Core Viewpoint - The A-share market is experiencing significant growth in new investor accounts, indicating a positive outlook for the capital market and a shift towards equity investments, which is beneficial for the securities sector [6][7]. Group 1: Market Performance - On August 5, the Shanghai Composite Index rose nearly 1%, reaching a new high for the year, with over 3,900 stocks gaining in value, driven by strong performance from heavyweight stocks [1]. - The leading securities ETF (560090) has seen a 0.94% increase, marking two consecutive days of gains and attracting over 13 million yuan in net inflows over the past five days [1][3]. Group 2: Securities Sector Growth - The component stocks of the leading securities ETF (560090) almost all experienced gains, with notable increases such as a 6% rise in Xinda Securities and over 3% in Hongta Securities [3]. - The top ten component stocks of the securities ETF include companies like Dongfang Caifu and CITIC Securities, with trading volumes and estimated weights indicating strong market interest [4]. Group 3: Investor Behavior and Market Dynamics - In July 2025, new A-share accounts reached 1.96 million, a 71% increase compared to July 2024, reflecting a significant rise in investor participation [6]. - The increase in new accounts is associated with a positive shift in investor sentiment towards the capital market, as evidenced by a notable rise in the proportion of household savings allocated to A-shares [6][7]. - The market is entering a phase characterized by increased activity and liquidity, with a strong feedback loop of capital inflow driving market growth [7][9]. Group 4: Future Outlook for Securities Firms - The securities sector is expected to benefit from the increase in new accounts, leading to enhanced liquidity and potential performance improvements for brokerage firms [9]. - Positive policy developments and market conditions are anticipated to support the growth of brokerage firms' earnings and valuations, with a focus on both short-term and long-term opportunities [9].

截至月份: 2025年7月31日 狀態: 新提交 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: HTSC（於中華人民共和國註冊成立，中文公司名稱為华泰证券股份有限公司及在香港以HTSC名義開展業務）(「本公司」) 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601688 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 7,308,256,601 | RMB | | 1 RMB | | 7,308,256,601 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 7,308 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 智通财经8月5日讯（记者 高艳云）近期，沪指在3600点关口附近持续震荡，市场情绪有所波动。包括 招商证券、中信证券、中信建投、银河证券等在内的多家头部券商陆续发布研报，表达对市场中长期向 好的坚定信心。 中信证券官方微信公众号直言"坐稳扶好"，同时发文指出"牛市，也会换挡""3600点以上，波动加大"。 撰文用语还颇为"鸡汤"，道理与逻辑十足，比如"记住，对于大部分普通人来说，要掌握的不是牛市赚 钱的技能，而是终其一生、穿越各种周期性波动的、财富稳健增长的能力。"值得注意的是，该文又是 一篇"10万+"，且转发过万。 中信建投资深策略分析师夏凡捷直言，全球货币宽松和A股资金面充裕的环境不变，投资者的牛市预期 不变，新赛道的结构性景气不变。阶段性震荡整固，有利于A股慢牛行情行稳致远。 银河证券首席策略分析师杨超称，市场交投活跃度整体仍处于较高水平，预计市场维持在震荡偏高中枢 运行，关注结构性机会。中长期来看，市场向好趋势不改。 华泰证券分析师何康认为，目前赚钱效应已回调至7月中旬位置，市场抛压相对可控，短期A股或进入 波动率放大的平台期 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: HTSC（於中華人民共和國註冊成立，中文公司名稱為华泰证券股份有限公司及在香港以HTSC名義開展業務）(「本公司」) 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 第 1 頁 共 11 頁 v 1.1.1 FF301 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601688 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 7,308,256,601 | RMB | | 1 RMB | | 7,308,256,601 | | 增加 / 減少 (-) | | | 0 | | | RMB ...

Core Viewpoint - The securities sector is experiencing positive momentum, with significant increases in stock prices and trading volumes, indicating strong investor interest and potential growth opportunities in the market [1][3][6]. Group 1: Market Performance - The CSI All Share Securities Company Index rose by 0.38% as of August 5, 2025, with notable increases in individual stocks such as Xinda Securities (up 5.59%) and Dongxing Securities (up 2.60%) [1]. - The securities ETF managed by Harvest (562870) also saw a rise of 0.40%, reflecting overall positive sentiment in the sector [1]. Group 2: Trading Activity - The securities ETF by Harvest recorded a turnover rate of 1.55% and a transaction volume of 5.3764 million yuan, with an average daily trading volume of 38.984 million yuan over the past year [3]. - In the past week, the ETF's scale increased by 83.6478 million yuan, marking the highest growth among comparable funds, and its shares grew by 94 million [3]. Group 3: Fund Inflows - Over the last five trading days, the Harvest securities ETF experienced net inflows on four occasions, totaling 111 million yuan, indicating strong investor confidence [3]. Group 4: Sector Composition - As of July 31, 2025, the top ten weighted stocks in the CSI All Share Securities Company Index accounted for 60.37% of the index, with companies like Dongfang Wealth and CITIC Securities leading the list [3][4]. Group 5: Earnings Forecast - As of August 1, 2025, 27 listed securities firms had released their semi-annual earnings forecasts, with 24 firms expected to be profitable, including 23 firms projecting earnings growth [6]. - The brokerage and margin trading businesses are benefiting from favorable policies, leading to increased market transactions, while the investment banking sector is seeing a recovery in IPOs and refinancing activities [6][7]. Group 6: Investment Opportunities - The positive earnings forecasts, combined with ongoing capital market reforms and expectations of liquidity easing, suggest that there are significant investment opportunities in the brokerage sector for the second half of the year [7].

