Core Insights - The competitive landscape of the ETF market in Shanghai remains stable, with leading institutions strengthening their advantages as of Q1 2025 [1] - The strategic restructuring between Guotai Junan and Haitong Securities has led to Haitong's complete exit from the ETF market-making sector, potentially altering the rankings of brokerage firms in ETF trading [1] Brokerage Business Performance - In February 2025, the top three brokerage firms by non-monetary ETF trading volume were Huatai Securities, CITIC Securities, and Guotai Junan, with market shares of 10.84%, 6.78%, and 6.2% respectively [2] - CITIC Securities and Dongfang Securities saw significant increases in their market share for ETF trading in March, with CITIC's share rising from 6.15% to 8.42% and Dongfang's from 3.97% to 6.28% [2] - The combined ETF holdings of Shenwan Hongyuan and China Galaxy Securities have formed a duopoly, maintaining around 40% market share, which slightly increased to 39.38% in March 2025 [2][3] ETF Trading Accounts - Huatai Securities and Dongfang Wealth lead in the number of ETF trading accounts, holding 11.12% and 10% of the market respectively, while the second tier includes Ping An Securities, China Galaxy, and招商证券 [4] - The market shares of Guotai Junan and Haitong Securities in ETF trading accounts were 3.43% and 2.87%, respectively, indicating a stable competitive landscape [4] Market Making Services - CITIC Securities leads in the number of ETFs serviced, with 531 main market-making services, followed by GF Securities with a total of 549 services [5] - Haitong Securities experienced a drastic reduction in its market-making services, dropping from 299 to zero, following the announcement of its termination of key ETF market-making services [6]

Core Viewpoint - The company is experiencing fluctuations in its CDMO business due to various factors, including market price sensitivity and increased operational costs, but it aims to enhance its market position and profitability through strategic initiatives and technological advancements [3][5][7]. Industry Overview - The domestic CGT (Cell and Gene Therapy) industry is supported by government policies and regulatory guidelines, leading to a gradual recovery in demand and supply dynamics. The industry is currently in a "supply clearing" phase, with expectations of improved market conditions as macroeconomic factors stabilize [2]. - The CGT sector saw a 4% year-on-year increase in financing events among Chinese CGT companies, indicating sustained long-term value recognition despite a cautious investment environment [2]. Company Performance - In 2024, the company reported a main revenue of 248 million yuan, a year-on-year increase of 21.16%, but faced a net loss of 322 million yuan, a decline of 151.54% [8]. - The company's CDMO business is impacted by a slowdown in investment in the biopharmaceutical sector, leading to increased price sensitivity among clients and fluctuating gross margins [3][8]. Business Segments - The company's CDMO business is focused on advanced therapies in cell and gene treatment, with a significant market potential. The company plans to optimize its operational model and enhance project delivery efficiency to improve gross margins over time [3][5]. - The CRO (Contract Research Organization) segment is experiencing steady growth, with a sales revenue of 85.82 million yuan in 2024, reflecting an 8.02% increase year-on-year. The client base has expanded to over 12,800 research laboratories [4][8]. Future Strategies - The company aims to strengthen its core technology in cell and gene therapy, expand its service offerings, and enhance its international market presence. It plans to leverage strategic partnerships and technological collaborations to explore new business opportunities [7]. - The establishment of a subsidiary focused on regenerative medicine marks a significant step in the company's strategic layout, aiming to address industry challenges and enhance its service capabilities in cell therapy [5][7]. Market Outlook - The Chinese stem cell market is projected to reach 26.5 billion yuan in 2024, with a year-on-year growth of 14%. However, the industry faces challenges such as intensified competition and varying product quality [5]. - The company anticipates a gradual recovery in industry conditions, driven by improved macroeconomic factors and supportive policies, which will enhance the overall market landscape for CGT [2].

Core Viewpoint - The article discusses the recent evaluation results of market makers by the National Equities Exchange and Quotations (NEEQ), highlighting the performance and ranking changes of various securities firms in the first quarter of 2025, with a focus on the shift towards the Beijing Stock Exchange (BSE) for market-making opportunities [2][3]. Group 1: Market Maker Evaluation Results - The NEEQ released the market maker evaluation results for Q1 2025, with Northeast Securities, Shanghai Securities, and Kaiyuan Securities ranking in the top 5% and receiving a 100% fee exemption [2]. - In the top 20% of the rankings, firms like Shanghai Securities, Tianfeng Securities, and Changjiang Securities saw improvements in their rankings compared to Q4 of the previous year [2][3]. - A total of 12 market makers received fee exemption qualifications, with 6 firms in the 10%-20% range receiving a 50% fee reduction, and 3 firms in the 5%-10% range receiving a 70% reduction [2]. Group 2: Strategic Adjustments by Securities Firms - Some securities firms are adjusting their market-making strategies in response to regulatory changes, focusing more on the BSE and reducing their involvement in the New Third Board market-making business [4]. - For instance, Hongta Securities has actively reduced its New Third Board market-making scale and is applying for qualifications to operate on the BSE, indicating a strategic shift towards more promising market opportunities [4]. - The report from Shichuang Securities noted that they have 23 market-making enterprises, ranking 15th in the industry, with a significant portion being innovative tier companies [4]. Group 3: Evaluation Criteria and Importance - The evaluation criteria for market makers include a total score of 100 points, with categories such as market-making scale, liquidity provision, and quote quality [5]. - The NEEQ emphasizes the importance of the market maker system in improving market liquidity, price discovery, and fostering a healthy market cycle, indicating ongoing efforts to optimize the evaluation and incentive mechanisms [5].

