Core Viewpoint - The modification of CIPS rules is expected to accelerate the internationalization of the RMB, benefiting banks' cross-border business expansion [1][5] Summary by Sections Bank Sector Performance - The banking sector outperformed the market with a 3.77% increase, while the CSI 300 index rose by 1.54%. The performance of different types of banks includes: state-owned banks (+2.76%), joint-stock banks (+4.41%), city commercial banks (+4.01%), and rural commercial banks (+2.47%). Notably, 41 listed banks saw their stock prices rise, with Zhejiang Commercial Bank (+7.92%), Shanghai Pudong Development Bank (+7.6%), and Shanghai Bank (+7.53%) leading the gains. As of July 4, the banking sector's price-to-book (PB) ratio was 0.70, and the dividend yield was 5.65% [2] CIPS Rule Revision - On July 6, the People's Bank of China (PBOC) solicited opinions on the draft of the revised CIPS business rules. The main focus of the revision is to improve the management mechanism for participants and set only principle-based requirements for their business behaviors. This revision is expected to further promote the internationalization of the RMB and support the development of banks' cross-border business. The optimization of business rules is seen as necessary and forward-looking, enhancing the attractiveness of CIPS and increasing the international influence of the RMB [3] Investment Opportunities in the Banking Sector - The banking index reached a closing price of 4603.91 on July 4, marking a nearly 10-year high, with a weekly increase of 3.77%. Three key investment opportunities are identified: 1. The low interest rate environment continues to attract medium to long-term funds, with insurance capital increasingly investing in bank stocks. For instance, Ping An Life increased its stake in Postal Savings Bank of China H-shares to 13% as of June 30. The stable dividend yield of banks is expected to outperform bonds and wealth management returns [4] 2. The low allocation of public funds and the expansion of broad-based indices are expected to bring incremental capital inflows, benefiting quality regional banks significantly [4] 3. The acceleration of convertible bond conversions among small and medium-sized banks is anticipated to provide short-term opportunities, as seen with Qilu Bank announcing early redemption of its convertible bonds [4] Investment Recommendation - The modification of CIPS rules is expected to enhance the internationalization of the RMB and benefit banks' cross-border business. The acceleration of convertible bond conversions among small and medium-sized banks is likely to strengthen their capital base. The growth of medium to long-term funds and the potential recovery of public fund allocations are expected to reshape bank valuations positively. The company maintains a positive outlook on the banking sector's allocation value and continues to recommend investment in this area [5]

证券代码：601881 证券简称：中国银河 公告编号：2025-049 中国银河证券股份有限公司 2025年度第十四期短期融资券发行结果公告 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、准确性和完整性承担个别及连带 责任。 中国银河证券股份有限公司 2025 年度第十四期短期融资券已于 2025 年 7 月 8 日发行完毕，相关发行情况如下： | 债券名称 | 中国银河证券股份有限公司 | 2025 | 年度第十四期短期融资券 | | --- | --- | --- | --- | | 债券简称 | 25 银河证券 CP014 | 债券流通代码 | 072510117 | | 发行日 | 2025 年 7 月 7 日 | 起息日 | 2025 年 7 月 8 日 | | 到期兑付日 | 2026 年 7 月 8 日 | 期限 | 365 天 | | 计划发行总额 | 35 亿元人民币 | 实际发行总额 | 35 亿元人民币 | | 票面年利率 | 1.62% | 发行价格 | 100 元/百元面值 | 本 期 发 行 短 期 融 资 券 的 相 关 文 ...

Core Viewpoint - In the first half of 2025, all 13 companies that submitted merger and acquisition projects for review in the A-share market were approved, resulting in a 100% approval rate [1]. Group 1: Independent Financial Advisors Performance Ranking - A total of 13 independent financial advisory firms participated in the 13 approved merger and acquisition projects [2]. - The top-ranked independent financial advisor was Dongfang Securities with 3 projects, followed by Huatai United Securities with 2 projects [3][4]. Group 2: Legal Advisors Performance Ranking - Ten law firms were involved in the legal services for the 13 approved merger and acquisition projects [5]. - The leading law firm was King & Wood Mallesons with 3 projects, while Guohao (Shanghai) and Shanghai Jintiancheng both ranked second with 2 projects each [6][7]. Group 3: Audit Firms Performance Ranking - Eleven accounting firms provided auditing services for the 13 approved merger and acquisition projects [8]. - The top audit firm was Tianjian with 3 projects, followed by Daxin and Xinyong Zhonghe, both with 2 projects [9]. Group 4: Asset Evaluation Firms Performance Ranking - Eleven asset evaluation firms were involved in the asset evaluation services for the 13 approved merger and acquisition projects [10]. - The leading asset evaluation firm was Jinzheng (Shanghai) with 3 projects, followed by Zhonglian Evaluation with 2 projects [11].

