Investment Rating - The report maintains a recommendation for the securities and insurance sectors, indicating a positive outlook despite potential challenges from trade friction and economic pressures [6]. Core Insights - The non-bank financial sector saw a significant increase in holdings, with the insurance sector's holdings rising to 1.54%, up 0.63 percentage points from the previous quarter, while the brokerage sector's holdings reached 0.90%, up 0.36 percentage points [5][21]. - The total market value of public funds reached 6,285.3 billion, with a year-on-year increase of 10% and a quarter-on-quarter increase of 7% [2]. - The insurance sector is benefiting from a recovery in premium income, with a cumulative premium income of 30,602 billion from January to May, reflecting a year-on-year growth of 3.8% [20]. Summary by Sections Public Fund Market Size - In Q2 2025, the total net value of funds was 33.7 trillion, with a year-on-year increase of 10% and a quarter-on-quarter increase of 7% [10]. - The non-monetary fund scale was 19.5 trillion, up 11% year-on-year and 7% quarter-on-quarter [10]. High Dividend Stock Holdings Analysis - The holdings of banks, electric equipment, transportation, public utilities, oil and petrochemicals, and coal showed varied changes, with bank holdings increasing by 16% [16]. Non-Bank Sector Holdings Analysis Brokerage Sector - The brokerage sector's holdings increased to 0.90%, with a 58% rise in shareholding volume to 669 million shares [18][19]. - The average daily trading volume for equity funds reached 1.49 trillion, a year-on-year increase of 57% [18]. Insurance Sector - The insurance sector's holdings increased significantly, with a notable rise in individual stock holdings for major companies like China Ping An and China Taiping [21]. - The insurance sector's holdings are still below the standard allocation of 1.91%, indicating potential for further investment [21]. Investment Recommendations - The report suggests focusing on key brokerage firms such as CITIC Securities and Guotai Junan, as well as insurance companies like China Taiping and China Ping An, due to their potential for growth in the current market environment [6].

Core Viewpoint - Huatai Securities expects Harbin Electric to gain an incremental order of 36 billion RMB from the Yaxia project, maintaining a "Buy" rating [1] Group 1: Financial Performance - Harbin Electric anticipates a 95% year-on-year increase in mid-term net profit to 1.02 billion RMB [1] - The total revenue for the group is projected to reach 23.05 billion RMB, representing a 33.5% year-on-year growth [1] - Revenue from coal, hydro, and nuclear power equipment is expected to increase by 71.6%, 92.4%, and 49.6% respectively [1] Group 2: Order Forecast - The company is expected to maintain approximately 18 billion RMB in new coal power equipment orders this year [1] - New orders for hydro and nuclear equipment are projected to rise by 14.5% and 13.5% year-on-year respectively [1] Group 3: Future Projections - The company’s net profit is forecasted to be 2.14 billion RMB, 2.65 billion RMB, and 3.11 billion RMB for the years 2025 to 2027, reflecting year-on-year growth rates of 26.8%, 23.9%, and 17.3% respectively [1] - The target price is set at 10.5 HKD with a "Buy" rating maintained [1]

中国证券业协会（以下简称"协会"）近期密集发布了即将于今年9月生效的《证券公司全面风险管理规范（修订稿）》（以下简 称《规范》）与未来三年分批实施的《证券公司并表管理指引（试行）》（以下简称《指引》）。 公司治理 自2020年3月，证监会公布中金公司、招商证券、中信证券、华泰证券、中信建投、国泰君安等6家证券公司实施并表监管试点 （以下简称"试点机构"），到《指引》发布已历经5年的实践。试点机构通过不断加强并表管理，都显著积累了更多的人才、技 术和系统等资源，全面提升了经营稳健性与合规风控能力。对很多排名靠前的券商而言，这次《指引》的发布可谓"千呼万唤始 出来"，是他们多年来厉兵秣马、翘首企盼的春风。 笔者曾参与2019年底的并表监管试点评审，并在此之后与多家券商就并表管理及试点券商的实践进行过交流。《指引》并非简 单将当年的评审规则从试点机构套用到对全行业的并表监管上，而是扩大了并表管理边界，从狭义的以风险为主体的并表管理 拓展为广义的全要素并表管理，从局部试点延展至全面规范。《指引》旨在引导证券公司完善并表管理架构和模式，加强对子 公司及业务条线的"垂直化"管理，更全面、及时、有效地识别并管控风险，从而促 ...

