开源证券分析指出，2024 年新国九条、央行等金融部委组合拳稳股市的长效影响持续，个人投资者和中长资金持续流入，交易活跃度中枢持续抬升，两融 规模扩张、权益自营加仓和海外业务高景气有望带来券商业绩超预期，板块估值仍在低位，机构欠配明显，继续看好券商板块机会。 券商ETF基金紧密跟踪中证全指证券公司指数，截至2025年7月31日，指数前十大权重股分别为东方财富、中信证券、国泰海通、华泰证券、招商证券、东 方证券、广发证券、申万宏源、兴业证券、中金公司，前十大权重股合计占比60.37%，一键配置券商龙头，直接受益A股行情回暖。 数据显示，券商ETF基金（515010）当前管理费托管费合计费率0.2%，为当前场内费率档次最低投资标的，如看好券商板块，或可借此布局。 截至2025年8月13日 13:35，三大指数集体走强再创新高，券商板块强势上涨，成分股长城证券、国盛金控双双涨停，中银证券、东吴证券、华泰证券等个 股跟涨。券商ETF基金(515010)上涨1.93%， 冲击3连涨。近5个交易日内有3日资金净流入，合计"吸金"3940.25万元。券商ETF基金最新规模达13.93亿元，创 近半年新高。 券商ETF基金( ...

Core Viewpoint - The article discusses the current state and future potential of the AI market, particularly in relation to the Science and Technology Innovation Board (科创板), emphasizing the importance of understanding market dynamics and investment strategies in this rapidly evolving sector [1][2]. Group 1: AI Market Dynamics - The AI market is at a critical point of technological iteration, driven by "Artificial Intelligence +" policies and hardware innovations, leading to industry-wide intelligent transformation [3][4]. - The volatility in the 科创板 is influenced by both short-term market sentiment and long-term industry fundamentals, with a focus on the ongoing trend of domestic hard technology localization [4][5]. - Investment strategies should include recognizing "concept speculation," assessing personal risk tolerance, and understanding index compilation rules to mitigate risks [1][4]. Group 2: Policy Support and Industry Growth - The introduction of the 科创板 "1+6" new policy aims to systematically restructure the financing ecosystem for hard technology companies, enhancing their growth potential [7][8]. - The policy will broaden financing channels, upgrade value discovery mechanisms, and optimize the industrial ecosystem, ultimately enhancing the competitiveness of enterprises [7][8]. - Continuous government support for technology innovation, particularly in sectors like semiconductors and AI, is expected to provide long-term liquidity support for the industry [5][8]. Group 3: Global AI Competition - The global AI competition is intensifying, with domestic companies facing both challenges and opportunities, particularly in the context of technology localization and policy advantages [10][11]. - Domestic firms are expected to leverage differentiated advantages in algorithm efficiency and vertical application scenarios, positioning themselves favorably in the global market [10][12]. - The AI industry's growth is seen as a dual-edged sword, presenting both immediate challenges in supply chain security and long-term opportunities in localized applications [12][25]. Group 4: Investment Evaluation Framework - The investment evaluation for 科创板 companies should move beyond traditional financial metrics, focusing on technology iteration, R&D capabilities, and industry prospects [13][14]. - A multi-dimensional framework for value assessment is recommended, incorporating technology discount rates, policy leverage, and commercialization acceleration [13][14]. - Investors should construct a dynamic monitoring system to track risks associated with technology iteration, cash flow, and geopolitical factors [14][15]. Group 5: Sectoral Opportunities - Key sectors to watch in the 科创板 include biomedicine, commercial aerospace, low-altitude economy, and new materials, all of which are expected to gain traction alongside AI [17][18][19][20][21]. - The AI sector within 科创板 is characterized by clear competitive landscapes in chip design and large model algorithms, while application scenarios remain in a chaotic phase [23][24]. - The domestic chip replacement process is crucial for the sustainable development of the AI industry, reducing dependency on international supply chains and fostering innovation [24][25]. Group 6: Asset Allocation Strategies - Investors are advised to adopt a "core + satellite" asset allocation strategy, balancing stable cash flow assets with higher volatility sectors like 科创AI [30][43]. - The article emphasizes the importance of understanding individual risk tolerance and market volatility when constructing investment portfolios [30][43]. - Dynamic rebalancing of asset allocations is recommended to adapt to changing market conditions and maintain a balanced risk profile [46].

