Market Overview - A-shares experienced a slight increase after a "stress test" yesterday, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 0.52%, 0.83%, and 1.21% respectively, with over 3,400 stocks rising and 1,700 falling [4] Automotive Parts Sector - The automotive parts sector surged due to the "60-day account period" news, with stocks like Yingli Automotive, West Shanghai, and others hitting the daily limit [3] Financial Sector - The financial sector opened strong, with notable gains in stocks such as Xinda Securities and Industrial Securities, although there was a slight pullback after initial surges [17][18] - A significant event in the financial sector was the announcement of personnel changes at Industrial Securities, which led to a temporary spike in its stock price [21][22] Pop Mart and Related Stocks - Pop Mart-related stocks saw renewed activity, with Qingmu Technology hitting the daily limit and other related stocks like Jinyun Laser and Xinghui Material also experiencing significant gains [5][8][10] - The overall performance of the blind box and IP economy sectors rose by 4.88% and 1.81% respectively, driven by Pop Mart's strong performance [13] ST Jingfeng - ST Jingfeng reached a four-year closing high, recovering from a previous low of 0.72 yuan to a closing price of 6.35 yuan, indicating a potential for significant returns [24] Strong Stocks - Previous strong stocks showed signs of fatigue, with several experiencing declines, while some digital currency-related stocks remained active [26][27]

Macro Dynamics - China will implement zero tariffs on 100% of products for 53 African countries that have established diplomatic relations, enhancing export convenience for the least developed countries in Africa [1] - The China-Africa Cooperation Forum has led to significant development in China-Africa relations, with China being Africa's largest trading partner for 16 consecutive years and new investments exceeding 13.3 billion RMB since the Beijing Summit [2] Automotive Industry - In the first five months of the year, China's automobile sales reached 12.748 million units, with new energy vehicles accounting for 44% of total sales, reflecting a growth of 45.2% in production and 44% in sales for new energy vehicles [3] Financial Institutions - Industrial Securities clarified rumors regarding a potential merger with Huafu Securities, stating that there are no plans for such a merger and that no relevant information has been disclosed [6] - The former deputy governor of China Construction Bank's Anhui branch was expelled from the party due to serious violations of discipline and law, highlighting ongoing regulatory scrutiny in the financial sector [7] Market Data - On June 11, the A-share market saw all three major indices rise, with the Shanghai Composite Index increasing by 0.52% and the Shenzhen Component Index by 0.83%, indicating positive market sentiment [8] - The Hong Kong stock market also experienced gains, with the Hang Seng Index rising by 0.84% and the Hang Seng Tech Index by 1.09%, driven by strong performances from companies like Bilibili and Pop Mart [9] Company Dynamics - Marelli, a global automotive parts giant, filed for Chapter 11 bankruptcy protection to restructure its long-term debt, with 80% of creditors supporting the restructuring plan [11] - Douyin e-commerce announced measures to combat false advertising, targeting merchants and creators engaged in misleading marketing practices [12] - Jin Cheng Pharmaceutical denied rumors of supplying raw materials to international beauty brands, clarifying that the information is not true [13] - Jetstar Asia announced it will cease operations on July 31, reallocating its aircraft to Australian and New Zealand routes, while maintaining other international routes [14]

证券代码：601377 证券简称：兴业证券 公告编号：临 2025-022 特此公告。 兴业证券股份有限公司 董 事 会 二、澄清声明 截至本公告披露日，公司未得到任何来自政府部门、监管机构或公司股东 有关上述传闻的书面或口头的信息。经公司与控股股东福建省财政厅确认，控股 股东不存在筹划上述传闻所称事项或其他涉及公司的应披露而未披露的重大事 项，公司亦无应披露而未披露的信息。 三、郑重提醒 感谢社会各界和广大投资者对公司的关注与支持。有关公司信息以公司在 上海证券交易所网站（http://www.sse.com.cn）和公司指定信息披露媒体刊登 的相关公告为准，敬请广大投资者及时关注，理性投资，注意风险。 兴业证券股份有限公司澄清公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、传闻简述 近日，兴业证券股份有限公司（以下简称"公司"）关注到有市场传闻称 公司将与华福证券有限责任公司进行合并。为避免相关传闻对社会各界和投资者 造成误导，现予以澄清说明。 二〇二五年六月十二日 1 ...

