查看完整回放 ▼ 更多国泰海通研究和服务 亦可联系对口销售获取 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 重要提醒 本公众订阅号(微信号: GTHT RESEARCH )为国泰海通证券股份有限公司(以下简称"国泰海通证券") 研 ...

| 阶段涨幅 | 季度涨幅 | 年度涨幅 | | ■ 下载天天基金手机版,随时查 | | | --- | --- | --- | --- | --- | --- | | | 近1周 | 近1月 | 近3月 | 近6月 | 今年来 | | 阶段涨幅 | -2.38% | 1.64% | 2.09% | 1.95% | -3.51% | | 同类平均0 | -1.36% | 4.61% | 10.88% | 12.33% | 10.14% | | 沪深300 | -1.57% | 2.22% | 7.96% | 6.64% | 3.45% | | 跟踪标的? | -2.44% | 1.50% | 1.28% | 1.28% | -4.12% | | 同类排名 3 | | | 3542 3998 3413 3962 3622 3750 3295 3427 3253 3340 | | | | | | | | 图片来源:天天基金网 2025/8/4 | | 富国中证旅游主题ETF基金经理为曹璐迪。 8月4日，西藏旅游股票盘中跌停，西藏旅游股份有限公司成立于1996年,是西藏自治区第一家,也是唯一一家旅游业上市公司。 财 ...

Group 1 - The report maintains a tactical asset allocation view, recommending an overweight in A-shares and US stocks, a neutral position in RMB, and an underweight in oil [1][15][16] - A-shares are expected to perform well due to improving economic sentiment, strong government support for capital markets, stable market liquidity, and an improving micro trading structure [15][16] - The US stock market is viewed positively despite recent employment data revisions, with expectations of continued resilience in the economy [15][16] Group 2 - The report highlights that the oil market remains under pressure from both supply and demand sides, leading to a tactical underweight recommendation for oil [15][16] - The RMB is expected to maintain stability and appreciate due to the resilient growth momentum of the Chinese economy compared to other major economies [15][17] - The tactical asset allocation strategy reflects expectations of high risk-return ratios for Chinese equities and US stocks, while suggesting a cautious approach towards oil investments [15][16][17]

光大银行 2398.87亿市值 5.37亿成交额 4.06 +0.01(+0.25%) 保险 中国人保 中国太保 中国平安 4 3621.94亿市值 3571.07亿市值 10600.18亿市值 8.90亿成交额 20.92亿成交额 3.67亿成交额 58.21 37.12 8.19 +0.02(+0.05%) +0.01(+0.02%) +0.03(+0.37%) 酿酒行业 贵州茅台 山西汾酒 五粮液 17825.45亿市值 2173.98亿市值 4693.64亿市值 26.47亿成交额 8.84亿成交额 10.38亿成交额 1419.00 178.20 120.92 -0.71(-0.40%) +2.00(+0.14%) -0.08(-0.07%) 米含体 海光信息 北方华创 寒武纪-U HYGON 2368.74亿市值 2882.68亿市值 3314.04亿市值 39.88亿成交额 45.51亿成交额 15.21亿成交额 328.26 689.06 142.58 -1.54(-0.47%) -0.04(-0.01%) +4.83(+3.51%) 铁路公路 石油行业 中国石化 京沪高铁 中国石油 6850 ...

Core Insights - Continuous investment in information technology by securities firms is increasingly recognized as essential for improving customer experience, driving business development, enhancing operational efficiency, and reducing risk costs [1] - The deployment of AI large models in the securities sector, accelerated by DeepSeek since 2025, is expected to lead to a new wave of technological investment in the industry [1] Investment Trends - In 2024, the top ten securities firms in terms of information technology investment are all leading firms in terms of overall strength, each investing over 1 billion yuan, with Huatai Securities and Guotai Junan exceeding 2 billion yuan [2] - The total information technology investment of the top ten firms reached 15.579 billion yuan, a slight increase of 1.4% compared to 2023, with seven firms showing year-on-year growth and three experiencing declines [2] - The firms with the highest year-on-year growth rates in information technology investment for 2024 are First Capital Securities, Caida Securities, and Everbright Securities, all exceeding 20% growth [2] Compliance and Personnel - The China Securities Association has issued a three-year enhancement plan for network and information security, encouraging firms to invest at least 10% of their average net profit or 7% of their average revenue in information technology from 2023 to 2025 [3] - The top ten securities firms in terms of information technology investment have all allocated over 10% of their net profit to this area, with the highest ratios seen in Guotou Securities, CICC, and Huatai Securities [3] - Among the top ten firms, seven disclosed their number of IT personnel, with four firms having IT staff constituting over 7% of their total workforce, namely China Merchants Securities, Shenwan Hongyuan, CICC, and GF Securities [3]

Group 1 - The total amount of funds raised by A-share listed companies through various refinancing methods reached 763.24 billion yuan as of July 31, representing a year-on-year increase of 580.21%, significantly surpassing the same period last year [2] - A total of 39 securities firms participated in refinancing projects (including private placements and convertible bonds) this year, with notable underwriting firms raising over 50 billion yuan including CITIC Securities, Guotai Junan Securities, CITIC Construction Investment Securities, CICC, and Bank of China Securities [2] - Guotai Junan's research report indicates that the performance of listed securities firms in the first half of the year is expected to exceed expectations, with net profit attributable to shareholders increasing by 61.23% year-on-year [2] Group 2 - The contribution of brokerage business to the adjusted revenue growth is 32.40%, primarily due to a significant increase in market trading volume year-on-year in the first half of 2025 [2] - There is an anticipated further increase in market investment and financing demand centered around technology and openness, suggesting a recommendation to increase holdings in undervalued Hong Kong stocks and those with merger expectations [2]

