Group 1 - The first batch of Sci-Tech Bond ETFs has been officially approved, marking a significant step in the deepening of the technology finance strategy in China, which is expected to attract more funds into the bond ETF market and support the stock prices of related fund companies [1] - The bond ETF market has rapidly developed, with its scale surpassing 380 billion yuan, indicating a growing interest in technology bonds due to policy incentives and increased investor attention [1] - The approval of these ETFs is anticipated to enhance market confidence in innovative sectors and inject new vitality into the stock market, potentially optimizing capital allocation [1] Group 2 - In the first half of 2025, the total amount of share buybacks by listed brokerages in A-shares reached 2.028 billion yuan, reflecting a year-on-year increase of over 10 times, which indicates strong recognition and confidence in the industry's value [2] - The buyback actions are expected to support the stock prices of related companies and enhance investor confidence, with a focus on leading brokerages and those with strong monetization capabilities [2] - This trend sends a positive signal to the market, potentially stabilizing overall market sentiment and increasing investor attention on corporate governance and return mechanisms [2] Group 3 - A total of 643 foreign institutions have conducted research on A-share companies this year, indicating a growing attractiveness of Chinese assets, with significant interest in the electronics, pharmaceuticals, and machinery sectors [3] - Key topics of interest for foreign investors include AI applications, humanoid robot development, innovative drug research, dividends, and merger plans, reflecting a long-term value recognition in technology and innovation sectors [3] - The continuous inflow of foreign capital is expected to invigorate the A-share market, with investors encouraged to focus on companies that align with industry trends and have been subject to intensive foreign research [3] Group 4 - CITIC Securities has received approval to publicly issue perpetual subordinated bonds totaling no more than 20 billion yuan, which will support its capital replenishment and enhance its risk resilience [4] - This issuance is likely to provide fundamental support for CITIC Securities' stock price and may boost the overall brokerage sector, indicating a smooth financing channel within the industry [4] - The enhanced financing capability of large brokerages is expected to contribute to market stability, although it may also spark discussions among investors regarding capital flow in the short term [4]

Group 1 - The bond market has shown strong performance in the first half of the year, with total issuance amounting to 44.68 trillion yuan, a year-on-year increase of 16.59% [1] - Securities firms have actively engaged in various bond underwriting activities, achieving a total underwriting amount of 7.34 trillion yuan, which represents a year-on-year growth of 20.75% [1] - Mid-sized securities firms have improved their rankings in bond underwriting, with notable advancements such as Guotai Junan moving up to third place in the industry [1] Group 2 - Leading securities firms dominate the underwriting of various types of bonds, with CITIC Securities, Guotai Junan, and CITIC Construction Investment leading in credit bond underwriting [2] - In the asset-backed securities (ABS) segment, CITIC Securities also ranks first, followed by Guotai Junan and Ping An Securities [2] - The internationalization strategy of securities firms has led to increased participation in offshore bond underwriting, with Guotai Junan International leading in this area [2] Group 3 - The issuance of Sci-Tech bonds has emerged as a highlight in the bond underwriting performance of securities firms, with a total of 328.28 billion yuan underwritten by 54 firms since May [3] - CITIC Securities has taken the lead in underwriting Sci-Tech bonds, with a total of 480.3 billion yuan, followed by CITIC Construction Investment and Guotai Junan [3] - Several securities firms are focusing on Sci-Tech bonds as a key area for business development, aiming to enhance their service offerings and align with national strategic directions [3]

Core Viewpoint - In the first half of 2025, the securities industry significantly supported the development of the real economy, with A-share equity underwriting amounting to over 700 billion yuan, while the competitive landscape among leading brokers has changed due to strategic mergers and consolidations [1][2]. Group 1: Equity Underwriting Performance - The total A-share equity underwriting amount for brokers reached 709.85 billion yuan in the first half of 2025, driven by major banks completing significant A-share stock issuances [2]. - Guotai Junan, resulting from a strategic merger, led the underwriting scale with 123.38 billion yuan, surpassing the traditional leaders "Three Zhong and One Hua" [2][3]. - The top five brokers accounted for 68% of the total equity underwriting market share, highlighting the continued prominence of leading firms [2]. Group 2: IPO and Refinance Underwriting - The total underwriting amount for IPOs was 38.00 billion yuan, with CITIC Securities leading at 8.43 billion yuan [2]. - In the refinancing sector, brokers underwrote a total of 641.58 billion yuan in private placements, with Guotai Junan and CITIC Securities taking the top spots [3]. - The competition in the convertible bond market intensified, with total underwriting reaching 30.28 billion yuan, led by CITIC Securities [3]. Group 3: Market Trends and Future Outlook - The revenue from investment banking services showed signs of stabilization, with a year-on-year increase of 5.39% in the first quarter [4]. - Analysts expect that the deepening reforms in the capital market will enhance the activity of IPOs and mergers and acquisitions, contributing to the recovery of investment banking services [4][5]. - The concentration of investment banking business is anticipated to increase further, particularly among leading brokers with superior resources and service capabilities [5].

