被视为债市"科技板"的科创债新政落地后，市场主体发行科创债的热度持续攀升。 以发行起始日计，5月7日新规落地后的首月（截至6月7日），已有221只科创债正式发行，募集资金规模超 4000亿元，同比增长3倍还多。 新获发行资质的银行、券商等金融机构共发行科创债2303亿元； 其中，16家银行发债超2000亿元，凭借五成以上的份额成为科创债的绝对主力与最大增量。 科创债起源于双创债实践，后为以科创公司债（交易所）与票据（银行间）为主要品种。 5月7日，央行、证监会联合提出丰富科创债产品体系的13条具体举措，通过金融机构与股权投资机构的双 重扩容，构建覆盖科创企业全生命周期的融资链条； 同日，交易商协会、银行间市场、三大交易所宣布优化科创债发行、交易等环节。 5月14日，科技部、央行等7个部门发布《加快构建科技金融体制有力支撑高水平科技自立自强的若干政策 举措》，再提建立债市"科技板"。 密集的新规推动下，科创债发行量持续走向高峰。 超3倍增量入市 科创债新政落地首月，新发科创债已达221只、募资4027亿元，两项数据同比增幅分别为130.21%、 322.12%。 科创债基于科创企业类、升级类、投资类、孵化类等属 ...

Market Overview - A-shares experienced a strong upward movement on June 9, with the Shanghai Composite Index briefly returning to 3400 points, and nearly 3700 stocks in the green. The half-day trading volume reached 823 billion, an increase of 764 billion compared to the previous trading day [1] Factors Influencing Market Strength - The strengthening of indices is attributed to three main factors: 1. Central Huijin becoming the actual controller of eight companies including Xinda Securities, which is expected to drive a new round of mergers and acquisitions in the securities industry [2][5] 2. The Shanghai Stock Exchange held a meeting encouraging listed companies to increase dividend payouts, thereby enhancing investment value [3] 3. The Ministry of Commerce stated that the export control of rare earths aligns with international practices, having approved a certain number of compliant applications [4] Sector Performance - **Brokerage Sector**: The "bull market leader" brokerage stocks surged, with Xinda Securities hitting the daily limit. Other stocks like Yong'an Futures and Nanhua Futures also reached their daily limits, driven by the announcement of Central Huijin's control over several securities firms [5] - **Pharmaceutical Sector**: The innovative drug and CRO sectors saw significant gains, with multiple stocks such as Zhongseng Pharmaceutical and Ruizhi Pharmaceutical hitting their daily limits. Analysts predict a sustained recovery in the pharmaceutical market, highlighting structural opportunities [6] - **Rare Earth Permanent Magnet Sector**: This sector has shown repeated strength, with stocks like Zhongke Magnetic Materials reaching a 20% limit up. The Ministry of Commerce's comments on export controls have positively influenced this sector [7] - **Solid-State Battery Sector**: Stocks in this sector, including Yinglian Co. and Dexin Technology, also saw gains, with predictions of significant production increases by 2030 [8] Institutional Insights - **CITIC Securities**: The firm suggests that the upcoming bull market entry point may occur in late Q3 to Q4, but a transitional phase of 3-4 months is expected. They emphasize the need for more concrete measures to boost domestic demand and caution against macroeconomic uncertainties [10] - **CITIC Construction Investment**: They highlight June as a critical period for dividend releases, recommending tracking fund flows and industry conditions to identify high-dividend stock opportunities [11] - **Orient Securities**: They believe that despite external negative factors, internal support is strong, suggesting limited downside for stock indices and recommending patience for opportunities in sectors like technology and strategic metals [12]

Group 1 - The company has signed a sales agency agreement with Guosen Securities and 14 other companies to expand the sales service network for the Anxin Value Win Mixed Securities Investment Fund Class A [1][2] - Investors can start handling various fund-related transactions such as account opening, subscription, redemption, and regular investment from June 9, 2025, through the newly appointed sales institutions [1][2] - The fund is identified by the code 024457, and investors are encouraged to review the relevant legal documents available on the company's website for detailed information [2] Group 2 - The announcement includes a list of 14 companies that will serve as sales service institutions for the fund, providing a broader access point for investors [1][3][5] - Investors are advised to follow the specific rules and procedures set by the sales institutions when engaging in fund investment activities [2][6] - The company emphasizes that the fund may participate in fee discount activities offered by the sales institutions, with details to be announced by those institutions [2][6]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 根据平安基金管理有限公司（以下简称"本公司"）与东方证券股份有限公司签署的销售协议，本公司自 2025年6月9日起新增以上机构为以下产品的销售机构。 