机构，根据《证券发行上市保荐 业务管理办法》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》 《深圳证券交易所创业板股票上市规则》《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》等有关规定，对公司首次公开发行前 已发行的部分股份上市流通事项进行了审慎核查，具体情况如下： 一、本次解除限售股份的基本情况 （一）本次申请解除限售股份的发行上市情况 经中国证券监督管理委员会《关于同意深圳市江波龙电子股份有限公司首 次公开发行股票注册的批复》（证监许可〔2022〕843 号）同意注册，公司首次 公开发行人民币普通股（A 股）股票 4,200 万股，并于 2022 年 8 月 5 日在深圳 证券交易所创业板上市交易。本次公开发行股票后，公司总股本由首次公开发 行前的 370,864,254 股 ...

中信建投证券股份有限公司 关于江苏蔚蓝锂芯集团股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 中信建投证券股份有限公司（以下简称"保荐人"）作为江苏蔚蓝锂芯集团 股份有限公司（以下简称"蔚蓝锂芯"或"公司"）非公开发行 A 股股票的持续 督导机构，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规 则》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳证券 交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》以及《深圳证 券交易所股票上市规则（2025 年修订）》等有关法律法规和规范性文件的要求， 对蔚蓝锂芯本次使用部分闲置募集资金进行现金管理的事项进行了审慎核查，具 体情况如下： 为进一步规范募集资金的存储和使用，保护投资者的利益，根据有关法律法 规及规范性文件的要求，公司及全资控股的江苏天鹏电源有限公司、天鹏锂能技 术（淮安）有限公司、天鹏电源（马来西亚）有限公司已分别在中国农业银行股 份有限公司张家港塘市支行、中国银行张家港塘市支行、招商银行苏州分行张家 一、募集资金的基本情况 经中国证券监督管理委员会《关于核准江苏蔚蓝锂芯股份有限公司非公开发 行股票的批 ...