为持续向投资者普及ETF基础知识，招商证券携手十大基金公司，联合全景网共同举办2025年招商证 券"招财杯"ETF实盘大赛系列直播，旨在帮助投资者提升资产配置与风险管理能力，促进ETF市场的健 康发展。 2025年6月20日，"招财杯"ETF实盘大赛系列直播邀请到了摩根资产管理（中国）高资产客户顾问部总 经理徐栋，一起探讨《下半年，港股投资机会在哪里？》。 徐栋表示，港股上半年表现强势，且驱动本轮港股走强的因素并未出现反转，国内积极的政策组合拳以 及海外普遍进入降息周期，有望为港股市场提供底部支撑。因此，往后看本轮港股上涨行情有望延续。 内地投资者参与港股投资，主要有三种方式：开通港股通权限，直接投资港股；借助ETF投资港股；借 助跨境理财通投资港股。 他还提到，"未来香港市场有望吸引大批有新活力的科技公司赴港上市，港股科技板块有望成为布局中 国科技崛起的一个重要入口。" 01 四大因素驱动港股走强 本轮上涨行情有望延续 全景网：从全球主要指数表现看，Wind数据显示，今年截至6月11日，港股表现大幅居前，恒生指数涨 21%。恒生科技涨22%，同期美股主要指数涨幅不到5%，上半年港股为何表现如此强势？ 徐栋： ...

为持续向投资者普及ETF基础知识，招商证券携手十大基金公司，联合全景网共同举办2025年招商证 券"招财杯"ETF实盘大赛系列直播，旨在帮助投资者提升资产配置与风险管理能力，促进ETF市场的健 康发展。 2025年6月19日，"招财杯"ETF实盘大赛系列直播邀请到了博时基金指数与量化投资部基金经理王祥、 博时基金投资者关系部首席培训官洪露娉一起探讨《从下跌到快速反弹，金价的"涨跌密码"是什 么？》。 王祥认为，美国关税政策调整、俄乌冲突、巴以冲突等，本质是对于现有的经济秩序和美元背后的背书 产生了冲击，黄金作为避险资产能够对冲风险，同时它又有货币资产属性基础在里面，具备比较长期的 配置价值。即使局部的拥挤度过热，短期价格触及历史高位，但也很难出现比较明显的调整。 去全球化、国际运转秩序裂缝 黄金中长期逻辑一直存在 洪露娉：黄金近两年市场表现较好，也获得了很多投资者的青睐。近期国际黄金市场在下跌后又快速反 弹，您认为是哪些因素导致的？ 王祥：黄金市场这两年的走势确实比我们预期的最乐观的局面还要走得更强一点。年初我们对于黄金年 度的涨幅预期是20%左右，现在已经明显超出了，而且站上3,000美元以后，走势仍然较为 ...

为持续向投资者普及ETF基础知识，招商证券携手十大基金公司，联合全景网共同举办2025年招商证 券"招财杯"ETF实盘大赛系列直播，旨在帮助投资者提升资产配置与风险管理能力，促进ETF市场的健 康发展。 2021年以来，中国光伏产业在攀上全球主导地位的高峰后，迅速坠入严重的产能过剩与"内卷式"价格战 的深渊。产业链各环节利润被急剧压缩，企业普遍面临经营困境。 王帅表示，国家"反内卷"政策的深层意图在于重构新兴产业的发展逻辑，推动光伏等战略行业从"规模 导向"转向"价值导向"。 "光伏行业的终局格局，很可能会呈现出一种'分层垄断、局部多元'的独特生态。最有可能在本轮洗牌 中胜出的企业，往往具备'战略反脆弱性'——即在行业扩张期克制规模冲动，在行业低谷期敢于逆势投 入。这类企业共同的特点是：不过度依赖单一技术路线或市场区域，而是构建起可动态调整的商业生态 系统。"王帅进一步说道。 01 "反内卷"政策推动产业从"规模导向"转向"价值导向" 全景网：您如何解读国家层面"反内卷"政策的深层意图？《求是》杂志明确指出，光伏、锂电等新兴行 业也深陷"内卷"。这轮针对新兴产业的调控，与过往针对钢铁、水泥等传统行业的供给侧改 ...

