Core Viewpoint - The event organized by the Shandong Futures Association aims to enhance communication and cooperation among futures companies, focusing on high-quality development and service to the real economy, in line with national policies [1][3]. Group 1: Event Overview - The Shandong Futures Association organized a learning exchange activity involving over 20 representatives from local futures companies, visiting Zhejiang-based firms to share experiences and strategies [1]. - The event was guided by the Shandong Securities Regulatory Bureau and aimed to build a communication bridge for mutual learning and development among futures institutions [1]. Group 2: Company Strategies and Insights - Hu Jun, Chairman of Zhejiang Merchants Futures, emphasized compliance as a cornerstone for sustainable development, focusing on research and innovation to simplify futures trading through technology integration [3]. - Jia Xiaolong, General Manager of Nanhua Futures, highlighted the company's commitment to serving national strategies and local economies, developing overseas business and wealth management as dual engines for growth [3]. - Ma Zhiwei, General Manager of Yong'an Futures, stated the company's mission of "finance for good, futures for reality," outlining three strategic focuses: commodity investment banking, asset allocation expertise, and leadership in international business [3]. Group 3: Outcomes and Future Directions - The Shandong delegation engaged in discussions on key topics such as serving the real economy, empowering rural revitalization, and fostering industry culture, gaining insights from Zhejiang's advanced practices in strategic determination and social responsibility [4]. - Participants expressed that the event broadened their perspectives and inspired innovative service models, reinforcing the importance of collaboration in contributing to national strategies and economic development [4]. - The Shandong Futures Association plans to continue enhancing work efficiency and service levels under the guidance of the Shandong Securities Regulatory Bureau, aiming to support member development and contribute to China's modernization journey [4].

Group 1 - The "anti-involution" policy has become a focal point for various industries, with significant attention from the stock and commodity markets [1][3] - At least 23 brokerages have published 36 research reports on "anti-involution" since July 1, indicating a strong interest in understanding its implications [1] - The central government's emphasis on improving product quality and orderly competition is expected to enhance supply-demand dynamics across industries [1][2] Group 2 - The current "anti-involution" initiative differs from the supply-side reform of 2015-2016 in three key aspects: broader industry coverage, better operating conditions for upstream companies, and a higher proportion of private enterprises in emerging sectors [2] - The "anti-involution" trend has led to a surge in sectors like steel, coal, and photovoltaics, with specific stocks experiencing significant gains [3] - Short-term benefits from industry self-discipline and policy guidance may help narrow supply-demand gaps, but long-term sustainability requires addressing overcapacity and improving profitability [4] Group 3 - Industries likely to benefit from the "anti-involution" policy include the photovoltaic supply chain, traditional sectors with excess capacity like steel and cement, and emerging non-manufacturing sectors such as e-commerce [5][6] - Specific sectors identified as potential beneficiaries include coal mining, coke, common steel, energy metals, glass fiber, precious metals, and the hospitality industry [6]

Group 1 - The core point of the article indicates that as of July 7, the main contract for red dates (2601) experienced a slight decline of 1.55%, with a trading volume of 192,100 contracts and a net short position among the top 20 positions amounting to 6,778 contracts [1][2] - Total trading volume for all red date futures contracts reached 269,000 contracts, a decrease of 34,380 contracts compared to the previous day [1] - Among the top 20 positions, long positions totaled 125,800 contracts, an increase of 4,436 contracts, while short positions totaled 134,600 contracts, a decrease of 563 contracts [1] Group 2 - The top three long positions were held by Guotai Junan with a total position of 16,180 contracts, Zheshang Futures with 12,253 contracts, and Citic Futures with 11,360 contracts [1] - The top three short positions were held by Guotai Junan with 21,857 contracts, Citic Futures with 9,393 contracts, and Yong'an Futures with 8,631 contracts [1] - The top three increases in long positions were from Citic Futures (5,916 contracts, an increase of 1,376), Guotai Junan (8,240 contracts, an increase of 1,121), and Huatai Futures (3,447 contracts, an increase of 1,014) [1] Group 3 - The top three increases in short positions were from COFCO Futures (5,385 contracts, an increase of 668), Dadi Futures (5,143 contracts, an increase of 609), and Yong'an Futures (4,313 contracts, an increase of 509) [1] - The top three decreases in long positions were from Huishang Futures (2,834 contracts, a decrease of 546), Citic Jiantou (2,506 contracts, a decrease of 510), and Zhongtai Futures (2,017 contracts, a decrease of 291) [1] - The top three decreases in short positions were from Citic Futures (6,070 contracts, a decrease of 1,377), Guotai Junan (12,916 contracts, a decrease of 956), and Huatai Futures (3,551 contracts, a decrease of 913) [1]