【环球网财经综合报道】8月1日，财政部、税务总局公告，自2025年8月8日起，对在该日期之后（含当日）新发行的国债、地方政府债券、金融债券的利 息收入，恢复征收增值税。对在该日期之前已发行的国债、地方政府债券、金融债券(包含在2025年8月8日之后续发行的部分）的利息收入，继续免征增 值税直至债券到期。 方正证券认为，短期效应来看，免税老券稀缺性溢价急速释放。中长期来看，利率债性价比系统性衰减，资金再平衡触发跨资产联动。具体而言，免税存 量债券吸引力提升，配置资金流入或推动其收益率下行，新发应税债券与存量免税债券利差或走扩。国债、地方债因可原代码续发获得相对优势，金融债 受新发规则影响面临定价调整压力。市场交易行为呈现阶段性分化特征，套利交易主导市场结构，"多老券空新券"或成为主流策略。 浙商证券研报认为，此次政策调整后，对于2025年8月8日起之后（含当日）新发行的国债、地方政府债券、金融债券的利息收入，将恢复征收增值税，一 定程度上减少了部分利息收入，但影响幅度不大。该机构推演，新发债券或需要通过提高票面利率维持对投资者的吸引力，但幅度或较为有限。 国泰海通证券研报指出，静态视角下对个债影响方面，新券票息 ...

为了更好地满足广大投资者的理财需求，根据融通基金管理有限公司（以下简称"融通基金"）与国泰海 通证券股份有限公司（以下简称"国泰海通证券"）签署的销售协议，从2025年8月4日起，融通基金旗下 融通产业趋势臻选股票型证券投资基金新增国泰海通证券为销售机构，并开通定期定额投资业务、转换 业务。现将有关事项公告如下： 一、适用基金及业务范围 ■ 二、其他提示 1.投资者仅能申请办理相同收费模式下基金代码的转换，即"前端收费转前端收费、后端收费转后端收 费"，不能将前端收费模式基金代码的份额转换为后端收费模式基金代码的份额，或将后端收费模式基 金代码的份额转换为前端收费模式基金代码的份额。同一基金的不同基金份额类别之间不得互相转换。 相关业务规则如有变动，请以融通基金最新发布的公告为准。 2.投资者通过上述销售机构办理定期定额投资业务，相关的定期定额投资业务具体程序和业务规则详见 上述销售机构的相关规定。 3.投资者欲了解基金的详细情况，请仔细阅读基金《基金合同》和《招募说明书》等法律文件。 三、咨询方式 1.国泰海通证券股份有限公司 网址：www.gtht.com 客户服务电话：4008888666 2.融通基金 ...

Summary of Key Points Core Viewpoint - In the first seven months of 2025, a total of 59 companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 59.116 billion yuan in funds, indicating a robust IPO market activity in China [1]. Group 1: Listing and Fundraising - 22 companies were listed on the main board, 22 on the ChiNext, 8 on the Sci-Tech Innovation Board, and 7 on the Beijing Stock Exchange [1]. - Huadian New Energy was the top fundraiser, raising 15.801 billion yuan, followed by Zhongce Rubber and Tianyouwei, which raised 4.066 billion yuan and 3.740 billion yuan respectively [1]. Group 2: Underwriting and Sponsorship - A total of 29 securities firms participated in the underwriting and sponsorship of the newly listed companies, earning a combined underwriting fee of 3.022 billion yuan [1]. - CITIC Securities ranked first in underwriting fees, earning 33.53908 million yuan by sponsoring five companies, including Huazhi Jie and Zhongce Rubber [1][2]. Group 3: Ranking of Securities Firms - Guotai Junan and Huatai United ranked second and third in underwriting fees, earning 32.7939 million yuan and 27.33005 million yuan respectively [2]. - The top five securities firms collectively earned 1.398 billion yuan, accounting for 46.26% of the total underwriting fees for the period [4]. Group 4: Detailed Breakdown of Underwriting Fees - The detailed ranking of underwriting fees for the top ten firms includes: - CITIC Securities: 25.07999 million yuan - CICC: 21.06512 million yuan - Shenwan Hongyuan: 17.13057 million yuan - Dongxing Securities: 16.60941 million yuan - Minsheng Securities: 14.0264 million yuan [4][6].

Group 1 - The company has signed a distribution agreement with Guotai Junan Securities, allowing investors to subscribe, redeem, and convert funds starting from August 5, 2025 [1][2]. - The applicable funds for this agreement are subject to the status of being open for subscription, and investors must adhere to the relevant announcements and regulations from the company and sales institutions [1]. - The fee discount activity will commence on August 5, 2025, with no discount limit on subscription fees for the listed funds under the front-end charging model [2][3]. Group 2 - The fee discount is only applicable to the subscription fees of open funds under the front-end charging model and does not include redemption fees or other service charges [3]. - The interpretation rights of the fee discount activity belong to Guotai Junan, and any changes to the specific regulations will be communicated to investors [3]. - Investors are encouraged to read the fund's legal documents, including the fund contract and prospectus, for detailed information about the funds [3]. Group 3 - Contact channels for inquiries include Guotai Junan's customer service phone number and website, as well as the company's customer service phone number and website [4].