Summary of Key Points Core Viewpoint - The company, Fujian Chuangshi Technology Co., Ltd., is planning to adjust the internal investment structure of its fundraising projects and extend the project timelines, which has been reviewed and approved by its board and supervisory committee [6][7]. Fundraising Overview - The company issued 34.125 million shares at a price of 21.31 RMB per share, raising a total of 727.20375 million RMB, with a net amount of 666.6149 million RMB after deducting issuance costs [1]. Use of Fundraising - The net proceeds are planned to be invested in three main projects: 1. Industry Electronic Payment Solution Upgrade 2. Merchant Service Network Construction 3. R&D Center Construction [2][3]. Project Adjustments - **Industry Electronic Payment Solution Upgrade**: - Total investment remains at 22,636.52 million RMB, with adjustments in construction and development costs, extending the project completion date to December 31, 2028 [4][5]. - **Merchant Service Network Construction**: - The project timeline is also extended to December 31, 2028, to adapt to the growing digital marketing needs of merchants in the mobile payment era [4][5]. - **R&D Center Construction**: - The total investment remains unchanged at 10,084.03 million RMB, with an extension of the completion date to December 31, 2028, focusing on enhancing technological innovation and service capabilities [5]. Impact of Adjustments - The adjustments are deemed necessary for the company's strategic development and will not adversely affect the normal operations or the interests of shareholders [5][6]. Review and Approval Process - The adjustments have been approved by both the board and the supervisory committee, and will be submitted for shareholder approval [6][7].

Group 1 - The Shanghai Stock Exchange's benchmark market-making bond ETFs have collectively surpassed 100 billion yuan, with a total scale of nearly 48 billion yuan as of June 10, representing a 300% increase from the issuance scale [1] - The Shenzhen Stock Exchange is set to welcome "H+A" listed companies, which is expected to bring more quality listing resources and new opportunities for the A-share market [1] Group 2 - BMW's 5 Series has seen a price drop of 180,000 yuan within six months, with a nearly 40% decline in its five-year resale value [2] - Google has offered voluntary severance packages to employees across multiple departments, including its core engineering and search teams, as part of its latest workforce reduction efforts [2] Group 3 - Volkswagen announced a leadership change, appointing Kai Ze Kai as the new CEO for its passenger car brand in China, effective July 1, 2025 [3] - The wholesale price of the 25-year Flying Moutai has dropped below 2,000 yuan per bottle, indicating a price decline in the liquor market [3] Group 4 - The founder of Pang Dong Lai estimates the company's net profit for 2025 to be around 1.5 billion yuan, with an average monthly income of 9,000 yuan for over 8,000 employees [3] Group 5 - Tencent has established an executive committee for its online video business unit, with Sun Zhonghuai appointed as chairman [4] - Industrial Securities has announced a leadership change, with Su Junliang appointed as the party secretary [4] Group 6 - Yilian Biotech has hired banks to arrange its IPO in Hong Kong, aiming to raise over 100 million USD [5] - October Rice Field has received a notice from the China Securities Regulatory Commission regarding its H-share full circulation application [5] Group 7 - New City Development plans to fully repurchase its 300 million USD offshore bonds maturing in July [5] - Rongfa Nuclear Power intends to issue non-public corporate bonds totaling no more than 1 billion yuan [5] Group 8 - Changyuan Donggu has been designated as a supplier for a well-known domestic automaker's engine cylinder body semi-finished product project, with an expected total sales amount of 450 million to 500 million yuan over five years [6] Group 9 - Huaxia Bank has received approval from the National Financial Regulatory Administration for the appointment of Zhang Chuanliang as a director [7][8] Group 10 - Dinglong Co. plans to acquire an 8% stake in its subsidiary, Dinghui Microelectronics, for 240 million yuan, increasing its ownership from 91.35% to 99.35% [9] Group 11 - The Shanghai Composite Index rose by 0.52% to surpass 3,400 points, with significant gains in rare earth and automotive parts sectors [10]

兴业证券（601377）公告，公司关注到市场传闻称公司将与华福证券有限责任公司进行合并。公司澄 清，截至本公告披露日，未得到任何来自政府部门、监管机构或公司股东有关上述传闻的书面或口头信 息。经公司与控股股东福建省财政厅确认，控股股东不存在筹划上述传闻所称事项或其他涉及公司的应 披露而未披露的重大事项，公司亦无应披露而未披露的信息。 ...

关注到有市场传闻称公司将与华福证券有限责任公司进行合并。截至本公告披露日，公司未得到任何来 自政府部门、监管机构或公司股东有关上述传闻的书面或口头的信息。经公司与控股股东福建省财政厅 确认，控股股东不存在筹划上述传闻所称事项或其他涉及公司的应披露而未披露的重大事项，公司亦无 应披露而未披露的信息。 ...

