1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report The report analyzes the liquidity situation from September 8 - 12, 2025, indicating that the capital market shows characteristics of tight - then - loose funds, rising interest rates in multiple areas, and changes in market trading volume and institutional behavior. It also points out the potential impacts and focuses of the capital market this week [1][2][3][4][5]. 3. Summary by Relevant Catalogs 3.1 Open Market Operations and Capital Availability - Last week, the open - market had 10684 billion yuan of reverse repurchase maturities and 12645 billion yuan of reverse repurchase injections, with a net injection of 1961 billion yuan. The central bank announced a 6000 - billion - yuan 6M buy - out reverse repurchase this week, and 3000 billion yuan of 6M buy - out reverse repurchases matured this month [1]. - This week, 13845 billion yuan of open - market funds are due, including 12645 billion yuan of reverse repurchases and 1200 billion yuan of treasury cash fixed - term deposits. Due to tax - period disturbances, government bond issuance, and other factors, the capital market may face pressure, but with the central bank's support, the capital situation is expected to remain stable [5]. 3.2 Interest Rate Changes - The average DR007 was 1.47%, up 3BP from the previous week; the average R007 was 1.48%, up 2BP. The average DR001 and R001 were 1.39% and 1.43% respectively. The exchange repurchase rate also increased, with the average GC007 at 1.47%, up 2BP [1]. - The 1 - year AAA certificate of deposit (CD) yield to maturity was 1.67% at the end of last week, showing an upward trend. The 1 - year FR007 interest rate swap average was 1.56%, also up from the previous week, indicating a marginally cautious market expectation for the capital situation [2]. - The 6M national stock bill transfer quote on the last Friday was 0.79%, up from the previous week [4]. 3.3 Repurchase Market Conditions - Last week, the pledged repurchase trading volume ranged from 7.3 to 7.7 trillion yuan, with the average R001 repurchase trading volume at 66263 billion yuan, an increase of 1630 billion yuan from the previous week. The outstanding repurchase balance at the end of last week was 11.7 trillion yuan, lower than the previous week [3]. - By institution, large banks' lending scale decreased, while money - market funds' lending scale increased. Securities firms' and funds' borrowing scales decreased, while wealth management's borrowing scale increased [3]. 3.4 Exchange Rate and International Situation - The US dollar - to - RMB exchange rate was 7.12 last Friday, down from the previous week, and the Sino - US interest rate spread narrowed. Given the US inflation data and employment data, the market has high expectations for the Fed to cut interest rates this week, with the main point of contention being between a 25BP and 50BP cut [4]. - From September 14th, China and the US held economic and trade talks in Spain on issues such as US unilateral tariff measures, export controls, and TikTok, and the progress of the talks should be monitored [4]. 3.5 This Week's Key Focus - This week, pay attention to stock market performance, redemption disturbances, the Fed's interest - rate decision on Thursday, and the Bank of Japan's interest - rate decision on Friday [5].

Group 1 - The public fund distribution landscape is undergoing changes, with 57 brokerage firms making it to the top 100 list, indicating a competitive environment in fund sales [1][2] - The total sales scale of non-money market funds by the top 100 institutions has surpassed 10 trillion yuan, reflecting a nearly 7% increase compared to the previous period [2] - The sales scale of equity funds reached 5.14 trillion yuan, with a 6% increase, while the sales scale of stock index funds grew by 15% to 1.95 trillion yuan [2][3] Group 2 - Among the top 10 institutions for equity fund sales, Ant Group leads with a scale of 822.9 billion yuan, followed by China Merchants Bank and Tiantian Fund, with only two brokerages, CITIC Securities and Huatai Securities, making the list [2] - In the top 10 for non-money market fund sales, no brokerages were present, contrasting with the stock index fund sales where brokerages occupied 7 out of 10 positions [2][3] Group 3 - The significant increase in stock index funds is evident, with the total net asset value of 3,209 stock funds reaching 5 trillion yuan, up from 4.07 trillion yuan at the beginning of the year [3][4] - 23 brokerages have a stock index fund sales scale exceeding 10 billion yuan, with six brokerages surpassing 50 billion yuan, led by CITIC Securities and Huatai Securities [4] Group 4 - The ongoing fee reduction in public funds is expected to reach 30 billion yuan, which may reshape the fund distribution landscape [5][6] - The new regulations aim to lower subscription fees and optimize redemption arrangements, potentially impacting the revenue sources for sales institutions [5][6] - The overall impact of the fee reform on brokerages is considered limited, as their income from fund distribution constitutes a small percentage of total revenue [6]

