Core Viewpoint - Jiu Ri New Materials announced that it will continue to receive ongoing supervision from its sponsor, China Merchants Securities, for its initial public offering on the Sci-Tech Innovation Board, despite a change in the designated representative due to personnel changes [1] Group 1 - China Merchants Securities was originally appointed to oversee the ongoing supervision of Jiu Ri New Materials' IPO, with representatives Sun Yue and Liu Xianguang responsible for this duty [1] - The legal period for ongoing supervision was set to end on December 31, 2022, but the company has not yet fully utilized the funds raised from the IPO [1] - Zhang Liwen has been appointed to replace Liu Xianguang as the designated representative to ensure the continuity of supervision [1]

Group 1 - The core point of the article is that Ruiskanda's stock price has dropped significantly, closing at 10.69 yuan, which represents a decline of 6.72% and indicates that the stock is currently in a state of underperformance [1] - Ruiskanda was listed on the Shanghai Stock Exchange on April 20, 2017, with an initial public offering of 56.8 million shares at a price of 13.72 yuan per share, raising a total of 779 million yuan [1] - After deducting issuance costs of 59.7 million yuan, the net funds raised amounted to 720 million yuan [1] Group 2 - The issuance costs included a sponsorship and underwriting fee of 42.86 million yuan paid to China Merchants Securities [1] - The lead underwriters for the IPO were Zhou Jinfeng and Sun Shijun [1]

Core Viewpoint - Dameng Data announced the receipt of a letter from China Merchants Securities regarding the change of the sponsor representative for its ongoing supervision duties related to its initial public offering on the Sci-Tech Innovation Board [2] Group 1 - China Merchants Securities was originally appointed as the sponsor for Dameng Data's IPO and listing on the Sci-Tech Innovation Board [2] - The previous designated sponsor representatives, Liu Xianguang and Bao Xiaolei, were responsible for ongoing supervision, but Liu Xianguang will no longer be able to fulfill these duties due to a job change [2] - Yang Lizhi has been appointed to replace Liu Xianguang to ensure the continuity of the ongoing supervision work [2]

Group 1: A500 ETF Market Overview - As of January 12, the total scale of 40 A500-related ETFs reached 300.89 billion yuan, with 8 ETFs exceeding 10 billion yuan, accounting for 85.16% of the total scale [1] - The A500 ETF managed by Huatai-PB became the first A500 index ETF to exceed 50 billion yuan, with a scale of 50.84 billion yuan [1] - The second and third largest A500 ETFs are managed by Southern Fund and Huaxia Fund, with scales of 47.22 billion yuan and 42.33 billion yuan, respectively [1][3] Group 2: A500 ETF Scale Details - The top A500 ETFs by scale include: - A500 ETF Huatai-PB: 50.84 billion yuan [3] - A500 ETF Southern: 47.22 billion yuan [3] - A500 ETF Huaxia: 42.33 billion yuan [3] - A500 ETF Guotai: 38.09 billion yuan [3] - A500 ETF E Fund: 34.29 billion yuan [3] - A500 ETF GF: 19.40 billion yuan [3] - A500 ETF Fortune: 14.17 billion yuan [3] - A500 ETF Harvest: 10.60 billion yuan [3] Group 3: Market Sentiment and Trends - The current macro environment is favorable, with ample liquidity supporting market risk appetite, contributing to a positive response in global stock markets [5][7] - There is a strong inclination for new capital inflow as institutions prepare for the upcoming Spring Festival and Two Sessions, indicating a robust demand for A-shares [5] - The market is expected to continue its upward trend, with a focus on structural opportunities and sector rotation, particularly in commercial aerospace and technology sectors [7][8]

