Group 1 - The railway fixed asset investment in June reached 113.8 billion, showing a year-on-year growth of 4.6%, indicating high industry prosperity despite a high base from the previous year [1] - From January to June, the total railway fixed asset investment was 355.9 billion, with a year-on-year increase of 5.5% [1] - The number of railway passengers reached 2.236 billion, reflecting a year-on-year growth of 6.7%, while freight volume was 25.58 million tons, up by 1.8% [1] Group 2 - The railway department has increased night high-speed trains to meet the rising passenger demand during the summer peak, with June passenger volume at 373 million, a 3.6% increase year-on-year [2] - The Chengdu-Chongqing high-speed railway is under construction and will operate at a speed of 400 km/h, reducing travel time between Chengdu and Chongqing to 50 minutes [2] Group 3 - Several rail transit equipment companies reported better-than-expected performance in the first half of the year, confirming the sector's prosperity, with China CNR expected to achieve a net profit of 6.722-7.562 billion, a growth of 60-80% [3] - Other companies like Siwei Control and Jinchuan Group also reported significant profit increases, with growth rates ranging from 45% to over 200% [3] Group 4 - The upcoming vehicle tenders are expected to see a significant increase, with the second half of the year projected to have a tender volume that may exceed expectations [4] - The total new railway line expected to be put into operation in the second half is around 2300 kilometers, following a modest 301 kilometers in the first half [4] Group 5 - The focus is recommended on vehicle equipment segments, with key suppliers such as China CNR and Siwei Control highlighted for their reliability in the upcoming peak and major repair years [5] - Other companies to watch include Times Electric, China Communications, and Jinchuang Group, among others, for their respective components and systems [5]

Group 1 - The second "Golden Unicorn Best Investment Advisor" selection is underway, focusing on identifying outstanding investment advisors in wealth management [1] - The weekly ranking data from July 14 to July 20 shows that Wang Weilong from Bank of China Securities achieved the highest weekly return of 20.22% in stock simulation trading [1][2] - In the ETF simulation trading group, Sun Baoyan from Xinda Securities topped the list with a weekly return of 10.81% [2][3] Group 2 - In the public fund simulation configuration group, Sun Baoyan also led with a weekly return of 10.91%, followed by He Weidong from Dongxing Securities with 5.88% [3][5] - The social service evaluation highlights top advisors based on their IP homepage and simulated portfolio heat values, with Mei Xingxia from Dongfang Securities leading in IP homepage heat value [11]

Core Insights - RWA (Real World Asset) is a blockchain-based digital asset securitization investment project that has seen rapid growth since the cryptocurrency bull market in 2020, with on-chain asset scale reaching $25.52 billion and 310,573 asset holders by July 16, 2025 [1][2] Group 1: RWA Overview - RWA utilizes blockchain technology to tokenize real-world physical or financial assets, significantly increasing liquidity and lowering investment thresholds [1][2] - RWA has various applications, including government bond tokenization, real estate tokenization, and stock tokenization, showcasing its versatility compared to traditional and general crypto assets [2][3] Group 2: Government Bond Tokenization - Government bond tokenization is a key application of RWA, enhancing secondary market liquidity and reducing cross-border transaction friction [3] - A notable example is BlackRock's tokenized fund BUIDL, which focuses on U.S. short-term government bonds and allows for 24/7 trading [3] Group 3: Real Estate Tokenization - RealT and Reinno are leading projects in real estate tokenization, with RealT distributing rental income to token holders and Reinno providing tokenized mortgage solutions [4] - For instance, RealT's property in Montgomery has a total price of $323,000, with individual tokens priced at $52.10 [4] Group 4: Stock Tokenization - xStocks and Robinhood are at the forefront of stock tokenization, with xStocks issuing tokens linked to actual stock prices and Robinhood adjusting token prices based on NASDAQ values [5] - Robinhood's product functions more like a price-linked financial derivative rather than granting ownership of the underlying stocks [5] Group 5: RWA Exploration in China - In 2024, Longxin Group and Ant Group completed a significant RWA financing deal in Hong Kong, marking a key step in the digitalization of China's renewable energy assets [6] - In mainland China, the Malu Grape RWA commemorative coin has been launched, integrating agriculture with the digital economy [6] Group 6: Regulatory Challenges - RWA poses significant challenges to financial regulation, particularly concerning asset ownership and collateralization [7][8] - The value of RWA relies on the clarity and stability of the underlying real-world assets, which may face legal and regulatory hurdles during the tokenization process [8]