Core Insights - The China Fund Industry Association has released data on the public fund sales scale of sales institutions for the first half of 2025, showing a continued rise of brokerage firms in the market [1][3] - The top 100 fund sales institutions have seen significant growth in their fund holdings across various categories, with notable increases in equity funds and stock index funds [3][12] Group 1: Fund Sales Institutions - A total of 57 brokerage firms made it to the top 100 list, an increase of one from the end of last year, with CITIC Securities and Huatai Securities maintaining the first and second positions respectively [1][6] - The combined equity fund holdings of the top 100 institutions reached 5.14 trillion yuan, a growth of 5.89% compared to the second half of 2024 [3][4] - Non-monetary market funds held 10.199 trillion yuan, up 6.95% from the previous period, while stock index funds saw the most significant growth, reaching 1.95 trillion yuan, a 14.57% increase [3][4] Group 2: Market Dynamics - The market exhibits a clear "Matthew Effect," with the top ten institutions holding nearly 59% of the total equity fund holdings among the top 100 [3][12] - Brokerage channels have gained market share, with their holdings in stock index funds accounting for 55% of the total, indicating a strong position in this segment [3][12] - The dominance of banks in fund distribution has decreased, with their market share dropping from over 50% in previous years to just over 40% currently [3][12] Group 3: Individual Brokerage Performance - CITIC Securities leads the brokerage sector with equity fund holdings of 142.1 billion yuan and non-monetary market fund holdings of 239.7 billion yuan [6][8] - Huatai Securities follows with 126.6 billion yuan in equity funds and 175.2 billion yuan in non-monetary market funds [6][8] - Notable growth was observed in several brokerages, with China Merchants Securities increasing its equity fund holdings by approximately 20% compared to the previous half [6][8]

Core Insights - The China Fund Industry Association has disclosed the public fund sales data for the first half of 2025, showing a continued rise of brokerage firms in the market [1] - The top 100 fund sales institutions have seen significant growth in their fund holding scales across various categories, indicating a clear "Matthew Effect" in the industry [2] Group 1: Fund Sales Data - In the first half of 2025, the total holding scale of equity funds by the top 100 fund sales institutions reached 5.14 trillion yuan, a 5.89% increase compared to the second half of 2024 [2] - The holding scale of non-monetary market funds was 10.199 trillion yuan, reflecting a 6.95% growth from the previous period [2] - Stock index funds showed the most remarkable growth, with a holding scale of 1.95 trillion yuan, up 14.57% from the second half of 2024 [2] Group 2: Brokerage Firms Performance - A total of 57 brokerage firms made it to the top 100 list, an increase of one from the previous period, with CITIC Securities and Huatai Securities maintaining the first and second positions respectively [3] - The merger of Guotai Junan and Haitong Securities propelled their ranking to third among brokerages, while new entrants included Huayuan Securities, Chengtong Securities, and Caida Securities [3] - CITIC Securities led the brokerage channel with an equity fund holding scale of 142.1 billion yuan and a non-monetary market fund holding scale of 239.7 billion yuan [3] Group 3: Market Trends - The market has shown a trend where the growth rate of non-monetary fund scales has outpaced that of equity funds among leading sales institutions [4] - The brokerage channel holds a dominant position in stock index funds, accounting for 55% of the total holding scale [5] - Analysts suggest that the brokerage sector has unique advantages in the stock index fund market, with ongoing reforms likely to enhance the market's trading sentiment [6]

Core Viewpoint - The data released by the China Fund Industry Association indicates a significant growth in the public fund sales scale for the first half of 2025, with a notable rise in the number of brokerage firms entering the top 100 list, reflecting a strong trend in the brokerage channel's market share [1][2]. Group 1: Fund Sales Data - In the first half of 2025, the total retained scale of equity funds sold by the top 100 institutions reached 5.14 trillion yuan, an increase of 5.89% compared to the second half of 2024 [2]. - The retained scale of non-monetary market funds was 10.199 trillion yuan, up 6.95% from the previous period [2]. - The stock index funds saw the most significant growth, with a retained scale of 1.95 trillion yuan, marking a 14.57% increase [2]. Group 2: Market Dynamics - The top ten institutions in equity fund retained scale accounted for nearly 59% of the total scale of the top 100 [2]. - The brokerage channel has seen a rise in the number of firms, with 57 brokerages making it to the top 100, while banks' market share has decreased to just over 40% [2][4]. - Brokerages dominate the stock index fund market, holding a 55% share of the retained scale [2][9]. Group 3: Brokerage Performance - Among brokerages, CITIC Securities leads with an equity fund retained scale of 142.1 billion yuan and a non-monetary market fund scale of 239.7 billion yuan [4][6]. - Huatai Securities follows with 126.6 billion yuan in equity funds and 175.2 billion yuan in non-monetary market funds [4][6]. - The merger of Guotai and Haitong has propelled their ranking to third among brokerages, with a retained scale of 97.8 billion yuan in equity funds [4][6]. Group 4: Trends and Insights - There is a noticeable trend where the growth rate of non-monetary market funds outpaces that of equity funds among leading sales institutions [5]. - Analysts suggest that the divergence in equity fund scale and share indicates a phase of net redemption, with investors opting to realize profits as market conditions improve [5]. - The brokerage sector is expected to benefit from ongoing reforms aimed at enhancing market liquidity and investor engagement [9].

