Core Viewpoint - The trend of fund companies shutting down their mobile apps is accelerating, driven by high operational costs and declining user engagement, leading to a shift towards simplified operational strategies in the industry [1][6]. Group 1: Industry Trends - Since 2019, several mid-sized public fund companies have closed their independent app operations, including Qianhai Kaiyuan Fund and Guoshou Anbao Fund [1]. - The overall pressure on fund apps includes shrinking net values, declining monthly active users (MAU), and low operational scales [1]. - The initial goal of fund companies developing their own apps was to reduce reliance on third-party distribution channels, but this has changed due to high maintenance costs and limited direct sales revenue [1][5]. Group 2: User Engagement Data - In the first half of 2025, only five fund apps saw positive growth in monthly active users: E Fund e-Wallet (+26,300 to 138,600), Huaxia Fund Manager (+23,800 to 102,600), and others [2]. - Conversely, many fund apps are experiencing significant user losses, with Tianhong Fund's app dropping to 40,800 MAU, about one-third of its user base three years ago [2]. - Other fund apps, such as Bosera and Xingsheng Global, also reported declines of over 10,000 MAU [2]. Group 3: Competitive Landscape - The competitive landscape shows that brokerage apps maintain higher user engagement, with monthly active users in the hundreds of thousands, contrasting sharply with fund apps [2][5]. - The top-performing brokerage app, "Zhang Le Cai Fu Tong," had 10.97 million MAU, while the second, Ping An Securities, had 8.14 million [5]. - The decline in user numbers for fund apps is attributed to the siphoning effect of third-party distribution platforms, which have rapidly grown due to their traffic and product offerings [5][6]. Group 4: Regulatory Impact - The China Securities Regulatory Commission's 2025 action plan encourages fund companies to optimize resource allocation and reduce inefficient investments, further accelerating the trend of app closures [6]. - The industry is transitioning from "heavy asset direct sales" to "lightweight operations," with a focus on cost-effective models [6]. Group 5: Future Outlook - The future of direct sales channels in public funds is expected to diversify, with smaller institutions likely abandoning independent apps in favor of lighter platforms like WeChat services and official websites [6]. - The industry is predicted to deepen investment advisory services, enhancing competitiveness through professional services and brand building rather than high-frequency trading [6].

展望全年，该行预期公司持续受益于AI相关需求，看好模拟芯片加速成长。另外，九厂扩产提速，该 行看好产能扩张带动收入，加上公司次季开始进行的价格调整或于第三、四季有所体现，认为价格上调 对收入和毛利率产生积极影响。该行维持对其"买入"评级，目标价由43港元上调至53港元。 华泰证券发表研究报告指，华虹半导体次季收入5.66亿美元，按年增长18.3%，按季增长4.6%，超过公 司指引中值的5.6亿美元；毛利率10.9%，按年增长0.4个百分点，按季增长1.7个百分点，超过公司指引 的7%至9%。展望第三季，公司指引收入6.2至6.4亿美元，中值按季增长11.3%，高于市场预期的6亿美 元；毛利率10%至12%，中值按季接近持平，高于市场预期的9.2%。 ...

Core Viewpoint - Multiple securities firms have become significant shareholders in the top ten circulating shareholders of listed companies, indicating a strong interest in sectors such as non-ferrous metals and power equipment [2][3]. Group 1: Securities Firms as Major Shareholders - As of August 11, several listed companies, including Western Mining and Xiangdian Co., have securities firms among their top ten circulating shareholders [4]. - The top shareholders include Guotou Securities, Shenwan Hongyuan Securities, and others, with notable holdings in companies like Western Mining (21.98 million shares) and Xiangdian Co. (18.26 million shares) [5][6]. - Shenwan Hongyuan and China Merchants Securities increased their holdings in Cangge Mining by 2.96 million shares and 72,000 shares, respectively, by the end of Q2 [5][6]. Group 2: Changes in Holdings - Guotou Securities has newly become the sixth largest shareholder in Huate Dain and the tenth in Western Mining, holding 3.80 million shares [6]. - Shanghai Securities has entered as the sixth largest shareholder in Taijia Co. with 1.80 million shares, while Huatai Securities is now the tenth largest shareholder in Kaimete Gas with 2.72 million shares [6]. - Some firms, like Shenwan Hongyuan, have reduced their holdings, selling approximately 522,800 shares of Xiangdian Co. in Q2 [7]. Group 3: Securities Firms' Proprietary Business Performance - In 2024, the total proprietary business income of securities firms exceeded 174 billion yuan, marking a year-on-year growth of over 40% [8]. - Six firms, including CITIC Securities and Huatai Securities, reported proprietary business net income exceeding 10 billion yuan [8]. - The first quarter of 2024 saw significant growth in proprietary income for several firms, with Changjiang Securities increasing by over 23 times to 872 million yuan [8]. Group 4: Market Outlook and Analyst Insights - Analysts suggest that the securities sector is poised for a stable recovery in valuation, supported by favorable liquidity, strong mid-year performance, and potential for mergers and acquisitions [10].

