Core Viewpoint - The China Securities Association has announced the second batch of companies for on-site inspections for initial public offerings (IPOs) in 2025, with a total of 12 companies selected for review [1] Group 1: Selected Companies - The companies selected for the on-site inspections include: - Changyu Group with 700 million - Yisiwei with 1.214 billion - Hengyun Chang with 1.55 billion - Xinmi Technology with 785 million - Aiteke with 1.5 billion - Tianyuan Biochemical with 630 million - Zhenshi Co. with 3.981 billion - Kangrui New Materials with 1.105 billion - Future Materials with 2.446 billion - Electric Science Blue Sky with 1.5 billion - Huigu New Materials with 900 million - Huike Co. with 8.5 billion [1] Group 2: Underwriters - The IPOs are sponsored by various securities firms, including: - Southwest Securities - Guotou Securities - CITIC Securities - Guojin Securities - Huatai United Securities - Guohai Securities - CICC - Guotai Junan - CITIC Securities - CITIC JianTou - CITIC Securities - CICC [1] Group 3: IPO Distribution - The majority of the selected companies are from the main board, with a total of 6 companies listed [1]

Group 1: US Economic Outlook - Morgan Stanley indicates that the upcoming non-farm payroll report may reignite concerns about US economic growth, with expectations of a 110,000 increase in employment for June, down from 139,000 in May, and an anticipated rise in the unemployment rate from 4.2% to 4.3% [1] - UBS notes that the 20% tariffs imposed by the US on Vietnamese goods are at the lower end of expectations, and the details of the trade agreement will be crucial for assessing its economic impact on Vietnam [2] - DBS Bank suggests that while the US-Vietnam trade agreement reduces risks for Vietnam's economic growth, it may not prevent a slowdown in the coming quarters due to a lack of details in the agreement [2] Group 2: Currency and Inflation - ING predicts that the dollar may experience a temporary rebound as tariffs drive inflation, potentially delaying interest rate cuts by the Federal Reserve [3] - The report anticipates that the euro to dollar exchange rate may briefly fall to the 1.13-1.15 range, and the yen to dollar rate may drop to 145-150, indicating a decline of about 4% for both currencies [3] Group 3: US Debt and Interest Rates - Capital Economics forecasts challenges for US Treasury bonds for the remainder of the year, despite recent strong performance, as the Fed's cautious stance on rate cuts may hinder further gains [4] - The report highlights that Fed Chair Powell's comments suggest a reluctance to cut rates until there is clear evidence of economic stability [4] Group 4: European Economic Policy - ANZ Bank expects the European Central Bank to be close to the bottom of its interest rate cycle, predicting a 25 basis point cut in September [5] - The ECB has reduced rates by 200 basis points over the past year, and the current neutral policy rate range is estimated to be between 1.50% and 2.50% [5] Group 5: Chinese Market Insights - Guotai Junan Securities believes that the Chinese stock market has upward potential due to domestic innovation and a decrease in risk-free rates, with a shift in the RMB's depreciation expectations to stability or slight appreciation [6] - CITIC Securities reports a significant divergence in the monetary policy stance among the 12 voting members of the Federal Reserve, which may influence future policy decisions [7] Group 6: Nuclear Power and Technology - CITIC Securities anticipates a new wave of nuclear power construction globally, driven by the need for stable clean energy and the recovery of the nuclear industry [8] - The report emphasizes the importance of nuclear power in energy transition and carbon neutrality efforts, with China leading in newly approved nuclear units [8] Group 7: Investment Opportunities in Technology - CITIC Securities recommends focusing on AI-related investment opportunities, particularly in AI agents and computing power sectors, as the computer industry is expected to see steady growth [9] - The report highlights the potential for structural opportunities in various technology sectors, including cross-border payments and industrial software [9]

