华西证券（002926）宏观固收团队相关研报披露的第三方债基申赎数据验证了这位基金经理的说法，7 月21日以来，公募债基净申购指数持续为负，24日已扩张至-29.2，显示公募债基遭遇去年"9·24"行情之 后的最大单日赎回。华泰证券固收研报显示，7月22日-7月24日基金已连续3个交易日净卖出债券，累计 净卖出规模超1200亿元。 从微观层面看，7月以来，债券基金因出现大额赎回并调整基金份额净值精度的公告相比之前大幅增 加。据不完全统计，7月以来因发生大额赎回而发布份额净值精度调整公告的基金多达42只。仅7月21日 以来，遭遇大额赎回的基金就有15只。而6月，仅有22只基金因发生大额赎回而发布份额净值精度调整 公告。 债券基金经理王飞（化名）又一次踏入机构客户的大门——这已是近10天内，他第3次拜访机构，只为 恳请客户暂缓或分批赎回自己管理的债券基金。 故事的背后是债券基金又一次出现"赎回风暴"。7月24日债市大幅回调引发连锁反应，公募债基创去 年"9·24"行情后最大单日赎回规模纪录，基金连续3个交易日累计净卖出债券超1200亿元。7月以来，更 有40余只债基因大额赎回而被迫调整基金份额净值精度。 股债"跷 ...

Core Viewpoint - The document provides a list of major securities firms in China, including their A-share and Hong Kong stock codes, indicating the competitive landscape of the securities industry in China [1] Group 1: Company Listings - Huatai Securities is listed with A-share code 601688.SH and Hong Kong code 6886.HK [1] - China Galaxy Securities has A-share code 601881.SH and Hong Kong code 6881.HK [1] - Shenwan Hongyuan is represented by A-share code 000166.SZ and Hong Kong code 6806.HK [1] - Everbright Securities is identified with A-share code 601788.SH and Hong Kong code 6178.HK [1] - China Merchants Securities has A-share code 600999.SH and Hong Kong code 6099.HK [1] - CITIC Securities is listed with A-share code 600030.SH and Hong Kong code 6030.HK [1] - Orient Securities has A-share code 600958.SH and Hong Kong code 3958.HK [1] - China International Capital Corporation (CICC) is represented by A-share code 601995.SH and Hong Kong code 3908.HK [1] - Guotai Junan is identified with A-share code 601211.SH and Hong Kong code 2611.HK [1] - GF Securities has A-share code 000776.SZ and Hong Kong code 1776.HK [1] - Guolian Securities is listed with A-share code 601456.SH and Hong Kong code 1456.HK [1] - Zhongyuan Securities has A-share code 601375.SH and Hong Kong code 1375.HK [1]

Core Viewpoint - Huatai Securities published a research report indicating that Laopu Gold has released a positive profit forecast, expecting revenue of approximately 12 billion to 12.5 billion yuan in the first half of 2025, representing a year-on-year increase of about 241% to 255% [1] Group 1: Financial Performance - Laopu Gold's net profit is projected to be around 2.23 billion to 2.28 billion yuan, with a year-on-year growth of approximately 279% to 288% [1] - The strong growth in the first half of the year is primarily attributed to contributions from both online and offline existing stores [1] Group 2: Expansion and Growth Drivers - New large stores, including those at Shanghai Hongqiao Henglong and Singapore's first store, as well as Shanghai IFC, opened in May and June, are expected to significantly contribute to incremental performance in the second half of the year [1] - The company maintains a competitive advantage and high growth momentum, leading to a sustained "buy" rating with a target price of 1,200 HKD, corresponding to a price-to-earnings ratio of 38.5 times for 2025 [1]

