Group 1 - The company Shanghai Dongfang Securities Asset Management Co., Ltd. will increase the D-class fund shares for three funds starting from July 21, 2025 [1][12][22] - The three funds involved are the Dongfang Hong Yixin Pure Bond Fund, Dongfang Hong Short Bond Fund, and Dongfang Hong Yifeng Pure Bond Fund [1][12][22] - The D-class fund shares will have a separate fund code and will calculate and publish net value information independently [2][12][22] Group 2 - The D-class fund shares will have the same initial net value as the A-class shares on the first day of subscription [2][12][22] - Subscription fees for D-class shares will vary for pension clients and other investors, with specific rates applicable [3][13][24] - The management fee for the D-class fund shares will be charged at an annual rate of 0.30% based on the previous day's net asset value [5][27][28] Group 3 - The redemption fee for D-class shares will decrease based on the holding period of the fund shares [4][16][26] - The minimum subscription amount for all fund classes through the direct sales center and online trading system is set at 10 RMB [9][32] - The D-class shares will also allow for conversion with other fund shares managed by the company starting from July 21, 2025 [10][20][32] Group 4 - The registration and sales institutions for the D-class shares will be managed by Shanghai Dongfang Securities Asset Management Co., Ltd. [6][30] - The company reserves the right to adjust the business rules related to the D-class shares as per legal regulations [10][20][34] - The modifications to the fund contracts and custodial agreements do not require a meeting of fund shareholders [11][21][34]

证券研究报告 金融 券商中报业绩强劲，大行 AIC 扩容 华泰研究 2025 年 7 月 20 日│中国内地 行业周报（第二十九周） 本周观点 投资机会方面银行>证券>保险。央行发布上半年社融数据，企业短贷发力， 存款同比多增。杭州银行发布首份半年度业绩快报，营收增速回升。邮储银 行设立金融资产投资公司，六大行全面完成 AIC 战略布局。券商业绩预告密 集发布，大券商上半年归母净利润同比增速集中在 50%~80%，中小券商多 集中在 50%~120%，部分实现 1000%以上增幅（有一定的低基数影响）， 财富管理、投资交易、投行是核心增量。十年期国债利率略有上行，上周收 于 1.67%，总体仍在低位，对于保险投资的压力仍不容小觑。 子行业观点 1）银行：央行发布上半年社融数据，社融同比多增，主要得益于政府债发 力叠加信贷季末脉冲。杭州银行发布首份半年度业绩快报，营收增速回升， 资产质量保持稳健。邮储银行设立全资 AIC 服务实体经济，赋能科技金融。 建议把握优质区域行+主动权益欠配标的+股息优势大行三大主线。2）证券： 券商业绩预告密集发布，中报业绩亮眼，财富管理、投资交易、投行是核心 增量。交投延续高景气度 ...

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial industry, indicating an expectation for the sector to outperform the overall market [1]. Core Insights - The report emphasizes the positive catalytic effect of the development of RWA (Real World Assets) business in Hong Kong on valuations, highlighting strategic collaborations and the potential for significant market expansion [4][7]. - It notes that the insurance sector is experiencing a favorable environment with a focus on undervalued companies and mid-year performance opportunities, recommending several key players [4][11]. - The brokerage sector is also highlighted, with a recommendation for firms benefiting from improved competitive dynamics and those with strong earnings elasticity [4][11]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,058.55 with a weekly change of +1.1%, while the non-bank index closed at 1,921.37 with a change of -1.2% [7]. - The brokerage, insurance, and diversified financial sectors reported respective changes of -1.1%, -1.4%, and -2.4% [7]. Non-Bank Industry Insights - The report discusses the strategic partnership between GCL-Poly and Taiping Asset Management in Hong Kong, focusing on RWA infrastructure development and digital asset investment [4]. - It highlights the significant growth potential in the tokenization of non-liquid assets, estimating a market size of $16 trillion by 2030 [4]. - The report also notes the performance of various insurance companies, with significant year-on-year growth in premium income for several key players [35][32]. Brokerage Sector Analysis - The report indicates that 30 out of 51 listed brokerages have reported positive earnings forecasts, with net profit growth exceeding 40% for those that disclosed results [4]. - The average daily trading volume in the Shanghai and Shenzhen markets reached 1.26 trillion yuan, reflecting a 52% year-on-year increase [22]. - The report recommends several brokerage firms based on their competitive positioning and earnings potential, including Guotai Junan and CITIC Securities [4][11].

