华夏创业板低波价值交易型开放式指数 证券投资基金 基金管理人：华夏基金管理有限公司 基金托管人：中国农业银行股份有限公司 报告送出日期：二〇二五年八月三十日 华夏创业板低波价值交易型开放式指数证券投资基金 2025 年中期报告 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏，并 对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本中期报告已经三分之二以上独 立董事签字同意，并由董事长签发。 基金托管人中国农业银行股份有限公司根据本基金合同规定，于 2025 年 8 月 28 日复核了本报 告中的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证复核内容 不存在虚假记载、误导性陈述或者重大遗漏。 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。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本基 金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 1 月 1 日起至 6 月 30 日止。 华夏创业板低波价值交易型开放式指数证券投资 基金 2025 年中期报告 ...

Core Viewpoint - Honglin Electric (301439.SZ) is currently experiencing a decline in stock price, trading at 16.29 yuan with a drop of 4.63%, indicating a state of underperformance since its IPO [1] Company Summary - Honglin Electric was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on March 17, 2023, with an issuance of 97.28 million shares at a price of 19.99 yuan per share [1] - The stock reached an intraday high of 28.00 yuan on its listing day, marking the highest price since its IPO [1] - The total funds raised from the IPO amounted to 1,944,627,200.00 yuan, with a net amount of 1,697,720,545.15 yuan after deducting issuance costs, exceeding the original plan by 999 million yuan [1] - The company planned to use the raised funds for several projects, including intelligent manufacturing of power lines, capacity enhancement, technical transformation projects, and working capital supplementation [1] Financial Summary - The total issuance costs (excluding VAT) for the IPO were 246,906,654.85 yuan, with underwriting and sponsorship fees accounting for 217,011,061.13 yuan [1]

Core Viewpoint - CITIC Securities reported its best mid-year performance in history for the first half of 2025, with significant growth in revenue and net profit, indicating strong operational capabilities and market position [2]. Financial Performance - CITIC Securities' operating revenue for the first half of 2025 was 33.039 billion yuan, a year-on-year increase of 20.44% [2]. - The net profit attributable to shareholders was 13.719 billion yuan, up 29.80% year-on-year [2]. - Total assets reached 1.81 trillion yuan, growing by 5.67% compared to the end of the previous year [2]. - The combined net income from brokerage, investment banking, asset management, and fund management was 19.293 billion yuan, reflecting a 23.63% increase year-on-year [2]. - The number of clients exceeded 16.5 million [2]. Business Segments - The international subsidiary, CITIC Securities International, reported a revenue of 1.49 billion USD, a 53% increase year-on-year, and a net profit of 390 million USD, up 66% [2]. - The domestic underwriting scale for stocks and bonds reached 148.528 billion yuan, a remarkable growth of 365.66% [2]. - The combined asset management scale of CITIC Securities and Huaxia Fund exceeded 4.4 trillion yuan [2]. - The custodian asset scale reached 12 trillion yuan, growing by 4% from the end of the previous year [2]. Market Position and Competition - In the context of a new wave of industry mergers and acquisitions, CITIC Securities is seen as both challenged and presented with opportunities [5]. - The company completed 18 IPO projects and 9 refinancing projects in the Hong Kong market, with an underwriting scale of 2.885 billion USD, a 227.09% increase year-on-year [5]. - However, competitors such as CICC and Huatai Securities have surpassed CITIC Securities in Hong Kong equity underwriting scale [6]. Regulatory Environment - CITIC Securities faced regulatory compliance pressures, disclosing two fines related to its brokerage business in its semi-annual report [6]. - The company received a warning from the Shenzhen Securities Regulatory Bureau for inadequate management of margin trading clients and was ordered to rectify issues by the Zhejiang Securities Regulatory Bureau [6]. Market Outlook - Analysts believe that with positive policy signals and a recovering capital market, CITIC Securities is well-positioned to benefit and enhance its performance in the second half of the year [6].

中信证券股份有限公司 关于间接子公司发行中期票据 并由全资子公司提供担保的公告 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。 证券代码：600030 证券简称：中信证券 公告编号：临2025-069 重要内容提示： 担保对象及基本情况 | 对外担保逾期的累计金额（万元） | - | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（亿元） | 1,761.89 | | 对外担保总额占上市公司最近一 | 60.11 | | 期经审计净资产的比例（%） | | | 特别风险提示 | □对外担保总额超过最近一期经审计净资产 | | | 100% | | | 担保金额超过上市公司最近一期经审计净 | | | 资产50% | | | □对合并报表外单位担保金额达到或超过最 | | | 近一期经审计净资产30%的情况下 | | | 对资产负债率超过70%的单位提供担保 | 1 一、担保情况概述 （一）担保的基本情况 公司境外全资子公司中信证券国际有限公司（以下简称中信证券国际）的附 属公司CSI MT ...

