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！ 出品：新浪财经上市公司研究院 作者：喜乐 2025年上半年，港股IPO市场以"冰火两重天"的极端分化态势迎来近四年最强复苏：42家企业登陆港交所，合计募资1067亿港 元，较2024年上半年同比激增688%。这场由A to H大盘股与新经济赛道驱动的盛宴背后，中介机构的角色正经历深刻重构 ——头部保荐机构以百亿级承销规模主导市场格局，互联网券商借散户打新狂潮抢占份额，然而破发率高企、绿鞋机制失效、 承销"蹭单"成风等乱象，暴露出繁荣表象下中介责任的缺位。 （全文数据截至2025年6月30日） 中资机构凭借A to H项目资源优势占据市场主导地位 2025年上半年港股保荐市场呈现中资机构主导格局。前5名中，共有3家中资中介机构，其中中金公司以13单保荐、214.6亿港 元规模位居榜首，保荐规模较第二名华泰证券（9单、133.9亿港元）领先近2倍。中资券商在保荐市场的崛起，一方面得益于 港股IPO中A to H项目占据半壁江山，中资券商对A股公司的资源积累更具优势；另一方面也与近年外资机构活跃度降低，外 资中介对海外投资者的覆盖优势削弱等因 ...

Core Viewpoint - The China Securities Association (CSA) has released the results of the trial evaluation for securities firms, indicating that the scores will be used as the main basis for formal evaluations, along with rankings of 12 related business areas [1][5]. Group 1: Evaluation Metrics - The trial evaluation consists of a scoring system where quantitative evaluation accounts for 90 points and qualitative evaluation for 10 points, with an additional 5 points for specific contributions to the industry [4]. - Quantitative indicators measure performance in five key areas: Technology Finance (50 points), Green Finance, Inclusive Finance, Pension Finance, and Digital Finance, each with specific sub-indicators [4]. Group 2: Business Rankings - In the ranking of securities firms for underwriting technology innovation bonds, the top five are: CITIC Securities (128.19 billion), CITIC Jinshi (89.86 billion), Guotai Junan (63.68 billion), CICC (58.80 billion), and Huatai Securities (34.22 billion) [6]. - For the ranking of securities firms serving technology enterprises in equity financing, the top five are: CITIC Securities (27.04 billion), CITIC Jinshi (20.93 billion), CICC (20.22 billion), Guotai Junan (15.16 billion), and Huatai Securities (12.23 billion) [7]. - In the ranking for major asset restructuring transactions for technology enterprises, the top five are: CITIC Securities (32.07 billion), CITIC Jinshi (15.39 billion), China Galaxy Securities (11.50 billion), CICC (7.61 billion), and Huatai Securities (7.30 billion) [11]. - For underwriting green bonds and low-carbon transition bonds, the top five are: CITIC Securities (16.54 billion), CITIC Jinshi (12.29 billion), Guotai Junan (11.14 billion), CICC (8.84 billion), and招商证券 (5.41 billion) [12]. - In the ranking for underwriting private enterprise bonds, the top five are: 招商证券 (38.15 billion), 广发证券 (31.89 billion), 平安证券 (18.56 billion), CICC (13.01 billion), and Huatai Securities (12.57 billion) [13]. - For the distribution of personal pension products, the top five are: CICC (24.83 million), China Galaxy Securities (18.06 million), 广发证券 (17.18 million), 招商证券 (13.91 million), and 国信证券 (13.78 million) [14].

Core Insights - The China Securities Association conducted a special data survey on the performance of securities firms in promoting financial "five major articles" for 2025, revealing the ranking of firms in terms of personal pension product distribution [1] Summary by Category Securities Firms Ranking - The ranking of securities firms based on the scale of personal pension product distribution (in ten thousand yuan) is as follows: - China International Capital Corporation: 248,276 - Galaxy Securities: 180,620 - GF Securities: 171,836 - China Merchants Securities: 139,135 - Guosen Securities: 137,794 - Industrial Securities: 114,222 - Guotai Junan Securities: 71,553 - CITIC Securities: 53,185 - Huatai Securities: 40,565 - Ping An Securities: 34,479 - Shenwan Hongyuan Securities: 25,942 - Dongfang Securities: 21,668 - Zhongtai Securities: 21,320 - CITIC Jianan Securities: 13,698 - Changjiang Securities: 9,807 - Dongfang Fortune Securities: 4,552 - Guotou Securities: 2,649 - Everbright Securities: 2,315 [1]