Group 1: Investment Trends in Chinese Assets - Since July, five large overseas Chinese stock ETFs have attracted over $2.753 billion in investments, indicating a growing interest from foreign capital [1] - As of July 25, 2025, the cumulative trading volume of Korean retail investors in Chinese stocks (including A-shares and Hong Kong stocks) reached $5.764 billion, making China the second-largest overseas investment destination for Korean investors [2] Group 2: Performance of Chinese Stock ETFs - The MSCI China ETF-iShares saw its assets grow to $7.187 billion, a 12.38% increase from the end of June [1] - The China Overseas Internet ETF-KraneShares increased its assets by 20% to $7.648 billion [1] - The Direxion 3x Long FTSE China ETF's assets rose by 14.13% to $1.253 billion [1] - The Deutsche Bank-Jaishin CSI 300 A-share ETF's assets grew by 10.54% to $2.108 billion [1] - The iShares China Large-Cap ETF's assets increased by 5.32% to $6.53 billion [1] Group 3: Positive Outlook on Chinese Assets - Goldman Sachs expressed optimism about the value re-evaluation of Chinese assets, citing robust GDP growth and a recovering Hong Kong IPO market as key factors [3] - The MSCI China Index and the CSI 300 Index reached near four-year highs, indicating a potential 11% upside in the next 12 months according to Goldman Sachs [3] - Allianz's research department noted that the current valuation of Chinese stocks shows significant discount compared to historical averages, suggesting substantial room for value re-evaluation [4]

Group 1: AI Integration in Finance - Huatai Securities is exploring the deep integration of AI with business scenarios to promote digital transformation in finance [1] - The company has developed the "Taiwei" large model platform, which combines heterogeneous computing power, large model operation management, and application development [1] - The focus is on enhancing intelligent customer service capabilities in investment research and banking [1] Group 2: Evolution of AI Paradigms - The development paradigm of AI is shifting from self-supervised pre-training to reinforcement learning post-training due to data growth bottlenecks [3] - In quantitative investment, the transition from traditional manual modeling to AI modeling is significantly improving the efficiency of financial model development and deployment [3] - End-to-end modeling and general base pre-trained models are creating opportunities for quantitative investment by reducing reliance on traditional factors and allowing for low-cost cross-market strategy migration [3] Group 3: AI Agents Reshaping Financial Services - The AI empowerment model is evolving from "human + intelligent assistant" to "human + multiple intelligent agents," enhancing team collaboration [5] - AI can significantly replace current employee tasks in certain scenarios, such as automated investment advisory services [5] - Successful implementation of AI in financial institutions relies on effective data governance and open collaboration between financial institutions and technology service providers [5][6] Group 4: Future of AI in Hardware - AI servers are expected to replace smartphones as the largest category of technology hardware, driven by the growth of AI applications [11] - The development of AI agents requires higher demands for computing power and infrastructure, with current limitations in power grid infrastructure and data center land availability [11] - The physical AI development has not met expectations due to the complexity and high cost of data acquisition in the physical world [11]

智通财经APP获悉，国信证券发布研报称，建议以PB-ROE框架展望券商后续表现。在市场持续活跃、 赚钱效应显现的背景下，市场成交量放大、两融余额增长、主要股指持续上行等因素将驱动券商估值与 盈利双击。重点推荐：(1)低估值、业绩稳健的龙头券商，如华泰证券(601688.SH)、中信证券 (600030.SH);(2)权益弹性突出、业绩有望充分释放的高弹性标的，如兴业证券(601377.SH)、东方证券 (600958.SH);(3)经纪&两融市占率持续提升，流量变现能力强大的东方财富(300059.SZ)。 事项： 证券行业业绩驱动力持续改善，一方面随着增量资金入市，市场交易量改善、两融持续扩张、另一方 面，券商行业减员增效等一系列安排有利于减少行业成本收入比，带动行业留存现金流提升，增加投资 者长期回报，这对行业盈利模式将有长期改善，两者叠加带动券商股估值与盈利双击。 国信证券主要观点如下： (1)基本面角度，近年来，证券公司收入端、费用端及利润段均呈改善态势，推动ROE持续上行。费用 端层面，近年来证券公司普遍采取降本增效措施，管理费用率自2024年初延续下行趋势。考虑到管理费 用为证券公司最大的支出项， ...

