Group 1 - The core viewpoint of the report is that Geely Automobile (00175) is expected to see a significant increase in single-vehicle profit due to the launch of high-priced, high-profit models and the enhancement of scale effects in the second half of the year [1] - The report maintains a target price of HKD 32 and an "Accumulate" rating for Geely Automobile, indicating it remains a top pick for the firm [1] - The export guidance for the second half of the year is optimistic, suggesting potential growth in international markets [1] Group 2 - The firm anticipates that the reduction in new energy vehicle purchase tax incentives next year will widen the price gap between gasoline and electric vehicles, causing short-term disruptions in demand for mid-to-low-end new energy vehicles [1] - Geely's China Star series gasoline vehicles are expected to be competitive and may attract price-sensitive customers returning to gasoline vehicles [1]

Core Viewpoint - The A-share market is experiencing a significant upward trend, with major indices reaching nearly a 10-year high and trading volume exceeding 1 trillion yuan, indicating strong investor confidence and market activity [1][3]. Group 1: Market Performance - As of August 18, 2025, the CSI All Share Securities Company Index rose by 3.24%, with notable increases in individual stocks such as Changzheng Securities (up 10.03%) and Hualin Securities (up 9.97%) [3]. - The Securities ETF Leader (560090) saw a 2.51% increase, reaching a new high in scale at 2.661 billion yuan since its listing [1][5]. Group 2: Sector Analysis - The equity market has shown steady growth since the beginning of the year, with increases in trading volume, margin financing balances, and the issuance scale of equity products, suggesting a sustainable growth in brokerage performance [5]. - The current environment is characterized by a positive regulatory stance towards the capital market, with support from "stabilization funds" and a gradual influx of retail investor capital, indicating a favorable outlook for continued market uptrends [5]. Group 3: Investment Opportunities - The Securities ETF Leader (560090) tracks the CSI All Share Securities Company Index, providing an efficient way to invest in the securities sector by encompassing 50 listed brokerage stocks [5]. - The sector is viewed as undervalued and underweighted, presenting opportunities for value re-evaluation amidst a backdrop of strong fundamental rebounds and solid valuation margins [5].

Group 1 - The article discusses the trend of deposit migration in China, highlighting that a significant amount of deposits will mature annually, with estimates of 83 trillion, 91 trillion, and 105 trillion yuan for the years 2023, 2024, and 2025 respectively, indicating a strong liquidity support for capital markets [1][2] - It is noted that the migration of residents' deposits to capital markets is likely a result of market heat rather than a cause, emphasizing that emotional fluctuations are short-term variables while beliefs are more stable [2][3] - The article suggests that for stable long-term capital market returns, the focus should shift away from narratives that stimulate short-term bull market emotions, as these could negatively impact medium to long-term returns [2][3] Group 2 - The potential of residents' deposits should first be viewed as consumption potential and then as liquidity potential, with a focus on enhancing consumer confidence to boost corporate performance and return on equity (ROE) [3][4] - The article warns against overemphasizing deposit migration as a reason for bull markets, as this could lead to unpredictable micro liquidity states, which may not be beneficial for long-term market development [3][4] - The analysis indicates that the current banking sector has a low price-to-earnings (PE) ratio of about 7 times compared to the overall market PE of 21 times, suggesting that banks, as holders of high-quality debt, present better annualized returns [5][6] Group 3 - The macro liquidity outlook suggests that without additional fiscal budget increases, the current fiscal expansion's year-on-year intensity will begin to decline in August, with social financing growth potentially reaching its peak [4][5] - The article highlights that the liquidity in the interbank bond market may become unstable due to the decline in fixed deposit yields, leading to a shift towards shorter-term deposits and increased unpredictability in market liquidity [4][5] - Investment recommendations emphasize a long-term perspective and balanced allocation, suggesting that banks with superior free cash flow and excess provisions should be prioritized for investment [5][6]

Market Overview - Global stock indices experienced a broad rally, with the Shenzhen Component Index leading the gains, reflecting an overall increase in investor risk appetite [1] - The A-share market continued to strengthen, with trading volume and margin financing balances both surpassing 2 trillion yuan, and the Shanghai Composite Index recorded an "eight consecutive days" rise, briefly breaking through 3700 points, marking a nearly four-year high [1] Sector Analysis - **Guotai Junan Securities**: Believes that A/H stock indices have the potential to reach new highs, emphasizing the importance of institutional changes in the Chinese market, which are crucial for stock valuation [1] - **CITIC Securities**: Recommends focusing on five strong sectors: innovative pharmaceuticals, resources, communications, military industry, and gaming, suggesting that these sectors have real performance backing rather than relying on market sentiment [1] - **Industrial Securities**: Describes the current market as a "healthy bull market," indicating a positive cycle between the Chinese stock market and economy, supported by policy and funding [2] - **Zhongtai Securities**: Predicts a continuation of a strong oscillating market pattern, advocating for a balanced approach between offensive and defensive strategies, particularly in technology and high-dividend assets [3] - **Zheshang Securities**: Identifies a "systematic slow bull" market, suggesting that a combination of large financials and broad technology will outperform benchmarks [3] - **Huaxi Securities**: Highlights the ample space and opportunities in the A-share market, driven by strong economic resilience and significant excess savings among residents [4] - **GF Securities**: Discusses the potential impact of the Federal Reserve's interest rate cuts on various sectors, recommending focus on high-growth hard technology and innovative pharmaceuticals [4] - **Dongwu Securities**: Suggests that the market trend remains upward, driven by liquidity, with a focus on technology and new consumption sectors [5] - **China Merchants Securities**: Notes that small-cap stocks are currently favored, with a shift in resident deposits towards non-bank sectors, indicating a trend towards technology growth and small-cap styles [6]