Group 1 - Yang Longlong has resigned from multiple funds managed by CITIC Construction Investment Fund due to personal reasons, effective June 26, 2025 [2][3] - The new fund manager for the four funds previously managed by Yang Longlong is Shao Yanqi, while Pan Hongyu will manage the CITIC Construction Investment Jingrun 3-Month Open-End Bond Fund [2][3] - Shao Yanqi has a background as a macro researcher at Tsinghua University and has been with CITIC Construction Investment Fund since March 2022 [3] Group 2 - The largest fund among those managed by Yang Longlong is the CITIC Construction Investment Stable Wealth 63-Month Bond Fund, with an asset net value of approximately 8.028 billion yuan as of the end of Q1 2025 [4] - The unit net value growth since the fund's inception is 19.48%, with a 1-year growth of 3.80% [4] - The other funds managed by Yang Longlong have the following asset net values: CITIC Construction Investment Jingsheng Bond Fund at approximately 688 million yuan, CITIC Construction Investment Jingrun 3-Month Open-End Bond Fund at 520 million yuan, and CITIC Construction Investment Stable Wealth Fund at 1.508 billion yuan [4] Group 3 - A significant portion of the funds managed by Yang Longlong are held by single institutions, with the CITIC Construction Investment Stable Wealth 63-Month Bond Fund having 37.50% held by one institution, and the CITIC Construction Investment Jingrun 3-Month Open-End Bond Fund having 99.93% held by a single institution [4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 中信建投証券股份有限公司 (於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年7月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06066 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,261,023,762 | RMB | | 1 RMB | | 1,261,023,762 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,261,023,762 | RMB | | 1 RMB | | 1,261,023,762 | | 2. 股份分類 | 普通股 | A 股份類別 ...

Group 1: Market Overview - The bond market continued its warm trend on July 3, with short-term bonds remaining strong and long-term bonds showing slight consolidation [1][2] - The main contracts for government bond futures mostly closed higher, with the 30-year contract down 0.02% at 121.130, while the 10-year contract remained flat at 109.105 [2] - The interbank short-term bond yields decreased by approximately 0.5 basis points, while long-term bonds remained stable [1][5] Group 2: Fund Flows - The central bank conducted a net withdrawal of 452.1 billion yuan in the open market on July 3, with a slight decline in funding rates at the beginning of the month [1][5] - The Shibor short-term rates collectively decreased, with the overnight rate down 5.0 basis points to 1.315%, marking a new low since December 2024 [5] Group 3: Institutional Insights - CITIC Securities noted that the traditional "loan-based" profit model of Chinese banks is facing restructuring due to slowing economic growth and tightening credit demand, leading to increased bond purchases by smaller banks [7] - Changjiang Fixed Income suggested that the central bank's liquidity support is expected to continue, but the space for further easing may be limited as interbank bond market leverage rises above 108% [7] - CITIC Jiantou recommended viewing convertible bonds as tools to capture upward momentum in the equity market, while cautioning that their valuation is currently high [6]

新浪期货 根据交易所数据，截至7月03日收盘主力合约多晶硅2508,涨跌+2.14%,成交量48.21万手，持仓数据显示前20席位呈现净 多，差额头寸为6692手。 多晶硅期货全合约总计成交63.72万手，比上一日新增7.40万手。全合约前20席位多头持仓13.04万手，比上一日减少1.64万手。全 合约前20席位空头持仓13.03万手，比上一日减少1.06万手。 根据合并数据显示，多头前三席位为中信期货，总持仓21369、国泰君安期货，总持仓15358、中信建投，总持仓10755；空头前三 席位为国泰君安期货，总持仓18395、中信建投，总持仓14333、中信期货，总持仓12933； 主力合约前20席位中，多头增仓前三名分别是：海通期货、持仓4436、增仓777，申银万国、持仓1542、增仓561，冠通期货、持 仓1476、增仓231；多头减仓前三名分别是：中信期货、持仓7007、减仓-3353，国泰君安期货、持仓5128、减仓-2117，中信建 投、持仓3525、减仓-1414； 2025年7月3日多晶硅主力合约2508持仓数据一览 | | 名次 会员名称 成交量(双边) | | 壇減 | 会员 | 持买 ...

Summary of Key Points Core Viewpoint - The glass futures market shows a mixed trend with a slight increase in the main contract price, while trading volume and positions indicate a net short position among the top 20 participants [1]. Trading Data - As of July 3, the main contract for glass (2509) closed with a price increase of 1.56%, with a trading volume of 3,468,400 contracts, a decrease of 642,000 contracts from the previous day [1]. - The top 20 positions show a total long position of 1,007,900 contracts, down by 29,300 contracts, and a total short position of 1,295,000 contracts, up by 101,000 contracts [1]. Position Changes - The top three long positions are held by Guotai Junan (total position 123,994), CITIC Futures (77,440), and Huatai Futures (67,699) [1]. - The top three short positions are also led by Guotai Junan (256,566), followed by Galaxy Futures (110,307) and CITIC Futures (97,134) [1]. Notable Changes in Positions - The largest increase in long positions was seen in Shenyin Wanguo (26,127 contracts, an increase of 7,179), followed by GF Futures (30,838 contracts, an increase of 5,437) and CITIC Jiantou (39,244 contracts, an increase of 4,652) [1]. - The largest decrease in long positions was recorded by Dongzheng Futures (58,894 contracts, a decrease of 21,625), followed by Haitong Futures (30,643 contracts, a decrease of 11,952) and Everbright Futures (27,650 contracts, a decrease of 7,549) [1]. Overall Market Sentiment - The overall market sentiment appears to be leaning towards bearishness, as indicated by the increase in short positions among the top participants [1].

