Core Viewpoint - The traditional forklift industry is maturing, and the focus is shifting towards intelligent products, particularly unmanned forklifts, which are expected to drive structural opportunities in the sector due to reasonable costs, continuous technological upgrades, and expanding applications [1] Group 1: Market Trends - The sales of unmanned forklifts in China increased from 300 units in 2015 to 19,500 units in 2023, with a CAGR of 68.51%, indicating significant growth potential despite a current penetration rate of only 1.66% in the traditional forklift market [2] - The economic benefits of unmanned forklifts are highlighted by a price drop from 600,000 yuan per unit in 2018 to 220,000 yuan in 2023, with a payback period of 1 to 3 years and a lifespan of at least 15 years, showcasing their total cost of ownership advantages [2] Group 2: Technological Advancements - The integration of SLAM natural navigation and 5G+MEC edge computing has enhanced the intelligence and operational capabilities of unmanned forklifts, with AMR (SLAM) accounting for 75% of the market share in 2023 [3] - Future developments are expected to lead unmanned forklifts towards full flexible operational capabilities and comprehensive coverage across various industrial scenarios [3] Group 3: Competitive Landscape - Key players in the unmanned forklift industry include traditional forklift leaders like Anhui Heli and Hangcha Group, as well as AGV/AMR leaders like Hikvision and Geek+; the market is relatively fragmented with only 11 companies exceeding 100 million yuan in scale [4] - The business models differ between traditional forklift companies, which focus on product sales, and AGV/AMR companies, which emphasize intelligent logistics solutions, impacting their asset structures and cash flow cycles [4][5] Group 4: Market Applications - The warehousing and logistics sector is currently the primary application area for unmanned forklifts due to its standardization and scalability, while industrial manufacturing presents greater challenges but also larger market opportunities [6] - International markets offer better commercial logic and higher profit margins for unmanned forklifts, with companies like Geek+ expected to achieve a gross margin of 46.5% overseas in 2024, highlighting the importance of global expansion for competitive advantage [6]

港股中资券商股竞价活跃，招商证券(06099.HK)涨近15%，申万宏源香港(06806.HK)涨近5.5%，恒投证 券(01476.HK)涨3.5%。 ...

Investment Rating - Industry Rating: Recommended [6] Core Insights - The passing of the US "GENIUS Act" and Hong Kong's "Stablecoin Ordinance" marks a significant milestone in the recognition of stablecoins, potentially transforming virtual assets into key components of financial infrastructure [2][19] - Stablecoins are expected to bridge the gap between digital finance and traditional finance, enhancing their acceptance by regulatory bodies due to their stable value and payment attributes [2][12] - The total market capitalization of stablecoins exceeded $269 billion as of July 12, 2025, with over 90% being USD-pegged stablecoins [17] Regulatory Framework - The US "GENIUS Act" requires stablecoin issuers to hold 1:1 cash or treasury reserves and grants the Federal Reserve emergency stop authority to prevent systemic risks [20] - Hong Kong's "Stablecoin Ordinance" establishes a licensing system for stablecoin issuers, mandating sufficient reserves and compliance with anti-money laundering regulations [22][23] - The European Union's MiCA regulation, effective from December 30, 2024, also aims to regulate stablecoins, focusing on consumer protection and market integrity [19][21] Stablecoin Characteristics - Stablecoins are pegged to fiat currencies, balancing openness and stability, unlike Bitcoin which is highly volatile [3][12] - They are designed to function as a payment tool, with lower transaction costs and faster settlement times compared to traditional payment systems [17][23] - The stablecoin ecosystem includes issuers, exchanges, and application scenarios, supported by reserve banks and compliance service providers [25][26] Market Opportunities - The implementation of the "Stablecoin Ordinance" is expected to boost the development of stablecoin issuance, trading, and cross-border payments in Hong Kong, positioning it as a global virtual asset hub [8][23] - Companies like ZA Bank are poised to benefit from the stablecoin ecosystem by providing reserve banking services [26][28] - The regulatory environment in Hong Kong is conducive for local securities firms to expand their services into the virtual asset space, creating new growth opportunities [31][32]

