12、自主表达申购意愿：网上投资者应当自主表达申购意向，不得概括委托证券公司代其进行新股申 购。 13、本次发行回拨机制：发行人和保荐人（主承销商）在网上网下申购结束后，将根据网上申购情况于 2025年7月21日（T日）决定是否启动回拨机制，对网下、网上发行的规模进行调节。回拨机制的具体 安排请参见《初步询价及推介公告》中的"六、本次发行回拨机制"。 登录新浪财经APP 搜索【信披】查看更多考评等级 日）所持有深圳市场非限售A股股份和非限售存托凭证日均市值应不少于1,000万元（含）以外，其他参 与本次发行的初步询价网下投资者及其管理的配售对象在该基准日前20个交易日（含基准日）所持有深 圳市场非限售A股股份和非限售存托凭证日均市值应不少于6,000万元（含）。配售对象证券账户开户时 间不足20个交易日的，按20个交易日计算日均持有市值。具体市值计算规则按照《深圳市场首次公开发 行股票网下发行实施细则（2025年修订）》（深证上[2025]224号）执行。 网上投资者：持有深交所股票账户卡并开通主板交易权限的境内自然人、法人及其它机构（法律、法规 禁止购买者除外）可参与网上申购。根据投资者持有的市值确定其网上 ...

报告导读： 本报告旨在 根据市场环境捕捉全球多资产的投资机会，并根据常见的投资情 景，设计相应的投资方案。具体包括股债目标配置中枢组合、低波动固收加组合以及全球 大类资产配置组合。 其中，全球大类资产配置策略 II ， 2025 年 6 月底增持美股、日 股、 A 股、印股、黄金，减持长债。本报告认为：当前经济温和修复叠加外部扰动仍存， A 股或维持区间震荡， 7 月关注政策预期带来结构性机会；固收继续关注短端确定性；黄 金短期或维持震荡。 本报告旨在根据市场环境捕捉全球多资产的投资机会（覆盖 A 股、债券、黄金等国内资产，以及海外美 股、日股、印股等权益资产），并根据常见的投资情景，设计相应的投资方案。 股债目标中枢风险预算策略： 采用融合股债目标中枢的风险预算设计方法，构建股债投资组合，可以将股 债配置中枢达到预期的水平，同时相比于固定中枢的股债组合，其长期收益风险比相对更优。 低波动"固收 + "策略： 基于国内股票、债券、黄金资产，构建配置中枢为股 : 黄 : 债 =1:1:4 的"组合保 险（ CPPI ） + 风险预算（ RB ）"投资组合。回测区间内（ 2015/01/01 – 2025/6/3 ...

根据合并数据显示，多头前三席位为国泰君安期货，总持仓49511、中信期货，总持仓42985、中信建投，总持仓33021；空头前三 席位为国泰君安期货，总持仓64681、银河期货，总持仓45061、中信期货，总持仓35244； 主力合约前20席位中，多头增仓前三名分别是：海通期货、持仓7969、增仓4802，中信期货、持仓25604、增仓1881，银河期货、 持仓15134、增仓1643；多头减仓前三名分别是：方正中期、持仓13489、减仓-3056，浙商期货、持仓5038、减仓-2615，申银万 国、持仓5090、减仓-2302； 主力合约前20席位中，空头增仓前三名分别是：银河期货、持仓29534、增仓6489，浙商期货、持仓14395、增仓2683，东方财富 期货、持仓5796、增仓2065；空头减仓前三名分别是：申银万国、持仓5801、减仓-10180，中信期货、持仓19362、减仓-6925， 海通期货、持仓11181、减仓-3509。 文章来源:新浪期货 2025年7月10日工业硅主力合约2509持仓数据一览 | | 名次 会员名称 成交量(双边) | | 増減 | 会员 | 持买单 | 增减 | ...

