2025 年科技创新债券（第一期）发行结果公告 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。 证券代码：601066 证券简称：中信建投 公告编号：临 2025-035 号 中信建投证券股份有限公司 本期发行债券的募集资金将依据适用法律法规和监管部门的批准，通过股权、 债券、基金投资、资本中介服务等多种途径，专项支持科技创新领域业务。 本期发行债券的相关文件已在中国货币网（www.chinamoney.com.cn）和上 海清算所网站（www.shclearing.com）上刊登。 特此公告。 中信建投证券股份有限公司董事会 2025 年 7 月 1 日 1 / 1 中信建投证券股份有限公司已于 2025 年 7 月 1 日完成 2025 年科技创新债券 | （第一期）发行，相关发行情况如下： | | --- | | 债券名称 | 中信建投证券股份有限公司 | | | | 2025 | 年科技创新债券（第一期） | | | | | --- | --- | --- | --- | --- | --- | --- | --- ...

Core Insights - The securities industry is experiencing accelerated personnel turnover and structural changes as of the first half of 2025, with a total of 323,900 practitioners, a decrease of 6,870 or 2.12% since the beginning of the year [1] Personnel Changes - The number of general securities business personnel decreased by 5,521, a decline of 2.74% - Securities sponsors saw a reduction of 330, representing a 3.90% drop - Securities brokers experienced a decrease of 2,264, which is an 8.75% decline - Conversely, investment advisors increased by 1,264, marking a growth of 1.55% - Securities analysts saw a net increase of 50, reflecting a growth of 0.89% [1] Firm-Specific Changes - Among 42 listed securities firms, 35 reported a reduction in employee numbers, indicating a high attrition rate of 83.33% - Major firms like Guotai Junan, CITIC Securities, CITIC Construction Investment, and GF Securities saw significant reductions in personnel, with decreases of 421, 401, 337, and 305 respectively - Smaller firms, while having lower absolute reductions, exhibited significant percentage declines, with Tianfeng Securities experiencing a reduction of over 5%, specifically 6.36% [1] Detailed Personnel Data - Guotai Haitong: 11,346 to 18,654, an increase of 7,308 or 39.18% - CITIC Securities: 14,216 to 13,815, a decrease of 401 or 2.90% - CITIC Construction Investment: 11,350 to 11,013, a decrease of 337 or 3.06% - China Galaxy: 11,248 to 11,004, a decrease of 244 or 2.22% - GF Securities: 10,790 to 10,485, a decrease of 305 or 2.91% - Guotai Securities: 9,924 to 9,503, a decrease of 421 or 4.43% [2] Investment Advisor Changes - Notable reductions in investment advisors include: - Industrial Securities: decreased by 40 to 1,041, a drop of 3.84% - CITIC Securities: decreased by 32 to 4,431, a drop of 0.72% - Guotai Securities: decreased by 19 to 3,745, a drop of 0.51% - Caida Securities: decreased by 12 to 726, a drop of 1.65% [3] Securities Sponsor Changes - The number of securities sponsors decreased significantly, with notable firms such as: - CITIC Construction Investment: decreased by 53 to 540, a drop of 9.81% - Oriental Securities: decreased by 35 to 208, a drop of 16.83% - CITIC Securities: decreased by 32 to 588, a drop of 5.44% [4] Analyst Changes - A total of 16 listed securities firms had more than 100 analysts, with CICC leading at 340 analysts, followed by Guotai Junan (287) and CITIC Securities (268) - However, firms like CITIC Construction Investment, Zhejiang Securities, CICC, and GF Securities experienced varying degrees of analyst reductions [5]

Core Insights - The securities industry is experiencing accelerated personnel turnover and structural changes as of the first half of 2025, with a total of 323,900 practitioners, a decrease of 6,870 or 2.12% from the beginning of the year [1] Personnel Changes - The number of general securities business personnel decreased by 5,521, a decline of 2.74% - Securities sponsors saw a reduction of 330, marking a 3.90% drop - Securities brokers experienced a decrease of 2,264, which is an 8.75% decline - Conversely, investment advisors increased by 1,264, reflecting a growth of 1.55% - The number of securities analysts rose by 50, indicating a 0.89% increase [1] Firm-Specific Changes - Among 42 listed securities firms, 35 reported a reduction in employee numbers, representing 83.33% of the firms - Major firms like Guotai Junan, CITIC Securities, CITIC Jianan, and GF Securities saw significant reductions of 421, 401, 337, and 305 employees respectively - Smaller firms, while having lower absolute reductions, exhibited substantial percentage declines, with Tianfeng Securities experiencing a reduction of over 5%, specifically 6.36% [1] Detailed Personnel Data - The following firms reported notable changes in employee numbers from January 1, 2025, to June 30, 2025: - Guotai Haitong: Increased by 7,308 (39.18%) - CITIC Securities: Decreased by 401 (-2.90%) - CITIC Jianan: Decreased by 337 (-3.06%) - China Galaxy: Decreased by 244 (-2.22%) - GF Securities: Decreased by 305 (-2.91%) - Guoxin Securities: Decreased by 421 (-4.43%) [2] Investment Advisor Changes - Specific reductions in investment advisors included: - Industrial Securities: Decreased by 40 - CITIC Securities: Decreased by 32 - Guoxin Securities: Decreased by 19 - Caitong Securities: Decreased by 12 [3] Securities Sponsor Changes - The total number of securities sponsors decreased by over 300, marking the first decline in three years - Notable reductions included: - Oriental Securities: Decreased by 35 (16.83%) - Dongxing Securities: Decreased by 33 (14.77%) [4] Analyst Changes - A total of 16 listed securities firms had more than 100 analysts as of mid-2025 - The leading firm, Zhongjin Company, had 340 analysts, followed by Guotai Junan (287) and CITIC Securities (268) - However, firms like CITIC Jianan, GF Securities, and others experienced varying degrees of analyst reductions [5]

