Economic Overview - In July 2025, the national industrial added value increased by 5.7% year-on-year, a decline of 1.1 percentage points from the previous month[11] - The total retail sales of social consumer goods reached 38,780 billion yuan, growing by 3.7% year-on-year, with a decrease of 1.1 percentage points compared to June[15] - Fixed asset investment (excluding rural households) from January to July totaled 288,229 billion yuan, with a year-on-year growth of 1.6%, marking a continuous decline for four months[18] Henan Province Economic Performance - In July 2025, Henan's industrial added value grew by 8.8% year-on-year, exceeding the national average by 3.1 percentage points[25] - The total retail sales of social consumer goods in Henan reached 212.53 billion yuan, with a year-on-year increase of 4.8%, surpassing the national average by 1.1 percentage points[26] - Fixed asset investment in Henan from January to July increased by 5.6% year-on-year, higher than the national average by 4.0 percentage points[29] Regional Economic Contributions - Zhengzhou contributed 7,329.3 billion yuan, accounting for 23.1% of Henan's total economic output, with Luoyang and Nanyang following at 2,925.3 billion yuan (9.2%) and 2,389.83 billion yuan (7.5%) respectively[34] - Six cities in Henan achieved GDP growth rates exceeding the provincial target of 5.7%, with the highest growth in Leihe and Shangqiu at 7.3% and 7.0% respectively[34] Investment and Consumption Trends - The investment in real estate development in Henan decreased by 8.0% year-on-year from January to July, indicating a continued decline in the real estate market[22] - Consumer demand showed signs of recovery with increased spending in food and beverage categories, while "old-for-new" consumption policies led to a decline in certain retail categories[16][26] Risks and Challenges - Potential risks include slower-than-expected policy implementation affecting economic recovery, insufficient domestic demand, and escalating trade tensions[4][38]

Group 1 - The Hong Kong stock market opened slightly higher on August 21, with the Hang Seng Index at 25,216 points, up 0.20%, while the Hang Seng Tech Index was at 5,528 points, down 0.23% [1] - Hong Kong Exchanges and Clearing (HKEX) reported record high revenue and net profit for the first half of 2025, with total revenue of HKD 14.076 billion, a year-on-year increase of 33%, and net profit of HKD 8.519 billion, up 39% [3] - The increase in trading volume in the cash market, derivatives market, and Stock Connect was attributed to the recovery of the Hong Kong stock market and growing global investor interest in non-USD assets [3] Group 2 - HKEX CEO Charles Li indicated that the exchange will explore a 24-hour trading mechanism, which positively impacted the stock price, reaching a high of HKD 447, up 1.31% [4] - Domestic brokerage stocks saw a significant rise, with Guotai Junan International up over 5% and Guotai Haitong up over 2%, while other firms like Zhongzhou Securities and China Galaxy also experienced gains [4] - Various cross-border ETFs, including the Hong Kong Stock Connect Innovative Drug ETF and Hong Kong Securities ETF, showed strong performance, with increases of over 1% [5]

Group 1 - The core point of the article is that E Fund Management Co., Ltd. has increased its stake in Zhongzhou Securities (01375.HK) to 10.04% by purchasing 627,000 shares at an average price of HKD 2.7771 per share, involving a total investment of approximately HKD 1.7412 million [1][2]. Group 2 - The transaction occurred on August 14, 2025, and the new total number of shares held by E Fund Management is 120,050,000 [1][2]. - The increase in shareholding percentage from 9.99% to 10.04% indicates a strategic move by E Fund Management to strengthen its position in Zhongzhou Securities [1].

智通财经APP获悉，香港联交所最新资料显示，8月14日，易方达基金管理有限公司增持中州证券 (01375)62.7万股，每股作价2.7771港元，总金额约为174.12万港元。增持后最新持股数目约为1.2亿股， 最新持股比例为10.04%。 ...

Group 1 - E Fund Management Co., Ltd. increased its stake in Zhongzhou Securities (01375) by 627,000 shares at a price of HKD 2.7771 per share, totaling approximately HKD 1.7412 million [1] - After the increase, E Fund's total shareholding in Zhongzhou Securities is approximately 120 million shares, representing a holding percentage of 10.04% [1]

（文章来源：每日经济新闻） 中原证券8月20日发布研报称，给予吉比特（603444.SH，最新价：421.19元）买入评级。评级理由主要 包括：1）持续推进全球化发行进程；2）毛利率提升显著，研发费用率下滑对冲销售费用率提升。风险 提示：买量成本提升、行业竞争加剧、行业政策变化、游戏产品流水表现不及预期。 ...