Core Viewpoint - The recent personnel changes at two Fujian-based securities firms, Xingye Securities and Huafu Securities, indicate a potential shift in leadership and strategic direction within the companies, particularly with the appointment of Su Junliang as the new Party Secretary and prospective Chairman of Xingye Securities [2][3]. Group 1: Leadership Changes - Su Junliang has been appointed as the Party Secretary of Xingye Securities and is expected to become the Chairman, succeeding Yang Huahui, who is stepping down due to age reasons [2]. - Su Junliang has a long history with Xingye Bank, having worked there for over 30 years in various key positions across multiple regions [2]. - Yang Huahui's future role may involve a position in Xingye Bank's senior management, as he has held several significant roles within the bank and its affiliated entities [4]. Group 2: Strategic Implications - The transition of Su Junliang to Xingye Securities may reflect a broader trend of resource integration and consolidation within Fujian's state-owned financial institutions, as both firms are under the control of the Fujian Provincial Finance Department [3]. - A strategic cooperation agreement was signed between Xingye Securities and Huafu Securities, aiming to enhance collaboration in investment banking, bond financing, and research services to support high-quality economic development in Fujian [3]. - Analysts suggest that the increasing demand for resource sharing and integration among securities firms may lead to more mergers and acquisitions as a viable strategy for enhancing competitive capabilities [3]. Group 3: Market Reaction - Following the announcement of these leadership changes, Xingye Securities' stock price surged by 9.29%, closing at 6.47 yuan per share, indicating positive market sentiment regarding the new leadership [5].

Core Viewpoint - The financial sector experienced a significant surge in response to merger rumors, with various ETFs and securities showing notable gains, indicating a positive market sentiment towards potential consolidation in the industry [1][4][5]. ETF Performance - The Hong Kong Securities ETF rose by 3.11%, while other financial ETFs also saw increases, with the Securities ETF Leader up by 2.19% and the Insurance Securities ETF up by 2.18% [2]. - The top-performing ETFs included the Hong Kong Securities ETF, which has a year-to-date increase of 14.24%, and the Port Hong Kong Financial ETF, which has increased by 18.70% this year [2]. Market Catalysts - Multiple catalysts are driving the sector's performance, including a policy from the Central Committee and State Council that allows companies from the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange, potentially boosting IPO activities and improving brokerage revenues [4]. - Recent approvals from the China Securities Regulatory Commission (CSRC) for several brokerages to change their actual controllers to Central Huijin have reignited market expectations for mergers and acquisitions among brokerages [4][6]. Regulatory Support - The Central Financial Work Conference emphasized the need to accelerate the construction of a strong financial sector and encouraged mergers and acquisitions to enhance the competitiveness of investment banks [6]. - The CSRC's support for mergers among brokerages under the same controlling entity is expected to lead to increased consolidation activity in the sector [6][7]. Share Buybacks - There has been a rise in "cancellation-style" share buybacks among brokerages, with six firms having repurchased a total of 129 million shares worth 1.31 billion yuan this year, reflecting management confidence in their companies' value [7]. ETF Size and Fees - The A-share financial-themed ETFs tracking various indices have seen significant growth, with the largest being the Guotai Junan Securities ETF and the Huabao Securities ETF, with sizes of 29.847 billion yuan and 22.983 billion yuan, respectively [8]. - The E Fund Hong Kong Securities ETF has also experienced rapid growth, reaching a size of 7.897 billion yuan, with competitive management and custody fees of 0.15% and 0.05% [9][10].

Core Viewpoint - The leadership transition at Industrial Securities marks a significant change as Yang Huahui steps down after eight years, with Su Junliang taking over as the new Party Secretary, indicating a potential shift in strategic direction and operational focus for the company [1][2][3]. Leadership Transition - Yang Huahui has led Industrial Securities since 2017, focusing on building a first-class securities financial group and implementing various reforms to enhance the company's competitiveness and market position [2][4][6]. - Su Junliang, the new Party Secretary, has extensive experience in the financial sector, having worked in the Industrial Bank system for 30 years, and is expected to bring a fresh perspective to the company [2][10]. Financial Performance - Industrial Securities reported a total revenue of 12.354 billion yuan in 2024, a year-on-year increase of 16%, and a net profit of 2.164 billion yuan, up 10.16% [3]. - From the end of 2017 to the end of 2024, the company's total assets grew from 153.1 billion yuan to 301 billion yuan, and net assets increased from 35.9 billion yuan to 62.9 billion yuan, demonstrating significant growth during Yang's tenure [3]. Strategic Goals and Reforms - Yang emphasized the importance of capital market tools in achieving a strong financial nation and focused on high-quality development to enhance the company's ability to serve the real economy [4][6]. - The dual-driven strategy of large institutions and wealth management was upgraded to a dual-link strategy, aiming for high-quality service advantages [7]. Digital Transformation and Innovation - Under Yang's leadership, Industrial Securities accelerated its digital transformation, focusing on integrating resources and innovating business models to enhance customer service [7]. - The company established a three-in-one service structure of research, investment, and investment banking to support the development of new productive forces [7]. Regional and Collaborative Strategies - The transition also raises expectations for enhanced collaboration between Industrial Securities and Huafu Securities, both under the control of the Fujian Provincial Finance Department, potentially leading to resource sharing and complementary advantages [13][14]. - Su Junliang's strategy includes deepening regional focus in Fujian and promoting group reforms to optimize the integrated development of headquarters, branches, and subsidiaries [14].