Group 1 - The majority of Hong Kong stock securities and brokerage stocks showed strength, with Victory Securities (08540.HK) rising over 7% [1] - Yau Lee Securities Financial (01428.HK), Dongfang Securities (03958.HK), and Shenwan Hongyuan (06806.HK) all increased by more than 4% [1]

Core Viewpoint - The brokerage sector is experiencing a significant upward trend, driven by favorable policies and improved market conditions, with many brokerages reporting positive earnings forecasts for the first half of 2025 [3][4]. Group 1: Market Performance - On July 21, the brokerage sector saw a rapid increase, with the top brokerage ETF (512000) rising by 1.25% and achieving a trading volume of 350 million yuan within the first half hour of trading [1]. - Several brokerage stocks experienced notable gains, including Huayin Securities, which hit the daily limit, and Zhongyin Securities, which rose nearly 6% [1][3]. Group 2: Earnings Forecasts - As of July 18, 29 listed brokerages have disclosed earnings forecasts for the first half of 2025, all indicating either growth or a return to profitability [3]. Group 3: Industry Outlook - Analysts believe that the brokerage sector's favorable conditions are likely to persist, supported by ongoing policy goals aimed at stabilizing growth and the stock market, as well as a conducive liquidity environment [4]. - The introduction of new policies and the continued inflow of both retail and institutional investors are expected to enhance trading activity and improve the overall market sentiment [4]. Group 4: Investment Tools - The brokerage ETF (512000) passively tracks the CSI All Share Securities Companies Index, encompassing 49 listed brokerage stocks, with a significant portion of its holdings concentrated in leading brokerages [5].

Core Viewpoint - The evaluation results of the securities companies' practice quality for the second quarter of 2025 have been released, highlighting significant changes in the rankings of the top ten firms, with Shenwan Hongyuan taking the lead [1][2]. Group 1: Evaluation Results - A total of 103 securities firms were evaluated, with Shenwan Hongyuan scoring 149.30 to rank first [1][2]. - The top ten firms also include Guotou Securities, Dongxing Securities, CITIC Jianan, CITIC Securities, Kaiyuan Securities, Guotai Junan, Guosen Securities, Huatai Securities, and Galaxy Securities [1][2]. - Compared to the first quarter, Shenwan Hongyuan rose from sixth to first place, while Guotai Junan entered the top ten after merging [2]. Group 2: Business Performance - In the area of sponsorship business quality scores at the Beijing Stock Exchange, Shenwan Hongyuan, Guotou Securities, and Dongxing Securities tied for first with a score of 16 [2]. - In the M&A business quality scores, Shenwan Hongyuan and Dongxing Securities both scored over 12 [2]. - In market-making business quality, CITIC Securities led with a score of 4.92 [2]. Group 3: Compliance Issues - Six securities firms were recorded with negative practice quality behaviors, involving issues in information disclosure and compliance [3]. - Specific penalties included public reprimands, warning letters, and requests for written commitments from involved parties [3]. - A case highlighted involved a company failing to disclose accurate sales agreements, leading to warnings for both the company and its sponsor [3]. Group 4: Information Disclosure Standards - In the first half of 2025, the Beijing Stock Exchange received applications from 115 companies for public offerings, with 6 successfully listed, raising a total of 1.923 billion yuan [4]. - The exchange emphasized the importance of accurate and complete information disclosure, warning that errors could lead to regulatory actions [5]. - The standards for listing have not changed, and companies must meet all requirements to apply for public offerings [4][5].

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]

Investment Rating - The report maintains an "Overweight" rating for both the banking and securities sectors [10]. Core Views - Investment opportunities are prioritized in the order of banking > securities > insurance, driven by strong performance in the banking sector and robust earnings forecasts from securities firms [2][13]. - The central bank's data indicates a significant increase in social financing and deposits, with corporate short-term loans showing strong growth [3][15]. - Major securities firms are expected to report impressive earnings, with large firms seeing a net profit growth of 50% to 80% year-on-year, while smaller firms may achieve growth rates of 50% to 120% [2][32]. Summary by Sections Banking Sector - The central bank's report on social financing shows a year-on-year increase, primarily due to government bond issuance and a surge in corporate short-term loans [3][15]. - Hangzhou Bank reported a revenue increase of 3.89% year-on-year for the first half of 2025, with net profit rising by 16.67% [17]. - Postal Savings Bank has established a financial asset investment company, marking the completion of the AIC strategy by the six major banks [18][19]. - Recommended investment themes include high-quality regional banks, actively underweighted stocks, and large banks with strong dividend advantages [3][14]. Securities Sector - The report highlights a strong performance in the securities sector, with major firms expected to report significant profit growth [2][32]. - The trading environment remains robust, with financing balances nearing 1.9 trillion yuan, indicating active leverage in the market [2][32]. - Key firms recommended for investment include Galaxy Securities, Guotai Junan, CITIC Securities, and Zhongjin Company [4][32]. Insurance Sector - The insurance sector is experiencing a gradual increase in valuations, although profit margins are tightening [3][37]. - Investors are advised to focus on high-quality leading companies within the insurance sector [4][37].