Core Viewpoint - Recent tightening of Hong Kong dollar supply and increased demand have led to the appreciation of the Hong Kong dollar, with the narrowing of the interest rate differential between Hong Kong and the US [1][5][6] Group 1: Currency and Monetary Policy - The Hong Kong Monetary Authority (HKMA) is expected to maintain a tight liquidity level in the short term, as the Hong Kong dollar is no longer near the weak end of its exchange rate peg [1][6] - The Hong Kong dollar's exchange rate and interest rate performance are highly dependent on the US dollar's movements and US monetary policy [4] - The interest rate differential between Hong Kong and the US is a key factor influencing capital flows and the Hong Kong dollar's valuation [4] Group 2: Market Dynamics - The recent increase in IPO activities on the Hong Kong Stock Exchange and inflows of southbound capital are expected to support the demand for the Hong Kong dollar [1][6] - The liquidity in the Hong Kong banking system has decreased significantly, from a high of 174.1 billion HKD on May 8 to 53.7 billion HKD as of August 18 [5] - The HIBOR rates have risen significantly, indicating a return to more normalized levels, which is expected to support the Hong Kong dollar's strength [5][6] Group 3: Future Outlook - In the short term, the Hong Kong dollar is expected to maintain a strong performance, supported by ongoing IPO activities and increased demand [6] - The overall demand for the Hong Kong dollar is anticipated to show resilience despite the end of the dividend season and reduced seasonal financing needs from banks [6]

Key Insights - The report highlights the stable recovery of the macroeconomic environment, with Japan's GDP growth exceeding expectations in Q2 and manufacturing PMI showing unexpected improvement, leading to a rise in the Nikkei 225 index to a historical high [2][3] - The report emphasizes the investment opportunities in the "AI+" sector, particularly in hardware and infrastructure, driven by government policies promoting AI development [3][4] - The report discusses the performance of specific companies, such as Xiaoxiong Electric and Water Well, noting their revenue growth and strategic focus on product innovation and channel health [5][6][10][12] Company Performance - Xiaoxiong Electric reported a total revenue of 2.535 billion yuan in H1 2025, a year-on-year increase of 18.94%, with a net profit of 205 million yuan, up 27.32% [5] - Water Well's H1 2025 revenue was 1.5 billion yuan, with a net profit decline of 56.5%, indicating challenges in demand but a focus on channel health [6] - Guolian Minsheng's H1 2025 revenue reached 4.011 billion yuan, a significant increase of 269%, with net profit soaring by 1185% due to the consolidation of Minsheng Securities [7] Industry Trends - The "AI+" initiative is expected to accelerate the development of related industries, with a focus on hardware such as AI glasses and smart home devices [3] - The report notes the increasing demand for data center services, with companies like WanGuo Data expanding their operations and achieving significant order growth [16] - The banking sector shows signs of stability, with several banks reporting steady growth in net profit and revenue, indicating a resilient financial environment [10][19][23]

Core Viewpoint - The article discusses the recent announcement by First Capital Securities to establish a wholly-owned subsidiary in Hong Kong, marking the third small and medium-sized brokerage firm to pursue international expansion in Hong Kong this year [1][3]. Group 1: Company Developments - First Capital Securities plans to set up a wholly-owned subsidiary named "First Capital International Financial Holdings Limited" in Hong Kong to engage in regulated activities such as securities trading and asset management [3]. - The company intends to invest no more than 500 million HKD to establish the Hong Kong subsidiary, with the board authorizing management to handle the establishment process [3]. - Other brokerage firms, such as Western Securities and Northeast Securities, have also announced plans to set up subsidiaries in Hong Kong this year, indicating a trend among smaller brokerages to expand their international presence [3][4]. Group 2: Market Environment - The Hong Kong stock market has seen a resurgence, with the Hang Seng Index rising by 20% in the first half of the year, leading to increased trading activity and investor interest [6][10]. - The number of IPOs in Hong Kong has increased significantly, with 42 IPOs raising over 107 billion HKD in the first half of the year, surpassing the total for the previous year by approximately 22% [6]. - The article notes that while some brokerages are expanding their operations in Hong Kong, others are cautious or scaling back their plans due to market conditions [7]. Group 3: Performance of Existing Subsidiaries - Several existing brokerage firms with subsidiaries in Hong Kong have reported strong financial performance, with notable increases in revenue and profit [9]. - For instance, Guotai Junan International achieved a record revenue of 2.825 billion HKD in the first half of the year, a 30% year-on-year increase, while CITIC Securities International reported a 53% increase in revenue to 1.49 billion USD [9]. - Other firms, such as Shenwan Hongyuan Hong Kong and Industrial Securities, also reported significant growth in their financial results, driven by increased brokerage and underwriting activities [9].

