Core Viewpoint - The evaluation results for market makers in the second quarter of 2025 have been released by the National Equities Exchange and Quotations (NEEQ), highlighting the performance and fee exemptions of various securities firms [1][4]. Group 1: Market Maker Rankings and Fee Exemptions - Northeast Securities, Kaiyuan Securities, and Shanghai Securities ranked in the top 5%, receiving a 100% exemption on transaction fees [2][4]. - In the top 20%, firms like GF Securities and Shenwan Hongyuan saw improvements in their rankings compared to the first quarter of this year [2][5]. - A total of 12 market makers qualified for transaction fee exemptions, with 6 firms in the 10%-20% ranking receiving a 50% exemption [4][5]. Group 2: Market Dynamics and Competitive Landscape - The rankings of market makers show limited volatility over several quarters, indicating a stable competitive landscape, although individual rankings may fluctuate due to short-term business variations [6]. - The list of ranked firms primarily includes smaller securities companies, suggesting a differentiation in competitive strategies, as larger firms tend to dominate in other areas and invest less in the New Third Board market-making business [7]. Group 3: Business Strategies and Market Positioning - Guoyuan Securities emphasized a return to core business principles in its market-making activities, aiming to enhance trading capabilities [8]. - First Capital Securities is adjusting its portfolio based on market conditions to provide liquidity for quality New Third Board companies [8]. - Caida Securities reported a modest involvement in market-making, with a small proportion of its trading assets allocated to this business [8]. Group 4: Evaluation System and Future Directions - The NEEQ's market maker evaluation system, revised multiple times, assesses firms based on various criteria, including market-making scale, liquidity provision, and quote quality [9]. - The NEEQ aims to continuously evaluate the effectiveness of this system to enhance market liquidity and promote a healthy market-making environment [9].

7月16日，由深圳证券交易所、吉林省证券业协会指导，国泰海通证券吉林分公司、国泰海通证券投资 者教育基地主办，吉林敖东（000623）集团、全景投资者教育上海基地承办的"理性投资伴我行——走 进上市公司吉林敖东（000623）"在全景网播出。本次活动旨在搭建投资者与上市公司深度沟通的桥 梁，促进双方良性互动，倡导理性投资、价值投资、长期投资的理念。 吉林敖东集团总经理郭淑芹发表致辞，公司始终坚持技术创新，聚焦医药主业，推进产学研一体化建 设，加强与外部科研力量合作，攻克技术难题，推动中医药现代化进程。同时，公司高度重视市值管 理，与投资者保持良好沟通。坚持以服务投资者、传达公司价值为出发点，通过实地调研、召开线上会 议、策略会等多元化渠道，及时向投资者传达与沟通。 国泰海通证券吉林分公司党委书记、副总经理（主持工作）白茜在致辞中表示，吉林敖东作为吉林的骄 傲和中国医药产业的一面旗帜，连续11年位列中国制药工业百强，荣获中国500最具价值品牌称号。 白茜表示，国泰海通证券于今年4月合并后，目前综合实力全国排名第一，世界排名第七。国泰海通证 券吉林分公司扎根吉林，服务本土资本市场，始终以金融报国、服务实体为使命， ...

证券从业者的数量仍在持续下降中。 业绩飘红、板块上涨，证券行业正在迎来转机。截至7月16日，49家上市券商中已有31家发布半年度业 绩预告/快报。Choice数据显示，31家上市券商全部盈利，更有10余家上半年归属净利润同比增长超 100%。 不过，在行业的繁荣下，证券从业者的数量却仍在持续下降中。据Choice数据，今年上半年证券从业者 数量净减少7268人。 回顾过往，证券从业者数量于2022年达到顶峰的35.42万人，此后就开始迅速下滑，截至今年上半年， 证券从业者数量为32.91万人，相当于两年半的时间里净减少了2.5万人，平均下来每年减少约1万人左 右。 "券商从业人员整体数量的持续减少主要是受券商合并、薪资下降、IPO数量下滑、根据业务变化进行 人才结构调整等多重因素影响。"券商人士表示。 收缩与扩张并行 Choice数据显示：截至2025年6月底，证券行业登记从业人员数量为32.91万人。其中，一般证券业务 20.67万人、证券投资顾问8.15万人、证券经纪人2.59万人、保荐代表人8470人、证券分析师5625人。 合并后的国泰海通证券取代中信证券，成为从业人数最多的证券公司，从业者为1865 ...