新浪期货 根据交易所数据，截至7月03日收盘主力合约白银2508,涨跌+1.83%,成交量42.78万手，持仓数据显示前20席位呈现净 多，差额头寸为18327手。 白银期货全合约总计成交92.33万手，比上一日新增29.56万手。全合约前20席位多头持仓49.83万手，比上一日增加4.18万手。全合 约前20席位空头持仓41.03万手，比上一日增加4.30万手。 根据合并数据显示，多头前三席位为中信期货，总持仓76926、国泰君安，总持仓74051、华泰期货，总持仓28117；空头前三席位 为中信期货，总持仓57756、国泰君安，总持仓40785、东证期货，总持仓27674； 主力合约前20席位中，多头增仓前三名分别是：国泰君安、持仓18768、增仓4150，东证期货、持仓14860、增仓3005，华泰期 货、持仓8033、增仓2634；多头减仓前三名分别是：东亚期货、持仓4915、减仓-985，中信建投、持仓3996、减仓-856，平安期 货、持仓14695、减仓-768； 2025年7月3日白银主力合约2508持仓数据一览 | | 名次 会员名称 成交量(双边) | | 增减 | 会员 | 持买单 | ...

Group 1 - The core viewpoint of the article highlights a significant recovery in A-share equity financing in the first half of 2025, with total fundraising exceeding 761 billion yuan, marking a year-on-year increase of over 400% [1][3] - The investment banking landscape is undergoing a transformation due to a wave of mergers and acquisitions, leading to a more concentrated market structure [1][4] Group 2 - The top five securities firms dominate the equity underwriting market, holding nearly 70% of the market share, with CITIC Securities, Guotai Junan Securities, and CITIC Jianan leading with underwriting amounts of 145.49 billion yuan, 120.25 billion yuan, and 110.12 billion yuan respectively, together accounting for 48.67% of the market [3] - The number of IPO applications surged in the first half of 2025, with 180 companies accepted by exchanges, surpassing the total for the entire year of 2024, while the top ten sponsoring institutions secured over half of the market share with 96.5 projects [3] - Mid-sized securities firms are actively competing in the market, with firms like Guolian Minsheng Securities focusing on niche areas such as the Beijing Stock Exchange and the Growth Enterprise Market, achieving significant project sponsorship [3] Group 3 - The acceleration of mergers and acquisitions among securities firms is seen as a crucial strategy to enhance industry competitiveness, with notable cases such as the merger between Guolian Securities and Minsheng Securities, which significantly boosts their investment banking capabilities [4] - Industry experts believe that mergers and acquisitions will not only improve the competitive position of securities firms but also facilitate supply-side reforms within the industry [4] - The consolidation of the industry is expected to enhance overall competitiveness, optimize resource allocation, and promote healthy market development [4]

科创债新规以来，券商除了自身发行科创债以外，还在积极发挥中介机构作用，帮助各类企业发行科创 债。 "作为宁波轨交科创债牵头主承销商，我们深度挖掘客户亮点，吸引银行机构、保险公司、基金公司等 多家投资机构踊跃参与。"中信建投证券称。 证券时报记者了解到，一方面，券商在承销科创债过程中第一时间响应政策，论证客户的科创属性，并 通过广泛推介询价，充分挖掘市场需求及资源，引入基石投资者；另一方面，券商还积极开展科创债的 做市报价服务，提升科创债市场流动性。 同时，监管对于券商的展业评价也将进一步完善。近日，中国人民银行、中国证监会就支持发行科技创 新债券有关事宜公告称，"建立科技创新债券专项承销评价体系和做市机制，组织做市商为科技创新债 券提供专门做市报价服务，建立承销、做市联动机制。提高科技创新债券承销、做市在承销商、做市商 评价体系中的权重。" 5月8日，中信建投作为牵头主承销商及簿记管理人，助力中国石化集团资本有限公司（下称"石化资 本"）成功发行新一期科技创新公司债券。 "我们与石化资本持续密切关注政策走向，第一时间响应政策号召，最终成功发行了相关支持政策发布 后的首单央企科技创新公司债券。"中信建投证券表示 ...