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 中原证券指出，宽基中证500指数本周表现活跃，通信（7.66%）、电子（7.02%）、非银金融 （6.48%）等行业涨幅居前。当前中证500成分股中，电子（53.13倍PE）、计算机（56.96倍PE）等科技 板块估值处于高位。整体来看，中证500指数中科技成长板块受资金青睐。 国泰中证500ETF（561350）跟踪的是中证500指数（000905），该指数从A股市场中选取市值较大、流 动性较好的500只股票作为指数样本，旨在反映中国A股市场中盘股票的整体表现。中证500指数行业分 布均衡，覆盖成长与周期性板块，具有良好的市场代表性与分散化特点。 没有股票账户的投资者可关注国泰中证500ETF发起联接C（013834），国泰中证500ETF发起联接A （013833）。 ...

Core Insights - The report highlights a positive outlook for the A-share market, driven by a shift in household savings towards capital markets and supportive monetary policies, with an expected recovery in corporate earnings growth in 2025 [7][8][10] - The gaming, publishing, and IP derivative sectors are identified as key investment opportunities, with strong performance expected due to favorable market conditions and technological advancements [12][13][14] - The automotive industry shows resilience with a significant increase in new energy vehicle exports, indicating robust demand and market share growth for domestic brands [16][17] - The software industry is experiencing growth, particularly in AI applications, with a notable increase in project bids and revenue, suggesting a strong future trajectory for domestic software companies [19][20][21] Domestic Market Performance - The A-share market has shown slight fluctuations, with the Shanghai Composite Index closing at 3,727.29, reflecting a minor decrease of 0.02% [3] - The average P/E ratios for the Shanghai Composite and ChiNext are at 15.26 and 45.19 respectively, indicating a suitable environment for medium to long-term investments [7][10] Industry Analysis - The media sector has seen a 6.56% increase from July 21 to August 15, 2025, with a notable rise in public fund holdings, particularly in gaming and advertising [12][25] - The automotive sector's production and sales figures for July indicate a seasonal decline but maintain a year-on-year growth rate of over 10%, with new energy vehicles leading the charge [16][17] - The software industry reported a revenue increase of 11.9% in the first half of 2025, with AI-related projects significantly contributing to this growth [19][20] Investment Recommendations - The report suggests focusing on sectors such as gaming, publishing, and IP derivatives due to their strong performance and growth potential [13][14][25] - In the automotive sector, the recommendation is to monitor the impact of policies aimed at enhancing market competition and the adoption of smart driving technologies [16][17] - For the software industry, attention is drawn to the increasing demand for AI applications and the potential for domestic companies to capture market share [19][20][21]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 Central China Securities Co., Ltd. （2002年於中華人民共和國河南省成立的股份有限公司，中文公司名稱為「中原証券股份有限公司」， 在香港以「中州証券」名義開展業務） （股份代號：01375） 董事會召開日期 中原證券股份有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此宣佈， 本公司將於二零二五年八月二十九日（星期五）舉行董事會會議，其中議程包 括審議及批准本公司及其附屬公司截至二零二五年六月三十日止六個月之中 期業績及其刊發，以及考慮派發中期股息之建議（如有）。 承董事會命 中原證券股份有限公司 董事長 張秋雲 中國，河南 2025年8月19日 於本公告日期，本公司董事為張秋雲女士、李文強先生、馮若凡先生、唐進先生及田聖春先 生，陳志勇先生*、曾崧先生*及賀俊先生*。 * 本公司獨立非執行董事 ...

相关事件 中州证券(01375.HK)8月29日举行董事会会议审议及批准中期业绩 中州证券(01375.HK)获易方达基金增 持473.5万股 格隆汇8月19日丨中州证券(01375.HK)宣布，公司将于2025年8月29日(星期五)举行董事会会议，其中议 程包括审议及批准公司及其附属公司截至2025年6月30日止六个月之中期业绩及其刊发，以及考虑派发 中期股息之建议(如有)。 ...