中 信 建 投 証 券 股 份 有 限 公 司（「 公 司 」）董 事 會（「 董事會 」）成 員 及 其 各 自 於董事會及董事會委員會的角色及職能載列如下： （於中華人民共和國註冊成立的股份有限公司） （股份代號：6066） 董事名單與其角色和職能 | 董事會委員會 | | 發展戰略 | 風險管理 | 審 計 | 薪酬與提名 | | --- | --- | --- | --- | --- | --- | | 董 事 | | 委員會 | 委員會 | 委員會 | 委員會 | | 劉成先生 （董事長、執行董事） | | C | | | M | | 李岷先生 （副董事長、 | 非執行董事） | M | | | M | | 朱永先生 | | | | | | | （副董事長、 | 非執行董事） | M | | M | | | 金劍華先生 （執行董事） | | M | M | | | | 閆小雷先生 | | | M | M | | | （非執行董事） | | | | | | | 王廣龍先生 | | M | | | | | （非執行董事） | | | | | | | 楊棟先生 （非執行董事） | | | C | | M ...

Group 1 - The Shanghai Composite Index has shown a four consecutive month increase, reaching a peak of 3888 points, but short-term fluctuations around 3800 points are expected due to strong support at 3766 [1] - The weakening of the US dollar and the decoupling of US Treasury yields have increased the attractiveness of emerging markets, supported by continuous inflows from margin trading, household deposits, and northbound capital [1] - The current market sentiment is entering an overheated phase, with a noticeable tendency for crowding in certain sectors, particularly in TMT, which is approaching a warning line, indicating a need to pay attention to deteriorating trading structures [1] Group 2 - The mid-year report indicates a clear turning point in profitability for 2025, with revenue and net profit expected to turn positive, signaling a mild recovery phase for companies [2] - There is a notable improvement in cash flow and expense ratios, enhancing corporate resilience, while ROE stabilizes at the bottom but shows structural differentiation due to insufficient demand affecting asset efficiency [2] - The technology manufacturing sector is performing well, while the cyclical sector shows internal differentiation, and the consumer sector is awaiting revenue benefits to translate into profits [2]

Group 1 - Current A-share market trading sentiment has entered an overheating stage, with a noticeable tendency for collective trading, necessitating attention to deteriorating trading structure [1] - The TMT sector's congestion level is approaching a warning line, while low-heat sectors like consumption and cyclical industries may offer better cost-performance in the next market phase [1] - By the first half of 2025, revenue and net profit are expected to turn positive year-on-year, indicating a clear turning point in the profit cycle and a mild recovery path for enterprises [1] Group 2 - After significant fluctuations in the index last week, the A-share market's chip structure has improved, further solidifying the foundation for market strength [2] - The "anti-involution" policy and demand-side policies will be crucial factors influencing the height of the A-share market in the medium term, with increased household savings entering the market as a key support for index strength [2] - The current abundant liquidity remains the main foundation for the market trend, with a good holding experience and profit effect continuously attracting incremental funds into the market [2]

美银证券发表研究报告指，中信建投证券上半年净利润达45亿元，按年增长58%，符合预期；总经营收 入按年增长20%至107亿元，主要受经纪佣金收入按年升33%与投资收益按年升30%所推动。该行将其H 股目标价由14.8港元上调至15.6港元，重申"买入"评级；A股目标价由27.2元上调至27.4元，维持"跑赢 大市"评级。 ...