2025年7月26日至28日，2025世界人工智能大会于在中国上海成功举办。这场大会亮相了100余款"全球 首发""中国首秀"新品，吸引了来自世界各地的关注。据悉，线下参观人数突破30.5万人次，全网流量 更是超过23.6亿。 值得一提的是，在这场科技盛宴中，作为金融力量的头部券商亦亮相现场。中金公司、中信证券、中信 建投、华泰证券（即"三中一华"）在活动论坛中带来了各自在AI领域的最新研究报告以及创新实践故 事。 中金公司首席经济学家、研究部负责人、中金研究院院长彭文生在会上带来了最新研究报告，他表示， 从经济学视角分析AI发展具有双重规模效应：规模定律带来边际收益递减赋予后发者追赶机会；规模 经济效应则可能形成先发者优势。他强调，中国需通过算法创新弥补算力短板，发挥人才优势和市场潜 力。 中金公司：亮相数字化投研平台 据悉，中金点睛一体化投研平台依托中金研究30多个专业团队、全球市场视野、超1800只个股覆盖的深 度积淀，提供研究报告、活动会议、数据指标库、研究框架、财务模型等分析师研究成果，并结合大模 型技术，能够提供高效、专业、准确的研究服务。 值得一提的是，中金公司董事长陈亮在大会上表示，人工智能等 ...

| 688120 | 华海清 | 5 | 1.08 | 4.02 | 5.15 | | --- | --- | --- | --- | --- | --- | | | 科 | | | | | | 300203 | 聚光科 | 6 | 0.99 | 4.90 | 6.41 | | | 技 | | | | | | 688503 | 聚和材 | 5 | 0.98 | 5.57 | 9.57 | | | 料 | | | | | | 600730 | 中国高 | 5 | 0.95 | 7.96 | 16.52 | | | 科 | | | | | | 300870 | 欧陆通 | 5 | 0.90 | 3.85 | 3.84 | | 600038 | 中直股 | 5 | 0.85 | 4.87 | 1.76 | | | 份 | | | | | | 002637 | 赞宇科 | 5 | 0.84 | 5.61 | 7.78 | | | 技 | | | | | | | 申菱环 | | | | | | 301018 | 境 | 5 | 0.80 | 4.91 | 9.67 | | 000708 | 中信特 | 5 | 0.75 ...

证券之星消息，7月29日证券板块较上一交易日上涨0.22%，中银证券领涨。当日上证指数报收于 3609.71，上涨0.33%。深证成指报收于11289.41，上涨0.64%。证券板块个股涨跌见下表： 从资金流向上来看，当日证券板块主力资金净流出21.81亿元，游资资金净流出1695.48万元，散户资金净 流入21.98亿元。证券板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601162 | 天风证券 | 5.89 Z | 10.93% | -3.18 Z | -5.91% | -2.71 Z- | -5.02% | | 601688 | 华泰证券 | 1.91亿 | 7.47% | -6486.95万 | -2.54% | -1.26 Z | -4.93% | | 000712 锦龙股份 | | 1.02亿 | 7.69% | 3865.88万 | 2.92% | -1.40亿 | -1 ...

Core Insights - Major securities firms showcased their AI advancements at the 2025 World Artificial Intelligence Conference, highlighting the integration of AI technology into various business scenarios within the securities industry [1] Group 1: Citic Securities - Citic Securities launched the industry's first AI-driven market value management system, CapitAI-Link, which combines AI algorithms with market value management to provide personalized decision support for listed companies [2] - The firm is also advancing its AI digital employee system, aiming to enhance efficiency and collaboration in financial services by providing each employee with multiple digital assistants [2] Group 2: CICC (China International Capital Corporation) - CICC presented its self-developed digital investment research platform, "CICC Insight," at the conference, emphasizing the role of AI in driving the transformation of the financial sector [3] - The company has supported over 50 companies listed on the Sci-Tech Innovation Board, with a total financing amount exceeding 200 billion yuan, accounting for about 20% of the board's IPO financing [3][4] Group 3: CITIC Construction Investment - CITIC Construction Investment released a deep research report on AI and industry development, indicating that AI models are evolving towards greater efficiency and reliability [5][6] - The report covers the entire AI industry chain, from foundational computing infrastructure to application scenarios, aiming to identify investment opportunities across hardware and software [6] Group 4: Huatai Securities - Huatai Securities focused on investment opportunities in the agent economy during its forum, noting that AI agents can operate 24/7 and interact faster than humans [7] - The firm highlighted that the AI chip market for data centers is projected to reach 178.2 billion USD in 2024, with a year-on-year growth of 77%, surpassing the PC and smartphone chip markets [7] - It is suggested to monitor investment opportunities in the server supply chain, as well as addressing infrastructure bottlenecks that currently limit AI development [8]