Group 1 - The current market for small and micro-cap stocks needs to slow down, as high valuations and low profitability make it difficult to justify further upward movement [1] - The five strong industries (non-ferrous metals, telecommunications, innovative pharmaceuticals, gaming, and military industry) have more reasonable valuations compared to the small and micro-cap stocks [1] - The main drivers of small and micro-cap stock increases are liquidity and retail investor contributions, rather than structural earnings growth [1] Group 2 - A rebound in A-shares was observed, driven by trading funds, with a focus on themes and sectors that show improvement in earnings [2] - The PPI has reached a low point, indicating potential for price recovery in certain sectors, while the market is expected to experience rotation among sectors [3] - The liquidity environment is improving, supporting a high volatility market, with a focus on sectors like storage, software, and insurance for tactical allocation [4] Group 3 - The export sector showed unexpected improvement, particularly in competitive manufacturing areas like machinery and automotive [3] - The PPI's stability suggests a favorable environment for certain industries, with recommendations for sectors that are expected to see high growth in earnings [3] - The market is expected to maintain a high level of activity, with a focus on sectors benefiting from policy support and technological advancements [4] Group 4 - The current market is characterized by a "slow bull" trend, with potential for continued upward movement in A-shares driven by resident capital inflows [8] - The focus on new technologies and growth sectors is expected to remain a key theme, with recommendations for investments in areas like robotics and solid-state batteries [8] - The market is undergoing a structural shift rather than a complete downturn, with a gradual transition from traditional cyclical sectors to technology sectors [11]

Core Viewpoint - The Shanghai Stock Exchange has approved the listing of Huatai Securities Co., Ltd.'s short-term corporate bonds aimed at professional investors, indicating a significant move in the company's financing strategy [1][2]. Group 1: Bond Issuance Details - Huatai Securities is set to publicly issue short-term corporate bonds (the seventh phase, type one) targeted at professional investors, with the listing date on August 12, 2025 [1][2]. - The bond will be traded under the name "25 Huatai S7" and will have the security code "243515" [2]. - The trading methods for this bond include matched transactions, click transactions, inquiry transactions, competitive bidding transactions, and negotiated transactions [2]. Group 2: Regulatory Compliance - The bond issuance complies with the Shanghai Stock Exchange's corporate bond listing rules, ensuring that the process adheres to established regulatory frameworks [2].

光大证券：下半年市场将开启下一阶段上涨行情 并有望突破2024年同期阶段性高点 光大证券表示，短期预期差驱动下，下半年市场或冲击新高。整体来看，去年9月以来的市场行情已从 政策驱动逐步转向基本面与流动性驱动，未来市场行情演绎的节奏或可参照2019年。展望下半年，市场 仍存在一些预期差，如短期基本面改善的持续性、资金持续流入及新兴产业发展带来的机遇等。因此， 光大认为，下半年市场将开启下一阶段上涨行情，并有望突破2024年下半年的阶段性高点。 华泰证券：战略配置继续看好大金融、医药、军工 华泰证券认为，上周A股迎来反弹，交易型资金推动主题行情活跃，波动率上升预期下红利+小微盘的 哑铃风格阶段性回归。配置上，战术配置挖掘景气改善、具备补涨逻辑的存储、软件、通用自动化、部 分化工品、保险、煤炭，以及股息率具备性价比的白电；战略配置继续看好大金融、医药、军工。 机构观点 中信建投：险资加快入市步伐 中信建投指出，险资加快入市步伐。近日险资举牌又增一例，今年以来险资已举牌22次，超过2024年全 年险资举牌次数；其中平安人寿共举牌7次。从已披露的上市公司半年报来看，35家公司的前十大流通 股东名单中出现险资身影，合计持 ...