Core Viewpoint - The company, Shanghai Nanchip Semiconductor Technology Co., Ltd., is implementing a differentiated dividend distribution plan for the fiscal year 2024, which involves cash dividends and excludes shares repurchased by the company from participating in the profit distribution [1][2]. Group 1: Reasons for Differentiated Dividend Distribution - The company has approved a share repurchase plan, allocating between RMB 50 million and RMB 100 million to buy back shares at a maximum price of RMB 44 per share, intended for future employee stock ownership plans [1]. - The total number of shares repurchased as of the date of the verification opinion is 1,752,889 shares, which will not participate in the profit distribution [2]. Group 2: Details of the Differentiated Dividend Plan - The company plans to distribute a cash dividend of RMB 0.20 per share (tax included) to all shareholders based on the total share capital minus the shares held in the repurchase account [2]. - The total share capital as of the verification date is 425,702,911 shares, and after excluding the repurchased shares, the actual shares participating in the distribution amount to 423,950,022 shares [2]. Group 3: Calculation Basis for Dividend Distribution - The reference price for ex-dividend trading is calculated using the formula: (previous closing price - cash dividend) ÷ (1 + change in circulating shares ratio) [3]. - Since there is no change in circulating shares due to the differentiated dividend, the change in circulating shares ratio is 0, leading to a calculated ex-dividend reference price of approximately RMB 35.8200 per share based on a previous closing price of RMB 36.02 [3][4]. Group 4: Verification Opinion from the Sponsor Institution - The sponsor institution, CITIC Securities, confirms that the differentiated dividend distribution complies with relevant laws and regulations, and does not harm the interests of the company or its shareholders [5].

Group 1 - Guizhou Moutai has repurchased a total of 3.3821 million shares as of June 30, 2025, accounting for 0.2692% of the total share capital, with a total expenditure of 5.202 billion yuan [2] - Luxshare Precision is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global financing capabilities and governance transparency [2] - Huazhong Xinchuang has received a project notification from a leading domestic eVTOL manufacturer for the development and supply of an intelligent cockpit multimedia display system [3] Group 2 - Meinohua expects a net profit of 46 million to 52 million yuan for the first half of 2025, representing a year-on-year increase of 142.84% to 174.52% [4] - Jiangnan Water has received a report from shareholder Lianan Life Insurance indicating an increase in shareholding by 46.99 million shares, representing 5.03% of the total share capital [5] - Huasen Pharmaceutical has received approval for clinical trials of its CX001 sustained-release tablets, marking a milestone for its innovative drug development platform [6] Group 3 - Zongshen Power anticipates a net profit growth of 70% to 100% for the first half of the year [7] - Yutong Bus reported a sales volume of 5,919 units in June, a year-on-year increase of 24.79% [7] - Guangzhou Port expects a 7.0% year-on-year increase in container throughput for June 2025 [7] Group 4 - Data Port's shareholders plan to reduce their holdings by up to 1.74% and 0.26% of the company's shares [9] - Humanwell Healthcare's shareholder plans to increase its stake by 1% to 2% [9] - Nengte Technology plans to repurchase shares worth between 300 million to 500 million yuan [10]

