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].

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for investment opportunities [2]. Core Insights - The report emphasizes that the macroeconomic policy in the second half of the year will focus on addressing price issues, which could significantly alter the pricing logic of domestic assets and impact market trends [5][6]. - The ongoing "involution" phenomenon in both supply and demand sides is contributing to downward price pressures, necessitating policy interventions from both sides to alleviate these pressures [3][4]. - The introduction of the Science and Technology Innovation Bond ETF is seen as a significant development, with a rapid expansion of the market for science and technology bonds, indicating strong support for technological innovation financing [10][11]. Summary by Sections Macroeconomic Analysis - The likelihood of achieving a 5% economic growth target for the year is high, but the need for additional policies to stimulate growth is decreasing [2]. - Price levels are under pressure, leading to negative growth in prices, which affects the normal circulation of the national economy [2][3]. Supply and Demand Dynamics - The report identifies that excessive working hours among employees are suppressing reasonable consumer demand, contributing to an oversupply situation [3]. - It suggests that addressing the "involution" requires measures on both supply and demand sides, including the orderly exit of inefficient production capacities [3][4]. Science and Technology Innovation Bonds - The launch of the Science and Technology Innovation Bond ETF is part of a broader policy initiative to support technological innovation, with significant growth in the issuance of science and technology bonds [10][11]. - The report highlights that the current market for science and technology bonds has expanded rapidly, with a total issuance exceeding 620 billion yuan as of early July [10][11]. Banking Sector Analysis - The report discusses the importance of evaluating bank asset quality, emphasizing the need for a comprehensive assessment of various indicators to gauge the health of banks [19][20]. - It introduces new metrics such as "broad non-performing asset ratio" and "excess provision profit multiple" to provide a more accurate picture of banks' asset quality [22][23]. Securities and Investment Strategy - The report notes that the securities market is entering a phase of stock competition, with a focus on long-term investment strategies and the importance of adapting to regulatory changes [26][27]. - It suggests that the brokerage sector is poised for growth, particularly in the context of ongoing market reforms and the increasing role of institutional investors [25][28].

Macro - The likelihood of achieving a 5% economic growth target for the year is high, with a decreasing necessity and intensity for incremental policies in the second half of the year [1] - Continuous price pressure has negatively impacted the normal circulation of the national economy, leading to a focus on addressing price issues through unconventional macroeconomic policies [1][2] - The phenomenon of "involution" in both supply and demand sides has intensified downward price pressures, with low capacity utilization and excessive capital expenditure on the supply side, and long working hours suppressing consumer demand on the demand side [2][3] Strategy - The IPO process in Hong Kong involves both public offerings and international placements, with the former primarily targeting retail investors, leading to a liquidity "drain" effect due to the need for investors to freeze funds for subscriptions [6][8] - The introduction of the FINI system in 2023 has significantly reduced the liquidity pressure associated with IPOs by allowing for a pre-set funding compression mechanism, which can save approximately 71% of the funds that would have been frozen historically [8] - The launch of the first batch of Sci-Tech Bond ETFs on July 7, 2025, raised 29 billion yuan, marking a significant expansion in the Sci-Tech bond market, which has seen rapid growth due to supportive policies [9][10] - The current Sci-Tech bonds are predominantly issued by state-owned enterprises, with a significant portion allocated to the banking sector, indicating a strong focus on financing technology innovation [10][11] Non-Bank Financials - The securities industry is expected to benefit from a stable equity market and a recovering bond market, with significant growth in financing activities driven by state-owned banks [22][23] - The competitive landscape is shifting towards a focus on functionality and profitability, with a notable increase in the concentration of leading firms in the industry [24][25] - The capital market is stabilizing, with various funding sources supporting a potential upward breakout in equity markets, positioning brokerages as key players in this trend [26][27] Real Estate - The valuation of major real estate companies is believed to have entered an investment range, with a focus on the "demand bottom" and the dynamics of supply and demand relationships [28] - A potential decline in new housing prices is anticipated, with second-hand housing listings expected to decrease in the coming years, indicating a stabilization in the market [28] Fund Evaluation - The report highlights the regulatory framework surrounding performance benchmarks for mutual funds in the U.S., emphasizing the importance of appropriate benchmark selection for fund performance evaluation [29][30] - U.S. actively managed funds predominantly use single benchmarks, with a high correlation between fund performance and benchmark indices, contrasting with the more complex benchmark structures often seen in China [30][31]

