Core Viewpoint - The overall profitability of the Hong Kong stock market is relatively strong, and with current valuations still low, long-term allocation remains cost-effective [1] Group 1: Market Performance - The Hang Seng Index has recently surpassed previous highs, indicating potential for continued upward movement in the market [1] - The ongoing domestic policies aimed at stabilizing growth are expected to support the Hong Kong stock market in the future [1] Group 2: Investment Strategy - It is recommended to focus on high dividend and low volatility strategies, particularly in sectors such as telecommunications, utilities, and banking [1] - High dividend strategies can serve as a stable income base for investors [1] Group 3: ETF Information - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which consists of high dividend stocks listed in Hong Kong and accessible via Stock Connect [1] - The index emphasizes companies with stable dividend-paying capabilities and covers multiple sectors, particularly focusing on traditional high dividend areas like finance and real estate [1]

昨日市场震荡调整，三大指数均跌超1%。7月市场总体呈现震荡攀升态势，三大指数月线均收涨，其中 创业板指7月累计涨超8%，但沪指3600点整数关得而复失。昨日沪深两市全天成交额1.94万亿，较上个 交易日放量918亿。板块方面，辅助生殖、液冷IDC、信创、华为昇腾等板块涨幅居前，钢铁、煤炭、 有色、影视等板块跌幅居前。截至昨日收盘，沪指跌1.18%，深成指跌1.73%，创业板指跌1.66%。 在今天的券商晨会上，光大证券认为，二季度"抢进口"效应减弱，美联储下半年或重启降息；华泰证券 表示，预计锂电产业链各环节产能利用率或持续提升；银河证券指出，仍然看好权益市场，重点关注科 技、消费及"反内卷"领域。 光大证券：二季度"抢进口"效应减弱 美联储下半年或重启降息 光大证券表示，二季度"抢进口"效应减弱，美国进口环比折年率降至-30.3%，导致净出口对GDP拖累大 幅收敛，是二季度经济增速转正的重要原因。但另一方面，消费与投资则难掩疲弱，其中二季度美国消 费者信心指数低迷，相应地个人消费表现较弱，1.4%的环比增速为2024年以来的次低值，私人投资环 比折年率也降至-15.6%，因此不宜高估本次经济数据的韧性。光大 ...

智通财经APP获悉，光大证券发表研报称，二季度"抢进口"效应减弱，美国进口环比折年率降 至-30.3%，导致净出口对GDP拖累大幅收敛，是二季度经济增速转正的重要原因。但另一方面，消费与 投资则难掩疲弱，其中二季度美国消费者信心指数低迷，相应地个人消费表现较弱，1.4%的环比增速 为2024年以来的次低值，私人投资环比折年率也降至-15.6%，因此不宜高估本次经济数据的韧性。光大 证券认为美联储在下半年重启降息操作的概率较大。 2025年7月30日，美国经济分析局公布2025年二季度GDP数据初值：(1)二季度实际GDP年化季率初值 +3.0%，预期+2.4%，前值-0.5%；(2)二季度实际个人消费支出季率初值+1.4%，预期+1.5%，前值 +0.5%；(3)二季度核心PCE物价指数年化季率初值+2.5%，预期+2.3%，前值+3.5%。 美国2025年二季度消费环比增速反弹，主要来自"抢进口"效应减弱下的净出口贡献，消费与投资则难掩 疲弱。一方面，二季度"抢进口"效应减弱，美国进口环比折年率降至-30.3%，导致净出口对GDP拖累大 幅收敛，是二季度经济增速转正的重要原因。但另一方面，消费与投资则难掩疲 ...