Core Insights - The market sentiment has improved significantly in July, leading to an increase in user activity for securities applications, with active users reaching 167 million, a month-on-month increase of 3.36% and a year-on-year increase of 20.89% [1][2] - The number of new A-share accounts opened in July reached 1.96 million, a year-on-year surge of 71% and a month-on-month increase of 19%, indicating a strong correlation between market conditions and the activity levels of brokerage apps [2] - The top 10 brokerage apps all surpassed 5 million active users, with Huatai Securities' "Zhangle Caifutong" leading at 11.36 million [3][4] User Activity and Rankings - In July, 12 brokerage apps had over 4 million active users, reflecting a robust competitive landscape [3][4] - The top five brokerage apps by active users are Huatai Securities, Guotai Junan, Ping An Securities, China Merchants Securities, and CITIC Securities [3][4] - The month-on-month growth rates for the top 50 brokerage apps were all positive, with Southwest Securities' "Southwest Jindianzi" app showing the highest growth at 8.49% [5][6] Third-Party App Performance - Third-party stock trading apps also saw increased activity, with Tonghuashun leading at 35.01 million active users, followed by Dongfang Caifu and Dazhihui [7][8] - The gap between third-party apps and brokerage apps in terms of active users is narrowing, with Dazhihui's active users only 56.29 thousand behind Huatai Securities' app [9] App Innovations and Updates - In July, at least 57 brokerage firms updated their app functionalities, focusing on trading, market data, and portfolio management [10] - Notable innovations include Guotai Junan's launch of the first fully AI-driven app, "Guotai Junan Lingxi," and Jianghai Securities' "Zuhua" app aimed at younger investors [11]

国联安基金管理有限公司关于旗下部分 基金增加招商证券为基金申购赎回代办 券商的公告 经上海证券交易所、深圳证券交易所确认，根据国联安基金管理有限公司（以下简称"本公司"）与招商 证券股份有限公司（以下简称"招商证券"）签署的申购、赎回业务代理协议，本公司决定自2025年8月 18日起增加招商证券为国联安中证全指证券公司交易型开放式指数证券投资基金（场内简称：证券ETF 基金，二级市场交易代码：159848，一级市场申购、赎回代码：159848）、国联安中证消费50交易型开 放式指数证券投资基金（场内简称：消费ETF基金，二级市场交易代码：159670，一级市场申购、赎回 代码：159670）、国联安创业板科技交易型开放式指数证券投资基金（场内简称：创科技ETF基金，二 级市场交易代码：159777，一级市场申购、赎回代码：159777）、国联安上证科创板50成份交易型开放 式指数证券投资基金（场内简称：科创50ETF基金，二级市场交易代码：588180，一级市场申购、赎回 代码：588180）、国联安上证科创板芯片设计主题交易型开放式指数证券投资基金（场内简称：科创芯 片设计ETF，二级市场交易代码：5887 ...

Group 1 - The company has signed a sales agency agreement with Guotai Junan Securities and 24 other companies to expand the sales service network for the Anxin Xinli 30-Day Holding Period Bond Fund [1][2] - Investors can start opening accounts and conducting various transactions for the fund from August 18, 2025, at the listed companies [1][2] - The fund is available for participation in fee discount activities organized by the sales institutions, with specific rules to be followed as per the institutions' announcements [2] Group 2 - The applicable fund is the Anxin Xinli 30-Day Holding Period Bond Fund, with class codes A (023653) and C (023654) [2] - Detailed information about the fund can be found in the legal documents such as the fund contract and prospectus available on the company's website [2] Group 3 - Investors can consult details through various channels, including the company's customer service and websites of the involved securities firms [3][4][5][6][7]