Core Viewpoint - The life sciences upstream sector is showing signs of recovery with a year-on-year growth rate of 9.5% in Q1 2025, driven by stable investment and financing, cost reduction, and domestic substitution trends [1] Group 1: Industry Trends - The life sciences upstream sector, which includes instruments, consumables, raw materials, and services, is characterized by specialization, high barriers, and cyclicality [1] - The sector experienced a downturn after rapid growth during the pandemic, but leading companies are expanding and increasing their international presence [1] - Major companies are expected to see a revenue growth rate of 10.75% in 2024, with a significant recovery in Q1 2025 compared to 2023 [1] Group 2: Market Opportunities - The global and Chinese biopharmaceutical markets are thriving, with projections indicating that the Chinese antibody drug market will reach 510.8 billion RMB by 2030 and the CGT market will reach 2.59 billion USD by 2025, providing substantial market growth for the upstream sector [2] - The domestic innovative drug market is heating up, which is likely to accelerate demand for life sciences upstream products [2] Group 3: Domestic Substitution and Innovation - The increasing tariff barriers are enhancing domestic self-sufficiency, allowing local companies to enter major supply chains as cost reduction and supply chain security become more critical [2] - Long-term success in domestic substitution will depend on technological innovation, with local firms increasing R&D investments and moving from low-end to mid-to-high-end products [2] Group 4: Mergers and Acquisitions - Historical analysis of global life sciences giants shows that mergers and acquisitions have been key to their growth, allowing them to focus on core businesses and expand capabilities [3] - Recent favorable policies for mergers and acquisitions, along with the cash-rich status of many life sciences companies, are expected to accelerate consolidation in the sector [3] - Domestic companies are likely to replicate the growth paths of overseas giants through mergers and acquisitions, increasing industry concentration and extending their reach into downstream markets [3]

证 券 代 码 ： 6 0 1 8 8 1 证 券 简 称 ： 中 国 银 河 公 告 编 号 ： 2 0 2 5 - 0 4 8 中国银河证券股份有限公司 A 股每股现金红利0.196元（含税，实际派发金额因尾数四舍五入可能略有差异） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | 股 A | 2025/7/11 | － | 2025/7/14 | 2025/7/14 | 差异化分红送转： 否 2024年度权益分派实施公告 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、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 27 日的2024年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分 ...

Group 1 - The announcement details the addition of China Galaxy Securities as a broker for the subscription and redemption of the FuGuo Hang Seng Index ETF, allowing investors to open accounts and conduct transactions through this broker [1] - Investors can inquire about the fund through the customer service numbers provided for both China Galaxy Securities and FuGuo Fund Management [1] - The announcement specifies that the fund's subscription and redemption services will be available during normal trading hours on the specified stock exchanges, with potential adjustments based on regulatory requirements or unforeseen circumstances [2][3] Group 2 - The minimum subscription amount for the fund is set at RMB 1, while direct sales channels have a higher minimum for initial subscriptions [4] - The fund has different subscription fee rates for A and C class shares, with A class shares incurring a fee and C class shares being fee-free [5][6] - The fund allows for multiple subscriptions but limits any single investor's holdings to a maximum of 50% of the total fund shares [4] Group 3 - Redemption requests must be for at least 0.01 shares, and if the remaining balance is below this threshold, a full redemption is required [8] - Redemption fees for A and C class shares decrease based on the holding period, with specific percentages allocated to the fund's assets depending on the duration of the holding [9] - The fund's conversion services will be available starting July 9, 2025, with specific rules regarding fees and minimum share requirements for conversions [10][12] Group 4 - The fund's sales channels include both direct sales and various brokerage firms, with a comprehensive list of authorized institutions provided [15][16] - The fund management will disclose the net asset values of the fund shares on the following day after each trading day starting July 9, 2025 [17] - The fund management reserves the right to adjust subscription amounts and redemption limits as per legal regulations, with prior announcements required [18]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 根据招商基金管理有限公司（以下简称"本公司"）与中国银河证券股份有限公司（以下简称"银河证 券"）签署的基金销售协议，自2025年7月7日起，本公司将增加银河证券为招商恒生港股通高股息低波 动交易型开放式指数证券投资基金（基金简称"招商恒生港股通高股息低波动ETF",场内简称"红利恒 生",扩位证券简称"港股红利低波ETF"）（基金代码：520550）的场内申购赎回代办券商并开通在二级 市场申购、赎回等相关业务。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也不保证 最低收益。投资者投资于本基金时应认真阅读本基金的基金合同、招募说明书等资料。敬请投资者留意 投资风险。 一、投资者可通过以下途径咨询有关详情： 二、风险提示： 投资者在投资基金前应认真阅读《基金合同》和《招募说明书》等基金法律文件，全面认识基金产品的 风险收益特征，在了解产品情况及听取销售机构适当性意见的基础上，根据自身的风险承受能力、投资 期限和投资目标，对基金投资作出独立决策，选择合适的基金产品。 特此公告。 招商基金管理有限公司 ...