Core Viewpoint - The divergence between medium to long-term bond yields and short-term bill rates reflects the current credit supply and demand dynamics, with recent declines in bill rates indicating a stronger influence from credit attributes rather than funding factors [3][4][5]. Group 1: Bond and Bill Market Analysis - Since July 22, there has been a notable divergence between medium to long-term bond yields and short-term bill rates, with the 10Y government bond yield at 1.72%, up 4 basis points from July 21, while the 3M bill discount rate fell to 0.50%, down 71 basis points [3]. - Bill market rates exhibit both funding and credit attributes; recent declines in bill rates suggest a stronger influence from credit attributes, as evidenced by the slight increase in DR007 to 1.52%, up 3 basis points from July 21 [3][4]. - The volatility of bill market rates tends to be greater in the latter part of the month, indicating banks' adjustments in credit supply, which may reflect increased credit issuance in the latter half of the month [4]. Group 2: Economic Implications and Future Outlook - Investors are currently trading on the "anti-involution" narrative and its impact on commodity prices, which may affect the attractiveness of bond assets [4][5]. - The sustainability of the "anti-involution" logic depends on the breadth of rising commodity prices and their impact on real economic growth, with a stronger influence on PPI growth compared to CPI growth [4]. - In the medium term (one to two quarters), the probability of bond yield declines is greater than increases, given ongoing economic challenges and the need to lower overall financing costs [5]. - In the short term (one to two weeks), bond yields are expected to decline, as the market has passed the peak pressure of the current adjustment phase [5].

Core Viewpoint - The company, Wuxi Shengjing Microelectronics Co., Ltd., is implementing a differentiated dividend distribution plan due to the repurchase of shares, which will not participate in profit distribution, ensuring compliance with relevant regulations and protecting shareholder rights [1][6]. Summary by Sections 1. Reason for Differentiated Dividend - The company has approved a share repurchase plan using its own and raised funds, with a total repurchase amount between RMB 30 million and RMB 50 million, at a price not exceeding RMB 51.58 per share, within a 12-month period [1]. 2. Differentiated Dividend Plan - The company plans to distribute a cash dividend of RMB 0.10 per share (tax included) for the fiscal year 2024, with adjustments to be made if the total share capital changes due to various corporate actions [2][3]. 3. Calculation of Differentiated Dividend Indicators - The cash dividend per share has been adjusted to RMB 0.1001 based on the principle of maintaining the total distribution amount unchanged, with a total cash dividend payout of approximately RMB 10.07 million [3][4]. 4. Impact on Ex-Dividend Price - The reference price for ex-dividend trading is calculated based on the previous closing price minus the cash dividend, with the impact of the differentiated dividend on the reference price being minimal, less than 1% [5][6]. 5. Compliance and Verification - The sponsor institution has verified that the differentiated dividend distribution complies with relevant laws and regulations, confirming that it does not harm the interests of the company or its shareholders [6].

光大证券股份有限公司关于 南亚新材料科技股份有限公司 光大证券股份有限公司（以下简称"光大证券"或"保荐机构"）作为南 亚新材料科技股份有限公司（以下简称"南亚新材"或"公司"）2022 年度向 特定对象发行 A 股股票并在科创板上市及进行持续督导的保荐机构，根据《证 券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市规则》《科 创板上市公司持续监管办法（试行）》及《上海证券交易所上市公司自律监管 指引第 11 号——持续督导》等有关规定，对公司 2022 年度向特定对象发行股 票限售股上市流通的事项进行了核查，核查情况如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2023 年 6 月 29 日出具的《关于同意南亚 新材料科技股份有限公司向特定对象发行股票注册的批复》（证监许可 〔2023〕1441 号），同意南亚新材向特定对象发行股票的注册申请。公司本次 新增股份 6,190,000 股，本次发行新增股份的登记托管手续已于 2024 年 2 月 7 日在中国证券登记结算有限责任公司上海分公司办理完成。至此公司总股本由 露于上海证券交易所网站（www.sse.com.cn）的《向 ...

2025 年 7 月 31 日 总量研究 全面增持利率品，杠杆久期均回升 ——主动型债券基金 25Q2 持仓分析 要点 1、 25Q2 债券型基金市场总览 截至 2025 年二季度末，全市场公募开放式债券型基金共计 3862 只，较 2025 年一季度末环比增加 54 只/1.4%；市场规模合计 10.93 万亿元，环比增加 0.86 万亿元/8.6%；基金份额合计 9.60 万亿份，净申购 5656.70 亿份，申购比例 6.3%。 除可转债基金外，各类型债券型基金 25Q2 均表现为净申购，市场规模扩张。 2、主动型债券基金季度表现 3、主动型债券基金重仓信用债分析 城投债：截至 25Q2 末，主动债基重仓城投债市值为 724.06 亿元，环比减持 17.94 亿元。分区域来看，浙江省持仓市值居前，广东、广西等区域被增持，湖南、四 川等区域被减持。剩余期限方面，重仓城投债平均剩余期限为 2.43 年，环比减 少 0.17 年，其中西藏、河北等区域剩余期限显著拉长，北京、广东等地有所缩 短。收益率方面，重仓城投债平均估值收益率为 1.93%，环比下行 25.63BP， 其中青海、辽宁等地收益率较高，各省份平 ...