Core Insights - The brokerage industry is experiencing a significant decline in fund commission income, with a 35.27% drop in the first half of 2025 compared to the same period in 2024, totaling 4.284 billion yuan [1][2] - Despite a 22.84% increase in stock trading volume by funds, the commission rate has decreased sharply, falling to 0.3688% from 0.6998% in the previous year, marking a 47% decline [1][2] - The overall trend indicates a shift in the brokerage sector, with firms seeking to transform their research capabilities and explore new service directions due to declining commission revenues [4][6] Brokerage Commission Income - In the first half of 2025, the top five brokerages by fund commission income are CITIC Securities, Guotai Junan, GF Securities, Changjiang Securities, and Huatai Securities [2][4] - CITIC Securities remains the leader with 312 million yuan in commission, despite a 35.93% decrease from the previous year [3][10] - Guotai Junan, after merging with GF Securities, saw its ranking rise to second place, earning 276 million yuan, nearly unchanged from the previous year [2][4] Changes in Rankings - The rankings of the top ten brokerages by commission income have shifted, with notable movements including Guotai Junan rising from seventh to second place and CITIC Securities maintaining its first position [2][3] - Other brokerages like Longjiang Securities and Huatai Securities have seen slight changes in their rankings, with Longjiang dropping one position and Huatai rising one position [4][10] Regulatory Impact - New regulations effective from July 1, 2024, have set stricter limits on commission rates for public fund transactions, further pressuring brokerage income [4] - The commission rate for passive equity funds is capped at 0.262%, while other types cannot exceed 0.524%, which has led to a reevaluation of brokerage strategies [4] Resilience Among Smaller Brokerages - Some smaller brokerages, such as Huayuan and Huafu, have reported significant growth in commission income despite the overall industry decline, indicating a potential shift in market dynamics [5][6] - Notably, Guolian Minsheng Securities and Zheshang Securities have improved their rankings significantly, with Guolian Minsheng's commission income increasing by 138.83% due to a low base from the previous year [6][9]

Summary of Key Points Core Viewpoint - In the first eight months of 2025, a total of 67 companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 65.38 billion yuan in funds, indicating a robust IPO market activity in China [1][2]. Group 1: Listing and Fundraising - 67 companies were listed, with 23 on the main board, 24 on the ChiNext, 8 on the Sci-Tech Innovation Board, and 12 on the Beijing Stock Exchange [1]. - The total fundraising amount reached 65.38 billion yuan, with Huadian New Energy leading at 18.17 billion yuan [1]. - Other notable fundraisers included Zhongce Rubber at 4.07 billion yuan and Tianyouwei at 3.74 billion yuan, ranking second and third respectively [1]. Group 2: Underwriting and Sponsorship Fees - 30 brokerage firms participated in the underwriting and sponsorship of new listings, earning a total of 3.30 billion yuan in fees [1]. - CITIC Securities topped the list with 399.19 million yuan in underwriting fees, having sponsored six companies including Huadian New Energy [1][2]. - Guotai Junan and Huatai United ranked second and third in underwriting fees, earning 327.94 million yuan and 294.48 million yuan respectively [2]. Group 3: Additional Brokerage Firms - Other significant brokerage firms included CITIC Securities and CICC, earning 250.80 million yuan and 231.62 million yuan respectively, ranking fourth and fifth [2][3]. - The top five brokerage firms collectively earned 1.50 billion yuan, accounting for 45.59% of the total underwriting fees [4]. - Other firms in the top ten included Shenwan Hongyuan, Minsheng Securities, Dongxing Securities, and Oriental Securities, with fees ranging from 136.59 million yuan to 171.31 million yuan [4].

中信建投：长期趋势仍未改变，最优策略是切入低估值消费与周期板块 中信建投表示，总体来看，TMT板块拥挤度虽未见顶，但已接近预警线，消费、周期等低热度板块可 能在下一阶段的行情中拥有更高性价比。市场资金从避险逐步转向攻守兼备，青睐稳健型与成长性资 产。长期趋势仍未改变，最优的策略是切入低估值消费与周期板块，如大消费、有色、新能源等。重点 关注：大消费、新能源、非银、创新药、TMT、有色、卫星互联网。 广发证券：各地供应趋紧 预计煤价下行有限 上周五A股8月收官，8月市场总体呈现单边震荡上行态势，三大指数月线均大涨，其中创业板指8月累 计涨超24%，沪指站上3800点创10年新高，科创50指数8月大涨28%。从板块来看，8月市场热点主要集 中在算力和芯片方向，算力板块中，新易盛等多股创历史新高，工业富联(601138.SH)总市值超万亿； 芯片股中，寒武纪(688256.SH)本月股价翻倍，超越贵州茅台成为A股"股王"。 在今天的券商晨会上，华泰证券认为，9月产业催化密集下科技或仍有表现；中信建投指出，长期趋势 仍未改变，最优策略是切入低估值消费与周期板块；广发证券表示，各地供应趋紧，预计煤价下行有 限。 华泰证 ...