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial industry, indicating that it is expected to outperform the overall market [3][4]. Core Insights - The insurance sector showed a slight decline, with the Shenwan Insurance II Index down by 0.27%, underperforming the CSI 300 Index by 1.81 percentage points. However, the second quarter of 2025 is expected to see strong performance from certain insurance companies, leading to valuation boosts [4]. - The brokerage sector also experienced a decline, with the Shenwan Brokerage II Index down by 0.71%, underperforming the CSI 300 Index by 2.25 percentage points. Despite this, the brokerage sector has shown significant growth in stock trading volumes and IPOs, suggesting potential for recovery [4][19]. Market Review - The CSI 300 Index closed at 3,982.20 with a weekly change of +1.5%. The non-bank index closed at 1,871.55, with a weekly change of -0.7%. The brokerage, insurance, and diversified financial sectors reported changes of -0.7%, -0.3%, and -2.7% respectively [7]. - As of July 4, 2025, the average daily stock trading volume was 14,416.07 billion yuan, reflecting a year-on-year increase of 30.83% [19][42]. Insurance Sector Highlights - The second quarter of 2025 is anticipated to show robust growth in new business value (NBV) for insurance companies, driven by a low base effect and strong performance in bancassurance [4][13]. - The long-term interest rates have decreased, which is expected to positively impact the insurance sector's performance [4]. Brokerage Sector Highlights - The brokerage sector has seen a significant increase in trading activity, with the average daily trading volume for the first half of 2025 reaching 13,915.03 billion yuan, a year-on-year increase of 30.83% [19]. - The report highlights that the valuation of the brokerage sector remains low, with a price-to-book (PB) ratio of 1.35, down 19.6% from the highest valuation level since September 2024 [4]. Investment Recommendations - For the insurance sector, the report recommends stocks such as New China Life, China Life (H), China Pacific Insurance, and ZhongAn Online [4]. - In the brokerage sector, the report suggests focusing on leading firms with strong competitive positions, such as CITIC Securities and Guotai Junan, as well as firms with significant international business capabilities like China Galaxy and CICC [4].

6日，在2025年生态文明贵阳国际论坛"联合国可持续发展目标十年回顾与展望：全球发展倡议的国际贡 献"主题论坛现场，中国银河证券与国际金融论坛联合发布《全球可持续发展投资指数报告》，报告总 结了全球可持续发展投资的四大趋势。 国际金融论坛学术委员、中国银河证券首席经济学家、亚洲金融合作协会绿金委主任章俊在发布现场介 绍，自2015年联合国通过《2030年可持续发展议程》以来，全球围绕17项可持续发展目标（SDGs）开 展了多层次行动，目前已经历十年历程。从十年发展来看，各国在政策支撑、技术创新、能源结构变化 以及绿色产品等领域确有突破性进展，但相对来看，进程仍然较缓。 目前世界正处于"十年转型"的关键节点，全球经济、政治以及气候等均面临复杂的环境和全新的挑战。 当下全球价值链区域化重组和碎片化迹象明显，且全球正同时面临地缘政治风险的强化与政治格局的重 塑。ESG反对声浪叠加主权债务压力或扩大绿色资金缺口，也在逐步加剧气候风险。各国亟需加强共同 协作，做出必要的根本性转变。 在全球可持续发展成为共识的背景下，中国银河证券与国际金融论坛共同启动了"全球可持续发展研究 项目"，为更好地评估全球及各地区可持续承载能力 ...

Core Viewpoint - The world is at a critical juncture of "decade transformation," facing unprecedented complex challenges in sustainable development, including geopolitical conflicts, economic fluctuations, intensified climate change, and biodiversity loss [1] Group 1: Sustainable Development Challenges - Geopolitical conflicts, economic volatility, climate change, and biodiversity loss are interlinked issues that have become focal points for the international community [1] - The current global landscape presents significant hurdles to achieving sustainable development goals [1] Group 2: Importance of Sustainable Investment - Sustainable development is viewed as a reliable choice to address global uncertainties, with sustainable investment emerging as a crucial force for promoting economic and social sustainability [1] - The essence of sustainable investment lies in integrating economic returns with social benefits, thereby fostering the growth of green industries, clean energy, and low-carbon technologies [1] - This approach aims to assist the global economy in transitioning towards a more sustainable direction [1]