Core Viewpoint - The report from China Merchants Securities forecasts a significant increase in the net profit of listed brokerages for 2025, with a projected non-recurring net profit of 216.7 billion yuan, representing a year-on-year growth of 55% [1]. Group 1: Brokerage Performance - The average daily trading volume for stock funds in 2025 is expected to reach 2.05 trillion yuan, a year-on-year increase of 70%, with a daily margin balance of 2.08 trillion yuan, up 33% year-on-year [1]. - For Q4 2025, the average daily trading volume for stock funds is projected at 2.43 trillion yuan, a year-on-year increase of 18% but a quarter-on-quarter decrease of 2% [1]. - The brokerage and credit income for 2025 is expected to be 158.9 billion yuan and 50.3 billion yuan, respectively, with year-on-year increases of 50% and 43% [1]. Group 2: Investment Banking - In 2025, the total funds raised through A-share IPOs and refinancing (excluding the four major banks) are expected to be 130.8 billion yuan and 417.7 billion yuan, reflecting year-on-year increases of 97% and 69% [2]. - The bond underwriting volume is projected to reach 27.13 trillion yuan in 2025, a year-on-year increase of 13% [2]. - For Q4 2025, the investment banking income is expected to be 138 billion yuan, with a year-on-year increase of 35% and a quarter-on-quarter increase of 44% [2]. Group 3: Asset Management - By the end of 2025, the net value of non-monetary funds is expected to reach 22.7 trillion yuan, an increase of 18% from the beginning of the year [2]. - The net value of ETFs is projected to be 6.02 trillion yuan, reflecting a year-to-date increase of 61% [2]. - The asset management income for 2025 is expected to be 45.6 billion yuan, with a year-on-year increase of 3% [2]. Group 4: Proprietary Trading - The proprietary trading income for 2025 is expected to be 234.1 billion yuan, representing a year-on-year increase of 35% [3]. - For Q4 2025, the proprietary trading income is projected at 47.2 billion yuan, with a year-on-year increase of 10% but a quarter-on-quarter decrease of 37% [3]. Group 5: Market Outlook - The report highlights a bullish sentiment in the brokerage sector, emphasizing the importance of the sector's call option attributes and recommending a strong hold on investments [4]. - The trading volume has significantly increased at the beginning of the year, with the total A-share trading volume rising from 2.58 trillion yuan to 3.64 trillion yuan within a week [4]. - Regulatory policies in the securities industry are showing signs of warming, with new leadership potentially leading to a more favorable environment for profitability [4].

Core Viewpoint - The report from China Merchants Securities forecasts a significant increase in the net profit of listed brokerages for 2025, with a projected non-recurring net profit of 216.7 billion yuan, representing a year-on-year growth of 55% [1][2]. Group 1: Financial Performance Projections - For 2025, the average daily trading volume of stock funds is expected to reach 2.05 trillion yuan, a year-on-year increase of 70%, while the average daily margin balance is projected at 2.08 trillion yuan, up 33% year-on-year [2]. - In Q4 2025, the average daily trading volume of stock funds is anticipated to be 2.43 trillion yuan, reflecting an 18% year-on-year increase, but a 2% decrease quarter-on-quarter [2]. - The brokerage and credit income for 2025 is expected to be 158.9 billion yuan and 50.3 billion yuan, respectively, with year-on-year increases of 50% and 43% [2]. Group 2: Investment Banking and Asset Management - In 2025, the total funds raised through A-share IPOs and refinancing (excluding the four major banks) are projected to be 130.8 billion yuan and 417.7 billion yuan, marking year-on-year increases of 97% and 69% [3]. - The investment banking revenue for 2025 is expected to reach 39 billion yuan, a 27% increase year-on-year [3]. - By the end of 2025, the net value of non-monetary funds is projected to be 22.7 trillion yuan, an 18% increase from the beginning of the year [3]. Group 3: Proprietary Trading and Market Conditions - The report anticipates that proprietary trading income for 2025 will be 234.1 billion yuan, reflecting a year-on-year increase of 35% [4]. - The market environment is characterized by increased trading volumes and a bullish sentiment, with significant growth in both stock trading and margin financing observed at the beginning of the year [5]. - Regulatory policies in the securities industry are expected to warm up, potentially enhancing the profitability and operational flexibility of brokerages [5].