中信证券研报表示，2025年6月美国新增非农就业人数超预期，失业率低于预期。不过，本份非农报告 实则显示美国就业市场继续走弱。依旧认为美国就业市场"缓冲垫"有限，就业市场继续走弱失业率或将 加快上行。延续此前观点，预计美联储将在9月的议息会议上再度降息。 ③中金公司：非农韧性不支持美联储提前降息 美联储的降息路径现重大变数，多家券商早间发布最新观点>> 7月3日，美国劳工统计局统计数据显示，6月非农就业岗位增加14.7万个，预期为11万个。失业率降至 4.1%，预期为4.3%。在非农数据公布后，芝加哥商品交易所的美联储观察工具显示，7月降息可能性降 至个位数。美联储的降息路径现重大变数，多家券商早间发布最新观点： ①华泰证券：6月非农再超预期，7月降息概率回落 华泰证券表示，6月新增非农数据再超预期，美联储7月降息概率进一步下降，但考虑到关税、移民放缓 对三季度新增就业的拖累，维持联储9月-12月两次预防式降息的判断。6月新增非农超预期、失业率超 预期下行或受到多个因素干扰，未改变就业市场放缓的趋势：6月天气偏热叠加罢工拖累消退，对新增 非农提振约在3-4万人左右；5-6月美国劳动力规模下降75.5万人、劳动 ...

Core Viewpoint - Huatai Securities maintains the judgment of two preventive interest rate cuts by the Federal Reserve in September and December [1] Economic Data Analysis - The non-farm payroll data for June exceeded expectations, leading to a decreased probability of a rate cut in July [1] - However, factors such as tariffs and slowed immigration are expected to negatively impact job growth in the third quarter [1]

Core Viewpoint - Huatai Securities reports that a nationwide fertility subsidy policy is expected to be implemented within the year, emphasizing the importance of public financial support for family welfare in influencing birth rates [1] Group 1: Public Financial Support - Public financial subsidies for families are a significant factor affecting birth rates [1] - There is still room for increasing family welfare subsidies in China, particularly in direct subsidies related to childbirth [1] Group 2: Local Pilot Programs - Local pilot programs for fertility subsidies have shown generally positive effects, but their limited beneficiary groups may require supplementation through a nationwide policy [1] Group 3: Expected Features of Nationwide Policy - The anticipated nationwide fertility subsidy will likely focus on families with children under three years old, including first-born children in the subsidy scope [1] - The subsidy is expected to maintain a strong support level, estimated at approximately 3,600 yuan per year based on an annual expenditure rate of 15% [1]

Regulatory Environment - In the first half of 2025, 64 brokerages received over 200 fines from regulatory authorities, indicating a high-pressure regulatory environment aimed at maintaining the health of the capital market [1][6] - The trend of dual penalties (multiple fines) has become normalized, with significant penalties imposed on both institutions and responsible individuals, reflecting a strong stance against violations [1][2] Governance and Accountability - There has been an increase in penalties targeting key individuals in company governance, with notable cases involving former executives of securities firms facing substantial fines and market bans for insider trading and other violations [2][6] - The regulatory approach has shifted towards a comprehensive, chain-wide penalty system, addressing issues across the entire process of investment banking activities [2][3] Business Operations and Compliance - Investment banking remains a high-risk area for violations, with several firms receiving warnings for non-compliance with listing and refinancing regulations [3][4] - The number of fines related to brokerage activities has exceeded 35, with ongoing issues of employees engaging in illegal trading practices [4][5] Internal Controls and Risk Management - The persistence of employee violations is attributed to weak internal controls, lack of legal awareness among staff, and low perceived costs of illegal activities [5] - Strengthening compliance and risk management capabilities is becoming a core competitive advantage for brokerages in the current regulatory landscape [6]

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: HTSC（於中華人民共和國註冊成立，中文公司名稱為华泰证券股份有限公司及在香港以HTSC名義開展業務）(「本公司」) 呈交日期: 2025年7月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601688 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 7,308,256,601 | RMB | | 1 RMB | | 7,308,256,601 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,308 ...

Group 1 - The core viewpoint of the article highlights a new trend of A-share listed technology companies pursuing secondary listings in Hong Kong, with 16 semiconductor and consumer electronics companies having submitted prospectuses as of June 30, 2025, significantly higher than the same period in 2024 [1] Group 2 - For the companies planning to list, secondary listings provide diversified financing channels and enhance international market recognition, aiding their global expansion [1] - For Hong Kong investors, there is a short-term opportunity to capitalize on the price arbitrage between Hong Kong and A-shares, with a median discount rate of approximately -17% for five companies planning secondary listings in 2025 [1] - For A-share investors, this trend signifies international recognition of A-share companies' investment value and offers a new international valuation reference for core technology assets, potentially reshaping the overall valuation framework [1]

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。 （於中華人民共和國註冊成立之股份有限公司， 中文公司名稱為華泰證券股份有限公司，在香港以HTSC名義開展業務） （股份代號：6886） 海外監管公告 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2019 年6月在倫敦證券交易所上市（證券代碼：HTSC），除文 義另有所指外，亦包括其前 ...