Core Insights - The report emphasizes that the capital market is stabilizing at the bottom, with multiple funding sources supporting bullish sentiment, suggesting a potential upward breakthrough in equities. The brokerage sector is expected to lead the market rally, recommending early positioning and waiting for breakout opportunities [1]. Industry Overview - The total market capitalization of the industry is 6,179.1 billion, with a circulating market value of 5,901.2 billion, representing 1.8% and 7.2% of the total market, respectively [2]. - The performance of the non-bank financial sector shows a 1-month, 6-month, and 12-month absolute performance of 9.0%, 16.0%, and 59.5%, respectively, with relative performance of 5.8%, 10.5%, and 42.0% [4]. Market Trends - The report indicates that the equity market has stabilized despite initial shocks from U.S. tariffs, with significant institutional investments leading to a recovery. The overall trend remains positive, with major indices showing an average increase of 1.1% as of June 30, 2025 [8]. - The bond market has experienced fluctuations, with the China Bond Index rising by 1.1% year-to-date as of June 30, 2025 [8]. Business Performance - In Q1 2025, listed brokerages reported total revenues of 1,259 billion, a year-on-year increase of 19%, and a net profit of 522 billion, up 78% year-on-year. The brokerage income was 327 billion, reflecting a 43% increase year-on-year [25]. - The report highlights a significant increase in the revenue of self-operated businesses, which reached 486 billion, marking a 46% year-on-year growth [30]. Strategic Directions - The report outlines a shift towards internal consolidation and external breakthroughs, with a focus on wealth management transformation and the integration of financial technology to enhance efficiency [6]. - The investment banking sector is expected to see a marginal recovery in equity financing, particularly benefiting from the expansion of the Sci-Tech Innovation Board and ongoing mergers and acquisitions [6]. Future Outlook - The report forecasts that the industry will achieve total revenue of 4,741 billion in 2025, representing a 5% year-on-year increase, and a net profit of 1,825 billion, up 9% year-on-year [6]. - The brokerage sector is anticipated to lead the market rally, with specific recommendations for stocks that are likely to benefit from policy catalysts and ongoing market trends [6].

7月9日晚间，红塔证券发布了2025年半年度业绩预告，成为首家发布中报业绩预告的上市券商。未经审 计的数据显示，红塔证券今年上半年归母净利润预计在6.51亿元至6.96亿元，同比增长45%至55%。今 年上半年市场交投活跃度持续攀升，IPO及再融资规模也有所回温，在此背景下，上市券商上半年业绩 受到市场期待。多名券商非银分析师预测，上市券商二季度业绩有望延续高增势头，归母净利润可能超 过20%。 7月9日，国泰海通公告称，公司已完成A股股份回购，实际回购股数6751.68万股，占公司总股本的比例 为0.3830%，实际回购金额为12.11亿元。回购价格区间为16.49元/股至19.57元/股。此次回购资金来源为 公司自有资金，回购用途为维护公司价值及股东权益。国泰海通表示，公司本次回购A股全部存放于公 司回购专用证券账户。根据公司A股股份回购方案，回购股份拟在发布本公告之后12个月后采用集中竞 价交易方式予以出售。若公司未能将本次回购的股份在发布回购结果暨股份变动公告后3年内出售完 毕，未实施出售的股份将被注销。 点评：国泰海通完成A股股份回购，投入12.11亿元，显示公司对自身价值的信心，可能影响投资者对股 ...

Core Points - The company, Tibet Dongcai Fund Management Co., Ltd., is participating in a fee discount activity for fund subscription and purchase through Guotai Junan Securities Co., Ltd. to better meet investors' financial needs [1][3] - The fee discount period will be determined by the announcements made by Guotai Junan Securities [1][5] - The fee discount applies to all fund products sold by the company through Guotai Junan Securities starting from the date of sale [2][3] - There are no discount limits on the subscription and purchase fees during the discount period, with specific rates to be announced by Guotai Junan Securities [3][5] - The fee discount activity is available to all investors who subscribe or purchase the funds through Guotai Junan Securities [4][5] Additional Information - Investors can consult details through the customer service of both Tibet Dongcai Fund Management Co., Ltd. and Guotai Junan Securities [7]

