近日，中国期货业协会（以下简称"中期协"）就《期货公司经纪业务不正当竞争行为管理规则（征求意 见稿）》（以下简称《规则》）公开征求意见。《规则》旨在维护公平有序的竞争环境，防止"内卷 式"恶性竞争，保障交易者合法权益。 中州期货首席风险官张辉认为，《规则》通过引导公司从"内卷式"竞争转向提升自身实力和服务质量， 将推动行业资源向更有效的方向配置，减少因恶性竞争导致的行业内耗，助力优化市场秩序、提升行业 形象，从而促进行业可持续健康发展。 经纪业务"价格战"问题突出 期货经纪业务作为期货公司的基础性业务，是期货公司主要的收入来源。但长期以来，期货公司经纪业 务面临市场严重饱和、竞争同质化白热化的局面，为了争夺客户，期货公司之间价格战愈演愈烈。一方 面，部分期货公司通过"零手续费"、向客户承诺返还手续费、贬低同行等违法违规和不正当竞争手段招 揽客户，扰乱了市场竞争秩序；另一方面，期货公司为了抢占市场份额，过度压低手续费，而在交易系 统稳定性、投研支持、客户服务等方面投入不足，损害了交易者的交易服务体验。 10年间，期货市场成交增长幅度高于期货公司手续费收入增幅。公开数据显示，2013年，全国期货市场 累计成交量2 ...

根据报表披露，招商证券的注册股本总额为人民币8,696,526,806元，其中A股注册股本为人民币 7,422,005,272元，H股注册股本为人民币1,274,521,534元。A股和H股的面值均为人民币1元。 截至2025年7月31日，招商证券已发行的A股股份数量为7,422,005,272股，H股股份数量为1,274,521,534 股，均未涉及库存股份变动。本月内，公司未发生股份期权、权证、可换股票据或其他协议安排导致的 股份变动，亦未涉及香港预托证券（HDR）的相关变动。 招商证券 股份有限公司（股票代码：A股600999，H股06099）于2025年8月6日向香港交易及结算所有 限公司提交了截至2025年7月31日的证券变动月报表。 此次月报表的提交进一步体现了招商证券在信息披露和合规管理方面的透明度，为投资者提供了最新的 股权结构动态。 公司确认，本月所有证券发行或库存股份变动（如有）均经董事会授权，并符合相关上市规则及监管要 求。招商证券强调，其已履行所有法律及上市条件，包括但不限于款项收取、上市资格合规及文件存档 等义务。 ...

Core Points - Guangdong Construction Science Research Institute Group Co., Ltd. has received approval for its initial public offering (IPO) of RMB ordinary shares on the ChiNext board, with a total issuance of 10,466,000 shares priced at RMB 6.56 per share [1][2][3] Group 1: Issuance Details - The IPO will utilize a combination of strategic placement, offline issuance to qualified investors, and online issuance to the public [1] - The initial strategic placement quantity is 31,398,000 shares, representing 30% of the total issuance [2][4] - The final strategic placement quantity remains the same as the initial quantity, with no need for a reallocation to offline issuance [2][4] Group 2: Subscription and Allocation - The online subscription received an oversubscription rate of 8,487.06 times, leading to the activation of a reallocation mechanism [3] - After reallocation, the final online issuance quantity is 29,304,500 shares, accounting for 40% of the total issuance, while the offline issuance quantity is 43,957,500 shares, representing 60% [3][4] Group 3: Financials and Fees - The total issuance costs amount to RMB 57.39 million, including underwriting fees of RMB 38.35 million and audit fees of RMB 8.25 million [8][9] - The underwriting firm, China Merchants Securities Co., Ltd., will underwrite any shares that are not subscribed by investors [7] Group 4: Lock-up Period - For offline investors, 10% of the allocated shares will have a lock-up period of 6 months starting from the listing date [6]

（文章来源：每日经济新闻） 2024年1至12月份，招商证券的营业收入构成为：证券经纪业务占比48.98%，证券投资业务占比 30.32%，其他占比12.17%，资产管理业务占比4.42%，投资银行业务占比4.11%。 招商证券（SH 600999，收盘价：18.01元）8月5日晚间发布公告称，公司第八届第二十一次董事会会议 于2025年8月5日以通讯表决方式召开。会议审议并通过了关于修订《招商证券股份有限公司企业年金方 案》的议案。 ...