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].

Quantitative Factors and Construction Methods 1. Factor Name: Beta - **Construction Idea**: Measures the sensitivity of a stock's return to market movements, capturing the market's preference for high Beta stocks [11] - **Construction Process**: Beta is calculated using Bayesian shrinkage to compress the market Beta [16] - **Evaluation**: Beta factor showed strong performance this week, with a return of 1.94%, indicating a sustained market preference for high Beta stocks [11][13] 2. Factor Name: Volatility - **Construction Idea**: Captures the market's preference for high-volatility assets [11] - **Construction Process**: Includes multiple metrics such as: - Stdvol: Standard deviation of daily returns over the past 243 days - Ivff: Idiosyncratic volatility from Fama-French 3-factor model over 243 days - Range: High/low price range over 243 days - MaxRet_6: Average return of the six highest-return days in the past 243 days - MinRet_6: Average return of the six lowest-return days in the past 243 days [16] - **Evaluation**: Volatility factor rebounded significantly this week, with a return of 0.82%, reflecting increased demand for high-volatility assets [11][13] 3. Factor Name: One-Year Momentum - **Construction Idea**: Measures the cumulative return over the past year, excluding the most recent month, to capture momentum effects [20] - **Construction Process**: Calculated as the cumulative return over the past 12 months, excluding the most recent month [20] - **Evaluation**: One-year momentum factor performed well in multiple indices, including: - CSI 500: Weekly return of 0.90% [27] - CSI 1000: Weekly return of 0.81% [35] - CSI All Share: Weekly return of 2.25% [47] 4. Factor Name: Standardized Unexpected Revenue (SUR) - **Construction Idea**: Measures the deviation of actual revenue from analyst expectations, standardized by the standard deviation of expected revenue [20] - **Construction Process**: $ SUR = \frac{\text{Actual Revenue} - \text{Expected Revenue}}{\text{Standard Deviation of Expected Revenue}} $ [20] - **Evaluation**: SUR factor showed strong performance across indices: - CSI 800: Weekly return of 1.37% [31] - CSI 1000: Weekly return of 0.86% [35] - CSI All Share: Weekly return of 1.53% [47] 5. Factor Name: Three-Month Reversal - **Construction Idea**: Captures short-term mean-reversion effects in stock prices [20] - **Construction Process**: Calculated as the cumulative return over the past three months, with a negative sign to reflect reversal [20] - **Evaluation**: Three-month reversal factor performed well in: - CSI 1000: Weekly return of 1.04% [35] - CNI 2000: Weekly return of 1.76% [39] --- Factor Backtesting Results 1. Beta Factor - Weekly Return: 1.94% - Monthly Return: 7.88% - Year-to-Date Return: 17.34% - Annualized Return (1 Year): 51.27% [13] 2. Volatility Factor - Weekly Return: 0.82% - Monthly Return: 1.86% - Year-to-Date Return: 5.96% - Annualized Return (1 Year): 27.16% [13] 3. One-Year Momentum Factor - CSI 500 Weekly Return: 0.90% [27] - CSI 1000 Weekly Return: 0.81% [35] - CSI All Share Weekly Return: 2.25% [47] 4. Standardized Unexpected Revenue Factor - CSI 800 Weekly Return: 1.37% [31] - CSI 1000 Weekly Return: 0.86% [35] - CSI All Share Weekly Return: 1.53% [47] 5. Three-Month Reversal Factor - CSI 1000 Weekly Return: 1.04% [35] - CNI 2000 Weekly Return: 1.76% [39] --- Factor Portfolio Construction: Maximized Factor Exposure (MFE) Construction Process - **Objective Function**: Maximize single-factor exposure $ \text{max } f^{T}w $ - **Constraints**: - Style exposure limits: $ s_{l} \leq X(w-w_{b}) \leq s_{h} $ - Industry exposure limits: $ h_{l} \leq H(w-w_{b}) \leq h_{h} $ - Stock weight deviation limits: $ w_{l} \leq w-w_{b} \leq w_{h} $ - Component stock weight limits: $ b_{l} \leq B_{b}w \leq b_{h} $ - No short-selling: $ 0 \leq w \leq l $ - Full investment: $ 1^{T}w = 1 $ - Turnover limits: $ \Sigma|w-w_{0}| \leq to_{h} $ [59][60][62] Backtesting Process 1. Set constraints for style, industry, and stock weight deviations 2. Construct MFE portfolios monthly 3. Calculate historical returns and risk metrics, adjusting for transaction costs [63][64]

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 ...