Market Overview - The market experienced slight declines last Friday, with the Shanghai Composite Index down 0.12%, the Shenzhen Component down 0.26%, and the ChiNext Index down 0.38% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.71 trillion yuan, a decrease of 115.3 billion yuan compared to the previous trading day [1] Institutional Insights - CITIC Securities noted that insurance capital is accelerating its market entry, with 22 instances of insurance capital increasing stakes this year, surpassing the total for 2024 [2] - The total number of shares held by insurance capital in the top ten shareholders of 35 listed companies amounts to 889 million shares, with a total market value of 13.727 billion yuan [2] Market Outlook - Everbright Securities predicts that the market will enter a new phase of upward momentum in the second half of the year, potentially surpassing the peak levels of 2024 [3] - The market's performance is expected to be driven by fundamental improvements, sustained capital inflows, and opportunities from emerging industries [3] Strategic Allocation - Huatai Securities continues to favor strategic allocations in large financials, pharmaceuticals, and military sectors, while also identifying tactical opportunities in sectors like storage, software, and certain chemicals [4] - The report highlights a return to a "barbell" investment style, focusing on dividend yield and small-cap stocks [4]

华泰证券研报表示，8月8日，北京住建委、住房公积金管理中心联合印发《关于进一步优化调整本市房 地产相关政策的通知》，对北京市住房限购和公积金政策做出优化。考虑到7月底刚结束的政治局会议 对经济表述较此前乐观、地产表述较少，我们认为政策力度符合市场预期。新政有望托底北京房地产量 价表现、加速市场回稳，后续可以关注上海、深圳是否跟进。 ...

两融余额维持高位，投资者关注融资利率变化 两融市场活跃成为近期市场关注焦点。截至8月5日，A股融资融券余额为20002.59亿元，距离上一次 （2015年7月1日）站上2万亿元大关已时隔逾10年。截至8月6日，A股融资融券余额为20094.14亿元，连 续两日突破2万亿元，再创近10年新高。 "需要融资、开户的朋友欢迎联系我"。近日A股两融余额重回2万亿元的消息"刷屏"后，就有券商营业部 相关人士在朋友圈"吆喝"起来了。沪上一营业部投顾人士告诉记者，近期行情不错，有不少客户主动来 咨询怎么开两融账户，也比较关心融资利率有多少。 每当市场对两融预期向好之时，就有券商下调两融利率的传言。近期，网络平台涌现了一批通过低融资 利率招揽客户的帖子，以"3.58%超低利率，零门槛畅享""头部券商，两融利率最低可到3%""两融利率 断崖式下跌"等宣传语吸引眼球。 真实的情况究竟如何？记者就此多方调查，确实有个别券商为了揽客，对融资利率进行了下调。"我们 最低可以降到4%以下，无资金门槛。如果资金体量非常大，3%以下也可以突破。"华东地区一券商营 业部经理说。 还有一家头部券商营业部客户经理说："最低无门槛是3.98%，10 ...

来源：华泰睿思 在 《港股重估蓄势待发》（深度研究 港股重估蓄势待发，2025.5.23）等报告中，华泰总量及行业团队 提出需战略性重视香港的配置，除了投资者熟知的香港中资股外，也强调关注香港本身作为小型开放经 济体的修复（【华泰宏观 专题】香港资产相对优势凸显，2025.5.22），以及香港地产（华泰 房地产： 把握资产重估预期下的香港地产机遇，2025.5.25）、银行（华泰 银行：重视中国资产重估下港银机 会，2025.5.23）、非银（《港交所：人民币升值预期下的价值重估》，2025.8.10）等资产重估机会。 2025年5月23日至今，香港本地股和MSCI香港指数分别上涨10.2%和12.4%，相对恒生指数（5.3%）和 MSCI中国指数（5.9%）均有超额收益 。 核心观点 香港本地股特征：重金融地产、高股息，ROE已修复但估值不高 我们以香港本地收入占比高于20%（接近友邦保险比例）作为香港本地股的划分依据。目前全部港股共 2649只，总流通市值约44万亿港币；香港本地股663只，总流通市值6.6万亿港币；其中个股流通市值大 于200亿港币和纳入港股通的香港本地股分别31和42只，总流通市值都接 ...