知名卖方转型私募又添新案例。中基协公布新一批备案登记私募显示， 中信建投前首席分析师丁鲁明 成立私募上海睿成，于7月14日完成私募管理人登记，该私募注册资本1000万元，丁鲁明实际持股 90.2%，并担任总经理，另一出资人为储倢。丁鲁明在 券商研究履历超16年，历任 海通证券研究所、 中信建投研究发展部，并从首席分析师升至部门执行总经理。（记者 闫军） ...

国泰海通证券股份有限公司 关于上海谊众药业股份有限公司 股东向特定机构投资者询价转让股份 相关资格的核查意见 中国（上海）自由贸易试验区商城路 618 号 国泰海通证券股份有限公司（以下简称"国泰海通"）受上海谊众药业股份有 限公司（以下简称"上海谊众"或"公司"）股东上海凯宝药业股份有限公司（以下 简称"上海凯宝"或"出让方"）委托，组织实施本次上海谊众首发前股东向特定 机构投资者询价转让（以下简称"本次询价转让"）。 根据《关于在上海证券交易所设立科创板并试点注册制的实施意见》、《科 创板上市公司持续监管办法（试行）》、 《上海证券交易所科创板股票上市规则》、 《上海证券交易所科创板上市公司自律监管指引第 4 号——询价转让和配售 （2025 年 3 月修订）》（以下简称"《询价转让和配售指引》"）等相关规定， 国泰海通对参与本次询价转让股东的相关资格进行核查，并出具本核查意见。 国泰海通收到出让方关于本次询价转让的委托，委托国泰海通组织实施本次 询价转让。 二、关于参与本次询价转让股东相关资格的核查情况 （一）核查过程 根据相关法规要求，国泰海通对出让方的相关资格进行了核查。出让方已出 具《关于向特定机 ...

证券代码：688091 证券简称：上海谊众 公告编号：2025-027 上海谊众药业股份有限公司 股东询价转让计划书 上海凯宝药业股份有限公司（以下简称"上海凯宝"或"出让方"）保证向 上海谊众药业股份有限公司（以下简称"公司"或"上海谊众"）提供的信息内容不 存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和完整性 依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 一、拟参与转让的股东情况 （一）出让方的名称、持股数量、持股比例 出让方委托国泰海通证券股份有限公司（以下简称"国泰海通"）组织实施本 次询价转让。截至 2025 年 7 月 16 日，转让方所持公司股份的数量、比例情况如 下： 序号 拟参与转让股东的名称 持股数量（股） 持股占总股本比例 注：以上持股比例按 2025 年 7 月 16 日公司总股本 206,703,640 股计算。 （二）关于出让方是否为上海谊众控股股东、实际控制人、持股 5%以上的 出让方承诺有足额的首发前股份可供转让，并严格履行相关义务。 二、本次询价转让计划的主要内容 股东、董事及高级管理人员 本次询价转 ...

7月13日，针对科创板第五套上市标准企业，上交所正式试点引入资深专业机构投资者制度。面对这一变 革，资深专业机构投资者将如何发挥作用，证券公司又会怎样把握机遇，都成为市场关注的焦点。 券商中国记者注意到，过去6年，以第五套上市标准成功上市的20家企业中，绝大多数投资机构均在发行人 IPO申报前一年内突击入股，"投早、投小、投长期"的良性投资氛围仍需进一步培育。在业内人士看来，科创 板的上述变革有利于引导投资机构成为长期资本，并发挥专业判断作用。 从市场参与者的角度分析，证券公司私募投资基金子公司及另类投资子公司迎来了新的发展机遇。受访人士认 为，凭借强大的投行业务水平和出色的股权投资业务能力，头部券商将在变革中充分受益，而中小券商的发展 红利相对有限。 在此背景下，更多券商期望与头部创投机构强强联合，既可借助其"慧眼识珠"的能力，又能拓展自身的业务范 围。 "投早投小"氛围待强化 7月13日，《上海证券交易所发行上市审核规则适用指引第8号——资深专业机构投资者》（以下简称《指 引》）正式实施，标志着科创板第五套上市标准的新申报企业可以试点资深专业机构投资者制度。 针对资深专业机构投资者，上交所设置了硬性的门槛 ...