——东方因子周报 杨怡玲 yangyiling@orientsec.com.cn 执业证书编号：S0860523040002 研究结论 投资建议 风格表现监控 金融工程 | 动态跟踪 报告发布日期 2025 年 07 月 20 日 Beta 风格领衔，一年动量因子表现出色， 建议关注高市场敏感度资产 本周市场正收益风格集中在 Beta 风格上，负收益风格表现在 Value 风格上。一年动 量是中证全指成分股中，本周表现最好的因子。 因子表现监控 公募基金指数增强产品表现跟踪 风险提示 量化模型失效风险、 市场极端环境冲击。 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 | 捕捉趋势的力量：基金动量刻画新范式： | 2025-06-12 | | --- | --- | | ——FOF 研究系列 | | | ESG 基金规模突破 8200 亿，首只浮动费 | 2025-06-08 | | 率基金结募 | | | Neural ODE：时序动力系统重构下深度学 | 2025-05-27 | | 习因子挖掘模型：——因子选 ...

Group 1: Tariff Impact and Market Sentiment - The second round of tariffs is expected to be implemented in July-August, but it is unlikely to reverse the current improvement in market risk appetite[6] - The market perceives the new tariffs as pressure tactics before agreement deadlines, with delayed economic transmission effects[11] - Despite tariff increases, the market remains resilient, driven by micro-level trading and positive earnings guidance from the upcoming earnings season[13] Group 2: Economic Data and Future Outlook - Economic data will be crucial in determining market direction, with a key observation window in Q3 mid to Q4[18] - The economic impact of tariffs may not fully materialize until Q4, with initial effects from the first round of tariffs expected to show in Q3 data[18] - A significant slowdown in economic growth is anticipated due to tariffs, but inflation risks are expected to remain contained[21] Group 3: Market Performance and Indicators - The S&P 500 and Nasdaq indices experienced slight declines of 0.31% and 0.08% respectively during the week of July 5-12, 2025[22] - The NFIB small business optimism index fell from 98.8 to 98.6, indicating concerns over high inventory levels affecting business confidence[27] - The technology sector continues to lead market performance, reflecting a recovery in earnings expectations post-tariff easing[13]

Macro Dynamics - The Chinese Ministry of Commerce expressed strong opposition to Canada's new steel import restrictions, which include additional tariffs on products containing Chinese steel components, stating that such unilateral measures violate WTO rules and disrupt international trade [1][2] - The Chinese government urged Canada to correct its actions and stop the restrictive measures, emphasizing the need to protect the legitimate rights and interests of Chinese enterprises [2] Industry Development - The National Development and Reform Commission (NDRC) emphasized the importance of preventing inefficient and redundant construction in the low-altitude industry, advocating for a healthy and orderly development of the low-altitude economy [3] - The NDRC called for a focus on local conditions to promote new industries and models, while ensuring safety and regulatory compliance in low-altitude operations [3] Economic Data - Guangdong Province reported a GDP of 68,725.40 billion yuan for the first half of the year, with a year-on-year growth of 4.2%. The primary industry grew by 4.2%, the secondary industry by 3.4%, and the tertiary industry by 4.6% [4] - Fixed asset investment in Guangdong decreased by 9.7% year-on-year during the same period [4] Market Performance - On July 18, the A-share market saw all major indices rise, with the Shanghai Composite Index up by 0.5% and the Shenzhen Component Index up by 0.37%. The total trading volume reached approximately 15,710.55 billion yuan [7] - In the Hong Kong market, the Hang Seng Index increased by 1.33%, driven by strong performances in innovative drug concepts and AI application stocks [9] Company News - Yunhai Yao, a catering company, was fined 7,000 Singapore dollars due to a food poisoning incident involving ByteDance employees, and the company has permanently shut down its corporate meal service [10] - Douyin denied plans to launch a food delivery service, stating its focus remains on in-store services [11] - Guo Baichun, chairman of Yaqi International, was detained for alleged embezzlement and abuse of power, but the company confirmed that its operations remain normal and unaffected [12][13] - Tencent's Yuanbao has integrated with QQ Music, allowing users to play music directly through the app [14]

一、董事提前离任的基本情况 东方证券股份有限公司（以下简称"公司"）于近日收到谢维青 先生的辞职报告。因工作调整原因，谢维青先生申请辞去公司非执行 董事和董事会审计委员会委员职务，辞职后不再担任公司及控股子公 司任何职务。 | 姓名 | 离任职务 | 离任时间 | 原定任期 到期日 | 离任 原因 | 是否继续 在上市公 司及其控 股子公司 任职 | 是否存在 未履行完 毕的公开 承诺 | | --- | --- | --- | --- | --- | --- | --- | | | 非执行董 事、董事 会审计委 员会委员 | 2025 年 7 月 18 日 | 2027 年 11 月 21 日 | 工作 调整 | 否 | 否 | | 谢维青 | | | | | | | 二、离任对公司的影响 证券代码：600958 证券简称：东方证券 公告编号：2025-036 东方证券股份有限公司 关于公司董事离任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 谢维青先生的离任不会导致公司董事会成员低于法定人数，其辞 职报告自送达公 ...