Core Insights - The event marked the unveiling of Guotai Haitong Securities' Chongqing branch, emphasizing the importance of financial services in supporting local economic development [1][5]. Group 1: Company Developments - Guotai Haitong Securities Chongqing branch aims to leverage opportunities and contribute to the high-quality development of Chongqing's economy [1][5]. - The branch is positioned to provide diverse and efficient financial services to enhance the economic and social development of the Jiangbei District and Chongqing [5]. - The event was attended by nearly 800 high-net-worth investors and representatives from various financial institutions, indicating strong interest and support for the new branch [6]. Group 2: Industry Context - Chongqing is recognized as a key city for high-quality development, with the local government prioritizing the financial industry as a crucial pillar for growth [5]. - The forum highlighted the undervaluation of state-owned enterprises (SOEs) in the national economy, with SOEs contributing nearly 50% of profits and dividends in the A-share market [6]. - The increasing necessity for self-sufficiency in technology is expected to keep the tech sector active, while the current asset valuation environment presents a favorable opportunity for investment in Chinese assets [6].

Core Insights - The competitive landscape of the ETF market in Shanghai is stabilizing, with leading institutions strengthening their advantages [1] - The strategic restructuring between Guotai Junan and Haitong Securities has led to Haitong's complete exit from the ETF market-making sector, potentially altering the rankings of brokerage firms in ETF trading [1][12] - Huatai Securities continues to lead the market with a share of 10.84%, followed by CITIC Securities and Guotai Junan with shares of 6.78% and 6.2% respectively [1] Brokerage Business Performance - In March, CITIC Securities and Dongfang Securities saw significant increases in their market share for ETF trading, with CITIC's share rising to 8.42% from 6.15% and Dongfang's from 3.97% to 6.28% [2] - The top ten brokerage firms in terms of ETF trading volume remained largely unchanged, indicating fierce competition among them [6] ETF Holdings - The combined ETF holdings of Shenwan Hongyuan and China Galaxy Securities have shown a slight upward trend, reaching 39.38% in March, up from 39.17% in February [5][11] - The top ten brokerage firms by ETF holdings have not changed, but there have been minor shifts in their rankings, reflecting intense competition [6] Market Structure and Trends - The ETF market is characterized by a "stronger gets stronger" dynamic, with leading firms leveraging technology to enhance customer loyalty and create significant competitive advantages [11] - As of March 2025, the Shanghai Stock Exchange had 21 primary market makers and 12 general market makers, providing liquidity for 700 fund products, with 98% of ETFs having market makers [11] Market Making Services - CITIC Securities leads in the number of primary market-making services, with 531 services, while Haitong Securities has seen a drastic reduction in its market-making activities, ceasing services for key ETFs [12]