近日，上交所发布了试点公司债券续发行的相关通知。已在上交所上市挂牌的存量公司债券的发行人可 以进行增量发行，并将增量发行债券与存量债券合并上市挂牌。5月29日，中信证券、招商证券等作为 首批试点发行人，完成了首批公司债券的续发行。 "续发行机制的建立有效提升了债券市场的流动性水平，增强了市场活跃度，完善市场价格体系，助力 交易所债券市场向更加成熟的方向迈进。"中信证券称。 增强市场流动性 5月21日，上海证券交易所发布《关于试点公司债券续发行和资产支持证券扩募业务有关事项的通 知》，试点开展公司债券续发行和资产支持证券扩募发行业务。公司债券续发行是指已在上交所上市挂 牌的存量公司债券的发行人进行增量发行，并将增量发行债券与存量债券合并上市挂牌。 通知称，发行人可以使用有效期内的公开发行注册文件或者非公开发行无异议函向上交所申请发行备 案，参与续发行业务。发行人、主承销商应当按照价格定价的方式确定续发行的发行价格。发行人应当 严格按照募集说明书的约定和有关规定使用续发行公司债券募集资金。变更募集资金用途，且可能对发 行和上市挂牌条件产生重大影响的，发行人应当依法履行债券持有人会议决议程序。 在招商证券看来，公司 ...

Core Viewpoint - The corruption case involving Huanfang Quantitative and its market director Li Cheng has raised significant concerns about the company's internal controls and its relationship with the AI subsidiary DeepSeek, which has been performing well in the AI sector [1][13][15]. Group 1: Corruption Case Details - Li Cheng, the former market director of Huanfang Quantitative, is accused of colluding with a staff member from China Merchants Securities to embezzle 118 million yuan in trading commissions from 2018 to 2023 [1][5]. - The investigation revealed that Li Cheng and Meng Pengfei, a former manager at China Merchants Securities, arranged for Meng's relatives to act as "exclusive brokers" for Huanfang, allowing them to funnel commissions into personal accounts [5][6]. - Following the exposure of the case, several individuals involved, including Li Cheng and Meng Pengfei, have been handed over to judicial authorities for further action [6]. Group 2: Company Background and Growth - Huanfang Quantitative was founded in 2015 by Liang Wenfeng and has since grown to manage over 60 billion yuan in assets, becoming one of China's top four quantitative private equity firms [7][11]. - The company has achieved a cumulative return of 124% from 2017 to 2022, significantly outperforming traditional investment benchmarks [11][12]. - Liang Wenfeng's vision for Huanfang was to leverage mathematics and AI for quantitative trading, marking a shift from traditional investment strategies [9][11]. Group 3: Impact on DeepSeek - Despite the corruption scandal, DeepSeek, Huanfang's AI subsidiary, appears to be insulated from the fallout due to its operational independence and focus on AI development rather than quantitative trading [13][15]. - However, DeepSeek has faced challenges, including a significant drop in monthly downloads, indicating a potential decline in market interest [15].

豪能股份持续督导文件 核查意见 招商证券股份有限公司关于 成都豪能科技股份有限公司 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为成都豪 能科技股份有限公司（以下简称"豪能股份"或"公司"）向不特定对象发行可 转换公司债券的保荐机构，根据《中华人民共和国证券法》、 《证券发行上市保荐 《上海证券交易所上市公司自律监管指引第 11 号——持续督导》 业务管理办法》 《上市公司募集资金监管规则》 《上海证券交易所股票上市规则》 《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等相关规定，对公司本次调整部 分募投项目内部投资结构的相关事项进行了核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于成都豪能科技股份有限公司向不特定对 象发行可转换公司债券注册的批复》 （证监许可〔2024〕374 号），公司向不特定 对象发行可转换公司债券 550 万张，每张面值为人民币 100.00 元，募集资金总 额为人民币 550,000,000.00 元，扣除发行费用不含税金额 7,605,283.02 元后，实 际募集资金净额为人民币 542,394,716.98 元。上述 ...