2025 年 7 月 31 日 总量研究 "抢进口"效应减弱，难掩美国经济隐忧 ——2025 年二季度美国经济数据点评 | | 要点 | | --- | --- | | 作者 | 事件： | | 分析师：高瑞东 | 2025 年 7 月 30 日，美国经济分析局公布 2025 年二季度 GDP 数据初值： | | 执业证书编号：S0930520120002 | | | 010-56513066 | 【1】二季度实际 GDP 年化季率初值+3.0%，预期+2.4%，前值-0.5%； | | gaoruidong@ebscn.com | 【2】二季度实际个人消费支出季率初值+1.4%，预期+1.5%，前值+0.5%； | | 分析师：周欣平 | 【3】二季度核心 PCE 物价指数年化季率初值+2.5%，预期+2.3%，前值+3.5%。 | | 执业证书编号：S0930525070005 | | | 010-57378026 | | | zhouxinping@ebscn.com | | | 相关研报 | 核心观点： | | 关税滞胀效应显现，美国经济增速转负—— | | | 2025 年一季度美国经济数据点评（2 ...

2)项目成本降低：一方面，自2024年6月以来欧洲央行已实施八次降息，欧洲海风融资利率不断降低； 另一方面，随着供应链与技术愈加成熟，欧洲海风开发成本已从2010年的5418美元/kW降低至2023年的 3138美元/kW，平准化度电成本(LCOE)已从2010年的0.205美元/kWh降低至2023年的0.067美元/kWh。随 着项目融资、开发成本持续降低，开发商对欧洲海风项目投资意愿得到增强。 智通财经APP获悉，光大证券发布研报称，根据WindEurope，2024年欧洲海风新增装机量为2.6GW，预 计2030年将达到11.8GW。此前俄乌冲突曾引发欧洲天然气危机，当前向可再生能源转型已成为欧洲各 国的战略共识，发展海上风电的重要性持续提高；随着项目融资、开发成本持续降低，开发商对欧洲海 风项目投资意愿得到增强；此外，欧洲多个国家通过行政手段设立政策目标、改革项目拍卖制度等，持 续推动海风加速发展。欧洲海风景气度持续提高，未来随着需求不断释放，国内积极布局欧洲市场的海 风企业有望充分受益。 光大证券主要观点如下： 受益于战略地位提高、项目成本降低、政策驱动等，欧洲海风建设迎来加速 根据WindEur ...

Group 1 - Chinese brokerage stocks have experienced a significant decline, with notable drops in shares such as China Merchants Securities down 4.99% to HKD 16.36, Everbright Securities down 4.54% to HKD 10.52, and CITIC Securities down 4.19% to HKD 27.45 [1] - The Hong Kong Securities Index has risen 49.92% year-to-date, while the average increase for the 13 A+H component brokerage stocks in A-shares is only 4.63%, indicating a substantial narrowing of the AH premium rate [1] - The current AH premium rate for the entire market has fallen below 125%, with the brokerage sector experiencing an even more pronounced decline in AH premium [1] Group 2 - The brokerage index has shown a steady increase in July, approaching the rebound high from the fourth quarter of the previous year, with the average P/B ratio rising from a low of 1.40 to over 1.50, marking a new high for the year [2] - The brokerage index has shifted from a relatively weak position to a significantly stronger one, although the likelihood of a rapid recovery similar to the third quarter of last year is considered low [2] - A steady recovery and oscillating upward trend for the brokerage index is anticipated in the short to medium term, with expectations for a healthy rotation within the sector [2]