Core Viewpoint - The article highlights the development and current status of the Sci-Tech Innovation Board (STAR Market) in China, marking its sixth anniversary with a total of 589 listed companies and providing insights into the performance of various underwriting institutions, law firms, and accounting firms involved in IPO services. Group 1: STAR Market Overview - As of July 22, the STAR Market has 589 listed companies, with the number of new listings per year as follows: 70 in 2019, 143 in 2020, 162 in 2021, 124 in 2022, 67 in 2023, 15 in 2024, and 8 from 2025 to present [1]. Group 2: Underwriting Institutions Performance - A total of 53 underwriting institutions have handled the IPOs for the 589 STAR Market companies. The top five institutions by the number of IPOs are: 1. Guotai Junan: 95 IPOs 2. CITIC Securities: 84 IPOs 3. CITIC Jianzhong: 56 IPOs 4. CICC: 53 IPOs 5. Huatai United: 51 IPOs [2][3]. Group 3: Law Firms Performance - There are 67 law firms that provided legal services for the IPOs of the 589 STAR Market companies. The top five law firms are: 1. Shanghai Jintiancheng: 62 cases 2. Beijing Zhonglun: 56 cases 3. Beijing Deheng: 46 cases 4. Beijing Jindu: 36 cases 5. Beijing Guofeng: 35 cases [7]. Group 4: Accounting Firms Performance - A total of 29 accounting firms provided audit services for the IPOs of the 589 STAR Market companies. The top five accounting firms are: 1. Tianjian: 108 cases 2. Lixin: 88 cases 3. Rongcheng: 68 cases 4. Tianzhi International: 41 cases 5. Dahua: 35 cases [8].

Group 1 - The announcement details the addition of Huatai Securities Co., Ltd. as a distribution agency for the Huabao ChiNext AI ETF Fund starting from July 23, 2025, allowing investors to manage various fund-related activities through this agency [1][2][3] - Investors can consult specific business inquiries through the provided contact details of Huatai Securities and Huabao Fund Management [1][2] Group 2 - The second notice for the fund holders' meeting of the Huabao Shenzhen Innovation 100 ETF is issued, indicating that the first meeting failed to meet the required quorum [2][3][4] - The new meeting will be held via communication methods, with voting scheduled from August 4 to August 22, 2025, and the record date for eligible voters remains March 27, 2025 [4][6][11] Group 3 - The agenda for the upcoming meeting includes the proposal to transform the fund and amend the fund contract, which requires a two-thirds majority approval from participating fund holders [5][23][24] - The fund's name will change from "Huabao Shenzhen Innovation 100 ETF" to "Huabao Shenzhen 100 ETF," and the underlying index will be modified from "Shenzhen Innovation 100 Index" to "Shenzhen 100 Index" [26][27] Group 4 - The fund aims to closely track the new underlying index, with a minimum of 90% of its assets invested in the index's constituent stocks [27][40] - The fund will employ a combination of replication strategies and alternative strategies to achieve its investment objectives, including the use of stock index futures and convertible bonds [28][30][36] Group 5 - The fund management will ensure that the investment strategy aligns with regulatory requirements and market conditions, with a focus on minimizing tracking error and maintaining liquidity [37][42] - The fund's performance benchmark will be the return of the Shenzhen 100 Index, and the management fees will be set at 0.50% of the fund's net asset value [45][46][47]

Core Insights - The Hong Kong IPO market is experiencing a surge in activity, with financing scale returning to the global forefront, driven primarily by Chinese securities firms [1][2] - Major Chinese securities firms, including CICC and CITIC Securities, have shown outstanding performance, collectively holding over 40% market share in the IPO space [1][2] - The first half of the year saw 51 companies successfully listed on the Hong Kong main board, a 27.5% increase from 40 companies in the same period last year, with IPO fundraising amounting to HKD 125.4 billion, a significant rise of 591.94% year-on-year [1] Company Performance - CICC led the underwriting projects with 18 deals, capturing a market share of 16.36%, followed by CITIC Securities with 11 deals (10.00%), Huatai Securities with 10 deals (9.09%), and招商证券 with 8 deals (7.27%) [2] - The top four Chinese securities firms account for a total market share of 42.72%, highlighting the "Matthew Effect" in the Hong Kong IPO market [2] Competitive Advantages - Chinese securities firms possess inherent advantages over foreign counterparts in client insight and maintenance, as they have established long-term relationships with A-share clients, allowing for better understanding of business models and regulatory preferences [2][3] - The integrated "domestic-Hong Kong" teams enable seamless coordination and efficient execution of A+H listing strategies, significantly enhancing the efficiency of H-share listings and refinancing [2] Future Strategies - CICC plans to continue enhancing its integrated domestic and international operations, focusing on key sectors such as TMT, consumer goods, advanced manufacturing, and biotechnology to capitalize on the ongoing A+H listing trend [3] - CITIC Securities is accelerating its international development, achieving record high international business revenue, and aims to enhance its core competencies in business capability, client market, and operational management [4] - GF Securities intends to strengthen resource accumulation in key sectors, enhance client development, and focus on digital transformation in investment banking [4]