Group 1 - The core viewpoint of the article is that Zhejiang Xinneng Photovoltaic Technology Co., Ltd. has issued convertible bonds and outlined the terms for bondholders to exercise their right to sell back the bonds under certain conditions [1][2][5] Group 2 - The company issued 8.8 million convertible bonds with a face value of RMB 100 each, raising a total of RMB 88 million, with a net amount of RMB 87.25 million after deducting fees [1][2] - The company has established a special account for the raised funds and signed a tripartite supervision agreement with the sponsor and the bank [2] - The additional repurchase clause allows bondholders to sell back their bonds if there are significant changes in the investment projects compared to the commitments made in the prospectus [3][4] Group 3 - The repurchase price is set at RMB 100.40 per bond, including accrued interest, with the interest calculated based on a 0.5% annual rate for a specific period [4][5] - The repurchase period is from August 14 to August 20, 2025, and bondholders can submit their repurchase requests through the Shanghai Stock Exchange [4][5] - The company will announce the results of the repurchase and its impact after the repurchase period ends [4][5]

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 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 招商證券股份有限公司（「本公司」） 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600999 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,27 ...

截至月份: 2025年7月31日 狀態: 新提交 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 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600999 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,422,005,272 | RMB | | 1 RMB | | 7,422,005,272 | | 2. 股份分類 | 普通股 | H 股份類別 | | | | 於香港聯交所上市 (註1) | ...

Core Viewpoint - The leverage funds are accelerating their entry into the A-share market, with the margin trading balance surpassing 2 trillion yuan, indicating a potential bullish sentiment similar to the market conditions in 2015 [1][2]. Group 1: Margin Trading Balance - As of August 5, the A-share margin trading balance reached 2,002.59 billion yuan, marking a significant increase since 2015 [1]. - The margin trading balance has grown from 1.86 trillion yuan at the beginning of 2025, reflecting an increase of approximately 140 billion yuan [2]. - The current margin trading balance as a percentage of the A-share free float market value is 2.31%, which is notably lower than the 4.16% recorded in May 2015 [2]. Group 2: Market Sentiment and Predictions - Analysts from various securities firms express optimism about the market's future, suggesting that the A-share index may reach new highs in August [5]. - The financing balance is at a low ratio compared to the market value, with a recent increase of 2.3% in the financing balance, indicating stable leverage fund sentiment [4]. - There is a belief that the current market conditions and potential policy support could catalyze a new round of market rallies, despite short-term fluctuations [5].

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 招商证券表示，在当前经济弱复苏/稳定复苏的环境下，市场风险偏好的变化主导市场节奏。7月政治局 会议强调政策的连续性与稳定性、灵活性和预见性，宏观流动性将继续保持宽松状态。当前9月美联储 降息概率较大，美元指数、美债利率大概率下行，但多因素可能导致预期反复、波动增大。增量资金层 面，当前仍是融资资金+私募基金+产业/主题ETF等活跃资金主导，在其他类型的场外资金明显入市之 前，预计小盘风格仍将延续。 2000ETF（561370）跟踪中证2000指数，该指数选取市值规模较小且流动性较好的2000只证券作为指数 样本，涵盖机械设备、电子、计算机等多个行业，能够有效捕捉小盘股的增长潜力，为投资者提供多样 化的投资选择，可以关注小盘股板块的后续弹性预期。 ...

Core Viewpoint - The investigation into Gao Xiang, the general manager of the institutional business department at China Merchants Securities, highlights serious disciplinary violations linked to a commission rebate scheme involving quantitative trading firms, particularly related to the case of Li Cheng, the market director of Huanfang Quantitative [1][3][4]. Group 1: Investigation and Management Changes - Gao Xiang is under investigation for serious violations and is being scrutinized by the disciplinary committees of China Merchants Group and Zhongshan City [3]. - The institutional business department, where Gao worked, generated 10.233 billion yuan in revenue in 2024, accounting for 48.98% of the company's total revenue [3]. - Gao's appointment was short-lived, as he took office less than a month before being investigated, following a recent leadership change at the Shenzhen branch [3]. Group 2: Commission Rebate Scheme - The internal commission rebate system at China Merchants Securities allows brokers to receive 40% of the net trading commissions as performance bonuses [4]. - Gao's case is directly linked to the investigation of Li Cheng, who, along with a former manager, allegedly misused the commission rebate system to siphon off 118 million yuan over six years [4]. - The investigation reveals a potential hidden mechanism of commission rebates between brokers and quantitative private equity firms, violating regulatory guidelines [4]. Group 3: Systemic Risks and Regulatory Response - The Gao Xiang case serves as a warning for internal governance at China Merchants Securities and exposes systemic risks in commission sharing during the rapid growth of quantitative trading [5]. - The new leadership, including Zhu Jiangtao, is expected to focus on balancing performance and compliance, which will be crucial for the industry's transformation [5]. - Regulatory measures are being strengthened, as indicated by the proposed revisions to the Securities Industry Professional Reputation Information Management Measures, which will include any commercial bribery in the record of unlawful conduct [4].