Fund Overview - The fund is named "Guolian An Zhongzheng A500 Dividend Low Volatility Exchange-Traded Open-End Index Securities Investment Fund" [13] - The fund type is an equity securities investment fund, and it operates as an exchange-traded fund (ETF) [11][13] - The fund's investment objective is to closely track the underlying index while minimizing tracking deviation and tracking error [14] Fund Issuance Details - The fund will be available for subscription from August 25, 2025, to September 5, 2025 [19] - Investors can choose between online cash subscription and offline cash subscription methods during the issuance period [19][26] - The minimum total subscription amount for the fund is set at 200 million units [18] Subscription Process - For online cash subscriptions, investors must apply for a minimum of 1,000 units or multiples thereof [3][26] - For offline cash subscriptions, the minimum subscription is 50,000 units when applying through the fund manager, and 1,000 units when applying through sales agents [3][26] - Investors must have a valid A-share account or a securities investment fund account with the Shanghai Stock Exchange to subscribe [28] Fund Management and Custody - The fund is managed by Guolian An Fund Management Co., Ltd., and the custodian is China Merchants Securities Co., Ltd. [1][49] - The fund's management company has a registered capital of 150 million RMB [49] - The custodian company has a registered capital of 8.697 billion RMB [50] Fund Registration and Effectiveness - The fund contract will become effective once the fund meets the required conditions, including a minimum of 200 million units subscribed and at least 200 investors [20][48] - The fund will be registered with the China Securities Regulatory Commission (CSRC) after the verification of the subscription amount [20][48] Investor Information - Investors are advised to read the fund's prospectus and related documents carefully before subscribing [12] - The fund's subscription price is set at 1.00 RMB per unit [14] - Investors can contact the fund management company for inquiries regarding the subscription process [54]

Core Viewpoints - The latest strategies from top brokerages indicate a bullish outlook for the A/H stock indices, with expectations for new highs driven by changes in valuation logic and capital market reforms [1][4][7] - Economic slowdown is evident, particularly in investment and consumption, prompting expectations for policy interventions to support specific sectors [2][11] - A "healthy bull market" is emerging, characterized by steady index growth and low volatility, with opportunities across various sectors [4][6] Group 1: Market Outlook - The A/H stock indices are expected to reach new highs, supported by a shift in valuation logic and capital market reforms aimed at improving investor returns [1] - The market is anticipated to maintain a strong oscillating pattern, with coal stocks offering attractive dividend yields, making them appealing in a low-risk environment [6] - The mid-term outlook for the A-share market remains positive, with significant potential for growth driven by strong household savings and a shift in investment preferences [7][13] Group 2: Investment Themes - Key investment themes include high-growth technology sectors such as AI, robotics, and military industries, which are expected to outperform in the current market environment [3][10] - Areas with strong performance support or exceeding earnings expectations include rare earths, precious metals, and engineering machinery [3] - The focus on sectors benefiting from liquidity easing, such as large financial institutions and high-dividend stocks, is expected to continue [8][12] Group 3: Economic Indicators - Recent economic data shows a noticeable slowdown, particularly in investment and consumption, with July GDP growth estimated at around 4.98%, down from the previous quarter [2] - The trend of "deposit migration" among residents is becoming apparent, indicating a shift towards equity investments, which could positively impact the stock market [13][14] - The financial sector is seeing increased inflows, with non-bank deposits significantly rising, suggesting a growing appetite for market participation [11][13]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - The brokerage sector has outperformed the market, with the PB valuation recovering to near the median level of the past decade [3][10] - The average daily trading volume in the market has surpassed 20 trillion yuan, indicating a recovery in market activity and potential for continued performance improvement in the brokerage industry [5][30] Market Review - During the week of August 11-15, the Shanghai Composite Index rose by 1.7%, the Shenzhen Component Index by 4.5%, the CSI 300 Index by 2.4%, and the ChiNext Index by 8.6% [10] - The non-bank financial index increased by 6.5%, ranking 3rd among 31 sectors, outperforming the CSI 300 Index by 4.1 percentage points [10] - The brokerage index rose by 8.2%, outperforming the CSI 300 Index by 5.8 percentage points, with a PB ratio of 1.53x [3][10] - The top five performing brokerages were Changcheng Securities (+36%), Bank of China Securities (+21.8%), Dongfang Caifu (+15.3%), Tianfeng Securities (+12.8%), and Dongwu Securities (+11.3%) [4][10] Industry Weekly Data Brokerage Business - The average daily stock trading volume reached 20,780 billion yuan, a 24.1% increase week-on-week, recovering to levels seen in early November 2024 [5][17] - New fund issuance for stock, mixed, and bond funds was 3.9 billion, 4.9 billion, and 1.2 billion units respectively, with year-on-year changes of +220%, +42%, and -48% for August [21] Investment Banking Business - Three companies conducted equity financing with a total scale of 1.7 billion yuan, a 34% decrease week-on-week [23] - Year-to-date, IPO financing has increased by 68%, and refinancing by 365%, with private placements up by 528% [23] Capital Intermediation Business - As of August 15, the margin trading balance reached 20,552 billion yuan, a 2.3% increase week-on-week, maintaining above 20 trillion yuan for two consecutive weeks [6][25] - The financing balance exceeded 20 trillion yuan, reaching 20,410 billion yuan, with a 1.4% increase [25] Investment Recommendations - With the recovery in market risk appetite and continuous growth in trading volume, the brokerage industry's performance is expected to improve in the third quarter [30] - The report suggests focusing on internet brokerages with strong beta attributes, such as Zhina Compass, as they are likely to attract incremental capital allocation [30]