Core Insights - The non-bank sector is experiencing a transformation driven by policy initiatives, which are expected to enhance revenue growth in the securities and insurance industries [2]. Group 1: Securities Industry - The implementation of the "Implementation Opinions on Strengthening Self-Regulation to Promote High-Quality Development of the Securities Industry" is likely to expand wealth management, investment banking, and asset management businesses, benefiting overall industry revenue growth [2]. - As of July 14, the CSI 800 Securities and Insurance Index component stocks showed mixed performance, with Guolian Minsheng leading with a 6.70% increase [1]. Group 2: Insurance Industry - The notification on guiding insurance funds for long-term stable investments is expected to increase the allocation of high-dividend stocks and long-term government bonds, enhancing the investment returns of insurance companies and improving industry valuations [2]. - The CSI 800 Securities and Insurance ETF has seen a significant increase in net value, rising by 49.53% over the past year, indicating strong investor interest [1]. Group 3: Market Performance - As of June 30, the top ten weighted stocks in the CSI 800 Securities and Insurance Index accounted for 63.35% of the index, highlighting the concentration of investment in these key players [3]. - The CSI 800 Securities and Insurance ETF has experienced a growth of 81 million shares over the past year, reflecting robust demand in the non-bank sector [1].

Group 1 - The A-share market has shown strong upward momentum, with the Shanghai Composite Index breaking through the 3500-point mark and trading volume exceeding 1.7 trillion yuan [2] - The financial sector has led the market rally, supported by a surge in short-term capital chasing high-performing stocks as semi-annual earnings forecasts are released [2] - Institutions suggest that investors should shift from a trading strategy to a holding strategy in light of the market's transition from a stock-based to an incremental market [4][5] Group 2 - Positive factors for the A-share market continue to accumulate, with strong risk appetite reflected in trading behavior and capital flows [3] - The market is increasingly focusing on fundamental factors rather than external disturbances, indicating a shift in pricing dynamics [3] - The strong upward trend in the A-share market is expected to continue, with significant conditions for a major rally accumulating [3] Group 3 - The market has seen a shift from net outflows to net inflows in actively managed public funds since June, marking a reversal in the trend of capital withdrawal [4] - Different sectors, including non-ferrous metals, telecommunications, and gaming, have shown synchronized upward movement, indicating the presence of incremental capital across various funding entities [5] Group 4 - The performance of semi-annual earnings is crucial for trading strategies, with sectors like TMT (Technology, Media, and Telecommunications) expected to perform well [6] - High-growth industries such as automotive parts, automation equipment, and consumer goods are recommended for investment, alongside sectors with improving performance like precious metals and pharmaceuticals [6] - Predictions indicate that industries such as light industry, non-ferrous metals, and non-bank financials may experience high growth rates in their semi-annual earnings [6]

Core Viewpoint - The report from China Merchants Securities suggests focusing on high-growth TMT sectors, globally competitive midstream manufacturing, domestic demand sectors, and other segments with positive earnings forecasts as A-shares continue to reach new highs this year [1] Group 1: Market Performance - The A-share market has been consistently setting new highs this year, indicating a strong market performance [1] - The upcoming earnings season is seen as a favorable opportunity for investment, particularly in companies that are expected to exceed earnings forecasts [1] Group 2: Earnings Outlook - The overall earnings improvement rate for A-shares is higher than the same period last year, although the extent of profit improvement may be limited [1] - Structural opportunities remain worth exploring, particularly in sectors with high growth potential [1] Group 3: Sector Focus - Recommended sectors for investment include high-growth TMT (Technology, Media, and Telecommunications), globally competitive midstream manufacturing, and domestic demand sectors [1] - Attention should also be given to other sectors that are expected to report positive earnings [1] Group 4: Policy Considerations - Future policies aimed at addressing structural contradictions within industries should be monitored, particularly in relation to the concept of "anti-involution" [1]