Core Insights - Nickel futures saw a slight decline with the main contract 2508 closing at -1.58% as of July 7, with a trading volume of 99,200 contracts and a net short position of 654 contracts among the top 20 positions [1][3]. Trading Volume and Positions - Total trading volume for nickel futures contracts reached 133,600 contracts, a decrease of 13,800 contracts from the previous day [1][3]. - Among the top 20 positions, long positions totaled 87,200 contracts, an increase of 660 contracts, while short positions totaled 93,500 contracts, an increase of 3,787 contracts compared to the previous day [1][3]. Major Players - The top three long positions were held by Guotai Junan with a total position of 14,280 contracts, CITIC Futures with 12,855 contracts, and Zhongcai Futures with 8,142 contracts [1][3]. - The top three short positions were held by CITIC Futures with 9,573 contracts, Guotai Junan with 8,542 contracts, and Zheshang Futures with 6,606 contracts [1][3]. Changes in Long Positions - The top three increases in long positions were seen in Galaxy Futures with an increase of 799 contracts, Guotai Junan with an increase of 172 contracts, and Dongwu Futures with an increase of 156 contracts [1][3]. - The top three decreases in long positions were recorded by Dongzheng Futures with a decrease of 662 contracts, Yong'an Futures with a decrease of 144 contracts, and Guolian Futures with a decrease of 91 contracts [1][3]. Changes in Short Positions - The top three increases in short positions were recorded by Guotai Junan with an increase of 697 contracts, Guotou Futures with an increase of 685 contracts, and Haitong Futures with an increase of 546 contracts [1][3]. - The top three decreases in short positions were seen in Zhongtai Futures with a decrease of 577 contracts, Galaxy Futures with a decrease of 266 contracts, and Ping An Futures with a decrease of 213 contracts [1][3].

Core Insights - The article highlights the strong performance of top investment advisors in the A-share market, with significant excess returns compared to the market average, showcasing their capabilities in a volatile market environment [1][3]. Performance Overview - The average return of the top 300 advisors in the stock trading group reached 27.19%, while the top 10 advisors achieved an impressive average return of 47.41% [2][3]. - In June, the three major indices in the A-share market all showed positive performance, with the Shanghai Composite Index rising by 2.9%, the Shenzhen Component Index by 4.23%, and the ChiNext Index by 8.02% [3]. ETF Group Performance - The average return for the top 200 advisors in the ETF group was 17.34%, with the top 10 achieving an average return of 30.93% [10][11]. - Compared to the benchmark indices, the top advisors significantly outperformed, with the Shanghai Composite Index rising by 5.04% and the Shenzhen Component Index by 5.71% during the same period [11]. Advisor Strategies - Advisors from leading firms like Guangfa Securities and CITIC Securities shared their strategies, focusing on growth stocks and utilizing models like "5+30" to identify high-potential sectors [13][14]. - Risk management strategies were emphasized, including controlling drawdowns and diversifying portfolios to mitigate risks during market fluctuations [15][20]. Institutional Strength - Guangfa Securities, CITIC Securities, and China Galaxy Securities led the rankings in terms of the number of advisors participating in the evaluation, indicating their strong institutional capabilities [23][28]. - The competition among institutions reflects a shift towards a client-centric approach in wealth management, emphasizing the importance of professional capabilities [39]. Future Outlook - Advisors are focusing on sectors with high growth potential, such as innovative pharmaceuticals and aerospace, while also considering macroeconomic factors like Federal Reserve policies [17][22]. - The article suggests that as market volatility becomes the norm, the ability of professional advisors to create value will be crucial for their competitive edge [39].

本报记者 于宏 近期，券商密集披露最新回购进展。例如，7月2日晚间，东方证券发布公告称，自5月6日公司披露回购 方案以来，截至6月30日，公司已通过集中竞价交易方式累计回购A股股份2670.32万股，占公司总股本 的比例为0.31%，已支付的总金额为2.5亿元（不含交易费用，下同）。 7月1日，国泰海通、中泰证券、国金证券也纷纷披露股份回购情况。其中，截至6月30日，国泰海通已 通过集中竞价交易方式累计回购A股股份5922.44万股，占公司总股本的比例为0.34%，已支付的总金额 为10.51亿元；中泰证券已通过集中竞价交易方式累计回购股份3350.35万股，占公司总股本的比例为 0.48%，已支付的总金额为2.13亿元；国金证券已通过集中竞价交易方式累计回购股份719.46万股，占 公司总股本的比例为0.19%，已支付的总金额为5946.68万元。 除上述4家券商外，实施回购的券商还包括财通证券、华安证券、西部证券，回购股份数量分别为 4074.2万股、1751.72万股、614.79万股，回购金额分别为3亿元、1.08亿元、5009.6万元。 同时，还有部分券商已公布回购方案。例如，5月9日，红塔证券发布 ...