Core Viewpoint - The AI Fund Yin Hua Mixed Reform Dividend Flexible Allocation Mixed Initiation A (005519) reported a profit of 1.5649 million yuan in Q2 2025, with a net value growth rate of 5.01% for the period [3]. Fund Performance - As of the end of Q2 2025, the fund's scale was 32.6497 million yuan [14]. - The fund's unit net value as of July 17 was 1.197 yuan [3]. - The fund's performance over different time frames includes: - 3-month net value growth rate: 6.99%, ranking 582 out of 880 comparable funds [3]. - 6-month net value growth rate: 8.91%, ranking 380 out of 880 comparable funds [3]. - 1-year net value growth rate: 2.26%, ranking 790 out of 880 comparable funds [3]. - 3-year net value growth rate: -26.93%, ranking 726 out of 870 comparable funds [3]. Risk Metrics - The fund's Sharpe ratio over the past three years was -0.5078, ranking 824 out of 874 comparable funds [7]. - The maximum drawdown over the past three years was 38.97%, ranking 360 out of 864 comparable funds [10]. - The highest quarterly maximum drawdown occurred in Q1 2024, at 17.45% [10]. Investment Strategy - The fund adheres to a low-volatility dividend stock selection strategy, which has outperformed its benchmark in the first half of the year [3]. - The average stock position over the past three years was 83.36%, compared to the industry average of 80.33% [13]. - The fund reached its highest stock position of 93.73% at the end of H1 2023, while the lowest was 24.17% at the end of H1 2019 [13]. Top Holdings - As of the end of Q2 2025, the fund's top ten holdings included major banks and financial institutions such as Industrial and Commercial Bank of China, China Merchants Bank, and Ping An Insurance [17].

Core Viewpoint - The report outlines the verification opinions of Dongfang Securities regarding the listing and circulation of strategic placement restricted shares of Shenzhen Weimais New Energy (Group) Co., Ltd. after its initial public offering on the Sci-Tech Innovation Board. Group 1: Listing and Circulation of Restricted Shares - The restricted shares being listed for circulation are part of the strategic placement from the company's initial public offering, with a total of 1,268,767 shares, accounting for 0.30% of the company's total share capital [2][3]. - The lock-up period for these restricted shares is set for 24 months from the date of the company's public offering, with circulation commencing on July 28, 2025 [2][3]. Group 2: Changes in Share Capital - Since the formation of the restricted shares from the initial public offering, there have been no changes in the company's share capital due to profit distribution or capital reserve transfers [2]. Group 3: Commitments and Compliance - The restricted shares are subject to commitments outlined in the company's prospectus, with Shanghai Dongfang Securities Innovation Investment Co., Ltd. committing to a lock-up period of 24 months from the public offering date [2][3]. - The shareholder has adhered to the commitments without any violations, and any share reductions will comply with the relevant regulations from the China Securities Regulatory Commission and the Shanghai Stock Exchange [3]. Group 4: Verification Opinions - The sponsor, Dongfang Securities, confirms that the shareholder has strictly fulfilled the share lock-up commitments, and the listing and circulation of the restricted shares comply with relevant laws and regulations [4].

Core Viewpoint - In the first half of 2025, a total of 74 companies in the A-share market terminated their IPO applications, indicating a significant trend in the market dynamics and investor sentiment [1]. Group 1: Termination Overview - Among the 74 terminated IPOs, 51 companies withdrew before the review meeting, 18 withdrew after the review, and 5 withdrew after submitting their registration [1]. - The breakdown by market segment shows that the Shanghai Main Board had 14 terminations, the Sci-Tech Innovation Board had 3, the Shenzhen Main Board had 9, the Growth Enterprise Market had 21, and the Beijing Stock Exchange had 27 [1]. Group 2: Specific Company Terminations - Notable companies that terminated their IPO applications include: - Qingdao Haiguan Chemical Co., Ltd. on June 20, 2025, for the Shanghai Main Board [2]. - Beijing Tianxing Medical Co., Ltd. on June 6, 2025, for the Sci-Tech Innovation Board [2]. - Qingdao Qinghe Artificial Turf Co., Ltd. on May 30, 2025, for the Shanghai Main Board [2]. - A total of 4 companies withdrew due to the actions of their sponsoring institutions, including: - Kaiyuan Securities Co., Ltd. and Beijing Tianxing Medical Co., Ltd. [4]. Group 3: Detailed Company List - The article provides a detailed list of companies that terminated their IPO applications, including their names, abbreviations, intended market segments, and termination dates [2][3]. - For example, companies like Jiangsu Yicheng Automotive Parts Co., Ltd. and Shenzhen Haobo Window Control Technology Co., Ltd. also appear in the termination list, indicating a diverse range of industries affected [2][3]. Group 4: Regulatory Context - The terminations are often linked to the actions of the sponsoring institutions, which play a crucial role in the IPO process, as seen in the cases of Beijing Tianxing Medical Co., Ltd. and Ningbo Zhongchun High-Tech Co., Ltd. [7][9]. - The regulatory framework governing these terminations is outlined in the Shanghai Stock Exchange's rules, emphasizing the importance of compliance and due diligence in the IPO process [7][9].