Group 1 - The concept stocks related to stablecoins in the Hong Kong market have continued to rise strongly for three consecutive days [1] - OSL Group (09618.HK) and JD.com (09618.HK) both increased by over 4% [1] - Alibaba (09988.HK) rose by over 3%, while ZhongAn Online (06060.HK) increased by nearly 3% [1] Group 2 - Huaxing Capital Holdings (01911.HK), Yao Cai Securities (01428.HK), and China Merchants Securities (06099.HK) all saw an increase of 1.5% [1]

Core Viewpoint - The case highlights a dispute over high commission fees charged by a brokerage firm, with the court ruling in favor of the brokerage, stating that the fees were within regulatory limits and that the investor's claims of fraud were unfounded [1][3]. Summary by Sections Case Background - The plaintiff, a long-time investor, filed a lawsuit against a brokerage firm, alleging that the high commission fees were fraudulent. The court found that the brokerage's fees were compliant with regulatory standards [1][2]. Commission Fee Discrepancies - The plaintiff was charged a commission rate of 2.5‰ for several years, while new investors were charged a significantly lower rate of 0.6‰ starting in 2016. The plaintiff claimed this constituted price discrimination and fraud [2][3]. Court Rulings - The first-instance court ruled that the commission agreements were valid and that the fees charged were within the regulatory cap of 3‰. The court also noted that commission adjustments typically require investor initiation, which the plaintiff did not do until later [3][5]. - The appellate court upheld the initial ruling, stating that the brokerage acted within legal and contractual bounds, and dismissed the plaintiff's claims of excessive fees and fraud as lacking factual and legal basis [3][5]. Industry Context - The case reflects a broader issue in the securities industry where many investors remain unaware of lower commission rates available to new clients, leading to claims of being "taken advantage of" by their brokers [4][5]. - Similar cases have been reported, indicating that disputes over commission fees are not uncommon, with other investors also facing challenges in court regarding their brokerage fees [4][6].

Core Viewpoint - The collaboration between招商证券 and major fund companies aims to enhance investor knowledge of ETFs and promote the healthy development of the ETF market, particularly focusing on the brokerage sector benefiting from favorable policies and improving fundamentals [1][2]. Policy and Market Environment - The recent recovery in the brokerage sector is attributed to favorable policies, particularly the "1+6" reform details for the Sci-Tech Innovation Board, which are expected to benefit brokerage investment banking and private equity direct investment [2][4]. - Key policy focuses include building an international financial center in Shanghai, establishing a digital RMB international operation center, and deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [3]. Brokerage Sector Outlook - The brokerage sector is expected to benefit from a combination of policy, fundamental, and capital market support in the second half of the year, with current valuations being historically low and offering good investment value [1][8]. - Long-term trends indicate that mergers and acquisitions among brokerages will become more certain, with a focus on high-quality leading brokerages or brokerage ETFs for investment [1][12]. Business Performance and Growth Drivers - The brokerage sector's main business components include brokerage services, investment banking, proprietary trading, asset management, and margin financing, all of which are showing positive trends [9][11]. - The brokerage business has seen a significant rebound in trading volume, with daily trading volumes exceeding 1 trillion yuan, indicating a strong recovery compared to the previous year [10]. Investment Opportunities - Investors are encouraged to focus on leading brokerages or consider brokerage ETFs, which provide diversified exposure to the sector and are cost-effective [1][14]. - The approval of new business licenses for brokerages indicates a shift towards embracing new financial technologies, potentially driving growth and changing valuation models in the sector [15][21]. Market Comparison: A-shares vs. H-shares - The brokerage sector in the A-share market is currently valued at around 20 times earnings, while the H-share market is at approximately 15 times, indicating a better valuation opportunity in the H-share market [19][20]. - The concentration of leading brokerages is higher in the H-share market, which may lead to different investment dynamics compared to the A-share market [17][18]. Future Market Trends - The brokerage sector is expected to experience a convergence of policy, fundamental, and capital market support, leading to a positive outlook for the second half of the year [24][25]. - The transition from indirect to direct financing in the domestic capital market is anticipated to provide significant growth opportunities for brokerages, enhancing their long-term investment value [22].