Core Insights - The 2025 Fortune China 500 list was released, highlighting the performance of major securities firms in China [1] Group 1: Company Performance - Guotai Junan Securities leads the brokerage industry with a revenue of 8,583.1 million USD, ranking 276th overall [2] - Huatai Securities achieved a revenue of 7,544.7 million USD and a profit of 2,133.5 million USD, showcasing strong profitability [2] - China Galaxy Securities reported a revenue of 6,498.4 million USD, ranking 326th [2] - GF Securities followed with a revenue of 5,190.4 million USD, ranking 373rd [2] - China International Capital Corporation (CICC) generated a revenue of 4,610.2 million USD, ranking 412th [2] - CITIC Securities reported a revenue of 4,477.5 million USD, ranking 421st [2] - Dongfang Securities achieved a revenue of 3,847.5 million USD, ranking 472nd [2] - CITIC Group ranked 17th with a revenue of 138,940.6 million USD and a profit of 3,953.1 million USD [3] Group 2: Industry Trends - Regulatory bodies have encouraged leading brokerages to strengthen their capabilities and expand their capital space [3] - The China Securities Association issued guidelines to promote high-quality development in the securities industry, emphasizing the importance of leading firms in professional services, risk management, and business innovation [3] - The guidelines also encourage smaller firms to focus on specialized services and develop a balanced ecosystem with leading firms [3]

Core Viewpoint - Foreign capital is re-evaluating Chinese assets, with a significant shift towards increased investment in China's innovative sectors, particularly technology [1][3]. Group 1: Foreign Capital Trends - Approximately 60% of Middle Eastern sovereign wealth funds plan to increase their allocation to Chinese assets over the next five years, focusing on technology-driven industries [2][3]. - The survey covered 83 sovereign wealth funds and 58 central banks, managing a total of $27 trillion (approximately 194 trillion yuan) in assets [4]. - In addition to the Middle East, 88% of sovereign funds in the Asia-Pacific and 80% in Africa indicated plans to invest more in China, with about 73% of North American funds also showing a positive attitude towards Chinese investments [5]. Group 2: Investment Drivers - Key factors driving sovereign funds to increase their allocation to Chinese assets include good returns from the Chinese market (71%), diversification of investment portfolios (63%), and improved access for foreign capital (45%) [6]. - Respondents generally recognize the supportive policies introduced by China, which are seen as beneficial for the development of innovative technologies [7]. Group 3: Attractive Investment Areas - The most attractive investment sectors in China include digital technology and software, advanced manufacturing and automation, clean energy and green technology, as well as healthcare and biotechnology [9]. - A Middle Eastern sovereign fund representative noted that China has no real competitors in the clean energy and green technology sectors, predicting that China will dominate the solar, wind, electric vehicle, and battery markets in the coming decades [10]. Group 4: Market Performance - On July 21, the A-share market saw significant gains, with the Shanghai Composite Index and the ChiNext Index both reaching new highs for the year, closing with increases of 0.72% and 0.87%, respectively [11]. - The Hong Kong market also performed well, with the Hang Seng Index reaching 25,000 points, the highest since February 2022, and a year-to-date increase of 24.6% [13]. Group 5: Future Market Outlook - Analysts suggest that the current market phase is characterized by "asymmetrical risk and reward," with potential upward movement if certain triggers, such as policy announcements, occur [12]. - The technology sector in the Hong Kong market is seen as undervalued and poised for recovery, with the Hang Seng Technology Index's dynamic PE at 15.7 times, below the historical average of 23.8 times [14][15].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 （股份代號：6886） 海外監管公告 本公告乃根據上市規則第13.10B條規則作出。 茲載列本公司在上海證券交易所網站刊登之《華泰證券股份有限公司2025年面向 專業投資者公開發行短期公司債券（第四期）票面利率公告》，僅供參閱。 釋義 於本公告，除文義另有所指外，下列詞彙具有以下涵義。 「本公司」 指 於中華人民共和國以華泰證券股份有限公司的公司名 稱註冊成立的股份有限公司，於2007年12月7日由前身 華泰證券有限責任公司改制而成，在香港以「HTSC」 名義開展業務，根據公司條例第16部以中文獲准名稱 「華泰六八八六股份有限公司」及英文公司名稱「Huatai Securities Co., Ltd.」註冊為註冊非香港公司，其H股於 2015年6月1日在香港聯合交易所有限公司主板上市（股 票代碼：6886），其A股於2010年2月26日在上海證券交 易所上市（股票代碼：601688），其全球存託憑證於20 ...