M&G表示，此次合作将通过国泰海通证券这一中国市场的领先机构，触达庞大的中国投资者群体。M&G将为国泰海通证券提供全球投资能力，满足客户日 益增长的国际资产配置需求。 【环球网财经综合报道】近日，英国资产管理公司M&G Investments（英卓投资管理）宣布与中国国泰海通证券签署战略合作谅解备忘录，双方将携手为中 国投资者提供更多全球市场投资机会。 双方目前正在共同开发一项聚焦亚洲市场的联合品牌固定收益投资解决方案，计划在未来数月内推出。此外，还在探讨包括QDII资格产品、投资咨询与产 品销售合作机制等其他合作项目，以充分发挥各自在全球投资管理、本地市场知识和客户服务方面的优势。 根据协议，M&G与国泰海通证券的合作将重点聚焦于以下四个领域：信息共享；资产管理；客户服务；投资市场推广。此次合作旨在结合M&G的全球投资 专业经验与国泰海通证券的本土市场优势，共同把握中国资产管理市场快速发展带来的机遇。M&G预计，到2030年中国资产管理行业规模将达到40.4万亿 美元。 据悉，M&G在亚洲投资市场已深耕近二十年，服务包括主权财富基金、养老金、保险公司、私人银行及散户投资者在内的多元化客户群体。作为区域增长 ...

Group 1 - A total of 1525 A-share listed companies disclosed their mid-year performance forecasts, with 662 companies expecting positive growth, representing 43.41% of the total [2] - The industries showing strong performance include biomedicine, basic chemicals, artificial intelligence, semiconductors, rare earths, gold, and securities [2] - 869 companies are expected to see a year-on-year net profit increase, with 428 companies forecasting over 100% growth [3] Group 2 - China Shenhua is projected to have the highest net profit at 25.6 billion yuan, followed by Zijin Mining and Guotai Junan with 23.2 billion yuan and 19.557 billion yuan respectively [3][4] - Companies like Lixun Precision and Xinyisheng are experiencing significant growth due to their strategic positioning and market demand, particularly in high-end manufacturing and AI-related investments [4] - Some companies have seen their stock prices surge significantly following positive earnings forecasts, with Huayin Power's stock hitting the limit up six times in seven days [5] Group 3 - Analysts predict an overall improvement in A-share performance in the second half of the year, driven by a moderate recovery in the macro economy and sustained high demand in sectors like electronics and communications [5] - The focus on expanding domestic demand is expected to benefit leading companies in consumer sectors such as automotive and home appliances [5]

Core Insights - The Chinese M&A market showed a decline in activity in H1 2025, with a total of 2,319 announced transactions, a decrease of 25.74% quarter-on-quarter and 28.47% year-on-year, while the total transaction value reached $127.07 billion, reflecting a 47.94% increase year-on-year despite a decrease in the number of transactions [5][8]. Group 1: M&A Market Data Analysis - In H1 2025, the number of completed M&A transactions was 1,397, with a total transaction value of $88.87 billion, marking a 10.09% increase year-on-year [14]. - In June 2025, there were 421 announced M&A transactions, a 30.34% increase month-on-month but a 19.66% decrease year-on-year, with a total transaction value of $12.55 billion, down 56.22% month-on-month and 20.01% year-on-year [11]. - The M&A market is characterized by a significant presence of local state-owned enterprises (SOEs), particularly in sectors like energy, mining, and chemicals [5][34]. Group 2: Private Equity Fund Exits - In H1 2025, 171 private equity funds successfully exited through M&A, with total returns reaching 43.07 billion yuan, a historical high [21]. - Notable exits included the acquisition of 100% equity in Longsheng New Energy by Searis Group for 3.51 billion yuan [21][26]. Group 3: Major M&A Cases - In H1 2025, there were 19 completed M&A transactions exceeding $1 billion, with the largest being the merger of Guotai Junan Securities and Haitong Securities, valued at approximately $13.49 billion [28]. - Other significant transactions included the acquisition of Chengdu Aircraft Industrial Group by AVIC for $2.38 billion and Baidu's acquisition of Guangzhou Yiling Network Technology for $2.1 billion [29][31]. Group 4: Cross-Border M&A Trends - In H1 2025, there were 52 completed cross-border transactions, a decrease of 40.23% quarter-on-quarter and 29.73% year-on-year, with a total transaction value of $4.84 billion [36]. - Notable cross-border deals included Midea Group's acquisition of Teka Group for $1.14 billion and Zijin Mining's acquisition of Newmont Golden Ridge for $1 billion [39][40]. Group 5: Industry and Regional Analysis - The electronics information sector led the number of transactions in H1 2025, with 473 deals, accounting for 18.5% of the total [47]. - Guangdong province ranked first in the number of completed M&A cases, while Shanghai led in transaction value [43].