现将相关事项公告如下： 投资者通过销售机构申购或定期定额申购、转换上述基金，享受费率优惠，优惠活动解释权归销售机构 所有，请投资者咨询销售机构。本公司对其申购费率、定期定额申购费率以及转换业务的申购补差费率 均不设折扣限制，优惠活动的费率折扣由销售机构决定和执行，本公司根据销售机构提供的费率折扣办 理，若销售机构费率优惠活动内容变更，以销售机构的活动公告为准，本公司不再另行公告。 三、重要提示 1、定投业务是基金申购业务的一种方式。投资者可以通过销售机构提交申请，约定每期扣款时间、扣 款金额及扣款方式，由销售机构于每期约定扣款日在投资者指定资金账户内自动完成扣款及基金申购业 务。上述开通定投业务的基金的每期最低扣款金额详见招募说明书及相关公告，销售机构可根据需要设 置等于或高于招募说明书或相关公告要求的最低扣款金额，具体最低扣款金额以销售机构的规定为准。 2、基金转换是指基金份额持有人按照 ...

Market Overview - During the week of June 2 to June 6, the A-share market experienced a rebound, with the Shanghai Composite Index, CSI 300, CSI 500, and ChiNext Index rising by 1.13%, 0.88%, 1.60%, and 2.32% respectively [5] - The sectors that performed well included telecommunications (+5.27%), non-ferrous metals (+3.74%), and electronics (+3.60%), while household appliances (-1.79%), food and beverage (-1.06%), and transportation (-0.54%) lagged behind [5] - The current PE (TTM) for CSI 300 is 12.56 times, with a risk premium of 6.31%, which is above one standard deviation, while the ChiNext Index's PE (TTM) is 30.92, below negative one standard deviation [5] Economic and Policy Insights - The Chinese President Xi Jinping and U.S. President Trump had a phone conversation, agreeing to continue implementing the Geneva consensus and hold new talks soon, which may reduce uncertainties regarding U.S.-China tariff tensions [5] - The People's Bank of China conducted a 1 trillion yuan reverse repo operation to maintain liquidity in the banking system, which is expected to stabilize market expectations [5] - The OECD has downgraded the U.S. and global economic growth forecasts, with the U.S. growth rate for 2025 revised down from 2.2% to 1.6% due to tariff policies and increased uncertainties [5] Sector Valuation Analysis - The report indicates that in terms of PE valuation, sectors such as food and beverage, and agriculture are at historical lows, while real estate and computer sectors are at historical highs [27] - The current PB valuation for non-ferrous metals is at 27.50, while coal is at 27.17, indicating a relatively low valuation compared to historical levels [29] - The report suggests that the A-share market is likely to maintain a wide fluctuation and structural market trend in the short term, with a focus on value dividend sectors and domestically supported technology industries such as AI, semiconductors, and pharmaceuticals [5][27]

Quantitative Models and Factor Construction Quantitative Models and Construction Methods - **Model Name**: MFE (Maximized Factor Exposure) Portfolio - **Model Construction Idea**: The MFE portfolio is designed to maximize single-factor exposure while controlling for constraints such as industry exposure, style exposure, stock weight deviation, and turnover rate[61][62][65] - **Model Construction Process**: The optimization model is as follows: ``` $\begin{array}{ll} max & f^{T}w \\ s.t. & s_{l}\leq X(w-w_{b})\leq s_{h} \\ & h_{l}\leq H(w-w_{b})\leq h_{h} \\ & w_{l}\leq w-w_{b}\leq w_{h} \\ & b_{l}\leq B_{b}w\leq b_{h} \\ & 0\leq w\leq l \\ & 1^{T}w=1 \\ & \Sigma|w-w_{0}|\leq to_{h} \end{array}$ ``` - **Objective Function**: Maximize single-factor exposure, where $f$ represents factor values, and $w$ is the weight vector of stocks in the portfolio - **Constraints**: 1. Style exposure limits: $X$ is the factor exposure matrix, $w_b$ is the benchmark weight vector, $s_l$ and $s_h$ are the lower and upper bounds for style exposure[64] 2. Industry exposure limits: $H$ is the industry exposure matrix, $h_l$ and $h_h$ are the lower and upper bounds for industry exposure[64] 3. Stock weight deviation limits: $w_l$ and $w_h$ are the lower and