Core Viewpoint - The recent departure of notable fund manager Zhai Xiangdong from China Merchants Fund Management Co., Ltd. raises concerns about the stability of fund performance amid significant personnel changes within the company [2][3][4]. Group 1: Fund Manager Changes - Zhai Xiangdong officially left his position as the manager of the China Merchants Advantage Enterprise Mixed Fund on August 9, 2025, due to personal reasons, and will not take on any other roles within the company [2][4]. - This marks the fourth fund manager departure from China Merchants Fund this year, following Su Yanqing, Wang Yan, and Ma Long, who all left in April [2][18]. - The company has appointed Lu Wenkai as the sole manager of the fund previously managed by Zhai, who had successfully grown the fund from under 0.4 billion to over 10 billion in less than three years [4][9]. Group 2: Fund Performance - The second-quarter report for the China Merchants Advantage Enterprise Mixed Fund showed a loss of 284.88 million for Class A shares and 158.71 million for Class C shares, with net value growth rates of -3.63% and -3.77%, respectively [6][7]. - The fund's poor performance was attributed to a lack of participation in high-performing sectors such as high-dividend stocks and innovative pharmaceuticals during the quarter [6][9]. Group 3: Management Changes - The chairman of China Merchants Fund, Wang Xiaoqing, resigned from his position as vice president of China Merchants Bank on August 4, 2025, with uncertainty regarding his future role within the fund [2][30]. - The company has seen a significant turnover in its management team, with the appointment of new general manager Zhong Wenyue and three vice general managers in May 2025 [25][29]. Group 4: Industry Context - China Merchants Fund has experienced a total management scale of 908.09 billion as of August 12, 2025, reflecting a 2.72% increase from the end of 2024 [18]. - The fund has faced substantial losses in its equity products over the past three years, totaling 594.08 million [19].

Company Overview - Company Name: Zhejiang Taihu Yuanda New Materials Co., Ltd [1] - Abbreviation: Taihu Yuanda [1] - Stock Code: 920118.BJ [1] - IPO Application Date: November 30, 2023 [1] - Listing Date: August 22, 2024 [1] - Listing Board: Beijing Stock Exchange [1] - Industry: Rubber and Plastic Products [1] - IPO Sponsor: China Merchants Securities [1] - Lead Underwriters: Peng Yong, Yan Kun [1] - Legal Advisor: Beijing Dacheng Law Offices [1] - Audit Firm: Notarization Tianye Accounting Firm [1] Disclosure and Evaluation - Disclosure Issues: The company was asked to clarify its compliance with the market positioning of the Beijing Stock Exchange and to adequately disclose related risks [1]. It was also required to explain the reasons for the unaudited financial data of its subsidiary and whether the financial data is accurate and complete [1]. Additionally, the company needed to justify the selection of comparable companies and the rationale behind its expense ratios compared to industry peers [1]. - Regulatory Penalties: No penalties were imposed [2]. - Public Supervision: No deductions were made for public supervision [2]. - Listing Cycle: The average time from application to listing for A-share companies in 2024 is 629.45 days, while Taihu Yuanda's listing cycle is 266 days, which is below the average [2]. Financial Metrics - Issuance Costs: The underwriting and sponsorship fees amount to 12.36 million yuan, with a commission rate of 9.96%, higher than the average of 7.71% [3]. - Initial Listing Performance: The stock price increased by 36.06% on the first day of listing [4]. - Three-Month Performance: The stock price rose by 73.76% compared to the issuance price within three months of listing [5]. - Issuance Price-Earnings Ratio: The issuance P/E ratio is 12.06 times, which is 60.57% of the industry average of 19.91 times [6]. - Actual Fundraising: The expected fundraising amount is 146 million yuan, while the actual amount raised is 124 million yuan, reflecting a decrease of 15.03% [7]. Post-Listing Performance - Short-Term Financial Performance: In 2024, the company's operating revenue increased by 4.64% year-on-year, while the net profit attributable to shareholders decreased by 8.97%, and the net profit excluding non-recurring gains and losses dropped by 12.71% year-on-year [8]. Overall Assessment - Total Score: Taihu Yuanda's IPO project received a total score of 85.5, classified as Grade B [9]. Negative factors affecting the score include the need for improved disclosure quality, high issuance costs, reduced actual fundraising, and declines in net profit in the first accounting year [9]. This indicates that the company's short-term profitability and disclosure quality require attention [9].