Overall Performance Overview - The stock index futures concept stocks showed a fluctuating upward trend, with the relevant sector index rising by 1.8%, outperforming the market by 0.5 percentage points [1] - Among the 32 constituent stocks, 24 rose and 8 fell, with a 75% increase in the number of rising stocks [1] - Leading stocks such as China Zhongqi and Hongye Co. saw significant gains of 5.2% and 4.1% respectively, while Xiamen Guomao rose by 3.3% [1] - The trading volume in the sector increased by 20% compared to the previous trading day, indicating a notable rise in market participation [1] Influencing Factors Analysis - The increase in activity in the stock index futures market is the core driving factor, with the average daily trading volume of the CSI 300 stock index futures exceeding 1.5 million contracts, a 35% increase from last month [2] - Regulatory signals indicating an optimization of stock index futures trading have improved performance expectations for related concept stocks [2] - The heightened volatility in the A-share market has increased investors' demand for hedging through stock index futures, benefiting brokerage-related concept stocks [2] - Positive domestic economic data has bolstered market confidence in the financial sector, indirectly benefiting stock index futures concept stocks [2] Subsector Performance - Brokerage concept stocks performed prominently, with CITIC Securities and Huatai Securities rising by 2.8% and 2.5% respectively due to their high proportion of stock index futures brokerage business [3] - Futures company concept stocks showed significant differentiation, with leading firms like Nanhua Futures rising by 3.7%, while smaller firms had gains mostly below 1% [3] - Among listed companies with stakes in futures firms, Zhejiang Dongfang (holding a stake in Yong'an Futures) rose by 3.2%, and Xinhuhongbao increased by 2.1%, outperforming the sector average [3] - Larger market capitalization stocks (over 50 billion) had an average increase of 2.3%, while smaller stocks (under 10 billion) averaged a 1.7% increase, indicating a preference for more liquid assets [3] Fund Flow Analysis - Main funds saw a net inflow of 850 million yuan into the stock index futures concept stocks, with China Zhongqi attracting a net purchase of 120 million yuan and Hongye Co. 80 million yuan, together accounting for nearly a quarter of the sector's funds [4] - Northbound funds showed net buying in brokerage concept stocks, with CITIC Securities receiving a net inflow of 50 million yuan, while some smaller futures company stocks experienced slight selling [4] - The sector has seen net inflows from main funds for three consecutive trading days, totaling 2 billion yuan, indicating sustained interest in the sector [4] Technical Analysis - The stock index futures concept stocks index has broken through the previous resistance level (approximately 1200 points) and closed at 1220 points, marking a new high in nearly three months [5] - The moving average system shows a bullish arrangement, with the 5-day, 10-day, and 20-day moving averages all trending upward, providing effective support [5] - The MACD indicator is operating above the zero axis, with the red histogram slightly lengthening compared to the previous day, indicating stable bullish momentum [5] - The volume-price relationship is favorable, confirming the effectiveness of the breakout and opening up short-term upward space [5] Institutional Perspectives Summary - Shenwan Hongyuan Securities noted a clear upward trend in the activity of the stock index futures market, with related concept stocks expected to release performance elasticity, maintaining an "overweight" rating for the sector [7] - Guotai Junan analyzed that the expectation of policy optimization will continue to catalyze the sector's performance, with brokerage concept stocks offering valuation advantages and performance certainty, warranting close attention [7] - Kaiyuan Securities cautioned against the risk of stock index futures trading volume falling short of expectations, recommending a focus on leading enterprises and avoiding chasing small-cap stocks [7] - Minsheng Securities predicted that if the trading fee reduction policy is implemented, the sector could see a short-term increase of 10%-15% [7] Correlation Analysis with the Market - The Shanghai Composite Index rose by 0.6%, while the stock index futures concept stocks' sector increased by 1.8%, significantly outperforming the market, indicating strong independent market characteristics [8] - Historical data shows that when the growth rate of stock index futures trading volume exceeds 30%, the correlation between the sector and the market weakens, making it easier to achieve excess returns [8] - The current increase in volatility in the A-share market complements the hedging attributes of stock index futures concept stocks, leading to a preference for this sector during turbulent market conditions, which is expected to continue for some time [8] Investment Strategy Recommendations - Short-term investors are advised to focus on trading opportunities in leading stocks within the sector, such as China Zhongqi and Hongye Co., with a suggested profit-taking line of 5% and a stop-loss line of 3% [9] - Long-term investors should consider positioning in brokerage concept stocks with strong performance certainty, such as CITIC Securities and Huatai Securities, which combine growth in stock index futures business with stable traditional operations, suitable for holding for 1-3 months [9] - Risk-averse investors may opt for blue-chip stocks with stakes in leading futures companies, such as Xiamen Guomao, which exhibit lower volatility and stable dividends [9] - Caution is advised against chasing small-cap stocks that have surged over 10% recently to mitigate the risk of pullbacks [9]