Core Viewpoint - The integration of insurance products into brokerage apps signifies a potential transformation in wealth management, indicating a shift towards a more comprehensive financial service model [1][3]. Group 1: Insurance Product Integration - Major brokerages like CITIC Securities, China Merchants Securities, and others have introduced dedicated insurance purchase sections in their apps, showcasing a variety of insurance products [3][4]. - The types of insurance products available include health insurance, accident insurance, and various life insurance options, with some brokerages offering nearly 20 different products [3][5]. - The move to include insurance in brokerage apps reflects a growing recognition of insurance as a critical component of wealth management, especially as the demand for diversified financial services increases among consumers [3][11]. Group 2: Historical Context and Regulatory Changes - The practice of brokerages selling insurance is not new, having begun over two decades ago, but it has gained momentum only recently due to regulatory changes that allowed for broader participation [4][5]. - The 2012 regulations by the China Securities Regulatory Commission opened the door for brokerages to sell insurance products, yet progress has been slow due to limited participation from qualified firms [5][6]. Group 3: Comparison with Banking Channels - Unlike banks, which have a well-established and mature insurance sales model, brokerages are still in the early stages of developing their insurance offerings, leading to a less comprehensive product range [6][8]. - Banks have a significant advantage in customer trust and service infrastructure, making them more effective in selling insurance products compared to brokerages, which primarily focus on securities trading [8][9]. Group 4: Market Opportunities and Challenges - The entry of brokerages into the insurance market presents new opportunities for diversification and revenue growth, particularly as they seek to enhance customer engagement through integrated financial services [11][12]. - However, challenges remain, including the need for brokerages to build expertise in insurance sales and establish strong partnerships with insurance companies to ensure quality service [13].

Core Viewpoint - Platinum Electronics has submitted a listing application to the Hong Kong Stock Exchange, with China Merchants Securities International as the exclusive sponsor [1] Company Overview - Platinum Electronics is a leading global provider and the largest in China of high-performance computing server power supplies, catering to industrial, consumer, and commercial power conversion applications [1] - According to Frost & Sullivan, the company holds a market share of 8.9% globally and 18.9% in mainland China in terms of revenue from high-performance computing server power supplies for 2024 [1] Product Focus - The company's products primarily serve dedicated computing and AI computing, mainly utilizing GPUs, and meet stringent requirements for output power, efficiency, power density, and reliability [1]

Core Viewpoint - The integration of insurance products into brokerage apps signifies a potential transformation in wealth management, indicating the beginning of a new phase in the market [1][2]. Group 1: Insurance Product Integration - Major brokerage firms such as CITIC Securities, China Merchants Securities, and GF Securities have introduced dedicated insurance purchase sections in their apps, showcasing a variety of insurance products including medical insurance and whole life insurance [2]. - The move to include insurance products in brokerage apps is a recent development, despite the fact that brokerage firms have been allowed to sell insurance since 2012 [2][3]. Group 2: Comparison with Banks - Unlike banks, which have a long-standing experience in selling insurance products and offer a wide range of options, brokerage apps currently have a limited selection and less developed service features [4]. - Banks have established a robust system for insurance sales, while brokerage firms are still in the early stages of developing their insurance offerings [4][5]. Group 3: Market Dynamics and Challenges - The insurance distribution landscape is undergoing significant changes, with brokerages entering the market as new competitors, which may lead to increased choices for consumers [6]. - There are differing opinions on the future of insurance sales by brokerages; some believe they could become significant players, while others remain cautious due to past slow growth [6][7]. - The demand for stable returns from insurance products aligns well with the investment profiles of brokerage clients, presenting an opportunity for growth in this sector [6][7]. Group 4: Operational Challenges - Brokerages face challenges in ensuring sales quality and establishing strong partnerships with insurance companies, which are critical for success in this new venture [7]. - The complexity of insurance products compared to traditional financial products necessitates time and skill development for brokerage firms to effectively educate and guide clients [7].

Group 1 - The core point of the article is that Ruiskanda's stock price has declined, closing at 11.46 yuan, representing a drop of 4.02%, and the stock is currently in a state of underperformance [1] - Ruiskanda was listed on the Shanghai Stock Exchange on April 20, 2017, with an initial public offering of 56.8 million shares at a price of 13.72 yuan, raising a total of 779 million yuan [1] - After deducting issuance costs of 59.7 million yuan, the net funds raised amounted to 720 million yuan [1] Group 2 - The issuance costs included a sponsorship and underwriting fee of 42.86 million yuan paid to China Merchants Securities [1] - The lead underwriters for the IPO were Zhou Jinfeng and Sun Shijun [1]