两年前，创业板注册制下首批企业上市的钟声在深交所敲响，创业板正式步入注册制时代。 头部券商在投研、定价以及客户把控方面有着更强的实力，综合优势显现。数据显示，创业板试点 注册制以来，上市的355家企业中，保荐数量排名前五的券商合计保荐了其中的120家，占比达33.8%。 中信证券、中信建投、民生证券、华泰证券、海通证券分别保荐了31家、30家、20家、20家、19家。 近年来，作为资本市场的"超级联系人"，投行逐步从通道型投行转型为价值发现型投行。 券商发掘创新创业企业更踊跃。招商证券投行委对上海证券报记者表示，该公司保荐过的创业板项 目涉及生物与医疗健康、TMT、新材料、新能源及先进制造等领域的领先企业，如重组蛋白领域企业 百普赛斯、精密电子零组件领域企业奕东电子等。 安信证券董事长黄炎勋告诉记者，我国资本市场将迈入全面注册制时代，券商机构要在依法合规的 前提下加强各条线的协同，通过整合包括投行业务、研究业务、投资业务、财富管理业务等在内的各个 板块跨条线的资源，深化与银行、头部PE等金融机构的合作，不断提升综合金融服务能力。 "创业板改革试点注册制，促使投行向'投资+投行'商业模式驱动。"黄炎勋表示，投行 ...

Core Viewpoint - The report from the China Securities Investment Fund Industry Association indicates a general decline in the fund sales institutions' public fund holding scale in Q4 2022, with brokerages showing significant improvement and entering the top ten for the first time, highlighting a trend of industry consolidation and competition among fund sales institutions [1][5][7]. Fund Holding Scale Changes - The total holding scale of "stock + mixed public funds" reached 56.525 trillion yuan in Q4 2022, down 0.95% from Q3 2022, while the "non-monetary market public fund holding scale" was 80.079 trillion yuan, down 4.16% [2]. - The decline in non-monetary fund holding scale is attributed to a shift in investor risk preferences, with some investors moving towards equity products while others opted for more stable cash management products due to bond market volatility [2]. Ranking of Fund Sales Institutions - The top three institutions for stock and mixed fund holding scale were招商银行 (China Merchants Bank), 蚂蚁基金 (Ant Fund), and 天天基金 (Tiantian Fund), with holding scales of 620.4 billion yuan, 571.2 billion yuan, and 465.7 billion yuan respectively, all showing a decrease from Q3 2022 [2][3]. - Two brokerage firms, 中信证券 (CITIC Securities) and 华泰证券 (Huatai Securities), entered the top ten for the first time, ranking eighth and ninth with holding scales of 141.7 billion yuan and 122.6 billion yuan, respectively [3]. Market Share and Competition - Brokerages accounted for 53 out of the top 100 fund sales institutions, maintaining the highest proportion, while bank-affiliated institutions decreased to 26 [5]. - In Q4 2022, the market share of brokerages in stock and mixed fund sales was 22.24%, up from 20.47% in Q3 2022, while bank-affiliated institutions saw a decline to 51.07% from 53.77% [6]. - The non-monetary market also showed growth for brokerages, with their market share increasing to 17.95% from 16.39% in Q3 2022 [6]. Industry Trends - The report highlights a significant "Matthew Effect" in the fund sales industry, with the top ten institutions holding 58.37% of the total scale for stock and mixed funds and 58.91% for non-monetary funds, indicating a strong competitive advantage for leading firms [7]. - The industry is experiencing a consolidation trend, with many smaller fund sales institutions exiting the market due to regulatory pressures, while larger firms continue to expand their scale [7].