Group 1 - The fund is named "Huaxia Growth Enterprise Board Software Exchange-Traded Open-Ended Index Securities Investment Fund" and is registered with the China Securities Regulatory Commission [1] - The fund is classified as an equity ETF and is managed by Huaxia Fund Management Co., Ltd. with custody by CITIC Jianan Securities Co., Ltd. [1][10] - The initial face value of the fund shares is set at 1.00 RMB, with the same price for subscription [10][1] Group 2 - The fundraising period for the fund is from July 7, 2025, to July 18, 2025, and may be adjusted based on sales conditions [2][20] - The maximum fundraising scale for online and offline cash subscriptions combined is set at 7.5 billion RMB, while offline stock subscriptions have a limit of 500 million RMB [5][13] - The fund allows three subscription methods: online cash subscription, offline cash subscription, and offline stock subscription [21][1] Group 3 - Investors must have a Shenzhen A-share account or a Shenzhen Securities Investment Fund account to participate in subscriptions [7][30] - The fund's subscription fees are capped at 0.80%, and specific fee structures may vary based on the subscription method [22][23] - Investors can submit multiple subscription applications, but they must comply with relevant laws and regulations [4][22] Group 4 - The fund will not accept subscription applications once the maximum fundraising limit is reached, and any unconfirmed applications will be refunded [5][14] - The fund's management has the authority to adjust the fundraising arrangements and will announce any changes [15][16] - The fund's performance and net value are subject to market fluctuations, and past performance does not guarantee future results [9][6]

Core Viewpoint - The active equity fund managed by CITIC Construction Investment's North Exchange has achieved the highest performance in the first half of the year, with a return of 82.45% as of June 30 [1] Fund Performance Summary - The top-performing fund is the CITIC Construction Investment North Exchange Selected Two-Year Open Fund, led by Leng Wenpeng, with a return of 82.45% [1] - Other notable funds include: - Huaxia North Exchange Innovation Small and Medium Enterprises Selected Two-Year Open Fund with a return of 72.16% [1] - Wanji North Exchange Intelligent Selection Two-Year Open Fund with a return of 60.36% [1] - The second-ranked fund, Changcheng Pharmaceutical Industry Selected Fund, achieved a return of 75.18% [1] - More than half of the top ten funds have significant investments in the pharmaceutical sector, including: - Bank of China Hong Kong Stock Connect Pharmaceutical Fund with a return of 70.08% [1] - Yongying Pharmaceutical Innovation Intelligent Selection Fund with a return of 69.39% [1] - Huashan Pharmaceutical Biotechnology Fund with a return of 66.44% [1] - Ping An Core Advantage Fund with a return of 63.76% [1] - Nuon Selected Value Fund with a return of 61.88% [1] - The growth-oriented fund managed by Wu Yuanyi, Guangfa Growth Navigation One-Year Holding, ranked sixth with a return of 68.29% [1]

中国经济网北京6月30日讯 近日，中信建投基金管理有限公司公告称，杨龙龙离任中信建投景晟债券(A 类015659；C类015660)、中信建投景润3个月定开债券(A类014968；C类014969；D类018668)、中信建 投稳丰63个月定开债(009585)、中信建投稳裕(A类003573；C类007552)。 | 基金名称 | 中信建投景晟债券型证券投资基金 | | --- | --- | | 基金简称 | 中信建投景晟债券 | | 基金主代码 | 015659 | | 基金管理人名称 | 中信建投基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》《基金管理公司投资 管理人员管理指导意见》等 | | 基金经理变更类型 | 兼有增聘和解聘基金经理 | | 新任基金经理姓名 | 邵彦棋 | | 共同管理本基金的其他基金经 | | | 理姓名 | | | 离任基金经理姓名 | 杨龙龙 | | 基金名称 | 中信建投景润 3个月定期开放债券型证券投资基金 | | --- | --- | | 基金简称 | 中信建投景润 3 个月定开债券 | | 基金主代码 | 014968 | | ...

