科创债新规以来，券商除了自身发行科创债以外，还在积极发挥中介机构作用，帮助各类企业发行科创 债。 "作为宁波轨交科创债牵头主承销商，我们深度挖掘客户亮点，吸引银行机构、保险公司、基金公司等 多家投资机构踊跃参与。"中信建投证券称。 证券时报记者了解到，一方面，券商在承销科创债过程中第一时间响应政策，论证客户的科创属性，并 通过广泛推介询价，充分挖掘市场需求及资源，引入基石投资者；另一方面，券商还积极开展科创债的 做市报价服务，提升科创债市场流动性。 同时，监管对于券商的展业评价也将进一步完善。近日，中国人民银行、中国证监会就支持发行科技创 新债券有关事宜公告称，"建立科技创新债券专项承销评价体系和做市机制，组织做市商为科技创新债 券提供专门做市报价服务，建立承销、做市联动机制。提高科技创新债券承销、做市在承销商、做市商 评价体系中的权重。" 5月8日，中信建投作为牵头主承销商及簿记管理人，助力中国石化集团资本有限公司（下称"石化资 本"）成功发行新一期科技创新公司债券。 "我们与石化资本持续密切关注政策走向，第一时间响应政策号召，最终成功发行了相关支持政策发布 后的首单央企科技创新公司债券。"中信建投证券表示 ...

Core Viewpoint - The recent statements from Federal Reserve officials indicate a more dovish stance on interest rate cuts, which may support an increase in gold prices [1] Group 1: Federal Reserve's Stance - Federal Reserve Governor Waller expressed that tariffs are unlikely to significantly raise U.S. inflation, suggesting a potential interest rate cut as early as July [1] - Chairman Powell's remarks in Congress indicated that inflation and employment conditions may lead to earlier interest rate cuts [1] - The recent dovish comments from key Federal Reserve officials have contributed to rising market expectations for interest rate cuts [1] Group 2: Market Implications - The anticipated interest rate cuts could bolster gold prices due to increased market confidence in lower rates [1]

Group 1 - The fund name is Bosera SSE AAA Technology Innovation Corporate Bond ETF, which has been approved for fundraising by the China Securities Regulatory Commission [14][15] - The fund is a bond-type open-ended index fund, with an initial share value of 1.00 RMB [15][22] - The maximum fundraising scale for the fund is set at 3 billion RMB, excluding interest and subscription fees [30][31] Group 2 - The fund will be publicly offered on July 7, 2025, with three subscription methods: online cash subscription, offline cash subscription, and offline bond subscription [6][18] - Investors must have a Shanghai Stock Exchange A-share account or a fund account to subscribe to the fund [32][34] - The fund management company is Bosera Fund Management Co., Ltd., and the custodian is CITIC Bank [1][3] Group 3 - The fund will accept offline bond subscriptions only for bonds that are components of the SSE AAA Technology Innovation Corporate Bond Index [4][28] - The minimum subscription amount for offline cash subscription through the fund management company is 50,000 shares, while for other agents, it is 1,000 shares [3][26] - The fund will allow multiple subscriptions, and there is no upper limit on the cumulative subscription amount [3][26] Group 4 - The fund's subscription fees will be calculated based on the subscription amount and the applicable fee rate [23][24] - Investors can cancel their online cash subscription requests within the same trading day [39] - The fund will undergo a verification process to confirm the total subscription amount and ensure it meets the regulatory requirements [67][68]

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6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國銀河證券股份有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 2. 股份分類 | 普通股 | A 股份 ...

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 Viewpoint - China Galaxy Securities indicates that based on the value of breeding sows and farming efficiency, pig prices in 2025 may show a downward trend year-on-year, while remaining relatively stable throughout the year. Additionally, profit expectations are exceeded due to declining costs, with a focus on high-quality pig companies that exhibit significant changes in marginal costs and have a good financial position [1]. Group 1 - The analysis suggests a potential year-on-year decline in pig prices for 2025 [1] - The pig market is expected to operate relatively steadily within the year [1] - Profit expectations are anticipated to exceed due to a decrease in costs [1] Group 2 - There is an emphasis on monitoring high-quality pig companies with significant changes in marginal costs [1] - Companies with a good financial position are highlighted as key areas of focus [1]