根据公开资料，陈凯杨是公募基金老将，从业20年，投资经理年限是14年，拿过中国证券报的金牛奖、 中国基金报的英华奖、证券时报的明星基金奖。 陈凯杨职位是MD级别的董事总经理兼固收部公募组投资负责人，博时基金的固收业务，主要负责中长 债基，2022年管理规模约200亿左右。 （公司研究室 曲奇） 近日，一份疑似博时基金的工资单在网上被疯传，博时基金公司内部的工号、部门、姓名、职级、薪酬 等信息被泄露。 从曝光内容来看，涉及从固收、权益到财务、信息等部门数十名员工的工号、姓名、职级、月薪等情 况，其中月薪最高为13.5万元。 | id | login | department | | name | level | monthly_salary | | --- | --- | --- | --- | --- | --- | --- | | 5 | raally | 财务 | | 声 当顺 | S4.1 | 27,500.00 | | 1 | 112 | 财务 | | 11 | S4.1 | 24,300.00 | | - | | 财务 | | 11 82 | S4.1 | 23,500.00 | | | 10 | ...

Group 1 - The core viewpoint is that the national medical insurance fund in China is operating safely and steadily in 2024, with a coverage rate stable at over 95% and total income and expenditure both showing year-on-year growth, resulting in a cumulative surplus of 5.31 trillion yuan [1] - The number of employees covered by medical insurance increased by 2.3% year-on-year, with income growing by 3.5% and expenditure rising by 7.6%. The overall fund income increased by 4.6%, while expenditure surged by 13.5%, leading to a surplus of 41.2 billion yuan for the current period [1] - The income from resident medical insurance grew by 5.78%, with expenditure increasing by 1.9%, resulting in a surplus of 51.9 billion yuan for the current period. The overall operation of the medical insurance fund remains stable, providing a solid payment environment for the biopharmaceutical industry [1] Group 2 - The Vaccine ETF tracks the National Index of Vaccines and Biotechnology, which is compiled by Shenzhen Securities Information Co., Ltd. It selects listed companies involved in vaccine research, production, and related biotechnology sectors from the A-share market to reflect the overall performance of these securities [1] - This index focuses on the biopharmaceutical industry, particularly companies in the vaccine segment, effectively tracking the comprehensive trends of this specialized market [1] - Investors without stock accounts can consider the Guotai National Vaccine and Biotechnology ETF Initiated Link A (017185) and Guotai National Vaccine and Biotechnology ETF Initiated Link C (017186) [1]

Group 1 - The fund is named "Zhaoshang Asset Management China Bond 1-5 Year Policy Financial Bond Index Securities Investment Fund" and is classified as a bond-type securities investment fund [23][24] - The fund will be publicly offered from July 21, 2025, to August 4, 2025, through designated sales institutions, with the possibility of adjusting the fundraising period based on subscription conditions [1][32] - The fund's management company is Zhaoshang Securities Asset Management Co., Ltd., and the custodian is Zhejiang Commercial Bank Co., Ltd. [1][58] Group 2 - The fund offers two classes of shares: Class A shares, which charge subscription fees, and Class C shares, which do not charge subscription fees but deduct service fees from the fund's assets [2][29] - The minimum subscription amount for individual investors is set at 1.00 yuan, and there is no limit on the cumulative subscription scale for individual investors during the fundraising period [8][44] - The fund aims to achieve effective tracking of the benchmark index with minimal tracking deviation and tracking error [25] Group 3 - The fund's investment scope primarily includes the components of the benchmark index and other financial instruments with good liquidity, such as government bonds and policy financial bonds [26] - The fund will not invest in stocks, convertible bonds, or credit bonds, and it must maintain at least 80% of its assets in bond investments [27] - The fund's total minimum subscription amount is set at 200 million shares, with a minimum fundraising amount of 200 million yuan [31]

Group 1 - The performance of Hong Kong stocks related to stablecoins showed mixed results during trading [1] - Jinyong Investment (01328.HK) increased by over 7.5%, while Yunfeng Financial (00376.HK) rose by more than 4.5% [1] - Lianlian Digital (02598.HK) experienced a gain of 1.6% [1] Group 2 - On the downside, Lianyi Rong Technology (09959.HK) fell by over 6% [1] - OSL Group (00863.HK) declined by more than 5% [1] - China Everbright Holdings (00165.HK), China Merchants Securities (06099.HK), and Guotai Junan International (01788.HK) all dropped by over 2% [1]