东方基金管理股份有限公司（以下简称"本公司"）与国泰海通证券股份有限公司（以下简称"国泰海通 证券"）协商一致，自2025年4月18日起，新增国泰海通证券办理本公司旗下东方恒瑞短债债券型证券投 资基金（基金代码：010565（A类）；010566（B类）；010567（C类））的销售业务（仅限前端申购 模式）。现将有关事项公告如下： 一、新增销售基金及业务范围 ■ 二、重要提示 1.上述基金费率请详见基金的《基金合同》、《招募说明书（更新）》、《基金产品资料概要》等相关 法律文件及本公司发布的最新业务公告。 2.定期定额投资业务不额外收取手续费用，定期定额申购费率与相关基金的日常的申购费率相同。 3.基金转换是指投资者可将其持有的本公司旗下某只开放式基金的全部或部分基金份额转换为本公司管 理的另一只开放式基金份额的交易行为。上述基金列表中的基金，若同时采用前端收费和后端收费，则 只开通前端收费模式下的转换业务。 4.业务办理的业务规则和流程以上述机构的安排和规定为准。相关活动的具体规定如有变化，以上述机 构网站或平台的最新公告为准，敬请投资者关注。 三、投资者可通过以下途径咨询有关详情 1.国泰海通证券股份有 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1][30]. Core Insights - The first quarter earnings of brokerage firms are expected to increase significantly, with a maximum year-on-year growth rate of 400% reported by some firms. Eight out of ten firms reported growth exceeding 50% [3][9]. - Several brokerage firms have announced share buybacks to stabilize stock prices and enhance shareholder value amid market volatility [4][9]. - The overall market is showing signs of recovery after significant adjustments, with expectations for further valuation recovery in the brokerage sector as long-term capital enters the market [4][9]. Summary by Sections Investment Recommendations - The report highlights that ten brokerage firms have disclosed their first-quarter earnings, with all showing growth. The low base from the previous year and active market conditions contributed to this performance [9]. - Share buybacks were announced by multiple firms, including Dongfang Securities and Guotai Junan, aimed at maintaining company value and reflecting management confidence in future growth [4][9]. Market Review - Major indices experienced declines, with the Shanghai Composite Index down 3.11% and the ChiNext Index down 6.73%. The non-bank financial index fell by 5.19%, ranking 18th among 31 sectors [10]. - The average daily trading volume in A-shares reached 1.61 trillion yuan, a 41.84% increase from the previous period [13][14]. Key Industry Data Tracking 1. Market Performance and Scale: Major indices saw declines, with the A-share trading volume at 8.06 trillion yuan for the week [13]. 2. Credit Business: As of April 11, the market had 3,173.67 million pledged shares, accounting for 3.92% of total equity [16]. 3. Fund Issuance: In March 2025, new fund issuance reached 1,009.26 million units, a 53.42% increase from the previous month [16]. 4. Investment Banking: In March 2025, the equity underwriting scale was 577.90 billion yuan, with IPOs amounting to 92.18 billion yuan [16]. 5. Bond Market: The total price index for bonds fell by 0.50% since the beginning of the year, with the 10-year government bond yield at 1.66%, up 4.91 basis points [16]. Regulatory Policies and Industry Dynamics - The report notes progress in the acquisition of Wanhe Securities by Guosen Securities, which has been accepted for review by the Shenzhen Stock Exchange [24]. - Recent credit and social financing data exceeded expectations, indicating a robust financial environment [24]. Key Announcements from Listed Companies - Dongfang Securities reported a revenue of 5.382 billion yuan and a net profit of 1.436 billion yuan, with year-on-year changes of 49.04% and 62.08%, respectively [25]. - Guotai Junan's net profit is projected to be between 11.201 billion yuan and 12.445 billion yuan, reflecting a year-on-year increase of 350% to 400% [25].

Group 1 - The A-share market's three major indices closed mixed, with the Shanghai 180 Financial Stock Index rising by 1.03% to 5280.69 points, with a trading volume of 31.303 billion yuan [1] - The Shanghai 180 Financial Stock Index has decreased by 4.72% over the past month, increased by 0.28% over the past three months, and has fallen by 3.49% year-to-date [1] - The index is composed of listed companies in banking, insurance, securities, and trust industries, reflecting the overall performance of financial sector securities in the Shanghai stock market [1] Group 2 - The top ten weighted stocks in the Shanghai 180 Financial Stock Index include China Ping An (12.8%), China Merchants Bank (12.34%), and Industrial Bank (7.27%) [1] - The index's holdings are entirely composed of financial sector stocks, with a 100% representation [2][3] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]

本文来自格隆汇专栏：梁中华宏观研究 作者：刘姜枫 梁中华 投资要点 3月出口增速的超预期回升既是基数的回落所致，更是由于抢出口的重现。往后看，预计出口受关税冲击有所回落，而对美国与非美、豁免产品与非豁免 产品的出口将呈现出显著的分化。国泰海通证券预计，积极的宏观政策也会及时对冲影响，应积极看待。 外需回落的背景下，中国出口环比动能依旧强于季节性，背后是抢出口的短暂重现。全球PMI和美国PMI均在回落的背景下，中国出口环比动能强于季节 性水平。拆分来看，在美国对中国和墨西哥关税加征的背景下，对美出口环比增速回升至季节性水平、对拉美出口增速显著回升，可能反映对4月关税预 期升温下出口商对美抢出口效应再现。 往后看，随着4月美国全球对等关税落地，预计出口受关税冲击有所回落，且将出现两类显著的分化现象： 一是对美国和非美贸易的分化。短期看，对美直接贸易将总体受到超高额关税的影响显著回落，而转口贸易地如东盟和墨西哥受到的关税加征相对较低， 且东盟在7月前仅受10%关税影响，若当地不对转口贸易进行限制，预计对东盟出口短期将显著升温；中长期看，欧盟和中东在特定产品上有望替代拉动 中国关键产品的出口，如新能源汽车、电力设备和 ...

金十数据4月15日讯，国泰海通证券研究所固收团队发布报告称，现阶段降准降息预期的兑现节奏可能 偏慢，但资金利率下行确定性较强，建议从久期策略向票息策略切换，通过质押融资适度加杠杆以提升 组合的静态收益，关注长端信用债、二永债、政金债以及超长地方债等具有票息凸点特征的品种。后续 资金中枢有望逐步下台阶，存款类机构7天回购利率(DR007)可能有10个基点以上的下行空间，或向公 开市场7天期逆回购操作利率靠拢。 国泰海通证券：资金利率下行可期 建议债市策略从久期向票息切换 ...