整体来看，上述6家券商均预计在营业收入和净利润方面双双取得正增长。其中，华泰证券预计营收和 净利暂居首位，预计上半年实现营业收入183.69亿元，同比增长13.63%；归母净利润65.56亿元，同比 增长21.94%。东方证券预计实现净利润增幅最大，预计上半年实现营业收入86.95亿元，实现归属于上 市公司股东的净利润19.01亿元，分别较上年同期增加19.18%和193.72%。 8月14日晚间，华泰证券股份有限公司（以下简称"华泰证券"）等6家上市券商披露2023年半年度业绩快 报，预计实现营业收入和净利润的双增。同时，截至8月15日《证券日报》记者发稿，已有25家上市券 商披露半年度业绩预告、快报和报告，业绩预喜券商数量占比超九成。 多家机构表示，预计2023年上半年，上市券商整体实现净利润同比正增长，但增幅弱于今年一季度。展 望2023年下半年，低基数效应、政策利好有望带动券商实现较为亮丽的业绩。 6家券商上半年净利齐增 8月14日晚间，华泰证券、中银国际证券股份有限公司（以下简称"中银证券"）、东方证券股份有限公 司（以下简称"东方证券"）、中泰证券股份有限公司（以下简称"中泰证券"）、兴业证券股份 ...

A股上市券商2023年半年报披露8月30日晚正式收官。整体上看，43家券商中有10家营收超百亿元，多 达30家实现了营收及净利润的双增。头部券商中，中国银河近年来经营业绩排名稳步提升；区域性券商 中，天风证券成最大黑马，上半年营收及净利润同比增速双双高居行业第一。 30家券商上半年营收净利双增 数据显示，今年上半年上市券商整体经营业绩较上年同期出现明显改善，多达30家券商实现了营业收入 与归母净利润的双增。 从营收规模看，今年上半年百亿级营收券商合计10家：中信证券以315亿元位列榜首，华泰证券、国泰 君安分居第二、三位，营收规模均超过183亿元；中国银河、海通证券营收规模均超过160亿元，中信建 投、广发证券、中金公司、申万宏源、招商证券营收规模为107.94亿元至134.65亿元不等。 从归母净利润规模看，位居第一的中信证券为113.06亿元，其也是上半年唯一一家百亿级净利润券商； 华泰证券、国泰君安、中国银河归母净利润排名分居第二至四位，分别为65.56亿元、57.42亿元、49.39 亿元；招商证券、广发证券、中信建投上半年归母净利润均超过43亿元，海通证券、申万宏源、国信证 券上半年归母净利润均超过 ...

该行认为，银河A7产品力强、性价比高，无明显短板，具备成为爆款车的基础条件。9月，公司高端旗 舰SUV极氪9X上市，银河M9为20万元级重磅产品，该行又看好极氪9X和银河M9两台旗舰SUV上市表 现，预计极氪9X将提振公司高端品牌形象，银河M9将延续银河A7高性价比打法。公司9月至12月新车 周期强势，全年销量或突破300万辆。 华泰证券发表报告指出，吉利汽车银河A7日前正式上市，售价介乎8.98万至12.58万元，叠加8000元置 换补贴(9月30日前锁单)，限时起售价低至8.18万元，上市首日大订单突破1万辆。华泰证券看好银河A7 性价比(低价格＋大空间＋强性能＋智能化)，有望实现月销1.5万辆。该行看好银河GEA(全球智能新能 源架构)平台新车产品周期，维持对吉利汽车"买入"评级，目标价从29.65港元上调至26.9港元。 ...

Group 1: Liquidity and Fund Flow - The securities ETF managed by Jiashi recorded a trading volume of 1.5659 million yuan on the trading day [3] - As of August 11, the average daily trading volume over the past year for the securities ETF reached 26.9866 million yuan [3] - The latest scale of the securities ETF reached 383 million yuan, marking a new high since its inception [3] - The latest share count for the securities ETF reached 376 million shares, also a new high since inception [3] - The net inflow of funds into the securities ETF was 26.9789 million yuan, with a total of 32.0085 million yuan net inflow over the last five trading days [3] Group 2: Index Tracking and Composition - The securities ETF closely tracks the CSI All Share Securities Company Index, which reflects the overall performance of different industry companies within the index [3] - The CSI All Share Securities Company Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [3] - As of July 31, 2025, the top ten weighted stocks in the CSI All Share Securities Company Index accounted for 60.37% of the total index weight [3] Group 3: Market Outlook and Performance - Citic Securities indicated that the brokerage sector presents significant investment opportunities in the second half of the year due to favorable semi-annual performance forecasts and market reforms [5] - Huatai Securities reported a 71% year-on-year increase in new account openings in July, with financing balances exceeding 1.99 trillion yuan, suggesting an upward trend in market risk appetite and performance expectations [6] - The current cycle of market, expectations, and performance is expected to lead to a sustained recovery in the brokerage sector [6]