Company Overview - Tianma Microelectronics Co., Ltd. is a leading innovative technology enterprise providing customized display solutions globally, focusing on small and medium-sized displays [5][6] - The company has a registered capital of approximately RMB 2.46 billion and was established on November 8, 1983 [4][5] Financial Performance - For the fiscal year 2024, the company reported total revenue of RMB 3,349.43 million, representing a year-on-year increase of 3.79% from RMB 3,227.13 million in 2023 [7][8] - The total assets as of December 31, 2024, were RMB 8,123.52 million, showing a slight decrease of 0.90% compared to RMB 8,197.63 million in 2023 [7] - The total liabilities were RMB 5,206.21 million, down 1.74% from RMB 5,298.26 million in the previous year [7] Business Segments - The revenue structure for 2024 indicates that display screens and modules accounted for 99.10% of total revenue, amounting to RMB 3,319.17 million, while other revenues contributed 0.90% [6] - The company continues to strengthen its core businesses in mobile displays and automotive displays, while also expanding into IT displays and other value-added services [5][6] Market Position - In 2024, Tianma Microelectronics achieved the highest global shipment volume in several display application markets, including automotive TFT-LCD and HUD displays, as well as LTPS smartphone displays [6] - The company maintained a strong competitive position in flexible AMOLED smartphone displays, ranking third globally in shipment volume [6] Debt and Financing - The company has issued bonds totaling RMB 30 billion, with the first phase of the bond issuance completed in 2020 [3][4] - The bond "21 Tianma 01" has a fixed interest rate of 3.95% and is set to pay interest annually [3][4] Credit Rating - The company's credit rating is assessed as AAA with a stable outlook, indicating strong creditworthiness [4][14] Cash Flow - The net cash flow from operating activities for 2024 was RMB 575.19 million, an increase from RMB 395.77 million in 2023 [8][12] - The company reported a net cash outflow from investing activities of RMB 438.05 million, which is an improvement of 19.30% compared to the previous year [8][12] Debt Servicing - The company has successfully met its debt servicing obligations, with interest payments for "21 Tianma 01" made on time [11][12] - The company's liquidity ratios, including a current ratio of 0.88 and a quick ratio of 0.72, indicate a slight decline compared to the previous year [12]

Group 1 - The core viewpoint of the article is the release of the first leadership TOP list for listed securities firms in China, ranking 50 firms based on their revenue scale for 2024 and evaluating their leadership capabilities across multiple dimensions [1] - China Galaxy Securities' Xu Jun ranked 5th in the industry with a total score of 94.35 in peer evaluation, with the highest score in control at 97.22 [1] - The evaluation model includes five dimensions: foresight, control, innovation, compliance, and influence, with scores converted to a percentage system [1] Group 2 - Xu Jun has a background in management, having held various positions in regulatory and financial institutions, and became the president of China Galaxy Securities in November 2023 [3] - The peer evaluation committee consists of senior management from securities research institutions, independent wealth management firms, and media [1] - In the foresight dimension, Xu Jun ranked 4th in the industry, while in the influence dimension, he ranked 8th [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].

Meeting Overview - The shareholders' meeting of China Galaxy Securities was held on June 27, 2025, at Qinghai Financial Building, Beijing [1] - A total of 1,271 shareholders attended the meeting, with A-share shareholders holding 5,330,237,870 shares, accounting for 48.75% of the total shares [1] Voting Results - All resolutions presented at the meeting were approved, with significant support from shareholders [3][4] - For the annual profit distribution proposal, A-share approval was 99.96% and H-share approval was 98.86% [2][3] - The total votes for the ordinary shares amounted to 6,146,240,899, with an overall approval rate of 99.81% [2] Dividend Distribution - The company plans to distribute cash dividends for the year ending December 31, 2024, with the record date set for July 11, 2025 [2] - The ex-dividend date for A-shares is July 14, 2025, and further announcements regarding the specific arrangements will be made [2] Legal Compliance - The meeting's procedures and voting processes were confirmed to comply with relevant laws and regulations, ensuring the legitimacy of the proceedings [4]