upper bounds for stock weight deviation[64] 4. Component stock weight limits: $B_b$ is a 0-1 vector indicating whether a stock belongs to the benchmark, $b_l$ and $b_h$ are the lower and upper bounds for component stock weights[64] 5. No short selling and individual stock weight limits[64] 6. Full investment constraint: The sum of weights equals 1[64] 7. Turnover rate constraint: $w_0$ is the previous period's weight, and $to_h$ is the turnover rate upper limit[64] - **Model Evaluation**: The MFE portfolio effectively isolates single-factor performance under realistic constraints, making it a robust tool for factor effectiveness testing[61][65] Model Backtesting Results - **MFE Portfolio Backtesting**: - The MFE portfolio is constructed monthly, and its historical returns are calculated after deducting a 0.3% transaction fee. The results are used to evaluate the effectiveness of factors in specific benchmark indices[65] --- Quantitative Factors and Construction Methods - **Factor Name**: DELTAROE - **Factor Construction Idea**: Measures the change in return on equity (ROE) over a specific period to capture profitability trends[14][19] - **Factor Construction Process**: - Formula: $\text{DELTAROE} = \text{ROE}_{\text{current}} - \text{ROE}_{\text{previous}}$ - Where ROE is calculated as net income divided by average equity[19] - **Factor Evaluation**: DELTAROE is a strong indicator of profitability improvement and has shown consistent positive performance across multiple indices[6][45][49] - **Factor Name**: Standardized Unexpected Earnings (SUE) - **Factor Construction Idea**: Captures the deviation of actual earnings from analyst expectations, standardized by the standard deviation of forecast errors[19] - **Factor Construction Process**: - Formula: $\text{SUE} = \frac{\text{Actual Earnings} - \text{Expected Earnings}}{\text{Standard Deviation of Forecast Errors}}$[19] - **Factor Evaluation**: SUE effectively identifies stocks with unexpected earnings surprises, often leading to significant price movements[6][25][45] - **Factor Name**: Trend - **Factor Construction Idea**: Measures price momentum using exponentially weighted moving averages (EWMA) with different half-lives[14] - **Factor Construction Process**: - Formula: $\text{Trend}_{120} = \frac{\text{EWMA (half-life=20)}}{\text{EWMA (half-life=120)}}$ - Formula: $\text{Trend}_{240} = \frac{\text{EWMA (half-life=20)}}{\text{EWMA (half-life=240)}}$[14] - **Factor Evaluation**: Trend factors capture momentum effects and have shown strong performance in recent weeks[9][11] --- Factor Backtesting Results - **DELTAROE**: - **Performance**: - CSI 300: Weekly return 0.41%, monthly return 1.59%[6][22] - CSI 500: Weekly return 0.95%, monthly return 1.19%[6][26] - CSI 800: Weekly return 1.08%, monthly return 1.62%[6][30] - CSI 1000: Weekly return 1.79%, monthly return 1.54%[6][34] - CSI All Share: Weekly return 1.84%, monthly return 2.41%[6][46] - **SUE**: - **Performance**: - CSI 300: Weekly return 0.30%, monthly return 1.53%[6][22] - CSI 500: Weekly return 1.20%, monthly return 1.59%[6][26] - CSI 800: Weekly return 0.34%, monthly return 0.98%[6][30] - CSI 1000: Weekly return 1.46%, monthly return 2.39%[6][34] - CSI All Share: Weekly return 0.96%, monthly return 1.14%[6][46] - **Trend**: - **Performance**: - Weekly return: 1.15%[9][11] - Monthly return: 4.58%[11] - Annualized return (1 year): 19.73%[11] - Annualized return (10 years): 13.98%[11]