国泰海通证券股份有限公司（以下简称"保荐机构"、"国泰海通"）作为上 海宝立食品科技股份有限公司（以下简称"宝立食品"、"公司"）首次公开发行 股票并在主板上市及持续督导的保荐机构，根据《证券发行上市保荐业务管理办 法》《上海证券交易所上市公司自律监管指引第 1 号—规范运作》、《上海证券交 易所上市公司自律监管指引第 11 号—持续督导》等相关法律法规及规范性文件 的规定，对宝立食品首次公开发行部分限售股上市流通的事项进行了核查，核查 情况如下： 一、本次限售股上市类型 经中国证券监督管理委员会《关于核准上海宝立食品科技股份有限公司首次 公开发行股票的批复》（证监许可〔2022〕1308 号）的核准，并经上海证券交 易所同意，公司向社会公众首次公开发行人民币普通股股票（A 股）4,001 万股， 于 2022 年 7 月 15 日在上海证券交易所主板挂牌上市，公司首次公开发行股票 后的总股本为 40,001 万股。 本次上市流通的限售股为首次公开发行限售股，股份持有人为杭州臻品致信 投资合伙企业（有限合伙）（以下简称"臻品致信"）、马驹、杭州宝钰投资管理 合伙企业（有限合伙） （以下简称"宝钰投资"）及杨雪 ...

Group 1 - The core point of the article is the differentiated dividend distribution plan proposed by Zhongzhong Technology (Tianjin) Co., Ltd., which involves a cash dividend of 0.066 yuan per share (tax included) to all shareholders, excluding shares held in the repurchase account [1][2] - As of May 22, 2025, the company holds 4,966,400 shares in the repurchase account, accounting for 0.79% of the total share capital of 629,538,080 shares [1] - The total cash dividend to be distributed amounts to 41,221,730.88 yuan (tax included) based on the adjusted total share capital [2] Group 2 - The reference price for ex-dividend trading is calculated based on the closing price of 10.39 yuan per share on May 21, 2024, resulting in an ex-dividend reference price of approximately 10.3240 yuan [2] - The impact of the differentiated dividend distribution on the ex-dividend reference price is less than 1% [2] - The company commits not to undertake any actions that could change the total share capital or the number of shares in the repurchase account during the period from the application submission to the completion of the dividend distribution [3] Group 3 - The sponsor institution, Guotai Junan Securities Co., Ltd., confirms that the differentiated dividend distribution complies with relevant laws and regulations, ensuring no harm to the interests of the company and all shareholders [4]

Group 1 - The independent financial advisor, Guotai Junan Securities Co., Ltd., has been appointed by Inner Mongolia Mengdian Huaneng Thermal Power Co., Ltd. to provide advisory services for the acquisition of assets through share issuance and cash payment, along with raising supporting funds [1] - The independent financial advisor conducted due diligence and internal verification in accordance with relevant laws and regulations, ensuring that the professional opinions expressed align with the disclosed documents of the listed company [1] - The advisor confirmed that the restructuring plan complies with legal and regulatory requirements, and that the disclosed information is true, accurate, and complete, without any false records or significant omissions [1] Group 2 - Strict confidentiality measures and risk control protocols are in place to prevent insider trading, market manipulation, and securities fraud [1]

Group 1 - The company, Inner Mongolia Mengdian Huaneng Thermal Power Co., Ltd., plans to issue shares and pay cash to acquire 70% equity of Northern Shangdu Zhenglanqi New Energy Co., Ltd. and 75.51% equity of Northern Dolun New Energy Co., Ltd. from Northern United Power Co., Ltd. [1] - The independent financial advisor, Guotai Junan Securities Co., Ltd., conducted a review and confirmed that there were no direct or indirect paid engagements of third-party institutions or individuals by the independent financial advisor in this transaction [1][2] - The review also indicated that the company did not engage any other third-party institutions or individuals in a paid manner, ensuring compliance with the relevant regulations set by the China Securities Regulatory Commission [2]