Core Insights - The main contract of the CSI 500 Index futures closed at 2509 with a slight increase of 0.35% as of July 3, with a trading volume of 26,600 contracts and a net short position of 6,070 contracts among the top 20 positions [1][2] Trading Volume and Positions - Total trading volume for all contracts was 65,000 contracts, a decrease of 523 contracts from the previous day [1] - Among the top 20 positions, long positions totaled 167,600 contracts, an increase of 1,123 contracts, while short positions totaled 178,300 contracts, an increase of 1,216 contracts [1] Major Players - The top three long positions were held by CITIC Futures with a total holding of 33,786 contracts, Guotai Junan with 30,576 contracts, and Haitong Futures with 18,303 contracts [1] - The top three short positions were also held by CITIC Futures with 39,153 contracts, Guotai Junan with 26,505 contracts, and Haitong Futures with 15,419 contracts [1] Changes in Long Positions - The top three increases in long positions were from Haitong Futures (7,850 contracts, +286), Galaxy Futures (3,205 contracts, +207), and Zhongtai Futures (2,810 contracts, +206) [1] - The top three decreases in long positions were from Huatai Futures (3,428 contracts, -845), Guotai Junan (11,418 contracts, -257), and Zhejiang Futures (1,142 contracts, -87) [1] Changes in Short Positions - The top three increases in short positions were from Guotai Junan (12,626 contracts, +418), CITIC Futures (15,360 contracts, +261), and Zhongtai Futures (1,234 contracts, +142) [1] - The top three decreases in short positions were from Shenyin Wanguo (1,301 contracts, -238), Dongzheng Futures (3,184 contracts, -219), and Everbright Futures (1,407 contracts, -192) [1]

Core Insights - The main contract of the CSI 300 Index futures closed at 2509 with a change of +0.67% as of July 3, with a trading volume of 38,100 contracts and a net short position of 15,826 contracts among the top 20 positions [1][3]. Trading Volume and Positions - Total trading volume for all CSI 300 Index futures contracts reached 73,600 contracts, an increase of 2,786 contracts from the previous day [1][4]. - Among the top 20 positions, long positions totaled 169,200 contracts, a decrease of 1,429 contracts, while short positions totaled 194,900 contracts, a decrease of 932 contracts [1][4]. Major Players - The top three long positions were held by Guotai Junan with a total holding of 42,227 contracts, CITIC Futures with 25,235 contracts, and Haitong Futures with 15,072 contracts [1][4]. - The top three short positions were held by CITIC Futures with 44,160 contracts, Guotai Junan with 27,777 contracts, and Haitong Futures with 15,787 contracts [1][4]. Changes in Positions - The top three increases in long positions were from CITIC Futures (+385 contracts), Zhongtai Futures (+312 contracts), and Haitong Futures (+250 contracts) [1][4]. - The top three decreases in long positions were from Guotai Junan (-1,119 contracts), Shenyin Wanguo (-241 contracts), and Zheshang Futures (-181 contracts) [1][4]. - The top three increases in short positions were from CITIC Futures (+372 contracts), Zhongtai Futures (+333 contracts), and GF Futures (+119 contracts) [1][4]. - The top three decreases in short positions were from Guotai Junan (-1,281 contracts), Guoxin Futures (-318 contracts), and Zhongjin Wealth (-103 contracts) [1][4].

[Table_IndNameRptType]2 固定收益 专题报告 基于股份行交易的利率择时信号 报告日期： 2025-07-02 [Table_Author] 首席分析师：颜子琦 执业证书号：S0010522030002 电话：13127532070 邮箱：yanzq@hazq.com [Table_Author] 分析师：洪子彦 执业证书号：S0010525060002 电话：15851599909 邮箱：hongziyan@hazq.com 主要观点： ⚫[Table_Summary] 基于股份行交易行为的利率择时信号构建 股份行，机构行为研究的最后一块"拼图"。在我们此前的机构行为研究中， 已对债市 9 类机构（大行、农商行、基金、理财、货基、券商、保险、其他产 品类、外资）进行了一系列研究，而股份行与城商行则是机构行为研究中的最 后一块"拼图"。 目前市场对于股份行的机构行为公式在于该类机构通常在二级市场进行分 销。股份行与城商行通常具有较为明显的"一级认购、二级分销"的性质，因 此在二级现券交易中我们通常可以看到其整体呈现净卖出的特征，这也是市 场所达成的共识。 我们发现，2024 年以来股份行已 ...

主力合约前20席位中，多头增仓前三名分别是：中信期货、持仓9862、增仓2105，方正中期、持仓6164、增仓1321，国泰君安、 持仓12113、增仓1311；多头减仓前三名分别是：华泰期货、持仓3793、减仓-3836，银河期货、持仓6399、减仓-722，永安期货、 持仓4129、减仓-717； 新浪期货 根据交易所数据，截至7月02日收盘主力合约烧碱2509,涨跌+3.19%,成交量61.08万手，持仓数据显示前20席位呈现净 空，差额头寸为12406手。 烧碱期货全合约总计成交72.88万手，比上一日新增3.37万手。全合约前20席位多头持仓15.94万手，比上一日减少1223手。全合约 前20席位空头持仓17.13万手，比上一日减少4793手。 根据合并数据显示，多头前三席位为国泰君安，总持仓21925、东证期货，总持仓13301、中信期货，总持仓12318；空头前三席位 为国泰君安，总持仓24831、东证期货，总持仓15984、华泰期货，总持仓11711； | | 名次 会员名称 成交量(双边) | | 壇減 | 会员 | 持买单 | 增减 | 会员 | 持卖单 | 增减 | | --- | - ...