Regulatory Actions - Hubei Securities Regulatory Bureau has taken regulatory talk measures against Dongfang Securities' Wuhan Sanyang Road branch due to ineffective employee conduct management and violations by the former branch head Xu Wujun [1] - Xu Wujun provided investment advice without being registered as a securities investment advisor and violated company policies by accepting client securities accounts [1] - The branch has been recorded in the securities and futures market integrity archive following the regulatory measures [1] Compliance Issues - Dongfang Securities' Jiangyin People's East Road branch was warned by Jiangsu Securities Regulatory Bureau for issues including employees privately accepting client orders for stock options and inadequate investor suitability management [2] - The company has faced multiple compliance management failures across its branches, indicating systemic issues within its operational framework [2] Financial Performance - As of the end of 2024, Dongfang Securities has 179 branches, with a reported revenue of 19.19 billion yuan, a year-on-year increase of 12.29% [2] - The net profit attributable to shareholders for 2024 was 3.35 billion yuan, reflecting a year-on-year growth of 21.66% [2] - The company's self-operated business significantly boosted overall performance, with net income from this segment increasing by 106% year-on-year, from 2.388 billion yuan in 2023 to 4.926 billion yuan in 2024 [2] Business Segment Performance - The net income from various business segments in 2024 was as follows: brokerage at 2.511 billion yuan, investment banking at 1.168 billion yuan, asset management at 1.341 billion yuan, proprietary trading at 4.926 billion yuan, and credit business at 1.321 billion yuan [2] - Several business segments experienced declines, including brokerage down by 270 million yuan (10%), investment banking down by 342 million yuan (22.65%), asset management down by 688 million yuan (33.89%), and credit business down by 443 million yuan (25.11%) [2]

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The report indicates that the non-bank financial sector continues to benefit from a rebound in new account openings, with a year-on-year increase of 23% in May. The overall performance of the non-bank sector has outperformed the market, particularly in the insurance segment, driven by expectations of benchmark recovery and easing trade tensions [3][4] - The report anticipates that the brokerage sector will maintain good growth momentum in the upcoming interim reports, supported by low base effects and improving trading volumes. The insurance sector is expected to see a slight decline in growth rates due to elevated performance bases in the second quarter [3][4] - The report highlights specific investment opportunities in Hong Kong Exchanges and Clearing (HKEX) and Jiangsu Jinzhong Leasing, which are expected to benefit from the expansion of the Hong Kong market and high dividend yields [3] Summary by Sections Brokerage Sector - In May, the average daily trading volume for stock funds reached 14.2 trillion yuan, an increase of 8.4% month-on-month. The number of new A-share accounts opened in May was 1.5556 million, a year-on-year increase of 23%, with a cumulative total of 10.9514 million new accounts opened from January to May, reflecting a 30% year-on-year growth [3] - The report notes that the valuation and institutional holdings in the brokerage sector are currently low, and macroeconomic measures to stabilize the stock market are expected to continue, creating favorable conditions for growth [3] Insurance Sector - China Ping An announced plans to issue zero-coupon convertible bonds totaling 11.765 billion HKD, aimed at supporting its future business development and capital needs. The initial conversion price is set at 55.02 HKD per share, representing a premium of approximately 18.45% over the closing price [4] - The insurance sector is currently underrepresented in public fund allocations compared to the CSI 300 index, with favorable PB and ROE ratios. The report expects a rebound in new business value (NBV) growth in the second half of the year, although overall growth rates may decline compared to 2024 [4] Recommended and Beneficiary Stocks - Recommended stocks include Jiangsu Jinzhong Leasing, Hong Kong Exchanges and Clearing, and China Pacific Insurance. Beneficiary stocks include Guosen Securities, Jiufang Zhitu Holdings, China Galaxy Securities, and others [5]