Core Insights - The main contract for polysilicon (2508) closed at a price increase of 4.55% as of June 30, with a trading volume of 421,200 contracts and a net long position of 4,421 contracts among the top 20 positions [1][3]. Trading Volume and Positions - Total trading volume for all polysilicon contracts reached 553,900 contracts, an increase of 142,600 contracts from the previous day [1]. - Among the top 20 positions, long positions totaled 113,000 contracts, a decrease of 1,762 contracts, while short positions totaled 113,600 contracts, an increase of 5,011 contracts [1]. Major Players - The top three long positions were held by: - CITIC Futures: Total position 20,823 contracts - CITIC Jian Investment: Total position 13,359 contracts - Guotai Junan Futures: Total position 12,483 contracts [1][4]. - The top three short positions were held by: - CITIC Jian Investment: Total position 15,541 contracts - Guotai Junan Futures: Total position 13,540 contracts - CITIC Futures: Total position 12,247 contracts [1][4]. Changes in Positions - The top three increases in long positions were: - Haitong Futures: Position 1,562 contracts, increase 935 contracts - CITIC Futures: Position 7,139 contracts, increase 755 contracts - COFCO Futures: Position 1,675 contracts, increase 469 contracts [1]. - The top three decreases in long positions were: - CITIC Jian Investment: Position 6,488 contracts, decrease 2,283 contracts - Guotai Junan Futures: Position 3,301 contracts, decrease 1,477 contracts - Galaxy Futures: Position 4,404 contracts, decrease 837 contracts [1]. Overall Market Data - The total positions for all contracts showed a total of 724,522 contracts with a net change of 208,920 contracts [4].

Group 1 - The ten-year government bond ETF (511260) has seen a net inflow of over 4.8 billion yuan for 10 consecutive days as of June 27, with nearly 10 billion yuan in the past month, bringing its current scale to over 13.5 billion yuan, indicating strong liquidity [1] - According to CITIC Securities, the duration of bond funds significantly increased to a new high in mid-June, suggesting potential profit-taking pressure in the short term. However, a bullish outlook is maintained for the medium term, particularly in July, when bond market sentiment may rise again, leading to long-term interest rates approaching previous lows [1] - The ten-year government bond yield is often regarded as a "risk-free return," characterized by high safety, strong liquidity, and stable returns, serving as a pricing anchor for various assets and referred to as the "ballast stone" of the bond market [1] Group 2 - The ten-year government bond ETF has demonstrated stable performance, achieving profits every year since 2018, making it a valuable asset allocation tool across market cycles [2] - The ETF offers three trading advantages: (1) flexible trading with T+0 intraday trading, suitable for swing trading; (2) can be pledged as a standard exchange security, with a current pledge rate of approximately 94%, enhancing capital utilization; (3) consists of CTD bonds, suitable for arbitrage strategies [2] - The fund is classified as a bond fund with expected returns and risk levels lower than equity and mixed funds, but higher than money market funds, utilizing an optimized sampling replication strategy to track the Shanghai 10-year government bond index [3]

Group 1 - The core viewpoint of the article is that the regulatory policies for stablecoins and RWA (Real World Assets) in Hong Kong are expected to accelerate the development of digital asset ecosystems [1] - The introduction of the "Hong Kong Digital Asset Development Policy Declaration 2.0" marks the transition of the digital asset market from a "pilot program" phase to an "implementation and promotion" phase [1] - Brokerage firms are likely to expand into the virtual asset trading service market, which may initiate a wave of license upgrades [1] Group 2 - The digital asset era is anticipated to accelerate its comprehensive launch, with stablecoins and RWA expected to enter a new stage of vigorous development [1]

Core Viewpoint - The Hong Kong Stock Exchange will implement a new stock transaction fee structure starting June 30, 2025, eliminating the previous minimum and maximum fee limits, which is expected to significantly reduce transaction costs for smaller trades while increasing costs for larger trades [2][4][12]. Fee Structure Changes - The transaction fee will change from 0.002% of the transaction amount to 0.0042%, with the removal of the minimum fee of 2 HKD and the maximum fee of 100 HKD [5][7]. - For Exchange Traded Products (ETPs), the fee will be adjusted to 0.20 basis points (0.0020%), also removing minimum and maximum fees [5]. Impact on Market Participants - The new fee structure is anticipated to lower transaction costs for approximately 77% of market trades, which typically involve amounts less than 100,000 HKD, thus enhancing market liquidity and encouraging participation from retail and institutional investors [12][13]. - The reduction in costs is expected to particularly benefit high-frequency trading and quantitative strategies, leading to increased market activity [13]. Broker Notifications - Multiple brokers, including CITIC Securities and China Galaxy Securities, have issued notifications regarding the upcoming changes, advising investors to take note of the new fee structure [6][8].