Group 1 - The current market trading sentiment has entered an overheating phase, with a noticeable tendency for crowding, indicating a need to pay attention to the deterioration of trading structure [1] - The TMT sector's congestion level is approaching a warning line, suggesting that the deteriorating market trading structure requires attention [1] - Low-heat sectors such as consumption and cyclical industries may offer higher cost-performance ratios in the next phase of the market [1] Group 2 - In the first half of 2025, revenue and net profit have turned positive year-on-year, indicating a clear turning point in the profit cycle and a mild recovery path for enterprises [1] - Market funds are gradually shifting from risk aversion to a balanced approach, favoring stable and growth-oriented assets [1] - The long-term trend remains unchanged, with the optimal strategy being to invest in undervalued consumption and cyclical sectors, such as large consumption, non-ferrous metals, and new energy [1] Group 3 - Key sectors to focus on include large consumption, new energy, non-bank financials, innovative pharmaceuticals, TMT, non-ferrous metals, and satellite internet [1]

Group 1: Power Equipment - The AIDC sector continues to show strong sentiment, with companies disclosing new product developments such as SST and HVDC, leading to valuation premiums for new technologies [2] - The high demand for AIDC is expected to persist, with a focus on the release of high-pressure equipment and the extension of the high-pressure equipment boom cycle due to the Yaxia project [2] - Exports in the power transformer sector are projected to grow over 40% in the first half of 2025, driven by strong overseas demand [2] Group 2: Lithium Battery - Opportunities in the lithium battery sector arise from the upcoming peak season and unexpected growth in energy storage, with many stocks being key components of the ChiNext board [4] - The focus is on low-valuation leading companies with stable performance, as well as elastic stocks like 6F that are expected to see price increases [4] Group 3: Photovoltaics - The implementation of the Pricing Law supports the photovoltaic industry chain, ensuring that sales do not fall below full cost, thus providing strong price support [8] - From September, silicon material production and sales will be limited, with expectations for stable output and restricted sales, leading to a potential narrowing of losses for companies with sufficient inventory [8] - The industry's profitability is expected to improve, contingent on unexpected changes in supply and demand dynamics [8] Group 4: Energy Storage - Companies with strong performance in the energy storage sector are expected to maintain their momentum, supported by recent capacity pricing policies and favorable long-term demand from new energy sources [12] Group 5: Wind Power - The wind power sector has shown recovery in profitability, with most major turbine manufacturers entering a recovery phase, and turbine prices have increased by 5-10% since November 2024 [13] - Component manufacturers have reported significant growth in Q2, confirming the high demand in the industry [13] - The offshore wind sector is expected to see high growth in installations, driven by successful project advancements [13] Group 6: Hydrogen Energy - North American SOFC leaders are transitioning from 1GW to 2GW production capacity, with a strong outlook for stock price growth due to high visibility of future orders [15] - Long-term cost reductions in SOFC technology are anticipated to enhance its economic advantages, potentially increasing market penetration significantly [15] Group 7: Robotics - The human-shaped robot sector has seen a decline in short-term interest, but future developments are expected as new technologies and supply chains mature [15] - Domestic applications are anticipated to see growth as automation solutions are implemented in production lines, with significant developments expected by the end of 2025 [15]

Group 1 - The core viewpoint of the article highlights the significant changes in stock holdings by securities firms during the second quarter, with a focus on industries such as basic chemicals, machinery, automotive, and pharmaceuticals [1] - Securities firms collectively increased their positions in 63 stocks during the second quarter, with notable additions including Zhongke Titanium White, New Mileage, Jiangzhong Pharmaceutical, and Yuntianhua [1] - Several companies, including Chuanheng Co., Furan Energy, Ruida Futures, and Zhejiang Huaye, received attention from at least three securities firms, indicating strong interest [1] Group 2 - In terms of holding scale, data from Choice shows that Jiangsu Bank, Yong'an Futures, CITIC Securities, and Sinopec have the highest total shareholdings among securities firms [1] - As of the closing price on June 30, 2025, Jiangsu Bank leads with a holding market value of 11.026 billion yuan, followed by CITIC Securities and Yong'an Futures with 9.208 billion yuan and 6.507 billion yuan respectively [1] - Other companies such as Muyuan Foods, Cangge Mining, Sinopec, and Guangqi Technology also have significant market values in securities holdings [1]