Core Insights - The A-share market in the first half of 2025 exhibited a distinct structural trend, with mixed funds' performance reflecting this trend prominently [1] - The top-performing mixed funds were dominated by themes related to the Beijing Stock Exchange and the pharmaceutical sector [1] Fund Performance Summary - The top ten mixed funds in terms of returns showed significant gains, with the leading fund, CITIC Construction Investment Beijing Stock Exchange Selected Two-Year Open A, achieving a return of 82.45% [2] - Other notable funds included Great Wall Pharmaceutical Industry Selected A with a return of 75.18% and Huaxia Beijing Stock Exchange Innovative Small and Medium Enterprises Selected Two-Year Open with a return of 72.16% [2] - The average return of the six pharmaceutical-themed funds in the top ten was 66.78%, indicating strong performance in this sector [3] Fund Declines Summary - The fund with the largest loss was Galaxy Junrong I, which saw a decline of 37.89%, while the Qianhai Open Source Artificial Intelligence Theme Fund and Pioneer Ju You A followed with declines of 20.57% and 18.42%, respectively [3] - Several funds managed by Caitong Fund, including Caitong Value Momentum A, experienced significant declines, with the largest drop being 16.05% [4] Market Outlook - The market is expected to show a fluctuating upward trend in the second half of 2025, driven by policy support and verification of economic conditions [6] - A-share valuations are currently at a medium historical level, suggesting a relatively high investment cost-performance ratio compared to mature overseas markets [6] - The importance of understanding industry cycles and policy directions is emphasized for capturing investment opportunities amidst market differentiation [6]

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 司關於向專業投資者公開發行永續次級公司債券獲得中國證監會註冊 批 覆 的 公 告》，僅 供 參 閱。 证券代码：601066 证券简称：中信建投 公告编号：临 2025-036 号 中信建投证券股份有限公司 关于向专业投资者公开发行永续次级公司债券 获得中国证监会注册批复的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实 ...

证券代码：601066 证券简称：中信建投 公告编号：临 2025-036 号 中信建投证券股份有限公司 关于向专业投资者公开发行永续次级公司债券 获得中国证监会注册批复的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 近日，中信建投证券股份有限公司（以下简称公司）收到中国证券监督管理 委员会（以下简称中国证监会）《关于同意中信建投证券股份有限公司向专业投 资者公开发行永续次级公司债券注册的批复》（证监许可〔2025〕1336 号）（以 下简称批复）。 根据批复，中国证监会同意公司向专业投资者公开发行面值总额不超过人民 币 200 亿元永续次级公司债券的注册申请。该批复自同意注册之日起 24 个月内 有效，公司在注册有效期内可以分期发行永续次级公司债券。 公司将按照有关法律法规、批复要求及公司股东大会授权办理本次永续次级 公司债券发行的相关事宜，并及时履行信息披露义务。 特此公告。 中信建投证券股份有限公司董事会 2025 年 7 月 2 日 1 / 1 ...

Core Viewpoint - The company has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue perpetual subordinated bonds with a total face value of up to 20 billion RMB [1] Group 1 - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in tranches during this period [1] - The company will handle the issuance of the perpetual subordinated bonds in accordance with relevant laws, regulations, and the authorization from the shareholders' meeting [1] - The company is committed to timely information disclosure regarding the issuance process [1]

Core Insights - The main contract for caustic soda (2509) closed at a price increase of 3.19% as of July 2, with a trading volume of 610,800 contracts and a net short position of 12,406 contracts among the top 20 positions [1][3]. Trading Volume and Positions - Total trading volume for all caustic soda contracts reached 728,800 contracts, an increase of 33,700 contracts from the previous day [1]. - Among the top 20 positions, long positions totaled 159,400 contracts, a decrease of 1,223 contracts, while short positions totaled 171,300 contracts, a decrease of 4,793 contracts [1][4]. Major Players - The top three long positions were held by Guotai Junan (21,925 contracts), Dongzheng Futures (13,301 contracts), and CITIC Futures (12,318 contracts) [1][4]. - The top three short positions were also held by Guotai Junan (24,831 contracts), Dongzheng Futures (15,984 contracts), and Huatai Futures (11,711 contracts) [1][4]. Changes in Positions - The top three increases in long positions were from CITIC Futures (9,862 contracts, an increase of 2,105), Fangzheng Futures (6,164 contracts, an increase of 1,321), and Guotai Junan (12,113 contracts, an increase of 1,311) [1]. - The top three decreases in long positions were from Huatai Futures (3,793 contracts, a decrease of 3,836), Galaxy Futures (6,399 contracts, a decrease of 722), and Yong'an Futures (4,129 contracts, a decrease of 717) [1]. Summary of Changes - The top three increases in short positions were from Dongfang Caifu (3,619 contracts, an increase of 1,135), Zhongtai Futures (3,685 contracts, an increase of 996), and CITIC Futures (7,465 contracts, an increase of 950) [1]. - The top three decreases in short positions were from Zheshang Futures (3,481 contracts, a decrease of 3,495), Guotai Junan (18,115 contracts, a decrease of 3,050), and Yong'an Futures (2,391 contracts, a decrease of 1,030) [1].