尊敬的投资者： 为进一步优化网点布局，我公司将撤销申万宏源证券有限公司上海浦东新区云鹃北路证券营业部（以下 简称申万宏源证券云鹃北路营业部），届时位于上海市浦东新区云鹃北路9弄3号101-3单元的经营场所 将予以关闭并停止营业。为保障您证券交易、资金划转的正常进行，现将相关事项公告如下： 一、申万宏源证券云鹃北路营业部客户将整体迁移至申万宏源证券有限公司上海自贸试验区分公司（以 下简称申万宏源证券自贸区分公司）。整体迁移完成后，您将直接转变成为申万宏源证券自贸区分公司 客户，由申万宏源证券自贸区分公司为您提供后续服务。迁移后您的资金账号、交易密码和资金密码不 变，您原先使用的交易方式及交易软件等保持不变，您的证券交易及资金划转不受任何影响。 二、如果您不同意迁移成为申万宏源证券自贸区分公司客户,请您自本公告发布之日起三个工作日内,携 带本人有效身份证明文件至申万宏源证券各营业部网点通柜办理销户及撤销指定、转托管等手续。 网 上开户的客户亦可通过网上办理销户手续，详情请拨打 95523 咨询。 三、逾期未办理销户及撤销指定、转托管手续的客户,我公司视同您同意整体迁移成为申万宏源证券自 贸区分公司客户，日后您可根 ...

申万宏源证券承销保荐有限责任公司 关于杭州华星创业通信技术股份有限公司 解除限售并上市流通的核查意见 根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上 市规则》《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规 范运作》等有关法律、法规的规定，申万宏源证券承销保荐有限责任公司（以 下简称"申万宏源承销保荐"或"保荐人"）作为杭州华星创业通信技术股 份有限公司（以下简称"华星创业"或"公司"）2022年向特定对象发行股 票的保荐人，对华星创业2022年向特定对象发行股票限售股份解除限售并上市 流通的事项进行了审慎核查，并出具核查意见如下： 一、本次解除限售股份的基本情况及公司股本变动情况 （一）本次申请解除限售股份的基本情况 根据中国证券监督管理委员会《关于同意杭州华星创业通信技术股份有 限公司向特定对象发行股票注册的批复》（证监许可20212506号）的核准， 公司向特定对象发行人民币普通股（A股）75,120,000股，并于2022年7月26日 在深圳证券交易所创业板上市交易。公司向特定对象发行股票前总股本为 （二）本次股份发行后公司股本变动情况 二十次会议，审议通过了《关于20 ...

以下文章来源于申万宏源发布 ，作者申万宏源证券 申万宏源文化卡通形象：申源宝 申万宏源发布 . 何以消烦暑 心静觅清风 申万宏源与您共赏万物葱茏 申万宏源证券官方发布 ...

Group 1 - The majority of Hong Kong stock securities and brokerage stocks showed strength, with Victory Securities (08540.HK) rising over 7% [1] - Yau Lee Securities Financial (01428.HK), Dongfang Securities (03958.HK), and Shenwan Hongyuan (06806.HK) all increased by more than 4% [1]

申万宏源发布 快讯 | 申万宏源与腾讯达成战略合作 原创 阅读全文 ...

Summary of Key Points Core Viewpoint - The company, Shenwan Hongyuan, has been active in issuing short-term corporate bonds and managing its capital flow, reflecting its ongoing financial strategies and market positioning [1][3]. Trading Information - On July 18, Shenwan Hongyuan's stock closed at 5.25 yuan, with an increase of 0.38%, a turnover rate of 0.28%, a trading volume of 637,600 shares, and a transaction value of 334 million yuan [1]. - The capital flow on the same day showed a net outflow of 9.70 million yuan from institutional investors, while retail investors contributed a net inflow of 6.29 million yuan [1][3]. Company Announcements - Shenwan Hongyuan Securities completed the repayment and delisting of its first phase of short-term corporate bonds (Type II) issued to professional investors in 2024, with a total issuance scale of 3.8 billion yuan and a coupon rate of 1.99% [1]. - The company announced the completion of the issuance of its first phase of non-public short-term corporate bonds (Type I) for 2025, with a total scale of 2.6 billion yuan, divided into two types: Type I with a scale of 1.3 billion yuan and a term of 92 days at a coupon rate of 1.57%, and Type II with a scale of 1.3 billion yuan and a term of 183 days at a coupon rate of 1.63% [1].

Group 1 - Livermore Securities indicates that Shanghai Zhida Technology Development Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1] - The exclusive sponsor for the listing is Shenwan Hongyuan Hong Kong [1]