Core Viewpoint - The release of the "Green Finance Development Index" marks a significant step in quantifying the securities industry's contribution to green finance, providing new tools and perspectives for green transformation [1][4][6]. Policy Guidance for Green Market Expansion - Green finance has gained increasing importance in national strategic planning, with key meetings in 2023 emphasizing its role as one of the "five major articles" in finance [2]. - The China Securities Regulatory Commission (CSRC) has outlined key tasks for enhancing green finance standards and products in its 2025 implementation opinions [2]. Growth of Green Finance Market - Under strong policy guidance, China's green finance market is thriving, with both credit and bond financing channels contributing to market expansion [3]. - As of the end of Q1 2025, the balance of green loans reached 40.61 trillion yuan, a 9.6% increase from the beginning of the year, with major allocations in infrastructure upgrades, energy transition, and ecological protection [3]. - The green bond market has also shown significant growth, with 93 green bonds issued in Q1 2025, totaling 177.67 billion yuan, reflecting a 55.15% increase year-on-year [3]. Quantitative Index for Monitoring Green Services - The Green Finance Development Index focuses on resource allocation and efficiency, analyzing the securities industry's role in green finance through a comprehensive evaluation system with multiple indicators [4][6]. - The index includes four primary indicators and numerous secondary and tertiary indicators, allowing for a detailed assessment of green finance development [4]. Securities Industry as a Green Transition Engine - The securities industry is positioned as a key driver of green transformation, linking the real economy with substantial green investment needs [9]. - Oriental Securities has achieved notable success in green finance, receiving an AA ESG rating from MSCI and leading in various green financial services [9][10]. - The company has successfully directed over 350 billion yuan into sustainable development from 2021 to 2023 and has been active in innovative green financial products [10]. Future Directions and Collaborations - The collaboration between the China Economic Information Agency and Oriental Securities aims to enhance the Green Finance Development Index and promote its application in the securities industry [10]. - The index is expected to serve as a "weather vane" for green finance, guiding future policies and strategies in the sector [10].

Summary of Key Points Core Viewpoint - The Shanghai Stock Exchange 50 Index futures contract closed at 2506 on June 6, 2025, with a slight decrease of 0.09%. The trading volume was 24,000 contracts, and the top 20 positions showed a net short position with a difference of 5,381 contracts [1]. Trading Volume and Positions - Total trading volume for all contracts was 34,900 contracts, a decrease of 3,198 contracts from the previous day [1]. - The top 20 positions had a total long position of 49,400 contracts, down by 2,681 contracts, and a total short position of 61,100 contracts, down by 2,835 contracts [1]. Major Players in Long and Short Positions - The top three long positions were held by Guotai Junan with 8,066 contracts, CITIC Futures with 7,040 contracts, and Dongzheng Futures with 3,716 contracts [1]. - The top three short positions were held by Guotai Junan with 9,729 contracts, CITIC Futures with 9,393 contracts, and GF Futures with 8,182 contracts [1]. Changes in Long Positions - The top three increases in long positions were from Everbright Futures with 1,163 contracts (up by 251), Guotai Junan with 5,911 contracts (down by 1,357), and GF Futures with 1,544 contracts (up by 115) [1][3]. - The top three decreases in long positions were from Guotai Junan, CITIC Futures, and Guoxin Futures [1]. Changes in Short Positions - The top three increases in short positions were from Haitong Futures with 3,435 contracts (up by 295), Huawen Futures with 467 contracts (up by 204), and Guotai Junan with 7,322 contracts (down by 1,309) [1][3]. - The top three decreases in short positions were from Guotai Junan, GF Futures, and Guoxin Futures [1].