中经实习记者 孙汝祥 记者 夏欣 北京报道 招商证券副总裁兼董事会秘书刘杰表示，预先审阅如果执行效果到位，也将实际上帮助优质科创企业减 少正式审核程序中的负担。 "试点引入IPO预先审阅机制，既优化了审核资源配置效率，也强化了风险防控，体现了监管层在支 持'硬科技'与保护投资者之间的平衡。"国泰海通证券业务总监、投行委总裁郁伟君如是说。 7月13日，《上海证券交易所发行上市审核规则适用指引第7号——预先审阅》（以下简称"《指引》"） 正式发布，并自发布之日起施行。 上交所表示，所谓预先审阅，是指上交所在发行人正式申报IPO前，对其发行上市申请文件按照审核要 求进行把关的一种服务。上交所通过预先审阅，督促发行人及其中介机构提高IPO申报文件质量，促进 审核效率提升。此外，上交所还将做好预先审阅机制与现行股票发行上市审核机制的衔接。 投行人士认为，预先审阅机制既优化了审核资源配置效率，也强化了风险防控，体现了监管层在支 持"硬科技"与保护投资者之间的平衡。 优化审核资源配置效率 今年6月18日，证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》（以下简 称"《科创板意见》"），提出面向优质科技型 ...

在6月18日召开的2025陆家嘴论坛上，中国证监会主席吴清表示，将聚焦提升制度的包容性和适应性， 以深化科创板、创业板改革为抓手，更好发挥科创板"试验田"作用，加力推出进一步深化改革 的"1+6"政策措施，统筹推进投融资综合改革和投资者权益保护，加快构建更有利于支持全面创新的资 本市场生态。 随后，中国证监会印发了《关于在科创板设置科创成长层增强制度包容性适应性的意见》(以下简称 《科创板意见》)，上海证券交易所(以下简称上交所)就同步制订的2项配套业务规则公开征求意见。 在调出条件上实施"新老划断"。存量企业调出条件保持不变，仍为上市后首次实现盈利，有助于稳定存 量企业和投资者预期；同时提高新注册未盈利企业调出条件，推动新上市公司加速技术研发和市场拓 展。科创成长层企业按照规定发布符合调出条件的公告后，上交所原则上在2个交易日内将企业调出。 《科创成长层指引》还就科创成长层企业在年度报告、临时公告中充分披露未盈利风险、技术研发风险 等作了具体规定，并要求持续督导机构切实履行职责。上交所将严格执行规则规定，督促科创成长层企 业、持续督导机构诚实守信，围绕投资者价值判断和投资决策所需，切实履行信息披露义务。 在 ...

证券研究报告 | 金融工程 2025 年 7 月 13 日 情绪和流动性向好，短期继续看多 ——A 股趋势与风格定量观察 20250713 1. 当前市场观察 2. 市场最新观点 风险提示：择时和风格轮动模型结论基于合理假设前提下结合历史数据统计规 律推导而出，市场环境变化下可能导致出现模型失效风险。 任瞳 S1090519080004 rentong@cmschina.com.cn 王武蕾 S1090519080001 wangwulei@cmschina.com.cn 定期报告 一、A 股趋势观察 （一）A 股市场趋势和交易情绪观察 本周市场整体上涨。具体来看，万得全 A 指数上涨约 1.71%，上证 50、沪深 300、中证 1000 分别上涨约 1.02%、1.05%、2.42%，国证成长上涨约 0.90%，国 证价值上涨约 0.44%。 图表 1. 本周市场整体上涨 图表 2. 本周各风格均有所上涨 1.71% 1.02% 1.05% 2.42% 0.90% 0.44% 2.37% 0.98% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 本周各指数收益率 2.06% 1.0 ...

截至2025年7月11日收盘，招商证券（600999）报收于17.75元，较上周的17.42元上涨1.89%。本周，招 商证券7月11日盘中最高价报18.17元。7月7日盘中最低价报17.3元。招商证券当前最新总市值1543.63亿 元，在证券板块市值排名8/49，在两市A股市值排名86/5149。 交易信息汇总：7月10日招商证券发生1笔大宗交易，成交金额245.84万元 公司公告汇总：招商证券2024年年度权益分派实施，A股每股现金红利0.377元 本周关注点 交易信息汇总 7月10日招商证券发生1笔大宗交易，成交金额245.84万元。 公司公告汇总 招商证券股份有限公司提交了截至2025年6月30日的证券变动月报表给香港交易及结算所有限公司，呈 交日期为2025年7月7日。公司注册于中华人民共和国，注册股本总额为人民币8,696,526,806元。截至月 底，招商证券的A股在上海证券交易所上市，证券代码600999，注册股本为7,422,005,272股；H股在香 港联交所上市，证券代码06099，注册股本为1,274,521,534股。已发行股份方面，A股和H股的已发行股 份数目与上月底结存相同，分别 ...