Group 1 - The A-share market opened higher on August 12, with all three major indices rising collectively [1] - The broker ETF (159842) experienced a slight decline of 0.26% as of the report, with a premium trading occurrence at the beginning of the session [1] - The broker ETF has seen a net inflow of over 208 million yuan in the first 11 days of August, indicating strong investor interest [1] Group 2 - Open-source securities noted a significant expansion in the margin financing scale, suggesting further growth potential in the broker sector [2] - Huatai Securities reported a 71% year-on-year increase in new account openings in July, with margin financing balance surpassing 1.99 trillion yuan, indicating a rising market risk appetite [2] - The broker sector's return on equity (ROE) is entering an upward phase, with expectations of stronger stability and sustainability in earnings during the current market cycle [2]

Core Viewpoint - Despite initial concerns regarding domestic energy storage demand following the cancellation of mandatory storage policies, actual installation volumes and tender data from June to July have exceeded expectations, indicating a new development opportunity in the domestic large-scale energy storage market driven by supportive local policies [1][4]. Policy Support and Economic Viability - Following the release of the "Document No. 136," provinces have actively introduced supportive policies, creating a three-dimensional driving system centered on capacity pricing, spot markets, and green electricity direct connection [3]. - The capacity pricing mechanism is expected to enhance the economic viability of energy storage projects, with a 100MW/200MWh storage station projected to generate an additional annual income of 11 million yuan and an internal rate of return (IRR) of 16.3% [3]. - The construction of the electricity spot market is accelerating, with a goal for nationwide coverage by the end of 2025, which is anticipated to expand the arbitrage opportunities for energy storage [3]. Market Trends and Project Development - From January to May 2025, new tender projects for energy storage reached 153.1 GWh, while the installed capacity was only 47.6 GWh, indicating a lag in project integration [4]. - The tender scale for energy storage in June and July showed a month-on-month increase, reaching 23.5 GWh and 25.8 GWh respectively, with independent storage projects dominating [4]. - The investment landscape is diversifying, with increased participation from social capital alongside traditional power generation groups, signaling the emergence of market-driven demand [4]. Long-term Outlook and Market Dynamics - The domestic large-scale energy storage market is transitioning from "scale expansion" to "high-quality development," favoring companies with technological strength and market operational capabilities [5]. - The dual support of policy guidance and market-driven mechanisms is expected to diversify revenue sources for energy storage projects, including capacity pricing, peak-valley arbitrage, and green certificate trading [4].

| 分级基金简称 | 代码 | 是否暂停（大额）申购 (转入转出、赎回、定投) | 申购限额 转入限额 定投限额 | | (元) | | --- | --- | --- | --- | --- | --- | | | | | (元) | (元) | | | 华泰紫金价值 甄选混合A | 019800 | KO | | | | | 华泰紫金价值 甄选混合C | 019801 | 를 | 100.00 100.00 | | | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，8月12日华泰证券（上海）资产管理有限公司发布《华泰紫金价值甄选混合型证券投资 基金基金C类份额调整大额申购及转换转入金额限制的公告》。公告中提示，为维护基金份额持有人的 利益，自2025年8月13日起华泰紫金价值甄选混合型证券投资基金基金C类份额调整大额申购及转换转 入金额限制，下属分级基金调整明细如下： ...

华泰证券研报称，自"136号文"取消强制配储后，市场对于国内储能531抢装后的需求较为悲观，而实际 6月装机以及6-7月份的招标数据，都好于此前预期，华泰证券认为主要系配套政策出台，特别是地方配 套政策带来独立储能目经济性提升，市场化需求涌现，同时，前期规划的存量项目落地或存在滞后性。 华泰证券认为短期地方支持政策是重要驱动因素，长期电力市场化下，国内储能的盈利模式有望更加清 晰，需求也将更加市场化。华泰证券看好国内大储需求持续增长并迈向高质量发展。 ...