Core Viewpoint - Major securities firms in China, including CITIC Securities, China Galaxy Securities, and others, reported significant growth in their performance for the first half of 2025, driven by a favorable capital market environment [1] Group 1: Company Performance - CITIC Securities achieved an operating revenue of 33.039 billion yuan, a year-on-year increase of 20.44% [1] - The net profit attributable to shareholders reached 13.719 billion yuan, marking a year-on-year growth of 29.80%, setting a record for mid-year performance [1] Group 2: Market Environment - The securities sector exhibits strong beta characteristics, with its main business performance closely linked to capital market conditions [1] - The global liquidity narrative has led to a vibrant capital market, with increased trading activity and heightened market risk appetite, contributing to the recovery of the securities industry [1] Group 3: Investment Opportunities - There has been a significant inflow of funds into the securities sector, with the securities ETF (512880) attracting over 6 billion yuan in just 10 days, bringing its total size to over 44 billion yuan [1] - Investors without stock accounts can consider the linked fund (012363) of the securities ETF to capitalize on investment opportunities in the securities sector [1]

Core Viewpoint - The securities sector is experiencing significant growth, with major firms reporting substantial increases in net profits, indicating a positive trend in the market [1][5]. Group 1: Company Performance - As of August 29, 29 listed companies in the securities ETF index have released mid-year reports, with CITIC Securities leading with a net profit of 13.719 billion yuan, a year-on-year increase of 30% [1]. - Guolian Minsheng Securities and Huaxi Securities reported net profit growth exceeding 10 times for the first half of 2025 [1]. - The top ten companies in the securities ETF index show strong performance, with China Galaxy and Dongfang Fortune also reporting significant profit increases of 47.86% and 37.27% respectively [4]. Group 2: Market Trends - The ChiNext index rose over 2%, and the Shanghai Composite Index increased by more than 0.5%, with total market turnover exceeding 25 trillion yuan, indicating robust trading activity [2]. - The securities ETF (560090) saw a slight increase of 0.21%, with trading volume surpassing 1.6 billion yuan, reflecting strong investor interest [2]. - The average daily trading volume for A-shares and H-shares has increased significantly compared to 2024, with A-shares averaging 14,625 billion yuan, up 38% [5]. Group 3: Future Outlook - The overall market trend is expected to remain positive, with an upward adjustment in industry profit forecasts, projecting ROE for 2025 at 6.3%, 7.0%, and 7.8% under different scenarios [5]. - The long-term growth potential for securities firms is promising, supported by a stable economic environment and increasing capital market activity [5].

Group 1 - The A-share market continued to rise in August, with major indices showing an upward trend, particularly the Sci-Tech 50, which increased by 21.4%, while the Shanghai 50 had the smallest increase of 5.1% [1][8] - The Hong Kong stock market experienced a volatile upward trend, influenced by rising expectations of overseas interest rate cuts and improved domestic risk appetite, with the Hang Seng Technology Index rising by 4.5% [1][11] Group 2 - The report maintains a bullish outlook on the A-share market, suggesting that the logic supporting the market's rise remains unchanged, with reasonable valuations and new positive factors emerging, such as the potential start of a Federal Reserve rate cut cycle [2][17] - Short-term investment focus should be on sectors that are lagging behind, while medium to long-term attention should be on three main lines: technological self-reliance, domestic consumption, and dividend stocks [2][21] Group 3 - The report suggests a "dumbbell" strategy for Hong Kong stocks, focusing on technology growth and high dividend yield stocks, with an emphasis on sectors benefiting from domestic supportive policies amid the US-China competition [3][23] - Despite the continuous rise in the Hong Kong market, overall valuations remain low, indicating a high cost-performance ratio for long-term investments [3][26] Group 4 - The A-share stock selection for September includes ten stocks: Huayou Cobalt, Zhongwei Company, Xinyi Sheng, Perfect World, Zhengguang Co., CITIC Securities, Huatai Securities, Haier Smart Home, Aolai De, and China Merchants Shekou [4][27] - The Hong Kong stock selection for September includes nine stocks: SMIC, Hua Hong Semiconductor, Horizon Robotics, Meitu, Gao Wei Electronics, Sunny Optical Technology, Huiju Technology, AAC Technologies, and Xindong Company [4][32]