Core Points - Huatai Securities (601688)(06886) announced the issuance of corporate bonds aimed at professional investors, with a total issuance amount of 2.5 billion yuan and a coupon rate of 2.89% [1] - The bonds, referred to as "23 Huatai 11," will start paying interest on September 22, 2025, for the period from September 21, 2024, to September 20, 2025 [1]

Core Viewpoint - Huatai Securities (06886) announced the issuance of corporate bonds aimed at professional investors, with a total issuance amount of 2.5 billion yuan and a coupon rate of 2.89% [1] Group 1 - The bonds are designated as "23 Huatai 11" and will start paying interest from September 22, 2025, covering the period from September 21, 2024, to September 20, 2025 [1]

（股份代號：6886） 海外監管公告 本公告乃根據上市規則第13.10B條規則作出。 （於中華人民共和國註冊成立之股份有限公司， 中文公司名稱為華泰證券股份有限公司，在香港以HTSC名義開展業務） 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的內容概不負責，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分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 茲載列本公司在上海證券交易所網站刊登之《華泰證券股份有限公司2023年面向 專業投資者公開發行公司債券（第八期）（品種一）2025年付息公告》，僅供參閱。 釋義 於本公告，除文義另有所指外，下列詞彙具有以下涵義。 「本公司」 指 於中華人民共和國以華泰證券股份有限公司的公司名 稱註冊成立的股份有限公司，於2007年12月7日由前身 華泰證券有限責任公司改制而成，在香港以「HTSC」 名義開展業務，根據公司條例第16部以中文獲准名稱 「華泰六八八六股份有限公司」及英文公司名稱「Huatai Securities Co., Ltd.」註冊為註冊非香港公司，其H股於 2015年6月1日在香港聯合交易所有限公司主板上市 ...

Core Viewpoint - China General Nuclear Power Corporation (CGN) is the largest nuclear power operator in China, managing a significant portion of the country's nuclear capacity [1] Group 1: Company Overview - As of June 30, 2025, CGN operates 28 nuclear power units and has 20 units under construction, with a total installed capacity of 31.796 million kW and 24.222 million kW respectively, accounting for 44.46% of the national total for operational and under-construction nuclear power units [1] Group 2: Financial Performance - In the first half of 2025, CGN's net profit attributable to shareholders decreased by 16.30% year-on-year, primarily due to a significant drop in market-based electricity prices in Guangdong and Guangxi [1] - Looking ahead to 2026, the decline in electricity prices in Guangdong and Guangxi is expected to be limited, which may lead to a reduction in the volatility of the company's electricity prices compared to the previous year [1] Group 3: Future Outlook - The value of CGN is anticipated to increase as the nuclear power units currently under construction are gradually put into operation, supporting a positive investment outlook [1]

Core Viewpoint - The Hong Kong stock market has seen a significant rise since early April, with the Hang Seng Index surpassing 25,000 and 26,000 points, marking a cumulative increase of over 30% and reaching a four-year high [1] Group 1: Market Dynamics - The Hang Seng Index is no longer the same as in the past, with the weight of new economy companies in the MSCI China Index rising from under 30% to 70% over the past decade [3] - The proportion of financial and real estate sectors in the Hang Seng Index has decreased from 47.6% and 10.1% in 2016 to 32.0% and 3.8% respectively, while the new economy sectors have increased from around 20% to 58.6% [3] - The overall turnover rate of the Hong Kong stock market remains at 60%-70%, lower than that of A-shares and US stocks, but the liquidity discount faced by valuations may have significantly decreased [3] Group 2: Investor Structure - The influx of over a trillion yuan in southbound funds has altered the investor structure in the Hong Kong market, with southbound funds now accounting for nearly 40% of trading in Hong Kong Stock Connect stocks [3] - The increase in funds benefiting from low financing costs in China is expected to elevate the valuation levels in the Hong Kong market [3] Group 3: Valuation Comparisons - The AH premium has decreased from 134 to 119 since May, currently at its lowest level in five years, indicating that Hong Kong stocks are not overvalued compared to A-shares [4] - The potential for the AH premium to narrow further exists, influenced by the trends of RMB appreciation and USD depreciation [4] - Hong Kong stocks remain attractive to overseas investors, benefiting from global liquidity and foreign capital inflow, with their valuation positioned in the mid-range compared to other global assets [5]