Core Viewpoint - MGM China outperformed its peers in Q2, with gross gaming revenue increasing by 12% year-on-year to $1.26 billion, recovering to 154% of the same period in 2019, compared to the industry average recovery level of 83% [1] Company Performance - Adjusted EBITDA margin was 29%, a decline from 30.7% in the same period last year and 29.6% in the previous quarter, attributed to increased marketing expenses and rising customer acquisition costs due to intensified market competition [1] Industry Outlook - Future prospects are expected to benefit from policies such as the "one license for multiple banks" in Zhuhai and cross-border payment initiatives in Hong Kong, as well as major events like the National Games and the Grand Prix, indicating a continued recovery in Macau's gaming industry [1] - The company is optimistic about the upward trend of gaming stocks in the second half of the year, driven by favorable policies, wealth effects, and non-gaming synergies [1] Investment Rating - The firm reiterated a "Buy" rating for MGM China, raising the target price from HKD 18 to HKD 19.3 [1]

Market Overview - The market opened lower yesterday but rebounded slightly, with the three major indices showing small gains. The Shanghai Composite Index rose by 0.66%, the Shenzhen Component Index increased by 0.46%, and the ChiNext Index gained 0.5% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.5 trillion yuan, a decrease of 99.8 billion yuan compared to the previous trading day [1] - Sectors such as military industry, precious metals, humanoid robots, and commercial aerospace saw the largest gains, while insurance, film and television, photovoltaics, and snacks experienced the most significant declines [1] Policy Insights - CITIC Securities interprets the recently issued "Implementation Plan for the Childcare Subsidy System" as a measure to support families in raising infants and toddlers, which may lead to the introduction of various comprehensive policies in the future [2] - The childcare subsidy aims to improve birth rates or prevent further declines, but achieving an increase in birth intentions is a long-term process that cannot be solely addressed by economic subsidies [2] - Following the announcement, related sectors such as dairy, maternal and infant products, and toys experienced a brief surge before slightly retreating, indicating cautious market expectations regarding the policy's effectiveness [2] Commercial Real Estate Outlook - Huatai Securities expresses optimism about the commercial real estate sector under the logic of value reassessment, noting that leading operators' shopping center assets exceed the fair value of their investment properties [3] - The C-REITs channel facilitates a smoother realization of this value, enhancing liquidity and making the valuation more meaningful [3] - Companies focused on development in commercial real estate and those with operational management premiums are expected to face growth opportunities [3] Macro Economic Perspective - CICC highlights several macroeconomic factors supporting the performance of the Chinese stock market, despite the need for improvement in economic indicators [4] - Since the fourth quarter of last year, market confidence in China's medium to long-term economic outlook has significantly improved, particularly due to positive effects from DeepSeek [4] - Although the real estate sector is still adjusting, its impact on the economy has diminished as its proportion in the economy has significantly decreased [4] - Policymakers are increasingly focused on the economy, stock market, and real estate, leading to reduced concerns about downside risks in these areas [4] - The increase in the proportion of safe asset allocations among Chinese residents, coupled with limited returns on safe assets, has heightened the motivation to allocate to risk assets, especially equities [4] - Looking ahead, addressing debt-related policies during financial downturns is crucial for improving balance sheets and enhancing economic vitality, which is also significant for capital markets [4]

人民财讯8月5日电，华泰证券研报表示看好价值重估逻辑下的商业地产板块：头部运营商购物中心资产 均超越账面投资性房地产公允价值，而更为关键的是，C-REITs通道使得这一价值的实现路径更为通 畅，流动性增厚使得这一估值更具有参考意义。在商业地产着重布局的开发类企业以及具备运营管理溢 价的物管标的都面临发展机遇。 ...

IPO：港股募资额同比高增，A 股受理提速 ❑ 事项：2025 年 1-7 月港股 IPO 募资总额已超过 2022-2024 年各年全年水平，A 股 IPO 受理加速，证券公司投行业务收入或有望修复。 港股：2025 年 1 至 7 月共有 52 只新股上市/YoY+30%，集资总额 1275 亿港元 /YoY+604%，达到 2021 年以来新高，并已超越 2024 全年的 881 亿港元（详见 图表 1：2018-2025 年港股市场首发募资总额一览）。其中于 5 月 20 日上市的 宁德时代（3750.HK）募资 410 亿港元，占总募资额的 32.1%。 A 股：根据 Wind 统计，今年 6 月 IPO 受理量达 148 家，占 1-7 月总量的 84% （详见图表 2：2025 年 1-7 月 IPO 受理数量）。6 月是上半年财报截止的关键 节点，企业若未在 6 月 30 日前提交申请，需额外更新财务数据，因此，大量 企业选择在 6 月申报，形成集中受理现象。对比来看，2024 年 6 月 IPO 受理 数量仅 29 家（详见图表 3：历年 6 月 A 股 IPO 受理数量），2025 年受理 ...

沪指8月4日上涨0.66%，申万所属行业中，今日上涨的有26个，涨幅居前的行业为国防军工、机械设 备，涨幅分别为3.06%、1.93%。非银金融行业今日上涨0.18%。跌幅居前的行业为商贸零售、石油石 化，跌幅分别为0.46%、0.36%。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 000617 | 中油资本 | -3.31 | 2.05 | -33915.06 | | 601162 | 天风证券 | -1.41 | 5.47 | -32858.96 | | 601696 | 中银证券 | -1.48 | 5.17 | -27148.31 | | 300059 | 东方财富 | 0.78 | 1.54 | -16673.38 | | 601688 | 华泰证券 | -0.35 | 0.90 | -13733.08 | | 601336 | 新华保险 | 0.72 | 0.83 | -13289.18 | | 601211 | 国泰海通 | 0.40 | 0.62 | -7808.91 | | ...